Price Analysis of BTC, ETH, XRP: 17th August

Bitcoin has seen some downward corrections in the past week. The corrections were so drastic that Bitcoin was trading at $9,850 mark. The resistance area for yesterday was set at $10,100 and $10,200, and support levels were down till $9,600.

But the resistance point was broken when breaking news surrounding Bakkt was released that it has been given approval from the CFTC to launch its Bitcoin Futures trading platform. This news alone helped the Bitcoin to break free from the resistance, and it was trading at $10,500 levels.

Investors all over the world we’re sure that Bitcoin price will test the support levels of $9,600 and $9,700, but news from Bakkt broke the downward correction, and the price spiked up again.

Bitcoin is currently trading at $10,367.69, which is better than yesterday, and we can hope for some spike in the prices. The resistance level now seen by the Bitcoin is set at $10,500, and the nearest support level is once again $10,000 followed by $9,900. The RSI has reached to 46.33% as compared to 40% from yesterday.

The current resistance for Bitcoin price lies at $10,500, and the ongoing support is at $10,000, below which the bitcoin price might test the $9,900 support level. The slight bullish pull in the chart can help the price to rise, and if the bulls are not able to continue with this pull, then bitcoin might also test the $9,850 and $9,800 levels again in the short term.

ETH/USD

Ethereum price has not shown much change since yesterday, and currently, it is trading at $185.58, which is a slight improvement from yesterday, and the new resistance level is set at $190.

The change in the prices of these currencies was because of the improvement in the price of Bitcoin yesterday. The bears are trying to pull the prices, but Ether is facing a resistance at $190, and the support levels have moved to $182 and $180. The RSI has moved to 35%.

As the chart predicts, Ethereum price is facing problems in breaking the resistance point of $190. There is still hope of slight recovery for the price to cross the $190 resistance and aim for $200 level.

XRP/USD

Ripple saw a decline in the price and went down to $0.2336 because of the decline in the price of Ethereum and Bitcoin. It showed a downward correction, but with the spike in Bitcoin and Ethereum prices today, XRP/USD pair saw an upward correction, and it is currently trading at $0.2656 with the resistance at $0.2800.

The strong resistance is seen at the $0.2800 level, and the support levels have been set for $0.2500, followed by the next support level at $0.2400. There is resistance near $0.2800, but if the improvement continues for a while, we can hope for an upside break to $0.2800 and $0.2930.

If the price fails to stay above $0.2650 or $2600, chances of a drop towards $0.2450 support area are possible.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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