Successful Bitcoin & Crypto Intraday Trading: 15 Minutes

Back at Bitcoin again today. Which gave us another Intraday trade, i was looking for a deeper retracement in price, but BTC had other ideas. Thats why i gave the two setup ideas for longs. We got a nice rejection on the moving average not once but twice. Entry on that support level of 11.4k and stop loss under previous days low and we still got over 1:2 R:R. TP smashed which is nice
Whats next? Same again? let me know your thoughts, i will always look for deeper retracements in price, but also jump on recently made support zones for buys. GLIYF
https://preview.redd.it/x69wfnik3qh51.png?width=1833&format=png&auto=webp&s=8289bc4cd565b10f73830902bbe765b395189e72

[Today's Hot Tips]
1. [Researcher of Renmin University of China: The issuance of digital currency broadens the range of options for the original monetary policy]
According to People's Daily Online, Fan Zhiyong, a researcher at the National Institute of Development and Strategy, Renmin University of China, published an article demonstrating the importance of digital currency. He believes:

1. The issuance of digital currency has broadened the range of options for the original monetary policy. If all physical currencies can be converted into digital currencies, this will make it possible for the central bank to break through the lower limit of zero interest rates and reduce nominal interest rates to negative. In addition, digital currency also provides a new quantitative easing tool. The central bank distributes the same amount of digital currency to every citizen in the form of free payment, which can directly bypass the inefficient financial market during the crisis and improve citizens' ability to consume and repay debts, making it easier to achieve the central bank’s monetary policy goal of stabilizing volatility.
   
2. The digital currency can make monetary policy more transparent, which can enhance the effectiveness of the monetary transmission mechanism, reduce internal noise, and strengthen the stability of the system. By adopting the central bank's digital currency, the central bank can establish a fixed price level target specified by a specific price index, thereby providing a durable, credible and transparent nominal anchor for the economic system.
   
3. The issuance of digital currency can solve the problem of the reduction of physical cash and bring some seigniorage to the central bank.
   

Fourth, digital currency can increase the stability of the financial system. From a technical point of view, digital currency allows residents, companies and non-bank financial institutions to directly settle with the central bank's digital currency. This can share part of the settlement functions of commercial banks and reduce the concentration of liquidity and credit risk in the payment system.

1. The digital currency issued by the central bank can provide a truly risk-free alternative to bank deposits. The shift of residents from holding bank deposits to holding digital cash has reduced part of the demand for government guarantees for deposits and weakened a source of moral hazard in the financial system.

2. [Coinbit, South Korea’s third largest exchange, was seized by the police for alleged market manipulation]
According to Seoul Shinmun, Coinbit, South Korea’s third largest exchange, was seized and investigated by the South Korean police, and its chairman and operator were suspected of internal transactions and manipulation of market prices. It is reported that Coinbit ranks behind Bithumb and Upbit and is the third largest exchange in South Korea.
[Today's market analysis]
Bitcoin (BTC)BTC dropped to 11262 USDT in the morning and afternoon, and then rebounded slightly. It is currently oscillating around 11350 USDT. Most mainstream currencies fell. BTC is currently reporting 11352.6 USDT on LOEX Global, a drop of 0.61% in 24h.
Yesterday, BTC failed to initiate an effective rebound on the basis of standing at 11500. After a short rise to around 11650, it started a heavy decline in the market, and a large number of positions were sold for several hours until the early hours of this morning. The trend reached a strong support near 11000 and and gained a short-term stability. From the perspective of wave theory, since the currency price started the downward trend at 12,500, the 1-hour level is now coming out of the third wave of the three downward waves. Since the downward trend has only stabilized for a few hours, it is still unclear whether the third wave has passed. On the other hand, since 11000 is the strongest support since the currency price broke through 10500, it can also be regarded as the last line of defense in the bull market. If the market outlook continues to drop below this point, the probability means that the last wave of the three downward waves has not yet been reached. At the end, there may even be extended waves. On the other hand, if the intraday rebound can stand firm at 11400 or the second test of 11000 gains support again, it will increase the anticipation of bargaining to a certain extent, and a large number of shorts will turn to long. The market outlook says there is a possibility of testing to 12000. Investors need to pay attention to the effectiveness of the 11000 support and the 11400 resistance after the rebound starts. The price on the 26th moved below the three moving averages on the 5th, 10th, and 20th, and the price was relatively empty. If the 10-day moving average crosses the 20-day moving average, it will form a short position, which may trigger a further decline.
Operation suggestions:
Support level: the first support level is 11000 points, the second support level is 10400 integers;
Resistance level: the first resistance level is 11400 points, the second resistance level is 12000 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
https://preview.redd.it/w8emk4q6dbj51.png?width=609&format=png&auto=webp&s=362f16361f8399839e934e7389b0079ababa91dd

