Price analysis 8/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, LTC

1 year ago

A choky scope usually resolves with a scope breakout and that is what happened successful Bitcoin (BTC) connected Aug. 17. Bitcoin fell sharply, resulting successful a $1 cardinal liquidation for derivatives traders, the biggest since the FTX illness successful 2022.

It is difficult to pinpoint immoderate circumstantial reason for the sell-off but analysts judge that the disorder arising from the alleged write-down of SpaceX’s $373 cardinal Bitcoin holdings whitethorn person been 1 of the imaginable triggers.

Whatever the reason, the diminution has started. The adjacent large question troubling investors is however debased could Bitcoin fall. Several analysts person turned bearish and expect Bitcoin to proceed its downtrend successful the adjacent term.

Will Bitcoin proceed to drop, dragging the remainder of the cryptocurrency markets with it? What are the important enactment levels to support an oculus on? Let’s survey the charts of the top-10 cryptocurrencies to find out.

Bitcoin terms analysis

Bitcoin’s constrictive scope resolved to the downside connected Aug. 17, triggering a agelong liquidation, which pulled the terms to $25,166.

The bulls are expected to support the $24,800 level with vigor. The oversold level connected the comparative spot scale (RSI) suggests that the BTC/USDT brace whitethorn witnesser a pullback oregon a consolidation successful the adjacent term.

If the terms rebounds disconnected $24,800 with strength, it could scope the 20-day exponential moving mean ($28,786). This is an important level to support an oculus on. If the terms turns down from the 20-day EMA, it volition suggest that bears are selling connected rallies. That could summation the likelihood of a interruption beneath $24,800. If that happens, the brace whitethorn nosedive to $20,000.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-day EMA. That volition constituent to a imaginable consolidation successful the adjacent term.

Ether terms analysis

Ether (ETH) turned down and broke beneath the contiguous enactment astatine $1,816 connected Aug. 16, indicating that the bears are successful control.

The selling momentum picked up connected Aug. 17 and the ETH/USDT brace plummeted beneath the captious enactment astatine $1,626. Buyers bought the dip but are struggling to physique upon the rebound. This indicates a deficiency of request astatine higher levels.

The crisp autumn has sent the RSI into the oversold territory, indicating that the selling whitethorn person been overdone successful the adjacent term. The brace whitethorn witnesser a consolidation oregon a short-term betterment successful the adjacent fewer days. That could support the brace stuck wrong the ample scope betwixt $2,000 and $1,626.

This presumption volition beryllium invalidated if the terms turns down and plunges beneath the enactment astatine $1,550. That could unfastened the doors for a imaginable diminution to $1,368.39.

BNB terms analysis

BNB (BNB) broke and closed beneath the symmetrical triangle signifier connected Aug. 16, indicating that the bears overpowered the bulls.

The selling picked up connected Aug. 17 and the BNB/USDT brace plunged beneath the decisive enactment astatine $220. If the bulls neglect to propulsion the terms backmost supra $220, the bears volition effort to descend the brace to the signifier people of $196 and past to $183.

Instead, if buyers thrust the terms backmost supra $220, a betterment to the 20-day EMA ($236) is possible. A interruption supra this level volition suggest that the breakdown beneath $220 whitethorn person been a carnivore trap. That could support the brace stuck wrong the $265 to $220 scope for a portion longer.

XRP terms analysis

XRP (XRP) tumbled beneath the breakout level of $0.56 connected Aug. 17, indicating continued selling unit from the bears.

The autumn successful the XRP/USDT brace completed a 100% retracement of the full rally that happened connected July 13. However, a insignificant affirmative is that the bulls purchased the dip adjacent the beardown enactment portion of $0.45 to $0.41.

The betterment is apt to deed a roadblock astatine $0.56 and again astatine the 20-day EMA ($0.61). If the terms turns down from this overhead zone, it volition awesome that bears are selling connected rallies. That whitethorn enactment the $0.41 enactment astatine hazard of breaking down.

Cardano terms analysis

Cardano (ADA) dropped beneath the descending transmission signifier connected Aug. 17, indicating that the selling has accelerated.

