Bitcoin is up a tiny 1% this week after an attempt to break the $ 50,000 mark was denied on Monday. The current high since May is now at $ 50,500. Unfortunately, BTC was unable to maintain this level and closed the daily candle below USD 50,000.
After the rejection, BTC went significantly lower: yesterday it fell below USD 47,800 again and recorded its weekly low at USD 46.3,000, the first bullish sign of a possible reversal.
Today, BTC has ricocheted off the support in the lower corner of the wedge and is trying to push up from the writing of these lines. The cryptocurrency is now trading within an ascending wedge formation while the 3 month high resistance at USD 50,500 was provided by the top corner of the wedge.
The 4 hour chart provides a clearer perspective on how the wedge pattern is currently playing.
Looking ahead, the first critical level is at $ 47,800 (bearish .618 Fib). This is followed by USD 49,400 (1,272 Fib Extension), USD 50,000, USD 50,740 (1,414 Fib Extension & upper angle of the wedge) and USD 52,000. Another resistance is at $ 53,000 (bearish 0.786 Fib) and $ 54,210 (1.272 Fib Extension).
On the other side, the first support is in the lower corner of the wedge. This is followed by $ 46,000 (200-day MA and this week’s low), $ 45,450 (0.382 Fib), $ 44,750 (February 2021 support), and $ 43,870 (0.5 Fib).
BTC / USD daily chart. Source: TradingView.
BTC / USD 4-hour chart. Source: TradingView.
Ethereum had a sluggish week, but at least ETH is up 1% week-on-week – just like BTC. The second largest coin bounced off the support at $ 3,000 last Thursday and rose earlier this week to meet the resistance at $ 3,350 (bearish 0.618 Fib).
ETH failed to overcome this resistance and began to decline after BTC was rejected to the $ 50,000 mark. Initially, Ether held support at the 20-day MA at $ 3,180, but eventually fell below that key level yesterday, closing at $ 3,056.
Along with sentiment, ETH has since bounced back from that support and is now trading above $ 3,200.
Looking ahead, the first major resistance is at $ 3,350 (bearish 0.618 Fib). This is followed by $ 3540 (1,618 Fib Extension), $ 3600, $ 3700 (1,414 Fib Extension – blue), $ 3790 (bearish .786 Fib) and $ 3880 (1,618 Fib Extension – blue).
On the flip side, the initial support is at USD 3180 (20-day MA). This is followed by $ 3060, $ 3000 (0.236 Fib), $ 2890, and $ 2740 (0.382 Fib).
ETH / USD daily chart. Source: TradingView.
ETH / BTC trades against Bitcoin in a descending price channel. The price channel was formed when ETH fell below a symmetrical triangle pattern earlier in the month and ETH immediately fell to 0.0651 BTC (0.5 Fib & 100-day MA) in the last week.
Today, ETH bounced back from the 0.066 BTC support and is now trying to close above the price channel as the rebound continues.
Looking ahead, the first resistance is at 0.068 BTC (20-day MA). This is followed by 0.0691 BTC (July high), 0.072 BTC (bearish 0.618 Fib) and 0.0736 BTC. The additional resistance is 0.077 BTC (1.414 Fib Extension).
On the other hand, the initial support is at 0.066 BTC. This is followed by 0.0651 BTC (0.5 Fib & 100-day MA), 0.064 BTC, 0.0632 BTC (, 618 Fib) and 0.062 BTC.
ETH / BTC daily chart. Source: TradingView.
XRP had risen into resistance at $ 1.27 (bearish 0.618 Fib) last Friday and failed to break the level. After another attempt to break the $ 1.27 mark on Monday, XRP began to decline as the week wore on.
Yesterday it fell below the 20-day MA and rose to $ 1.05 today. However, XRP has rebounded slightly since then, as it stands above the 20-day MA at $ 1.10. So far, XRP is down 6%, according to CoinGecko.
Looking ahead, the first strong resistance is at $ 1.20. This is followed by resistance between $ 1.25 (February 2018 high) – $ 1.27 (bearish 0.618 Fib). Beyond $ 1.30, additional resistance is at $ 1.36 (1.618 Fib Extension & August high), $ 1.40, and $ 1.50 (Bearish 0.786 Fib).
On the downside, the initial support is at $ 1.10 (20-dur MA & 0.382 Fib). This is followed by $ 1.05 (week low), $ 1.00, and $ 0.928 (0.618 Fib).
XRP / USD daily chart. Source: TradingView.
