Analysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

July ended with renewed monthly highs. On the first day of August, the bulls can reach their targetgrowth levels.

BTC / USD

Yesterday, buyers tried to exit the narrowing sideways range. In the evening, the price broke through the 50% fib resistance (11394.15 USD) and updated the July high around 11457.00 USD. 

At night, buyers tried to continue growing, butThe fifty percent fibonacci level restrained the bulls’ run to the target level of 12000.00 USD. So far it looks like the rally is not a false bullish breakout. 

On the daily time frame, Stoch indicator linesRSI in the overbought zone rests at 100. On shorter time frames, there is still some potential for growth. We believe that it should be enough to retest the level of 12000.00 USD. 

If the bulls are able to test this target level this weekend, then the 50% fib support may also be added to the support of 10500.00 USD, which will take over the first wave of the pullback. 

ETH / USD

Yesterday morning, the short pullback in ETH price stopped at 330.00 USD. During the day, the growth continued to a new July high in the area of ​​350.00 USD. 

At night the bulls did not weaken their pressure on todaymorning we came close to the level of 360.00 USD. We believe that today they will break through this resistance and update a two-year high around 365.00 USD. 

It looks like the pullback will be deep enough, but we believe that the upward green trendline will be able to stop the Ethereum price decline.

XRP / USD

Yesterday morning, the price of Ripple found support inaround the 0.242 USD mark, and during the day continued to consolidate in a sideways range. In the evening, buyers managed to form a bullish impulse of medium strength, which broke through the upper border of the side corridor (0.250 USD), and allowed the price to update the July maximum at 0.260 USD. 

At night the growth continued, and at the moment the pairtested the level of 0.270 USD. If the pressure of the bulls intensifies, then today the price will overcome the resistance of 0.280 USD and mark the first high of August in the range of $0.286 – $0.300. 

The nearest support level, which will stop the rollback from the maximum zone, may be around 0.266 USD. 

* All price values ​​are based on data from the BitStamp exchange