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Price analysis 8/13: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, SOL, LTC

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Price analysis 8/13: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, SOL, LTC

A KPMG report titled “Pulse of Fintech H1 2021,” shows that the total investment in the blockchain and cryptocurrency sector in the first half of this year has risen to $8.7 billion, which is more than double the $4.3 billion worth of deals done in 2020. 

KPMG global fintech co-leader Anton Ruddenklau said:

“Cryptocurrency and blockchain are exploding globally. I think for the rest of this year at least, crypto will be a very hot ticket for investors.”

Separate research by blockchain market intelligence Blockdata also shows that 55 out of the top 100 banks by assets under management have directly or through subsidiaries invested in crypto and blockchain firms.

Daily cryptocurrency market performance. Source: Coin360

Bittrex Global CEO Stephen Stonberg told Cointelegraph that the crypto industry has gone mainstream and is past the stage of early adoption. “What’s more interesting to see is the growth and acceleration of institutional adoption of cryptocurrencies. Almost all major institutions have invested in cryptocurrencies or plan to invest in cryptocurrencies,” Stonberg added.

Stonberg added:

“What’s more interesting to see is the growth and acceleration of institutional adoption of cryptocurrencies. Almost all major institutions have invested in cryptocurrencies or plan to invest in cryptocurrencies.”

Will the strong institutional inflow into the crypto sector start the next leg of the uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears pulled Bitcoin (BTC) below the 200-day simple moving average ($45,218) on Aug 12 but they have not been able to sustain the lower levels. The bulls have pushed the price back above the 200-day SMA today, indicating buying on dips.

BTC/USDT daily chart. Source: TradingView

If buyers propel the price above the resistance line of the wedge, the BTC/USDT pair could rally to $51,500. This level may act as resistance but if bulls do not give up much ground, the uptrend may reach $60,000.

The rising 20-day exponential moving average ($41,743) and the relative strength index (RSI) just below the overbought zone suggest that bulls are in the driver’s seat.

If the price turns down from the resistance line of the wedge, the bears will smell an opportunity. The first sign of weakness will be a break and close below the 20-day EMA. Such a move could open the doors for a further decline to the critical support at $36,670.

ETH/USDT

Ether (ETH) dropped to the breakout level at $3,000 on Aug. 12 but the bears could not capitalize on the opportunity. The bulls purchased the dip and are attempting to resume the up-move today.

ETH/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($2,784) and the RSI in the overbought territory suggest that bulls have the upper hand. If buyers propel the price above $3,274, the ETH/USDT pair could rally to $3,587.06 and then to $4,000.

Contrary to this assumption, if the price turns down from $3,274, the pair may again drop to $3,000 and consolidate between these two levels for a few more days. A breakdown and close below the 20-day EMA will suggest that the bullish momentum has weakened. The pair could then drop to $2,450.

BNB/USDT

Binance Coin (BNB) formed an inside-day candlestick pattern on Aug. 12, indicating indecision among the bulls and the bears. The buyers purchased at lower levels and are currently attempting to resolve the uncertainty in their favor.

BNB/USDT daily chart. Source: TradingView

If bulls propel the price above $408.72, the up-move could reach the overhead resistance at $433. The bears may again pose a stiff challenge at this level and if the price turns down from this resistance, the pair could drop to the 20-day EMA ($347).

A strong bounce off this support will suggest that sentiment remains positive and traders are buying on dips. That will increase the possibility of a break above $433. If that happens, the BNB/USDT pair could start its journey to $520 and later to $600. The bears will have to pull the price back below $340 to gain the upper hand.

ADA/USDT

The long wick on Cardano’s (ADA) candlestick on Aug. 11 shows that bears tried to stall the rally near the overhead resistance at $1.94. That was followed by an inside-day candlestick pattern on Aug. 12 but the long tail on the day’s candlestick showed strong buying at lower levels.

ADA/USDT daily chart. Source: TradingView

The bulls have thrust the price above the overhead resistance today, which opens the gates for a rally to the all-time high at $2.47. However, the RSI has risen above 86, indicating that the rally is overextended in the short term.

Therefore, the ADA/USDT pair could witness selling at higher levels and may enter a minor correction or consolidation in the next few days. A break and close below $1.94 could result in a pullback to the 20-day EMA ($1.51).

