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What’s next for BTCUSD?

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The relative strength index of BTC is in overbought condition on three most recent peaks; head of H&S , pre-halving peak, and August 2nd is the latest, the price then made a drop after such event.

 On 1st and 2nd August the price hit the middle line of the channel 12000 and started trading just below the lower border of the channel.

Twice the price has deviated from the channel during that growth period, once during pre-halving period , and the other during periods of low volatility that lasted around a month. The expectation are for the price to deviate again and begin a brief consolidation period. this consolidation could happen in a tight range of 10500-11500. On both occasions, the price hit 10500 then quickly push back above 11000.

 Overall sentiment still points to a bullish scenario, with bias  for the price to trade above 12000, then getting it out of the ascending channel by breaking above the upper border.

Note: This is not a trading strategy, neither is it a signal.

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Crypto

XRP up 100% in a week.

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As organized pumping and dumping efforts continue to spread, the cost of XRP has multiplied in the previous two days, while other as of late siphoned coins have just smashed from their new highs in twofold digits.

On Saturday, XRP was exchanging at USD 0.281 before the convention strengthened and pushed the cost to USD 0.59 by Monday morning . A the hour of composing, the cost is up by 42% in a day and 113% in seven days. It bounced by 145% in a month and 144% in a year.

Additionally, XRP is back as the third biggest cryptoasset by market capitalization, after it slammed because of an administrative crackdown in the US.

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Crypto

Correction is the order of the day for cryptos.

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Bitcoin price is correcting gains from $ 40,500. The previous breakout zone near $ 36,550 could act as a strong support. As long as BTC is above $ 36,550, it might start a fresh increase towards the $ 40,500 level.

Many altcoins climbed over 8%, including VGX, IOST, DOT, CRV, BTCB, ATOM, HED, NEXO, LINK, and ABBC. Out of these, IOST started a strong increase after it broke the $ 0.021 resistance.

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Crypto

Major recovery on the horizon

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After a massive decline, bitcoin price remained well bid above the $ 30,100 zone. BTC traded close to $ 30,300 before it started a fresh increase. There was a clear break above $ 34,200 and the price is currently attempting a close above $ 35,600.

Similarly, there was a recovery wave in most major altcoins. ETH/$ is back above $ 1,051 and it might gain pace once it clears $ 1,151. XRP/$ is showing positive signs, but it must settle above $ 0.31p and $ 0.313 for a fresh increase to $ 0.351.

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