fbpx
Connect with us

Bit Coin

Gold, Stocks, and Bitcoin: Weekly Overview — September 9

Published

on

Gold, Stocks, and Bitcoin: Weekly Overview — September 9

This week’s price movements for Bitcoin (BTC), gold, and our stock picks Robinhood and MicroStrategy.

BTC

Bitcoin’s week turned out rather poorly, after sustaining above the $50,000 mark, which it managed to breach on September 2. Although it dipped below the next day, it pushed back to $51,000 later, before falling back around $50,500 where it lingered until September 5. Bitcoin then jumped up to $52,000, which it maintained into September 6, reaching $52,000 by September 7. However, over the course of the day Bitcoin dropped substantially, reaching as low as nearly $44,000, although it sustained around $48,000. It then fell further, trading around $46,000 going into September 9. It is currently trading around $47,000.

A 70% run-up in bitcoin’s value since late July, combined with the euphoria tied to El Salvador’s adopting bitcoin as a national currency, could have prompted traders to book profits, analysts said. “Profit-taking was very much on the cards,” said Naeem Aslam, London-based chief market analyst at brokerage AvaTrade. “In our view, that is a very healthy pullback.”

GOLD

Gold also ended up faring poorly towards the end of the week, moving in a somewhat inverted pattern to its previous two weeks. It ended the first week of September trading better $1,816 and $1,808, before spiking up at midday on September 3 to $1,832, calming down to $1,824 going into September 6. However, on September 7, Gold tanked similarly to Bitcoin, dropping to $1,792. Although it pushed back to $1,800 on September 8, it fell further to $1,790 where it is currently trading.

Gold gained on Thursday, snapping three straight sessions of declines as the dollar took a breather, but a slew of data from major economies limited the metal’s advance. Making gold cheaper for holders of other currencies, the dollar edged down, while the euro extended modest gains after the European Central Bank said it would slow the pace of bond buying under its emergency scheme. “The ECB is probably becoming much more optimistic on the economy and could probably start reducing stimulus at some point next year and that kind of sent gold back below $1,800,” said Ed Moya, senior market analyst at foreign exchange brokerage OANDA.

HOOD

Despite starting September strong, Robinhood seems to have had a rough week. Trading around $34 on August 31, HOOD pushed up to $46 by September 1. However, it only seems to have trickled down from there, falling below $43.50 by September 3,  then to $42 by September 8, when it dropped to $40.50. However, it has recovered marginally since then, reaching nearly $42.

This week Robinhood announced it would release a feature later this month that allows users to dollar cost average through recurring investments. The feature will allow users to buy their favorite cryptocurrencies on a regular basis. The feature is commission-free and can be scheduled on a daily, weekly, biweekly, or monthly basis. Robinhood will gradually roll out the feature to users by the end of the month. It says that this could help grow portfolios while simultaneously reducing the effects of the market’s volatility

MSTR

Meanwhile, MicroStrategy has seemed to rough it this week as well. Starting around $730 on September 2, it fell to $700 throughout the day, however bumping back up to $720 on September 3, before falling yet again to $710. However, upon opening after the weekend on September 7, MSTR dropped, reaching $640 by September 8, where it is currently trading.

It was revealed this week that MicroStrategy Chief Financial Officer Le Phong and Chief Technology Officer Timothy Lang exercised about 30% of their options in August. On Aug 26, Lang exercised 10,000 options then sold all the converted shares, receiving approximately $7.1 million. Earlier, between Aug 2 and 6, Phong exercised 20,000 options, subsequently selling the shares for $7.3 million. According to a filing from the SEC, both still retain about 20,000 options. Despite realizing the earnings, the move puts the executives at odds with the company’s Chief Executive. Michael Saylor, the driving force behind the company’s Bitcoin strategy, has not sold any of his shares, the filing reveals. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Bit Coin

BTC, ETH, XRP, ZEN, UNI, OMG, AXS — Technical Analysis Sept 28

Published

on

BTC, ETH, XRP, ZEN, UNI, OMG, AXS — Technical Analysis Sept 28

Bitcoin (BTC) was rejected by the $44,000 horizontal resistance area.

Ethereum (ETH) is following a descending resistance line and potentially trading inside a descending wedge.

XRP (XRP) is following a descending support line.

Horizen (ZEN) has broken down from an ascending support line.

Uniswap (UNI) has broken out from a descending wedge.

OMG Network (OMG) is following an ascending support line.

Axie Infinity (AXS) has broken out from a descending resistance line.

BTC

On Sept 27, BTC was rejected by the $44,000 resistance area and created a long upper wick (red icon). This is a bearish sign since the area had previously been acting as support, and the rejection now validates it as resistance.

Technical indicators in the daily time frame are bearish. Both the RSI and MACD are decreasing. The former is negative while the latter has just fallen below 50.

The next closest support area is found at $38,000.

ETH

ETH has been decreasing underneath a descending resistance line since Sept 3. Most recently, it was rejected by the line on Sept 16.

Due to the long lower wicks, the support line cannot be accurately determined. However, it’s possible that ETH is trading inside a descending wedge.

Despite the wedge normally being considered a bullish pattern, technical indicators are neutral. The RSI is right at the 50-line and the MACD is below 0, although it is increasing.

Therefore, the direction of the trend cannot be accurately determined at the current time.

XRP

XRP has been following a descending support line since Aug 17. So far, it has been validated multiple times, most recently on Sept 21. The final touch of the support line (green icon) also coincided with the 0.618 Fib retracement support level at $0.85.

Despite the fact that XRP is trading above a confluence of support levels, technical indicators are not bullish. The RSI is at the 50-line and the MACD is negative, even though it is moving upwards.

