Bitcoin’s price surpassed $ 11,400 after an overnight bull run, while the rest of the market appears to benefit from the bullish movement of the leading cryptocurrency.
The main assets of the crypto market, such as Bitcoin, Ethereum and Ripple’s XRP token, seem to aim at forming higher support levels, which can boast an excellent second half of the year.
With an economy worn out in the United States and China, caused by the coronavirus pandemic and diplomatic tensions resulting from the trade war between the two nations, we have seen how a significant amount of money has migrated to safe haven assets such as Gold and Bitcoin.
In this sense, let’s analyze the technical projections that this new bullish start can leave us for Bitcoin, Ethereum and XRP in the rest of the week.
Bitcoin (BTC) Price Analysis
Bitcoin’s price traded at $ 11,400 on July 27 for the first time in a year, which has entrenched positive sentiment around the leading cryptocurrency and the industry in general since last April.
After the last ‘Black Thursday’ of March 2020, the cryptocurrency has followed an upward trajectory, which finally broke higher yesterday, after several days of low volatility lateral movements.
Bitcoin extended its recovery above the resistance levels of $ 10,200 and $ 10,500.
There was a break above the $ 11,000 level and the price was placed well above the 100 hour SMA. A new monthly high nears $ 11,422 formed, and it is currently consolidating earnings.
BTC later corrected below $ 11,000, however the Fibonacci 50% retracement level of the recent rally from $ 10,275 to $ 11,422 acted as a strong support near $ 10,580.
If this level is maintained, Bitcoin will be forming higher supports and could mean another important rise in an upcoming bullish movement, which will lead to crossing the 12k barrier in the medium term.
At the time of writing this post, the price of the cryptocurrency is $ 11,024.65 with a one percent growth in the last 24 hours. Nevertheless, Bitcoin is waiting for a breakout of the pennant formed on the 1H BTC \ USD pair chart to occur, to define the course for the next few hours.
For now, the price of Bitcoin has had a cumulative growth of + 54% since the Black Thursday in just 4 months, as reported by an analytical firm.
#Bitcoin +12% this quarter, +42% Year-to-Date
Gold not far behind +28% Year-to-Date pic.twitter.com/p2KQ7DQ5jt
— skew (@skewdotcom) July 27, 2020
Ethereum (ETH) Price Analysis
The most important altcoin in the market has not stopped surprising all. After learning the news of a possible date for Ethereum 2.0 and huge fund in DeFi, the price gained traction -including before BTC, reaching the maximum of $ 333, and then briefly back down to levels above $ 300.
Currently Ethereum price is around $ 320.80 with 1.0% change in the last 24 hours and everything seems to indicate that the boost received by the widespread adoption of decentralized finance “DeFi”, could generate higher support near the levels of $ 300.
The Ethereum price seems to indicate that it will hold on to its new support at $ 289 firmly, after this last bullish rally, and the crytocurrency seems to be targeting the $ 380 resistance level in the medium term, something that many investors are already betting heavily on the altcoin futures for next September.
For now, altcoin has broken up the disjointed channel that it had been forming since last March and everything seems to indicate that the main foundation in DeFi and ETH 2.0, will finally be the catalysts for Ethereum to get very close to the desired $ 400.
Ripple (XRP) Price Analysis
The Ripple’s token lags behind the rest of the market, with Ethereum near the ceiling.
For many analysts, XRP still an excellent opportunity to get into action and not miss out on the current market rally with a close target of $ 0.28 in the short term.
At time of writing, the XRP price is around $ 0.23990, with a 7.67% profit in the last 24 hours, in an upward movement suggesting a take profit at $ 0.24 and up to a maximum level of $ 0.30 on the daily chart of the XRP \ USD pair.
If the price manages to break the projected rising channel higher, we could boast of new higher lows, which will serve the token a strong support to stay in the game above $ 0.20 again, and foothold at SMA 100.
Its foundation basically resides in the strong projection that the token for cross-border payments is having in the most important corridors in the world, as has already been shown, for example, on the Mexico-US border.