Price Analysis, July 31: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
Price analysis on BTC, ETH, XRP, LTC, ETC, June 31.
Bitcoin price is in a pullback from $2,400 to $2,840 short-term growth. The rate had a full correction for another price hike or downward turn. The demand for this upward trend is significantly higher than demand in early July when Bitcoin was trading at the same levels.
But it might be connected with the upcoming events, and it is being bought in the hope to get Bitcoin Cash. So high volatility is expected in the following days. Technically, Bitcoin price has reached the correction peak and is ready for any trend. The $2,600 mark is the key to the whole $2,400 trend. If there is no reversal downwards at this point, we’ll probably see the price going up.
Ethereum has formed a wave, that can finish the fall from $260. After a rebound from a large trading volume at $176, the price moved up. It indicates that the outcome is close, as the demand volumes exceed the volumes formed on July 26-28.
The current wave is inside the correction of a large-scale reversal wave. This means it can lead to more larger-scale growth. The minimum targets will be above $260. A similar scenario will take place if the trend structure is not broken in the course of the trend formation up. The current level, responsible for such a structure, is at $190. If there’s no turn downwards at this mark, the growth will remain.
A downtrend correction wave has been formed. The demand volumes did not display any meaningful growth, compared to the past. This short-term trend did not break through the $0.17 key point, with the largest trading volumes, either.
Therefore, since this wave is most likely a correction, then the rise to the $0.173 peak will be a correction, where a rebound will take place to the $0.163 point. We observe resistance to growth, as at this point there is a large volume of sale orders. With no upward reversal at the $0.173 area, this turn of events is expected.
On July 27, we saw a substantial increase in demand for Litecoin. But the confirmation in the form of an upward reversal, which could start the trend upward, did not happen. Litecoin price has formed the next wave against a downward trend at the moment. This wave will be a correction, until there is a turn up at its peak.
The large number of pending sell orders is the resistance, that must overcome to start a new upward trend. Currently, the main movement is going down. If there’s no reversal up, once the price reaches the peak at the $41 area, there will be a pullback down to $39.5.
Ethereum Classic, after a long fall, seems to start going up. This is proved by the demand volume that outnumbers the previous figures. If in the past, during downtrend correction the volume sank on the peaks, now we see an increase. This means the fall bottom is getting defined.
But it’s not final until there’s a reversal up. So far, the structure of the short-term trend is not broken. So, if there is no turn up at the correction peak, $14.5, the fall will keep on with the flat-like movement, no less.