Bitcoin (BTC) Price Analysis
After the Aug. 11 Bitcoin ETF decision delay, Bitcoin’s price action appears to continue its consolidation trend.
Bitcoin’s tight-range consolidation frustrates investors as the direction of a breakout remains uncertain. A prolonged range often leads to a stronger eventual breakout. Traders should remain vigilant for the breakout opportunity.
Notably, bulls retain a significant portion of the 2023 gains, indicating their anticipation of an uptrend continuation.
Bloomberg’s senior ETF analyst, Eric Balchunas, highlights the performance of crypto-related equity ETFs in 2023, showcasing exposure to crypto and blockchain.
Ethereum (ETH) Price Analysis
Ether (ETH) has been trading within a range defined by the 50-day SMA ($1,879) and the horizontal support at $1,816, reflecting uncertainty between bulls and bears.
The 20-day EMA ($1,855) and RSI near midpoint offer no distinct advantage to either side. A break below $1,816 could trigger a sell-off towards $1,700 and then the crucial support at $1,626.
Conversely, breaching the 50-day SMA may pave the way for a rally towards the psychological resistance at $2,000.
BNB Price Analysis
BNB’s inability to surpass the triangle’s resistance likely attracted selling, pushing the price below moving averages.
The BNB/USDT pair could decline to the triangle’s support line. A breach might signal the next leg of the downtrend towards $220, with potential dip buying at this level.
A rebound could lead to continued consolidation within the triangle until buyers clear the resistance line for a potential rally to $265.
XRP Price Analysis
XRP faced rejection at the 20-day EMA ($0.65), implying bearish attempts to establish resistance.
Key support lies at the 50-day SMA ($0.61); a breakdown could intensify selling, driving the XRP/USDT pair towards the breakout level of $0.56.
An alternative scenario is oscillation between moving averages, with strength signaled by a close above $0.67, potentially paving the way for a rally towards $0.73.
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