Bitcoin
Bitcoin and Ethereum price analysis and trend
Bitcoin analysis
The price of bitcoin took a few steps back over the weekend, but only lost 5.39% in total on the daily candles on Saturday and Sunday.
The total market capitalization of bitcoin is just under ¾ of a trillion dollars and represents 45.2% of the total cryptocurrency market capitalization at the time of writing.
The chart above from MarcPMarkets shows bitcoin colliding with an old resistance at $ 42k on a daily scale. Over the course of the day’s end on Sunday, BTC traded and dipped below $ 40k before heading towards the daily / weekly close.
There is still a possibility that bitcoin is in the same trading range it has been between $ 30k- $ 41k for months – we don’t know for sure if the bulls are back in full control or not until the $ 42k is dropped. behind permanently.
If $ 42k is breached to the upside, the next target is $ 46,843 and it may not take long to see $ 50k on the charts again. If the bears are able to win a round and push the price below $ 40k again, then the support resistance below is $ 38k.
The Fear and Greed Index which measures bitcoin sentiment once a day measures 48 and -12 from yesterday’s reading.
Bitcoin’s 24-hour range is $ 39,493- $ 42,532 and the 7-day range is $ 36,203- $ 42,628. The 30-day average price of BTC is $ 34,799.
Bitcoin closed the first daily candle in August at -3.59% and in the red for the second consecutive day with a value of $ 39,922.
Ethereum analysis
Ether shattered $ 2,500 , and $ 3,000 is the next big overhead target for the bulls around this time.
The chart below from VincePrince shows just how strong Ether’s trend is and the possibility of a return to $ 3,000 could be set.
If ETH breaks through the closest upper resistance of $ 2.643, the next stop could be $ 3k.
An opposite bearish outlook could be triggered if ETH fails to hold $ 2,500 and somehow falls out of its current range of 2,400- $ 2,600.
Ether’s 24-hour range is $ 2,527- $ 2,696 and the 7-day range is $ 2,157- $ 2,696. The 30-day average price of ETH is $ 2,155.
Ether recorded a daily candle close of $ 2,554 and was in green figures for the 4th consecutive day and for 11 of the last 12 days.
