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Price Analysis 8/10: BTC, ETH, XRP, BCH, LINK, BSV, LTC, ADA, BNB, CRO

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Traders prefer to trade a trending market as it generally moves in one direction and the retracements offer low-risk entry opportunities. This is because a trade that follows the major trend carries a greater possibility of earning profits than one in a volatile market. 

As several cryptocurrencies started a trending move in July, web traffic to the crypto exchanges also increased by 13%, according to data from ICO Analytics.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

The derivatives market also comes alive when the underlying market is trending as professional traders use leverage to make quick profits using the futures and options route. This could be one of the reasons for the sustained increase in Ethereum (ETH) options open interest over the past three months.

Several reasons can be attributed to the start of a trending move in an asset class. Max Keiser believes that capital fleeing Asia is one of the main reasons for the sharp rally in Bitcoin (BTC). 

Let’s analyze the charts of the major cryptocurrencies to find out whether the uptrend is likely to resume or is it time for a correction to start.

BTC/USD

The bulls are attempting to push Bitcoin above the overhead resistance of $12,113.50, which is a positive sign. This suggests that the bulls are not booking profits yet, which is frustrating the traders who have been left out because they are forced to buy at higher levels.

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

Both moving averages are sloping up and the relative strength index is in the overbought zone, which suggests that bulls are in command.

A breakout and close (UTC time) above $12,113.50 is likely to resume the uptrend. There is a minor resistance at $12,304.37 but that is likely to be crossed. Above this level, the uptrend can reach $13,000 and above it $14,000.

Contrary to this assumption, if the bears aggressively defend the $12,113.50 level, the BTC/USD pair might correct to the 20-day exponential moving average ($11,052). A strong bounce off this level will increase the possibility of a break above the overhead resistance. 

However, if the bears sink the price below the 20-day EMA, it will signal weakness. Below this level a retest of the $10,400 level is possible. A drop below this support will signal that the bears are back in the game.

ETH/USD

Ether (ETH) has been trading above the breakout level of $366 for the past few days, which is a huge positive as it shows that the bulls are not hurrying to liquidate their positions. This suggests that the bulls expect the uptrend to continue.

ETH/USD daily chart

ETH/USD daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the overbought zone, which indicates that the path of least resistance is to the upside. A breakout and close (UTC time) above $415.634 will signal a resumption of the uptrend towards the next target of $480.

However, if the bears defend the $415.634 resistance, the ETH/USD pair might spend some more time inside the range.

This bullish view will be invalidated if the bears sink the price below $366. Such a move will suggest a weakening momentum that can drag the price to the 20-day EMA ($351). A break below this support could signal a deeper correction to the 61.8% Fibonacci retracement level of $304.367.

XRP/USD

XRP is currently trading inside a falling wedge pattern, which usually acts as a bullish setup. If the bulls can push the price above the wedge, the uptrend is likely to resume with the first target at $0.346727 and then $0.432105.

XRP/USD daily chart

XRP/USD daily chart. Source: TradingView

The correction from $$0.326113 has been healthy as it has pulled down the RSI from deeply overbought levels. Both moving averages are sloping up, which suggests that the bulls have the upper hand.

This bullish view will be invalidated if the bears sink the price below the wedge and the 20-day EMA ($0.267). Such a move will be a negative sign that can drag the XRP/USD pair to the 61.8% Fibonacci retracement level of $0.244472.

BCH/USD

Bitcoin Cash (BCH) dipped to the 20-day EMA ($284) on Aug. 7 and again on Aug. 10, which suggests that the bears are attempting to sink the price back below the breakout level of $280.

BCH/USD daily chart

BCH/USD daily chart. Source: TradingView

If they succeed, it will be a huge negative as it will indicate a lack of demand at higher levels. Such a move could result in a fall to $260 and then to $245.

However, the 20-day EMA is gradually sloping up and the RSI has been sustaining above the 60 level, which suggests a slight advantage to the bulls.

If the bulls can push the price above the downtrend line, it will signal advantage to the bulls. Above this resistance, a rally to $353 is possible. A breakout of this level could resume the uptrend to $400.

LINK/USD

Chainlink (LINK) dipped on Aug. 7 to $9.05 but the bears could not sustain the lower levels. By close (UTC time), the price had recovered sharply from the intraday lows, which shows aggressive buying by the bulls.

LINK/USD daily chart

LINK/USD daily chart. Source: TradingView

This move seems to have caught the aggressive bears on the wrong side, and they were forced to cover their short positions as the price broke out to new highs, which resulted in a strong rally on Aug. 8 and 9. 

The LINK/USD pair rose to a high of $14.4586 on Aug. 9, which is just below the 200% Fibonacci extension level of $14.8537. The bears are likely to mount a stiff resistance in the $14.4586–$14.8537 zone and the RSI has also risen into the deep overbought zone, which suggests a minor consolidation or correction.

Contrary to this assumption, if the bulls continue to buy at higher levels and push the price above the resistance zone, a rally to 261.8% Fibonacci extension level of $17.4319 is possible. 

