Crypto Market Analysis - August 3rd

 2020-08-03 11:02:56


During the major adjustment of mainstream currencies on August 2nd, there was a short-term profit-taking factor. After the cumulative increase is too large, currency-holding investors are willing to cash in on the gains. At this time, after the main force continued to sell off, the adjustment pattern emerged.

At the same time, over-the-counter investors buy most currencies at a relatively high-cost price, and longs use the opportunity of price retracements to quickly cover their positions, which promotes the completion of the adjustment.

At present, among the mainstream currencies, XRP, ETH, etc. have stabilized faster. In other words, this price retracement provides an excellent opportunity for investors who are about to enter the market. The current mainstream currency price trend is relatively stable, indicating that the adjustment may end in the near future.

In Ethereum, after the completion of the hammer line pattern with a daily amplitude of as much as 23%, the support effect of the peak of $366.5 on June 26th, 2019, will be confirmed. Therefore, this is a very effective adjustment, but the long replenishment speed is very fast, making ETH complete the adjustment process with the hammer line. Therefore, it is no problem to continue to see more ETH.

On the daily K-line of XRP, the price trend is relatively independent, which is a retracement after a continuous rise. XRP is currently confirming the breakthrough effect of the $0.3 position. Once the breakthrough is confirmed, it will confirm the support of the low price of $0.3 within 2 years and expand the room for growth. The long-term downward trend of XRP is relatively independent, and the process of confirming support for the retracement has a greater impact on future trends.

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