Cryptocurrencies price prediction: Bitcoin, Ethereum & Ripple - 7 August


Bitcoin price prediction: BTC bulls have to start it over again  - Bitcoin confluence

BTC/USD has recovered from Tuesday's low of $11,256; however, the first digital coin is still well below critical $12,000. The bullish breakthrough engineered during early Asian hours on Tuesday looked so promising, but it failed to live up to expectations. BTC/USD is changing hands at $11,640 at the time of writing, down over 3% on a day-on-day basis.

Bitcoin confluence levels 

There is not much in terms of strong technical barriers, either above or below the current price. It means that bulls and bears are in similar conditions as long as the price stays within the range limited by $11,000 on the downside and $12,000 on the upside. 

fxsoriginal

Ethereum price analysis: ETH/USD lethargic above $220

Ethereum brushed shoulders with $240 but failed to make headway towards $250 milestone. The uptrend started at the beginning of the week, was deep-rooted in the support at $200.

The gains from July 24 were massively enhanced following the break above the descending trendline from July highs around $320. Moreover, trading above the hour Moving Averages pulled Ethereum higher above the resistance at $220 and $230 respectively.

Ethereum

Ripple market update: XRP/USD massively chopping off huge chunks of gains

Ripple bears appetite for revenge seems to have been augmented. The impressive gains recorded on Monday have all gone down the drain. As discussed yesterday in the price prediction, the support at $0.31 did not see the light of the day on Wednesday.

The correction under both the 50 Simple Moving Average 1-hour chart and the 100 SMA 1-hour was an immense boost for the bears. Ripple tanked below the tentative support at $0.3150 and pushed the bearish leg under $0.31. Fortunately, the buyers barricaded the zone at $0.3075 taking advantage of the lower price to increase their positions.

Ripple

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

More Bitcoin News

Maker Price Analysis: MKR whales could be getting ready to dump again at $470

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

More Cryptocurrencies News

Kyber Network Price Prediction: KNC could be on the verge of a 50% correction

Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.

More Cryptocurrencies News

Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control

Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP