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

Bitcoin, BTC to USD, rose by 0.49% on Tuesday. Partially reversing a 5.70% slide from Monday, Bitcoin ended the day at $54,336.8.

A mixed start to the day saw Bitcoin slide from an early morning high $55,288.0 to an early morning intraday low $52,812.0.

Steering clear of the first major support level at $52,338, Bitcoin rallied to a late afternoon intraday high $55,822.3.

Falling short of the first major resistance level at $57,163, Bitcoin eased back to end the day at sub-$54,500 levels.

The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.

Crypto.com Coin slid by 10.84% to lead the way down.

Chainlink (-1.79%), Ethereum (-0.79%), and Polkadot (-3.26%) also saw red to buck the trend on the day.

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

Bitcoin Cash SV rallied by 5.42% to lead the way.

Binance Coin  (+0.21%), Cardano’s ADA (+1.33%), Litecoin (+0.06%), and Ripple’s XRP (+0.52%) and also joined Bitcoin in the green.

In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Tuesday low $1,607bn. At the time of writing, the total market cap stood at $1,653bn.

Bitcoin’s dominance rose to a Monday high 61.63% before falling to a Tuesday low 60.20%. At the time of writing, Bitcoin’s dominance stood at 61.06%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $54,203.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,668.0 before falling to a low $54,118.0.

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 were up by 1.33% and by 3.82% to buck the trend early on.

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

At the time of writing, Ripple’s XRP was down by 1.14% to lead the way down.

BTCUSD 240321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $54,324 to bring the first major resistance level at $55,835 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $55,822.3.

Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $57,334.

Failure to move back through the $54,324 pivot would bring the first major support level at $52,825 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $51,313 should limit the downside.

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

Ethereum

Ethereum fell by 0.79% on Tuesday. Following a 5.78% slide from Monday, Ethereum ended the day at $1,668.09.

A mixed start to the day saw Ethereum rise to an early morning high $1,714.61 before hitting reverse.

Falling short of the major resistance levels, Ethereum slid to a mid-morning intraday low $1,652.06 before finding support.

Steering clear of the first major support level at $1,623, Ethereum struck a late afternoon intraday high $1,723.61.

Falling short of the first major resistance level at $1,773, Ethereum slid back to sub-$1,700 levels and into the red.

At the time of writing, Ethereum was up by 0.59% to $1,677.99. A mixed start to the day saw Ethereum fall to an early morning low $1,665.47 before rising to a high $1,678.58.

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

ETHUSD 240321 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,681 to support a run at the first major resistance level at $1,711.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,700 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1,723.61 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,753.

Failure to move through the $1,681 pivot would bring the first major support level at $1,639 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579. The second major support level at $1,610 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,639

Pivot Level: $1,681

First Major Resistance Level: $1,711

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.06% on Tuesday. Following a 5.07% slide from Monday, Litecoin ended the day at $185.85.

A mixed start to the day saw Litecoin rise to an early morning intraday high $189.51 before hitting reverse.

Falling short of the 23.6% FIB and the first major resistance level at $195, Litecoin slid to a late intraday low $180.71.

Finding support at the first major support level at $181, Litecoin move back through to $187 levels before easing back.

At the time of writing, Litecoin was up by 0.32% to $186.45. A mixed start to the day saw Litecoin fall to an early morning low $185.41 before rising to a high $186.66.

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

LTCUSD 240321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $185.36 pivot level to support a run at the first major resistance level at $190.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, Tuesday’s high $189.51 and the first major resistance level would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at the 23.6% FIB of $195 before any pullback. The second major resistance level sits at $194.

Failure to avoid a fall through the $185 pivot level would bring the first major support level at $181 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $177.

Looking at the Technical Indicators

First Major Support Level: $181

Pivot Level: $185

First Major Resistance Level: $190

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rose by 0.52% on Tuesday. Following on from a 5.26% rally on Monday, Ripple’s XRP ended the day at $0.54963.

A bullish start saw Ripple’s XRP rally to an early morning intraday high $0.59595 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.5880 before falling to a late intraday low $0.53830.

In spite of the sell-off, Ripple’s XRP steered clear of the 23.6% FIB of $0.5320 and the first major support level at $0.5017.

Finding late support, Ripple’s XRP moved back through to $0.55 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.45% to $0.55210. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54684 before rising to a high $0.55210.

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

XRPUSD 240321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5613 pivot level to bring the first major resistance level at $0.5843 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.59595 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.63 levels before any pullback. The second major resistance level sits at $0.6189.

Failure to move through the $0.5613 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5266 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level at $0.5036 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5266

Pivot Level: $0.5613

First Major resistance Level: $0.5843

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

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

Ethereum

Ethereum slid by 5.78% on Monday. Following on from a 1.22% loss on Sunday, Ethereum ended the day at $1,681.02.

A bearish start to the day saw Ethereum slide to an early morning low $1,754.25 before finding support.

Steering clear of the first major support level at $1,749, Ethereum struck a late morning intraday high $1,806.39.

Falling short of the first major resistance level at $1,819, Ethereum tumbled to a late intraday low $1,657.17.

Ethereum fell through the first major support level at $1,749 and the second major support level at $1,713.

Steering clear of the third major support level at $1,643, Ethereum revisited $1,700 levels before ending the day at sub-$1,700.

At the time of writing, Ethereum was down by 0.18% to $1,678.04. A mixed start to the day saw Ethereum rise to an early morning high $1,686.26 before falling to a low $1,668.54.

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

ETHUSD 230321 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,715 to support a run at the first major resistance level at $1,773.

Support from the broader market would be needed, however, for Ethereum to break out from $1,750 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,806.39 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,864.

Failure to move through the $1,715 pivot would bring the first major support level at $1,623 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579 and the second major support level at $1,566.

Looking at the Technical Indicators

First Major Support Level: $1,623

Pivot Level: $1,715

First Major Resistance Level: $1,773

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 5.07% on Monday. Following a 2.31% decline on Sunday, Litecoin ended the day at $185.70.

A bearish start to the day saw Litecoin slide to an early morning low $190.12 before finding support.

The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $191.

Steering clear of sub-$190 levels, Litecoin struck an early afternoon intraday high $199.17 before hitting reverse.

Litecoin broke back through the 23.6% FIB and first major support level.

Falling short of the first major resistance level at $201, Litecoin tumbled to a late intraday low $185.00.

Litecoin fell back through the 23.6% FIB and the first major support level at $191. The extended sell-off also saw Litecoin fall through the second major support level at $187.

Steering clear of sub-$185, Litecoin briefly broke back through the second major support level before ending the day at $185 levels.

At the time of writing, Litecoin was up by 0.61% to $186.83. A mixed start to the day saw Litecoin fall to an early morning low $184.82 before rising to a high $186.83.

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

LTCUSD 230321 Hourly Chart

For the day ahead

Litecoin would need to move through the $190 pivot level to support a run at the 23.6% FIB and the first major resistance level at $195.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $205 before any pullback. The second major resistance level sits at $204.