Bitcoin hasnt done very much for a couple of weeks now. so im taking this simple intraday trade from the bottom of this channel. Creating higher lows inside the channel so im trading the buy here. Hopefully we can make it to the top of the channel and create a higher high. Simple setup in relative in sideways action. GLIYF
https://preview.redd.it/z3lasryvcqa51.png?width=1486&format=png&auto=webp&s=d78e1bb7bef61dff96ca743461048127ca867f50

[Today's Hot Tips]
1. [Data: The correlation between Bitcoin and gold reaches a record of 70%]
According to PANews, Skew Analytics data shows that the correlation between Bitcoin and gold prices has reached a record 70%, exceeding the peaks in the fourth quarter of 2018 and the second quarter of 2019. In times of economic uncertainty, such a high correlation provides a basis for the argument of "Bitcoin as a store of value". On the other hand, the RSI index indicates that gold is currently overbought and is close to selling, while Bitcoin is still in the market equilibrium zone. In other words, as the price of gold falls, Bitcoin may rise higher, breaking the correlation between the two.
2. [Spot gold falls below US$1,900 per ounce]
The market showed that for the first time since July 27, spot gold fell below the $1,900/oz mark.
3. [IBM executives revealed that they will help banks explore the DeFi field]
According to news from Cointelegraph, Nitin Gaur, the IBM Financial Services and Digital Asset Director said in an interview that banks must understand and embrace DeFi, which may affect their entire business model. Gaur said that DeFi brings a series of regulatory challenges to financial institutions. At present, most financial institutions are still in the exploratory stage when it comes to DeFi, and they are at the crossroads of truly decentralized finance and only digital reform of traditional securities. IBM believes it can help their customers deal with this. In addition, Gaur expects that "the next large bank will get involved this field."
[Today's market analysis]
Bitcoin (BTC)BTC reached an intraday high of 11537.6 USDT at around 1:00 in the morning, and then gradually declined to as low as 11166.9 USDT, and is currently rebounding near 11350 USDT. Most mainstream currencies fell during the day. BTC is currently trading at 11482.8 USDT on the LOEx Global, a drop of 1.18% in 24h.
https://preview.redd.it/agyz6e7apig51.png?width=554&format=png&auto=webp&s=65043dc01a24a15c9e158e82503c1cd18c43f88f
Yesterday was a whole day when the entire currency market fell, starting at 12 o'clock the night before. The vast majority of currencies grind all the way down. A few currencies rose against the market.
For example, sxp has a big rise during the day, a symbolic fall in the evening, and it rises back in the middle of the night, which is negligible.
I’ve said many times before that the pull market from 7 to 10 in the morning is generally not good. You have to look at it the other way around, because the main force will not let you eat "meat" when you are all energetic. Chasing ups and downs is mostly a lie, and then cut off.
There is a high probability that after the early morning pull, it will fall all the way, and the fall is the most boring, because it will continue to make you feel that this is the bottom. The frog-like fall method of boiling in warm water, a large number of people will not to cut the "meat", not only can't cut the "meat", but also won't run with the float profit, thinking that what he copied is the real bottom; if it falls, he will continue to buy the bottom. If you read my trading strategy yesterday and the market is unstable at 12,000 points, we will temporarily be short to 10400 points.
Operation suggestions:
Support level: the first support level is 11000 points, the second support level is 10400 integers;
Resistance level: the first resistance level is 12000 points, the second resistance level is 12300 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.

