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Bitcoin and Ethereum Short Sale

Looking at the Bitcoin chart on the daily time frame, we saw yesterday that we had a price pull from $ 50,800. Bitcoin failed to climb above 61.8% Fibonacci levels to $ 51,250. The resistance seemed too great, and the price dropped to the current $ 48,280. We will soon be approaching 50.0% Fibonacci level at 46950% and a 20-day moving average. It is possible that we will see some support there because, below $ 46,000, a 200-day moving average awaits us. A break below this support zone leads us to a 38.2% Fibonacci level at $ 42,660. Contrary to this scenario, we need support in this zone and positive consolidation, which will again direct the price of Bitcoin once again towards a 61.8% Fibonacci level.

Ethereum chart analysis

Looking at the Ethereum chart on the daily time frame, we see that the price has dropped below the 20-day moving average. Resistance at 61.8% Fibonacci level at $ 3360 was once again confirmed yesterday. Now we are back again at the 50.0% Fibonacci level at $ 3040. Thus, asking for support again in the same place as last week. For the bullish scenario, we first need positive consolidation and targeting again towards 61.8% Fibonacci level. For the bearish scenario, we expect the price to continue to fall below 50.0% Fibonacci levels from the target to 38.2% Fibonacci levels at $ 2725, asking for that support to continue on the bullish side. About 38.2% of the level, we expect additional support in the 50-day and 200-day moving averages.

Market overview

Citigroup is preparing to start offering Bitcoin of the future while waiting for regulatory approvals for the cryptocurrency trading table in the UK.

According to an anonymous source who spoke with CoinDesk, City is waiting to get regulatory approval to start trading bitcoin battles on the Chicago Board of Trade (CME).

Given the regulatory framework and supervisor expectations, the bank was cautious about offering cryptocurrency-related services. The source revealed that the bank considers digital asset products, including futures, for its institutional clients.

Another source who spoke to the media said that Bitcoin exchanges (ETNs) would come next after the approval for trading CME Bitcoin futures.

City also hires traders to work with bitcoin battles to be part of the crypto team in London, according to CoinDesk. However, the bank rejected parts of the report. They stated that the company’s claims about starting a crypto team in the UK and researching Bitcoin ETN were incorrect.

The price of bitcoin is returning after it jumped to more than 50,000 dollars on August 23. The leading cryptocurrency could correct to retest critical levels of support before continuing its upward trend.

Conclusion

Analysts note a decline in the illiquid supply ratio as dormant Bitcoins move, retaining short-term bearish prospects. The growth of the bitcoin balance on the stock exchanges is the biggest, one-day inflow from “Black Thursday,” which will probably cause a mass sale. A reduction in the stock of whales’ bitcoin wallets has been observed. This probably means that the whales are waiting to start accumulating.

Historically, the increase in bitcoin inflows to stock exchanges – an activity now being observed – comes before the price falls. Analysts fear further consolidation of assets before they continue the upward trend.

Over the past 36 hours, the inflow of bitcoin on the stock exchanges and the net flow of bitcoin on the stock exchanges both indicators indicate that the balance of BTC wallets on the stock exchanges is increasing. These indicators are considered a precursor to the sale event.

Historically, large inflows of bitcoin on exchanges signal that large wallet addresses are preparing to unload part of their BTC funds and take profits.

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