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Crypto Price Analysis & Overview July 16th, Bitcoin, Ethereum Ripple Cardano, & Polkadot.

Bitcoin

Bitcoin dropped by 3% this week, reaching as low as $31,000. The cryptocurrency popped above the 20-day MA on Sunday but quickly reversed and dropped beneath it on Monday.

It found support mid-week at $32,700 but continued beneath there yesterday to reach $31,185 (downside 1. 618 Fib Extension) today.

The short-term chart gives a better view of the current situation. This chart shows BTC trading within a falling price channel from the beginning of July. When BTC broke the 20-day MA on Sunday, it found resistance at the upper angle of the price channel and started to head lower.

Today’s BTC price channel support was at the lower angle and buyers are trying to defend it. They have risen strongly and are now pushing higher.

Looking ahead, the first resistance lies at $32,300 This is followed by $32,700 and $33,520-$33,800 (20-day). Next, resistance lies at the upper angle of the price channel and then at $35,00 (50-day MA).

On the other side, the first support lies at $31,675. This is followed by $31,185, $31,000 (lower angle of the price channel), $30,500, $30,000, and $29,700 (downside 1. 618 Fib Extension).

btcusd-jul16-min
BTC/USD Daily Chart. TradingView.
btcusd-4hr-jul16-min
BTC/USD 4-Hour Chart. TradingView.

Ethereum

Ethereum is down by a very sharp 10% this week as it reached as low as $1850. The coin fell beneath the 20-day MA on Monday and dropped into the support at $2035 (Feb 2020 Highs). It continued lower on Tuesday to drop beneath the 200-day MA and fell until finding support today at $1888 (. 886 Fib).

It did dip as low as $1850 today, but it seems that buyers are attempting to hold above $1888, which provided strong support in June.

The 4-hour chart again shows a better view of how ETH trades – within a falling wedge pattern. Usually bullish when it breaks towards the upside.

Looking ahead, the first resistance lies at around $1950 (upside of the wedge). This is followed by $2000, $2035 (200-day MA), $2120 (20-day MA), and $2200 (long-term descending trend line).

On the other side, the first support lies at $1888. This is followed by $1850 (weekly low), $1710 (June support), and $1625 (downside 1. 272 Fib Extension).

ethusd-jul16-min
ETH/USD Daily Chart. TradingView.
ethusd-4hr-jul16-min
ETH/USD 4-Hour Chart. TradingView.

ETH is fighting against BTC, after falling below the support at 0. 06 BTC (100-day MA) this week. At the beginning of the week, the coin was below an ascending price channel and began to fall lower, dropping as low as 0. 0584 BTC on Wednesday,

Looking ahead, the first resistance lies in 0. 06 BTC (100-day MA). Then, follow by 0. 0627 BTC (20-day MA), 0. 065 BTC (50-day MA), and 0. 069 BTC (bearish . 618 Fib & June Highs).

On the other hand, the first support is at 0. 0585 BTC. Then, follow by 0. 058 BTC (. 786 Fib), 0.056 BTC (June support), and 0.056 BTC.

ethbtc-jul16-min
ETH/BTC Daily Chart. TradingView.

Ripple

XRP dropped by 3.7% to $0.6 Since July’s beginning, the cryptocurrency has traded in a downward price channel. It has also been trading within a falling wedge ever since June.

The coin tried to get to the upside of a wedge throughout the week, but was unsuccessful every time. Throughout the week, however, the coin found support at the wedge’s lower angle.

This type of wedge pattern is likely to break out to the upside as XRP rapidly approaches the apex.

If the buyers can break the upside, then the first resistance is at $0. 647 (20-day MA). Then comes $0.7 (July resistance), and $0.2. 75 (200-day & 50-day MA confluence).

On the opposite side, the support is around $0. 56 (lower angle of the wedge). Then comes $0. 55 (2019 highs), $0.5, and $0. 478 (July lows).

xrpusd-jul16-min
XRP/USD Daily Chart. TradingView.