Failure to move through the $190 pivot level would bring the first major support level at $181 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $176.

Looking at the Technical Indicators

First Major Support Level: $181

Pivot Level: $190

First Major Resistance Level: $195

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 5.26% on Monday. Reversing a 1.73% loss from Sunday, Ripple’s XRP ended the day at $0.54441.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.50250 before making a move.

Steering clear of the first major support level at $0.4935, Ripple’s XRP rallied to a late afternoon intraday high $0.60000.

Ripple’s XRP broke through the first major resistance level at $0.5433 and the second major resistance level at $0.5694.

More significantly, Ripple’s XRP also broke back through the 23.6% FIB of $0.5320.

Coming up short of the third major resistance level at $0.6192, Ripple’s XRP slipped back to sub-$0.56 levels.

The late pullback saw Ripple’s XRP fall back through the second major resistance level at $0.5694 to end the day at sub-$0.55 levels.

Late in the day, the first major resistance level at $0.5433 delivered support to prevent a return to sub-$0.54 levels.

At the time of writing, Ripple’s XRP was up by 1.53% to $0.55273. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54240 before striking a high $0.55273.

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

XRPUSD 230321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.5452 pivot level to bring the first major resistance level at $0.5880 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.60000 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 levels before any pullback. The second major resistance level sits at $0.6315.

Failure to avoid a fall back through the $0.5452 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5017 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4589.

Looking at the Technical Indicators

First Major Support Level: $0.5017

Pivot Level: $0.5452

First Major resistance Level: $0.5880

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

Weekly Recap: Bitcoin and Ethereum Fall in Tandem

Bitcoin took investors by surprise on March 13th after surging to a new all-time high of $61,800. As late buyers began to enter the market in anticipation of higher highs, the Tom DeMark (TD) Sequential indicator sensed that BTC’s uptrend was about to reach exhaustion. This technical index presented a sell signal on the 4-hour chart projecting that a steep correction was underway.

Reuters’s interview with a senior government official in India who stated that the nation would almost certainly ban cryptocurrencies seems to have been the pullback’s catalyst. The report reignited fear among crypto enthusiasts in that nation as the new bill would make holding any digital assets a criminal offense punishable by up to 10 years imprisonment.

Following the news on India’s crypto ban, analytics firm CryptoQuant suggested over $1 billion worth of Bitcoin were sent to a US-based exchange. Such a massive transfer of tokens to a single exchange could have had the ability to tank BTC’s market value and affect the cryptocurrency industry’s stability.

As emotions ran high, many of the so-called “weak hands” panic sold their holdings, leading to a significant decline. Bitcoin dropped by nearly 12% from Monday’s open, March 15th, of $60,450 to hit a low of $53,180, according to CEX.IO’s exchange rate.

Despite the chaotic beginning of the week, a new wave of positive developments came next, helping Bitcoin recover some of the losses incurred.

Morgan Stanley announced that it would offer a selection of its clients’ exposure to Bitcoin. The American multinational investment bank is also reportedly in conversations to purchase one of Koreas’ largest cryptocurrency exchanges. Moreover, SBI Crypto, a subsidiary of SBI Holdings, revealed that its mining pool service would allow miners to earn from collaborating. At the same time, Chinese tech giant Meitu added 386 BTC and 16,000 ETH to its portfolio.

Now that a Blomberg survey revealed that between $10 billion to $40 billion from the new US stimulus checks could flow into cryptocurrencies, investors seem to have regained confidence in Bitcoin. Prices were able to bounce back and close the week at $58,135.

Although Bitcoin holders incurred a weekly loss of 4%, momentum is building for significant gains to come over the next few weeks.

Ethereum Closes the Week in the Red as Miners Rebel

India’s crypto ban also seems to have had a big impact on Ethereum’s price. The second-largest cryptocurrency by market capitalization took a 10% nosedive after opening the weekly trading session at $1,885, going as low as $1,714, according to CEX.IO’s exchange rate. Although this support level helped prevent Ether from a steeper decline, uncertainty mounts around this altcoin’s future.

Several Ethereum miners plan to move their hashrate to Ethermine for 51 hours on April 1st to protest against EIP-1559. This protocol update introduces a fee burn “ETH buyback” mechanism, which affects the revenue miners can earn.

Ether miners’ ability to coordinate such type of action put in question the network’s decentralization. But it also allowed Ethereum founder Vitalik Buterin and developer Danny Ryan to agree to push ETH 2.0’s Phase 1.5 forward. The move will help the blockchain achieve the scalability it desperately needs and make miners obsolete.

Buterin got immediate support from ConsenSys, which reported on the update in a blog post titled “Proof of Stake Is Coming To Ethereum Sooner Than We Think.”

Since Phase 1.5 is not set in stone yet, Matt Garnet argued that there could be other ways to reduce transaction fees without rushing things. The Ethereum developer created a proposal that could improve support for transaction batching. While it remains uncertain whether EIP-3074 will be accepted in the next protocol upgrade, it shows that the community is actively looking for solutions that do not have a serious impact on the network’s stability.

Such commitment was well perceived by market participants, who gave Ether a vote of confidence. As buy orders piled up, ETH’s market value rose by 5.80% to close Friday, March 19th, at $1,807. Thus, investors incurred a weekly loss of 4.10%.

Sitting on Top of Stable Support

Transaction history shows that both Bitcoin and Ethereum sit on top of stable support. Nearly 830,000 addresses had previously purchased 490,000 BTC at $55,000. Meanwhile, roughly 1 million addresses are holding more than 14 million ETH, around $1,770.

Bitcoin and Ether will likely continue trending upward and may march to new all-time highs as long as these crucial interest areas hold. However, failing to hold above these key support levels could be catastrophic for the top two cryptocurrencies by market capitalization. A spike in sell orders could see BTC dive to $50,000 and ETH to $1,500.

Konstantin Anissimov, Executive Director at CEX.IO

NFT Auction for Jack Dorsey’s First Tweet Ends, $2.5M Remains Highest Bid

At the beginning of March, Dorsey made the headlines when he announced that he would auction the tokenized version of his first-ever tweet. He said that he would immediately exchange the proceedings for Bitcoin and would donate the entire amount to charity via GiveDirectly.

The Twitter boss, who is a well-known Bitcoin fan, published his first post on the platform exactly 15 years ago, on March 21, 2006, tweeting: “just setting up my twttr.” That tweet was put to the sale as a unique digital signature on an NFT marketplace called Valuables.

Who Is the Lucky Buyer?

The highest bidder is Sina Estavi, the CEO of Bridge – a blockchain oracle network built on Tron. He offered to pay $2.5 million worth of ETH for Dorsey’s tokenized tweet. Interestingly, Estavi made the $2.5 million bid the very same day when the Twitter CEO launched the auction. No other person had topped that figure for two weeks after that.

However, that was not the only offer. In fact, based on the last few bids, we can see that Estavi competed with Justin Sun, the founder and CEO of Tron – the same blockchain platform that Estavi’s Bridge is built on. The highest bid coming from Sun was $2 million.

