Bitcoin price is rushing to the next wave of medium-term correction. The price did not manage to settle and form a turn up at $2,800. It shows the weakness from the buyers’ side. Yesterday, it seemed supply and demand started to grow, but as a result, the supply exceeded.
At the moment, there’s a newly formed correction wave. This can be considered a pullback until there is a turn up at a $2,650 key level. A turn at this point will indicate the demand is higher than supply. In this case, Bitcoin is more likely to grow to $2,750, at least. Otherwise, the fall will continue.
Ethereum price was also unable to form a turn up in the $230 area, which turned into another fall. In the course of flat development, started on July 20, you can see a gradual decline in demand at key levels. As a result, the price collapsed to the next key level.
The demand that disrupted the price took place around $195. If we compare it to the volumes on July 20, when Ethereum was traded at the same levels, we can see that current demand is less than the previous one. In other words, interest to buy is so far less than a week ago. For a downward trend to break, a turnaround at $215 is needed. While the structure of the trend stays the same, the fall will continue.
Yesterday, there was a clear increase in the supply volume. However, the growth in demand was not so obvious. Also, there were no reversal prerequisites for the downtrend break. As a result, Ripple price collapsed.
You can also see lower demand levels than a week ago. Ripple has now formed a wave of pullback. You may also define the correction zone to $0.185. If there is no turn around $0.185, then all the upward movement can be considered as a correction to the downward trend.
The sharp increase in supply drove the rate down. As a result, Litecoin price dropped to the last week level. And so far, the trading volumes indicate the sellers’ advantage.
Looking at the pending orders, it’s clear that the buying volumes are much higher. The same happened with Bitcoin yesterday. And the course passed these orders without any reaction. There’s large seller. If the same happens to Litecoin, the course will fall deeper. We need a reversal wave at $43 key level for the price to go up.
The growth in supply and the decrease in demand for Ethereum Classic resulted in a regular fall. Ethereum Classic volumes signaled about the fall yesterday, similar to what happened with Litecoin
So far, the situation is in favor of a downward trend. The demand is lower, but the pending orders volume for purchase at $14 to $16 area exceeds the volume of orders for sale. If there’s a turn up at $15, it will show the advantage of buyers and will also mean the price is growing. While this has not happened yet, the fall will continue.
This article was originally published on: CoinTelegraph on