Bitcoin and Ethereum Correct Gains, Dips Remain Supported

  • 05 August 2021, Thursday, 13:00

Bitcoin price failed once again to clear the USD 40,000 resistance. BTC corrected gains and traded below the USD 39,000 pivot level. It is currently (12:11 UTC) struggling to stay above USD 38,000 and it might revisit the USD 37,500 support zone. Similarly, most major altcoins are trimming gains. ETH failed to stay above the USD 2,650 support but it returned above USD 2,600 again. XRP failed to surpass USD 0.750, but it is still trading above USD 0.700.

Total market capitalization

Bitcoin price

After a rejection near USD 40,000, bitcoin price started a fresh decline. BTC declined below the USD 39,000 support to move into a bearish zone. The price even traded below USD 38,500 and it might continue to move down. If there is a close below USD 38,000, the price may even struggle to stay above USD 37,500. The next key support is near the USD 36,200 level. On the upside, the price might face hurdles near the USD 39,000 and USD 39,200 levels.

Ethereum price

Ethereum price topped near the USD 2,775 level before it started a downside correction. ETH broke the USD 2,700 and USD 2,600 support levels, before correcting higher again. On the upside, the USD 2,650 level is an immediate resistance. The next key resistance is near USD 2,700, above which the price might rise towards USD 2,775.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is back above the USD 1.35 resistance level. If ADA remains stable above USD 1.35, it might test the USD 1.40 resistance. Conversely, there are chances of a move towards the USD 1.30 support level. Litecoin (LTC) is moving lower from the USD 145 resistance. LTC is back below USD 140 and it may possibly test USD 132. The next key support is near USD 130, below which the price might test USD 125. On the upside, the bulls are facing major hurdles near USD 145 and USD 150. Dogecoin (DOGE) is almost unchanged in a day and is back below USD 0.200. There was no follow up move and it seems like the bears are likely to aim for a larger decline below USD 0.185. The next major support is near USD 0.165, where DOGE might find bids. XRP price jumped above USD 0.720 and it tested the USD 0.740 level. There was no test of USD 0.750. The price is now trimming gains and it is trading near USD 0.715. The main support is near USD 0.700, below which there are chances of a larger decline in the near term.

Other altcoins market today

Many altcoins climbed over 5%, including VGX, AAVE, BTT, ZEN, COMP, RUNE, SOL, ZRX, UNI, THETA, OKB, and XMR. Out of these, VGX rallied 17% and it surpassed the USD 3.30 level.

To sum up, bitcoin price is showing bearish signs below USD 39,000. If BTC fails to stay above USD 37,500, there is a risk of a move towards the USD 36,200 level. __

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