Bitcoin prices and altcoins are showing negative signs of correction

Mohammed Abdelkhalik
August 12, 2020
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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

Bitcoin price - 12th August 2020

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.

Author Mohammed Abdelkhalik

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.