BSV/USD

The bulls are struggling to push Bitcoin SV (BSV) above the $240 resistance, which suggests a lack of demand at higher levels. However, on the downside, the bulls are buying the dips to $214.

BSV/USD daily chart

BSV/USD daily chart. Source: TradingView

The 20-day EMA ($216) is flattening out and the RSI is gradually falling, which suggests that the bulls are losing their grip. If the bears sink the price below the 20-day EMA and the $214 support zone, a drop to $200 is possible. 

On the other hand, if the BSV/USD pair rebounds off the 20-day EMA, the bulls will once again attempt to push the price above $240. If successful, a move to $260.86 is likely. 

LTC/USD

Litecoin (LTC) has roughly been trading between the $56–$60 level since Aug. 2. This suggests a balance between demand and supply. However, as both moving averages are rising and the RSI is in the positive zone, the advantage is with the bulls.

LTC/USD daily chart

LTC/USD daily chart. Source: TradingView

If the LTC/USD pair rises above $60, the advantage will shift in favor of the bulls. Above this level, a rally to $65.1573 is possible. This is the critical level to watch out for because, if the bulls can propel the price above this level, the momentum is likely to pick up.

Conversely, if the bears sink the pair below $56 and the 20-day EMA ($54.83), a drop to the critical support at $51 is possible. A break below this support will signal a possible change in trend but if the bulls buy the dip to this support, the pair might remain range-bound for a few more days. 

ADA/USD

Cardano (ADA) turned down from the $0.15–$0.1543051 resistance zone on Aug. 9, which shows that the bears are aggressively defending this zone. However, the upsloping moving averages suggest that the path of least resistance is to the upside.

ADA/USD daily chart

ADA/USD daily chart. Source: TradingView

If the ADA/USD pair rebounds off the 20-day EMA ($0.1379), the bulls will make one more attempt to scale the price above the zone. If they succeed, a rally to $0.173 and then to $0.20 is possible.

However, if the bears sink the price below the 20-day EMA, a drop to the $0.13 support is likely. A bounce off this support could keep the pair range-bound for a few more days. A break below $0.13 is likely to shift the advantage in favor of the bears with the next support at $0.12.

BNB/USD

Binance Coin (BNB) has been trading inside the tight range of $21.7628-$22.93 for the past three days, which shows uncertainty among the bulls and the bears about the next directional move. 

BNB/USD daily chart

BNB/USD daily chart. Source: TradingView

While the bulls are buying the dips to $21.7628, the bears are defending the overhead resistance at $22.93.

However, the moving averages are sloping up and the RSI remains in the positive zone, suggesting advantage to the bulls. If the bulls can push the price above $22.93, a move to $24.4588 and then to $27.1905 is possible.

Contrary to this assumption, if the bears sink the price below $21.7628, a drop to the 20-day EMA ($21) is likely. A break below this support will signal a possible change in trend.

CRO/USD

Crypto.com Coin (CRO) remains in an uptrend but it is facing resistance near the highs at $0.176596. Hence, it is likely to consolidate between $0.176596 and $0.154322 for a few days.

CRO/USD daily chart

CRO/USD daily chart. Source: TradingView

The RSI is showing signs of forming a bearish divergence, which indicates that the momentum is weakening. If the bears sink the price below the 20-day EMA ($0.159), it will indicate profit booking and a break below $0.154322 will shift the advantage in favor of the bears.

This assumption of a correction will be invalidated if the CRO/USD pair continues higher and breaks above $0.176596. Above this level, the next level to watch out for is $0.20.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-8-10-btc-eth-xrp-bch-link-bsv-ltc-ada-bnb-cro

Blockchain

LINK Marines Lock and Load as Price Falls to Six Week Low

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Chainlink’s native token LINK has been one of the hottest crypto assets this year but that has not helped it escape this week’s big selloff.

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Crypto asset markets have dumped $35 billion in terms of total capitalization since the weekend and the sell-off looks set to continue as Bitcoin and its brethren weaken.

A number of crypto assets are retreating from their all-time highs this year and investors are looking for entry points. Chainlink is among them as one of the year’s best performing crypto assets cools off quicker than some of its competitors.

LINK Marines Loading Up

LINK prices have collapsed to their lowest levels for almost two months in a fall back to $7.30 according to Tradingview.com.

LINK price
LINK price – tradingview.com

There has been a minor recovery today as the token topped $8 again, but it is still massively down from its all-time high in mid-August. Back then the Chainlink token briefly touched $20 but it has been a downward slide ever since resulting in a 60% slump to current levels.

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This price zone serves as solid support, however, there may be another dip to the 200 day moving average which lies around the $6.60 level.

Crypto investors have been eyeing the charts and are loading up on LINK which could drive prices back up in the short term. Trader and analyst going by the twitter handle ‘RNB (Crypto Warrior)’ (@CryptoWarrior01), has seen the same chart predicting a bounce back to $10 or $12.

The sentiment has been echoed by fellow trader ‘MacroLINK’ (@MacroCRG), who has also admitted to becoming a ‘LINK Marine’ and entering at these levels.

