Fundamental Development:-
Bitcoin, Ethereum, and Ripple: Bulls and Bears Battle for Control
Ahead of the US Federal Reserve’s FOMC meeting, Bitcoin, Ethereum, and Ripple prices brace for impact. Bitcoin witnessed an increase in sell-side activity and a retracement in its price after a week of gains. Bitcoin’s price is at a make-or-break point — a decisive move in either direction could define the trend for the asset post the FOMC meeting. Traders are currently on the fence; however, this is set to change with the news of an interest rate hike, as predicted by experts. Ahead of an anticipated hike, Bitcoin holders are cautious. The July 13 hike by the Federal Reserve triggered a 5% drop in Bitcoin price, and the asset recovered from the decline nearly instantly. Bitcoin recouped its losses, and a similar reaction is expected from the asset after Wednesday’s meeting. The asset’s run up to $28,000 is threatened by the rate hike.In the case of the second-largest altcoin XRP, the outlook is bullish. Brad Garlinghouse is optimistic that the payment giant will win the lawsuit. A win could fuel a bullish sentiment and push XRP higher in the long term. XRP could climb to $0.38 if the altcoin sustains above support at $0.34.
Short Term Technical View: On monthly chart btcusd is taking support from 17800-19800 level which is major support area now consolidating within a range. On weekly chart trading below 200 simple moving average which indicates that major trend is negative but on short time frame btcusd showing positive strength. Right now it is trading between a channel patterns. After taking resistance from24100-24200 level it declined and now trading near 21100 levels. On daily period, yesterday BTC made low 21555 and high was near $23013 and then it continue to decline. Bitcoin is struggling to gain momentum above $213000.
Alternative Scenario: If Bitcoin fails to clear the $29,800 resistance zone, it could start another decline. An immediate support on the downside is near the $28,000 level.
Bitcoin, Ethereum, and Ripple: Bulls and Bears Battle for Control
Ahead of the US Federal Reserve’s FOMC meeting, Bitcoin, Ethereum, and Ripple prices brace for impact. Bitcoin witnessed an increase in sell-side activity and a retracement in its price after a week of gains. Bitcoin’s price is at a make-or-break point — a decisive move in either direction could define the trend for the asset post the FOMC meeting. Traders are currently on the fence; however, this is set to change with the news of an interest rate hike, as predicted by experts. Ahead of an anticipated hike, Bitcoin holders are cautious. The July 13 hike by the Federal Reserve triggered a 5% drop in Bitcoin price, and the asset recovered from the decline nearly instantly. Bitcoin recouped its losses, and a similar reaction is expected from the asset after Wednesday’s meeting. The asset’s run up to $28,000 is threatened by the rate hike.In the case of the second-largest altcoin XRP, the outlook is bullish. Brad Garlinghouse is optimistic that the payment giant will win the lawsuit. A win could fuel a bullish sentiment and push XRP higher in the long term. XRP could climb to $0.38 if the altcoin sustains above support at $0.34.
Short Term Technical View: On monthly chart btcusd is taking support from 17800-19800 level which is major support area now consolidating within a range. On weekly chart trading below 200 simple moving average which indicates that major trend is negative but on short time frame btcusd showing positive strength. Right now it is trading between a channel patterns. After taking resistance from24100-24200 level it declined and now trading near 21100 levels. On daily period, yesterday BTC made low 21555 and high was near $23013 and then it continue to decline. Bitcoin is struggling to gain momentum above $213000.
Alternative Scenario: If Bitcoin fails to clear the $29,800 resistance zone, it could start another decline. An immediate support on the downside is near the $28,000 level.