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Top 3 Price Analysis – BTC Defends $9,000 To Allow XRP and ETH To Climb Higher

Key Highlights:

  • Bitcoin increased by a small 1% this week as the coin bounces from a rising trend line to trade at $9,190.
  • Ethereum saw a 4.3% price surge this week that allowed it to reach $234. 
  • XRP saw a 3.74% price rise this week as the bulls defend the $0.175 support.

With the bulls defending the $9,000 level for Bitcoin over the weekend, let us take a look at the top 3 coins (excluding USDT) and analyze where they might be heading.

Bitcoin Price Analysis

BTC Price Analysis

What has been going on?

Bitcoin BTC, 2.26% saw a small 1.7% price hike today as the cryptocurrency edges toward the $9,200 level. The cryptocurrency has been trapped within a small symmetrical triangle pattern fro the entire period of June 2020. 

The coin started June off by surging higher as it reached the 2020 high at $10,432. From there, the market rolled over and started to head lower throughout the month. By the end of June, Bitcoin had reached near the $9,000 level as the buyers battled to keep the price above the lower boundary of the symmetrical triangle.

In July, we can see that Bitcoin has continued to trade along with the support at the lower boundary of the triangle and recently pushed higher from here today.

BTC price short term prediction: Bullish

BTC still remains bullish at this moment in time, however, if it was to drop beneath the support at $8,600, the market would be in danger of turning neutral. A push beneath $8,00 could possibly turn Bitcoin bearish.

If the sellers push beneath the triangle, the first level of support lies at $8,300 (100-day EMA). Beneath this, added support is found at $8,800, $8,692 (.382 Fib Retracement), $8,600 (200-day EMA), and $8,150 (.5 Fib Retracement).

Where is the resistance toward the upside?

On the other side, if the bulls push higher, the first level of resistance is located at $9,362. Above the triangle, added resistance is found at $9,500, $9,783 (bearish .886 Fib Retracement), and $10,000.

Above $10,000, additional resistance lies at $10,287, $10,432 (2020 high), and $10,700.

What are the technical indicators showing?

The RSI has been beneath the 50 line for the past 2 weeks of trading. However, the buyers have reapproached the level to indicate that the bulls are attempting to regain control of the market momentum.

Ethereum Price Analysis

ETH Daily Chart

What has been going on?

Ethereum ETH, 4.42% saw a 4.2% price surge this week as the cryptocurrency reaches the $234 level. Toward the end of June, ETH fell beneath a rising support trend line that had been in play since mid-March 2020.

After breaking the trend line, ETH continued further lower until support was found at $215 (.236 Fib Retracement). ETH rebounded from here and pushed higher. In the first few days of July, we can see that ETh had been strongly supported at the $225 level. 

It has pushed higher from here as it reaches $234.

ETH price short term prediction: Bullish

ETH still remains bullish, however, a drop beneath $210 (100-day EMA) could turn the market neutral. ETH would have to drop beneath $191 to be in danger of turning bearish.

If the sellers do push lower, the first level of support lies at $225. Beneath this, added support is found at $215 (.236 Fib Retracement), $210 (100-day EMA), $200 (200-day EMA), and $191 (.382 Fib Retracement).

Where is the resistance toward the upside?

On the other side, if the buyers continue to drive ETH higher, resistance is found at $240. Above this, added resistance lies at $250, $258 (bearish .618 Fib Retracement), $268, and $275. 

What are the technical indicators showing?

The RSI has recently managed to climb above the 50 line to indicate that the bulls are beginning to take charge of the market momentum.

XRP Price Analysis

XRP Daily Chart

What has been going on?

XRP XRP, 5.41% saw a 3.7% price increase this week which saw the cryptocurrency reached the $0.183 level. Prior to this, XRP had been trading lower after dropping beneath the $0.19 level toward the middle of June.

After breaking this support we can see that XRP continued to push lower until support was found at the $0.175 (.5 Fib Retracement level). Luckily, the bulls managed to defend this support over the past 10-days of trading which allowed the coin to bounce higher today.

XRP price short term prediction: Neutral

XRP is neutral at this moment in time. A push beneath $0.175 could possibly have turned the market bearish. On the other side, XRP would still need to rise well above the $0.23 level before we can start to consider any form of a bullish market.

If the sellers do push lower, the first level of strong support is located at $0.175. Beneath this, added support is expected at $0.17, $0.16, $0.157 (.618 Fib Retracement), and $0.15.

Where is the resistance toward the upside?

On the other side, if the bulls continue to drive XRP higher, the first level of resistance can be expected at $0.192. Above this, resistance lies at $0.20, $0.206, and $0.21 (200-day EMA). If the buyers continued higher above this, further resistance lies at $0.218, $0.225 (bearish .5 Fib Retracement), $0.234, and $0.24.

What are the technical indicators showing?

The RSI recently shot above the 50 line after coming from oversold conditions. This shows that the buyers are battling hard to take control of the market momentum and push XRP higher.

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