As cryptocurrencies and the blockchain technology gains more attention in the political, mainstream media, and political scene, the total cryptocurrency market capitalization maintains a stable bullish outlook.
This week, we’ll be looking at the latest happenings in the crypto industry, as well as significant price levels to watch out for going forward.
Bitcoin News: United States President Donald Trump bashes Bitcoin, Libra and Unregulated Cryptocurrencies in Public
US President Donald Trump in his 11 July tweet, aired his opposition towards cryptocurrencies, especially Bitcoin and Libra. He stressed the unlawful use of unregulated cryptocurrencies in drug trades and other illegal activities.
He further stressed that if Facebook and other companies want to be banks, then they must follow all banking regulations, and finally mentioning the dominance of the US Dollar all over the world.
The CEO of Coinbase, a major U.S cryptocurrency exchange, says that US President Donald Trump’s tweets on Bitcoin are achievement unlocked.
Bitcoin proponents generally view these tweets as a psychological milestone for Bitcoin, considering that in the past, Trump has not mentioned it in public.
The BTCUSD remain stable during the tweets, indicating confidence from buyers of the number one cryptocurrency.
At press time, the Bitcoin price trades above the 10,000 USD round-number support.
After exiting the overbought area on 27 June '19 and establishing a sound resistance at 13764 USD, the BTC price trades above the 10560.0 USD support created earlier on 24 June '19 by a double bullish accumulation pattern.
The recent dark cloud cover candlestick pattern signaled on 10 July '19 with resistance at 13174.0 USD sends the price in another wave of bullish trend retracement at the eve of the US Presidents' tweets.
From a 4hour time frame, a bearish trap signaled on 05 July '19 initialized a series of higher lows that pushed the Bitcoin price into the overbought territory.
Upon exiting the overbought territory, the BTCUSD signaled a regular bearish divergence pattern that consequently drove the price to a low 10970.0 USD as shown above.
The critical support level established at 10970.0 USD collapsed to further selling pressure as the price sets a low at 10333.0 USD at press time.
Similar to the 4hour time frame, the above 1hour chart built a combination of regular bearish divergence setup, with the recent one formed on 10 July '19 09:00 and resistance set at 13174.0 USD.
All attempts by the bulls to restore the price to previous highs fail to a breakdown of bullish accumulation at the twenty-second hour of 10 July and 11 July '19 12:00 (11752.0 USD).
The formation of an opposite regular bullish divergence on the same 11 July '19 could not hold the b
Ethereum: Code Vulnerabilities Lead to Suspension of Etherium's 0x (ZRX) Decentralized Exchange (DX) Protocol
Further developments on the Ethereum 0x decentralized exchange (DEX) is suspended according to a Medium post released on 13 July '19 by the project's development team.
The vulnerability was brought to the notice of the 0x team by samczsun, a third-party security researcher.
Upon evaluation of the loop-hole, the exchange's and AssetProxy contracts were suspended by the 0x team.
Although no user fund was lost, the vulnerability would have allowed an attacker to complete orders with fallacious signatures.
The team went on to assure the safety of user funds as the vulnerability is not contained in the ZRX token.
While exiting the overbought region on 27 July '19, the Ether ETH price started a bearish oscillatory cycle, and as shown above, on the daily time frame, the pair signals a bullish inside bar candlestick pattern.
If the price close above the 279.02 USD inside-bar resistance, we should expect an end to the price retracement.
However, the pair still maintains a bearish outlook, and a hidden bullish divergence pattern may be in view as long as new price levels do not exceed the 226.01 USD support.
A closer zoom to the 4hour chart of the ETHUSD show price breaking below the neckline of a head and shoulder pattern on 10 July '19 07:00, with the right shoulder high at 316.50 USD.
Although the pair exited the oversold area in combination with a breakout of bearish accumulation on 12 July '19, the bears again broke below bullish accumulation at the nineteenth hour of 12 July '19, consequently forcing the price back into oversold territory and currently at a low of 229.20 USD.
In a chat with Yahoo Finance, Jamie Dimon CEO of JPMorgan Chase does not believe that cryptocurrency projects like the Ripple XRP and Facebook's Libra can outrun the relevance of banks in the field of payment.
He stated that "Some firms want to eat our lunch," therefore recognize the ever-increasing competition posed by blockchain-based startups such as Ripple and Facebook's Libra crypto project.
The Ripple XRP, paired against the USD from the daily chart illustration is enclosed in an ascending channel that's built from both bullish and bearish divergence patterns on 15 and 26 June '19 with support set at 0.36990 and resistance levels at 0.49342 & 0.510.
The regular bearish divergence pattern being the latter, indicating an increase in selling pressure, forcing the price to break below the bullish divergence trend line, and later signaled a bull trap pattern on 09 July '19 (0.41113) for about 24% drop in the XRP price.
A closer view from the 4hour time frame illustrated above shows a bull trap pattern signaled on 08 July '19 23:00 with resistance set at 0.40827, followed by an increase in selling pressure on 09 & 10 July '19 for a first 19.0% drop in the XRP price.
Coming out of the oversold territory, the pair triggers a regular bullish divergence pattern on 11 July '19; however, the bears again took hold of the market and sent the price crashing bellow bullish accumulation support on 12 July '19 19:00, with resistance at 0.34895. The XRPUSD crypto pair at press time sets a low at 0.29431.
A regular bearish divergence pattern signaled in combination with a breakdown of hidden bullish accumulation on the weekly chart of the total cryptocurrency market cap results in a drop of the overall market capitalization from 387.4 Billion USD high on 24 June '19, to close at 266.0 Billion USD on 08 July '19 as shown on the image below.
Total Cryptocurrency Market Capitalization: Weekly
Overall, the bearish technical pattern on the higher weekly time frame allows the bears to drive the price lower. A possible hidden bullish divergence pattern may be lurking in the corner and required for a price rally, as long as the amount does not exceed the 224.3 Billion dollar low.
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