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Price Analysis – Aug 10: BTC, ETH, XRP, FET, XTZ for the week!

This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
This is a weekly column. For more frequent updates on markets, join Sumnesh’s telegram channel Price Action Trading.

BTC continues its upward ride as ETH and XRP retrace along with majority of other alts in BTC pair. The largest cryptocurrency by market cap looks to retest the resistance area once again after several attempts earlier.

The upcoming week holds the secret to how far does BTC rally if it breaks out and what happens to the altcoin prices in that case.

BTC/USDT (Daily Chart)- Attempting breakout

BTC/USDT continues to remain in strong uptrend and the prices rose last week after a pullback and BTC seems to be retesting the resistance area again although there is no confirmation yet.

BTCUSDT Chart. Source: TradingView

BTC/USDT has bounced back from the previous resistance turned support at 10854 USDT (mentioned in earlier posts) and is now retesting resistance level post which it will lead to further breakout on upside.

The immediate support for BTC lies at 10854 USDT and the resistance level is 11825 USDT.

Traders should wait for daily close above resistance level to enter long positions.

ETH/BTC (Daily Chart)- Breakout failed

ETH/BTC finally pulled back as it failed to break the resistance. The prices have been rising from the start of the month and the volumes are reducing for the first time after a month.

ETHBTC Chart Source: Trading View

ETH has failed to break past the resistance level at 0.033921 BTC (mentioned in earlier posts) as the prices reversed from this level twice within last week. It remains to be seen whether ETH will be able to hold its uptrend by maintaining the higher high- higher low structure or not.

The immediate support for ETH/BTC lies at 0.029865 BTC whereas the immediate resistance levels are around 0.033921 BTC region.

Traders should avoid building long positions until ETH gives a higher high on daily charts after giving a daily close above the resistance zone.

XRP/BTC (Daily Chart)- Pullback

XRP/BTC prices fell sharply after a one way rally from start of the month. It remains to be seen if XRP can hold the current support or the prices continue to decline.

XRPBTC Chart Source: TradingView

XRP price reversed from 0.00002826 BTC resistance level and are now trading closer to the support levels on the chart. The price has not retested the support yet but it will be interesting to see the reaction in that zone.

The immediate support for XRP/BTC lies at 0.000024 BTC whereas the immediate resistance levels are around 0.00002826 BTC region.

Risk averse traders should wait for the resistance to be taken out before building long positions whereas risk taking ones can buy small quantities near the support zone with small stop losses.

FET/BTC (Daily Chart)- Follow through after pullback

FET completed another good pullback similar to last week and prices seem to be rising yet again as it continues to hold the uptrend on the daily charts.

FETBTC Chart Source: TradingView

FET/BTC has been on an uptrend ever since starting of July month. It has given healthy pullbacks but has continued to take out resistance levels one after the other.

The immediate support for FET/BTC lies at 0.00000734 BTC whereas the immediate resistance levels are around 0.00000874 BTC region.

The price has sharply bounced from the support level today itself and should rise as long as the support is held. Traders should keep adequate stop losses in place while entering this trade.

XTZ/BTC (Daily Chart)- Breakout

XTZ/BTC price had reversed from a strong support last week and has broken past the resistance level yesterday as it continues to rise.

XTZBTC Chart Source: TradingView

XTZ prices have been in a wide range from start of February month and the technical structure on the chart remains bullish. The volumes are also up recently showing control of bulls on the prices at the moment.

The immediate support for XTZ/BTC lies at 0.0002981 BTC whereas the immediate resistance levels are around 0.0003796 BTC region.

Traders should look to enter as close to resistance turned support region as possible and keep the position size small as BTC looks to breakout which may lead to alts retracing a bit.

Disclaimer: The views and opinions expressed above are solely for educational purposes and should not be taken as investment or trading recommendations. Readers are advised to do their own research and due diligence before making any investment or trading decision.

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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