Crypto Frontline

Weekly Crypto Analysis Aug 27-Sept 2, 2018

Weekly Crypto Analysis Aug 27-Sept 2, 2018

Weekly Crypto Analysis Aug 27-Sept 2, 2018
September 02
08:02 2018

Bitcoin

Bitcoin chart analysis

Source: tradingview.com

The Bitcoin price continues to impress as it managed to progress higher over the past week. We have mentioned in our previous crypto analysis that if the price will manage to stay above an ascending trend line, the retracement higher is very likely to continue. That is exactly what happened, although with some weakness in the middle of the week.

Probably one of the best news for buyers is the fact that the 6,800 key resistance area had been cleared + the bulls had then treated it as support. What we are seeing right now is a nice bullish parabolic structure that is very likely to continue to extend higher. Above, 7,280 and then 7,875 are expected to pose some problems for the bulls.

On the other hand, a pullback lower could find buyers around 7,240 and 6,800, previous resistance and now support.

Ethereum

Ethereum chart analysis

Source: tradingview.com

The Ethereum price seems to be bottoming out and also, a breakout above a symmetrical triangle can be spotted recently. Right now, the bulls seem to be in control and if they will manage to push the price further above the triangle formation, we expect the price to continue higher, towards 346 resistance level, where a previous yearly low is located. Above that level, 397 is the next significant resistance, but given that volatility is much lower now than it was last year, it will take some time for the bulls to price the price that higher.

On the other hand, a break back inside the triangle could expose the lower line and on a downside break, the 2018 low located around 257 will be the next key area. Judging by the current price action structure, we expect the price to manage to consolidate higher in the near term.

Bitcoin Cash

Bitcoin Cash chart analysis

Source: tradingview.com

Probably one of the best performing major cryptocurrencies, Bitcoin Cash managed to bank more than 10% in gains since Thursday. At the time of writing, we see the price struggling around 650-662 key resistance area since there are some previous historic lows.

The move we see here is much stronger than the one we saw on Bitcoin, suggesting that there is more interest to buy Bitcoin Cash at these low levels. It is also much cheaper than Bitcoin, which is why we suspect that if another bull run like the one we saw last year will occur, Bitcoin Cash will manage to climb higher in the global rankings.

But first, bulls will need to get past the above mentioned key resistance area. If they will, 742 will become our medium to long-term target.

On the other hand, if sellers manage to cap the upside, the price is expected to retrace lower, 620 and 565 being two areas where bulls might rebound again.

Briefings about ICOs

According to icowatchlist.com, Ubex is an ICO Project that is currently active. It represents a global decentralized advertising exchange where companies advertise effectively, while publishers profitably tokenize ad slots on their resources.

In terms of upcoming ICOs, Dinngo is a mobile digital currency exchange that aims to help facilitate the cryptocurrency and blockchain industry.