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Price Analysis – Aug 24: BTC, ETH, XRP, THETA, QLC 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 breakout failed last week and the prices slid back below the support level even as the uptrend remains intact. ETH and XRP also retested their supports last week and have been able to hold them so far.

The upcoming week will show if BTC can regain its levels above the resistance or will the price go down further. Alts seem like waiting for BTC to give clear indication of its movement and even though some of them have good setups, its a wait and watch game for now.

BTC/USDT (Daily Chart)- Failed breakout and re-attempt

BTC/USDT pulled back below support levels after a failed breakout last week and is seemingly attempting to rise past it again. The decreasing volumes are a concern for bulls as of now.

BTCUSDT Chart. Source: TradingView

It remains to be seen if BTC/USDT can hold onto its uptrend with this price decline and if it can break past the resistance again. The price fell from the high which was just short of 12,500 USDT and gave a higher low for now.

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

Traders should build long positions only after daily close above the resistance level and with confirmation of increasing volumes.

ETH/BTC (Daily Chart)- Reversal from support

ETH/BTC retraced last week back to retest the support region after a breakout from resistance. The price went below the support briefly and seems to be rebounding now.

ETHBTC Chart Source: Trading View

ETH has managed to retain the uptrend so far and is trying to move up from the support zone now although there is no confirmation on the daily chart yet. Falling volumes across the market isn’t encouraging sign though.

The immediate support for ETH/BTC lies at 0.033921 BTC whereas the immediate resistance levels are around 0.03826 BTC region.

Traders should wait for confirmation of the support being held on daily chart to enter small long positions with adequate stop loss.

XRP/BTC (Daily Chart)- Support retest

XRP/BTC after rising from support level pulled back again to it. It has so far not broken the support and it needs to be seen if it will actually break the support level or bounce back stronger.

XRPBTC Chart Source: TradingView

XRP has been on uptrend for a month now and is forming a pullback structure after one way rise in the last few weeks. It is interesting that price retested support second time before trying to break the resistance zone. Bulls need to get a daily close above resistance levels to get a hold on the price.

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

Traders should avoid building long positions until resistance level gets taken out and should instead look for better trading setups for their portfolios.

THETA/BTC (Daily Chart)- Follow on breakout

THETA/BTC price broke out a second time last week after a healthy pullback and is on its way to retest an even higher resistance now. Pullbacks to support region will provide good entry levels.

THETABTC Chart Source: TradingView

THETA has regained a strong uptrend again after a sharp fall in the month of May. The price has been breaking through multiple resistance levels with just a few pullbacks so far. The volumes have been steadily rising even as other major alts see dip in volume levels.

The immediate support for THETA/BTC lies at 0.00003990 BTC whereas the immediate resistance levels are around 0.00004984 BTC region.

Traders must wait for pullback as the price has increased quickly recently and good entry will be either closer to support or after a daily close above the resistance.

QLC/BTC (Daily Chart)- Pullback to support

QLC/BTC gave a breakout after an year from the resistance in the month of July. The price has pulled back to the support a second time and is a risky yet interesting positional trade setup.

QLCBTC Chart Source: TradingView

QLC price rose rapidly in a single day after breakout and then fell as quickly to retest the support. The price went up again but is again retesting the support without attempting to breakout from the resistance earlier.

The immediate support for QLC/BTC lies at 0.00000237 BTC whereas the immediate resistance levels are around 0.00000375 BTC region.

Traders should keep the position size smaller on this one as BTC can move in either of the directions and should use adequate stop losses with long positions near the support level.

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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