[PRICE ANALYSIS] AUGUST 05: BTC/USD, ETH/USD, XRP/USD, LTC/USD, BCH/USD

Key points to mark:

• Immediate resistance that BTC faces: $12100 + $12234 (upper BB). If bulls take the price above these levels, it will face resistance at $12,325 before testing $13174 and $13764 resistance.

• 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 increased its acceleration. The MACD line has sloped up parallel to the upsloping signal line above 0 level. RSI has entered back in the overbought section sloping upwards at 72 level, bulls still continue commanding.

ETHEREUM / U.S. DOLLAR

Price Analysis

Ethereum goes on making higher highs still in the upper half region of the Bollinger Bands. Bulls tried to take the asset above $410 but could make a high almost touching it at $408.8 and positively closed at $400.8 on Wednesday, 5th August 2020. Ether did not go below the $380 mark by making a low of $383.5 yesterday. Traders and investors wait patiently for the asset's another upswing as both the moving averages are sloping in an upward direction. Bulls are battling strong and will try to shoot the cryptocurrency above the upper Bollinger Band by increasing more momentum. Even though the short-term investors might settle for profits now, Ethereum will witness further higher profits soon.

Key points to mark:

• Immediate resistance that ETH faces: $410, followed by $421.9 (upper BB). If bulls can take the price above these levels, 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 $326 (20 EMA) and $316 strong support. Below this, the price will face resistance at $310 (basis of BB) before testing $288 and $278 levels.

Indicators

MACD still continues its reduced acceleration. The MACD line and the signal line go on sloping up in parallel positive momentum above 0 level. RSI is flattening into the overbought section at 84 with demanding bulls.

RIPPLE / U.S. DOLLAR

Price Analysis

Ripple has entered back inside the upper half of the Bollinger Bands section. The bulls tried their best to take the price above $0.309 but could take XRP to just touching it making a high of $0.307 and closing the price at $0.302 on Wednesday, 5th August 2020. Bulls saved Ripple from slipping below the $0.285 level and picked it up from a low of $0.290 yesterday. According to our preceding analysis, the price levels did correct themselves again due to the RSI zone. We can see how bulls have stayed strong not letting the cryptocurrency from witnessing lower levels. They will again try to take the price above $309 level. Traders and investors simply wait before taking the next move as there's not much clarity among the bulls and bears.

Key points to mark:

• Immediate resistance that XRP faces: $0.309, followed by $0.316 (upper BB) and $0.318. 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 along with the signal line continues to slope up parallel to each other above the 0 level, in positive momentum. RSI seems to flatten in the overbought area at $82 indicating that bulls are not ready to give up.

LITECOIN / U.S. DOLLAR

Price Analysis

Litecoin continues to trade below the $60.5 level in the upper half region of the Bollinger Bands. The bulls took the price upwards to make a high at $59.8 and closed positively at $58.8 on Wednesday, 5th August 2020. Bulls did not let Litecoin fall below a low of $56.7 yesterday. Traders and investors are not sure of the next move as the price is consolidating and hence wait for the upward momentum to take place. Even the twenty-day exponential MA and the basis (middle line) of Bollinger Bands are both 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: $52.8 (20 EMA). If bears take over and push the price below it, LTC will test $50.8 (basis of BB) support, followed by $46 (50 MA) before declining to $39 support level.

Indicators

MACD has a reduced acceleration with the MACD line moving sideways parallel to the 0 level. The signal line still goes on sloping up towards positive values. RSI has flattened at 67 indicating bulls are in command.

BITCOIN CASH / U.S. DOLLAR

Price Analysis

Bitcoin Cash is still trading in the upper half region of the Bollinger Bands. The bulls are strongly saving the price from slipping below $280 level. Bitcoin Cash made a high of $298.6 and a close at $294 on Wednesday, 5th August 2020. Bulls did not let the price fall below the low of $284 yesterday. Traders and investors patiently wait after taking advantage of the dips as bulls seem to be in no hurry to scale up right now. The twenty-day exponential MA is also positive as it slopes 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 a lot. The MACD line goes on moving sideways parallel to the 0 level. The signal line is moving further towards positive levels nearing the MACD line. RSI has kind of flattened at 61.6 level indicating bulls still have the upper hand.