Bitcoin and other altcoins have failed to score any impressive bullish moves this week, but they are still above strong support levels. On top of that, we didn’t get any major bearish moves in the top digital assets by market cap. According to experts from Bloomberg, BTC has formed a strong base just like it did around the $5,000 level during 2018-2019.
As we approach the end of the week (5 August 2022), investors’ interest in crypto is still higher as the market cap of the sector is around $983.72 billion. Considering how we are still in a long-term bearish run, it makes sense to believe that cryptocurrencies are far from over – In fact, they may be staging a strong comeback!
Let us take a look at TA for some of the largest cryptocurrencies by MC to address sentiment going into next week’s trading session.
Weekly Open: $23,296.36
Weekly High: $23,647.68
Weekly Low: $22,400.00
Bitcoin’s opening price was $23,296.36 for the week but it soon encountered resistance around the $23,400 level, as seen in the charts. Ever since then, that level around $23,400 has been serving as a horizontal resistance while the double trendline (bearish) just keeps going lower due to the price action.
If you look at the slope of that bearish trendline, you will notice that the price has been returning from that trendline to challenge the resistance at $23,400.
Based on this chart pattern, there’s a high chance that the price will end up breaking above the $23,400 resistance. If we see this upward break, BTC could easily see a 5% price appreciation.
Weekly Open: $1678.12
Weekly High: $1725.00
Weekly Low: $1559.28
Ethereum’s opening price was $1678.12 this week and it also remained undecided, just like Bitcoin. But over this week, something interesting happened with ETH, which also gives hope for a potential BTC bull run. If you look at the charts, you will notice that a double bottom (reversal pattern) is now complete after breaking the neckline at $1677.
Although we still need more price action to confirm this break, it is good news for the bulls nonetheless. If this reversal pattern turns out to be true, it will add around 6% to the ETH value. If you look at the forecast for BTC, we have mentioned a possible price increase of 5%, which is almost in line with what we are seeing in Ethereum technical analysis.
Weekly Open: $0.3791
Weekly High: $0.3946
Weekly Low: $0.3631
Ripple (XRP) has been trading inside a horizontal price channel with the top limit located at $0.380 and the lower limit located at $0.3650. Furthermore, the price action is also range bound, which doesn’t tell us anything about the future plans of XRP.
However, a break in either direction will see XRP moving approximately 4.4%. If we get a break of the $0.380 resistance, XRP will rise by 4.4%. Similarly, a break of the support at $0.3659 may move XRP by a negative 4.4% as well.
But considering how XRP has been gaining so much ground since the end of July 2022, it may continue to move in a range-bound fashion for some time. But for the near-term outlook, the levels at $0.380 and $0.3659 will remain important.
Weekly Open: $283.5
Weekly High: $321.5
Weekly Low: $274.2
The month of August started with a negative bearish crossover (20-50 SMA) in BNB. As a result, BNB moved from its opening price of $283.5 to the weekly low of $274.2 (around a $9 loss), which is not significant. However, BNB soon witnessed a bullish crossover (20-50 SMA) since the bearish pressure faded away over time.
Right now, our view of BNB is bullish as it is enjoying a bullish crossover of the 20 SMA and the 50 SMA. Furthermore, the distance between the 20 SMA and the 50 SMA is also healthy, which indicates the health of this bullish trend.
Weekly Open: $0.5161
Weekly High: $0.5193
Weekly Low: $0.4886
By just looking at the weekly open, high, and low prices, one can see that Cardano (ADA) didn’t go anywhere at all. If we look at the extent of the ADA price movement, it only moved 7% during the week, which is nothing major in terms of overall crypto volatility.
If you look at the ADA H1 chart, the start of this week was with a bearish crossover (blue=20 SMA & red=50 SMA). Since then, we have got three more crossovers which indicate that the market is range bound and choppy.
The only possible move can be seen in the chart above… We got a small triangle-shaped pattern on the ADA chart, which has the potential to add around 4.50% to the ADA value. But considering the range-bound movement of ADA and most cryptocurrencies, this bullish signal should be taken with a pinch of salt.
Weekly Open: $42.338
Weekly High: $43.245
Weekly Low: $37.445
It seems that the downtrend which started at the start of August is coming to an end in SOL. We have already got a bullish crossover of 20 SMA and 50 SMA. Now all that’s left is to break the resistance zone located around the $41. We may finally see some bullish action in Solana if price action goes accordingly.
If we talk about how much SOL can move after the break of $41 resistance, it may be around 8%. However, let’s not forget that the dominant theme in SOL is still bearish, and if we break the $38 level, we may witness another move down as well!
This Week In Crypto News
Below are some of the top headlines in crypto this week!
- BONE (Shina Innu) gains a whopping 135% after votes for potential token listing.
- Coinbase has formed a partnership with Blackrock to serve institutional clients.
- Binance is planning to launch a crypto card in the Argentina market.
- Instagram has released its long-awaited NFT feature in 100+ countries.
- Bitpapa has introduced a cryptocurrency-powered payment gateway.
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