Bitcoin, Ethereum And Terra Climb To Previous Highs!

BITCOIN ANALYSIS: AUGUST, 2021

Market Structure:

Bitcoin is the largest cryptocurrency in the world. Satoshi Nakamoto has invented Bitcoin. Here’s the market structure of Bitcoin.

Bitcoin is trading at $39800, just shy from $40000. Recently, Bitcoin has been sustaining between the zone of $39000 and $42000. The coin recently reclaimed the mark of $42600 after three months of downtrend. The market structure has since become bullish as it has taken out the previous structure point. Now it has to sustain above $40000 to confirm the bullish momentum.

The volumes in its market are unprecedented as the bulls have carried Bitcoin from $29000 to $40000 in less than two weeks.

The immediate demand zone remains near the level of $39429. This zone witnessed an accumulation phase from where Bitcoin showed an impulsive move. Supply zone is present near $40,997 from where Bitcoin faced a distribution on the downside. This is a very narrow range, on the break of which Bitcoin will make new highs or new lows.

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for Bitcoin in the short-term. The RSI is hovering in the oversold region on the hourly time frame. Thus, the coin can show some recovery.

The MACD is below the signal line, confirming the price weakness indicated by the RSI. The market structure of Bitcoin in the long-term is bullish.

Conclusion:

On the breakout and close above $40,546.48, $41,935 and $42,599.00 are the on the upside.

On the breakdown and close below $39,390.99, $38,895.00 and $38,319.71 are the targets on the downside. The market structure of Bitcoin suggests a breakout of the resistance.

ETHEREUM ANALYSIS: AUGUST, 2021

Market Structure:

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

Ethereum is trading at $2556.78. The market structure of the coin has recently become bullish. The change in trend is sponsored by the break of the previous structure point or the previous lower-high. The bullish momentum is prominently depicted by the thirteen consecutive bullish candles on the daily time frame.

On the lower time frames, the coin has faced supply at the $2600 level. From there, the coin retested its previous day low and took support from there. The demand zone is placed at $2511.32 as it is the nearest accumulation phase. The next major demand zone is placed between $2432 to $2477.

Ethereum is likely to continue its bullish momentum from here as signs of reversals are highlighted on the hourly time frame chart. The reversal follows the market structure of Bitcoin.

Market Indicators:

The Relative Strength Index is indicating indecision in the market. The RSI is hovering near the neutral region. It is currently moving flat at 47.50 and has the potential to move in either direction.

The MACD is below the signal line, confirming the conclusion of the pullback seen on the hourly time frame.

Conclusion:

On the breakout and close above $2698.86, $2815.20 and $2892.13 are the targets on the upside. The bullish momentum must continue to achieve said targets.

On the breakdown and close below $2511.49, $2429.55 and $2353.11 are the targets on the downside.

The market structure of Ethereum imitates the market structure of Bitcoin to great extents.

TERRA ANALYSIS: AUGUST, 2021

Market Structure:

Terra is programmable money for the internet that is easier to spend, but more attractive to hold. Here’s the market structure of Terra.

Terra is trading at $11.4140. The coin is distinctively in a bullish trend, similar to the market structure of Bitcoin. This is so because the coin has conveniently broken all its minor and major supply points within two weeks. The reversal in the trend was sponsored by the aggressive buyers in the market at the lower levels.

The coin is currently trading at its short-term demand zone on the hourly time frame. It has shown a bullish reversal from this zone, indicating the conclusion of the pullback. The reversal is seen by the formation of a bullish morning star pattern.

Thus, the coin will move towards a new higher-high. The bullish trend of the coin will continue until the coin breaks $9.961 on the downside.

Market Indicators:

The Relative Strength Index is indicating price strength for the coin. The RSI has given a positive divergence from the neutral region. It is currently positioned at 55.78 and has the potential to move higher.

The MACD is below the signal line, confirming the presence of the pullback.

Conclusion:

On the breakout and close above $12.19, $13.5624 and $14.3099 are the targets on the upside. With the current momentum and volumes, the coin can see these targets.

On the breakdown and close below $10.89, $10.3779 and $10.0389 are the targets on the downside. Altcoins such as terra also follow the market structure of bitcoin.