Cryptocurrencies

Bitcoin (BTC) on July 31, 2020

Bitcoin (BTC) broke through the $ 11,400 mark before falling back to the $ 11,34 level today, July 31, 2020, as of this writing. The current pattern does not allow Bitcoin to be above its old ATH for the moment, but it is already showing an upward momentum with gains that could be sustainable for BTC.


Bulls are not alone

Bitcoin therefore starts to rise again after yesterday’s doji – the bulls took matters into their own hands after a day of indecision in the markets ; this is far from the image of a “proud escape” of the bulls, which would end in a big fall.

The increases of the last few days have indeed pulled up the daily price supports of the Bitcoin ; daily supports are well mounted, going up to the $ 11,100 level.

The 10-day moving average is currently above $ 10,000, and the 5-day moving average has even climbed above $ 11,120.

The weekly RSI (14) remains at the 68 level, still with a slight margin of progress before a bearish reversal following an overbought of the BTC.

The current panorama of technical indicators shows a rise above 11,300 USD, supported by major technical indicators; a #neverlonger than10000USD is more than ever possible, if the bulls keep running for a few more days.

Gold betrayed Schiff: Tu quoque mi fili

The correlation between gold and Bitcoin started to rise as gold broke through the $ 1,900 mark. The current monthly correlation of Bitcoin increased after having experienced a fall before; the monthly correlation between Bitcoin and theEthereum (ETH) rather goes in the opposite direction – like what, Bitcoin would indeed overshadow altcoins.

Bitcoin BTC or Ethereum ETH correlation

Source : Image via Cryptocompare and Cointelegraph

A rapprochement between gold and Bitcoin would therefore be possible, contrary to what is stated loud and clear Peter Schiff ? Is this correlation sufficient to conclude that Bitcoin is now a safe haven like gold? Will the dollar crisis then propel Bitcoin towards heights announced for years now, which then seemed unattainable?

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A rise of a single weekly moving average above $ 10,000 would be a strong and positive signal for Bitcoin; What would explain the meteoric rise in BTC over the past few days? More precise explanations will certainly come; we encourage while waiting for the bulls and we keep our eyes riveted on the technical dials.

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