[Today's Hot Tips]
1. [DOT reached a maximum of 396 USDT, and its market value ranking rose to tenth]
The Huobi market showed that DOT fluctuated upward this morning, reaching a maximum of 396 USDT. It is now reported at 385.95 USDT, an intraday increase of 15.74%. DOT has been mapped to 9.04 million. According to the current price, the current market value is about $ 3.491 billion, surpassing BNB and becoming the tenth cryptocurrency in market value.
2. [IOTA will launch the first phase of Chrysalis on its mainnet next week]
According to a tweet issued by the IOTA Foundation on August 10, the IOTA network is preparing to launch the first phase of Chrysalis, which is IOTA 1.5, on its mainnet next week. This upgrade will allow the network to process 1000 TPS per second and will set a 10-second confirmation time.
3. [Ireland enacts a bill to regulate cryptocurrency]
The Irish government has formulated a bill to deal with money laundering activities, involving the regulation of cryptocurrencies.
[Today's market analysis]
Bitcoin (BTC)BTC reached the highest point of 11948.29 USDT in the day at about 0:00 in the morning, and then gradually declined, and is currently located near 11800 USDT. Most mainstream currencies are adjusted within the day. BTC is currently trading at 11871.1 USDT on LOEx Global, a decrease of 0.36% in 24h.
Altcoins have been carnival for a few days. Yesterday, there were several waves of market. It rose in the early morning, fell at 9:30, and then rose again, fell at noon, and rose again at night.
In other words, one blast, then decline and exhaustion. After three waves, the number of altcoins is exhausted.
Looking at the big pie again, if it breaks and closes above US$12,113.50 in the later period, the upward trend may resume. There is a small resistance at $12,304.37, but it is likely to be broken. Above this level, the upward trend can reach 13,000 USD and above 14,000 USD.
Contrary to this assumption, if the bears actively defend the $12,113.50 level, then BTC/USD may be corrected to the 20-day exponential moving average ($11,052). A strong rebound from this level will increase the possibility of a break above the resistance.
However, if the bears push the price below the 20-day moving average, it indicates a weak signal. Below this level, the $10,400 level may be retested. If the support level is broken, it indicates that the bears are back.
Operation suggestions:
Support level: the first support level is 11000 points, the second support level is 10400 integers;
Resistance level: the first resistance level is 12000 points, the second resistance level is 12300 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
https://preview.redd.it/5mfi6ayolbg51.png?width=619&format=png&auto=webp&s=78607ba04523d67f33848578cf310b66f11fabb4

