Bitcoin, Binance Coin and Ethereum European Wrap 26 August

Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 

 

BTC/USDT 1-day chart

Binance Coin price has been on a retracement move since a local top in early August. During its descent, BNB also seems to be forming a head-and-shoulders pattern. While the confirmation is yet to arrive, speculators can realize good gains if they get in early, but the risks are also high. 

 

BNB/USDT 1-day chart

Ethereum layer one activity remained largely stagnant since the beginning of 2021. Analysts predict a massive rally in Ethereum price with scarcity emerging as a key driver of ETH. 

 

ETH-USD price chart