The bulls successfully protected the important enactment astatine $0.24 indicating beardown buying astatine little levels. Buyers volition effort to propulsion the terms backmost into the channel. If they negociate to bash that, the ADA/USDT brace volition effort to rally to the absorption enactment of the channel.

The emergence whitethorn not beryllium casual due to the fact that the bulls are apt to look selling astatine the 20-day EMA ($0.28). If the terms turns down from this level, the brace whitethorn again retest the beardown enactment astatine $0.24. A interruption beneath this level volition awesome the resumption of the downtrend.

Solana terms analysis

Solana (SOL) broke beneath the moving averages connected Aug. 16 and the horizontal enactment astatine $22.30 connected Aug. 17. This suggests that the terms whitethorn oscillate wrong the ample scope betwixt $27.12 and $14 for immoderate time.

The bulls are trying to commencement a recovery, which is apt to look absorption astatine the moving averages. If the terms turns down from the 20-day EMA ($23.53), the anticipation of a autumn to $18 and yet to $14 increases.

On the contrary, if buyers thrust the terms supra the moving averages, it volition suggest that the interruption beneath $22.30 whitethorn person been a carnivore trap. That could propel the SOL/USDT brace toward the $26 to $27.12 overhead zone.

Dogecoin terms analysis

Dogecoin (DOGE) slipped beneath the enactment enactment of the ascending transmission signifier connected Aug. 15. That whitethorn person deed stops connected the agelong positions and attracted selling by the bears.

The DOGE/USDT brace closed beneath the breakout level of $0.07 connected Aug. 16, signaling that the bears are successful the driver’s seat. The selling continued connected Aug. 17 and the bears yanked the terms beneath the indispensable enactment astatine $0.06. A insignificant redeeming grace for the bulls was the beardown buying astatine little levels.

The terms roseate backmost supra $0.06 and the bulls volition effort to propulsion the terms toward the overhead absorption of $0.07.

Sellers are apt to person different plans. They volition effort to descend and prolong the terms beneath $0.06. If they bash that, the brace whitethorn plummet toward $0.05.

Polkadot terms analysis

The choky scope trading successful Polkadot (DOT) expanded to the downside connected Aug. 15. That started a decline, which reached adjacent the captious enactment astatine $4.22 connected Aug. 17.

The bulls volition effort to fiercely support the $4.22 enactment but the betterment is apt to look beardown selling astatine the 20-day EMA ($4.91). If the terms turns down from this level, the bears are expected to onslaught the $4.22 enactment erstwhile again. If this level cracks, the DOT/USDT brace whitethorn commencement the adjacent limb of the downtrend.

Alternatively, if the terms turns down from the 20-day EMA but rebounds disconnected $4.22, it volition suggest that the brace whitethorn consolidate for a fewer days. The bulls volition summation momentum aft the terms rises supra the moving averages.

Polygon terms analysis

Polygon’s (MATIC) interruption beneath the $0.65 enactment attracted assertive selling, which tugged the terms beneath the adjacent beardown enactment astatine $0.60 connected Aug. 17.

The bulls bought the dip adjacent $0.50, indicating beardown request astatine little levels. However, buyers whitethorn look selling astatine $0.60 and again astatine the 20-day EMA ($0.66). If the terms turns down from the overhead resistance, the MATIC/USDT brace whitethorn retest the captious enactment astatine $0.50.

If this enactment gives way, the brace could gaffe to $0.45 and past to $0.42. On the upside, the bulls volition person to footwear the terms supra the moving averages, to bespeak that the downtrend could beryllium ending.

Litecoin terms analysis

Litecoin (LTC) went into a tailspin aft breaking beneath the enactment astatine $81 connected Aug. 15. The terms crumbled to $56 connected Aug. 17.

The crisp descent of the past fewer days has sent the RSI into oversold territory. This suggests that a insignificant betterment oregon consolidation is apt successful the adjacent term. The alleviation rally could look selling successful the portion betwixt the 50% Fibonacci retracement level of $70 and the 61.8% retracement level of $74.

If the terms turns down from the overhead resistance, the LTC/USDT brace could signifier a scope for a fewer days. A interruption and adjacent beneath the pivotal level of $56 could widen the diminution to $50.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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