Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies July 13 (July 22)


You can read the technical analysis of Bitcoin, Ethereum, Binance Coin, Cardano, Dodge Coin, Ripple, Polkadot, Uniswap, Bitcoin Cash and Litecoin prices below.

Bitcoin (BTC)

The price of Bitcoin has been fluctuating above the 20-day moving average (EMA) at $ 34,245 for some time. This is a negative sign and indicates that the sellers are strongly defending this resistance. The price of Bitcoin fell below the 20-day moving average yesterday, and sellers are now trying to bring the price below $ 31,000.

Bitcoin price chart
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The 20-day moving average is down again and the Relative Strength Index (RSI) is below 45; This shows that the sellers are trying to gain the upper hand in the market. A break of $ 31,000 will be the first sign of a resumption of the downtrend.

If the $ 28,000 support is broken, the fall is likely to intensify. This could lead to the liquidation of long contracts and a reduction of up to $ 20,000.

On the other hand, if the price starts to jump from the current levels and reaches above the 20-day moving average, it will indicate that buyers have accumulated. A jump above the 50-day moving average (SMA50) at $ 35,594 and resistance at $ 36,670 could be a sign of buyers gaining strength.

  • Resistances: 34,245 – 35,594 – 36,670
  • Supports: 31,000 – 28,000 – 20,000

Ethereum (ETH)

Over the past three days, buyers have been trying to push the price of Ethereum above the 20-day moving average at $ 2,170, indicating a strong resistance at this level.

Ethereum Price Chart
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Sellers are currently looking to stabilize the price under psychological support of $ 2,000. If successful, the price could drop to $ 1,728. Crossing this support can be considered a sign of the continuation of the downtrend.

On the other hand, rising prices from current levels and crossing the 20-day moving average will indicate that buyers are looking for a strong return to the market. Buyers will then try to push the Ethereum price above the simple 50-day moving average at $ 2,330.

This area is likely to act as a strong resistance, but if we cross it, the downtrend line will be the next destination of the Ethereum.

  • Resistances: 2,170 – 2,330
  • Supports: 2,000 – 1,728

Bainance Coin (BNB)

The price of Binance Coin has been fluctuating in the range between moving averages for the past five days. The range of price fluctuations indicates that buyers have bought at the bottom of the 20-day moving average at $ 313, and sellers are now looking to defend the simple 50-day moving average at $ 333.

Bainance Quinn price chart
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However, it seems that for a long time we will see the presence of this limited range of fluctuations on the chart. If buyers push the price above the simple 50-day moving average, there is a possibility of price acceleration and jump to $ 379.58. If buyers succeed, a jump of up to $ 433 is likely.

On the other hand, if sellers can pull the price below the 20-day moving average and stabilize there, Bainance Coin may fall to $ 276.4 and $ 264.26. A decline below this area could lead to a fall to key support at $ 211.7.

  • Resistances: 333 – 379.58
  • Supports: 313 – 276.4 – 264.26 – 211.7

Cardano (ADA)

The price of Cardano has been fluctuating between the two-day moving average at $ 1.37 and the horizontal support at $ 1.28 since 2 days ago. This small price stabilization range indicates that both buyers and sellers are waiting for the trend to be determined before resuming their large trades.

Cardano price chart
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Moving averages are almost flat and the relative strength index is in the range above 44. This shows that there is a balance between sellers and buyers. If the sellers lower the price below $ 1.28, this balance will be upset in their favor. This opens the way for further falls to $ 1.2 and $ 1.1.

On the other hand, if the price recovers from $ 1.28, buyers will try to push the price above the 20-day moving average. If successful, a jump to a simple 50-day moving average of $ 1.47 is likely. The next destination in this jump is the downtrend line. Crossing the downtrend line can be considered as the first sign of the end of the correction period.

  • Resistances: 1.37 – 1.47
  • Supports: 1.28 – 1.2 – 1.1

Dogecoin (DOGE)

The Dogecoin has been trying to stabilize above $ 0.21 for some time, indicating that traders do not have enough confidence in the current trend; Because there is not enough purchasing power in the market. This could increase the chances of falling below $ 0.21.

Dogecoin price chart
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Falling below this area may further reduce it to $ 0.15. Breaking this support may also create the conditions for emotional selling. Moving averages have a downward slope and the relative strength index is in the range below 38, which indicates that market control is in the hands of sellers.

