A narrow range usually disappears with a breakthrough of coverage, and this is how it happened in Bitcoin on August 17. Bitcoin (BTC) fell sharply, which caused $ 1 billion liquidation for derivative traders, the largest amount from the fall of FTX in 2022.
It is challenging to indicate any specific reason for the sale, but analysts believe that the confusion resulting from the alleged record of $ 373 million Holdings Spacex and Bitcoin could be one of the potential triggers.
Regardless of the plaintiff, the inheritance began. Another essential question of disturbing investors is how low Bitcoin may fall. Several analysts have become Bearish and expect Bitcoin to continue his inheritance trend in the near future.
Will Bitcoin still fall, dragging the rest of the cryptocurrency market with him? What are the essential support levels that you can have an eye for? Let’s examine the charts of the 10 best cryptocurrencies to find out.
Bitcoin prices analysis
The narrow range of Bitcoin gave way to the minus on August 17, causing a long liquidation, which brought a price to USD 25,166.
Bulls is expected to defend the level of USD 24,800 with energy. The level of sale of the relative force indicator (RSI) suggests that the BTC/USDT pair may witness the withdrawal or consolidation in the near future.
If the price revives $ 24,800 with strength, it can reach a 20-day interpretation average (EMA) of USD 28,786. This is an essential level to which you should have an eye. If the price drops from a 20-day EMA, it suggests that bears sell at rallies. This may boost the likelihood of a break below USD 24,800. If this happens, the couple can utilize up to $ 20,000.
The first sign of strength will be a break and close above 20-day EMA. This indicates possible consolidation in the near future.
Analysis of ether prices
Ether (ETH) rejected and broke below immediate support at USD 1816 on August 16, which indicates that bears are controlled.
The sales rush increased on August 17, and the ETH/USDT pair fell below critical support in the amount of USD 1626. The buyers bought a DIP, but they try to build on reflection. This indicates a lack of demand at higher levels.
The edged fall was sent by RSI on the territory of Oversold, indicating that sales could have been exaggerated in the near future. The couple may witness consolidation or tiny -term recovery over the next few days. This can maintain a pair in a vast extent from USD 1626 to 2000.
This view will be annulled if the price drops and falls below support at USD 1550. This can open the door for a possible drop to $ 1,368.39.
BNB price analysis
BNB (BNB) broke and closed below the symmetrical pattern of the triangle on August 16, which indicates that the bears were overpowered by bulls.
Sales increased on August 17, and the BNB/USDT pair fell below the decisive support of USD 220. If the bulls do not push prices above USD 220, the bears will try to sink the pair to the target of 196 USD, and then to USD 183.
Instead, if the buyers reject the price above USD 220, it is possible to recover to 20-day EMA (USD 236). The break above this level suggests that a failure below USD 220 may have been a bear trap. This can keep a pair in the range from 220 to 265 USD for some time.
XRP price analysis
XRP (XRP) has fallen below the level of struggle 0.56 USD on August 17, which indicates further pressure from bear sales.
Fall in pair XRP/USDT ended 100% withdrawal of the entire rally, which took place on July 13. However, a tiny positive thing is that Bulls bought a decrease near a robust support zone from 0.45 to 0.41 USD.
Recovery will probably hit the road block for 0.56 USD and again at 20-day EMA (0.61 USD). If the price rejects from this erratic zone, it signals that bears sell at rallies. This can expose USD 0.41 support at the risk of breakup.
Cardano price analysis
Cardano (ADA) fell below the pattern of the decreasing channel on August 17, which indicates that sales have accelerated.
Bulls successfully protected the key support of 0.24 USD, which indicates a robust purchase at lower levels. Buyers will try to push the price back to the channel. If they manage to do this, the Ada/USDT couple will try to gather to the channel resistance line.
Growth may not be basic, because bulls will probably have to sell on an EMA 20-day (0.28 USD). If the price drops from this level, the couple can re -supplement robust support after 0.24 USD. The break below this level will signal the resumption of inheritance inheritance.
Solana price analysis
Solana (SOL) broke below the average traffic on August 16 and horizontal support in the amount of USD 22.30 on August 17. This suggests that the price may oscillate from 14 to 27.12 USD.
Bulls are trying to start regeneration, which may encounter resistance at medium moving. If the price drops from 20-day EMA (USD 23.53), the possibility of falling to 18 USD and ultimately to 14 USD increases.
On the contrary, if the buyers direct the price above the following average, suggests that a break below USD 22.30 could be a bear trap. This can drive a pair of SOL/USDT towards the general zone from 26 to 27.12 USD.
Dogecoin price analysis
Dogecoin (Doge) slipped under the line of the channel pattern bracket growing on August 15. This can achieve detention in long positions and attracted sales by bears.
The Doge/USDT pair was closed below the level of 0.07 USD breakthrough on August 16, signaling that bears are in the driver’s seat. The sale lasted on August 17, and the bears drew a price below the necessary support in the amount of USD 0.06. A tiny saving grace for Bulls was robust shopping at lower levels.
The price has increased above 0.06 USD, and Bulls will try to exceed the price towards resistance to a total level of USD 0.07.
Sellers will probably have other plans. They try to sink and maintain a price below 0.06 USD. If they do this, the couple may fall violently in the direction of 0.05 USD.
Related: Spacex Bitcoin Write Down Sparks Confusion, Bitcoiners Quiz Elon Musk
Polkadot price analysis
Charged trade in Polkadot (Dot) was expanded to the minus on August 15. This began a decrease, which almost achieved critical support of USD 4.22 on August 17.
Bulls will try fiercely to defend the support of USD 4.22, but the recovery will probably have robust sales at 20-day EMA (USD 4.91). If the price drops from this level, it is expected that bears will once again attack $ 4.22 support. If this level breaks, the Dot/USDT pair can start the next stage of the tank.
Alternatively, if the price drops from an EMA 20-day, but beaten $ 4.22, suggests that the couple can consolidate for several days. Bulls will gain a rush at a price boost above average traffic.
Multiocyte price analysis
The released (MATIC) break below the support of 0.65 USD attracted aggressive sales, which pulled the price below another robust support in the amount of USD 0.60 on August 17.
Bulls bought a decrease near $ 0.50, which indicates robust demand at lower levels. However, buyers can face $ 0.60 and again at 20-day EMA (0.66 USD). If the price rejects from general resistance, the MATIC/USDT pair can again check the necessary support at 0.50 USD.
If this support disappears, the pair may drop to USD 0.45, and then to USD 0.42. On the other hand, the bulls will have to throw the price above the following average to indicate that the decrease has dropped may end.
Litecoin price analysis
Litecoin (LTC) took up his tail after breaking below support in the amount of 81 August. The price covered up to $ 56 on August 17.
A edged descent from the last few days has sent RSI to the soldier’s territory. This suggests that slight recovery or consolidation is probably in the near future. The relief rally may face the sales in the zone between 50% of the Fibonacci withdrawal level of 70 USD and withdrawal level 61.8% 74 USD.
If the price drops from general resistance, the LTC/USDT pair can be covered for several days. The break and closing below the key level of 56 USD may boost the drop to 50 USD.
This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