XRP trades within a short-term symmetrical triangular pattern against BTC. It is currently at the apex where the market can expect a breakout towards either side. The coin attempted to break resistance at 1900 SAT throughout the week but was rejected by the 20-day MA on each attempt.

Today XRP spiked over the triangle, but has since fallen back to the support at the lower angle.

Looking ahead, if the bears push beneath the triangle, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA & downside 1. 618 Fib Extension), 1600 SAT, and 1550 SAT (Nov 2020 low).

On the other side, the first resistance lies at 1900 SAT (20-day MA, July 2020 low, & triangle angle). This is followed by 2000 SAT, 2120 SAT (bearish . 236 Fib), 2160 SAT (50-day MA), and 2400 SAT (100-day MA).

xrpbtc-jul16-min
XRP/BTC Daily Chart. TradingView.

Cardano

ADA fell by a steep 10.6% this week as the cryptocurrency currently trades at around $1.20. The coin attempted to break above the 20-day MA at around $1. 35 on Monday but failed to close above it.

Since then, it has traded lower within the descending price channel. While the channel’s lower angle continues to support, ADA fails to break its upper angle. A breakout towards the upside would be the first sign back to $1. 50 for ADA.

Looking ahead, the first support lies at $1.15. The next support is $1. 12 (200-day MA, . 618 Fib, & lower boundary of the price channel). Beneath $1. 12, added support lies at $1. 00 and $0. 986 (June lows).

On the other hand, the first resistance is at $1. 25 (upper angle of the price channel). The $1 follows. 30, $1. 35 (20-day MA), $1. 45 (50-day MA), and $1.50.

adausd-jul16-min
ADA/USD Daily Chart. TradingView.

After falling below an ascending triangle at week’s start,

ADA also struggles against BTC. The coin fell beneath the 20-day MA on Tuesday and continued to drop throughout the week, reaching as low as 3730 SAT today.

Looking ahead, the first support lies at 3600 SAT (July lows). This is followed by 3540 SAT (10-day MA, downside 1. 272 Fib Extension & June low-day closing price). Added support lies at 3440 SAT (.5 Fib).

On the other side, the first solid resistance lies at 3900 SAT. This is followed by 4000 SAT (20-day MA), 4100 SAT (50-day MA), and 4200 SAT (July resistance).

adabtc-jul16-min
ADA/BTC Daily Chart. TradingView.

Polkadot

DOT is down a heavy 18% this week as it currently trades at around $12.70. It fell beneath an ascending triangle pattern at the start of the week and continued beneath the $14 (. 786 Fib & June low-day close) support yesterday.

Today, DOT dipped as low as $12. 10, creating a fresh six-month low price.

Looking ahead, if the bears continue lower, the first support lies at $11. This is followed by $10, $9. 60 (. 886 Fib), and $7.50.

On the other side, the first resistance lies at $14. This is followed by $15 (20-day MA), $16. 40, and $17 (July resistance).

dotusd-jul16-min
DOT/USD Daily Chart. TradingView.

DOT also set a new six-month low against BTC after falling below 0. 0004 BTC today. At 0., the resistance was not broken. 0005 BTC at the start of the month and has been sliding ever since.

It fell below the July support level at 0. 000433 BTC on Wednesday, which allowed it to continue beneath 0. 0004 BTC today.

Looking ahead, if bears continue driving DOT lower than before, the first solid support is at 0. 000357 BTC (. 786 Fib). Then, follow 0. 00035 BTC, 0. 000322 BTC (2021 Opening price), and 0. 0003 BTC.

On the other hand, the first resistance lies at 0. 0004 BTC. Then, follow 0. 000433 BTC (July support – now resistance) and 0. 00045 BTC (20-day MA).

dotbtc-jul16-min
DOT/BTC Daily Chart. TradingView.
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Cryptocurrency charts by TradingView.

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Ethereum

Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.

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