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Price analysis 8/20: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, BCH

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Price analysis 8/20: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, BCH

Wells Fargo, in partnership with NYDIG and alternative assets manager FS Investments, has registered a new investment fund dubbed “FS NYDIG BITCOIN FUND I,” which will offer the bank’s wealthy clients an opportunity to gain indirect exposure to Bitcoin (BTC). 

In another sign of growing institutional interest, filings submitted to the U.S. Securities and Exchange Commission by BlackRock show a 6.71% stake in Marathon Digital Holdings and a 6.61% stake in Riot Blockchain. BlackRock’s total investments in both the publicly traded Bitcoin mining firms are roughly valued at $384 million.

Daily cryptocurrency market performance. Source: Coin360

Coinbase CEO Brian Armstrong announced on Aug. 20 that the company’s board had approved a proposal to add $500 million worth of crypto to the balance sheet and allocate 10% of the profits earned into crypto purchases in the future.

With this move, Coinbase will become the first publicly-traded company to hold Ether (ETH), decentralized finance tokens and proof-of-stake assets on its balance sheet.

The institutional interest in crypto continues to grow and that may bode well for the sector in the future. Let’s study the charts of the top-10 cryptocurrencies and determine the critical levels to watch out for.

BTC/USDT

Bitcoin had been witnessing a tough tussle between the bulls and the bears near the 200-day simple moving average ($45,692) for the past few days. The bears pulled the price below the 200-day SMA on Aug. 17 but they could not break the 20-day exponential moving average ($44,183) support.

BTC/USDT daily chart. Source: TradingView

Aggressive buying at the 20-day EMA pushed the price back above the 200-day SMA on Aug. 19. The rising 20-day EMA and the relative strength index (RSI) near the overbought territory indicate that bulls are in control.

If buyers sustain the price above $48,144, the BTC/USDT pair could pick up momentum and rally to $51,500 where the bears may again mount a stiff resistance. If bulls can arrest the subsequent decline above the 200-day SMA, it will signal strength and increase the prospects of the continuation of the uptrend.

A breakout of $51,500 could lay the tracks for a possible up-move to $60,000. This bullish view will invalidate if the price turns down and breaks below the breakout level at $45,451.67.

ETH/USDT

Ether turned down from $3,335 on Aug. 16 and the bears tried to pull the price below the breakout level at $3,000 on Aug. 17 and 18. Although the price dipped below this support, the bears could not sustain the lower levels, indicating strong buying by the bulls.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair rebounded off the 20-day EMA ($2,981) on Aug. 19, suggesting that bulls are aggressively defending this support. The buyers will now try to push the price above the overhead resistance at $3,335. If they manage to do that, the pair could start its journey toward $4,000.

Contrary to this assumption, if the price turns down from $3,335, the pair could again drop to $3,000 and consolidate in this tight range for a few more days. A break and close below $3,000 will be the first sign that bulls are losing their grip. The pair could then drop to the 50-day SMA ($2,311).

ADA/USDT

The bulls flipped the $1.94 level to support on Aug. 17 and 18. This attracted further buying and the bulls pushed Cardano (ADA) above the all-time high at $2.47 today.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair could now rally to $2.73 where it is again likely to face stiff resistance from the bears. If bulls bulldoze their way through this resistance, the pair could reach the psychological barrier at $3.

Although the trend favors the bulls, the RSI near 80 shows the rally is overextended in the short term. If the price slips and sustains below $2.47, the bears will try to pull the pair down to $2.20. A break below this level will suggest that the momentum has weakened in the short term. The pair could then drop to the 20-day EMA ($1.87).

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance at $433 on Aug. 17 but the bulls did not allow the price to break below the 20-day EMA ($384).

BNB/USDT daily chart. Source: TradingView

A strong rebound off the 20-day EMA has pushed the price above the stiff resistance at $433. If bulls sustain the price above $433, the BNB/USDT pair could start its northward march toward $520 and then to $600.

The rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. This bullish view will be negated if the price turns down and breaks below the 20-day EMA. That could result in a decline to $340.

XRP/USDT

XRP broke above the downtrend line of the descending channel and the overhead resistance at $1.07 on Aug. 13, which completed a rounding bottom pattern. The bears tried to pull the price back below $1.07 but the bulls foiled their attempt.

