The market remains in a slightly bullish outlook, despite most coins registering pullbacks from the highs hit on July 7.
Both Bitcoin and Ethereum have been edging closer to breaking key resistance levels. Here is today’s price analysis for BTC, ETH, Litecoin, EOS, and XRP.
Bitcoin (BTC) price analysis
Bitcoin is trading in a tight range as it faces a test near a vital resistance area.
The top coin has failed to break above $7k and currently trades within a small range between a low of $6,686 and $6,772.
The BTC/USD pair reached a high of $6,894 this past Saturday, which was close to breaking above the key resistance area.
Bitcoin has been trading in the green for the past two weeks, and even though experienced a slight pullback, it’s still +7 percent in the green in the last 7 days.
However, the bulls have failed to build on the momentum, something that has seen it struggle to hit above the psychological barrier.
On the positive side, nonetheless, BTC’s continued trending in the green is returning confidence to the market. This can be a great opportunity for the bulls to go long.
At the moment, Bitcoin stays within an ascending channel on the 4 hr charts. BTC prices are exchanging hands above both moving averages, to signal that the bulls are still in control.
However, prices keep bouncing off the demand zone, preventing a jump on the upside. Should the pair breaks above $7k, it’ll face tough resistance near the 23.6% Fib retracement level at $7,683.
The 50 SMA caps the upside movement at $6,908, although the overall picture is that the short-term outlook remains positive.
The buyers, however, will need to ensure that the pair consolidates above the key support area above $6,484.
If the bears retake control and force further declines below the above key support area, then it can drop to another major support zone at $6k.
Such a move will indicate that BTC/USD is back into a bearish momentum, supporting a further downtrend.
Ethereum (ETH) price analysis
Ethereum begins the 2nd week of Q3 is a somewhat low key manner, in the wake of recent comments by co-founder Vitalik Buterin that centralized exchanges should all “burn in hell”.
ETH/USD is trading below the day’s opening price, which is about 3 percent lower in the last 24 hours. Even though the pair remains in the green over the last 7 days, its momentum faces a major resistance at the $500 handle.
This means that Ethereum’s technical outlook hasn’t changed as much. BTC/USD continues to linger below the key demand zone above $500.
At the moment, Ethereum is trading just above $482, having touched a low of $477 and an intraday high of $487. This means that it has failed to reach the previous high recorded on Sunday at $495.
In terms of market cap, ETH has dropped slightly to just above $48.6B. The coin has seen a total of about at $1.3 billion traded in the last 24 hours. The slow uptake means that its volatility may continue to rise over the short-term.
Sellers are looking to re-enter the ETH/USD market as the coin struggles to maintain a bullish outlook.
Despite this, ETH is trading above the descending trend line at $453.7. On the upside, the pair will face a major fight at the key resistance area at $500 and then another barrier at the 50 SMA ($525).
On the downside, Ethereum will find support at the 20-day moving average at $481.70 and at the 21EMA at $479. If the bears persist, it could test $462, which is a low of the 50% Fibo retracement level.
Ripple (XRP) price analysis
Ripple prices have declined by about 2 percent over the last 24 hours, trading at $0.477 against the USD.
The latest decline comes after the XRP/USD pair traded as high as $0.4877 in the early Asian hours. The upside, however, was lower than the intraday high prices reached on July 2.
Despite the decline, there remains a bullish outlook near-term and a positive trend line is building up support at $0.4680 on the hour-to-hour charts.
The bulls must find support above $0.48 for any sustained push above to materialize. Both moving averages cross above the trend line, meaning that XRP is more likely to dip than rally.
There’s resistance at the 20 SMA as well as the 21 EMA at $0.4960 and $0.4950. Above that, buyers will run into a major resistance area near the 50 SMA at $0.555. XRP/USD must first break the immediate resistance at $0.4860 before further upsides.
Buyers are in position but the price lingers at the 50% Fib retracement level, from the $0.4629 swing low to a $0.4877 high. At the moment, XRP prices are consolidating just below $0.4780. Should the downside continue, then the key support area will be at $0.470 and below that, $0.468.
EOS price analysis
The long-term outlook for the EOS/USD pair remains bullish, although the coin continues to trade in a range for the second week running. Recent events involving the coin’s network and block producers see a slackening of momentum from buyers.
EOS opened trading at about $8.69 and rallied to touch a high of $8.72 within an hour. However, it has since retraced below, losing about 5 percent on its 24h price value. It means it has touched a low of $8.51, an area that provides the current key support zone.
At the moment, the pair is trading above its 14-day simple moving average trend line. Nevertheless, the bulls have to contend with resistance at the 20-day simple moving average at $8.98 and the 50 SMA, which caps the upside momentum at $10.71. Above this, the next key resistance level is at $15.00.
Furthermore, the two moving averages are both pointing upwards, an indicator that we are likely to see more upsides in the coming days. The Stochastic Oscillators are also on an upswing, which means that there’s still more room for buyers to take up positions. If that happens, we could see the prices retest another resistance area above the 21 days EMA at $9.02.
Litecoin (LTC) price analysis
Litecoin opened trading at about $82.20 to the US dollar. The pair surged briefly to hit a high of $82.89 before falling to reach an intraday low of $80.58.
Despite staying within the green over the last 7 days, LTC has seen its value drop by about 3 percent in the last 24 hours. It means that LTC/USD is range-bound, trading between a tight circle between July 2 lows of $81 and high of $83.
Nevertheless, the coin retains a slightly positive outlook. There’s an indication that buyers will likely look to take on the sellers.
The RSI is moving away from the oversold territory and the stochastic oscillators are pointing up. If any upside has to be sustained, buyers must ready to push, and look to break above $90.
The upside will, however, be capped by the 50 SMA near the $101.53 area. LTC currently trends below the moving averages and may see further declines if buyers chose to remain on the sideline.
It has failed to hold July 7 gains above the $85 level, trading below the 20 SMA and the 21-day exponential moving average. If the trend sustains, it could rely on support at the $80 level. Buyers may need to remain neutral for a while.