Bitcoin Stable: Traders Are watching These 2 Very Important Support Levels

Posted on August 29, 2024 by Dalmas Ngetich

Bitcoin is stable when writing, looking at the performance in the daily chart. Even though some traders are optimistic about what lies ahead, the liquidation of the past two days remains a concern. Technically, sellers are now in the equation, as long as the primary resistance is at $66,000. For the trend to shift, prices must roar above August highs, ideally with rising trading volume. Before then, as long as the August 27 losses are not peeled back, sellers will be in control in the short term.

Considering the formation in the daily chart, it is clear to see why the coin is in red. To put in the numbers, Bitcoin is stable on the last day but down 3% in the previous week. Since the sentiment is rapidly shifting to bearish and more traders have been liquidated, there is a notable expansion in trading volume, exceeding $35 billion in the last 24 hours.

Traders are closely watching the following trending Bitcoin news:

Bitcoin is bearish, per the daily chart. However, one analyst notes that more traders are shifting from bullish to bearish on Binance, the world’s largest crypto exchange.
According to one analyst, as Bitcoin plunges, the immediate level to watch out for is $55,000. This support level coincides with June and May lows but is the average price at which Binance traders bought. A level deeper, miners will be in green as long as prices trend above $44,000.

Bitcoin Price Analysis

[[BTC/USD]] is stable at press time.

There is no relief for holders, looking at the daily chart.

Unless otherwise there is a spike above $63,000 but most importantly $66,000, sellers will be in control.

Accordingly, aggressive traders can align with the dip of August 27, targeting $56,500 and $50,000 in the short-term.

Notice that the bear bar of Tuesday is wide-ranging and has high trading volume.

Additionally, it is a bear breakout bar, reversing all losses of August 23.

Forex Signals Brief August 29: Awaiting the US GDP and Unemployment Claims

Posted on August 29, 2024August 28, 2024 by Skerdian Meta

Markets remained cautious yesterday, similar to the run-up to Powell’s speech last Friday. This led to a pattern of buying the US dollar and selling off sick assets such as the Euro and stocks, as investors braced for Nvidia’s earnings report. Earlier in the Asian session, the Australian CPI inflation data showed a slower pace of decline than expected, which gave the Australian dollar a slight boost.

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Ethereum Bulls Defiant, Expect Sharp Bounce Even As Sellers Target $2,100

Posted on August 29, 2024 by Dalmas Ngetich

Ethereum is wavy at press time, looking at the performance in the daily chart. The path of least resistance is southwards as long as prices are trending below $2,500. This level is the former support, now resistance, marking the base of the bull flag. Unless there is an influx of buying pressure, lifting ETH above local resistances, sellers will be in a commanding position. Going by recent trends, there is no discounting the possibility of the coin dropping to as low as August lows.

As Ethereum struggles for momentum, sellers are in firmly in charge. On average, the second most valuable coin is up 4% in the past day but down by the same margin in the last week. At the same time, trading volume is decent, averaging $18 billion on the last day. Of all, traders remain optimistic, but this outlook will quickly change if there is another sharp drop today, forcing the coin to fall below $2,100.

Traders are closely watching the following Ethereum news:

Though Ethereum and Bitcoin prices are down, more users are creating new stablecoin wallets. Over the last few months, USDT continues to grow in strength, looking at new wallets. The same trend can be seen in the number of DAI addresses.
Even with prices falling, one analyst thinks ETH will dip in the short term, possibly testing the $2,000 region. However, after this, prices will rise sharply, clearing 2024 highs.

Ethereum Price Analysis

[[ETH/USD]] is under pressure at press time.

The immediate resistance is at the $2,500 level.

On the lower end, the bear target and price line of concern is at $2,100.

With the bear bar of August 27 leading, aggressive traders can align with the developing trend, shorting on every attempt higher.

The first target is $2,100 or August lows.

If sellers press on, the second level of interest will be $1,800.

However, if bulls flow back, Ethereum bulls need to break $2,800. Afterward, the coin may conquer $3,500 in a buy trend continuation formation.

XRP Rejects Bears, Ripple Trends Above $0.55 Amid Rising Volume: What’s Next?

Posted on August 29, 2024 by Dalmas Ngetich

XRP is down but stable, mirroring the performance of other top altcoins. Encouragingly, even with the recent drain, the coin remains above the primary support at $0.55. At the same time, the rejection yesterday means Ripple bulls are still in contention. Unless there is an unexpected drop, aggressive, risk-off traders can load the dip in anticipation of more gains. All the same, how the coin performs is mainly dependent on Bitcoin and other top altcoins.

As prices consolidate, the coin is flat in the past day. To put in the numbers, the coin is down roughly 5% in the last 24 hours and week. Even so, the sideways movement is amid rising volume, currently standing at over $1.2 billion.

Traders are closely monitoring the following XRP and Ripple news:

It is emerging that a South Korean lawmaker is fond of crypto. Disclosures made public show that the Member of Parliament holds, among other coins, XRP and BTC. The Southeast Asia nation is pro-crypto and has an enthusiastic population keen on digital assets.
The drop in momentum translates to a squeeze in the Bollinger Band. If the past guides, then it is likely that XRP will trend higher, following the trends seen in 2017 and 2020.

