The US stock market is well on its way to seeing its best performance since August 1984. Meanwhile, Bitcoin (BTC) is attempting a positive end of the month after falling consecutively in August 2018 and August 2019. However, gold futures and the US dollar index (DXY) were not in favor, as both ended the month in the red.

Berkshire Hathaway announced a 5% stake in five leading Japanese trading companies, and just days ago the company announced it had an interest in the gold mining company.

Max Keizer of the Keizer Report believes these recent Berkshire purchases are an indication that Buffett is diversifying away from the dollar. Hence, Keizer expects Bitcoin, gold and silver to hit all-time highs in the near future.

While anything is possible in the markets, does the Bitcoin chart show bullish setups that support a sharp rally in the short term?

Let’s analyze the graphs to find out!

Bitcoin / USD
Bitcoin broke out of the 20-day exponential moving average ($ 11,559) on August 30, which is a positive sign. The bulls will now attempt to push the price above the USD 12,113.50 resistance zone.

If successful, it would indicate a possible resumption of the uptrend with the next target of $ 13,000 and then $ 14,000.

However, the 20-day moving average is stable and the RSI indicator is just above its midpoint, indicating a balance between supply and demand.

If the price falls below the upper resistance, BTC / USD may remain restricted in a range of $ 12,113.50 to $ 11,000 for a few days.

A break below $ 11,000 indicates weakness and the pair turns negative if it breaks below the critical support zone of $ 10,400 to $ 10,000.

ETH / USD
The bulls pushed ether above the 20-day moving average ($ 400) on August 28 and followed with a strong upward move on August 30, bringing the price above the resistance of $ 415.634.

With this rally, the 20-day moving average is starting to slide again and the RSI has broken off the downtrendline, indicating that the bulls are in control.

If they manage to push the ETH / USD pair down and hold above $ 446.479, the uptrend will likely resume with the first target of $ 480 and then $ 550.

Contrary to this belief, if the pair falls from the upper resistance, it may spend some time consolidating. The momentum would weaken if the bears cut the price below the critical $ 366 support.

XRP / USD
The bulls pushed the XRP above the 20-day moving average ($ 0.28) on Aug. 30, indicating a strong buy at lows. The 20-day moving average has flattened and the RSI has risen above the 50 level, indicating that selling pressures have decreased.

If the bulls manage to keep the price above the 20-day EMA, it is possible to move to $ 0.295 and then to $ 0.326113.

Contrary to this assumption, if the XRP / USD pair falls below the 20-day moving average, the bears will seek to bring the price below the 50-day simple moving average ($ 0.26). If successful, the decline may extend to the Fibonacci retracement level of 61.8% at $ 0.241068.

Link / USD
Chainlink’s LINK broke above the symmetrical triangle on Aug 29, indicating a buy at lower levels, but the bears are unwilling to give up without a fight. They are currently trying to stop the uptrend at USD 17.6738.

However, the 20-day moving average ($ 15) is higher and the RSI is in positive territory, indicating that bulls have the upper hand.

Unless the bulls give up much ground, the likelihood of a breakout rises above $ 17.6738. Above that level, a retest of $ 20.1111 is likely. If the bulls manage to push the price above this level, the uptrend is likely to resume.

Contrary to this assumption, a deeper decline in the 50-day SMA ($ 11.72) is possible if the bears cut the LINK / USD pair below the 20-day moving average.

BCH / USD
Bitcoin Cash (BCH) bounced back from the USD 260 support but faces a resistance of USD 280. The 20-day EMA ($ 282) is just above this resistance. Therefore, the bears will try to aggressively defend this level.

If the BCH / USD pair drops from current levels, the bears will try again to break below the USD 260 support. If successful, it could drop to $ 245 and then to $ 232.

Source: CoinTelegraph

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