by Lucas Correia*
Bitcoin has gained about +6.83% in the last week, trading near the $45,700 level, despite lower volume compared to the 20-week average. According to metrics from the CoinMarketCap website, the dominance of the main crypto remains at around 46.4%.
On the daily chart, we observe bitcoin in an important fighting region between buyers and sellers, the resistance range of the 200-period moving average at $45,000. This price level is an important barrier, despite the buying pressure that has been built up in the last two weeks.
The laterality scenario between late May and late July occurred in the 61.8% Fibonacci correction of the high Aug/20 and Apr/21, and this strongly indicates that the recent move may have been an accumulation to continue the trend. long-term high.
The second largest cryptocurrency in market volume appreciated ~6.30% compared to bitcoin, being traded at 0.06870 BTC per unit of ETH. Last week’s volume was higher than the previous two, but still lower compared to the last 20 weeks’ average volume, which indicates a lack of strength in the movement. On the daily chart we have the 0.07195 region acting as the main resistance (61.8% between the top of the 15th of May and the bottom of the 23rd major). We believe the bullish move will continue, with targets for the next Fibonacci retracements of the benchmark move at 0.07195 BTC (61.8%) and 0.07595 (76.4%). The historical high is at 0.08240 and is also an important resistance to be tested if the price continues to work above 0.06500.
The Chainlink e smart contracts platform is trading near 0.0005312 BTC, down 5.80% in the last week. On the daily chart, we see the 200-period moving average working as a resistance at 0.0006120, and a short-term sideways. The next support to be tested, given the failure of the moving average breakout, is found at 0.0004818 and 0.0004166.
Crypto Polkadot has a market cap of 447,689 BTC, and has dropped 2.85% in the last seven days. It is currently quoted close to 0.0004539 BTC and there is a market expectation for the test of 0.0005 BTC. The daily chart shows the 21-period moving average with ascending slope, signaling continued bullishness, and forms the possibility of a bullish pivot figure topping at 0.00049610. The breakout of the quoted figure could lead to Fibonacci targets at 0.00055530 (141.4%) and 0.00058447 (161.8%).
Buying pressure returns to the DeFi Uniswap platform. Last week it devalued 9.87% and works above 0.0006000 BTC. The daily chart shows the break of a downtrendline, indicating the possibility of a further bullish leg. The break of the resistance at 0.00068265 is important for confirmation of the bullish scenario, and the Fibonacci projection has targets at 141.4% (0.00077761 BTC) and 161.8% (0.00082439) of the studied move.
Binance Coin (BNB/BTC)
Binance’s cryptocurrency was down 6.51% from the previous week, trading at 0.007797 BTC, with a market cap of 1,307,683 bitcoins. The chart shows a falling trendline near 0.009 BTC, indicating a downtrend. The price is currently testing a major support between 0.007643 and the previous bottom at 0.007390. A break of the quoted support could lead to Fibonacci targets at 0.006600 (141.4%) and 0.006091 (161.8%).
Cardano remains in a short-term downtrend, despite the attempted recovery at the end of July, and is down 0.95% from the previous week. Crypto currently trades at 3,256 satoshis and has close support at 3,100 satoshis. On the daily chart we have a bearish pivot formed with the top on the 2nd of June and the bottom on the 22nd of June, the main reference move for using the Fibonacci tool. The figure’s projection may bring the price to the targets of 2,855 satoshis (141.4%) and 2561 satoshis (161.8%). Scenario failure occurs if the price works above the blue trendline.
Ripple is trading at 0.00001779 BTC, as it goes flat, despite having lost 2% this week. The daily chart shows a blurring of movement as the price works near the 200-period moving average and support of 0.00001588 BTC. The scenario for the coming days remains sideways, in case the aforementioned support does not break. It is important to note that if a bullish move occurs during the week, the resistances lie in the Fibonacci retracements of the last bearish move at 0.00002136 (23.6%) and 0.00002475 (38.2%).
The multi-chain Polygon posted a 6.20% drop in the last week and continues to be quoted at 0.0000246 BTC. On the daily chart, we see a bearish trend that has been going on since June and has formed a bearish pivot, which is a benchmark move for the Fibonacci projection. We believe the decline will continue if the price remains below 0.00002906, and it has a 141.4% target at 0.00002071 and a 161.8% target at 0.00001496.
*Lucas Costa holds a Master’s Degree in Administration and Economist from the Federal University of Juiz de Fora, worked as an academic researcher and professor on blockchain, cryptocurrencies and consumer behavior, being one of the founders of the Blockchain UFJF research group. He was a foreign exchange trader at a proprietary desk with a focus on technical analysis, and an individual trader in the futures market. He is currently a CNPI technical analyst at BTG Pactual Digital, and presents the live analysis room with the highest audience in Brazil.