Home Economy Bitcoin : Bitcoin (BTC) still consolidates, while Ether and LINK take off Bitcoin : Bitcoin (BTC) still consolidates, while Ether and LINK take off August 31, 2020
Bitcoin (BTC) has rebounded above $ 11,100 twice before leveling off again around $ 11,500 at present.
Consolidation continues on Bitcoin which is still moving in his range between $ 11,000 and $ 12,100 .Bitcoin in its range
The situation remains indecisive and almost unchanged from my last analysis.The usual indicators are always complicated to interpret and not very relevant.
The volatility remains very low and we will really have to wait for the outcome of this new consolidation to be able to position ourselves effectively.
We will still note several positive points for Bitcoin.First, on a weekly basis, the close was defended above the $ 11,500 support .BTC above its Weekly support
This is excellent news, the support is holding and it reinforces the hypothesis of a bullish rebound .In the event of a breakout of $ 12,100, Bitcoin could soar directly to $ 14,000.
On a daily basis, the situation remains undecided and very neutral .
In the shorter term, however, there are signs of a bullish recovery.
Bitcoin in H4
In H4, the BTC validated a exit from its bearish channel and a double bottom on the $ 11,000 .Supported by a bullish divergence on momentum indicators, the current rebound is therefore logical.
However, volumes and intensities remain very low and we must remain cautious in times of range.However, the trend remains bullish in H4 and logic would like a new test of the resistance of $ 12,100 who will judge the sequence of events.
Check out our guide to buying Bitcoin Ether leaves again
The situation with Ether (ETH) was much more favorable than that of Bitcoin.Ether in Weekly
Indeed, ETH could count on long-term concrete support at $ 370 .This level has been perfectly defended and can observe there a strong bullish reaction.
Ether has indeed rebounded on its support, following multiple bullish divergences in H4 as well as a double bottom on the $ 370.Ether in H4
The trend is ironed bullish in H4 and does not seem to falter.ETH is already back on its previous highs and could overtake them very soon.
This would mark a real end of consolidation and a total resumption of the uptrend on Ether .
To support this hypothesis, we will note the hidden bullish divergences visible in Daily on the RSI and the MACD.
Bullish divergences and rebound on support for ETH (Daily)
In view of the Weekly chart, Ether would then have a clear path to $ 630 , first reasonable objective.
The $ 800 zone would then be the second relevant objective.
Follow our guide to buy Aether The Chainlink takes off
The LINK token of the Chainlink project has experienced a meteoric rise since July 6 and the breaking of its resistance at $ 4.8.Since then, the LINK is in a strong uptrend .
Rejected at $ 20, the LINK experienced a correction relatively large bringing it up to $ 13.
However, the underlying trend remains completely bullish.
Indeed, we have no turning figure price, nor any element of potential reversal such as bearish divergences on momentum indicators.The Chainlink in Daily
The 9 and 18 moving averages always indicate the direction of the rise, and the price is maintaining its moving supports on Ichimoku.All this leads us to think that the LINK simply corrected, but remains in an uptrend.
By bouncing off the Kijun twice as well as leaning perfectly on the level 52 RSI support, we can consider that the LINK has completed its correction.The configuration is almost identical to the correction experienced by the LINK at the end of July, preceding a further increase of + 200% .Comparison with July correction
To confirm this, we can see a double bottom validated , signing a bullish rally in Daily as well as another overtaking of Tenkan.
In H4 too, we can clearly see the ongoing bullish recovery with the exit of the descending bevel held during the corrective phase.Bullish recovery in H4 on the LINK
The LINK therefore resumes its uptrend and should be ready to look for new highs in the days to come.
Discover the LINK on Binance » In conclusion
Bitcoin recovers without much conviction and continues to consolidate.The Aether bounces off its major support and returns to its previous highs, while the LINK is back in an uptrend and should quickly exceed its all-time highs.
Will altcoins be able to carry the market towards an uptrend recovery? We should know in a few days …
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About the Author : Cryptanalyst Interested in the first place in cryptocurrencies, I then developed a passion for trading and technical analysis.
Today I share my analyzes and knowledge on my Youtube channel as well as on Twitter.All articles from Cryptanalyst..