Market Structure Of BCH, BNB And Uniswap!

BCH ANALYSIS: AUGUST, 2021

Market Structure:

Bitcoin Cash is a permissionless, open network. It empowers each other to contact each other privately. Here’s the market structure of BCH.

Bitcoin Cash is trading at $543.30. The market structure of Bitcoin Cash is indecisive. It is so because the coin is trading right at the previous lower-high structure point on the daily time frame charts. $546.83 is the level at which the lower-high structure was formed. Thus, a break and close above this level will ensure the bullish trend of the coin. Else, it will move sideways with a negative bias.

On the lower time frames, the coin has formed a double bottom pattern. It has also given a breakout of the double bottom neckline on the hourly time frame. The double bottom pattern is a bullish reversal pattern. This confirms that the coin might give a breakout of the previous structure point.

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI has given a positive divergence from its lower trendline. The RSI stands at 62.83 and has the potential to go higher.

The MACD is above the signal line, confirming the breakout of the double bottom pattern.

Conclusion:

On the breakout and close above $547.20, $567.40 and $581.45 are the targets on the upside.

On the breakdown and close below the demand zone of $525.01, $512.00 and $499.53 are the targets on the downside.

BNB ANALYSIS: AUGUST, 2021

Market Structure:

Binance coin is the cryptocurrency that powers the Binance ecosystem. BNB is one the most popular tokens in the world. Here’s the market structure of BNB.

BNB is trading at $328.91. The coin is in a bearish trend due to the series of lower-highs and lower-lows on the daily time frame chart. However, the coin is very close to give a breakout above the key structure point, the previous lower-high. Once it closes above $340, the coin will gain bullish momentum. Until then, the coin may remain sideways with a bearish bias.

On the hourly charts, BNB has given an excellent breakout of the symmetrical triangle as well as reversal from the demand zone. A long bullish candle with high bullish volumes has sponsored the breakout.

If the breakout sustains, the trend of the coin will soon become bullish. The coin is expected to give a breakout in the coming week.

Market Indicators:

The Relative Strength Index is indicating extreme price strength as it hovers near the overbought zone. The RSI has given a steep surge in the last few hours indicating buying pressure. It currently stands at 70.38 and has the potential to witness a pullback.

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

Conclusion:

On the breakout and close above $336.82, $347.62 and $362.84 are the targets on the upside.

On the breakdown and close below $317.07, $308.52 and $296.20 are the targets on the downside.

UNISWAP ANALYSIS: AUGUST, 2021

Market Structure:

Uniswap is a fully decentralized protocol for automated liquidity provision on the Ethereum blockchain. Here’s the market structure of Uniswap.

Uniswap is trading at $22.641. The market structure of Uniswap is bullish as the coin has given a breakout of the previous lower-high structure point. In addition to that, the coin has also formed a double bottom formation on the daily time frame. This is yet another bullish confirmation on the charts. The front leg of the rally is constituted of thirteen of fifteen bullish candles. The market is completely in a buyer dominant zone which enables the coin to move much higher.

The immediate demand zone is placed between $21.52 and $21.75. On the other hand, the immediate supply zone is placed between $22.97 to $23.22. The coin can witness a powerful move on either side if that side is broken decisively.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The RSI is hovering near the overbought zone. It currently stands at 72.78 and has the potential to witness a pullback.

The MACD is above the signal line, confirming the possibility of a breakout above the supply zone in the short-term.

Conclusion:

On the breakout and close above $23.223, $23.443 and $24.774 are the targets on the upside.

On the breakdown and close below $21.52, $20.85 and $19.95 are the targets on the downside.

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