On a side note, Sun was in the spotlight last year when he paid $4.5 million for dinner with legendary investor Warren Buffett, although the event occurred at a much later date than initially planned.

As for Estavi, he also offered over $1 million for Elon Musk’s first NFT, which is a techno song clip with the lyrics: “NFT for your vanity. Computers never sleep. It’s verified. It’s guaranteed.” However, Musk eventually turned down the offer last week, saying:

“Actually doesn’t feel quite right selling this. Will pass.”

What Are NFTs Anyway?

For those unfamiliar, NFTs are blockchain-based digital tokens representing something unique or scarce. What sets these tokens apart is that they are not replicable fungible, such as Bitcoin, Ethereum, or fiat money. In other words, any ETH unit is not different than the rest of the ETH units in terms of value, which is not true about NFTs. While they can reside on the same blockchain and be issued by the same entity, each NFT has its own value.

NFTs are probably the fastest-growing sector within the crypto industry right now, together with Decentralized Finance (DeFi). They can be used to tokenize both digital and physical objects, with use cases ranging from collectibles, art, sports, fashion items, certificates, and even real-estate.

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

Bitcoin, BTC to USD, fell by 1.20% on Sunday. Reversing a 0.08% gain from Saturday, Bitcoin ended the week down by 2.77% to $57,366.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $58,584.0 before hitting reverse.

Falling short of the first major resistance level at $59,453, Bitcoin slide to a late morning intraday low $55,357.0.

The reversal saw Bitcoin fall through the first major support level at $57,253 and the second major resistance level at $56,426.

Steering clear of sub-$55,000 support levels, Bitcoin revisited $58,000 levels before a fall back to sub-$58,000 levels.

The first major support level at $57,253 limited the downside late in the day.

The near-term bullish trend remained intact in spite of last week’s pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.

Binance Coin  rose 0.15% to buck the trend.

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

Crypto.com Coin slid by 4.76% to lead the way down, with Litecoin falling by 2.31%.

Bitcoin Cash SV (-1.12%), Cardano’s ADA (-1.21%), Chainlink (-1.34%), and Ethereum (-1.22%), and Ripple’s XRP (-1.73%)  weren’t far behind.

Polkadot (-0.12%) saw relatively modest loss on the day, however.

For the week, it was also a mixed bag.

Crypto.com Coin and Ripple’s XRP jumped by 17.41% and by 17.77% respectively to lead the way, with Cardano’s ADA rallying by 12.58%.

Binance Coin (+0.52%), Bitcoin Cash SV (+2.81%), Chainlink (+2.36%), and Polkadot (+3.60%) also ended the week in the green.

Ethereum (-3.49%), and Litecoin (-8.64%) bucked the trend, however, to join Bitcoin in the red.

In the week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Saturday high $1,840bn. At the time of writing, the total market cap stood at $1,739bn.

Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Saturday low 60.83%. At the time of writing, Bitcoin’s dominance stood at 61.40%.

This Morning

At the time of writing, Bitcoin was down by 0.30% to $57,196.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,420.0 before falling to a low $56,805.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.37% to buck the trend early on.

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

At the time of writing, Ripple’s XRP was down by 1.42% to buck the trend early on.

BTCUSD 220321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $57,102 to bring the first major resistance level at $58,848 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $58,584.0.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $61,699.0. The second major resistance level sits at $60,329.

Failure to avoid a fall back through the $57,102 pivot would bring the first major support level at $55,621 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $53,875.

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

Ethereum

Ethereum fell by 1.22% on Sunday. Following on from a 0.14% loss on Saturday, Ethereum ended the week down by 3.49% to $1,784.0.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,818.86 before hitting reverse.

Falling short of the first major resistance level at $1,850, Ethereum slid to a late morning intraday low $1,748.25.

Ethereum fell through the first major support level at $1,782 and the second major support level at $1,757.

Steering clear of sub-$1,700 levels, Ethereum revisited $1,800 levels before falling back into the red.

The first major support level at $1,782 limited the downside late in the day.

At the time of writing, Ethereum was down by 0.43% to $1,776.34. A mixed start to the day saw Ethereum rise to an early morning high $1,787.53 before falling to a low $1,773.49.

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

ETHUSD 220321 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $1,784 to support a run at the first major resistance level at $1,819.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,818.86.

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

In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,854.

Failure to move back through the $1,784 pivot would bring the first major support level at $1,749 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,713 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,749

Pivot Level: $1,784

First Major Resistance Level: $1,819

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 2.31% on Sunday. Reversing a 0.14% gain from Saturday, Litecoin ended the week down by 8.64% to $195.53.

A mixed start to the day saw Litecoin rise to an early morning high $201.95 before hitting reverse.

Falling short of the first major resistance level at $205, Litecoin slid to a late morning intraday low $192.37.

Litecoin fell through the first major support level at $197 and the second major support level at $194.

More significantly, Litecoin also fell through the 23.6% FIB of $195 before finding support.

Steering clear of sub-$190, Litecoin revisited $198 levels before falling back into the red.

While falling back through the first major support level, the 23.6% FIB of $195 limited the downside late on.

At the time of writing, Litecoin was down by 0.50% to $194.55. A mixed start to the day saw Litecoin rise to an early morning high $196.05 before falling to a low $194.55.

While leaving the major support and resistance levels untested, Litecoin fell through the 23.6% FIB of $195 early on.

LTCUSD 220321 Hourly Chart

For the day ahead

Litecoin would need to move back through 23.6% FIB and the $197 pivot level to support a run at the first major resistance level at $201.

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

Barring an extended crypto rally, the first major resistance level and Sunday’s high $201.95 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $206.

Failure to move back through the 23.6% FIB and the $197 pivot level would bring the first major support level at $191 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$185 support levels. The second major support level at $187 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $191

Pivot Level: $197

First Major Resistance Level: $201

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 1.73% on Sunday. Partially reversing a 12.62% rally from Saturday, Ripple’s XRP ended the week up by 17.77% to $0.51710.

A bullish start saw Ripple’s XRP rise to an early morning intraday high $0.5458 before hitting reverse.

While falling short of the first major resistance level at $0.5777, Ripple’s XRP broke through the 23.6% FIB of $0.5320.

The reversal, however, saw Ripple’s XRP fall to a late morning intraday low $0.49602 before finding support.

While falling back through the 23.6% FIB, Ripple’s XRP avoided the 38.2% FIB of $0.4632 and the major support levels.

Through the 2nd half of the day, Ripple’s XRP revisited $0.52 levels before falling back to sub-$0.52 levels.

At the time of writing, Ripple’s XRP was down by 1.15% to $0.51114. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.51720 to a low $0.51057.

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

XRPUSD 220321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5196 pivot level to bring the first major resistance level at $0.5433 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.5320.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.5458 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.58 levels before any pullback. The second major resistance level sits at $0.5694.

