- The cryptocurrency market is influenced by leveraged positions liquidation.
- Cryptocurrency experts expect further growth amid a global flight to safety assets.
- ETH/BTC hits the highest level since May 2019.
The cryptocurrency market lived through a volatile weekend as Bitcoin an all major altcoins hit new multi-month highs and crashed back in a matter of minutes. While the situation calmed down, many traders are still licking wounds as the sharp movements led to massive liquidations of leveraged positions.
According to the data provided by the cryptocurrency analytical service, over 72k positions were liquidated on the market amid the wild price gyrations.
In the past 24 hours , 72,422 people were liquidated. The largest single liquidation order occurred on Bitmex-BTC value $10M
On the global markets, gold has started the week with the price increase, however, the momentum is slow. In July the spot gold jumped by 11%, which is the biggest single-month increase since 2012. The concerns about a weaker dollar and record low US Treasury yields drive investors into physical assets like gold and property. Bitcoin may be on their shopping list too due to its innate anti-inflationary feature.
ETH/BTC Daily Chart
ETH/BTC extended the recovery and hit the highest level since May 2019. At the time of writing, the cross is changing hands at $0.0347 with over 3% of gains since the start of the day. A sustained move above $0.0300 has improved the technical picture and brought $0.0400 into focus.The initial support comes t the upper line of the daily Bollinger Band of $0.0345. It is followed by the upper line of the weekly Bollinger Band at $0.0325. The local support is created by the intraday low of $0.0335. If it is cleared, the sell-off may be extended towards a psychological $0.0300.
Above the current price, the first resistance level is at 0.0350, then the second at 0.0400 and the third one at 0.0450.
Below the current price, the first support level is at 0.0335, then the second at 0.03100 and the third one at 0.0300.
BTC/USD Daily Chart
BTC/USD has stayed mostly unchanged in the recent 24 hours to trade at $11,200 by press time. The first digital asset has been moving sideways after a wild price swings on the weekend. The local resistance is now created by $11,300 and $11,400. Once this area is broken, the next barrier created by $12,000 will come into focus. This psychological level is reinforced by the upper line of the daily Bollinger Band. Meanwhile, the RSI on a daily chart stays flat close to the overbought territory, which means the coin may stay sidelined. The first local support comes at $11,000. Once it is out of the way, the sell-off is likely to gain traction with the next focus $10,500.
Above the current price, the first resistance level is at $11,300, then the second at $12,000 and the third one at $12,500.
Below the current price, the first support level is at $11,000, then the second at $10,800 and the third one at $10,500.
ETH/USD Daily Chart
ETH/USD is one of the best-performing digital assets out of top-5. The coin has gained over 4% since the start of the day hours to trade at $388.20 by press time. The first resistance is created by the upper line of the daily Bollinger Band which coincides with the psychological $400.00. Once it is broken, the upside is likely to gain traction with the next focus on $450.00. The strong support area starts with an intraday low of $366. It is followed by $350.00.
Above the current price, the first resistance level is at $400, then the second at $450 and the third one at $500.
Below the current price, the first support level is at $350, then the second at $300 and the third one at $260.
XRP/USD Daily Chart
XRP/USD has been gaining ground after a major sell-off on Sunday. The third-largest coin settled above $0.3000, which is a positive technical development. If the move is sustained, the recovery may be extended towards Sunday's high at $0.3257. The local support comes at $0.3000. once it is broken, the upper line of the daily Bollinger Band at $0.2940 will come into focus. The next barrier comes at the intraday low of $0.2840.
Above the current price, the first resistance level is at $0.3100, then the second at $0.3250 and the third one at $0.3300.
Below the current price, the first level of support is at $0.3000, then the second at $0.2940 and the third one at $0.2840.
Reprinted from fxstreet , the copyrights all reserved by the original author.
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