The Crypto Daily – Movers and Shakers – September 25th, 2021

Bitcoin, BTC to USD, slid by 4.54% on Friday. Reversing a 3.01% gain from Thursday, Bitcoin ended the day at $42,856.0.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $45,164.5 before hitting reverse.

Falling short of the first major resistance level at $45,555, Bitcoin slid to a late morning intraday low $40,755.0.

Bitcoin fell through the first major support level at $43,658 and the second major support level at $42,431.

More significantly Bitcoin also fell through the 38.2% FIB of $41,592 before briefly revisiting $43,200 levels.

Bitcoin broke back through the 38.2% FIB and the second major support level to end the day at $42,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Chainlink and Bitcoin Cash SV slid by 8.64% and by 8.55% respectively to lead the way down.

Binance Coin (-7.40%), Crypto.com Coin (-6.30%), Ethereum (-7.10%), Litecoin (-7.10%), and Ripple’s XRP (-5.82%) also struggled.

Cardano’s ADA (-2.10%) and Polkadot (-3.41%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,744bn. At the time of writing, the total market cap stood at $1,941bn.

Bitcoin’s dominance rose to a Monday high 42.97% before falling to a Friday low 40.99%. At the time of writing, Bitcoin’s dominance stood at 41.50%.

This Morning

At the time of writing, Bitcoin was down by 0.05% to $42,834.0. A mixed start to the day saw Bitcoin fall to an early morning low $42,652.0 before rising to a high $42,986.8.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Polkadot was up by 3.70% to lead the way.

BTCUSD 250921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $42,925 pivot to bring the first major resistance level at $45,095 into play.

Support from the broader market would be needed for Bitcoin to break back through to $45,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $45,164.5 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 levels before any pullback. The second major resistance level sits at $47,335.

Failure to move back through the $42,925 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $40,686 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $38,516.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 25th, 2021

Ethereum

Ethereum slid by 7.10% on Friday. Reversing a 2.48% gain from Thursday, Ethereum ended the day at $2,930.61.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,160.48 before hitting reverse.

Falling short of the first major resistance level at $3,213, Ethereum slid to a late morning intraday low $2,735.00.

Ethereum fell through the first major support level at $3,066 and the second major support level at $2,978.

Finding late support, Ethereum briefly broke back through the second major support level before ending the day at $2,930 levels.

At the time of writing, Ethereum was down by $2,926.40. A mixed start to the day saw Ethereum rise to an early morning high $2,942.73 before falling to a low $2,913.44.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 250921 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,942 pivot to bring the first major resistance level at $3,149 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,100 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $3,160.48 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,368.

Failure to move through the $2,942 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,724 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,600 levels. The second major support level sits at $2,517.

Looking at the Technical Indicators

First Major Support Level: $2,724

Pivot Level: $2,942

First Major Resistance Level: $3,149

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 7.10% on Friday. Reversing a 1.53% rise from Thursday, Litecoin ended the day at $152.25.

A mixed start to the day saw Litecoin rise to an early morning intraday high $166.65 before hitting reverse.

Coming up against the first major resistance level at $167, Litecoin slid to a late morning intraday low $141.82.

The extended sell-off saw Litecoin fall through the day’s major support levels.

Finding afternoon support, however, Litecoin broke back through the third major support level at $147 to end the day at $152 levels.

At the time of writing, Litecoin was down by 0.12% to $152.06. A mixed start to the day saw Litecoin fall to an early morning low $151.64 before rising to a high $152.91.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 250921 Hourly Chart

For the day ahead

Litecoin would need to move through the $154 pivot to bring the first major resistance level at $165 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $160 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $166.65 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at the 23.6% FIB of $178 and the second major resistance level at $178.

Failure to move through the $154 pivot would bring the first major support level at $141 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$140. The second major support level sits at $129.

Looking at the Technical Indicators

First Major Support Level: $141

Pivot Level: $154

First Major Resistance Level: $165

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 5.82% on Friday. Following a 0.24% decline on Thursday, Ripple’s XRP ended the day at $0.94359.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.00291 before hitting reverse.

Falling short of the first major resistance level at $1.0224, Ripple’s XRP fell to a late morning intraday low $0.88738.

The extended sell-off saw Ripple’s XRP fall through the day’s major support levels.

Finding afternoon support, however, Ripple’s XRP revisited $0.958 levels before easing back.

Ripple’s XRP broke back through the third major support level at $0.8997 and the second major support level at $0.9475 before ending the day at sub-$0.947 levels.

At the time of writing, Ripple’s XRP was down by 0.47% to $0.93919. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.94508 before falling to a low $0.93821.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 250921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move back through the $0.9446 pivot to bring the first major resistance level at $1.0019 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.00291 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at the 38.2% FIB of $1.0659 before any pullback. The second major resistance level sits at $1.0602.

Failure to move back through $0.9446 pivot would bring the first major support level at $0.8863 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8291.

The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.8863

Pivot Level: $0.9446

First Major resistance Level: $1.0019

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

Dollar Climbs as Evergrande Uncertainty Percolates

China Evergrande Group owes $305 billion and has run short on cash, missing a Thursday deadline for paying $83.5 million and leaving investors questioning whether it will make the payment before a 30-day grace period expires. A collapse of the company could create systemic risks to China’s financial system.

The safe-haven dollar had its biggest one-day percentage drop in about a month on Thursday after Beijing injected new cash into the financial system and Evergrande announced it would make interest payments on an onshore bond, boosting risk sentiment.

The offshore Chinese yuan weakened versus the greenback at 6.4641 per dollar.

The decline came a day after the greenback was lifted by Wednesday’s announcement from the U.S. Federal Reserve that it will likely begin to trim its monthly bond purchases as soon as November and flagged interest rate increases may follow suit sooner than expected as the central bank moves away from its pandemic crisis policies.

“We are in one of the situations, and this doesn’t always happen, where the dollar is the beneficiary of multiple ideas,” said Joseph Trevisani, senior analyst at FXStreet.com.

