Bitcoin (BTC) price is struggling at $ 11,900
On August 2, the BTC price could rise above $ 12,000, after which the crash back to $ 10,500 threw a spanner in the works. However, Bitcoin was able to recover well and so rallied above USD 11,300.
Many traders were hoping for a new test of the USD 12,000, however, bitcoin now appears to be facing resistance at USD 11,900. However, it does seem that there will soon be clarity as to which direction the bitcoin price will go.
The price forms an ascending triangle pattern. Such a pattern is formed when the price encounters resistance and is therefore equal highs drop, but higher lows forms. If bitcoin falls below this pattern, it would be a good thing if there were support can be found at $ 11,300, a previous resistance zone.
In a breakout up, of course, that $ 12,000 beckons. It could be tested from this pattern in the event of an outbreak. A breakthrough of this price level could lead to a significant acceleration towards new annual highs.
However, on the hourly chart there is one bearish signal. There the Relative Strength Index (RSI) see a downward trend while the bitcoin price is generally in an upward trend. This may indicate that the bulls are losing some strength in their attempt to break through. At the time of writing, bitcoin’s price is $ 11,793 on cryptocurrency exchange Coinbase.
Ethereum (ETH) is hitting resistance at USD 400
The ethereum price actually hits the same fate as bitcoin at $ 400. Since August 2, the bulls are trying to break ETH by $ 400. To date, however, these attempts have always stranded at or just above USD 400.
ETH also forms a rising triangle pattern with which it cannot go anywhere at a certain point. The big question remains whether that $ 400 will finally be broken. The answer to that question may come soon as ethereum is already quite far into the tip of the pattern. Ethereum is currently worth $ 394.50 on Coinbase.
Finally, we look at the rest of the top 10. The biggest riser at the time of writing is bitcoin cash, which is 9.5% in the green and is now worth $ 318.70. The biggest drop is Binance coin (BNB). The number 10 is down 1.3% and is worth $ 22.61.