{"id":8726,"date":"2021-08-02T10:32:06","date_gmt":"2021-08-02T14:32:06","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=8726"},"modified":"2021-08-02T11:06:05","modified_gmt":"2021-08-02T15:06:05","slug":"bitcoin-crypto-report","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/bitcoin-crypto-report\/","title":{"rendered":"Are The Bitcoin Bulls Back? Here&#8217;s Where $BTC May Be Headed Next"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210802BITIMAGE.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210802BITIMAGE.png\" alt=\"\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">TABLE OF CONTENTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-crypto-report\/#After_falling_more_than_50_below_its_all-time_high_the_Bitcoin_bulls_roared_back_to_life_driving_the_king_of_cryptocurrencies_back_above_key_technical_resistance_levels_Heres_our_take_on_what_may_come_next%E2%80%A6\" >After falling more than 50% below its all-time high, the Bitcoin bulls roared back to life, driving the king of cryptocurrencies back above key technical resistance levels. Here&#8217;s our take on what may come next&#8230;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-crypto-report\/#QNT_%E2%80%93_Massive_winner_in_Morpheus_Crypto_Chat\" >$QNT &#8211; Massive winner in Morpheus Crypto Chat<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-crypto-report\/#Want_to_learn_more_Try_it_for_just_10_limited_time_only\" >Want to learn more? Try it for just $10 (limited time only)<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"After_falling_more_than_50_below_its_all-time_high_the_Bitcoin_bulls_roared_back_to_life_driving_the_king_of_cryptocurrencies_back_above_key_technical_resistance_levels_Heres_our_take_on_what_may_come_next%E2%80%A6\"><\/span>After falling more than 50% below its all-time high, the Bitcoin bulls roared back to life, driving the king of cryptocurrencies back above key technical resistance levels. Here&#8217;s our take on what may come next&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bitcoin&#8217;s bullish reversal off the July 21 low picked up steam last week, enabling both Bitcoin ($BTC) and Ethereum ($ETH) to break out above key technical resistance levels.<\/p>\n\n\n\n<p>Both $BTC and $ETH reclaimed support of their 50-day moving averages, a pivotal &#8220;line in the sand&#8221; for determining intermediate-term trend of a crypto asset.<\/p>\n\n\n\n<p>In addition to moving back above their 50-day moving averages, both Bitcoin and Ethereum also rallied above horizontal price resistance of their prior highs from June 2021.<\/p>\n\n\n\n<p>On July 30, Bitcoin formed a higher high on its daily chart by rallying above resistance of its June high.<\/p>\n\n\n\n<p>Now, $BTC is pulling back to near-term support of its 10-day moving average:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210802BTC2.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210802BTC2.png\" alt=\"\" title=\"\"><\/a><figcaption><em>Press the chart to view full-sized image<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>Bitcoin is the king of cryptocurrencies (highest market cap), but it is also important to monitor the price action of Ethereum as a leading indicator of the overall altcoin markets.<\/p>\n\n\n\n<p>After 13 straight days of gains, $ETH is now testing a band of resistance created by the prior highs of June. <\/p>\n\n\n\n<p>Ethereum has been showing relative strength to Bitcoin over the past several days, with the <a href=\"https:\/\/coinmarketcap.com\/alexandria\/glossary\/dominance\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin Dominance Index<\/a> turning lower.<\/p>\n\n\n\n<p>Nevertheless, be on the lookout for a potential pullback in $ETH, or at least a sideways consolidation, in the short-term:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210802ETH.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210802ETH.png\" alt=\"\" title=\"\"><\/a><figcaption><em>Press the chart to view full-sized image<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>Now that Bitcoin and Ethereum formed higher highs on their daily charts, we expect a set of higher lows to follow.<\/p>\n\n\n\n<p>The formation of higher highs <em>and<\/em> higher lows is a crucial signal to identify a potential bullish reversal of a prior downtrend.<\/p>\n\n\n\n<p>On the downside, volume during the recent rally was a bit lighter than we like to see with a bullish reversal.<\/p>\n\n\n\n<p>As $BTC and $ETH pull back on their way to forming higher lows, we will be closely monitoring price action as they approach and test support of their 10-day MAs.