Price Analysis, August 7: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
Check the latest Cointelegraph price review on BTC, ETH, XRP, LTC and ETC.
Bitcoin price is forming the third wave of $1,838 mid-term uptrend. Currently, it is being decided whether we’ll see a big price hike or downwards correction to $2,800
The third wave can become the turning point. If there are new capital flows, BTC will move up. The key level responsible for the whole future of the uptrend is at $3,150. Providing no reversal down takes place during the pullback to the level, high chances the rise will remain. Otherwise, the price will have a reversal to the correction.
Ethereum price has similar structure forming. The demand levels show significantly lower numbers, compared to the first wave. This may trigger a pullback.
The $246 point is breaking for the whole trend. If the price corrects to this channel without a reversal downwards, it will mean, there are still big purchases in place. In this case, ETH will go up.
A reversal down at the $246 point will indicate major buyer closing positions. That way the price might have a pullback.
Ripple is in the midst of its $0.1542 uptrend correction. It is being traded at the most likely pullback bottom.
Correction zone to the $0.1542 upward trend will take place till $0.17. XRP might speed up the growth. But the correction peak might be broken at $0.177 in case of a pullback.
Litecoin has a big supply level at the current peak. That’s why we see an upwards trend forming.
The $45 mark will indicate whether the trend will be broken and whether it will have a reversal down.
A correction peak has been formed to the $13.2 uptrend with Ethereum Price. The demand level exceeds the previous figures, and this is a good sign for further growth.
The structure needs to keep on. Otherwise, there’ll be a reversal at $13.2 and the price might fall to the starting point.