Bitcoin, Ethereum, Ripple, Binance Coin and Solana

Bitcoin

Bitcoin saw an impressive 20% rise in price this week as it hit the $ 40,000 resistance level. The cryptocurrency advanced above a descending wedge formation last Thursday and held above the 20-day MA level last Friday.

Since breaking the wedge, BTC has risen higher on an upward price channel as it broke the 50-day MA level for the first time since May and continued to hit the USD 40,000 resistance. It surged above $ 40,000 and hit $ 40,500 (bearish 0.382 fib) but failed to close a day candle above the coveted level. The resistance there is further supported by the 100-day MA.

Since then, BTC has turned around and has fallen below $ 39,000 today. As a result, BTC is now trading below the ascending price channel.

Looking ahead, initial support is at $ 38,000 if sellers push down. This is followed by $ 37,000, $ 36,620, $ 35,000, $ 34,710 (50-day MA), $ 34,000 (20-day MA), and $ 33,520.

On the flip side, initial resistance is at $ 39,500. This is followed by $ 40,000 (100-day MA), $ 40,500 (Bearish 0.382 Fib), $ 42,000 (January 2021 high), and $ 44,750 (200-day MA).

BTC / USD daily chart. Source: TradingView.
btcusd-jul30-4hr-minBTC / USD 4-hour chart. Source: TradingView.

ether

Ethereum saw its price surge 15.1% this week, up to $ 2,450. It broke the 200-day MA last Friday when it broke back above $ 2000. From then on, ETH continued above the 50-day MA and rose to the upside to hit the resistance at USD 2400.

There, ETH had trouble closing a day candle above a falling trend line that goes back to mid-May. As a result, ETH has now turned around and is currently trading on the support of a short-term rising trendline seen on the 4-hour chart.

If the sellers break the trend line, the initial support, looking to the future, is at $ 2,300. This is followed by USD 2250 (0.236 Fib), USD 2200, USD 2150 (0.382 Fib, 200-day MA and 50-day MA), USD 2070 (0.5 Fib) and USD 2000.

On the flip side, the initial resistance is at $ 2400 (the falling trendline). Additionally, resistance is expected at USD 2440 (1.272 Fib Extension), USD 2530 (1.414 Fib Extension & 100-day MA), USD 2600 and USD 2726 (Bearish 0.382 Fib Retracement).

ethusd-jul30-minETH / USD daily chart. Source: TradingView.
ethusd-jul30-4hr-minETH / USD 4-hour chart. Source: TradingView.

Compared to BTC, ETH continues its consolidation in a symmetrical triangular formation. The coin encountered resistance in the upper corner of the triangle last Friday and fell from there until it found support at 0.0573 BTC in the lower angle on Wednesday.

It has since recovered from there and is now testing the 20-day MA level above 0.06 BTC. A breakout is likely once the market quickly approaches the apex of the triangle.

When the bulls break the 20-day MA, the first resistance, looking to the future, will be between 0.0616 BTC and 0.062 BTC – the 50-day MA and the top corner of the triangle. Above the triangle, resistance is at 0.064 BTC (100-day MA), 0.069 BTC (bearish 0.618 Fib and July highs) and 0.072 BTC.

On the other hand, the initial support is at 0.06 BTC. This is followed by 0.058 BTC (0.786 Fib & lower angle of the triangle), 0.056 BTC and 0.0541 BTC. Finally, the additional support is at 0.05 BTC (200-day MA).

ethbtc-jul30-minETH / BTC daily chart. Source: TradingView.

Ripple

XRP is up a solid 21.5% this week, making it the strongest performer in the top 10. It broke above the 20-day MA at $ 0.6 on Monday and has continued to rise since then. It broke the 50-day MA on Wednesday when it climbed above $ 0.7.

Yesterday, XRP rose as high as $ 0.782 (bearish 0.236 fib) but failed to break that level. In addition, the 200-day MA has further added resistance here. As a result, XRP rolled over today and is now trading at around $ 0.72.

Looking ahead, the initial support is at $ 0.7. This is followed by $ 0.673 (50-day MA), $ 0.62 (20-day MA), $ 0.6, and $ 0.556.

