The Crypto Daily – Movers and Shakers – September 26th, 2021

Bitcoin, BTC to USD, fell by 0.34% on Saturday. Following a 4.54% slide on Friday, Bitcoin ended the day at $42,714.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,986.9 before hitting reverse.

Falling short of the first major resistance level at $45,095, Bitcoin slid to a late morning intraday low $41,728.0.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $40,686, Bitcoin revisited $42,900 levels before easing back into the red.

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 Saturday.

Chainlink led the way, rallying by 5.43%, with Bitcoin Cash SV (0.64%), Cardano’s ADA (+1.00%), and Crypto.com Coin (+2.01%) also finding support on the day.

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

Polkadot fell by 2.84% to lead the way down.

Binance Coin (-1.52%), Ethereum (-0.22%), Litecoin (-0.83%), and Ripple’s XRP (-0.53%) also joined Bitcoin in the red.

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 $1,910bn.

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 41.91%.

This Morning

At the time of writing, Bitcoin was down by 0.36% to $42,559.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,767.0 before falling to a low $42,451.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Bitcoin Cash SV was down by 2.47% to lead the way down.

BTCUSD 260921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $42,476 pivot to bring the first major resistance level at $43,225 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $42,986.8.

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 $45,000 levels before any pullback. The second major resistance level sits at $43,735.

A fall back through the $42,476 pivot would bring the first major support level at $41,966 and the 38.2% FIB of $41,592 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000. The second major support level at $41,218 should limit the downside.

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

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.

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.

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.

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.

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

Bitcoin Price Prediction – Bulls Need to Revisit $43,000 or Face another Sell-off

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

At the time of writing, Bitcoin, BTC to USD, was up by 3.91% to $42,340.0.

A mixed start to the day saw Bitcoin fall to an early morning low $40,601.0 before finding support.

Steering clear of the first major support level at $39,076, Bitcoin rose to a late morning high $42,744.0.

In spite of the recovery, Bitcoin fell well short of the first major resistance level at $43,023.

BTCUSD 220921 Hourly Chart

The Rest of the Pack

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

Through the morning, Crypto.com Coin was down by 4.49% to buck the morning trend.

It’s been a relatively bullish morning for the rest of the majors, however.

At the time of writing, Cardano’s ADA and Ripple’s XRP were up by 7.83% and by 7.72% to lead the way.

Binance Coin (+5.39%), Bitcoin Cash SV (+3.70%), Chainlink (6.93%), Ethereum (+6.28%), Litecoin (+4.24%), Polkadot (+4.57%) also found strong support.

Through the early hours, the crypto total market cap fell to an early morning low $1,809bn before rising to a high $1,908bn. At the time of writing, the total market cap stood at $1,899bn.

Bitcoin’s dominance rose to an early morning high 42.59% before falling to a low 42.03%. At the time of writing, Bitcoin’s dominance stood at 42.02%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the 38.2% FIB of $41,592 and the $41,350 pivot to bring the first major resistance level at $43,022 into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $42,744.0.

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

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $45,297.

A fall back through the 38.2% FIB of $41,592 and the $41,350 pivot would bring the first major support level at $39,076 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$39,000 support levels. The second major support level sits at $37,403.

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

We also saw the 100 EMA pullback from the 200 EMA, also a bearish signal.

Through the 2nd half of the day, a flattening of the 50 EMA on the 100 and 200 EMAs would provide support.

Key through the late morning and early afternoon would be to avoid a fall back through the day’s pivot to $41,350 to support Bitcoin and the broader market.

Shiba Inu Tries To Settle Above $0.000007 As Bitcoin Rebounds

Shiba Inu Rebounds After Sell-Off

Shiba Inu is trying to settle back above $0.000007 while Bitcoin is testing the resistance level at $42,600.

The world’s leading cryptocurrency has recently made an attempt to settle below the psychologically important support level at $40,000 but lost momentum and moved back to the resistance at $42,600. In case the test of the resistance at $42,600 is successful, Bitcoin will head towards the next resistance at $44,000 which will be bullish for the whole crypto market, including Shiba Inu.

Other cryptocurrencies are also gaining ground today. Ethereum is trying to get to the test of the resistance level at $3,000. Dogecoin has recently managed to get back above $0.21 while XRP is trying to settle above the resistance at $0.95.

Technical Analysis

shiba inu september 22 2021

Shiba Inu is currently testing the resistance level at $0.000007. In case this test is successful, it will head towards the next resistance which is located at the 50 EMA at $0.0000073. The 20 EMA is located at the same level, so Shiba Inu will likely face significant resistance near $0.0000073.

If Shiba Inu manages to settle above the 50 EMA, it will gain additional upside momentum and head towards the next resistance level at $0.00000745. A move above this level will open the way to the test of the resistance at $0.0000077. A successful test of the resistance at $0.0000077 will open the way to the test of the next resistance which is located at $0.000008.

