Bitcoin (BTC) bearish signals continue into the final days of August, according to cryptocurrency analyst Tony M. The analyst says this likely informs what BTC awaits during the fall. Meanwhile, despite the tantalizing discount, the technical data suggests that Ethereum (ETH) will drop a little more. We have compiled Tony M’s analysis of Bitcoin and Ethereum for our readers.
“The price of bitcoin shows another bearish trend”
Bitcoin’s price has dropped 20% since it was briefly set last week at $ 25,211. The 20% decline led the bears to successfully break through the $ 20,000 psychological barrier. Traders may want to consider stepping aside as September produced bear market environments for the price of Bitcoin for the fourth consecutive year. Bitcoin’s month-end drop likely suggests that the fifth consecutive year is near.
Bitcoin is currently changing hands for $ 19,992 at auction. According to Binance’s trading metrics, the Volume Profile Indicator has received a large amount of trades in the market. Furthermore, the Relative Strength Index still has extensive buffering. When both indicators are combined, it probably justifies the idea that a market fund has not yet formed.
A bearish trade thesis was published last week with an entry point of $ 23,125 and a disability level of $ 27,000. Traders participating in the intended move have a 0.8x risk capital profit. The override remains at $ 27,000 to avoid any last-minute cash hunt before the end of the month.
“The price of Ethereum is depreciating”
cryptocurrency.comAs follows, the leading altcoin lost support at the psychological level of $ 1,500. Since then, Ethereum’s price has held investor interest this weekend. The sharp bearish and descending candle set by the bears is a moving freight train that many investors would not want to jump ahead.
The price of Ethereum is currently auctioned on Sunday August 2028 at $ 1,484. The Relative Strength Index has a little more leeway to go down. This brings to mind the idea that a market low has not yet occurred amid the strong liquidation. Also, the volume profile indicator showed an increase on August 19th last week. The bulls have yet to match a retaliatory trading day with equal or greater volume.
Therefore, traders will likely align with the bearish argument until there is more evidence to the contrary. ETH’s price points towards $ 1,400 and potentially $ 1,320 if market conditions continue. A closing candle above $ 1,750 is required to invalidate the bearish view. If the bulls break out of this level, a return to $ 2,000 is possible. This represents a 36% increase over Ethereum’s current price.
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