Bitcoin price is adjusting to the downward movement from $2,926. The minimum correction goal has been completed. On July 26, analyzing the largest trading volume and pending orders, the most likely correction peak to the downward movement was identified. And as a result, Bitcoin price is stuck at the bottom of the most trading volume graph.
Right now there is three possible course of events:
- Form a hidden reversal and continue to grow to at least $2,926. The price has to form a U-turn up at the peak of the current growth of $2,740.
- Generate a full rollback to large volumes. In this case, the price should not fall below $2,570. Otherwise, it will mean there is no major buyer in an upward trend.
- Form a reversal wave down and continue falling.
Ethereum is still traded at the peak of the $240 downward trend. The price did not form a pullback to this fall but moved as a flat. Since July 26, there has been no significant growth in demand. This way the correction target for the downward movement is getting closer to $208 flat. This key level confirms the large volume of orders for sale.
For the trend to continue, it needs to exit the flat that has been formed. The upper border is the likely turning point for growth to at least $230. Ethereum needs to turn up to $208. Otherwise, there will be a rebound and the price might form another flat wave down.
Ripple price has also formed a flat at downward trend peak from $0.2080. The demand volume has not shown any significant growth. However, the supply volume indicates a sharp increase at the latest peak point, $0.1680. This means the fall will continue.
For a more accurate confirmation, Ripple needs to exit the $0.1660 to $0.1780 flat. A large number of orders both for purchase and sale are found on those borders. Therefore, to arrange short-term growth to $ 0.1980, XRP must form a turn up on the upper border of $0.1780 flat. This will show the buyers’ benefits.
Litecoin price is finishing its $47 pullback of the downward trend. There’s also been a sharp increase in demand, see the diagram. All the signs there’s a major buyer, purchasing at the peak.
For more confident growth, it is necessary to make a turn at $42.7, large orders for sale point. Then the chances are the price will grow to $ 46.5, at least $42.7
Ethereum Classic price couldn’t form more significant pullback to the downtrend from $17.6. The volume diagram shows that the supply is bigger than the demand. It definitely means buyers find themselves in a weak position right now, but it doesn’t mean it will last long.
The downward trend will go on until there is a turning point. Right now, $14.9 point is the key level. The downtrend structure might break, in case the upward turn takes place and an increase to $16 is highly anticipated. If there’s no turn at $14.9, it will mean the sellers still hold the advantage.