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Can the cryptocurrency market remain bullish on the first days of August?

Can the cryptocurrency market remain bullish on the first days of August?
Denys SerhiichukDenys SerhiichukU.Today

Most of the coins faced a correction period on the last day of the week.

Chart

BTC/USD

Despite the slight decline, the rate of Bitcoin (BTC) has risen by 5.19% over the last 7 days.

BTCUSD

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

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

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.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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