Bitcoin, Ethereum, Litecoin: Price Analysis, August 31
The latest analytical overview.
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After multiple retests, the $4400 resistance zone has been hit by a powerful impulse. Though not so long ago, one can assume that the new resistance zone in the BTC/USD pair is $4650.
Technically, the picture is as follows:
- $4400 is the support zone. There has been no full-blown retest, therefore $4400 test scenarios are highly likely.
- $4650 is the resistance zone. We’ve seen a lot of buys at this level over the last couple of days.
- Globally, the uptrend continues. But the movement has slowed down a bit, as there is probably a gradual shift of money flow from BTC to altcoins.
What to expect:
- The most likely scenario of price behavior for the coming week is in the $4400-$4650 range. BTC will experience tests of support and resistance zones without any rapid price movements during the last hours of summer, after impressive growth in August.
- The uptrend pressure may hit the $4650 zone. Apart from that, there are no other triggers. There’s no breaking news that could influence the price. In case a hit does take place, it’s very likely to be false.
The only factor that can profoundly change the course of events is some breaking news.
After the release of the much anticipated Metropolis news, Ethereum’s upward movement has strengthened. Judging by the volumes, we will see an all time high test.
The situation is as follows:
- We observe the ETH super uptrend, backed by the news. Positive news creates a good base for buys.
- Fundamentally, the Metropolis structure leads to price increases. The difficulty bomb will affect prices significantly, in a positive way.
- There are no obvious triggers for correction.
- Growth is so powerful at the moment that it’s very hard to outline support and resistance zones on the global scale; whereas the buyer domination is vivid.
What to expect:
- The all-time high test is the most likely turn of events. All factors point towards it. A lot of people want to make a profit on Metropolis, that’s why there is ETH shortage on the market.
- No apparent reasons for correction, any downfall is being bought out. It’s unlikely that there’ll be any strong downward movement before the Metropolis release.
- A flat in ETH is almost impossible, as there’s very strong domination among buyers.
The main hedge asset of the crypto market has finally shown growth. A $55 level hit was a strong impulse that drew a potential resistance zone of $65. Charlie Li’s tweets along with Lightning Network (LN) talks are doing their job.
- There’s been a hit of the $55 support zone. Strong movement along the hit has proven this. No back retest has happened yet. There might be a good situation for buys.
- For now, the support zone is $55 and the resistance zone is $65. But the movement in LTC is steady enough, so zones may seriously shift in the upcoming week.
- In general, everything is quite good. LTC is a solid asset, so in case of any negative market movement, LTC acts as a direct beneficiary.
- The news is positive and stable.
- Since April, a very long and powerful uptrend has formed in LTC. It’s quite a rare stability rate for a cryptocurrency.
What to expect:
- $65 tests and possible upwards movement.
- A decrease in volatility and possible $55-$65 channel formation. It’s very typical behaviour for LTC.