Crypto Price Analysis & Overview July 31st: Bitcoin, Ethereum, Ripple, Chainlink & VeChain


Bitcoin

Bitcoin saw a massive 17.7% price surge over the past week. During the past fortnight, Bitcoin managed to break above a symmetrical triangle pattern as it started to push higher to reach $9,815 by the start of this week.

Bitcoin then went on to explode above $10,000 as it reached as high as $11,400 on some exchanges. The coin has struggled to break this resistance over the past 4-days and must overcome it for the bullish run to continue.

Looking ahead, if the bulls can break resistance at $11,275, the ext target is expected at $11,600, $11,630 (1.414 Fib Extension), and $12,000. Additional resistance lies at $12,373 and $12,600.

On the other side, the first level of support lies at $11,000. Beneath this, support is found at $10,810, $10,430, and $10,000.

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BTC/USD. Source: TradingView

Ethereum

Ethereum saw an epic 26% price hike over the past week as the coin reached the $345 level for the first time in 15 months. ETH had started the week beneath $300 as it traded at $280. From there, it quickly broke above $300 as it ran into the resistance at $323.

It struggled at $323 for a couple of days until it was overcome yesterday as ETH pushed higher to reach $343 today.

Looking ahead, if the buyers continue to drive upward, the first level of strong resistance is located at $350. This is followed by $357, $369 (1.618 Fib Extension), and $377.

On the other side, the first level of support lies at $333. Beneath this, support is found at $316 (.236 Fib Retracement), $300, and $281 (.5 Fib Retracement).

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ETH/USD. Source: TradingView

Against Bitcoin, Ethereum is also attempting to push higher as it broke above 0.03 BTC again today. The coin had started the week by trading at the 2020 high around 0.0317 BTC. It was unable to push higher from here as it rolled over and headed lower during the week.

Luckily, it managed to find strong support at 0.028 BTC, where the coin rebounded and pushed above 0.03 BTC again today.

Moving forward, if the buyers continue to push higher, resistance is expected at 0.031 BTC, 0.0317 BTC, and 0.0328 BTC (1.414 Fib Extension). This is followed by added resistance at 0.0337 BTC.

On the other side, the first level of support is expected at 0.0297 BTC (.236 Fib Retracement). Beneath this, support lies at 0.029 BTC, 0.0284 BTC, and 0.0279 BTC (.382 Fib Retracement).

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ETH/BTC. Source: TradingView

Ripple

XRP also saw a very surprising 20.5% price increase this week as the coin edges toward the $0.25 level. XRP had started the week off by trading just marginally above the $0.2 level. From there, it pushed higher to break above resistance at the 200-days EMA ($0.21).

The bullish push did not stop there. XRP continued higher as it broke above resistance at $0.225 (bearish .5 Fib Retracement) to reach the current $0.246 level today.

Looking ahead, if the buyers push above $0.25, resistance is then located at $0.255 (bearish .618 Fib Retracement), $0.26, and $0.266.

On the other side, support lies at $0.239, $0.235, and $0.225. Beneath this, added support is found at $0.22 (.382 Fib Retracement) and $0.215.

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XRP/USD. Source: TradingView

Despite the promising move for XRP/USD, the coin is still struggling against Bitcoin. During the week, XRP dropped as low as 2000 SAT again, where it rebounded to push back into the current resistance at 2200 SAT. The resistance here is provided by a 100-days EMA, and it has caused trouble for XRP throughout the entire period of July.

Moving forward, if the buyers continue to push higher above the 100-days EMA, the first level of resistance is expected at 2250 SAT (bearish .236 Fib Retracement). Above this, resistance is located at 2300 SAT, 2400 SAT, and 2450 SAT (200-days EMA).

On the other side, support is located at 2100 SAT. This is followed by support at 2070 SAT, 2020 SAT, and 2000 SAT.

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XRP/BTC. Source: TradingView

Chainlink

LINK saw just a small 0.6% price hike this week as the coin hit $7.68. LINK has been on a solid rampage over the past month after it managed to surge by 63%. Toward mid-July, LINK had climbed to reach the resistance at $8.71 (1.414 Fib Extension). It was unable to overcome this resistance, which caused it to roll over and fall.

Over the past week, LINK dropped into the support at $6.90, which is provided by a .382 Fib Retracement. It managed to rebound from there as it reached $7.68 today. The coin is trapped within a symmetrical triangle and must break this consolidation to head higher again.

Looking ahead, if the buyers push above $7.68 and $8.00, the first level of strong resistance is expected at $8.71. This is followed by resistance at $9.00, $9.50, and $9.74 (1.618 Fib Extension).

On the other side, the first level of support is located at the lower boundary of the triangle. This is followed by support at $6.90 (.382 Fib Retracement), $6.50, and $6.27 (.5 Fib Retracement).

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LINK/USD. Source: TradingView

LINK is in a similar boat against Bitcoin. The coin managed to surge as high as 95,500 SAT toward the middle of July. From there, it headed lower until support was found at 62,300 SAT earlier this week. LINK bounced higher from this support as it trades at 68,500 SAT.

Moving forward, the first level of resistance at above 70,000 SAT lies at 77,600 SAT. This is followed by resistance at 80,000 SAT, 90,000 SAT, and 95,500 SAT (1.414 Fib Extension).

On the other side, the first level of support is located at 62,300 SAT (.5 Fib Retracement). Beneath this, added support lies at 60,000 SAT, 55,300 SAT (.618 Fib Retracement), and 53,000 SAT.

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LINK/BTC. Source: TradingView

VeChain Thor

VET saw a small 3% price increase this week as the coin reached $0.0176. Similarly to LINK, VET managed to surge as high as $0.02 toward the start of July and has been falling since. During this past week, VET managed to find some support at $0.0152 (.382 Fib Retracement), where it rebounded higher.

Looking ahead, if the bulls can break the resistance at $0.018, the first level of strong resistance lies at $0.02 (1.414 Fib Extension). This is followed by resistance at $0.022 (1.618 Fib Extension), $0.0233, and $0.025.

On the other side, the first level of support is found at $0.0152 (.382 Fib Retracement). Beneath this, support lies at $0.014, $0.013 (.5 Fib Retracement), and $0.012.

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VET/USD. Source: TradingView

Against Bitcoin, VET has been performing in a similar circumstance also as it drops from 200 SAT to reach the support at 140 SAT (.5 Fib Retracement) during the week. The support at 140 SAT was bolstered by a rising trend line, and it helped VET to rebound to 155 SAT.

Moving forward, the first two levels of resistance lie at 180 SAT and 200 SAT. This is followed by resistance at 216 SAT (bearish .786 Fib Retracement), 240 SAT (.886 Fib Retracement), and 280 SAT (1.272 FIb Extension).

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VET/BTC. Source: TradingView

The post Crypto Price Analysis & Overview July 31st: Bitcoin, Ethereum, Ripple, Chainlink & VeChain appeared first on CryptoPotato.

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