During August, the price of bitcoin manages to move the centre of gravity of the price movement upwards in the range of $23000-24000. This month, the price is relatively maintained above $23,000. Only a couple of times we have had a dip below the price of $22,500-22,700. The MA200 is moving in line with the support zone, and if the price manages to stay above $23000, we could see another recovery to the $24000 resistance zone. After that, we need a break above for a potential continuation towards the $25000 higher psychological resistance. We need a negative consolidation and a drop below this support zone for a bearish option. Our support line is additional support. If we fail to consolidate at that level, a further price pullback will probably follow. Potential lower targets are $22500 and $22000 levels.
Ethereum chart analysis
The price of Ethereum fell to the $1660 level this morning but managed to consolidate and start a new bullish momentum. Everything was calm until the US inflation data was published, which was lower than expected and negatively affected the US dollar. The price of Ethereum jumped again to the $1800 level in literally 5 minutes. Now we need to hold on to that level in order to try to continue towards the next zone around $1900. We need a new negative consolidation and a pullback below the $1800 level for a bearish option. After that, we could expect a continuation of the pullback to the previous support zone at the $1700 level. In that zone, we have additional support in the MA20 and MA200 moving averages.
Market overview
13,000 Chinese social media accounts that promoted investments in the virtual currency were shut down. It was published recently by the China Cyberspace Administration. It removed over 50,000 social media posts with content related to the marketing or promotion of cryptocurrency investments.
Iran paid the first import of goods in cryptocurrency; the contract was worth 10 million dollars. It is currently unknown which cryptocurrency was used in the transaction. With this move, Iran bypassed American sanctions.
