BTC is supported by the 200-day moving average. It is currently trading just below $47k on either side the 50% Fibonacci level retracement. Although this week saw a slow sell-off since Monday’s multiweek high, technical outlook is not too negative if the Fib retracement and longer-dated MA hold. CCI is not in overbought territory, and is currently at its lowest point in a month. This helps to support the positive outlook. In the event of a sell-off, initial support should come from a cluster of recent lows as well as the 38.2% Fib Retracement between $42.5k & $44k.
BITCOIN (BTC/USD), DAILY PRICE CHART AUGUST 27, 20,21
The sharp rise in Ethereum mid-July is now halted and the 2nd most popular cryptocurrency is having trouble regaining its channel uptrend. The Ethereum market is trading in the $3,050-$3,250 range and is also trading on either side of a 20-day sma. The recent multiweek high of $3,378 is still close at hand. It will likely come under pressure in coming days and weeks, particularly if the supportive 20-day SMA remains.
Although the alt-coin market had a mixed week, it is now ending the week in a positive manner and trimming losses. Cardano (ADA), which is currently at $2.85, is up 12% over a seven-day basis. Binance Coin (BNB), up 11%, and Solana 11% respectively are also up in the same period. Other high-visibility coins like Ripple (XRP), Dogecoin(DOGE) and Polkadot are down about 10% over a seven-day period.