Failure to move through the $0.5196 pivot would bring the first major support level at $0.4935 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4699 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4935

Pivot Level: $0.5196

First Major resistance Level: $0.5433

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

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

Bitcoin, BTC to USD, rose by 0.08% on Saturday. Following a 0.71% gain on Friday, Bitcoin ended the day at $58,079.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $57,800.0 before making a move.

Steering clear of the first major support level at $56,391 Bitcoin rallied to an early afternoon intraday high $60,000.0.

Bitcoin broke through the first major resistance level at $59,594 before Sliding back to end the day at sub-$58,100 levels.

The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

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

Ripple’s XRP jumped by 12.62% to lead the way on the day.

Binance Coin  (+0.47%) and Litecoin (+0.14%) also joined Bitcoin in the green.

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

Cardano’s ADA slid by 7.33% to lead the way down.

Bitcoin Cash SV (-4.63%), Chainlink (-0.62%), Crypto.com Coin (-3.12%), Ethereum (-0.14%), and Polkadot (-2.59%) also saw red.

In the current week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Saturday high $1,839bn. At the time of writing, the total market cap stood at $1,749bn.

Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Saturday low 60.83%. At the time of writing, Bitcoin’s dominance stood at 61.72%.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $57,797.0. A bearish start to the day saw Bitcoin fall from an early morning high $58,064.0 to a low $57,731.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink bucked the trend early on, rising by 0.03%.

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

At the time of writing, Crypto.com Coin was down by 6.65% to lead the way down.

BTCUSD 210321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $58,626 to bring the first major resistance level at $59,453 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $60,826.

Failure to move through the $58,626 pivot would bring the first major support level at $57,253 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$56,500 levels. The second major support level sits at $56,426.

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

Ethereum

Ethereum rose by 1.86% on Friday. Partially reversing a 2.63% loss from Thursday, Ethereum ended the day at $1,809.38.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,734.29.

Ethereum fell through the first major support level at $1,740 before rallying to a late intraday high $1,840.69.

The rally saw Ethereum break through the first major resistance level at $1,832 before falling back to sub-$1,810 levels.

At the time of writing, Ethereum was down by 0.41% to $1,802.01. A mixed start to the day saw Bitcoin rise to an early morning high $1,812.58 before falling to a low $1,801.29.

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

ETHUSD 200321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,795 to support a run at the first major resistance level at $1,855.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,840.69.

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

In the event of a breakout, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,901.

Failure to avoid a fall through the $1,795 pivot would bring the first major support level at $1,749 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level sits at $1,688.

Looking at the Technical Indicators

First Major Support Level: $1,749

Pivot Level: $1,795

First Major Resistance Level: $1,855

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.09% on Friday. Following a 3.13% slide on Thursday, Litecoin ended the day at $199.91.

A choppy start to the day saw Litecoin saw Litecoin slide to an early morning intraday low $195.80 before making a move.

The reversal saw Litecoin fall through the first major support level at $196.

Coming within range of the 23.6% FIB of $195, Litecoin rallied to a late morning intraday high $204.95.

Falling short of the first major resistance level at $206, however, Litecoin eased back to end the day at sub-$200 levels.

At the time of writing, Litecoin was down by 0.39% to $199.14. A mixed start to the day saw Litecoin rise to an early morning high $200.17 before falling to a low $198.73.

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

LTCUSD 200321 Hourly Chart

For the day ahead

Litecoin would need to move back through the $200 pivot level to support a run at the first major resistance level at $205.

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

Barring an extended crypto rally, the first major resistance level and Friday’s high $204.95 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $209.

Failure to move back through the $200 pivot level would bring the first major support level at $196 and the 23.6% FIB of $195 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 support levels. The second major support level at $191 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $196

Pivot Level: $200

First Major Resistance Level: $205

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 0.37% on Friday. Following a 0.25% decline on Thursday, Ripple’s XRP ended the day at $0.46727.

A bearish start saw Ripple’s XRP fall to an early morning intraday low $0.45902 before making a move.

Ripple’s XRP fell through the 38.2% FIB of $0.4632 and the first major support level at $0.4602.

Finding morning support, Ripple’s XRP struck a mid-day intraday high $0.47499.

Falling short of the first major resistance level at $0.4839, however, Ripple’s XRP fell back to sub-$0.47 levels and into the red.

At the time of writing, Ripple’s XRP was down by 0.34% to $0.4657. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.46672 before falling to a low $0.46557.

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

XRPUSD 200321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4671 pivot level to bring the first major resistance level at $0.4752 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.47499.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.4850 before any pullback. The second major resistance level sits at $0.4831.

Failure to move through the $0.4671 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4592 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4511 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4592

Pivot Level: $0.4671

First Major resistance Level: $0.4752

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

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

Bitcoin, BTC to USD, rose by 0.71% on Friday. Partially reversing a 2.08% fall from Thursday, Bitcoin ended the day at $58,049.6.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $56,277.0.

Bitcoin fell through the first major support level at $56,367 before striking a late intraday high $59,480.0.

Falling short of the first major resistance level at $59,551, Bitcoin fell back to end the day at sub-$58,100 levels.

The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.

Ripple’s XRP slipped by 0.37% to buck the trend on the day.

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

Bitcoin Cash SV (+5.25%), Cardano’s ADA (+5.36%), Crypto.com Coin (+5.50%), and Polkadot (+7.28%) led the way.

Binance Coin  (+0.70%), Chainlink (+1.22%), Ethereum (+1.86%), and Litecoin (+0.09%) trailed the front runners.

In the current week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Thursday high $1,832bn. At the time of writing, the total market cap stood at $1,757bn.

Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.49%.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $57,846.2 A bearish start to the day saw Bitcoin fall from an early morning high $58,049.0 to a low $57,800.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+1.28%) and Polkadot (+0.07%) bucked the trend early on.

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

At the time of writing, Binance Coin was down by 0.55% to lead the way down.

BTCUSD 200321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $57,936 to bring the first major resistance level at $59,594 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $59,480.0.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $61,139.

Failure to move back through the $57,936 pivot would bring the first major support level at $56,391 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,733.

The Crypto Daily – Movers and Shakers – March 19th, 2021

Bitcoin, BTC to USD, fell by 2.08% on Thursday. Partially reversing a 3.38% gain from Wednesday, Bitcoin ended the day at $57,640.0.

A mixed start to the day saw Bitcoin rise to an early morning high $59,475.0 before hitting reverse.

Falling short of the first major resistance level at $60,651, Bitcoin slid to an early afternoon low $57,581.0.

Steering clear of the major support levels, Bitcoin rallied to a late afternoon intraday high $60,190.0.

Continuing to fall short of the major resistance levels, Bitcoin slid to a late intraday low $57,005.0.

Steering clear of the first major support level at $55,524, Bitcoin revisited $58,000 levels before easing back.

The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.

Crypto.com Coin jumped by 21.22%, with Bitcoin Cash SV rising by 3.98% to buck the trend on the day.

