Weekly crypto-market analysis from Geco.one 16.08.2021
The price of Bitcoin has increased since the second half of July this year by over 60 per cent. Such a significant appreciation meant that the exchange rate of the oldest virtual currency broke several critical resistance zones and was above USD 47k, which is the highest level since mid-May this year.
If this trend continues, the BTC price could set a new record above $65,000 by the end of this year. Before this happens, however, the exchange rate of the oldest virtual currency would have to break through the technical resistance zones of $51,000 and $59,500.
Ethereum recorded some noticeable increases also, the price of which increased by as much as 94%. As a result of such appreciation, several significant resistance levels were overcome, the most important of which were $2,350, $2,600 and $2,900.
In the second half of last week, the market also broke above $3,200, which may naturally indicate a potential for further gains. As long as this trend continues, the price of ETH could reach $3,600 or even $4,200 in the near future.
Bitcoin Cash has increased since July 20 this year by over 86 per cent. Such a significant appreciation contributed to overcoming two critical zones of resistance of $525 and $650.
If this trend continues, we could expect to re-test the $765, or even $945, or the $1110 area in the near future.
However, it is worth noting that the recently defeated resistance of $650 is still not tested from the top (as support). That makes the scenario assuming that the market will first perform a downward correction before further increases, resulting in this level being re-tested.
Noticeable increases have recently also been seen in litecoin quotations, the price of which has increased since July 20 this year by over 80 per cent Such significant gains caused the LTC to first break above the technical resistance of $146, and in the second half of last week to exceed $180.
If this trend continues, the price of LTC could reach $200 or even $216.