21 July 2020

BTCUSD longs daily chart

Bitcoin breakout to happen now, BTC dominance in decline, what ETH triangle pattern tells us, Mastercard expands crypto partner program and $1.6 billion invested in institutional crypto custody services



BTC/USD daily chart

21 july btcusd daily



Bitcoin price is toward the end of a falling wedge pattern. Price action has moved sideways for the past 10 days and BTC is running out of space in the narrow range. This means that a breakout is imminent. Bitcoin is currently re-testing the resistance for the fifth time and for now we haven’t seen a clear rejection. Retracing to support would mean a 5% decline to the $8,700 price point. On a greater scale there is an ascending triangle that BTC is currently trading within. As you can see on the chart above bitcoin is right at the tip of the intersection of two patterns, leaving no room for further sideways action. Breaking to the upside from a falling wedge would be a re-test of a resistance of the triangle at approximately $9,800.



Bitcoin dominance

21 july btc dominance



Bitcoin dominance is in decline, according to tradingview calculation it fell to 63%. It’s a 7% decrease from the latest peak in May, when Bitcoin dominance was at 69%.



ETH/USD daily chart

21 july ethusd daily



On a daily chart Ether has formed a triangle pattern as well. It is currently trading above the 20-day moving average. If ETH breaks to the upside it will likely reach the $246 resistance level quite quickly.. Breaking below the moving average will lead to $230. Lucid SAR indicator looks bullish, while MACD is in the red.

Mastercard expands crypto partner program

Mastercard announced the expansion of their cryptocurrency partner program. The goal of this program is to make it easier and faster for partners to provide secure, compliant crypto payment cards to users. The payment giant Mastercard recognizes that the number of consumers, merchants and financial institutions interested in digital currencies are continuing to increase.

$1.6 billion invested in institutional crypto custody services

21 july custody

Recent research conducted by The Block showed that $1.6 billion was invested into crypto custody services with institutional focus since 2012. According to the chart above, the largest deals occurred in 2018, followed by this year as the second highest in investments. 2020 is already at $419 million in total investment with half a year still ahead of us. Over 50% of those deals were focused on early-stage companies backed by venture capital efforts.

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