Price analysis for Bitcoin, Ethereum, Litecoin and Zcash
BTC/USD 10.08.2017
Last week Bitcoin underwent a very important event. The $2,900 resistance zone that remained untouched since the beginning of June was hit. If you look at the daily chart, you will see a clear triangle, one of the most powerful shapes in tech analysis.
To sum up:
- There has been no $2,900 retest. Very powerful movement along with the general market mood left this level far behind. The retests do not seem likely over the next few days.
- $3,200 support zone retest is more likely. That’s a new level that has been tested, and new movements towards this level are highly probable.
- Potential resistance zone at $3,500. Round levels are traditionally strong, but right now it is hard to tell how strong it might be.
- BCC movements have almost no influence on BTC, no correlation for now.
During the next week, the $3,200 level and $3,500 tests will have crucial importance. Range formation and movement along the trend are both possible.
ETH/USD 10.08.2017
Ethereum has been the leader in growth over the last days.
Technically, we see the following picture:
- Having passed the $235 level, a new uptrend has formed.
- $235 level retest doesn’t look possible right now. One should wait for correction and formation of new key lines.
- On the news – Bitstamp has announced that it will add ETH support on Aug. 17.
- The market is anticipating new announcements from ETH development community. Any positive news about future events can have a strong impact on the market.
Everything points towards the future growth. Possible support zones should be seen only as good points for buys.
LTC/USD 10.08.2017
Litecoin has been growing below the market. Current situation:
- Uptrend continues, high tests at $55 are highly probable
- On a growing market, many prefer more aggressive assets, that’s why LTC has decreased in volumes a bit
- Due to this decrease in the recent days, $40 to $50 range scenario can be realized
Apart from the tech analysis, don’t forget that any negative movement in BTC will positively impact LTC. Litecoin remains a hedge asset, and depending on the market one can use it to build a low-risk strategy.
Zcash/USD 10.08.2017
Zcash is an interesting coin for trading. It was featured in some previous reviews.
Currently:
- $160 support level has remained still
- $230 retest took place and technically it’s a formation of a potentially very strong movement, where goals will possibly be very high
- Volumes. It’s an important indicator during the formation of the next resistance level
- In the case of a negative scenario, use stops below $230 support zone. There’s slight correction possible to happen in the whole crypto market; in this case, Zcash will also fall a bit. So it might be a good idea to place stops considering volatility.
