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Crypto Price Analysis & Overview July 16th: Bitcoin, Ethereum, Ripple, Cardano, & Polkadot.

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Bitcoin

Bitcoin dropped by 3% this week, reaching as low as $31,000. The cryptocurrency popped above the 20-day MA on Sunday but quickly reversed and dropped beneath it on Monday.

It found support mid-week at $32,700 but continued beneath there yesterday to reach $31,185 (downside 1.618 Fib Extension) today.

The short-term chart provides a closer perspective of what is going on. It shows BTC trading inside a falling price channel since the start of July. When BTC broke the 20-day MA on Sunday, it found resistance at the upper angle of the price channel and started to head lower.

Today, BTC hit the support at the lower angle of this price channel and the buyers are attempting to defend it. As a result, they have rebounded aggressively and are pushing higher.

Looking ahead, the first resistance lies at $32,300 This is followed by $32,700 and $33,520-$33,800 (20-day). Next, resistance lies at the upper angle of the price channel and then at $35,00 (50-day MA).

On the other side, the first support lies at $31,675. This is followed by $31,185, $31,000 (lower angle of the price channel), $30,500, $30,000, and $29,700 (downside 1.618 Fib Extension).

btcusd-jul16-min
BTC/USD Daily Chart. Source: TradingView.
btcusd-4hr-jul16-min
BTC/USD 4-Hour Chart. Source: TradingView.

Ethereum

Ethereum is down by a very sharp 10% this week as it reached as low as $1850. The coin fell beneath the 20-day MA on Monday and dropped into the support at $2035 (Feb 2020 Highs). It continued lower on Tuesday to drop beneath the 200-day MA and fell until finding support today at $1888 (.886 Fib).

It did dip as low as $1850 today, but it seems that buyers are attempting to hold above $1888, which provided strong support in June.

Again, the 4-hour chart shows a better perspective of how ETH is trading – inside a falling wedge pattern, typically bullish once it breaks toward the upside.

Looking ahead, the first resistance lies at around $1950 (upside of the wedge). This is followed by $2000, $2035 (200-day MA), $2120 (20-day MA), and $2200 (long-term descending trend line).

On the other side, the first support lies at $1888. This is followed by $1850 (weekly low), $1710 (June support), and $1625 (downside 1.272 Fib Extension).

ethusd-jul16-min
ETH/USD Daily Chart. Source: TradingView.
ethusd-4hr-jul16-min
ETH/USD 4-Hour Chart. Source: TradingView.

ETH is struggling against BTC after breaking beneath the support at 0.06 BTC (100-day MA) this week. The coin fell beneath an ascending price channel at the start of the week and started to head lower, reaching as low as 0.0584 BTC on Wednesday,

Looking ahead, the first resistance lies at 0.06 BTC (100-day MA). This is followed by 0.0627 BTC (20-day MA), 0.065 BTC (50-day MA), and 0.069 BTC (bearish .618 Fib & June Highs).

On the other side, the first support lies at 0.0585 BTC. This is followed by 0.058 BTC (.786 Fib), 0.056 BTC (June support), and 0.056 BTC.

ethbtc-jul16-min
ETH/BTC Daily Chart. Source: TradingView.

Ripple

XRP fell by a total of 3.7% this week as it sits at around $0.6. The cryptocurrency has been trading inside a descending price channel since the start of July. Additionally, it has been trading inside a falling wedge since the start of June.

The coin attempting to break to the upside of the wedge during the week but failed on each attempt. However, it consistently found support at the lower angle of the wedge during the week.

A breakout to the upside is expected of this type of wedge pattern as XRP quickly approaches the apex.

Looking ahead, if the buyers can break the upside of the wedge, the first resistance lies at $0.647 (20-day MA). This is followed by $0.7 (July resistance) and $0.75 (200-day & 50-day MA confluence).

On the other side, the first support lies around $0.56 (lower angle of the wedge). This is followed by $0.55 (2019 highs), $0.5, and $0.478 (July lows).

xrpusd-jul16-min
XRP/USD Daily Chart. Source: TradingView.

XRP is trading inside a short-term symmetrical triangle pattern against BTC and is at the apex, where the market can expect a breakout toward either side. The coin attempted to break resistance at 1900 SAT throughout the week but was rejected by the 20-day MA on each attempt.

Today, XRP spiked above the triangle but has since dropped back into the support at the lower angle.

Looking ahead, if the bears push beneath the triangle, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA & downside 1.618 Fib Extension), 1600 SAT, and 1550 SAT (Nov 2020 low).

