Bitcoin Whales Stacking Hard Taking Advantage Of Low Prices, Precursor For $72,000?

Posted on August 20, 2024 by Dalmas Ngetich

Bitcoin is once more moving sideways inside a boring range, looking at the formation in the daily chart. Even though the uptrend remains, the failure of bulls to confirm this leg up is a concern. In the sessions ahead, traders should closely monitor price action, aware that a push higher, lifting the coin above $63,000, or forcing prices below $56,500, will set the short to medium-term trend.

Amid the sideways chop, Bitcoin is steady. The coin is up in the past day and week. Trading volume is picking up steam, rising to over $29 billion in the previous 24 hours. Moreover, prices are still inside the consolidation and August 8 range, a net positive for buyers.

Traders are closely watching the following trending Bitcoin news:

Bitcoin is steady when writing amid a buildup in stablecoin volume. As more USDT and USDC flow to exchanges, it could trigger a leg up, lifting the coin to fresh higher, above the current chop.
Whales have taken advantage of the current consolidation to buy more coins. In the last six weeks, trackers note that they have bought nearly 95,000 BTC—a huge endorsement for bulls.

Bitcoin Price Analysis

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

The coin is inside a bull flag and confined by the August 8 trade bar.

As it is, aggressive traders can search for entries as long as prices are above $56,500, aligning with the bull bar of August 8.

Even so, a close above $63,000, ideally with rising volume, will confirm the bulls of the engulfing bar, setting in motion another leg up to $72,000.

However, should there be weakness, reversing today’s gains, and Bitcoin folds below $56,500, the coin may fall to as low as $50,000 in a bear trend continuation formation.

Ethereum Bulls Struggling For Momentum, Sellers In Charge Below $2,700

Posted on August 20, 2024 by Dalmas Ngetich

Ethereum is tight, looking at the performance in the daily chart. Even though there are hints of strength, the failure of bulls to push higher is a concern for optimistic traders. Still, the coin is trading above important support lines, and the $3,300 level remains critical. Unless there is movement driving ETH either up or down the current bull flag, conservative, risk-on investors can stay on the sidelines until there is a trend definition.

Traders are upbeat, even with Ethereum struggling for momentum. The state of price action in the daily chart means ETH is flat in the daily and weekly charts. However, what’s notable is the drastic improvement in engagement, rising to over $12.8 billion in the past 24 hours.

The following trending Ethereum news events are worth watching today:

Analysts argue that though Ethereum bulls are struggling to redefine trend, fundamentals are strong, and better than the last bull cycle. It is worth noting that institutions are now part of the play following the approval of spot ETFs.
The proliferation of Ethereum layer-2s, one analyst said, means there is rising demand for ETH. So far, trackers show that Base, Arbitrum, and other top off-chain platforms manage over $36 billion worth of assets as of August 20.

Ethereum Price Analysis

[[ETH/USD]] is flat at spot rates.

Despite the confidence, the coin remains within a bearish formation, struggling to reverse the gains of August 5.

In the short term, conservative traders can wait for a clean close above $2,700 or $2,100 before committing. Preferably, this break must be with higher volume, exceeding that of August 5.

Meanwhile, aggressive traders can short on every attempt higher as long as prices are below $2,700. This outlook will align with the losses of August 4 and 5.

The next target would be $1,800 and $1,500.

XRP Ticks Higher, Time To Buy Before Ripple Bulls Break $0.66?

Posted on August 20, 2024 by Dalmas Ngetich

XRP is relatively firm at press time, per the formation in the daily chart. Even though cracks are visible in Bitcoin and top altcoins, the coin remains in a clear uptrend. Following the gains of August 19, traders can search for entries to load, targeting the immediate resistance levels. For now, the local liquidation line is at around $0.66. Conversely, sellers can find support at $0.55. Until a decisive close confirms the gains of August 7 and 8, conservative, risk-averse traders can stay on the sidelines.

