Crypto price analysis 7/14: Bitcoin could surpass $12,000 in the coming weeks plus XRP, ADA, LTC, LINK, XTZ

By Emma On Jul 14, 2020

The stock market is surging, and many altcoins continue to push the price higher as Bitcoin price consolidates into a tight trading range.

Nasdaq has been regularly taking new highs in the past few days, which has led to a strong rally in several technology companies. Along with this, a few stocks in the S&P 500 are also booming, pushing their value to an astronomical level.

While the US stock market is on the rise, gold will not be left behind. It has also risen to its highest level in nine years, which shows that the assets are considered a safe and risky haven, both gathered at the same time.

Bitcoin

Bitcoin’s relentless consolidation phase may not take too long.

Analysts are now explaining that BTC is starting to form some subtle bullish signs that are likely to spur it higher in the coming days and weeks.

$9,300 has recently been proven to be a heavy resistance for BTC. The move over this level has been denied several times during the past few weeks, and it is unclear whether the buyer can counter this level.

For example, yesterday, BTC price raised to $ 9,350 before facing a quick rejection that made it turn around to $ 9,100.

While reviewing Bitcoin’s weekly market structure, analyst Josh Rager explained that he saw many signs of the price increase.

“BTC weekly chart currently looks bullish. Weekly support (green box) held for multiple retests over weeks, and this week’s price didn’t even make it back down there. The weekly close is higher than the previous two weeks. BTC could still go lower, sure, but what’s not to like here?”

Source: Josh Rager / Twitter

Another analyst recently observed that Bitcoin had established considerable high liquidity throughout the past weeks and months.

This liquidity is above the high of $ 10,500 and could help boost digital assets significantly higher in the coming days and weeks.

“Leaning bullish atm due to continuously failed selloffs into 1D demand & the 0.618 retracement of the current low & high, trapping shorts & sellers. Over two months now spent in this range, recent PA leaving a lot of overhead liquidity. I think we take that out next.”

Source: HornHairs / Twitter

XRP

Over the past week, XRP has surged above the $ 0.19 resistance level. XRP price has even risen above $ 0.2 and is stable above 100 SMA (4 hours).

It traded to new monthly highs at $ 0.2118 before beginning to correct the downside. There is a break below $ 0.205, plus the Fib 23.6% retracement of the increase from the $0.1741 low to $0.2118 high.

The price even dropped below $ 0.195, but the $ 0.192 level acts as strong support. More importantly, the 50% Fib retracement level of the increase from the $0.1741 low to $0.2118 high is acting as a significant buying zone.

The bears made two attempts to penetrate the support of $ 0.192 but failed. There seems to be a major bullish flag forming with resistance near $ 0.205 on the 4-hour chart of the XRP / USD pair.

Source: TradingView

On the upside, the price is facing barriers near $ 0.2025 and $ 0.205. A successful close above the rising flag resistance could restart the rally, and the price could rally to $ 0.21. The next target for the bulls could be $ 0.22 in the next sessions.

ADA

Earlier this month, the Cardano (ADA) price began to rise sharply after breaking the $ 0.1 resistance. ADA gained momentum above the $ 0.12 resistance level and settled well above 100 SMA (4 hours).

The price has risen more than 25% (outperforming bitcoin) and is trading close to $ 0.14. A new monthly high was formed near $ 0.1385 before the price began to decline. It has corrected lower than $ 0.13.

It even fell below $ 0.12, but the bulls defended the area at $ 0.11. ADA has recovered and is currently consolidating above the support zone of $ 0.12. More importantly, there are two important uptrend lines formed with support near $ 0.12 and $ 0.111 on the 4-hour chart of the ADA / USD pair.

Source: TradingView

The recent low is $ 0.12, and the price is testing the Fib 23.6% retracement of the decline from the high of $ 0.1361 to a low of $ 0.12. The first major resistance is near the $ 0.128 level.

