ADVERTISEMENT

Price Analysis of BTC, ETH, XRP: 19th August

ADVERTISEMENT

Must Read

Price Analysis of BTC, ETH, XRP: 19th September

With the recent addition of $53 billion by the Feds in the banking system has affected the price of...

North Korea’s latest weapon: Cryptocurrency

After China, now North Korea is planning to work on building its cryptocurrency to avoid strict international sanctions and...

Arab Switzerland Bank accepting cryptocurrencies: Swiss crypto interest increasing?

As more and more banks are collaborating with fintech firms to enter the growing list of well-known players entering...
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.

The last week has been a rollercoaster ride for Bitcoin as we saw some serious downward corrections followed by upward trends. Bitcoin started the week at $11,530 and then saw a sudden downward correction to the price of $9,830 around 15th August, and it finally closed the week with an upward trend at $10,410.

Recently we noticed that the Bitcoin price was affected by the US-China trade war as we saw an increase in the price at the beginning of this month. Now things are coming back to normal between US-China so we can expect changes in the price of Bitcoin again.

Bitcoin is currently trading at $10,702 after breaking the strong resistance of $10,500 and $10,600. A bullish trend can be seen forming near the $10,300 support level. There is a decent support forming at the $10,300 and $10,250 level. This is the same level where we can see the formation of a bullish trend in the hourly chart of Bitcoin.

The bulls need to defend the $10,500 resistance levels; otherwise, Bitcoin can decline back to $10,000 and test those levels. To continue the bullish trend, they will have to break the $10,800 resistance level to gain a steady pace in the rise. If this happens, then the prices can reach well above the $10,850 and $11,000 resistance levels.

The chart, however, gives us hopes that Bitcoin price will approach the $11,000 mark and if it faces a downward correction in the coming week, then it might test the support levels of $10,000 and $9,900. The RSI has improved from 46.33% to 62.08%.

ETH/USD

With the improvement in the price of Bitcoin, Ethereum has shown improvements in its price since 17th August. Ether is currently trading at $202.36 after breaking the resistance levels at $195.

The bullish trend can be seen in the Ethereum chart as well since 17th August, pulling up to $202. This has made the support levels to improve to $188 with a resistance level at $203 and $204. With this breaking of the $195 resistance level, we can hope for a rise till $204 and then it is likely to continue higher towards the $208 and $210 levels.

The primary support levels for Ethereum are present at the $190 and $188 levels.

XRP/USD

Ripple has been facing downward corrections in the last week as well, but with an increase in Bitcoin price, Ripple noticed a climb in the price too. Currently, XRP is trading at $0.28480 against the US dollar.

Ripple was facing the resistance at $0.2750 and $0.2800, and it broke the resistance barriers to having a good start this week. Next resistance is at $0.2900 and $0.3000 mark if the bulls can defend this level.

In case of any downward corrections, we can expect the support to be at $0.27950 and $0.27500 levels. The chart clearly shows that Ripple is closing in towards the $0.2950 barriers. This can lead to a pump of price towards the $0.3000 levels.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Price Analysis of BTC, ETH, XRP: 19th September

With the recent addition of $53 billion by the Feds in the banking system has affected the price of...

More Articles Like This