Analysis of the prices of Bitcoin, Ethereum, XRP for 07/31/2021

Pairs hit monthly highs tonight, but can they continue to rise?

BTC / USD

Yesterday in the firsthalf of the day the price of Bitcoin rolled back totwo-hour EMA55. Sales volumes were not large and the bears were unable to push through the average price level. During the day, the price recovered slightly, and at the end of the day, the bulls formed a fairly powerful impulse, which set a new monthly high in the area of ​​the fifty percent Fibonacci level. 

Tonight the growth took place on average volumes andthe July maximum was fixed at 42335.50 USD. The pair cannot yet overcome the 50% fib resistance (42447.96 USD) as large buyers remain out of the market. 

If you increase your purchase volumes above the averagethe level will fail, then by the end of the week the price will turn to decline and roll back below forty thousand, and at the beginning of the next trading week the pair may reach the support of 36000.00 USD.

ETH / USD

Yesterday, after the morning pullback of the ETH/USD pair,buyers made another attempt to test the resistance of 2500.00 USD. Late in the evening, they managed to form a bullish impulse, which allowed them to update the July high to 2485.00 USD, but the bulls have not yet been able to test the target level. 

This morning, the Ethereum price pulled back slightly frommonthly high zones, and if buyers are unable to increase their presence in the market, then in this area a reversal to decline is possible. In this case, the rollback will continue to the two-hour EMA55.

XRP / USD

Yesterday in the first half of the day, buyers were unable to take the initiative and the XRP price, under pressure from sellers, rolled back to the support of 0.720 USD. 

At the end of the day, buyers were still able toseized the initiative and tried to test the resistance of 0.800 USD. However, tonight the purchase volumes were at an average level, and the pair was not able to get significantly closer to this resistance, turning into a rollback at the July maximum of 0.744 USD. 

Currently, the decline has slowed, and ifIf buyers increase volumes, they will be able to test the target level of 0.800 USD. On the other hand, given the overbought market, it can be assumed that the pullback may reach the level of average prices, and at the beginning of the new week, the XRP price will return to the POC line (0.624 USD). 

 

* All prices are based on BitStamp data

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