Bitcoin looks likely to extend its gains above $ 50,000, while SHIB and VET could aim for moves above key price barriers.
In a bullish scenario, the price of Bitcoin (BTC) is targeting a new attack at $ 50,000, while a rise in sentiment in the cryptocurrency market could see coins like Shiba Inu (SHIB) and Vechain (VET) break through key resistance levels in the coming days.
The positive technical picture for the price of BTC benefits from the support of the weekly RSI, which tends towards overbought conditions. The weekly MACD also shows a bullish crossover, while the parabolic SAR is below the price to highlight a potential upward trend.
Daily chart of BTC/USD. Source : TradingView
Under the technical analyst pseudonym Rekt Capital, Bitcoin bulls need a decent rise of up to $ 51,000 if they want to stage another rise. In this case, the increase targets would be around $ 53,000 and then $59,000.
On the downside, immediate support is around the $ 46,500 area, with a prolonged pullback likely to bring the price of BTC back towards $ 43,250.
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Shiba Inu Awards
The SHIB / USD pair has fallen 14% over the past two weeks, after peaking at $ 0.0000092 on August 17.
The price of the Shiba Inu wedge has therefore traded in a downward channel since, with the bulls seeing multiple attempts to break thwarted at the level of the channel’s resistance line.
SHIB / USD chart over 4 hours. Source : TradingView
The RSI below 50 and a weakening MACD suggest that the path to the downside is more likely. The bearers retested the support line near $0.0000069 and could fall as far as $0.0000067.
However, the bulls can break the resistance of the channel if the price stays above $0.0000070. In such a scenario, SHIB / USD could go up to$ 0.0000072 and then $ 0.000075.
Price of Vechain
VET / USD is facing some downward pressure near $ 0.142 at the time of writing, but the bulls remain in control with the price up 3.5% and 20% in the last 24 hours and week respectively.
Daily chart of VET / USD. Source : TradingView
As can be seen from the chart, a continuation to the upside is likely given the bullish flag configuration. The daily RSI is above 60 while the MACD suggests a bullish crossover to also support the bullish view.
The price of Vechain must successfully break the horizontal resistance near $ 0.147 (formed since early June) so that the bulls can target the supply area of $0.162.
On the downside, the bulls need to hold above $ 0.137 to prevent any further selling pressure towards $ 0.128 or less.