The evolution of price action in the daily chart favors bulls. Thanks to the uptick yesterday, XRP is in green in the past week while trading volume has nearly 2X to nearly $1.7 billion. As buyers flow back, retesting the local resistance levels, engagement will increase, a boost for liquidity, priming bulls as a result.

Traders are looking at the following trending XRP and Ripple news:

XRP is on the line of fire. Despite its multi-billion valuation, some don’t believe in the value proposition of the coin. One even thinks the coin is a scam mainly because of the inactivity after the United States SEC-Ripple case settled.
Traders are now linking the inactivity in XRP to the general mood of the market. Unless Bitcoin breaks higher, the sideways consolidation of top altcoins will continue—and XRP won’t be an exception.

XRP Price Analysis

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

From the daily chart, the coin broke higher yesterday, finding support from the 20-day moving average.

Technically, the uptrend remains.

For this reason, aggressive traders can load the dips, targeting $0.66.

On the other hand, risk-on traders can wait for a clean break above $0.66 in a buy trend continuation formation, especially if the bar has a high volume.

Any dip forcing XRP below $0.55 will slow down the uptrend. Further dips unwinding the August 7 bar will cancel this bullish outlook.

Ethereum’s mixed signal amid improved risk appetite

Posted on August 20, 2024 by Olumide Adesina

Ethereum is trading around near the 2.7K levels on Tuesday amid improved risk appetite in the crypto market. Ether is selling at $2.68K, down 22.57% from July 23, as of this publication.

Market indications, however, show that Ethereum encountered significant resistance at the $4,000 and $3,900 levels. A retracement resulted from this, although the 0.5 Fibonacci level provided solid support. The quick rise from $2,300 to $2,800 indicates fresh bullish momentum.

ETH appears to be trying to re-enter a significant wedge pattern based on the current market movement. In the upcoming sessions, the price may test $3,640 and even higher levels if there is a good breakout over the resistance zone.

While the broader 24-hour period indicates a slight advantage for Ether short sellers, the most recent 12-hour period up to publishing has turned positive, with 50.37% of positions being long.

According to CryptoQuant’s research, the Ethereum futures market shows that most traders are pessimistic, given that financing rates were negative earlier today. Periodic payments made to and received by long and short-term traders in response to fluctuations in the price of perpetual futures contracts relative to their spot counterparts are known as funding rates. It’s also employed as an emotion indicator to determine the bullishness or bearishness of traders.

As of this writing, Ethereum’s financing rate is roughly -0.0036, suggesting a predominance of short holdings. The 4-hour chart, where ETH broke through the rising bottom trendline of an ascending triangle on Sunday, further demonstrates the bearish attitude. This action suggests that sellers gather steam and may initiate a strong negative trend.

Since the US ETH ETFs have seen net outflows of $434 million since their inception, there is a good chance that the ETFs are a major factor contributing to Ether’s price fall.

Neither buyers nor sellers have been able to push the price significantly above or below this level despite their competition for supremacy, This kind of consolidation often precedes a breakout, so pay particular attention to these important levels!

Open interest spikes sometimes precede significant price swings, and as Ethereum is currently approaching significant technical levels, a move in either way is plausible. However, the overall picture is still positive, especially if the $2,828 breakout level is breached.

Forex Signals Brief August 19: Powell and PMIs Highlight the Week

Posted on August 19, 2024August 19, 2024 by Skerdian Meta

Last week the attention was on the US inflation figures for July, although the RBNZ surprised markets as they delivered an unexpected rate cut of 25 basis points, which left the Kiwi softer compared to other risk currencies. However, NZD/USD ended the week higher, as markets continue to remain bearish on the USD.

Continue reading “Forex Signals Brief August 19: Powell and PMIs Highlight the Week” →

Bitcoin Flat: Billions of Stablecoins Flowing To Exchanges, a Pause before $72,000?

