Bitcoin rose by a small 1% this week after being rejected in an attempt to cross the $ 50,000 mark on Monday. The current high since May is now $ 50,500. Unfortunately, BTC was unable to sustain this level and ended up closing the daily candle below $ 50,000.
Following the rejection, BTC fell sharply: yesterday it dropped below $ 47,800, hitting a weekly low of $ 46.3,000, however, the price of bitcoin managed to finish the day on top of the crucial 20-day moving average. (~ $ 46.9 thousand) – the first bullish sign for a possible trend reversal.
Today, BTC has bounced off support at the lower corner of the wedge and is attempting to push higher as of this writing. The cryptocurrency is now trading inside an ascending wedge formation, while the 3-month high resistance at $ 50,500 has been provided by the upper corner of the wedge.
The 4-hour chart offers a clearer perspective of how the wedge pattern is currently playing out.
Looking ahead, the first critical level is around $ 47,800 (bearish 0.618 Fib). This is followed by $ 49,400 (extension 1,272 Fib), $ 50,000, $ 50,740 (extension 1,414 Fib and top corner of the wedge) and $ 52,000. Further resistance is found at $ 53,000 (bearish 0.786 Fib) and $ 54,210 (1,272 Fib Extension).
On the other side, the first support is located in the lower corner of the wedge. This is followed by $ 46,000 (200-day high and this week’s low), $ 45,450 (.382 Fib), $ 44,750 (February 2021 support) and $ 43,870 (.5 Fib).
Ethereum has seen a lazy week, but after all, ETH is up 1% on a weekly basis, just like BTC. The second largest coin bounced off the support at $ 3,000 last Thursday and pushed higher earlier this week to meet resistance at $ 3350 (bearish fib 0.618).
ETH failed to break through this resistance and began to decline after BTC was rejected from the $ 50,000 mark. Initially, Ether held support at the 20-day moving average at $ 3180, but eventually broke below this key level yesterday to reach a closing price of $ 3056.
Along with sentiment, ETH has since bounced off this support and is now trading above $ 3200.
Looking ahead, the first major resistance is at $ 3350 (bearish Fib 0.618). This is followed by $ 3540 (1,618 Fib Extension), $ 3600, $ 3700 (1,414 Fib Extnesion – blue), $ 3790 (Bearish .786 Fib) and $ 3880 (1,618 Fib Extension – blue).
On the other hand, the first support is at $ 3180 (MA 20 days). This is followed by $ 3060, $ 3000 (.236 Fib), $ 2890 and $ 2740 (.382 Fib).
Against Bitcoin, ETH / BTC is trading within a descending price channel. The price channel formed when ETH fell below a symmetrical triangle pattern earlier in the month and immediately caused ETH to drop to 0.0651 BTC (0.5 Fib and 100 days MA) during last week.
Today, ETH has bounced off the support at 0.066 BTC and is now attempting to close above the price channel as the recovery continues.
Looking ahead, the first resistance is found at 0.068 BTC (20-day MA). This is followed by 0.0691 BTC (July high), 0.072 BTC (bearish 0.618 Fib) and 0.0736 BTC. The added resistance is found at 0.077 BTC (1,414 Fib Extension).
On the other hand, the first support is found at 0.066 BTC. This is followed by 0.0651 BTC (0.5 Fib and 100 days MA), 0.064 BTC, 0.0632 BTC (.618 Fib) and 0.062 BTC.
XRP had climbed to the resistance at $ 1.27 (bearish 0.618 Fib) last Friday and was unable to break out of the level. After another attempt to break out $ 1.27 on Monday, XRP started to fall for the whole week.
Yesterday, it fell below the 20-day moving average and continued to climb as high as $ 1.05 today. However, XRP has since experienced a slight rebound as it is above the 20-day moving average at $ 1.10. So far on the weekly, XRP is down 6%, according to CoinGecko.
Looking ahead, the first strong resistance is at $ 1.20. Resistance between $ 1.25 (Feb 2018 high) and $ 1.27 (bearish fib of 0.618) follows. Above $ 1.30, the additional resistance is found at $ 1.36 (extension of 1.618 Fib and August high), $ 1.40 and $ 1.50 (down of 0.786 Fib).
On the other hand, the first support is found at $ 1.10 (20-day MA and 0.382 Fib). This is followed by $ 1.05 (weekly low), $ 1.00 and $ 0.928 (.618 Fib).
