(Tony M. – FXStreet)
– Bitcoin follows through on the bullish technicals mentioned in previous outlooks.
– Ethereum continues to display strength in the market.
– Ripple seems poised for a rally. Invalidation of the up trend is vital.
The crypto market shows strength to start the second trading week of August, and key levels have been identified. Although it’s still early market, current prices may be the ultimate discount in hindsight.
Bitcoin price shows strength
Bitcoin price has started Monday August 8 trading session with an uptick in bullish momentum. The peer-to-peer original crypto is currently up 5% since the weekend settlement and seems poised to rally higher.
Bitcoin price currently trades at $24,048, less than 1% off the target mentioned in Friday’s thesis. Despite the disbelief in the market, the previous outlooks have continuously advocated against placing a short entry as several cues within the technicals have pointed to higher targets. The second target at $25,400 seems all the more possible and could occur sometime mid-week.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price follows suit
Ethereum price maintains the bullish stance forecasted throughout the first week of August. Market sentiment has been running in opposing views of the bullish momentum as communal disagreements about the future Ethereum Merge fester. Nonetheless, the technicals have suggested strong bullish presence and have always been regarded as the most significant context when issuing future price targets and directional biases.
Ethereum price currently trades at $1,793. The decentralized smart contract token is likely to continue higher throughout the week into the $1,900 target zone. The technicals confound the bullish stance as the 8-day simple moving average has stepped in as support and enabled a 9% rally to start Monday’s trading session.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP price moves forwards
XRP price shows bullish determinance. It was mentioned in last week’s bullish trade idea that “A break above $0.3750 would be the catalyst to promote the next 25% rally.” On Monday, August 8, the bulls breached through the definitive catalyst maker.
XRP price currently trades at $0.384 as the digital remittance token hovers above a historical trend line. Sidelined investors may want to wait for a classical retest and fly entry of the historical barrier before placing an entry. Invalidation of the uptrend is at current time dependent on $0.325.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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