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Ethereum vs Bitcoin: BTC Takes Downward Price Shift Over A Week; ETH Responds

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  • Bitcoin awaits a strong price recovery since the last 3 days, Ethereum follows the suit
  • BTC price has stepped down remarkably over the last 5 days, shifted from $11,886 to $11,272
  • BTC has traced a bearish trendline while it appears on the way of mild price recovery
  • ETH also is in hassle to rebound but is facing hurdles to trade above $210

Today, Bitcoin price has furthered its downward price momentum as the coin has recently entered into the price range around $11,200. Till 14:54 UTC, BTC was oscillating between $11,400 to $11,300. Meanwhile, Ethereum is still yet to make any price move above $210.

On 8th August, BTC had its opening price above $11,900 and was firmly above $11,800 till 13:25 UTC on the same day. The coin saw a plunge to $11,494 and then escalated above $12,000 again instigating a hope that the leading coin will persistently trade beyond. Though the coin pulled back around $11,700 and after surging above $11,886, it sharply dropped even below $11,300 with a decline of 4.99%.

After the major fall, Bitcoin has not been able to surge even above $11,600, though it had a mild upswing near $11,506 after which it has traced a bearish trendline. At 09:22:04 UTC, the coin is trading at $12272.52 and over the last 5 days, BTC has decreased by 5.70%.

Ethereum – Bitcoin Price Chart:

Bitcoin/Ethereum Price Chart

Ethereum, while carrying a selling pressure, was trading with its price at $224.70 and it reached to $217.37 with a drop. The coin corrected a bit to $220.70 and then again took a fall to $201.52. Notably, both the coin have traced an impulse pattern.

After a recent fall to $201.52, ETH has slowly corrected up. At 09:22:04 UTC, ETH was trading at $208.30.

Source:cryptonewsz

Bitcoin

Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector

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  • BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
  • BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.

After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.

BTC/USD Confluence Detector

fxsoriginal

Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.

On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.


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Bitcoin to soon be accepted at 65,000 Swiss Retailers

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  • 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
  • The new development comes on the back of a partnership between Bitcoin Suisse and Worldline. 

It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services. 

65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline. 

It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.

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Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

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  • 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, failing to attract commitment. 
  • The bulls must again breakdown and hold above the $9000 price mark for greater upside. 

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure. 

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher. 

Spot rate:                   8,771.49

Relative change:       +0.50%

High:                          8,838.90

Low:                           8,707.85

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