Bitcoin Cash (BCH) Price Prediction – August 12, 2020 BCH/USD rebounds above $280 after yesterday’s surprising breakdown. There was a general breakdown across the crypto currency markets. The bears sank the BCH below the $280 support which was intended to fall to the previous low at $245 low.
The recent breakdown below the critical $280 support was brief as bulls pushed BCH from its low of $270 to $280 before rebounding. BCH would have fallen to $245 low and later $220 low if the bears are successful. BCH bulls buy the dips to push the altcoin on the upside. Buyers have two major hurdles to jump over before attaining the $400 price levels. On the upside, if buyers break the $300 resistance and rebound above it, the $320 and $340 resistances would be breached. The momentum will extend to $400 high. However, if buyers fail to push above these resistances, prices will continue to fluctuate between $280 and $320. The crypto is at level 52 of the Relative Strength Index period 14. It indicates that BCH is in the bullish trend zone and will rise.
10 Bitcoin Cash Whales Drop, Following 39% Price Surge Since August 1, Bitcoin Cash surged to over $311. This resulted in 10 Bitcoin Cash whales leaving the network possibly for trading or selling their millions in holdings. According to a crypto Twitter user, Ali Martinez, investors holding between 10,000-100,000 BCH estimated to be from $3 to $30 million has fallen since August 1. The drop was as a result of BCH rising from $224.46 on July 17 to $311.32 on July 31.
In the BCH/BTC chart, buyers and sellers are tussling for price possession in a confined range. Neither the bulls nor bears have the upper hand. The market is fluctuating between levels Ƀ0.024000 and $0.026000. On August 1, buyers pushed price to Ƀ0.028000 but were immediately repelled. The bears pushed price into the range as the market consolidation continues. In the meantime, the BCH/BTC pair is below 60% range of the daily stochastic. The market is in a bearish momentum.
Bitcoin (BTC) Price Prediction – August 11, 2020 Today, BTC/USD has been on a downward move after partially breaking the $12,000 overhead resistance. In early August, buyers broke the overhead resistance twice. On August 2, BTC reached a high of $12,097 but fell to $10.548 low. Yesterday, the king coin reached a high of $12,065 but was repelled; the market is still on a downward move.
Bitcoin bulls failed to break the overhead resistance because sellers are in strong defense of the resistance. Bitcoin has continued to retrace in the last 24 hours. If the selling pressure is strong the downward move will persist. However, buyers must sustain the price above the $11,000 support. On the downside, if price breaks and closes below $11,000 support, Bitcoin will be showing signs of weakness.
And the market will drop to $10,400 support. That was the support zone where the coin fell on August 2 before price correction. Buyers will like to defend this level for the resumption of the upside range trading. It is very unlikely if the bears will break below $10,400. This will be an invitation for the bears to take control of the price. Meanwhile, BTC will rise as it is at level 65 of the Relative Strength Index period 14. The king coin is trading in the bullish trend zone and it above the centerline 50.
Band Protocol (Band) and Chainlink (LINK) Outperform Bitcoin in 10
Since early August, the above altcoins have outperformed Bitcoin. BAND traded from $3.19 to as high as $17.78. On the other hand, LINK was surging from $7.60 to $14.45 as of August 10. This came at a time when Bitcoin is still struggling to break the $12,000 overhead resistance. The two altcoins are successful because of the growth of the Decentralized Finance (Defi) sector. Each of these altcoins is operating as an oracle blockchain network that supplies data to Decentralized Finance ( Defi) applications.
BTC/USD Next Possible Direction Bitcoin uptrend is still intact despite the recent downtrend. The current support at $11,700 is likely to hold and BTC will rise. In the recent uptrend on August 1, the red candle body tested the 0.236 Fibonacci retracement level. This explains that when the uptrend resumes BTC will reach the 4.236 Fibonacci extension level which is the $15,000 high.
The daily chart reveals that XRP bulls are fighting to stay above the crucial $0.30 level.
Resistance levels: $0.34, $0.36, $0.38
Support levels: $0.25, $0.23, $0.21
XRP/USD has found itself caught within a consolidation phase throughout the past few days as it trades just around $0.28 to $0.31. Since the initial pullback on August 7, XRP/USD has been struggling heavily to go back above $0.30. Just hours ago, the Ripple bulls finally managed to push the digital asset to touch $0.30 just before another crash towards $0.284.
Will XRP Break Through $0.30 Resistance Level or Reverse?
