- Bitcoin price continues to experience sideways traffic. On-chain analytics indicate more chop is going on
- Ethereum price begins the expected climb. Crypto performance possibilities are prevalent.
- A bullish price provides an opportunity to rally further. Important steps are identified.
The crypto market is in a mode of stagnation. Explosive action is likely to resolve the congestion but may take days to manifest. Early access is a purely speculative gamble at the present time.
Bitcoin price remains uncertain
Bitcoin price continues to spiral in a wedging-like major diagonal. Based on the in/out of the money indicator blocks 54% of traders who opened a position are currently in profit.
Thus the mundane price action is likely to continue until the smart money is liquid enough to wreak havoc on one side of the boat. It is uncertain which direction the BTC price will go at the moment. Previous forecasts target even higher liquidity levels at $24,600 and 25,200, which have yet to be tagged.
Intotheblock: Into/Out of the Money Indicator
BTC/USDT 2-Hour Chart
In the video below, our analysts dive deep into Bitcoin’s price action, analyzing key levels of interest in the market. -FXStreet Team
Ethereum is set to outperform
Ethereum price remains in negative sentiment based on community disagreement over the upcoming merger. As the first trading week of August draws to a close, Ethereum hovers at a new summer monthly high of $1,676. Regardless of what the community might predict, Ethereum price looks set to go higher based on technicals and chain analysis.
In addition, Ethereum price shows new yearly lows in crypto quants Ethereum: indicator of exchange withdrawal transactions. According to CryptoQuant “the total number of withdrawals from all exchanges is counted” in theory the more withdrawals from an exchange inversely the less participants actively trade the digital token. A less liquid digital asset may be easier to influence in terms of price.
Crypto Quants- Ethereum: Exchange Withdraw Transactions – All Exchanges
ETH./USDT 2-Hour Chart
In the video below, our analysts dive deep into Ethereum’s price action, analyzing key levels of interest in the market. -FXStreet Team
XRP price continues to display optimism
Xrp price is above major trend channel; center line. The bearish pressure comes on a significantly lower scale compared to the bullish impulse that enabled the 25% rally towards the end of July. If market conditions are genuinely bullish then a bullish spike above $0;38 should be the catalyst that prompts an additional 25% rally towards $0.47 in the short term.
Xrp price has witnessed an increase in gossip surrounding the collaboration with the World Economic Forum. Hype and FOMO could become a new factor for the digital remittance token if market sentiment continues to build positive momentum.
XRP price should remain on traders’ watch lists over the weekend as the smart money may try to pull off a rally while traders take a break from their screens. The uptrend is still invalid at $0.3250 until further notice.
XRP/USDT 2-Hour Chart
In the video below, our analysts dive deep into Ripple’s price action, analyzing key levels of interest in the market. -FXStreet Team