Bitcoin has consolidated in price above the critical $19-19.5k support zone over the past week, despite having previously broken below the bear flag on the weekly chart. There has been relative calmness in the crypto markets this week, despite expectation that Bitcoin was going to fall further in price after its recent move. However, it remains below the 200 MA on the 1h chart at the time of writing, with several resistance levels for the premier virtual asset to overcome. Meanwhile, altcoins have continued their consolidation patterns in their respective charts, with varying degrees of price volatility present among the different cryptocurrencies.
Meanwhile, Ethereum (ETH) has formed healthy market structure over the past few weeks, and has formed higher lows and higher highs on the daily time frame, since its fall in price during the first half of June 2022. After reaching the $2000 milestone on August 13, it descended to the $1422 price level on August 28, before the following day’s bullish engulfing candle paved the way for a trend reversal. It will seek to break the $1700 resistance level should it continue its upward trend in the coming period.
In the meantime, Bitcoin Cash (BCH) has held well over the $111 support level in recent weeks, forming solid market structure in the process. It is currently consolidating at a higher prize zone than the previous region in June and July 2022, which preceded a run up to the local top of $166 per coin before its current consolidation zone. The renowned Bitcoin fork is engaged in constant battle with the 200 MA on both the 1h and 4h charts, as the price doesn’t stay below these levels for long but also cannot hold them as significant support for sufficient time spans before a further bullish move.
Litecoin (LTC) has exhibited relatively weaker behaviour than its fellow cryptocurrencies, as it has remained in the same price zone since its price fall in early May 2022. That being said, it has also formed higher lows on the daily chart, since its $40 bottom on June 14, 2022. Still, there is evident weakness in the market performance of the asset, despite it reclaiming the 200 MA on the 4h chart as support in recent days. It needs to break past the $63-65 resistance zone in order to manifest any sort of bullish momentum in the upcoming period, and should this happen, traders would definitely be weighing their options on potentially trading the breakout move.