“The U.S. economy does look better than most of its competitors, there is lingering fear out there over Evergrande and what else is out there in the rather untransparent Chinese economy and political system, plus the Fed appears finally ready.”

The dollar index rose 0.237%, with the euro down 0.2% to $1.1713.

Kansas City Fed President Esther George said the U.S. labor market has already met the central bank’s test to pare its monthly bond purchases, and the discussion should now turn to how its massive bondholding could complicate the decision on when to hike rates.

Cleveland Fed President Loretta Mester echoed the sentiment for a tapering this year, and said the central bank could start raising rates by the end of next year should the job market continue to improve as expected.

In prepared remarks in a listening session with a wide swath of economic players, Fed Chair Jerome Powell did not elaborate on his own economic or monetary policy outlook, which he had outlined at the close of the two-day Fed meeting on Wednesday.

Sterling weakened a day after hawkish comments from the Bank of England on Thursday pushed the pound to its biggest one-day percentage gain since Aug. 23.

The Japanese yen weakened 0.43% versus the greenback at 110.77 per dollar, while Sterling was last trading at $1.3666, down 0.36% on the day.

Cryptocurrencies slumped after China’s most powerful regulators increased the country’s crackdown on the digital assets, with a blanket ban on all crypto transactions and crypto mining.

Bitcoin, the world’s largest cryptocurrency, last fell 5.89% to $42,256.47.

Smaller coins, which generally move in tandem with bitcoin, also dropped. Ether last fell 8.08% to $2,899.10 while XRP last fell 7.2889413% to $0.93.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Chuck Mikolajczak; Editing by Dan Grebler and Sonya Hepinstall)

Bitcoin Price Update – Could China’s Crypto Crackdown Trigger a Flash Crash?

  • China’s central bank announced all transactions of crypto-currencies illegal, effectively banning digital tokens such as Bitcoin.
  • “Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning it “seriously endangers the safety of people’s assets.”
  • With the heightened default risk surrounding Evergrade, I see the potential for a widespread contagion and rapid deleveraging that could trigger a flash crash in crypto.

BITCOIN FUTURES DAILY: Bitcoin is down on today’s news. Breaking below $40,000 would imply a secondary top at $53,125 and promote more sideways consolidation. Ultimately, a breakdown below $28,000 is needed to confirm a crypto bear market. Until then, prices are merely consolidating.

A screenshot of a computer Description automatically generated with medium confidence

Note: To signal a flash crash, bitcoin would have to drop below $28,000. 

Deleveraging: The Chinese economy is highly leveraged. Many of its citizens have their wealth wrapped up in real estate. The situation with Evergrande is horrible and could lead to massive losses. If a deleveraging begins, the government may have to step in to cover losses and maintain order. If they fail to respond appropriately, we could see a sharp selloff in most assets, especially in overleveraged crypto.  

Potential Flash Crash: One scenario I’m considering is a potential liquidity shock and flash crash in crypto exchanges. Let me explain; if we see a panic deleveraging (now or later), liquidity could dry up along with buy orders. If buy orders dry up while investors are still rushing to the exits – crypto prices could plummet, temporarily. How low could they go? I have no idea, but theoretically, some could drop to the lowest buy order on the books. A flash crash would likely last just a few seconds before exchanges shutter.

The flash crash described above is unlikely but certainly possible given today’s fast-moving markets. If a flash crash occurs, it’s most likely to happen over the weekend (when traditional banks and funding sources are closed). Think about it: low weekend trading volume combined with a deleveraging event could trigger margin calls at a time when traders that are leveraged to the max can’t assess additional funds. That could result in forced selling.

Final thoughts, if crypto transactions are illegal in China, and there is a rush to liquidity – investors may switch back to gold to protect purchasing power. If that occurs, precious metals could see a nice boost.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Price Sinks as China Takes Aim

Bitcoin has had a difficult week and is getting eerily close to the $40,000 level. Bitcoin slipped another 5% in the last 24 hours to hover at $41,442. Over the past seven days, bitcoin is down nearly 13%.

The market sell-off can be traced back to developments in China, where the central bank has issued a nationwide ban on bitcoin transactions, blaming fraud, money laundering and energy consumption. China officials are also taking aim at bitcoin mining once again. Meanwhile, fears surrounding China’s debt-laden real estate developer Evergrande also seem to have spilled over into the crypto market.

Targeting Bitcoin

The People’s Bank of China (PBOC), the country’s central bank, has declared that crypto-related activities are now illegal. It is not uncommon for China to target bitcoin. In the spring, officials targeted bitcoin mining, banning the activity of securing the blockchain and minting new coins in the country. That sent bitcoin miners packing to other jurisdictions and put a dent in the hashrate, or miners’ computing power, at the time. Bitcoin’s hashrate has since recovered.

Now China is painting its ban with a broader brush, added trading, issuing tokens and derivatives such as bitcoin futures to its list of banned activities. International crypto companies that have a presence in China are also banned from operating there. China officials criticized bitcoin speculation, warning that they are watching closer than ever to spot and put an end to crypto activities.

Fight Another Day

Despite the sell-off, bitcoin-market stalwarts are not spooked. Instead, they are reminding one another of every other time that China’s government threw the hammer down on bitcoin and other cryptocurrencies, yet bitcoin has always lived to fight another day.

China has been banning bitcoin in one form or another for years, threatening to shutter cryptocurrency exchanges or repeatedly attempting to ban bitcoin mining. Nonetheless, bitcoin’s value continues to balloon over the long term despite China’s interference.

Since 2013, when China attempted to ban the leading cryptocurrency, the bitcoin price is up more than 3,600%. China made similar attempts in 2017 during the ICO craze and nearly every year since, as pointed out by Blockworks.

While the bitcoin price sell-off is pressuring altcoins as well, the broader cryptocurrency market cap remains close to $2 trillion.

Bitcoin Battling To Stay Above $41k Following China’s Latest Crackdown

The Chinese government has come out once again to crack down on cryptocurrencies, and this time Bitcoin is struggling to maintain its price above $41k.

