Bitcoin BREAKOUT SOON — Bitcoin Today [July 6th 2020]

In today’s article we talk about Travala and how they’re letting people buy vacations using Bitcoin. And as all of you know, Bitcoin has been boring but key indicators are showing a breakout coming soon. And because it’s Monday the top five cryptocurrencies to watch this week. We also go over the current top crypto currency prices as As well as a brief analysis on bitcoin to see if we can predict the future.

And…. If your not the article reading type we have 2 other formats for you:

Podcast Version: https://open.spotify.com/episode/4Soc6ZBJEKQZE1UXPpWl1V

Youtube video: https://youtu.be/IGhcMxcsNKw

TOP CRYPTOCURRENCY PRICES July 1st 2020

The current prices of Bitcoin is at $9,091.63 down 0.42%

The current prices of Ethereum is at $228.17 down 0.02%

The current prices of EOS is at $2.43 down 0.97%

The current prices of Litecoin is at $41.75 up 0.11%

The current prices of XRP is at $0.178006 up 0.66%

As always this publication is sponsored by CoinCasso cryptocurrency exchange. So if you’re unsatisfied with your crypto currency exchange, like Coinbase that crashes every single time that the price drops or goes up, consider checking out CoinCasso in the link.

TOP CRYPTOCURRENCY VOLUME TRADED

BITCOIN TECHNICAL ANALYSIS

So as you can see here, I have the four-hour chart up and let’s Look at the price of Bitcoin since June 1st on that day. It reached $10,400 and since then has been reaching lower highs drawing a trend line and adjusting it slightly so that it touches three points. We are actually seeing a nice downtrend here.

Now. Let’s look at this price action huge Spike up huge drop down slow consolidation getting back up huge drop down then another huge drop back down and then this weird consolidation phase and then huge Spike up. Then like 12 hours later a huge drop back down. But if you really break it down. We have this price drop consolidation price drop consolidation price drop consolidation.

So if this is anything to go off of we could possibly see a light increase right here and then another dramatic drop back down. Now, this is the point that gets interesting. We’re going to be looking at two levels here the previous lowest low and then the one before that.

These I’m not too confident in And because they are only wicks in the four hour time frame. I don’t know if you guys are familiar with liquidity pools, but this is how it works institutions Banks and huge whales like to look for great prices. The normal retail investor actually sees a price like this and they think hey if it drops below this the price should fall dramatically back down which means that there are a lot of sell orders right here. Now people that want to buy a massive amount need sellers which

Live right here. So if the price does drop back down below this $8,600 threshold, it should cross just below it and then rock it back up due to the buyers looking for the potential opportunity. Now, I’m not a hundred percent certain whether it’s this level or this $8,100 level that liquidity pools usually stay below the previous lowest low as you can see here lowest low dropped below it spiked up. Lowest low dropped below it spiked up. This is a big one, which means if it hits this price or this price, we will see a nice boom. Just like we did here now you guys may be wondering what’s been happening to bitcoin over the last 48 hours.

We did see a little bit of price action seeing these tiny little spikes up in tiny little spikes down happening twice over the weekend. But if you look at the four-hour chart there is absolutely miniscule compared to everything that’s been going on. So this might be something because we’ve been trading sideways for so long, but I wouldn’t pay too much attention to it.

TOP CRYPTOCURRENCY NEWS ARTICLES

Travala.com Lets Travelers Once Again Book Expedia Hotels in Crypto

https://www.coindesk.com/travala-expedia-bitcoin-bookings-hotel

Travala.com, a Binance-backed online travel agency (OTA), is adding support for Expedia bookings in a partnership that brings bitcoin payments back to the travel giant’s properties for the first time since 2018.

The Australia-based booking platform plugged into Expedia Group Partner Services’ “Rapid API” and its 700,000 listed hotels on Monday.

Travala.com users can pay for Expedia listings in over 30 cryptocurrencies including bitcoin, which Expedia had accepted before shelving the option in June 2018.

“Their booking flow isn’t built for [crypto] like ours” is, Travala.com CEO Juan Otero told CoinDesk. “It was a bit of a nightmare for them to accept bitcoin payments.”

Expedia Partner Services’ Senior Vice President Alfonso Paredes said in a press statement that Expedia recognizes that “payment choice continues to evolve.” He said the partnership will help Travala.com scale.

