Bitcoin dropped back to $39,000 on Aug. 2, suggesting that short-term traders were booking profits after the price was unsuccessful to close above $42,451.67. Bitcoin price has hit a few barriers but many altcoins appear positioned for continuation.
Lower levels could again attract buying as seen in late July. Data showed that Bitcoin held on wallet addresses storing between 100 and 10,000 Bitcoin rose to a new all-time high at 9.23 million Bitcoin on Aug. 1.
BTC/USDT
Bitcoin peeked above the overhead resistance at $42,451.67 on Aug. 1 and but the bulls could not sustain the higher levels. This shows that bears are attempting to keep the range-bound action intact.
ETH/USDT
Ether broke above its downtrend line invalidating the descending triangle pattern. The bears sold at higher levels on Aug.1 as seen from the long wick on the day’s candlestick but the positive sign is that bulls did not allow the price to fall below the downtrend line.
BNB/USDT
Binance Coin rose above the overhead resistance at $340 on Aug. 1 but the long wick on the day’s candlestick suggests that bears are attempting to defend this level. The price dipped back below $340 on Aug. 1, the positive sign is that the bulls have not given up much ground.
ADA/USDT
ADA rose above the downtrend line on Aug. 1 but the long wick on the day’s candlestick suggests that bears are defending the resistance aggressively. The marginally rising 20-day EMA ($1.27) and the RSI above 56 suggest that bulls have a slight advantage. The ADA/USDT pair could then rise to $1.50 where the bears may again pose a stiff challenge. If buyers can overcome this resistance, the pair could start its journey toward $1.94.
