The US stock market is on track to achieve better results in August since 1984. Meanwhile, Bitcoin (BTC) is trying to reach a positive monthly close after a subsequent decline in August 2018 and August 2019. However, gold futures and the index did not support the US dollar (DXY) may end the month in red.

Berkshire Hathaway revealed 5% of Japan’s five largest trading companies, and just a few days ago the company announced that it had a stake in the gold mining company.

Max Keizer of Keizer Corporation believes recent Berkshire acquisitions indicate that Buffett is moving away from the dollar. Thus, Keizer expects that Bitcoin, gold and silver will reach full-time highs in the near future.

Although anything is possible in the markets, does the Bitcoin chart show bullish layouts 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 ($ 11559) on August 30, which is a positive sign. Now the bulls will try to push the price above the $ 11,113.50 resistance zone.

If they succeed, this will indicate a possible resumption of the trend with the next target of $ 13,000, followed by $ 14,000.

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

If the price deviates from the upper resistance, the BTC / USD may remain in the range of $ 12,113.50 to $ 11,000 for several days.

A break below $ 11,000 will indicate weakness, and the pair will fall negatively below the critical support zone from $ 10,400 to $ 10,000.

ETH / USD
On August 28, the bulls pushed Ether above the 20-day moving average ($ 400), followed by a strong bullish move on August 30, pushing the price above $ 415,634 resistance.

With this rally, the 20-day moving average begins to tip up again, and the RSI has broken through its downward line, indicating that the bulls are in control.

If they can move and hold the ETH / USD pair above $ 446,479, the trend is likely to continue with an initial target of $ 480, then $ 550.

Contrary to this assumption, if the pair moves away from the upper resistance, it may take some time to consolidate. Momentum will weaken if the Bears push the price below the critical support level of $ 366.

XRP / US Dollar
On August 30, the bulls pushed the XRP above the 20-day moving average ($ 0.28), indicating strong buying at lower levels. The 20-day moving average stabilized and the RSI rose above the 50 level, indicating that selling pressure has eased.

If the bulls manage to keep the price above the moving average of 20 days, it can move to $ 0.295, and then to $ 0.326113.

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

Link / USD
CONNECTION Chainlink broke over symmetrical triangle on August 29, indicating purchases at lower levels, but the Bears are reluctant to give up without a fight. They are currently trying to stop the rally to $ 17.6738.

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

If the bulls do not give up, the probability of breaking over $ 17.6738 will increase. Above this level, a re-test is probably $ 20.1111. If the bulls manage to push the price above this level, the bullish trend is likely to continue.

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

BCH / USD
Bitcoin Cash (BCH) jumped from the $ 260 support, but experienced resistance at $ 280. The moving average of 20 days ($ 282) is also just above this resistance; Therefore, the bears will try to defend this level aggressively.

If BCH / USD falls from current levels, the Bears will try to break the $ 260 support level again. If successful, it could drop to $ 245, then $ 232.

Source: CoinTelegraph

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