Price Analysis 31/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XLM, ADA

Depending on the price action during the next few days, we might suggest traders initiate long positions above $11,000 instead of waiting for a breakout above the downtrend line, as recommended in our earlier analysis.

ETH/USD. Ether turned down from the overhead resistance of $192.945 and plunged below the support at $174.461 on Aug. 28.

As the pair has failed to hold on to support levels, we will withdraw our buy recommendation given in an earlier analysis.

XRP/USD. XRP has been holding the first support at $0.24508 for the past two days.

Following the completion of the H&S pattern, the first support to watch on the downside is $166.98 and if that fails to hold, the next support is way lower at $105. However, the BCH/USD pair has rebounded off the neckline twice since July 15.

If bulls push the price above $24.1709 and sustain it, a move to 50-day SMA is probable.

EOS/USD. EOS broke below the critical support of $3.3 on Aug. 28.

On Aug. 29, bears broke below the immediate support of $123 but could not sustain below it.

We will suggest a trade after the price sustains above 50-day SMA. However, if the price fails to break above the moving averages, we expect bears to make another attempt to sink the price to the next support of $107.XLM/USD. Stellar resumed its downtrend as it broke below $0.065 support on Aug. 28.

Our negative view will be invalidated if bulls scale and sustain above the previous support turned resistance of $0.065.