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Bitcoin, Ethereum Technical Analysis: BTC Edges Closer To $18,800 Support Level On Saturday

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Bitcoin, Ethereum Technical Analysis: BTC Edges Closer To $18,800 Support Level On Saturday

Bitcoin moved closer to its long-term support level of $18,800 to start the weekend, as prices of cryptocurrencies were once again lower. While bitcoin has now fallen for seven straight sessions, ethereum also saw similar declines, and as of writing is down 2.40% from yesterday’s high.

Bitcoin

The world’s largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices edged closer to a key support level.

Following a high of $19,590.12 on Friday, BTC/USD rallied to an intraday low of $19,027.08 to start the weekend.

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This move sees bitcoin hover slightly above its recent support point at $18,800, which was hit earlier in the week.

BTC/USD Daily Chart

Despite three recent moves below this level, breakouts have been mainly false, however bears could be set to attempt a more sustained drop in upcoming days.

Should we see a move below this point, the $17,500 mark will likely be the price target for those shorting the token.

In order to get there, relative strength would need to move below its own floor, with the 27.5 level on the RSI indicator acting as point of support.

Ethereum

Ethereum (ETH) bear’s were also pressuring prices to start the weekend, as the token continued to hover slightly above the $1,000 level.

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As of writing this, ETH/USD has now fallen to a low of $1,033.96 on Saturday, which is marginally below its $1,050 floor.

Should bearish pressure persist this weekend, then the next target would inevitably be below $1,000.

ETH/USD Daily Chart

In particular, bears will be looking at the $885 support point as a preferred exit point, however, the 14-day RSI would need to break below its current floor of 29.5.

Since the beginning of April, ETH has lost over two-thirds of its value, however, the declines might not have ended yet.

Do you expect any more significant drops in bitcoin’s and ethereum’s price this month? Leave your thoughts in the comments below.

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Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Analysis

Biggest Movers: MATIC, SOL Move Towards 4-Month Highs On Saturday

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Biggest Movers: MATIC, SOL Move Towards 4-Month Highs On Saturday

Polygon rallied to its highest point in nearly four months on Saturday, as the token climbed to the $1.00 mark to start the weekend. Solana was also trading at a multi-month high, as it rose by over 10% earlier in today’s session. As of writing, the global crypto market cap is trading nearly 3% higher.

Polygon (MATIC)

Polygon (MATIC) was a notable gainer on Saturday, as the token rose to its highest point since May.

Less than 24 hours after trading at a low of $0.9141, MATIC/USD climbed to a peak of $1.02 to start the weekend.

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This is the strongest point that the token has traded at since May 7, and comes after prices rallied past a key resistance level.

MATIC/USD – Daily Chart

Looking at the chart, this resistance was at the $0.9500 region, which was last breached on July 31. However, the move eventually turned into a false breakout.

As of writing, another resistance level was hit, with the 14-day relative strength index (RSI) now tracking at a ceiling of its own.

This is the 66 point on the index, which has been in place since July 17, when the RSI moved to a high above the 80 level.

Following earlier highs, MATIC is once again trading below $1.00, as bulls retreated from their previous positions.

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Solana (SOL)

In addition to MATIC, solana (SOL) was another big mover in today’s session, with it also climbing to its highest point since May.

SOL/USD raced to an intraday high of $48.18 to start the weekend’s session, as bulls attempted to recapture the $50.00 point.

The move sees solana hit its highest point since May 25, and comes as the 10-day (red) moving average (MA), crossed above the 25-day (blue) MA.

SOL/USD – Daily Chart

This is the first time since mid-July that such a cross has occurred, with prices rising from a floor of $32, to a ceiling of $47 on that occasion.

In addition to this, the 14-day RSI has also broken its ceiling, surging above the 59.20 resistance for the first time since July 18.