XRP/USDT daily chart. Source: TradingView

The strong rebound off $1.07 on Aug. 18 shows that the bulls successfully flipped this level into support. The XRP/USDT pair could now rally to $1.70. This level could act as stiff resistance but if bulls overcome this hurdle, the pair may rally to $1.96.

Alternatively, if the price turns down from $1.35, the bears will try to pull the pair below $1.07 and the 20-day EMA ($1.01). If they succeed, the pair could drop to the 200-day SMA ($0.84). Such a move will suggest that traders offloaded their positions at higher levels.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the $0.29 resistance on Aug. 14, which cleared the path for a rally to $0.35. The bears mounted a stiff resistance at this level on Aug. 16 and pulled the price back to the breakout level at $0.29.

DOGE/USDT daily chart. Source: TradingView

The bulls successfully defended the breakout level at $0.29 on Aug. 21, suggesting that the sentiment is positive. If buyers thrust the price above $0.35, the DOGE/USDT pair could rally to the next overhead resistance at $0.45.

Conversely, if the price turns down from the current level or $0.35, the bears will again try to sink the pair below the 20-day EMA ($0.27). If they manage to do that, the pair could decline to the next support at $0.21.

DOT/USDT

Polkadot (DOT) turned down from the 200-day SMA ($27.52) on Aug. 17 but the correction was short-lived as the bulls bought the dip on Aug. 18. The buyers have pushed the price above the 200-day SMA today.

DOT/USDT daily chart. Source: TradingView

The DOT/USDT pair will complete a V-shaped bottom if it rises and closes above the $28.60 resistance. This setup has a target objective at $46.83.

However, such a move may not be easy because the RSI has risen deep into the overbought territory, indicating that the rally is overextended in the short term. That could result in a minor correction or consolidation in the next few days.

If the price rebounds off the 20-day EMA ($21.86), the bulls will again try to propel the price above $28.60. Alternatively, a break below the 20-day EMA will suggest that the pair may extend its range-bound action in the near term.

SOL/USDT

Solana (SOL) rose above the $44 resistance on Aug. 13. The bears tried to pull the price back below the breakout level on Aug. 14 but failed to sustain the lower levels. This shows that bulls were in no hurry to dump their positions.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair broke above the all-time high at $58.38 on Aug. 16 and has continued its journey higher. The strong rally of the past few days has pushed the RSI above 89, suggesting that the up-move is overextended in the short term.

This could result in a few days of consolidation or a minor correction where the price may retest the breakout level at $58.38. If bulls flip this level into support, the rally may resume and reach the psychological mark at $100.

The bears will have to pull and sustain the price below $58.38 to weaken the bullish momentum.

Related: Bitcoin attacks last resistance before $50K with BTC price daily close now crucial

UNI/USDT

The failure of the bulls to sustain Uniswap (UNI) above the overhead resistance at $30 attracted profit-booking, which dragged the price lower on Aug. 16. Although bears pulled the price below the moving averages on Aug. 18 and Aug 19, they could not sustain the lower levels.

UNI/USDT daily chart. Source: TradingView

The strong rebound off the 20-day EMA ($26.60) on Aug. 19 suggests that the sentiment remains positive and the bulls are buying on dips. The bulls will now again try to push the price above the overhead resistance at $30.

If they succeed, the UNI/USDT pair could start a new uptrend. The first target on the upside is $37 and if this level is crossed, the pair could retest the all-time high at $45.

Conversely, if the price turns down from $30, the pair may drop to the 20-day EMA. A break and close below this level could pull the price down to $23.45.

BCH/USDT

Bitcoin Cash (BCH) broke above the 200-day SMA ($651) on Aug. 13 but the bulls could not build upon this advantage. Sensing an opportunity, the bears pulled the price back below the 200-day SMA on Aug. 17 but could not crack the support at the 20-day EMA ($613).

BCH/USDT daily chart. Source: TradingView

This suggests that the sentiment has turned positive and traders are buying on dips. The bulls pushed the price back above the 200-day SMA on Aug. 19 and will now try to thrust the BCH/USDT pair above $714.66.

If they can pull it off, the pair could rally to $800 and then to $864.28. On the other hand, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could slide to $546.83.

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.

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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