A weekly report on Altcoin and Crypto Equity covering coins and stocks related to the cryptocurrencies we trade or closely monitor the exchange, with entry and profit taking levels. Intraday analysis on our trading floor of high quality bitcoin, ethereum and traded altcoins and cryptocurrency related stocks including key support and resistance levels.
In cryptocurrency trading services, we use the Fibonacci Pinball developed by Avi Gilburt to identify key price areas where cryptocurrencies should reverse, as well as manage support and resistance for trading.
According to our daily chart, the Litecoin price failed to break above the $140 resistance level as the LTC/USD cryptocurrency pair dropped to the $127 support level today. The LTC/USD cryptocurrency pair is currently trading at $131.05 every day. with a 24-hour trading volume of $1,512,257,812. At this particular time, the BTC/USD coin is moving down towards the $0.60 level.
XRP is currently trading at $0.61493, down 0.75% over the past 24 hours. The BTC/USD pair can only start an upward correction if there is market support for Bitcoin and the broader market rises again. According to our daily chart, the market is currently bearish as the coin made new lows this week. With the worldwide popularity of the BTC/USD token, the development of Ripples in the cryptocurrency market is remarkable.
Whether it is the US dollar or the volatile market, all of these factors have weakened the price of Ethereum. The BTC/USD coin fell over 10% and even rose below the $2100 support zone. Ethereum price is close to $2,124.25 with a 24 hour trading volume of $22,538,628,870.
Bitcoin recently broke out of the $33,000 support zone and was well below the 100 hourly simple moving average. The BTC/USD coin was unable to stop its previous long losing streak and continued its downtrend below the $33,500 support level against the US Dollar. Bitcoin has since rebounded from there and is now testing the 20-day moving average level above 0.06 BTC. Bitcoin posted an impressive 20% price increase this week as it hit the $40,000 resistance level.
Following the collapse of the descending wedge formation, Bitcoin moved higher within the rising price channel as it broke the 50-day moving average for the first time since May and continued to meet $40K resistance. There, XRP found support in the lower corner of a short-term downward price channel, within which it has been trading since the beginning of July. Bitcoin hit resistance in the upper corner of the triangle last Friday, and from there it dipped lower until it found support in the lower corner on Wednesday at 0.0573 BTC.
Against Bitcoin, ETH continues to consolidate in a symmetrical triangular formation. BNB was below $300 at the beginning of the week but eventually managed to push it higher during Bitcoin’s upward move. Against BTC, BNB is struggling after hitting a new two-month low at 0.0077 BTC this week.
Against Bitcoin, SOL recorded a steady decline this week but found support yesterday at June lows near 0.0007 BTC. SOL is up about 10% this week as the coin tries to break down resistance at the 50-day moving average. XRP is also performing well against Bitcoin after bouncing off support at 4pm on Saturdays on Wednesday. Bitcoin took the world by storm when it topped $20,000 per BTC in December 2020.
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