Bitcoin, Ethereum And XRP Survive Selloff

BITCOIN ANALYSIS: AUGUST, 2021

Market Structure:

Bitcoin is the largest cryptocurrency in the space by market capitalization as of now. Here’s the market structure of Bitcoin.

Bitcoin is trading at $49023. The market structure of Bitcoin is extremely bullish as it looks to climb the 50,000 milestone and hopefully sustain above it this time. The coin has clearly made a formation of higher-high and higher-low on the daily timeframe. In this process, the coin has taken out two crucial structure points positioned at $36079 and $41148. Recently, the coin fell 4% but fortunately bottomed-out early and witnessed a quick reversal.

On the hourly chart, the coin has approached a key resistance trendline. Bitcoin needs to break this trendline and close above it to witness a move above $50000. If the coin fails to do so, the immediate demand zone lies between $47680 to $48155. This range is a zone of interest where areas of institutional participation and imbalances have formed.

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 hovering above the neutral region. It stands at 62.08 and can test the overbought region shortly.

The MACD is below the signal line, owing to the 4% sell-off witnessed by Bitcoin.

Bitcoin analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $49200, $49850 and $50500 are the targets on the upside.

On the breakdown and close below $48150, $47700 and $46700 are the targets on the downside.

ETHEREUM ANALYSIS: AUGUST, 2021

Market Structure:

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

Ethereum is trading at $3255. The market structure of Ethereum is extremely bullish owing to the break of two structure points on the daily time frame. These structure points were placed at $2332 and $2882.53 respectively. The coin, as seen, has not only broken these levels but rallied beyond them. The coin has also been forming the standard higher-high and higher-low formation on the daily time frame. Currently, Ethereum is stuck in a no-trade zone. This zone is so-called because the coin needs to break either the upper or the lower channel of the range to witness a good movement.

On the hourly chart, the coin is trading right in the middle of the range. The supply zone exists between the range of $3310 and $3334. On the other hand, the demand zone or an institutional order block is placed between $3145 and $3180. The coin can test either of the ranges in the short term, depending upon the movement of Bitcoin.

Ethereum analysis bitcoin
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is hovering above the neutral region. It stands at 58.08 and can go in either direction.

The MACD is below the signal line, owing to the 4% fall on August 26.

Ethereum analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $3287, $3310 and $3377 are the targets on the upside.

On the breakdown and close below $3211, $3179 and $3146 are the targets on the downside.

XRP ANALYSIS: AUGUST, 2021

Market Structure:

XRP is Ripple’s licensed cryptocurrency used for making seamless international payments. Here’s the market structure of XRP.

XRP is trading at $1.1524. The market structure of Ethereum is extremely bullish owing to the break of multiple structure points on the daily time frame. In addition to this, the coin has been forming higher-highs and higher-lows on the same timeframe. It seems to be making a double-bottom formation which is a bullish sign for the long-term visionaries.

On the hourly chart, the coin is rising along a lower trendline acting as a minor support. The coin saw a sharp rebound after a heavy selloff. The coin rallied from $1.05 to a high of $1.19 after which it retraced a bit. The immediate supply zone is placed between 1.2104 to $1.253. The demand zone ranges from $1.09 to $1.11.

XRP anlaysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has just crossed the neutral region by a slight margin. It stands at 50.18 and has the potential to move higher.

The MACD is below the signal line following the 15% selloff recently.

XRP analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $1.745, $1.924 and $1.20 are the targets on the upside.

On the breakdown and close below $1.331, $1.203 and $1.095 are the targets on the downside.