Crypto price analysis 7/28: Bitcoin bulls target $12k after breaking out $11k plus ETH, LTC, LINK
Gold hit a new high throughout the day, eclipsing previous highs in 2011. This may be the result of investors buying these assets as a way to combat the probable failure of currencies due to the massive stimulus package published by various central banks around the world.
To date, gold has risen just over 26% in very favorable cases, while Bitcoin has risen about 50% even if it is not backed by investors. This shows that relatively new assets are overcome the first crisis since its formation and easily surpass traditional safety paradises.
Yesterday, Bitcoin witnessed a strong rise above the $ 10,000 resistance. It has expanded its gains above the $ 10,200 and $ 10,500 resistance levels to address above a few key hurdles.
There was a break above $ 11,000, and the price settled well above the 100-hour SMA. A new monthly high is formed near $ 11,422 and is currently consolidating gains. It has corrected lower below $ 11,200.
However, the Fib 50% retracement of the recent rally from the $10,275 low to $11,422 high acts as strong support near $ 10,850. There is also a major uptrend line formed with support near $ 10,850 on the hourly chart of the BTC / USD pair.
The trend line is close to the 61.8% Fib retracement of the recent rally from the $10,275 low to $11,422 high. On the upside, the $ 11,500 level is a major hurdle for the bulls.
A successful break above the $ 11,400 and $ 11,500 levels could open opportunities for a strong rise in the near term. The next target for the bulls could be $ 12,000 in the upcoming sessions.
There is a bullish extension above $ 330 in Ethereum. ETH price is trading to new monthly highs at $ 335, and the price has stabilized above the 100-hour SMA.
The price is currently correcting lower and trading below $ 325. There is a break below the Fib 50% retracement of the recent rally from the $307 low to $335 high.
Besides, it broke below an important ascending channel with support of nearly $ 318 on the hourly ETH / USD chart. The pair is currently trading below $ 320 but has lots of downside support. The initial support is near the Fib 76.4% retracement of the recent rally from the $307 low to $335 high.
The first major support is near the $ 310 level or the $ 307 low. Major support is seen near the $ 302 and 100-hour SMA levels.
On the other hand, the price could face resistance near $ 322 and $ 325. A successful break above the $ 325 resistance level could open the door for opportunities to advance as high as $ 335 or even $ 345.
According to the 4-hour short-term chart of LTC, several major levels have been broken. Litecoin reached its highest price in the past four months at $ 53 before falling slightly to $ 51 at the press time. Litecoin’s current trajectory seems to have begun more than a week ago. On July 20, after reaching the support of $ 40.89 and breaking through the lower limit of its ascending triangle, the price began to rise. From July 20 to July 28, LTC increased by 31%.
The aforementioned ascending triangle started when the price fell to $ 28 after falling ‘Black Thursday.’ Since then, the first price has risen nearly $ 50 in late April before retreating to $ 40. For the next two months, the $ 40 – $ 50 range couldn’t be broken before the July 20 pump started taking it to its highest level in 4 months. Another significant level that will be broken in the recent rise is the psychological level of $ 50. The current increase of Litecoin has also allowed it to regain all of the lost value of Black Thursday, with the replacement amount reduced from $ 51.18 to $ 28.5 in less than 24 hours.
Surprisingly, despite the rapid increase in price, cash flow into the LTC market was not as expected. The Chaikin Money Flow indicator is currently at 0.04, although the volume of transactions increases to $ 3.36 billion per day, and the price moves above $ 50. This is an indication that the potential of the altcoin price will rise higher and merge.
Litecoin has officially joined the altcoin party. However, over the past week, Litecoin has broken consecutive resistance levels with no new money flowing in. The price is pegged to rise higher or sustain above $50, provided there is no Bitcoin whale-dump dragging the altcoin market as well.
As Bitcoin continues to advance above $ 10,000, LINK’s luck goes in the opposite direction. LINK is in the middle of a normal but heavy correction, from the recent all-time high of $ 8.92 to the value of $ 7.2 at the press time. Moreover, LINK seems to drop more sharply when Bitcoin is pumped as it drops below $ 7 to $ 6.50 at the time Bitcoin breaks $ 11k.
Based on the daily LINK / USDT chart, the following can be observed:
- The LINK price is still overextended as its value is very much above the 50-day, 100-day, and 200-day moving averages.
- Trade volume and the daily MACD are in the red, further confirming the retracement.
- The daily MFI is also pointing towards more losses for LINK.
- On a macro level, the daily moving averages line up with strong support zones of $5.80, $5 and $4.20.
- The support by the 100-day moving average also coincides with the previous all-time high of LINK at around $5.
- LINK found similar support at a previous all-time high of $1.50 during the COVID19 crash of mid-March.
- Ethereum price has been driven higher by a massive influx of buying pressure seen throughout the past several days
- Combo-Breaker: Two bearish sell signals could stop Bitcoin price to the moon!