Crypto Analysis

Week 31 2021

July 31, 2021
Covered Instruments:
Bitcoin cryptocurrency
Bitcoin
Ethereum Cryptocurrency
Ethereum
XRP Cryptocurrency
Ripple
Litecoin Cryptocurrency
Litecoin
Question Mark Symbol Coin of the week
Coin of the week
Bitcoin cryptocurrency
BITCOIN (BTCUSD) – Week 31

Technically, in the last week’s report we mentioned the price testing the resistance area at 36k. We were right, but the price didn’t stop there, it pushed higher and reached 39k in the first phase of the move. Now, the price is at the resistance area at 42-43k and it looks like it is in a correction phase. For now, the price action has a higher probability of breaking to the upside after the consolidation that takes place in the red channel marked on the chart. We can see a move to the lower bound of the red channel or even the support area, before resuming the uptrend.

Ethereum cryptocurrency
ETHUSD (Ethereum) – Week 31

From a technical standpoint, Ethereum behaved as we forecasted in our last technical report. It made an up move that reached the 2,3-2,4k area. Now the price finds itself at the small resistance area marked on the chart and it is preparing for the next move to the upside (higher probability). If we take into account that we are in a big weekly downtrend a retest of the support has always a probability of happening but we think it is much lower now.

XRP cryptocurrency
XRPUSD (Ripple) – Week 31

Technically, Ripple made the up move that we were expecting in the last week’s report. Now the price finds itself at the small resistance area marked on the chart. The price action indicates that a correction is under way that has a higher probability of breaking to the upside.

Litecoin cryptocurrency
LTCUSD (Litecoin) – Week 31

Technically, we see that the Litecoin price action is making a correction that has a higher probability of breaking to the upside. The price can reach the lower bound of the red channel marked on the chart before continuing to the upside. If we take into account that we are in a big weekly downtrend a retest of the support has always a probability of happening but we think it is much lower now.

Question Mark Symbol Coin of the week
CAKEUSDT (PancakeSwap) - Coin of the Week

Technically, the PancakeSwap chart has a similar pattern with the bigger market cap cryptocurrencies. On the 4h timeframe we see a consolidation in the making that has a higher probability of going to the upside. If the blue trendline is broken sharply with a decisive candle and a consolidation occurs after that, we should take into consideration a retest of the support area (lower probability).

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