Posted on August 19, 2024 by Dalmas Ngetich

Bitcoin continues to weave around the $60,000 mark, looking at the performance in the daily chart. Even though buyers are optimistic, the indecision seen explains the drop in engagement over the past few trading days. Considering the current state of affairs, traders are closely watching how prices will turn out in the coming days aware that any close above $63,000 will be critical in cementing their expectations. Beyond price action, traders are looking at the evolution of inflows into spot ETFs. In H1 2024, they were key in driving demand.

The sideways chop of the past few trading days shows in the general performance. As it is, traders are confident, but Bitcoin is flat. The region of support is between the $57,000 and $60,000 zone, while any breach of mid-August highs will signal trend continuation. Before then, the average trading volume is low, at just $20 billion.

Amid this state of affairs, prices are steady, but traders are watching the following trending Bitcoin news:

The sideways movement of Bitcoin is amid a spike in stablecoins. According to trackers, over $2 billion of USDT and USDC were minted in the last eight days. Usually, whenever there is inflow of stablecoins, it precedes a surge in pricing.
Bitcoin remains flat, but BlackRock, a spot ETF issuer, now holds more coins than Grayscale’s GBTC. This means that though GBTC is losing clients, more of them seem to be finding their way to the world’s largest asset manager.

Bitcoin Price Analysis

[[BTC/USD]] is firm at spot rates, looking at the development in the daily chart.

Technically, buyers are confident.

However, before conservative traders get in, there must be a close above $63,000. If there is a surge above $72,000, that will be better.

Aggressive traders, on the other hand, can buy the dip above $56,500 or June and May lows, targeting $63,000 and higher.

Even so, should Bitcoin slip from spot rates, dumping below $56,500, it may crash to $50,000. In that case, BTC may slip to $40,000 in a bear trend continuation formation.

Ethereum in A Bull Flag: With Support At $2,500, what’s next for ETH?

Posted on August 19, 2024 by Dalmas Ngetich

Ethereum, mirroring the general state of affairs across the crypto scene, is also stable and moving sideways. Even though there is a slight recovery now that prices are above the $2,500 level, it is below the all-important $2,700 mark. In the days to come, traders can watch how price action evolves from current levels. Since the coin is within a bear breakout formation and mostly capped by the bear bars of August 4 and 5, buyers must be more convincing.

Since Ethereum is moving sideways, it shows in how prices are trending. The coin is mostly stable in the past day and week. Technically, candlestick formation supports bulls. However, there are also fundamental factors that may spark demand in the days to come. Before then, prices must move sharply either above the local resistances or below support for trend definition. Once this happens, trading volume will roar, rising from the average $10.2 billion of the last day.

Ethereum traders are closely watching the following trending news events:

While spot Ethereum and Bitcoin ETFs post inflows, one VC is bullish about what lies ahead. Claiming that their TVLs will rise, the VC thinks Ethereum will also overtake the BTC product.
One of Ethereum’s top Layer-2 platforms, Optimism, is back to using permissioned fault proofs while announcing a hard fork. The decision follows an audit that found vulnerabilities.

Ethereum Price Analysis

[[ETH/USD]] is stable at press time though bulls are resilient.

At press time, resistance is at around the $2,700 and $2,800 area.

On the flip side, support is at $2,100, marking August lows.

Until there is a break in either direction, traders can stay on the sidelines.

If buyers take over, confirming the bulls of August 8, ETH may fly to $3,500 in a buy trend continuation pattern.

Conversely, losses below $2,500—or the base of the current flag, reversing gains of August 12, will question the strength of the uptrend.

In that case, Ethereum may dip to August lows in a bear trend continuation formation.

XRP Stuck: Will $0.55 Hold Amid Massive Coin Outflow From Exchanges?

Posted on August 19, 2024 by Dalmas Ngetich

XRP is uneventful at press time and has barely moved over the past few trading days. If anything, the coin is choppy and confirmed within a larger bull bar, which is bullish, at least for now. From the daily chart, the local support is at around $0.55, a critical level. However, though buyers are confident of what lies ahead, there must be a conclusive close above the current consolidation. Ideally, a rally forcing the coin above $0.62 will be ideal.