China Readies Coordinated Crack Down On Cryptocurrencies

The People’s Bank of China has come out today to reveal a coordinated effort that would further crack down on the cryptocurrency activities. The PBoC said Bitcoin, Ether and stablecoins such as Tether (USDT) do not qualify as legal tender in China and cannot be used in the currency market.

This latest development doesn’t come as a surprise to many, as China has a history of cracking down on crypto-related activities in the country. Over the years, the government has banned crypto exchanges from operating in China; it has stopped cryptocurrency mining activities, initial coin offerings (ICOs) were also banned, and every other crypto social event.

The PBoC told financial institutions operating in the country that dealing with cryptocurrencies is illegal, and they will now work harder to crack down on crypto transactions. According to the apex bank, the PBoC, alongside nine other Chinese regulators, including the Cyberspace Administration of China and the Ministry of Public Security, has come up with a coordinated mechanism to stop financial institutions from participating in any cryptocurrency transactions.

The bank said the authorities will are now better equipped to monitor and detect illegal cryptocurrency transactions.

Bitcoin Slips Below The $42k Mark

Bitcoin has been struggling since the start of the week. The leading cryptocurrency and, in fact, the broader crypto market has lost hundreds of billions of dollars, with the bearish sentiment still in play.

Following China’s news today, Bitcoin is down by more than 6% and is struggling to stay above the $41k level. With the current bearish sentiment in play, Bitcoin could likely fall below the $40k mark for the first time since early August.

BTC/USD chart. Source: FXEMPIRE

However, while in the short term, Bitcoin’s price might decline, the cryptocurrency market has always bounced back and performed well after China’s negative news. Historically, Bitcoin has performed excellently in the medium and long-term after any ban on cryptocurrency-related activities in China.

Market experts are still optimistic that Bitcoin could touch the $100k mark before the end of the year as the wave of institutional adoption seen in the market is a sign of greater things to come.

Dogecoin Faced Strong Resistance Near $0.23

Dogecoin Pulls Back Amid Weakness In Altcoins

Dogecoin is currently trying to settle below the support level at $0.2190 while Bitcoin is trying to get to the test of the resistance at the 50 EMA at $45,300.

Bitcoin managed to get from $40,000 to $45,000 in just two days as traders rushed to buy the world’s leading cryptocurrency after the major pullback. Currently, it is stuck near the $45,000 level.

Meanwhile, other cryptocurrencies are moving lower. Ethereum is trying to settle below $3,100. XRP continues its attempts to settle below $0.97 while Shiba Inu is testing the support at the 50 EMA at $0.0000073.

Altcoins are clearly under pressure today, which is bearish for Dogecoin. However, the situation may change quickly in case Bitcoin settles above the 50 EMA as this move will likely provide additional support to crypto markets.

Technical Analysis

dogecoin september 24 2021

Dogecoin faced strong resistance near $0.23 and declined towards the support level at $0.2190. In case Dogecoin settles below this level, it will move towards the next support at $0.2130. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin settles below $0.2130, it will head towards the support at $0.2050. A move below this level will open the way to the test of the support which is located near the recent lows at $0.20.

On the upside, the nearest resistance level for Dogecoin is located at $0.2255. A successful test of this level will push Dogecoin towards the resistance at the recent highs at $0.23. This resistance level has already been tested several times and proved its strength.

If Dogecoin manages to settle above the resistance at $0.23, it will head towards the next resistance level at $0.2350. A successful test of this level will open the way to the test of the resistance which is located at the 20 EMA at $0.24.

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – September 24th, 2021

Bitcoin, BTC to USD, rose by 3.01% on Thursday. Following a 6.94% rally on Wednesday, Bitcoin ended the day at $44,884.7.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $43,102.0 before making a move.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $41,450, Bitcoin rallied to a late intraday high $45,000.0.

Bitcoin broke through the first major resistance level at $44,849 to end the day at $44,880 levels.

The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Bitcoin Cash SV (-0.93%) and Ripple’s XRP (-0.24%) bucked the trend on the day.

It was a bullish day for the rest of the majors.

Chainlink rose by 4.12% to lead the way, with Cardano’s ADA (+3.07%), Ethereum (+2.48%), and Polkadot (+2.65%) close behind.

Binance Coin (+1.25%), Crypto.com Coin (+0.55%), and Litecoin (+1.53%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,744bn. At the time of writing, the total market cap stood at $2,043bn.

Bitcoin’s dominance rose to a Monday high 42.97% before falling to a Thursday low 41.07%. At the time of writing, Bitcoin’s dominance stood at 41.46%.

This Morning

At the time of writing, Bitcoin was up by 0.21% to $44,978.9. A mixed start to the day saw Bitcoin fall to an early morning low $44,738.0 before rising to a high $44,993.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin led the way, rising by 2.39%, with Litecoin up by 1.10%.

Binance Coin (+0.37%), Bitcoin Cash SV (+0.12%), and Cardano’s ADA (+0.51%) also found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Polkadot was down by 0.47% to lead the way down.

BTCUSD 240921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $44,329 pivot to bring the first major resistance level at $45,555 into play.

Support from the broader market would be needed for Bitcoin to break back through to $45,500 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 levels before any pullback. The second major resistance level sits at $46,227.

A fall through the $44,329 pivot would bring the first major support level at $43,658 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $42,431.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 24th, 2021

Ethereum

Ethereum rose by 2.48% on Thursday. Following a 11.31% rally on Wednesday, Ethereum ended the day at $3,154.62.

A mixed start to the day saw Ethereum fall to an early morning low $3,035.83 before making a move.

Steering clear of the first major support level at $2,848, Ethereum rose to a late afternoon intraday high $3,182.34.

Falling short of the first major resistance level at $3,200, however, Ethereum eased back to end the day at $3,150 levels.

At the time of writing, Ethereum was up by 0.11% to $3,158.16. A mixed start to the day saw Ethereum fall to an early morning low $3,146.08 before rising to a high $3,159.43.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 240921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,124 pivot to bring the first major resistance level at $3,213 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $3,182.34.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,271.

A fall through the $3,124 pivot would bring the first major support level at $3,066 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,978.

