Bitcoin

Bitcoin rose 8% today, fetching $ 40,000, but only increased 2% during the week. On Friday, Bitcoin traded inside an ascending price channel as it breached its January 2021 high at $ 42,000 to hit a high of $ 42,400 over the weekend.

From there, Monday BTC rolled and broke under the ascending price channel. It then traded bearish within a descending wedge formation, which is best seen on the 4-hour chart. This wedge saw the BTC price drop until support was found at around $ 37,500, provided by a Fib retracement level of 0.382.

It would bounce off the $ 37,500 support on Wednesday and break towards the upside of the wedge and push above the 100-day moving average. After a brief return to $ 37,500 yesterday, BTC rose to the upside to recover $ 40K as it tests resistance at $ 41K.

Looking ahead, if buyers continue to rise, the first resistance is found at $ 42,000 (January highs). This is followed by a descending trend line (dotted line), $ 43,600 (extension of 1.272 Fib), $ 44,750 (200-day MA) and $ 47,800 (bearish retracement .618 Fib).

On the other hand, the first support stands at $ 40,000. This is followed by $ 39,480 (100-day MA), $ 37,500 (.382 Fib), $ 36,650 (20-day MA) and $ 36,000 (0.5 Fib).

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BTC / USD daily chart. Source: TradingView.
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BTC / USD 4-hour chart. Source: TradingView.

Ethereum

Ethereum saw an impressive 16% price increase this week as the coin rose in the run-up to the London Hard Fork update. The cryptocurrency has been trading within an ascending price channel since the second half of July.

This price channel allowed ETH to break out of the 200-day moving average, break out of a two-month declining trend line, and create a new July high towards the end of the month.

This week, ETH continues inside the ascending price channel, using the lower bound as support. On Wednesday, it bounced off the lower bound as it broke the 100-day moving average again to hit the overhead resistance at $ 2726 (bearish Fib 0.382). This resistance penetrated yesterday, allowing ETH to break above $ 2800. It has since declined slightly and is trading around $ 2760.

Looking ahead, if buyers push higher, the first resistance will be at $ 2890 (upper corner of the price channel). This is followed by $ 3000, $ 3035 (bearish 0.5 Fib) and $ 3150 (1.272 Fib extension). The added resistance is found at $ 3350 (bearish 0.618 Fib) and $ 3540 (1.618 Fib Extension).

On the other hand, the first support is at $ 2725. This is allowed for $ 2565 (.236 Fib and 100 day MA), $ 2410 (.382 Fib), $ 2290 (20 day MA), and $ 2200 (200 day and 50 day MA).

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ETH / USD daily chart. Source: TradingView.

ETH is also doing well against BTC as it set a new two month high above 0.072 BTC this week. The coin is also trading inside an ascending price channel, allowing it to hit the resistance at 0.069 BTC yesterday. This is the closing price for July.

It started the week by bouncing off the support of 0.058 BTC (0.786 Fib) last Friday, pushing higher to form the price channel. It continued to break out of the 100-day moving average and reached over 0.072 BTC yesterday. It has since declined slightly as it is trading near 0.067 BTC, but uses the lower limit of the price channel as support.

Looking ahead, should the bears push below the price channel, the first support will be found at 0.065 BTC (0.5 Fib and 100-day MA). This is followed by 0.0632 BTC (0.618 Fib) 0.062 BTC (50 day MA) and 0.06 BTC.

On the other hand, the first resistance is found at 0.069 BTC. This is followed by 0.072 BTC (0.618 bearish Fib), 0.075 BTC and 0.077 BTC (1.414 Fib Extension and June highs).

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ETH / BTC daily chart. Source: TradingView.

Ripple

XRP fell a small 3% this week after the coin struggled to break through the resistance at $ 0.781 (200-day moving average). It rose higher within an ascending price channel in the last week of July, but failed to break out of the 200-day moving average earlier this week.

Since declining at the 200-day moving average, XRP has been trading inside a bullish flag formation as it has found solid support at $ 0.71. It is struggling to break out of the top corner of the flag to push higher and retest the 200-day moving average level.

Looking ahead, if buyers manage to break out of the rally, the first resistance will be at $ 0.782 (200-day moving average). This is followed by $ 0.8282 (2020 highs), $ 0.9 (100-day MA) and $ 1.

On the other hand, the first support is at $ 0.71. This is followed by the bottom corner of the flag, $ 0.662 (50-day MA), $ 0.6, and $ 0.556 (2019 high).

