Can Bitcoin, Ethereum And Icon Reclaim $50k, $3.5k And $1.5?

BITCOIN ANALYSIS: AUGUST, 2021

Market Structure:

Bitcoin is the largest cryptocurrency in the world. An anonymous identity had developed Bitcoin in 2009 to defy centralization. It Here’s the market structure of Bitcoin.

Bitcoin is trading at $47,435. The market structure of Bitcoin is extremely bullish owing to the break of lower-high structure on the daily chart. In addition to this, the coin has made five consecutive bullish candles on the weekly time frame. Bitcoin has rallied over 37% in five weeks. In doing so, the coin gave a breakout and close above $41,225, a key pivot point or the lower-high of Bitcoin.

On the lower time frames, the coin has faced a minor rejection from its supply order block. This block ranges from $47,691.12 to $48,144. This supply zone was formed on August 14, 2021 and will serve as an immediate resistance. On the other hand, the immediate demand block stands between $46,244.81 and $46,687.23.

Market Indicators:

The Relative Strength Index is indicating price strength for Bitcoin in the short-term. The RSI is hovering near the overbought region after the rejection. It stands at 60.95 and has the potential to go higher.

The MACD is above the signal line, confirming the bullish structure of the coin.

Conclusion:

On the breakout and close above the level of $48,144.00, $49,750.89 and $51,414.11 are the targets on the upside. Owing to the market structure and the overall trend, Bitcoin can reclaim $50,000 this month.

However, on the breakdown and close below $46,244.81, $45,304.99 and $44,563 are the targets on the downside.

ETHEREUM ANALYSIS: AUGUST, 2021

Market Structure:

Ethereum is the second largest cryptocurrency in the world, developed to complement the operations of Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $3,283.39. The market structure of Ethereum is extremely bullish owing to the break of two major structure points on the daily timeframes. These lower-high structure points were placed at $2,325.12 and $2,887.69 respectively. In addition to this, Ethereum has rallied over 95% in a month. These factors have facilitated the reversal in the trend of Ethereum.

On the lower time frames, Ethereum has faced a rejection from its supply order block. This supply zone extends from $3,310.26 to $3,334.51. This order block was formed on August 14, 2021 when the supply was introduced in the market. On the other hand, the immediate demand zone ranges from $3,146.30 to $3,179.31 in the hourly time frame.

The coin may retest this demand zone and then proceed to continue its bull-run.

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI has cooled down from the overbought region. It stands at 58.57 and has the potential to move in either direction. However, upside has an edge.

The MACD is above the signal line, owing to the short-term bullish market structure of Ethereum.

Conclusion:

On the breakout and close above the level of $3,334.51, $3,444.44 and $3,583.40 are the targets on the upside.

On the breakdown and close below $3,146.30, $3101.09 and $3,046.19 are the targets on the upside.

ICON ANALYSIS: AUGUST, 2021

Market Structure:

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

Icon is trading at $1.3149. The market structure of Icon is extremely bullish owing to the break of two lower-high structures on the daily timeframes. These lower-high structure points were placed at $1.062 and $1.145. In addition to the break of structure, the coin has rallied over 102% in 37 days. In this process, the coin has formed a series of higher-highs with no major pullbacks or higher-lows.

On the lower time frames, the coin is in a major supply territory. This supply is a major zone as the follow-up supply in May was initiated between $1.3083 and $1.3371. However, this time the coin has the capacity to break this supply zone decisively. If not, the demand zone is placed between $1.2782 and $1.2881.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin. The RSI has reached the overbought region. It stands at 69.42 and has the potential to cool down a little.

The MACD is above the signal line, confirming the bullish market structure of Icon.

Conclusion:

On the breakout and close above the level of $1.3887, $1.3969 and $1.4862 are the targets on the upside.

On the breakdown and close below $1.2780, $1.2508 and $1.2062 are the targets on the downside.