Bitcoin, Ethereum and Dogecoin are still undecided
There was a reversal in the Bitcoin chart during the American session on Thursday. After re-testing the $ 38,000 level, the Bitcoin price recovered and climbed above $ 40,000 to the current $ 41,150. The upper resistance line is still an obstacle at the 38.2% Fibonacci level at $ 42,650. If the price manages to make a break above the Fibonacci level, we can expect the next resistance at $ 45,000, which coincides with the 200-day moving average. For the bearish scenario, we expect resistance at 38.2% and a new price pull again to 23.6% Fibonacci level at $ 37325, seeking support in the 20-day and 50-day moving averages. The trend is still undecided, and we need a more concrete movement on the chart to make our picture clearer.
Ethereum chart analysis
Like Bitcoin and Ethereum, it made a turnaround on the chart by climbing above $ 2800. After that, we have the current pullback to $ 2740, which coincides with the previous high, which failed to raise the price of Ethereum more on the chart. By setting the Fibonacci retracement level, we test the 38.2% level at $ 2730, and now it is very important to pay attention to whether the price will manage to stay above or go down and make a new pullback. If the price of Ethereum continues to rise, our target is the $ 2900-3000 zone, whose upper limit coincides with the 50.0% Fibonacci level at $ 3045. Contrary to this, we will see a pullback to the $ 2300-2400 support zone and a 23.6% Fibonacci level at $ 2340.
Dogecoin chart analysis
Analyzing Dogecoin on a one-hour time frame, we see that the price will soon reach the bottom trend line of potential support. So far, Dogecoin has found support at 0.19500 and is currently testing 0.20000. Looking at the moving averages, the pressure from the upper side is in the 200-hour moving average, while the MA20 and MA50 are on the bullish side for now and follow the smaller price recovery. With the Fibonacci level setting we see in the first setting, the bullish momentum is stopped at 61.8% Fibonacci level at 0.21860, and if the price climbs below the 200-hour average, then there is a chance that Dogecoin will climb again to 61.8% level at 0.20850. For the bearish scenario, we need a drop below the lower support line and the support zone to 0.19500.
Market overview
In July, Nasdaq mining company Bitfarms announced bitcoin production rate strengthened 47.5%, producing a total of 391 BTC, its greatest month to date.
The monthly production of Bitcoin in Bitfarms has almost doubled since the beginning of the year, on average around 13 BTC per day, stated in the announcement from Thursday.
Fortune estimates that Bitfarms earned $ 14 million in profit in July, 80% more than in February, the lowest production month of 2021.
For safekeeping, the Canadian company has deposited 96% of mined bitcoins, worth 69 million dollars at prices as of July 31. The company expects to continue adding bitcoin to its balance sheet as production increases, said Emiliano Grodzki, director of Bitfarms.
Bitfarms now makes up 1.5% of the global hashrate of bitcoin and is the largest mine in North America that is publicly traded and uses more than 99% of hydroelectric power.
Ether, the second-largest cryptocurrency by market capitalization, was spotlighted on Thursday as the latest hard fork upgrade, called “London,” officially activated on the Ethereum blockchain network. The upgrade contributed to the bullish price as ether rose by about 5% in the last 24 hours, compared to bitcoin growth of 3% over the same period. Despite the cost of ETH, some analysts expect widespread acceptance of the institutions to take several years.
