Bitcoin, Ethereum and Litecoin Price Analysis and Prediction August 31st: BTC, ETH, and LTC
Bitcoin Price Analysis (BTC/USD)
BTC/USD pair is today correcting gains from yesterday’s massive fall that dropped its price down below the $10,000 level. However, the pair’s price is today, trading between support level $9381.81 and resistance level $9573.84. Additionally, the RSI indicator moved from the oversold level and is currently heading towards the positive area. This shows that the market is regaining some momentum. BTC/USD pair escalated from $9502.00 to now trade at $9522.84, making a 0.21% increase. If the bulls continue to struggle to beat off the bears and break past the $9600.00 level, it may perhaps give a positive impact upon investor’s sentiments.
Bitcoin Price Prediction (BTC/USD)
Fortunately, both the moving averages are currently acting as the price support, which suggests a continuation of a bullish outlook. Traders and investors should aim their targets at $9800.00.
Ethereum Price Analysis (ETH/USD)
ETH/USD pair is also lacking momentum and is currently trading at $168.27, with a 0.15% increase over the last 24hrs. The Ethereum price seemed to have faced an intense struggle below the $169.02 resistance level. Beside yesterday’s dip that tanked the price to a low of $163.71, there is a slight recovery. Notably, a decent recovery is quite possible if buyers manage to push the price action past the $170.00 level. The RSI indicator also signals hope for investors since it has recovered from the oversold territory and is now heading south, indicating an increase in buying pressure.
Ethereum Price Prediction (ETH/USD)
The RSI indicator is still below level 50, and the moving averages seem to be slowly gaining a bearish outlook. This shows a high chance of a further decline below $165.00, with a significant support level near the $154 and 150 levels. However, a break above $170.00 may lead to an upside move near $174.00.
Litecoin Price Analysis (LTC/USD)
Litecoin has also continued yesterday’s tremendous decline on today’s hourly chart. The long-term SMA line that has been hovering above the short-term SMA line confirmed a continuation of bearish momentum. Aside from the drop, there was a sideways consolidation movement above the $62.00 level. However, the LTC/USD pair escalated from yesterday closing position at $62.20 to $65.15, which is the current price. Apparently, sellers seem to have the upper hand. Also, the RSI indicator is trading below 50, which gives a negative outlook.
Litecoin Price Prediction (LTC/USD)
Further downside momentum is likely since the long- term SMA is still gravitating above the short-term SMA. Therefore, a break below $62.00 may trigger massive decline near $60.00. Conversely, the RSI has recovered above level 30, which gives a bullish inclination. This means that buying pressure is slowly creeping back to increase market momentum. A break above the $64.00 may give a bullish outlook in the short term.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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Dennis Wafula, Khareem Sudlow