Bitcoin and Ethereum – Weekly Technical Analysis – September 13th, 2021

Bitcoin

Bitcoin, BTC to USD, slid by 11.09% in the week ending 12th September. Reversing a 6.10% gain from the previous week, Bitcoin ended the week at $46,038.9.

A bullish start to the week saw Bitcoin rise to a Tuesday intraweek high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,590, Bitcoin slid to a Tuesday intraweek low $43,220.0.

The sell-off saw Bitcoin fall through the first major support level at $48,280 and the second major support level at $44,780.

Bitcoin also fell through the 23.6% FIB of $50,473.

Steering clear of the 38.2% FIB of $41,592, however, Bitcoin broke back through major support levels to revisit $47,000 levels before easing back.

The pullback saw Bitcoin fall back through the first major support level to end the week at $46,000 levels.

3 days in the red that included an 11.06% tumble on Tuesday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $47,382 pivot to support a run the 23.6% FIB of $50,473 and the first major resistance level at $51,545.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

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

In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,050. Bitcoin would need plenty of support, however, to breakout from last week’s high $52,888.0.

Failure to move through the $47,382 pivot would bring the first major support level at $41,877 and the 38.2% FIB of $40,592 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $37,714.

At the time of writing, Bitcoin was down by 1.62% to $45,295.0. A mixed start to the week saw Bitcoin rise to an early Monday morning high $46,269.0 before falling to a low $45,211.0.

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

BTCUSD 130921 Daily Charta

Ethereum

Ethereum slid by 13.87% in the week ending 13th September. Partially reversing 22.49% breakout from the previous week, Ethereum ended the week at $3,403.75.

A mixed start to the week saw Ethereum rise to a Monday intraweek low $3,973.27 before hitting reverse.

Falling short of the first major resistance level at $4,273, Ethereum tumbled to a Tuesday intraweek low $3,009.00.

Ethereum fell through the first major support level at $3,388 and the 23.6% FIB of $3,369.

Steering clear of sub-$3,000, however, Ethereum broke back through the 23.6% FIB and the first major support level to revisit $3,500 levels.

A 2nd pullback, however, saw Ethereum briefly fall back through the first major support level and the 23.6% FIB before ending the week at $3,400 levels.

4-days in the red that included a 12.52% slide on Tuesday delivered the downside in the week.

For the week ahead

Ethereum would need to move through the 23.6% FIB of $3,369 and the $3,462 pivot level to support a run at the first major resistance level at $3,915.

Support from the broader market would be needed, however, for Ethereum to break out from $3,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $3,973.27 would likely cap any upside.

In the event of another extended breakout, Ethereum could test the second major resistance level at $4,426.

Failure to move through the 23.6% FIB and the $3,462 pivot would bring the first major support level at $2,951.

Barring an extended sell-off in the week, Ethereum should steer clear of the second major support level at $2,824.

At the time of writing, Ethereum was down by 1.95% to $3,337.24. A mixed start to the week saw Ethereum rise to an early Monday high $3,430.00 before falling to a low $3,329.24.

While leaving the major support and resistance levels untested at the start of the week, Ethereum fell through the 23.6% FIB of $3,369.

ETHUSD 130921 Daily Charta

The Crypto Daily – Movers and Shakers – September 13th, 2021

Bitcoin, BTC to USD, rose by 1.92% on Sunday. Following a 0.57% gain on Saturday, Bitcoin ended the week down by 11.09% to $46,038.9.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,774.2 before making a move.

Steering clear of the first major support level at $44,575, Bitcoin rallied to a late intraday high $46,466.0.

Bitcoin broke through the first major resistance level at $45,815 to end the day at $46,000 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 Sunday.

Cardano’s ADA slid by 2.11%, with Bitcoin Cash SV (-0.13%) also seeing red to buck the trend.

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

Polkadot rallied by 11.27% to lead the way, with  Chainlink (+9.03%) close behind.

Binance Coin (+2.86%), Crypto.com Coin (+3.50%), Ethereum (+4.19%), Litecoin (+2.45%), and Ripple’s XRP (+3.93%) also made solid gains.

It was also mixed week for the crypto majors, however.

Polkadot rallied by 16.91%, with Crypto.com Coin (+1.18%) also bucking the trend in the week.

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

Litecoin slid by 21.24% to lead the way, with Binance Coin (-17.52%) and Bitcoin Cash SV (-18.68%) close behind

Cardano’s ADA (-11.37%), Chainlink (-12.51%), Ethereum (-13.88%), and Ripple’s XRP (-14.31%) also struggled, however.

In the week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,134bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 40.65%.

This Morning

At the time of writing, Bitcoin was up by 0.15% to $46,107.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,003.4 before rising to a high $46,269.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.82%), Cardano’s ADA (-0.53%), and Ripple’s XRP (-0.23%) saw red to buck the early trend.

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

At the time of writing, Polkadot was up by 2.94% to lead the way.

BTCUSD 130921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $45,760 pivot to bring the first major resistance level at $46,745 into play.

Support from the broader market would be needed for Bitcoin to break out from $46,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,452.

A fall through the $45,760 pivot would bring the first major support level at $45,053 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000. The second major support level at $44,068 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 13th, 2021

Ethereum

Ethereum rose by 4.19% on Sunday. Following a 1.79% gain on Saturday, Ethereum ended the week down by 13.88% to $3,403.75.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,231.75 before making a move.

Steering clear of the first major support level at $3,195, Ethereum rallied to a mid-day intraday high $3,472.99.

Ethereum broke through the first major resistance level at $3,344 and the second major resistance level at $3,422.

The rally also saw Ethereum break through the 23.6% FIB of $3,369 before briefly falling back to sub-$3,310 levels.

Late in the day, however, Ethereum broke back through the first major resistance level and 23.6% FIB to end the day at $3,400 levels.

