Bitcoin’s (BTC) retrieved from $29,482.61 on July 21 has gone on to transcended one resistance after another. Bitcoin went higher above the 200-day simple moving average this is to see whether or not the institutional investors will consider the asset is bullish or bearish.
Bitcoin’s (BTC) retrieved from $29,482.61 on July 21 has gone on to transcended one resistance after another. Bitcoin went higher above the 200-day simple moving average this is to see whether or not the institutional investors will consider the asset is bullish or bearish. One aspect that we could find as an optimistic sign from today’s rally has been that Bitcoin was not affected by the flash crash in gold which eventually decreased to a four-month low. This says that traders are centred on the principles of the sector and are not affected by the performance of other asset classes.
Bitcoin’s breakout above the overhead resistance at $45,451.67 reached a hit at the 200-day SMA ($44,954) on Aug. 7. The bears tried to increase the price under the breakout level at $42,451.67 on Aug. 8 but didn’t succeed.
The BTC/USDT increase at $42,451.67 level today and the bulls have increased the price above the 200-day SMA. If buyers maintained the price above the 200-day SMA this proves that an end of the downtrend. The pair can rally to the overhead resistance zone at $50,000 to $51,500 where the bears can hit a tough resistance. If the price can decrease down from this area but somehow stays above the 200-day SMA, it will increase the chances of the continuation of the up-move. A break higher than $51,500 could clear the path for a rally to $60,000. The bullish move means if the price goes down and breaks below the breakout level at $42,451.67. the pair could then decrease down to the next support at $36,670.
Ether (ETH) increased above the psychological level at $3,000 on Aug, 7. Which means the relation between could be over. The bears made an attempt to trap the belligerent bulls by pulling the price back below $3,000 but the buyers remained silent. The bulls are now trying to continue the uptrend and increase the price to $3,500 and then to the psychological resistance at $4,000. Nonetheless, the sharp rally of the past few days has pushed the relative strength index (RSI) into the overbought territory. This means that the rally is warmed up in the short term and a correction is possible. The initial sign of low point will be a break and close under $2,893.23. this could end up in a decline to $2,500.
Binance Coin (BNB) broke and went above the $340 resistance on Aug. 6, which ended a bullish ascending triangle pattern. The bears tried to lower the price under the breakout level but the altcoin bounced off the 200-day SMA ($328) today. The BNB/USDT pair can now begin its move toward the overhead resistance at $433. If the price decreases the pair could drop to $340 and remain range-bound for a few days. A breakdown and close below the 50-day SMA ($308) could change the benefit towards in favor of the bears. Hence, a breakout and close above $433 means that the correction is done. The pair can try to start a new uptrend that might reach $520.