23rd July - Crypto Technical & Market Watch
Bakkt Begins Testing Bitcoin Futures Platform Following Hype and Delays
Bakkt’s Bitcoin futures are physically delivered via a process called “warehousing,” which will purportedly bode well from a price discovery standpoint, but cause some concern among regulators.
Bitcoin stuck between $ 10,736 and $ 10,277.This shows that both bears and bulls are not willing to take large positions and are in a wait-and-watch mode. If the BTC/USD pair breaks out $10,277 we anticipate a rally to $13,973.50.Traders can wait for the price to sustain above $11,100 before initiating long positions.If the bear sinks the pair below $ 10,736,it can dip to $9,727.55 and below it to $9,080. A breakdown of $9,080 will be a negative that signals a deeper correction to $7,451.63.
Ether remains positive as long as it trades above the uptrend line.The immediate resistance of $236.If the price breaks down of the uptrend line and the recent low of $192.945The next support on the downside is way lower at $150.Traders can wait before entering fresh positions.
XRP is trading inside a large range of $0.27795 to $0.45.We did not suggest buying the dip closer to $0.27795 because the XRP/USD pair has been a laggard in the recent recovery. This shows a lack of interest among buyers to own it. The bounce off $0.27795 is facing selling.The bears will now try to sink the pair below the critical support of $0.27795. If successful, it will trigger many stop losses and a quick drop to $0.24508 is likely. A breakdown of such a large and long range is unlikely to stop at $0.24508. We anticipate the fall to extend to $0.19.If the bulls again defend $0.27795, the price will continue to trade inside the range.We will wait for couple of days before suggesting any trade.
Bitcoin Cash (BCH) is in a downtrend.They will now try to sink the price below the critical support of $227.70. If the support breaks down, a drop to $166.98 is possible.We will watch the price action following the breakout and will recommend a long position if we spot a new uptrend.
Disclosure: The author holds no cryptocurrency at the time of writing.
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