Alternatively, if bulls defend the breakout level at $1.94, it will suggest that traders are not booking profits. That will enhance the prospects of a retest of the all-time high.

XRP/USDT

XRP broke above the downtrend line of the descending channel and surged to the overhead resistance at $1.07 on Aug. 11 but the bulls could not sustain the higher levels. The bears pulled the price back inside the channel on Aug. 12 but the correction was short lived.

XRP/USDT daily chart. Source: TradingView

The bulls have again pushed the price above the channel today and are attempting to clear the stiff hurdle at $1.07. If the price breaks and closes above $1.07, the XRP/USDT pair could start its journey to $1.26 and then to $1.70.

Contrary to this assumption, if the price turns down from $1.07, the bears will again try to pull the pair back into the channel. If they manage to do that, the next stop could be the 20-day EMA ($0.80).

If the price rebounds off the 20-day EMA, the bulls will make one more attempt to drive the pair above $1.07. Alternatively, a break and close below $0.75 will signal advantage to the bears.

DOGE/USDT

Dogecoin (DOGE) formed a Doji candlestick pattern on Aug. 12. The long wick on the day’s candlestick showed that bears are attempting to defend the overhead resistance at $0.29. Lower levels attracted buying from the bulls who are trying to propel the price above the overhead resistance today.

DOGE/USDT daily chart. Source: TradingView

The rising 20-day EMA ($0.23) and the RSI near the overbought territory suggest that the path of least resistance is to the upside. A breakout and close above $0.29 could clear the path for a rally to $0.35 and then $0.45.

Conversely, if the price turns down from the overhead resistance, the DOGE/USDT pair could drop to the 20-day EMA. If the price rebounds off this level, the bulls will have another go at $0.29. A break and close below $0.21 could signal that bears are back in the game.

DOT/USDT

The bulls pushed Polkadot (DOT) above the overhead resistance at $21 on Aug. 11 but their joy was short lived as the bears pulled the price back below the level on Aug. 12.

DOT/USDT daily chart. Source: TradingView

The failure of the bears to sustain the price below $21 again attracted buying and the bulls are currently attempting to thrust the price above $22.45. If they manage to do that, the DOT/USDT pair could rally to the overhead resistance at $26.50.

The bears are likely to defend the $26.50 level aggressively as the 200-day SMA ($27.23) is placed just above it. If the bulls do not cede much ground, it will indicate that buyers are not booking profits aggressively as they anticipate the rally to continue. A breakout and close above $26.50 may signal an end of the downtrend.

On the contrary, if the price turns down from the current level and breaks below the 20-day EMA ($18.70), the pair could slide to $16.93.

UNI/USDT

Uniswap (UNI) turned down from the overhead resistance at $30 on Aug. 12 but the bears could not sink the price below the immediate support at the 200-day SMA ($26.18). This suggests that bulls are buying on dips.

UNI/USDT daily chart. Source: TradingView

The price has rebounded today and the buyers are again trying to thrust the price above the stiff overhead resistance at $30. If they can pull it off, the UNI/USDT pair could rally to $37.

If bulls arrest the subsequent decline above $30, it will increase the likelihood of a retest of the all-time high at $45. The rising 20-day EMA ($24.80) and the RSI in the overbought zone suggest that bulls are in control.

This positive view will invalidate if the price turns down from the current level and breaks below the moving averages. Such a move will signal that the pair may remain stuck inside the large range between $13 and $30 for a few more days.

Related: OpenSea trading volume explodes 76,240% YTD amid NFT boom

SOL/USDT

The long wick on Solana’s (SOL) candlestick on Aug. 11 and 12 shows that bears aggressively defended the overhead resistance at $44. However, the sellers could not pull the price below the support at $38.10, indicating buying on dips.

SOL/USDT daily chart. Source: TradingView

The bulls have again pushed the price to the overhead resistance at $44 today. A breakout and close above this level could open the gates for a rally to the psychological resistance at $50, followed by a retest of the all-time high at $58.38.

On the other hand, if the price turns down from the current level, the SOL/USDT pair could drop to the 20-day EMA ($36.77). A breakdown and close below this support will suggest that the pair could extend its stay inside the range for a few more days.

