Crypto price analysis 7/13: Bitcoin Hash Ribbons “Buy” signal indicates the beginning of the great bull run plus ETH, XRP, LINK, XTZ

By Emma On Jul 13, 2020

At various points throughout 2020, Bitcoin is correlated with gold. During these periods, BTC acted as an unrelated asset, but now it has become highly correlated with the S&P 500.

This indicates that King Coin has found acceptance among different groups of traditional investors during the different stages of the current coronavirus pandemic that caused the economic crisis.

Bitcoin’s volatility has declined over the past few days, but a select number of altcoins have surged, prompting analysts to predict that a new altcoin season has arrived.

Bitcoin

There has been talking about Bitcoin’s Hash Ribbons in recent days. Hash Ribbons is an indicator that receives signals from diagonal lines in short-term and long-term moving averages of the hash rate of the Bitcoin network.

Investors have started discussing it because they think it is on the brink of printing a bullish macro importance signal.

After the daily candle closed on Sunday, digital asset manager and Hash Ribbons creator, Charles Edwards, confirmed the signal:

“Bitcoin Hash Ribbons “Buy” signal just confirmed. The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. …and so the great bull run begins”.

Source: TradingView

This signal is very important because it was ahead of parabolic rallies in BTC price.

The figures below were posted by Edwards back in December 2019. It shows that each case of Hash Ribbons in a “buy” has led to parabolic gains, with an average increase rate of up to 5,520%.

Source: Charles Edwards

ETH

Among the top five cryptocurrencies, ETH has gained the most in recent weeks. The altcoin is getting closer and closer to local highs when Bitcoin and XRP stalled.

Analysts say that with this recent price action, ETH may be preparing to witness the biggest breakout since the bear market ended in early 2018.

According to trader “Lucid,” Ethereum may soon see an extremely important breakout as it consolidates below long-term resistance.

If the diagonal resistance and blue line are broken, he expects a higher boom due to a positive macro and fundamental environment.

Source: Lucid / Twitter

XRP

XRP dropped to a low of $ 0.173 in the early hours of trading on Sunday, July 5, but managed to recover to $ 0.177 in the evening.

The XRP / USD pair started a new seven-day period on Monday by moving up to $ 0.188. It has moved out of the downtrend and successfully re-entered the S / R area of $ 0.18- $ 0.19 after being near the support line of $ 0.175 for over a week.

On Tuesday, July 7, it made a short decline to $ 0.184 or near the 26-day EMA.

The midweek session on Wednesday witnessed the continuation of the uptrend. XRP has created a solid green candle to $ 0.205 on the best day since April 28. This move led to an 11.5% price increase and broke into the resistance zone of $ 0.20- $ 0.21.

On Thursday, July 9, the major altcoin closed with a loss of as low as $ 0.202 after buyers were rejected at the 200-day EMA in the morning. This session is quite volatile, with XRP trading in the range of $ 0.212 – $ 0.197.

The last day of the working week comes with another loss session, this time at $ 0.198.
XRP has plunged to as low as $ 0.192 on the day.

The July 11-12 weekend begins with another move into the $ 0.2- $ 0.215 area. The XRP / USD pair has partially recovered from its losses during the previous session and closed at $ 0.201.

The trading day on Sunday was marked by low volatility, and the XRP price remained unchanged, ending the week with a 14.2% increase.

Source: TradingView

LINK

Today, Chainlink (LINK) broke the $ 7 resistance and expanded more than 40%.

It even surpassed the resistance of $ 8 and stabilized above 100 SMA (4 hours). An all-time high is formed near $ 8.53, and the price is currently correcting lower, while major cryptocurrencies (Bitcoin and Ethereum) are struggling to clear the main hurdles.

LINK is currently correcting lower below $ 8,200. The initial support is near the $ 7,880 level or the Fib 23.6% retracement of the recent rally from the $5.729 low to $8.530 high.

Source: TradingView

The first major support on the downside is near the $ 7,200 and $ 7,150 levels. It is close to the 50% Fib retreat of the recent rally from the $5.729 low to $8.530 high. More importantly, there is a major uptrend line forming with support at $ 7,000 on the 4-hour chart of the LINK / USD pair.

If the LINK price sustains above the support levels of $ 7,200 and $ 7,000, it can start a new rally. The initial resistance is near the $ 8,200 and $ 8,500 levels. A clear break above $ 8,500 could open opportunities to push the $ 10 barrier in the coming days.

XTZ

Recently, there has been strong growth in Tezos (XTZ).

The XTZ price begins to rise sharply from the support of $ 2,450 and 100 SMA (4 hours). The bulls were able to clear the resistance levels of $ 2.5 and $ 2.75. It opened doors to make more profit than $ 3 and the price traded to new monthly highs at $ 3.05.

It is currently correcting lower and trading near $ 2.98. The initial support is near the level of $ 2.95. It is close to the Fib 23.6% retracement of the recent rally from the $2.585 low to $3.05 high.

Source: TradingView

On the other hand, the first major support is near the $ 2.8 level or the Fib 50% retracement of the recent rally from the $2.585 low to $3.05 high. Moreover, there is an important uptrend line forming with support at $ 2.65 on the 4-hour chart of the XTZ / USD pair.

Support the trend line near the previous breakout zone at $ 2.7. On the other hand, the price can struggle to settle above the $ 3 resistance. If successful, it could open the door for another increase. The next major resistance level could be $ 3.25, above which bulls can target new all-time highs in the coming days.

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