Bitcoin And Ethereum Price Analysis – BTC Price Struggling Above $10,700 And ETH Price Unable To Sustain $200
Bitcoin’s escape from the nine thousand five hundred dollar territory ($9515.57) has been very dramatic to see the cryptocurrency leap from one territory to another. The bitcoin price rose from below ten thousand five hundred dollars ($10500) mark on the 19th of August and has been sustaining above it since.
Currently, Bitcoin (BTC) trades above the ten thousand and five hundred dollars ($10,700) at the time of writing, cutting it just short of the aforementioned value.
Bitcoin price chart by Trading View
The bulls need to be on their toes, aggressiveness pushing the price upwards for another dip will make Bitcoin revisits the old nine thousand dollars ($9000).
This time, however, the Bitcoin price analysis indicates that the trading bounds won’t be so kind to the cryptocurrency, leaving BTC price at nine thousand and eighty dollars ($9080).
Bitcoin price analysis: Resistance/Support
Bitcoin price support below the current trading point lies at ten thousand seven hundred and twenty-six dollars ($10,726). If the bulls do go all out and take a shot at the eleven thousand dollars ($11,000) mark, then a resistance mark at ten thousand and nine hundred dollars ($10,900) will be waiting for BTC price to get pass through it.
Bitcoin price chart by Trading View
Failure to comply with the given resistance model will cause Bitcoin to consolidate in the ten thousand ($10,000) or even nine thousand dollars ($9,000) zones. The relative strength index (RSI) shows that the buyer/seller balance has been created and falls just below fifty (50). The estimated moving average (EMA) and the simple moving average (SMA) too are flat.
Some experts are still worried that the Bitcoin price just might drop down to the seven thousand ($7,000) mark further below the nine thousand dollars support if the support breaks.
However, the BTC price is likely to break above the eleven thousand dollars ($11,000) mark and a shift in trend towards the top side will be seen.
Ethereum price analysis is issuing Ethereum (ETH) sell signals which leave little to the imagination until now. Ethereum price had hit two hundred dollars mark ($200) on 19th August and haven’t touched base again.
ETH price fell below the one hundred and ninety-two dollars($182.945) support level on 16th August, exposing it to the one hundred and sixty-four dollars ($164) support further below.
Next up was the steady decline to one hundred and sixty dollars ($160). But the support points didn’t fail to sustain ETH price above one hundred and eighty dollars ($180.55) acting as its savior. If all hell had broken loose, we would have seen Ethereum price at a hundred dollars ($100.75).
Ethereum price chart by Trading View
Ethereum price analysis further reveals that while things might turn out good for ETH price and its price may start inclining the graph – both the moving averages give no plausible reason to hope for a bearish rebound as the trend currently is towards the bottom. The relative strength index (RSI) also calls the traders out to sell in their chips while the selling is good.
At the time of writing this article, Ethereum’s market cap is nineteen million dollars ($19,955,435,269) ad it trades at one hundred and ninety-four dollars ($194.37). The circulating supply amounts to 0.1 million ETH (107,356,928).
Ethereum price analysis: Resistance/Support
Speaking of the averages, the twenty-day (20) exponential moving average (EMA) and the fifty (50) day simple moving average (SMA) will offer resistances to ETH price at one hundred and ninety-six dollars ($196.51) if the bulls fight two hundred dollars ($200) mark again.
Up next on the graph, the bears can expect some resistance at the two hundred and twenty dollars ($220) if the moving average resistance and the one hundred and ninety-six (196.51) mark does not prove troublesome enough.
Careful observation of the graph (above) gives a clear picture of the bearish downward triangle pattern, and the prices are all enclosed within it.
Bitcoin And Ethereum Price Analysis – BTC Price Struggling Above $10,700 And ETH Price Unable To Sustain $200 – Refer: https://www.cryptopolitan.com