Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 13, 2020:
time 13.07.2020 08:07 AM
time Relevance up to, 14.07.2020 08:07 AM

Crypto Industry News:

Japan Virtual and Crypto Asset Exchange Association (JVCEA) - a self-regulatory organization for the cryptographic industry in Japan - recently published a March report on Japanese main cryptocurrency resources.

169.376 BTC is listed on the Japanese stock exchanges, over 11% more than in the previous month. XRP increased by 6.4% to XRP 3.2 billion. Ether increased by more than 5.7% to 1.14 million ETH.

In addition, the number of Bitcoins Cash, Monacoins, Litecoins and NEM also increased slightly in March. Bitcoin spot trading volume amounted to 617.3 billion yen (about 5.8 billion dollars), 11 times more than the trading volume of XRP, the second-largest cryptocurrency in the same month.

In March, Bitcoin fell by over 25%. He started the month with around $ 8,600, but on March 12, known as "Black Thursday," briefly fell below $ 5,000. Bitcoin ended the month close to $ 6,400.

The reason why Japanese investors have increased their cryptographic resources is not obvious.

It can be said that Japanese Bitcoin supporters did not hesitate to buy it again after the cryptocurrency market collapsed. There is also the possibility that Japanese investors were sending more cryptocurrencies to the stock exchanges for sale, as opposed to the recent withdrawal of Bitcoin from Coinbase.

Yuya Hasegawa, a market analyst at the FSA-licensed Bitbank cryptographic exchange, explained that usually price movement and cryptocurrency holding are "inversely correlated."

"At a time of price decline, we can say that users send crypto to the stock exchanges to profit or reduce losses. Another reason may be the Japanese premium on the BTC market compared to the market based on US dollars after March 12," he says.

Investors around the world have accumulated cryptocurrencies during a coronavirus pandemic. According to the British application for trading cryptocurrencies "Mode", investors from the Baby Boomers generation (born 1946-1964) and Generation-X (born 1965-1980) have increased their monthly investment in Bitcoins since the beginning of the pandemic.

Technical Market Outlook:

The BTC/USD pair has bounced from 61% Fibonacci retracement seen at the level of $9,082, but the bounce has been capped at the level of $9,290, which is the key short-term technical resistance. Since then the market has been trading in a narrow zone and no new high or low was made during the weekend. The momentum is still positive, so odds for another move upwards are high as long as the level of $9,082 is not clearly violated. The larger time frame trend is still up.

Weekly Pivot Points:

WR3 - $10,016

WR2 - $9,728

WR1 - $9,448

Weekly Pivot - $9,161

WS1 - $8,884

WS2 - $8,576

WS3 - $8,302

Trading Recommendations:

The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

This image is no longer relevant

Euro vs US Dollar
Select timeframe
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Bitcoin reversal signals on January 31st, 2023.

Bitcoin is trading around $23,064 after making a high at $23,950. In yesterday's analysis we warned Bitcoin bulls that price was vulnerable to a pull back below $20,000. Recent price

Alexandros Yfantis 15:01 2023-01-31 UTC+2

Bitcoin declines as sellers step up: is the bull trend coming to an end?

Bitcoin has been in an upward trend since early January, and during this period, the cryptocurrency managed to reach a local high of $24k. The asset made its final breakthrough

Artem Petrenko 12:10 2023-01-31 UTC+2

BTC update for January 31,.2023 - Watch for the breakout of the range

Technical analysis: BTC/USD has been trading sideways at the price of $22.900 and I see potential for the potential breakout play. Trading recommendation: In case of the upside breakout

Petar Jacimovic 09:48 2023-01-31 UTC+2

Technical Analysis of ETH/USD for January 31, 2023

Crypto Industry News: The English Premier League, known to all football fans, has established cooperation with Sorare, an issuer of digital trading cards and a gaming platform. The result

Sebastian Seliga 09:46 2023-01-31 UTC+2

Technical Analysis of BTC/USD for January 31, 2023

Crypto Industry News: Bitcoin (BTC) has been showing a strong price rebound since the beginning of the year, which also translates into the financial situation of miners. Well, during

Sebastian Seliga 09:45 2023-01-31 UTC+2

Mike Novogratz: Bitcoin will eventually reach $500,000, but not anytime soon.

Bitcoin is confidently moving to the level of $24,350 on the 4-hour TF. But as we are seeing now with the euro, there has been a pause in the upward

Paolo Greco 06:37 2023-01-31 UTC+2

Elliott wave analysis of Litecoin for January 31, 2023

Litecoin continues to push higher and we should soon see sub-wave iii/ of iii set in for a rally towards at least 104.96 and possibly even closer to 107.82

Torben Melsted 06:05 2023-01-31 UTC+2

Litecoin: uptrend intact, 91.14 turns into support

LTC/USD dropped in the short term but this could be a short-lived one. It's trading at 89.71 at the time of writing and it seems very heavy. Still, the rate

Ralph Shedler 22:08 2023-01-30 UTC+2

Bitcoin retestig buyers

Bitcoin dropped in the short term and now is located at 23,163 at the time of writing. After its strong rally, the rate could try to test and retest

Ralph Shedler 16:04 2023-01-30 UTC+2

Bitcoin is vulnerable to a pull back below $20,000.

Bitcoin remains technically in a bullish trend making higher highs and higher lows. Price has formed an upward sloping wedge pattern and the RSI continues providing bearish divergence signs

Alexandros Yfantis 15:50 2023-01-30 UTC+2
Can't speak right now?
Ask your question in the chat.