XRP Price Analysis

[[XRP/USD]] is moving inside a tight range.

The coin is confined within the $0.55 and $0.66 zone, clear in the daily chart.

Unless there is a convincing bear breakout, bulls will continue to be in charge.

As things stand, traders can consider loading the dip, buying above $0.55 while targeting $0.66.

However, for the more risk-averse, a close above $0.66 opens up XRP to even more growth.

On the lower end, losses below $0.55 might diffuse the upside momentum, slowing down buyers.

Forex Signals Brief August 28: Australian Inflation Highlights the Day

Posted on August 28, 2024August 27, 2024 by Skerdian Meta

Early fears in European fixed income markets spread to the United States markets yesterday, leading to some risk aversion and some gains in the US dollar. With Treasury rates significantly lower than last month, there were concerns about a tail risk in the $69 billion auction. However, those fears were unfounded, as the auction saw strong bidding just before the deadline and again after a 0.6 basis point stop through.

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Bitcoin Slips, Exchange Reserves Falling Too: Here’s Why $55,000 Is Crucial For BTC Bulls

Posted on August 28, 2024 by Dalmas Ngetich

Bitcoin fell some more yesterday, extending losses of August 26. Even though there is hope, bears seem to be taking charge, at least for now. The primary resistance is the $63,000 level, while support lies in the $56,500 zone, following the complete reversal of August 23 gains. Despite the sell-off, there are multiple fundamental factors to explore, including inflows into spot ETFs as a demand-side driver.

As prices trickle lower, traders are cautious. In the past day, the coin is down nearly 7%, shaving losses week-to-date to almost 2%. Amid falling prices, the average trading volume in the previous 24 hours is also at $42 billion. This spike shows that traders are in the frame, possibly dumping.

The following Bitcoin trending news are worth watching:

As Bitcoin prices fall, traders should closely monitor price action, especially at around the $55,000 level. This is the average price of most BTC traders on Binance. Accordingly, if broken, the coin could disintegrate due to panic selling.
Exchanges continue to contend with falling BTC reserves across all crypto exchanges. For this reason, either prices have to rise to spark short-term selling, or exchanges have to prop up dwindling supply with their assets.

Bitcoin Price Analysis

[[BTC/USD]] is in red at press time, moving lower.

Moreover, bears have reversed all gains of August 23.

Technically, this is bearish from a volume analysis preview. If prices are below this wide-ranging bull bar, aggressive traders can unload, targeting $56,500 and lower in the coming days.

If sellers double down, pushing losses, Bitcoin might fall to August lows of $50,000.

This outlook will only change if there is a refreshing push higher, ideally above $66,000. The surge will confirm the buyers of August 23, setting the base for more gains to $70,000 or higher.

Ethereum “Fake Dip”? ETH Whales Buy Over 200,000 ETH as 34 Million More Coins Locked By Stakers

Posted on August 28, 2024 by Dalmas Ngetich

Ethereum is slipping, breaking below the key support line, which is apparent in the daily chart. Even though the general mood is bullish for ETH, the short-term is unfavorable for optimistic traders. As things stand, the contraction of Bitcoin prices will negatively impact altcoins, and ETH is no exception. Still, in the short-to-medium term, aggressive traders can consider longs. However, if there are losses below immediate support zones by the end of the day, ETH may crumble, aligning with the dump of early August.

Reflecting on the sell-off is how the coin is performing. Ethereum is down 9% on the last day. What’s more? Trading volume is expanding, rising to around $20.5 billion over the last 24 hours.

Traders are closely monitoring the following trending Ethereum news:

Ethereum prices might be slowing down, but there are now more stakers. Trackers show that a record 34 million ETH has been staked by more than 1.1 million validators. The more coins locked up, the more scarce ETH becomes, which is a net positive for prices.
Besides staking demand, ETH whales have been accumulating, buying over 200,000 ETH. This is despite sustained outflows from spot ETFs.

Ethereum Price Analysis

[[ETH/USD]] is dropping when writing, breaking below the immediate support at around $2,500.

Even so, fundamentals are supportive.

Following the breach of the primary support and the bull flag, traders can consider shorts in the short term.

As prices band along the lower BB, any rise in trading volume could see Ethereum drop toward $2,100 in the short term.

For this reason, day and swing traders may consider shorting, targeting August 2024 lows.

However, if there is rejection today and prices float above $2,500, ETH bulls might build from this low, buying on every pullback.

Ideally, a break above $2,800 will be critical for the uptrend to remain in place.

XRP Holds above $0.55: Ripple Whales Just Bought 50,000,000 Coins in 24 Hours

Posted on August 28, 2024 by Dalmas Ngetich

XRP is firm, soaking in the selling pressure after losses from Sunday. As things stand, XRP bulls have the upper hand. The primary support will remain to be at around $0.55, while the local liquidation zone will be the $0.65 to $0.66 region. Unless there is a spike above this area, risk-average traders can consider staying on the sidelines. In the short term, aggressive traders can bank on the general bullish sentiment surrounding Ripple and XRP and take their chances with the seventh most valuable coin.

