Bitcoin Choppy: Will On-chain Data Prop up Optimistic BTC Bulls?

Posted on August 13, 2024 by Dalmas Ngetich

Bitcoin is stable when writing, peeling back some losses in the past day. Even as prices teeter around $60,000, buyers stand a chance, especially if there is even more rejection of lower lows. In the short term, the zone marking support at around $57,000 to $60,000, and the resistance at around $70,000 and $72,000 will be worth watching. So far, the uptrend remains, especially if Bitcoin is stuck inside the August 8 bar.

At press time, Bitcoin is up nearly 20% from August lows and remains firm. Even though there were cracks over the weekend, the rejection of lower prices is a net positive overall. So far, Bitcoin is flat in the past trading day but up a massive 7% in the previous trading week. Most impressively, trading volume is also picking up steam, rising to over $36 billion in 24 hours.

Generally, traders are upbeat and closely monitoring the following trending Bitcoin news:

Over the past few weeks, the Bitcoin miner reserve has been dropping. What this means is that miners are controlling fewer and fewer coins. This is understandable, given the massive dump from late April 2024 to June.
Amid stabilizing prices, on-chain data shows that traders are cautious and choosing to stay on the sidelines, at least for now. The rise in open interest versus the BTC exchange reserve could ignite demand, pushing speculators back into the picture.

Bitcoin Price Analysis

The [[BTC/USD]] uptrend remains, at least for now.

As long as prices trend above the $57,000 level or June and May lows, every low may present entries for aggressive traders.

If the uptrend remains and buyers take over, the first target would be $66,000 and later $70,000. This outlook will be especially so if there is a breach above $63,000—the local resistance.

Conversely, conservative traders can wait for a decent close above $70,000 or drop below $50,000 before committing.

Forex Signals Brief August 12: Inflation and Retail Sales Ahead

Posted on August 12, 2024August 12, 2024 by Skerdian Meta

Last week started in the worst way possible with markets crashing lower during the Asian session, with Nikkei diving 12% lower, pulling all risk assets lower, following the soft NFP data on the previous Friday. However, the decline stopped in the US session, with the ISM services showing that this sector came out of contraction in July.

This week we have the US July CPI and PPI Inflation Reports

Continue reading “Forex Signals Brief August 12: Inflation and Retail Sales Ahead” →

Bitcoin Soars 20% In 12 Days: Do Bulls Have What It Takes To Break $72,000?

Posted on August 12, 2024 by Dalmas Ngetich

Bitcoin pushed higher on Thursday only to move sideways on Friday and throughout the weekend. Since prices remain above the support band of between $57,000 and $60,000, buyers have a chance. However, for this to show, prices must break higher, trading above $62,000. In that case, the bulls of August 8 will be confirmed, possibly triggering another leg up towards $72,000 or better.

The upswing means buyers have a chance despite the weak start of the month. Overall, there are pockets of strength. For instance, the failure of bears to unwind the bullish bar of August 8 and the relatively low trading volume give buyers a head start. So far, Bitcoin is up 20% from August lows but down 4% in the past day.

Traders are keeping track of the following Bitcoin news events:

Hong Kong, which recently approved spot Bitcoin and Ethereum ETFs, plans to enhance its crypto regulation in the next one and a half years. By establishing a robust crypto regulatory framework, the city-state will hope to attract more talent and foster innovation.
Even with BTC prices rising over the weekend, a death cross printed last week. Even so, the fact that this technical formation is formed by lagging moving average indicators is a relief for bulls.

Bitcoin Price Analysis

[[BTC/USD]] is steady at spot rates, absorbing the selling pressure of early August.

Aggressive traders can load the dips as BTC stabilizes, adding an impressive 20% from August lows.

This outlook is valid as long as prices are inside the August 8 bar.

Every dip above the $57,000 to $60,000 region may offer entries for buyers targeting $66,000 and $72,000—or July highs.

Sharp losses aiming to unwind last week’s gains might slow down optimistic buyers in the short to medium term.

In that case, losses below $53,000 will be a big dent for buyers.

Ethereum At A Crux: After A 23% Surge, Will ETH Break $3,000?

Posted on August 12, 2024 by Dalmas Ngetich

Ethereum, mirroring the performance of top altcoins, remains flat, looking at the formation in the daily chart. So far, ETH is within a bullish formation, but there must be decisive gains for the uptrend to remain. If not, and sellers flow back, the downtrend of early August 2024 will likely be re-established, drawing the spanner to bulls’ work. Thus far, August 5 and 8 highs are immediate liquidation levels that must be broken at the back of rising volumes.

Presently, ETH is moving sideways inside the conspicuous bull bar of August 8. As it is up 23%, bulls have the upper hand, though losses in the past day are still pronounced, nearly 4%. Even so, the trading volume, due to the low activity over the weekend, remains subdued at just over $15 billion.