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

Cardano’s ADA slid by 10.67% to lead the way down, with Chainlink falling by 5.07%.

Binance Coin  (-3.13%), Ethereum (-2.63%), Litecoin (-3.13%), Polkadot (-0.02%), and Ripple’s XRP (-0.25%) also saw red.

In the week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Thursday high $1.831bn. At the time of writing, the total market cap stood at $1,715bn.

Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.78%.

This Morning

At the time of writing, Bitcoin was down by 1.42% to $56,824.0. A bearish start to the day saw Bitcoin fall from an early morning high $57,651.0 to a low $57,277.0.

Bitcoin tested the first major support level at $56,367 early on.

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, rising by 0.76%.

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

At the time of writing, Crypto.com Coin was down by 3.20% to lead the way down.

BTCUSD 190321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $58,279 to bring the first major resistance level at $59,551 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $61,463.

Failure to move through the $58,279 pivot would bring the first major support level at $56,367 back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,095 should limit the downside.

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

Ethereum

Ethereum fell by 2.63% on Thursday. Reversing a 1.05% gain from Wednesday, Ethereum ended the day at $1,776.4.

A bullish start to the day saw Ethereum rise to an early morning intraday high $1,850.00 before hitting reverse.

Falling short of the first major resistance level at $1,863, Ethereum slid to a late intraday low $1,758.40.

The pullback saw Ethereum fall through the first major support level at $1,764 before finding support.

Late in the day Ethereum revisited $1,795 levels before falling back to sub-$1,780 levels.

At the time of writing, Ethereum was down by 0.39% to $1,769.55. A mixed start to the day saw Ethereum rise to an early morning high $1,777.66 before falling to a low $1,767.03.

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

ETHUSD 190321 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,795 to support a run at the first major resistance level at $1,832.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,800 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1,850.00 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,887.

Failure to move through the $1,795 pivot would bring the first major support level at $1,740 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,703 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,740

Pivot Level: $1,795

First Major Resistance Level: $1,832

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 3.13% on Thursday. Reversing a 2.17% gain from Wednesday, Litecoin ended the day at $199.65.

A choppy start to the day saw Litecoin saw Litecoin rise to a mid-morning high $208.10 before hitting reverse.

Coming up short of the major resistance levels, Litecoin fell to an early afternoon low $200.88.

Steering clear of the major support levels, Litecoin struck a late afternoon intraday high $208.23.

Falling short of the first major resistance level at $211, Litecoin slid to a late intraday low $198.87.

Finding support at the first major support level at $198, revisited $200 levels before ending the day at $199 levels.

At the time of writing, Litecoin was down by 0.83% to $198.00. A mixed start to the day saw Litecoin rise to an early morning high $200.01 before falling to a low $198.00.

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

LTCUSD 190321 Hourly Chart

For the day ahead

Litecoin would need to move through the $202 pivot level to support a run at the first major resistance level at $206.

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 and Thursday’s high $208.23 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $212.

Failure to move through the $202 pivot level would bring the first major support level at $196 and the 23.6% FIB of $195 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 support levels. The second major support level at $193 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $196

Pivot Level: $202

First Major Resistance Level: $206

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 0.25% on Thursday. Following a 2.04% gain on Wednesday, Ripple’s XRP ended the day at $0.46898.

A bearish start saw Ripple’s XRP fall to an early morning intraday low $0.46633 before making a move.

Steering clear of the 38.2% FIB of $0.4632 and the first major support level at $0.4554, Ripple’s XRP struck a mid-day intraday high $0.4900.

Ripple’s XRP broke through the first major resistance level at $0.4834 before a slide back to $0.466 levels.

Finding late support, Ripple’s XRP revisited $0.47 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.59% to $0.46619. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.46902 to a low $0.46453.

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

XRPUSD 190321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4751 pivot level to bring the first major resistance level at $0.4839 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.48 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.4900 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.4988.

Failure to move through the $0.4751 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4602 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4514 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4602

Pivot Level: $0.4751

First Major resistance Level: $0.4839

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

What are NFTs? Everything you Need to Know About Non-Fungible Tokens

NFT definition and advantages

These are essentially cryptographic assets on blockchain with unique identification codes and metadata. These codes and metadata make them individual and unique.

One characteristic of an NFT, therefore, is that it cannot be copied or duplicated.

An example of an NFT from the real world would be a piece of art, such as the Mona Lisa. While Leonardo Da Vinci is known for numerous pieces of art, there is only one Mona Lisa.

While you can trade one Litecoin for another, you can’t trade one Mona Lisa for another Mona Lisa.

For the world of blockchain, a key advantage of NFTs is that they cannot be copied. And so, unlike the Mona Lisa, NFTs can be bought and sold without the possibility of fraud.

In the art world, a lot of money is spent to authenticate pieces of work before being sold. An NFT does not need middlemen to ensure authenticity.

What is fungible vs. non-fungible?

According to the Cambridge Dictionary, fungible or fungibility means simply interchangeable. “This is a characteristic of most financial instruments and market assets.”

By contrast, non-fungible property/assets/funds are not easy to exchange or mix with other similar goods or assets.

In other words, stocks, Certificates of Deposits, Cryptos, etc. are fungible assets.

An example of a non-fungible asset would be land or even diamonds. While land is a simple one to classify, each individual diamond is also unique. Each diamond has a different cut, size, grade, and so forth and therefore can’t be interchangeable with another diamond.

How Are NFTs Created?

NFTs are very simple to create, unlike blockchains and cryptocurrencies.

A number of NFT market places allow users to freely create an NFT and no programming knowledge is required.

Market places that currently allow users to freely create NFTs include OpenSea, Raible, or Mintable.

Creating art NFTs is particularly popular and these market places cater for just that.

How do NFTs work?

NFTs are digital tokens that are on a blockchain ledger. Once created, the market then trades the NFTs across market places.

Once an NFT is created, there is a proof-of-ownership that must be stored securely in an NFT wallet.

It is the proof-of-ownership that is ultimately the tradeable and non-fungible asset.

Once created, the blockchain ledger records the NFTs and their unique identifying codes. The blockchain ledger then also records each sale and resale and ownership.

This not only prevents the copying of an NFT but also removes fraudulent claims of ownership or even claims over creation.

Why do NFTs have value?

This is simply a case of supply and demand. The key here is the supply side that drives up the value of NFTs. Since there is only one individual asset, high demand can lead to significant increases in value.

Taking the Mona Lisa as an example, experts estimate the value of the Mona Lisa at more than $800m. Had Leonardo da Vinci painted numerous Mona Lisa paintings to exactly the same quality, these would be fungible. Their value would also be significantly less than the single painting thought to be edging towards $1 billion.

As the NFT market expands, the number of NFTs are likely to increase significantly. At this stage, demand will likely become the key price dictator.

Market appetite will continue to dictate value. A unique NFT of interest versus one of little interest to collectors and investors will vary significantly in price.

For example, Twitter CEO Jack Dorsey recently tweeted a link to a tokenized version of his first-ever written tweet.