[Today's Hot Tips]
1. [Vitalik Buterin: DPoS systems such as EOS are the ruling group of the rich]
A Twitter user, Patrick McCorry, said that in fact, delegated proof-of-stake systems (DPoS) such as EOS are more like democracies. For example, users pledge tokens online to elect validators. But BTC and ETH avoid this. In response to this, Vitalik Buterin just replied that they are a ruling group of rich people, and do not destroy the concept of democracy with a system where the formal power of the giant whale is thousands of times higher than that of everyone else.
2. [Monero will undergo a network upgrade on October 17 to introduce the CLSAG signature scheme]
On the evening of August 5, Monero officially released its weekly progress report and announced that the next Monero network upgrade will take place on October 17. At the same time, Monero will officially release the software version required for the upgrade on September 17. In addition, this network upgrade will introduce the CLSAG signature scheme. The CLSAG signature scheme can reduce the transaction size by about 25% and improve the verification performance by 20%. The CLSAG signature scheme has been reviewed.
3. [Vitalik Buterin: Hard fork is more conducive to protecting people's rights]
Vitalik Buterin just tweeted that in a soft fork, the default is inaction, and new rules will be imposed on you without even active confirmation. In a hard fork, either you get the positive approval of the majority of participants, or everything is messed up. The latter seems to be more conducive to protecting people's rights. Of course, soft forks better protect the freedom of individuals not to update code, but I just don’t understand why this is important. Obviously, what matters is not what code you are running, but the rules of the network you are on.
[Today's market analysis]
Bitcoin (BTC)BTC traded sideways around 11650 in the early morning, and quickly rose around 5 o'clock, breaking through 11700 USDT in the short-term, and rising to 11780.50 USDT. Then BTC fell rapidly again, fell below 11,600 USDT for a short time, and rebounded after falling to 11,512 USDT. At present, BTC is finishing within a narrow range around 11650 USDT. Most mainstream currencies have risen in the morning and then fell rapidly, with short-term fluctuations. BTC is currently reported at 11678.2 USDT on OKEx, an increase of 0.32% in 24h.
Gold has risen very well recently, and the currency circle represented by Bitcoin is certainly not bad, so all aspects are accumulating power.
After forming an intraday candlestick pattern from August 3 to 4, Bitcoin today tried to resume its upward trend, which shows that the bulls have overwhelmed the bears.
The rising moving average and the relative strength and weakness of the overbought zone indicate that the bulls are in a dominant position.
If buyers can push the BTC/USD currency pair above $12,113.50, the uptrend may resume. The next target for the rise is $13,000, and then $14,000. The bears may actively defend the $14,000 level, so a meaningful correction may be made at these levels.
Contrary to assumptions, if the currency pair retreats from the resistance level of $12,113.50, it may enter a consolidation of $10,400–$12,113.50 within a few days. A break below $10,400 would be a huge negative impact because it is likely to catch the bulls by surprise and lead to the liquidation of long positions.
Operation suggestions:
Support level: the first support level is 11000 points, the second support level is 10800 integers;
Resistance level: the first resistance level is 11800 points, the second resistance level is 12000 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
https://preview.redd.it/z2arjmu0acf51.png?width=614&format=png&auto=webp&s=d41ee75d425f17abe871f2389298413d7b864b6c

[Today's Hot Tips]
1. [Vitalik Buterin: DPoS systems such as EOS are the ruling group of the rich]
A Twitter user, Patrick McCorry, said that in fact, delegated proof-of-stake systems (DPoS) such as EOS are more like democracies. For example, users pledge tokens online to elect validators. But BTC and ETH avoid this. In response to this, Vitalik Buterin just replied that they are a ruling group of rich people, and do not destroy the concept of democracy with a system where the formal power of the giant whale is thousands of times higher than that of everyone else.
2. [Monero will undergo a network upgrade on October 17 to introduce the CLSAG signature scheme]
On the evening of August 5, Monero officially released its weekly progress report and announced that the next Monero network upgrade will take place on October 17. At the same time, Monero will officially release the software version required for the upgrade on September 17. In addition, this network upgrade will introduce the CLSAG signature scheme. The CLSAG signature scheme can reduce the transaction size by about 25% and improve the verification performance by 20%. The CLSAG signature scheme has been reviewed.
3. [Vitalik Buterin: Hard fork is more conducive to protecting people's rights]
Vitalik Buterin just tweeted that in a soft fork, the default is inaction, and new rules will be imposed on you without even active confirmation. In a hard fork, either you get the positive approval of the majority of participants, or everything is messed up. The latter seems to be more conducive to protecting people's rights. Of course, soft forks better protect the freedom of individuals not to update code, but I just don’t understand why this is important. Obviously, what matters is not what code you are running, but the rules of the network you are on.
[Today's market analysis]
Bitcoin (BTC)BTC traded sideways around 11650 in the early morning, and quickly rose around 5 o'clock, breaking through 11700 USDT in the short-term, and rising to 11780.50 USDT. Then BTC fell rapidly again, fell below 11,600 USDT for a short time, and rebounded after falling to 11,512 USDT. At present, BTC is finishing within a narrow range around 11650 USDT. Most mainstream currencies have risen in the morning and then fell rapidly, with short-term fluctuations. BTC is currently reported at 11678.2 USDT on OKEx, an increase of 0.32% in 24h.
Gold has risen very well recently, and the currency circle represented by Bitcoin is certainly not bad, so all aspects are accumulating power.
After forming an intraday candlestick pattern from August 3 to 4, Bitcoin today tried to resume its upward trend, which shows that the bulls have overwhelmed the bears.
The rising moving average and the relative strength and weakness of the overbought zone indicate that the bulls are in a dominant position.
If buyers can push the BTC/USD currency pair above $12,113.50, the uptrend may resume. The next target for the rise is $13,000, and then $14,000. The bears may actively defend the $14,000 level, so a meaningful correction may be made at these levels.
Contrary to assumptions, if the currency pair retreats from the resistance level of $12,113.50, it may enter a consolidation of $10,400–$12,113.50 within a few days. A break below $10,400 would be a huge negative impact because it is likely to catch the bulls by surprise and lead to the liquidation of long positions.
Operation suggestions:
Support level: the first support level is 11000 points, the second support level is 10800 integers;
Resistance level: the first resistance level is 11800 points, the second resistance level is 12000 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
https://preview.redd.it/7nn7e6y8acf51.png?width=614&format=png&auto=webp&s=07b57933c2d839b439c616e3fafa0803f56391ac

