Can the cryptocurrency market remain bullish on the first days of August?
Most of the coins faced a correction period on the last day of the week.
BTC/USD
Despite the slight decline, the rate of Bitcoin (BTC) has risen by 5.19% over the last 7 days.
BTC/USD chart by TradingView
On the weekly chart, Bitcoin (BTC) looks bullish as the rate stays above the $23,000 mark. If bulls can hold the initiative, one can expect a continued rise to the $25,000 zone on the first days of the upcoming month.
Such a scenario is relevant until mid-August. Bitcoin is trading at $23,710 at press time.
ETH/USD
Ethereum (ETH) has gained even more than Bitcoin (BTC) as the rate has grown by almost 8%.
ETH/USD chart by TradingView
Ethereum (ETH) has continued the rise after the false breakout of the mirror level at $1,476. In this case, the more likely scenario is a test of the $1,900-$2,000 area within the next days. Ethereum is trading at $1,711 at press time.
XRP/USD
XRP is showing the same growth as Ethereum (ETH), rising by 8%.
XRP/USD chart by TradingView
XRP is trading near its resistance level at $0.3893 on the weekly chart. If the candle closes above this mark, there is a high possibility to see a sharp upward move to the $0.40 zone soon.
XRP is trading at $0.3895 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
