Crypto Market Analysis - July 22th

 2020-07-22 06:44:50

Bexplus


Bexplus


With the majority of mainstream currencies oscillating sideways after they rushed higher, the current rise still needs further confirmation. Especially for BTC and platform coins, the price trend is obviously not smooth sailing. The bulls seem to be strong, and the signs of continued pull are obviously not clear enough.

At this point, BTC fluctuated sideways above the $9,300 level, but did not continue to increase the price increase. In terms of cost price, the current investor cost prices on the 30th and 60th are around 9227 and 9336 US dollars, so short-term stabilization is critical to price strength. Only if it stabilizes above US$9,336, BTC's short-term strength can continue.

The data on the number of active addresses shows that although BTC rebounded rapidly on July 21th, it did not trigger a rebound in the number of active addresses. The number of active addresses in the same period was 923,000, which was almost the same as the 939,000 on July 21th.

It can be seen that the short-term price increase of BTC is the main trader action, and short-term transactions do not follow the increase, which shows that the direction of BTC price is not clear enough.

In terms of direction, the current mainstream currencies are running sideways after a synchronized rebound. The price increase of BTC will also drive the mainstream currencies to rise simultaneously. Mainstream currencies are highly correlated and have higher requirements for heavy volume during the rebound period. Attention should be paid to the chance of chasing going-up price fluctuations.

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