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Bitcoin, Ethereum Predictions – Consolidation Phase Leading to Higher Prices

Bitcoin, Ethereum Predictions – Consolidation Phase Leading to Higher Prices

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), Alt-Coins Price, Chart, and Analysis

  • 200-day sma remains supportive for Bitcoin.
  • Ethereum seeking 20-day sma support.
  • Alt-coins diverge, Solana (SOL) outperforms.
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Bitcoin has broken out of its recent uptrend channel and is now struggling to regain support turned resistance around $48k. BTC is currently supported by the 200-day simple moving average and is trading on either side of the 50% Fibonacci retracement level just under $47k. While this week has seen a gradual sell-off from Monday’s multi-week high, the technical outlook does not look overly negative if the longer-dated sma and the Fib retracement hold over the weekend. The CCI indicator is no longer in overbought territory and is currently at its lowest level in a month, aiding the positive outlook. A cluster of recent lows and the 38.2% Fib retracement between $42.5k and $44k should provide initial support in the case of any sell-off.

Bitcoin (BTC/USD) Daily Price Chart August 27, 2021

Bitcoin Chart

Ethereum’s sharp rise mid-July has come to a halt over the last two weeks and the 2nd largest cryptocurrency is struggling to regain the sharp channel uptrend. Ethereum is sitting in a very short-term $3,050 - $3,250 zone and is also trading either side of the 20-day sma. The recent multi-week high at $3,378 remain close at hand and is likely to come under pressure in the coming days and weeks, especially if the 20-day sma remains supportive.

Ethereum (ETH/USD) Daily Price Chart August 27, 2021

Ethereum Chart

The alt-coin market has had a mixed few days but is ending the week on in a positive fashion, trimming recent losses. Cardano (ADA) is back at $2.85 and up 12% on a 7-day basis, Binance Coin (BNB) is up 11% while Solana is also 11% higher over the same time frame. Other high visibility coins, Ripple (XRP), Dogecoin (DOGE), and Polkadot (DOT) are down around 10% on a 7-day basis.

Solana (SOL) Continues to Make Fresh Highs on Pumped Up Volume

What is your view on Bitcoin, Ethereum, and the Alt-Coin market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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