2nd July - Crypto Technical & Market Watch
Max Keiser: Altcoin Phenomenon Finished, Value Will Flow Into Bitcoin
Keiser said that with the development of the cryptocurrency space and adoption of Segregated Witness (Segwit) and the Lightning protocol, people began to better understand the store of value bitcoin offers, as well as scaling that would happen off chain. This, per Keiser, made crypto owners move their funds back into “the most secure chain [bitcoin].”
Keiser further projected that altcoins are going to pennies or even out of existence, because “all that cash is going to flow into bitcoin.” He reasoned that with bitcoin’s market current dominance 60% — which Keiser purports could go to 80%–90% — “the altcoin phenomenon is finished,” he stated.
Blockchains CEO Acquires Kirkwood Bank of Nevada for $28 million
The CEO of blockchain incubator and investment firm Blockchains LLC, has purchased a bank for $28 million, The Nevada Independent reported on July 1.
Berns begin negotiating the sale in 2017 and reportedly signed the acquisition agreement in August 2018. The $28 million price included the purchase price of the bank for $25 million and an added $3 million for capital for investment purposes.
Bitcoin (BTC) hit a wall of resistance close to $12,500 on June 28 and 29.If the uptrend has to resume, the bulls will have to defend $10,740.35–$9977.13 support zone.A consolidation after such a sharp rally will be a positive sign. It will indicate that the traders are not running to the exit. We шиll wait for the correction.
Ether (ETH) came close to the overhead resistance of $320.840,it did not trigger our buy recommendation given in the previous analysis. XRP/USD reversed its direction from $ 320.840 and has corrected back.On the upside, the $320.840–$366 zone will continue to act as a stiff resistance.If the ETH/USD pair goes below $ 290, it will turn negative. The first support is at $225. If this level breaks, the correction can extend to $175.
Ripple (XRP) turned down will be a negative sign and it has a pattern target of $0.26113. However, the bulls will try to stem the fall at $0.35660 and below it at $0.27795.We do not find any bullish patterns at the current levels.
Bitcoin cash (BCH) could not sustain is currently trying to stay above $383.30, which is the intraday low of June 27. If the support holds, the bulls will again try to scale $450, above which, a rally to $515.35 is probable.If $383.30 gives way, a drop to the support line of the channel is likely.if the bears sink the BCH/USD pair below the support line of the channel, the trend will turn negative and a drop to $280 is probable.We will wait & watch.
Disclosure: The author holds no cryptocurrency at the time of writing.
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