We saw Bitcoin falling Aug. 1. Having reached the $3,000 area, the price corrected to an upward trend of $2,400. Yesterday’s events influenced the correction. It was instant but quite consistent. Bitcoin did not manage to form a turn downwards at the fall peak and therefore we observed a reversal up.
If a major buyer, who purchased from $2,400, is still holding their positions, then, in the case of a fall to $2,660, the price will rebound up. Note that the number of pending buy orders exceeds the volume of orders to sale for more than a day now. If there’s no support for an upward trend, there will a turn down at $2,660 and the price will move down to $2,450, at least.
Ethereum price continues to build up the uptrend structure confidently. There has been a significant increase in demand around $200. This allowed the price to stay after the breakdown of the key level at the $220 area.
An upward trend from $176 will continue until its structure is broken. Breaking it would mean that the advantage is with the bears. At the moment, it might take place at around $210. If a large buyer keeps his positions at this trend, then after a pullback to this zone, we’ll see a rebound and the growth will continue. Otherwise, Ethereum price will form a downward turn.
Ripple price seems to be indicating the exit from the $0.155 to $0.175 flat. The demand volume has increased, but this growth is still difficult to call a reversal.
The price needs to settle at the upper border of the chart. Thus, it will show the obvious advantage of the buyers. If the price does not form a reversal down to $0.17, then it might move up. At a turn downwards, XRP will become flat.
Litecoin is also growing a bit insecure. The price failed to settle or form a full-fledged correction. Instead, we see is a sharp decline. This suggests the demand level is not high enough. The volume of pending orders proves the point.
Litecoin price needs settling, which will indicate prominent demand volume. The current upward structure may be broken with a downward turn in the $41 area. This is the point responsible for the entire upward trend structure from $38.
Ethereum Classic is trying to form an upward trend, though unsuccessful so far. Given the fact that orders to sale prevail, the price has deep resistance moving up. The current growth is the correction to the $17 downtrend.
The advantage is on the sellers’ side, that’s why a turning point will alter the trend. It will happen if ETC settles at around $15.8 and forms a turn-up. Until then, while the downtrend structure is not broken, the price will be falling.
Follow Cointelegraph on Facebook