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

Bitcoin, BTC to USD, fell by 2.40% on Friday. Following a 5.76% slide on Thursday, Bitcoin ended the day at $60,706.0.

A bullish start to the day saw Bitcoin rise to a late morning intraday high $63,729.0 before hitting reverse.

Falling short of the first major resistance level at $65,290, Bitcoin slid to a late afternoon intraday low $60,013.0.

Bitcoin fell through the first major support level at $60,502 before briefly revisiting $61,000 levels.

A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$61,000 levels.

The near-term bullish trend remained intact, supported the latest return to $66,000 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.

Crypto.com Coin (-0.48%), Ethereum (-2.03%), Litecoin (-2.97%), and Ripple’s XRP (-0.03%) joined Bitcoin in the red.

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

Polkadot lead the way, rallying by 4.09%, with Binance Coin (+1.75%) and Chainlink (+1.41%) also finding relatively strong support.

Bitcoin Cash SV (+0.32%) and Cardano’s ADA (+0.89%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,525bn.

Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Friday low 45.15%. At the time of writing, Bitcoin’s dominance stood at 45.25%.

This Morning

At the time of writing, Bitcoin was down by 60,610.8. A mixed start saw Bitcoin rise to an early morning high $60,769.0 before falling to a low $60,579.0.

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, Chainlink was down by 0.32% to lead the way down.

BTCUSD 231021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,483 pivot to bring the first major resistance level at $62,952 into play.

Support from the broader market would be needed for Bitcoin to break out from $62,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $63,729.0 would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $65,199.

Failure to move through the $61,483 would bring the first major support level at $59,236 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels, however. The second major support level sits at $57,767.

Solana Stays Close To All-Time Highs

Solana Stays Strong While Bitcoin and Ethereum Decline

Solana made an attempt to settle above all-time highs today despite the pullback in leading cryptocurrencies. Bitcoin is currently trying to settle below the psychologically important $60,000 level. In case this attempt is successful, it will gain additional downside momentum and move towards the 20 EMA at $57,700 which will be bearish for the whole crypto market. Meanwhile, Ethereum managed to get back below the $4,000 level and is trying to settle below $3,900.

It remains to be seen whether the sell-off in biggest coins will have any notable impact on Solana as the latter’s upside momentum is very strong. According to CoinMarketCap, the recent rally has put Solana into the top-6 cryptocurrencies by market capitalization with a market cap of about $61 billion at the time of writing.

Technical Analysis

solana october 22 2021

Solana managed to settle above the $200 level and is currently trying to settle above the resistance at $216. Trading volume has increased materially in recent days, but it has not reached peaks that were seen back in September when Solana was trading near current levels. Thus, Solana may enjoy even more active trading which could push it to new highs.

It should be noted that RSI has just entered into the overbought territory, but it remains well below highs that were seen back in August – September, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Solana manages to settle above $216, it will gain additional upside momentum and move into the uncharted territory.

On the support side, the previous resistance near $200 will serve as the first support level for Solana. A move below this level will push Solana towards the support at $178. In case Solana declines below $178, it will head towards the next support which is located at the 20 EMA at $164.

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

Ethereum Stays Strong Ahead Of The Weekend

Ethereum Tests Resistance At $4,150

Ethereum continues its attempts to settle above the resistance level at $4,150 while Bitcoin is moving higher after yesterday’s pullback.

The world’s leading cryptocurrency has recently made at attempt to settle below the $62,000 level but failed to develop sufficient downside momentum and rebounded towards $63,000. In case Bitcoin manages to settle above $63,000, it will head towards the recent highs at $67,000 which will be bullish for the whole crypto market, including Ethereum.

Other cryptocurrencies are also moving higher. XRP managed to settle above $1.10 and is moving towards $1.11 while Dogecoin has recently managed to climb back above the resistance at $0.2450.

Technical Analysis

ethereum october 22 2021

Ethereum is currently trying to settle above the resistance level which is located at $4,150. RSI has moved a bit closer to the overbought territory but there is enough room to develop additional upside momentum in case the right catalysts emerge.

If Ethereum manages to get above the resistance level at $4,150, it will move towards the next resistance level near $4,400. Yesterday, Ethereum made an attempt to get above this level but faced significant resistance. This is not surprising as Ethereum is trying to get above all-time highs, and some traders decide to take profits off the table. In case Ethereum manages to settle above $4,400, it will gain additional upside momentum and move to new highs.

On the support side, the nearest support level for Ethereum is located at $4,000. In case Ethereum declines below this level, it will head towards the next support at $3,800. A successful test of this support level will open the way to the test of the support at the 20 EMA at $3,650. If Ethereum declines below the support at the 20 EMA, it will gain additional downside momentum and move towards the next support level which is located at the 50 EMA at $3,360.

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

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

Ethereum

Ethereum fell by 2.59% on Thursday. Partially reversing a 7.31% rally from Wednesday, Ethereum ended the day at $4,053.90.

A mixed start to the day saw Ethereum rise to a late morning intraday high $4,374.95 before hitting reverse.

Ethereum broke through the first major resistance level at $4,277 before falling to a mid-afternoon intraday low $4,012.77.

Steering clear of the first major support level at $3,938, Ethereum revisited $4,130 levels before easing back.

At the time of writing, Ethereum was up by 0.51% to $4,074.39. A mixed start to the day saw Ethereum fall to an early morning low $4,052.50 before rising to a high $4,103.48.

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

ETHUSD 221021 Hourly Chart

For the day ahead

Ethereum would need to move through the $4,147 pivot to bring the first major resistance level at $4,282 play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,250 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $4,374.95 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $4,509. Ethereum would need plenty of support, however, to breakout from May’s all-time high $4,384.43.

Failure to move through the $4,147 pivot would bring the first major support level at $3,920 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,785.

Looking at the Technical Indicators

First Major Support Level: $3,920

Pivot Level: $4,147

First Major Resistance Level: $4,282

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 5.07% on Thursday. Partially reversing a 9.85% jump from Wednesday, Litecoin ended the day at $196.81.

A bullish start to the day saw Litecoin rally to an early morning intraday high $214.80 before hitting reverse.

