Bitcoin and Altcoins Price Analysis on August 1

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Bitcoin price was unable to hold the climb after previously consolidating, as a larger correction seems necessary. Ethereum price declined heavily against the US Dollar and bitcoin. It extended losses below $430 and it may even test the $400 level. In general market, the bears have taken control of the exhausted bulls. Let’s catch up with the market information through this analysis below.

BTC/USD

Uptrend is more likely to continue than to reverse as the 100 SMA is safely above the longer-term 200 SMA. The price broke below the 100 SMA dynamic support to indicate a collection in bullish pressure. The gap between the moving averages is still wide enough to suggest that there’s no coming bearish crossover.

The price tested the next 200 SMA dynamic inflection point which lines up with the 61.8% Fibonacci retracement level at the psychological level at $7,000. A larger pullback could last until the very bottom of the freshly-forming ascending channel at $6,800 lines up with a former resistance level.

The RSI is moving lower to indicate that the bears are holding control. However, the oscillator is plunged into oversold territory to show the bears’ exhaustion. The stochastic is heading south so bitcoin price might follow suit as it is also reaching oversold levels to suggest a big change soon. In that case, more declines will be capped by the 38.2% Fib at the mid-channel area of interest.

View:

  • The price dropped below its short-term triangle consolidation and rising channel, which signal a larger pullback.
  • The Fibonacci retracement tool acts as potential support levels where buyers could be waiting.
  • Indicators still indicate an uptrend and the price may be forming a larger ascending channel on its 4-hour time chart.

BCH/USD

The bulls failed to push the price above the 100 hourly SMA and $830 level. It plunged below the $800 and $770 support levels. The price even stayed below the last swing low at $780. More importantly, there was a break below the 1.236 Fib extension level of the last wave from the $779 low to the $840 high.

More losses happened as the price fell below the $750 support area. It is currently trading well below the $800 support and the 100 hourly SMA. The $740 level may likely act as a support level. It represents the 1.618 Fib extension level of the last wave from the $779 low to the $840 high. If the price breaks below the $740 level, the next support level would be $720 level. More gains will be capped by an initial resistance sits at $765. The hourly chart of the BCH/USD pair indicates two bearish trend lines formed with resistance at $770 and $810.

Chart indicators show that the price is in a downtrend area. More losses towards the $720 and $700 level could likely happen.

View:

  • The price declined and broke below the $800 support area.
  • The hourly chart of the BCH/USD pair indicates two bearish trend lines formed with resistance at $770 and $810.
  • In the near term, more declines below the $740 support level may extend.

ETH/USD

The price of ethereum was in downtrend below the $468 level yesterday. It extended declines below the $465 level. The bears even pulled the price below the $440 and $426 support levels to move into a bearish zone. In the near term, upside moves and recoveries seem unlikely to happen.

On the upside, more declines will be capped by an initial resistance is near the 23.6% Fib retracement level of the last decline from the $458 high to the $411 low. More importantly, the hourly chart of the ETH/USD pair indicates two crucial bearish trend lines, $426-428 and $458-411, formed with resistance $429 and $442. Therefore, both trend lines at $429 and $442 are likely to act as strong resistances.

Chart indicators show that the price may correct a few points towards the $430 level. However, the bears will push the price back to $420 level. More losses towards $400 can happen if the price falls below the $411 low.

View:

  • The price broke the $440 and $426 support levels.
  • More importantly, the hourly chart of the ETH/USD pair indicates two crucial bearish trend lines, $426-428 and $458-411, formed with resistance $429 and $442.
  • More losses towards $400 can happen if the price falls below the $411 low in the near term.

XRP/USD

Above the $0.4450 level, there is no chance to recover for ripple price. It fell and broke the $0.4400 and $0.4300 support levels. The price is now trading well below the $0.4400 level and the 100 hourly SMA. However, it is currently testing a significant support near $0.4250 which holds as a barrier for the bears on many occasions.

On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4562 high to the $0.4266 low. More importantly, the hourly chart of the XRP/USD pair indicates a new connecting bearish trend line formed with resistance near $0.4325. If the bulls push the price above this level, more gains towards the $0.4400 level can happen. The next resistance is close to the 50% Fib retracement level of the last decline from the $0.4562 high to the $0.4266 low. Price rising will be capped by the previous support at $0.4500 that is now a strong resistance.

Chart indicators show a positive sign that the bears are losing momentum near $0.4250. Therefore, as long as the price is above $0.4250, the bulls will have a chance to push the price higher. Below this, the next support is near the $0.4000 level.

View:

  • The price declined and broke below the $0.4300 support level.
  • The hourly chart of the XRP/USD pair indicates a new connecting bearish trend line formed with resistance near $0.4325.
  • The pair is currently trading near a crucial support area at $0.4250.

ADA/USD

Cardano price dropped below few important supports like $0.1600 and $0.1550. It even cleared the $0.1400 support and is currently trading well below the 100 hourly SMA. Before consolidating gains, a low was formed at $0.1356.

An initial resistance is the 23.6% Fib retracement level of the last decline from the $0.1641 high to the $0.1356 low. The hourly chart of the ADA/USD pair indicates a crucial bearish trend line formed with resistance at $0.1420. Above this, the next resistance level is near $0.1500. It coincides with the 50% Fib retracement level of the last decline from the $0.1641 high to the $0.1356 low. Upside move would be capped by a strong resistance that near the previous support at $0.1550.

Chart indicators show that the price is in a bearish zone below $0.1550. More losses can likely happen if the bulls fail to push the price above $0.1420 and $0.1450. If it drops below the $0.1356, the price may likely extend decline towards $0.1250.

View:

  • The price is under pressure as it dropped below the $0.1550 support level.
  • The hourly chart of the ADA/USD pair indicates a crucial bearish trend line formed with resistance at $0.1420.
  • The pair is likely decline further once sellers succeed in breaching the $0.1350 support level.
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