Price analysis 8/2: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1, and this move dented the risk-on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2, and the cryptocurrency market’s recovery stalled in its tracks.
However, after the knee-jerk reaction, the markets may settle down. The cryptocurrency markets are likely to keep their focus on the news and events surrounding the Bitcoin (BTC) spot exchange-traded fund (ETF) applications. Bloomberg ETF analysts Eric Balchunas and James Seyffart said in a statement that the possibility of an ETF application getting greenlighted has surged from 1% a couple of months ago to 65%.
The recent developments in the crypto sector have rejuvenated the Bitcoin bulls. Software development firm MicroStrategy, founded by Michael Saylor, is planning to raise up to $750 million via a stock sale, with the aim to use the funds for working capital and to buy more Bitcoin. The firm already holds 152,800 Bitcoin worth about $4.5 billion at current prices.
Will buyers defend the immediate support levels in Bitcoin and altcoins, or could the bears overpower the bulls? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s volatility picked up on Aug. 1. The bears pulled the price below the immediate support at $28,861, but the long tail on the candlestick shows aggressive buying at lower levels.
The bulls propelled the price above the 20-day exponential moving average (EMA) of $29,596, but they are struggling to clear the hurdle at $30,000. This shows that the bears are not willing to give up and are selling on rallies.
The 20-day EMA is flattening out and the relative strength index (RSI) is just below the midpoint,
Read more on cointelegraph.com