The partnership marks a rare alliance between a crypto-focused firm and its widely-known, juggernaut competitor: Expedia is the world’s second-largest OTA. “Travala is one of the very few projects in the crypto space that is bridging the gap to traditional multinationals in a huge way,” Otero said.

Otero said the partnership comes as his travel business rebounds from its COVID-19 lows. In June, Travala.com’s month-over month booking revenue surged 170% (to $184,000) and room night bookings jumped 81%. Additionally 13% of bookings were paid in Travala.com’s AVA token, a crypto equivalent of loyalty points and airline miles.

“Working with Expedia means we can drive traveler loyalty throughout the recovery period,” he said.

Bored With Bitcoin? This BTC Price Level Is Key for a Big Breakout

https://cointelegraph.com/news/bored-with-bitcoin-this-btc-price-level-is-key-for-a-big-breakout

The price of Bitcoin is consolidating below $9,300 but this isn’t necessarily bearish as a major breakout may be in the works.

The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, has been ranging between $8,600 and $10,500 since the halving. During the two-months’ sideways action, the market started to heat up and altcoins entered the spotlight.

Additionally, traders and investors are constantly debating whether BTC price is still in bull or bear territory. Let’s take a closer look at the charts to where Bitcoin may be headed next.

Bitcoin has to hold support above the crucial level of $8,600

The price of Bitcoin has a critical level to sustain above at the $8,550–8,750 area.

BTC/USD 1-day chart. Source: TradingView

Bitcoin has been in a significant uptrend since the heavy crash in March. As an uptrend is classified through higher highs and higher lows, the recent low is found at the $8,550–8,750 area.

This is a significant area because traders use these pivots for the placement of stop/loss levels. But since the price of Bitcoin has been slowly retracing and consolidating, the focus should be on the volume.

During the consolidation period, the volume steadily decreased. This is an indication that we’re not in the “move,” which would mean a new trend. This move would be confirmed by a heavy breakout above $10,500 or a heavy breakdown below $8,500.

An example is seen in the consolidation period around $3,500–4,000 eighteen months ago.

A big move is on the horizon

In the first quarter of 2019, the price of Bitcoin moved inside a narrow range.

BTC/USD 1-day chart. Source: TradingView

This is significant because it shows what usually happens during a lengthy sideways period and why the current stage is also classified as one.

During the range-bound period of 2019, the volume drained away over time. The actual climax of the volume came with the breakout, which meant that breakout traders hit their limit buys and shorters hit their stop/loss.

This chain reaction triggered a sudden $1,000 candle. As the price has been hovering in the range for months, the breakout is usually a significant and explosive one. The longer something ranges in a certain accumulation period, the bigger the move once it breaks out.

This exact example can be seen with many altcoins as some of them have been hovering in an accumulation range. One such example is Zilliqa (ZIL), which broke out of the range and surged for 1,000% since.

Crucial levels on smaller timeframes for Bitcoin

The crucial levels on smaller timeframes are essentially the support between $8,800–9,000 and the resistance at $9,300. The latter is more important as a breakthrough of the $9,300 level would signal further upward continuation.

BTC/USD 4-hour chart. Source: TradingView

The 4-hour chart is showing a clear range-bound structure. Support is found between $8,900–9,000, which must hold for the bulls. As long as that support remains support, a retest of the resistance zone is on the table.

Generally, the more often a level gets tested, the weaker it becomes. Therefore, a renewed test of resistance at the $9,300 level could lead to a significant breakout as it would place Bitcoin back inside the previous range.

In other words, the chances of further downside get slimmer if $9,300 is reclaimed.

Total market cap holding support above 100-day and 200-day MA

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

The total market capitalization of the cryptocurrency market is holding the previous low as support as well.

More significantly, the total cryptocurrency market cap is holding above the 100-day and 200-day Moving Averages (MA). As long as these hold, the market capitalization is in bull territory.

This is because this is a significant bull/bear momentum indicator. The 100-day and 200-Day MAs have been serving as support throughout the entire previous cryptocurrency market cycle.

With these levels likely holding as support, a breakout above $260 billion becomes increasingly likely. Reclaiming the $260 billion level would also add fuel for further momentum toward new highs.