At the time of writing, Ethereum was up by 0.53% to $3,421.64. A mixed start to the day saw Ethereum fall to an early morning low $3,396.40 before rising to a high $3,421.64.

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

ETHUSD 130921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,370 pivot and the 23.6% FIB of $3,369 to bring the first major resistance level at $3,507 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,500 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 $3,700 before any pullback. The second major resistance level sits at $3,611.

Failure to move through the $3,370 pivot and the 23.6% FIB would bring the first major support level at $3,266 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,128 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,266

Pivot Level: $3,370

First Major Resistance Level: $3,507

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.45% on Sunday. Following a 2.55% gain on Saturday, Litecoin ended the week down by 21.24% to $182.96.

A mixed start to the day saw Litecoin fall to an early morning intraday low $175.20 before making a move.

While steering clear of the first major support level at $173, Litecoin fell through the 23.6% FIB of $178.

Finding late morning support, however, Litecoin rallied to a late intraday high $186.10.

Litecoin broke back through the 23.6% FIB and through the first major resistance level at $185.

A late sell-off, however, saw Litecoin briefly fall back to $176 levels before a late move back through the 23.6% FIB.

At the time of writing, Litecoin was up by 0.15% to $182.96. A mixed start to the day saw Litecoin fall to an early low $182.75 before rising to a high $184.87.

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

LTCUSD 130921 Hourly Chart

For the day ahead

Litecoin would need to avoid the $181 pivot to bring the first major resistance level at $188 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $185 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $190 would likely cap the upside.

In the event of broad-based crypto rally, Litecoin could test resistance at $200. The second major resistance level sits at $192.

A fall through the $181 pivot would bring the 23.6% FIB of $178 and the first major support level at $177 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $171.

Looking at the Technical Indicators

First Major Support Level: $177

Pivot Level: $181

First Major Resistance Level: $188

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 3.93% on Sunday. Following a 2.14% gain on Saturday, Ripple’s XRP ended the week down by 14.31% to $1.11980.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.05845 before making a move.

While steering clear of the first major support level at $1.0487, Ripple’s XRP fell through the 38.2% FIB of $1.0659.

Finding early support, however, Ripple’s XRP rose to a late intraday high $1.12709 before easing back.

Ripple’s XRP broke back through the 38.2% FIB and through the first major resistance level at $1.1099 to end the day at $1.11 levels.

At the time of writing, Ripple’s XRP was up by 0.35% to $1.12373. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.12000 to a high $1.12568.

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

XRPUSD 130921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.1018 pivot to bring first major resistance level at $1.1451 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.12 levels.

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

In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1704.

A fall through the $1.1018 pivot would bring the first major support level at $1.0765 and the 38.2% FIB of $1.0659 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.0331 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0765

Pivot Level: $1.1018

First Major resistance Level: $1.1451

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

The Crypto Daily – Movers and Shakers – September 12th, 2021

Bitcoin, BTC to USD, rose by 0.57% on Saturday. Partially reversing a 3.33% loss from Friday, Bitcoin ended the day at $45,107.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,750,0 before making a move.

Steering clear of the first major support level at $43,657, Bitcoin rose to a late afternoon intraday high $45,990.0.

Falling short of the first major resistance level at $46,546, however, Bitcoin eased back to end the day at sub-$45,200 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 bullish day on Saturday

Cardano’s ADA rallied by 10.60% to lead the way, with Polkadot (+7.34%) close behind.

Bitcoin Cash SV (+2.97%), Chainlink (+2.29%), Litecoin (+2.55%) and Ripple’s XRP (+2.14%) also made solid gains.

Binance Coin (+0.86%), Crypto.com Coin (+1.61%), and Ethereum (+1.79%) trailed the front runners, however.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 40.76%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $45,161.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,138.0 before rising to a high $45,201.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.13%), Bitcoin Cash SV (-0.08%), Cardano’s ADA (-0.33%), and Ethereum (-0.13%) joined Bitcoin in the red.

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

At the time of writing, Polkadot was up by 1.25% to lead the way.

BTCUSD 120921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,282 pivot to bring the first major resistance level at $45,815 into play.

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

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $45,990.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,522.

Failure to move through the $45,282 pivot would bring the first major support level at $44,575 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000. The second major support level at $44,042 should limit the downside.

The Crypto Daily – Movers and Shakers – September 11th, 2021

Bitcoin, BTC to USD, fell by 3.33% on Friday. Reversing a 0.73% gain from Thursday, Bitcoin ended the day at $44,852.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,044.0 before hitting reverse.

Falling short of the first major resistance level at $47,343, Bitcoin slid to a late intraday low $44,155.0.

Bitcoin fell through the first major support level at $45,491 and the second major support level at $44,592

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $44,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 Friday

Polkadot rose by 1.17% to buck the trend on the day.

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

Ethereum slid by 6.26% to lead the way down.

Binance Coin (-4.70%), Bitcoin Cash SV (-4.08%), Cardano’s ADA (-5.29%), Chainlink (-5.70%), and Crypto.com Coin (-4.92%) weren’t far behind.

Litecoin (-3.49%) and Ripple’s XRP (-3.09%) also struggled, however.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,070bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 41.04%.

This Morning

At the time of writing, Bitcoin was up by 0.62% to $45,132.0. A mixed start to the day saw Bitcoin fall to an early morning low $44,750.0 before rising to a high $45,169.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Polkadot bucked the early trend, with losses of 1.41% and 0.88% respectively.

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

At the time of writing, Ethereum was up by 1.00% to lead the way.

BTCUSD 110921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,350 pivot to bring the first major resistance level at $46,546 into play.

Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $47,044.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,239.

Failure to move through the $45,350 pivot would bring the first major support level at $43,657 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level at $42,461 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 11th, 2021

Ethereum

Ethereum slid by 6.26% on Friday. Following a 2.13% decline on Thursday, Ethereum ended the day at $3,209.82.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,514.37 before hitting reverse.