Looking at the Technical Indicators

First Major Support Level: $3,066

Pivot Level: $3,124

First Major Resistance Level: $3,213

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.53% on Thursday. Following an 8.69% gain on Wednesday, Litecoin ended the day at $163.92.

A mixed start to the day saw Litecoin fall to a late morning intraday low $157.26 before making a move.

Steering clear of the first major support level at $151, Litecoin rallied to a late afternoon intraday high $165.00.

Falling short of the first major resistance level at $167, however, Litecoin eased back to end the day at $163 levels.

At the time of writing, Litecoin was up by 1.27% to $166.00. A bullish start to the day saw Litecoin rise from an early morning low $163.82 to a high $166.21.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 240921 Hourly Chart

For the day ahead

Litecoin would need to avoid the $162 pivot to bring the first major resistance level at $167 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $166 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of another breakout, Litecoin could test the second major resistance level at $170.

A fall through the $162 pivot would bring the first major support level at $159 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$150. The second major support level at $154 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $159

Pivot Level: $162

First Major Resistance Level: $167

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 0.24% on Thursday. Following a 14.84% surge on Wednesday, Ripple’s XRP ended the day at $1.00164.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.01611 before hitting reverse.

Falling short of the first major resistance level at $1.0509, Ripple’s XRP fell to a late morning intraday low $0.96828.

Steering clear of the first major support level at $0.9111, Ripple’s XRP found support to end the day at $1.00 levels.

At the time of writing, Ripple’s XRP was down by 0.31% to $0.99854. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.00194 to a low $0.99811.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 240921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $0.9953 pivot to bring the first major resistance level at $1.0224 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.02 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at the 38.2% FIB of $1.0659 before any pullback. The second major resistance level sits at $1.0432.

A fall through $0.9953 pivot would bring the first major support level at $0.9746 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.9475.

Looking at the Technical Indicators

First Major Support Level: $0.9746

Pivot Level: $0.9953

First Major resistance Level: $1.0224

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

Twitter Readies Bitcoin Payments, Explores NFTs

Jack Dorsey has already integrated bitcoin into his payments company, Square. Users can buy and sell bitcoin with the Cash App. In addition, Square holds thousands of bitcoins on its balance sheet worth more than $350 million based on the most recent BTC price. Now Dorsey is expanding bitcoin-related features to his social media platform, Twitter.

Twitter has decided to roll out its Tips feature to global users including bitcoin payments. The new tool gives users the ability to link to payment platforms, including the Cash App, Venmo and others, so followers can not only show their support by liking a tweet but also by sending money. Twitter says it plans to integrate the Tips feature on iOS to start followed by Android devices. Below is a list of the payment platforms Twitter supports.

Source: Twitter

The company also revealed that it won’t be taking a cut from Tip payments.  The stock rallied anyway, rising nearly 4% on the day to just below $67.

Crypto Payments

Twitter is also integrating bitcoin payments via Strike, which in turn uses the Lightning Network, a blockchain-fueled network that enables real-time transactions. To participate, users in eligible geographies must create a Strike account to be able to receive bitcoin payments. To send bitcoin payments, users can any bitcoin Lightning wallet.

Brian Armstrong, CEO of Coinbase, called Twitter bitcoin payments “huge,” saying it will only be a matter of time before other social media platforms follow in its footsteps. He pointed to Reddit, which is going in a similar direction.

Twitter and NFTs

Twitter doesn’t plan to stop there and is also exploring adding support for non-fungible tokens, which are largely an Ethereum phenomenon. The crypto community is already known for adding NFTs as their profile picture on their Twitter accounts, so this would not be a stretch.

Twitter also wants to add an NFT authentication feature for creators of these popular digital assets. Doing so would let Twitter users verify their NFT avatars.

Dorsey is a Bitcoin bull while most NFTs are built on Ethereum. He has already tipped his hand to a decentralized finance (DeFi) platform built on the Bitcoin blockchain. DeFi is similarly largely an Ethereum trend.

Dollar Slumps as Risk Appetite Rebounds

Investors’ risk appetite improved after Beijing injected fresh cash into its financial system ahead of an $83.5 million bond coupon by embattled property giant Evergrande, at risk of becoming one of the world’s largest-ever corporate defaults.

Worries about Evergrande’s payment obligations and what systemic risks to China’s financial system the property giant’s difficulties pose have weighed on global financial risk sentiment in recent sessions.

“Commodity currencies are broadly higher while havens are weaker, leaving the USD trading generally lower after a firm close following the FOMC (Federal Open Market Committee),” Shaun Osborne, chief currency strategist at Scotiabank, said in a note.

The U.S. Dollar Currency Index, which measures the greenback against a basket of six rivals, was 0.5% lower at 93.037. The index, which had risen 0.25% on Wednesday, was on pace for its biggest daily percentage drop in a month but remains close to the near 10-month high touched in late August.

The offshore Chinese yuan strengthened versus the greenback at 6.4599 per dollar.

The dollar found little support from data that showed the number of Americans filing new claims for jobless benefits unexpectedly rose last week amid a surge in California.

Thursday’s improved mood boosted risk-sensitive commodity currencies, with the Australian dollar rising 0.9% and the New Zealand dollar up 1.0%.

The improved risk-appetite was reflected in Wall Street’s major equity indexes, with the S&P 500 on track for a gain of more than 1% and its largest two-day percentage gain since late July.

On Wednesday, the Federal Reserve said it will likely begin reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected.

While positive for the dollar, the boost from the Fed’s announcement was undercut by hawkish messages from several central banks in Europe, and as Norway became the first developed nation to raise rates.

Norway’s crown jumped to a 3-1/2 month high versus the euro on Thursday after the central bank raised its benchmark interest rate and said more hikes will follow in the coming months.

Sterling extended its rise on Thursday after the Bank of England said two of its policymakers had voted for an early end to pandemic-era government bond buying and markets brought forward their expectations for an interest rate rise to March.