The bullish scenario for Bitcoin

BTC/USD 4-hour bullish scenario chart. Source: TradingView

The bullish scenario has a few crucial points. First of all, the support at $8,900–9,000 has to hold. If this support is lost, BTC/USD will likely drop below $8,550–8,750 into bearish territory.

Second, the key resistance at $9,300 has to break for a potential rally toward $9,650. Since this level is untested, it would be the first pivot point for more upside. This previous resistance of $9,300 has to flip for support for a move higher.

However, as long as the price of Bitcoin remains below $10,500, it’s expected that the volume of the move will be small. A big breakout would occur if the resistance zone of $10,000–10,500 is finally conquered as many triggers would be hit.

It wouldn’t be a surprise to see a quick rise within a few hours to the next major resistance zone at $11,600.

The bearish scenario for Bitcoin

BTC/USD 4-hour bearish scenario chart. Source: TradingView

The bearish scenario is also heavily dependent on the $9,300 level. If that level rejects again, a retest of support at $8,800–8,900 should be expected and the weaker this support will become, increasing the chances for more downside.

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With $9,300 holding as resistance, a retest of $8,800–8,900 would likely result in another drop. Going below the $8,600 level could also see a high-volume drop because this means that the range of the past two months would be lost.

If the price of Bitcoin drops below $8,600, I’m expecting a fast drop towards $7,400–7,700 without many opportunities for shorts. Holding the current support and the 1-day support levels would mean that the market is still in great shape.

Top 5 Cryptocurrencies to Watch This Week: BTC, NEO, TRX, XTZ, VET

https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-neo-trx-xtz-vet

BTC/USD

The relief rally in Bitcoin (BTC) could not rise above the 20-day exponential moving average ($9,234) on July 1 and 2, which is a negative sign as it shows that bears are aggressively defending this resistance level.

BTC/USD daily chart. Source: Tradingview

If the bears now sink the top-ranked cryptocurrency on CoinMarketCap below the immediate support zone of $8,910.04-$8,825, a decline to $8,628 is possible. Such a move will indicate that the bears are selling at every available opportunity.

Below $8,628, the decline can extend to $8,130.58, which is likely to act as critical support. A strong bounce off this support could offer a buying opportunity to the traders. Conversely, if the bears sink the BTC/USD pair below $8,130.58, a new downtrend is likely to start.

Currently, the 20-day EMA is sloping down gradually and the relative strength index has been trading below 50 for the past few days, suggesting an advantage to the bears. A relief rally from the current levels is likely to face resistance at the 50-day simple moving average ($9,398).

A breakout of the downtrend line of the descending channel will be the first indication that the bulls are making a comeback.

BTC/USD 4-hour chart. Source: Tradingview

Both moving averages are sloping down on the 4-hour chart and the RSI has dipped below the 40 level, which suggests that bears have the upper hand in the short-term.

If the price dips to $8,910.04, this will be the fourth retest of this support level. Usually, when a support level is tested repeatedly, it tends to weaken. A strong break below this level could open up shorting opportunities to the traders.

However, if the pair rebounds off the $8,910.04 level, the bulls will try to push the price above the downtrend line of the channel. On a close (UTC time) above the channel, the short-term trend might shift in favor of the bulls with the first target objective of $9,800 followed by a retest of $10,058.52.

NEO/USD

The rebound off the critical $9.21399 support could not even touch the 20-day EMA ($10.23), which shows that the bulls are not in a hurry to buy NEO at higher levels as they are not confident that a bottom is in place.

NEO/USD daily chart. Source: Tradingview

The 20-day EMA is sloping down and the RSI is close to the 40 level, suggesting that bears have the upper hand. They will once again attempt to sink the 21-ranked cryptocurrency on CoinMarketCap below $9.21399.

If the bears succeed, a close (UTC time) below $9.21399 will complete a bearish head and shoulders pattern that has a target objective of $5.25687. However, it is unlikely to be a straight fall to the target as the bulls will try to stall the decline at $7.

This bearish view will be invalidated if the price again rebounds off the $9.21399 support and rises above the 50-day SMA ($10.63).

