BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin after making a new high (crossing 12K after escalating above $10.5K) and the price correction the previous day, is now trading in the upper half region of the Bollinger Bands. The bears immediately tried to take down the price after it touched the $12K mark, but the bulls did not let them be completely successful. The bulls could not take the price above $11.5K but made a high of $11,456 and closed the price positively at $11,226 on Monday, 3rd August 2020. They saved the price from falling below the $11K level and picked it up from a low of $10,943 yesterday. Traders and investors took great advantage of this drop or rather a retest of the $10.5K stage and bought Bitcoin at lower levels. The twenty-day exponential MA slopes significantly upwards indicating bullish results.
Key points to mark:
Immediate resistance that BTC faces: $11500. If bulls take the price above this level, it will face resistance at $11,960 (upper BB), followed by the $12000 - $12500 zone before testing $13174 and $13764 resistance.
Immediate support that BTC faces: $11,000. If the price falls below this level, it will test $10500, followed by $10420 (20 EMA) + $10128 (basis of BB) support. If bears take over and push BTC below the $10000 level, it will test $9626 (50 MA) before declining down to $8297 (lower BB).
Indicators
MACD has reduced its increasing acceleration. The MACD line has completely flattened itself moving parallel to the 0 level. The signal line is still sloping upwards. RSI is out of the overbought section and has corrected itself at 67 level giving positive signals.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum was unable to cross above the upper Bollinger Band but also did not fall below the $365 level. Bulls tried to take the cryptocurrency towards $410 but the upper Bollinger Band failed the act. Ether could make a high exactly at the upper BB at $397.6 and positively closed above $380 mark at $385.6 on Monday, 3rd August 2020. Ether did not go below a low of $366.7 yesterday. The bears again tried their best to push the asset below the $316 level but failed. After these continuous retests, we can see how $316 is acting as a major support stage. Traders and investors wait patiently for the asset's another upswing after buying the lower level drops.
Key points to mark:
Immediate resistance that ETH faces: $398 (upper BB). If bulls can take the price above this level, ETH will rise to test $410 - $458 resistance zone, followed by $470 - $485 zone before rallying to $515 upper resistance level.
Immediate support that ETH faces: $380 + $365. If bears push ETH below these levels, it will test the $316 strong support. Below this, the price will face resistance at $310.9 (20 EMA) + $294 (basis of BB), followed by $288 and $278 below which the price might go down towards $253 level.
Indicators
MACD still continues its reduced acceleration. The MACD line and the signal line are sloping up in parallel positive momentum above 0 level. RSI seems to slope up again and enter further into the overbought section at 82.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple made a positive close after the Doji pattern formation the previous day. The bulls shot XRP up to make a high of $0.319 and closed the price exactly at the $0.309 level on Monday, 3rd August 2020. Bulls saved the cryptocurrency from slipping below the $0.285 level and picked up the price from a low of $0.283 yesterday. According to our preceding analysis, traders and investors were highly alert for any price corrections to occur due to the relative strength index levels, and so it happened. But the bulls have battled well, not letting the price slip down below the upper BB and saved the asset from witnessing lower levels. Bears will try to act again to drag down Ripple to enter deeper corrections, hence it would be wise to have patience before you jump to your next move. Take advantage of investing at lower price levels.
Key points to mark:
Immediate resistance that XRP faces: $0.318. If bulls push XRP above this level, it will go to test $0.346 resistance, followed by $0.362 before rallying up to $0.408 level.
Immediate support that XRP faces: $0.285. If bears push XRP below this level, it will test $0.271, followed by a $0.255 support level.
Indicators
MACD goes on increasing its acceleration. The MACD line along with the signal line also continues to slope up above the 0 level, in positive momentum. RSI enters deeper into the overbought area at $88.6 indicating that bulls are not at all ready to give up anytime soon.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin is trading below the $60.5 level in the upper half zones of the Bollinger Bands. The bulls took the price upwards to make a high at exactly $60 and closed positively at $58 on Monday, 3rd August 2020. The bears were trying to sink the altcoin below the $51 support. But bulls saved the price and did not let Litecoin fall below a low of $55.7 yesterday. The bulls performed well and successfully picked up more momentum. Traders and investors who had collected the price at lower levels expect more profitable highs considering the RSI correction. Even the twenty-day exponential MA and fifty-day MA both are significantly sloping parallelly in upwards direction.
Key points to mark:
Immediate resistance that LTC faces: $60.5. If bulls take the price above this level, it will test $64 before rallying towards $72, followed by $76, and $80 at the upper resistance levels.
Immediate support that LTC faces: $51.5 (20 EMA). If bears take over and push the price below it, LTC will test $49 (basis of BB) support, followed by $45.6 (50 MA) before declining to $39 support level.
Indicators
MACD reduces its acceleration with the MACD line moving sideways parallel to the 0 level. The signal line goes on sloping up towards positive values. RSI slopes up again but outside the overbought zone at 68 giving bullish signals.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash is trading in the upper half region of the Bollinger Bands. The bulls did not let the price fall below $280 level. Bitcoin Cash made a high of $304.7 and a close just above $280.5 positively at $297 on Monday, 3rd August 2020. Bulls saved the price exactly at a low of $279.7 yesterday. After traders and investors took advantage of the dip and bought the asset at a lower price level, bulls seem to grow stronger. The twenty-day exponential MA is also positive as it slopes in upward momentum.
Key points to mark:
If bulls take BCH further upwards, it will first face resistance at $319.6 (upper BB) and then at $330, followed by $353 and $378 before rallying towards the $410 resistance level.
Immediate support that BCH faces: $280, followed by $267.6 (20 EMA) + $260. If bears push BCH below these levels, it will test $246, followed by $241.8 (50 MA), before declining to $217 and $200 lower support levels.
Indicators
MACD has reduced its acceleration. The MACD line moves sideways parallel to the 0 level. The signal line goes on moving further towards positive levels. RSI has sloped up again, but out of the overbought zone at 64 indicating bullish nature.
