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Price Analysis, Jul 06: BTC, ETH, XRP, ONT, RLC for the week!

This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
This is a weekly column. For more frequent updates on markets, join Sumnesh’s telegram channel Price Action Trading.

BTC gave a weekly close (yesterday’s closing price) right below 9075 USDT (support mentioned earlier) for the first time after a month. However, the price has seen an upward push so far today and looks like it might stay in the broader 2 month range even after a weak close yesterday.

Another week where everyone anticipates whether BTC will continue to remain in range or break down from it as it hovers around the lower part of the range for more than a week now. Alt movements in coming days also rely on BTC price movements.

BTC/USDT (Daily Chart)- Retesting range lows

BTC/USDT after giving a weekly close tad below the support level has shown a healthy bounce today as it continues to remain in broader range so far.

BTCUSDT Chart. Source: TradingView

The tug of war between bears and bulls has got more interesting as BTC gave its first weekly close just below the support level at 9075 USDT yesterday. Just when it seemed like bears may gain more control, bulls have pushed the prices by over 150 USDT today keeping the price in the broader range of 9075-9905 USDT once again.

The immediate support for BTC lies at 9075 USDT and the resistance level is 9905 USDT.

The support around 9075 has held strong multiple times now bulls have protected the previous swing low which is also alongside larger buying area placed around 8491 USDT. However if the bears manage to break the support, the prices may retest the swing lows.

Traders should wait for more clarity and not try to get in early into a position as the movement around support can go in either direction.

ETH/BTC (Daily Chart)- Retesting range highs

ETH/BTC seems to be testing the top region of the tight range it has been stuck in for over a month now.

ETHBTC Chart Source: Trading View

Bulls may have made their hold stronger on ETH as it attempts to breakout of the tight range it has been in recently. The next region of importance will be the retest of resistance zone and and how price reacts there. That shall decide the further trend of the cryptocurrency.

The immediate support for ETH/BTC lies at 0.024630 BTC whereas the immediate resistance levels are around 0.026933 BTC region.

Traders should wait for a daily close above the high of this range before looking to go long on the pair.

XRP/BTC (Daily Chart)- Attempt to reverse, not confirmed yet

Last week the XRP price has seemed to rise steadily after a long time although it continues to remain in downtrend without any confirmations yet.

XRPBTC Chart Source: TradingView

XRP shows first signs of recovery as price seems to hold the gains for the week for first time after months. The grip of bears has slightly loosened after constant downtrend till now. But it is important to not jump on conclusions as yet because there is no confirmation of trend change.

The immediate resistance levels are around 0.00002220 BTC for the XRP/BTC pair.

The price needs to form at least one higher high and higher low to confirm trend change into uptrend. This has not happened yet and hence its prudent to wait for confirmation.

ONT/BTC (Daily Chart)- Second attempt of breakout

ONT/BTC after breaking out and going up close to ten percent last week, had sharply fallen below the breakout levels to shakeout weak buyers.

ONTBTC Chart Source: TradingView

ONT had retraced way lower than breakout levels after giving a good move last week. The cryptocurrency is re-attempting the breakout now.

The immediate support lies at 0.0000652 BTC whereas the resistance levels are around 0.0000714 BTC. 

The structure on the charts looks strong as it managed to maintain uptrend by giving a higher low even after a dramatic fall last week.

Traders may slowly build long positions with adequate stop losses as long as the support is held.

RLC/BTC (Daily Chart)- Breakout

RLC/BTC pair is in an uptrend since starting of June month. Recently crossed a strong resistance level.

RLCBTC Chart Source: TradingView

RLC gave a strong breakout day before yesterday and has generally been on a strong uptrend recently with healthy pullbacks for entry.

The immediate support lies at 0.00007700 BTC whereas the resistance levels are around 0.00009250 BTC. 

As long as the price holds the support, the cryptocurrency may continue its uptrend and look to retest the resistance zone. If the bears manage to break the support and give a daily close below it, the prices may slide down to a lower support placed at 0.00006150 BTC.

Traders should keep adequate stop losses on their long positions for this cryptocurrency.

Disclaimer: The views and opinions expressed above are solely for educational purposes and should not be taken as investment or trading recommendations. Readers are advised to do their own research and due diligence before making any investment or trading decision.

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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