Price Analysis, August 10: Bitcoin, Ethereum, Litecoin, ZCash
Price analysis for Bitcoin, Ethereum, Litecoin and Zcash
Last week Bitcoin underwent a very important event. The $2,900 resistance zone that remained untouched since the beginning of June was hit. If you look at the daily chart, you will see a clear triangle, one of the most powerful shapes in tech analysis.
To sum up:
- There has been no $2,900 retest. Very powerful movement along with the general market mood left this level far behind. The retests do not seem likely over the next few days.
- $3,200 support zone retest is more likely. That’s a new level that has been tested, and new movements towards this level are highly probable.
- Potential resistance zone at $3,500. Round levels are traditionally strong, but right now it is hard to tell how strong it might be.
- BCC movements have almost no influence on BTC, no correlation for now.
During the next week, the $3,200 level and $3,500 tests will have crucial importance. Range formation and movement along the trend are both possible.
Ethereum has been the leader in growth over the last days.
Technically, we see the following picture:
- Having passed the $235 level, a new uptrend has formed.
- $235 level retest doesn’t look possible right now. One should wait for correction and formation of new key lines.
- On the news - Bitstamp has announced that it will add ETH support on Aug. 17.
- The market is anticipating new announcements from ETH development community. Any positive news about future events can have a strong impact on the market.
Everything points towards the future growth. Possible support zones should be seen only as good points for buys.
Litecoin has been growing below the market. Current situation:
- Uptrend continues, high tests at $55 are highly probable
- On a growing market, many prefer more aggressive assets, that’s why LTC has decreased in volumes a bit
- Due to this decrease in the recent days, $40 to $50 range scenario can be realized
Apart from the tech analysis, don’t forget that any negative movement in BTC will positively impact LTC. Litecoin remains a hedge asset, and depending on the market one can use it to build a low-risk strategy.
Zcash is an interesting coin for trading. It was featured in some previous reviews.
- $160 support level has remained still
- $230 retest took place and technically it’s a formation of a potentially very strong movement, where goals will possibly be very high
- Volumes. It’s an important indicator during the formation of the next resistance level
- In the case of a negative scenario, use stops below $230 support zone. There’s slight correction possible to happen in the whole crypto market; in this case, Zcash will also fall a bit. So it might be a good idea to place stops considering volatility.