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Price analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

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Price analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

Asset managers and companies currently hold over 6% of Bitcoin’s (BTC) circulating supply, according to Buy Bitcoin Worldwide. A breakdown of the data shows Bitcoin fund issuers and asset managers hold about 4% of Bitcoin’s supply, public companies account for nearly 1% and private companies own roughly 0.83% of the cryptocurrency’s supply. 

It’s clear that institutional investors have continued to add crypto to their portfolios and Adam Proctor, the managing director for billionaire Simon Nixon’s investment firm Seek Ventures, said the company plans to increase “allocation to crypto” as they believe it to be an “important area for the future.”

Daily cryptocurrency market performance. Source: Coin360

CNBC Mad Money host, Jim Cramer, recently said that he was a “believer in crypto” and recommended that investors allocate 5% of their investment portfolio to digital currencies.

Will Bitcoin breaking above the psychological barrier at $50,000, result in a buying stampede in the sector? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Strong resistance near the $50,000 mark may have attracted profit-booking from the short-term traders on Aug. 26. That pulled Bitcoin below the support line of the rising wedge pattern but the bears have not been able to capitalize on this move and sink the price below the moving averages.

BTC/USDT daily chart. Source: TradingView

The bulls have pushed the price back into the wedge today. If the rebound sustains, the BTC/USDT pair could gradually move toward the overhead resistance zone of $50,000 to $50,500. A breakout and close above this zone will indicate the resumption of the uptrend.

The pair could then rise to the resistance line of the wedge where bears may again mount a stiff resistance. If the price turns down from this resistance, the pair may continue to rise inside the wedge.

A breakout of the wedge will signal a pick-up in momentum. That may result in a rally to $60,000.

The relative strength index (RSI) has broken below a symmetrical triangle pattern, indicating a marginal advantage to the bears. If the price turns down from the current level and breaks below the moving averages, the pair may drop to $42,451.67.

ETH/USDT

Ether (ETH) has been consolidating in a tight range between $3,000 and $3,335 for the past few days. The 20-day exponential moving average ($3.097) is flattening out and the RSI is just above the midpoint, indicating a balance between supply and demand.

ETH/USDT daily chart. Source: TradingView

The price has rebounded off the 20-day EMA today and the bulls will now attempt to push the price above $3,335. If that happens, it will suggest that bulls accumulated the ETH/USDT pair inside the range. The pair could then rally to $3,670 and later to $4,000.

A break and close below $3,000 will indicate that bears have overpowered the bulls. That could result in further selling as several stop-losses may get hit. The pair could then drop to the next support at the 200-day simple moving average ($2,366).

ADA/USDT

Generally, the breakout from a critical level is retested as seen in Cardano (ADA). The price dropped from an all-time high at $2.97 on Aug. 23 to the breakout level at $2.47 on Aug. 26.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair has rebounded off the $2.47 today, indicating that the sentiment remains positive and traders are buying on every minor dip. The bulls will make one more attempt to push the price above the overhead resistance at $2.97.

If they succeed, the pair may rally to $3.50. The upsloping 20-day EMA ($2.29) and the RSI in the overbought zone suggest advantage to buyers.

Conversely, if the price turns down from the current level or the overhead resistance, it will indicate that bulls are closing their positions on rallies. A break and close below the 20-day EMA will signal the start of a deeper correction.

BNB/USDT

Binance Coin’s (BNB) intraday high on May 19 was $516.50 and that level is likely to act as a stiff resistance. The bulls pushed the price above this resistance on Aug. 26 but could not sustain the altcoin above it.

BNB/USDT daily chart. Source: TradingView

If buyers do not give up much ground from the current levels, it will suggest strength. The bulls will then make one more attempt to clear the overhead hurdle. If they can pull it off, the BNB/USDT pair may rally to $600.

The rising 20-day EMA ($432) and the RSI in the positive zone suggest advantage to buyers. This positive view will invalidate if the price turns down and breaks below the 20-day EMA. That could result in a decline to the 200-day SMA ($362).

XRP/USDT

XRP has again dropped to the breakout level at $1.07. This is an important level for the bulls to defend because if it cracks, the altcoin could witness long liquidation and drop to the next support at the 200-day SMA ($0.86).