On the other side, the first resistance lies at 1900 SAT (20-day MA, July 2020 low, & triangle angle). This is followed by 2000 SAT, 2120 SAT (bearish .236 Fib), 2160 SAT (50-day MA), and 2400 SAT (100-day MA).

xrpbtc-jul16-min
XRP/BTC Daily Chart. Source: TradingView.

Cardano

ADA fell by a steep 10.6% this week as the cryptocurrency currently trades at around $1.20. The coin attempted to break above the 20-day MA at around $1.35 on Monday but failed to close above it.

Since then, it has been trading lower inside the descending price channel. The lower angle of the channel continues to provide support while ADA fails to break the upper angle. The breakout toward the upside would be the first signal back toward $1.50 for ADA.

Looking ahead, the first support lies at $1.15. This is followed by $1.12 (200-day MA, .618 Fib, & lower boundary of the price channel). Beneath $1.12, added support lies at $1.00 and $0.986 (June lows).

On the other side, the first resistance lies at $1.25 (upper angle of the price channel). This is followed by $1.30, $1.35 (20-day MA), $1.45 (50-day MA), and $1.50.

adausd-jul16-min
ADA/USD Daily Chart. Source: TradingView.

ADA is also struggling against BTC after falling beneath an ascending triangle at the start of the week. The coin fell beneath the 20-day MA on Tuesday and continued to drop throughout the week, reaching as low as 3730 SAT today.

Looking ahead, the first support lies at 3600 SAT (July lows). This is followed by 3540 SAT (10-day MA, downside 1.272 Fib Extension & June low-day closing price). Added support lies at 3440 SAT (.5 Fib).

On the other side, the first solid resistance lies at 3900 SAT. This is followed by 4000 SAT (20-day MA), 4100 SAT (50-day MA), and 4200 SAT (July resistance).

adabtc-jul16-min
ADA/BTC Daily Chart. Source: TradingView.

Polkadot

DOT is down a heavy 18% this week as it currently trades at around $12.70. It fell beneath an ascending triangle pattern at the start of the week and continued beneath the $14 (.786 Fib & June low-day close) support yesterday.

Today, DOT dipped as low as $12.10, creating a fresh six-month low price.

Looking ahead, if the bears continue lower, the first support lies at $11. This is followed by $10, $9.60 (.886 Fib), and $7.50.

On the other side, the first resistance lies at $14. This is followed by $15 (20-day MA), $16.40, and $17 (July resistance).

dotusd-jul16-min
DOT/USD Daily Chart. Source: TradingView.

Against BTC, DOT also created a fresh six-month low after dropping beneath 0.0004 BTC today. The coin failed to break resistance at 0.0005 BTC at the start of the month and has been sliding ever since.

It dropped beneath the July support at 0.000433 BTC on Wednesday, which allowed it to continue beneath 0.0004 BTC today.

Looking ahead, if the bears keep driving DOT lower, the first solid support lies at 0.000357 BTC (.786 Fib). This is followed by 0.00035 BTC, 0.000322 BTC (2021 Opening price), and 0.0003 BTC.

On the other side, the first resistance lies at 0.0004 BTC. This is followed by 0.000433 BTC (July support – now resistance) and 0.00045 BTC (20-day MA).

dotbtc-jul16-min
DOT/BTC Daily Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://coingenius.news/crypto-price-analysis-overview-july-16th-bitcoin-ethereum-ripple-cardano-polkadot/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-price-analysis-overview-july-16th-bitcoin-ethereum-ripple-cardano-polkadot

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Analysis: Bitcoin is Undervalued, 2021 Bull Run Hasn’t Topped Yet

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During the first half of 2021, the ETH volume surged by more than 1,400% totaling $1.4 trillion, while BTC’s increased by 489%, reaching a total of $2.1 trillion.

ETH Beats BTC for The First Time

Coinbase took data from 20 trading venues and released a report, where it informed that Ether’s trading volume spiked by 1,461% during the first six months of 2021. Its total climbed to $1.4 trillion compared to $92 billion in the first half of 2020. In the meantime, Bitcoin marked an increase of 489%, and its trading volume hit $2.1 trillion.

The Coinbase report noted:

“Many of our largest institutional clients, including hedge funds, endowments, and corporates, increased or added first-time exposure to ETH in H1, believing the asset has long-term staying power tantamount to BTC’s while playing a differentiated role in their portfolios.”

