Bitcoin Trim Losses: Is This The Start Of The Leg Up To $13 Million As Saylor Claims?

Posted on September 11, 2024 by Dalmas Ngetich

Bitcoin is steady at press time. After gains of September 9 through 10, it appears that buyers are building up the necessary momentum for a refreshing leg up. Though there are cracks, following the unexpected dump of September 7, the recent turn of events is net positive. For buyers to truly conquer and take over price action, the coin must float above $60,000. At the same time, the expansion must be with rising trading volume, signaling participation from aggressive bulls.

At press time, trackers show that Bitcoin is steady on the past day. Due to recent gains, it means buyers are trimming losses. Despite these gains, the average trading volume is low, remaining at $34 billion.

Traders are monitoring the following trending Bitcoin news:

After days of sustained outflows, data shows that Bitcoin registered inflows. That institutions are flowing back is a huge confidence boost for sellers struggling after days of discouraging lower lows.
Michael Saylor, the former CEO of MicroStrategy, thinks BTC will soar to as high as $13 million in the coming years. The bold prediction, the BTC supporter claims, will be due to rising adoption. Specifically, he pointed out the deflationary nature of BTC.

Bitcoin Price Analysis

[[BTC/USD]] is firm at spot rates, edging higher.

Technically, the reversal of September 7 is a confidence boost for traders.

As prices turn higher, peeling back losses, conservative traders can closely focus on the reaction between $58,000 and $60,000.

On the other hand, aggressive traders can choose to fade the primary trend. In that case, they can consider longs, with tight stops at September 7 lows. This support will be at around $52,500.

The first target would be $60,000 and later $66,000.

Any dump below $52,000 cancels out this bearish outlook, setting the foundation for more losses toward $45,000.

Ethereum Blocked Below $2,400: Is The Network Becoming A Whale Hub?

Posted on September 11, 2024 by Dalmas Ngetich

Ethereum is struggling for momentum at spot rates. Even though there are hints of strength, the failure of bulls to flow back decisively is a concern. Still, even as buyers expect prices to inch higher, overcome $2,400, and quickly lift off above $3,000, the path of least resistance remains southwards. The local liquidation level that every trader should look for is $2,800. If buyers float above this line effortlessly, Ethereum can soar to as high as $3,300 in a refreshing buy trend continuation pattern.

Traders are optimistic about what lies ahead. However, Ethereum is yet to comprehensively decide the short-term trend. As things stand, sellers are in control. Coin trackers reveal that ETH is stable on the past day even though it is still down 2% in the previous week. Besides, the average trading volume is low, at around $14 billion at press time.

As bulls try to define the short-term trend, the following Ethereum trending news will reshape price action:

The WazirX hacker, who made away with nearly $100 million in SHIB, is back. According to trackers, the entity moved $23.3 million worth of ETH and will likely dump. The address associated with the hacker moved 5,000 ETH to Tornado Cash, a mixer.
Despite Ethereum validators increasing and the network taking steps to decentralize, a big chunk of the circulating supply, records show, is held by whales. According to data, over 58 million ETH, or 43% of the circulating supply, belong to large holders.

Ethereum Price Analysis

[[ETH/USD]] is steady at press time.

While there is hope, bulls have yet to reverse losses from September 7. Accordingly, sellers are in charge from a top-down preview.

Unless there is a recovery above $2,400, every high may offer entries for sellers targeting $2,100.

For the trend to change, buyers must conclusively push prices above $2,400. Preferably, trading volume should be rising. In that event, ETH may form the base for another leg up to $2,800, $3,000, and $3,300.

However, if there is a turn for the worse, forcing Ethereum below $2,100, there will be more pain for holders.

XRP Rejected From $0.55: Why Are There Fewer Ripple Holders On Binance?

