Bitcoin, Ethereum and Ripple — Daily Technical Analysis | 02.07.2021

Bitcoin (BTC)

Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is approaching a major support near $32,350, where the bulls might take a stand.

Bitcoin started a downside correction from the $36,650 zone. The price is now trading below $34,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair. The pair is likely to start a fresh increase as long as there is no close below $32,000.

The next key support is near the $32,000 zone. If there is a downside break below the $32,350 and $32,000 support levels, the price could continue to move down. In the stated case, the price might decline towards the $30,200 zone. Any more losses may possibly push the price towards the $29,000 support zone.

If bitcoin remains stable above the $32,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $33,800 level and the trend line.

The next key resistance is near $34,000, above which the price could test the 100 hourly SMA at $34,500. Any more gains could lift the price towards the $35,000 resistance. In this case, the bulls could even aim a fresh test of $36,500.

Ethereum (ETH)

Ethereum would need to move through the $2,152 pivot to bring the first major resistance level at $2,232 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $2,277.44 would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,400. The second major resistance level sits at $2,358.

Failure to move through the $2,152 pivot would bring the first major support level at $2,027 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level sits at $1,947.

Ripple (XRP)

Ripple’s XRP will need to move through the $0.6699 pivot to bring the first major resistance level at $0.6948 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.69 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.70433 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.75. The second major resistance level sits at $0.7292.

Failure to move through the $0.6699 pivot would bring the first major support level at $0.6355 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.6106.

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