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Ought to you jump in and begin using your onerous-mined bitcoins within the markets? Find out the risks and advantages initial.KEY TAKEAWAYS
The market is devoted to trading in the globe's currencies.
https://preview.redd.it/u8gle9a0m4f51.jpg?width=770&format=pjpg&auto=webp&s=9368e9fe9613884fb4fd0c86fb716e50319f2d53
Many brokers currently settle for bitcoin and different cryptocurrencies.
Bitcoin trades benefit from the anonymity and decentralized valuation system the currency represents.
They add a replacement layer of risk trading, exacerbated by the acute volatilityStandard Forex Trade
Before you think about whether to trade using bitcoin, it's helpful to understand how a standaroretrade works.
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A forex trade is simply an exchange of 1 currency for an additional at its current rate. Unlike tourists who exchange their home currency for local spending cash, forex traders are trying to form cash off the continual fluctuations in the real value of 1 currency against anothe
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Imagine you're an American trader betting that the British pound can lose price compared to the U.S. dollar. This is termed trading on the British pound/U.S. dollar currency pair (GBP/USD).The Impact of Decentralization
The key distinction is that, though forex exchanges would possibly be decentralized, the currencies themselves are backed by central banks in the countries that issue them. It's the duty of those banks to stabilize the value of their currencies and keep them stable
Now think about an example of a forex trade using bitcoin. First, you open a forex trading account with a broker who accepts bitcoins. These embody AvaTrade,one? eToro, and LiteForex.a pair of? You then transfer 2 bitcoins from your digital wallet to the forex broker’s digital wallet.
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If you wish to trade using bitcoin, use only a locally regulated forex brokerage. And avoid using leverage till you know what you are doing.
Assuming the present bitcoin to U.S. dollar rate is 1 bitcoin = $seven,500, your deposit of two bitcoins is value $fifteen,00zero. Now, assume that you would like to require an edge in British pounds. If the exchange rate is £zero.five = $one, you may receive £7,500. When it rate changes to 0.45, and you square off your position t.sixty five in your trading account. You have got made a tidy eleven.elevenpercent profit and you're prepared to cash out.
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Despite the very fact that your bet on British pounds earned you an eleven.11% profit (from $fifteen,00zero to $16,66six.65), the fluctuation in the bitcoin to U.S. dollar rate suggests that that you sustain a loss of zero.039 bitcoin or about -two.percent. (Initial deposit of 2 bitcoins — 1.961 bitcoins = .039 bitcoin).
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However, had the bitcoin to U.S. greenback exchange rate changed to 1 bitcoin = $7,000, you'd realize a benefit from both the forex trade and the bitcoin exchange. You'd have received ($16,66half dozen.65/$7,00zero) = two.381 bitcoins, a profit of nineteen.onepercent.
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Increased Unpredictability
This hypothetical example illustrates the large reason to exercise caution when using digital currencies for forex trading. Even the most fashionable and widely used cryptocurrency, the bitcoin, is highly volatile compared to most traditional currencies.
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Within the year ending July 24, 20twenty, the value of a bitcoin ranged from $five,532 to $eleven,982
This unpredictability means that that the risks associated with trading forex using bitcoin are that abundant larger
Beyond the exchange rate fluctuations impacting profit and loss, there are other edges and risks to consider before trading forex with bitcoin
Decentralized Vauations: A major advantage of trading forex with the bitcoin is that the bitcoin isn't tied to a central bank. Digital currencies are free from central geopolitical influence and from macroeconomic issues like country-specific inflation or interest rates.
High Leverage: Many forex brokers offer leverage for bitcoin trades. Experienced traders can use this to their profit. However, such high margins ought to also be approached with great caution as they amplify the potential for losses.
Low Deposit Amount: A trader can begin with as little as $twenty five with some bitcoin forex trading firms. A few forex trading companies have even offered promotions sort of a matching deposit quantity. Traders ought to check that the broker is legitimate and appropriately regulated.
Low Cost of Trading: Most forex brokers that settle for cryptocurrency are keeping brokerage costs terribly low to attract new shoppers.
Security: You don’t would like to reveal your bank account or mastercard details to make a bitcoin transaction. This could be a massive advantage in terms of price and monetary security.