Falling short of the first major resistance level at $216, Litecoin slid to a mid-afternoon intraday low $195.25.

Steering clear of the first major support level at $192, however, Litecoin revisited $200 levels before easing back.

At the time of writing, Litecoin was up by 0.10% to $197.0. A mixed start to the day saw Litecoin fall to an early morning low $196.70 before rising to a high $199.07.

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

LTCUSD 221021 Hourly Chart

For the day ahead

Litecoin would need to move through the $202 pivot to bring the first major resistance level at $209 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $205 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 resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $222.

Failure to move through the $202 pivot would bring the first major support level at $190 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$185 and the 23.6% FIB of $178. The second major support level sits at $183.

Looking at the Technical Indicators

First Major Support Level: $190

Pivot Level: $202

First Major Resistance Level: $209

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 5.04% on Thursday. Reversing a 4.90% gain from Wednesday, Ripple’s XRP ended the day at $1.08867.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $1.16356 before hitting reverse.

Falling short of the first major resistance level at $1.1694, Ripple’s XRP slid to a late intraday low $1.08446.

The reversal saw Ripple’s XRP fall through the first major support level at $1.1034 to end the day at $1.088 levels.

At the time of writing, Ripple’s XRP was up by 0.41% to $1.09315. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.08918 to a high $1.09779.

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

XRPUSD 221021 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $1.1122 pivot to bring the first major resistance level at $1.1400 into play.

Support 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 rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1913.

Failure to move through the $1.1122 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0609 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level sits at $1.0331.

Looking at the Technical Indicators

First Major Support Level: $1.0609

Pivot Level: $1.1122

First Major resistance Level: $1.1400

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 – October 22nd, 2021

Bitcoin, BTC to USD, slid by 5.76% on Thursday. Reversing a 2.73% gain from Wednesday, Bitcoin ended the day at $62,219.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $66,643.0 before hitting reverse.

Falling short of the first major resistance level at $67.474, Bitcoin slid to a mid-afternoon intraday low $61,855.0.

The sell-off saw Bitcoin fall through the first major support level at $64,051 and the second major support level at $62,082.

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $62,200 levels.

The near-term bullish trend remained intact, supported the latest return to $66,000 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.

Chainlink (+2.88%) and Polkadot (+2.35%) avoided the red on the day.

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

Binance Coin slid by 6.06% to lead the way down, with Litecoin (-5.07%) and Ripple’s XRP (-5.04%) also struggling.

Bitcoin Cash SV (-3.45%), Cardano’s ADA (-2.39%), Crypto.com Coin (-2.00%), and Ethereum (-2.59%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,563bn.

Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Thursday low 45.84%. At the time of writing, Bitcoin’s dominance stood at 45.93%.

This Morning

At the time of writing, Bitcoin was up by 0.33% to $62,426.0. A mixed start to the day saw Bitcoin fall to an early morning low $62,141.0 before rising to a high $62,426.0.

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, Chainlink was up by 0.80% to lead the way.

BTCUSD 221021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $63,573 pivot to bring the first major resistance level at $65,290 into play.

Support from the broader market would be needed for Bitcoin to break back through to $65,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $66,643.0 would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $70,000 levels before any pullback. The second major resistance level sits at $68,361.

Failure to move through the $63,573 would bring the first major support level at $60,502 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, however. The second major support level sits at $58,785.

Bitcoin Price Prediction – Bitcoin Bulls Eye $70,000… Avoiding sub-$65,500 Key, However

After a mixed day for Bitcoin and the broader market on Wednesday, it’s been a broadly bullish morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.19% to $66,145.6.

A mixed start to the day saw Bitcoin fall to a mid-morning low $64,033.0 before making a move.

Finding support at the first major support level at $64,051, Bitcoin rose to a late morning intraday high $66,643.0.

Falling well short of the first major resistance level at $67,474, however, Bitcoin fell back to sub-$66,000 levels.

The Rest of the Pack

Binance Coin bucked the morning trend, falling by 1.33%.

For the rest of the majors, it’s been a bullish morning, however.

At the time of writing, Cardano’s ADA was up by 4.09% to lead the way, with Chainlink (+3.89%), Crypto.com Coin (+3.08) and Ethereum (+3.12%) also finding strong support.

Bitcoin Cash SV (+0.17%), Litecoin (+1.22%), Polkadot (+0.30%), and Ripple’s XRP (+0.78%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to a mid-morning low $2,611bn before rising to a high $2,692bn. At the time of writing, the total market cap stood at $2,685bn.

Bitcoin’s dominance fell from an early morning high 46.86% to an early morning low 46.24%. At the time of writing, Bitcoin’s dominance stood at 46.43%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $65,505 pivot to take a run at the first major resistance level at $67,474.

Support from the broader market will be needed, however, for Bitcoin to breakout from Wednesday’s high $66,958.0.

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

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $70,000 levels before any pullback. The second major resistance level sits at $68,928.

Bitcoin would need plenty of support, however, to break out from yesterday’s all-time high $66,958.0.

A fall back through the $65,505 pivot would bring the first major support level at $64,051 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the second major support level at $62,082.

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

We also saw the 100 EMA pull further away from the 200 EMA, delivering additional support.

Through the 2nd half of the day, a widening of the 50 EMA from the 100 would bring $70,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid a fall back through the $65,505 pivot.

Direct Cryptocurrency Payments Will Serve as a Boost for the Financial Industry

According to research conducted by the Capgemini Research Institute, nearly 45% of customers around the world will use cryptocurrencies for payments within the next 1-2 years, due to the growing need for cross-border payments. At the moment, less than 10% of global consumers use cryptocurrencies for payments.

While the legal status of cryptocurrencies varies from country to country, the fact that they can be recognized as legal tender (as El Salvador’s example demonstrates) shows that there is a place for them to be found in payments and that people can also use them to conduct their purchases.

While Bitcoin is not the best crypto asset for payments going forward, there are other options available which can be used for payments. Assets with lightning-quick transaction speeds, like Ripple, Solana, EOS, Neo, Cardano and Ethereum (following the rollout of Ethereum 2.0), for example.

