Cryptocurrency News Roundup for July 1, 2020

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Ever since scoring a local high of approximately $9,700 on June 23, the BTC/USD pair has continuously traded in the low-$9,000s, Thursday being no exception.

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Traders are understandably rather cautious as the short-term trend shows no clear direction. In addition, a quick look at the monthly chart gives the impression that the bears are hard at work stalling the slow but steady price rises since the March 12 bloodbath.

Over the past 24 hours, Cardano (ADA) is the only top-20 coin to have recorded a rather impressive double-digit return (12%). Meanwhile, other major altcoins showing potential for a high ROI over the short-haul include Stellar (XLM), Chainlink (LINK), and to some extent, Tron (TRX).

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More on these and other big stories from the day in BeInCrypto’s Crypto News Roundup for July 1, 2020.

Bitcoin’s Bearish Monthly Close Raises Red Flags [Analysis]

The monthly chart provides a bearish picture. The price completed a shooting star candlestick with a long upper-wick that measured 8.4% and validated the long-term descending resistance line from the all-time high of December 2017.

The shooting star is normally a bearish sign and could mean that the upward move that began after the March 12 bottom has ended.

  • The Bitcoin price is facing resistance from its 50-day moving average.
  • The short-term trend is unclear.
  • The price has created a shooting star monthly candlestick.

Read the Full Analysis

BTC Remains Tightly Coupled to the S$P 500

A lot has been said over the past year about Bitcoin gearing up to finally detach itself from the stock market. Practically speaking, that’s only wishful thinking at this time. That’s not to say that the alpha-crypto will never cut those strings, but as of today, there remains a very high degree of correlation between the SPX and BTC prices.

The correlation coefficient between the two also seems to be much higher during rapid movements in either direction than during periods in which the price is relatively stable.

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Tron Gears up to Break Out Above Resistance

The TRX/USD chart shows that the price is trading very close to the $0.17 resistance area, which is also the 0.5 Fib level of the entire decline beginning from February 14. While the price moved above this area on June 7, it proceeded to fall below it shortly afterward.

Therefore, the current move may be a validation of this same resistance area. For the price action to be considered bullish, TRX has to reach a close above the next resistance area, the 0.618 Fib level, at $0.192.

Read the Full Analysis

Is NEO Bullish or Bearish? A Deeper Look

The NEO-USD pair is also following a long-term descending resistance line. It has been declining since it last reached this line on July 1 when it created a shooting star candlestick. If the price continues declining, the closest support levels are at $8.5 and $5.5, respectively.

In the short-term, we can see that NEO has been trading inside a descending channel since it reached the high on June 1.

Read the Full Analysis

EOS and XLM Display Completely Opposite Price Action

Given that EOS is currently trading inside an ascending triangle, the short-term chart looks pretty bullish. Odds are relatively high that the price will break out from here, especially considering that it is taking place right after an upward move.

For XLM, If the price breaks out from the current descending resistance line, it should move toward the recent highs at $0.075 and $0.085.

Read the Full Analysis

American Bankers Association (ABA) Rails Against Fed-Run Digital Dollar

The American Bankers Association is clearly not in favor of the introduction of a digital dollar. The pushback falls along the same lines as China’s much talked about DC/EP. The ABA recently argued that the Federal Reserve is not positioned to be a retail bank.

It also claims that the proposal for FedAccounts and a digital dollar would undermine the efforts of retail bankers, result in unintended consequences, and lead to financial instability.

Read the Full Report

TROY Could Increase By 60% in July

TROY has been trading between support and resistance at 35 and 49 satoshis for awhile now. At just under 34 satoshis as of this writing, the price currently coincides with the 100-day moving average (MA).

While there are no signs of an immediate reversal, the daily RSI is below 50. It isn’t certain that TROY will bounce from the current level. If the price does break out, however, the closest resistance area would be found at 75 satoshis.

Read the Full Analysis

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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