Bitcoin Price Analysis [BTC]
The BTC price is currently recovering, but it could face strong resistance near $3,550. $3,580 and $3,640.
In the weekly analysis, we saw a consolidation pattern above the $3,550 support in bitcoin price against the US Dollar. The BTC/USD pair traded in a range for some time, but later sellers managed to push the price below $3,550. The price declined heavily and broke the $3,500 and $3,400 support levels. There was even a close below the $3,500 level and the 100 hourly simple moving average.
A new monthly low was formed at $3,372 and later the price started an upside correction. It moved above the $3,500 level to move into a short term positive zone. There was a break above the 50% Fib retracement level of the last dive from the $3,649 high to $3,372 low. On the upside, there are many barriers for buyers, starting with $3,550. The previous support near $3,550 and $3,560 may perhaps act as a strong resistance.
Above $3,560, the 76.4% Fib retracement level of the last dive from the $3,649 high to $3,372 low is at $3,585. Finally, there is a connecting bearish trend line in place with resistance at $3,600 on the hourly chart.
Looking at this chart, bitcoin price is likely to face a lot of sellers near the $3,550, $3,560, $3,585 and $3,600 levels.
The main resistance is at $3,640, above which there is a chance of a solid recovery to $3,800. On the downside, a break below $3,375 could lead the price to $3,220.
Ethereum Price Analysis [ETH]
In the weekly analysis, we discussed the key $120 and $121 supports for ETH price against the US Dollar. The ETH/USD pair struggled to stay above the $121 support and later fell sharply. It broke the $121 and $120 support levels to test the next support at $114. A low was formed around the $113.45 level and the price is currently correcting higher.
An initial hurdle is the 23.6% Fib retracement level of the recent decline from the $128 high to $113 low. If there is a break above the $117 and $118 levels, the price may trade towards the $120-121 zone. The stated $120-121 zone was support earlier and now it may prevent gains.
More importantly, there are two bearish trend lines formed with resistance near $121 on the hourly chart of ETH/USD. Additionally, the 50% Fib retracement level of the recent decline from the $128 high to $113 low is at $121. Therefore, if the price corrects higher towards the $120 and $121 levels, it could find a strong selling interest. Above $121 and trend lines, the price could recover towards the 100 hourly simple moving average.
Looking at this chart, ETH price is under a lot of pressure below $121 and $128. If sellers remain in action, the price will most likely slide towards the $105 or $100 levels.
Ripple Price Analysis [XRP]
Ripple price declined heavily and broke major supports against the US Dollar and Bitcoin. XRP/USD may even break the $0.3000 support this week if it stays below the $0.3400 level.
After trading in a range for some time below $0.3350, ripple price started a fresh decline against the US Dollar. The XRP/USD pair broke the $0.3220 range support to move further into a bearish zone. The price even traded below the $0.3150 level and settled well below the 100 hourly simple moving average.
A new monthly low was formed at $0.3116 and the price is currently correcting higher. It moved above the $0.3200 level, but the previous support at $0.3220 is acting as a resistance. Above $0.3220, the 23.6% Fib retracement level of the recent drop from the $0.3823 high to $0.3116 low is at $0.3280.
Moreover, there is a key connecting bearish trend line with resistance at $0.3275 on the hourly chart of the XRP/USD pair. It seems like buyers are likely to struggle near $0.3280 and the bearish trend line. If they succeed, the previous range resistance at $0.3350 may act as a solid barrier. An intermediate resistance is $0.3320 and the 100 hourly simple moving average. Above the 100 hourly SMA and the $0.3350 resistance, the price may test the $0.3460 resistance.
Looking at this chart, ripple price is trading in a strong downtrend below $0.3300 and $0.3350. Once the current correction is complete, the price may resume its decline below $0.3100 and $0.3050.
Litecoin Price Analysis [LTC]
The digital currency is lowered almost 4.15% against Bitcoin [BTC] with one LTC worth around 0.008656 BTC.
The first day of the week opened in dismal with the major altcoins sinking in red along with Litecoin that is on a downward trajectory. As the sellers dominate the market space, the eighth most valuable cryptocurrency in terms of its market cap has dipped to trade in red. It seems that the bears are about to cement its foot in the crypto market, dragging the coins to move with sluggish momentum. Previously, when the market condition was moderate and the altcoins attempted recovery, Litecoin [LTC] has jumped down nearly 22% in the last seven days and gained almost 27.5% in the past one month.
The digital asset is trading an inch above its key support level that is found at $30.94. The MACD, at the time of writing, shows that the cryptocurrency is trading in the bearish territory while the 100 EMA line indicates that the coin is locked in a downtrend. The hourly RSI indicator, at press time, stands at 43.7, which implies that LTC is encountering severe pressure from the sellers in the market. According to the Coinmarketcap data, the overall market cap of the crypto stands at $1.86 billion. Currently, the virtual asset has slipped nearly 5.90% against the U.S. dollar to be valued at $31.07.
Recently, in an interesting development, Litecoin [LTC] reached an important milestone. The altcoin announced that there are now 60 million LTC minted which constitutes 71.5 percent of the total LTC meant to exist. The Litecoin algorithm has set the limit of LTC to be produced at 84 Million which means that a total of 24 million is still left. There’s also an important aspect to this development as it marks the point at which there are only 3 million more Litecoin left before the halving process, which will see the Block reward fall from 25 LTC to 12.5 LTC. The next halving is expected to occur around the 8th of August this year.
Trust Wallet recently announced that it has added support for Bitcoin (BTC) on Android and along with it also added Litecoin (LTC) and Bitcoin Cash (BCH) for all its users. After updating the app of Trust Wallet to its latest version, users can enable the new digital assets by clicking the plus sign in the upper right corner. Trust Wallet aims to make the system and support more user-friendly. The Trust Wallet team also noted that the wallet is becoming simpler as compared to Ethereum and ERC20 Wallet.