Art of rally if everything seems under control
The 20-day EMA has flattened out and the RSI has risen to the midpoint, indicating that bulls are attempting to make a comeback. This suggests that bears may be losing their grip. ETH/USDTĮther’s ( ETH) bounce off the critical support at $1,728.74 rose above the 20-day EMA ($2,014) on July 22. If they succeed, the pair could witness panic selling, clearing the path for a possible drop to $20,000. This level may attract selling from the bears but if bulls can overcome the resistance and push the price above it, the relief rally could rise to $36,670.Ĭontrary to this assumption, if the price turns down from the 20-day EMA or the 50-day SMA, the bears will again try to sink the pair to $28,000. If buyers push and sustain the price above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($34,352). The relative strength index (RSI) has risen to just below the midpoint, indicating that the bearish momentum is weakening.
The bulls did not give up much ground on July 22, which is a positive sign.
BTC/USDTīitcoin is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average ($32,569). Could this result in a sustained recovery? Let’s study the charts of the top-10 cryptocurrencies to find out. The bank’s advisers may not be allowed to recommend crypto to their clients but they can execute trades requested by them.Īll this shows that investor interest in the crypto sector continues to increase. JPMorgan Chase may soon allow its retail wealth clients to invest in cryptocurrencies. investors, with $10,000 or more invested in stocks, bonds, or mutual funds, has increased from 2% in 2018 to 6% as of June 2021. A recent survey by Gallup shows that Bitcoin ownership among U.S. It is not only the wealthy who are investing in cryptocurrencies. The family offices manage more than $6 trillion in assets, meaning, even a small percentage of inflow from this sector could eventually boost crypto prices. However, a positive sign is that demand for cryptocurrencies remains strong and lower levels continue to attract buyers.Ī survey of 150 family office clients of Goldman Sachs shows that 15% have already invested in crypto-assets and 45% want to take the plunge. Bitcoin’s ( BTC) recovery is facing resistance near $32,500, suggesting that the ride higher may not be an easy one.