MARKET WATCH EARLY 04JULY: BTC and ETH Struggle to Recover, AR and RUNE Accelerate

Bitcoin price settled below the USD 20,000 support zone. BTC is currently (05: 45 UTC) consolidating near USD 19,118 and is 9% in a week. Similarly, most major altcoins are trading below key support levels. ETH is well below USD 1,100 while XRP is struggling below USD 0.325. ADA could extend losses and test USD 0.42.
Bitcoin price

After another failure above USD 19,500, BTC price started a fresh decline. BTC remained in a bearish zone below the USD 19,200 level. The price is now consolidating near USD 19,100, with an immediate resistance near the USD 19,350 level. The next major resistance is now near USD 19,500. The main weekly resistance is at USD 20,000, above which the price could continue to rise.

On the downside, an initial support is near the USD 19,000 level. The next major support is near the USD 18,800 zone, below which the price could start a stronger decline.

Image from Tradingview on 04July2022
Ethereum price

ETH Price attempted a recovery wave but failed to surpass USD 1,100. ETH moved lower and retested the USD 1,000 support. It is now consolidating near USD 1,050, with an immediate resistance near the USD 1,060 level. The next major resistance is near USD 1,100, above which the price could start a stronger recovery wave. ETH is down 1% in a day and 12% in a week.

If there is no recovery wave, the price might dip below USD 1,000. The next major support is near USD 950, below which the price could revisit USD 880.

AR and RUNE Accelerate

AR and RUNE jumped 8%, becoming the best performers among the top 100 cryptoassets by market capitalization today. AR surpassed USD 11 and is also up 14% in a day, while RUNE neared USD 2 and trimmed its weekly gains to almost 8%.

Other Altcoins Market Today

Cardano(ADA) failed to clear the USD 0.48 and USD 0.50 resistance levels. The price is now trading below USD 0.45 and might continue to move down towards the USD 0.42 support zone.

BNB is trading well below the USD 225 pivot level and is struggling to stay above the USD 212 support zone. A clear move below the USD 212 level may perhaps call for a test of the USD 200 zone.

Solana( SOL) failed to settle above the USD 35 level and trimmed gains. There was a test of the USD 32 support zone. Any more losses might call for a test of the USD 30 level.

DOGE is stable above the USD 0.065 support zone. An immediate resistance is near USD 0.068, above which the price could rise towards USD 0.072. The next major resistance is at USD 0.075.

XRP is facing a lot of hurdles on the upside near USD 0.325 and USD 0.332. The main breakout zone is forming near USD 0.35, above which the price could rise steadily in the near term.

A few altcoins are showing positive signs, including QNT, DFI, SAND, TRX, TFUEL.

In Conclusion, in our view, Bitcoin is trading well below the USD 20,000 pivot level. A daily close below USD 18,800 may perhaps spark more losses.
CRYPTO TRADING SECRET TEAM

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