- Bitcoin retested $55,000.
- Ripple up by 14.7 percent this week.
- Altcoin ready to move higher after a retracement.
Weekly Crypto Price Analysis for the next week is bullish as most cryptocurrencies have moved in a bullish price action structure. After bullish momentum during the mid-week, Most altcoins and Bitcoin are currently retracing as they prepare for further upside next week.
7-day market heatmap by Coin360
Over the last seven days, the markets have performed with various results. Bitcoin has lost much of the gains seen during mid-week and currently has retraced by -3.72 percent for the week. Ethereum has seen similar price action movement and currently trades at -4 percent. Cardano (ADA) and Ripple(XRP) have posted the best results with more than 14 percent to upside.
Weekly Crypto Price Prediction:
Weekly Crypto Price Analysis this week covers Bitcoin, Ethereum, Ripple, Polkadot, as well as Uniswap, as they have had good technical price action over the past week.
After posting a new all-time high last week, Bitcoin attempted to push higher this week again. However, strong resistance was found around the psychologically important round number of $60,000. After consolidating below this resistance for more than 24 hours, Bitcoin did eventually retrace.
Support was found just above the $55,000 mark. From there, we are likely to see Bitcoin continue higher next week. As mentioned, the price level at $60,000 is still likely to act as a strong resistance. Therefore, if BTC can break through it, we are sure to see a new all-time high set by the end of next week.
The next target for the crypto price is still unclear as Bitcoin would move into uncharted territory. A potential target for the next push higher could be the semi-round number psychological resistance of $65,000. Much depends on whether Bitcoin can sustain bullish momentum over the next few days.
BTC/USD 4-hour chart. Source: TradingView
Ethereum has traded sideways this week as it got supported around $1,750 and resisted by $1,850 resistance several times. This could indicate that Ethereum still needs to retrace further after the strong bullish momentum pushed it from $1,300 to $1,920 in a couple of days.
However, if Ethereum manages to set another higher local low and move above the $1,850 mark, we should see bullish momentum resume next week. The first target to look at for the crypto price would be the previous swing high at the $1,920 mark. After that, we have only one remaining resistance – the area where the current all-time high is set around $2,000-$2,040.
From there on, Ethereum has an open way to move much higher over the following weeks as it continues its way to the $2,500 mark, which would be the next psychologically important round number price mark.
ETH/USD 4-hour chart. Source: TradingView
Ripple has had a very bullish past week. After retesting support around $0.43 on Monday, Ripple spiked towards $0.52. The crypto price did get heavily rejected around this level and immediately moved back below a previously established major resistance area of $0.49-$0.50.
From there on, Ripple consolidated around $0.47 for several days as it prepared for further upside. On Friday, XRP/USD started moving once again and broke through the previously mentioned resistance around $0.49-$0.50 area without any signs of resistance. Early on Sunday, the price of crypto had already reached the $0.55 mark, indicating that the overall market has a very bullish momentum right now.
However, Ripple has moved lower again today. Most of the day was spent retracing back towards the previously mentioned resistance area of $0.49-$0.50, which now will likely act as very strong support.
Therefore, if Ripple shows indication for rejecting further downside, we should see the market moving higher again next week. The next resistance ahead is seen at $0.57-$0.58 and would mean a potential gain of around 15 percent from the current price level.
XRP/USD 4-hour chart. Source: TradingView
Polkadot has also posted bullish price action on the charts as a new higher swing high was set yesterday after strong momentum pushed the market from the $32 mark. What followed was a strong upswing of around 25 percent to the $40 mark.
From there on, Polkadot started to retrace again together with the rest of the market. Therefore, we are likely to see the crypto price establish a new higher low early this week as it prepares for more upside later on.
The first resistance to the upside is seen at the $38 mark, which was previously invalidated and might not act as resistance during Polkadot`s next attempt to move higher. After that, the $40 mark still needs to be broken in order to set a further higher high. If this level is breached with strong momentum, Polkadot will likely test the previous all-time high at $42.
DOT/USD 4-hour chart. Source: TradingView
Uniswap briefly breached the previous all-time high earlier this week as it moved above the $35 mark, which previously rejected the price of UNI. This was a result of solid retracement last week, after which UNI/USD found support around $28 and bounced back above the $30 mark.
After consolidating around $30-$31 for some time, Uniswap did eventually push higher, resulting in an overall gain of about 25 percent.
Right now, Uniswap price is retesting previous resistance around $32 as support. If the market rejects further downside, we are likely to see further upside next week. Next push higher should result in a clear new all-time high for the price of Uniswap.
Therefore, we are very bullish for the crypto pricenext week, and a price target to watch for is located at $40 as it is the next psychologically important round number.
UNI/USD 4-hour chart. Source: TradingView
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis indicates bullish sentiment for next week. After most of the market posted good gains mid-week, we have seen retracement today. Therefore, we can assume that further highs will be made early next week, and we could end next week with solid gains.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.