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Price analysis 9/3: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK

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Price analysis 9/3: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK

Bitcoin (BTC) finally broke above the $50,500 resistance and Ether (ETH) has risen above the $4,000 mark. This suggests that there is growing interest in cryptocurrencies and several legacy finance companies are initiating steps to tap into this increasing demand.

One of the world’s largest independent asset managers, Franklin Templeton, has posted fresh job applications for medium to senior-level positions in crypto trading and research, according to Linkedin job postings.

Meanwhile, in Japan, financial conglomerate SBI Holdings is planning to set up one of the first crypto funds in the country by the end of November. Tomoya Asakura, the director and senior managing executive officer at SBI, said that the launch of a second fund will be explored depending on the success of the first one.

Daily cryptocurrency market performance. Source: Coin360

While crypto traders are cheering the recent run-up in several altcoins, JPMorgan analysts have warned their clients that the altcoin rally and nonfungible tokens (NFT) are getting frothy.

The analysts said that the altcoins share of the crypto market trading surged from 22% at the beginning of August, to 33%, which is high compared to historical standards. They believe the reason is “froth and retail investor ‘mania’ rather than a reflection of a structural uptrend.”

Could Bitcoin sustain above $50,500 and resume its uptrend or will altcoins remain in focus? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears successfully defended the $50,500 resistance on Sep. 2 but they could not pull and sustain the price back below the downtrend line. This could have attracted buying from the bulls who have pushed Bitcoin above $50,500 today.

BTC/USDT daily chart. Source: TradingView

If buyers sustain the price above $50,500, the BTC/USDT pair could rally to $60,000. This level may again act as a stiff resistance but if bulls can thrust the price above it, the pair could challenge the all-time high at $64,854.

If bulls drive the relative strength index (RSI) above the downtrend line, it will invalidate the negative divergence. That along with the upsloping 20-day exponential moving average ($47,584) indicate that the path of least resistance is to the upside.

This bullish view will invalidate if the price turns down from the current level and breaks below the 200-day simple moving average ($46,083). That could pull the price down to $42,451.67.

ETH/USDT

Ether picked up momentum after breaking above $3,377.89 and hit the $4,000 mark today. If bulls sustain the price above this psychological level, the biggest altcoin could challenge the all-time high at $4,372.72.

ETH/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($3,344) and the RSI in the overbought zone suggest that bulls are in control. If buyers push the price above $4,372.72, the ETH/USDT pair could start its journey toward the critical level at $5,000.

This may not be easy as bears are likely to have other plans. They are likely to mount a stiff resistance in the $4,000 to $4,372.72 zone. If the price turns down from this zone and breaks below $3,700, the pair may drop to the 20-day EMA.

A strong rebound off this support will suggest that the sentiment remains bullish. The buyers will then try to resume the up-move. Conversely, a break and close below the 20-day EMA will be the first sign that bulls may be losing their grip.

ADA/USDT

Cardano (ADA) broke above the $3 mark on Sep. 2 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. Although the price dipped back below $2.97 today, the bulls bought the dip and are again trying to drive the price above $3.

ADA/USDT daily chart. Source: TradingView

A breakout and close above $3.10 will signal the resumption of the uptrend. The ADA/USDT pair could then rally to $3.50. The 20-day EMA ($2.58) favors the bulls but the negative divergence on the RSI indicates that the bullish momentum may be weakening.

If bulls fail to drive the price above the overhead resistance, the pair may drop to the 20-day EMA. This is an important level for the bulls to defend. A strong rebound off it will suggest that the sentiment remains positive.

Conversely, a break below the 20-day EMA may pull the price to the breakout level at $2.47. A break below this support could start a deeper correction.

BNB/USDT

Binance Coin (BNB) has been trading between the 20-day EMA ($456) and the overhead resistance at $518.90. The long wick on the Sep. 2 candlestick suggests that bears are selling above $500 but the positive sign is that bulls are not giving up much ground.

BNB/USDT daily chart. Source: TradingView

The buyers will again try to push and sustain the price above $518.90. If they manage to do that, the BNB/USDT pair could pick up momentum and rally to $600. This psychological level may act as a resistance but if bulls clear this hurdle, the rally may extend to $680.

Conversely, if the price turns down from the overhead resistance and dips below the 20-day EMA, the pair may slide to $433. A break below this level will suggest that bears have overpowered the bulls. The pair may then decline to the 200-day SMA ($375).

