Crypto Price Weekly Analysis 8/5: BTC, ETH, XRP, BNB, ADA, SOL

With another week coming to an end, it seems that BTC is showing signs of a bullish comeback. We all know that the overall trend in most cryptocurrencies relies heavily on Bitcoin sentiment. According to top analysts, Bitcoin (BTC) is giving encouraging signs and we also believe the same at Visionary Financial. However, the keyword here is ‘encouraging,’ which tells us that although BTC is showing some signs of a bullish reversal, it is still in its early stages. What does the TA look like going into the weekend? Below we look at price action in top digital assets for the week of June 24th.

Bitcoin (BTC)

Weekly Opening Price: $20,574

Weekly High: $21,723

Weekly Low: $19,637

After making a low of $17,622 last week, BTC/USD is on its path to a gradual recovery, but the speed of recovery is slower than the rapid decline it has witnessed since the start of April 2022. If we look at the overall base, it has been forming for the last couple of weeks; there are several encouraging signs for the bulls.

The weekly opening price for BTC was $20,546, from where it quickly made a low of $19,637. But the bears were overpowered quickly, and BTC ended up touching the $21,723 level. For now, the momentum in BTC is bullish, but what’s ahead for the BTC? Let’s look at the charts:

For this week, a strong support zone was established between the $20,000 and $19,750 levels. If you look at the chart, BTC ended up making a triangle pattern as it tried to break below the support zone of $20,000-$19,750. In the end, we had a bullish breakout of BTC/USD.

This bullish breakout is a signal that BTC/USD will go on to hit its target of $22,500. Before this target of $22,500, the immediate resistance is located at $22,000.

So, for now, we believe BTC/USD is bullish and is on its way to the $22,500.

Ripple (XRP)

Weekly Opening Price: $0.3262

Weekly High: $0.3871

Weekly Low: $0.3135

XRP started the Monday session (20 June) with an opening price of $0.3262 and after briefly touching $0.3135, it quickly made a weekly high of $0.3871. Although XRP has since retraced from its weekly high o.f $0.3871, it is still strongly bullish.

From 13 June to 24 June, XRP was forming a big “Inverse Head & Shoulder pattern,” which was eventually completed with a bullish breakout at the $0.3351 level. XRP/USD has since achieved its bullish target of $0.3885 successfully and gained 16.91% value since then. So, for now, the bullish target of an inverse head and shoulder has been achieved, which makes our view of XRP/USD neutral for now.

So what’s ahead for the XRP? If you look at the chart below, the next immediate resistance for XRP is located near the $0.390 region, and then the $0.4100 region is present.

 

Cardano (ADA)

Weekly Opening Price: $0.484

Weekly High: $0.5105

Weekly Low: $0.4556

Cardano (ADA) seems to be forming a rather interesting pattern on the charts right now. Very strong resistance is present at the $0.5105 price level and if you look closely, we have an inverse head & shoulder pattern in the formation.

If ADA/USD breaks the resistance level located near the $0.510 with good bullish momentum, the next target will be around the $0.564. If this bullish scenario indeed plays out in ADA, it would add a further 10% to its market value.

Once again, our view of ADA/USD is bullish, and if we get a couple of candles close above the $0.5105 resistance level, there is a good chance that bulls will target the next level of $0.564.

Ethereum (ETH)

Weekly Opening Price: $1126.97

Weekly High: $1240

Weekly Low: $1042.36

If you look at the chart of ETH/USD (20 June – 24 June), it first started with a bearish trendline which took it from $1184 to the weekly low of $1042.36. However, ETH has since recovered and is, in fact, following a bullish trendline. So, for now, our view of ETH/USD is bullish as well.

The immediate resistance for ETH/USD is located in the $1240-$1250 region. If we do get a break from this region, there is a good chance that ETH/USD will go on to hit the $1500 levels. However, a candle close above the $1240-$1250 region on the H1, H4, and D1 chart (if possible) will increase the chances of hitting that bullish target of $1500.

Solana (SOL)

Weekly Opening Price: $84.19

Weekly High: $42.92

Weekly Low: $31.73

Looking at the performance of SOL from 20 June – 24 June gives a breath of fresh air to the bulls! SOL/USD opened its week on 20 June (Monday) at the $84.19 level and eventually made a high of $42.92. That’s an increase of almost 25%, and although it has inched lower from that high, it is still trading near it.

The next resistances are located at $43, $43.20, $44, and $44.50. On the downside, SOL/USD will face support levels of $39, $38, $37, and $34.

If you look at this chart, you will notice that SOL/USD is above its pivot point ($40.83), which is a bullish sign. So the next levels will be $44 (R1), $46.08 (R2), and $49.25 (R3).

Crypto News This Week

Now let’s take a quick recap of what happened in cryptocurrencies this week:

  • Harmony (US Crypto Firm) was hit and lost around $100 million of digital assets.
  • CoinTelegraph made a rather bold statement in which it said that it is foolish to deny that BTC/USD can’t go below $10,000.
  • Shopify, a famous e-commerce company, has integrated the NFT-gated option for users on its platform. That’s good news for cryptocurrency as a rather famous e-commerce company has adopted the use of crypto technology.
  • Binance’s CEO believes that BTC will remain below the $69,000 for the next 2 years!

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