Price Analysis, August 11: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
The latest price review.
Bitcoin price has formed one more uptrend wave. The rise in demand didn’t lead to the full-scale correction. That is why this trend is expected to last.
The $3,220 upwave may become the premises for flat, but this wave structure has to be broken. The current key level with the most trading volume is $3,400. The price might turn into flat if Bitcoin has a reversal down at this level.
Ethereum is traded at the peak of the uptrend correction.
After a significant fall from $316, it may start deeper correction to the upward trend. The $295 mark is defining for the price future.
Ripple has reached the key mid term level, which is the most likely peak of the pullback to the upward trend.
After the price settled at $0.175, we saw a sharp price hike. Analyzing the pending orders volume, the sell orders exceed the number of purchase orders. XRP has serious resistance before $0.183. That’s why until there is no upwards reversal, the downward trend will keep on.
Litecoin price has formed the full-scale correction to the $38 upward trend. The following price reaction will define the trend.
As a rule, in this cases a price settles, so we might see Litecoin settling at $48. If big sells volumes will follow, there’ll be no reversal up and the fall will last. But settling at $48 along with a reversal up will indicate the rise in demand, which would mean the trend will continue.
For Ethereum Classic to form a full-scale correction to the $13.2 upward trend, it would need a breaking of the $14.9 reversal. In the case of a reversal the following growth might be more stable.
The pending buy orders volume is bigger than purchase orders. That’s why a fall to the $14.9 peak and a reversal might stimulate even bigger decrease. But with the trend breaking at $15.5, following by a reversal, chances are ETC will move up.