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BTC, ETH and XRP Price Analysis for August 16

Price Predictions
Mon, 08/16/2021 - 13:32
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Denys Serhiichuk
Has Bitcoin (BTC) accumulated enough power to start rising faster than the altcoins?
BTC, ETH and XRP Price Analysis for August 16
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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The decline on the weekend has been replaced by growth as all of the top 10 coins have come back to the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Last Saturday, the price of Bitcoin (BTC) consolidated in a narrow range at the $47,745 level. At some point, the pair broke through the resistance of $48,000, renewing the monthly high at $48,190, but sellers immediately brought the price down to the support of $46,000.

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

On Sunday, another bearish momentum tried to push through the two-hour EMA55. But this level of average prices kept the pair from a deep pullback.

Related
Bitcoin (BTC) Price Analysis for August 14

At the beginning of this week, buyers again went to storm the resistance of $48,000. In case of a successful breakthrough of this milestone, the price of Bitcoin (BTC) this week might be able to test the psychological mark of $50,000.

Bitcoin is trading at $47,283 at press time.

ETH/USD

At the end of last week, buyers were unable to break above the $3,333 mark, and the Ethereum (ETH) price rolled back to the four-hour EMA55 area.

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

On Sunday night, sellers lost the initiative and, over the past night, the pair fully recovered to the monthly high. It was updated to the level of $3,340 tonight, but buyers have not yet been able to test the resistance of $3,400. After a short pullback, attempts to break above the resistance of $3,400 may be repeated, and the August high can move to $3,500.

Ethereum is trading at $3,287 at press time.

XRP/USD

On Saturday morning, after a short consolidation, the XRP price broke through the $1.15 resistance and continued to rise above the $1.20 level. At the end of last week, the bulls managed to renew the summer high to $1.35.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

At the moment, the price has pulled back from the high zone, but buyers are trying to restore the pair and test the level of $1.40. If the pair manages to gain a foothold above this line, then this week a retest of the resistance of $1.50 is possible.

XRP is trading at $1.2762 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.