Bitcoin (BTC) bearish signals continue in the last days of August, according to crypto analyst Tony M. The analyst says this likely informs what awaits BTC over the fall. Meanwhile, despite the tempting discount, technicals suggest that Ethereum (ETH) will drop a little more. We have compiled Tony M’s analysis of Bitcoin and Ethereum for our readers.
“Bitcoin price shows another bear trend”
Bitcoin price is down 20% since it was briefly established last week at $25,211. The 20% drop caused the bears to successfully break through the psychological $20,000 barrier. Traders may want to consider stepping aside as September has produced bear market environments for Bitcoin price for the fourth consecutive year. Bitcoin’s end-of-month drop probably hints that the 5th consecutive year is near.
Bitcoin is currently changing hands at $19,992 at auction. According to Binance’s exchange metrics, the Volume Profile Indicator has received a heavy amount of trading in the market. Additionally, the Relative Strength Index still has ample buffering. When both indicators are combined, it probably warrants the idea that a market bottom has not yet formed.
Last week, a bearish trade thesis was published with an entry point of $23,125 and an invalidity level of $27,000. Traders participating in the projected move are in 0.8X venture capital profit. The override stays at $27,000 to avoid any last minute liquidity hunts before the month ends.
“Ethereum price is depreciating”
cryptocoin.comAs you follow, the leading altcoin lost support at the psychological $1,500 level. Since then, Ethereum price has been keeping investors interested this weekend. The sharp, descending bearish candle set by the bears is a moving freight train that many investors would not want to jump in front of.
Ethereum price is currently up for auction on Sunday, August 2028 at $1,484. The Relative Strength Index has a little more buffer room to drop. This brings to mind the idea that a market bottom has not yet occurred amid the sharp liquidation. Additionally, the Volume Profile Indicator showed an increase on August 19 last week. The bulls have yet to match a retaliatory trading day with equal or greater volume.
Therefore, traders will likely align with the bearish argument until there is more evidence to the contrary. ETH price points towards $1,400 and potentially $1,320 if market conditions continue. A closing candle above $1,750 is required for the bearish thesis to be invalidated. If the bulls can break past this level, a return to $2,000 is possible. This represents a 36% increase from the current Ethereum price.
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