Bitcoin and Altcoins Price Analysis on July 31

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The bulls are waiting for more buying pressure to push the price higher as the price is still in consolidation. Ethereum price is facing tough time against the US Dollar and bitcoin. It is in a negative zone below the $464 and $468 resistance levels. The analysis below will give you a general look of bitcoin and altcoins market.

BTC/USD

The 100 SMA settling above the longer-term 200 SMA indicates that uptrend is more likely to carry on than to reverse. Besides, strong bullish pressure was seen as the gap between the moving averages is widening. The short-term SMA also recently held as dynamic support on the latest dip. Just when it appeared that the bears had pushed for a downside break, the bulls are eager to defend support.

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However, the RSI is heading lower to indicate a slow increase in bearish pressure. Stochastic is heading to the oversold region, which suggests that the bulls are still defending current levels and they may gain enough energy for a bounce higher.

View:

  • The price of bitcoin is moving sideways in tight consolidation. To make a correction, the bulls might need to gain more energy.
  • Potential support zones were seen when applying the Fibonacci retracement tool.
  • There is still a chance for consolidation even with recent decline.

BCH/USD

There was a decline from the $840 resistance in bitcoin cash price. It stayed below the $830 level and the 100 hourly SMA, which is a bearish sign. The BCH/USD pair currently broke the $800 support and formed a new intraday low at $785. Later the price moved above the 38.2% Fib retracement level of the last drop from the $840 high to the $785 low.

However, the price climbing faced the $815 level and the 100 hourly SMA. More importantly, there was no proper break above the 50% Fib retracement level of the last drop from $840 to $785. The price seems likely to struggle to break $815 level. The hourly chart of the BCH/USD pair indicated a key bearish trend line formed with resistance near $825. In the near term, to gain more, the bulls have to push the price above the 100 hourly SMA and $825.

Chart indicators show that if the bulls fail to break above the $815 and $825 resistance levels, more losses likely happen. Supports are seen at $800 and $785.

View:

  • The price of bitcoin is slightly moving lower and currently staying below $830.
  • The hourly chart of the BCH/USD pair indicated a key bearish trend line formed with resistance near $825.
  • The pair must clear the $825-830 resistance and the 100 hourly SMA to gain more.

ETH/USD

The bulls failed to hold gain, which causes the price to drop below the $460 support area. The price traded towards the $445 level as the bears are too strong. The price of ethereum even stayed below the $460 level and the 100 hourly SMA. Before recovering, a low was formed at $445.98. Later, it moved above the 38.2% Fib retracement level of the last drop from the $471 high to the $445 low.

However, upside move faced the previous support near $458-460. More importantly, the 50% Fib retracement level of the last drop from the $471 high to the $445 low also prevented gains. The price is under bearish pressure and likely to drop lower towards $445. The hourly chart of the ETH/USD pair indicates two bearish trend lines formed with resistance at $457 and $468. An intermediate resistance is near $464 and the 100 hourly SMA.

Chart indicators show that the price is trading in a bearish zone below $468. More losses towards the last swing low of $445 seem likely to happen. In the near-term the price could suffer a sharp downside move towards the $430 level if the bear successfully pull the price below $445 level.

View:

  • The price of ethereum dropped below the $458 support.
  • The hourly chart of the ETH/USD pair indicates two bearish trend lines formed with resistance at $457 and $468.
  • In the near term, more losses below $445 can happen as the price is under bearish pressure.

ETC/USD

The price moved above the $16.00. It traded above the $16.50 support area, which is a positive sign. However, it failed few times when trying to break the $17.30-40 resistance zone. The price dropped to $16.60 and bounced back towards the $17.25-30 zone, where the bears are waiting.

It declined and broke the 50% Fib retracement level of the last wave from the $16.60 low to the $17.25 high. However, the price found a decent support near $16.80 and the 100 hourly SMA. The hourly chart of the ETC/USD pair indicates a key contracting triangle forming with resistance near $17.25. Therefore to gain more, the bulls must clear the triangle resistance and then $17.30-40. Moving above this level, the price could climb above $18.00. On the downside, if the bears pull the price down, it could test the triangle support at $16.60.

Chart indicators show that the price is forming a breakout pattern with resistance at $17.30 and support at $16.60. More losses towards $16.00 can likely happen if it drops below $16.60. Otherwise, it is most likely to break the $17.30 resistance to climb higher.

View:

  • The price is trading in bullish zone above the $16.50 support.
  • The hourly chart of the ETC/USD pair indicates a key contracting triangle forming with resistance near $17.25.
  • It is most likely to break the $17.20 and $17.30 resistance levels for more gains.

XRP/USD

The price of ripple faces an increased selling pressure and there is no upside move above $0.4560. The XRP/USD pair dropped below the $0.4500 support. It fell and stayed below the $0.4500 support and the 100 hourly SMA. The bears are controlling the market with a bearish angle below $0.4600.

The hourly chart of the XRP/USD pair indicated a key contracting triangle formed with support at $0.4530. It even broke the $0.4400 support and traded as low as $0.4342. Later the bulls successfully attempted to push the price above the $0.4400 level. However, upside move was capped by the 50% Fib retracement level of the last drop from the $0.4560 high to the $0.4342 low. More importantly, there is a new connecting bearish trend line formed with resistance at $0.4460. Therefore the bulls have to break above $0.4460 for a recovery.

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Chart indicators show that the price is likely to face a strong resistance near $0.4500 and the 100 hourly SMA. It also coincides with the 76.4% Fib retracement level of the last drop from the $0.4560 high to the $0.4342 low. To recover, the price has to climb above $0.4500 and $0.4550.

View:

  • The price of ripple broke a key support at $0.4500.
  • The hourly chart of the XRP/USD pair indicated a key contracting triangle formed with support at $0.4530.
  • Ripple is currently under pressure and is facing resistances near the $0.4520 and $0.4550 levels.

XLM/USD

Uptrend is likely to continue than to reverse as the 100 SMA settles safely above the longer-term 200 SMA. The gap seems to be widening to suggest strong bullish pressure.

However, bearish momentum is returning because the price just broke below the 100 SMA dynamic support. Therefore, a pullback could happen, possibly until the 61.8% Fib at the area of interest marked and the 200 SMA dynamic inflection point.

Bullish pressure may return soon as the RSI is heading lower into oversold territory. Stochastic is already making its way up to signal that the bulls are taking back the control while the bears are taking a break.

View:

  • The price is recovering but may be waiting for more bullish pressure to gain more.
  • The area of interest is still a bit lower as well as the price is testing the 38.2% Fibonacci retracement level.
  • Technical indicators seem to be supporting a continuation of the bullish run.

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