Bitcoin, Ethereum and Bitcoin Cash – Technical Market Analysis20. August 2018
Bitcoin prices continue to rise with support at $9,200 and $8,600 respectively.
There is a major bullish trend line on the 4-hour chart with support at $9,150
Bitcoin should continue to move up and may exceed $10,000 in the near future
The Bitcoin price is well above the $8,600 support level. Bitcoin will increase its profits above $10,000 in the medium term.
Technical indicators Signals
Last week, the Bitcoin price gained momentum and moved toward $9,800 and a downward correction was initiated as sellers got the upper hand and the price fell below support levels of $9,500 and $9,200, respectively. But near the $9,000 mark, a rally began and buyers also managed to break a connecting bearish trend line with resistance at $9,200. It looks like Bitcoin is on an uptrend again. It is important that the price breaks the important $10,000 mark to reach a new high for the month.
Bitcoin Chart from TradingView
Bitcoin Price Technical Analysis
Looking at the graph, from scamcontrol an important bullish trend line appears with support at $9,150. If the price corrects downwards from current levels, support levels of $9,200, $9,150 and $9,000 could counteract the decline. The RSI is moving towards 65 and signals a buyer market. To crack the $10,000, the resistance at $9,750 must first be broken. The largest support level is at $9,150.
Ether Price Highlights
The Ether price defied the downward correction near $600 and recovered against the US dollar.
A strong bullish trend line is forming on the 4-hour chart with support at $660
Ether continues a strong upward trend
The Ether price trades at a positive angle to the US dollar and could even reach a new high for the month. Analysts expect an ether price of $2,500 by the end of 2018.
Technical indicators Signals for Bitcoin Trader
The price traded to $714.52 before a downward correction was initiated. Ether faced strong selling interest, pushing the price below support levels of $680 and $640. Visit the Bitcoin Trader here: https://www.the-orb.net/bitcoin-trader/ However, the downtrend was protected by the $600 support zone. Crucial is that a strong bullish trend line with a current support at $660 on the 4-hour chart is intact. Ether is currently trading near $695 and it appears that the price may continue to rise. A successful breach of resistance at $700 could trigger a surge above $714.52 in the short term.
Ethereum Chart from TradingView
Ethereum Price Technical Analysis
The chart shows that the price is still supported above $660. We can clearly see the strong upward trend that has already been confirmed three times. The RSI is currently relatively balanced and is close to the 55 mark. The highest support level is currently $660, while the resistance is at $700.
Bitcoin Cash Prize Highlights
Bitcoin Cash corrected and tested an important support line at $1,240
A bullish trend line is forming on the 4-hour chart, supporting at $1,320
BCH is still on an uptrend and may soon break the $1,500 resistance for further gains.
Bitcoin cash could continue to rise towards $1,500 and $1,600 in the short term.
Technical indicators Signals
After a solid recovery, Bitcoin Cash rose above $1,576 against the US dollar. A downward correction then followed and the price moved below $1,500. The downward movement led to a rapid fall, with the correction breaking the price at $1,300.
The downward movement found support at $1,240, forming a base and the price resumed its upward trend. It is now back above the $1,400 resistance and trading in a bullish zone. A bullish trend line is also forming on the 4-hour chart with support at $1,320.
Bitcoin Cash Chart from TradingView