Bitcoin and Altcoins Price Analysis on August 23

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Bitcoin price is pulling back after its recent surge and is deciding whether to make a bounce or a break from the channel support. Ethereum price is trading with an increase in selling pressure against the US Dollar and bitcoin. It could recover, but moving higher might face many resistance levels near $280-284. Let’s catch up with market information with this analysis below.

BTC/USD

The uptrend is more likely to carry on than to reverse as the 100 SMA is still above the longer-term 200 SMA. The area of interest around the broken $6,500 resistance is also in line with the channel support and dynamic inflection points at the moving averages. If the floor holds, the price of bitcoin could bounce to the 38.2% Fib extension first near the mid-channel area of interest at $6,600.

If the bulls gain enough energy, more gains towards the 50% extension of $6,657.90 or the 61.8% extension at $6,738.30 could happen. The top of the channel lines up with the 78.6% extension of $6,852.80. The full extension is placed close to the $7,000 major psychological resistance.

View:

  • The price of bitcoin dropped after because of the SEC rejection of ETF applications, later it found support at the channel.
  • The price settled inside an ascending channel and it is currently testing the very bottom.
  • A bounce could take it up to the next upside targets marked by the Fibonacci extension tool.

BCH/USD

The price of bitcoin cash moved higher above the $550 level but it failed to break the $560 level. Before falling, a high was formed at $574. The price plunged below the level. It also broke the the $550 support and the 100 hourly SMA.

The hourly chart of the BCH/USD pair showed a crucial bullish trend line with support at $530. The price moved down below the $520 support and declined towards $500 as well. A low was formed at $509 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the last drop from the $574 high to $509 low. The price could move higher towards the $540 resistance if it breaks the $525 resistance. It now represents the 50% Fib retracement level of the last drop from the $574 high to $509 low. More importantly, the 100 hourly SMA is also placed near the $545 level to prevent gains.

Chart indicators indicate the price is back to where it started around $500. If the bears successfully pull the price below $500, more losses towards $480 can happen.

View:

  • The bulls failed to hold the price above $540, which caused the price to drop sharply.
  • The hourly chart of the BCH/USD pair showed a crucial bullish trend line with support at $530.
  • The price plunged and revisited the $500 and $510 support levels where buyers emerged.

ETH/USD

The price of ethereum moved higher form the $295 level and it faced the bears and started d a downside move. The price fell and broke many supports near the $290 and $280 levels. It even dropped below the $268 low and the $265 level. Later, a low was formed at $259.17 before an upside correction started.

The price moved above the $265 level and the 23.6% Fib retracement level of the last decline from the $301 high to $259 low. It is trading near a crucial bearish trend line with resistance at $273 on the hourly chart. More gains towards the $280 and $282 levels could happen is the price closed above the $275 level. More importantly, the 50% Fib retracement level of the last decline from the $301 high to $259 low is also near $280. Moving above the $275 level could face resistance levels near the $280 and $282 levels.

Chart indicators indicate that the price is facing lots of resistances near the $280-282 levels. Moving above this level, the price could revisit the $300 and $305 levels in the near term.

View:

  • The price of ethereum plunged against the US Dollar.
  • The hourly chart of the ETH/USD pair shows that there is a key bearish trend line with resistance at $273.
  • The price is currently recovering and trading above the $271 pivot level.

ETC/USD

The price of ethereum classic dropped sharply and broke the $13.00 and $12.80 support levels. It even fell below the $12.50 support and stayed below the 100 hourly SMA. More importantly, the price plunged below the $12.00 level and traded as low as $11.89.

The hourly chart of the ETC/USD pair indicated a break below a major bullish trend line with support at $12.60. The price found support near the $11.90 level and it is currently consolidating losses. It tested the 23.6% Fib retracement level of the last decline from the $13.49 high to $11.89 low. The price moving higher will face resistance near the $12.40 level. Moving above this level, the next barrier will be near the $12.70 level, which is close to the 100 hourly SMA. The 50% Fib retracement level of the last decline from the $13.49 high to $11.89 low is also near $12.70. Therefore, upside moves are likely to be capped near $12.70 and $12.80 levels.

Chart indicators show that the bulls have to hold the price above the $11.80 level to avoid any further losses. Dropping below this, more losses towards the $11.50 level might happen.

View:

  • The price dropped below the $13.00 against the US dollar.
  • The hourly chart of the ETC/USD pair indicated a break below a major bullish trend line with support at $12.60.
  • It plunged below the $12.00 support and formed a low at $11.89 before finding support.

TRX/USD

The path of least resistance is to the downside as the 100 SMA is still below the longer-term 200 SMA. Besides, the gap between the moving averages is widening to reflect strengthening selling pressure.

The 100 SMA also lines up with the mid-channel area of interest around 0.02000 so it could act as the next resistance. From there, the price could pull back to the 38.2% Fib at 0.02583 then the 50% retracement level at the channel resistance and 200 SMA dynamic resistance. A larger correction could last until the 61.8% level at 0.03172.

View:

  • The price dropped to the bottom of its descending channel on the four hour timeframe, but it still holds support.
  • A pullback could push Tron price to the channel resistance again and the inflection points might hold as next resistances.
  • Technical indicators indicate that bearish pressure still exists.

XRP/USD

The price of ripple moved above the $0.3400 level yesterday. The pair traded towards the $0.3550 level where sellers appeared. A high was formed at $0.3541 before falling. The price broke below the $0.3400 support. It also declined below the $0.3300 level and the 100 hourly SMA.

The price of ripple traded at $0.3092 before it found support. It is currently recovering above the $0.3100 level. It tested the 38.2% Fib retracement level of the last decline from the $0.3541 high to $0.3092 low. The hourly chart of the XRP/USD pair showed a new connecting bearish trend line formed with resistance at $0.3300. Moving above the trend line resistance, it would face the $0.3320 barrier that is close to the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last decline from the $0.3541 high to $0.3092 low is also near $0.3320.

Chart indicators show that the price may continue to face resistances near the $0.3300 and $0.3320 levels. If there is a downside break, the price could break the $0.3100 level for more losses.

View:

  • The bulls failed to push the price above the $0.3500 support zone and the price dropped later.
  • The hourly chart of the XRP/USD pair showed a new connecting bearish trend line formed with resistance at $0.3300.
  • More losses below the $0.3100 support level in the near term could happen.
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