What is the situation with Bitcoin (BTC), Ethereum (ETH), XRP and Chainlink (LINK) prices? Can there be a downward movement in currencies?
The second half of the week started with downward trends for major cryptocurrencies. All of the top 10 cryptocurrencies, except LINK, are located in the red zone. One of the top losers this week was Binance Coin (BNB). Among the top 10 cryptocurrencies, only LINK continues to rise.
BTC / USD
According to the chart shared by analyst Denys Serhiichuk, Bitcoin (BTC) could not break the upper limit of the decreasing triangle, which indicates buyers’ weakness. Now the price is slowly approaching the support area of $ 8,900 – $ 9,000, where buyers can buy back aggressively while maintaining the level. Perhaps this time the support will not resist, as a downtrend has been seen since June 1, when Bitcoin (BTC) could not gain a foothold below $ 10,000.
Turning to the Ichimoku Cloud indicator, it seems that the price has gone beyond the lower limit of the cloud. This indicates a possible drop in support level of at least $ 8,500 next week.
On the other hand, BTC, which encounters reaction sales on Twitter hacking scandal news and has broken 20 MA downwards and tested 9.70 support, is not strong enough to break 9 thousand 150 resistance. According to analysts, the support levels to follow in a downward movement are 9 thousand 70, 9 thousand and 8 thousand 900 as follows.
At the time of writing, Bitcoin was trading at $ 9,110.
ETH / USD
Ethereum (ETH) retested the $ 230 support zone after July 6. Downward pressure is still high, according to analyst Serhiichuk, but altcoin may face a short correction of around $ 235 at the weekend.
On the 4H chart, sales trade volume is slightly down, indicating that sellers are trying to push the price deeper. The possibility of growing around $ 235 is also supported by the high liquidity there. It is important to note that this is only a correction and not the beginning of a bull run.
Ethereum was trading at $ 233.13 at the time of writing.
XRP / USD
XRP quotes on the daily chart shared by Serhiichuk were pushed back from the top edge of the Bollinger Bands indicator, showing the pressure from vendors. Previously, there was a similar price rebound, and there was a fall to the lower limit of the indicator to break it. A strong signal in favor of the decline is also a kickback from the resistance line on the RSI indicator whose values have not even reached the level of 70.
This behavior of the indicator shows a downward urge and dominance of the bear market. If the support area deteriorates and the price drops below $ 0.1685, a decline can be expected to $ 0.1180.
XRP was trading at $ 0.192735 at the time of writing.
LINK / USDT
Unlike other cryptocurrencies, Chainlink did not experience any loss at the time of writing. LINK has increased by 2.2% in the last 24 hours, which is a sign that it is not significantly affected by the Bitcoin market, although it is a large altcoin.
The resistance level in front of LINK is $ 8,675. If there is a downward move, support levels were determined as 7.37, 6.50, and 5.90 dollars. Analysts expect the price to rise above the all-time high of $ 8.8.
LINK was trading at $ 8.36 at the time of writing.