- Bitcoin price closed the week 9.94% higher for the third consecutive positive week.
- Ethereum price closed the week 17.95% higher, marking the best week since the beginning of May.
- XRP price closed the week 7.52% higher for the third consecutive positive week and the first time since early April.
Bitcoin price ignores resistance, while ETH and XRP retest the breakout. The general rally to the upside did not diminish as the three cryptocurrencies were overcome by widespread skepticism and fears.
Bitcoin price quickly ignores resistance
Bitcoin price is up 54% since July 21, posting the third best gain in 20 days in 2021 and BTC up 285% in the last 52 weeks. The impulsive action started with a bullish week outside on the bar charts at the 50-week simple moving average (SMA).
BTC/USD weekly chart
Bitcoin price cleared the Trifecta of resistance from the January high at $41,322, the 38.2% retracement at $42,589 and the February 28 low at $43,016 with relative ease, creating the range as crucial support for BTC going forward. ahead.
Bitcoin price is now attempting to clear the strategically important 200-day simple moving average at $44,983 with the outside day bullish on the bar charts. Away from the 200-day simple moving average, bitcoin price is poised to overcome BTC resistance associated with the 50% and 61.8% retracement levels at $46,849 and $51,109 respectively, before discovering the next real resistance around $57,750 .
The support given by the former trifecta of resistance between $41,322 and $43,016 is crucial to the bullish narrative. The failure to hold leaves the bitcoin price vulnerable to a test of the June 29 high at $36,675 and possibly the 50-day simple moving average at $35.589.
BTC/USD daily chart
If the bitcoin price seeks a correction now, ideally a timely correction against the price, keeping the momentum high and removing weak holders who want to take profits or use the rally to breakeven into previously held losing positions.
Bitcoin Price Correction Support is a Santiment Weighted Social Sentiment Scale on a 12-hour seamless basis. The moving average is now at the same level that preceded the February correction and matched the March correction.
Social sentiment weighted categorizes all daily coin signals collected by Santiment as either positive, negative or ambivalent, in an attempt to visualize the average mood of the crypto community towards BTC.
BTC Weighted Social Sentiment – Sentiment
The second metric that also hints at the possibility of a Bitcoin price correction is the 30-day BTC ratio (MVRV). This on-chain metric attempts to determine the average profit or loss of all addresses that have acquired BTC over a 30-day time frame.
Currently, the 30-day MVRV is BTC+20.29%, which indicates that the average gain of all addresses that received BTC in the last 30 days is 20.29%. The higher the ratio, the greater the unearned profit, which increases the risk that bitcoin speculators will reduce their exposure.
The reading of 20.29% is not at the same level as it was in January before the correction or before the February correction. However, it is close to the corresponding level of the consolidation in November and December.
MVRV Ratio for 30 Days BTC – Santiment
Here, FXStreet analysts are assessing which direction Bitcoin could go next as it hits a vital resistance level.
Ethereum price greets London fork with applause
Ethereum price has recorded only two negative days since July 21 and gained 76.50% during that period based on the current price. ETH is up 626.94% in the last 52 weeks.
ETH/USD weekly chart
On August 7, Ethereum price closed above the price congestion framed by the June 3 high at $2,890, the May 26 high at $2,913, and the May 20 high at $3000, creating a new support line for ETH.
If the Ethereum price succeeds in maintaining the newly discovered support during any consolidation, you will be free to test the all-time high in the coming weeks, despite the overbought condition on the daily RSI.
ETH/USD daily chart
Alternatively, assume that the price of Ethereum does not hold support. In this case, ETH could drop to the July 7 high at $2,411 and even to the 2020 ascending trend line at $2,300 if the broader crypto market experiences a bout of selling pressure.
Here, FXStreet analysts are assessing which direction ETH might head after hitting the target.
XRP price ready for a new bull market
XRP price is up 54.35% since July 21 and is currently up by 167.70% in the last 52 weeks after three consecutive positive weeks for the first time since the beginning of April.
XRP/USD weekly chart
XRP price breached the neckline and the 200-day simple moving average at $0.791 on August 7 after a multi-day consolidation in time, rather than the price, while trading tightly at the double trigger point at $0.733. Ripple is now successfully testing the new support.
The measured double bottom move is just over 30% and sets a profit target of $0.953 based on the pattern’s starting price of $0.733. The XRP price target falls short of the importance set by the psychologically important $1.00 level and the 38.2% retracement level of the April-June correction at $1.06. A rally to $1.06 would reward Ripple investors who bought the August 7 close with a 30.69% gain.
The only obstacle that XRP price faces on the way to the measured price move target, or $1.06, is the impact of the 200-day magnet SMA at $0.796 with the neckline of the multi-year inverted head and shoulders pattern around $0.772.
XRP/USD daily chart
Ripple failed to sustain the 200-day SMA at $0.796, the neckline at $0.772, and the double bottom trigger at $0.733 for XRP positions to test the 50-day SMA at $0.658 or the May 23 low at $0.652.
All three cryptocurrencies showed the type of impulsivity or confidence that forms sustainable bottoms and advances. However, Bitcoin is overestimated based on the 30-day MVRV ratio, and the rally has lifted positive signals on social media to readings that coincided with previous corrections. Meanwhile, Ethereum price is offsetting an extended rally as bullish interest continues in the London Fork and XRP price is aggressively testing the newly discovered support of the 200-day SMA and the neckline.
Here, FXStreet analysts assess where Ripple could go next as it appears ready to move further.