Crypto Market Analysis - July 28th

 2020-07-28 10:23:09

Bexplus


Bexplus



BTC's recent increase has reached 25%, completing the most typical breakthrough pattern this year. Most investors have not had time to adjust their positions, and prices have accelerated.


In terms of mainstream currencies, the top ten mainstream currencies have shown signs of rebound. Moreover, the rebound strength this time is relatively strong, and the high volume increase is one of the important points. Judging from the rebound rhythm of BTC and ETH, the increase is slightly larger and there is a need for adjustment. However, in terms of operating trends, adjustments may have limited impact on the overall upward trend.

In terms of ETH, with as many as 7 consecutive trading days' rise, the price has been above $300. A large increase does not mean that it will definitely fall, but from the 1-hour K-line chart, the chips above 300 US dollars have begun to loosen. The pace of heavy-volume pulls has begun to slow down, replaced by more heavy-volume callbacks, and prices tend to fluctuate in both directions.

As for BTC, the selling pressure has not been released during the price recovery period, indicating that the main force has a better control effect. The upward trend can be confirmed through the direction of price changes and the rising after escaping the horizon movements. At the point, the $11,515 corresponding to 50% of Fibonacci is a very critical pressure level. With the confirmation of the upward trend, BTC will enter a sideways adjustment state below this point. Sideways volatility may also be an opportunity to buy low.

Other mainstream coins have not yet performed as strongly as ETH and BTC. At least from the perspective of recovering this year's highest point, both BTC and ETH have reached their highest prices this year. Therefore, while paying attention to the buy-low opportunities of BTC and ETH in the short-term, the rotation performance of other currencies can be appropriate.                                

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