August 22nd price analysis for the major cryptocurrencies is generally uncertain but there are some positive and negative outlooks. Positive Outlooks Bitcoin is on a somewhat positive trend, but warrants caution. Several factors may fuel a bull run. On August 21st, BitMEX conducted a scheduled maintenance. While it was a quick spike, it amounted to more than a 5% increase (approaching $6,900). This could prove significant if a Bitcoin price rally continues this week. This spike is worth noting but does not indicate a significant change in trend. Other BTC news should be included into a positive outlook analysis. Virtual Commodity Association (VCA) was founded by the Winklevoss twins. It is a self-regulating organization formed for the purpose of improving transparency. VCA members plan to begin rulemaking in September. With the US Securities and Exchange Commission (SEC) concerned over Bitcoin exchange-traded funds (ETF), VCA transparency could temper some of the SEC’s involvement. Following the aforementioned spike, the BTC/USD price again fell below the $6,600 support. Stable prices this week would indicate a break out when examining the 50-day SMA. If instead, resistance continues and causes the price to fall below $5,900, then a long position is not recommended. Stellar might be the most promising investment right now. A buy is recommended based on its historical trend to consolidate before breaking out. A stop loss should be placed not far from $0.20. On the Edge Bulls seem to be eyeing Bitcoin Cash. While it is not advisable to rush in, BCH does warrant closer inspection. EOS’ outlook may be better than BCH. Though, a long-term position is not recommended while still within the 50-day SMA. Negative Outlooks Ethereum does not show any real signs to break away from the bears. It is unclear when it will break out of its 50-day SMA. Ripple appears to be in a bit of a worse situation. Waiting before responding to a positive trend seems prudent for XRP. Litecoin, Cardano, Monero, and IOTA all appear bearish over the long-term, though Litecoin more than the rest.
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