Bitcoin, Ethereum And Icon Reclaim Key Levels!

BITCOIN ANALYSIS: AUGUST, 2021

Market Structure:

Bitcoin is the largest cryptocurrency in terms of market capitalizations and volumes. Here’s the market structure of Bitcoin.

Bitcoin is trading at $43989.40. The market structure of the coin is bullish as it has given a breakout above its previous structure point. The previous lower-high structure point stood at $41330.00. Bitcoin gave a breakout of this level on August 6, 2021 and successfully closed above it.

On the lower time frames, zones of demand and supply can be clearly seen. The immediate demand zone stands between the range of $42,426.73 to $42,885.63. On the other hand, the short-term supply zone exists between $45,027.18 and $45,229.19. The coin faced a rejection from this zone where new supply was established. It can also be a minor pullback which is required for the continuation of the rally.

Moreover, the coin has deviated too much from the 20-day exponential moving average. Thus, Bitcoin can show a minor retracement towards the Fibonacci level of $42260.57 in the short-term.

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The RSI has cooled down from the overbought region to the neutral region. It stands at 49.17 and has the capacity to move lower before showing strength again.

The MACD is below the signal line, confirming the upcoming pullback or retracement in the short-term.

Conclusion:

On the breakout and close above $45,310.00, $47,706.63 and $49,517.99 are the targets on the upside.

On the breakdown and close below $42,426.73, $41,935.71 and $40,546.48 are the targets on the downside.

ETHEREUM ANALYSIS: AUGUST, 2021

Market Structure:

Ethereum is the second largest cryptocurrency in the world after Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $3,052.45. The market structure of the coin is bullish as the trend witnessed a reversal owing to the break of the previous lower-high structure. This key structure stood at $2,887.69. The coin gave a daily breakout and close above this level, confirming the trend reversal in the coin.

On the lower time frames, the coin is extremely bullish in the short-term. Ethereum has made a series of higher-highs and higher-lows on the hourly time frame. The coin has rallied more than 78.50% in less than a month. This clearly indicates the resumption of the bull cycle.

The immediate demand zone for Ethereum exists between $2,940.47 and $2,981.88. On the other hand, the supply zone exists in the range of $3,144.69 to $3,192.22.

Market Indicators:

The Relative Strength Index is indicating mild price weakness in the short-term. The RSI has cooled down from the overbought zone, imitating the market structure of Bitcoin. It stands at 45.29 and has the potential to go lower.

The MACD is below the signal line, confirming the possibility of a health pullback in the short-term.

Conclusion:

On the breakout and close above $3,190.00, $3,378.41 and $3,583.38 are the targets on the upside. Bullish momentum as well as volumes must be seen in order to see these targets in the next few weeks.

On the breakdown and close below $2,945.71, $2,887.49 and $2,789.00 are the targets on the downside.

ICON ANALYSIS: AUGUST, 2021

Market Structure:

Icon is a decentralized blockchain network focused on interoperability. Here’s the market structure of Icon.

ICX is trading at $1.0829. The market structure of the coin is bearish till now. The reversal in trend will only be witnessed if the coin manages to close above $1.18. This level is the previous lower-high structure point on the daily time frame. The nearby zone will also act as a supply zone for the coin in the short-term.

The immediate demand zone lies between the range of $1.0816 to $1.0707. On the other hand, the immediate supply zone exists between $1.1491 and $1.1610. The coin must close above the upper channel of the supply range in order to witness a bullish momentum. Else, the trend will remain sideways with a bearish bias.


Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin. The RSI has crossed below the neutral level, indicating a bearish bias for the coin. It stands at 39.05 and has the potential to fall more.

The MACD is below the signal line, confirming the bearish bias and negating the market structure of Bitcoin and Ethereum.

Conclusion:

On the breakout and close above $1.1610, $1.2366 and $1.3466 are the targets on the upside.

On the breakdown and close below $1.0707, $1.0378 and $1.1069 are the targets on the downside.

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