Cryptocurrencies price prediction: Bitcoin, Litecoin & Bitcoin Cash - 28 August
|Bitcoin market update: BTC/USD consolidating before the next breakout to $11k
Bitcoin is trading below the recently broken ascending channel support. Similarly, the uptrend is narrowing towards $10,000 critical level. The consequence of failing to break psychological levels at $13,000, $12,000 and $11,000 has been culminating in the formation of a lower high pattern.
Looking at the hourly chart for BTC/USD we see a negative gradient price action under a descending trendline which started on August 20. A breakout above the trendline on Monday surged above $10,600 but failed to complete the leg above $10,700. The price action below the 50 Simple Moving Average and the 100 SMA fueled losses towards $10,000 yesterday.
Litecoin market update: LTC/USD pressing against $70 rock-solid support
Litecoin bulls are struggling to keep the price above the vital $70 support area. The bearish pressure since the beginning of August has continued to push Litecoin against critical levels. The hype surrounding the reward halving on August 5 painfully lost steam culminating in declines that have ravaged past tentative support areas at $95, $90 and $70.
The price is teetering around $7.89 amidst a growing bearish momentum. Recent price actions tried and failed to sustain growth above the 50 Simple Moving Average. Besides, the descending trendline resistance continues to render advances by the bulls unsuccessful.
Bitcoin Cash price analysis: BCH/USD triangle breakout targets $325 resistance
Bitcoin Cash bears have been putting intense pressure on $300 tentative support. This follows a failed attempt to clear the resistance at $325. The inclination to the bearish is boosted by the bearish pressure across the market.
The price is flirting $306 at press time. The upside is limited by the 50% Fib retracement level taken between the last swing high of $318.53 to a swing low of $288.41. Marginally above the Fibonacci is a congestion of sellers at the 50 Simple Moving Average (SMA) and the 100 SMA currently at $307.98.
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