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Bitcoin soared above $22,000 and Ether above $1,500 on July 18, raising hopes that the worst may be over for the cryptocurrency markets. Bitcoin’s recovery started on July 13 even as the United States inflation in the month of June hit a 40-year high of 9.1%, much higher than economist expectations of 8.8%, according to Refinitiv.

The recovery in Bitcoin and Ether on July 18 pushed the total crypto market capitalization above $1 trillion for the first time since June 13, according to coinmarketcap data.

Does the recovery mark the end of the bear phase in Bitcoin? Market intelligence firm Glassnode believes that a “genuine bottom formation could be underway” but more sideways action is likely in the next few weeks.

We had projected in our previous analysis that if Bitcoin rebounds off the support line, it could reach the resistance line of the ascending channel and that is what happened.

The price has turned down from the resistance line, indicating that bears are active at higher levels. If the price rebounds off the 20-day exponential moving average (EMA), the bulls will make another attempt to clear the overhead hurdle.

If they succeed, the BTC/USD pair could pick up momentum and rally toward the pattern target of $26,500. If this level is crossed, the up-move could reach $32,000.

On the other hand, if the price slips below the 20-day EMA, the pair could drop to the support line of the channel. A bounce off this level will suggest that the pair may extend its stay inside the channel for a few more days.

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint also suggest a range-bound action in the near term.

The bears will have to sink the price below the channel to gain the upper hand. That could open the doors for a retest of the June 18 intraday low of $17,567.45.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Globiance

- Cardalonia

- LunaOne

- Age of Zalmoxis

- AiBook.Art


- Hubble Protocol

- World Mobile Token

- CleanCarbon

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