Advantages of crypto payments

We have already seen El Salvador implement Bitcoin as a legal tender. Its advantages include censorship-resistance, quick and cheap payments and an anti-inflationary system. Only time will tell if El Salvador’s move bears fruit. If it does, we could see other countries follow suit. It must be noted that Bitcoin’s initial goal was to be used for payments – its current appeal is more as an investment instrument but this could soon change.

When it comes to payments, efficiency is a priority. A cross-border payment in crypto can take minutes, or even seconds to clear – as opposed to several days of clearance time (potentially) with fiat transfers. Currently, payments platforms and financial institutions charge colossal fees for international transactions and take significant time to process.

In today’s increasingly digital age, speed is of the essence when it comes to the completion of any task, of course in a streamlined manner. Needless to say, the integration of crypto assets into global finance will make local and international payments easy. Also, functionalities can be built into crypto transactions in the form of smart contracts.

For example, you could send pocket money to your child who is studying overseas and program the money to not be spent on junk food. Automation of payments based on pre-fixed conditions is also a possibility. Of course, the security that comes with blockchain technology is another advantage of incorporating crypto payments globally.

With a market cap of $2.5 trillion at the time of writing, crypto tokens have become an asset class in their own right, and the gap between the crypto and fiat spheres is gradually closing.

What is the future for this sector?

We are approaching a future where cross-border payments can be completed with a single, quick crypto transaction. The real benefit of crypto payments is being able to use cryptocurrencies in our day-to-day lives. While receiving payment in crypto and converting to fiat is still a quick process, the fees get piled on – convenience and savings hold key importance here.

The future for this sector is indeed bright but we need businesses all over the world to accept crypto payments to harness their true potential. We need a digital world where crypto payments for all kinds of goods can be made with a single click. At the moment, over 15,000 businesses globally accept crypto payments. These include Microsoft, PayPal, Overstock, Whole Foods, Etsy, Starbucks, McDonald’s, Newegg, Home Depot, Rakuten and Twitch – the list goes on.

Once crypto payments become mainstream, I expect players in the industry to build infrastructure to add to the capabilities of crypto assets and facilitate direct crypto payments as I mentioned in the previous section. CBDCs are a way forward as well and will slowly but surely transform global finance.

The lack of regulation is a hindrance to growth at this moment and the adoption of CBDCs could see cryptocurrencies gain more importance and traction rapidly. Many countries do not have taxation rules in place at the moment and do not know how to treat crypto assets. And since they cannot understand crypto assets, they refuse to acknowledge their importance.

This is why I feel 2022 could be a turning point for the crypto industry in terms of global finance, with CBDCs likely to receive a huge global push. China is leading the way at the moment and countries like the UK and India are not too far behind.

Conclusion

The crypto industry will continue to develop and the demand for crypto assets will rise. Global crypto adoption for payments will not only add ease to cross-border payments at low costs but also allow us access to programmable and automatable payments.

China will play a leading role in global crypto infrastructure in the near future, owing to its progress with CBDC technology. The growth of India as a crypto-using nation is heartening to see as well – India has the most active crypto users at the time of writing.

Financial institutions are seeing cryptocurrencies in brighter light and their acceptance of digital currencies is key to the future growth of the industry. In the end, the goal is not to eradicate traditional finance but enhance it.

Greg Waisman, co-founder and COO of the global payments network Mercuryo.

Ethereum Looks Ready To Test All-Time Highs

Ethereum Stays Strong While Bitcoin Declines From Record Highs

Ethereum is currently trying to settle above the resistance at $4,165 while Bitcoin pulls back from record highs.

The world’s leading cryptocurrency has recently made an attempt to settle above the $67,000 but failed to develop sufficient upside momentum and pulled back. Bitcoin’s RSI remains in the overbought territory, and the risks of a pullback remain at high levels. However, the current upside momentum is very strong so Bitcoin will have a good chance to get to the test of the psychologically important $70,000 level in case it manages to settle above $67,000. This move would be bullish for the whole crypto market, including Ethereum.

The leading coins, Bitcoin and Ethereum, attracted significant interest in recent trading sessions, and it looks that crypto traders are currently focused on the big names which is bullish for Ethereum.

Technical Analysis

ethereum october 21 2021

 

Ethereum is currently testing the resistance level at $4,150. RSI is close to the overbought territory, but it remains far below levels that were reached back in May when Ethereum visited current price levels. Thus, there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Ethereum manages to settle above the resistance at $4,150, it will head towards the next resistance level which is located near the $4,400 level. A move above this level will attract more speculative traders and boost Ethereum to new highs.

On the support side, a move below $4,150 will push Ethereum towards the support level which is located at $4,000. A successful test of this level will open the way to the test of the next support at $3,800. If Ethereum gets below $3,800, it will head towards the support at the 20 EMA at $3,600. A move below the 20 EMA will push Ethereum towards the 50 EMA at $3,335.

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

The Crypto Daily – Movers and Shakers – October 21st, 2021

Bitcoin, BTC to USD, rose by 2.73% on Wednesday. Following a 3.64% rally on Tuesday, Bitcoin ended the day at $66,021.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $63,535.0 before making a move.

Steering clear of the first major support level at $62,280, Bitcoin rallied to an early afternoon intraday high and a new swing hi $66,958.0.

Bitcoin broke through the first major resistance level at $65,333 and the second major resistance level at $66,404 before easing back to sub-$66,000 levels.

Finding late support, however, Bitcoin wrapped up the day at $66,000 levels.

The near-term bullish trend remained intact, supported the latest return to $66,000 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 Wednesday.

Litecoin rallied by 9.85% to lead the way, with Ethereum rallying by 7.31%.

Chainlink (+5.98%), Polkadot (+4.62%), and Ripple’s XRP (+4.90%) also found strong support.

Binance Coin (+2.72%) Bitcoin Cash SV (+3.85%), Cardano’s ADA (+3.81%), and Crypto.com Coin (+3.96%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,385bn before rising to a Wednesday high $2,701bn. At the time of writing, the total market cap stood at $2,651bn.

