BTC, XRP, ETH, XDB Technical Analysis – 4 August

Briefly –

  • Bitcoin broke down from the ascending support level.
  • XRP trades within an ascending channel.
  • XDB claimed another ATH on 4 August.

Bitcoin (BTC)

Bitcoin has raised over ascending support since 20 July. The Relative Strength Index moved over 50 (green) during the same time.

The leading crypto extended its upside moves towards the 2 August high at $42,599. After that, Bitcoin experienced downwards pressure breaking a critical line that caused the Relative Strength Index to move beneath 50 (red).

However, the dominant coin still trades at near-time support and might rebound.

Ethereum (ETH)

ETH has traded within an ascending channel since 22 June. The top alternative coin by market cap rallied to break out on 31 July after creating a high low on 20 July.

With that, Ethereum reached the $2,699 highs on 1 August. The high happened near resistance at $2,630. However, that came with many bearish divergences in both the MACD and RSI indicators.

Ethereum has seen losses since then, retesting the resistance at the channel’s line, possibly authorizing it as its support. The asset’s next move will depend on whether ETH will rise over this level or drop in the channel.

A potential Ethereum’s wave count suggests that the coin has reached its top.

Ripple (XRP)

XRP kept its trading actions within an ascending channel since 22 June. The altcoin attempted to break out on 30 July. However, it failed due to the resistance by the $0.78 mark and the channel.

The asset has dropped inside the channel since then.

At the moment, XRP has its nearest support level at $0.65. Keep in mind that this zone serves as the channel’s midline and horizontal support.

XinFin (XDB)

XDB has registered upwards moves since 22 June before the surges accelerated on 20 July.

On 1 August, the altcoin managed to break over the resistance at $0.118 and rallied to its record high on 4 August.

Daily technical indicators suggest bullishness for the asset. That shows that XDB will see upside moves in the coming trading sessions. Keep in mind that the RSI remains over 70 as the stochastic oscillators made a bullish cross.

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