BTC/USD 1-hour candle light charts (Bitstamp). Source: TradingView
Bitcoin (BTC), which was valued at $22,000, surged on July 19, as macro conditions slowly turned in favor of danger assets.
As the dollar falls, stocks and crypto increase
” Yields should drop now, but weak point in the Dollar could offer more strength to crypto and bitcoin.”
At the time of writing, the U.S. dollar-index (DXY), was at 106.5. This is down 2.6% from July 14s high.
Wall Street opened saw more gains for United States Equities in the face a falling U.S. Dollar, which extended its retracement given that hitting its last two-decade high.
It was therefore a case for Bitcoin analysts to see and wait, as markets traded their time between sell and buy levels.
Material Indicators, an on-chain monitoring resource, also flagged the differences in strength in between “psychological levels” such as $21,000 or $22,000, and the 200 WMA more detailed towards $23,000.
U.S. dollar index (DXY), 1-hour candle light chart Source: TradingView
Cointelegraph Markets Pro and TradingView data showed that BTC/USDs cooling volatility was instantly listed below the 200-week moving mean (WMA).
” IMO, resistance above $21k and $22k is psychological. The 200 WMA is technical resistance. FireCharts revealed more BTC liquidity can be found in support an R/S turn at $21k,” it notified Twitter fans.
$ USD/ $BTC – Update These options are readily available on #Bitcoin right now. We can pump for wave 3 if we can preserve above the $21,700 high and gain momentum.
— July 19, 2022, Crypto Tony (@CryptoTony__).
” Shared this chart formerly, but just as that the $DXY has tanked, resulting in risk-on assets showing some velocity,” Michael van de Poppe, Cointelegraph factor, tweeted in an upgrade along with a DXY Chart.
” Looking to increase bid liquidity in order to challenge the 200 WMA,”
BTC/USD order books data (Binance). Source: Material Indicators/Twitter
Ethereum is the day
Altcoin traders saw a deja vu in the type Ethers (ETH) outperformance versus other major cryptocurrencies intraday gains.
Related: 100X Bitcoin energy consumption would equate into an ridiculous $20M BTC cost– developer
Popular trading account Game of Traders projections that “Ethereum relative Bitcoin has actually closed above a vital resistance.”
Bulls were not confronted with resistance at the 2018 high of $1,530, which was a problem since the level formed an assistance center at the time.
” Set yourself up for huge moves.”
Currently up 25% in a single week, ETH/USD gained momentum over night and climbed another 20% in less than 24 hours to briefly exceed $1,600.
1 Day Candle Chart ETH/USD (Binance). Source: TradingViewcom. You ought to do your research prior to making any investment or trading decision.
$ USD/ $BTC – Update These choices are offered on #Bitcoin right now. We can pump for wave 3 if we can preserve above the $21,700 high and gain momentum. The 200 WMA is technical resistance. FireCharts revealed more BTC liquidity coming in assistance an R/S turn at $21k,” it informed Twitter fans.
1 Day Candle Chart ETH/USD (Binance).