Price Analysis of BTC, ETH, XRP, LTC, BCH: 23rd August

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Bitcoin price has been riding the wave this whole week from starting the week at a highest to hitting the lowest prices yesterday. There was a sharp decline in the price of Bitcoin yesterday where it reached below the $10,000 support level and tested the $9,800 support level.

Fortunately, there was a rise in the trend of this severe downward correction that took place near the $9,750 support level. This rise then broke the $10,000 resistance area and went beyond that level.

Currently, Bitcoin is trading at $10,120.99, and it is facing a strong resistance near the $10,250 level. With an immediate support level at $10,000 followed by $9,900, Bitcoin is facing a rise, but the progress is very slow right now. We can expect a high selling interest around the prices of $10,200, $10,250, and $10,300 levels.

The chart suggests that the prices are slowly correcting upwards towards the first resistance of $10,250. If this resistance is broken, we can expect the price to reach above $10,500 and $10,600 level; otherwise, the price will test the level of $9,950 and $9,900.

ETH/USD

Ethereum price is facing several important resistances versus the U.S. Dollar. After days of a downward correction, Ethereum faced a rise in its price by breaking the resistance point of $190, and it is currently trading at $190.42.

This may seem like a slight rise in the price, but it is a rise from yesterdays $186.17. The immediate support level is formed at $188, and the next resistance is at $194. If the rise continues, then, we can expect the price to break through the resistance level and move on to the next level, which is available at $196.

If there is a downward correction faced by Ethereum, the price can test the support levels of $180 and $185.

XRP/USD

Bitcoins hold the market can be reflected by the rise in the rest of the coins. With Bitcoin price trading above $10,000, the rise was seen in all the coins, including XRP.

Currently, XRP is trading at $0.2717 as compared to yesterdays $0.2653. It passed the resistance level of $0.2680 and is headed towards the next resistance at $0.2760. The immediate support level is available at $0.2650. A decline beyond this point might lead to more losses below the $0.2600 levels.

LTC/USD

Litecoin price tested the bearish trend again, and its price has gone down. Currently, Litecoin is trading at $72.96, which is again a slight downward correction from yesterdays price.

It is still trading near its old resistance level of $72.50 while still facing a strong resistance near the $73.70 level. Any further downward correction will send the price crashing down to the support level of $70, and it might test the $68 support levels if the bulls fail to provide the push.

BCH/USD

The stability in the BCH chart that we mentioned yesterday has been disturbed and in the right way. Bitcoin Cash has seen a bullish push, and this push has broken all the resistance levels that were there.

Currently, BCH is trading at $310.55, which is a considerable improvement from yesterdays $299.13. The resistance level of $302 was broken, and the price has aimed for the major resistance level of $315. A downward correction can still be expected, and in that case, we can expect the price to test the support levels of $300 and $305.

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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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