fbpx
Connect with us

Bit Coin

Price analysis 8/11: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, LINK, SOL

Published

on

Price analysis 8/11: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, LINK, SOL

Bitcoin’s (BTC) strong recovery and march toward the psychological level at $50,000 has improved the overall sentiment in the crypto sector. That has boosted the total crypto market capitalization to over $1.9 trillion.

Data from Glassnode shows a sharp increase in the dominance of Bitcoin transactions exceeding $1 million in the past few months. The on-chain analytics firm noted in its report that the transactions by the $1 million to $10 million group surged when Bitcoin corrected to $29,000 in July. This suggests that institutional investors may have been buying, which is “fairly constructive for price.”

Daily cryptocurrency market performance. Source: Coin360

Further evidence of possible institutional buying came from CryptoQuant data showing that Bitcoin reserves on derivatives exchanges have declined to 1.256 million Bitcoin, the lowest level since May 11. A similar drop in derivatives exchange balances was seen before the start of the bull run at the end of 2020.

With signs of institutional accumulation increasing, could the bullish momentum pick up further in the next few days or is it high time to book profits? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears have been attempting to pull the price back below the 200-day simple moving average ($45,091) for the past two days but the bulls have held their ground.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($41,010) has been sloping up and the relative strength index (RSI) is in the overbought zone, indicating that bulls are in control.

If buyers propel the price above $46,700, the BTC/USDT pair is likely to start its journey toward the $50,000 to $51,500 resistance zone. The bears will try to stall the rally in this zone but if the bulls can overcome the challenge, the pair could rise to $60,000.

If bears pull the price back below the 200-day SMA, the pair could drop to the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will make another attempt to start the uptrend.

Conversely, a break below the 20-day EMA could open the doors for a decline to the next support at $36,670. This is an important level for the bulls to defend because if it cracks, the bears will smell an opportunity.

ETH/USDT

Ether’s (ETH) strong rebound on Aug. 9 shows that bulls flipped the $3,000 level into support. This level is likely to act as a floor on future declines.

ETH/USDT daily chart. Source: TradingView

The bulls are attempting to resume the uptrend today. The ETH/USDT pair could now rally to the $3,4441.73 to $3,587.06 resistance zone where the bears are likely to pose a stiff challenge.

If the price turns down from this zone but rebounds off $3,000, it will suggest that bulls are buying on dips. That will improve the prospects of a rally to $4,000.

Alternatively, if bears pull the price below the 20-day EMA ($2,712), it will suggest that the current breakout was a bull trap. The pair could then drop to the 200-day SMA ($2,229).

BNB/USDT

Binance Coin (BNB) rebounded off the moving averages on Aug. 9 and started its upward journey toward the resistance of the large $211.70 to $433 range. The bears are likely to defend the $433 level aggressively.

BNB/USDT daily chart. Source: TradingView

However, if bulls do not give up much ground near $433 or if they buy the dips to the 20-day EMA ($338), the likelihood of a break above $433 increases. If that happens, the BNB/USDT pair could rally to $520 and later to $600.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below $340, it will suggest that the range-bound action may continue for a few more days.

ADA/USDT

The bears attempted to stall Cardano’s (ADA) relief rally at the $1.50 resistance but they could not pull the price back below the 20-day EMA ($1.42). This showed that bulls were not booking profits as they anticipated the recovery to continue.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair surged above the $1.50 level on Aug. 10 and could now rally to the overhead resistance at $1.94. This level could attract profit-booking and if the price turns down from it, the bears will attempt to pull the price back to $1.50.

If that happens, the pair could extend its range-bound action for a few more days. On the contrary, if bulls thrust the price above $1.94, the pair could challenge the all-time high at $2.47. A breakout and close above this level will suggest the resumption of the uptrend.

XRP/USDT

The bulls successfully held the retest of the breakout level at $0.75 on Aug. 9 and pushed XRP back above the 200-day SMA ($0.80). The altcoin could now rally to the downtrend line of the descending channel where the bears may mount a stiff resistance.

XRP/USDT daily chart. Source: TradingView

If the price turns down from the downtrend line but rebounds off the 20-day EMA ($0.75), it will indicate that bulls are buying on dips. A breakout and close above the descending channel will signal a possible change in trend.

The first target on the upside is $1.07 and if bulls push the price above this resistance, the up-move may reach $1.26. Alternatively, if the price turns down from the current level or the downtrend line and breaks below $0.69, it will suggest that the downtrend remains intact.

DOGE/USDT

Dogecoin (DOGE) turned down from the overhead resistance at $0.29 on Aug. 8 but the correction was short-lived as the price again bounced back on Aug. 9. The bulls will now try to push the price above the overhead resistance.

DOGE/USDT daily chart. Source: TradingView

If they succeed, the DOGE/USDT pair could rally to $0.35. This level may act as stiff resistance but if bulls clear this hurdle, the up-move may reach $0.45. The 20-day EMA ($0.22) has started to turn up and the RSI is just below the overbought zone, suggesting that the path of least resistance is to the upside.

On the other hand, if the price turns down from $0.29, the pair could drop to the 20-day EMA. If the price rebounds off this support, the bulls will make one more attempt to propel the price above $0.29. Conversely, a break below the 20-day EMA could keep the pair range-bound between $0.21 and $0.29 for a few days.

DOT/USDT

The bears attempted to stall Polkadot’s (DOT) recovery at the overhead resistance at $21 for the past few days but the bulls did not give up much ground. This suggests that bulls are buying on every minor dip.

DOT/USDT daily chart. Source: TradingView

The rising 20-day EMA ($18.18) and the RSI in the overbought zone suggest that bulls are in control. If buyers sustain the price above $21, the DOT/USDT pair could start its journey to the overhead resistance at $26.50.