Bitcoin’s dominance fell to a Monday low 46.33% before rising to a Wednesday high 47.73%. At the time of writing, Bitcoin’s dominance stood at 46.76%.

This Morning

At the time of writing, Bitcoin was down by 0.50% to $65,693.2. A bearish start to the day saw Bitcoin fall from an early morning high $66,022.0 to a low $65,687.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+0.08%) and Crypto.com Coin (+0.03%) avoided the red early on.

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

At the time of writing, Binance Coin was down by 0.54% to lead the way down.

BTCUSD 211021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $65,505 pivot to bring the first major resistance level at $67,474 into play.

Support from the broader market would be needed for Bitcoin to breakout from Wednesday’s new swing hi $66,958.0

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

In the event of another breakout, Bitcoin could test resistance at $70,000 levels before any pullback. The second major resistance level sits at $68,928.

A fall through the $65,505 would bring the first major support level at $64,051 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$64,000 levels, The second major support level sits at $62,082.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 21st, 2021

Ethereum

Ethereum rallied by 7.31% on Wednesday. Following a 3.55% gain on Tuesday, Ethereum ended the day at $4,161.94.

A mixed start to the day saw Ethereum fall to a mid-morning intraday low $4,144.00 before making a move.

Steering clear of the first major support level at $3,776, Ethereum rallied to a late intraday high $4,169.00.

Ethereum broke through day’s major resistance levels to end the day at $4,152 levels.

The third major resistance level at $4,152 delivered support late in the day.

At the time of writing, Ethereum was down by 0.34% to $4,147.95. A mixed start to the day saw Ethereum rise to an early morning high $4,166.43 before falling to a low $4,137.51.

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

ETHUSD 211021 Hourly Chart

For the day ahead

Ethereum would need to avoid the $4,054 pivot to bring the first major resistance level at $4,277 play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,200 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 May’s all-time high $4,384.43. The second major resistance level sits at $4,393.

A fall through the $4,054 pivot would bring the first major support level at $3,938 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,714.

Looking at the Technical Indicators

First Major Support Level: $3,938

Pivot Level: $4,054

First Major Resistance Level: $4,277

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin jumped by 9.85% on Wednesday. Following a 1.69% gain on Tuesday, Litecoin ended the day at $207.32.

A mixed start to the day saw Litecoin fall to an early morning intraday low $185.69 before making a move.

Steering clear of the first major support level at $184, Litecoin rallied to a late afternoon intraday high $209.64.

Litecoin broke through the day’s major resistance levels before a fall back to $203 levels.

The pullback saw Litecoin briefly fall back through the third major resistance level at $205 before ending the day at $207 levels.

At the time of writing, Litecoin was down by 0.23% to $206.84. A mixed start to the day saw Litecoin rise to an early morning high $207.50 before falling to a low $206.62.

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

LTCUSD 211021 Hourly Chart

For the day ahead

Litecoin would need to avoid the $201 pivot to bring the first major resistance level at $216 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Wednesday’s high $209.64.

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

In the event of another breakout, Litecoin could test resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $225.

A fall through the $201 pivot would bring the first major support level at $192 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 and the 23.6% FIB of $178. The second major support level sits at $177.

Looking at the Technical Indicators

First Major Support Level: $177

Pivot Level: $201

First Major Resistance Level: $216

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 4.90% on Wednesday. Following a 0.74% increase on Tuesday, Ripple’s XRP ended the day at $1.14466.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.08687 before making a move.

Steering clear of the first major support level at $1.0722, Ripple’s XRP rallied to a late intraday high $1.15282.

Ripple’s XRP broke through the day’s major resistance levels before a pullback to sub-$1.135 levels.

The pullback saw Ripple’s XRP fall back through the third major resistance level at $1.1505 to end the day at $1.144 levels.

At the time of writing, Ripple’s XRP was down by 0.25% to $1.14176. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.14790 before falling to a low $1.14065.

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

XRPUSD 211021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.1281 pivot to bring the first major resistance level at $1.1694 into play.

Support would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.15282.

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 $1.22 levels before any pullback. The second major resistance level sits at $1.1941.

A fall through the $1.1281 pivot would bring the first major support level at $1.1034 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid the 38.2% FIB of $1.0659. The second major support level sits at $1.0622.

Looking at the Technical Indicators

First Major Support Level: $1.1034

Pivot Level: $1.1281

First Major resistance Level: $1.1694

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

Ethereum, BSC & Solana: Who Will Win the Race to Conquer the NFT Market?

This hardly comes as a surprise. Non-fungible tokens can represent any digital object, from artwork and collectibles to music, in-game items, and even personal data, and be easily authenticated via the distributed ledger, offering proof of ownership for their holders. This is the reason why the market is blooming with NFT platforms, marketplaces, protocols, and solutions, while retail investors, celebrities, artists, athletes, and businesses have dabbled into the exciting world of NFTs to harness its benefits.

However, in the heart of any decentralized product lies its core technology. It determines its overall stability, capabilities, and the quality of the user experience. In the case of digital assets, this is their underlying blockchain – and today we will compare the best blockchains for non-fungible tokens.

Ethereum: Largest and Highly Decentralized

Ethereum features one of the largest ecosystems and user bases among all DLT networks. It is highly decentralized, with nearly 4,000 full nodes validating the blockchain and an excellent history of resilience against internal and external threats.

With Ethereum, developers get access to numerous tools, artists get a chance to showcase their art to a big market of potential buyers, and investors get plenty of NFTs to choose from. Today, this blockchain hosts most collections, marketplaces, and dApps powered by NFTs.

However, the blockchain has its downsides, which center around limited scalability. Its ability to process only around 15 transactions per second (TPS) combined with massive user activity has led to heavy network congestion. As a result, transaction fees have been rising on Ethereum, with the average transfer costing $14.96 as of October 8, 2021. While Ethereum developers are actively working on upgrading the blockchain’s scalability with ETH 2.0, it will take many months until we see big improvements.