<\/p>\n\n\n\n<p>The 50-day moving averages should provide even more significant support below the 10-day MAs.<\/p>\n\n\n\n<p>It&#8217;s definitely bullish that both the 10 and 20-day MAs have crossed back above the 50-day MAs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"QNT_%E2%80%93_Massive_winner_in_Morpheus_Crypto_Chat\"><\/span>$QNT &#8211; Massive winner in Morpheus Crypto Chat<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In Morpheus Crypto Chat, part of the Morpheus Crypto PRO service, we closed out some highly profitable trades last week.<\/p>\n\n\n\n<p>We bought Quant Network ($QNT), a leading altcoin right now, because of the impressive relative strength it was showing to Bitcoin.<\/p>\n\n\n\n<p>At the time of entry, $QNT was consolidating near its highs and holding above its 50-day moving average, while $BTC was more than 50% off its highs and trading at the lows.<\/p>\n\n\n\n<p>If a crypto asset is so strong that it holds near its highs, even while the overall crypto market (Bitcoin as a benchmark) is <em>not<\/em> going up, then what happens when the king of crypto eventually rallies as well?<\/p>\n\n\n\n<p>The altcoin with relative strength typically outperforms Bitcoin and becomes a leading crypto asset.<\/p>\n\n\n\n<p>After previously taking profits on partial share size of $QNT, we <strong>scaled out of the remaining position last week for a<\/strong> <strong>gain of +290%<\/strong>&#8211;not bad for a holding period of less than two months!<\/p>\n\n\n\n<p>$QNT still looks extremely bullish and we are monitoring for a low-risk re-entry point on a pullback.<\/p>\n\n\n\n<p>We will alert <em>Morpheus Crypto<\/em> members of our exact entry, stop, and target prices if we see an ideal entry point.<\/p>\n\n\n\n<p>We also alerted chatroom subscribers to a short-term momentum trade in The Graph ($GRT), near the $0.607 area, due to its stealth accumulation volume while in consolidation mode.<\/p>\n\n\n\n<p>Rallying to more than $0.72 after entry, $GRT led to solid gain of approximately +20% in just two days.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Want_to_learn_more_Try_it_for_just_10_limited_time_only\"><\/span>Want to learn more? Try it for just $10 (limited time only) <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Led by professional crypto trader and <a href=\"https:\/\/www.amazon.com\/Deron-Wagner\/e\/B001HD0AKO%3Fref=dbs_a_mng_rwt_scns_share\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.amazon.com\/Deron-Wagner\/e\/B001HD0AKO%3Fref=dbs_a_mng_rwt_scns_share\">author Deron Wagner<\/a>, Morpheus Crypto PRO provides you with actionable swing trade setups, intraday trade alerts, educational weekly market commentary, and access to the exclusive Morpheus Crypto Chat.<\/p>\n\n\n\n<p><strong>For a <em>limited time only<\/em>, receive your special 1-month trial subscription for just $9.88! <\/strong><\/p>\n\n\n\n<p>Simply e-mail your trial request to <a href=\"mailto:editors@morpheustrading.com\" target=\"_blank\" rel=\"noreferrer noopener\">editors@morpheustrading.com<\/a> and we will get you set up to start now. Questions? Just drop an e-mail to the same account and we will help you out.<\/p>\n\n\n\n<p>Also, be sure to <a href=\"https:\/\/twitter.com\/mtg_crypto\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/twitter.com\/mtg_crypto\">follow us<\/a> on Twitter for daily crypto-related tweets and insight.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After falling more than 50% below its all-time high, the Bitcoin bulls roared back to life, driving the king of cryptocurrencies back above key technical resistance levels. Here&#8217;s our take on what may come next&#8230; Bitcoin&#8217;s bullish reversal off the July 21 low picked up steam last week, enabling both Bitcoin ($BTC) and Ethereum ($ETH) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[772],"tags":[],"class_list":["post-8726","post","type-post","status-publish","format-standard","hentry","category-crypto-trading-strategy"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/8726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=8726"}],"version-history":[{"count":6,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/8726\/revisions"}],"predecessor-version":[{"id":8760,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/8726\/revisions\/8760"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=8726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=8726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=8726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}