If the price turns down from $26.50, the pair could drop to $21 and remain range-bound between these two levels. A breakout and close above $26.50 will suggest the start of a new uptrend that may reach $31.28. The bears will have to pull the price back below $16.93 to tilt the advantage in their favor.

UNI/USDT

Uniswap (UNI) turned down from the overhead resistance at $30 on Aug. 10 but the bears have not been able to sustain the lower levels. This suggests that bulls are buying on every minor dip.

UNI/USDT daily chart. Source: TradingView

If bulls push and close the price above $30, the UNI/USDT pair could start its northward march toward $37. A breakout of this resistance could clear the path for a retest of the all-time high at $45.

However, the RSI is in the overbought territory suggests that the rally could be overextended in the short term. That may result in a pullback to the 200-day SMA ($26). A strong bounce off this support will suggest that bulls are in command. The bears will have to pull and sustain the price below $23.45 to gain the upper hand.

Related: US dollar downturn aids Bitcoin bulls before $50K BTC price showdown

LINK/USDT

The relief rally in Chainlink (LINK) has reached the critical overhead resistance zone at $26.48 and the 200-day SMA ($27.86) where the bears are likely to pose a stiff challenge.

LINK/USDT daily chart. Source: TradingView

If the price turns down from this zone, the LINK/USDT pair could again drop to the 20-day EMA ($22.37). A strong rebound off this support will suggest that the sentiment has turned positive and the bulls will then make one more attempt to clear the overhead hurdle.

A breakout and close above the 200-day SMA will suggest that bears have lost their grip. The pair could then rise to $32 and later to $35.33. Conversely, a break and close below the $22.07 support will suggest that the bullish momentum has weakened.

SOL/USDT

The failure of the bears to sustain Solana (SOL) below $38.10 on Aug. 9 attracted further buying, which has pushed the price to the overhead resistance at $44.

SOL/USDT daily chart. Source: TradingView

If bulls thrust the price above $44, the SOL/USDT pair could rally to the psychological resistance at $50 and then retest the all-time high at $58.38. A breakout and close above this resistance will signal the resumption of the uptrend.

The upsloping 20-day EMA ($35.59) and the RSI in the overbought territory suggest that bulls have the upper hand. This positive view will invalidate if the price turns down from the current level and breaks below the 20-day EMA. That could pull the price down to $32 and then to the 200-day SMA ($26.81).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Go to Source

Bit Coin

Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Published

on

Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Bitcoin (BTC) is likely in the middle of a short-term correction that has taken it below $60,000. Following this correction, a rebound in price is likely. 

BTC decreased considerably on Oct 26 and created a bearish engulfing candlestick.  This is a type of bearish candlestick in which the entire upward movement from the previous day is negated with an equal or larger drop the next day.

The main support area is found between $52,400 and $53,350. This range is made up of a short (white) and a long-term (black) Fib retracement level and a horizontal support area. There is also a minor support level at $56,550, created by only the short-term Fib level. 

Technical indicators support the continuation of the decrease.

The MACD, which is created by short and long-term moving averages (MA) is falling. Currently, the MACD is still positive, indicating that the short-term trend is moving faster than the long-term trend. However, it’s decreasing, signaling that the MA is decelerating.

The RSI, which is a momentum indicator is also decreasing. It’s above 50, signaling that momentum is still bullish, but the decreasing RSI indicates that momentum is also losing strength.

BTC gets rejected

The six-hour chart shows that BTC is moving underneath a descending resistance line since the Oct 20 all-time high price. 

More recently, the line rejected the price on Oct 25 (red icon), initiating the current downward move. The rejection also coincided with the $63,650 resistance area.

As long as the descending line remains unbroken, the short-term trend is considered bearish.

Wave count

The short-term wave count shows that BTC is likely in an A-B-C correction, which is potentially contained inside a parallel channel. For a long-term wave count analysis, click here.

Currently, BTC is in the C wave, which is the final portion of the correction and after which a rebound in price is likely.

There is considerable support near $56,500 and a drop to those levels would give waves A:C an exact 1:1 ratio. Furthermore, it would coincide with the support line of the channel. In addition to this, the area coincides with the short-term Fib support outlined in the first section. 

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

Bitcoin drops $1K in five minutes in fresh dip below $60K

Published

on

Bitcoin drops $1K in five minutes in fresh dip below $60K

Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.

3861 Total views

13 Total shares

Bitcoin drops K in five minutes in fresh dip below K

Bitcoin (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bites into major buy wal

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.

The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.

Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.

#Bitcoin couldn’t break through $63.6K and tests the other side of the range.

Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ

— Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.

“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.

“We won’t get sustainable price rises until that changes.”

Data showed $500 million being liquidated in a single hour across cryptocurrency.

Altcoins lose big on trend reversal

Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.

Go to Source

Continue Reading

Bit Coin

Redditors cheer as GameStop assembles team of NFT experts

Published

on

Redditors cheer as GameStop assembles team of NFT experts

“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.

2675 Total views

18 Total shares

Redditors cheer as GameStop assembles team of NFT experts

GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.

The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.

A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.

GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.

Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.

One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.

“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.

Web3, billions in revenue, NFTs, Ethereum Layer 2. probably nothing. $GME pic.twitter.com/s3PiaqtWQl

— Chris SilvΞstro (@vestro) October 26, 2021

Related: Reddit may be preparing to launch its own NFT platform

Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”

Redditor “Donnybiceps” was equally bullish, noting that:

“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”

GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Price analysis 8/11: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, LINK, SOL

Market

Trending