On the support side, a move below $0.000007 will push Shiba Inu towards the support at $0.0000067. RSI remains in the moderate territory, and there is plenty of room to gain downside momentum in case the right catalysts emerge.

In case Shiba Inu manages to settle below the support at $0.0000067, it will move towards the next support level at $0.0000065. A move below this level will push Shiba Inu towards the support level which is located at $0.0000063.

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

The Crypto Daily – Movers and Shakers – September 22nd, 2021

Bitcoin, BTC to USD, fell by 5.29% on Tuesday. Following an 8.93% slide on Monday, Bitcoin ended the day at $40,748.0.

A bearish start to the day saw Bitcoin slide to an early morning low $40,255.0.

Bitcoin fell through the 38.2% FIB of $41,592 and the first major support level at $41,286.

Finding early support, Bitcoin rose to a late morning intraday high $43,625.0 before hitting reverse.

Falling well short of the first major resistance level at $46,046, however, Bitcoin tumbled to a late intraday low $39,678.0.

Bitcoin fell back through the 38.2% FIB of $41,592 and the first major support level at $41,286.

Avoiding the second major support level at $39,546, however, Bitcoin ended the day at $40,700 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 Tuesday.

Bitcoin Cash SV rose by 3.08% to buck the trend on the day.

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

Chainlink slid by 9.10% to lead the way down, with Ethereum (-7.08%) also struggling.

Binance Coin (-5.47%), Cardano’s ADA (-4.64%), Crypto.com Coin (-1.15%), Litecoin (-5.50%), Polkadot (-1.53%), and Ripple’s XRP (-5.22%) saw relatively modest losses, however.

Early in the week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,743bn. At the time of writing, the total market cap stood at $1,824bn.

Bitcoin’s dominance rose to a Monday high 42.97% before falling to a Tuesday low 41.37%. At the time of writing, Bitcoin’s dominance stood at 42.36%.

This Morning

At the time of writing, Bitcoin was up by 0.95% to $41,134.0. A mixed start to the day saw Bitcoin fall to an early morning low $40,636.0 before rising to a high $41,494.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 7.46% to buck the early trend.

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

At the time of writing, Cardano’s ADA was up by 1.74% to lead the way.

BTCUSD 220921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $41,350 pivot the 38.2% FIB of $41,592 to bring the first major resistance level at $43,023 into play.

Support from the broader market would be needed for Bitcoin to break back through to $43,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $43,625.0 would likely cap the upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $45,000 levels before any pullback. The second major resistance level sits at $45,297.

Failure to move through the $41,350 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $39,076 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,403.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 22nd, 2021

Ethereum

Ethereum slid by 7.08% on Tuesday. Following a 10.58% slide on Monday, Ethereum ended the day at $2,765.69.

A choppy start to the day saw Ethereum fall to an early morning low $2,805.00.

Finding support at the first major support level at $2,810, Ethereum rose to a late morning intraday high $3,104.82.

Falling well short of the first major resistance level at $3,245, however, Ethereum slid to a late intraday low $2,651.00.

Ethereum fell through first major support level at $2,810 and the 38.2% FIB of $2,740 before a partial recovery to $2,760 levels.

At the time of writing, Ethereum was up by 0.46% to $2,778.35.  A mixed start to the day saw Ethereum fall to an early morning low $2,756.72 before rising to a high $2,791.00.

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

ETHUSD 220921 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,841 pivot to bring the first major resistance level at $3,030 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,000 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 $3,294.

Failure to move through the $2,841 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,576 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level sits at $2,389.

Looking at the Technical Indicators

First Major Support Level: $2,576

Pivot Level: $2,841

First Major Resistance Level: $3,030

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 5.50% on Tuesday. Following a 10.55% slide on Monday, Litecoin ended the day at $148.52.

After a choppy start to the day, Litecoin rose to a late morning intraday high $162.32 before hitting reverse.

Falling short of the first major resistance level at $171, Litecoin slid to a late intraday low $144.60.

The reversal saw Litecoin fall through the first major support level at $148 before a partial recovery to $148 levels.

At the time of writing, Litecoin was down by 0.16% to $148.28. A mixed start to the day saw Litecoin fall to an early morning low $147.85 before rising to a high $149.35.

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

LTCUSD 220921 Hourly Chart

For the day ahead

Litecoin would need to move through the $152 pivot to bring the first major resistance level at $159 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $155 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $162.32 would likely cap the upside.

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

Failure to move through the $152 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 $134.

Looking at the Technical Indicators

First Major Support Level: $141

Pivot Level: $152

First Major Resistance Level: $159

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 5.22% on Tuesday. Following a 12.16% tumble on Monday, Ripple’s XRP ended the day at $0.87352.

