August 5, 2021

Crypto Price Analysis & Overview July 16th: Bitcoin, Ethereum, Ripple, Cardano, & Polkadot.

6 min read

Bitcoin

Bitcoin visited 3% this week, reaching as low as $31,000. The cryptocurrency popped above the 20-day MA on Sunday however quickly reversed and dropped beneath it on Monday.

It discovered assistance mid-week at $32,700 but continued below there yesterday to reach $31,185 (disadvantage 1.618 Fib Extension) today.

The short-term chart provides a more detailed perspective of what is going on. It reveals BTC trading inside a falling cost channel given that the start of July. When BTC broke the 20-day MA on Sunday, it discovered resistance at the upper angle of the cost channel and began to head lower.

Today, BTC struck the assistance at the lower angle of this price channel and the purchasers are attempting to protect it. As a result, they have rebounded aggressively and are pressing greater.

Looking ahead, the very first resistance lies at $32,300 This is followed by $32,700 and $33,520-$33,800 (20-day). Next, resistance lies at the upper angle of the price channel and after that at $35,00 (50-day MA).

On the other side, the very first assistance lies at $31,675. This is followed by $31,185, $31,000 (lower angle of the price channel), $30,500, $30,000, and $29,700 (drawback 1.618 Fib Extension).

btcusd-jul16-min
BTC/USD Daily Chart. Source: TradingView. BTC/USD 4-Hour Chart. Source: TradingView. Ethereum is down by an extremely sharp 10%this week as it reached as low as$1850. The coin fell below the 20-day MA on Monday and dropped into

the support at

$2035(Feb 2020 Highs). It continued lower on Tuesday to drop underneath the 200-day MA and fell until finding assistance today at$1888 (.886 Fib). It did dip as low as $1850 today, but it appears that buyers are trying to hold above$1888, which provided strong assistance in June. Once again, the

4-hour chart shows a better point of view of how ETH is trading – inside a falling wedge pattern, generally bullish once it breaks towards

the benefit. Looking ahead, the first resistance lies at around $1950(upside of the wedge). This is followed by$2000,$2035(200-day MA),$2120( 20-day MA), and $2200(long-term

descending pattern line ). On the other side, the very first assistance lies at$1888. This is followed by $1850 (weekly low), $1710 (June support ), and$1625 (disadvantage 1.272 Fib Extension).

ETH/USD Daily Chart. Source: TradingView.< img class="size-full wp-image-129366"src="https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min.png" alt="ethusd-4hr-jul16-min"width="2908"height="1882"srcset=" https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min.png 2908w, https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min-300x194.png 300w, https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min-1024x663.png 1024w, https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min-768x497.png 768w, https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min-1536x994.png 1536w, https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min-2048x1325.png 2048w, https://cryptopotato.com/wp-content/uploads/2021/07/ethusd-4hr-jul16-min-50x32.png 50w"sizes="(max-width: 2908px)100vw, 2908px"/ > ETH/USD 4-Hour Chart. Source: TradingView. ETH is resisting BTC after breaking below the assistance at 0.06 BTC(100-day MA) today. The coin fell beneath a rising rate channel at the start of the week and started to head lower, reaching as low as 0.0584 BTC on Wednesday, Looking ahead, the first resistance lies at 0.06 BTC (100-day MA). This is followed by 0.0627 BTC (20-day MA), 0.065 BTC( 50-day MA ), and 0.069 BTC (bearish.618 Fib & June Highs ). On the other side, the very first support lies at 0.0585 BTC. This is followed by 0.058

BTC(.786 Fib), 0.056 BTC( June assistance ), and 0.056 BTC. ETH/BTC Daily Chart. Source: TradingView. Ripple XRP fell by an overall of 3.7%today as it sits at around$0.6. The cryptocurrency has been trading inside a descending cost channel considering that the start of July. In addition, it has actually been trading inside a falling wedge considering that the start of June. The coin trying to break to the upside of the wedge throughout the week however failed on each attempt. Nevertheless

, it regularly found assistance at the lower angle of the wedge during the week. A breakout to the benefit is expected of this kind of wedge pattern as XRP rapidly approaches the pinnacle. Looking ahead, if the purchasers can break the advantage of the wedge, the very first resistance lies at$0.647(20-day MA). This is followed by $0.7 (July resistance )and $0.75(200-day & 50-day MA confluence). On the other side, the very first assistance lies around$0.56(lower angle of the wedge

). This is followed by$0.55 (2019 highs),$ 0.5, and$ 0.478(July lows). < img class ="size-full wp-image-129369" src="https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min.png"alt=

