The Weekly crypto analysis for July 21, 2023, reveals that most cryptocurrencies have been trading in mixed signals, with bullish and bearish trends visible in the market. The BTC price analysis shows that the price has fluctuated between $30,000 and $29,7500 throughout most of the week, with minor corrections. The failure of Bitcoin to recover from strong support levels raises the possibility of a further correction, which might also have a negative effect on altcoins.
On July 18, Bitcoin dropped close to a crucial support level after failing to maintain above the resistance of its constrained range. According to Glassnode’s Bitcoin Accumulation Trend Score, the consolidation of the last several days appears to be an accumulation phase. The ETH price analysis shows that the coin has been trading around $1,900 with a slight upward trend.
The BNB price analysis reveals that the coin has been trading in a range of $252-$239 for most of the week, with bulls and bears being equally active in the market. The XRP has gained momentum in the last few days, with its price up by 12% in the past seven days. The ADA price analysis reveals that the coin has been trading in a tight range of $0.3182-$0.3112 for most of the week and is likely to remain close to this level until further news arrives. The Solana price analysis reveals that the altcoin price analysis shows that the coin has been trading in a mixed range, with no clear signs of a breakout.
BTC/USD
On July 17, BTC fell below the 20-day EMA of $30,124; on July 18, it tested the critical support level of $29,500. The day’s candlestick’s extended tail indicates buyers are still drawn to lower levels. At the time of writing, BTC is at $29,879, up by 0.65% in the last 24 hours. In the past few days, the range has been getting tighter and further consolidation is expected in the coming days.
The 20-EMA is currently below the 50-EMA, indicating a bearish trend. The RSI has dropped below 70 and is currently at 60. If the RSI continues to decline, it will indicate a neutral bearish pressure in the market. The MACD is also trending lower, hinting at a further downside in BTC prices. The 20-SMA has a significant bearish angle, indicating that further downside is likely in the near term.
ETH/USD
The ETH price analysis shows that the coin has been trading around $1,900 with a slight upward trend. The bears and bullish are equally active in the market, leading to narrow price movements. ETH is at $1,893 at the time of writing, up by 0.56% over the last 24 hours. The 20-EMA and 50-EMA are currently trading close to each other, indicating a range-bound trend between $1,870-$1,900 levels.
This suggests the ETH/USDT pair could remain stuck between the 50-day SMA and $2,000 for longer. The RSI has been hovering in neutral territory, which suggests that the bulls and bears are battling for control of the pair. The MACD is also close to zero, indicating that the ETH/USD pair is trading range-bound.
XRP/USD
The XRP price analysis reveals that the coin has gained some momentum in the last few days, with its price up by 12% in the past seven days. The bulls have managed to defend the $0.84-$0.75 range for most of the week, but they failed to push the prices above $0.83. At the time of writing, XRP is at $0.7830, down by 0.38% in the last 24 hours.
The weekly technical indicator analysis reveals that the 20-EMA and 50-EMA are close to each other, suggesting that XRP could remain rangebound between $0.75-$0.83 levels for some time now. The MACD indicator is in positive territory, and the MACD line is trending higher, indicating that buying pressure is slowly gaining momentum. The RSI has also increased above 75, suggesting the market is overbought.
BNB/USD
The BNB price analysis reveals that the coin has been trading in a range of $252-$239 for most of the week, with bulls and bears being equally active in the market. At the time of writing, BNB is at $243, up by 0.75% in the last 24 hours. On July 15, the pair hit a weekly high of $255, but the bulls failed to maintain their presence above $250 and hit a weekly low of $239 on July 18.
The 20-EMA has a slight downward angle, indicating that the bearish trend will likely continue soon. The MACD also shows bearish momentum and divergence from the signal line. Moreover, the RSI is below 50, indicating that selling pressure may remain strong in the coming days. A break below $230 could cause the prices to move further lower; however, a move above $250 could push the prices higher.
ADA/USD
The weekly analysis for ADA reveals that the coin has been trading in a tight range of $0.3368-$0.3034 for most of the week and is likely to remain close to this level until further news arrives. At the time of writing, ADA is at $0.3138, down by 0.49% in the last 24 hours. On July 15, ADA hit a weekly high of $0.3368; however, buyers failed to maintain their presence above this level, and the coin dropped back toward the $0.3034 support.
The technical indicators reveal that the 20-EMA is below the 50-EMA, indicating a bearish trend in ADA. The RSI has remained mostly flat between 40 and 50, suggesting that buying pressure might stay weak for some time now. The MACD line is below the signal line, indicating that downward pressure still prevails. The SMA also has a significant bearish angle, indicating that further downside is likely in the near term.
SOL/USD
The Solana price analysis reveals that the altcoin price analysis shows that the coin has been trading in a mixed range, with no clear signs of a breakout. At the time of writing, SOL is at $25.77, up by 2.21% in the last 24 hours. The 20-EMA and 50-EMA are trading close to each other, indicating that the coin could remain rangebound between $25.14-$25.95 for some time now.
The RSI is currently at a neutral level of 55.24, suggesting that the bulls and bears are evenly matched. The MACD is close to zero, indicating that the SOL/USD pair is trading range-bound. Moreover, the SMA has a significant downward angle, suggesting that further downside is likely in the near term. A break above $26 could push SOL prices higher; however, a move below $25 could trigger more selling pressure.
Weekly Crypto Analysis Conclusion
Weekly crypto analysis shows that many major cryptocurrencies have been trading in a sideways range. The bears and the bulls are locked in a battle for control while the market waits for the decisive factor to make it move either way. With the technical indicators giving mixed signals, whether any cryptocurrency will break out of its trading range is yet to be seen.
