Crypto Market Outlook: Binance Coin (BNB) Could Drop Below $200 This Week

Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy

Bitcoin and other crypto assets are still moving sideways during last week’s trading. Despite the sideway movements, the crypto assets still have a tendency to move down towards their last support.

  • Bitcoin movement has a moving average range of $ 3,500 per week

Entering the first week of July, the movement of Bitcoin is still very limited with a moving average range of around $ 3,500 per week. In the H1 time frame analysis above, there is a small structure of the Bitcoin movement that has been formed since mid-June. This structure can be used to take short positions (scalping). If the structure can be broken, the price will return to the support area of $ 29,200. Otherwise, Bitcoin will resume its sideways price movement and move towards the $ 36,500 resistance.

  • Ethereum is likely to strengthen towards $ 2,640

Similar to Bitcoin, Ethereum’s price movement has been very limited. Like Bitcoin, we can also find a structure at the 1H time frame. However, there is a slight difference between the structure for Ethereum and the structure for Bitcoin. For  Bitcoin, we identified 1 structure without any horizontal resistance. For Ethereum, we identified a horizontal resistance which is currently broken and has been retested at the $2,264 price level. If this retest pattern is valid, Ethereum could potentially move higher towards the $ 2,640 and even towards the $ 2,900 resistance. However, if this retest pattern fails with Ethereum breaking out of its small structure, the next price target will be the $ 1,741 support.

  • Binance Coin (BNB) might potentially weaken and move towards the $ 211 support

Binance Coin (BNB) is currently moving towards its new resistance area (the horizontal line) after successfully bouncing from the major support area. In the analysis above, we can see that there is a triple top pattern formed in the resistance area. With the formation of the triple top, BNB is projected to move lower again towards its major support which is in the range of $ 226 – $ 211. On the other hand, if BNB succeeds in breaking out of its current resistance area, the next move will be towards the $ 378 resistance area.

  • Litecoin moves towards key target price of $104

Litecoin has the opportunity to return to the $ 104 price support. In the analysis above, it can be seen that Litecoin is currently in the resistance area and there is a double top pattern that has been successfully formed. If the double top is valid, it will not take long for Litecoin to move towards its main target, which is at $ 104 support . However, if the pattern is invalid, and Litecoin manages to break out of its resistance area, the next move will be towards the $ 180 resistance.

  • Ripple moves back towards the $0.51 support

Ripple is moving back towards the support level at $ 0.51 after successfully breaking out of the rising wedge pattern. In the analysis above, a rising wedge pattern was formed around the horizontal resistance area. The price has also successfully broken out of the current pattern and retested last week’s support. If there is no market anomaly, Ripple will head towards the $ 0.51 price support very quickly. However, if we see an anomaly in the market and the price breaks through the retest area with the pattern broken, the next move will be towards the $ 0.77 resistance.

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