Crypto Market Analysis - July 31st

 2020-07-31 11:01:17


As BTC fluctuated slightly, BTC easily gained support in the short-term 10-minute K-line. The strength of long buying orders is very strong, especially the advantages compared with selling orders have increased significantly. This may mean that BTC has the potential to rapidly expand its gains in the short term.

After the BTC broke through the $10,000 integer price, the selling pressure did not release a lot, indicating that the main short-selling intention is not strong. At the same time, with the gradual recovery of BTC prices, the scale of buying orders on the Coinbase exchange has expanded significantly. The buying orders not only rebounded rapidly, but also reached a level where the gap with the selling orders has almost disappeared. This means that greater growth potential is brewing. At this time, investors can pay attention to the possibility of BTC abnormal rise. After all, in the case of very strong trends in ETH, the recent strength of mainstream currencies has not shown obvious signs of loosening.

At the point, the pressure on the daily BTC is very obvious near the $11,515 corresponding to 50% of Fibonacci. According to the predicted price trend, the next BTC operating range will be between $11,515 and $14,000. Moreover, the resistance in this range is significantly less than around $10,000, so there is not much problem with bullish BTC in the near term.

In terms of mainstream currencies, most currencies showed a steady recovery, but the short-term gains were not much. Mainstream currencies are highly correlated, and I believe that most mainstream currencies will not be absent during the process of expanding growth.

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