The Daily Cryptomenon — 14th July 2020

Your daily Cryptocurrency Market Analysis News brought to you by the CryptoAltum Cryptomenon Team.

This analysis was written at 9:00 am GMT +3, on 14.07.2020

Crypto’s break doesn’t seem to have ended just yet as there wasn’t a lot of movement during the night. The performance of the Trio during the night was rather mute with not much going on in terms of huge movements. As we enter into the new day, what can we expect from the market? Well, let’s find out what today holds for the digital currencies on July 14th, 2020.

The markets have been moving in a consolidation pattern lately and there doesn’t seem to be much movement from either the bulls or bears to capitalize from. Our Cryptocurrency Trio seemed to be enjoying the ranging motion they find themselves in, and in order for them to move in either direction, that range needs to be broken. It doesn’t really matter in which direction the break happens, as long as it happens.

Bitcoin (check out the chart below you’ll find that Bitcoin is the purple line) stayed within the same range, albeit it has moved a little lower losing -3.80% since the beginning of June. Ethereum (red line), has lost its price advantage as it has turned negative yet again (Good news to all you shorters!) as it has lost -0.42% since the beginning of June. Ripple (orange line), is one of those digital currencies that have been moving all over the place without a clear movement in either direction. One thing’s for sure, it has lost -4.38% since the beginning of June.

Image for post
Image for post

What’s the strategy you’re going to use when it comes to these cryptos? Who do you think will come out on top, Bears or Bulls? Whatever you choose to believe, you can react to it all on CryptoAltum.

For some time now, the Cryptocurrency King has been caught in a wedge formation, creating lower highs and higher lows with some consolidation in between those two levels. However, recently Bitcoin has broken through the said formation and to the downside no less; it trades below the $9,180 at the time of this writing.

BTC has a strong support at the $9,100, so for the bears to gain any kind of momentum they need to break below that level and catch some red pips to the downside. This is a nice opportunity to all you shorters out there, if the price was to break below said support, it would be a good time to set up a trade but always be careful to have a Stop Loss and Take Profit ready.

Image for post
Image for post

To exacerbate the downside momentum, the RSI (Relative Strength Index) is actually below the 50-mark and heading towards the 40-mark which explains that the downward pressure is still activated, but the entire bullish momentum isn’t completely abolished. The way we see it is, if the price of BTC breaks below the $9,100, which is registered by a move below the 40-level on the RSI, we can safely assume that the momentum of BTC has shifted to the downside.

Ether is following the same direction of Bitcoin, however, it still outperforms the King as the second most traded cryptocurrency. After failing to break above the $250 resistance level, the case for another bullish break higher is dwindling as time goes by (Sorry Bulls). Looking a bit closely on the graph, we can see that the price action of ETH is in an upward triangle with the ceiling set at $250, so the bullish run to continue a break above that level is desperately needed.

Now on the flip side, the bears are gaining some momentum to the downside as they approach a key level at $235. Breaking below that level would signal to all the bears, and bulls, that the downside is back in play and it’s time to start the shorting all over again. However, the mentioned level is somewhat of a strong support and bulls will be ready to fight and keep that level intact.

Image for post
Image for post

The Relative Strength Index (RSI) is collaborating to that story, as it prints below the 50-mark and closer to the 40-mark. It seems that the same setup from Bitcoin presents itself on Ethereum. The 40-mark is a level that would signify the beginning of the downward momentum. As long as the 40-level remains intact on the RSI, we doubt that ETH will experience any significant move lower and the bulls will remain in charge.

What was supposed to be a continuation pattern higher with the pennant formation, turned out to be quite the opposite as Ripple turned lower instead of higher. Yet, this isn’t all that surprising to traders since XRP was very close to a major resistance at the $0.2100. It has tested its place in this resistance and failed to break above, indicating that bears aren’t ready to relinquish that line of defence. So, it’s just a matter of time before the price was to go down for bulls to attempt another run at that level.

However, just like the bulls have their target to beat in the form of $0.2050 and $0.2100, so do the bears in the form of $0.1945 and $0.1900. These four levels are the upper and lower bounds of Ripple and it needs to stage a move to break either level in order for some kind of momentum to be forming. All it’s doing is sitting and that doesn’t provide any opportunities to either side of the coin.

Image for post
Image for post

The break below the 50-mark on the RSI and the movement lower towards the 40-mark repeats itself on Ripple as well. The way we see it, the 40-level represents the $0.1900. If the cryptocurrency wants to establish a decent movement lower, a break below these levels needs to be achieved. Failing to do so would empower the bulls to retaliate and move back towards the $0.2100, which is highly probable.

No matter what your crypto-related question is, feel free to reach out to your CryptoAltum Account Manager or our outstanding Customer Care Team. Your personal and dedicated Account Manager is on hand ready to help you with any questions. If you don’t have a CryptoAltum trading account yet, get one here. You’ll get your very own Account Manager.

Originally posted on

We believe in making crypto trading easy. Visit us @

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store