Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic: Price Analysis, August 4
Price analysis on BTC, ETH, XRP, LTC, ETC, August 4
Bitcoin has managed to settle at $2,700 and move up to the upwards trend. The demand volume during the formation was less compared to the previous figures. Thus the $2,800 zone does not seem to be interesting for the majority of buyers. They seem to be waiting for the pullback.
If we look at the horizontal trading volume, it is clear, the $2,790 area has had rather large purchases. The last pullback was also seen at this point. If there is no downward turn at the $2,650 level, the price might move up. But if while pullback there’s a reversal, there might be drop to the $2,700 area.
Ethereum price has formed a reversal wave with increased demand level, and there’s a correction right now. Also, this week's wave started with a short-term $176.5 to $210 reversal wave.
If the price does go up, it will pass the $265 mark, but it’s possible only in case this week’s uptrend. The $217 area is essential for the trend-like movement. Provided there’s no reversal during the pullback, the growth will be supported. Otherwise, Ethereum will have a flat down to $200.
Ripple price has settled at the key $0.17 mark. At the moment it’s the most likely correction peak.
In general, XRP has formed a reversal wave up.
Demand volumes look positive. We also see the amount of pending buy orders top up sell orders. Given there’s no reversal during the pullback to $0.17, chances are XRP price will go up. But a reversal down at the $0.17 point will undermine the whole uptrend structure. Usually, in this case, the price moves down.
Litecoin’s insecure growth can turn into a sharp fall. Flat-like upward movement doesn’t look a trend now.
The key level is at the $41.9 area. If this mark proves itself important for major buyers in the future, a rebound and further growth will take place, when the price reaches this mark. But price settling and a downward turn at this channel will mean large trading volumes do not support the price there.
Ethereum Classic has chances to form an upward turn. The price is reaching a turning point that will define the future trend.
The price is yet to form a reversal wave up at the $15.5 area; some major sales were made at this point. We saw large purchase volume in the $14.5 area in the past. If this level is still interesting to buyers, there will be no reversal, and Ethereum Classic price will rebound up, once it is reached.