The Fib 50% retracement of the decline from a high of $ 0.11361 to a low of $ 0.12 is also near $ 0.128. The major resistance area is near the $ 0.132 level, and the downtrend line connects to the top of the chart. Above this level, the bulls are likely to target the new monthly high above $ 0.14 and can test the $ 0.15 resistance level.

LTC

Litecoin (LTC) is currently at risk of falling out of the top 10. Due to the sharp increase in ADA price and the relative decrease in LTC compared to other competing currencies such as BNB, it has now slipped to 9th place by market capitalization.

It is not surprising that Litecoin’s short-term price charts are feeling the effects of this price competition.

LTC is currently trading at $ 43.3 for the past 24 hours, with a decline of nearly 4%. Two very distinct patterns can be identified in the hourly price chart, the first bullish triangle has pushed the price beyond $ 42, and the reversed head and shoulders pattern has just moved below.

The ascending triangle started on June 26, with the price hitting the $ 42 resistance level, forming higher lows, but the top remained unchanged. As the price is tightening, a breakout can occur on July 6, when LTC rises from under $ 42 to as high as $ 45.75, in less than 12 hours. When it faced another resistance at $ 45.8, the price dropped and eventually fell below the next support at $ 44.65.

Source: TradingView

LTC has also formed a reversal head and shoulders starting on June 15 with the first left shoulder. The head realized when the price fell below $ 39.4 on July 27, after which the formation of the ascending triangle. The second shoulder was completed when the price broke above $ 44, then dropped to as low as $ 43.5 and then traded in the range of $ 42.9 to $ 45.6 from July 7 to July 13.

LTC’s Chaikin Money Flow indicator is flirting with 0, which is not a good sign for health. When the drop from $ 45.5 to $ 43 occurred, the volume was high, suggesting that many investors were pulling their money out of altcoins. However, an important sign is that the CMF does not fall below -0.19, but it also does not move above zero after falling.

The shoulder base must be set at $ 43.4, the price drops below July 14. An important sign for LTC is that there is still some money flowing in and if this exceeds support, the price could trade between $ 42.9 and $ 44.65 at a time.

LINK

Chainlink (LINK) has witnessed a monster-sized protest during the past few years.

This momentum reached a boiling point last night as the cryptocurrency soared to a high of nearly $ 8.5 before hitting some resistance that slowed its rise and catalyzed a slight sell-off.

It is important to note that the uptrend of cryptocurrencies is being driven by fundamental strength and on-chain data suggests that it could mark a long-term trend.

Data from Glassnode shows that the LINK exchange flows reached all-time highs last night, signaling that investors are moving their tokens away from exchanges and into cold storage wallets.

Source: Glassnode

This is often an indication of the investor’s base of an asset with long-term access to their positions.

Analyst “Cactus” believes that LINK is well-positioned to rise to $ 10 by the end of this year.

“LINK HTF Update: Pretty much perfect retest of $4 which was what I was originally looking for over the past 2 months… Currently up over 100% in the past month, probably going to be aiming for $10 this year.”

Source: Cactus/ Twitter

XTZ

Tezos (XTZ) is beginning to show some signs of immense power. This came shortly after LINK generated the parabolic motivation that allowed it to set new all-time highs.

Some analysts are currently pointing out the striking similarities between the price action of two cryptocurrencies, as for now, XTZ is being caught in a technical roster similar to LINK’s that formed just before its explosion.

If this pattern takes place the continuous development of XTZ could mark the beginning of a much larger movement.

Analyst “CryptoBirb” recently released a chart showing the prominent correlation between XTZ and LINK from a technical perspective.

If confirmed, XTZ can trade in a wedge model similar to the one that helped spark a sharp surge of LINK last night.

“XTZ confirmed generational reversal to repeat LINK.”

Source: CryptoBirb / Twitter

Another analyst recently noted that XTZ has now passed many key resistance levels, and turning them into support may be sufficient to drive further gains.

“XTZ: Tezos broke through daily resistance levels over the past day. Is now retesting a long term daily level as support and as long as this holds I expect it to take off again.”

Source: Josh Rager / Twitter

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