Falling short of the first major resistance level at $3,531, Ethereum fell to a late intraday low $3,142.67.

Ethereum fell through the first major support level at $3,356 and the second major support level at $3,287.

The sell-off also saw Ethereum fall through the 23.6% FIB of $3,369 to end the day at $3,200 levels.

At the time of writing, Ethereum was up by 1.26% to $3,250.25. A mixed start to the day saw Ethereum fall to an early morning low $3,199.88 before rising to a high $3,254.18.

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

ETHUSD 110921 Hourly Chart

For the day ahead

Ethereum would need to move through the $3,289 pivot to bring the 23.6% FIB of $3,369 and the first major resistance level at $3,435 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,400 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 $3,700 before any pullback. The second major resistance level sits at $3,661.

Failure to move through the $3,289 pivot would bring the first major support level at $3,064 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,917.

Looking at the Technical Indicators

First Major Support Level: $3,064

Pivot Level: $3,289

First Major Resistance Level: $3,435

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 3.49% on Friday. Reversing a 0.91% gain from Thursday, Litecoin ended the day at $174.16.

A mixed start to the day saw Litecoin rise to an early morning intraday high $187.38 before hitting reverse.

Coming up against the first major resistance level at $187, Litecoin slid to a late intraday low $170.88.

Litecoin fell through the 23.6% FIB of $178 and the first major support level at $175 to end the day at $174 levels.

At the time of writing, Litecoin was up by 0.75% to $175.46. A mixed start to the day saw Litecoin fall to an early morning low $173.44 before rising to a high $175.69.

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

LTCUSD 110921 Hourly Chart

For the day ahead

Litecoin would need to move through the $178 pivot and the 23.6% FIB of $178 to bring the first major resistance level at $184 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $187.38 would likely cap the upside.

In the event of broad-based crypto rally, Litecoin could the second major resistance level at $200. The second major resistance level sits at $194.

Failure to move through the $178 pivot and the 23.6% FIB would bring the first major support level at $168 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $161.

Looking at the Technical Indicators

First Major Support Level: $168

Pivot Level: $178

First Major Resistance Level: $184

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 3.09% on Friday. Following a 1.15% loss on Thursday, Ripple’s XRP ended the day at $1.0588.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.24499 before hitting reverse.

Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.

The reversal saw Ripple’s XRP slide to a late intraday low $1.03058.

Ripple’s XRP fell through the 38.2% FIB of $1.0659 and the first major support level at $1.0616.

Finding support at the second major support level at $1.0351, Ripple’s XRP ended the day at $1.05 levels.

At the time of writing, Ripple’s XRP was up by 0.80% to $1.06437. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.05296 before rising to a high $1.06918.

While leaving the major support and resistance levels untested, Ripple’s XRP tested resistance at the 38.2% FIB of $1.0659 early on.

XRPUSD 110921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the 38.2% FIB and the $1.1105 pivot to bring first major resistance level at $1.1904 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.10 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1.20 would likely cap the upside.

In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.30 levels before any pullback. The second major resistance level sits at $1.3249.

Failure to move through the 38.2% FIB and the $1.1105 pivot would bring the first major support level at $0.9760 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.8961.

Looking at the Technical Indicators

First Major Support Level: $0.9760

Pivot Level: $1.1105

First Major resistance Level: $1.1904

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

Shiba Inu Is Losing Ground While Bitcoin Tries To Settle Below $46,000

Shiba Inu Is Under Pressure Ahead Of The Weekend

Shiba Inu failed to settle above the resistance level at $0.00000745 and declined towards the support at $0.000007 while Bitcoin made an attempt to settle below the support level at $46,000.

Bitcoin stabilized in the $46,000 – $47,000 range after the major sell-off. It has already made several attempts to gain upside momentum but these attempts yielded no results. This is an important moment for the whole crypto market as Bitcoin’s failure to rebound after a major sell-off may trigger another wave of selling which will put pressure on other cryptocurrencies.

It should be noted that the crypto market mood is bearish today. Ethereum continues its attempts to settle below $3,400. Dogecoin is trying to settle below $0.25 while XRP has moved back below $1.10 after a test of the resistance near $1.25.

Technical Analysis

shiba inu september 10 2021

Shiba Inu made several attempts to settle above the resistance level at $0.00000745 but failed to develop sufficient upside momentum and pulled back. Currently, Shiba Inu is trying to settle below the support level at $0.000007.

In case Shiba Inu declines below this level, it will move towards the next support level which is located at $0.0000067. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

A move below the support level at $0.0000067 will push Shiba Inu towards the next support at $0.0000065. If Shiba Inu manages to settle below this level, it will head towards the next support at $0.0000063.

On the upside, Shiba Inu needs to settle above the resistance at $0.00000745 to have a chance to develop upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.0000077.

A move above the resistance at $0.0000077 will open the way to the test of the resistance at $0.000008. In case Shiba Inu settles above $0.000008, it will head towards the next resistance level at $0.0000085.

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

The Crypto Daily – Movers and Shakers – September 10th, 2021

Bitcoin, BTC to USD, rose by 0.73% on Thursday. Partially reversing a 1.67% loss from Wednesday, Bitcoin ended the day at $46,389.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $45,546.0 before making a move.

Steering clear of the first major support level at $44,578, Bitcoin rose to a late afternoon intraday high $47,398.6.

Falling short of the first major resistance level at $47,457, however, Bitcoin fell back to sub-$46,100 levels before finding support.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 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

Ethereum led the way down, falling by 2.13%, with Ripple’s XRP (-1.15%) also bucking the trend on the day.

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

Crypto.com Coin rallied by 10.03% to lead the way, with Chainlink and Polkadot ending the day up by 3.05% and by 6.72% respectively.

