Crypto analyst Rakesh Upadhyay believes that the price of Bitcoin is currently dependent on the range it is Trading within. While several major altcoins show signs of a potential collapse, Bitcoin is still holding on. However, the analyst analyzes the charts to speculate whether Bitcoin can break out of its current range and identifies important levels to watch.
Bitcoin finished last week with a marginal loss of 0.5%. One of the reasons for the loss was the SEC’s decision to delay its decision on all spot Bitcoin ETF applications. Despite this setback, JPMorgan analysts predict that the regulator will eventually approve several Bitcoin ETFs, which can drive the price up.
In terms of short-term price movements, Bitcoin remains volatile, but long-term investors continue to hold their positions. Glassnode data reveals that a significant portion of Bitcoin’s supply that has been idle for three years or more has reached a new high.
Analyzing the price of Bitcoin, it is trading near the support level of the range between $24,800 and $31,000. In a range, bulls tend to buy the decline near the support and sell close to the resistance. If the $24,800 level is broken, sales are likely to accelerate, potentially leading to a decline to the significant support level at $20,000. On the other hand, a breakthrough of the barrier at $26,833 may indicate a move towards the 50-day SMA at $28,221, suggesting an extension of the range.
Moving on to Ethereum, the price has broken below the strong support level of $1,626 but shows signs of solid buying at lower levels. However, the lack of demand at higher levels suggests that the bears remain in control. If the price falls below $1,600, Ethereum is likely to decline further towards its August 17 intraday low of $1,550. A rally above the 20-day exponential moving average (EMA) at $1,684 would indicate strength and a potential rise to the overhead resistance level of $1,750.
Binance Coin has been trading below the $220 breakout level but has not seen a significant decline. Buyers may attempt to start a recovery if the price does not break below the psychological level of $200. A push above the resistance line will indicate a potential end to the downtrend, while a break below $200 may signal the beginning of the next leg of the downtrend, potentially leading to a drop to the next major support level at $183.
Ripple (XRP) experienced a downside breakout below $0.50 but saw support at lower levels. However, the bears have kept up the pressure, preventing a strong recovery from the $0.50 level. This increases the likelihood of a downside breakout for XRP, potentially leading to a fall to $0.41. On the other hand, a reversal above the current level and a break above the 20-day EMA at $0.53 would indicate a bullish reversal with a potential rise to $0.56 and further towards $0.65.
Other cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE), Solana (SOL), and Toncoin (TON) are also analyzed with their respective price levels and potential scenarios discussed.
In conclusion, the price of Bitcoin is currently dependent on its range, while several major altcoins show signs of potential collapse. Important levels and potential scenarios for Bitcoin and other cryptocurrencies are discussed based on chart Analysis by Rakesh Upadhyay..
#XRP #DOGE #ADA #SOL #Buy #Sell #Levels #Coins
Bitcoin finished last week with a marginal loss of 0.5%. One of the reasons for the loss was the SEC’s decision to delay its decision on all spot Bitcoin ETF applications. Despite this setback, JPMorgan analysts predict that the regulator will eventually approve several Bitcoin ETFs, which can drive the price up.
In terms of short-term price movements, Bitcoin remains volatile, but long-term investors continue to hold their positions. Glassnode data reveals that a significant portion of Bitcoin’s supply that has been idle for three years or more has reached a new high.
Analyzing the price of Bitcoin, it is trading near the support level of the range between $24,800 and $31,000. In a range, bulls tend to buy the decline near the support and sell close to the resistance. If the $24,800 level is broken, sales are likely to accelerate, potentially leading to a decline to the significant support level at $20,000. On the other hand, a breakthrough of the barrier at $26,833 may indicate a move towards the 50-day SMA at $28,221, suggesting an extension of the range.
Moving on to Ethereum, the price has broken below the strong support level of $1,626 but shows signs of solid buying at lower levels. However, the lack of demand at higher levels suggests that the bears remain in control. If the price falls below $1,600, Ethereum is likely to decline further towards its August 17 intraday low of $1,550. A rally above the 20-day exponential moving average (EMA) at $1,684 would indicate strength and a potential rise to the overhead resistance level of $1,750.
Binance Coin has been trading below the $220 breakout level but has not seen a significant decline. Buyers may attempt to start a recovery if the price does not break below the psychological level of $200. A push above the resistance line will indicate a potential end to the downtrend, while a break below $200 may signal the beginning of the next leg of the downtrend, potentially leading to a drop to the next major support level at $183.
Ripple (XRP) experienced a downside breakout below $0.50 but saw support at lower levels. However, the bears have kept up the pressure, preventing a strong recovery from the $0.50 level. This increases the likelihood of a downside breakout for XRP, potentially leading to a fall to $0.41. On the other hand, a reversal above the current level and a break above the 20-day EMA at $0.53 would indicate a bullish reversal with a potential rise to $0.56 and further towards $0.65.
Other cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE), Solana (SOL), and Toncoin (TON) are also analyzed with their respective price levels and potential scenarios discussed.
In conclusion, the price of Bitcoin is currently dependent on its range, while several major altcoins show signs of potential collapse. Important levels and potential scenarios for Bitcoin and other cryptocurrencies are discussed based on chart Analysis by Rakesh Upadhyay..
#XRP #DOGE #ADA #SOL #Buy #Sell #Levels #Coins
