• The Bitcoin ETF decision delay has caused BTC’s price to not show any major signs of a breakout.
• 15 of the top-performing equity ETFs in 2023 have been crypto-related, with exposure to crypto and blockchain.
• Analyzing the charts of the top 10 cryptocurrencies shows that traders should be ready for a trending move soon.
Price Analysis on Aug 11
Bitcoin
After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend. Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas highlighted that 15 of the best-performing equity ETFs in 2023 have been crypto-related, with exposure to crypto and blockchain. The bulls pushed Bitcoin above the 50-day simple moving average (SMA) of $29,960 on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies. The range in the BTC/USDT pair has shrunk further, with the price swinging between $28,585 and $30,350. Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting that consolidation may continue for some more time. If it breaks down below $28,585, it could descend to $26,000 or even $24,800; conversely if it breaches above $30,350 this could propel it towards $32 ,400 before reaching$40 ,000 .
Ether
Ether (ETH) has been trading between the 50 – day SMA ($1 ,879 ) and horizontal support at $1 , 816 for several days now . This indicates an uncertainty among traders regarding its next directional move . The flattish 20 – day exponential moving average ($1 , 796 ) and RSI just below 50 also indicate a balance between supply and demand . If it plummets below support at$ 1 ,816 then it can dip down towards$ 1 , 690 ; however if it rises above resistance at$ 1 , 879 then buyers may attempt to push prices up till$ 2 , 050 .
BNB
Binance Coin ( BNB ) is stuck inside a symmetrical triangle forming since July 23rd which signals indecision among market participants as both bulls & bears try to gain control over one another . Currently trading near resistance at$ 28 . 45 there is still room for further growth if buyers can break through this level & confirm new uptrends toward target prices of around$ 32 by end of August or early September 2021 respectively . On other hand a rejection from current resistance line may open doors for retesting lows around$ 24 thus invalidating bullish breakout scenarios .
XRP
XRP appears to be trapped within a symmetrical triangle since Jun 4th 2021 as both buyers & sellers remain undecided about future direction of price movements thereby creating neutral conditions where neither side is able to gain full control over other party’s actions thus leading us into current impasse situation where XRP remains stuck inside range bounded by lower band at$ 0 . 45 while upper limit stands near$ 0 . 54 mark respectively providing limited upside potential while downside risk persists given recent bearish momentum seen across whole cryptocurrency markets along with XRP being no exception in terms event hence investors need pay extra attention when making decisions related investing activities involving XRP tokens going forward until decisive breakouts occur either way from hereonout so take caution accordingly please!
Dogecoin
Dogecoin witnessed an impressive rally after Elon Musk had tweeted about his support for DOGE earlier this month as price surged from lows around 30 cents all way up until highs close 55 cents per coin only later plummeting back down again due weak hands cutting profits too early without properly waiting out full potential gains offered by recent surge yet even so there still seems some underlying bullish sentiment present amongst investors who remain confident about further upside potential going into future months despite recent pullback seen over last week or two providing healthy buying opportunities those seeking get involved market without paying premium prices usually associated with initial hype stage so keep eye out opportunities such these they arise during course your investment journey ahead!