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No World Boundaries: Bitcoin transactions don't have any international boundaries. A trader primarily based in South Africa can trade forex through a broker based mostly within the United Kingdom. Regulatory challenges could stay a concern, however if both traders and brokers are willing to transact, there aren't any geographical boundaries.
Risks of Trading Forex with Bitcoin
Different Exchange Rates: Bitcoin trades on multiple exchanges and exchange rates vary. Traders must guarantee they understand that bitcoin exchange rates the forex broker can be using.
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U.S. Dollar Rate Risk: While receiving bitcoin deposits from clients, almost all brokers instantly sell the bitcoins and hold the quantity in U.S. dollars. Even if a trader will not take a forex trade position immediately when the deposit, he or she remains exposed to the bitcoin-to-U.S. dollar rate risk from deposit to withdrawal.
Danger of Volatility: Historically, bitcoin prices have exhibited high volatility. Within the absence of regulations, volatility will be used by unregulated brokers to their advantage and a trader’s disadvantage. For example, assume the intraday bitcoin rate fluctuates from $five,00zero to $5,300 U.S. greenbacks per bitcoin. For an incoming deposit of two bitcoins, the unregulated broker may apply very cheap rates to credit the trader $10,00zero (2 bitcoins * $five,000 = $10,000). However, once the trader is ready to create a withdrawal, the broker might use rock bottom exchange rate. Instead of the original a pair of bitcoins deposited, the trader receives o
Security Risks Inherent to Bitcoin: Deposited bitcoins are vulnerable to theft by hacking, even from a broker’s digital wallet. To reduce this risk, rummage around for a broker who has insurance protection against theft.
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Risk of Leverage: Using leverage is risky for new traders who may not perceive the exposure. This risk is not unique to cryptocurrency forex trading and comes into play in traditional forex transactions still.
Asset Category Mixing: Cryptocurrency may be a different asset class altogether and has its own valuation mechanism. Trading forex with bitcoins primarily introduces a replacement intermediate currency which will impact profit and loss in unexpected ways. Any cash that's not locked down in an exceedingly trader’s base currency is a risk.
Although cryptocurrencies like bitcoin are gaining popularity, there are still several associated risks. In forex trading, dealing in a decentralized currency that provides global transactions with no fees is a bonus. But the tradeoff is actually adding a 3rd currency to what was a trading try
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Bulls Seem To Be In Charge Of Bitcoin’s Weekly Upwards Price Rally As Trading Volumes Increased
The leading cryptocurrency to date, Bitcoin, managed to secure and surpass one of its most important price point checks - $10,000. Bitcoin’s price movement in the past seven days indicates that bulls gathered strength to overcome the major resistance zone and keep Bitcoin afloat above the new $10,100 support zone.
Amid the price rally, the #1 crypto also hit a monthly high of $10,308, according to data from Cryptobrowser.io. After the monthly high surge, Bitcoin corrected to a value of little above $10,100 but quickly bounced back to trade at $10,197.44, as of press time, with $1,627,720,536.96 in 24-hour trading volume activity.
Source: Cryptobrowser.io
The bullish momentum for Bitcoin made some crypto analysts and experts consider Bitcoin to jump above $10,500. If such an event happens, experts believe Bitcoin to be anywhere in the range from $11,000 to $16,000.
Looking at the past week, Bitcoin’s price rally marked a 12,76% price increase for the leader of cryptos, rising from $9,142 on July 21, 2020. Also, Bitcoin formed some strong support zones, lying around $9,450 and $9,700. Traders are considering the $9,900-$9,800 levels as a consolidation zone for a larger upwards push.
However, the over-$10,000 price surges occurred in times of high-trading volumes, so crypto traders have to take precautions when entering the market.
Meanwhile, Bitcoin’s price surge reflected the prices in the entire crypto sector, with Ethereum surpassing $300 earlier this week and settling around $325. Ethereum currently trades at $323.65, after surging as high as $327,77, which is a yearly high for the second-largest cryptocurrency to date.
The rest of the altcoins` sector made minimal gains, ranging from two to five percent.
The recent Bitcoin price surge, on the other hand, made some crypto experts compare Bitcoin with traditional investment assets like gold (XAU). Peter Schiff, for example, stated that Bitcoin investors are not considering the cryptocurrency as a stability option, but rather as a speculative asset. Schiff also noted that some investors are bridging the gap between physical gold and cryptocurrencies by putting their money in gold-backed stablecoin projects like Tether Gold (XAUT). The Tether Gold reached $1,902 on July 24, as the commodity price recorded a closing price at $1,897.50 being on the verge of reaching its intraday high of $1,921 from September 2011.
Schiff concluded his bearish thoughts on Bitcoin, stating: “Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It's above $10,000 again today. How big will the next drop be?”

