⚠️ Breaking Updates Regarding $BTC $ETH $SOL
1️⃣ Bitcoin (BTC) is nearing a death cross, where the 50-day simple moving average (SMA) falls below the 200-day SMA. Despite its bearish reputation, historical data shows a median return of 18% two months after such occurrences since 2015. Recently, Bitcoin whales have been accumulating BTC, indicating a bullish outlook. However, spot Bitcoin ETF buyers have been selling, leading to a net outflow. The price action suggests a battle between bulls and bears, with potential volatility in the near term. Key levels to watch are $55,724 for support and $70,000 to $73,777 for resistance.
2️⃣Ether (ETH) saw a sharp rise on August 8, breaking above the 38.2% Fibonacci retracement level of $2,602, indicating strong buying interest. Buyers aim to push the price to the breakdown level of $2,850, which is expected to act as strong resistance. If the price turns down from this level, it suggests bears are trying to flip it into resistance. The ETH/USDT pair could then decline towards $2,111. A range-bound action between $2,111 and $2,850 is possible, with bulls gaining control above the 50-day SMA at $3,197.
3️⃣ Solana (SOL) rallied and closed above the 20-day EMA at $157 on August 8, showing strong buying at lower levels. The flattish 20-day EMA and the RSI near the midpoint suggest consolidation in the near term. If the price stays above the 20-day EMA, the SOL/USDT pair could reach the overhead resistance at $189. A break and close below the moving averages would indicate that bears are selling on rallies, potentially pushing the pair down to $116.
