Bitcoin prices and altcoins are showing negative signs of correction
Bitcoin Price – 12th August 2020
Bitcoin prices fell after refusal near $12,000. Bitcoin broke support of $11,800 but faced support at $11,500. Recently, there has been a recovery, but the price is still trying to gain upward movement above $12,000 resistance level.
Likewise, most altcoins face major hurdles and show some signs of a downward correction, including, ETH, LTC, BTCV, EOS, TRON and Stellar. XRP/USD outperformed the other major currencies. It is trading above $0.298 and $0.300. On the one hand, ETH/USD pair is trying to gain momentum to clear $400 barrier.
Bitcoin prices reversed from support level
During Tuesday, Bitcoin price reached lower below $11,850 support level. Bitcoin even tested $11,500 support, as the bulls appeared. The base formed near $11,500 and price started to increase again. However, the price faced strong resistance at $12,000, above which the price may start a new high.
Initial support is located at $11,640 level. The main support is now forming near $11,500 level, below which price may initiate an extended correction wave.
Altcoins prices are raising
Ethereum is facing strong resistance at $400 level. If Ethereum continues to a stable near $400 level, price maybe goes down below $380 support levels.
The price may clear $400 resistance and gain upward movement above $405 level. Next resistance on upside at $420.
BTCV price is trading below $300 pivot level. In this case, BTCV could initiate a downward correction at $280 support levels. On the upside, the price may cross $312 level.
Cardano stables at support level $0.140 and may continue to trade in a range in short term. On the upside, the price may gain bullish movement if it breaks $0.145 resistance. Next resistance is $0.150 level., it may go down below $0.140 and $0.138.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.