Binance Smart Chain: Going Low-Fee

Even though Ethereum excels in security, decentralization, and ecosystem activity, Binance Smart Chain (BSC) has managed to take advantage of its competitor’s limited scalability to gain traction. As BSC has the scalability of approximately 100 TPS, it features significantly lower transaction fees than Ethereum.

According to BscScan, a standard transfer costs $0.053, but users have to pay $0.137 and $0.423 for BEP-20 and smart contract transactions, respectively. In addition to improved scalability and lower fees, Binance Smart Chain has 3-second block times – compared to 15 seconds on Ethereum –, and features decent security.

On the flip side, decentralization is among Binance Smart Chain’s top weaknesses. In addition to being managed by Binance (which also operates the bridge between BSC and Ethereum), it only has 21 validator nodes, making it a highly centralized chain. Its thriving ecosystem has become a worthy competitor of Ethereum’s – however, what BSC lacks is decent NFT-related activity.

Solana: Young, Scalable & Secure

Solana is a rather new player in the NFT space. This highly scalable and high-speed blockchain – over 65,000 TPS and 0.4-second transaction latency – gained traction only a few months ago, but its non-fungible token industry is developing fast. According to its website, its ecosystem consists of over 120 NFT projects (out of a total of 423).

Due to its excellent scalability, the average transaction costs $0.00025 on Solana, which is by far the lowest among the three chains. It doesn’t have as many validators as Ethereum: over 1,000 nodes are responsible for validating blocks within its network. This allows Solana to maintain a high level of decentralization with limited risks of validators teaming up to gain control over the network.

Solana doesn’t sacrifice security to achieve high scalability and decentralization. Instead, the project has introduced multiple innovative features and functionalities – such as the cryptographic clock Proof of History (PoH), the mempool-less transaction forwarding protocol Gulf Stream, and the Turbine block-propagation protocol.

Summary: What Blockchain Meets Your Goals?

To sum up, all the blockchains we have explored serve as good options for NFT market participants. If you are OK with higher gas fees and limited scalability, you can leverage Ethereum to access the most popular NFT marketplaces and dApps. In case you want to cut your transaction costs and don’t mind increased centralization, Binance Smart Chain can be a good choice.

However, I believe Solana is the clear winner among the three. Even as a relatively new blockchain that only gained traction recently, Solana excels at all three important qualities of blockchains: cutting-edge security, a highly decentralized network, and excellent scalability.

Bitcoin Price Prediction – A Move Through to $65,000 Would Bring $68,000 into Play

After a mixed day for Bitcoin and the broader market on Tuesday, it’s been another mixed morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 0.66% to $63,841.0.

A mixed start to the day saw Bitcoin rise to an early morning high $64,340.7 before hitting reverse.

Falling well short of the first major resistance level at $65,333, Bitcoin fell to a mid-morning low $63,535.0.

Steering clear of the first major support level at $62,280, Bitcoin broke back through to $64,200 levels before easing back.

BTCUSD 201021 Hourly Chart

The Rest of the Pack

It has been a mixed morning.

Binance Coin was down by 0.26% to lead the way down, with Ethereum (-0.18%) also joining Bitcoin in the red.

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

At the time of writing, Ripple’s XRP was up by 2.11% to lead the way, with Cardano’s ADA (+1.89%) also finding strong support.

Bitcoin Cash SV (+0.25%), Chainlink (+0.68%), Crypto.com Coin (+0.52%), Litecoin (+0.62%), and Polkadot (+0.81%) trailed the front runners, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,559bn before falling to a low $2,530bn. At the time of writing, the total market cap stood at $2,553bn.

Bitcoin’s dominance rose to an early morning high 47.47% before falling to a low 47.20%. At the time of writing, Bitcoin’s dominance stood at 47.20%.

For the Afternoon Ahead

Bitcoin would need to avoid the $63,351 pivot to take a run at the first major resistance level at $65,333.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $64,340.7.

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

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $68,000 levels before any pullback. The second major resistance level sits at $66,404.

Bitcoin would need plenty of support, however, to break out from its April all-time high $64,829.0.

A fall through the $63,351 pivot would bring the first major support level at $62,280 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$60,000 support levels. The second major support level sits at $60,298.

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

We also saw the 100 EMA pull away from the 200 EMA, delivering further support.

Through the 2nd half of the day, a widening of the 50 EMA from the 100 would bring $65,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid the $63,351 pivot.

Dogecoin Remains Stuck Near $0.2450 While Bitcoin Pulls Back From Recent Highs

Dogecoin Is Mostly Flat In Today’s Trading

Dogecoin continues its attempts to settle above the resistance at $0.2450 while other cryptocurrencies show mixed dynamics in today’s trading.

Bitcoin faced resistance at $64,500 and pulled back below the $64,000 level. Bitcoin’s RSI is in the overbought territory, and the risks of a pullback are increasing. In case Bitcoin manages to settle back below the $64,000 level, it may gain downside momentum and move towards the $62,000 level which will be bearish for the whole crypto market, including Dogecoin. However, it should be noted that the current upside trend remains strong, so traders may ignore the high RSI and continue to buy Bitcoin this week.

Meanwhile, Ethereum is testing the resistance at $3,900 while XRP is trying to settle above $1.10. Shiba Inu is mostly trading in the $0.000028 – $0.000029 range, and it looks that market interest in meme coins is not increasing, which is somewhat bearish for Dogecoin.

Technical Analysis

dogecoin october 20 2021

 

Dogecoin is testing the nearest resistance level at $0.2450. In case Dogecoin settles above this level, it will head towards the next resistance which is located at $0.2520. RSI remains in the moderate territory, and there is enough room to gain additional upside momentum in case the right catalysts emerge.

If Dogecoin gets above the resistance at $0.2520, it will move towards the next resistance at $0.2570. A successful test of this level will push Dogecoin towards the resistance at $0.26.

On the support side, Dogecoin needs to stay below $0.2450 to have a chance to develop downside momentum in the near term. The next support level for Dogecoin is located near the 50 EMA at $0.24. A move below the 50 EMA will push Dogecoin towards the 20 EMA at $0.2365.

If Dogecoin manages to settle below the 20 EMA, it will head towards the next support level at $0.23. A successful test of this level will open the way to the test of the support at $0.2255.

