Crypto Frontline

Weekly Crypto Analysis August 26-31, 2019

Weekly Crypto Analysis August 26-31, 2019
August 25
07:23 2019


BTCUSD Coinbase

Bitcoin technical analysis


Although we have a choppier activity in the past week, Bitcoin was not able to stay above the 4h chart 200 moving average and it did not even manage to reach our falling trend line. That’s not a very good sign for buyers which may signal further losses in the following days, given that risk sentiment at a global scale continues to be tilted towards the downside.

Since there’s no impulsive buying showing up, we continue to believe that Bitcoin could head lower towards the $9,000 key support area. A breakout below it may unlock further downside potential towards the $7,500 area.

On the upside, the 200 MA and the trend line should cap the buying pressure and in case a meaningful breakout occurs, we could see Bitcoin heading towards the $12,000 area again. Still, that’s the less likely scenario as long as the price stays below the trend line.


ETHUSD technical analysis


Ether continues to remain subdued following the breakout below a key trend line. Since mid-August, the token consolidated in a triangle formation, slightly bearish sign that we could witness a continuation lower in the not-too-distant future. Even if the buyers will push the price above the formation, we still expect heavy sellers around the 4h chart 200 moving average and around the broken trend line.

On the other hand, in case a downside breakout will occur, that will confirm weakness is still in place and Ether might head towards the $150 area in less than a few weeks. The order flow continues to be tilted towards the sell-side and that is why any significant bullish corrective move should be treated as a selling opportunity and not as a sign that things got better for Ether.


BCHSVUSDC technical analysis


Slowly but surely, Bitcoin SV continues to head south, after a retest of the key $173 area which we’ve talked about a few weeks ago. This looks like a textbook pump-and-dump scheme and as a result, we continue to believe that there’s more room to go on the downside for the token.

We can see it retracing several times towards the 4h chart 200 moving average, only to resume the downside impulsively afterward, which may happen once again in the following days. That is why we believe the sellers will continue to push the price lower, towards the key $85-$96 support area. In case selling intensified below it, then $50 is the next potential destination for Bitcoin SV.

In case we see a stronger bullish leg on the upside, that should not be treated as an indication the sentiment changed. It happened in July as well and those who thought Bitcoin SV continue to edge higher are now in the negative.

Briefings about ICOs

The AIGO Protocol will continue its ICO until August 31st in order to raise funding for building a complete payment system for e-commerce, using the blockchain technology and cryptocurrencies.

MeterQubes will start its ICO on September 8th, in order to built a peer-to-peer and decentralized trading platform optimized using Machine Learning and Artificial Intelligence. It aims to offer a variety of tools that include trading bots, sentiment analysis scores, and many others.


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