Cryptocurrencies July 07 Outlook – Bitcoin Still Moving in a Descending Channel!

Bitcoin is still the dominant force driving other cryptocurrencies. Right now, its price consolidates in a slightly wide channel.

The latest developments

Bitcoin hash rate

Bitcoin has hit an all-time high hash rate, as Blockchain.com shows. This fact evidences the growing interest in mining as it began to rise in Jan 19, coinciding with the cryptocurrency bottom.

Moreover, according to a Coindesk article, Steven Mosher, head of Canaan Creative, Avalon miner’s maker told Condesk that Bitcoin’s surge had increased its demand on a scenario where supplies are already short.

“It looks like a return to the 2017 Q3, Q4 conditions, where demand was three times the supply.”

Source: Coindesk.com

Morgan Creek Digital Assets Co-founder Anthony Pompliano holds 50% of Bitcoin’s wealth.

Anthony Pompliano predicts a $100,000 bitcoin price by 2021, basing it on a fixed-supply-and-increase-demand scenario. He also stressed diversification’s importance.

“I would make the argument that having 100% exposure to fiat currencies is a really bad idea. Right? Because if one of those fiat currencies that you have 100% of your wealth in either hyperinflates or fails, you’ve got a lot of problems.”

Source: cryptoglobe.com

Software engineer Heiswap: Ethereum mixer

Kendrick Tan, a software engineer concerned about privacy in the ethereum ecosystem, launched Heiswap, a cryptocurrency mixer.

Using simple blockchain analysis, Ethereum transactions can be easily tracked from end to end. Heiswap mixer conceals transactions.

In this system, a user deposits a fixed denomination of tokens into the Heiswap smart contract, which is then “matched with another user’s similarly denominated sum in order to hide a transaction’s true source”.

Source: beingcrypto

Libra’s Key Security Components Analysed

In this article by coindesk.com Steven Sprague discusses his white paper about Libra’s crypto key components. In it, he states his belief that Libra designers forgot or left out the “foundational components of user security”.

It’s a lofty aim. However, after reviewing the technical documentation describing the Libra protocol and its planned ecosystem, I believe the company left out the basic user security components.

  1. Private key protection
  2. User consent proof
  3. Decentralized adherence
  4. Privacy globally

Source: coindesk.com

Diagram Analysis

Bitcoin

Bitcoin price still moves in a wide downward channel, but the current action takes place above the green area acting as support. This area and the upper trendline make a triangular formation. The bulls need to see bitcoin break this upper trendline. The bears need the price below 1,500 to confirm a $9,000 visit.

The mid-region stochastics. A breakout above 11,500 creates an indicator bullish crossover. The MACD is slightly bearish, and the upward-pointing CCI seems to preclude bullish action.

Ripple


XRPUSD has crossed the lower trendline momentarily, but it didn’t hold below it for long. It created a large bullish candle yesterday, then two retracement reactions, and the last 12 hours have recovered, moving upward. Stochastics, MACD and CCI are aligned. Since the price moves in a consolidation area, a price movement above 0.408 is a good signal to go long.

Ethereum


As we see in the above chart, the Ethereum 4H price seems to start a bullish phase. The price is above the upper blue trendline, which defines the pennant formation’s upper boundary, tested and bounced it. All three indicators, Stochastics, MACD and CCI, show a bullish price movement. At this level, the reward-to-risk ratio is also good for a $350-target bet.

Litecoin

Litecoin moves within a triangular formation, an area of indecision we all know. Therefore, in order to make any purchasing or selling decision, we need to see the price move convincingly outside this region. That said, Stochastics and CCI point to a bullish continuation, while MACD shows no significant indication. This bullish movement can be confirmed with the price above $121.

Coin Binance


Binance’s previous top mace was corrected on June 22. It made a bullish candle on July 4 that broke this triangula formation’s upper trendline. After several candles that move the price sideways, we see another bulls attempt to drive the action. RHw stochastic seems to have made a bullish crossover, and the CCI has moved to the bullish side. The MACD seems to follow both indicators. Overall, it’s bullish.

This content was originally published here.

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