Posted on September 11, 2024 by Dalmas Ngetich

XRP is steady when writing, but like Ethereum and other top altcoins, the upside momentum is absent. Technically, buyers are still in control—at least for now, though the current trend favors sellers. Unless there is a solid break above $0.55, ideally as engagement expands, there is a real risk of prices plunging. The uptrend is shaky, and XRP may slip, even retesting $0.50—or lower as sellers press on. How XRP performs in the short term will be shaped by many factors, primarily fundamentals and how Bitcoin prints out.

Traders are monitoring how XRP performs. Looking at trackers, the seventh most valuable coin is flat. Nonetheless, the coin is down 4% in the previous week. Amid this, the average trading volume is stable, capped below $1 billion.

The following XRP and Ripple news are worth watching:

Ripple Labs, which is behind the XRP Ledger (XRPL), believes the success of FedNow will have a network effect. Not only does it stand to transform payments, but it will also have a net impact, boosting XRP.
Though XRP is now defined as a commodity, when traded in the secondary markets, it is emerging that the number of holders continues to shrink. From the latest Binance’s Proof-of-Reserve data, the exchange holds 2.75 billion XRP, down by 174.89 million.

XRP Price Analysis

[[XRP/USD]] is flat at press time.

The coin is still confined by the bear bar of September 7; a bearish development.

Even so, the steady expansion over the last few days is a net positive.

Ideally, buyers stand a chance if there is a close above $0.55, reversing early this week’s losses.

Before then, aggressive sellers could offload on every attempt, but only inside the September 7 range.

The first target would be $0.50 and, later, $0.45.

However, if XRP buyers take over, the coin might rally above $0.60 in a buy trend continuation pattern.

Kamala debate win stalls Bitcoin run

Posted on September 11, 2024September 11, 2024 by Olumide Adesina

Bitcoin and meme coins stalled its bullish run amid the outcome of the presidential debate. Vice President Kamala Harris looks to have defeated former President Donald Trump in the first debate between the U.S. presidential candidates on Tuesday based on the direction of prediction bets on Polymarket; nevertheless, crypto policy was not discussed.
TRUMP meme coin reached an intraday high of $3.42 before facing Democratic opponent Kamala Harris, but as the discussion continued, it dropped below $2.9 levels.

The meme currency reached an all-time high of $17.51 on June 1 but has dropped by about 83%. Other tokens connected to Trump but not officially, like MAGA Hat (MAGA), lost about a fifth of its value.

The two candidates despite Harris’s performance, s are virtually deadlocked in the Polymarket contract for the election’s winner, with Harris’ chances somewhat improving throughout the discussion.

The 2024 presidential debate is currently in its second round. Following Tuesday’s event, Harris’s team demanded a third debate, which would be the second between Harris and Trump.

Bitcoin momentarily lost the $57K support line amid the debate outcome, as traders now focus on U.S CPI data. Price action shows Bitcoin might increase by 6% to retest its 50% price retracement level at $59,529 (drawn from a high in late July to a low in early August) if the $56,022 level holds as support.

The daily chart’s Relative Strength Index (RSI), which measures investor indecision, is circling its neutral level of 50. The Awesome Oscillator (AO) is still trading far below zero, which is its neutral position. , Both indicators must trade above their respective neutral levels for any impending recovery rally to be sustained.

Should the price of Bitcoin close below the $54,000 support level, this bullish thesis will be proven false. BTC might drop another 7% in this scenario and retest the next daily support level, around $49,917.

Felix Hartmann, the founder of Hartmann Capital and a provider of cryptocurrency content, suggests that you might not have to wait until the presidential election is over to witness a significant cryptocurrency surge driven by Donald Trump.

“The instant the chances of Trump winning the election become extremely high, which may occur at many points. I think the cryptocurrency market will likely blow up,” Hartmann says to the Hall of Fame.

XRP Bounces Above $0.50 as BTC Reverses Above $50,000

Posted on September 10, 2024 by Skerdian Meta

The crypto market has been in a consolidation mode for several months, with Bitcoin and XRP bouncing up and down in a range. In the last two weeks Bitcoin was trending down, losing more than $10,000 as the crypto market was retreating, but since Monday we have seen a bullish reversal, with Ripple coin also benefiting from this.

