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BTC, LTC and ADA Price Analysis for August 17

Price Predictions
Tue, 08/17/2021 - 15:19
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Denys Serhiichuk
How great is the effect of Bitcoin's (BTC) fall on altcoins?
BTC, LTC and ADA Price Analysis for August 17
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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After a few days of growth, bears have seized the initiative, and the majority of the coins are in the red zone. Solana (SOL) and Polkadot (DOT) are the only exceptions to the rule.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday's attempt by buyers to break through the resistance of $48,000 was unsuccessful. The pair rolled back to the support of $46,000 and remained in sideways consolidation until the end of the day.

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

Last night, the bears managed to pierce this support level, but in the morning the price of Bitcoin (BTC) recovered to the two-hour EMA55. If buyers cannot hold above the moving average EMA55, then the decline may continue to the support of $44,000.

Bitcoin is trading at $45,984 at press time.

LTC/USD

Litecoin (LTC) could not keep up the rise and the rate of the "digital silver" has gone down by 1.74%.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

On the daily chart, Litecoin (LTC) could not fix above the level at $185 supported by decreasing trading volumes. At the moment, neither bulls nor bears are dominating, which means that traders are accumulating power for the future price blast. If buyers can break the resistance, one might expect long-term growth to the next zone around $239.

Litecoin is trading at $178 at press time.

ADA/USD

Cardano (ADA) is following the decline of Litecoin (LTC), falling by 1.65% over the past 24 hours.

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

From the technical point of view, Cardano (ADA) has fixed above the formed mirror level of $2.0317. Until bulls hold this level, the price action remains bullish.

Related
BTC, ETH, and ADA Price Analysis for August 13

But if bears break the support and fix below it, the decline may continue to the next important mark at $1.70.

Cardano is trading at $2.0708 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.