In emerging markets, the Turkish lira plummeted to a record low after a surprise interest rate cut of 100 basis points to 18% that came despite inflation hitting 19.25% last month

Meanwhile, bitcoin extended its recovery from a sharp fall earlier this week, rising 2.42% to a 3-day high of $44,642.78.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Saqib Iqbal Ahmed and Chuck Mikolajczak; Additional reporting Sujata Rao and Saikat Chatterjee in London and Tom Westbrook in Singapore; Editing by Bernadette Baum, Will Dunham and Hugh Lawson)

Ethereum: We got the “Pullback, Rally, Significant Pullback.” Expect a Rally Soon

It has been a month since I last provided my Elliott Wave Principle (EWP) based insights into Ethereum (ETH), so it is time to continue the story. Back then, see here and here, I was looking for a more minor degree 4th wave pullback to ideally $2865, then a 5th wave rally to complete a larger 1st wave top at ideally $3585, followed by a more significant 2nd wave pullback to ideally $2400-2600. See Figure 1 below.

What transpired? Ether had a complex (red) intermediate wave-iv to $2952 (August 18 low), an extended -subdividing- wave-v to complete (black) major wave-1 at $4026on September 3, and ETH dropped to as low as $2678 on Tuesday, September 21. Albeit the cryptocurrency did not adhere to the ideal/textbook path, the overall pattern forecasted over a month ago, and in fact, already drafted early August (see here), came to fruition.

IMHO there is no other and better method available than the EWP to know what path lies ahead, even almost two months in advance! Hence, my premium crypto trading members are always well-aware of the course that lies ahead, giving them a tremendous edge over those who do not. They are also aware that we are dealing with a probabilistic environment. All we can do is anticipate the ideal/textbook path, monitor the price action to see if it adheres, and then adjust as necessary. In this case, only a few adjustments were required. So what’s next for Ethereum?

Figure 1. ETH daily chart with EWP count and technical indicators.

The “pullback, rally, significant pullback” came and went. Wave-2 looks about complete

Corrections always are made up of at least three waves: an initiation move down (wave-a), a dead-cat bounce (wave-b), final leg lower (wave-c). In this case, see Figure 1, I can identify three (red) intermediate waves (a,b,c) since the $4026 high made September 3. Depending type of correction (zigzag vs. flat vs. triangle vs. complex), the c-wave is often about equal in length to the a-wave, measured from the bounce (b-wave) high.

Here c=a targeted around $2800. ETH bottomed at $2678, which is well within reasonable margins of error. The recent two-day rally can still be a smaller degree 4th wave of this c-wave: green minor-4, but it is unnecessary. If it is, ETH will fall below $2678 one last time, target the 62.8% retrace of wave-1 at $2575 and then reverse higher.

Remember, back in August, I forecasted, “…a multi-week correction, wave-2, should unfold. It can target anywhere between $2145-2865 depending on how deep or shallow this wave-2 will become. It is impossible to know beforehand. However, typically 2nd waves retrace about 50-62% of the entire prior 1st wave, so I anticipate for now -without having any data at hand yet to confirm a bottom in the $2380-2590 zone (orange rectangle). Once more price data becomes available, I can fine-tune this pending and anticipated low.

Bottom line: In an uncertain world, one can not expect me to foresee every move and every tick weeks beforehand. But with the EWP, I was able to have an excellent idea of what was ahead for ETH weeks in advance and to a degree of accuracy, no other method IMHO can. Thus, my wave-1,2 forecast has been of the “so far so good” type, if I may say so myself. If $2678 was all she wrote, I consider that forecast complete and will start to look for the setup towards $9000. If $2678 does not hold, expect a trip to $2575. Ethereum will have to drop below that level to suggest a trip back down to the recent summer lows that can still be in the cards.

For a look at all of today’s economic events, check out our economic calendar.

Altcoins Rally As The Cryptocurrency Market Recovers

The cryptocurrency market has endured a tough start to the week but has managed to turn things around. Altcoins are now rallying following the market recovery over the past few hours.

AVAX And LUNA Lead The Altcoin Rally

The cryptocurrency market didn’t have a great start to the week. The prices of most cryptocurrencies plunged by more than 10% over the past seven days, with Bitcoin losing its support above the $45k region and nearly dropping towards the $40k mark.

However, altcoins also underperformed earlier this week, with Ether, Solana, Avalanche (AVAX), Cardano (ADA) and various others recording massive losses. Despite that, the cryptocurrency market started to turn things around a few hours ago, and now altcoins are rallying.

AVAX and Terra (LUNA) are leading the market charge. AVAX is up by 21% over the past 24 hours, making it one of the best performing coins in the market. The native coin of the Avalanche blockchain is trading at $75 per coin and could target the $80 mark over the coming hours if the market condition is maintained.

LUNA has outperformed AVAX in the past few hours. LUNA is up by 24% over the past 24 hours and is the best-performing coin amongst the top 20 cryptocurrencies by market cap. Terra has become one of the leading projects in the crypto space, and it has shown the performance of Terra in the past few weeks and months.

LUNA/USD chart. Source: FXEMPIRE

Ether, ADA And SOL Are Also Rallying

Although LUNA and AVAX are currently leading the market charge, the other leading altcoins are also rallying. ETH was finally able to cross the $3,000 mark after dropping towards the $2,900 region yesterday. Ether is still far from its all-time high above $4,000, and it could take a while before it can test that level again.

Cardano (ADA) is another leading altcoin that is currently rallying. ADA is up by 3.7% over the past 24 hours and has managed to maintain its price above $2 despite the widespread bearish sentiment in the market.

Solana (SOL) has recovered nicely after last week’s network outage saga. SOL is up by 10% in the past 24 hours, and it is now trading close to the $150 mark again. If the bulls regain full control of the market, SOL could be looking to establish a new all-time high above the $200 mark.

The other leading altcoins such as XRP, DOGE, DOT and BNB are also rallying as the broader cryptocurrency market recovers.

Bitcoin Price Prediction – Bulls Avoid sub-$43,000, Bringing $45,000 into Play

Following a broadly bullish session on Wednesday, it’s been a bearish morning for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was down by 0.01% to $43,569.7.

