Weekly Wrap: Bitcoin, Ethereum, BNB & Litecoin Price Analysis 2nd August
Bitcoin price formed a support base above the $9,400 level and recently started a fresh increase. BTC/USD broke the key $10,000 resistance level and it might continue to rise.
However, upsides were limited in major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX was capped. The crypto market cap is slowly moving higher and it might continue to grind higher.
Key Takeaways:
- Bitcoin price recovered above the key $9,800 and $10,000 resistance levels.
- Ethereum price is still facing a lot of hurdles near $230.00 and $225.00.
- Ripple price is under a lot of pressure below the $0.3200 resistance level.
- EOS price is struggling to break the key $4.500 and $4.600 resistance levels.
- Litecoin price is facing an uphill near the $100.00 and $102.00 levels.
- Binance coin price is trading with a positive bias above the $28.00 support level.
- Tratok (TRAT) and PTT rallied more than 500% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price remained well bid above the $9,200 and $9,400 levels. BTC/USD formed a solid support base above the $9,400 level and recently started a fresh upward move above the $9,800 resistance.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price formed a swing low at $9,127 and climbed higher steadily above $9,400, $9,600 and $9,800. The upward move was positive as there was a break above the $9,800 resistance and the 21 simple moving average (4-hours).
Moreover, there was a break above a crucial bearish trend line with resistance at $10,000 on the same chart. It opened the doors for more gains above the $10,100 level plus the 50% Fib retracement level of the last drop from the $11,095 high to $9,127 swing low.
At the moment, the price is trading nicely above the $10,200 level, with a positive angle. An immediate resistance is near the $10,600 level plus the 76.4% Fib retracement level of the last drop from the $11,095 high to $9,127 swing low.
If there are more gains above the $10,600 resistance, the price could continue to rise towards the $11,080 resistance. The next major hurdle could be near the $11,550 level, which is the 1.236 Fib extension level of the last drop from the $11,095 high to $9,127 swing low.
Conversely, if the price starts a downside correction, it could test the $10,100 or $10,050 support. The main support is near the $10,000 level plus the 21 simple moving average (4-hours), below which the price could turn bearish again.
Ethereum Price Analysis
Ethereum price remained in a bearish zone below the $240.00 and $230.00 resistance levels. The last swing low was formed near the $191.67 level before the price started correcting higher. ETH price recovered above the $205.00 and $210.00 levels, but it seems like the bulls are facing hurdles near $235.00.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price is currently trading above the $210.00 resistance and the 21 simple moving average (4-hours). It event broke a major contracting triangle with resistance near the $216.00 level.
An immediate resistance is near the $222.00 level. Moreover, the 23.6% Fib retracement level of the last key decline from the $318.80 swing high to $191.67 low is also near the $222.00 level.
Above the $222.00 resistance, the next major resistance is near the $230.00 level. Moreover, there is a crucial bearish trend line forming with resistance near the $230.00 level on the same chart.
If there is an upside break above $230.00, the price could test the 50% Fib retracement level of the last key decline from the $318.80 swing high to $191.67 low near the $255.00 level.
On the downside, an initial support is near the $210.00 level and the 21 simple moving average (4-hours). If there is a bearish break below $210.00 support, the price is likely to extend its decline towards the $200.00 support or $192.00 swing low.
Binance Coin Price Analysis (BNB/USDT, Binance Exchange)
Binance coin failed above the $32.00 level and topped near the $32.65 level. BNB price corrected lower sharply below the $30.00 and $28.00 levels. It traded as low as $26.20 and recently started a fresh upward move.
Binance Coin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price is showing positive signs above the $27.00 resistance level. It surpassed the $27.25 resistance plus the 23.6% Fib retracement level of the last decline from the $32.65 high to $26.20 low.
Moreover, there was a close above the $27.50 level and the 21 simple moving average (4-hours). The price also broke a connecting bearish trend line with resistance near the $28.00 level.
At the moment, the price is consolidating gains above the $28.00 level. On the upside, an immediate resistance is near the $29.40 level. The 50% Fib retracement level of the last decline from the $32.65 high to $26.20 low is also near the $29.40 zone.
If there are more gains above the $29.50 resistance, there are chances of more upsides in the coming sessions. The next major resistance is near $30.00 and $30.20, followed by the $32.00 pivot level.
On the other hand, if there is no upside continuation, the price could decline below the $28.00 support level. The main support is near the $27.00 level and a connecting bullish trend line on the same chart.
Litecoin Price Analysis
Litecoin price remained well bid near the $86.00 and $87.00 levels against the US Dollar. Earlier, the LTC/USD pair climbed towards the $105.90 level and later started a downside correction.
Litecoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price corrected below the $100.00 support level and the 21 simple moving average (4-hours). Moreover, there was a break below the 50% Fib retracement level of the upward move from the $76.25 swing low to $105.90 high.
However, the decline was protected by the $86.00 and $87.00 support levels. A solid support base was formed near $87.00 plus the 61.8% Fib retracement level of the upward move from the $76.25 swing low to $105.90 high.
As a result, the price started a fresh increase above the $90.00 and $92.50 resistance levels. The price even broke a connecting bearish trend line with resistance at $91.06 on the same chart.
However, the price is now facing a strong resistance near the $100.00 level. The bulls need to gain momentum above the $100.00 level to continue higher.
If the price continues to struggle near the $100.00 resistance, there could be a fresh decline. On the downside, the $92.50 level, the 21 simple moving average (4-hours), and a bullish trend line at $92.40 are likely to act as a buy zone.
Top Gainers
During the past 7 days, a few small cap altcoins gained traction and climbed more than 200%, including TRAT, PTT, CPT, PC, EVY and DXG (trading volume more than $50K). Out of these, TRAT rallied around 550% and PTT is up nearly 530%.
Overall, bitcoin price is trading with a positive bias above the $10,000 resistance level. Therefore, there are chances of more upsides in BTC/USD, and major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the near term.
The market data is provided by TradingView, Bitfinex.
The post Weekly Wrap: Bitcoin, Ethereum, BNB & Litecoin Price Analysis 2nd August appeared first on Blockonomi.
OhNoCrypto
via https://www.ohnocrypto.com
Dr. Latika Mehrotra, Khareem Sudlow