NEO/USD 4-hour chart. Source: Tradingview

Both moving averages are sloping down and the RSI is comfortably in the negative zone, which shows that bears have the upper hand. A break below $9.63407 will increase the possibility of a fall to $9.21399.

This is a critical level to watch out for because the bulls will try to defend it while the bears will want to break below it to start the downtrend.

If the bulls buy the dip and push the NEO/USD pair above $10.28183, the short-term bearish sentiment might be over.

However, if the bears can break and close (UTC time) below $9.21399, a new downtrend is likely. There is a minor support at $8.60349 and below that at $8.16228. But if both these supports are broken, a drop to $7 is possible.

TRX/USD

Tron (TRX) is currently trading inside a symmetrical triangle, which generally behaves as a continuation pattern. However, it is best to wait for the breakout to happen before initiating a trade because sometimes, the symmetrical triangle can also act as a reversal pattern.

TRX/USD daily chart. Source: Tradingview

If the bulls can propel the 17th-ranked cryptocurrency on CoinMarketCap above the resistance line of the triangle, it will signal strength. The first target is $0.01864 and if this level is scaled, a rally to the pattern target of $0.0217882 is possible.

However, if the price turns down from the current levels and breaks below the moving averages, it will signal weakness. In such a case, a drop to the support line of the triangle is likely.

A break below the triangle can drag the price to $0.012 and if this support is also broken, the decline could extend to the pattern target at $0.0102118.

TRX/USD 4-hour chart. Source: Tradingview

The long wicks on the candles close to the 50-SMA (marked as ellipse on the chart) show that the bulls are aggressively attempting to defend this support.

If the bulls can carry the current bounce above the resistance line of the symmetrical triangle, a rally to $0.0177451 and then to $0.01864 is possible.

This bullish view will be invalidated if the bears can sink the TRX/USD pair below the 50-SMA. If that happens, it is likely to attract further selling resulting in a drop to the support line of the triangle.

XTZ/USD

Tezos (XTZ) bounced from close to the critical support of $2.2131 on June 27. But the bulls could not even carry the price to the 20-day EMA ($2.46), which shows a lack of demand at higher levels.

XTZ/USD daily chart. Source: Tradingview

The 12th-ranked cryptocurrency on CoinMarketCap has again dipped back to the $2.2131 support. If this support gives way, it is likely to attract further selling.

A close (UTC time) below the support will complete a double top pattern, which has a target objective of $1.2945.

The 20-day EMA is sloping down and the RSI is close to the oversold zone, which indicates that bears have the upper hand.

This bearish view will be invalidated if the rebound off the current levels rises above the 20-day EMA.

XTZ/USD 4-hour chart. Source: Tradingview

The 4-hour chart shows that the bears are aggressively defending the 50-SMA. Both moving averages are sloping down and the RSI is in the negative zone, which shows that bears have the upper hand.

If the bears can break below the critical support at $2.2131, a drop to $2.0581 and then to $1.80 is likely. This bearish view will be invalidated if the bulls can push the XTZ/USD pair above the 50-SMA.

VET/USD

VeChain (VET) had been in a bottoming formation for over one and a half years. On July 4, the bulls pushed the price above the overhead resistance of $0.011, suggesting the start of a new uptrend. The target objective of this breakout is $0.020.

VET/USD daily chart. Source: Tradingview

Currently, the 20th-ranked cryptocurrency on CoinMarketCap is facing selling at higher levels. Usually, a breakout from a long consolidation corrects and retests the breakout level but sometimes, if the momentum is strong, the pullback might be shallow.

In this case, the breakout level is $0.011 but it is not necessary that the price will drop to this level. The pullback is likely to find buyers at $0.01256 and below that at $0.011519, which are 50% and 61.8% Fibonacci retracement levels of the most recent leg of the up move.

The bullish view will be invalidated if the bears sink the price below the breakout level of $0.011.

VET/USD 4-hour chart. Source: Tradingview

The recent leg of the up move had pushed the RSI deep into the overbought territory, which indicated that the VET/USD pair had become overheated in the short-term.

Currently, the pair is in a pullback, which is likely to extend to the 20-EMA. A bounce off this support could resume the uptrend and this could offer an opportunity to ride the possible move higher.

Instead of chasing the price higher, it is a better strategy to wait for a pullback as that reduces the risk.