Bitcoin, Ethereum, and Ripple Price Analysis

The coming bull run will be initiated by plenty of institutional money waiting to be invested in crypto markets. Existing operators have realised this and have started exploring options regarding how to make their products better to suit institutional players. Coinbase is even said to be looking for a federal banking license, in a bid to attract larger clients. Also realising this vast potential are venture capital firms that have started laying the foundation towards investing more in the cryptocurrency scene. Let’s see if there are any buy setups.

BTC/USD

After 2017’s massive rally, Bitcoin is consolidating the gains in a large level of 6,075.04 USD – 12,172.43 USD. In the large range, there’s a smaller range developing with resistance at 10,000 USD and 7,941.68 USD support. Hence, traders can buy the pair close to the 7,941.68 support with an ok stop loss. The target trade is a return to 10,000 USD. Trade could be invalid if prices fall below the 7941.68 USD level and don’t recover quickly. The positions should be closed in such situations because the next downside support is 7000 USD.

SEE ALSO:   Rivemont Crypto Fund Has Described the $6k Price Level for Bitcoin (BTC) As a Crucial Support

ETH/USD

Ethereum’s correction ended by a ‘V’ shaped bottom formation. It was originally anticipated that a new trendline would begin once prices broke from 745 USD. But the attracted selling and prices of the higher levels fell to 637 USD where buying emerged. The pair is holding ground because it has consolidated near the resistance overhead in recent days. A breakout above the 745 USD level will initiate an upward trend to 1000 USD level with resistance at 838 USD. A backward move to 418 USD is anticipated with support at 544 USD and 464 USD.

SEE ALSO:   Dfinity raises over $61 million, rivals Ethereum (Dfinity Review: Dfinity vs Ethereum) - Cryptocurrency News Analysis - Tue Aug 14

XRP/USD

Ripple has traded in a broad range since February. The attempt to break below the range in March didn’t find sellers in the lower levels hence prices moved back to the range. The next rally didn’t reach the higher end of the range at 1.22961 USD. Currently, prices are trending downward below the moving averages. A shift to the 0.56 USD support level is likely. If the pair rallies above 0.75 USD and sustains it this bearish view will be invalidated. Hence it is better to wait until prices find support before making any trade.

SEE ALSO:   Value of Ethereum (ETH) Tests New Yearly Low – Increasing Concerns over ICOs Cashing Out

 

 

 

 

 

 


LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.