Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, Tron, Cardano: Price Analysis, August 22
The #crypto markets are eagerly awaiting the launch of institutional trading platform Bakkt. Its launch is expected to attract large investors whose involvement is needed to propel markets to the next level. Without even starting operations, investors are already valuing it at $740 million. This is likely to increase further if it can generate large volumes. However, some investors doubt whether it can live up to its expectations and earn enough to justify its valuations.
The volumes of the crypto exchanges have been under the scanner as The Tie published a report recently, which suggested that most reported volumes are fake. This puts the total volume of LBank and Bit-Z — which have overtaken the leading exchange Binance — in question.
As the #market matures, fake reporting is likely to be severely dealt with, as seen in the case of South Korean cryptocurrency exchange Komid, where two of its leaders were handed a jail sentence.
If the crypto markets bottom out, volumes will pick up. Let’s consult the charts and see if we find a new uptrend in any of the major cryptocurrencies.
#Bitcoin (BTC) has been crawling higher for the past few days, but it is yet to make a dash towards the overhead resistance of $4,255. On the downside, it is taking support at the 20-day EMA and below it at the uptrend line. Both the moving averages are trending higher and the RSI in positive territory, which indicates that the bulls have the upper hand.
If the #BTC /USD pair does not scale $4,255 within the next few days, traders are likely to book profits that will drag prices lower. Aggressive bears might also initiate short positions if the pair fails to rise above the overhead resistance.
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