fbpx
Skip to content Skip to footer

Price Analysis: Aug 26 – Sep 2 2019

After last week’s mediocre performance for Bitcoin, the cryptocurrency has gained 5% today past $10,400 against speculations that the market will see a bearish downturn. Some experts suggest that the falling of China Yuan (RMB) against the US Dollar (USD) may have been a factor for the rise in prices today. This week, top Altcoins include ETC, IOTA, ADA, TRX and XLM, with ETC coming out on top at 40% gains over the week as compared to other coins, largely due to the upcoming Altantis hard fork scheduled for September 13.

Bitcoin

Overview: Sideways, with a higher possibility of an approaching downturn

Although the long-term view of Bitcoin is still a sideway, the price hasn’t dropped below $9,000, which is a significant support line. However, the overall prices were unable to reach a new high and break the downward channel, it will continue on its downward trend. The red trendline is a support line for short-term trading, while the RSI continues to decline. Price patterns indicate a price compression in the form of a triangle and we will be able to see clearer market sentiments when the market closes for the week. 

Ethereum

Overview: Downtrend

Prices are still not able to reach a new high and it is almost certain that this downtrend will continue. Even though the price has not dropped to the significant support line at $170 yet, there is currently no clear signal of a price recovery. However, it may be able to trade for short-term trades as patterns have indicated that every time the RSI goes below 30, there is a higher possibility of a price recovery. 

We recommend traders to wait to see clear, significant market sentiments this week before buying in. If the price does not drop to a new low and still stands above $170, traders can consider this a buying opportunity.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is Asia’s leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Subscribe to SCN

SuperCryptoNews © {{2019}}. All rights reserved.                          Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

Subscribe to SCN

About SuperCryptoNews

SuperCryptoNews is Asia’s leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On