What a contrast in the crypto market in recent weeks. While the evolution of the prices of the most capitalized assets is very discreet, a certain number of altcoins, and in particular those related to decentralized finance, are on a very bullish trend. Bitcoin posted €8,400 ($9,400) on July 8, a slight increase of 2% over a week. While Altcoins such as Cardano (ADA) and VeChain (VET) are up 53% and 141% respectively! Is this trend sustainable? Are we on our way to a season of altcoins this summer? What will happen if Bitcoin corrects strongly? We address all these questions in our analysis.
- According to CoinGecko, market capitalization is rebounding to $277 billion from $264 billion seven days ago.
- Bitcoin’s dominance drops significantly to below 62% this week.
- the best performance of the top 50 is signed by VeChain(VET) with +112% over the week.
- A recently filed patent on VISA describes the creation and use of a digital dollar on the Ethereum blockchain.
We invite you to discover our full analysis in video (recorded on july 7, in french)
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Bitcoin (BTC)
Coinhouse’s Recommendation :
Sale on signal
- Our recommendation on Bitcoin remains unchanged. We are holding while keeping a close eye on the price reaction in the range between €8,300 and €8,400 ($9,300 and $9,400). If a downtrend impulse is triggered at this price level, it will be a sell signal. A breakout of the €7,700 ($8,600) will indicate a downtrend acceleration. In this scenario, we do not expect to buy back before the $8,000/$8,200 zone.
- Buyers can regain the upper hand, but only if the price rises above €8,430 ($9,430), which is a key Fibonacci retracement level of the June 23-27 decline. A clear breakout at this level will confirm a continuation of the uptrend with a high probability that the resistance of €8,900 ($10,000) will be retested and then broken up.
Ethereum (ETH)
Coinhouse’s Recommendation :
Hold
- Ethereum (ETH) earns 7.2% on a weekly basis to stand at €214 ($242) on July 8. Same neutrality as last week: any return of the price in the €200 to €212 ($215 to $230) zone remains a buying opportunity, as this zone now serves as a powerful support after having been resistant in May. In the current price zone, we are holding, and will take partial profits if the price rises in the resistant €245-€260 ($255-$275) zone. If the price of Ether drops back below the previous €200 ($215) resistance level, this will be a strong sell signal and we will not try to buy again until the €170 ($180) support level is reached.
Chainlink (LINK)
Coinhouse’s Recommendation :
Hold / Buy on pullback
- Impressive performance for Chainlink (LINK), which gained 35% in one week and quotes at €5.51 ($6.25) on July 8. We warned two weeks ago of the strong buying signal that would set in on Chainlink if the price broke the $4.60 weekly range upper bound. This scenario has now taken place and the price of the Chainlink is now trading at historic highs. We advise you to hold if you own LINK tokens. There are currently no signs of a trend reversal. If you want to buy, it’s more complicated. The only solution is to look at the chart intra-clockwise and buy when the price is down a few percent.
Top & flops of the week (top 50 marketcap)
Tops
1- VeChain (VET) : +112%
2- Dogecoin (DOGE) : +66%
3- Cardano (ADA) : +50%
Flops
1- Compound (COMP) :-16,2%
2- Leo Token (LEO): -4,7%
3- OKB : +0,3%
Investors’ attention is drawn to the fact that the content of the articles does not constitute investment advice.
Investment in cryptocurrencies carries a risk of total capital loss.
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