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Can solana hit $50.00 in August? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 For First Time Since May

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Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 For First Time Since May

Ethereum was trading above $2,000 to start the weekend, as the token hit its highest point since May. Crypto markets were back in the green, after marginally consolidating in Friday’s session. Bitcoin moved closer to $25,000 on Saturday, however has still yet to breach this ceiling.

Bitcoin

Bitcoin (BTC) was marginally higher on Saturday, as the token once again attempted to climb above the $25,000 level.

Following a low of $23,657.27 on Friday, BTC/USD hit an intraday high of $24,860.05 to start the weekend.

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The move saw bitcoin briefly break out of its resistance level of $24,600, and near a two-month high above $24,900 in the process.

BTC/USD – Daily Chart

Looking at the chart, today’s gains come as the 14-day relative strength index (RSI) finally broke out of its long-term resistance point at the 60.32 level.

As of writing, the index is currently tracking at 61.60, which is slightly below another point of uncertainty, at 61.80.

Overall, earlier gains have somewhat eased, with BTC currently trading at $24,407.29, as bulls seemed to have abandoned previous positions in order to secure profits.

Ethereum

Whilst BTC was struggling to break out of a key point at $25,000, ethereum (ETH) raced past its own ceiling in today’s session.

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On Saturday, prices of the world’s second-largest token moved above $2,000 for the first time since May.

Following a low of $1,868.42 on Friday, ETH/USD moved to a peak of $2,013.76 earlier in today’s session.

ETH/USD – Daily Chart

This is the highest point ethereum has traded at since May 23, and comes as price strength also surged past a ceiling of its own.

Looking at the chart, the RSI also raced past its resistance level at 68, and is currently tracking at 71.55, which is its strongest reading since April 4.

As of writing, ethereum is now overbought, which could see bears gradually look to position themselves for entries back into the market.

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Register your email here to get weekly price analysis updates sent to your inbox:

Will ethereum climb to further highs this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Altcoins

MATIC’s close above this range can provoke rally toward $1.18

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MATIC’s close above this range can provoke rally toward $1.18

Polygon’s [MATIC] recent bull run evoked a break beyond the EMA ribbons to reveal a robust buying revival. As the ribbons finally undertook a bullish flip, the $1-zone has been plateauing the streak of green candles.

The breach of its up-channel has signified ease in the buying pressure. A reliable jump below the existing pattern could expose the coin to a near-term downside in the coming sessions. At press time, MATIC was trading at $0.9215.

MATIC Daily Chart

Source: TradingView, MATIC/USDT

The recent ascending channel (white) oscillation aided MATIC bulls to steer the trend to their fancy while flipping the 20 EMA from resistance to support.

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However, the 200 EMA kept looking south while coinciding with the $1-zone resistance. This conflux of resistances created a stiff near-term hurdle for the bulls.

Going forward, the alt could continue its compression in the $0.88-$1 range while committing itself to a side channel in the daily timeframe. Any drop below the sideways track or the 20 EMA could expose the alt to a short-term plunge toward the $0.809 level.

An eventual close above the $0.95-$1.04 range can provoke a rally toward the $1.18 zone. But the bulls were yet to ramp up the trading volumes to sustain a close above the immediate resistance range.

Rationale

Source: TradingView, MATIC/USDT

The Relative Strength Index (RSI) ensured its position above the midline to depict a slight buying edge. A fall below the 58-mark support could reaffirm the decline tendencies on the chart.

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Furthermore, the Chaikin Money Flow’s (CMF) lower peaks highlighted ease in buying pressure. Traders/investors should look for a close below the zero-mark to confirm their bearish bias.

The Awesome Oscillator (AO) was on a gradual downtrend as it approached its equilibrium. A potential uptick in the volumes could help the alt break away from its low volatility phase.

Conclusion

MATIC’s sway above the EMA ribbons reflected a broader bullish advantage. Should the breakdown from the up-channel reignite short-term selling tendencies, the targets would remain the same as discussed. A consequent close above the 200 EMA would confirm a bearish invalidation.

Finally, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares a 94% 30-day correlation with the king coin.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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