Bitcoin gets ready for the trip to the moon

August 6, 2020 Editor Ripple 0

  • Global markets are waiting for the new triggers, Gold is still on the rise
  • Cryptocurrencies resumed the upside after a short period of consolidation.
  • ETH/BTC continues the retreat from the recent high.

The European stock markets are dominated by bearish sentiments, while the US Futures stay flat as investors are waiting for the jobs data and the news on the latest American stimulus package. Gold continues exploring the area above $2,000, while the US Dollar index stays close to the lowest level in two years.
 
The markets are on the edge, ready to act if the situation with the virus turns to the worse. However, investors are still fixated on the earning results and lay hopes on stimulus packages.

There are some risks of the market relying too heavily on positive news around the fiscal stimulus and an earnings season that still wasn’t that great, even if many companies did beat. There’s a case for markets, in the U.S. particularly, taking a pause from here on out rather than continuing this rally, given how strong it has been, Kerry Craig, global market strategist at JPMorgan Asset Management, commented as cited by Bloomberg

ETH/BTC Daily Chart

ETH/BTC extended the downside correction from the recent high reached at $0.03528. At the time of writing, the cross is changing hands at $0.0339. The cross has lost about 0.5% since the start of the day. The RSI on a daily chart stays flat on an overbought territory, which means that the cross may spend some time in the current range. The local support created by the previous recovery high of $0.03260 and the upper line of the weekly Bollinger Band at $0.03250. If it is cleared, the sell-off may be extended towards a psychological $0.0300. On the upside, once the recent high is cleared, $0.04000 will come into view.

Above the current price, the first resistance level is at 0.03500, then the second at 0.04000 and the third one at 0.0450.

Below the current price, the first support level is at 0.0325, then the second at 0.03100 and the third one at 0.0300.

BTC/USD Daily Chart

Bitcoin resumed the recovery jumped above $11,800 during early Asian hours. Once this local resistance is cleared, the upside will be extended towards psychological $12,000 and the upper line of the daily Bollinger Band at $12,376. The coin has gained 3% in the recent 24 hours and stayed unchanged since the start of the day. A sustainable move above $11,300 brought more bulls to the market and increased the chances that $12,000 is cleared in the nearest sessions. Meanwhile, the RSI on a daily chart stays flat on the border of the overbought territory. 

Above the current price, the first resistance level is at $12,000, then the second at $12,500 and the third one at $13,000.

Below the current price, the first support level is at $11,350, then the second at $11,000 and the third one at $10,500.

ETH/USD Daily Chart

ETH/USD is struggling to clear the resistance of $400.00. The coin hit the intraday high of $403.00 but retreated to $397 bu press time.  A sustainable move above this psychological area is needed for the upside to gain traction. Once this happens, the next resistance of $430 will come into focus. this barrier is reinforced by the upper line of the daily Bollinger Band. On the downside, the first support comes at $360. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the middle line of the daily Bollinger Band at $320.00 followed by $300.00.

Above the current price, the first resistance level is at $400, then the second at $430 and the third one at $500.

Below the current price, the first support level is at $360, then the second at $320 and the third one at $300.

 XRP/USD Daily Chart

XRP/USD is hovering around $0.3000 after a short-lived sell-off to $0.2900 on Wednesday, August 5. If the move above $0.3000 is sustained, the recovery may gain traction with the next focus on  psychological $0.3100 and the upper line of the daily Bollinger Band at $0.3240. On the downside, the strong support comes at $0.2900, followed by $0.2840, which is the lowest level of the week. 

Above the current price, the first resistance level is at $0.3100, then the second at $0.3230 and the third one at $0.3300.

Below the current price, the first level of support is at $0.3000, then the second at $0.2940 and the third one at $0.2840.