Bitcoin, Ether, and XRP Weekly Market Update July 22, 2019
The total crypto market cap added $12 billion to its value during the last seven days and now stands at $290 billion. The top 10 currencies are all in green for the same time frame with Bitcoin SV (BSV) and Tron (TRX) being the best performers with 34 and 17.7 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $10,614 while ether (ETH) stands at $226. Ripple’s XRP is at $0.329.
Bitcoin closed the previous seven-day period at $10,186 with a 9.6 percent decline and was already eyeing $10,000 as well as the levels below this mark. The BTC/USD pair started the new week with some positive vibes as it moved up to $10,822 on Monday, July 15.
Bulls were doing their best to defend the important support at $10k as a break below would mean a bear reversal and new crypto-winter at least in the mid-term. On July 16 however, the most popular cryptocurrency formed another red candle and smashed through support levels to stop at $9,400. The move represented a 13.2 percent loss.
Wednesday, July 17, found buyers attempting yet another comeback by climbing to $9,713 and temporarily breaking above $10k during the intraday trading session.
The coin moved steadily above the mentioned level on Thursday, July 18 and registered 9 percent of price increase to close at $10,654. It lost some ground on the last day of the workweek and stopped at $10,530 after trading as low as $10,130 during the day.
The first day of the weekend came with another green candle, this time to $10,755 as Bitcoin was slowly but surely finding its way back to the previous highs. On Sunday, July 21, it made an almost identical move, but in the opposite direction and closed at $10,598.
The BTC/USD pair was 3.3 percent up for the week.
In the early hours of July 22, bitcoin is trading lower, at $10,553, so traders are still looking at defending $10,000 and consolidating for an attack of the zone around $11,000.
The Ethereum Project token closed last week at $226 on Sunday, July 14, and registered 27 percent of losses for the seven-day period.
It opened the session on Monday, July 15 with a price increase to $228, but during the intraday bears were able to push price all the way down to $202 where it was rejected.
Still, ether smashed through that level on July 16, when it erased 13 percent of its value and moved south to $198. Bulls are now hoping for $200 to turn into solid support in order to prevent further loses and freefall towards $150.
On Wednesday, July 17, the ETH/USD pair regained some of its territory and climbed back up to $211. It added another 7 percent to its value on the next day, July 18 and moved up to $226 in one of its best days since the beginning of the month.
On Friday, July 19, the ether moved South to $220, but bulls did not allow any further decline and pushed it back up to $228 on Saturday, July 20. They were not close to the next resistance at $230 and a move above this level would be a big step towards short to mid-term recovery.
On the last day of the week, the ETH/USD pair lost $3 of its value and closed at $225. It remained flat for the period.
The Ripple company token closed trading session on July 14 at $0.303 with a 20 percent loss for the week.
It opened the new seven-day period on Monday, July 15 by moving up to $0.312. During our previous analysis, we used $0.30 and $0.285 as next levels of support and that is exactly where the XRP found its stability.
On Tuesday, July 16, the coin dropped further to $0.294 and touched $0.285 during intraday trading without being able to break below it. Instead, it rebounded from there and moved North to $0.311 on July 17.
The “ripple” formed a second consecutive green candle on the daily chart on July 18 and extended gains to $0.32. It remained flat on the next day, July 19 as bulls were still consolidating and preparing for an attack towards the $0.35-$0.37 zone.
Even though the XRP bulls managed to avoid a freefall, their favorite digital asset still remained in a downtrend channel.
The weekend of July 20-21 started with another good session and a jump to $0.333. There weren’t any serious price changes on the last day of the week and the Ripple token closed the period at $0.33 with 7.8 percent of price increase.
Altcoin of the Week
Our Altcoin of the week is Bitcoin Satoshi’s Vision known also as Bitcoin SV (BSV). The Bitcoin Cash fork managed to add 32 percent to its value for the last seven days and successfully regained some of its territory lost during the freefall, which started on June 26. During that period the coin dropped from its all-time high of $249 to $111 on July 15.
In the five-day period between Wednesday, July 17 and Sunday, July 21, the BSV added $64 to its value and peaked at $187. It closed the week at $166 and is now the ninth-largest cryptocurrency with a market cap of a little more than $3 billion.
In the early hours of July 22, the BSV/BTC pair is trading at $0.0162 on the Bitfinex daily chart.