Crypto Market Analysis Today [2024.07.02]: BTC and ETH Price Trends and Key Support Levels

Hi, Welcome to Crypto Market Analysis Today!

• BTC: Bouncing back from 60,000, now aiming for 67,000.
• ETH: In a downtrend, trading around the support level of 3,400.
• BNB: Consolidating, with major support around 508 and resistance around 635.

Key Events Today

These events encompass important global news that could affect cryptocurrency market, macroeconomic reports, and economic indicators. For more details, you can check the CoinMarketCal & Crypto Craft

• AT 9.30AM ET, US Fed Chair Powell Speaks. As head of the central bank, which controls short term interest rates, he has the most influence over monetary policy. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future policy

BTC

Looking at BTC, it’s bouncing back from 60,000 and now aiming for 67,000.

Looking at the 1-hour chart, you can see support around 62,000. The price is currently in a correction. We can expect it to drop to this support and then go back up, or it might break below this level and consolidate above 60,000.

ETH

Looking at ETH, it’s in a downtrend, and right now it’s trading around the support level of 3,400.

Looking at the 1-hour chart, you can see the price went up and then corrected. If the correction is over, the price might start rising again. Otherwise, it could keep dropping to the support around 3,375 and then bounce back from there.

BNB

BNB is consolidating, with major support around 508 and resistance around 635.

Looking at the 1-hour chart, you can clearly see the consolidation phase. The price is now near resistance. It must stay within the support and resistance levels. If it breaks either level, that’s the direction the price will move next.

Cryptos to Watch Today

Solana (SOL)

Reason to Watch: Solana is gaining significant attention due to its potential to become a major player in the crypto ETF space. Analysts from GSR Markets have highlighted Solana’s strong technical indicators and bullish momentum, suggesting it could see substantial gains in the near future​​. Additionally, its robust ecosystem and increasing adoption in decentralized finance (DeFi) make it a critical asset to monitor.

XRP (XRP)

Reason to Watch: The introduction of Ripple’s new stablecoin, which is 100% backed by U.S. dollar deposits and short-term U.S. government Treasuries, is a strategic move that could enhance XRP’s utility and adoption. This development positions Ripple to compete more effectively against established stablecoins like Tether (USDT) and USD Coin (USDC)​​. The stablecoin launch could attract more institutional interest and potentially drive up XRP’s value.

Bitcoin Cash (BCH)

Reason to Watch: Bitcoin Cash’s significant price movement indicates strong market interest and potential for further gains. The recent surge could be attributed to increasing adoption and positive sentiment around its scalability and lower transaction fees compared to Bitcoin (BTC)​. Additionally, Bitcoin Cash’s ability to handle larger transaction volumes makes it a viable alternative for daily transactions and payments, further boosting its attractiveness.

Toncoin (TON)

Reason to Watch: Toncoin has shown strong upward momentum and is gaining interest from traders and investors. The recent performance suggests a growing confidence in its potential. As Toncoin continues to develop its ecosystem and enhance its technological capabilities, it could see further price appreciation and adoption​​.

Shiba Inu (SHIB)

Reason to Watch: Shiba Inu has strong community support and has been benefiting from recent positive market sentiment around meme coins. The Shiba Inu ecosystem is expanding, with developments like ShibaSwap and potential future integrations driving interest. Its low price and high community engagement make it a speculative but potentially rewarding investment​.

Conclusion & Disclaimer

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These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!