Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 20

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

In 2018, every consecutive fall of the crypto markets was followed by a very weak recovery. This is in stark contrast to 2017, during which every fall was followed by a ‘V’ shaped recovery. The total market capitalization of all cryptocurrencies is hovering close to the $215 billion mark, after having dipped below $190 billion on August 14.

The next trigger is likely to be the U.S. Securities and Exchange Commission (SEC) decision regarding the Bitcoin exchange-traded funds (ETFs). If a new ETF proposal gets rejected again, we might witness another downward move.

On the other hand, if an ETF proposal is approved, the crypto markets might jump higher, signaling the formation of a bottom.

Let’s see which digital currencies are comparatively safe and can thus be bought into.

BTC/USD

Bitcoin (BTC) has been forming a higher low for the past five consecutive days, but on the upside $6,617.5 has been acting as a major roadblock. Currently, the 20-day EMA and the downtrend line have all converged close to $6,617.5, therefore we anticipate a strong resistance at this level.  

BTC/USD

If the bulls succeed in sustaining above the overhead resistance, the probability of a move back to $8,566 increases because the failure of a negative pattern is a bullish sign.

Therefore, we suggest buying above $6,750 with the stop loss at $5,900. Please use 50 percent of the usual allocation for this trade. We shall add the remaining 50 percent if the BTC/USD pair sustains above $7,000.

If the bulls fail to break out of $6,617.5, a few more days of consolidation are likely. The virtual currency will become negative only below $5,900.  

ETH/USD

The pullback щn Ethereum (ETH) has hit a wall and turned down from $321.1. Currently, the bulls are trying to defend the $280 line.

ETH/USD

If the ETH/USD pair sustains above the support zone of $277 – $280, the bulls will make another attempt to break out of $323.33. If successful, the upward move can reach $358, which might act as a stiff resistance.

If the bears break below $277, a retest of the August 14 lows will be on the cards. Both moving averages are sloping down and the RSI is close to the oversold territory, which shows that the sellers still hold the edge. Therefore, we shall wait for the trend to change before suggesting a trade on the pair.

XRP/USD

Ripple broke out of the 20-day EMA on August 17 but could not sustain the higher levels. It dropped back below the moving average on August 18 and has since then been trading below it. It has a slew of resistances until it breaks out of the 50-day SMA.

XRP/USD

The pullback of the past few days has corrected the deeply oversold condition of the RSI. If the bulls break out of $0.37390, the XRP/USD pair can extend the pullback to $0.5.

If the bears sink the virtual currency below $0.31214, the decline can extend to $0.29088 and thereafter to the intraday lows of August 14. If we get a reliable buy setup, we might consider suggesting long positions close to the $0.38 mark.

BCH/USD

Bitcoin Cash pulled back into the range on August 17 but faced a strong resistance at the 20-day EMA. Currently, the price has again corrected close to the critical support of $537.8221.

BCH/USD

If the bears sink the BCH/USD pair below $537, a retest of the August 14 lows is possible. On the other hand, if the bulls succeed in holding above $537.8221, another attempt to break out of the 20-day EMA is likely.

On the upside, a break out of the 50-day SMA and the downtrend line will indicate that the bearish momentum is waning. The first resistance is in the zone of $880 – $891. If this level is crossed, the next target is $1,200.

We shall wait for the prices to sustain above the downtrend line before recommending any trades.

EOS/USD

The 20-day EMA continues to act as a stiff resistance for EOS. However, it has not given up much ground in the past two days, which is a positive sign. We also like the way the bulls defended the critical support of $3.8723. This shows demand at lower levels.

EOS/USD

If the bulls break out of the 20-day EMA, a rally to the 50-day SMA, followed by a move to $9 is probable. Therefore, we propose a long position at $6, with the initial stop loss at $4.8. The traders can raise the stops to break even if the EOS/USD pair struggles to break out of the 50-day SMA.

On the downside, if the bears break below $4.8121, a decline to $4.4036 is possible.

XLM/USD

Stellar is finding it difficult to break out of the $0.25 level. It turned down from $0.24684115 on August 18. It might now correct to $0.205.

XLM/USD

A break out of the $0.25 level can carry the XLM/USD pair to the downtrend line where it might face resistance. We retain the existing buy recommendation made on August 15.

Our bullish view will be invalidated if the bears sink the digital currency below $0.184. We can’t find any buy setups for as long as the price remains inside the range of $0.25 – $0.184.

LTC/USD

Litecoin is in a downtrend as both moving averages are sloping down and the RSI is also in the negative territory. As expected, the bears are defending the 20-day EMA.

LTC/USD

If the bears break below the support at $49.466, the LTC/USD pair will resume its downtrend and reach $40.

The cryptocurrency will show first signs of a change in trend when it breaks out and sustains above the downtrend line. We suggest traders wait for the trend to change before initiating any long positions on the pair.

ADA/USD

After a strong support is broken down, it becomes a strong resistance. We can see that on Cardano, where the previous strong support of $0.111843 is now acting as a strong resistance.

ADA/USD

The 20-day EMA is sloping down, whereas the 50-day SMA is flattening. We shall turn positive on the ADA/USD pair only after it breaks out of the downtrend line and the 50-day SMA.

On the downside, any break of the August 14 lows can result in a retest of the long-term support of $0.078.

XMR/USD

Monero is in a downtrend as price is quoting below both moving averages and the long-term downtrend line. The bulls broke out of the 20-day EMA on August 18 but could not sustain the higher levels. For the past two days, the cryptocurrency has been consolidating close to the moving average, which is a positive sign.

