Price Analysis: Bitcoin, Ethereum, Tezos – Jul, 24

Price Analysis: Bitcoin, Ethereum, Tezos – Jul, 24
BTC/USD, 1D

▪️ In this commentary, we’ve chosen a bigger timeframe to observe Bitcoin’s reactions for the past four months – basically the appreciation of 230% that the holders have enjoyed. We’ve also placed a Fib Retracement on the chart, one that starts from the 2nd of April, when the first $1000 daily candle came in sight and ends on the 27th of June when a major correction occurred. Along the way, we’ve also placed some horizontal lines of significant importance: the red ones are support, while the blue ones act as resistance. Discussing them as follows:

▪️ $9080: firstly, this level acted as resistance, given its single touch that determined a 15% correction. This led to an intense consolidation above the most important level of support marked on the chart: $7620. This is also the level that started Bitcoin’s last parabolic advance towards $13k. The transformation of $9080 from resistance to support (right where we can see a red arrow) has been a big sigh of bullishness from BTC.

▪️ $12,920: this is “the big resistance”. Price came two times to test this level and it had the same result: big rejections from the sellers. The 1st one led to a 25% percent drop, while the second one was even bigger: 30% în just one week. The lower blue line didn’t act as a real resistance when the price first came to test it. That happened 20 days later, at the blue arrow, where we can clearly see that BTC is struggling to obtain a close above $10,800.

▪️ $10,800: for the moment, this is BTC’s biggest challenge. If price can find its way back above this blue horizontal, there’s a high probability that we can go above the superior resistance. But if the price isn’t sustained and starts making lower lows, we could see a drop to the last line of support: the $7600 area.

ETH/USD, 1D

▪️ From the first point of view, the situation in the ETH market looks even worse. We’ve placed more levels of interest on the chart, but the thicker ones are most important, especially $231 – the level that we’re going to talk about first:

▪️ $230: 1st and foremost, this is an important “S/R flip”, given its transformation from support (green arrows) to resistance (red arrows), this is the biggest pivotal level for ETH. As long as price develops above it – ETH’s structure is bullish; of course, the mutual situation applies: if price develops below $230, the market structure is bearish and ETH could go to the lower red levels. Speaking of which, the price hasn’t touched $188 in its last attempt to find a better level of support.

▪️ $270 and $290: those two are also somewhat pivotal levels, but not as important as $230. The 1st one acted as resistance for more than a month, then became support on the 1st of July, when ETH made a structure break. The sellers saw the short opportunity and took advantage of it, pushing the price downwards for more than 135 points (from the blue thick line at $335 to $200).

▪️ If the price doesn’t manage to close above $230 in the coming days, then we could see the price continuing its bear structure, aiming for low $170’s.

XTZ/USD, 1D

▪️ Well, this is a better-looking chart. Tezos made what it looks like a double bottom at the $0.85 level, both of the touches being bought up by the bulls – this is what you’d like to see as an XTZ holder. There’s not too much to say about the lower level of support other than it held perfectly; so we’re getting to the next one:

▪️ $1.1: this is XTZ’s equivalent of a pivotal level. Its primary role was to act as support during the last two months, having short periods of time when it became resistance. At the moment of writing this commentary, we’re also very close to this horizontal line and given its past consolidation, we speculate that XTZ has the chance to appreciate 20% in the coming days.

▪️ $1.32: aka “the last line of defense for bears”. This horizontal represents XTZ’s big resistance, but as we can clearly see on the chart, the price made multiple touches of this level in a short period of time. It’s extremely probable that the next try of this level would make sellers give up, potentially going for $1.5 and even ATH above $2. Tezos is pretty new on the market compared to other crypto-currencies and hasn’t had its major pump. We’ll see how it goes& monitor this coin closely.

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