XRP/USDT

The bulls pushed XRP above the downtrend line on Sep. 2, invalidating the developing bearish descending triangle pattern. The bears tried to pull and sustain the price below the downtrend line today but failed.

XRP/USDT daily chart. Source: TradingView

If bulls sustain the price above the downtrend line, the XRP/USDT pair could rally to $1.35. This level may act as a resistance and if the price turns down from it, the pair may trade between $1.05 and $1.35 for a few days.

The 20-day EMA ($1.15) has turned up and the RSI has risen above 64, indicating that bulls have the upper hand. A breakout and close above $1.35 could clear the path for a rally to $1.66. The bears will have to pull the price below $1.05 to signal a comeback.

SOL/USDT

The bears attempted to stall Solana’s (SOL) uptrend at $130 but the bulls were in no mood to relent. The buyers did not allow the price to break below the psychological support at $100.

SOL/USDT daily chart. Source: TradingView

Buying resumed on Sep. 2 and the bulls have extended the SOL/USDT pair to a new all-time high today. Vertical rallies are rarely sustainable and they usually result in sharp declines. The RSI above 88 also indicates the pair is overextended in the short term.

If the price turns down from the current level or $150, the first support is at the 38.2% Fibonacci retracement level at $115.75.

A strong rebound off this level will suggest strength and increase the possibility of a break above $150. The next target on the upside is $166.97. On the contrary, a break below $115.75 could pull the price down to the 50% retracement level at $106.29.

DOGE/USDT

Dogecoin (DOGE) broke above the 20-day EMA ($0.28) on Sept. 1 and bulls pushed the price above the downtrend line of the falling wedge pattern on Sept. 2. However, the long wick on the day’s candlestick showed that bears were selling at higher levels.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair has bounced off the 20-day EMA and the bulls have pushed the price above the wedge. If buyers sustain the price above $0.31, the pair could rally to $0.35. This level is likely to act as a strong resistance.

If the price turns down from $0.35, the pair may again drop to the 20-day EMA. A strong rebound off it will suggest that the sentiment is positive. A breakout and close above $0.35 could clear the path for an up-move to $0.45.

On the other hand, if the price turns down and breaks below the 20-day EMA, the pair may drop to the support line of the wedge.

DOT/USDT

Polkadot (DOT) has been sustaining above the breakout level at $28.60 for the past three days, indicating the start of a new uptrend. The rising moving averages and the RSI in the overbought territory indicate advantage to buyers.

DOT/USDT daily chart. Source: TradingView

If bulls drive the price above $33.84, the DOT/USDT pair could start its northward journey toward $41.40 and then to the pattern target at $46.83.

On the other hand, if the price turns down from the current level, the price may retest the breakout level at $28.60. If bulls flip this level into support, it may act as a launchpad for the next leg of the up-move.

A break and close below the 20-day EMA ($27.12) will be the first sign that the current breakout may have been a bull trap.

Related: How to prepare for the end of the bull run, Part 1: Timing

UNI/USDT

Uniswap’s (UNI) up-move turned down from $31.41 on Sept. 2, suggesting that the bears have not thrown in the towel yet. The price action of the past few days has formed a negative divergence on the RSI, indicating that the bullish momentum may be weakening.

UNI/USDT daily chart. Source: TradingView

If the price rebounds off the 20-day EMA ($27.91), the bulls will make one more attempt to push the UNI/USDT pair above the overhead resistance at $31.41. If they succeed, the pair may start its journey to $37.52 and then to $42.25.

Alternatively, if bears sink the price below the moving averages, the pair may drop to $25 and remain range-bound for a few more days. A break and close below the $25 to $23.45 support zone will signal that bears are back in the game.

LINK/USDT

Chainlink (LINK) had been range-bound between $24 and $30 for the past few days. The bulls pushed the price above the overhead resistance on Sept. 2 but they could not sustain the higher levels.

LINK/USDT daily chart. Source: TradingView

The bulls again bought the dip today and have propelled the price above the overhead resistance. If buyers sustain the price above $30, the LINK/USDT pair could rally to $36 and if that level is crossed, the up-move may reach $43.50, which is the May 19 intraday high.

The 20-day EMA ($26.99) has started to turn up and the RSI is in the positive territory, indicating that buyers have the upper hand. Contrary to this assumption, if the price turns down and breaks below $30, it will suggest that the range-bound action may continue for a few more days.

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, UNI, OMG, AXS — Technical Analysis Sept 28

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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.

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

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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.

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

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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.

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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.

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