BTC/USD and BTC/JPY Technical Analysis July 17, 2017

Hello and welcome to News BTC’s Market Outlook July 17.


Bitcoin fell slightly on Friday, as we are testing the 2300 level currently. As things stand right now, I believe that we are finding quite a bit of support in the neighborhood of $2200 underneath, but do not have the momentum to go higher. I believe that this market has been overbought for some time, so this gentle pullback and malaise makes quite a bit of sense. With this, I believe that the buyers are slowly starting to return, but it may be several days before we see a pickup in momentum.


Bitcoin fell slightly against the Japanese yen as well, finding support near the ¥260,000 level. The market looks ready to bounce, but it may take a few days to pick up the momentum necessary. I believe that the ¥260,000 level will continue to act as support over the next couple of sessions.

Thanks for watching, we’ll see you again tomorrow.


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Key Highlights

  • Ethereum classic price has outperformed ETH and moved above $14.00 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is currently struggling to clear $15.00, but remains supported on the downside.

Ethereum classic price managed to recover well versus the US Dollar and Bitcoin, and ETC/USD is now placed well above the $14.00 handle.

Ethereum Classic Price Resistance

It was a sell ride for ETC price recently as it followed ETH and BTC and moved below $15.00 against the US Dollar. The price declined heavily before finding support at $12.75. Buyers were able to defend the mentioned level, and the price recovered well. The upside move was decent, as the price was above the close above $13.00. During the upside move, there was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD.

It has opened the doors for more gains above $14 in the near term. The price has breached the 23.6% Fib retracement level of the last decline from the $19.75 high to $12.74 low. However, there is a monster resistance waiting on the upside at $16.50. It was a support earlier, and now it could prevent gains above $16.50. Moreover, the 100 hourly simple moving average is at $16.10. Furthermore, the 50% Fib retracement level of the last decline from the $19.75 high to $12.74 low is near $16.50.

Ethereum Classic Price Technical Analysis ETC USD

So, there is a major barrier forming near $16.00-16.50 for ETC. An intermediate resistance is around the 38.2% Fib retracement level of the last decline from the $19.75 high to $12.74 low at $15.44.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $14.00

Major Resistance Level – $16.50


Charts courtesy – Trading View, Kraken

Key Highlights

  • ETH price declined further below $140.00 against the US Dollar and currently correcting higher.
  • There is a new connecting bearish trend line with resistance at $166 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price remains capped near $155 and $178, and any major recoveries may find hurdles.

Ethereum price maintained its bearish bias against the US Dollar and Bitcoin, and the current correction in ETH/USD remains capped near $155-178.

Ethereum Price Decline Continues

The past few days were super bearish for ETH price as it declined below $200 and $180 against the US Dollar. The price recently traded as low as $136.55 where it found bids and currently correcting higher. It has already moved above the 23.6% Fib retracement level of the last decline from the $197.35 high to $136.55 low. However, any major recoveries from the current levels may be difficult since there are many hurdles like $155 and $178.

On the upside, there is a new connecting bearish trend line with resistance at $166 forming on the hourly chart of ETH/USD. The same trend line resistance is also near the 50% Fib retracement level of the last decline from the $197.35 high to $136.55 low. Even if there is a break above the trend line at $156, there is another barrier at $178. The stated level is a pivot zone around $180, which also coincides with the 100 hourly simple moving average.

Ethereum Price Technical Analysis ETH USD

Only a successful close above $180 or the 100 hourly simple moving average may avert the current bearish trend. If the price fails, it may resume the downtrend, and could even retest $140. However, sellers also need to be careful, considering the price has decent supports near $140-130.

Hourly MACD – The MACD is currently reducing the bearish slope.

Hourly RSI – The RSI has just moved above the 50 level.

Major Support Level – $140

Major Resistance Level – $178


Charts courtesy – SimpleFX

Key Highlights

  • Creditbit price remained in a downtrend and struggled to move back above 0.00022BTC against the Bitcoin.
  • There is a short-term bearish trend line with resistance at 0.00022BTC forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
  • On the downside, the 0.00018BTC level is providing support and holding losses.

Creditbit price continued to face sellers against the US Dollar and Bitcoin, and now CRB/BTC is struggling to move back above the 0.00022BTC level.

Creditbit Price Resistance

There was a new low formed in Creditbit price below the 0.00018BTC level against the Bitcoin. The price seems to be struggling to gain momentum from the 0.00020BTC support. It moved down from the 0.00022BTC swing high and broke the last low of 0.00019BTC to trade below 0.00018BTC (monthly low). There is a declining path formed for CRB below 0.00022BTC, and its price is finding it hard to form a support for an upside move.

