Crypto Price Analysis 7/2: Bitcoin aims towards $9,300 but may plunge after hitting $9,500 plus ETH, XRP, EOS, XLM

By Emma On Jul 2, 2020

Bitcoin, gold, crude oil, and the US stock market all increased sharply throughout the second quarter of this year. This shows that the desire of investors is still strong because they believe that central banks will continue to maintain the money supply.

Although monetary easing may be a short-term solution, if not recovered in time, it could destroy the economy in the long run, as seen in Zimbabwe.

Although Bitcoin has been into a range for the past few days, the participation of both institutional investors and retail investors has increased. This shows that investors have bought Bitcoin for a long time.

Bitcoin

After stabilizing above $ 9,000, the Bitcoin price began to rise slowly and steadily. BTC has broken through the $ 9,200 resistance level and is currently trading well above the 100-hour SMA.

The recent upside move is positive, and the price has pulled up traction after it broke the $ 9,220 resistance and the downtrend line connected on the hourly chart. It opened the doors to make more profit, and the price rose to the resistance of $ 9,300.

A high formed near $ 9,301, and the price is currently correcting lower. It tested the Fib 23.6% retracement of the recent rally from the $9,061 low to $9,301 high.

Source: TradingView

On the other hand, there is good support forming near $ 9,180 and $ 9,160. There is also a significant uptrend line formed with support at $ 9,180 on the hourly chart of the BTC / USD pair. The trend line is close to the 50% Fib retracement level of the recent rally from the $9,061 low to $9,301 high.

The main hurdle on the upside remains near $ 9,300. A successful break and close above $ 9,300 could probably clear the way to the $ 9,500 and $ 9,550 resistance levels.

Unfortunately, technical analysis confirms that BTC may soon see the rejection.

There is a perfect storm of technical factors suggesting Bitcoin will maintain a decline at $ 9,500.

Trader “Coiner-Yadox” shared the chart below on July 1 shows that out of several dozen basis points of $ 9,500, there is a large confluence of technical resistance levels. These include but are not limited to:

A daily pivot level
June’s volume-weighted average price
The four-hour 200 simple moving average
The price Bitcoin traded at on June 1st.
A descending trendline that marked three distinct highs over the past month.
The 61.8% Fibonnaci retracement of the $ 10,500 highs.

Still waiting on this.

WTS 9479.

Confluence:
Daily Pivot 9450
June VWAP 9480
4hr 200 SMA 9460
June Monthly Open 9450
Descending Trendline
61.8 pic.twitter.com/rxm2zWWr3u

— Coiner-Yadox (@Yodaskk) July 1, 2020

The fact that many of the technical resistance currently exists at $ 9,500 suggests that a selloff will take place after reaching this zone.

Besides, Bitcoin is also facing a selling wall in that area.

The same trader has observed that there are more than $ 10 million of orders sold on Binance right at $ 9,500. Many traders identify $ 9,500 as the point at which Bitcoin’s micro rally will reverse.

Source: Coiner-Yadox / Twitter

ETH

For the past three days, the Ethereum price has followed the path of a rise above the $ 220 pivot. ETH price has accelerated above the $ 225 and 100-hour SMA resistance.

The recent uptrend is positive, and ETH is trading above the $ 228 and $ 230 resistance levels. A new weekly high was formed at $ 233, and now the price is currently correcting lower. It tested the Fib 23.6% retracement of the recent rally from the $225 low to $233 high.

The previous resistance at $ 230 may act as a support, but the first major support is near $ 228. More importantly, this week followed an active ascending channel with support of nearly $ 228 on the hourly ETH / USD chart.

Source: TradingView

Support the channel close to the 50% Fib retracement level of the recent rally from the $225 low to $233 high. It looks like ETH price could be a strong buying advantage near the channel support, $ 226, and the 100-hour SMA.

$ 232 is the initial resistance. The next important resistance area is near the $ 235 level, above which the price could rise to $ 240 and $ 245.

XRP

After diving below $ 0.17, the price of XRP begins to recover slowly and stably. The price traded above $ 0.17 and $ 0.172 to move into the short-term positive territory.

There is a break above the Fib 23.6% retracement level of the drop from the $0.1868 high to $0.1689 low. However, the price is facing a few key hurdles near the $ 0.178 and $ 0.18 levels.

There is also an important downtrend line forming with resistance near $ 0.178 on the 4-hour chart of the XRP / USD pair. The trend line is close to the 50% Fib retracement level of the decline from the $0.1868 high to $0.1689 low.

Source: TradingView

It seems Ripple is preparing for a significant break above the $ 0.18 resistance level. If Bitcoin climbs above the $ 9,300 resistance level, it is highly likely that XRP will break above $ 0.18.

The next key resistance on $ 0.18 is near the $ 0.185 and 100 SMA (4 hours). If the upside is open, the price will move towards the next hurdles near $ 0.100 and $ 0.1920 in the next sessions.

EOS

Since March 13, the EOS price has been revised as a result of the rapid reduction that took place exactly one month earlier. The retracement level was exhausted because the price did not rise above $ 3, the Fib 0.382 level of the whole decline.

EOS has created a lower peak ever since and is facing resistance from the 100-day MA.

At the time of writing, it seems to fall below the support zone of $ 2.45. If it continues to decline, the nearest support area will be found at $ 2.1.

Source: Tradingview

However, the short-term chart seems to be bullish, as EOS is trading inside an ascending triangle. This is a bullish pattern, which shows the price will flare up, especially because it is happening after an up move.

Moreover, the RSI is showing strength by moving above 50. This move can cause the price to penetrate the support area from $ 2.45 before EOS continues to move down.

Source: Tradingview

XLM

Stellar price began a bullish move on March 13. On June 4, it nearly reached its previous high before falling sharply in February, almost completing a complete retrace.

Source: Tradingview

Trader Tony came up with a bullish chart for XLM, showing the price will go up to $ 0.12.

Source: Tony/ Twitter

Although this is certainly possible, especially given the number of waves given, a quick drop in BTC price can cause the same thing in XLM. Therefore, BTC must remain stable for at least the next two weeks for XLM to achieve this goal.

The short-term movement is in line with the prospect of price increases. After a breakdown, the price has regained a small area of $ 0.066, which is now likely to play a supporting role. Moreover, there have been two spikes in volume, during the lower low of June 27 and the engulfed candle on June 30.

If the price breaks out of the current descending resistance line, it will be expected to reach the recent highs of $ 0.075 and $ 0.085.

Source: Tradingview

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