LTC/USDT

The bulls have been struggling to push Litecoin (LTC) above the overhead resistance at $180 for the past two days. This suggests that bears are attempting to stall the relief rally in the zone between $180 and the 200-day SMA ($191).

LTC/USDT daily chart. Source: TradingView

If the price turns down from this zone, the bears will try to pull the LTC/USDT pair down to the 20-day EMA ($151). A strong rebound off this support will suggest that the sentiment remains positive. A breakout and close above the 200-day SMA will signal that the downtrend may have ended.

The pair could then rally to $225 where the bears may again pose a stiff challenge. After that, if bulls flip the 200-day SMA to support, it will indicate the start of a new uptrend. This positive view will invalidate if the price turns down and breaks below $150.

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.

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BTC, ETH, XRP, ZEN, SNX, WAVES, AVA – Technical Analysis Sept 16

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BTC, ETH, XRP, ZEN, SNX, WAVES, AVA – Technical Analysis Sept 16

Bitcoin (BTC) and Ethereum (ETH) have broken out from descending parallel channels.

XRP (XRP) is trading above the $1.05 horizontal support area.

Horizen (ZEN) is trying to break out above the $108 resistance area.

Synthetix (SNX) has broken out from an ascending triangle.

Waves (WAVES) has moved above the $26.80 resistance area.

Travala.com (AVA) has broken out from a descending resistance line.

BTC

BTC has been moving upwards since Sept 14. On Sept 15, it managed to break out from a descending parallel channel and accelerated. 

The upward move is supported by both the RSI and MACD, which are increasing. The former has even crossed above 50. 

BTC is approaching the 0.618 Fib retracement resistance level at $49,050. However, due to a confluence of Fib levels, it’s possible that it could increase all the way to $50,750.

ETH

On Sept 15, ETH broke out from a descending parallel channel that had been in place since Sept 7. It has been increasing at an accelerated rate since. 

The upward move is supported by both the increasing MACD and RSI readings. 

However, ETH has reached a confluence of Fib resistance levels between $3,625 and $3,635. These levels are the 1:1.61 length of waves A:C and the 0.618 Fib retracement resistance level (white).

XRP

On Aug 13, XRP broke out from the $1.05 horizontal resistance area. It proceeded to reach a high of $1.41 on Sept 6 before dropping sharply the next day. 

Following this, it validated the $1.05 area as support. 

However, even though XRP is trading above the $1.05 support area, indicators are bearish. The MACD and RSI are both decreasing.

ZEN

ZEN has been increasing above an ascending support line since July 16. On Sept 6, it was rejected by the $108 horizontal resistance area and returned to validate the support line once again. 

However, ZEN rebounded and made another breakout attempt on Sept 15. 

Despite the strong bounce, ZEN failed to break out. In addition, both the RSI and MACD have created bearish divergences. 

Therefore, at the current time, we cannot determine if ZEN will be able to move above this resistance.

SNX

SNX began trading inside an ascending triangle on May 21. After several unsuccessful attempts, it managed to break out on Sept 15. 

The breakout is supported by the increasing MACD and RSI values. 

The closest resistance area is found at $23.80.

WAVES

WAVES has been increasing above an ascending support line since July 20. 

On Aug 31, it broke out above the $26.80 resistance area. 

After this, it returned to validate the area as support, also touching the ascending support and Supertrend lines (green icon). It has been moving upwards since. 

The closest resistance area is at the all-time high level near $38. 

AVA

On Aug 14, AVA broke out from a descending resistance line that had been in place since April and reached a high of $5.40 on Sept 6. 

However, it was rejected by the $5.40 resistance area and fell. 

It then found support at $3.50, creating two lower wicks. In addition to this, the RSI has generated a hidden bullish divergence, which is a common sign of trend continuation.

Therefore, AVA could be on its way to revisit the $5.40 resistance area.

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.

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AMC to Support Ethereum, Litecoin, and Bitcoin Cash Following BTC Adoption

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AMC to Support Ethereum, Litecoin, and Bitcoin Cash Following BTC Adoption

AMC Theatres will accept payments in Ethereum, Litecoin, and Bitcoin Cash by the end of 2021, in addition to bitcoin.