Binance Coin (+1.49%), Bitcoin Cash SV (+1.09%), Cardano’s ADA (+1.88%), and Litecoin (+0.91%) also found support.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,145bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Thursday low 40.15%. At the time of writing, Bitcoin’s dominance stood at 40.77%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $46,436.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,486.3 before falling to a low $46,291.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin bucked the early trend, with losses of 0.45% and 0.36% respectively.

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

At the time of writing, Polkadot was up by 6.46% to lead the way.

BTCUSD 100921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $46,445 pivot to bring the first major resistance level at $47,343 into play.

Support from the broader market would be needed for Bitcoin to break back through to $47,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $47,398.6 would likely cap the upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,297.

Failure to move back through the $46,445 pivot would bring the first major support level at $45,491 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level at $44,592 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 10th, 2021

Ethereum

Ethereum fell by 2.13% on Thursday. Reversing a 1.85% gain from Wednesday, Ethereum ended the day at $3,424.32.

A mixed start to the day saw Ethereum rise to a late morning intraday high $3,568.59 before hitting reverse.

Falling short of the first major resistance level at $3,636.88, Ethereum fell to a mid-day intraday low $3,393.17.

Steering clear of the 23.6% FIB of $3,369 and the first major support level at $3,290, Ethereum revisited $3,550 levels before easing back.

At the time of writing, Ethereum was down by 0.20% to $3,418.18. A mixed start to the day saw Ethereum fall to an early low $3,416.69 before rising to a high $3,442.00.

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

ETHUSD 100921 Hourly Chart

For the day ahead

Ethereum would need to move through the $3,462 pivot to bring the first major resistance level at $3,531 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,500 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $3,568,59 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,700 before any pullback. The second major resistance level sits at $3,638.

Failure to move through the $3,462 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,356 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The second major support level sits at $3,287.

Looking at the Technical Indicators

First Major Support Level: $3,356

Pivot Level: $3,462

First Major Resistance Level: $3,531

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.91% on Thursday. Following a 0.65% gain on Wednesday, Litecoin ended the day at $180.42.

A mixed start to the day saw Litecoin fall to an early morning intraday low $176.55 before making a move.

While steering clear of the first major support level at $170, Litecoin fell through the 23.6% FIB of $178 before rising to an early afternoon intraday high $188.85.

Coming up against the first major resistance level at $189, however, Litecoin eased back to end the day at sub-$181 levels.

At the time of writing, Litecoin was down by 0.29% to $179.90. A mixed start to the day saw Litecoin rise to an early morning high $181.40 before falling to a low $179.90.

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

LTCUSD 100921 Hourly Chart

For the day ahead

Litecoin would need to move through the $182 pivot to bring the first major resistance level at $187 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $185 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $188.85 would likely cap the upside.

In the event of broad-based crypto rally, Litecoin could the second major resistance level at $200. The second major resistance level sits at $194.

Failure to move through the $182 pivot would bring the 23.6% FIB of $178 and the first major support level at $175 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level at $170 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $175

Pivot Level: $182

First Major Resistance Level: $187

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 1.15% on Thursday. Following a 2.62% decline on Wednesday, Ripple’s XRP ended the day at $1.08799.

A mixed start to the day saw Ripple’s XRP rise to a late morning intraday high $1.13805 before hitting reverse.

Falling short of the first major resistance level at $1.1606, Ripple’s XRP fell to a mid-day intraday low $1.07336.

Steering clear of the 38.2% FIB of $1.0659 and the first major support level at $1.0262, Ripple’s XRP revisited $1.12 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.05% to $1.08747. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09327 before falling to a low $1.08701.

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

XRPUSD 100921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $1.0998 pivot to bring first major resistance level at $1.1262 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.10 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.13805 would likely cap the upside.

In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1645.

Failure to move through the $1.0998 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0616 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.0351 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0616

Pivot Level: $1.0998

First Major resistance Level: $1.1262

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 Fight Back to Bring $50,000 Back into Play

Following a mixed day for Bitcoin and the cryptos on Wednesday, it was a bullish morning.

At the time of writing, Bitcoin, BTC to USD, was up by 1.82% to $46,907.0.

A mixed start to the day saw Bitcoin fall to an early morning low $45,546.0 before making a move.

Steering clear of the first major support level at $44,578, Bitcoin rose to an early afternoon high $47,222.0.

In spite of the return to $47,000 levels, however, Bitcoin fell short of the first major resistance level at $47,457.

BTCUSD 090921 Hourly Chart

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Crypto.com Coin was up by 8.54% to lead the way.

Cardano’s ADA (+3.95%) Chainlink (+3.67%), and Litecoin (+4.16%) also found strong support.

Binance Coin (+0.23%), Bitcoin Cash SV (+1.63%), Ethereum (+0.70%), Polkadot (+2.64%), and Ripple’s XRP (+1.30%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,092bn before rising to a high $2,175bn. At the time of writing, the total market cap stood at $2,159bn.

Bitcoin’s dominance fell to a mid-morning low 40.52% before rising to a mid-day high 41.04%. At the time of writing, Bitcoin’s dominance stood at 40.89%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $45,965 pivot to bring the first major resistance level at $47,457 back into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $47,222.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely pin Bitcoin back.

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 $48,844.

A fall back through the $45,965 pivot would bring the first major support level at $44,578 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$44,000 and the second major support level at $43,086.

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

We also saw the 100 EMA pullback from the 200 EMA suggesting a bearish afternoon.

Through the 2nd half of the day, a narrowing of the 50 EMA on the 100 and 200 EMAs would support a run at $50,000 levels.

Key through the afternoon, however, would be to avoid a Bitcoin fall back through the day’s pivot level at $45,965.

Standard Chartered Predicts Bitcoin Will Hit $100k In 2021 Or Early 2022

Bitcoin is trading close to the $50k region, but analysts at Standard Chartered believe that its price could double in the coming months.

