Bitcoin’s Steady Momentum

As of August 19, 2024, Bitcoin is trading above $58,000. According to experts at Cryptology, the situation remains stable since the previous forecast. They anticipate a consolidation phase through the end of August, maintaining a positive outlook as long as Bitcoin stays above the July 2024 low.

Bitcoin’s monthly chart analysis reveals no need for additional weekly analysis, indicating that the closing of the weekly bar will not impact the overall trend. Bitcoin continues to consolidate within its global structure, suggesting minimal significant movements in either direction for the time being.

Experts expect Bitcoin to reach the $64,000 zone either directly or after a minor dip to the $54,270 level, followed by liquidity accumulation and an upward breakout.

The Complex Scenario for Ethereum

In contrast, Ethereum’s situation is more intricate. The asset’s inability to close the monthly candle ideally suggests potential challenges ahead. Should Ethereum fail to close August above its previous low, it could signal further declines, possibly absorbing the monthly bar in September.

On the weekly timeframe, Ethereum shows potential for a correction to the $2281 area or even lower. This bearish outlook is mirrored in the daily chart, where scenarios involving a drop below $2300 remain plausible.

Patience in a Bullish Market

The coming weeks are expected to see consolidation, particularly in the Ethereum to Bitcoin trading pair. Experts at Cryptology stress the importance of patience in a bullish market, as consistent and measured approaches are crucial for achieving positive results.

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