Key HighlightsRipple price started a downside move from the $0.3550 swing high against the US dollar.There was a break below a crucial bullish trend line with support at $0.3375 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair tested the $0.3120 support and it is currently at a risk of more losses below $0.3100.Ripple price declined below key supports against the US Dollar and Bitcoin. XRP/USD could correct higher, but it will most likely face sellers near $0.3350.Ripple Price ResistanceAfter trading a few points above the $0.3500, Ripple price faced sellers against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3533 and later it started a downside move. The price declined and broke the $0.3400 and $0.3300 support levels. There was also a close below the $0.3350 level and the 100 hourly simple moving average.During the decline, there was a break below a crucial bullish trend line with support at $0.3375 on the hourly chart of the XRP/USD pair. A fresh intraday low was formed at $0.3120 before the price found support. It is currently correcting higher and is trading near the $0.3200 level. An initial resistance is the 23.6% Fib retracement level of the last major decline from the $0.3533 high to $0.3120 low. However, the most important resistance is near $0.3350 and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last major decline from the $0.3533 high to $0.3120 low is also near $0.3325 to act as a resistance.Looking at the chart, ripple could correct higher towards $0.3300 and $0.3350, but it is likely to face sellers. On the downside, a break below $0.3120 might take the price towards $0.3000.Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.Major Support Level – $0.3000Major Resistance Level – $0.3350
Key PointsBitcoin cash price is under a lot of pressure as it broke the $540 support area against the US Dollar.There was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair may perhaps continue to move down if sellers manage to push the price below $500.Bitcoin cash price declined below the key support at $540-550 against the US Dollar. BCH/USD is back in a bearish zone towards $500 and $480.Bitcoin Cash Price DeclineThere was a fresh start of a downside move from the $580 and $600 swing highs in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $560 and $550 support levels. The decline was crucial as the price broke the 50% Fib retracement level of the last wave from the $470 swing low to $610 swing high. The price even settled below the $540 support and the 100 hourly simple moving average.More importantly, there was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair. The pair traded towards the $500-510 support area where buyers emerged. However, the recent downside break seems significant since the price settled below $540. An initial support sits at the 76.4% Fib retracement level of the last wave from the $470 swing low to $610 swing high. Should buyers fail to defend the $505-510 support zone, there could be more losses in the near term.Looking at the chart, BCH price is back in a bearish zone below $540. Therefore, there are even chances of more slides below the $510 and $500 supports levels in the near term.Looking at the technical indicators:Hourly MACD – The MACD for BCH/USD is moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 40 level.Major Support Level – $510Major Resistance Level – $540
All in all, traders and investors are optimistic of a morale boosting recovery in altcoins price. Nonetheless, for that to happen then we must see strides as EOS, Litecoin and Tron buyers build up enough momentum for further higher highs past last week’s highs. IOTA and Stellar Lumens bulls might spear head this recovery on condition that today close as a bull as prices trade above 60 cents and that horizontal range along 22 cents.Let’s have a look at these charts:EOS Technical AnalysisEOS Daily Chart by Trading ViewTechnically, EOS prices are pretty stable and up one percent in the last day. As EOS swing, prices continue to oscillate within Aug 17 bearish engulfing pattern without confirming the three bar bull reversal pattern that many expected to drive prices towards our immediate resistance line at $7.Either way, our EOS trade plan is clear: Bears are in control and any retest of $7 is another selling opportunity with first targets at $4 as lined up in our previous EOS technical analysis. At the moment, we recommend taking a neutral approach and waiting for convincing appreciations above $6 should buyers muster enough momentum or for trend resumption below $4.Litecoin (LTC) Technical AnalysisLitecoin Daily Chart by Trading ViewThe more LTC buyers fail to reverse these loses and sync with Aug 17 bull candlestick, the more our bearish assertion continue to hold. Thus far, LTC is down less than a percent and still trading inside Aug 17 high low meaning our previous trade plan is still valid.Stellar Lumens (XLM) Technical AnalysisStellar Lumens Daily Chart by Trading ViewPrice wise, Stellar Lumens is constant and still moving along 22 cents and within Aug 17 bullish engulfing candlestick. In line with our last XLM trade plan, all we need is buyers to drive prices above 26 cents and even 30 cents before we recommend taking longs with stops at 22 cents.On the reverse side, sellers would be back in trend once prices dip below 18 cents on the lower end. For now, we suggest taking a neutral stand.Tron (TRX) Technical AnalysisFrom the NewsIt is 10 days before the launch of the official Tron Virtual Machine.#TRON Official TVM will be released August, 31st.Prepare for migration #Ethereum developers!— TRON News 新聞 (@TronNews_) August 19, 2018Technical AnalysisTron Daily Chart by Trading ViewDespite bullish projection and slowing bear momentum, still TRX buyers are yet to edge past our immediate highs at 2.2 cents and sync with last week’s bullish engulfing candlestick.Further exacerbating buy plans is the narrow trade ranges and the drop in BTC prices that might hamper bullish attempts going forward.Nevertheless, in my opinion, taking a small position longs with stops at 1.8 cents with first targets at 2.5 cents is an optimistic approach. This plan syncs with the overall trade sentiment especially after end of last week’s price revival.IOTA (IOT) Technical AnalysisFrom the NewsElaadNL is now availing the first car charging battery that works autonomously without any need of a communication protocol. Settlement will be in IOTA.Traders can now open accounts at eToro and trade IOTA CFDs.We are pleased to inform you that our selection of cryptocurrencies is continuing to expand, and IOTA is now LIVE on eToro. #newasset #cryptocurrency #IOTA— eToro (@eToro) August 20, 2018Technical AnalysisIOTA Daily Chart by Trading ViewEven if IOTA prices are pretty stuck in a lower time frame consolidation, chances are we might see gains today. Notice that yesterday was bullish with buyers adding two percent and trying to retest last week’s highs at 60 cents. In any case, we recommend buying IOTA at stop price with stops at 45 cents and first targets at 90 cents.Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.