Further downsides are expected though if markets continue to bleed as they have done for most of this week. Chainlink’s market capitalization is currently just over $3 billion which puts it ahead of Crypto.com but just below Binance Coin according to Coingecko.

Crypto Market Selloff Accelerates

LINK has not been the only token to suffer, however, it has been in a downtrend for around six weeks.

Bitcoin, which is largely the bellwether for the rest of the market, is holding crucial support just below $10,300 at the time of writing. Failure to hold here will see the asset tumble back into four figures pretty quickly.

Ethereum is also in pain, falling to its lowest level for three weeks and crucial support at $325. Many of the lower cap altcoins, especially the DeFi related ones have dumped 50% since their giddy peaks in recent weeks.


To get the daily price analysis, Follow us on TradingView

Author: Martin Young




Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.

Source: https://coingape.com/link-marines-lock-and-load-as-price-falls-to-six-week-low/

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Blockchain

Bitcoin’s realized cap has increased by more than 50 percent or $43 million

Bitcoin’s realized cap increased by over $43 million Ethereum had a new realized cap low of $22.4 billion in April 2020 This data is more accurate for the long-term investors Data from Glassnode shows Bitcoin’s realized cap is $43 million over its highs in 2017 when traded at $20.000. Bitcoin’s current market capitalization is $190 […]

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  • Bitcoin’s realized cap increased by over $43 million
  • Ethereum had a new realized cap low of $22.4 billion in April 2020
  • This data is more accurate for the long-term investors

Data from Glassnode shows Bitcoin’s realized cap is $43 million over its highs in 2017 when traded at $20.000.

Bitcoin’s current market capitalization is $190 billion. This new high implies that the BTC holders are profiting 65 percent.

Bitcoin’s realized cap shows the last price traded and multiplied by the total supply. For example, if the trader has BTC 100 coins and sells just one for $2, the market cap, in this case, is $200. 

The realized cap is measured by taking all coins at the price they last transacted on-chain. In essence, that’s the price the traders paid for Bitcoin.

That allows analysts to determine the amount of an asset’s original price for market partakers’ tax purposes. The exchanges where all orders, no matter if they are “buy” or “sell” orders, are directed through a central exchange. In other words, centralized exchanges are out of this estimation. So this data is more accurate when we speak about with a longer horizon.

What do the metrics chart show?

Bitcoin's realized cap has increased by more than 50 percent or $43 million 1
Image source: Glassnode

It’s easy to see that the realized cap remained to increased higher in the first quarter of 2018. Also, it is clearly shown the testing $90 billion in the period from January to May. It happened three times, notwithstanding prices having dropped back level lower than $10,000.

Also, the chart shows the Bitcoin’s realized cap was in a steady trend of growth.

How many crypto-addresses are successful?

Another research shows that over 72 percent of them are in profit at this moment. Most investments were made in the price scale from $1,040 to $5,285, and from $8,450 to $9,560.Ethereum tried to recover its previous.s highs.

It was a real struggle. ETH’s realized cap revealed the longer downtrends. In April 2020, it had a new low of $22.4 billion. Also, a smaller number of ETH addresses are profitable, according to available data, it is 62 percent. The most significant number of ETH was sold at $160.

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Blockchain

Gemini exchange now available for UK crypto investors

Gemini exchange has launched in the UK. The exchange will serve both retail and institutional investors. This follows the recent EMI license awarded to the company by FCA. Cryptocurrency investors in the United Kingdom (UK) will now be able to access Gemini’s suite of digital currency services. The cryptocurrency exchange said in a press statement […]

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  • Gemini exchange has launched in the UK.
  • The exchange will serve both retail and institutional investors.
  • This follows the recent EMI license awarded to the company by FCA.

Cryptocurrency investors in the United Kingdom (UK) will now be able to access Gemini’s suite of digital currency services. The cryptocurrency exchange said in a press statement that it has fully launched in the country. The Gemini exchange launch in the UK was said to be a part of its plan to expand its operations globally.

Gemini exchange launches in the UK

Following the recent announcement, both the retail and institutional UK investors can access Gemini exchange for services like crypto trading, custody services, and market data, all in their local currency. The exchange will reportedly offer additional features for the UK residents, such as local support and faster means of funding their accounts in pounds sterling (GBP), thereby avoiding exchange rate fees.

The UK is a global center of financial innovation with a stringent and progressive regulatory regime,” said Tyler Winklevoss, the CEO of Gemini exchange. “Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto.

Gemini registration in the UK

The launching of Gemini exchange in the United Kingdom follows the recent Electronic Money Institution (EMI) license that was awarded to the company by the UK’s Financial Conduct Authority (FCA). The exchange will be operating in full compliance with the regulator, given that it also received FCA’s approval under the Fifth Money Laundering Directive (5MLD) crypto-asset registration process.

As Cryptopolitan reported, two Gemini entities, namely Gemini Europe and Gemini Europe Services was approved in August and have been enlisted on FCA’s website as registered companies. Gemini Europe Services manages the exchange and custodian operation in Europe, while Gemini Europe facilitates e-money services.

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