Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 24

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

The market data is provided by the HitBTC exchange.

On August 22, the U.S. Securities and Exchange Commission (SEC) rejected 9 proposals for new Bitcoin exchange-traded funds (ETFs), but – perhaps surprisingly – the news did not result in a crypto market crash, like it did in similar instances before. This shows that very few purely speculative positions had been built expecting an ETF application to be approved.

Another negative piece of news about China further tightening its restrictions on cryptocurrency trading was also taken in stride by the traders. When an asset class holds on to its support levels even after several negative news, it shows that the bears are losing their grip. Some are even expecting a trend reversal on Bitcoin.

On August 23, the SEC said that it will review its previous decision on the ETF rejections. However, the probability of any different ruling is low. Brian Kelly, a crypto analyst with CNBC expects Bitcoin ETFs to see the light of the day only by February 2019.

Barring a dip on August 14, the total market capitalization of the cryptocurrencies has held above the $200 billion mark. This shows that the selling has subsided and the bulls have gradually started accumulating around the current levels.

So, is this the right time to start cherry picking? Let’s find out.  

BTC/USD

Bitcoin has been making lower highs in 2018, but it is yet to make a lower low. It has largely held the February 6 low of $6,075.04. A couple of breakdowns below this level were not sustained and prices bounced back quickly.

The bulls broke out of the descending triangle pattern in the end of July, but they could not sustain the higher levels and the price again slumped back into the triangle. Currently, the bulls are again trying to break out of the triangle but are facing a stiff resistance close to the $6,580 mark. The 20-day EMA is also located at this level.

If the bulls scale the $6,600 levels, the rally is likely to extend to $6,955.79. The 50-day SMA is located just above this level and has flattened out, hence it will act as a major resistance. The BTC/USD pair will turn positive and pick up momentum only above this resistance. Until then, a range bound trading between $5,900–$7,000 can be expected.

The cryptocurrency will turn negative if it plunges below $5,900. That will increase the probability of a fall to $5,450 and beyond that to $5,000.

As the $5,900 level haven’t been broken down this year, we suggest traders hold their long positions. If the bulls fail to break out of $7,000 next time, we recommend closing the position because we might get an opportunity to buy again at lower levels. We should get a better picture in the next couple of days.

ETH/USD

Ethereum has been struggling to bounce from the recent lows. It has not even pulled back to the 20-day EMA, which shows a lack of buying at the current levels.

ETH/USD

Both moving averages are sloping down and the RSI is also in the negative territory, which shows that the trend is headed downward. If the bears break below $249.93, the downtrend can extend to $200.

The ETH/USD pair will turn positive if the bulls breakout and sustain above the 50-day SMA. We might propose a long position earlier if we find a reliable buy setup. Until then, it is best to remain on the sidelines.

XRP/USD

Ripple is an underperformer, having lost about 90 percent of its value from its all-time-high. Though it bounced back from $0.24508, it is struggling to find buyers at higher levels.

XRP/USD

The XRP/USD pair will show some signs of strength if the bulls scale above the 20-day EMA, the downtrend line 2 and the 50-day SMA. The trend will change after the price breaks out of the downtrend line 1.

On the downside, $0.24001 is the critical support to watch out for. We believe the virtual currency will spend some time in a basing pattern, before moving up. The traders should wait for a reliable buy setup to form before initiating any long positions.

BCH/USD

Bitcoin Cash has been trying to cling on to the $500 level for the past ten days, but the buying keeps drying up above the $600 mark.

BCH/USD

Any pullback will face a stiff resistance at the 20-day EMA and the 50-day SMA. The BCH/USD pair will show first signs of a recovery if it sustains above the downtrend line.

On the downside, if the bears break below $500, a retest of the August 14 lows will be on the cards. If this level breaks, the next stop is $400. We suggest traders wait for buying to resume before initiating any long positions.

EOS/USD

The bulls are trying to hang on to the critical support at $3.8723. However, they are not able to push EOS above the moving averages, which shows that the sellers are still in command.

EOS/USD

From March to April of this year, the EOS/USD pair had…

Article Source…