Bitcoin, Ethereum And Icon Are Ready To Rumble

BITCOIN ANALYSIS: SEPTEMBER, 2021

Market Structure:

Bitcoin is the largest cryptocurrency, having a market capitalization of more than $800 billion. Here’s the market structure of Bitcoin.

Bitcoin is trading at $48,390. The market structure of Bitcoin seems mildly bullish as the giant has reclaimed $48,000 after a few choppy trading days. However, the coin must give a weekly closing above $50,000 to regain bullish momentum. The coin gave a breakout with low volumes on the daily time frame. The low volumes may indicate a possible fake out before a potential fall. Thus, investors must wait for confirmation before taking a trade.

On the hourly chart, the coin is consolidating in a flag pattern after a successful breakout of the resistance. The coin was showing extreme strength as it formed seven consecutive bullish candles before the consolidation. It must give a breakout from this consolidation as well to confirm the trend.

Bitcoin analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 59.87 and has the potential to go higher.

The MACD is above the signal line, confirming the breakout on a lower time frame.

Bitcoin analysis
source: tradingview

Conclusion:

On the breakout and close above $48,840, $49,500 and $50,000 are the targets on the upside.

On the breakdown and close below $48,245, $47,500 and $47000 are the targets on the downside.

ETHEREUM ANALYSIS: SEPTEMBER, 2021

Market Structure:

Ethereum is the second largest cryptocurrency by market capitalization, designed to complement Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $3483. The market structure of Ethereum is bullish as it did not break the previous structure point during the market crash. This structure point was formed at $3050. Thus, the overall bullish trend of Ethereum is intact. However, the volumes for the past week are below average indicating lack of participation by the buyers and sellers. More participation from buyers can be a catalyst for Ethereum to break the current consolidation. The coin must give a weekly closing above $3667 to gain extreme momentum.

On the hourly chart, the coin is consolidating between a tight range of $3185 to $3535. The coin did breakout on the upside but failed to sustain after making a high of $3677. However, it can be counted as a lower time frame break of structure thus making it easier for buyers to regain control after a retracement. The coin is expected to follow the footsteps of Bitcoin.

Bitcoin Ethereum analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 48.42 and has the potential to go up from here on out.

The MACD is above the signal line confirming that the break of structure was valid even though it did not sustain.

 Ethereum analysis
source: tradingview

Conclusion:

On the breakout and close above $3582, $3667 and $3750 are the targets on the upside.

On the breakdown and close below $3416, $3351 and $3250 are the targets on the downside.

ICON ANALYSIS: SEPTEMBER, 2021

Market Structure:

ICX is a cryptocurrency designed by a number of South Korea based developers and researchers. Here’s the market structure of ICX.

ICX is trading at $1.930. The market structure of ICX is extremely bullish as the coin has continued to form higher-highs and higher-lows despite the flash crash. The coin has bottomed out at $1.868, indicating that it may continue its trajectory towards new swing-high. The coin can easily take out $2 and $2.2 in this process. However, above average volumes and a supporting 20-day exponential moving average is needed to achieve said targets.

On the hourly chart, the coin is looking very strong. However, it can test $1.865 shortly. This is so because $1.86 is a strong order block. The coin may grab liquidity from there to gain momentum and give a stellar markup. However, chances of an upward move from here cannot be ruled out either. The move will be decided by Bitcoin’s movement, but in an amplified way.

ICX Bitcoin
source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 48.09 and has the potential to go up from here on out.

The MACD is above the signal line confirming the strength of buyers in the market.

ICX analysis
source: tradingview

Conclusion:

On the breakout and close above $1.998, $2.082 and $2.150 are the targets on the upside.

On the breakdown and close below $1.897, $1.850 and $1.800 are the targets on the downside.