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

How to Use Cryptocurrencies in Everyday Life

In addition, more than 18,000 worldwide registered organizations accept cryptocurrency as a payment. According to TripleA experts, the number of crypto wallet holders will increase to 300 million by 2030 and the number of businesses supporting crypto payments will increase to 25 thousand. How the cryptocurrency sector will evolve in the future and whether the main digital currencies will be a full-fledged payment instrument will be discussed below.

Big business is ready to accept crypto payments

So far, more than 18 thousand companies around the world are ready to accept payments in digital currencies. And these are not online stores with the traffic up to 10 thousand people a month, but large corporations with their products and services across the globe. Companies such as Booking, Coca-Cola, PayPal, KFC, BMW and many others are ready to accept payments in bitcoins now. And every year the adoption of digital currencies will only increase.

According to TripleA experts, retail and e-commerce will be the main sectors accepting cryptocurrency as a payment instrument. This market accounts for almost 40% of all crypto payments in the world. The sector of premium goods (jewelry, yachts, planes, real estate), cross-border payments, also gaming and gambling circuits will take the lead as well.

“We see a gradual adoption of cryptocurrencies by retail users. And it’s a pattern! Besides, cryptocurrencies reduce costs when paying for goods in everyday life. The current goal is to create a unified technological system that will make it possible to use cryptocurrency anywhere without conversion and exchangers”, commented co-founder of MinePlex Alexander Mamasidikov.

It means that users have a real need now for services that allow converting fiat currencies into digital coins and vice versa. The demand for such solutions will only increase.

Paying with cryptocurrency is easier than it looks

Cryptocurrency payments are quite common all over the world. Some services, such as iVendPay, provide instant payments with coins from your crypto wallet. Other services use crypto-processing solutions or online banking tools that allow you to convert cryptocurrency into fiat money and only then send them to a seller account.

“We’re developing solutions to pay for goods and services in cryptocurrencies. It requires a MinePlex multicurrency wallet for not only securely store digital currencies, track purchasing capacity, but also make payment transactions in cryptocurrency directly, bypassing conversion to fiat. Our functionality will support 36 major fiat currencies, including US dollar, euro and our own liquid PLEX token”, says Alexander Mamasidikov.

The future integration of cryptocurrency

Shortly, cryptocurrency can be a full-fledged payment instrument. And in a few years we will be able to pay directly with Bitcoin or other coins in:

  • cafes, restaurants, bars. Many similar establishments accept so far crypto payments in Bitcoin, ETH or DASH tokens;
  • online stores, marketplaces;
  • travel services, such Booking and air, railway and other tickets purchase;
  • clothing, footwear, jewelry stores;
  • barber shops and beauty salons;

Most of the retail business will actively implement crypto payments over time and use them alongside traditional payment methods.

Conclusion

Cryptocurrency adoption will accelerate within the next few years, leading to widespread digital coins as a payment instrument. That brings up a growing demand for crypto processing companies and crypto online banks services, which allow converting cryptocurrencies into fiat money. E-commerce sector will develop rapidly, where cryptocurrencies will act as a full-fledged payment unit and won’t require a conversion. The most popular crypto payment areas will be retail, gambling, gaming, as well as food and beauty.

The Crypto Daily – Movers and Shakers – October 20th, 2021

Bitcoin, BTC to USD, rallied by 3.64% on Tuesday. Following a 0.79% gain on Monday, Bitcoin ended the day at $64,263.0.

After a mixed start to the day, Bitcoin fell to an early afternoon intraday low $61,368.0 before making a move.

Steering clear of the first major support level at $60,357, Bitcoin rallied to a final hour intraday high $64,421.0.

Bitcoin broke through the first major resistance level at $63,156 and the second major resistance level at $64,319 before easing back to sub-$64,300 levels.

The near-term bullish trend remained intact, supported the latest return to $64,000 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.

Cardano’s ADA (-0.93%), Crypto.com Coin (-0.91%), and Polkadot (-3.10%) bucked the trend on the day.

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

Ethereum rallied by 3.55% to lead the way, with Litecoin (+1.69%) also finding strong support.

Binance Coin (+0.60%) Bitcoin Cash SV (+0.76%), Chainlink (+0.94%), and Ripple’s XRP (+0.74%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $2,385bn before rising to a Tuesday high $2,593bn. At the time of writing, the total market cap stood at $2,547bn.

Bitcoin’s dominance fell to a Monday low 46.33% before rising to a Tuesday high 47.54%. At the time of writing, Bitcoin’s dominance stood at 47.42%.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $64,035.0. A mixed start to the day saw Bitcoin rise to an early morning high $64,340.7 before falling to a low $64,001.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.59%), Cardano’s ADA (-0.27%), Ethereum (-0.25%), Litecoin (-0.52%), and Ripple’s XRP (-0.11%) also joined Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 1.44% to lead the way.

BTCUSD 201021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $63,351 pivot to bring the first major resistance level at $65,333 into play.

Support from the broader market would be needed for Bitcoin to breakout from 14th April 2021’s swing hi $64,829.0

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

In the event of another breakout, Bitcoin could test resistance at $68,000 levels before any pullback. The second major resistance level sits at $66,404.

A fall through the $63,351 would bring the first major support level at $62,280 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, The second major support level at $60,298 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 20th, 2021

Ethereum

Ethereum rose by 3.55% on Tuesday. Partially reversing a 2.65% slide from Monday, Ethereum ended the day at $3,878.17.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,731.22 before making a move.

Steering clear of the first major support level at $3,650, Ethereum rallied to a final hour intraday high $3,890.36.

Ethereum broke through the first major resistance level at $3,868 to end the day at $3,878 levels.

At the time of writing, Ethereum was up by 0.18% to $3,885.19. A mixed start to the day saw Ethereum rise to an early morning high $3,900.00 before falling to a low $3,877.77.

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

ETHUSD 201021 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,833 pivot to bring the first major resistance level at $3,935 play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,900 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 the second major resistance level at $3,992.

