Cryptocurrency price weekly analysis
August 21, 2018 9:01 am,
The BTC ETF review getting postponed to September has led the market again topped out and enter the bear cycle. The pullback momentum it had gained faded after this latest news and affects the weekly analysis.
It’s also noticed that the negative/ dip in Bitcoin has affected the entire cryptocurrency market. There definitely seems to be a negative correlation here. Cryptocurrency trading has now become a high risk even with returns in danger of losing. A technical understanding of the entire market is needed.
- Bitcoin: It continues to trade in the range of $5900-$6700. The Bulls are making the constant effort to bring it out of this range. It has been 1.7% down in the past 48 hours and has lost about 13% in the last one month even though it is holding its weekly gains. BTC has turned bearish where $7750 and $8000 as immediate resistance. BTC might get 5% momentum upside.
- Ethereum: It is representing a 3.9% fall. ETH has been constantly under the control of the bears and having a bullish objective of $500 failed. ETH is bearish with multiple resistance. A fall below $400 will open up bear avenues to test the low of April $355. Going bears on high will form likeliness in current ETH trend.
- Bitcoin Cash: It is representing a 6.5% fall in the last 48 hours. BCH has formed similar bearish patterns as that of ETH. BCH is not seeming healthy and traders are recommended to stay sidelines. $700 formed out of the baseline low will expose BCH as $600 and $650.
- Litecoin: It has fallen by 2.5%. LTC tried showing an optimistic growth over the last few backs but was back down. LTC has formed bearish but is holding steady above $75. A break down below $72 will open up Bear avenues to test $62 and $54 respectively.
- Ripple: XRP is representing a fall of 0.45%. This has been the most sluggish cryptocurrency over the entire last month and trading inside a trading range of $0.06 ranging from $0.42-$0.48. Traders and investors have removed themselves from the XRP until they get back the momentum.