Continue reading “XRP Bounces Above $0.50 as BTC Reverses Above $50,000” →

Telegram introduces $140,000 DOGS giveaway

Posted on September 10, 2024September 10, 2024 by Olumide Adesina

The Telegram Wallet bot introduced an incentive program that offers $140,000 in DOGS tokens. Users must complete specific tasks provided by the Telegram Wallet to participate. September 15 is the deadline for participation.

Binance Futures would also launch the meme coin for leveraged traders. The major crypto exchange Binance announced that it will launch the DOGSUSD COIN-M perpetual contract on 2024-09-10 at 10:00 AM (UTC) with a leverage of up to 20x.

For this DOGS-focused futures trade, the stablecoin USDC will be used instead of USDT, as is usually the case for contracts of this type.
The meme Token was developed with Telegram users in mind and seamlessly integrated with the messaging platform. It is based on the Open Network (TON) blockchain.

Inspiration from Pavel Durov’s well-known meme character “Spotty,” DOGS Token leverages meme culture to provide customers with a fun and interactive experience.
$DOGS has emerged as one of the fastest-growing dog-themed meme coins, with a growing user base of over 50 million and a strong emphasis on community-driven projects, following in the footsteps of Dogecoin and Shiba Inu.

It is also one of the most viral Telegram mini-apps, ranking third after TapSwap and Hamster Kombat. It has made a name in the memecoin market, especially inside the Telegram ecosystem.

DOGS Token wants to reward regular Telegram users with an engaging mini-app on the platform.

Obtain Tokens for DOGS: By interacting with the DOGS Telegram bot, users can earn tokens based on the age and activity of their Telegram accounts. This coin is community-centric since Telegram Premium subscribers and long-time users (“OGs”) receive additional rewards.

Community Involvement: Strong community involvement is very beneficial to DOGS. Users are encouraged to join Telegram channels, invite friends, and complete tasks within the DOGS ecosystem to maximize their token earnings.

Forex Signals Brief September 10: UK Jobs Report Highlights the Day

Posted on September 10, 2024September 9, 2024 by Skerdian Meta

Despite a notably stronger risk sentiment on Monday, the US dollar remained resilient. It was surprising to see the New Zealand dollar at the bottom of the currency list, especially on a day when the S&P 500 surged by over 1%. This suggests that the market is grappling with mixed forces.

With little significant economic data and no updates from the Fed, the focus shifted to analyzing Federal Reserve options and gearing up for today’s US Presidential debate. Bonds initially fell but staged a sharp recovery later in the day. Risk-sensitive currencies, including commodity-linked dollars, remained weak after breaking below last week’s lows.

The [[EUR/USD]] pair joined the downward move late in the session as part of a broader USD recovery. Meanwhile, [[USD/JPY]] held firm at August’s spike lows, bouncing off the 142.00 level for the second consecutive day, climbing nearly 2 cents, hinting that the market may be waiting for the FOMC meeting or another catalyst to break the current range. Despite this, crude oil benefitted from the overall bullish risk environment, with US [[WTI]] prices still hovering just below the $70 mark.

Today’s Market Expectations

The UK Labour Market report is the main event of the day and it is expected to show 114K new jobs added in the three months to July, an increase from 97K in June, with the unemployment rate projected to drop to 4.1% from 4.2%. Average Earnings including Bonus are forecasted to rise to 4.1%, while Average Earnings excluding Bonus are expected to be 5.1%, slightly down from the previous year’s 5.4%. Market sentiment points to an 83% probability of no rate change at the next BoE meeting, with a total of 43 basis points of easing predicted by year-end.