The following trending Ethereum news events are worth monitoring today:

While there is excitement about ETH price action, gas fees continue to plunge. Trending at around 0.8 gwei, it is at a multi-month low, highlighting the dropping on-chain activity. Even so, falling gas fees could also be due to the Dencun upgrade, which lower layer-2 transaction costs.
Last week, coinciding with rising ETH prices, spot Ethereum ETF inflows surged to $105 million. While it is lower than what BTC recorded at this time after launch, it means interest remains even with prices falling.

Ethereum Price Analysis

[[ETH/USD]] is under pressure when writing.

Unlike Bitcoin, which flew higher last week, buyers are yet to rewind the losses of August 5.

Notice that the August 8 bar was wide-ranging but didn’t close above $2,800. Worse, it didn’t erase the losses of August 4, which triggered the sell-off.

For this reason, aggressive traders can wait for a breach of $2,800 before committing and targeting $3,300.

If not, the probability of ETH sliding even lower, aligning with the losses of August 5, remains.

Losses of August 8 gains will see the price dump harder, perhaps breaking $2,000.

XRP Retraces From $0.62: Is This The Golden Opportunity To Buy?

Posted on August 12, 2024 by Dalmas Ngetich

XRP is lower when writing, finding strong resistance at around the $0.62 and July highs. Even though the uptrend remains, fundamental factors must drive demand, lifting prices above this crucial liquidation zone. For now, XRP is up an impressive 31% from August lows and within a bullish formation after buyers stepped in, preventing the complete reversal of July gains. Every low above $0.55 may offer entries for aggressive buyers targeting $0.66 or higher in the short term.

The uptrend remains with buyers squarely in charge and XRP technically within a bullish formation after the breakout above $0.55. For now, it remains to be seen whether aggressive buyers will push on, extending gains from August lows. In the past day, the coin is down nearly 4% but up 19% in the previous week amid stable trader engagement.

Traders are closely monitoring the following XRP and Ripple trending news:

Ripple, the blockchain company, has launched the beta testing of its new RLUSD stablecoin on the XRP Ledger and Ethereum. The token will compete with USDT and USDC. However, it is not available for purchase, at least for now, and will be subject to regulatory approval.
Even as crypto prices recover, XRP stands out and outperforms Bitcoin in the number of transactions and associated trading volume in key exchanges. This was expected considering the conclusion of the multi-year court case last week.

XRP Price Analysis

[[XRP/USD]] is within an uptrend.

Early August sellers didn’t faze buyers of July.

If anything, the dump presented entries for aggressive buyers who were angling for more gains in the short to medium term.

Technically, the immediate support is at $0.55.

Therefore, traders may buy the dips above this line, targeting July highs.

On the other hand, a clean break above $0.62 and July highs may see XRP rip higher, especially if the breakout was with rising volume.

In that case, the coin may soar to $0.66 and $0.74.

Bitcoin holds $60K support line hostage

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

After flashing red for three days as the price of Bitcoin fell to levels not seen since February, the bull-bear market cycle indicator, which tracks phases of investor sentiment, has flipped to indicate bullish conditions.

Bitcoin chain cyclical indicators indicated a bull market but were close to the border have now moved back, according to a post published in August by CEKi Young Ju, founder of CryptoQuant. 9 X post.

Bitcoin saw a notable upturn, same time $194,062 million was poured into Bitcoin ETFs, the largest inflow since July 22. With an inflow of $157.6 million, the highest since July 29, BlackRock’s IBIT spearheaded the effort.

The first inflow of $ 65.2 million into Fidelity’s FBTC since July 26 was witnessed, while $32.8 million and $118.5 million, were inflows into Ark’s ARKB and WisdomTree’s BTCW. Nonetheless, there was a notable $182.9 million withdrawal from Grayscale’s GBTC, the biggest since April 8.

The main crypto asset had a difficult weekend last weekend. It maintained the sharp decline that began on Friday and saw it fall from $66,000 to just under $60,000 by early Sunday. Later on Sunday, the landscape turned red, declining to $57K levels.

The worst, occurred last Monday when it dropped another leg to slightly under $50,000, its lowest price point in roughly half a year. At this point, the bulls took control and prevented any more drops.

Bitcoin gained momentum, rising to $53K on Tuesday and $57K by Thursday. On Friday, the cryptocurrency experienced yet another leg up, reaching nearly $63K

However, bitcoin lost some traction after failing to maintain its rise. Though it breached the $60K support line, it’s currently trading at about $800 above it. Bitcoin on-chain cyclical indicators that indicated a bull market but were close to the border have now moved back, according to a post published in August by CEKi Young Ju, founder of CryptoQuant. 9 X post.

The asset is near important support levels following its most recent correction, which could portend further market disaster. In this bull cycle, the cryptocurrency has broken through a significant level of resistance, according to CryptoQuant’s analysts, and on-chain metrics do not indicate that a recovery is imminent. This level served as support for the cryptocurrency during this cycle, and if it breaks, the market could plunge to the traders’ realized price minimum band of $40,000.

