The price of Bitcoin, Ethereum and Ripple cryptocurrencies appears to be creating an upward pattern with new higher supports

The price of Bitcoin exceeded USD 11,400 after a bull run that took place that Monday night. while the rest of the market seems to be benefiting from the upward movement of the leading cryptocurrency.

The main crypto market resources like Bitcoin, Ethereum and Ripple’s XRP token seem to be geared towards reaching higher levels of supportwhich has an excellent second half of the year.

With an economy worn down by the coronavirus pandemic and diplomatic tensions resulting from the trade war between the two nations in the U.S. and China, we’ve seen a significant amount of money migrate to safe havens like gold and bitcoin.

The price of Bitcoin, Ethereum and Ripple cryptocurrencies appears to be creating an upward pattern with new higher supports
The price of Bitcoin, Ethereum and Ripple cryptocurrencies appears to be creating an upward pattern with new higher supports

With that in mind, let’s analyze the technical forecasts this new uptrend can leave us for the rest of the week for these three assets.

Bitcoin «BTC»

The Bitcoin price was trading at $ 11,400 on July 27 for the first time in a yearThis has bolstered positive sentiment towards the leading cryptocurrency and the industry in general since last April.

After the pastBlack Thursday “ As of March 2020, the cryptocurrency followed an upward trend that finally rose yesterday after several days of low volatility sideways movements.

Bitcoin extended its recovery above the USD 10,200 and USD 10,500 resistance levels.

There was a breakout above the $ 11,000 level and the price was well above the 100-hour SMA. A new monthly high near $ 11,422 forms and is currently consolidating earnings.

BTC later corrected below $ 11,000, but the Fibonacci retracement level, from 50% of the recent rally from $ 10,275 to $ 11,422, resulted in strong support near $ 10,580.

If this level is maintained Bitcoin would form higher supports and could mean another significant surge in an impending upward trend similar to yesterdayIn the medium term, this will result in you crossing the 12 km mark.

At the time of this writing, the price of the cryptocurrency is $ 10,934.65, a decrease of one percent in the last 24 hours. It is waiting for a pennant breakout formed on the BTC USD pair chart of 1H to define the course for the next few hours.

For now, The price of Bitcoin has risen + 54% in just 4 months since Negro Black Thursday. as verified by the skew analysis company.

Ethereum «ETH»

The most important old coin on the market has not stopped surprising. After announcing a possible date for Ethereum 2.0, The price gained traction – even before BTC – reaching a maximum of USD 333and then briefly return to a level above $ 300.

Currently, the price of Ethereum is USD 317.24, down 1.8% in the last 24 hours, and everything seems to indicate that the surge is due to the widespread introduction of decentralized funding “DeFi”, it could generate higher support near $ 300 levels.

The Ethereum price seems to indicate that after this last bullish rally, which is targeting $ 380 in the medium term, it will keep its new support at $ 289, which many investors are already betting heavily on altcoin futures. for next September.

For now, Altcoin has broken up the disjointed channel formed since last March. Reaching the annual maximum at $ 333 and everything seems to indicate that the main basis for DeFi and ETH 2.0 will finally be the catalysts for Ethereum to get very close to the desired $ 400.

And is that the case after Ethereum fell below $ 100 on the so-called “Black Thursday”? The DeFi ecosystem has not stopped growing and metrics that surprise many and others give them a little concern about a possible bubble that resembles the 2017 ICOs.

Bubble or not, the truth is that An Ethereum price above $ 350 could be substantial. as highlighted by the on-chain data analysis company Santiment.

Ripple «XRP»

The company’s ripple token lags behind the rest of the market, and Ethereum is near the ceiling.

For many analystsXRP is still an excellent opportunity to get active and not to miss the current market rallybecause it is a lower risk, higher return token with a near-term goal of $ 0.28 in the short term.

At the time of writing, the price of XRP is around $ 0.228010, up 2.67% in the last 24 hours An upward move indicates a take profit of $ 0.24 and a high of $ 0.30 in the last upward wave to be filled in on the daily chart of the XRP USD pair.

If the price manages to break the projected rise channel, we could boast of new higher lows that serve as tokens strong support to stay over $ 0.20 in the game, Your pivot point in SMA 100.

It is essentially based on the strong forecast that the sign for cross-border payments is present in the main corridors of the world, as has already been shown on the border between Mexico and the United States.

Given a forecast for migration areas such as Latin America and Asia, it is not surprising that an increase in demand and current isolation conditions requires the use of ripple technology for effective contactless settlements with the XRP token behind it.

The views and opinions expressed here are solely those of author and do not necessarily reflect Cointelegraph’s views. Every investment and trade movement carries risks. You have to do your own research when making a decision.

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