In the US, the NFIB Small Business Optimism Index is forecasted at 93.6, marginally down from 93.7 in the previous reading. Though a quiet week in terms of data, the market’s focus on growth makes this report significant. The NFIB index recently broke out of its range since 2022, reaching a new cycle high of 93.6, potentially signaling a key shift in business sentiment.

Forex Signals Update

We had a good start to the week yesterday, with markets being slow and quite trendy, as the USD continued to extend Friday’s gains, so the forex moves were predictable. We opened 9 trading signals, six of which closed by the end of the day. Five were winning forex signals, and just one losing trade in Dow.

Gold Holds Above the 20 Daily SMA

Gold reached a record high of $1,531.60 in early August, but despite several attempts, buyers have yet to surpass this level. Last week saw another effort, but it failed following the release of the US Non-Farm Payrolls (NFP) data. XAU/USD briefly peaked at $2,529 during the NFP volatility, only to reverse and form a “bearish engulfing” candlestick pattern, signaling potential for further declines. Despite a drop in US Treasury yields, Gold prices also fell, but the 20-day SMA remains a key support level, with gold returning and closing above this moving average once again yesterday. Although the long-term trend remains bullish, short-term weaknesses are becoming evident.

XAU/USD – Daily chart

Bearish Signal After the Lower High in GBP/USD

The EUR/USD pair dropped 2 cents in the last week of August, but found solid support slightly above 1.10, aided by the 20-day SMA. Buyers stepped in to drive the pair higher, attempting to restart the bullish trend. However, the rally faded after a 1-cent gain, and the price dipped again post-NFP data, creating a lower high, which could signal the beginning of a bearish trend. Sellers will need to push the price below the 20-day moving average and the key 1.10 level to confirm this.

GBP/USD – Daily Chart

Cryptocurrency Update

Bitcoin testing the Resistance at $57,000 Again

Bitcoin rebounded from its early August lows, reaching $62,000 and nearly hitting $65,000. However, strong resistance at the 100-day and 200-day SMAs halted further gains. This week, Bitcoin reversed course, forming an inverted pin bar, signaling a potential negative trend shift. The price dropped below the crucial $57,000 support level but found a temporary floor above $50,000. Buyers then stepped in, pushing the price back above $57,000.

BTC/USD – Daily chart

Ethereum Bounces Off the Support

Ethereum, meanwhile, has been in a downtrend since March, characterized by a series of lower highs, suggesting more declines. After a sharp drop from $3,830 to below $3,000, Ethereum saw a brief rally in June, surpassing the 50-day SMA. However, persistent selling pressure drove the price down to the $2,200 level. Support held firm, and the price has since rebounded with three consecutive bullish daily candlesticks, indicating some renewed buying interest.

ETH/USD – Daily chart

Bitcoin Building Momentum Above $50,000: Is The Pain Over For BTC Holders?

Posted on September 10, 2024 by Dalmas Ngetich

Bitcoin pushed higher yesterday, rejecting bear pressure, much to the relief of traders. Technically, the downtrend remains. However, this will rapidly change should the coin reverse all losses of September 7. If the leg up above this bear bar is with rising volume, Bitcoin might find the momentum to breach $58,000 and even push above $60,000. As things stand, eyes are on fundamental factors, especially the upcoming United States Federal Reserve monetary decision. It is largely expected that the central bank will ease, a boost for risky assets, including BTC.

At press time, Bitcoin is up 4% in the past day. What’s important to note when writing is that engagement is also decent, at around $33 billion. The average trading volume has been rising, a net positive for optimistic traders.

Traders are increasingly tracking the following trending Bitcoin news:

Bitcoin might be under pressure, but more BTC are moving out from derivative exchanges like OKX. Outflows from these leverage platforms could support prices in the short- and medium-term.
Amid this, there appears to be an extended consolidation of leveraged positions, looking at trading data. The accumulation began after prices soared to all-time highs back in March. A drop or expansion of this metric could see the coin reap higher or rapidly dump.

Bitcoin Price Analysis

[[BTC/USD]] is pushing back against aggressive sellers.

