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BTC, ETH and XRP Price Analysis for July 17

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Sat, 17/07/2021 - 14:53
BTC, ETH and XRP Price Analysis for July 17
Cover image via www.tradingview.com

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The weekend has begun with ongoing bearish pressure as the majority of the coins remain red.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has confirmed the bearish trend, falling by 6.63% over the past week.

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

On the daily chart, Bitcoin (BTC) could not fix above the level of $32,190, which means that the ongoing decline is the more likely scenario at the moment.

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The last support before a potential sharp drop is the zone around $30,000. If bears break it, the price decrease may continue to $24,000.

Bitcoin is trading at $31,396 at press time.

ETH/USD

Ethereum (ETH) is looking worse than Bitcoin (BTC) as its price has gone down by 1.26% since yesterday.

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

Ethereum (ETH) is trading within the falling channel with no growing signals. The $1,730 level is the last one before the more profound decline to around $1,500. Thus, the selling trading volume is low, which means that there are few buyers who want to buy at the current rate.

Ethereum is trading at $1,867 at press time.

XRP/USD

XRP is the biggest loser from the list, going down by almost 3%.

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

XRP made a false breakout of the $0.70 mark, which means that sellers keep dominating the market. Buyers are showing no efforts to restore the price to at least $0.60. In this case, the decrease may continue to the nearest support at $0.505 where bulls may seize the initiative.

XRP is trading at $0.5794 at press time.

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