BTCUSD Bulls Anticipating further Gains

However, BTC rebounded off the bottom and formed a bullish engulfing candlestick the following day.

Despite this, except for the August 1 divergence, it continues to face opposition from the $40,550 area, which has been in place since May.

BTCUSD started at 40888.73 and reached a high of 41191.62 today.

Early in the trading day, BTCUSD searched for a new technical mood as traders considered adding to their profits after recent buying pressure that resulted in some profit-taking.

The pair reached a high of 42605.64 in late July, its highest level in recent weeks, and a print that resulted in an 18%+ gain in July and a 43 percent gain year-to-date.

Following this print, technical trading took hold, pushing BTCUSD down below the 40000 marks.

As of early August, selling pressure had built up around the 41517 and 40459.68 price levels, and as a consequence, multiple negative technical price targets were formed.

Each of these levels includes the numbers 37,75, 87,13,42, and 78.

Downside price retracement levels, such as those located at 37523.48, 35953.60, 34873.72, 32441.32, and 32148.63, may possibly trigger more price declines if the current price spike reaches its previous highs.

When traders see that the 50-bar MA is rising above the 100-bar MA and above the 200-bar MA, they believe that this signals increased buying interest.

Additionally, the 200-bar MA is suggesting above the 100-bar MA and above the 200-bar MA.

Price activity is seen at the intersection of the 50-bar MA and the 200-bar MA at an approximate price of 39454.82 and 39364.70, respectively.

Stops are anticipated around 28747.28 - 27175.66, with Technical Support expected around 28747.28/ 27706.27/ 27175.66. Stops are anticipated above technical Resistance levels of 46000/ 51569.56/ 64899.

Indicators

While the MACD is reducing in value, the RSI has dropped below 70 (red icons).

The MACD is gaining momentum, with the MACD convergence divergence (MACD) moving into the positive zone.

ETH/USD

Since July 20, ETH has been accelerating higher, and on July 31, it broke out of an upward parallel channel.

It confirmed the channel's resistance line as support and produced a bullish engulfing candlestick the following day, as per this writing.

Although technical indicators in the daily time frame are positive, the RSI has a possible bearish divergence.

Furthermore, ETH is nearing a significant resistance level around $2,860.

The level is a horizontal resistance region, and if the whole movement is an A-B-C corrective structure, a high of $2,860 would provide a 1:1.61 ratio between waves A and C.

This is a Fibonacci resistance level as well.

On Friday, Ethereum was down 2.93 percent at the time of writing. Ethereum is now trading at $2,743.52 after a 3.84 percent gain on Thursday.

Ethereum fell to a mid-day intraday low of $2,845.54 before making a move after a negative start to the day.

Ethereum surged to a late intraday high of $2,845.00 after coming within striking distance of the first key support level around $2,530.

Before easing back, Ethereum broke over the 38.2 percent FIB of $2,740 to test the first significant resistance level at S2,845 before breaking through the 38.2 percent FIB of $2,740.

Ethereum had a rocky start to the day, falling to a low of $2,823.01 in the early morning before recovering to a high of $2,845.54.

Early on, Ethereum did not challenge the main support and resistance levels.

To reach the first big resistance level at $2,938, Ethereum would have to escape the 38.2 percent FIB of $2,740 and the $2,736 pivot.

Ethereum would require support from the wider market to break out from Thursday's high of $2,845.00.

If there isn't a long-term crypto rise, the first big barrier level and resistance at $3,000 will likely limit any further gains.

Before any retreat, Ethereum may attempt resistance around $3,150 in the case of another broad-based crypto rise. $3,047 is the second significant resistance level.

The first significant support level at $2,628 would be tested if the price fell through the 38.2 percent FIB of $2,740 and the $2,736 pivot.

Ethereum, on the other hand, should avoid falling below $2,600 unless there is a sustained sell-off. $2,426 is the second significant support level.

Indicators

With the latest rise in prices, the ETH RSI surpassed the 60 marks, thereby heralding the return of the bullish trend.

The MACD, on the other hand, is still in the positive territory.

XRP/USD

On Thursday, XRP increased by 0.31 percent. The price of Ripple's XRP increased by 2.12% on Wednesday, resulting in an end-of-day price of $0.73321.

Ripple's XRP had a negative start to the day, with the currency falling to a mid-day intraday low of $0.70170.

The first major support level of $0.7043 was broken early on May 7, 2018, although it later climbed to a late-day high of $0.73866.

