Crypto-Market Development: Bitcoin Cash, Ripple, Litecoin Aug 29 Forecast
Bitcoin Cash Against the US Dollar – Declining Flow Continues
Bitcoin Cash is very close of reaching the major support mark of $550. It is highly recommended that no long-term trades be initiated for the time that the price is lower than the descending trend. Even that buying pressure could make a breakout and close over the downward flow, try to handle with small size allocation.
The $440 level could be a target for Bitcoin Cash price, if the chart moves lower than the $550 supporting level.
Ripple Against the US Dollar – Major Resistance Line
For the moment, XRP/USD is being paired and trading at around $0.2202 as it is correcting even though it broke over the predicted $0.24 significant resistance but could not hold ground. The declining channel forming a downward line is taking action as a harsh resistance.
As the digital currency is very fluctuative and volatile, try to “play safe” and only choose to take any new position if there is an over the descending trend indicator of movement.
Litecoin Against the US Dollar – Hold and Profit Partially
Even with the last writing that was expecting Litecoin to overcome $65 in case it hits any new all-time record value, for many tries the pair did not successfully climb the certain resistance. However even with its correction at this exact moment, there is a high possibility of a surge targeting the $70 level. So, a next step for the traders could be to take partial profits and hold what is left for now.
But it is very well known, especially in Litecoins history that in the case of closing in to a previous all-time high, a correcting awaits after couple of range bullish closes so everybody should be warned for these times of the LTC market.