Bitcoin (BTC) is going through a tough challenge from the bears near the $48,000 mark. Based on a report the buy and sell level depicts those sellers on Binance have held their ground at $48,000. PlanB the creator of the stock-to-flow Bitcoin price model says if Bitcoin can close August above $47,000 the year-end “worst-case scenario” with target price of $135,000 doing the part.
Even with some loses the institutional adoption of Bitcoin continues to increase. Filings with United States Securities and Exchange Commission shows that the Four Wealth management firms have introduced shares in Grayscale’s Bitcoin investment trust. A recent survey of 42,000 people in 27 countries by product comparison website finder depicted a high adoption rate in Asia. Vietnam had the highest adoption rate at 41% whereas India and Indonesia had only a 305-adoption rate.
Bitcoin went down from the resistance line of the increasing wedge pattern on Aug 14. This points out that the bears are adamant and are still standing by the resistance line belligerently. The BTC/USDT pair can go down to the support line of the wedge which will eventually attract buyers. If the price rebounds off this level the bulls will once again try to continue the up-move. A breakout and close above the wedge could result with the bearish pattern and open the doors for a rally to $53,000 and then $60,000. The undeterred moving averages and the relative strength index (RSI) in the positive zone proves that the bulls are in control. If the bears decrease the price down below the wedge, the pair could drop to the 20-day exponential moving average ($42,682). If the price rebounds off this level, then the bulls will try to continue the up-move. Nevertheless, if the price decreases down the 20-day EMA, the pair may drop to the 50-day simple moving average ($37.176).
Ethereum classic (ETC) broke and closed above the overhead resistance at $63.56 on Aug. 13, finishing an ascending triangle pattern. This bullish setup has a pattern target at $94.91. normally, soon after breaking out of a pattern, the price decreases and resets the breakout level. In this case, the ETC/USDT pair could reset the $63.56 level in the next few days. If bulls change this level into support, the pair could start a new uptrend. The increasing 20-day EMA ($57) and the RSI in the overbought zone proves that bulls have the upper hand. If the price could go below $63.56, the pair could go down the 20-day EMA. If the bulls can jump the price above the $76.16 the next point could be $84.16. nevertheless, if bears decrease down the $70, the pair could decrease down to the 20-EMA. A strong bounce off this level could mean that the sentiment remains positive but a break below it may decrease the price to $63.56.