Cryptocurrency Market Update: Bitcoin, Ripple and Ethereum begin consolidating
- Bitcoin leads the market into consolidation after a great start in the month of August.
- BTC/USD stuck in the range between $11,500 and $12,000.
- Ethereum seeks support at $390 after failing to sustain gains above $400.
- Ripple dances marginally above $0.3 following a rejection from $0.3250.
After finishing the month of July in incredible style, cryptocurrencies across the market have taken step back led by Bitcoin, Ethereum and Ripple. Bitcoin, for instance, is settling for consolidation between the support at $11,500 and $12,000. This follows recovery from a dip to $10,500. Although bulls desire to push above $12,000, they seem to lack enough volume to support the price action.
Bitcoin technical update
Bitcoin is exchanging hands at $10,800 at the time of writing. As reported in the price prediction earlier, the confluence resistance at $11,899 remains the biggest hurdle preventing action above $12,000. Technical levels are mainly positive with the RSI and the MACD sending bullish signals. BTC also trading above an accelerated trendline. Support is envisioned at $11,500, $11,000 and at the main trendline in the event of a reversal.
BTC/USD daily chart
Ethereum technical analysis
Ethereum like Bitcoin had a tremendous July and a good start in August; from trading around $230 to highs above $400. A yearly high was traded at $415 but bears gained traction perhaps due to some investors taking profits. At the time of writing. ETH/USD is teetering at $395 after recovery above $400 became impossible during the Asian hours.
Bulls are still relatively in chart even though gains remain limited. The Elliot Wave Oscillator has begun printing the first bearish session in August. This reflects the reversal from $415 to $395. The RSI is still above 70 but its downtrend shines the light on the strengthening bearish trend. If support at $390 fails to hold, buyers must endeavor to defend $380 and $350.
ETH/USD 4-hour chart
Ripple technical update
Ripple is nurturing a consolidation trend above $0.30. The sideways trading comes after a retreat from August highs traded at $0.3250. Support at $0.30 seems to have settled well in the last couple of days. All technical indicators including the RSI and MACD reinforce the sideways trading. However, with the 50-day above the 100-day SMA, it becomes apparent that bulls have an upper hand in the current session.
