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Price Analysis of BTC, ETH, XRP, LTC, BCH: 22nd 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 has been facing a downward correction lately, and while all the enthusiasts and investors were hoping for a push by the bulls to yesterdays resistance of $10,200, things went in the wrong direction, and the price further declined to $9, 757.

The market was shocked to see the sudden decline in the price, which tested the $9,800 and $9750 support levels. However, the price recovered today a little, and now it’s facing a strong resistance near the $10,100 level. Bitcoin is currently trading at $9,925.61. From $10,927 to $9,925.61, Bitcoin has seen a huge fall in the price.

If we face a rise in the price beyond the resistance price, we can expect the Bitcoin to aim towards the $10,250 and $10,300 levels. If the price does not close above $10,100 resistance level, then we can expect a further decline in the price. The next support level is available at $9,750.

Bears can either focus on the price right now; otherwise, the next target for them will be the $9,500 support area. The chart clearly shows how the price has fallen back to the bearish zone. Once the price crosses the $10,100 resistance, we can expect it to face major resistance at the $10,500 mark.

ETH/USD

Ethereum faced a strong rejection near the resistance levels of $200 and $202 lately, and this leads to a further decline in the price of Ethereum. Witha constant bearish move in Bitcoin, Ethereum is expecting the same trend in its area.

Currently, Ether is trading at $186.17, which is a further decline from yesterday’s prices. The support levels for ETH have been set at $185 and $183. The chart shows a strong resistance at $189 and $190; Ether needs a bullish trend to break through the resistance and aim for the $200 level otherwise we can expect further decline which will test the support levels below $185.

XRP/USD

Bitcoin and Ethereum have been facing a downward correction trend in their charts and prices but Ripple, on the other hand, is trying to push through.

XRP is currently trading at $0.2653, which is a slight improvement from yesterday’s price but still a long way to go from the resistance of $0.2680. There is a declining channel forming near the resistance point, and if it’s not able to push through the resistance, then we can expect more downward corrections in the prices.

Bulls are trying to give it a push to move above the resistance level and aim for the $0.2700 and $0.2800 levels. In the case of further downfall, we can expect the support levels of $0.2580 and $0.2500 to be tested.

LTC/USD

Litecoin has seen a slightly bullish trend in the chart as compared to yesterday. Currently, it is trading at $73.34 after breaking the resistance level of $72.50. It is facing strong resistance at the $74 level.

This bullish trend gives hope to investors with their investments. While the support level remains the same at $70, the resistance has been moved to $76, and LTC is aiming for the position now. We can expect a further rise in the price to reach the next resistance level.

BCH/USD

Bitcoin Cash has seen the most stable chart as compared to the other altcoins and bitcoins. BCh was trading at $299.13 yesterday, and currently, it is trading at $299.46. This shows that BCH is currently holding the place below the resistance level of $302.

The downward correction can still be expected, keeping in mind how the other coins are facing the problems. The support levels remain the same at $295 and further down to $290 and $285.

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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