Bitcoin To Reach $100k In A Few Months

Bitcoin is currently struggling below the $50k level, but market experts are confident that it could touch the $100,000 region in the coming months. Several industry experts have touted $100k as the next level for BTC after the cryptocurrency set a new all-time high above $64k earlier this year.

A new report by the cryptocurrency research team at British bank Standard Chartered predicted that BTC could hit the $100k level soon. The research team said Bitcoin’s move to $100,000 could also trigger further price surges in Ether.

At the moment, Ether is trading above the $3,500 level. However, the researchers stated that the second-largest cryptocurrency by market cap would reach the $35,000 level in the medium term. This means that Ether is set to move by more than ten times its current trading price.

Nick Spanos, the co-founder of Zap Protocol, described the price dip on Tuesday as a false dip. He pointed out that big finance and the media said the adoption of Bitcoin in El Salvador is the reason why the cryptocurrency market experienced a dip. However, that is false as he is in El Salvador and reported that everything is going as planned.

Spanos predicts that Bitcoin could top the $100k level by the end of the year while Ether could also reach $10,000 by then.

Bitcoin And Ether Slightly Recover

The prices of Bitcoin and Ether have slightly recovered following the dip experienced earlier this week. Bitcoin dropped below the $45k level, but it is now up by less than 2% and is trading just above $46k per coin.

BTC/USD chart. Source: FXEMPIRE

Ether is also one of the best performers so far in the market. ETH is already up by more than 4% in the last 24 hours and is trading above the $3,500 level.

Bitcoin Is Stuck Near $46,000 After Sell-Off

Bitcoin Tries To Rebound After Major Sell-Off

Bitcoin is currently trading near the $46,000 level after the recent sell-off while other cryptocurrencies have also stabilized after recent volatility. Ethereum is currently trying to settle below $3,500 while Dogecoin is testing the support level at $0.2520.

Bitcoin found itself under strong pressure after it became legal tender in El Salvador. It looks that it was a typical “sell the news” event, amplified by traders’ protective stop orders which fell like dominoes.

It should be noted that Bitcoin failed to gain upside momentum right after the major sell-off, and it looks that the size of this sell-off had a negative impact on traders’ mood. However, crypto markets are known for their volatility, and Bitcoin should have good chances to move back to recent highs in case it manages to stabilize near current levels.

Technical Analysis

bitcoin september 9 2021

Bitcoin received support near the 50 EMA at $45,200 and is trying to settle back above $46,000. RSI has moved away from the overbought territory, and there is plenty of room to gain upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $46,000, it will get to the test of the next resistance level near $47,000. A move above this level will open the way to the test of the resistance at the 20 EMA at $48,000.

In case Bitcoin settles above the 20 EMA, it will move towards the psychologically important $50,000 level. A successful test of this level will open the way to the test of the next resistance at $51,500.

On the support side, Bitcoin needs to get back below $46,000 to have a chance to develop downside momentum in the near term. The next support level is located at the 50 EMA at $45,200. A move below the 50 EMA will push Bitcoin towards the support at $44,000. In case Bitcoin declines below this level, it will head towards the support which is located near the recent lows at $42,600.

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

Defi Market Was Influenced By Institutional Investors in Q2

Increasing institutional investment footprints in the crypto market segment has been a common theme in the decentralized finance market (DeFi).

Institutional investors played a major role in the adoption of blockchain in Q2 2021, according to blockchain intelligence firm Chainalysis.

In Q2 2021, over 60% of DeFi transactions accounted for transactions over $10 million, compared to less than half for all crypto transactions.

Banks and financial institutions are starting to commit capital into the crypto market segment due to DeFi’s appeal via the Ethereum blockchain.

The trend likely indicates that large-cap investors are increasingly interested in participating in the expanding DeFi field, instead of only offering Bitcoin-related investment products.

Additionally, Chainalysis’ preview report revealed an increasing gulf between DeFi and the broader crypto market in terms of adoption metrics.

DeFi activity is reportedly driven by institutions in major economies even as emerging markets continue to adopt legacy crypto assets such as Bitcoin (BTC).

Consequently, decentralized exchanges like Uniswap – the largest one in the ecosystem – are increasingly being scrutinized by regulators. The US Securities and Exchange Commission launched an investigation into Uniswap a few weeks ago.

Regulations in major economies have been discussing stricter monitoring protocols for the DeFi market. Gary Gensler, SEC chairman of the world’s most powerful economy, identified DeFi as one of seven crypto-related policy issues for the commission in August.

The decentralized nature of DeFi protocols has been criticized previously by Gensler, who said that many platforms are “highly centralized” and are required to be licensed by the authorities.

Despite a surge since July, recent price declines have tempered the market’s gains, with the market’s nominal total value locked falling under $100 billion.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 9th, 2021

Ethereum

Ethereum rose by 1.85% on Wednesday. Partially reversing a 12.52% slide from Tuesday, Ethereum ended the day at $3,500.34.

A mixed start to the day saw Ethereum fall to a late morning intraday low $3,216.00 before making a move.

Steering clear of the first major support level at $2,981, Ethereum rose to a late afternoon intraday high $3,562.98.

While falling short of the first major resistance level at $3,465, Ethereum broke through the 23.6% FIB of $3,369 to end the day at $3,500 levels.

At the time of writing, Ethereum was down by 0.69% to $3,476.33. A mixed start to the day saw Ethereum rise to an early morning high $3,516.42 before falling to a low $3,467.83

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

ETHUSD 090921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,426 pivot to bring the first major resistance level at $3,637 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $3,562.98.

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 $3,800 before any pullback. The second major resistance level sits at $3,773.

A fall through the $3,426 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,290 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The second major support level sits at $3,080.

