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.

Bitcoin

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.

Litecoin

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.

Bitcoin Cash

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Bitcoin Price Analysis: Bulls eye $12,000 amid falling channel breakout

Bitcoin (BTC/USD) has finally broken the recent consolidative phase to the upside, as the bulls cleared the $11,700 resistance. Technical set up favors BTC bulls, eyes set on $12,000 mark. 

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BCH/USD: Downside appears compelling amid bearish crossover

Bitcoin Cash (BCH/USD) is consolidating in a $10 narrow range after a volatile Friday, as the bears gear up for the next push lower. Hourly RSI inches lower below the midline, with bearish HMAs crossover. A test of Friday's low at $277 is on the cards. 

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VET/USD: Bullish bias intact while above 21-DMA

The bullish tone around VeChain (VET/USD) remains intact on Saturday, despite a temporary pullback seen a day before. The path of least resistance appears to the upside, especially after it charted a descending triangle breakout on the daily sticks last Tuesday.

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Cryptocurrency Market Update: Ethereum outperforms amid broad-based buying spree

Buying-wave sweeps across the crypto board on Saturday. Ethereum leads the advance among the top 3 favorite crypto coins. Will the bulls extend control into Sunday after Friday’s decline?

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Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

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