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BTC, ETH, and XRP Price Analysis for July 1

Price Predictions
Thu, 07/01/2021 - 12:24
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Denys Serhiichuk
Have bears seized the long-term initiative so far?
BTC, ETH, and XRP Price Analysis for July 1
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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July has started with the ongoing bearish impulse on the cryptocurrency market as the majority of the coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, the Bitcoin (BTC) price continued its pullback and returned to the lower border of the sideways range that formed earlier this week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The side corridor is clearly visible on a smaller time frame. Its lower border ($34,000) stopped yesterday's decline and buyers tried to restore the price, but by the end of the day they could not pull the pair out of this sideways range.

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In this case, there is a high chance to see the ongoing drop to $32,000.

Bitcoin is trading at $33,300 at press time.

ETH/USD

Yesterday morning, the Ethereum (ETH) price pullback stalled around the $2,100 mark and buyers tried to restore the pair. Only by the end of the day, was the price able to approach the POC indicator line ($2,330), but it could not test it.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

As of this morning, the pair rolled back from the local maximum zone and may return to yesterday's support of $2,100 during the day. If buyers are unable to seize the initiative, then the decline may continue below the psychological level of $2,000.

Ethereum is trading at $2,104 at press time.

XRP/USD

Yesterday XRP price set a daily low at $0.648. Buyers tried to seize the initiative and returned the price to the $0.70 mark, but again they failed to gain a foothold above this level.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Now one is witnessing a pullback to the area of average prices. If the four-hour EMA55 can withstand the selling pressure, then the price of XRP can be able to bounce above the orange level of $0.70. Otherwise, the pair might return to the upper border of the descending channel.

XRP is trading at $0.6591 at press time.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.