09 August chart overview for Bitcoin and Ethereum
- Bitcoin price pulled back after visiting the $24250 level yesterday.
- Ethereum’s price retreated from yesterday’s high of $1820.
- Iran made its first official import order using cryptocurrencies this week.
Bitcoin chart analysis
Bitcoin price pulled back after visiting the $24250 level yesterday. We failed to hold above $24000, and a pullback followed, and the price fell to $23250. Once again, we returned to the zone around the $23000 level. Additional support at that level is in the MA200 moving average. A continuation in the price of Bitcoin decline could follow if we fail to hold above the current support. Potential lower targets are $22500 and $22000 levels. For a bullish option, we need a new positive consolidation and a new price return above the $24000 level. After that, we must hold above and continue towards the 25000$ level with the next bullish impulse. The previous high was on July 30 at $24700.
Ethereum chart analysis
Ethereum’s price retreated from yesterday’s high of $1820. Too much pressure on the price took effect very quickly and brought it down to the $1700 support zone. Additional support at that level is in the MA200 moving average. If we don’t find support here now, a further pullback in the price of Ethereum could follow. Potential lower targets are $1600 and $1560 August low. For a bullish option, we need a new positive consolidation that would take us back up to the $1800 level. After that, we should climb above and try to stay above. If we succeed, the price could try to continue towards the $1900 level.
Market overview
Iran made its first official import order using cryptocurrencies this week. The move could allow Iran to circumvent US sanctions. This was the first step toward enabling the country to trade through digital assets. In this way, it bypasses the global financial system dominated by the dollar and can now trade with other countries that are restricted by the US or other sanctions. By the end of September, cryptocurrencies and smart contracts are expected to be widespread in foreign trade with certain countries.