XRP also lost momentum against BTC as it trades in a descending wedge formation. The coin encountered resistance at 2670 SAT (Bearish 0.5 Fib) last Friday and started going down from there. It initially found support at 2455 SAT (0.236 Fib) but fell below it on Tuesday.
XRP / BTC continued its downward movement as it broke below the 20-day MA yesterday to hit support at 2290 SAT (0.382 Fib). But just like the USD pair, XRP / BTC had rallied well since then and was returning to the 20-day MA price range.
Looking ahead, the first resistance is at 2455 SAT. This is followed by 2670 SAT (bearish .5 Fib), 2800 SAT and 2915 SAT (bearish .618 Fib).
On the other hand, the first support is at 2290 SAT (.382 Fib). This is followed by 2150 SAT (.5 Fib & 100-day MA), 2000 SAT (.618 Fib & 50-day MA) and 1900 SAT (200-day MA).
XRP / BTC daily chart. Source: TradingView.
Cardano had an extraordinary week, managing to climb 20% and break its all-time high ($ 2.95). The cryptocurrency traded in a steeply rising price channel throughout August and recently encountered support in the lower corner of the price channel.
Earlier in the week, ADA managed to set a new ATH price that hit nearly $ 3, but continued to drop from there until it hit the support in the lower corner of the price channel at around $ 2.50. It has since recovered from there while trying to get back towards ATH levels.
Looking ahead, the first resistance is at $ 2.80 (1,414 Fib extension). This is followed by $ 2.95 – $ 3.00 (ATH range), $ 3.20, $ 3.40 (1,272 Fib extension), and $ 3.50.
On the flip side, the first support at the lower corner of the price channel is around $ 2.50. This is followed by additional support at $ 2.35 (0.382 Fib), $ 2.23 (20 day MA), $ 2.15 (0.5 Fib), and $ 2.00 (0.618 Fib).
ADA / USD daily chart. Source: TradingView.
ADA / BTC also continues to perform well as it is also trading within an ascending price channel. The coin soared above 5000 SAT at the beginning of the week to set a new ATH (against BTC) to almost 6000 SAT on Monday.
From then on it began to go down until the support hit the lower corner of the price channel. After the re-test, ADA / BTC recovered strongly and immediately shot back over 5800 SAT.
Looking ahead, the first solid resistor is at 6000 SAT. This is followed by 6200 SAT, 6300 SAT (1,272 Fib Extension), 6540 SAT (1,414 Fib Extension) and 6870 SAT (1,618 Fib Extension).
On the other hand, the first support is in the lower corner of the price channel. This is followed by 5325 SAT (.236 Fib), 5050 SAT (May high), 4910 SAT (.382 Fib) and 4700 SAT (20-day MA).
ADA / BTC daily chart. Source: TradingView.
SOL is also doing very well this week after rising a solid 11% and pegging another ATH at $ 84.20. The coin retreated from $ 80 over the weekend and started falling over the course of the week until it found support at $ 70 (0.236 Fib) on Wednesday.
From there it then recovered and started going higher when it broke above $ 75 yesterday. Today it shot up from $ 75 to $ 80, setting the new ATH price.
Looking ahead, initial resistance is at $ 87.20 (1.618 Fib Extension – blue). This is followed by $ 90, $ 96.60 (1,272 Fib extension), $ 100 and $ 105 (1,414 Fib extension).
On the flip side, initial support is at $ 80. This is followed by $ 75, $ 70 (0.236 Fib), $ 60.50 (0.382 Fib & 20-day MA), $ 58.50, and $ 53.15 (0.5 Fib).
SOL / USD daily chart. Source: TradingView.
Compared to BTC, SOL also does very well and is around the ATH level of 0.00177 BTC. The cryptocurrency fell for the first half of the week until it found support at 0.00146 BTC on Wednesday.
SOL bounced back from there yesterday, breaking 0.0015 BTC and reaching 0.0016 BTC. It continued to move up today, returning to the 0.00177 BTC ATH which was set just last week.
If buyers break the ATH, the first resistance, looking to the future, will be 0.0019 BTC (1,272 Fib Extension). This is followed by 0.002 BTC, 0.00202 BTC (1,414 Fib extension), 0.0021 BTC and 0.00222 BTC (1,618 Fib extension).
On the other hand, the initial support is at 0.0016 BTC. This is followed by 0.0015 BTC (the weekly low), 0.00136 BTC (0.382 Fib), 0.0013 BTC (20-day MA) and 0.00123 BTC (0.5 Fib).
SOL / BTC daily chart. Source: TradingView.
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