A fall through the $3,833 pivot would bring the first major support level at $3,776 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,600 levels. The second major support level at $3,674 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,776

Pivot Level: $3,833

First Major Resistance Level: $3,935

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.69% on Tuesday. Following a 1.01% gain on Monday, Litecoin ended the day at $188.73.

A bullish start to the day saw Litecoin rise to an early morning intraday high $191.62.

Litecoin broke through the first major resistance level at $189 before hitting reverse.

Coming within range of the second major resistance level at $193, Litecoin slid to an early afternoon intraday low $183.17.

Steering clear of the first major support level at $180, Litecoin bounced back to end the day at $188 levels.

At the time of writing, Litecoin was down by 0.23% to $188.30. A mixed start to the day saw Litecoin rise to an early morning high $188.82 before falling to a low $188.10.

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

LTCUSD 201021 Hourly Chart

For the day ahead

Litecoin would need to avoid the $188 pivot to bring the first major resistance level at $193 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Tuesday’s high $191.62.

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

In the event of another breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $196.

A fall through the $188 pivot would bring the first major support level at $184 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$175. The second major support level at $179 and the 23.6% FIB of $178 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $184

Pivot Level: $188

First Major Resistance Level: $193

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 0.74% on Tuesday. Partially reversing a 1.05% gain from Monday, Ripple’s XRP ended the day at $1.09065.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.09986 before hitting reverse.

Falling short of the first major resistance level at $1.1032, Ripple’s XRP fell to an early afternoon intraday low $1.06761.

Steering clear of the 38.2% FIB of $1.0659 and the first major support level at $1.0633, Ripple’s XRP found support to end the day at $1.09 levels.

At the time of writing, Ripple’s XRP was down by 0.05% to $1.09008. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09123 before falling to a low $1.08961.

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

XRPUSD 201021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.0860 pivot to bring the first major resistance level at $1.1045 into play.

Support 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 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.12 levels before any pullback. The second major resistance level sits at $1.1183.

A fall through the $1.0860 pivot would bring the first major support level at $1.0722 and the 38.2% FIB of $1.0659 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level at $1.0538 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0722

Pivot Level: $1.0860

First Major resistance Level: $1.1045

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

Ethereum: Last Chance for a Low-Risk Buying Opportunity Should Be Around the Corner

Two weeks ago, see here, when Ethereum (ETH) was trading at $3580s, I anticipated using the Elliott Wave Principle (EWP) that “as long as ETH can stay above … $3173 over the next few days, it should ideally top out around $4000 +/- 200. Then (red) intermediate wave-ii should take hold for several days before the heart of the third wave kicks in: (red) wave-iii. The wave-ii will essentially be the last good time to “load up the boat,” “back up the truck,” etc., as buyers will step in quicker than you can say lift-off.

Fast forward, and ETH topped at $3968 on October 15. Thus, so far, so good. Figure 1 below shows the updated EWP count since last, with the completion of (green) minor wave-3 and wave-4 as anticipated, followed by a nice subdividing (green) minor wave-5. Thus, the expected five waves higher from the September lows look as complete as can be. ETH should now be in (red) intermediate wave-ii, to ideally around $3350 +/- 50 before (red) wave-iii of (black) major-3 of (blue) primary-V kicks in and carries the cryptocurrency to ~$7500.

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

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The fractal with 2017 continues to play out and projects short-term weakness followed by strength.

How can I be so assured ETH will pull back and then rally. The answer lies in the fact that financial markets are fractal, and cryptocurrencies are no different. And the EWP tracks just that: the repetitive nature of price’s advance through five waves up and three waves down.

To illustrate, Figure 2 below shows a comparison between the price action of April through November of 2017 vs. the current price action since February this year. As you can see, the resemblance is striking, with tops and bottoms very well aligned.

Figure 1. ETH daily charts. Comparison between 2017 and 2021

A similar pattern has emerged now. That is no surprise as my Premium Crypto Trading Members know I have an EWP count showing ETH topped for a Primary III wave in June 2017, bottomed for a Primary IV wave in July, completed Major-1 in August, and finished intermediate wave-i in October 2017. All of Primary V was completed in January 2018.

Compare that to the EWP count shown in Figure-1, and we have the exact wave count and degree. Hence, the chart patterns between now and then are similar. Thus, it is logical to assume ETH will soon be in a similarly massive multi-month bull run before a very long and deep correction (Cycle-4) starts.

Bottom line: Two weeks ago, I correctly forecasted that “Over the next few days, [ETH] should, as long as it remains above $3173, carve out a few minor 4th and 5th waves to complete wave-i of 3 of V around $4000+/-200. … Once wave-i completes, expect a mild pullback before the real kicker starts: wave-iii of 3.” So far so good, and the “mild wave-ii pullback” should materialize soon. As long as ETH can stay above the September lows, the pullback will, IMHO, be the last low-risk buying opportunity before it rallies to $7500 and ultimately to $9000.

After that, I expect a long-drawn Bear market. Meanwhile, the fractal between 2017 and now continues to play out. Back then, ETH would soon experience a multi-day pullback before rallying over 400%. Assuming a similar type of triple-digit percent gains now, $9000 is not such a bad idea, IMHO.

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

Bitcoin Price Prediction – A Break Through to $63,500 Would Bring $65,000 into Play

After a mixed day for Bitcoin and the broader market on Monday, it’s been a broadly mixed morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.42% to $62,256.0.

A mixed start to the day saw Bitcoin fall to an early morning low $61,667.0 before making a move.

Steering clear of the first major support level at $60,357, Bitcoin rose to a mid-morning high $62,972.0.

Falling short of the first major resistance level at $63,156, however, Bitcoin eased back to sub-$62,500 levels.

BTCUSD 191021 Hourly Chart

The Rest of the Pack

It has been a mixed morning.

Ethereum and Litecoin led the way early on, with gains of 1.43% and 1.94% respectively.

Binance Coin (+0.59%), Bitcoin Cash SV (+0.92%), Chainlink +0.58%), and Ripple’s XRP (+0.21%) also found support.

