BITCOIN ANALYSIS: SEPTEMBER, 2021
Bitcoin is a peer-to-peer cryptocurrency made by an anonymous person alias Satoshi Nakamoto. Here’s the market analysis of Bitcoin.
Bitcoin is trading at $45,321. The market structure of Bitcoin may have turned bearish due to the flash-crash. During that sell-off, Bitcoin broke a key structure point on the downside and is sustaining below it. This structure point was formed at $46,340. Thus, the coin must give a weekly closing above the said structure point in order to gain some bullish momentum. Else, it can go down till $42,000 and $40,000 in the short-term.
On the hourly chart, the coin has been retesting the demand zone several times. This demand zone extends from $44,500 to $45,000. Moreover, it has made four indecisive doji candles on the hourly chart. Thus, the market is not sure as to where to move. A breakdown or reversal will determine the short-term trend of Bitcoin’s market.
The Relative Strength Index is indicating indecision for Bitcoin in the short-term. The hourly RSI is hovering near the neutral region. It stands at 47.53 and has the potential to move in either direction.
The MACD has completely converged with the signal line, signalling complete indecision.
On the breakout and close above $45,710, $46,000 and $46,775 are the targets on the upside.
On the breakdown and close below $44,570, $44,145 and $43,930 are the targets on the downside.
ETHEREUM ANALYSIS: SEPTEMBER, 2021
Ethereum is the second largest cryptocurrency developed to complement the features of Bitcoin. Here’s the market structure of Ethereum.
Ethereum is trading at $3344. The market structure of Ethereum is mildly bullish as the coin did not give a closing below the structure point. This structure point was formed at $3045. It has fallen 20% from its recent swing high above $4,000. With the popularity of NFTs, this price could be a good buying opportunity for crypto enthusiasts.
On the hourly chart, the coin is rising along an ascending trendline. The immediate resistance on the upside is at $3,344. The coin has made various attempts to break that level but has not succeeded in doing so. On the break of that level, some mitigation of the loss can be witnessed. The volumes and the rising 20-day exponential moving average is supporting the formation of an ascending triangle.
The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 51.54 and has the potential to go higher.
The MACD is above the signal line signalling some strength ahead. Thus, the formation of an ascending triangle is justified.
On the breakout and close above $3,344, $3,405 and $3,500 are the targets on the upside.
On the breakdown and close below $3,230, $3,150 and $3,100 are the targets on the downside.
ICX ANALYSIS: SEPTEMBER, 2021
ICX is a South Korean-based cryptocurrency that operates the Icon blockchain network. Here’s the market structure of ICX.
ICX is trading at $1.644. The market structure of ICX is still bullish as the coin rallied a lot despite the flash-crash. The coin rallied up to 63% but failed to sustain above the long-term supply zone. It ended up closing 24% above the September 7 low. On the daily chart, the coin made a long wick on the upside. Then, it retraced a bit showing the presence of strong sellers at the higher levels.
On the hourly chart, the coin has fallen along a descending trendline. In addition to this, the coin has given a breakdown below a minor demand zone. Thus, sellers are dominating the market after a strong attempt by the bulls.
The Relative Strength Index is indicating price weakness for the coin. The hourly RSI is below the neutral zone. It stands at 35.23 and has the potential to go lower.
The MACD is below the signal line, confirming the presence of high sellers.
On the breakout and close above $1.696, $1.786 and $1.9 are the targets on the upside.
On the breakdown and close below $1.632, $1.577 and $1.530 are the targets on the downside.