- Newcomers' interest in buying Bitcoins reaches the highest level in a year, according to Google Trends.
- Market is rising today but maintains bearish structures in the short term.
- Altcoin segment rises sharply but leaves Ethereum out of the game.
This week is getting to the end with the crypto market refusing to take on the bearish sensation even though indicators point to a depletion in the trend that began in late winter.
Although the recent rise has not reached the mass media, interest in specific segments of the population, especially among the millennials, remains strong.
The following graph shows the evolution of Internet searches on how to buy Bitcoins:
As you can see, at the end of July it reached the highest level of the last 12 months. The graph is exciting because this type of search is typical of someone who does not yet have experience investing in the Crypto Segment. New investors and fresh money without the vital support of the big media.
According to a recent report by JP Morgan, the Millenials consider Bitcoin a safe investment, in the same way, that the Boomers had Gold as a reference. The severe economic crisis caused by the COVID-19 pandemic has sparked interest in finding new reservoirs of value away from the assets where the world's central banks are injecting vast amounts of debt-backed money.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.0349 and is once again attempting to break out of the price congestion resistance at 0.035.
Above the current price, the first resistance level is at 0.035, then the second at 0.0373 and the third one at 0.0382.
Below the current price, the first support level is at 0.0332, then the second at 0.0316 and the third one at 0.0311.
The MACD on the daily chart continues to move lower despite the upward movement of the last few hours. A change in the direction of the indicator would be a robust upward signal and could catch many traders off guard.
The DMI on the daily chart shows both sides of the market losing momentum. This movement may reflect doubts about price development in the short term.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the price level of $11840 and is attempting to approach the psychological level of $12000 again.
Above the current price, the first resistance level is at $12275, then the second at $14000 and the third one at $17200.
Below the current price, the first support level is at $11275, then the second at $10800 and the third one at $10660.
The MACD on the daily chart barely changes its profile from yesterday's, but it doesn't improve the bearish pattern or decrease the line spacing. The current profile could turn upwards, given the short distance between the lines.
The DMI on the daily chart shows how both sides of the market are at similar levels as the last few days. It seems that no one on both sides of the market believes in its possibilities.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at $414.1 as it attempts to keep up with its Altcoin counterparts.
Above the current price, the first resistance level is at $440, then the second at $460 and the third one at $485.
Below the current price, the first support level is at $385, then the second at $345 and the third one at $315.
The MACD on the daily chart continues to increase the bearish profile, both in terms of slope and line spacing. The projection is for continued downward movement in the coming days.
The DMI on the daily chart shows both sides of the market almost unchanged from the previous days. Bulls and bears are very close, and they will inevitably face each other in the short term.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at the price level of $0.291 and is trying not to lose price support due to price congestion at $0.29, although Ripple has margin up to the $0.285 level without risking the current price range.
Above the current price, the first resistance level is at $0.30, then the second at $0.318 and the third one at $0.328.
Below the current price, the first support level is at $0.29, then the second at $0.285 and the third one at $0.267.
The MACD on the daily chart increases both the slope and the line spacing. The MACD on the daily chart increases both the curve down and the line spacing.
The DMI on the daily chart shows a slight decline on both sides of the market, as they move so close together that a clash between the two forces driving the price is inevitable.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike
Uniswap's (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.
Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks
Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply.
Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree
Ethereum's (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.
Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving
Bitcoin has failed to showcase an enticing pre-halving rally. As the event remains less than a week out, traders and investors remain at the edge of their seats, with thoughts on whether the impact of the fourth cycle will be different than what has been seen before.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.