Cardano’s ADA (-0.09%), Crypto.com Coin (-0.78%), and Polkadot (-0.30%) struggled through the morning, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,475bn before rising to a high $2,523bn. At the time of writing, the total market cap stood at $2,506bn.

Bitcoin’s dominance rose to an early morning high 47.12% before falling to a low 46.75%. At the time of writing, Bitcoin’s dominance stood at 46.84%.

For the Afternoon Ahead

Bitcoin would need to avoid the $61,520 pivot to take another run at the first major resistance level at $63,156.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $62,972.0.

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

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,319.

Bitcoin would need plenty of support, however, to break out from its April all-time high $64,829.0.

A fall through the $61,520 pivot would bring the first major support level at $60,357 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$59,000 support levels. The second major support level sits at $58,721.

Looking beyond the support and resistance levels, we saw the 50 EMA hold its ground against the 100 and 200 EMAs through the morning.

We also saw the 100 EMA avoid a narrowing on the 200 EMA, delivering further support.

Through the 2nd half of the day, a widening of the 50 EMA from the 100 would bring $65,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid the $61,520 pivot.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 19th, 2021

Ethereum

Ethereum fell by 2.65% on Monday. Reversing a 0.46% gain from Sunday, Ethereum ended the day at $3,745.48.

A bullish start to the day saw Ethereum rise to an early morning intraday high $3,894.7 before hitting reverse.

Falling short of the first major resistance level at $3,963, Ethereum slid to an early afternoon intraday low $3,676.35.

Ethereum fell through the first major support level at $3,687 before briefly revisiting $3,800 levels.

A bearish end to the day, however, saw Ethereum slide back to sub-$3,800 levels and into the red.

At the time of writing, Ethereum was up by 0.20% to $3,753.06. A mixed start to the day saw Ethereum fall to an early morning low $3,731.22 before rising to a high $3,765.55.

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

ETHUSD 191021 Hourly Chart

For the day ahead

Ethereum would need to move through the $3,772 pivot to bring the first major resistance level at $3,868 play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,850 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $3,894.70 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $3,991.

Failure to move through the $3,772 pivot would bring the first major support level at $3,650 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,500 levels. The second major support level at $3,554 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,650

Pivot Level: $3,772

First Major Resistance Level: $3,868

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.01% on Monday. Partially reversing a 1.22% loss from Sunday, Litecoin ended the day at $185.63.

A bullish start to the day saw Litecoin rise to a mid-morning intraday high $187.50 before hitting reverse.

Falling short of the first major resistance level at $189, Litecoin slid to an early afternoon intraday low $178.51.

Steering clear of the first major support level at $178 and the 23.6% FIB of $178, Litecoin revisited $187 levels before easing back.

At the time of writing, Litecoin was down by 0.20% to $185.25. A mixed start to the day saw Litecoin fall to an early morning low $184.71 before rising to a high $186.20.

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

LTCUSD 191021 Hourly Chart

For the day ahead

Litecoin would need to avoid the $184 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 Monday’s high $187.50.

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

In the event of another breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $193.

A fall through the $184 pivot would bring the first major support level at $180 and the 23.6% FIB of $178 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$170. The second major support level at $175 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $180

Pivot Level: $184

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 1.05% on Monday. Following a 3.61% slide on Sunday, Ripple’s XRP ended the day at $1.08233.

A mixed start to the day saw Ripple’s XRP rise to a mid-morning intraday high $1.10500 before hitting reverse.

Falling short of the first major resistance level at $1.1479, Ripple’s XRP fell to an early afternoon intraday low $1.06510.

While steering clear of the first major support level at $1.0274, Ripple’s XRP fell through the 38.2% FIB of $1.0695.

Finding mid-afternoon support, however, Ripple’s XRP broke back through the 38.2% FIB to end the day at $1.08 levels.

At the time of writing, Ripple’s XRP was up by 0.11% to $1.08357. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.07858 before rising to a high $1.08704.

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

XRPUSD 191021 Hourly Chart

For the day ahead

Ripple’s XRP would need to move back through the $1.0841 pivot to bring the first major resistance level at $1.1032 into play.

Support 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 Monday’s high $1.1050 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.15 before any pullback. The second major resistance level sits at $1.1240.

Failure to move back through the $1.0841 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0633 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level sits at $1.0442.

Looking at the Technical Indicators

First Major Support Level: $1.0633

Pivot Level: $1.0841

First Major resistance Level: $1.1032

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 – October 19th, 2021

Bitcoin, BTC to USD, rose by 0.79% on Monday. Following a 1.05% gain on Sunday, Bitcoin ended the day at $61,994.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $62,682.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $62,313 before falling to an early afternoon intraday low $59,883.0.

Finding support at the first major support level at $59,857, Bitcoin revisited $62,000 levels before easing back.

The near-term bullish trend remained intact, supported the latest return to $62,000 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 Monday.

Binance Coin rose by 2.99% to lead the way, with Litecoin (+1.01%) also joining Bitcoin in the green.

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

Chainlink and Polkadot slid by 3.13% and by 3.02% respectively to lead the way down.

Bitcoin Cash SV (-0.54%), Cardano’s ADA (-1.37%), Crypto.com Coin (-1.52%), Ethereum (-2.65%), Ripple’s XRP (-1.05%) also saw red, however.

Early in the week, the crypto total market rose to a Monday high $2,509bn before falling to a Monday low $2,421bn. At the time of writing, the total market cap stood at $2,486bn.

Bitcoin’s dominance fell to a Monday low 46.57% before rising to a Monday high 47.29%. At the time of writing, Bitcoin’s dominance stood at 47.09%.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $61,987.0. A mixed start to the day saw Bitcoin rise to an early morning high $62,049.7 before falling to a low $61,804.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.05%), Chainlink (-0.11%), and Polkadot (-0.18%) saw red early on.

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

At the time of writing, Crypto.com Coin was up by 0.39% to lead the way.

BTCUSD 191021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $61,520 pivot to bring the first major resistance level at $63,156 into play.

Support from the broader market would be needed for Bitcoin to break through to $63,000 levels.

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

In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,319.

Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0

A fall through the $61,520 would bring the first major support level at $60,357 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,721.