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Cryptocurrency Forecast

By Jason SenCryptocurrencyAug 24, 2021 06:01AM ET

www.investing.com/analysis/cryptocurrency-forecast-200599797

By Jason Sen | Aug 24, 2021 06:01AM ET

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Bitcoin bottomed exactly at best support for this week at 43900/600. Longs worked perfectly on the bounce to targets of 48190, 49400/500 and the only resistance of any important this week is at 50500/51000. We topped exactly here so obviously this remains key to direction.

Ripple targets 12450/12500 before a retest of 13450/490.

Ethereum is in a consolidation sideways range from 3150/3100 up to 3350/3400.

Today’s Analysis

Bitcoin longs at 43900/600 worked perfectly on the bounce to the only resistance of any important this week at 50500/51000. A break above 51500 opens the door to 52900/53000 and 56700/750. First support at 48000/47500, better support at 45700/200. Longs need stops below 44800.

Ripple passed through resistance at 11850/12000 to target 12450/12500 before a retest of 13450/490. A break higher targets 13615, 14410, 14540 and 14660. First support at 12100/12090, second support at 11550/000.

Ethereum holding minor support at 3270 retests 3350/3400. A break higher is a buy signal initially targeting 3580/3600. Second support at 3150/3100. Next target and support at 3000/2970. Longs need stops below 2940.

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

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