A mixed start to the day saw Bitcoin fall to an early morning low $43,102.0 before finding support.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $41,450, Bitcoin rose to a mid-morning high $44,356.0.

In spite of the recovery, Bitcoin fell well short of the first major resistance level at $44,849, leading to a pullback to sub-$44,000 levels.

BTCUSD 230921 Hourly Chart

The Rest of the Pack

It has also been a bearish morning for the broader crypto market.

At the time of writing, Chainlink was down by 4.01% to lead the way down, with Cardano’s ADA down by 3.17%

Binance Coin (-2.22%), Bitcoin Cash SV (-2.81%), Litecoin (-2.28%), Polkadot (-2.12%), and Ripple’s XRP (-2.76%) also struggled.

Crypto.com Coin (-0.72%) and Ethereum (-0.48%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap fell to an early morning low $1,954bn before rising to a high $2,018bn. At the time of writing, the total market cap stood at $1,972bn.

Bitcoin’s dominance fell to an early morning low 41.34% before rising to a high 41.66%. At the time of writing, Bitcoin’s dominance stood at 41.55%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall through the $42,725 pivot to bring the first major resistance level at $44,849 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $44,356.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $45,000 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $46,124.

A fall through the $42,725 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,450 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level sits at $39,326.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and the 200 EMAs through the morning.

We also saw the 100 EMA hold steady on the 200 EMA, providing support.

Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 and 200 EMAs would bring $45,000 levels into play.

Key through the late morning and early afternoon would be to avoid a fall through the day’s pivot to $42,725 to support Bitcoin and the broader market.

Bitcoin Continues To Recover After Recent Sell-Off

Bitcoin Is Moving Higher

Bitcoin managed to settle above the resistance at $42,600 and is testing the next resistance level at $44,000. Ethereum is also moving higher. The world’s second biggest cryptocurrency is currently trying to settle above $3,100. Dogecoin is testing the resistance at $0.2255, while XRP is trying to settle above $1.00.

The recent sell-off in crypto markets was fast, but most cryptocurrencies quickly managed to gain upside momentum which is a bullish sign. Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has also moved lower, which is typical for days when crypto markets are in a bullish mood.

It looks that crypto markets have shrugged off fears about the potential default of China’s developer Evergrande, which have put significant pressure on riskier assets earlier this week. The recent commentary from Fed Chair Jerome Powell was a bit more hawkish than expected but markets remained optimistic.

Technical Analysis

bitcoin september 23 2021

 

Bitcoin is currently testing the nearest resistance level at $44.000. In case this test is successful, Bitcoin will move towards the next resistance which is located at the 50 EMA at $45,300. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Bitcoin manages to settle above the 50 EMA, it will continue its upside move and head towards the 20 EMA which is located near the $46,000 level. A move above this level will push Bitcoin towards the next resistance at $47,000. If Bitcoin gets above this level, it will head towards the resistance at $48,000.

On the support side, the previous resistance at $42,600 will serve as the first support level for Bitcoin. A successful test of this level will push Bitcoin towards the support at $41,300. If Bitcoin declines below this level, it will head towards the support at $40,000. A move below $40,000 will open the way to the test of the support at $39,300.

For a look at all of today’s economic events, check out our economic calendar.

Why are Regulators More Focused on Clamping Down Crypto Platforms?

For years now, regulators have conflicted with major crypto projects. However, in recent months, regulators have been increasing their efforts to control crypto. National and international regulators like the SEC, FCA, CTFC and FSCA often conflict with crypto networks.

They seem to be more focused on clamping down on crypto projects. The question is, why are they fighting crypto? Keep reading for more. The guide will provide examples of projects involved in SEC conflicts, and discuss why regulators continue to fight crypto.

Projects Involved In Regulatory Fights

Coinbase

One of the biggest most recent spats was between the SEC and Coinbase. Currently, Coinbase is the most popular crypto exchange. It has tons of trading pairs and markets available for users.

However, Coinbase conflicted with the SEC. The network announced that they would be introducing a Lending service(Lend) to help users earn interest.

Immediately on announcing the product’s launch, the SEC warned that they would sue Coinbase if they launched Lend. They said that the product in question falls under the securities category. However, immediately after the SEC response, the Coinbase CEO went public, terming the SEC sketchy. Later, Coinbase cancelled the launch of the product.

Binance

Another ongoing spat is concerning the Binance exchange. Recently, this network has been on the SEC radar with several accusations. Binance has been facing compliance issues. Its activities were banned in the US, leading to the creation of Binance US.

In August, The SEC noted that it was holding some documents from the Binance network. However, they had not yet filed a complaint. The SEC began investigating the Binance exchange for possible insider trading and market manipulation activities. Investigations will look into whether the Binance network profited from insider information.

However, The Binance network publicly confirmed that they have zero tolerance for any insider trading. They have policies for preventing such occurrences within the network. Even though the SEC is investigating Binance, there is no formal charge.

Other regulators like CTFC also investigated whether Binance allowed US users to exchange Bitcoin derivatives. The US Treasury, FSCA, FCA have also shown interest in Binance’s operations.

Bitmex Exchange

Another trading platform that has been on the wrong side with the regulators is the Bitmex exchange. In October last year, the exchange and its top executives faced charges of failing to implement AML. Several of its top executives were arrested earlier this year. Bitmex faced accusations of allowing users from sanctioned countries like Iran to operate.

Robinhood

Robinhood is not essentially a crypto-only exchange. This network has been working on fiat related trades too. However, the SEC announced plans to ban the Payment For Order Flow. The PFOF is a system that allows the Robinhood network by itself to make an income. The SEC banning would mean that Robinhood loses its primary way of earning income. SEC’s actions could be due to Robinhood’s connection to crypto.

Why are Regulators Fighting Crypto Platforms?

The SEC is fighting against crypto and any platforms slightly connected to the blockchain world. XRP, Binance, Coinbase, Bitmex and Robinhood are among the few cases of regulator’s fight against crypto. So, why are regulators focused on a war against crypto? Let’s consider several reasons.

To Have Control Over Crypto

The most primary reason is to gain control of crypto. Controlling digital assets means they will be capable of creating regulations for the crypto space.