“xrpusd-jul16-min” width=”2908″height =”1882″srcset=”https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min.png 2908w, https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min-300×194.png 300w, https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min-1024×663.png 1024w, https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min-768×497.png 768w, https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min-1536×994.png 1536w, https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min-2048×1325.png 2048w, https://cryptopotato.com/wp-content/uploads/2021/07/xrpusd-jul16-min-50×32.png 50w”sizes=”(max-width: 2908px)100vw, 2908px”/ > XRP/USD Daily Chart. Source: TradingView. XRP is trading inside a short-term balanced triangle pattern versus BTC and is at the apex, where the marketplace can expect a breakout toward either side. The coin tried to break resistance at 1900 SAT throughout the week however was turned down by the 20-day MA on each effort. Today, XRP spiked above the triangle however has since hung back into the support at the lower angle. Looking ahead, if the bears push below the triangle, the very first assistance lies at 1800 SAT. This is followed by 1660 SAT(200-day MA & drawback 1.618 Fib Extension), 1600 SAT, and 1550

SAT (Nov 2020 low ). On the other side, the first resistance lies at 1900 SAT(20-day MA, July 2020 low, & triangle angle). This is followed by 2000 SAT, 2120 SAT(bearish.236 Fib), 2160 SAT( 50-day MA ), and 2400 SAT (100-day MA ).< figure id ="attachment_129368 "aria-describedby ="caption-attachment-129368 "style ="width: 2908px"class=" wp-caption aligncenter" > XRP/BTC Daily Chart. Source: TradingView. Cardano ADA fell by a steep 10.6%today as the cryptocurrency currently trades at around$1.20. The coin tried to break above the 20-day MA at around$1.35 on Monday however failed to close above it. Since then, it has been trading lower inside the descending price channel. The lower angle of the channel continues to offer assistance while ADA fails to break the upper angle. The breakout toward the advantage would be the first signal back towards$1.50 for ADA. Looking ahead, the very first support lies at$1.15. This is followed by$1.12(200-day MA,.618 Fib, & lower limit of the rate channel). Below$1.12, included assistance lies at$1.00 and$0.986(June lows). On the other side, the first resistance lies at$1.25 (upper angle of the cost channel). This

is followed by $ 1.30, $1.35 (20-day MA ), $1.45(50-day MA), and $1.50.

ADA/USD Daily Chart. Source: TradingView. ADA is likewise struggling against BTC after falling below an ascending triangle at the start of the week. The coin fell beneath the 20-day MA on Tuesday and continued to drop throughout the week, reaching as low as 3730 SAT today. Looking ahead, the very first assistance lies at 3600 SAT(July lows). This is followed by 3540 SAT(10-day MA, disadvantage 1.272 Fib Extension & June low-day closing cost). Included assistance lies at 3440 SAT(.5 Fib). On the other side, the first strong resistance lies at 3900 SAT. This is followed by 4000 SAT(20-day MA), 4100 SAT(50-day MA), and 4200 SAT(July resistance).

adabtc-jul16-min
ADA/BTC Daily Chart. Source: TradingView.

Polkadot

DOT is down a heavy 18% this week as it presently trades at around $12.70. It fell underneath an ascending triangle pattern at the start of the week and continued beneath the $14 (.786 Fib & & June low-day close) support the other day.

Today, DOT dipped as low as $12.10, creating a fresh six-month low price.

Looking ahead, if the bears continue lower, the very first support lies at $11. This is followed by $10, $9.60 (.886 Fib), and $7.50.

On the other side, the first resistance lies at $14. This is followed by $15 (20-day MA), $16.40, and $17 (July resistance).

dotusd-jul16-min
DOT/USD Daily Chart. Source: TradingView

. Versus BTC, DOT likewise developed a fresh six-month low after dropping below 0.0004 BTC today. The coin stopped working to break resistance at 0.0005 BTC at the start of the month and has been moving since. It dropped beneath the July support at 0.000433 BTC on Wednesday, which allowed it to continue underneath 0.0004 BTC today. Looking ahead, if the bears keep driving DOT lower, the very first solid support lies at 0.000357 BTC (.786 Fib). This is followed by 0.00035 BTC, 0.000322 BTC (2021 Opening rate), and 0.0003 BTC.

On the other side, the very first resistance lies at 0.0004 BTC. This is followed by 0.000433 BTC (July assistance – – now resistance) and 0.00045 BTC (20-day MA).

dotbtc-jul16-min
DOT/BTC Daily Chart. Source: TradingView.