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Price Analysis of BTC, ETH, XRP, LTC, BCH: 20th August

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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.

Bitcoin is the dominant cryptocurrency with over 70% market cap in the whole world of cryptocurrencies. The trend we have noticed is that in the majority of the cases, a slight rise or fall in the Bitcoin price can lead to change in all the altcoins as well. Lately, we have seen a bullish trend in the Bitcoin price, which has lead to the whole market being bullish.

Yesterday we noticed that Bitcoin went bullish and broke the resistance of $10,500 and $10,600. Bitcoin started the day at the price of $10,935.60 and broke the next resistance of $10,850 and closed in at almost $11,000.

This rise in the Bitcoin price from $9,830 to almost $11,000 in just 5 days shows that bulls take an interest in the market as the price goes down and pull the market up. But today we notice a downward correction in the Bitcoin price.

Currently, Bitcoin is trading at $10,693.29, which shows the downward trend that can test the $10,500 support levels again this week. Despite breaking the $10,850 resistance, Bitcoin is now facing resistance at $10,750.

The bulls have to defend the $10,750 resistance level; otherwise, a further downward correction will take the Bitcoin price to $10,500 support level and further decline to $10,200 and $10,300 support levels.

The chart has shown a bullish trend from the past 2 days, and we can expect the price to rise again, in this case, we have the resistance levels at $10,900 and $11,000. So chances of Bitcoin price reaching $11,000 is possible. If bulls continue to stay in action, they can easily push the price beyond the $11,000 resistance levels.

ETH/USD

With a downward correction in Bitcoin, we noticed a similar trend in Ethereum price as well. Ether started the day at $202.73, but overtime during the day, it lost some value, and it is currently trading at $197.20.

Luckily it hasn’t tested any support levels yet, but we have to wish for another push by the bulls to pick up the price and break the resistance level of $202. The chart shows the first support level at $195, followed by the next support at $192.

XRP/USD

Like the other cryptocurrencies, Ripple also faced a downward correction yesterday after a momentary bullish trend in the past 2 days. Currently, XRP is trading at $0.27272. Ripple price is facing strong resistance at the $0.2900 level, and the recent decline is taking it down to test the $0.2700 and $0.2690 support levels.

With an immediate resistance at the $0.2850 level, the support levels of $0.2750 and $0.2720 levels remain attractive for the bulls. Even after the downward correction, if Ripple manages to rise to the resistance level of $0.2900, we can expect the price to move towards the $0.3000 level.

Any further downward correction will take the price down to the next support levels of $0.2750 and $0.2720, and if the bulls fail to push the market, then it can even test the $0.2700 barriers.

LTC/USD

Litecoin has been bearish and has been trading below the resistance level of $80. Currently, Litecoin is trading at $ 75.45, and it is facing major resistance near the $80 and $78 level.

The support levels for LTC are formed at $72 and the immediate key support after that is at $70. The bulls will have to focus on the Litecoin market as well and pick up the prices to bring an end to the bearish trend.

BCH/USD

Bitcoin Cash(BCH) has seen a bullish trend since 18th August, and it reached the weeks highest point of $325.27 today when the market closed at midnight. However, a downward correction was seen through the chart, and this lead to a decline.

Currently, BCH is trading at $317.15 with the support levels set at $315 followed by immediate support at $312. BCH is facing strong resistance at the $330 level. If the bulls manage to push the market up, we can expect the price of BCH to rise to $360 and even touch the $400 levels.

However, if the bulls fail to save the market, the downward correction can continue and reach the support levels at $312 and $295. These can further test the levels of $250 and $200 where we can expect the bulls to make some move to bring it up again.

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.

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

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