The research also revealed the total market capitalization numbers for the first half of 2021. At the beginning of the year, the market started at $769 billion and surged to $2.4 trillion in May. Subsequently, it declined to $1.4 trillion by the end of the period.

The largest chunk of Bitcoin’s profits came during the first months of 2021 until April, when its price escalated towards an ATH. On the contrary, Ether saw the most of its earnings in May 2021, when it was worth more than $4,000.


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Can ETH Become The Largest Cryptocurrency?

The debate whether Ether can surpass Bitcoin and become the leading digital asset has been a hot topic in the last few years.

At the beginning of May, the billionaire owner of the Dallas Mavericks – Mark Cuban – joined the argument and gave his three reasons why ETH will eventually outperform BTC: Ethereum’s network is capable of processing more transactions per second, and it is the platform where “the future of finance” is built. It also boasts a higher utilization compared to Bitcoin.

The prominent investor Mike Novogratz also gave his two cents on the matter. The renowned crypto bull hinted that such a scenario where Ether surpasses Bitcoin is possible as the network behind the second-largest cryptocurrency is rapidly expanding. However, he outlined the characteristics of the two digital assets expecting BTC to be the digital version of gold while ETH will have different purposes:

“I think Ethereum may even become the biggest cryptocurrency one day but it will have a very different use case than BTC.”

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Source: https://coingenius.news/analysis-bitcoin-is-undervalued-2021-bull-run-hasnt-topped-yet/?utm_source=rss&utm_medium=rss&utm_campaign=analysis-bitcoin-is-undervalued-2021-bull-run-hasnt-topped-yet

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Analysis: Bitcoin is Undervalued, 2021 Bull Run Hasn’t Topped Yet

Published

on

During the first half of 2021, the ETH volume surged by more than 1,400% totaling $1.4 trillion, while BTC’s increased by 489%, reaching a total of $2.1 trillion.

ETH Beats BTC for The First Time

Coinbase took data from 20 trading venues and released a report, where it informed that Ether’s trading volume spiked by 1,461% during the first six months of 2021. Its total climbed to $1.4 trillion compared to $92 billion in the first half of 2020. In the meantime, Bitcoin marked an increase of 489%, and its trading volume hit $2.1 trillion.

The Coinbase report noted:

“Many of our largest institutional clients, including hedge funds, endowments, and corporates, increased or added first-time exposure to ETH in H1, believing the asset has long-term staying power tantamount to BTC’s while playing a differentiated role in their portfolios.”

The research also revealed the total market capitalization numbers for the first half of 2021. At the beginning of the year, the market started at $769 billion and surged to $2.4 trillion in May. Subsequently, it declined to $1.4 trillion by the end of the period.

The largest chunk of Bitcoin’s profits came during the first months of 2021 until April, when its price escalated towards an ATH. On the contrary, Ether saw the most of its earnings in May 2021, when it was worth more than $4,000.


ADVERTISEMENT

Can ETH Become The Largest Cryptocurrency?

The debate whether Ether can surpass Bitcoin and become the leading digital asset has been a hot topic in the last few years.

At the beginning of May, the billionaire owner of the Dallas Mavericks – Mark Cuban – joined the argument and gave his three reasons why ETH will eventually outperform BTC: Ethereum’s network is capable of processing more transactions per second, and it is the platform where “the future of finance” is built. It also boasts a higher utilization compared to Bitcoin.

The prominent investor Mike Novogratz also gave his two cents on the matter. The renowned crypto bull hinted that such a scenario where Ether surpasses Bitcoin is possible as the network behind the second-largest cryptocurrency is rapidly expanding. However, he outlined the characteristics of the two digital assets expecting BTC to be the digital version of gold while ETH will have different purposes:

“I think Ethereum may even become the biggest cryptocurrency one day but it will have a very different use case than BTC.”

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Source: https://coingenius.news/analysis-bitcoin-is-undervalued-2021-bull-run-hasnt-topped-yet/?utm_source=rss&utm_medium=rss&utm_campaign=analysis-bitcoin-is-undervalued-2021-bull-run-hasnt-topped-yet

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Analysis: Bitcoin is Undervalued, 2021 Bull Run Hasn’t Topped Yet

Published

on

During the first half of 2021, the ETH volume surged by more than 1,400% totaling $1.4 trillion, while BTC’s increased by 489%, reaching a total of $2.1 trillion.

ETH Beats BTC for The First Time

Coinbase took data from 20 trading venues and released a report, where it informed that Ether’s trading volume spiked by 1,461% during the first six months of 2021. Its total climbed to $1.4 trillion compared to $92 billion in the first half of 2020. In the meantime, Bitcoin marked an increase of 489%, and its trading volume hit $2.1 trillion.

