02 Aug 2021 · 2 min read

Bitcoin, Ethereum, and Altcoins Looking For Direction

Bitcoin price is consolidating near the USD 40,000 pivot level. Ethereum is still below USD 2,600, XRP touched USD 0.750 again. BTG is up 9% and it broke the USD 50 level.

Bitcoin price extended its decline below the USD 40,000 support. BTC is currently (12:25 UTC) consolidating near USD 40,000 and it might start a fresh increase. A close above USD 40,500 is needed for a steady rise.

Similarly, most major altcoins are also trying to move higher. ETH is back above USD 2,550 and it could gain pace above USD 2,620. XRP is trying to gain pace above the USD 0.750 resistance zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a downside correction, bitcoin price remained stable above USD 39,000. BTC is consolidating below the USD 40,000 resistance zone. The price must clear the USD 40,000 and USD 40,200 resistance levels to start a stronger increase. The next key resistance is near USD 40,500, above which the price might rise towards USD 42,000.
On the downside, the USD 39,200 level is an immediate support. The next key support is near USD 39,000, below which the price could test the USD 38,500 level.

Ethereum price

Ethereum price is stable above USD 2,500 and the price is trying to move higher. ETH is approaching the USD 2,600 resistance. If ETH settles above USD 2,600, the bulls could gain strength. The next major resistance sits near the USD 2,700 level.
If there is a downside correction, the price could test the USD 2,550 level. The main breakdown support is now forming near the USD 2,500 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 1.32 support zone. The key support is near the USD 1.30 level, below which the price could dive towards the USD 1.25 level. On the upside, the USD 1.35 level is a major resistance. Any more gains could lift the price towards the USD 1.40 level.
Litecoin (LTC) is holding the USD 142 and USD 140 support levels. If LTC starts a fresh increase, it could clear USD 145. The main resistance is near USD 150, where the bears might remain active. On the downside, the USD 140 level is a breakdown support for the current wave.
Dogecoin (DOGE) is struggling to stay above the USD 0.200 support. If there is a clear break below USD 0.200, there could be additional losses. The next major support is near USD 0.180, below which the bears might test the USD 0.165 level. On the upside, the price is facing a major resistance near USD 0.220.
XRP price is trading in a positive zone above USD 0.720. The price surpassed USD 0.750 and it might continue to rise. The next major resistance is near USD 0.780, above which it could test USD 0.800. On the downside, the USD 0.700 level is a strong support.

Other altcoins market today

A few altcoins gained over 5%, including BTG, LUNA, XTZ, ANKR, DGB, and AXS. Conversely, GRT, DCR, SC, AMP, ICX, and OKB are down over 5%.

To sum up, bitcoin price is struggling below the USD 40,000 resistance zone. If BTC starts a fresh increase above USD 40,000 and USD 40,200, there could be a steady move towards USD 42,000.

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