With US Federal Chair Janet Yellen and Mario Draghi – The European Central Bank President taking keynote turns for their speech in the meeting – the Jackson Hole Symposium that is starting today, analysts will take great notice if the Digital currencies will be replying their expectations.
Bitcoin Against the US Dollar
With many experts giving confidence to the community that Bitcoin will be surging and aiming for new all-time record highs, the buying pressure took off while now it is testing the resistances levels of the previous lifetime high at $4469. In case the BTC/USD breaks out, the pair will be going for the channel around $4630.
Even if the last mentioned event takes place and the price is on a upward surge phase, it is not like it will be at stable ground. After the $4630 resistance level, the next to pass over would be the major $5,000 psychological resistance and it will be not easy to breakout of that specific barrier.
Partly profit booking should be done buy quick-term traders and continue to hold what is left as there is always significant resistance areas around the last all-time highs.
For now, if there is no break down and closing in lower than the formed channel, an ascending trend will be active for the virtual currency.
Ethereum Against the US Dollar
While an climbing flow has been created and the price movements is now upside, so for now it has gone over the recommended buying levels just to be sure to reduce risks. A stop loss of $290 is highly recommended, where there is a chance for ETH/USD to slide to the 50 day simple moving average at $247.
In case it takes out the $345 barrier, it will be taking gain-momentum while aiming $381 and possibly over the $400 psychological resistance. But on the other side, just to protect the profits, traders and investors should grow their stops to $310 the moment ETH flies over the $345 level.
Bitcoin Cash Against the US Dollar
As explained in the last BCH analysis, the price would be fluctuating and range rebounding for a while so following it for higher purposes would be wrong. Two or three more days could be upcoming for the same range bounding process before the market for Bitcoin Cash changes for any major upside or down flow takes turn.
Taking any new positioned would not be recommended for this stage of the virtual currency. But, with the buying pressure it could overcome the $550 resisting barrier and aim the $736.
Ripple Price Against the US Dollar
For the moment of correction, XRP/USD found supporting lines at 61.8 Fib retracement level since the last upward wave from $0.14 to $0.29. In the event of the $0.24 breakout there is high chance of upside surge for the $0.28 level.
Therefore, aggressive traders can enter on a breakout above $0.24000 and keep a stop loss below $0.20100, because a breakdown below $0.20166 will be negative and the fall can extend to $0.17970.
Litecoin Against the US Dollar
Because of the short-term profit from traders, there is a high resistance experience for Litecoin price development for the moment. Traders who have initiated long positions on our advice should keep a stop loss of $46. In case of a declining flow below the $50 mark, holding is not preferable.
There is a high possibility that in case of the $50 breakout, the price will aim for $65 most likely.