Looking at the Technical Indicators

First Major Support Level: $3,290

Pivot Level: $3,426

First Major Resistance Level: $3,637

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.65% on Wednesday. Following an 18.73% tumble on Tuesday, Litecoin ended the day at $179.70.

A mixed start to the day saw Litecoin rise to an early morning intraday high $189.00 before hitting reverse.

While falling short of the first major resistance level at $213, Litecoin broke through the 23.6% FIB of $178.

The reversal saw Litecoin fall to a late morning intraday low $169.31 before finding support.

Steering clear of the first major support level at $152, Litecoin broke back through the 23.6% FIB to end the day at $179 levels.

At the time of writing, Litecoin was up by 0.40% to $180.42. A mixed start to the day saw Litecoin rise to an early morning high $182.98 before falling to a low $179.09.

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

LTCUSD 090921 Hourly Chart

For the day ahead

Litecoin would need to avoid the $179 pivot to bring the first major resistance level at $189 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $185 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $189.00 would likely cap the upside.

In the event of broad-based crypto rally, Litecoin could the second major resistance level at $199.

A fall through the $179 pivot and the 23.6% FIB of $178 would bring the first major support level at $170 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $160.

Looking at the Technical Indicators

First Major Support Level: $170

Pivot Level: $179

First Major Resistance Level: $189

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 2.62% on Wednesday. Following a 19.26% slump on Tuesday, Ripple’s XRP ended the day at $1.09997.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.14731 before hitting reverse.

Falling short of the first major resistance level at $1.3739, Ripple’s XRP fell to a late morning intraday low $1.01291.

While steering clear of the first major support level at $0.8915, Ripple’s XRP fell through the 38.2% FIB of $1.0659.

Finding late morning support, however, Ripple’s XRP broke back through the 38.2% FIB to end the day at $1.09 levels.

At the time of writing, Ripple’s XRP was up by 0.93% to $1.11021. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.09806 before rising to a high $1.11838.

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

XRPUSD 090921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.0867 pivot to bring first major resistance level at $1.1606 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.14731.

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

In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.2211.

A fall through the $1.0867 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0262 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level sits at $0.9523.

Looking at the Technical Indicators

First Major Support Level: $1.0262

Pivot Level: $1.0867

First Major resistance Level: $1.1606

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 – Bears Remain in the Driving Seat, with Sub-$40,000 the New Target

Following Tuesday’s broad-based crypto meltdown, it’s been a bearish Wednesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 0.70% to $46,521.0.

A mixed start to the day saw Bitcoin rise to an early morning high $47,351.0 before hitting reverse.

Falling well short of the 23.6% FIB of $50,473 and the first major resistance level at $52,085, Bitcoin slid to a late morning current day low $44,472.0.

Steering clear of the first major support level at $42,417, however, Bitcoin found support to move back through to $46,500 levels.

The Rest of the Pack

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

At the time of writing, Litecoin was up by 3.35% to lead the way, with Crypto.com Coin (+0.52%) also bucking the trend.

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

Through the morning, Cardano’s ADA (-4.31%) and Chainlink (-3.85%) led the way down.

Binance Coin (-1.52%), Bitcoin Cash SV (-1.04%), and Ripple’s XRP (-2.98%) also struggled.

Ethereum (-0.23%) and Polkadot (-0.13%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,138bn before falling to a low $1,970bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance fell to an early morning low 41.67% before rising to a high 42.44%. At the time of writing, Bitcoin’s dominance stood at 42.00%.

For the Afternoon Ahead

Bitcoin would need to move through the $47,652 pivot to bring the first major resistance level at $52,085 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the 23.6% FIB of $50,473.

Barring a broad-based crypto rebound the 23.6% FIB would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.

Failure to move through the $47,652 pivot would bring the first major support level at $42,417 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 and the second major support level at $37,984.

The 38.2% FIB of $41,592 should limit the downside.

Looking beyond the support and resistance levels, we saw bearish crosses this morning. The 50 EMA crossed through 200 EMA in the early hours. We also saw the 100 EMA cross through the 200 EMA in the late morning.

Through the morning, the 50 EMA continued to pullback from both the 100 and 200 EMA, which was also a bearish signal.

A further pullback of the 50 EMA from the 100 and 200 EMAs would bring support levels back into play. For the bulls, a move back through to $47,500 levels will be key going into the afternoon.

Dogecoin Remains Under Pressure After Yesterday’s Collapse

Dogecoin Retreats Amid Broad Sell-Off In Crypto Markets

Dogecoin is currently trying to settle below $0.24 while Bitcoin is trying to get below the 50 EMA at $45,100.

Yesterday, crypto markets found themselves under huge pressure after Bitcoin moved back below the $50,000 level. Bitcoin became legal tender in El Salvador, but the country’s citizens had technical problems after the launch which may have served as a trigger for the sell-off.

Today, Bitcoin remains under pressure, although it has not reached yesterday’s lows near $43,000. This is a bearish sign for Dogecoin and other cryptocurrencies. Ethereum is currently trying to settle below the support level at $3,300, while XRP is testing the support at the 50 EMA at $1.05.

Technical Analysis

dogecoin september 8 2021

Dogecoin managed to get below the support level at $0.2450 and made an attempt to settle below the next support at $0.24. RSI remains in the moderate territory despite the strong sell-off, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin manages to get below the support at $0.24, it will head towards the next support at $0.2350. A move below this level will open the way to the test of the support at $0.23.

On the upside, Dogecoin needs to get back above $0.2450 to have a chance to develop upside momentum in the near term. A move above this level will push Dogecoin towards the resistance level at $0.2520. In case Dogecoin climbs back above this level, it will head towards the resistance at $0.2570.

It should be noted that the market remains in a panic mode, and Dogecoin may easily ignore technical levels. The trading volume has increased materially compared to previous trading sessions so Dogecoin will likely remain volatile. In this light, traders should be prepared for fast moves and focus on the momentum as support and resistance levels may be easily breached.