The state of price action in the daily chart shows how the coin has been performing. As it grapples with USDC for the sixth spot, it is flat in the last day and week. At the same time, trading volume has rapidly contracted from those seen in the first week of August. It is now at around $830 million.

Ripple and XRP traders are watching the following news events:

Amid the consolidation, more holders are pulling their coins from exchanges. Usually, whenever there is outflow from Binance or Coinbase, it is a net positive for bulls.
The confidence after the Ripple-SEC case resolution is yet to be seen on the daily chart. Though lower, the penalty of $125 million and the regulator’s lack of a plan forward is impacting sentiment and, thus, prices.

XRP Price Analysis

[[XRP/USD]] is moving sideways, looking at price action.

Even though the uptrend remains and prices are inside the August 7 and 8 bar, the absence of a follow-through is a concern.

Aggressive traders may consider loading the dips above the multi-week support at $0.55. In this case, it will confirm buyers of August 7 and 8, setting the base for gains above $0.66.

Conservative, risk-on traders, on the other hand, may wait for a clean close above $0.66, preferably with rising volume, as they target $0.74.

Losses below $0.55 may slow down the uptrend, forcing XRP towards $0.50—or lower.

Bitcoin needs $60K lifeline to trigger bullish momentum

Posted on August 19, 2024August 20, 2024 by Olumide Adesina

Bitcoin is consolidating around $58.5K; present fundamentals indicate that bulls have difficulty breaking above the $60K line. Over the last day, BTC has attempted to break above this crucial level, but crypto buyers can’t keep the price above it.

Bitcoin in the past few days has been ranging between $57,115 and $62,066 with Fibonacci retracement levels of 38.2 percent and 61.8 percent, respectively.

The crypto asset reached an intraday high of about $60,200 before retracing to $58.3K. At 8.30 am GMT, it trades at $58.4K, up 10 basis points at Monday’s morning trading session.
As long as Bitcoin rebounds to $62K, which represents the 61.8% Fibonacci retracement, bulls have a case.

However, it might encounter some resistance because it forms a crucial resistance zone, in line with the previously broken trendline and the 100-day Exponential Moving Average, currently at $62,226). If $62,066 is not exceeded, there could be a decline to $57K and a possible 19% decline to return to the $49.9K daily support level.

However, if Bitcoin’s price can close above $62,066 then a move towards the high of $65,596 on August 2 would be expected as it would create a higher high on the daily chart.

This could result in an additional 6 percent price increase and a test of the weekly resistance at $69,648. As a result of its investments in cryptocurrency stocks, Norway currently indirectly owns 2,446 BTC. For Bitcoin, that is encouraging news. It presents a seductive picture of widespread sovereign support for Bitcoin.

The Norges Bank Investment Management fund rebalanced its portfolio and increased its exposure to Bitcoin.

The fund uses the substantial country’s oil earnings to finance successful ventures that benefit the Norwegian government. Norway’s public fund reduced the country’s holdings of large tech companies like Meta, from which it had made billions of dollars this year. The funds were transferred to Web3 stocks like Marathon Digital, Coinbase, MicroStrategy, and Block.

Bitcoin Sticking to 60K, Awaiting more Direction From US Elections

Posted on August 18, 2024August 18, 2024 by Skerdian Meta

By the middle of the week, Bitcoin experienced a significant decline, with its price dropping by around 3% to $57,700s. This sharp drop contributed to widespread losses across the broader cryptocurrency market. Earlier in the week, Bitcoin had briefly surged to $61,830, driven by optimism surrounding Bitcoin exchange-traded funds (ETFs) and substantial investments from major financial institutions like MicroStrategy.

Continue reading “Bitcoin Sticking to 60K, Awaiting more Direction From US Elections” →