Bitcoin, Ethereum, Litecoin: Price Analysis, August 31

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BTC/USD 31.08.2017

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.

Bitcoin/Dollar

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.

ETH/USD 31.08.2017

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.

Ethereum/Dollar

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.

LTC/USD 31.08.2017

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.

Litecoin/Dollar

Technical situation:

  • 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.

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