Bitcoin, Ethereum & Ripple - American Wrap: 8/10/2020

Bitcoin, Ethereum & Ripple - American Wrap: 8/10/2020

Bitcoin Price Outlook: The Reason Why BTC/USD Dropped $500 In Less Than One Minute

Bitcoin has now basically transformed the previous $10k resistance level into $12k. The first flash crash happened on August 2 with Bitcoin peaking at $12,123 and dropping to $10,518 in minutes. The initial cause of this dump was a large trader placing several big orders on Binance’s quarterly futures contract causing the price of Bitcoin to reach almost $100,000 before quickly dropping back. At the same time, this caused a massive bot-selling fest that drove the price of Bitcoin towards $10,000.

Ethereum Technical Analysis: ETH/USD Still Fiddling With $400

Ethereum is now facing a lot of resistance at $400, this level is now similar to the $250 resistance area that ETH used to face in June. We could easily see Ethereum trade sideways for the next few weeks before a clear breakout, however, considering the bullish momentum of the market, ETH is more likely to climb above $400 sooner than later. 

Ripple Price Prediction: XRP/USD Is Having A Tough Time Staying Above $0.30 As Selling Pressure Keeps Mounting

Since the initial pullback on August 7, XRP has struggled heavily to go back above $0.30. Just hours ago, XRP bulls finally managed to push the digital asset above $0.30 just before another crash towards $0.285.

Image sourced from Pixabay

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