Price Analysis of Top 10 Cryptocurrencies
• Bitcoin (BTC) and altcoins are trending up, but the bulls and the bears are unsure about the next direction.
• Institutional traders seem to be taking a cautious approach as shown by a CoinShares report indicating an outflow of $55 million from digital asset investment products.
• The key levels to watch for BTC are $24,800 and $27,777; for ETH it’s $1,626 and $1,700.
Bitcoin Price Analysis
The long tail on Bitcoin’s Aug. 22 candlestick is a positive sign, as it shows that the bulls are fiercely trying to protect the support at $24,800. However, the bulls will remain under pressure until they clear the overheard hurdle at $26,833 and then the 20-day exponential moving average (EMA) at $27,777. If both these resistances are overcome, it will indicate that BTC may extend its stay inside the range of $24,800 to $31000 for a while longer. Although there is bearish pressure due to a downsloping 20-day EMA , oversold levels on RSI suggest that there could be recovery in near term. The bears will have to sink and sustain the price below $24800 to further strengthen their hold which could potentially lead to a drop towards$20000.
Ether Price Analysis
Ether (ETH) once again dipped below strong support at $1,626 but long tail on candlestick shows solid buying at lower levels .The focus now shifts to bulls who need drive price above overhead resistance of 1700 if successful this could push ETH/USDT pair towards 20-day EMA ($1756). This remains key level watch as any violation here could open doors for potential dip towards primary support at 1450 zone while any close above 1756 could result in rally towards 2000 zone .
BNB Price Analysis
Binance coin (BNB) has been trading inside triangle pattern since last 8 days with no clear breakout .It currently trades near 27 USD which is also midpoint of triangle .Any failure by bulls break above 32 USD or breakdown below 24 USD could result in move outside triangle with possible targets of 40 USD or 17 USD respectively .However RSI staying above 50 suggests accumulation by buyers hence any close below 24 USD should be considered as buying opportunity .Hence one can wait for confirmation before initiating any trade here .
XRP Price Analysis
XRP continues consolidate lower highs lower lows inside symmetrical triangle with no clear breakout yet .It currently trades near 0.2533 which is also midpoint of triangle however RSI staying around 50 line suggests absence of bullish momentum hence one should wait for confirmation before initiating any trade here..Any breakdown below 0.2360 could push prices towards 0.2150 while conversely breakouts above 0.2720 can result in rally till 03070 zone