XRP/USDT daily chart. Source: TradingView

The flattening 20-day EMA ($1.08) and the RSI just above the midpoint suggest that bulls may be losing their grip.

If the price rebounds off the current level, the XRP/USDT pair could rise to the downtrend line. A breakout and close above the downtrend line will increase the possibility of a rally to the overhead resistance at $1.66.

On the other hand, if the price once again turns down from the downtrend line, the pair may be at a greater risk of starting a deeper correction.

DOGE/USDT

Dogecoin (DOGE) broke below the 20-day EMA ($0.28) on Aug. 27, indicating that supply exceeds demand. The bulls are currently attempting to push the price back above the overhead resistance at $0.29.

DOGE/USDT daily chart. Source: TradingView

If the DOGE/USDT pair breaks out of the downtrend line, the bullish momentum may pick up. The pair could then rise to $0.35 and if this level is crossed, the next move could be to the overhead resistance at $0.45.

On the contrary, if the price turns down from the current level, it will suggest that bears are aggressively defending at $0.29. The pair could then drop to $0.21. A strong rebound off this support could keep the pair range-bound between $0.21 and $0.29 for a few days.

DOT/USDT

Polkadot (DOT) turned down from the overhead resistance at $28.60 and corrected to the 20-day EMA ($24.03). The strong rebound off this level shows that bulls are accumulating on dips.

DOT/USDT daily chart. Source: TradingView

If the bounce holds up, the bulls will try to drive the price above the overhead resistance at $28.60. If the DOT/USDT pair sustains above $28.60, it will complete a V-bottom, which has a target objective at $46.83.

Alternatively, if the bounce fizzles out, the bears will try to sink the price below the 20-day EMA. If that happens, the pair may decline to the next strong support at $18. If the price rebounds off this level, the pair may remain range-bound between $18 and $28.60 for a few days.

SOL/USDT

The long tail on Solana’s (SOL) Aug. 25 and 26 candlestick shows strong buying at lower levels. A shallow correction after a strong up-move is a sign of strength because it suggests that traders are not closing their positions and are buying on minor dips.

SOL/USDT daily chart. Source: TradingView

The bulls have pushed the price above the all-time high at $82 today. If buyers sustain the price above $82, the SOL/USDT pair could start its journey toward the next psychological barrier at $100.

The rising 20-day EMA ($63) and the RSI in the overbought zone suggest that bulls are in control. If the price fails to sustain above $82, the pair could remain stuck in a range for a few days. The bears will have to pull the price below $58.38 to break the bullish momentum.

Related: Bitcoin could hit $30K or $100K this year as analyst warns ‘next months are key’

UNI/USDT

Uniswap (UNI) broke below the moving averages on Aug. 24, indicating weakness. The bulls tried to push the price back above the moving averages on Aug. 25 and 26 but they could not sustain the higher levels.

UNI/USDT daily chart. Source: TradingView

The bulls are currently again trying to push the price above the moving averages. If they manage to do that, the UNI/USDT pair could rally to $30. A breakout of the $30 to $31.25 overhead resistance zone could signal the start of a new uptrend.

Conversely, if the price turns down from the moving averages, the UNI/USDT pair could drop to the critical support at $23.45. A strong rebound off this level may keep the pair range-bound between $23.45 and $30 in the short term. The flat moving averages and the RSI near the midpoint also suggest a consolidation for a few days.

LUNA/USDT

Terra protocol’s LUNA token has been consolidating between $26 and $32 for the past few days. Although bulls pushed the price above $32 on Aug. 19 and 24, they could not sustain the higher levels.

LUNA/USDT daily chart. Source: TradingView

The LUNA/USDT pair has rebounded off the support today and the bulls will again try to resume the uptrend. If the price closes above the $32 to $34.67 resistance zone, the pair may rally to $43.

The rising 20-day EMA ($24.44) and the RSI in the overbought territory suggest that the path of least resistance is to the upside. This bullish view will be negated if the price turns down from the current level or the overhead resistance and breaks below the breakout level at $22.40.

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

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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.

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

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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.

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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.

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Redditors cheer as GameStop assembles team of NFT experts

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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.

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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%.

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