On the flip side, initial resistance is at $ 0.78 (bearish 0.236 Fib & 200-day MA). This is followed by $ 0.8282 (2020 high), $ 0.9, $ 0.95 (100-day MA), and $ 1.00.

xrpusd-jul30-minXRP / USD daily chart. Source: TradingView.

XRP also does well against BTC after bailing out of support at 1600 SAT on Wednesday. There it found support in the lower corner of a short-term declining price channel in which it has been trading since the beginning of July.

The breakthrough above 1800 SAT on Wednesday allowed XRP to break the price channel and bring XRP above the 20-day MA. Since then, XRP has risen higher but is struggling to break 1900 SAT (July 2020 low).

Looking ahead, the first resistance above 1900 SAT is 1950 SAT (50-day average). This is followed by 2000 SAT, 2120 SAT (bearish .236 Fib) and 2300 SAT (100-day MA).

On the other hand, the first support is at 1800 SAT (20-day MA). This is followed by 1740 SAT (200-day MA), 1660 SAT and 1600 SAT.

xrpbtc-jul30-minXRP / BTC daily chart. Source: TradingView.

Binance coin

The BNB is up a tiny 5.3% since trading last Friday, as it stands at $ 310. The cryptocurrency started the week below $ 300 but eventually managed to push higher during the BTC surge.

BNB trades within a symmetrical triangle pattern and recently hit the top angle of that pattern at $ 325 today. A break out of this triangle would be required for a bullish push towards the June highs.

Looking ahead, initial support is at $ 305 (0.786 Fib & 20-day MA). It is followed by $ 300, $ 275 (low angle of the triangle), $ 244 (0.886 Fib), and $ 225 (June lows).

On the other hand, the first resistance is at $ 325 (top angle of the triangle). This is followed by $ 350, $ 288 (bearish 0.382 Fib) and $ 400 (100-day MA).

bnbusd-jul30-minBNB / USD daily chart. Source: TradingView.

BNB is fighting against BTC after setting a new two-month low at 0.0077 BTC this week. The coin fell below a symmetrical triangle pattern at the beginning of the week and continued to plummet as the week progressed.

Since then, it has bounced back from the July lows and tried to break the resistance at 0.008 BTC again.

Looking ahead, the initial support is at 0.0077 BTC. This is followed by 0.0075 BTC (0.618 Fib), 0.007 BTC (200-day MA), 0.00675 BTC (May lows) and 0.0061 (0.786 Fib).

On the flip side, the first resistance above 0.008 BTC is at 0.0085 BTC. This is followed by 0.009 BTC (50-day MA), 0.0096 BTC and 0.01 BTC.

bnbbtc-jul30-minBNB / BTC daily chart. Source: TradingView.

Solana

SOL is up about 10% this week as the coin tries to break resistance at the 50-day MA level. It rebounded from $ 26.30 earlier in the week and struggled to break the 20-day MA at around $ 28.

The break above the 20-day MA finally came yesterday when the SOL surged above $ 30. However, it is now battling the 50-day MA resistance supported by the top angle of a short-term triangle pattern.

If the bulls break the 50-day MA at $ 32 and climb above the triangle, initial resistance is at $ 34 (bearish 0.382 fib retracement). This is followed by $ 36 (100-day MA), $ 38.60 (Bearish 0.5 Fib) and $ 40.

On the flip side, initial support is at $ 30. This is followed by $ 28.88 (0.382 Fib), $ 28 (20-day MA), $ 26.30 (0.618 Fb) and $ 25 (200-day MA & lower angle of the triangle).

solusd-jul30-minSOL / USD daily chart. Source: TradingView.

SOL saw a steady decline versus BTC this week but found support yesterday at the June lows around 0.0007 BTC.

SOL rebounded on this support yesterday, hitting the 20-day MA at 0.000831 BTC today.

If buyers can break the 20-day MA, the first strong resistance will be at 0.0009 BTC (bearish 0.382 Fib, 100-day MA & 50-day MA). This is followed by 0.001 BTC (bearish 0.5 Fib), 0.00107 BTC (bearish 0.618 Fib) and 0.0011 BTC.

On the other hand, the initial support is at 0.0007 BTC. Below that, support is at 0.00061 BTC (May low), 0.000581 BTC (200-day MA), 0.00053 BTC (below 1.618 Fib extension) and 0.0005 BTC.

Solbtc-jul30-minSOL / BTC daily chart. Source: TradingView.

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