11.2 C
Manchester
September 21, 2020
Image default
Bitcoin

Technical analysis of Bitcoin + ETH, BHC, LTC and XRP rates |

As every Tuesday, we have another expert technical analysis of cryptocurrencies for you prepared by Graphław from Coinquista Labs. What awaits Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP in the near future? Below you will find the analysis of the BTC rate, and on the official Coinquista blog you can read the analysis of the remaining digital assets: ETH, BCH, LTC and XRP.

LINK for the analysis of other digital coins: https://blog.coinquista.com/analiza-techniczna-kryptowalut-4-sierpnia-2020/

Is this a temporary victory for the bulls or is there a long rally ahead of us?

Looking at the quotations of the oldest cryptocurrency, we notice that due to the extremely dynamic increases that have been taking place since the second half of July, the BTC price has broken the downward trend line and the horizontal resistance of USD 10,400, about which I have already written many times. Bitcoin’s appreciation only stopped around USD 12,000. It was there that a strong supply reaction appeared last Sunday.

Although the BTC price dropped by almost 13% in just under 25 minutes, it is noteworthy that the market still remains above the recently defeated support (now resistance), i.e. USD 10,400. This fact means that in the medium and long term, we could even expect a further appreciation of Bitcoin.

However, taking into account the existence of the polarity reversal principle, which says that each significant level, which has been tested so far from the bottom (as a resistance), should be tested from the top (as a support) after breaking it, it cannot be ruled out that it will deepen on this market. a downward correction in the near future. If that happened, the price of BTC could slide down to $ 10,400. However, these declines would not mean a change in the market attitude, which is still pro-growth.

From the perspective of the current medium-term trend, on the occasion of another upward impulse, the price of BTC could increase even to USD 13,000. This is where the next, important level of resistance is located. A permanent breach of this level could open the way for further appreciation, even above USD 17,000.

LINK for the analysis of other digital coins: https://blog.coinquista.com/analiza-techniczna-kryptowalut-4-sierpnia-2020/

We remind you that on the Coinquista cryptocurrency exchange, all users can trade without commission for 90 days from registration! How to register on the exchange, you can find out in this article: Coinquista Registration.

About Graphław:
His name comes from the words: Chart- (from “stock charts”), and -fame (from “fame”), that is, the one who glorifies stock charts. He has been giving gifts since the decay of history traders expert analyzes of stock prices of companies, fiat currencies and cryptocurrencies. Traders from all over the world come to him for advice of the highest importance: Buy? Sell? Do you breed? It was not easy, but the Coinquista Labs team somehow managed to convince him to share his professional analyzes with readers. Let his charts take care of you!

Related posts

Ghost by John McAfee integrates with eCommerce platforms |

Aparnna Hajirnis

South Korea: police are looking for the culprits of the leak regarding new cryptocurrency laws |

Aparnna Hajirnis

Halving BTC may turn out to be a disappointment – says one of the “whales” – Blocksats

Aparnna Hajirnis

Leave a Comment