A bearish start to the day saw Ripple’s XRP fall to an early morning low $0.86287 before making a move.

Steering clear of the 23.6% FIB of $0.8533 and the major support levels, Ripple’s XRP rose to a mid-day intraday high $0.95887.

Falling short of the first major resistance level at $1.0223, Ripple’s XRP slid to a late intraday low $0.85800.

Continuing to steer clear of the 23.6% FIB of $0.8533 and major support levels, however, Ripple’s ended the day at $0.87 levels.

At the time of writing, Ripple’s XRP was up by 0.14% to $0.87471. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.87168 before rising to a high $0.88279.

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

XRPUSD 220921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $0.8968 pivot to bring the first major resistance level at $0.9356 into play. Support would be needed, however, for Ripple’s XRP to move back through to $0.90 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.95887 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $0.9977.

Failure to move through $0.8968 pivot would bring the 23.6% FIB of $0.8533 and the first major support level at $0.8347 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7959.

Looking at the Technical Indicators

First Major Support Level: $0.8347

Pivot Level: $0.8968

First Major resistance Level: $0.9356

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

Bitcoin Price Prediction – Bulls Need to Revisit $45,000 to Avoid another Sell-off and sub-$40,000

After Monday’s broad-based crypto sell-off, it’s been a particularly choppy morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.19% to $43,106.0.

A choppy start to the day saw Bitcoin slid to an early morning intraday low $40,255.0 before finding support.

Bitcoin fell through the 38.2% FIB of $41,592 and the first major support level at $41,286.

Steering clear of sub-$40,000 levels, however, Bitcoin rose to a late morning intraday high $43,444.0.

While breaking back through the first major support level and the 38.2% FIB, Bitcoin fell short of the major resistance levels.

BTCUSD 210921 Hourly Chart

The Rest of the Pack

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

Through the morning, Crypto.com Coin was down by 2.50% to buck the morning trend.

While choppy, it’s been a relatively bullish morning for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 9.87% to lead the way, with Polkadot rising by 4.54%.

Binance Coin (+1.87%), Cardano’s ADA (+1.89%), Chainlink (+1.06%), Ethereum (+2.50%), Litecoin (+1.94%), and Ripple’s XRP (+2.47%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $1,803bn before rising to a high $1,959bn. At the time of writing, the total market cap stood at $1,940bn.

Bitcoin’s dominance rose to an early morning high 42.40% before falling to a low 41.74%. At the time of writing, Bitcoin’s dominance stood at 41.87%.

For the Afternoon Ahead

Bitcoin would need to move through the $44,306 pivot to bring the first major resistance level at $46,046 into play.

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

Barring a broad-based crypto rebound, resistance at $45,000 would likely leave Bitcoin short of the first major resistance level.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,066.

Failure to move through the $44,306 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,286 back 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 $39,546.

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

We also saw the 100 EMA pullback from the 200 EMA, also a bearish signal.

Through the 2nd half of the day, a flattening of the 50 EMA on the 100 and 200 EMAs would provide much-needed support.

Key through the late morning and early afternoon Bitcoin would be to move through the day’s pivot to $45,000 levels, however, to support the broader market.

Bitcoin Rebounds After Serious Sell-Off

Bitcoin Failed To Settle Below $40,000 And Gained Upside Momentum

Bitcoin is currently trying to settle back above $43,000 as the world’s leading cryptocurrency rebounds after the major sell-off which took it from $47,000 to $40,200 in less than two days.

Other cryptocurrencies are also moving higher. Ethereum has recently managed to get back above the $3,000 level and is trying to settle above the 20 EMA at $3,070. Dogecoin received support at $0.20 and is trying to get above $0.21 while XRP is trying to settle back above $0.95.

Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has moved back below 42%. This is a typical move for a bullish day in crypto markets as altcoins rebound stronger than Bitcoin, In the longer-term, this a worrisome trend for Bitcoin bulls.

Technical Analysis

bitcoin september 21 2021

Bitcoin managed to get above the resistance level at $42,600 and continues to move higher. The nearest resistance level for Bitcoin is located at $44,000.

In case Bitcoin manages to settle above the resistance at $44,000, it will gain additional upside momentum and head towards the next resistance level which is located at the 50 EMA at $45,500. A successful test of this level will open the way to the test of the resistance at the 20 EMA at $46,600. If Bitcoin settles above the 20 EMA, it will head towards the next resistance at $47,300. A move above this level will push Bitcoin towards the resistance at $48,000.

On the support side, the previous resistance level at $42,600 will serve as the first support level for Bitcoin. If Bitcoin manages to get back below this level, it will move towards the next support at $41,300.

A successful test of the support at $41,300 will push Bitcoin towards the psychologically important support level at $40,000. If Bitcoin manages to settle below $40,000, it will gain additional downside momentum and head towards the next support which is located at $39,300.

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