On the other hand, if prices recover from current levels, buyers will try to push the Dogecoin above the 20-day moving average. If successful, there is a chance of recovery to a simple 50-day moving average at $ 0.28. The neck of the head and shoulders pattern will be the next price target.

  • Resistances: 0.23 – 0.28
  • Supports: 0.21 – 0.15

Ripple (XRP)

The Ripple price has been fluctuating between the 20-day moving average at $ 0.67 and the support line at $ 0.59 for a few days. This shows that sellers sell in small price rallies at a moving average of 20 days.

Ripple price chart
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The 20-day moving average has a downward slope and the relative strength index is in the negative range, indicating that the bed is open for further falls. If the price of Ripple falls and closes below $ 0.59, one can expect a decline to key support of $ 0.5.

Because if this support is broken, the ground is prepared for another fall, it can be considered a significant level. To prevent this from happening, buyers will try to push the Ripple price above the 20-day moving average and the support line at $ 0.75.

  • Resistances: 0.67 – 0.75
  • Supports: 0.59 – 0.5

Polkadot (DOT)

Polkadot is stuck in the area between $ 14.5 and $ 16.93. The price of Polkadot has been fluctuating for some time near the support range of this range, which indicates that buyers are not in a hurry to buy at these levels.

Polkadot price chart
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The 20-day moving average is down $ 16.37 and the relative strength index is in the negative range; These conditions indicate the greater power of sellers in the market. If the price falls below $ 14.5, there is a possibility of falling to $ 13.

If this support is broken, it can be said that the conditions are ready for another fall, and therefore it is of special importance. On the other hand, if the price recovers from $ 14.5, buyers will try again to raise the price above $ 16.93. Their success increases the chances of jumping to a simple 50-day moving average at $ 19.59.

  • Resistances: 16.93 – 19.59
  • Supports: 14.5 – 13

Uniswap

The price of ion swaps fluctuates between moving averages. Buyers traded at the bottom of the 20-day moving average at $ 20.21, but that was not enough to break the 50-day moving average at $ 22.07. This indicates that there is no demand at higher levels.

Uniswap price chart
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Moving averages are smoothed out and the relative strength index is in the middle range, indicating a balance between supply and demand. Breaking the price above the simple 50-day moving average can upset this balance in favor of buyers. This paves the way for a jump to $ 25 and then $ 27.

On the other hand, if the price falls below the 20-day moving average and closes, it will indicate that the scales are moving heavily towards sellers. After that, there is a possibility of falling to the next support at $ 16.93. If this support is broken, the next possible destination will be $ 15.

  • Resistances: 22.07 – 25 – 27
  • Supports: 20.21 – 16.93 – 15

Bitcoin Cache (BCH)

Over the past four days, the price of Bitcoin Cash has been caught between the 20-day moving average at $ 512 and the $ 475 support. This indicates that sellers are heavily defending the 20-day moving average.

Bitcoin Cash Price Chart
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The 20-day moving average continues to move slowly downwards and the relative strength index is below 41; This indicates that the sellers have the upper hand. If the price falls below $ 475.69, it is likely that buyers will close their positions in the short term. In this case, there is a possibility of reduction to $ 428.

Breaking this support may cause the $ 370 support to fall. In addition, a price recovery from $ 475.69 will push buyers to push the price above the 20-day moving average. If successful, they could jump as high as $ 538.11.

A jump in prices above this resistance is the first sign of a bullish market. In that case, there is a greater chance of a jump to the 50-day moving average at $ 578 and then $ 650.

  • Resistances: 538.11 – 578 – 650
  • Supports: 475 – 428 – 370

LightCoin (LTC)

LightCoin has been facing strong resistance in recent days at the 20-day moving average at $ 139. However, buyers did not allow sellers to stabilize the price below the key support of $ 118, which is a positive thing in itself.

Litecoin Price Chart
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This indicates that the selling pressure is lower at lower levels. The relative strength index is crossing 46, and if this level passes, the upward acceleration of prices will increase. Buyers are currently looking to push the price above the 20-day moving average.

If successful, the price of Litecoin may rise to a simple 50-day moving average of $ 156. $ 180 will be the next likely destination. On the other hand, lowering prices from current levels could pave the way for a drop to $ 118. The break and stabilization of the price below this support is a sign of the continuation of the downtrend.

  • Resistances: 139 – 156 – 180
  • Supports: 118

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