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

The Crypto Daily – Movers and Shakers – September 8th, 2021

Bitcoin, BTC to USD, slid by 11.06% on Tuesday. Reversing a 1.73% gain from Monday, Bitcoin ended the day at $46,849.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,262, Bitcoin tumbled to a mid-afternoon intraday low $43,220.0.

Bitcoin fell through the day’s major support levels and also through the 23.6% FIB of $50,473.

Finding late support, Bitcoin briefly revisited $47,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 Tuesday

Ripple’s XRP slumped by 19.26% to lead the way down.

Bitcoin Cash SV (-18.26%), Chainlink (-18.90%), and Litecoin (-18.73%) weren’t far behind.

Binance Coin (-15.66%), Cardano’s ADA (-11.31%), Crypto.com Coin (-15.80%), Ethereum (-12.52%), and Polkadot (-8.63%) were also in the deep red.

Early in the week, the crypto total market rose to a Tuesday high $2,437bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,087bn.

Bitcoin’s dominance fell to a Tuesday low 40.85% before rising to a Tuesday high 43.65%. At the time of writing, Bitcoin’s dominance stood at 42.09%.

This Morning

At the time of writing, Bitcoin was down by 0.46% to $46,633.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,968.0 before falling to a low $46,402.0

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 1.02%.

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

At the time of writing, Bitcoin Cash SV was down by 2.20% to lead the way down.

BTCUSD 080921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move the $47,652 pivot to bring the first major resistance level at $52,085 into play.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.

Failure to move through the $47,652 pivot would bring the first major support level at $42,417 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $37,984.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 8th, 2021

Ethereum

Ethereum slid by 12.52% on Tuesday. Following a modest 0.58% gain on Monday, Ethereum ended the day at $3,436.96.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,948.00 before hitting reverse.

Falling short of the first major resistance level at $3,979, Ethereum tumbled to a mid-afternoon intraday low $3,009.00.

Ethereum fell through the day’s major support levels and the 23.6% FIB of $3,368.

Finding late support, however, Ethereum briefly broke back through the 23.6% FIB to end the day at sub-$3,430 levels.

At the time of writing, Ethereum was down by 1.12% to $3,398.46. A mixed start to the day saw Ethereum rise to an early morning high $3,452.31 before falling to a low $3,379.46.

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

ETHUSD 080921 Hourly Chart

For the day ahead

Ethereum would need to move through the $3,466 pivot to bring the first major resistance level at $3,920 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,600 levels.

Barring an extended crypto rally, resistance at $3,600 would likely leave Ethereum short of the first major resistance level.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $4,404.

Failure to move through the $3,465 pivot would bring the first major support level at $2,981 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,526.

Looking at the Technical Indicators

First Major Support Level: $2,981

Pivot Level: $3,465

First Major Resistance Level: $3,920

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin tumbled by 18.73% on Tuesday. Following a 5.52% fall on Monday, Litecoin ended the day at $178.36.

A mixed start to the day saw Litecoin rise to an early morning intraday high $222.04 before hitting reverse.

Falling short of the 38.2% FIB of $223 and the first major resistance level at $230, Litecoin tumbled to a mid-afternoon intraday low $161.00.

Litecoin fell through the day’s major support levels and the 23.6% FIB of $178 before ending the day at $178 levels.

At the time of writing, Litecoin was down by 0.67% to $177.17. A mixed start to the day saw Litecoin rise to an early morning high $178.98 before falling to a low $174.80.

While leaving the major support and resistance levels untested early on, Litecoin fell through the 23.6% FIB of $178.

LTCUSD 080921 Hourly Chart

For the day ahead

Litecoin would need to move through 23.6% FIB and the $187 pivot to bring the first major resistance level at $213 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $200 levels.

Barring an extended crypto rally, resistance at $200 would likely leave Litecoin short of the first major resistance level.

In the event of broad-based crypto rebound, Litecoin could test the 38.2% FIB of $223. The second major resistance level sits at $248.

Failure to move through 23.6% FIB of $178 and the $187 pivot would bring the first major support level at $152 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $126.

Looking at the Technical Indicators

First Major Support Level: $152

Pivot Level: $187

First Major Resistance Level: $213

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP tumbled by 19.26% on Tuesday. Reversing a 6.18% gain from Monday, Ripple’s XRP ended the day at $1.12345.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.39243 before hitting reverse.

Falling short of the 62% FIB of $1.4096 and the first major resistance level at $1.4356, Ripple’s XRP slumped to a mid-afternoon intraday low $0.91000.

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

Ripple’s XRP also fell through the 38.2% FIB of $1.0659 before ending the day at $1.12 levels.

At the time of writing, Ripple’s XRP was down by 0.50% to $1.11784. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.13203 before falling to a low $1.10093.

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

XRPUSD 080921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $1.1420 pivot to bring first major resistance level at $1.3739 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.20 levels

Barring an extended crypto rally, resistance at $1.20 would likely leave Ripple’s XRP short of the first major resistance level.

In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at the 62% FIB of $1.4069 before any pullback. The second major resistance level sits at $1.6244.

Failure to move through the $1.1420 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $0.8915 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.6595.

Looking at the Technical Indicators

First Major Support Level: $0.8915

Pivot Level: $1.1420

First Major resistance Level: $1.3739

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

El Salvador’s World-First Adoption of Bitcoin Hits Snags

The Chivo digital wallet became available on the app platforms hosted by Apple and Huawei shortly before midday local time Tuesday, after President Nayib Bukele, who pushed for adoption of the cryptocurrency and has promised $30 of bitcoin for each user, railed against the tech giants for not carrying the application.

The government purchased an additional 150 bitcoins on Tuesday, worth around $7 million, and McDonalds began accepting the cryptocurrency in its restaurants in El Salvador.

Bukele said using bitcoin will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to those with no bank account.

