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technical analysis

Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and NEO

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From our technical charts, Bitcoin, Ethereum and Bitcoin Cash are in the green. As a matter of fact, Bitcoin Cash (BCH) is the top performer in the top 10 chart gaining six percent in the last 24 hours. As it does so, it’s pushing closer to our buy trigger line. At the same time, Ripple (XRP) and NEO are finding resistance with NEO especially trading within a bear break out with inflection points at $40, previous support now resistance.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

The Soccer World Cup is a grand opportunity for advertisers who want to reach out and perhaps convert. That’s exactly what the Hyundai Digital Asset Company (HDAC) capitalized on July second at half time between the England and Sweden match. There, HDAC highlighted the benefits of blockchain technology, a technology which powers Bitcoin, to more than 30 million viewers watching the match.

What stands out-and this is important-is the way the marketing was done. It was a master stroke because the advert bodes well with the family, the setting when watching such events, insisting how the technology can come to play in normal daily routines.

In other news, there is an underestimation of Bitcoin price and the number of Bitcoins in circulation according to Jameson Lopp an engineer at CasaHODL. He insists that close to 4 million of them are lost with another 2 million stolen this could overly affect the price which others say is affected by supply-demand dynamics.

Interesting developments in the daily chart and in the last 24 hours, BTC has been gaining. Fact is, it is up three percent and trending above June 22 highs above $6,800 meaning our buy triggers as laid out in our previous preview has been hit. Because of that, I recommend buys with stops at July 7 lows at $6,300. Ideal targets stand at $10,000.

Ethereum (ETH) Technical Analysis

It seems Vitalik like everyone else has a big problem with centralized exchanges. Not only are they honey pots for attackers who seem to have stepped up in recent times, they have a tendency of charging exorbitant fees for start-ups or companies seeking for listing.

Estimates put it at around $15 million and even after that they demand a certain level of trading volumes to guarantee liquidity. In an open session with Jon Evens of TechCrunch, he literally said “they can go burn in hell” but offers a bleak assessment for decentralized solutions too.

Their lack of central point of authority he says, make it hard for them to move forward and private keys lost means funds that are irrevocably irrecoverable much to the cost of the user.

Like Bitcoin, Ethereum is likely to tow in and edge higher. It’s three percent in the last day and odds are we might see further gains above our key trigger line at $500. Should there be an up-thrust as we have been anticipating in our other analysis then our buys would be live. In that case, my recommendation is to buy on dips with stops at $440 and targets at $850.

Ripple (XRP) Technical Analysis

It’s time for the laggard to be cut off and Society for Worldwide Interbank Financial Telecommunication (SWIFT) time is almost near. The tech has been around for more than 40 years now and while its service to banks can’t be underestimated, its development has been on a plateau for as long as we can remember and that’s why change is inevitable.

As it stands, Ripple and xRapid are front-runners and being a tech whose results are evident, there is no secret that their recent campaign will finally pay off. The tool uses XRP for liquidity and their settlement is instantaneous and helps companies using them to cut down on costs just like the Melinda Gates Foundation realized. They now Mojaloop which banks can adopt-like XRP and realize its benefits.

Even though there is this recovery, XRP is still consolidating. By design, XRP should be stable and it has been for the past week or so. As we can see, prices are oscillating within July 2 high-lows and just above 45 cents, the main support line and 2018 lows. Now, our trade plan is clear: Unless we see gains above 55 cents, we shall remain neutral with a bullish skew relying mainly on that double bar reversal pattern on June 29-30.

Bitcoin Cash (BCH) Technical Analysis

In North Queensland, there is a Bitcoin Cash only dispenser. It works one-way: cash in, BCH out meaning it works more like a vending machine especially in economies which considers cryptos an asset. There are more plans to roll out these zero-config ATMs in the coming days and since they are fast, it could spur adoption and use of BCH. While this adoption drive continues, the Lightning Network (LN)-Bitcoin Cash supremacy war continues and BCH proponents can’t help but dig jabs at the core’s LN despite it being in beta.

Back to price and BCH is recovering. While still trading within a consolidation and above $600 main support line, traders anticipate further gains after July 7 gains. Fact is, at the time of press, BCH is up six percent and is the top gainer thus far in the top 10 liquidity table.

Events of July 7 confirm that double bar bullish reversal pattern and July 7 even if volumes were light. So, like before we shall remain neutral and wait for solid gains above June 22 highs or $850 before we give the green lights of buying BCH on dips with targets at $1850.

NEO Technical Analysis

Technically, NEO is trading within a bear break out pattern where $40 is important. As break-out trade strategies often pan out, we are in the retest phase and already we are seeing hints of higher high rejection in the past three or four days.

In my view, for bears invalidation then we must see a push above $60 or June highs. If not and price print below $30, then my recommendation to sell should kick in with targets at $25 and $12 in line with our previous trade plans.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

About The Author

Dalmas is a Cryptocurrency News Writer and Analyst. He's passionate about blockchain technology and the potential of cryptocurrencies.

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