Price Analysis, August 1: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
Price analysis on BTC, ETH, XRP, LTC, ETC, August 1
Bitcoin is keeping its uptrend structure from $2,400. At the moment, the price has approached a more significant peak at the $3,000 area. At this point, most sellers can indicate themselves. It is possible that a large buyer who holds his positions on the current uptrend will also decide to lock in their profits.
That’s why, at these levels, as a rule, we often see pullbacks. Their nature will determine the further trend. If the price corrects to $2,730 and does not form a downward turn, the growth might keep on. Otherwise, a reversal structure down to $2,730 will indicate that the major buyer is closing their positions. In this case, Bitcoin price can significantly drop.
The increase in Ethereum demand provoked the next wave up. How long the upward trend from $176.5 will continue, depends on how the price settles at current levels. In other words, if the structure of the upward movement is kept, it means that the buyers hold the advantage.
The maximum rollback level to maintain the $176.5 uptrend structure is in the $194 area. The trading volumes demonstrate the maximum numbers at these levels. We can assume that major buyer’s positions are located there. Therefore, if during the pullback to $194 Ethereum price will not form a downward turn at this point, the trend structure will go on along with the growth.
Ripple price is moving up with some uncertainty. There seemed to be no significant growth in demand. The price was incapable of overcoming the uptrend peak from $0.1512. Сurrently, this is the most probable peak of correction to the downtrend from $0.2080.
The correction is still in place, so the structure of the downward trend is still the same. XRP needs more demand level than it was before. If this growth occurs somewhere at $0.1740 zone, it will undermine the entire $0.2080 downward trend. To maintain the uptrend structure, the price should not form a $0.16 downward turn.
A significant increase in demand, observed July 27, proved itself. This $38 price hike broke the structure of the $47 downtrend. Now, Litecoin has all chances to reach $47 and above.
By the order book, a large volume is available for sale at the $43.6 area peak. This volume can show serious resistance to growth. So for more confident growth, it needs to turn up at this point and to maintain the uptrend structure. This way, there should not be reversal down at $40.5 point. In this case, the price will move up.
Ethereum Classic case resembles the current situation with Ripple. There’s no full-fledged trend upwards because of significant supply volumes. That’s why the current growth can be considered as the next wave of correction to the $17.6 downward trend.
You can be sure about growth, only when there’s a clear shift of advantage to buyers. It is highly likely to be observed at $15 point. If the price settles at this level, it will form a $17.6 pullback down without a reversal down at $13.6. Then it’s safe to say the advantage is on the buyers’ side.