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Bulls Seem To Be In Charge Of Bitcoin’s Weekly Upwards Price Rally As Trading Volumes Increased
The leading cryptocurrency to date, Bitcoin, managed to secure and surpass one of its most important price point checks - $10,000. Bitcoin’s price movement in the past seven days indicates that bulls gathered strength to overcome the major resistance zone and keep Bitcoin afloat above the new $10,100 support zone.
Amid the price rally, the #1 crypto also hit a monthly high of $10,308, according to data from Cryptobrowser.io. After the monthly high surge, Bitcoin corrected to a value of little above $10,100 but quickly bounced back to trade at $10,197.44, as of press time, with $1,627,720,536.96 in 24-hour trading volume activity.
Source: Cryptobrowser.io
The bullish momentum for Bitcoin made some crypto analysts and experts consider Bitcoin to jump above $10,500. If such an event happens, experts believe Bitcoin to be anywhere in the range from $11,000 to $16,000.
Looking at the past week, Bitcoin’s price rally marked a 12,76% price increase for the leader of cryptos, rising from $9,142 on July 21, 2020. Also, Bitcoin formed some strong support zones, lying around $9,450 and $9,700. Traders are considering the $9,900-$9,800 levels as a consolidation zone for a larger upwards push.
However, the over-$10,000 price surges occurred in times of high-trading volumes, so crypto traders have to take precautions when entering the market.
Meanwhile, Bitcoin’s price surge reflected the prices in the entire crypto sector, with Ethereum surpassing $300 earlier this week and settling around $325. Ethereum currently trades at $323.65, after surging as high as $327,77, which is a yearly high for the second-largest cryptocurrency to date.
The rest of the altcoins` sector made minimal gains, ranging from two to five percent.
The recent Bitcoin price surge, on the other hand, made some crypto experts compare Bitcoin with traditional investment assets like gold (XAU). Peter Schiff, for example, stated that Bitcoin investors are not considering the cryptocurrency as a stability option, but rather as a speculative asset. Schiff also noted that some investors are bridging the gap between physical gold and cryptocurrencies by putting their money in gold-backed stablecoin projects like Tether Gold (XAUT). The Tether Gold reached $1,902 on July 24, as the commodity price recorded a closing price at $1,897.50 being on the verge of reaching its intraday high of $1,921 from September 2011.
Schiff concluded his bearish thoughts on Bitcoin, stating: “Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It's above $10,000 again today. How big will the next drop be?”