BTCUSD Coinbase
Source: tradingview.com
The trendline which we’ve mentioned several times in the past few weeks managed to hold and as a result, sellers resumed impulsively, driving Bitcoin towards the $9,500 area. As long as the price will remain below the trendline, we will continue to be in consolidation phase and the upside is expected to be limited.
Even though the buyers pushed the price up a little bit, they still did not manage to break above the 4h chart 200 moving average, a negative sign which raises the odds of a continuation lower towards the $9,100 support zone, where we can see two touches in the month of July.
In case the price will break above the MA, the next target lies around the trendline, where selling pressure is expected to resume. Given the current conditions, we think its less likely Bitcoin will break above and head towards the yearly highs.
ETHUSD Kraken
Source: tradingview.com
After several failed attempts to rebound around a key trendline, Ether sellers resumed and broke lower, resulting in an impulsive spike that drove the price below our $187 support level. Some consolidation can be seen in the past few days but the bigger picture shows a bearish parabolic structure which may extend further. The order flow continues to be biased towards the sellers and that’s not a good sign for buyers.
If weakness will continue, we suspect Ether will continue on its way down towards the $150 area, where support is expected. On the other hand, if buyers resume impulsively, we may see Ether edging towards the 4h chart 200 moving average and the broken trendline, an area located around $206-$212, highlighted on our chart. People who want to get short should wait for a pullback as the current conditions continue to remain oversold.
BNBUSD Binance
Source: tradingview.com
The Binance Coin had an impulsive rally in 2019, but since the end of July, it started to weaken and reached the prior all-time high made in January 2018, located around the $26 area. So far, sellers had not been able to drive the price below it, communicating that there’s still interest to buy around there.
Our support area is located around $25-$26.5 and until a breakout and continuation lower will occur, the bias remains tilted towards the upside. The current market location may turn out to be the trend of a new bull run that could head towards $38.5, where the next significant resistance is located.
Below our support zone, we have the daily 200 MA, a diving zone between bullish and bearish territory, where we should expect interest from the buy-side. It will be important to watch how the other large-cap cryptocurrencies will perform since that could also have an impact on the future performance of Binance Coin.
Briefings about ICOs
Until August 27th, the EMX ICO will continue to raise funds in order to develop a trading platform giving the ability to trade global futures contracts on a single platform without having to convert to fiat.
On August 20th, Monster Byte will start its gaming-related ICO, a licensed B2B blockchain iGaming operator providing solutions for entrepreneurs, developers, and existing gaming operators.
There are no comments at the moment, do you want to add one?
Write a comment