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BTC, ETH and ADA Price Analysis for August 6

Price Predictions
Fri, 08/06/2021 - 15:12
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Denys Serhiichuk
Which coins can return to mid-term growth faster than the others?
BTC, ETH and ADA Price Analysis for August 6
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls have become more active on the last working day of the week as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, the bears dominated the market. Sellers pushed the Bitcoin price below the two-hour EMA55 and tried to test the $37,150 mark. In the afternoon, the price of Bitcoin (BTC) reached a new August low of $37,300, after which large buyers entered the game.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Large volumes of purchases quickly returned the pair above the average price level, and at the end of the day, the asset price exceeded $40,000.

Related
Litecoin (LTC) Price Analysis for August 5

A rollback may begin around the area of ​​average prices, and then there is a high probability of another bullish impulse, which is capable of renewing the August high around the $43,000 mark.

Bitcoin is trading at $40,823 at press time.

ETH/USD

The bears tried to push the Ethereum (ETH) price below the POC line ($2,565) yesterday morning. But in the afternoon, buyers seized the initiative and quickly returned the price to its previous level. Strong growth was supported by large volumes, and in the evening, when buying volumes began to decline, the bulls broke through the resistance of $2,800.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

By the end of the day, the pair tried to hold in the zone of the August high, but at night, the price rolled back to the area around ​​$2,770. In the near future, one may expect the growth to resume and a breakout of the resistance of $2,900, which was beyond the strength of the bulls in June of this year.

Ethereum is trading at $2,778 at press time.

ADA/USD

The rate of Cardano (ADA) is almost unchanged over the past 24 hours.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the daily chart, Cardano (ADA) is located in the zone of the most liquidity around $1.40, accumulating power for possible ongoing growth. Such a statement is confirmed by the low trading volume, which means that most traders have not gathered enough energy so far. In this case, there is a chance to see the breakout of the resistance at $1.50 and move to $1.90 soon.

Cardano is trading at $1.37 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.