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XRP / USD daily chart. Source: TradingView.

XRP is also struggling to break a long-term descending trend line against BTC, which dates back to mid-May. The coin started the week by breaking the 20-day MA at 1800 SAT to push into the 1900 SAT resistance where it found the 50-day MA resistance and falling trend line.

Since then, XRP has moved sideways throughout the week and eventually dropped to 1800 SAT, where it uses the 20-day MA and 200-day MA as support.

Looking ahead, if the bears break out of 1800 SAT, the first support will be at 1660 SAT. This is followed by 1600 SAT, 1550 SAT (Nov 2020 minimum) and 1370 SAT (.786 Fib).

On the other hand, the first resistance is still found at 1900 SAT (50-day MA and declining trendline). This is followed by 2000 SAT, 2120 SAT (bearish .236 Fib), 2250 SAT (100-day MA) and 2425 SAT (bearish .382 Fib).

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XRP / BTC daily chart. Source: TradingView.

Polka dot

The DOT was up a whopping 24.2% this week as it struggles to break the $ 20 resistance. The cryptocurrency has been trading inside an ascending price channel since bouncing off $ 11 on July 20.

On Friday, the DOT broke the 50-day moving average and used the upper corner of the price channel to push higher during the week, reaching $ 20 yesterday. There, it found resistance at a bearish Fib retracement level of .236 and has since fallen to $ 19.

There are hints of bearish divergence on the RSI, which will be something to watch over the weekend.

Looking ahead, the first resistance is at $ 20. This is followed by $ 22.50 (100-day MA), $ 24.70 (1.414 Fib extension), $ 25.75 (downside 0.382 Fib) and $ 27.50 (200-day MA).

On the other hand, the first support is found at $ 17.50 (lower corner of the price channel). This is followed by $ 16.40, $ 15 (MA at 50 days) and $ 13.

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DOT / USD daily chart. Source: TradingView.

DOT is also doing well against BTC as this week retests the closing price of the July high day at 48,700 SAT. The coin pushed above a long-term downtrend line last Friday after bouncing off the 35,700 SAT support earlier last week.

From there, the DOT rose above the 20-day MA and the 50-day MA over the weekend and slowly rose during the week to hit the resistance of 49,700 SAT yesterday. It has since declined slightly as it trades around 46,800 SAT.

Moving forward, first support is at 45,000 SAT (50-day MA). This is followed by 43,400 SAT (20 days MA), 40,600 SAT and 37,700 SAT (.786 Fib).

On the other hand, the first strong resistance is found at 49,700 SAT. This is followed by the July high at 51,000 SAT (bearish .236 Fib), 52,700 SAT and 55,000 SAT (100-day MA). The added resistance is found at 59,500 SAT (200 days MA).

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DOT / BTC daily chart. Source: TradingView.

chain link

LINK also saw a solid 20% price increase this week as the coin tests a resistance of $ 25.95. It has been trading inside an ascending price channel since bouncing off $ 13.36 in early July. On Monday, LINK passed the 20-day MA and on Tuesday broke the 200-day MA.

From there, it rose yesterday to test the $ 25.95 resistance in the upper corner of the price channel. It has since fallen lower from there, but uses the 20-day moving average as support.

Looking ahead, if the bears break out of the 20-day moving average, the first support is at $ 22.50 (lower corner of the price channel). This is followed by $ 20.75 (2019 high (100-day MA), $ 20 and $ 18.65.

On the other hand, the first resistance is at $ 25. This is followed by $ 26 (upper corner of the price channel), $ 28.90 (Bearish 0.382 Fib), $ 30 and $ 31.25 (1,414 Fib Extension).

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LINK / USD daily chart. Source: TradingView.

Against BTC, LUNK pushed higher to 52,000 SAT last Friday and broke above the 50-day moving average). From there, it moved higher during the week to hit its high of 63,200 SAT on Wednesday.

Unfortunately, it has since rolled over and ended up breaking below the 20-day moving average today as it sits around 57,500 SAT.

Looking ahead, first support is around 55,000 SAT (50-day MA). This is followed by 52,000 SAT (.618 Fib), 50,000 SAT, and 45,670 SAT (July support).

Alternatively, the first resistance is found at 59,000 SAT (20 days MA). This is followed by 60,500 SAT, 63,200 SAT (this week’s high) and 65,000 SAT. The added resistance is found at 67,425 SAT (bearish 0.382 Fib) and 70,000 SAT (1,414 Fib Extension).

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LINK / BTC daily chart. Source: TradingView.
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