August 4, 2020

Analysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

Analysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

July ended with updated monthly highs. On the first day of August, bulls can reach target growth levels.

BTC / USDAnalysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

Buyers tried to break out of the narrowing sideways range yesterday. In the evening, the price pierced the 50% Fibo resistance (11394.15 USD) and renewed the July high around 11457.00 USD.

At night, buyers tried to continue to grow, butThe 50% Fibonacci level kept the bulls from running towards the USD 12,000.00 target. So far, it looks like the rally doesn't look like a false bullish breakout.

Stoch indicator lines on the daily time frameThe RSI in the overbought zone is hitting the 100 mark. On shorter timeframes, there is still some upside potential. We believe that it should be enough for retesting the level of 12000.00 USD.

If this weekend the bulls can test this target level, then 50% fib support may be added to the support of 10500.00 USD, which will take on the first wave of the pullback.

ETH / USDAnalysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

Yesterday morning, a short pullback in the ETH price stopped at 330.00 USD. During the day, growth continued to a new July high around 350.00 USD.

At night, the bulls did not weaken the onslaught on today'sin the morning we got close to the level of 360.00 USD. We believe that today they will break through this resistance and renew the two-year high around 365.00 USD.

It looks like the pullback will be deep enough, but we believe that the upward green trendline will be able to stop the Ethereum price decline.

XRP / USDAnalysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

Yesterday morning, the Ripple price found support inaround 0.242 USD, and during the day continued to consolidate in a sideways range. In the evening, buyers managed to form a medium-strength bullish impulse, which broke through the upper border of the sideways channel (0.250 USD) and allowed the price to renew the July high at 0.260 USD.

Analysis of Bitcoin, Ethereum, XRP prices for 08/01/2020

Growth continued at night, but currently the pairtested the level of 0.270 USD. If the onslaught of bulls intensifies, today the price will overcome the resistance of 0.280 USD and mark the first high of August in the range of $ 0.286 - $ 0.300.

The closest support level, which will suspend the rollback from the high zone, may be around the 0.266 USD mark.

* All price values ​​are based on data from the BitStamp exchange