Price Analysis, August 10: Bitcoin, Ethereum, Litecoin, ZCash

BTC/USD 10.08.2017

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.

Bitcoin/Dollar

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.

Bitcoin/Dollar

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.

ETH/USD 10.08.2017

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.

Ethereum/Dollar

Everything points towards the future growth. Possible support zones should be seen only as good points for buys.

LTC/USD 10.08.2017

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

Litecoin/Dollar

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/USD 10.08.2017

Zcash is an interesting coin for trading. It was featured in some previous reviews.

Zcash/Dollar

Currently:

  • $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.

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