Published 20 Jul by CryptoDiffer Team
Highlights on Suppoman
"Will Bitcoin & Cryptos REALLY Keep Rising?!"
The price of BTC for the day kept around $ 7,000 and now is ~$7,550. The market looks good, but in the cryptocurrency community, many say that it is a bull trap.
Last time I talked about the fact that the BTC needs to complete the formation of the inverted figure "Head and Shoulders" and cross the neck line by ~$6,800.
In the market, there was a short squeeze (the phenomenon of a sharp rise in the price of an asset and the closure of short positions), as indicated by a recent survey on Twitter CNBC, in which 76% of respondents did not expect to see Bitcoin above $ 7,000.
Also, in Google trends, you could notice a rise in 'how to shorten BTC' queries. Thus, traders who opened short positions, were forced to leave them and open longs.
At the moment, we see some signals confirming the slowing of the bullish moment. For example, the RSI (Relative Strength Index) overcame the 70 mark, which indicates an overbought BTC. The last time RSI reached similar values with very strong growth. This is a signal that we can again see the BTC above $ 10,000. Usually, oversoldness is a signal to sell, and we can observe that price growth has stalled and resistance at ~ $ 7,550 has appeared.
Now we need the BTC to continue to overcome the resistance levels that it has not been able to overcome for a long time. For example, almost 2 months ago, when the market capitalization was $ 300 billion, Bitcoin held at a level of $ 7,700. After this resistance, we need an increase of up to $ 9,000.
Do I think that we are in a bull trap? No. However, we need to maintain the momentum of growth. We need to see periods of consolidation with subsequent growth, a picture directly opposite to what we have seen in recent months. Serious news, affecting both Bitcoin and cryptocurrencies, can help us in this. The most important of this news now, of course, are ETF, the adoption of which at one point will cause the BTC to grow to ~ $ 15,000. It is important to remember that, given the principle of the operation of large structures such as the SEC, it implies frequent postponement of dates. In the absence of news about ETF, we need at least some positive articles and other news proving that we are not in a bull trap.
Mastercard wins patent to accelerate cryptocurrency payments (source):
Another example of how a large centralized structure manifests its interest in cryptomarket. In particular, we see support for the use of cryptocurrency for payment of goods and microtransactions.
Although this is great news, I do not believe that it became a catalyst for the explosive growth of BTC.
The US government held a meeting on the future of the Cryptocurrency (source):
Despite the fear that the cryptocurrency will revolutionize the nature of money in a revolutionary way, a number of positive statements were made during the meeting. The participants expressed readiness to accept changes, said that legislative regulation should be introduced, but it should not be hasty, so as not to miss important details. Gary Gensler, former chairman of the CFTC, began his speech with a very positive assessment of technology and the future of the crypto-currency market.
Coinbase claims that they were wrong about the SEC's decision to acquire companies (source):
Coinbase, this Monday announced the upcoming acquisition of three companies with licenses to create security (security) assets, now they say that there is no permission from the SEC. I believe that the situation described in the article does not mean the loss of the ability to enter security coins into exchanges and points to a certain level of support.
I think that security coins will become a new trend, as soon as we see the emergence of permits from legislators. Previously, investors feared investments in such assets, as there was a possibility that the SEC would close the project. For example, when Ethereum was considered as a security asset, active panic sales took place on the market. Now, security tokens are perceived differently and before us there is the possibility of growth for cryptocurrencies. In particular, this is due to the nature of the classification of the security coin. In the future, we can see tokens giving the right to receive dividends, voting or ownership of a part of the company.
In general, this news should still be regarded as positive.
Civic acquires Identity.com and transforms it into a marketplace for personal data supporting cryptocurrency (source):
To date, Civic has a number of competitors, some of which, for example, Ontology, offer a somewhat better solution. However, the purchase of Identity.com undoubtedly adds to the company a certain value and will affect the further development of its identity identification products.
ClearPoll released a beta version of the application on Android
In addition to this, they introduced new celebrities with whom you can interact through voting.
Ontology announces partnership with CertiK (source):
CertiK is a system for auditing smart contracts and blocking ecosystems for bugs and vulnerabilities, which is a direct competitor to Quantstamp. The project team consists of doctors from Yale and Columbia University, as well as former engineers from Google and Facebook.
The ICO date is still unknown, a pre-sale round was held, in which NEO Global Capital took part.