The Bitcoin price news highlights the recent sharp rally of the past few days has now pushed Bitcoin’s market capitalization to $208 billion, which is greater than the market cap of several blue-chip companies on Wall Street. Bitcoins price news surpasses popular beverage maker Coca Cola has a market cap of $199 billion and the chipmaker giant Intel is at $205 billion.
CRYPTO MARKET ANALYSIS
As the Bitcoin price news gains momentum and size, it is likely to attract large institutional players.
Following the decisive breakout above $10,500 in Bitcoin, Max Keiser of the Keiser report predicts a target of $28,000 and above that $100,000. Keiser is not alone, even Ari Paul, CIO and co-founder at crypto hedge fund BlockTower Capital, believes that Bitcoin price news is on the cusp of a parabolic move, which is likely to be triggered due to the expansive monetary policy of the central banks and governments.
Analysts at Goldman Sachs have said that the “record level of debt accumulation” and “real concerns around the longevity of the US dollar as a reserve currency” are driving investors towards gold.
While gold is clocking new all-time highs, Bitcoin is trading 43% below its highs, which shows that it is undervalued and still has sufficient room to run. Oki Matsumoto, CEO of Monex Group, a parent company of Japanese crypto exchange Coincheck, said that traders who might have missed buying gold at lower levels are entering Bitcoin.
BITCOIN PRICE NEWS- HOW TO TRADE BITCOIN
The Bitcoin price news highlights thats Bitcoin rallied to $12,134.29 on August 2 but the bulls could not sustain the price above $12,000. This attracted profit booking by the short-term traders, which dragged the price to the breakout level of $10,500 as suggested in our previous price news analysis.
This formed a bearish engulfing candlestick pattern, which sometimes acts as a reversal pattern. However, in this case, the bulls aggressively purchased the dip to $10,500, which suggests that the sentiment has turned positive and the bulls are viewing the dips as buying opportunities.
Usually, after a hugely volatile day, the trading range shrinks for a few days as both the bulls and the bears wait for further clarity. Therefore, the BTC to USD pair is likely to remain range-bound for the next few days.
Currently, both moving averages are sloping up and the RSI is in the positive territory, which suggests that the bulls are in command. The uptrend will resume if the bulls can propel the pair above the overhead resistance of $12,134.29.
However, if the bears sink the price below $10,500, it will be a huge negative and can result in long liquidation by the bulls.
ETHEREUM PRICE NEWS – HOW TO TRADE ETHEREUM
Ethereum price news demonstrates how it corrected marginally on July 28 and 29 and then resumed its uptrend, reaching a high of $415 on August 2. However, the price reversed direction from there and plummeted to $325.75, which would have hit the trailing stop-loss.
Trading is a game of possibilities and nothing is a certainty. Therefore, we always advise traders to either book partial profits or trail the stops higher because that at least locks the paper profits and does not allow the profitable position to turn into a loss.
Following the large outside day candlestick pattern on August 2, we expect the ETH to USD pair to remain range-bound for a few days before making a decisive breakout or breakdown.
If the bulls can push the price above $415, the next leg of the up move is likely to start. The next target objective to watch out for is $480. The upsloping moving averages and the RSI in the overbought zone suggest that the trend favours the bulls.
However, after the sharp rally of the past few days, we expect the pair to face selling pressure at higher levels. Therefore, we do not suggest chasing prices higher. Traders can wait for dips or a consolidation to enter fresh positions. The trend will turn in favour of the bears if the pair breaks below $325.
XRP PRICE NEWS – HOW TO TRADE XRP
XRP surged above $0.23571 on July 29 without any hesitation. Thereafter, the XRP price news picked up momentum that carried the altcoin to $0.3262, which was above the target objective of $0.285, mentioned in our previous analysis.
Here too, the traders would have made huge profits as the buy call was given at much lower levels.
The XRP to USD pair formed a doji candlestick pattern on August 2, which shows indecision among the bulls and the bears. However, on the next day, the bulls were back in action.
This shows that traders continue to buy at higher levels. If the bulls can push the price above $0.3262, the possibility of a move to $0.34639 increases.
However, the sharp rally of the past few days has pushed the RSI into deeply overbought territory, which warrants caution. Hence, we do not suggest chasing prices higher. If traders want to buy, they can wait for a dip or a consolidation before entering long positions with a suitable stop-loss.
BITCOIN CASH PRICE NEWS – HOW TO TRADE BITCOIN CASH
Bitcoin Cash price news broke out and closed above the $280 level on July 28, which gave an opportunity to the traders to buy as suggested in the previous analysis.
Although the profit objective was $360, the altcoin turned down sharply from $338.49 on August 2 and dipped to an intraday low of $245. Traders who had trailed their stops higher would have exited with a profit.
The only minor positive on August 2 was that the bulls purchased at lower levels and managed to close (UTC time) the day at $245, just above the breakout level of $227.
If the bulls can sustain the price above $227 level for the next few days, it will be a positive sign and could result in another attempt to reach the $380 level.
However, if the bears sink the price below $227, it will indicate a lack of demand at higher levels. Such a move could keep the BCH to USD pair range-bound for a few more days.
BITCOIN SV PRICE NEWS – HOW TO TRADE BITCOIN SV
Bitcoin SV broke above the $227 resistance on July 31 and reached $258 on August 2, just below the $260 level suggested in the previous analysis. Traders who had bought above $227 would have made a quick profit in a short time.
The short-term traders booked profit on August 2, which dragged the price down to $192.40. Though the bulls purchased the intraday dip, they were not able to scale the price back above $227, which suggests hesitation to buy at higher levels.
Currently, the BSV to USD pair has risen above $227, but the bulls are facing selling pressure at higher levels. This suggests that the pair is likely to remain range-bound for a few more days.
A break above $260 will be the first sign of strength. Above this level, a move to $320 is possible. On the other hand, if the bears sink the price below $200, the range-bound action is likely to continue for a few more days.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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