XRP also lost momentum against BTC, as it is trading inside a descending wedge formation. The coin met resistance at 2670 SAT (bearish 0.5 Fib) last Friday and started to fall from there. Initially, it found support at 2455 SAT (.236 Fib) but fell below on Tuesday.
XRP / BTC continued to decline after breaking below the 20-day moving average yesterday to reach support at 2290 SAT (.382 Fib). But just like the USD pair, XRP / BTC has since bounced well from there to return to the 20-day MA price area.
Looking ahead, the first resistance is at 2455 SAT. This is followed by 2670 SAT (bearish 0.5 Fib), 2800 SAT and 2915 SAT (bearish 0.618 Fib).
On the other hand, prime support is at 2290 SAT (.382 Fib). This is followed by 2150 SAT (.5 Fib and 100 days MA), 2000 SAT (.618 Fib and 50 days MA), and 1900 SAT (200 days MA).
Cardano saw an extraordinary week in which it managed to rise 20% and break its all-time high ($ 2.95). The cryptocurrency has been trading inside a steep ascending price channel throughout the month of August and has recently met support in the lower corner of the price channel.
Earlier in the week, ADA managed to set a new ATH price, almost touching $ 3, but continued to drop lower from there until it reached support in the lower corner of the price channel at around $ 2. , 50. It has since rebounded from there today as it attempts to return to ATH levels.
Looking ahead, the first resistance is found at $ 2.80 (1.414 Fib extension). This is followed by $ 2.95- $ 3.00 (ATH area), $ 3.20, $ 3.40 (1,272 Fib extension) and $ 3.50.
On the other hand, the first support is found in the lower corner of the price channel, around $ 2.50. This is followed by additional support at $ 2.35 (.382 Fib), $ 2.23 (20 days MA), $ 2.15 (.5 Fib) and $ 2.00 (.618 Fib).
ADA / BTC also continues to perform well, as it is also trading within an ascending price channel. The coin surpassed 5000 SAT earlier in the week to set a new ATH (versus BTC) at nearly 6000 SAT on Monday.
From there, it started to fall until the support met the lower corner of the price channel. After the retest, ADA / BTC rebounded sharply to back above 5800 SAT as of now.
Looking ahead, the first solid resistance is found at 6000 SAT. Followed by 6200 SAT, 6300 SAT (extension 1.272 Fib), 6540 SAT (extension 1.414 Fib) and 6870 SAT (extension 1.618 Fib).
On the other hand, the first support is in the lower corner of the price channel. This is followed by 5325 SAT (.236 Fib), 5050 SAT (major high), 4910 SAT (.382 Fib) and 4700 SAT (20 day MA).
SOL is also doing very well this week after climbing a solid 11% to set another ATH at $ 84.20. The coin came back from $ 80 over the weekend and began to decline throughout the week until support was found around $ 70 (0.236 Fib) on Wednesday.
From there it bounced back and started to rise, surpassing $ 75 yesterday. Today, it continued to shoot as high as $ 75 to $ 80 and set the new ATH price.
Looking ahead, the first resistance is at $ 87.20 (1.618 Fib Extension – blue). This is followed by $ 90, $ 96.60 (1,272 Fib extension), $ 100 and $ 105 (1,414 Fib extension).
On the other hand, the first support stands at $ 80. This is followed by $ 75, $ 70 (.236 Fib), $ 60.50 (.382 Fib and 20 days MA), $ 58.50 and $ 53.15 (.5 Fib).
Against BTC, SOL is also doing very well trading around the ATH levels of 0.00177 BTC. The cryptocurrency fell throughout the first half of the week until support was found around 0.00146 BTC on Wednesday.
SOL rebounded from there yesterday to break 0.0015 BTC and reached 0.0016 BTC. It continued higher today to return to 0.00177 BTC ATH, which was set just early last week.
Looking ahead, if buyers break the ATH, the first resistance is found at 0.0019 BTC (1.272 Fib Extension). This is followed by 0.002 BTC, 0.00202 BTC (1.414 Fib Extension), 0.0021 BTC and 0.00222 BTC (1.618 Fib Extension).
On the other hand, the first support is found at 0.0016 BTC. This is followed by 0.0015 BTC (week low), 0.00136 BTC (.382 Fib), 0.0013 BTC (20-day MA) and 0.00123 BTC (.5 Fib).
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