Price Analysis: BTC, ETH, ETC and BNB

The crypto market has currently taken a downwards trend, here we provide a price analysis for Bitcoin, Ethereum, Ethereum Classic and Binance Coin.

Price Analysis: BTC, ETH, ETC and BNB

Bitcoin (BTC) price has now fallen below $9,500 in quite an abrupt bearish movement, and as you know the largest cryptocurrency tends to like bringing the whole market down with it. No major coins or tokens have reported any gains in the last 24 hours.

Market is bleeding (Coin360)

BTC/USD

As of the time of writing BTC/USD is being traded at $9,485, and has already seen lows in the range of $9,320. Having already lost over 6% of its value in recent 24 hours, the short-term picture is looking very gloomy with BTC. The price is moving fast towards the next critical support area of $9,200 with strong bearish pressure. Once that support level is out of the way, then I would predict the sell-off will gain even more traction until we reach the psychological barrier of $9,000 which will most likely stop the bears for some time.

For any chance of a price recovery, we would need a big swing above $9,800 and for it to be sustained. Note that any upside correction of $9,800 and towards $10,000 levels will now face a very strong selling interest, which means sustaining those levels will be difficult: hence why I say it is looking gloomy.

BTC/USD, 1-hour chart
  • Bollinger Band - Look how wide open the upper and lower bands have become, this means the market is currently very volatile. The lower band is brushing against $9,200 which indicates it is a critical support level. And the middle band is around $9,600, which is why I would be very wary of saying recovery until we pass that area.
  • RSI - Bitcoin's 14-day RSI is currently in the oversold area.
  • Stochastic Oscillator - Both our fast Stoch (3 day) and slow (14 day) are moving towards oversold conditions, currently many traders will take this as an indication to sell.

ETH/BTC

The price of Ethereum has been trading sideways the past week and has been quite stable, after breaking out of a 2 month old falling price. Looking at ETH/BTC 1-day chart we can see ETH has been trading between 0.01918 BTC and 0.01767 BTC. Yes, in recent 24 hours ETH/USD is down over 9% and ETH/BTC is down over 2%. Though this could be attributed to the recent overall bearish trend of the market, as currently, traders themselves appear to be indecisive when it comes to ETH.

Trading volume remains lower than average, which is another indication that traders are not sure on the current market conditions. If the price does take a downward turn, there is a symbolic support level at 0.0171 BTC as lower would mean prices we have not seen in nearly 2 years. And from above, the nearest level of resistance lies at 0.01918 BTC.

ETH/BTC 1-day chart
  • Bollinger Band - It is narrowing, which indicates less volatility. The upper band shows the 0.01918 BTC resistance level. If we pass this area, then we could start to see an upward trend.
  • RSI - It is currently under 50 but has not varied much over the past few days, indicating market indecision and the current trading range.
  • Stochastic Oscillator - Both our fast Stoch (3 day) and slow (14 day) are also giving us neutral indications.

ETC/BTC

Recently Ethereum Classic has witnessed some big price gains, mostly influenced by news and partnerships that the market saw as being very positive: upcoming Atlantis update, Binance Lending, iZbreaker. The pump also caused an increase in media coverage of ETC, which though it is a top20 coin by market cap, tends to see less coverage than other major cryptocurrencies.

Trading spurred from news, hype and FOMO can be extremely volatile, which is what we are currently seeing on ETC/BTC market. In the past 24 hours ETC/BTC price is down over 5%, and we are now down by over 16% from the recent high of 0.000752 BTC on August 22nd. It is hard to tell if this is a hard price correction, or if Bitcoin's bearish movements have influenced the price.

ETC/BTC 1-day chart
  • Bollinger Band - Wide open, indicating extreme volatility. The middle band is currently in the 0.000596 BTC area. This is a good price level to watch, if it stays above this support level then ETC could move into trading sideways or even more upward trends. If not then the bears will take over and the downward trend will continue until major support is found at 0.000486 BTC.
  • RSI - It is currently very neutral, around the 50 mark.
  • Stochastic Oscillator - Both our fast and slow stoch have just dropped under 80, and trending downwards - this could indicate the ETC's path of price correction has now passed but if they move back into oversold conditions then watch out for another drop.

BNB/BTC

Binance Coin (BNB) has now conceded its recent trading so strongly over to the bears that BNB/BTC is showing clear oversold conditions from all indicators. In the past 24 hours BNB/BTC is down by over 6% and BNB/USD is down by over 13%. And over the past 7 days BNB/BTC is down by over 15%. If you are trading BNB, I think now is a big moment to evaluate your positions, as a strong rebound may see the return of bullish momentum and quite a big breakout.

If the downwards momentum does revert then the price rebound looks to go into the 0.0024023 - 0.0026071 BTC area.  

  • Bollinger Band - Current price is trading under the lower band, clearly indicating oversold conditions. We also have what looks like a W-Pattern forming (blue lines) which generally points towards a price breakout.
  • RSI - Also showing oversold conditions.
  • Stochastic Oscillator - Both our slow and fast stoch are indicating oversold conditions.

That's all for today! Please come join us in Reddit and let me know if you have any thoughts on the current crypto market trends. Do remember I am not a financial adviser, always do your own research before entering into any trades or cryptocurrency investments.

Happy trading!

Like our crypto content? We are currently fundraising to bring Atomic Arbitrage token trading to our platform and release a dApp development kit for multiple chains! Learn More Below.

Liquidity for all ETH tokens thanks to Atomic Arbitrage
We are happy to report successful testing of our prototype for atomic arbitrage and would like to announce an IDEO to support this features development.
Ethereum dApp Development Framework
Team Saturn is about to unleash #defi and smart contract explosion on EVM chains such as Ethereum, Ethereum Classic. Join the Winning Team!

 

0 Comments
Loading...