The closest support and resistance levels are found at $0.76 and $1.07 respectively.

ZEN

ZEN has been decreasing since Sept 15, after creating a double top pattern and a long upper wick. The pattern was also combined with a bearish divergence in the RSI.

Shortly after, it broke down from an ascending support line. The breakdown is supported by the MACD and RSI, which are both decreasing.

The closest support area is found at $53.

UNI

UNI has been decreasing since Sept 2. After the Sept 7 drop, it created a descending wedge, which led to a low of $17.73 on Sept 26.

However, UNI rebounded and broke out from the wedge. The breakout is supported by the increasing MACD and RSI.

The closest resistance area is found at $26.15, created by the 0.618 Fib retracement resistance levels.

If UNI is successful in moving above it, it may move toward new highs.

OMG

OMG has been following an ascending support line since July 20. However, since Sept 6, it has failed to break out above the $10.60 area, which is the 0.618 Fib retracement resistance level.

Despite the rejection, technical indicators are bullish. The RSI has generated a hidden bullish divergence and the MACD is positive.

Therefore, an eventual breakout would be likely. This could take OMG toward the $15.33 all-time high price.

AXS

AXS has been increasing since Sept 21 when it bounced at the $48.28 support area. The next day, it created a bullish engulfing candlestick and broke out from a descending resistance line.

Following this, it reclaimed the $63 horizontal area and validated it as support.

Both the MACD and RSI are increasing, supporting the continuation of the upward movement.

The next resistance area is found at the all-time highs of $94.50.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Continue Reading

Bit Coin

Bitcoin (BTC) Fails to Move Above $44,000 Resistance

Published

on

Bitcoin (BTC) Fails to Move Above $44,000 Resistance

Bitcoin (BTC) attempted to move upwards on Sept 27 but was rejected by the $44,000 resistance area.

While BTC is still trading inside the upper portion of a descending parallel channel, the price action is lacking bullish signals.

BTC gets rejected

On Sept 27, BTC made an attempt at moving above the $44,000 area but was promptly rejected (red icon). The area had acted as support in August and the beginning of September but turned to resistance after the breakdown on Sept 20. The rejection created an upper wick and a bearish candlestick. 

Besides trading below resistance, technical indicators for BTC have turned bearish as both the RSI and MACD are decreasing. The MACD has just crossed into negative territory while the RSI is below 50. 

If BTC were to continue moving downwards, the next closest support area would be found at $38,000.

Current channel

The six-hour chart shows a descending parallel channel, which usually contains corrective structures.

Currently, BTC is trading inside its upper portion. Furthermore, it’s trading just above the 0.5 Fib retracement support level.  

Despite being above a confluence of support levels, technical indicators are bearish/undecided. The MACD is negative and has lost its strength while the RSI has just fallen below 50.

The two-hour chart shows that BTC is following an ascending support line and has made three higher lows since Sept 21. While this can be seen as a bullish structure, the price action is not bullish. 

The previous resistance area at $43,000 that was expected to act as support did not. On the contrary, BTC fell right through it. Furthermore, both the MACD and RSI have turned bearish.

While there is very strong support at $41,500, created by the 0.786 Fib retracement support level and the ascending support line, the price action does not seem bullish.

Wave count

The most likely wave count still indicates that the decrease from Sept 7 to Sept 21 was part of an A-B-C corrective structure, in which waves A:C had an exact 1:1 ratio. This is also supported by the presence of the descending parallel channel.

However, the movement since the low does not seem impulsive, casting some doubt on the possibility of this being the correct count.

Alternative counts could see the movement as a flat A-B-C corrective structure (upper image), or in the more bearish case a 1/2-/1-2 wave structure (lower image). 

At the current time, the correct count cannot be determined.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Continue Reading

Bit Coin

Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

Published

on

Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

DeFi has become a major catalyst for Europe’s crypto economy. Large institutions have also upped their share of transactions significantly.

4747 Total views

93 Total shares

Europe becomes largest crypto economy with over T in transactions — Chainalysis

The region of central, northern and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year, according to new research from blockchain analytics firm Chainalysis. 

The report, which was released Tuesday, found that the CNWE region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralized finance, or DeFi.

Chainalysis describes crypto transactions as anything involving trade, investments and business dealings.

Europe has also become a hotbed for institutional investing, with transactions values in this category growing to $46.3 billion in June 2021 compared with just $1.4 billion in July 2020. Perhaps surprisingly, the United Kingdom is the single largest crypto economy in the region at $170 billion worth of transactions. Nearly half, or 49%, of the value was sent via DeFi protocols.

“The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume,” Chainalysis senior content marketing manager Henry Updegrave told Cointelegraph. 

A secular bull market for Bitcoin (BTC), the growth of competing smart contract platforms and the arrival of decentralized finance all contributed to crypto’s massive rally during the study period. It comes as no surprise that CNWE’s crypto market activity peaked in May 2021 during the height of the bull market, which was one month removed from Bitcoin hitting $64,000.

Chainalysis’ data corroborates a growing body of evidence showing that large institutional investors have become a driving force within crypto. Wealth managers, family offices and other institutional players have poured billions of dollars into Bitcoin and Ether (ETH) investment products offered by Grayscale, CoinShares, 21Shares and others.

Related: Crypto asset manager Cobo raises $40M to launch DeFi-as-a-service

Beyond the advanced economies of Europe, Chainalysis research has documented the growing uptake of crypto in emerging markets. The Chainalylsis 2021 Global Crypto Adoption Index named Vietnam, India and Pakistan as the leading countries for adoption based on on-chain value received, retail transactions and peer-to-peer exchange trade volume.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Gold, Stocks, and Bitcoin: Weekly Overview — September 9

Market

Trending