Bitcoin Cash's Recent Increase Likely to Exceed $650

Before the decline, the RSI had formed a bearish divergence, and the MACD had already formed a lower momentum bar, indicating that the down was imminent.

Also noteworthy is that the high was reached at a confluence of Fib resistance levels between $46,800 and $47,800, which coincided with the previous low.

Perhaps a local peak has been achieved, and Bitcoin's price will fall towards the $39,900-$37,770 region.

In this week's options market, neutral-to-bullish call options are dominating, while defensive put options are trading below the current $46,500 price threshold.

Investors were too enthusiastic, purchasing $48,000 and higher bullish options, reducing the $435 million value of these call options if Bitcoin stays above $46,000 later today.

Because hitting $48,000 would raise the options expiration notional by $80 million, the bulls may utilize their huge advantage to push the price higher.

In this scenario, the bulls would have a $325 million advantage over the market, demonstrating even more market domination.

The bears' only option is an unlikely expiration below $44,000. If this occurs later today, the bulls' advantage will be reduced to a measly $80 million.

Although it is too early to call the race, the rewards for pushing Bitcoin's price below $46,500 by 5% do not seem to be worth the effort.

Indicators

As shown by the MACD indicator (still positive), market momentum may be exploited in the coming several weeks. Because the RSI indicator has been hovering around 57, the price will likely remain there for the near term.

ETH/USD

Since July 20, ETH's price has risen at an accelerated pace.

However, it reclaimed the $2,600 horizontal support area on August 5. According to Coinbase, on August 13, ETH hit a local high of $3,147.

While this was the case, bearish divergences in both the RSI and MACD were also present.

ETH has gone on a slight price decrease, and the trend has shifted from an upward parabolic support level. This suggests that, if it does, it will most likely return to the $2,600 horizontal level.

According to reports, ETH has completed a five-day consolidation phase.

The next goal is $3900-4100. It will take place from August 18-20. Let's take a look at the idea from a variety of perspectives.

A bullish pattern was not broken, nor was a bearish reversal combination formed. But no indication was harmed in the process. They are a springboard for even greater pricing. Tomorrow is going to be a great day for the greens.

This notion is further supported by the candle forms on the smaller frames. According to the TA, RSI has been adjusted and is no longer a major issue. So long as a daily candle finishes below $2867, there's no reason to be negative.

Indicators

The MACD Index moved over zero in the positive area, leading more people to believe in the investment community that short-term prospects were good. RSI, which measures the relative strength of a market, went to a value of 69, indicating that the market will stay steady over the next few days, with a chance of moving down.

XRP/USD

On Thursday, XRP fell by 4.55%. XRP dropped 18.89% on Wednesday; however, as of Thursday, it was $0.96577.

An uneven start to the day saw XRP's price advance to a morning intraday high of $1.04438, only to turn negative again later in the day.

By closing lower than the first significant resistance level at $1.1186, Ripple's XRP completed the trading day in the red, and XRP fell to an afternoon intraday low of $0.93341.

XRP managed to revisit previous support levels at $0.97 before easing back.

As of the time of writing, Ripple was trading at $1.03528, gaining 7.76 percent. Ripple's XRP started the day at $0.96600 before declining to $0.95196 later in the day.

In the early stages, Ripple has challenged the key support and resistance levels with zero-testing.

When XRP's price falls below $0.9812, it will move back through that level to act as a significant resistance once again..

Further support will be needed from the wider market, but for XRP to get back up to $1.00, additional support will be required.

With the exception of a long-term crypto rally, the first significant level of resistance and Thursday's high of $1.04438 would likely prevent any upward from happening.

We may see XRP hit resistance around $1.15 before any retreat if the breakthrough happens again. A second significant price resistance level is located at around $1.0922.

In the event that you fail to return through the $0.9812 pivot, $0.9180 will serve as the first significant support level.

No matter how long the selling continues, XRP should avoid sub-$0.90 support. At $0.8702, the second main support level is encountered.

