Price Analysis of BTC, ETH, XRP, LTC, BCH, BNB: 28th August

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After trading at the price of $10,690 on Monday, Bitcoin adopted a bearish trend and started a steady decline. The price broke the support levels of $10,500 and $10,300 and continued the downward correction till $10,095.

This decline in price shook the market, and investors were hoping for a bullish push by the end of the day. The price then stopped just before the support level of $10,000, and since then it has been fluctuating between $10,000 and $10,200.

Today Bitcoin again saw a downward correction in the beginning, but the bulls were able to provide the push to keep it away from the $10,000 support levels. Currently, Bitcoin is trading at $10,126.41 with an immediate support level of $10,065.

Strong resistance can be seen near the $10,200 level. The Fib retracement level of 23.6% can be seen around $10,175. The main resistance level of $10,500 is still maintained, and if the price does not recover, then it can test the support levels of $9,900 and $9,800. Worst case scenario can even lead the price to $9,500. The RSI level is above 50%, so there are chances of an upward trend to form in the coming days.

ETH/USD

Ethereum is facing a hard time breaking the resistance level of $188. Ethereum witnessed a bullish move at the beginning of the week, but the charts have a different story now. ETH saw a decline from $190 to $184 and finally, it is stable at the $186 trading range.

Currently, Ethereum is trading at $185.80 with the resistance still at $188, and the support levels remain the same as yesterday i.e., $184, and if a further decline occurs then, it can test the $180 level.

In a bullish case, the price can rise to $188 and then move on to the next main level of resistance at $195.

XRP/USD

Ripple has seen a downward correction in the prices, and it has moved down from $0.2980 to $0.2680. This has caused a bearish trend in the chart, and currently, it is declining.

XRP is currently trading at $0.2670, showing a decline in the price as compared to yesterday. Strong resistance can be seen at $0.2700. This downward trend is showing that XRP is on its way to test the support levels of $0.2650 and $0.2600.

If the bulls are not able to save the decline, XRP can further test the support levels of $0.2550, and the chart suggests that this can happen in the near future. In case the bulls can push the price, we can see the price reaching $0.2800 levels again.

LTC/USD

Currently, Litecoin is trading at $71.89, which is a further decline from yesterdays price. LTC is testing the support levels of $71 while it is facing strong resistance at $73.

Litecoin is losing its ground as it keeps declining over the period of time. The chart suggests a further decline in the future, which can lead LTC to test the support levels of $70 and $69. The bullish trend can lead the coin on a path of recovery and help it reach the main resistance levels of $75.

BCH/USD

Bitcoin Cash had a good opening when the week started, but as we approach the middle of the week, the bullish trend is missing from the currencies chart, and a steady bearish trend can be seen.

Currently, BCH is trading at $306.87, which means that it has managed to push through the resistance but with a thin margin. Strong resistance is seen around the $308 level, whereas the immediate support level is set at $303, and further it can test the $300 levels.

BNB/USD

Binance Coin has made its way in the list of top cryptocurrencies and gained popularity because of its trading range and association with the crypto service provider platform, Binance.

BNB is currently trading at $25.37 with a resistance level at $26.28, and immediate support can be seen forming at $24.85. The chart suggests a downward trend moving towards the support levels of $24.85 and $24.50. The RSI has been ranging between 45%-50%, which gives a little relief to the investors.

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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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