Bitcoin consolidates as we see the first 100% run in a while

Not much has changed with the market in the last 24 hours. Bitcoin closed above $7000, looking to confirm the break out it recently made. The general consensus is that we are either looking at a breakout above towards $7400 or a retracement towards the current support of $6850. The second scenario seems more likely as indicators show the bull move has been slightly exhausted. We looked at what several traders thought about the current market situation:

Bitcoin (BTC)

Turningmecard provided an insight into Bitcoin, and suggested that a breakout could be expected on the 31st:

“I analyzed the daily chart, which is pretty bullish at the moment. NOW is a perfect chance to break upwards, actually! Guys, for the last 6 month, we had this thick red cloud above us, which is bearish. But now, we have a green cloud, which, if we penetrate through we can have good support. It is now good chance to break through 74/75 level, which is the descending triangle top, and challenge 7900 daily 200ma, which, most of the times rejected BTC . If above that, i believe 10k will happen.”

He suggests this position could also lead to a re-test of $6980/$7020, try $7170 from there and fall to $6800 or lower afterwards. Check out his complete analysis here to see what his actual trade plans for this level are.

Trader jollyjoker747 expands on the bearish sentiment:

“Bitcoin is currently moving inside a rising wedge pattern. RSI/Stoch overbought. “CMF” showing no real buying power. Many traders expect 7500 this week, but I see this as highly unlikely. Watch out for a break out of the wedge. If we break upward, my first target would be the 7500-7600 range. Breaking downward would drop us to the accumulation area around 6500, or even lower, to the support zone 5800-6000.”

AndyMillaa observed the Heikin Ashi candles, RSI, Bollinger Bands and a couple more indicators and confirmed the short/long targets of $6850/$7400 we mentioned at the beginning.

Ethereum (ETH)

Trader easyMarkets was his usual concise self with his analysis of ETH:

“ETHUSD is approaching our first resistance at 305 (horizontal overlap resistance, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 283 (horizontal pullback support, 61.8% Fibonacci extension, 50% Fibonacci retracement).

Stochastic (89,5,3) is approaching resistance where we might see a corresponding drop in price should it react off this level.”

Ripple (XRP)

Exsilium thinks there could be a slight bull trap scenario developing with XRP:

“There have been a number of formations broken to the upside over the last 24 hours, including bearish formations such as the Ascending Triangle. There is a confluence of resistance here at 0.354 with the descending trend-line from 6/3 which has been touched 4 times since then making it a pretty strong resistance trend-line. There is also the horizontal resistance area at 0.354 from 8/19 which was again tested on 8/21 which preceded a drop within 24 hours to below 0.31.”

He also looks at 1H RSI/1H Fischer and 4H RSI/4H Fischer and feels that most of these indicators are oversold and signal a sell-off. Check out the complete analysis here to see his current plans for future bullish/bearish scenarios.

@JoshMcGruff from Twitter had a more bullish overview of the currency:

Other thoughts

Naturally as the bull move is being exhausted we are starting to see a bit more red on the market. Various currencies that performed well during the last couple of days are now seeing some slight retracement, with Substratum (8%), Nano (8%), Aion (5%) and Bytecoin (4%) leading the drop-off. These coins going down has cleared the stage for others to have their own positive runs, and cryptocurrencies like Noah Coin (103%), Holo (21%), EOS (17%) Metaverse (10%) and Golem (10%) took advantage of that. Bitcoin remains in consolidation but we likely won’t have to wait too long to see where it’s headed to next.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Sarah Wurfel

Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

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