BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin after completing a Doji signal was taken down by the bears but got pushed back above the $11.5K resistance line. Bulls did not let the price go to the downside by making a positive close. Bitcoin continues to trade in the upper half region of the Bollinger Bands making a high of $11,900 and positively closing the price above $11,500 at $11,580 on Friday, 7th August 2020. They saved the price from falling below a low of $11,326 yesterday. Bulls might try to sink the asset as a trend reversal again. The twenty-day exponential MA still goes on sloping in upwards direction giving bullish results.
Key points to mark:
Immediate resistance that BTC faces: $12325 + $12453.6 (upper BB). If bulls take the price above these levels, it will test $13174 and $13764 resistance before rising to $14,580 level.
Immediate support that BTC faces: $11,500. If the price falls below this level, it will test $11000 and $10500. If bears take over and push BTC below the $10000 level, it will test $9705 (50 MA) support.
Indicators
MACD has reduced its acceleration. The MACD line moves sideways kinda parallel to the upsloping signal line above 0 level. RSI has begun to slope down out of the overbought zone at 67.9 level with the commanding bulls.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum witnessed some price correction below $380 still in the upper half region of the Bollinger Bands. Bulls failed to take the asset above $410 but could make a high at $398 and closed just below the $380 line at $379 on Friday, 7th August 2020. The bears pushed Ether to a low of $362 yesterday. Traders and investors are alert for the asset's next price movement due to lack of clarity in the battle between bulls and bears. Both the MAs are also sloping in an upward direction. Bulls did not give up yet and tried to save the cryptocurrency from declining. Even though short-term investors continue to settle for profits now, Ethereum will try touching higher levels again soon.
Key points to mark:
Immediate resistance that ETH faces: $410, followed by $433 (upper BB). If bulls can take the price above $437, ETH will rise to test $458 and $470 - $485 zone before rallying to $515 upper resistance level.
Immediate support that ETH faces: $380, followed by $365. If bears push ETH below these levels, it will test the $337 (20 EMA) + $325 (basis of BB) before going down to the $316 strong support. Below this, the price will face support at $288 and $278 levels.
Indicators
MACD still continues to reduce its acceleration. The MACD line is also sloping down. The signal line is nearing it by entering further into positive values above the 0 level. RSI has sloped down to 71.9, almost exiting the overbought section with demanding bulls.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple was not able to cross above $0.309 level and is still trading in the upper half of the Bollinger Bands section. The bulls tried their best to take the price above $0.309 making a high above it at exactly $0.310 and closing the price at $0.294 on Friday, 7th August 2020. Bears pushed the altcoin below the $0.285 level making a low of $0.277 yesterday. The price is still correcting itself. Bulls are trying hard to stay strong and not letting the cryptocurrency sink. They will again try to take the price above $309 level once the price is out from the overbought levels. Traders and investors continue to wait before taking the next move as there's still not much clarity among the bulls and bears.
Key points to mark:
Immediate resistance that XRP faces: $0.310 + $0.318, followed by $0.329 (upper BB). If bulls push XRP above these levels, 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 has reduced its acceleration. The MACD line has begun to slightly slope down. The signal line goes on moving upwards in positive momentum above 0 level. RSI seems to slope down at $75 indicating that bulls are not ready to give up.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin tried to cross above the $60.5 level but failed to do so and closed below it remaining in the upper half region of the Bollinger Bands. The bears tried to push the asset below its twenty-day exponential MA, but the bulls saved the price. It rose Litecoin upwards to make a high at $61 and closed positively at $57 on Friday, 7th August 2020. Bulls picked up the dip from just above the twenty-day EMA and did not let the cryptocurrency fall below a low of $54.5 yesterday. Traders and investors are not yet sure of the next move as the price still consolidates waiting for the upward momentum to take place again. The twenty-day exponential MA and the basis (middle line) of Bollinger Bands are both still significantly sloping up parallelly.
Key points to mark:
Immediate resistance that LTC faces: $60.5. If bulls take the price above this level, it will test $64 resistance before rallying towards $76 + $80 at the higher levels.
Immediate support that LTC faces: $53.7 (20 EMA). If bears take over and push the price below $52 (basis of BB), LTC will test $51 support, followed by $46.7 (50 MA) before declining to $39 support level.
Indicators
MACD has reduced its acceleration a lot. The MACD line has begun to slope down towards the upsloping signal line above 0 level. RSI is also sloping down at 61.9 indicating bulls are still in command.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash tried to escalate and cross above its upper Bollinger Band, but couldn't make it possible to do so. The bulls strongly saved the price from slipping below its twenty-day exponential MA. The bulls tried to take Bitcoin Cash above the $330 level but could make a high of $326 and positively closed at $302.7 on Friday, 7th August 2020. Bulls bought the dip from just below its 20 EMA and did not let the price go below a low of $277 yesterday. Traders and investors would have taken good advantage of the lows. The twenty-day exponential MA along with the basis(middle line) of Bollinger Bands are also positively sloping in upward momentum.
Key points to mark:
If bulls can take BCH above $305, it will first face resistance at $325.6 (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 $271.9 (20 EMA) + $260. If bears push BCH below these levels, it will test $246, followed by $244 (50 MA), before declining to lower support levels.
Indicators
MACD has reduced its acceleration again. The MACD line goes on moving sideways parallel to the 0 level. The signal line moves further towards positive levels nearing the MACD line. RSI has slightly sloped down at 62.8 level indicating bulls still have the upper hand.