On the upside, there is a short-term bearish trend line with resistance at 0.00022BTC forming on the 7-day chart of CRB/BTC. However, an initial resistance is around 0.00020BTC, which is around the 50% Fib retracement level of the last decline from the 0.00022BTC high to 0.00018BTC low. A close above it might call for a test of 0.00022BTC. It won’t be easy for buyers to push the price above 0.00022BTC in the near term.

Creditbit Price Technical Analysis CRB BTC

On the downside, the 0.00018BTC level is an initial support, followed by 0.00016BTC. CRB struggled against the US Dollar as well. There was a break below the $0.45 support and the price traded towards $0.32. There is a lot of pressure below $0.50, and the price might continue to decline in the short term.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is placed in the bearish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is reaching oversold levels.

Intraday Support Level – 0.00018BTC

Intraday Resistance Level – 0.00022BTC


Charts from Coinmarketcap

Bitcoin Price Key Highlights

  • Bitcoin price recently broke below support of the descending triangle pattern on its 4-hour chart.
  • Price found support around $1850 and could be due for a pullback before heading further south.
  • Applying the Fibonacci retracement tool shows potential resistance levels.

Bitcoin price could be due for a correction from its breakdown move so that more sellers could allow the downtrend to continue.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. In addition, the moving averages are close to the descending triangle resistance, adding an extra layer of defense in the event of a larger correction.

The broken triangle support is in between the 50% and 61.8% Fibonacci retracement levels at $2251.91 and $2349.88 respectively. Stochastic is pulling up from the oversold area to signal a pickup in buying pressure while RSI looks ready to head north as well, so bitcoin price might follow suit.

If any of the Fibs keep gains in check, bitcoin could resume its drop to the previous lows or much lower. On the other hand, a break past the triangle resistance or moving averages could signal a return in bullish momentum.

Market Factors

US economic data turned out weaker than expected on Friday, dampening rate hike expectations for September and December once more. Headline CPI showed a flat reading instead of the estimated 0.1% increase while the core figure printed a meager 0.1% uptick instead of the projected 0.2% gain.

These undermine the Fed’s view that the slowdown in inflation was just temporary. Instead, weaker price pressures could force the central bank to rethink its tightening time line, along with balance sheet unwinding.

As for bitcoin price, speculations of further weakness and liquidation of positions after the recent slide led to a steeper drop over the weekend. Experts blamed this on several factors such as fears about the potential hard fork and larger firms dumping their cryptocurrency holdings as well.

MobileGo moved in reaction to its counterparts bitcoin, ethereum, and US dollar instead of establishing its own direction.

MobileGo vs. Bitcoin

MobileGo was down nearly 9% in the previous update but is now starting to recover against bitcoin as the short-term range support is holding. If bulls are able to stay in control, a bounce back to the range resistance near 0.00035 could take place.

MobileGo volumes have ticked higher over the weekend but this was primarily due to the bitcoin selloff that took place. Many blamed this on fears of a bitcoin hard fork and larger companies starting to join in on the selloff. If this carries on, MobileGo could be in for a larger climb past the resistance and onto the 0.00040 handle.

MobileGo vs. Ethereum

Against ethereum, MobileGo previously completed a double top breakdown visible on its longer-term time frames but it seems to be making a pullback to nearby support levels.

Volume is somewhat steady against ethereum, although this particular digital asset also suffered a sharp selloff over the weekend. In fact, many are keeping close tabs on the massive declines in cryptocurrencies recently, trying to gauge if further losses are underway and if the bubble is starting to burst.

MobileGo vs. USD

Lastly, MobileGo chalked up most of its losses to the dollar one more even after the US economy printed weak data last Friday.

Headline CPI posted a flat reading instead of the projected 0.1% gain while the core version of the report indicated a 0.1% uptick, short of the estimated 0.2% increase. Both headline and core retail sales report revealed a 0.2% decline in consumer spending while the weaker than expected preliminary UoM consumer sentiment index reflected weaker financial confidence.

Only the Empire State manufacturing index is due today and a dip in industry growth is eyed. Weaker than expected readings could mean more losses for the dollar but it’s hard to say whether cryptocurrencies like MobileGo are poised to take advantage.

At the moment, the pickup in risk appetite is being able to benefit stocks and commodities, leaving traditional and alternative safe-havens like gold and cryptocurrencies eating dust.