Even though the downtrend remains, a break above $58,000 and, ideally, $60,000 could form the basis of another leg up to $66,000.

Today, if bulls reverse all of September 7 losses, sellers can consider exiting their shorts.

This will be the case, especially if the expansion has rising volume.

A close above $58,000 will be crucial in setting the ball rolling, targeting $66,000.

If not, and there is a peel back of gains printed over the weekend, Bitcoin can easily sell off rapidly to $49,000 in a bear trend continuation formation.

Ethereum Finds Support Above $2,100: BlackRock Stacking—Fast, What Do They Know?

Posted on September 10, 2024 by Dalmas Ngetich

Ethereum is firm when writing, adding nearly 4% in the past day. Overall, there is a sense of relief, especially for holders. All the same, there must be a strong signal, printing out from the daily chart. For the uptrend to take shape, Ethereum must close above $2,400 in the short term and later breach $2,800 in the medium term. Before then, the downtrend remains, and sellers of September 7 are still in control from a top-down preview.

Traders are confident, especially after the gradual peel back of losses over the weekend. Even though the downtrend remains and sellers are in control, ETH is steady. The second most valuable coin is up 2% in 24 hours. At the same time, the average trading volume is low but decent, standing at around $15 billion at press time.

Traders are watching the following trending Ethereum news:

The average gas fees have declined over the past few months. Fast-falling gas fees after Dencun, some analysts say, will disincentive validators from confirming and securing the smart contracts platform.
Even amid the general market turmoil, it is emerging that BlackRock, one of the world’s largest asset managers, is aggressively buying ETH for its spot ETF clients. As of September 10, BlackRock holds over 336,000 ETH, and continue to stack up.

Ethereum Price Analysis

[[ETH/USD]] is down at press time.

Even after gains of the past three days, there must be a sharp breakout above $2,400 for bulls to stand a chance.

So far, sellers have the upper hand from an effort versus result perspective.

Accordingly, aggressive sellers may choose to sell on every attempt higher below $2,400.

The first target will be $2,100.

However, if buyers push higher, traders can consider their preview. This outlook will be, especially if the leg up is with rising trading volume.

A decisive, high-volume close above $2,800 may see Ethereum expand to $3,300 and $3,500.

XRP Soaks Selling Pressure: RLUSD for Institutions—Good or Bad For Ripple?

Posted on September 10, 2024 by Dalmas Ngetich

XRP, like most other crypto assets, remains under immense selling pressure, looking at the performance in the daily chart. The breakout below $0.55 and the inability of bulls to flow back and strongly peel back losses of September 7 is a concern. From the look of things, traders are confident. However, the pace at which the seventh most valuable coin grows depends on engagement. So far, this is low and underwhelming.

Despite the general optimism, sellers dominate. To put in the numbers, XRP is down 5% in the past week even after the 2% gain in the last 24 hours. At the same time, the average trading volume remains below $1 billion even though engagement is rising. In the coming sessions, how prices react within the September 7 trade range will shape the short-term trend. As it is, bears are in control.

Traders are closely monitoring the following trending Ethereum news:

Ripple is set to launch RLUSD. However, according to reports, the stablecoin will be exclusively available for institutions. The token will specifically foster cooperation among institutions. Of note is that this decision is also to ensure security and compliance with existing laws.
Even if the United States SEC appeals, they won’t be looking to challenge the status of XRP as a commodity. According to a Ripple lawyer, their appeal, if any, would likely focus on the blockchain company’s institutional sales.

XRP Price Analysis

[[XRP/USD]] is firm at press time.

The problem is that sellers are in control at press time despite the impressive growth over the weekend and Monday.

As long as prices are inside the bear bar of September 7, every attempt higher should be an opportunity for sellers to consider shorts.

This outlook will change once XRP expands above $0.55, amid rising engagement.

Conservative traders can also wait for a close below $0.50 before doubling down on shorts, targeting $0.45 and $0.38.