At spot rates, XRP is down roughly 3% in the past day and week. Unless there are gains in either direction of the current range, trading volume will also remain low. At press time, trading volume is at around $1.55 billion. Looking at trends, fundamental factors are primary drivers of demand for XRP. On August 7 and 8, trading volume shot higher after the court ruling before tapering to spot rates. Without these triggers, any price breakout will, therefore, likely influence traders going forward.

The following XRP and Ripple news are worth watching:

Ripple was told to pay $125 million as a settlement. However, this doesn’t mean the United States SEC won’t appeal. If they do, it will severely blow XRP and the crypto ecosystem.
Due to the low and consolidating prices, whales are choosing to accumulate. Reports show that these large entities have bought over 50 million XRP in the past day. The more they buy, the more liquid and on-demand the coin becomes.

XRP Price Analysis

[[XRP/USD]] is firm at press time but under pressure.

The local support is at $0.55, a region to monitor closely.

Traders can load the dip as long as prices hold above $0.55. If prices fall below this level, sellers may take charge in the short term, pushing the coin to $0.50.

At the same time, any break above $0.66 will be critical for traders in the short term.

Before then, risk-on traders can wait for a clean break above July highs before aligning with the primary trend.

If this break above this triple top is with rising volume, XRP will likely race even higher to $0.74 and $1.

Bitcoin calls 911, $60K support line broken

Posted on August 28, 2024August 28, 2024 by Olumide Adesina

Bitcoin experienced a sharp fall on Wednesday after breaking below the $60K support level, which had held for a few days in addition to a decline in activity on the Bitcoin network.

According to Coinglass data, the cryptocurrency market experienced almost $321 million in liquidations when Bitcoin dropped below $60K on Tuesday.
If the $58K support level fails, traders are unsure of how far down the price of Bitcoin might go and whether these factors have already been fully priced in. Most of the total liquidations have gone to the long traders, much more than the $35 million short liquidations.

Open interest is the total of open long and short positions in the market that are not yet filled. Lower open interest generally denotes increased caution or liquidations by traders, usually because of declining prices.

The pullback follows a jump on August 25th, according to Santiment statistics, when the exchange’s Bitcoin financing rate hit its highest level since the cryptocurrency’s all-time high in March.

The difference between the futures contract price and the index price is used to calculate funding rates, which are periodic payments that buyers and sellers of perpetual contracts involving cryptocurrencies trade.

After Federal Reserve (Fed) Chair Jerome Powell hinted at a possible interest rate cut in September during his keynote speech, some traders opened long positions in Bitcoin and Ethereum. The latest liquidation, however, indicates that the market took a different turn.

Santiment analysts pointed out that “when funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction.” traders often monitor the relationship between the US dollar index (DXY) and BTC for market direction. Many think that a surge in Bitcoin always coincides with a weak DXY and vice versa. The dollar index hit a year-to-date low below 101 index points last week, and Bitcoin’s price broke out of the $53K range

Crypto market mints 172,300 people with at least $1 million

Posted on August 27, 2024August 27, 2024 by Olumide Adesina

A recent report highlighted that the number of cryptocurrency millionaires worldwide increased 95% over the last year due to the rise in bitcoin ETFs and other cryptocurrency assets. In contrast to 88,200 people last year, 172,300 people globally now own over $1 million in cryptocurrency assets, per a report by New World Wealth and Henley and Partners.

To 85,400, the count of pure Bitcoin millionaires more than doubled. The wealth ladder has seen an increase in the ranks of the crypto-rich. The report claims that there are currently 28 crypto billionaires and 325 crypto centi-millionaires, or people who own cryptocurrency worth at least $100 million.

The spike affirms the quick rise in bitcoin exchange-traded funds (ETFs), which have amassed over $50 billion in assets since their January debut and sparked a wave of institutional investment.

This year, Bicoin’s price increased by 45% to roughly $64K. According to Henley, the market capitalization of cryptocurrency assets has surged from $1.22 trillion last summer to $2.03 trillion, largely due to the appreciation of other coins.

According to Andrew Amoils, head of research at New World Wealth, five of the six new cryptocurrency billionaires that have emerged in the last year can credit bitcoin for their financial success, “underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.”.

As Bitcoin has recently experienced a three-year return to its 2021 highs, many cryptocurrency assets are still below those levels. November 2021 saw the market capitalization of cryptocurrency assets reach $3 trillion.

Large crypto holders may create even more wealth, though, as major asset managers like Fidelity and BlackRock, with support from Morgan Stanley’s 15,000 broker sales force, are beginning to accept cryptocurrency assets.

Crypto will not only increase the number of millionaires and billionaires but also alter the residence and workplace of the wealthy. Henley stated the newly minted wealthy entities in the crypto market want to relocate to tax-friendly and cryptocurrency-friendly jurisdictions.