13th July - Crypto Technical & Market Watch
(By Shivkumar)
Trump Tweeting About Bitcoin Is ‘Achievement Unlocked,’ Says Coinbase CEO
Donald Trump saying he is not a fan of Bitcoin (BTC) and cryptocurrency is “yuge” for the industry, commentators were suggesting after new tweets on July 12.
In the hours after the United States’ president delivered his lackluster appraisal of crypto, the Bitcoin price stayed stable, only to then begin growing to hit 1% gains Friday.
Negative or not, for proponents, the event marked a psychological milestone for Bitcoin, as Trump had previously held off from mentioning it in public.
Brazilian State Launches Blockchain Platform for Government Contract Bids
In Brazil, the state of Bahia has launched a blockchain application to track the process of public bidding on government contracts, according to a report by Cointelegraph Brazil on July 12.
The blockchain-based solution, called Online Bid Solution (SOL) was reportedly developed by Cayenne Technology and Design. Bids will reportedly be completely transparent and secure due with the application of blockchain tech.
1) BTC/USD
If the support holds, $ 11257 the bulls will attempt to break out and cryptocurrency can rally to $17,852.50. If the BTC/USD pair breaks down it can plunge to $6,047.50. However, it is unlikely a fall because there is strong support at $10,934.45 . A breakdown will signal a deeper correction.We will suggest a long position after a breakout cnd correction.
2) ETH/USD
The bulls are currently attempting to rise back and a breakout of rally result to $ 320.If the ETH/USD pair reverses it can correct to the next support at $226.58.Currently bears have an advantage. We will wait for the correction to end before recommending a trade in it.
3) XRP/USD
XRP has broken down of the critical support of $0.35660. This is a bearish sign. The next support is at $0.27795, which suggests bears are in command. The bulls will now try to push the price above the $0.35560–$0.37835 resistance zone. We wait for deeper correction before suggesting any trade.
4) BCH/USD
BCH plunged below the support line of the channel on July 11. This is a bearish sign. We now expect bulls to attempt to push the price back into the channel.If the price fails to rise into the channel, the BCH/USD pair is likely to correct to $280. If this support also cracks, the next level to watch on the downside is $227.70.
Disclosure: The author holds no cryptocurrency at the time of writing.
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