Bids have reportedly reached in excess of $2.5 million. Other Jack Dorsey tweets are unlikely to have a collectible value, however, even though each tweet is unique.

How do I buy or trade NFTs?

For those looking to buy or trade NFTs, identifying the right marketplace is the first step.

There are numerous market places at present that cater to different areas of the collectible world.

For instance, NBA Top Shot is a marketplace for those looking to buy video highlights. Cryptoslam! is a site that lists the largest market places by sales volume for those looking to enter the NFT space.

There is also Sorare, which is a fantasy soccer marketplace, where you can manage, and buy and sell virtual teams. At the time of writing, Sorare ranked fifth on the all-time sales list, with $24.41m in total sales.

CryptoPunks ranks 2nd on the all-time sales volume list has 10,000 uniquely generated characters. Each can be officially owned and proof of ownership is logged on the Ethereum blockchain.

While there are many market places, those wanting to purchase an NFT will need an NFT wallet in order to store any purchased NFTs.

There are a number of NFT wallet providers in the marketplace. As with cryptos, NFT holders must store-purchased NFTs securely. Hard wallets would be more secure, protecting NFT holders from hackers.

When it comes to purchasing NFTs, some market places support purchases with a credit card. Others, however, require purchases with Ethereum.

For Ethereum purchases you will need to fund your NFT marketplace account with Ethereum to proceed.

To purchase your NFT, most market places sell NFTs in an auction. You simply need to place your bid and wait until the conclusion of the auction.

If your bid was successful, your account would be debited and your NFT wallet credited with your newly purchased NFT.

What are the most expensive NFTs?

Of late, NFT market news has flooded the crypto and mainstream newswires. With tech-savvy investors looking to be first to market, there have been a number of eye-watering bids for NFTs.

The largest NFT market places ranked by sales volume (all-time) at the time of writing include:

  • NBA Top Shot: Total sales $386.55m.
  • CryptoPunks: Total sales $161.32m.
  • Hashmarks: Total sales $43.71m.

For a full list of the largest marketplace NFT sales over the last 24-hours, 7-days, 30-days, and all-time, visit Cryptoslam.io.

Here you can view sales over a specified time period, the price change over the specified time period, and the number of buyers and transactions.

Taking a look at NBA Top Shot, there have been a total of 2.46m transactions that have led to total sales of $385.56m.

What is NBA Top Shot?

An NBA-Dapper Labs collaboration, delivering an on-line platform for trading virtual basketball cards.

These all exist on the blockchain making them unique and impossible to copy. More importantly, for some, authentication is immediate.

With the added advantage of virtual tech, it’s not just virtual basketball cards that are drawing attention.

There are also “moments” that are selling for 6 figure sums. Moments are video clips of the more popular players from the NBA.

One LeBron moment reportedly sold for $208,000…

Looking at the numbers for the broader NFT market, the last 30-days has been headline-grabbing.

From the $385.56m total sales across NBA Top Shot, more than $300m came from the last 30-days.

Looking at individual NFT sales

Christie’s Auction sold Beeple NFT for a whopping $69.3m. This is by far the largest sale to date.

The next 4 largest NFT were the sales of CryptoPunk characters. Sale prices ranged from $7.6m for CryptoPunk #3100 to $1.3m for CryptoPunk #4156.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 18th, 2021

Ethereum

Ethereum rose by 1.05% on Wednesday. Following on from a 0.67% gain on Tuesday, Ethereum ended the day at $1,824.74.

A bearish start to the day saw Ethereum slide to a mid-day intraday low $1,742.0 before making a move.

Steering clear of the first major support level at $1,735, Ethereum rose to a late intraday high $1,841.13.

Falling short of the first major resistance level at $1,848, Ethereum eased back to end the day at $1,820 levels.

At the time of writing, Ethereum was up by 0.40% to $1,832.07. A mixed start to the day saw Ethereum fall to an early morning low $1,823.48 before rising to a high $1,838.89.

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

ETHUSD 180321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,803 to support a run at the first major resistance level at $1,863.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $1,841.13.

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

In the event of a breakout, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,902.

Failure to avoid a fall through the $1,803 pivot would bring the first major support level at $1,764 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,704 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,764

Pivot Level: $1,803

First Major Resistance Level: $1,863

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 2.17% on Wednesday. Following on from a 0.49% gain on Tuesday, Litecoin ended the day at $206.04.

A choppy start to the day saw Litecoin saw Litecoin rise to a late morning intraday high $206.88 before hitting reverse.

Coming up short of the first major resistance level at $208, Litecoin fell to a mid-day intraday low $194.25.

The reversal saw Litecoin fall through the 23.6% FIB of $195 before recovering.

Finding support at the first major support level at $194, Litecoin bounced back to end the day at $206.

At the time of writing, Litecoin was up by 0.17% to $206.38. A bullish start to the day saw Litecoin rise from an early morning low $206.08 to a high $207.73.

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

LTCUSD 180321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $202 pivot level to support a run at the first major resistance level at $211.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $207.73.

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

In the event of an extended rally, Litecoin could test resistance at $220 before any pullback. The second major resistance level sits at $215.

Failure to avoid a fall through the $202 pivot level would bring the first major support level at $198 and the 23.6% FIB of $195 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 support levels. The second major support level at $190 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $198

Pivot Level: $202

First Major Resistance Level: $211

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rose by 2.04% on Wednesday. Following on from a 5.48% rally on Tuesday, Ripple’s XRP ended the day at $0.47013.

A bullish start saw Ripple’s XRP break through the 38.2% FIB of $0.4632 to an early morning intraday high $0.48200 before hitting reverse.

Coming up well short of the first major resistance level at $0.5182, Ripple’s XRP slid to a late morning intraday low $0.45400.

While steering clear of the first major support level at $0.4144, Ripple’s XRP fell back through the 38.2% FIB.

Finding late morning support, however, Ripple’s XRP broke back through the 38.2% FIB to $0.472 levels.

In spite of a late pullback, Ripple’s XRP wrapped up the day at $0.47 levels.

At the time of writing, Ripple’s XRP was up by 0.56% to $0.47276. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.47014 to a high $0.47276.

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

XRPUSD 180321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4687 pivot level to bring the first major resistance level at $0.4834 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.48 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.4820 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.4967.

Failure to avoid a fall through the $0.4687 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4554 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level sits at $0.4407.

Looking at the Technical Indicators

First Major Support Level: $0.4554

Pivot Level: $0.4687

First Major resistance Level: $0.4834

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

The Crypto Daily – Movers and Shakers – March 17th, 2021

Bitcoin, BTC to USD, rose by 2.24% on Tuesday. Partially reversing a 5.62% slide from Monday, Bitcoin ended the day at $56,924.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $53,346.0 before making a move.

Steering clear of the first major support level at $53,311, Bitcoin rose to a late intraday high $56,925.0.

In spite of the late rally, Bitcoin fell well short of the first major resistance level at $59,320.

