Btc, Eth And ICX Crack As China Intervenes!

BTC ANALYSIS: SEPTEMBER, 2021

Market Structure:

Bitcoin is the largest cryptocurrency by market capitalization, incepted in 2009 after the Great Recession. Here’s the market structure of Btc.

Bitcoin is trading at $42,745. The market structure of Btc is bearish as the coin continues to make lower-highs and lower-lows on the daily time frame. After a good recovery, the coin formed a bearish engulfing formation, taking rejection from $45,000. The coin made a low of $40,675 which will act as a good support in the coming days. If the bearish trend continues to persist, the new lower-low structure will be formed below $40,000.

On the hourly chart, the coin rebounded from the aforementioned demand zone and now consolidates between a tight range. The coin may be going through a distribution phase before witnessing an impulsive move on the downside. Thus, Btc may break below $40,000 this time.

BTC analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 48.78 and has the potential to fall more.

The MACD is above the signal line due to signs of recovery from the demand zone.

BTC analysis
Source: tradingview

Conclusion:

On the breakout and close above $43,200, $43,800 and $44,400 are the targets on the upside.

On the breakdown and close below $41,800, $40,000 and $38,000 are the targets on the downside.

ETHEREUM ANALYSIS: SEPTEMBER, 2021

Market Structure:

Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $2930. The market structure of Ethereum is bearish as the formation of lower-highs and lower-lows is quite prominent on the daily chart. Similar to Btc’s chart, Ethereum made a bearish engulfing candle, facing strong rejection from $3100 levels. Thus, the coin must close above that level in order to see some recovery. However, chances of a further fall are more. If it prevails, Ethereum will soon come under $2500. In the coming days, $2700 to $2750 will provide a great support for the coin. However, looking at the trend, the support may be invalidated.

On the hourly chart, the coin has completed its 50% retracement after the fall. Since the retracement is over, the coin will fall to its demand zone shortly provided Btc falls first. It will encounter a minor Fibonacci support at $2875.

ETH analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 47.76 and has the potential to fall more.

The MACD is above the signal line as the coin retraced 50% from the demand zone.

ETH BTC analysis
Source: tradingview

Conclusion:

On the breakout and close above $2959, $2997 and $3050 are the targets on the upside.

On the breakdown and close below $2875, $2800 and $2650 are the targets on the downside.

ICX ANALYSIS: SEPTEMBER, 2021

Market Structure:

ICX is a cryptocurrency developed by South Korea-based blockchain network creators, Icon. Here’s the market structure of ICX.

ICX is trading at 1.573. The market structure of Icon is mildly bearish as the coin has made a lower-high formation on the daily chart. On the completion of the lower-low structure below $1.430, the market trend will turn to extremely bearish. $1.430 also serves as a neckline for the bearish head-and-shoulder pattern that has formed on the daily chart. Thus, all technical factors indicate an upcoming fall unless the coin sustains above the aforementioned structure point.

On the hourly chart, the coin is stuck between a tight range with $1.775 serving as a supply point and $1.430 serving as a demand point. The coin must break either side decisively in order to determine the future trend. Looking at the broader market, the coin has more probability of closing below the demand point and witnessing a huge fall.

ICX Analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 46.44 and has the potential to fall more.

The MACD is above the signal line as the coin has been bouncing back from the demand area of interest.

ICX analysis
Source: tradingview

Conclusion:

On the breakout and close above $1.620, $1.674 and $1.738 are the targets on the upside.

On the breakdown and close below $1.544, $1.500 and $1.430 are the targets on the downside.