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

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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