From the technical perspective, XRP is trading bullishly below the 9-day moving average in the daily chart and range is likely to sustain a short term sideways action. Meanwhile, this slightly positive picture coupled with the right trading volume could see the XRP spike above the critical hurdle at $0.30. Other areas of interest on the upside are $0.31 and $0.32. If these levels are reclaimed, XRP bulls may now have the chance to focus on higher levels at $0.34, $0.36, and $0.38 resistance levels.
On the contrary, if the technical indicator RSI (14) escape from the overbought region and moves below 70-level, the coin may likely follow the downtrend and if the $0.27 support fails to hold the selling pressure, XRPUSD may likely hit the critical supports at $0.25, $0.23, and $0.21 respectively.
Against Bitcoin, XRP is still trading on the downside, although the price action has remained intact within the 9-day and 21-day moving averages. If the selling pressure persists, the Ripple price variation may likely create a new low in the coming days.
For now, the stochastic RSI is seen moving below 50-level; traders may continue to see a negative move in the market soon they can as well expect close support at the 2400 SAT before breaking below the channel to hit the critical support of 2100 SAT and below. If a bullish move occurs and validates a break significantly above the 9-day moving average; we may confirm a bull-run for the market and the closest resistance levels lie at 2900 SAT and above.
Bitcoin (BTC) Price Prediction – August 9, 2020 BTC/USD has continued its consolidation as the market reaches a tight range. Initially, BTC was consolidating between $11,000 and $12,000. Presently, it is trading in a tight range between $11,600 and $12,000. Nonetheless, as bulls and bears continued the price tussle, a breakout is likely on the upside.
Yesterday, buyers retested the $12,000 resistance zone twice but were repelled. Buyers are not reaching the $12,000 price level. The king coin has been facing rejection at the $11,800 resistance since August 5. Analysts believe that once the $12,000 resistance is breached; a further upward move will unfold. It has been indicated that BTC is facing its major resistance at the recent high. A breakout will propel the coin to a high of $15,000 and above.
Conversely, if the bulls fail to break the overhead resistance, Bitcoin will be compelled to an indefinite range-bound movement below the resistance. Meanwhile, Bitcoin is falling after the resistance at $11800 as price reaches the low of $11,600. BTC is at level 67 of the Relative Strength Index period 14. It indicates that the market is trading in the uptrend.
Bitcoin Market Capitalization Is Comparable to Bank of America With the impressive move of Bitcoin in 2020, market capitalization has risen and is comparable to Bank of America. According to reports, Bitcoin current valuation is over $215 billion; while Yahoo Finance indicated that Bank of America’s current valuation is slightly above $226 billion. Nevertheless, speculative capital investments are totaling a few billion dollars besides the current valuation of Bitcoin.
BTC/USD Next Possible Direction For the past week, Bitcoin has been fluctuating between $11,000 and $12,000 and unable to break the $12,000 overhead resistance. Nevertheless, from the August 1 uptrend, a red candle body tested the 0.236 Fibonacci retracement level. This candlestick explains that BTC will rise to 4.236 extension level. In other words, BTC will rally to $15,000 high.
At the moment, the daily chart reveals that BTC/USD lacks strong resistance on the upside.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $12,400, $12,600, $12,800
Support Levels: $11,000, $10,800, $10,600
BTC/USD touches the daily high at $11,812 to face a key resistance of $12,000 but was later rejected and is now trading sideways. However, if the first digital asset continued to consolidate in this way, traders could soon see it break through the above-mentioned level of key resistance and it could then be obvious to target the potential resistance of $12,500. In other words, traders may see a larger decline in the coming days if the coin breaks below the 9-day moving average.
Possible Next Direction for Bitcoin
BTC/USD has remained in the consolidation mode above the 9-day and 21-day moving averages, deciding on the next move. In addition, it can be expected that the market may continue to sell should in case the market price breaks below the 9-day MA. But, if the bulls show a strong commitment, BTC/USD could rise above the upper boundary of the channel and may reach the potential resistance levels of $12,400, $12,600, and $12,800 as the RSI (14) indicator, while on the positive side, may continue to give bullish signals.
Presently, the daily chart shows that the weak upward momentum may be affecting the Bitcoin bulls, although bears may likely bring the price to $11,200 which could lead the Bitcoin price to the supports of $11,000, $10,800, and $10,600 in the next negative moves.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
The 4-hour chart shows that the Bitcoin price touches the daily high at $11,814; this barrier may likely slow down the bulls as the coin may consolidate around the 9-day and 21-day moving averages before breaking above the channel to reach the important resistance at $12,200 and above.
On the downside, as the technical indicator (RSI (14) moves around 56-level, if the market price breaks below the moving averages and the technical indicator confirms it, the nearest support levels may come at $11,500 and $11,300 while the critical support is located at $11,200 and below.