Weekly Crypto Analysis [2024.08.14]: Price Action Trends, Support & Resistance Levels for Bitcoin, Ethereum, and Binance Coin

Hi, welcome to xlearn’s weekly crypto analysis article series.

By reading these articles, you can learn how to analyze prices and trade based on price action. The articles focus on major coins and tokens like BTC, ETH, and BNB, and sometimes include other top cryptos to watch right now.

Before we start trading, we need to understand what’s happening in the market and around the world. So, let’s start with an overview of this week’s economic events.

Economic Events this Week

These events encompass important global news that could affect cryptocurrency market, macroeconomic reports, and economic indicators.

For more details, you can check coinmarketcal & crypto craft.

2024.08.14

• 8:30 ET: the US CPI (Consumer Price Index) year-over-year report will be released. This report shows the change in the prices of goods and services bought by consumers. Both the previous and forecasted figures are at 3.0%. If the actual figure is lower than the forecast, it’s positive for crypto. Consumer prices make up a large part of overall inflation. Inflation matters because rising prices can cause the central bank to increase interest rates to control inflation.

Cryptos to Watch

Bitcoin(BTC):

BTC dropped as low as 49,000 but has since rebounded above the 60,000 range. Currently, the price is consolidating between resistance at 62,000 and support at 58,000. Since the price is trending upward, we might see a breakout above resistance, pushing the price toward 64,000 or higher. However, if the price falls below the support level, it could drop to 56,000 or lower. Keep an eye on today’s US CPI (inflation) data, as it could impact Bitcoin’s price.

Ethereum(ETH):

ETH is showing a similar pattern to Bitcoin. After dropping to a low of 2,100, the price started to recover and move up. Currently, it’s consolidating between the resistance at 2,750 and support at 2,600. As we know, a breakout will determine the next trend. If the price breaks above resistance, it could rise to 2,850 or higher. On the other hand, if it falls below 2,600 or 2,500, we could see a further drop towards the 2,350 or 2,150 range.

Binance Coin(BNB):

BNB coin dropped to the major support level of 400 and then bounced back up. Currently, the price is consolidating around the 525 range. Since the price seems to be in an uptrend, it could break above this resistance and move towards the 540 level. If 540 is also broken, the price may continue to rise. However, if the price pulls back and falls below the 500 support level, it could drop further towards the 460 level.

Conclusion & Disclaimer

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These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!