AMC Theatres, the world’s largest theater chain, has announced that it will accept more cryptocurrencies for payment by the end of 2021. The cryptocurrencies that it will support include bitcoin, ethereum, litecoin, and bitcoin cash. This marks yet another notable adoption for the cryptocurrency market, which has had a stellar 2021.

AMC expands crypto payment options

The company’s CEO, Adam Aron, tweeted the news on Sept 16, saying that crypto could be used to pay for online ticket and concession payments by the year’s end. AMC revealed that it would accept bitcoin in August 2021, to much fanfare.

This year has already seen Tesla accept bitcoin as payments for its electric vehicles, though it suspended that later. PayPal has also expanded into cryptocurrencies and is ramping up its support for the market.

The news of AMC Theatres accepting cryptocurrency payments will please investors, as the chain is a notable brand with some clout. The firm has also come to the attention of the public lately for its support from within Reddit’s wallstreetbets community. While the support was not quite as strong as it was for GameStop, those retail investors have helped drive the price of AMC’s stock up.

In short, the acceptance of crypto payments should stir further interest from a community that is already knowledgeable about crypto. Incidentally, GameStop also announced a foray into the blockchain and crypto space when it announced that it was working on a series of NFTs.

Bitcoin and crypto steadily seeing greater adoption

The crypto world has been subject to a lot of good news in terms of adoption this year. The support coming for crypto payments has been varied, with entities in a highly varied set of industries taking the step. The signs have been very optimistic at the retail level.

The travel industry can benefit a great deal from bitcoin payments — and a luxury hotel in Switzerland has gone to facilitate that. Switzerland, which is known for its hub of crypto companies and entrepreneurs, has over 85,000 merchants supporting crypto payments.

Other established companies supporting crypto payments include auction house Lloyd’s. Auction houses have been very interested in blockchain technology, particularly NFTs. Many of them have conducted auctions for NFTs, selling them for many millions.

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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.

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El Salvador’s Chivo Bitcoin Wallet Crosses 500,000 Users

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El Salvador’s Chivo Bitcoin Wallet Crosses 500,000 Users

El Salvador’s Chivo bitcoin wallet has already crossed 500,000 users, as revealed by local news reports.

El Salvador’s digital bitcoin wallet Chivo has already hit half a million users, according to reports from local media. The country introduced the wallet on Sept 7.

Users receive $30 in bitcoin when they download the wallet for the first time as an incentive. As of Sept 7, the country had purchased 400 bitcoins for its coffers — which by all accounts is ambivalent in terms of its success.

El Salvador’s bitcoin integration is off to a somewhat rocky start, as there have been several protests against its adoption. Protests have come from both opposition forces and citizens — with the latter marching in the streets and even filing a lawsuit.

The country has used a number of measures to incentivize people to use bitcoin. Foreigners, for example, are exempt from paying capital gains tax on their bitcoin profits. In addition, they receive permanent residency if they decide to move and have an entrepreneurial venture.

https://s32659.pcdn.co/wp-content/uploads/2021/09/El-Salvador.mp4
Source: /u/kiarga

Some El Salvadorians have taken to Reddit to talk about the general sentiment surrounding bitcoin. The country celebrated its Independence Day on Sep. 15, and many protested against the current government in the streets. News broke that vandals destroyed bitcoin ATMs in the country, which is further evidence of displeasure with the new law.

One Redditor spoke about bitcoin further cementing existing inequalities — a concern that was one of the major issues citizens have with the government. They also note that the bitcoins in the Chivo wallet could be seized by the government.

One thing that cannot be denied is the fact that BTC payments do indeed reduce costs for cross-border payments. Other countries in the region are keeping a close eye on the development, which is the first of its kind.

Will more countries follow?

It’s unlikely that a large swathe of countries will follow El Salvador’s lead. Most governments are determined to release their own central bank digital currency (CBDC). Those that have accepted cryptocurrencies as an asset class have done so begrudgingly and are laboring to form a regulatory framework.

The idea of making bitcoin legal tender has been rebutted by China, India, and Russia. With important economies dismissing the asset as having such an important role in the economy, most other countries will likely take the same position.

Having said that, the El Salvador bitcoin experiment could turn up some surprising results. If bitcoin does indeed become the medium for cross-border transactions, then this could encourage more countries to do the same.

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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.

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