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

As we approach the end of the Friday session, it seems that Bitcoin’s troubles are still far from over. Similarly, other top cryptocurrencies such as ETH, BNB, XRP, and ADA are down as well, thanks to the bearish trend in BTC/USD. Several experts are forecasting that the BTC/USD could fall to the $10,000 – $12,000 level before finding some solid support.

On the other hand, John Bollinger, who is the creator of the Bollinger Bands indicator, believes that the monthly chart of BTC shows that it has achieved a logical bottom. I believe that majority of the cryptocurrencies will continue to underperform or even register losses as long as the BTC’s trend is bearish.

But keeping the expert’s opinion aside, could the bearish momentum in BTC and other cryptocurrencies continue, or will we witness a bullish reversal? Let’s look at the charts:

Bitcoin (BTC)

Weekly Opening Price: $21,038.08

Weekly High: $21,539.85

Weekly Low: $18,626

BTC opened its Monday session at the $21,038 level and eventually touched the weekly low of $18,626. But if we look at the BTC H1 chart, this weekly low is still higher than the low which was made on 18 June. Despite this, we can’t say that things are going smoothly for the BTC – In fact, the exact opposite is happening.

If you look at the BTC H1 chart, we had a fake breakout of the bearish trendline on 30 June and 1 June. But considering how the price quickly went below the bearish trendline, it seems that both the downtrend and that bearish trendline are still intact.

In the short term, a decisive break above this trendline is required if the bulls want to stand a chance against the bears.

On the downside, BTC could go down to the $17,800 – $17,600 region, which is the most important low point for BTC. If we do reach those price levels, there is a good chance that we will see some bullish momentum in BTC. On the upside, the next resistance levels are $20,000, $21,000, and $21,500.

Ethereum (ETH)

Weekly Opening Price: $1197.79

Weekly High: $1237.99

Weekly Low: $998

In this entire week, only 4 candles closed outside the upper band in ETH H1 charts. This is not good news for the ETH bulls at all, considering there are 100+ candles! By looking at how the ETH’s price is reacting to the BB 20 (2.0), the overall sentiment is bearish.

If you look at the overall price movement this week, ETH was pushed down both times it tried to touch the upper band.

For now, the nearest support zone is at the $1000 level and the next resistance levels are located at $1100 and $1220 – $1230.

Binance Coin (BNB)

Weekly Opening Price: $234

Weekly High: $242.8

Weekly Low: $205.4

BNB H1 chart is also bearish thanks to the 50 MA – 100 MA bearish cross that happened on 28 June.

Before we can think of a bullish crossover of 50 MA – 100 MA, the nearest resistances are present in the form of these MA lines. We have seen time and time again how the 50 MA and the 100 MA can act as dynamic support or resistance. In this case, the nearest dynamic resistances in the BNB H1 chart are in the form of 50 MA and 100 MA.

For any credible bullish momentum in the BNB, the nearest hurdle is in the form of these MA lines – The next obstacle will be the end of this bearish crossover.

Dogecoin (DOGE)

Weekly Opening Price: $0.07297

Weekly High: $0.07880

Weekly Low: $0.06227

DOGE H1 chart is as clear as day… This week’s opening price was $0.07297 and from here, DOGE touched its weekly high of $0.07880. At this level, strong bearish pressure was witnessed in DOGE, pushing it down to $0.06227.

If you look at the DOGE H1 chart, we can see a clean bearish trendline that is dictating the next move of DOGE. If we get the H1 and the H4 closing above this bearish trendline in DOGE, then the near-term trend will turn bullish. On the downside, the next support zones for DOGE are $0.0630 and $0.0620.

If we do get a break above the bearish trendline (as shown in the charts), the next target can be around the $.0770 level.

Solana (SOL)

Weekly Opening Price: $39.39

Weekly High: $41.25

Weekly Low: $30.92

From the Monday opening price of $39.39, SOL has almost lost 16% of its value at the time of writing this analysis. If you look at the charts, there was no break above the Ichimoku cloud, which tells us that bears are in charge of SOLANA.

For any credible bullish momentum in SOL, a break above the Ichimoku cloud is needed as well as a break above the resistance level of $35 (shown in the charts). If SOL manages to break the $35 resistance level, the next target will be around the $40 level. However, any bullish momentum in SOL will be highly dependent on the overall bullish momentum of the crypto market.

If the BTC, ETH, and other cryptocurrencies continue to perform poorly, then it will be hard for SOL to outperform the market alone.

XRP

Weekly Opening Price: $0.3591

Weekly High: $0.3671

Weekly Low: $0.3056

XRP didn’t even get a chance to show its bullish momentum as it instantly turned into a bearish mode during the Monday session.

From its weekly opening price of $0.3591 to all the way down to $0.3056, XRP lost 14.90% of its value. Although it has recovered a little from its low of $0.3056, the sellers are still in control of XRP.

If you look at the XRP H1 chart, there is a chance for bulls to stage a comeback, but it would require a break above the $0.3350 level. If we get the break above this level, the next possible target for XRP would be $0.3650 (an increase of 17% from the current levels).

Crypto News This Week

Now, let’s take a look at what happened in the crypto market from 27 June to 1 July:

  • According to experts, BTC could touch the $10,000 – $12,000 price level.
  • Available data suggest that institutional buyers supported the BTC at the $20,000 level, which further highlights the importance of this price level.
  • South African CEO was charged around $1.7 billion by the CFTC for bitcoin fraud.

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