Major Cryptocurrencies Remain In A Downward Trend With Potential For Minor Gains

by 99Crypto

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.