Although $0.7479 was the first significant resistance mark, $0.735 was where XRP ended the day.

As of the time of writing, Ripple's XRP was trading at $0.73341, which is down 0.39% from the previous day's price.

The beginning of the day was a bit of a mixed bag for XRP, as the currency declined in value to start the day at $0.73399 and then surged to a high of $0.73572.

Ripple was the first cryptocurrency to breach key support and resistance levels without a significant test.

XRP's resistance levels around $0.7245 will need to be overcome to create the first big hurdle around $0.7473.

Ripple's XRP would require the support of the wider market to get beyond Thursday's high of $0.73866.

There is little to no room for price appreciation beyond $0.75. Before any price retracement, Ripple's XRP may reach resistance at $0.78.

At $0.7615, the second significant resistance level is encountered.

If the $0.7245 price point was to fall through, the first key support level at $0.7104 would be brought into play.

Short of a prolonged bear market, however, XRP will stay away from sub-$0.70 price levels. A second critical support level is now sitting at $0.6876.

Indicators

Analysis of recent market evidence indicates that the RSI has closed as much as 59 at this time. The MACD histogram has remained green for more than 14 days.

If the moving average continues to fall below the zero marks, Ripple's price may see a short-term drop.

LTC/USD

Following a 0.74% increase yesterday, which saw LTCUSD close the day at $143.60, LTC price is now 0.0074% above where it started the day.

Today Litecoin started with an opening price of $132.75 and then dropped to a midday intraday low of $136.25.

After breaking over a key support level of $137, Litecoin rallied all the way to a late-afternoon high of $145.25.

Litecoin slipped slightly to finish the day at sub-$144 levels but fell short of the first significant resistance mark at $146.

Litecoin was currently trading up by 1.39% to $143.60 at the time of writing.

An uneven start to the day saw Litecoin price go all the way down to $143.60 early in the morning, but later in the day, it gained back most of its losses and ended the day at $144.05.

During the early stages of LTC's rise, the market never tested the support and resistance levels.

Litecoin would have to surmount a significant resistance level at $142 before a new barrier level at $147 could play a significant role.

But in order for Litecoin to surpass the $145 price level, it will require support from the wider market.

Until the market has a prolonged upswing, the first significant resistance level is likely to represent a market ceiling.

Litecoin may hit the next significant resistance level at $151 in the case of another prolonged breakthrough.

The first significant support level is at $138, and if the price falls through that pivot, then we will see the first support level at $138.

Litecoin should avoid moving under $135 for the time being. This price level provides the second significant support for the price.

Indicators

The RSI shows that bulls have complete control of the market with a score of 60.23.

A rising MACD histogram mirrors the fact that a bullish run is now underway.

BCH/USD

Bitcoin Cash (BCH) has increased in value by about 3.58 percent during the past week.

During the last 24 hours, BCH has traded in a range of $543.36 and $545.63, a decrease of 1.5% from its previous high.

BCH is now trading at $544.90 per share. Compared to the day's opening price of $543.88, this is a considerable rise.

As a consequence, the market seems to be bullish at the moment.

Both the MACD and the signal lines are in the positive zone at the moment.

It is a bullish development for the MACD line to have crossed above the signal line, which is a bullish development for the indicator.

As a consequence, the general momentum of the market is positive. As a consequence, traders and investors may envisage the price to begin to increase in the next few months.

The Relative Strength Index (RSI) has reached a reading of 53.39 percent at this time. As a consequence, buying pressures are lessened in the marketplace.

Due to an increase in buying activity, the price of Bitcoin Cash will climb in the near future.

Indicators

The bulls are in control since the RSI is still above 50. Even if it does not seem to be stuck in this area for the past few days, the MACD histogram is positive, as it has been lately.

Correlations

Bitcoin / Ethereum = 0.76
Bitcoin / Ripple = 0.73
Bitcoin / Litecoin = 0.72
Bitcoin / Bitcoin Cash = 0.71

LTC, which has been dubbed the "silver to bitcoin's gold," has shown a significant connection with the world's most valued digital currency on many occasions.

According to the correlation values, moderate risk reduction is achievable for the altcoins when related to BTC.

Key Notes for Today

• Cryptocurrencies such as Bitcoin and Ethereum have formed bullish engulfing patterns.
• ETH may increase by 30%, outperforming Bitcoin.
• Litecoin may hit the next significant resistance level at $151 in the case of another prolonged breakthrough.