Coinbry

  • Market Cap: $2,480,859,759,776.79
  • 24h Vol: $140,569,667,481.24
  • BTC Dominance: 51.77%
August 11th Price Analysis: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Solana (SOL), Polygon (MATIC), Litecoin (LTC), Polkadot (DOT)

August 11th Price Analysis: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Solana (SOL), Polygon (MATIC), Litecoin (LTC), Polkadot (DOT)

Following the delay in the Bitcoin ETF decision, Bitcoin’s price has remained stagnant and shows no signs of a breakout. Traders should be prepared for a potential breakout and be ready to take advantage of it. The lack of urgency among bulls to book profits suggests they anticipate the uptrend to continue.

The top-performing equity ETFs in 2023 have been crypto-related, indicating the growing interest in crypto and blockchain.

Bitcoin’s price is currently stuck in a range between $28,585 and $30,350. The longer the consolidation continues, the stronger the eventual breakout will be. If the price falls below $28,585, it could drop to $26,000 and then $24,800. On the other hand, a break above $30,350 could push the price to $32,400 and eventually $40,000.

Ether has been trading between the 50-day SMA ($1,879) and the support at $1,816. The uncertainty between bulls and bears makes it difficult to predict the next move. A break above the 50-day SMA could lead to a rally to $2,000, while a drop below $1,816 could result in a sell-off to $1,700 and then $1,626.

BNB failed to break above the resistance line of a triangle pattern, leading to selling pressure. The price could drop to the support line of the triangle at $220. However, if it rebounds from this level, it may continue trading within the triangle.

XRP turned down from the 20-day EMA ($0.65), indicating resistance from bears. The important support to watch is the 50-day SMA ($0.61). A break below this level could lead to a drop to $0.56. On the other hand, a break above $0.67 could result in a rally to $0.73.

Dogecoin continues to trade within an ascending channel pattern, but struggles to overcome the downtrend line. If the price dips below the 20-day EMA ($0.07), it could drop to the support line of the channel at $0.07. However, if it turns up from the 20-day EMA, it could rally above the downtrend line to $0.08.

Cardano’s recovery attempt was halted at the 20-day EMA ($0.30), suggesting selling pressure from bears. If the price breaks below $0.28, it could drop to $0.26 and eventually $0.24. On the other hand, a break above the downtrend line could lead to a rise to $0.32 and $0.34.

Solana has been trading between $26 and $22.30, with $26 being a crucial resistance level. A turn down from this level could indicate a continuation of range-bound action, while a break above it could lead to a rally to $29 and a retest of the local high at $32.13.

Polygon failed to break above the 50-day SMA ($0.70), but has held onto its positions. A break above the 50-day SMA could result in a rally to $0.80 and $0.90, while a drop below the current level could lead to a retest of the strong support at $0.64.

Litecoin struggles to bounce off the support at $81.36, indicating a lack of demand at higher levels. A drop below $81.36 could signal a resumption of the downtrend, with support levels at $76 and $72. On the other hand, a break above $87.37 could lead to a stronger recovery to $96.46.

Polkadot has been trading near the $5 level, with attempts by bulls to push the price above the 20-day EMA ($5.08) being met with resistance from bears. A drop below $4.83 could lead to a downward move to $4.60, while a break above the moving averages could result in a rally to $5.33 and the downtrend line.

In summary, Bitcoin’s price remains stagnant with no clear direction for a breakout. The top-performing equity ETFs in 2023 have been crypto-related. Ether, BNB, XRP, Dogecoin, Cardano, Solana, Polygon, Litecoin, and Polkadot are all experiencing various levels of consolidation and uncertainty. Traders should be prepared for potential breakout opportunities.

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