Bitcoin, Ethereum and Litecoin Cryptocurrency Prediction and Analysis For August 12th: BTC, ETH, and LTC

Bitcoin Price Analysis (BTC/USD)

According to an hourly chart, BTC/USD pair has been facing a high vitality in the last 24hrs.  BTC/USD pair has thereby slightly dipped by 0.89% since it opened trading yesterday at $11914.02 and is now at $11807.04.  The moving averages have intertwined that signaled a lack of dominance from either buyer or sellers. 

The sideways momentum defined resistance level at $11987.41 and support level at $11555.19.  The RSI indicator is currently heading south, which signals a drop in BTC price, thus increase in buyouts.  That brought the market capitalization of BTC to $211,104,996,530.

However, the major reasons behind the volatility state of BTC price could perhaps be due to that lack of new retail investors in the market.  Meaning only the investor that has already invested in the crypto are the only ones driving the price of BTC upwards.

Bitcoin Price Prediction (BTC/USD)

The 7 day MA is currently above the 21 day MA that indicates a bullish momentum is to be expected.  If the bulls manage to push the price above the resistance level $111987.41, then investors should go long.  New targets should be set at $12000.0

Ethereum Price Analysis (ETH/USD)

ETH/USD pair is down by 4.2%, having begun the sell-off trading at $226.68 and is currently trading at $217.16.  The 21 day MA (A) was seen gravitating above the 7 day MA (B) that indicated a bearish sign. This showed that the market performance of the pair’s price was generally a downtrend that placed the critical support level at $217.16 and resistance level at $227.0.

The downward performance was also reflected by the RSI indicator X that was below level 30 that signaled an oversold market condition.  Generally, the fact that the RSI indicator traded below level 50 throughout the intraday indicated an increase in sells-offs.  This also confirmed a decrease in investor’s sentiments.

The RSI indicator is now trading flat, which signals a lack of momentum in the market.

Related Post

Ethereum Price Prediction (ETH/USD)

Almost all the indicators point at a further downtrend.  The 21 day MA at the press time trading above the 7 day MA which showed that the bears had overcome the bulls.  New targets should be set at $216.00.

Litecoin Price Analysis (LTC/USD)

Over the last 24hrs, LTC/USD was seen below the critical support level $90.00 that signaled an intense bearish pressure.  LTC/USD pair is down by 1.64% since it moved from $90.28 to currently trading at $88.80. The market has, however, been on a sideways trend was reflected by the intertwined moving averages, which defined the resistance level at $90.48 and support level at $87.95.

The RSI indicator was also seen during the last few hours hovering between level 60 and 40 that signaled indecision in the market momentum.  The RSI indicator is now heading north indicating reluctance of investors to sell-off their LTC holdings in anticipation for better prices.

Litecoin Price Prediction (LTC/USD)

A bull run is likely to be seen as indicated by the RSI indicator that is currently heading north.  Nevertheless, if the price breaks the support level, then a downtrend should be expected with the new targets set at $70.00.

Cryptocurrency Charts By Tradingview

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Dennis Wafula

Published by
Dennis Wafula

Recent Posts

Ripple CEO Reveals Big Win Over SEC As Bitcoin And Crypto Starts To Recover

Bitcoin and the broader crypto market have started to pick up slowly following the recent…

7 hours ago

Akash Network (AKT) Soars with $140K Q1 Revenue; Analysts Predict 100% Gains as AI Cryptos NEAR, Raboo Surge

The Akash Network has kicked off the year with an impressive $140K in Q1 revenue. …

9 hours ago

Dogecoin (DOGE) Latest Updates: Doge 13% Uplift Rest On BTC Next Move, Here’s Why O2T Coin Is Different

While Dogecoin (DOGE)’s recent 13% uplift highlights the ongoing influence of Bitcoin (BTC) on altcoins,…

13 hours ago

BEFE Coin’s Triumph: Turning $100 into $300K

The BEFE coin has been rising in popularity recently due to its expanding networks of…

15 hours ago

BRISE Coin’s 7% Gain Triggers FOMO Among Traders

The world of crypto is very volatile, and trends can shift in the blink of…

15 hours ago

Blur Token Experiences Significant Unlock and Decline

Blur, a popular token in the crypto market, recently unlocked 35.54 million BLUR tokens, worth…

18 hours ago