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Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 24 Aug

Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 24 Aug
FXStreet TeamFXStreet TeamFXStreet

Bitcoin Price Analysis: BTC/USD consolidation takes precedence ahead of breakout to $12k

Bitcoin price plunged farther down during the weekend session, testing support at $11,400.  The breakdown was reinforced after short term support at $11,800 failed to hold. In addition, $11,600 did little to halt the losses. Fortunately, a descending channel support came in to rescue the bulls from a would have been devastating slump to $11,000.

Ethereum Price Prediction: ETH/USD on the breakout threshold to $420, these are the levels to watch

Ethereum revisited support at $380 on Saturday following an extended breakdown under $400. The rest of the weekend trading remained mundane with attempts to break above $400 falling short again and again. Ether has already climbed to highs above $390 at the time of writing and trading at $393. The cryptoasset’s immediate upside is limited by a descending trendline resistance.

Ripple Price Analysis: Double top spotted on XRP/USD daily chart

Ripple (XRP/USD) gained more than 2% on Saturday but failed to extend its rebound on Sunday. As of writing, XRP/USD was down 2% on the day at $0.2803 and was losing a little more than 8% since the beginning of the week. On the daily chart, a double top formation has become apparent.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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