Ethereum still struggling despite a positive rebound this week

Posted on August 10, 2024 by Olumide Adesina

ETH’s price continues to be pressured by sellers, as seen by the decline on the daily chart. The top altcoin’s price action indicates it is approaching a critical threshold. Should buyers—or “bulls”—fail to hold this support level, the asset may drop as low as $1,800 or even lower.

Institutional investors are deleveraging their exposure to the digital asset. Jump Trading has been involved in selling substantial amounts of Ethereum cryptocurrency over the past few trading days, Jump Trading claimed 11,501 ETH on the liquid staking platform Lido Finance, valued at over $30 million, according to Lookonchain data.

On the same platform, the business also intends to repurchase an additional 19,049 ETH, valued at over $50 million. Ethereum will likely come under further pressure because these quantities are sold on secondary markets.

The super altcoin experienced multiple corrections recently, including the “Black Monday” crash, much like the entire cryptocurrency market.
Recall, Ether fell to $2,250, the lowest level since January, and is now further below its $4,900 peak.

By recovering slightly from the previous day’s decline to $2,500 on Tuesday, ETH was able to stave off a decline below $2,000 altogether.

Ethereum, currently trading at $2.6K is at a critical level corresponding to the 61.8% Fibonacci retracement, according to recent price action. Ethereum may drop to the $2,072 78.6% Fibonacci retracement line if this support is broken. There may be a retreat towards $1,500 if this level is broken.

The most recent technical indicators affirm the $3,500 mark represents the resistance level for ETH.
At this point, though, the price has been turned down. This implies that the weakness will persist. The cryptocurrency may retest its $2,000 support line if this pattern holds.

Ethereum might not necessarily suffer from a return to $1,500, but it might offer an intriguing buying opportunity. At this point, it is likely a significant accumulation of positions at this level, can push Ether to all-time highs. His findings indicate that ETH may be able to achieve its technical goal of more than $10,000 by 2025 during this accumulation phase.

This Might Turn Out to Be A Great Week for Bitcoin

Posted on August 9, 2024August 8, 2024 by Skerdian Meta

The crypto market went into a meltdown several days ago, with Bitcoin diving below 50K, but the situation is looking increasingly better. The decline has reversed and yesterday we saw a decent bounce as risk sentiment improved considerably, and the weekly chart is pointing to BTC resuming the larger trend. Continue reading “This Might Turn Out to Be A Great Week for Bitcoin” →

Forex Signals Brief August 9: Canada Employment Data Closing the Week

Posted on August 9, 2024August 8, 2024 by Skerdian Meta

Yesterday we had the RBA Governor Bullock hold a speech where he mentioned rate hikes again, while the quarterly Inflation Expectations from the RBNZ were revised lower to 2.03% compared to the previous quarter of 2.33%. However, both currencies ended the day higher as risk sentiment improved, following the positive US unemployment claims data.

Continue reading “Forex Signals Brief August 9: Canada Employment Data Closing the Week” →

XRP Explodes By 40% in 8 Days: Ripple CEO Applauds the Court

Posted on August 9, 2024 by Dalmas Ngetich

XRP is climbing higher, confirming gains of August 7, evidenced in the daily chart. Amid the wave of strength, there must be a conclusive, high volume close above July 2024 highs. From price action, traders can double down on dips above $0.55, targeting $0.66 or better in future sessions. What’s interesting to note is that the leg up has an unusually high trading volume, confirming engagement and interest from the broader crypto community.

Following the rejection of lower prices and the shake-out of aggressive bears of early August, the coin is currently up 40% in less than ten days. The uptick has seen XRP extend gains, adding 6% in the last week while pushing the average trading volume to over $2.7 billion.

As prices expand, traders are looking at the following trending XRP and Ripple news as catalysts for even more gains:

The end of the four-year court case pitting Ripple and the United States SEC means that XRP is outperforming Bitcoin and Ethereum. Despite recent gains for the top two most valuable coins, XRP is climbing up in ranking and could likely extend gains in the coming days.
Following the recent court ruling directing Ripple to pay just $125 million, not the $2 billion demanded by the regulator, Brad Garlinghouse has come out to comment. In a post on X, he thinks the United States SEC recognized that they had “overplayed their hands,” which is a victory for Ripple and the industry.

XRP Price Analysis

[[XRP/USD]] is bullish at spot rates.

Even though buyers are in control, a break above the July 2024 high will be massive.

For this reason, every dip above $0.55 might allow aggressive traders to double down, targeting $0.66.

Conservative traders can wait for this rally before committing. Still, their target can be $0.74 and $1 in the short to medium term.

A high volume contraction below $0.55 will poke holes into the strength of bulls.