Today’s analysis will not only focus on the Bitcoin price USD chart but also review 4 other top cryptocurrencies. Due to the political developments in Hong Kong, several wealthy individuals have moved large amounts of their gold to other countries such a Switzerland or Singapore as reported by the Financial Times. However, moving large quantities of gold might not be possible if the government announces curbs on it.


In such circumstances, Bitcoin is a great option to store money because it is not controlled by any government and is decentralized. You can keep your money in Bitcoin and access it from any part of the world. Max Keiser of the Keiser report tweeted that the flight of capital out of Asia is the reason for the recent sharp uptick in Bitcoin’s price.

The huge stimulus measures announced around the world has resulted in a massive recovery in the stock market from their panic lows in March, which has pushed the Buffet indicator into the bubble territory. This suggests that stocks are getting pricey, which might keep investors at bay. Gold has also been hitting new all-time highs this year, indicating that it is a crowded trade.

Compared to these, Bitcoin is trading well below its all-time highs and the fundamentals continue to improve as people lose faith in fiat currencies. This has attracted several institutional investors into Bitcoin as seen from the paperwork filed with the U.S. Securities and Exchange Commission. If prices continue to rise, several other investors might also enter the space, which could be a huge boost for the sector.


Bitcoin Price News_BTC

Bitcoin Price USD has formed an ascending triangle near the highs, which is a bullish setup. If the bulls can propel the Bitcoin Price USD above the overhead resistance of $12,134.29, the uptrend is likely to resume.

The moving averages are sloping higher and the RSI has been trading close to the overbought zone, which suggests that the path of least resistance is to the upside.

Above $12,134.29, the next target level to watch out for is $13,868.44. Though the bears might offer resistance at $12,320.40 and again at $13,000, these levels are likely to be crossed.

Therefore, traders can wait for the Bitcoin Price USD to break out and sustain above $12,134.29 before buying. The initial stop-loss for this trade can be kept at $11,400, which can be trailed higher as the price moves northwards.

Contrary to this assumption, if the Bitcoin Price USD pair turns down from the current levels, it can drop to the 20-day EMA. If the price rebounds off this level, the bulls will once again attempt to scale the price above $12,134.29.

However, if the bears sink the Bitcoin Price USD below the 20-day EMA, a drop to the breakout level of $10,500 is possible.


Bitcoin Price News_ETH

The bears have not been able to sink Ethereum price chart below the breakout level of $364.49 for the past few days, which suggests that the bulls are in no hurry to book profits on their positions as they expect higher levels in the future.

If the bulls can drive the Ethereum price chart above $415, the next leg of the uptrend is likely to resume. Above this level, a rally to $480 is likely. The upsloping moving averages and the RSI close to 72 levels suggests that the bulls are in command.

However, if the bulls fail to push the Ethereum price chart above $415, then the ETH to USD pair could remain range-bound between $364.49 and $415 for a few more days. A consolidation near the critical resistance level increases the possibility of a breakout.

But if the Ethereum price chart dips back below $364.49 and the 20-day EMA at $356, it will suggest profit booking by the traders. Below this level, the possibility of a fall to the 61.8% Fibonacci retracement level of $304.24 is high. Such a move will signal a change in trend.

Therefore, traders should avoid bottom fishing on the way down until the decline ends and a bottom is confirmed. On the upside, traders can take fresh positions if the Ethereum price chart sustains above $415 with a stop-loss of $360.

The stops should be trailed higher as the Ethereum price chart moves up. As the risk to reward ratio is not very attractive, the position size for the trade can be small.


Bitcoin Price News_XRP

The XRP USD chart is in a strong uptrend, the pullbacks are shallow, which shows that the bulls are not closing their positions in a hurry and traders who have been left behind are buying aggressively without waiting for a deeper correction.

XRP USD chart pulled back to $0.27742 on Aug. 7, which is just above the 38.2% Fibonacci retracement level of $0.27581. Currently, the bulls are attempting to resume the uptrend.

If the bulls can push the XRP USD chart above $0.3262, it will give the XRP USD chart pair a possible target objective of $0.40933. The upsloping moving averages and the RSI in the overbought zone indicates advantage to the bulls.

However, it is unlikely to be a straight dash to the higher levels as the bears will again try to stall the up move at $0.34639.

Aggressive traders can buy 50% of the desired position if the XRP USD chart sustains above $0.31 and keep the stop-loss at $0.27. The rest of the position can be added on a close (UTC time) above $0.3262. The stops can be trailed higher as the XRP USD chart moves up.


Bitcoin Price News_BCH

Although the bulls have kept Bitcoin Cash price USD above the breakout level of $280, they have not been able to push the Bitcoin Cash price USD above the downtrend line. This shows buying on dips but demand dries up at higher levels.

As both moving averages are sloping up and the RSI is above 60 levels, the advantage is with the bulls. A breakout of the downtrend line will be the first sign of strength.

However, the Bitcoin Cash price USD pair had been a huge underperformer for a long time and it failed to pick up momentum even after breaking out of the range.

This shows hesitation among the bulls at higher levels; hence, we will wait for further confirmation before recommending a trade in it.

If the bears sink the Bitcoin Cash price USD below the $280 support, it will be a huge negative as several aggressive bulls might be forced to close their positions. Below $280, a drop to $245 is possible.



Link USD price has been in a strong uptrend since bottoming out in mid-March of this year. It has displaced Bitcoin SV as the fifth largest cryptocurrency in terms of market capitalization, hence, it has been included in the analysis.

From a low of $1.515 on March 13, the Link USD price pair rallied to $14.48934 on August 9, which is a gain of 856% within five months. Can the rally extend further or is the altcoin ripe for a correction? Let’s find out.

The trend remains hugely bullish but the sharp rally of the past few days has pushed the RSI in deep overbought territory. The intraday high Link USD price of $14.48934 is just below the 200% Fibonacci extension level of $14.84976.

Hence, we anticipate the Link USD price to correct or consolidate for a few days before the next directional move.

Contrary to this assumption, if the bulls can push the price above $14.48934, the next target is the 261.8% Fibonacci extension level of $17.42366. However, the possibility of such a move is low, therefore, we are not suggesting any trade in it.Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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