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Tuesday

20 August 2019

Price Analysis 12/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Price Analysis 12/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM


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Bitcoin (BTC) has been holding above the downtrend line and both moving averages for the past two days, but it has failed to rebound sharply.

Both moving averages and the downtrend line are located at the same place, which makes it a strong support.

However, if the price plummets below both moving averages, it is likely to attract further selling and a drop to $9,080 is probable. .

The bulls are now attempting to propel the price back above the uptrend line.

On the other hand, if the price fails to sustain above the uptrend line, bears will again attempt to break below the next support of $192.945.

If this level breaks down, the ETH/USD pair will turn negative and can plunge to $164 and below it to $150.

If the BCH/USD pair turns down from the current levels and slides below $300, it can correct to the support line of the ascending channel.

However, if the price moves above the 20-day EMA, the LTC/USD pair might consolidate between $83.65 and $105.676 for a few days.

We expect the uptrend to resume if the pair breaks out and sustains above $105.676.

As both moving averages are sloping down and the RSI is in the negative zone, we will wait for the uptrend to resume before proposing a trade in it.

A breakdown of this range will be a negative move and can drag the BNB/USD pair to the next support at $18.30.

If bulls can push the price above the 20-day EMA, the cryptocurrency can reach the 50-day SMA, which is close to the horizontal resistance of $4.8719.

We anticipate a stiff resistance at this level, but if the price breaks out of it, a new uptrend is likely. .

On the contrary, if bulls fail to push the EOS/USD pair above the 20-day EMA, it can again fall to $3.8723.

We will wait for the price to break out and close (UTC time) above $4.8719 before recommending a trade in it.

If the sentiment improves, we might suggest a trade to benefit from this consolidation, but if the pair plummets below $138.89, it will re-enter the descending channel and drop to $107.

However, if the price breaks down of the 20-day EMA, it can drop to the support line of the channel.

The bulls will attempt to defend this support and propel the XMR/USD pair back above both moving averages and the overhead resistance of $98.2939. .

Conversely, if the price breaks down of the support line of the channel, it can correct to $72.

This shows that bears are in command, but if the XLM/USD pair breaks out and closes (UTC time) above the 20-day EMA, it will indicate a likely change in trend

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