For instance, the SEC expressed interest in crypto networks registering some crypto assets on multiple occasions. In fact, in the spat between Coinbase and SEC, the regulator wanted Coinbase to register the Lend service as a regulated product.

The problem is, even after one decade of crypto’s existence, the SEC does not have a list of crypto tied securities. As such, this network is always in fights with crypto and blockchain networks.

It’s in the interest of Other regulatory bodies to centralize the operations of crypto exchanges to regulate them.

To Get More Taxes From Crypto

Some government agencies are interested in earning more income from crypto networks. Recently, in the US, congress introduced regulations in crypto to gain more taxes. Whereas, experts still thought US government owned more bitcoins than any other holder.

When discussing the $1 trillion infrastructure bill, they included a section that will increase crypto. The new bill touches all projects slightly tied to crypto. The idea is to raise billions for funding the infrastructure bill. Thus, the increased efforts by regulating authorities like treasury are to get more income from crypto.

To Protect Consumers

Another for the increased fights against crypto is consumer protection. Generally, crypto since its launch has been under criticism from security and regulating authorities. Many claims that crypto is a mere bubble, and as such, can easily disappoint users. Therefore, the SEC, CTFC and FCA are trying to protect their users.

To Ban Cryptocurrency

Finally, governments may be using regulatory bodies to fight against crypto and ultimately kill it. Some governments like China have enhanced the fight on crypto, intending to ban it. As such, they are increasing regulations every other day.

Final Word

This guide has looked into the regulatory environment surrounding crypto today. It seems like many regulators today are trying to suppress crypto in every way. The cases of Coinbase, Binance, Bitmex and Robinhood, are good examples of regulatory suppression. But why are they fighting crypto?

There are four possible reasons behind their increased fights. Foremost, most governments and regulators want to have control of crypto. They want to centralize the blockchain world and create regulations to take complete control.

Moreover, the regulators’ interest could be increasing the national revenues. It’s also possible that consumer protection and possible crypto bans are reasons behind the increased regulations. However, Governments should focus more on helping crypto grow instead of suppressing its adoption.

Dogecoin – Daily Tech Analysis – September 23rd, 2021

Dogecoin

Dogecoin surged by 11.80% on Wednesday. Reversing a 3.69% loss from Tuesday, Dogecoin ended the day at $0.2246.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.1999 before making a move.

Steering clear of the first major support level at $0.1930, Dogecoin rallied to a late morning intraday high $0.2306.

Dogecoin broke through the first major resistance level at $0.2137 and the second major resistance level at $0.2264.

A late pullback, however, saw Dogecoin fall back through the second major resistance level to end the day at sub-$0.225 levels.

At the time of writing, Dogecoin was down by 1.26% to $0.2218. A bearish start to the day saw Dogecoin fall from an early morning high $0.2246 to a low $0.2211.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 230921 Hourly Chart

For the day ahead

Dogecoin would need to avoid the $0.2184 pivot to bring the first major resistance level at $0.2368 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Thursday’s high $0.2306.

Barring an extended crypto rally, the first major resistance level and resistance at $0.24 would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.26 levels before any pullback. The second major resistance level sits at $0.2491.

A fall through $0.2184 pivot would bring the first major support level at $0.2061 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.20 levels. The second major support level sits at $0.1877.

Looking at the Technical Indicators

First Major Support Level: $0.2061

Pivot Level: $0.2184

First Major Resistance Level: $0.2368

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – September 23rd, 2021

Bitcoin, BTC to USD, rose by 6.94% on Wednesday. Reversing a 5.29% loss from Tuesday, Bitcoin ended the day at $43,574.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $40,601.0 before making a move.

Steering clear of the first major support level at $39,076, Bitcoin rallied to a late afternoon intraday high $44,000.0.

Bitcoin broke through the 38.2% FIB of $41,592 and the first major resistance level at $43,023 to end the day at $43,500 levels.

The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Wednesday.

Crypto.com Coin fell by 1.04% to buck the trend.

It was a bullish day for the rest of the majors.

Ripple’s XRP surged by 14.84% to lead the way, with Cardano’s ADA (+13.88%), Chainlink (+14.06%), Ethereum (+11.31%), and Polkadot (+11.98%) close behind.

Binance Coin (+10.16%), Bitcoin Cash SV (+6.08%), and Litecoin (+8.69%) also found strong support, however.

Early in the week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,744bn. At the time of writing, the total market cap stood at $1,968bn.

Bitcoin’s dominance rose to a Monday high 43.00% before falling to a Tuesday low 41.22%. At the time of writing, Bitcoin’s dominance stood at 41.46%.

This Morning

At the time of writing, Bitcoin was down by 0.61% to $43,308.0. A mixed start to the day saw Bitcoin rise to an early morning high $43,857.9 before falling to a low $43,302.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 1.14% to buck the early trend.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 1.28% to lead the way down.

BTCUSD 230921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $42,725 pivot to bring the first major resistance level at $44,849 into play.

Support from the broader market would be needed for Bitcoin to break back through to $44,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $45,000 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 levels before any pullback. The second major resistance level sits at $46,124.

A fall through the $42,725 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,450 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level sits at $39,326.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – September 23rd, 2021

EOS

EOS rallied by 10.57% on Wednesday. Reversing a 7.34% loss from Tuesday, EOS ended the day at $4.3009.

A bearish start to the day saw EOS fall to an early morning low $3.8072 before making a move.

Steering clear of the first major support level at $3.6799, EOS rallied to a late morning intraday high $4.3343.

EOS broke through the first major resistance level at $4.2065 to end the day at $4.30 levels.

At the time of writing, EOS was down by 0.67% to $4.2720. A mixed start to the day saw EOS fall to an early morning low $4.2623 before rising to a high $4.3264.

EOS left the major support and resistance levels untested early on.

EOSUSD 230921 Hourly Chart

For the day ahead

EOS would need to avoid the $4.1475 pivot to bring the first major resistance level at $4.4877 into play.

Support from the broader market would be needed to break back through to $4.40 levels.

