Bitcoin, Ethereum and Ripple — Daily Technical Analysis | 17.08.2021

Bitcoin (BTC)

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 (ETH)

Ethereum would need to move through $3,208 pivot to bring the first major resistance level at $3,280 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,250 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,300 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at $3,500. The second major resistance level sits at $3,414. Ethereum would need plenty of support, however, to breakout from the 23.6% FIB of $3,369.

Failure to move through the $3,208 pivot would bring the first major support level at $3,074 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,001 should limit the downside.

Ripple (XRP)

Ripple’s XRP will need to move through the $1.1285 pivot to bring first major resistance level at $1.2953 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.25 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1.30 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $1.4052.

Failure to move through the $1.1285 pivot would bring the first major support level at $1.1086 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The 38.2% FIB of $1.0659 and the second major support level at $1.0318 should limit the downside.

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