Crypto Technical Analysis

Crypto Technical Analysis 11JUL22: BTC and ETH Reverse Gains, Altcoins Dip

Crypto Technical Analysis 11Jul: Bitcoin price failed to clear the USD 22,500 zone and started a fresh decline. It is currently (06:20 UTC) trading near USD 20,414 and is down over 3% in a day, but is still up over 6% in a week. Similarly, most major altcoins trimmed gains. ETH is now trading well below the USD 1,200 zone.
  • Crypto Technical Analysis for BTC: BTC Reverses Gain

After struggling to stay above the USD 22,000 level, BTC price started a fresh decline. It even traded below USD 21,000 and tested the USD 20,500 support. The next major support is near the USD 20,000 zone, below which the price could decline towards the key support at USD 19,500.

On the upside, the price is facing resistance near the USD 21,200 level. The main weekly breakout zone is now forming near USD 22,000, above which the price could start a steady increase.

Image for Crypto Technical Analysis 11JULY.
Source: Tradingview
  • Crypto Technical Analysis for ETH: ETH Reserves Gains

ETH failed to clear the USD 1,250 resistance and declined. ETH traded below the USD 1,200 support, tested the USD 1,150 level, and remains at a risk of more losses. ETH is down 3% in a day and up over 7% in a week. The next major support is near USD 1,120, below which the price could revisit the USD 1,050 support zone.

On the upside, the price might face resistance near USD 1,200. The main weekly resistance is at USD 1,250, above which the price could gain bullish momentum.

  • Crypto Technical Analysis for Alcoins: Altcoins Dip

Cardano(ADA) failed to clear the USD 0.50 barrier and corrected lower. It is now trading near the USD 0.45 support zone. Any more losses might send the price towards the USD 0.42 level.

BNB traded below the USD 235 level. It is now stuck near the USD 230 level and might drop towards the USD 225 level. The next major support is near the USD 220 level.

Solana(SOL) is down 4% and trading near the USD 35 level. If there is a break below the USD 35 level, the price might continue to move down towards the USD 32 level.

DOGE retreated lower from the USD 0.070 level and is now consolidating near the USD 0.065 level. If there is a close below the USD 0.065 level, the price could extend losses.

XRP Price struggled to clear the USD 0.35 resistance. There was a fresh decline and the price is now consolidating near USD 0.32. Any more losses might call for a move towards USD 0.305.

Many altcoins are trading in a range, including DOT, LEO, SHIB, MATIC, CRO, FTT, ETC, BCH, VET, and APE. Meanwhile, GMT is the worst performer among the top 100 cryptoassets by market capitalization today as it dropped 10%, moving below USD 0.89. XMR is the best performer as it jumped 6% in a day and moved above USD 130.

In Conclusion, according to Crypto Technical Analysis, BTC price trimmed gains and traded below the USD 21,200 support. If BTC fails to stay above the USD 19,500 support, it could gain bearish momentum in the coming sessions. For ETH, the price might face resistance near USD 1,200, the main weekly resistance is at USD 1,250, above which the price could gain bullish momentum.

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