Bitcoin Breaks Through $2,900 Resistance
Last week, Bitcoin took a bold leap, assaulting the $2,900 resistance zone like a toddler in a candy store. This level had been steadfast since early June, but it seems Bitcoin had other plans. The daily chart reveals a crystal-clear triangle, one of the most cherished shapes in technical analysis—who knew geometry could be so profitable?
What’s Next for Bitcoin?
Despite the audacity of our beloved cryptocurrency, there wasn’t a retest of that $2,900 mark, leaving it behind like a bad decision made during a late-night snack run. A $3,200 support zone retest is now on the horizon, more likely than not, while a potential resistance zone at $3,500 awaits ominously. Spoiler alert: predicting the strength of these levels is about as certain as your cat jumping into your lap when you don’t have time.
The Ethereum Sprint
Ethereum, however, appears to be channeling its inner champion with an impressive growth surge. After breezing past the $235 barrier, a new uptrend has emerged. It seems like tech analysts have dubbed this an emotional rollercoaster ride, but without the safety equipment. Right now, it doesn’t look like a retest of that $235 level is in the cards.
News Waving the Ethereum Flag
In case you missed it, Bitstamp is throwing Ethereum a party on August 17 by adding ETH support. There’s also buzz about upcoming announcements from the ETH development community, which could serve as the cherry on top of this investment sundae!
Litecoin: The Underestimated Friend
Meanwhile, Litecoin has been growing in the shadows, like that reliable friend who brings chips to the party. Currently, it seems poised for high tests at the $55 mark. However, with investors flocking towards more aggressive assets, its volume has taken a slight hit—perhaps it’s practicing social distancing from the spotlight.
Strategies for Litecoin Enthusiasts
The $40 to $50 range scenario is still alive and well. Remember, in moments of insanity in the Bitcoin realm, Litecoin shows its true colors as a hedge asset—like that trusty umbrella you always forget until it starts pouring!
Zcash: The Dark Horse
Now, let’s talk about Zcash, that intriguing coin that keeps popping up like a surprise guest. The support level at $160 has decided to stick around, while the retest at $230 hints at potentially thrilling movements ahead. It’s all about riding the wave of volumes, which can forecast the next resistance level.
What If Things Go South?
In case of market turmoil, consider placing stop orders below the $230 support zone. Should the crypto market falter, Zcash might dip a bit as well—so keep your eyes peeled! Volatility isn’t just a buzzword, it’s an experience.
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