Bitcoin, Ethereum and Ripple — Daily Technical Analysis | 10.08.2021
Bitcoin price started a fresh increase above the $45,000 resistance zone against the US Dollar. BTC is likely to continue higher towards the $48,000 level in the near term.
Bitcoin found support near $42,800 and it started a fresh increase above $44,000. The price is now trading above $45,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair. The pair is consolidating gains and it could accelerate higher above the $46,500 zone.
There is also a rising channel forming with support near $45,650 on the same chart. On the upside, an initial resistance is near the $46,200 level. The first key resistance is near the $46,500 level.
A clear break above the $46,500 resistance zone might trigger another increase. The next major resistance is near the $47,200 level. Any more gains could lead the price towards the $48,000 level.
If bitcoin fails to climb above the $46,500 and $47,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $45,650 level.
The first major support is now near the $45,250 zone. The next major support could be $44,680. It is near the 50% Fib retracement level of the recent wave from the $42,855 swing low to $46,511 high.
Ethereum would need to avoid the $3,082 pivot to bring the first major resistance level at $3,271 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,200 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 and the second major resistance level at $3,379.
A fall through the $3,082 pivot would bring the first major support level at $2,973 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level sits at $2,784.
Ripple’s XRP rose by 4.93% on Monday. Reversing a 4.62% fall from Sunday, Ripple’s XRP ended the day at $0.81959.
A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.76107 before making a move.
Steering clear of the first major support level at $0.7543, Ripple’s XRP rallied to a late afternoon intraday high $0.82805.
Ripple’s XRP broke through the first major resistance level at $0.8232 before falling back to end the day at sub-$0.82.
At the time of writing, Ripple’s XRP was down by 0.58% to $0.81486. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.82251 before falling to a low $0.81481.
Ripple’s XRP left the major support and resistance levels untested early on.