Bitcoin, Ethereum forecast consolidation phase leading to higher prices

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Bitcoin (BTC / USD), Ethereum (ETH / USD), 200-day Alt-Coins Price, Chart and AnalysisSma remain favorable to Bitcoin. Ethereum is looking for 20-day sma support. Diverging Alt-coins, Solana (SOL) outperforming.

Bitcoin has broken its recent uptrend channel and is now struggling to regain support that has turned resistance around $ 48,000. BTC is currently supported by the 200-day simple moving average and is trading on either side of the 50% Fibonacci retracement level just below $ 47,000. While this week saw a gradual sell-off from Monday’s multi-week high, the technical outlook doesn’t look too negative if the longer-term sma and Fib retracement hold over the weekend. The CCI indicator is no longer in overbought territory and is currently at its lowest level for a month, confirming the positive outlook. A cluster of recent lows and the 38.2% Fib retracement between $ 42.5,000 and $ 44,000 should provide initial support in the event of a sell off.

Daily Bitcoin Price Chart (BTC / USD) August 27, 2021

Ethereum’s steep rise in mid-July has halted for the past two weeks, and the 2nd largest cryptocurrency is struggling to regain the channel’s strong bullish trend. Ethereum is in a very short term area of ​​$ 3,050 to $ 3,250 and is also trading on either side of the 20 day sma. The recent multi-week high at $ 3,378 remains within reach and is likely to come under pressure in the days and weeks to come, especially if the 20-day sma remains favorable.

Ethereum (ETH / USD) Daily Price Chart August 27, 2021

The alt-coin market has seen a few mixed days, but ends the week on a positive note, reducing recent losses. Cardano (ADA) is back at $ 2.85 and up 12% over 7 days, Binance Coin (BNB) is up 11% while Solana is also 11% higher over the same period. Other high visibility coins, Ripple (XRP), Dogecoin (DOGE) and Polkadot (DOT) are down around 10% on a 7 day basis.

Solana (SOL) continues to reach new heights with inflated volume

What’s your take on Bitcoin, Ethereum and the Alt-Coin market – bullish or bearish? You can let us know via the form at the end of this article or you can contact the author via Twitter @ nickcawley1.

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