Carlos Garcia, who went to a booth giving out advice on the new currency at a shopping mall on Tuesday to learn about how transactions would work, said he was excited about the opportunities bitcoin could provide.

“El Salvador is taking a great step forward today,” he said.

However, the poorest may struggle to access the technology needed to make bitcoin work in El Salvador, where nearly half the population has no internet access and many more only have sporadic connectivity.

“I’m going to continue suffering with or without bitcoin,” said sweets seller Jose Herrera, who said he had trouble accessing a mobile phone.

Over a thousand people protested against the implementation of bitcoin around noon, marching to the Supreme Court building, burning a tire and setting off fireworks.

Some say the move may fuel money laundering and financial instability. It has already muddied the outlook for more than $1 billion in financing that El Salvador is seeking from the International Monetary Fund (IMF).

Bukele, 40, scores highly in opinion polls but has been accused of eroding democracy, not least by the administration of U.S. President Joe Biden.

Last week, top judges appointed by his lawmakers ruled that he could serve a second term, breaking away from a constitutional rule that forbade consecutive terms.

Earlier on Tuesday, Salvadorans trying to download the Chivo digital wallet had found it was unavailable on the main app stores. Bukele said the government had temporarily unplugged it, in order to connect more servers to deal with demand.

Bukele blamed Apple Inc, Alphabet’s Google and Huawei’s app download platforms for the delay.

“Release him! @Apple @Google and @Huawei,” Bukele wrote in a tweet, which was accompanied by a red-faced ‘angry’ emoji. The wallet was later available from Huawei and Apple.

Google and Apple did not immediately respond to requests for comment.

PRICE SLIDE

Polls indicate Salvadorans are wary of the volatility of the cryptocurrency, which can shed hundreds of dollars in value in a day.

Ahead of the launch, El Salvador bought 400 bitcoins worth around $20 million, Bukele said, helping drive the price of the currency above $52,000 for the first time since May. Hours later, bitcoin had weakened and last traded down 8.84% at $47,327.32.

Ethereum, another crypto currency, fell 10.52% to $3,537.62, while crypto exchange Coinbase Global slid 3.96% after reporting delays in some transactions on its platform.

The change means businesses should accept payment in bitcoin alongside the U.S. dollar, which has been El Salvador’s official currency since 2001 and will remain legal tender.

It remains unclear whether businesses will be penalized if they do not accept bitcoin.

In the run-up to the launch, the government installed ATMs that allow bitcoin to be converted into dollars and withdrawn without commission from the digital wallet, called Chivo.

“Like all innovations, El Salvador’s bitcoin process has a learning curve,” Bukele said in a tweet. “Not everything will be achieved in a day, or in a month.”

“We must break the paradigms of the past. El Salvador has the right to advance towards the first world,” he wrote.

In barely two years in office, Bukele has taken control of almost all levers of power. But although he has promised to clean up graft, the Biden administration recently put some of his close allies on a corruption blacklist.

Analysts fear that the adoption of bitcoin, whose transaction records are distributed across the internet, beyond the reach of national jurisdictions, could fuel money laundering.

After the bitcoin law was approved, the ratings agency Moody’s downgraded El Salvador’s creditworthiness, while its dollar-denominated bonds have also come under pressure.

The World Bank reiterated on Tuesday that it could not help El Salvador in its process of adopting bitcoin as legal tender “given environmental and transparency shortcomings,” a World Bank spokesperson told Reuters.

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

(Reporting by Anthony Esposito in Mexico City and Nelson Renteria in San Salvador; Additional reporting by Wilfredo Pineda in El Zonte, El Salvador and Frank Jack Daniel; Editing by Alistair Bell and Rosalba O’Brien)

Panama Touts Bitcoin and Ethereum in New Crypto Law

Central America’s bitcoin adoption is on the rise, with Panama the latest country to flock toward cryptocurrencies. The development has unfolded on the very same day that El Salvador officially accepts bitcoin as legal tender. Now the Republic of Panama is moving in the same direction but is putting its own personal touch on the roll-out by also embracing Ethereum and other cryptocurrencies as well.

Panama has unveiled a cryptocurrency law in draft form, as announced by Congressman Gabriel Silvaon Twitter. Similar to El Salvador, Panama wants to make bitcoin as well as Ethereum more popular as a payment method. Panama’s lawmakers also want to support the use of the blockchain in the public sector as well as use the technology in its banking sector.

The bill explains how Panama is compatible with the digital economy, including the blockchain crypto assets and the internet. The bill roughly states,

“Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet. This has the potential to create thousands of jobs, attract investment and make the government transparent.”

Prices Under Pressure

Despite wider-scale adoption of bitcoin and Ethereum, most of the broader cryptocurrency market is trading in the red today. The bitcoin price continues to hold $50,000, while Ethereum could be gearing up for a run toward $4,000.

Crypto Assets

The draft legislation touts bitcoin as a hedge against inflation and points to its divisible nature, saying that it can be “subdivided into 100 million Satoshis” as an example. It also acknowledges other cryptocurrencies including Ethereum and Cardano for similarly being divisible into more assets than traditional investments lend themselves to.

On social media, users were quick to point to the fees associated with Ethereum transactions in particular. The average Ethereum transaction fee currently hovers at just under $40, compared to more than $50 in early September.

Panama is keeping it loose and is not requiring merchants to adopt bitcoin or any other cryptocurrency. That was a key criticism of El Salvador’s bitcoin roll-out, in that merchants and consumers alike felt forced to suddenly adopt bitcoin as the currency.

According to Silva cited by a local publication, Telemetro, the new bill “does not oblige and does not seek to impose digital currency, or forced means of payment, but the freedom to use cryptocurrencies such as Bitcoin or Ethereum.” This could make all the difference so that Panama avoids the protests that broke out in El Salvador amid a lack of understanding about bitcoin.