Bitcoin and Ethereum Weekly Targets: What Does the Crypto Week Ahead Hold?
- WBOYOriginal
- 2024-08-20 06:29:18305browse
The past week wasn’t quite volatile, as most cryptos were in a consolidating pattern, witnessing simply single-digit movements
The past week in crypto was largely defined by a lack of volatility, with most major assets consolidating within a narrow range.
However, Toncoin [TON] managed to decouple from the market, posting a gain of over 13% during the last seven days.
Bitcoin [BTC] and Ethereum [ETH] also posted modest gains, rising by 4% and 23%, respectively.
Here's a closer look at what to expect from BTC and ETH in the coming week.
At the time of writing, the Fear and Greed Index was reading 28, indicating that the market was in a “fear” phase.
This could suggest an increase in volatility ahead, with a potential move to the upside.
Bitcoin and Ethereum’s weekly targets
According to data from CoinMarketCap, Bitcoin’s price moved marginally last week, trading at $58,630 at press time.
On the other hand, Ethereum’s price saw a 23% weekly surge. At the time of writing, the king of altcoins was trading at $2,630.
Here's a technical analysis of BTC and ETH's daily charts to identify their upcoming targets.
Starting with BTC, its exchange reserve was decreasing at press time, suggesting lower selling pressure.
Its ACCOS multiple also had a value of over 0.7, indicating buying pressure.
For the uninitiated, a number closer to 1 suggests that the buying pressure is dominant in the market.
However, CryptoQuant’s data showed that BTC’s aSORP was in the red, suggesting that more investors were selling at a profit.
During a bull market, this could indicate a market top.
A look at BTC’s daily chart revealed that if the bulls gear up, it will be essential for BTC to break above the $61k level this week.
A successful breakout could allow BTC to target the $68k zone.
However, in case of a price drop, BTC could跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至跌至
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