Apple is rumored to have bought more than $2 billion worth of BTC — analysis, July 19 | Via Bitvalex | Capital | July 2021


In the first half of last week, rumors about Apple buying more than $2 billion worth of Bitcoin spread on crypto-related social media platforms.

Source: Twitter

Many cryptocurrency enthusiasts expect such news (about the entry of big players into the market) to reverse the decline in Bitcoin’s price and resume its upward trend.

Source: Twitter

However, these rumors have not been confirmed so far, and the crypto market is still under bearish pressure:

Source: Twitter

Nonetheless, Bitcoin’s fundamentals are beginning to improve, and it seems that internal factors will promote a potential upward trend update. According to a recent communication published by Glassnode, Bitcoin miners are returning to the so-called “accumulation phase.” This means that they start to accumulate BTC to sell at a higher level later:

Source: Glassnode

In addition, Glassnode’s insights claim that the outflow of funds from cryptocurrency exchanges is increasing. A signal indicating that the main purpose of retail investors buying cryptocurrency is to hold it:

Source: Glassnode

Moreover, although Bitcoin price fundamentals have begun to improve, the market has seen another week of consolidation. Now, Monday the market started with some mixed price dynamics. According to Coin360.com, the price of a Bitcoin is 26,990.46 Euros (+0.35%), an Ethereum-1,622.23 Euros (-2.31%), a DOGE-0.1510 Euros (-5.28%), and a UNI —— 14.19 Euro (+0.35%):

Source: Coin360.com (daily crypto market performance)

Now let’s look at the price chart of the major cryptocurrencies against the euro in the most noteworthy time frame.

Bitcoin / Euro

On the daily chart (1D), the price of Bitcoin continues to move at the 360-day moving average (Horse 360) And 30-day moving average (Horse 30):

Horse 360 It is a solid support for the BTC price, and it is difficult for bears to push the price below the moving average. however, Horse 30 Putting pressure on Bitcoin does limit the price increase.

Crypto bulls should pay close attention to the 1-hour chart (1H), where BTC/EUR has formed Downstream channel:

In our opinion, as long as the price of Bitcoin remains within the channel, it is best not to open a long position. However, if BTC/EUR exits the channel upwards, some of the most aggressive traders will open long positions. They expect prices to rebound from the lower consolidation range in the daily chart.

Ethereum/Euro

In the past week, ETH/EUR could not be returned Ascending channel In the daily chart (1D):

It can be seen from the chart that Ethereum is still below the lower line of the channel. This is why ETH bulls must be very cautious.

It is worth paying attention to the 4-hour chart (1H), where ETH/EUR has been formed Falling wedge:

According to the technical analysis theory, Falling wedge It is a trend continuation pattern. This is why sooner or later the price chart will exit the wedge upward and resume the upward trend. Nevertheless, as long as ETH/EUR stays within the wedge, it is best to stay away from the market.

Dogecoin/Euro

In the weekly chart (1W) of DOGE/EUR, the small bearish candlestick sequence with local highs falling continues:

This candlestick pattern confirms the bearish sentiment. This is why the bulls must be very careful.

As we have mentioned in the previous analysis, Only when the price of Dogecoin breaks through the resistance line within the 4-hour time frame (4H), the bullish sentiment will resume:

In our opinion, as long as the price of Dogecoin continues to fall along the resistance line, it is best to postpone any long trades.

Unity / euro

In the weekly chart (1W), UNI/EUR has formed a solid Bearish candlestick Has covered the body of the candlestick Bullish engulfing:

We think this is an indicator that can cancel a small bullish signal Bullish engulfing.

Now, we will focus on the resistance line in the daily time frame:

Only when the price of Uniswap exceeds the resistance line, we will try to find a buy signal to enter the market and catch the price rebound. Currently, we will monitor the price behavior of cryptocurrencies.

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This analysis only provides information and does not constitute investment, financial, trading or any other type of advice, and you should not regard any content of Bitvalex as such advice. Bitvalex does not recommend that you buy, sell or hold any cryptocurrency. Before making any investment decision, you are solely responsible for conducting your own due diligence and consulting consultants.

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