The near-term bullish trend remained intact supported by Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Tuesday.

Cardano’s ADA surged by 21.26% to lead the way.

Bitcoin Cash SV (+5.88%), Crypto.com Coin (+10.06%), and Ripple’s XRP (+5.48%) also made solid gains.

Binance Coin (+1.65%), Chainlink (+1.69%), Ethereum (+0.67%), Litecoin (+0.49%), and Polkadot (+0.81%) trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $1,828bn before falling to a Tuesday low $1,593bn. At the time of writing, the total market cap stood at $1,704bn.

Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.89%.

This Morning

At the time of writing, Bitcoin was down by 0.70% to $56,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,144.0 before falling to a low $56,380.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot and Ripple’s XRP were up by 0.31% and by 0.14% to buck the trend early on.

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

At the time of writing, Cardano’s ADA was down by 2.77% to lead the way down.

BTCUSD 170321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,732 to bring the first major resistance level at $58,117 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

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

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000. The second major resistance level sits at $59,311.

Failure to avoid a fall through the $55,732 pivot would bring the first major support level at $54,538 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $52,153.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 17th, 2021

Ethereum

Ethereum rose by 0.67% on Tuesday. Following a 2.89% decline on Monday, Ethereum ended the day at $1,806.03.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,706.25 before making a move.

Ethereum fell through the first major support level at $1,722.04 before striking a late morning intraday high $1,819.20.

Falling short of the first major resistance level at $1,881, Ethereum fell back to $1,760 levels before funding support.

A late move back through to $1,800 delivered the upside for the day.

At the time of writing, Ethereum was down by 0.37% to $1,799.27. A mixed start to the day saw Ethereum rise to an early morning high $1,812.76 before falling to a low $1,798.32.

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

ETHUSD 170321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,777 to support a run at the first major resistance level at $1,848.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,819.2.

Barring an extended crypto rally, the first major resistance level and resistance at $1,850 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,890.

Failure to avoid a fall through the $1,777 pivot would bring the first major support level at $1,735 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,650 levels. The second major support level at $1,664 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,735

Pivot Level: $1,777

First Major Resistance Level: $1,848

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.49% on Tuesday. Following a 6.17% slide from Monday, Litecoin ended the day at $201.64.

A bearish start to the day saw Litecoin saw Litecoin fall to an early morning intraday low $191.18.

The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $192.

Steering clear of sub-$190, Litecoin struck a late morning intraday high $205.27 before falling back to $195 levels.

Finding support at the 23.6% FIB, Litecoin moved back through to $201 levels to end the day in the green.

At the time of writing, Litecoin was down by 0.29% to $201.05. A mixed start to the day saw Litecoin rise to an early morning high $202.83 before falling to a low $201.00.

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

LTCUSD 170321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $199 pivot level to support a run at the first major resistance level at $208.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $205.27.

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

In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $214.

Failure to avoid a fall through the $199 pivot level would bring the 23.6% FIB of $195 and the first major support level at $194 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$185 support levels. The second major support level at $185 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $194

Pivot Level: $199

First Major Resistance Level: $208

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 5.48% on Tuesday. Reversing a 0.79% fall from Monday, Ripple’s XRP ended the day at $0.45984.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.42736 before making a move.

Steering clear of the first major support level at $0.4232, Ripple’s XRP rallied to a mid-morning intraday high $0.53116.

Ripple’s XRP broke through the day’s major resistance levels and the 38.2% FIB of $0.4632.

Coming up against the 23.6% FIB of $0.5320, Ripple’s XRP slid back to $0.447 levels before wrapping up the day at $0.4598 levels.

Ripple’s XRP fell back through the major resistance levels and the 38.2% FIB.

The late move back through to $0.46 levels, however, saw Ripple’s XRP break back through the first major resistance level at $0.4481 and the second major resistance level at $0.4605 before easing back.

Late in the day, the 38.2% FIB of $0.4632 pinned Ripple’s XRP back.

At the time of writing, Ripple’s XRP was up by 0.37% to $0.46156. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.46061 before rising to a high $0.46357.

While Ripple’s XRP left the major support and resistance levels untested, the 38.2% FIB of $0.4632 pinned Ripple’s XRP back.

XRPUSD 170321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4728 pivot level to bring the first major resistance level at $0.5182 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.50 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at the 62% FIB of $0.5320. The second major resistance level sits at $0.5766.

Failure to move through the $0.4728 pivot would bring the first major support level at $0.4144 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level sits at $0.3690.

Looking at the Technical Indicators

First Major Support Level: $0.4144

Pivot Level: $0.4728

First Major resistance Level: $0.5182

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

Should You Chase Ethereum Here Or Wait For A Pullback?

In my previous article on Ethereum (ETH) from three weeks ago, I was “… looking for a somewhat tricky, whipsawing, move higher, ideally to around $1880+/-40, but it could even challenge the recent all-time high. From there, I expect several weeks of downside back to $1200+/100. After that, I anticipated the next rally to ~$3000+. However, a weekly close below $1200 targets $900…

Fast forward, and ETH topped this week, so far, at $1891. Thus, using the Elliott Wave Principle (EWP) and Technical Analysis (TA) was once again a powerful way to forecast the price levels to be reached three weeks in advance. Therefore, it is time to become more cautious by, for example, raising stops, maybe take (partial profits), etc.

In this week’s update, I would like to look at the weekly and monthly charts to better understand ETH’s big picture potential (months to years out). See Figure 1 below.

Figure 1. ETH weekly and monthly charts with EWP count and technical indicators.

A retest of 1200+/-100 and then rally to new all-time highs.

As you can see, the weekly and monthly charts feature two different EWP wave-labels, but both point to higher prices (anticipated paths). The weekly chart’s EWP points to two more rallies (black major-5 and blue Primary-V) after an initial pullback (major-4) before this Bull run is over. Whereas the monthly chart suggests, we could see three more rallies (add purple Cycle 5). I always have an alternate (more Bullish) EWP count for Bull runs like ETH is in to ensure my Premium Crypto Trading Members do not miss out or get caught on the wrong side. The market will eventually tell me which one is correct: “anticipate, monitor, and adjust if necessary.”

What we do know, with all certainty, is that the weekly technical indicators (RSI5, MACD histogram, FSTO, and MFI14) are all negatively diverging (red squares). Although divergence is only divergence till it is not, it means ETH is now moving higher on less strength, less momentum, and less liquidity. The latter is essential because liquidity drives markets. If the buying dries up, only selling is left. However, ETH is well-above all its important Simple Moving Averages (SMAs), which are all rising and Bullishly stacked: 10w>20w>50w>200w). Thus this is still a 100% strong, Bull market.

The monthly chart is different as there are no negative divergences on the technical indicators. Instead, the RSI5 is getting very overbought, suggesting there’s less room for upside left over the next 1-2 months. See the 2017 rally for example. However, the monthly Money Flow is still strong, and so is the MACD. Only the FSTO is not in favor of more upside.