Barring a broad-based crypto rally, the first major resistance and resistance at $4.50 would likely cap any upside.

In the event of an extended rally, EOS could test the second major resistance level at $4.6746 before any pullback.

A fall through the $4.1475 pivot would bring the first major support level at $3.9006 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.80 levels. The second major support level sits at $3.6204.

Looking at the Technical Indicators

First Major Support Level: $3.9006

First Major resistance Level: $4.4877

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rallied by 10.00% on Wednesday. Reversing a 5.71% decline from Tuesday, Stellar’s Lumen ended the day at $0.2822.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.2608 before making a move.

Steering clear of the first major support level at $0.2562, Stellar’s Lumen rallied to a late intraday high $0.2931.

Stellar’s Lumen broke through the first major resistance level at $0.2818 to end the day at $0.29 levels.

At the time of writing, Stellar’s Lumen was flat at $0.2627. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.2908 before rising to a high $0.2943.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 230921 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid the $0.2822 pivot to bring the first major resistance level at $0.3037 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.30 levels.

Barring an extended rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.32 before any pullback. The second major resistance level sits at $0.3146.

A fall through the $0.2822 pivot would bring the first major support level at $0.2713 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.27 levels. The second major support level sits at $0.2498.

Looking at the Technical Indicators

First Major Support Level: $0.2713

First Major Resistance Level: $0.3037

23.6% FIB Retracement Level: $0.3402

38% FIB Retracement Level: $0.4277

62% FIB Retracement Level: $0.5690

Tron’s TRX

Tron’s TRX jumped by 12.04% on Wednesday. Reversing a 3.62% fall from Tuesday, Tron’s TRX ended the day at $0.09892.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.08648 before making a move.

Steering clear of the first major support level at $0.08446, Tron’s TRX rallied to a late afternoon intraday high $0.09906.

Tron’s TRX broke through the first major resistance level at $0.09396 and the 38.2% FIB of $0.09890.

Falling short of the second major resistance level at $0.09965, however, Tron’s TRX eased back to end the day at sub-$0.099 levels. Late in the day, Tron’s TRX found support at the 38.2% FIB of $0.09890.

At the time of writing, Tron’s TRX was down by 0.10% to $0.09882. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.09771 before rising to a high $0.09962.

While leaving the major support and resistance levels untested, Tron’s TRX tested resistance at the 38.2% FIB of $0.09890 early on.

TRXUSD 230921 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid the $0.09482 pivot to bring the 38.2% FIB of $0.09890 and the first major resistance level at $0.1032 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.10 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.11 levels before any pullback. The second major resistance level sits at $0.1074.

A fall through the $0.09482 pivot would bring the first major support level at $0.09058 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of the 23.6% FIB of $0.07870. The second major support level at $0.08224 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.09058

First Major Resistance Level: $0.1032

23.6% FIB Retracement Level: $0.0787

38.2% FIB Retracement Level: $0.0989

62% FIB Retracement Level: $0.1316

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 23rd, 2021

Ethereum

Ethereum rallied by 11.31% on Wednesday. Reversing a 7.08% decline from Tuesday, Ethereum ended the day at $3,078.43.

A mixed start to the day saw Ethereum fall to an early morning low $2,738.24 before making a move.

In spite of the early pullback, Ethereum steered clear of the first major support level at $2,576.

Finding support at the 38.2% FIB of $2,740, however, Ethereum rallied to a late intraday high $3,090.83.

Ethereum broke back through the 38.2% FIB and through first major resistance level at $3,030 to end the day at $3,070 levels.

At the time of writing, Ethereum was up by 0.44% to $3,064.90. A mixed start to the day saw Ethereum rise to an early morning high $3,085.23 before falling to a low $3,061.38.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 230921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,969 pivot to bring the first major resistance level at $3,200 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,150 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,322.

A fall through the $2,969 pivot would bring the first major support level at $2,848 and the 38.2% FIB of $2,740 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,617.

Looking at the Technical Indicators

First Major Support Level: $2,848

Pivot Level: $2,969

First Major Resistance Level: $3,200

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 8.69% on Wednesday. Reversing a 5.50% fall from Tuesday, Litecoin ended the day at $161.50.

A mixed start to the day saw Litecoin fall to an early morning intraday low $145.31 before making a move.

Steering clear of the first major support level at $141, Litecoin rallied to a late intraday high $161.87.

Litecoin broke through the first major resistance level at $159 to end the day at $161 levels.

At the time of writing, Litecoin was down by 1.15% to $159.65. A bearish start to the day saw Litecoin fall from an early morning high $161.51 to a low $159.06.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 230921 Hourly Chart

For the day ahead

Litecoin would need to avoid the $156 pivot to bring the first major resistance level at $167 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of another breakout, Litecoin could test the second major resistance level at $173.

A fall through the $156 pivot would bring the first major support level at $151 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$150. The second major support level sits at $140.

Looking at the Technical Indicators

First Major Support Level: $151

Pivot Level: $156

First Major Resistance Level: $167

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP surged by 14.84% on Wednesday. Reversing a 5.22% loss from Tuesday, Ripple’s XRP ended the day at $1.00265.

A bearish start to the day saw Ripple’s XRP fall to an early morning low $0.86784 before making a move.

Steering clear of the 23.6% FIB of $0.8533 and the major support levels, Ripple’s XRP rallied to a late intraday high $1.00765.

Ripple’s XRP broke through the first major resistance level at $0.9356 and the second major resistance level at $0.9977 to end the day at $1.0 levels.

At the time of writing, Ripple’s XRP was down by 0.42% to $0.99845. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.00816 before falling to a low $0.99609.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 230921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $0.9594 pivot to bring the first major resistance level at $0.1.0509 and the 38.2% FIB of $1.0659 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.05 levels.

Barring an extended crypto rally, the first major resistance level and the 38.2% FIB of $1.0659 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.10 levels before any pullback. The second major resistance level sits at $1.0992

A fall through $0.9594 pivot would bring the first major support level at $0.9111 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8196.

The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.9111

Pivot Level: $0.9594

First Major resistance Level: $1.0509

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob