August was a month full of ups and downs for the cryptocurrencies, and we saw trade prices that dropped faster than our jaws on seeing them. By the end of the month, trade prices for Bitcoin were as low as $9,350, and there were no signs of recovery.
Similarly, all the other cryptocurrencies tested the extreme support levels that were available to them. The end of the month saw the lowest trade prices but things picked up as the new month started. The moving averages that were lower than the trade prices picked up the pace, and a bullish trend was formed in the market.
From 2nd September onwards, a slightly bullish trend was seen in the charts, and by the next day, Bitcoin was trading above the $10,300 resistance levels, and it kept moving upwards. Similar trends were seen in all the other currencies.
Let’s see what the charts have to say today.
After a bearish week, Bitcoin is finally rising towards the $10,800 and $11,000 resistance levels. The bullish trend came in after a push on 2nd September, and things started working in favor of Bitcoin.
Both the moving averages are below the trading price, which shows a good sign as the price of Bitcoin continues to move towards the major resistance levels. From trading at $9,550 to go all the way up to $10,600 within 2-3 days gives a positive sign for people, and they can expect the price to go higher.
Bitcoin is currently trading at $10,614.92 the price is moving upwards towards the resistance level of $10,800. Any downward correction can take the price to the $10,200 and $10,00 support levels. The trend to be noticed here is how by the end of the day, price is at its peak point for all the coins.
Ethereum started the month with the same bullish trend, but as we are moving towards the end of the first week, ETH is facing a hard time to keep the bullish trend going. After trading at $181.43 for a few hours, a major downward correction struck the token, which leads to a decline in its price.
Currently, ETH is trading at $172.10 with a resistance level of $175. The trading price has gone below the moving averages, and this cannot be a good sign for the ETH/USD pair.
Major resistance is seen near $181 as the price struggles to go beyond that while immediate support levels are forming at $170 and $168. If a downward trend continues, we can expect the price to go further down and test the $166 support level.
Litecoin is facing resistance near the 20-days EMA as they both move together in the charts. Both the moving averages are moving towards the downside as the RSI moves in the negative territory. Bears have the upper hand in the trade, and they might try to pull the price down to $60 level.
Bulls will try their best to provide a push to the price and help it reach the $71 resistance. Currently, LTC is trading at $65.70 as it faces strong resistance near the $71 levels. Any further decline in the price will allow the LTC to test the crucial support levels of $55.
In the past few days, Monero has seen both-bullish and bearish trends in the prices, and it is coming back for the resistance level of $76.50 as the charts show a bullish trend.
Currently, XMR is trading at $76.15, and a downward trend can test the critical support levels of $70 and $68. A bearish pull in the trend can indicate buying at lower levels.
Cardano is having a hard time in improving its position in the market as the price keeps falling further down towards the crucial support level of $0.040.
Currently, ADA is trading at $0.044 with the immediate support forming at $0.043. ADA faces strong resistance near $0.045. Bulls need to provide a push; otherwise, a further decline can cause problems for its position.