Indicators

MACD (Moving Average Convergence Divergence) has been put firmly in the positive zone, like many other altcoins, showing that the market is gearing up for another price surge and is ready to achieve even greater heights.

This pricing value is now at value = 76, which means that the price may continue to rise.

LTC/USD

On Thursday, LTCUSD dropped 3.05 percent. Litecoin finished the day at $165.51, reversing much of its 3.24 percent gain from Wednesday. LTCUSD had a volatile start to the day, rising to an intraday high of $179.79 in the early morning before reversing.

Litecoin has broken above the $177 big resistance level and the $178 23.6 percent FIB.

LTC/USD, on the other hand, fell to a late-afternoon intraday low of $160.83 as a result of the reversal. LTCUSD dropped below the first major support level of $165 before making a late partial rebound to close the day at $165.

LTC/USD was trading at $181.20 at the time of writing, up 9%.

Litecoin had a rocky start to the day, falling to a low of $163.95 in the early morning before recovering to a high of $182.50.

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

To reach the first major resistance level at $177 and the 23.6 percent FIB of $178, Litecoin would have to break past the $169 pivot.

However, for Litecoin to break out of the $175 range, it will require support from the rest of the market.

If there isn't a long-term crypto rise, the first significant resistance level and the 23.6 percent, FIB would likely limit any further gains.

Before any retreat, Litecoin may attempt resistance above $190 in the case of a prolonged breakthrough. $188 is the second significant resistance level.

If the $169 pivot is not broken, the first major support level at $158 will be tested.

Litecoin, on the other hand, should avoid falling below $155 unless there is a sustained sell-off. $150 is the second significant support level.

Indicators

The MACD indicator has remained positive, indicating that the market is more optimistic about the short-term future, while the RSI index has moved between 70 and 72, indicating a steady short-term future.

BCH/USD

The price of Bitcoin Cash began to rise steadily over the $600 barrier level versus the US Dollar.

The price of bitcoin cash began to rise again after forming a base above $500. BCH overcame several roadblocks around the $580 mark to enter the green zone.

The price even surpassed $600 and the 55-day simple moving average. It eventually broke over the $625 barrier and traded as high as $650.

A recent downward drop occurred below the $625 and $620 support levels.

The price even dropped below $600, but there was no further downward movement. The price is still trading significantly above the 55 simple moving average, making a bottom around $591.

It is currently trading over $610, indicating that it is on the rise. Near the $621 mark, there is instant opposition.

It's close to the 50% Fib retracement level of the decline from the swing high of $650 to the low of $591. $625 and $627 may be the next big resistance levels.

Near $627 is the 61.8 percent Fib retracement level of the bearish move from the $650 swing high to the $591 low. As a result, a clean break over $627 may drive the price towards the $650 resistance level.

The price must break through the $650 resistance zone to go upward. Near the $700 mark, the next significant barrier is seen.

On the downside, the $600 level is the first significant support. On the 4-hours chart of the BCH/USD pair, a major bullish trend line is formed with the support of around $610.

A breach below the $610 support zone on the downside may lead to a further drop. The next big support level is at $550.

According to the chart, the price of BCHUSD is currently trading above the $600 zone and the 55 simple moving average.

Above the $625 and $650 resistance levels, the price is expected to move higher.

Indicators

The MACD Index is now in the positive area, showing that it is positively correlated with the overall market. The RSI indicator shifted between values of 68 and 70, suggesting that the price would move in the same position.

Correlations

Bitcoin / Ethereum = 0.86, Bitcoin / Ripple = 0.80, Bitcoin / Litecoin = 0.80, Bitcoin / Bitcoin Cash = 0.71
The correlation data confirms that Bitcoin's market dominance has been renewed. When Bitcoin bounced back over $46,000, it shifted the market's dynamic in a favorable direction, promoting good outcomes for other cryptocurrencies.

Key Notes For Today

• For BTC, the bears' only option is an unlikely expiration below $44,000.
• ETH has completed a five-day consolidation phase.
• XRP has challenged the key support and resistance levels with zero-testing.
• BCH's recent increase is likely to exceed $650.