The full crypto market cap added $242 billion to its worth for the final seven days and now stands at $1,849 billion. The prime 10 cash had been all in inexperienced for a similar time interval with Uniswap (UNI) and Dogecoin (DOGE) main the pack with 27.8 and 25.9 p.c of worth enhance respectively. Bitcoin (BTC) is presently buying and selling at $45,630 whereas ether (ETH) is at $3,125.
Bitcoin ended the month of July with a strong 17.7 p.c of worth enhance on a thirty-day foundation and 41 p.c in whole because the $29,250 low.
On Sunday, August 1, it closed the weekly candle above each the 21-period EMA and the earlier excessive thus making a brand new larger excessive at $39,800. Alternatively, it discovered itself nonetheless in a resistance space and close to the precise shoulder of the large Head and Shoulders sample on a weekly timeframe. This determine was beforehand invalidated again in early July when the main cryptocurrency made a fakeout breaking right down to $29,250 – an occasion that triggered the most recent uptrend.
On Monday, the BTC/USDT pair registered its third consecutive day in crimson after peaking at $42,658 on August 1. It ended the session at $39,159 with a 1.7 p.c loss.
The sell-off continued on Tuesday with a contemporary 2.5 p.c drop right down to $38,145. Consumers had been nonetheless hoping for a Wyckoff accumulation form of wholesome pullback that may ultimately end in uptrend continuation.
The mid-week session on Wednesday was certainly a superb one for bulls. BTC fashioned a bullish engulfing candle as much as $39,716.
On Thursday, August 5 the engulfing candle was confirmed by a second one. It’s value mentioning although, that bears had been in a position to push the value of BTC right down to $37,250 within the early hour of buying and selling or greater than 6 p.c earlier than patrons stepped in.
On Friday, the largest cryptocurrency continued to surge and prolonged its good points as much as $42,860 thus confirming the breakout of the vary excessive.
The weekend of August 7-8 began with one other bullish session on Saturday, BTC peaked on the 200-day EMA on each day, hitting $44,750 for the primary time since Might 17.
Then on Sunday, we witnessed a brief pullback on the continuing infrastructure invoice discussions within the US Senate, which is predicted to incorporate a controversial crypto trade tax change. Bitcoin dropped right down to $43,838 on bearish divergence on the each day timeframe after hitting a downtrend resistance on weekly.
What we’re seeing noon on Monday is a strong reversal to the upside. BTC is buying and selling at $45,800.
The Ethereum Mission token ETH fashioned 13 consecutive inexperienced candles on the each day chart as of August 2. This unbelievable run was attributed to the upcoming London fork, additionally know as EIP-1559, which is scheduled for August 5 and is predicted to carry transaction charges enchancment and introduce a considerably deflationary mechanism to its native token ETH.
The coin closed the seventh month of the 12 months with a ten p.c enhance after leaping up from the extraordinarily secure demand zone close to $1,700 two weeks earlier.
On Sunday, August 1, the ETH/USDT pair additionally managed to make sure that the weekly candle closes above the earlier excessive on that timeframe, additionally surpassing the 21-period EMA.
The Monday session introduced an extension of the rally as much as $2,612, however on the second day of the week, we lastly noticed a pullback. The ether moved right down to $2,507 in a 3,7 p.c correction.
The mid-week session, nevertheless, was once more all patrons as ETH climbed 8 p.c up and hit the resistance zone close to $2,730. This zone can also be the place the W-pattern (bullish reversal formation) types its breakout level. A serious Fibonacci retracement stage can also be located close by.
On Thursday, August 5 – the day of the long-awaited London fork, the altcoin nearly totally retracted to its earlier each day open, however patrons shortly absorbed the promoting orders which result in one other inexperienced candle to $2,828.
Then on Friday, ETH prolonged its good points as much as $2,887, closing at the very same stage because the final excessive from Might 26.
The weekend buying and selling began with a strong continuation of the uptrend on Saturday. The ether rallied 9.4 p.c to hit $3,160.
On Sunday, August 8, bears lastly stepped in and pushed the value 5 p.c right down to $3,013.
The correction was short-lived and on Monday, ETH began to maneuver within the upward course as soon as once more. It’s presently buying and selling at $3,130.
Uni re-entered the Prime 10 after efficiently drawing a 3rd consecutive week in inexperienced, which corresponded to a 62 p.c of worth enhance for the interval.
The UNI/USDT pair broke above the necessary 21-period EMA on that timeframe and is now buying and selling within the main help/resistance $26-$29 space. For bulls, will probably be of vital significance to make sure a break above that zone whereas bears will hope for a rejection round $29, which was the final visited excessive on the each day chart.
Down, we see 23.5 as the following secure horizontal help across the neckline of the W-pattern.
Altcoin of the Week
Our Altcoin of the week is Elrond (EGLD). The mission is described by its founders as a “new Web financial system” that gives builders and end-users with a scalable, quick, and easy-to-use blockchain answer. Previously now as eGold, the EGLD token rallied 42 p.c within the final seven days to achieve a 2.5 month excessive at $128 on Sunday afternoon. The token is 92 p.c up from its July 20, backside.
Essentially the most possible motive for the latest surge in worth is the upside momentum skilled by the complete cryptocurrency market and the escape of the diagonal downtrend line on the each day chart specifically.
The Elrond coin climbed as much as #53 on CoinGecko’s Prime 100 listing with a complete market cap of roughly $2,429 billion.
As of the time of writing, the EGLD/USDT pair is buying and selling at $130.
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