The Coinbase report noted:

“Many of our largest institutional clients, including hedge funds, endowments, and corporates, increased or added first-time exposure to ETH in H1, believing the asset has long-term staying power tantamount to BTC’s while playing a differentiated role in their portfolios.”

The research also revealed the total market capitalization numbers for the first half of 2021. At the beginning of the year, the market started at $769 billion and surged to $2.4 trillion in May. Subsequently, it declined to $1.4 trillion by the end of the period.

The largest chunk of Bitcoin’s profits came during the first months of 2021 until April, when its price escalated towards an ATH. On the contrary, Ether saw the most of its earnings in May 2021, when it was worth more than $4,000.


ADVERTISEMENT

Can ETH Become The Largest Cryptocurrency?

The debate whether Ether can surpass Bitcoin and become the leading digital asset has been a hot topic in the last few years.

At the beginning of May, the billionaire owner of the Dallas Mavericks – Mark Cuban – joined the argument and gave his three reasons why ETH will eventually outperform BTC: Ethereum’s network is capable of processing more transactions per second, and it is the platform where “the future of finance” is built. It also boasts a higher utilization compared to Bitcoin.

The prominent investor Mike Novogratz also gave his two cents on the matter. The renowned crypto bull hinted that such a scenario where Ether surpasses Bitcoin is possible as the network behind the second-largest cryptocurrency is rapidly expanding. However, he outlined the characteristics of the two digital assets expecting BTC to be the digital version of gold while ETH will have different purposes:

“I think Ethereum may even become the biggest cryptocurrency one day but it will have a very different use case than BTC.”

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Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Source: https://coingenius.news/analysis-bitcoin-is-undervalued-2021-bull-run-hasnt-topped-yet/?utm_source=rss&utm_medium=rss&utm_campaign=analysis-bitcoin-is-undervalued-2021-bull-run-hasnt-topped-yet

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Coinbase Report: ETH Trading Volume Increased More Than Bitcoin’s in First Half of 2021

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Bitcoin exchange reserve has fallen off a cliff, on-chain analysis shows. This behavior is usually a bullish indicator for the BTC market.

Bitcoin All Exchanges Reserve Is Down

As pointed out by a CryptoQuant post, the BTC all exchanges reserve indicator has surged downhill over the past couple of days.

The Bitcoin all exchanges reserve is an indicator that shows the amount of BTC stored in wallets of all exchanges. When the metric’s value goes up, it means more investors are sending their crypto to exchanges.

More BTC in exchanges implies a selling pressure. On the other hand, when its value goes down, it means investors are sending their coins from exchange wallets to personal ones.

Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist

Here is a chart showing the trend in the value of the BTC all exchanges reserve over the last two months:

Bitcoin All Exchanges Reserve

The BTC all exchanges reserve seems to have steeply declined | Source: CryptoQuant

As the above graph shows, the metric has fallen down with quite the steep slope. Just over the past two days, the indicator has dropped more than 100K Bitcoin in value!

Since the value of the indicator going down means more BTC moving out of exchanges, it might mean that there is a buying pressure in the market. The price should be affected positively by this.

Related Reading | Survey Says! Institutional Investors Are Still Bullish On Bitcoin

A look at outflow charts of popular exchanges shows massive movement. Coinbase Pro saw 30k BTC exiting the platform on Wednesday, while Binance, the largest exchange by trading volume, saw around 29k BTC moving out of its wallets.

A couple of days back, Binance observed huge netflows. The price moved positively afterwards so that it’s possible that the all exchanges reserve plummeting will make the price go up this time too.

Bitcoin Price

At the time of writing, Bitcoin’s price is floating around $39.8k, up 24% in the last 7 days. Over the last month, the crypto has gained almost 15% in value.

Here is a chart that shows the trend in the price of BTC over the last 3 months:

Bitcoin Price Chart

BTC catches a sharp upwards trend | Source: BTCUSD on TradingView

After struggling in a range bound market for quite the while, Bitcoin has finally gained some of the volatility back. The rapid price swing of $34.5k to $39.5k was accompanied by the biggest short squeeze in the history of the coin as short sellers hurried to cut their loses.

The crypto is now testing the $40k resistance level, and if it can keep the rally up and push through, it’s likely that the » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin will reach the $45k mark. However, if the level can’t be surpassed, BTC could fall back to a range bound market.

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-bullish-btc-exchange-reserve/

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