XMR/USD

If the XMR/USD pair sustains above the 20-day EMA, a rally to the 50-day SMA is probable. On the downside, if the bears break below $94.3, a fall to $84 is likely.

Both moving averages are flattening out, which points to a consolidation for the next few days. We shall try to establish positions when we have a well-defined range. Until then, it is best to remain on the sidelines.

IOTA/USD

IOTA is in a downtrend with both moving averages sloping down and the RSI in the negative territory. The pullback is facing resistance close to the $0.575 mark.

IOTA/USD

If the bulls break out of the 20-day EMA, they can carry the IOTA/USD pair to the 50-day SMA, which is likely to offer a strong resistance.

On the downside, any break of the August 14 lows will increase the probability of a fall to $0.33. We can’t find a confirmation of a bottom yet, so we are not suggesting a trade on the pair.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

XRP Finally Sees Some Gains After Weeks Of Continued Negative Growth

https://www.tradingview.com/x/VmX95kPu/

XRP has seen a small 1.52% price decline over the past 24 hours of trading. This comes after the cryptocurrency undergoes a 9.25% price hike over the past 7 trading days. Ripple is currently being traded at around $0.33 per token. It has suffered continued downward price action over the past few weeks and the price incline recently seen was the first price hike for a number of weeks.

Excitement is brewing around the Ripple community as Bittrex intend to launch their first Ripple base pair markets today allowing users to trade altcoins against Ripple as the base pair.

Ripple is still ranked in 3rd position in terms of overall market cap across the entire industry. It has a total market cap value of $13.11 billion. The cryptocurrency has suffered a 26% price decline over the past 30 trading days and a 50% price decline over the past 90 trading days.

XRP/USD – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/VmX95kPu/

Since, our last price analysis, XRP/USD has fallen even further. We had expected the support at the $0.29 handle to hold due to the confluence of downside Fibonacci Extensions being located within this area.

However, price action dipped even further lower than we had expected, until a reversal point was found at a downside short term 1.272 Fibonacci Extension was found at $0.25. This level served as strong support as the market reversed at this area.

We can see that the market went on to appreciate above the $.35 handle to find resistance around $0.36. This resistance is marked by a short term bearish .382 Fibonacci Retracement level priced at $0.35.

The market is currently trading at support marked by the previous downside 1.272 Fibonacci Extension level priced at $0.33. If the bearish momentum reenters the market once more, we expect immediate support to be located at the downside 1.414 Fibonacci Extension level (drawn in orange) priced at $0.29. Further support below this level can be expected at the down side short term 1.272 Fibonacci Extension level (drawn in blue) priced at $0.25.

Alternatively, if the bulls continue with their bullish momentum and push price action even further higher, we expect resistance to met at the bearish .382 Fibonacci Retracement once again priced at $0.35. Further resistance can be expected at the bearish .5 Fibonacci Retracement priced at $0.39 followed by the .618 Fibonacci Retracement priced at $0.42.

The technical indicators have started to print neutral readings for the first time in weeks. The RSI is currently trading at the 50 handle indicating that the market is indecisive about which direction to head toward next. If the RSI breaks above the 50 handle we can expect the bullish momentum to continue within the market.

Let us continue to analyse price action a little closer over the short term.

XRP/USD – SHORT TERM – 4 HR CHART

https://www.tradingview.com/x/BQTh4MSL/

Analysing price action at a closer time frame, the 4hr candles chart, we can see that the recent bullish momentum pushed price action from a low of 40.25 on the 14th of August to a high of $0.37 on the 17th of August. This is a price increase totalling 48% from low to high in the space of only 3 days.

We can see that price action has since retraced slightly, finding support at the .5 Fibonacci Retracement of this short term move, priced at $0.314. We can see that price action is currently trading at support markets by the .382 Fibonacci Retracmenet level priced at $0.32.

If the market can stay above this level, we can expect price action to go on and make fresh new short term highs.

Alternatively, if the bearish pressure enters the market once again, we expect support to be located at the .5 Fibonacci Retracement priced at $0.31 followed by the .618 Fibonacci Retracement priced at $0.30.

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Ripple Price Analysis: XRP/USD Aiming for Upside Targets

Ripple is gaining more bullish traction as it found support at the area of interest visible on the 1-hour chart. This signals that the rally is set to resume and carry on, with the price likely setting its sights on the upside targets marked by the Fibonacci extension tool.


In particular, the swing high is close to the 50% extension at 0.3800 and might be where buyers are looking to book profits. Stronger bullish pressure could take it up to the 61.8% extension at 0.3920 or the 78.6% extension at 0.4129. The full extension is located near 0.4400.

The 100 SMA is above the longer-term 200 SMA, confirming that the path of least resistance is to the upside or that the uptrend is more likely to continue than to reverse. The 200 SMA lines up with the area of interest to add strength as a floor in the event of another dip while the 100 SMA is currently holding as dynamic support.

RSI seems to be making its way down, though, so sellers might take it easy from here until the oscillator indicates oversold conditions and turns back up. Stochastic is also on the move down to signal the presence of selling pressure.

Ripple/USD chart

Ripple got back on its feet as a number of positive updates for this particular digital asset came up in the previous week. For one, its cross-borders payment product xRapid added three new exchange platforms that would likely bring more volumes and activity.

According to Cory Johnson, Chief Market Strategist at Ripple:

We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.

Soon after, Kuwait released a YouTube video on using Ripple for a cross-border transactions system. Also in China, an exec mentioned that Ripple is looking closely at the country as part of an ongoing effort to streamline and speed up international payments using its distributed ledger technology.


Images courtesy of TradingView.

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