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

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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.

btcusd-jul31
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).

ethusd-jul31
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).

ethbtc-jul31
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.

xrpusd-jul31
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.

xrpbtc-jul31
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).

linkusd-jul31
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.

linkbtc-jul31
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.

vetusd-jul31
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).

vetbtc-jul31
VET/BTC. 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.


Source: https://cryptopotato.com/crypto-price-analysis-overview-july-31st-bitcoin-ethereum-ripple-chainlink-vechain/

Blockchain

Invest 3% in Bitcoin to Avoid COVID-19 Lockdown Devaluation — BitGo CEO

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Coronavirus lockdowns will force people out of fiat currency and into gold and Bitcoin (BTC), the CEO of cryptocurrency asset manager BitGo has warned.

In a series of tweets on Aug. 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio into Bitcoin.

Belshe: investors will move from cash to gold, Bitcoin

As multiple jurisdictions around the world reenter compulsory lockdown conditions, Belshe said that in the United States, the government had made a prison for itself using the policy.

“The government is being forced to maintain lockdowns for political correctness, which will force them to print money even faster. Institutional investors are flagging this and recognize the devaluation will make cash hard to hold,” he wrote. 

Those institutions hit the headlines conspicuously this week, when billion-dollar corporation MicroStrategy confirmed it had adopted Bitcoin as its treasury reserve asset.

A $250 million buy-in cemented the sense of change, with CEO Michael Saylor highlighting Bitcoin’s unique properties as money.

“They’re looking for alternatives, and it… comes down to Bitcoin and gold,” Belshe continued.  

“If you don’t have some Bitcoin now, it is time to put at least 3% of your net worth into Bitcoin. This is the lowest risk, highest asymmetric upside investment you will likely see in your lifetime. Or stop the lockdown. But still get Bitcoin.”

2020 macro asset returns comparison as of Aug. 12

2020 macro asset returns comparison as of Aug. 12. Source: Skew

Hard money not inflationary paper

As Cointelegraph reported, the premise behind lockdowns has come under heavy criticism from Bitcoin supporters. 

In particular, “The Bitcoin Standard” author Saifedean Ammous has lambasted the measure as being far more detrimental to the population of a country in the long term than Coronavirus.

The criticism follows on from that contained in Ammous’ book and others critical of economic policy based on spending and borrowing, such as Henry Hazlitt’s “Economics in One Lesson.”

A clear relationship between inflationary fiat currency and reduced prosperity means that Bitcoin is the only genuine solution for those who wish to save for the future.

This week, the message became all the more clear as data showed correlation between Bitcoin price action and expanding central bank balance sheets.

Source: https://cointelegraph.com/news/invest-3-in-bitcoin-to-avoid-covid-19-lockdown-devaluation-bitgo-ceo

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Cointelegraph Launches Newsletter for Professional Investors

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Every 1st and 15th, Cointelegraph Consulting provides the latest inside scoop on cryptocurrency price action and rationale in its Market Insights newsletter. Here’s a preview of one of this month’s editions. 

Editor’s note

Crypto asset prices have flown upward in recent weeks, with various altcoins posting gains reminiscent of the great 2017 digital asset bubble. Assets such as Chainlink (LINK) and Band Protocol (BAND) have tallied triple digits percentage gains. 

Bitcoin (BTC), the industry’s pioneer asset, has also shown significant upside action. The asset travelled up slightly past $12,000 on Aug. 2 before subsequently falling more than $1,000 in the same 24-hour period. Aug. 10 saw BTC return to the $12,000 level, again facing rejection, sustaining a subsequent drop of several hundred dollars. Overall sentiment in the crypto investing and trading realm, however, remains high. 

Mainstream financial players also continue entering the digital asset industry via Bitcoin, with intelligence giant MicroStrategy as one of the latest entrants. Buying over 21,000 BTC, the firm has adopted the coin as its reserve asset.  

Benjamin Pirus, Reporter

Insights from around the digital asset sphere

Bitcoin whales may have sold some of their stockpiles. Recent data shows only 15,912 Bitcoin addresses holding 100 or more BTC — the lowest number in five years. Such network data implies large Bitcoin participants may be selling instead of accumulating. 

In terms of sentiment, however, crypto’s inaugural asset shows a major turnaround from the bearishness seen previously. Over the last two weeks, the market has expressed a significant bullish tone, topping at 1.2 standard deviations during Bitcoin’s most recent run toward $12,000. 

Data also shows an uptick in the number of dollars moving onto centralized exchanges via U.S. dollar stablecoin USDC — a signal which has often proved as a precursor to previous bullish Bitcoin price action. 

In contrast, Bitcoin’s Market Value to Realized Value, or MVRV, ratio looks troublesome, posting a 30-day value of 1.15 on August 2. This essentially means short-term Bitcoin investors boasted an average 15% profit across the board. 

On a separate front, Ethereum holds hot on Bitcoin’s tail in terms of transaction volume. Bitcoin now touts 3.4x the transaction volume seen on Ethereum’s blockchain, a dwindling lead, according to numbers from the beginning of August. 

Read the full newsletter edition here to get the entire scoop, complete with charts and images. 

Cointelegraph’s Market Insights Newsletter strives to share our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives. 

We also review the most important news hitting the industry including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign-up now to be the first to receive these insights.

Source: https://cointelegraph.com/news/cointelegraph-launches-newsletter-for-professional-investors

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Bitcoin Cash short-term Price Analysis: 12 August

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After Bitcoin’s collapse down to $11,285, the rest of the altcoin market finally appeared to tag along for the current bearish ride. Bitcoin Cash, just like other major altcoins slipped by 12.36%, as its valuation witnessed a downtrend from a high of $305 to $270.

After the markets actively pictured a recovery, a short-term long opportunity is prevailing for Bitcoin Cash in the industry.

Bitcoin Cash 1-hour chart

Source: BCH/USD on Trading View

Analyzing the short-term chart for Bitcoin Cash, clear decimation of the immediate support at $291 can be observed. The price dipped under $280 as well but at press time, recovery is taking place overturning the former bearish trend. The low was registered on $270 a couple of times, which led to a minor double bottom pattern over a period of 8-hours. With the Relative Strength Index or RSI eyeing 50 at the time of writing, a complete recovery of valuation is unlikely.

However, 10-Moving Average (10-MA) and 20-Exponential Moving Average (20-MA) were acting as immediate support for the surge at press time.

Bitcoin Cash 30-mins chart

Source: BCH/USD on Trading View

Now, analyzing the 30-min chart for BCH, a price entry point at $276 with profit margins exit at 291 leads to a risk-reward ratio of 2.39x. The stop loss can be placed at $270, and any declination below that might lead to staggering losses. The minor concern with the 30-min chart is that RSI is already reaching a little saturation in terms of buying pressure hence, a drop down to $280 should be expected.

However, support for 10-MA and 20-EMA should allow the asset to reach $291 before undergoing a trend reversal.

Conclusion

Bitcoin Cash should register a re-test at $291 under the next 12-24 hours.

Source: https://eng.ambcrypto.com/bitcoin-cash-short-term-price-analysis-12-august

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