Price Analysis, August 9: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
Price analysis on BTC, ETH, XRP, LTC, ETC, August 9.
SegWit has locked-in today. Now the network has to update its software to make sure all the SegWit transactions are stable. And there’s almost a month before the SegWit implementation.
Bitcoin price is indicating the first signs that the trend might break. This can also mean that the trend of a larger scale is in place. But $3,220 will be the turning point, as this is the last mark of the $2,619 uptrend. If there’s no reversal down, the price rise is highly likely to last. Otherwise, Bitcoin will experience deeper correction.
It seems like Ethereum price has established almost reversal-free structure. The current pullback might result in bigger correction.
The upwave might get higher. But it’s important this structure remains, as capital infusion at key points helps form this trend. If there is no infusion and profits are locked in, the trend ends. This is what may happen at the current key point, $280. With a major trader locking in their profits, Ethereum will undergo deeper correction. But without any reversal at this level, the price will rise.
Ripple price managed to make a new upwards wave but had no luck in settling. It looks like there’s no support at $0.19, so it may lead to deeper fall.
After the price fell from $0.2, current growth can be considered a flat wave. So the present wave down is, in fact, the $0.17 to $0.19 flat wave too. For this wave to stop, it needs to have a reversal at $0.186; we see large sell orders there. If Ripple fails to have a reversal upwards at this point, correction stays.
A sharp impulse up has ended the flat wave. The reversal at the lowest border did not happen, and this kept the trend-like structure going.
Currently, Ripple price is in the correction and if the price settles here, the growth will keep on. In case the reversal at $45.5, the point with the biggest trading and pending purchase orders volume, does take place we’ll see the whole $38 upward trend break.
Ethereum Classic flat has been going on for almost a week and its exit will form a trend of the same scale.
Right now the volume of pending buy orders surpasses the amount of sell orders. It indicates strong resistance to the price falling in case of a downwards reversal. But without the reversal at the $15 flat border, the price rise is highly anticipated.