Could the current rebound be just a technical "false" breakthrough?
1. Looking at the 1-hour period, the 1-hour Bollinger Band of Bitcoin had narrowed to less than 250 points in the morning before the breakthrough. This short-distance amplitude is a breakthrough after contraction, but it is possible to break through upwards or downwards. Since it chooses to break upwards, it means that the current bullish sentiment is good.
2. From the 1-hour K-line, the breakthrough paused when it encountered the 1-hour MA200, and then fell back. The breakthrough did not touch the 4-hour resistance point, and the breakthrough strength was weak.
3. The breakthrough did not bring about effective trading volume, and the boring breakthrough rebound was suspected to be a false breakthrough, and there was indeed no liquidity on weekends.
4. After the RSI index touched 60 in one hour, it began to fall, indicating that the bullish sentiment was not enough to continue the subsequent rise, and there was no follow-up after the sentiment was released.
However, the breakthrough over the weekend can still be seen as an overflow of bullish sentiment. According to the recent weekend market conditions, most of Bitcoin will experience small fluctuations, but the current breakthrough and rise is not cause for excessive excitement. The specific trend still needs to wait until the U.S. stock market opens on Monday to see the direction.
This week, we are betting on the non-farm payrolls for June, and the sentiment is expected to be squeezed until Friday. Of course, the approval of the Ethereum ETF may appear at any time during this period, which can be regarded as a hidden random positive.
This week's highlights are as follows:
On July 1, Mt.Gox expects to start repaying BTC and BCH in early July;
July 1 is the anniversary of the establishment of the Hong Kong Special Administrative Region, and the Hong Kong Stock Exchange will be closed for one day;
July 2, Ethereum ETF may be launched soon
On July 3, the day before the U.S. Independence Day, the U.S. stock market closed three hours in advance.
On July 5, the United States released June non-farm data
Buy Now: Top 5 Cryptocurrencies for a Bullish Run with Potential 100x Returns!
1.chz
Chiliz has partnered with SBI Holdings to launch fan tokens in the Japanese market. The initiative aims to enrich the sports experience for Japanese sports fans by allowing them to participate in governance through token voting and engage in interactive activities on the platform.
The project has also partnered with Azuro to drive adoption of on-chain sports prediction markets. The partnership aims to launch a transparent and fair prediction application. The upcoming application will enable users to support their favorite teams and athletes around the world.
Additionally, the strategic alliance with SBI Holdings, which serves millions of customers, bodes well for Chiliz’ future. The partnership underscores SBI CEO Fernando Luis Vazquez’s commitment to driving the growth of the sports and entertainment industry in Japan.
Investors remain optimistic about Chiliz's price action, thanks to its trading above its 200-day simple moving average and the large liquidity indicated by its market cap. Chiliz has shown resilience, rising 3% year-to-date and up 338% since listing to $0.07521. These factors make Chiliz a compelling option among current cryptocurrencies for investment.
2. WHAT
Kaspa (KAS) has seen a 22% increase in price from $0.149 to $0.18. In line with this week’s performance, the asset has surpassed all long-term moving averages and sentiment remains strong.
The Momentum Oscillator (AO) is showing red bars on the histogram, but not strongly, which could lead to a short-term pullback towards the $0.183 resistance. Next week’s retracement looks set to be significantly above $0.25.
Moreover, the Elder-Ray Index plotted positive values, suggesting a bullish move ahead. This indicator displays the strength of buyers and sellers with positive and negative numbers respectively.
3.Bonk
Bonk is a meme cryptocurrency built on the Solana blockchain known for its strong community-driven approach and rapid growth.
During the market correction in June, BONK price dropped sharply by 59% from $0.000044 to $0.000018. However, the falling price found strong support at the uptrend line on the daily chart, resulting in an immediate reversal to $0.0000228.
BONK coin has a market cap of $1.55 billion, while trading volume has plunged 45% since yesterday to $155.35 million.
A reversal in the recent recovery in the broader market could result in a rally towards the $0.0001 mark.
4.GRT
The Graph (GRT) is a decentralized protocol for indexing and querying blockchain data, enabling efficient data retrieval for decentralized applications (dApps).
GRT coin entered its current correction trend in early March, with the price retreating from $0.49. The bearish reversal dropped the asset to the psychological support level of $2, a loss of nearly 60%.
Selling pressure in the altcoin market eased this week as Bitcoin price stabilized above $60,000. Graph coin (GRT) maintained above the $2 support level, rebounding 1.2% to trade at $2.1. Meanwhile, the market capitalization surged to $2 billion.
A rebound from the $2 bottom might help buyers to break above the overhead resistance trendline, thereby continuing the current corrective trend. A potential breakout could signal the end of the corrective trend and pave the way for buyers to target the $1 mark.
5.ROSE
Oasis Network (ROSE) is a privacy-focused, scalable blockchain platform designed to support decentralized applications (DApps).
Amid the current rally in the cryptocurrency market, ROSE price showed a clear reversal from the combined support of the ascending trendline and horizontal lines at $0.082. The rise pushed Oasis Network Token up 15.5% to $0.09, while the market cap reached $638.5 million.
Based on past records, the support trendline is a gathering point for dip buyers to support large-scale rallies. Therefore, in case of continued buying, ROSE price may rise to $0.13 and then $0.18.