Nonetheless, also on the monthly chart, the SMA setup is 100% Bullish: ETH is well-above its rising SMAs, which are also Bullishly stacked: 10m>20m>50m. Thus, this is still a 100% robust, long-term Bull market. Hence, the one-degree higher EWP count compared to what is labeled on the weekly chart has merit.

Bottom line

ETH’s weekly and monthly charts are 100% Bullish and suggest plenty of upside left over the coming months to years. However, negative divergences are creeping in on the weekly chart suggesting a pullback is most likely imminent. A daily close below $1657 will be a severe warning that the $1200+/-100 level will be revisited to complete a more significant correction before ETH can move to new ATHs again.

Buy Ethereum with Binance

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 16th, 2021

Ethereum

Ethereum fell by 2.89% on Monday. Following on from a 3.79% slide on Sunday, Ethereum ended the day at $1,795.07.

A mixed start to the day saw Ethereum rise to an early morning high $1,893.75 before hitting reverse.

Falling short of the first major resistance level at $1,908, Ethereum slid to a late morning intraday low $1,734,87.

Ethereum fell through the first major support level at $1,813 and the second major support level at $1,777.

Finding late morning support, Ethereum revisited $1,809 levels before easing back. While breaking back through the second major support level, the first major support level pinned Ethereum back.

At the time of writing, Ethereum was up by 0.37% to $1,801.75. A mixed start to the day saw Ethereum fall to an early morning low $1,783.20 before rising to a high $1,804.12.

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

ETHUSD 160321 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,808 to support a run at the first major resistance level at $1,881.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,850 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,893.75 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,000 before any pullback. The second major resistance level sits at $1,967.

Failure to move through the $1,808 pivot would bring the first major support level at $1,722 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,650 levels. The second major support level sits at $1,649.

Looking at the Technical Indicators

First Major Support Level: $1,722

Pivot Level: $1,808

First Major Resistance Level: $1,881

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 6.17% on Monday. Following on from a 5.30% fall on Sunday, Litecoin ended the day at $200.82.

A mixed start to the day saw Litecoin rise to an early morning intraday high $222.44 before hitting reverse.

Falling short of the first major resistance level at $223, Litecoin slid to a late afternoon intraday low $197.65.

The reversal saw Litecoin fall through the first major support level at $209 and the second major support level at $205.

Steering clear of 23.6% FIB of $195, Litecoin moved back through to $200 levels to limit the downside.

The second major support level at $205 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 0.95% to $202.72. A mixed start to the day saw Litecoin fall to an early morning low $199.55 before rising to a high $203.00.

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

LTCUSD 160321 Hourly Chart

For the day ahead

Litecoin would need to move through the $207 pivot level to support a run at the first major resistance level at $216.

Support from the broader market would be needed, however, for Litecoin to break back through to $215 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $222.44 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $230 before any pullback. The second major resistance level sits at $232.

Failure to move through the $207 pivot level would bring the 23.6% FIB of $195 and the first major support level at $192 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 support levels. The second major support level sits at $182.

Looking at the Technical Indicators

First Major Support Level: $192

Pivot Level: $207

First Major Resistance Level: $216

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 0.79% on Monday. Following on from a 4.09% slide on Sunday, Ripple’s XRP ended the day at $0.43562.

A mixed start saw Ripple’s XRP rise to an early morning intraday high $0.44807 before hitting reverse.

Ripple’s XRP fell short of the first major resistance level at $0.4544, Ripple’s XRP slid to a late morning intraday low $0.42320.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4323 and the second major support level at $0.4246.

Steering clear of sub-$0.42 levels, Ripple’s XRP broke back through the major support levels to end the day at $0.435 levels.

At the time of writing, Ripple’s XRP was up by 0.65% to $0.43847. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.43422 before rising to a high $0.43847.

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

XRPUSD 160321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.4356 pivot level to bring the first major resistance level at $0.4481 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.4450 levels.

Barring an extended crypto rally, Monday’s high $0.44807 and the first major resistance level would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the second major resistance level at $0.4605 and the 38.2% FIB of $0.4632.

Failure to avoid a fall back through the $0.4356 pivot would bring the first major support level at $0.4232 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.41 levels. The second major support level at $0.4108 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4232

Pivot Level: $0.4356

First Major resistance Level: $0.4481

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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

Thanks, Bob

Weekly Recap: Bitcoin Runs the Show While Ethereum Sits on the Sidelines

Bitcoin Resumes Uptrend, Closing the Week 12.35% Higher

As the flagship cryptocurrency takes the lead over assets from stocks to bonds, it kicked off Monday, March 8th, with a 2.86% upswing to close the day at $52,270, according to CEX.IO exchange rate.

The bullish price action seen at the beginning of the week seems to have been fueled by the news that Norway-based industrial investment giant Aker ASA launched a new BTC initiative dubbed Seete. With an initial capital allocation of $58 million, approximately 1,160 BTC, the firm will invest in various innovative projects in the crypto ecosystem and form partnerships with key industry players.

Along the same lines, Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments joined a $200 million investment in Bitcoin Firm NYDIG.

The continuous announcements by a cadre of big-name investors is putting pressure on those who have not yet entered the market. Especially now that Grayscale is allegedly launching a Bitcoin ETF. The cryptocurrency asset management firm published nine new job postings that suggest that it is joining the race to win the SEC’s approval.

The number of Bitcoin-related posts across social media surged to 1.70 billion engagements due to the mounting speculation around the first U.S. Bitcoin ETF. Meanwhile, BTC rose another 11% after Monday’s close as market participants rushed to get a piece of it. The pioneer cryptocurrency was able to hit a weekly high of $58,170 on Thursday, March 11th.

Nonetheless, the upward impulse was capped at this price level as Bitcoin‘s put-call open interest ratio rose to a nine-month high. The spike was likely triggered by increased put selling, which was then reflected in BTC’s price. The bellwether cryptocurrency dropped by 1.70% on Friday, March 12th, to close the week at $57,240, providing holders a weekly return of 12.35%,

Ethereum Outshined by Bitcoin, Proving a Weekly Return of 2.30%

Ethereum’s network utility is expanding at an exponential rate, moving closer to founder Vitalik Buterin’s dream of it becoming the “world’s computer.”

Not only is decentralized finance (DeFi) booming and non-fungible tokens (NFTs) rising in popularity, but Atari will bring its gaming experience onto the blockchain. In a partnership with Decentral Games, the firm will develop a cryptocurrency casino in “Vegas City,” a gaming district in Decentraland‘s metaverse.

But Ethereum is not all fun and games. London-based ETC Group announced that it would list an ETH exchange-traded product (ETP) on Deutsche Borse’s Xetra market. To meet the institutional demand for “regulated crypto products that are secure and liquid,” the new central counterparty-cleared product will offer exposure to the second-largest cryptocurrency by market cap with a management fee of 1.49%.

The news seems to have been greatly welcomed by investors as Ethereum’s price rose by nearly 9% after Monday’s open. The smart-contracts token rose from $1,730 to a weekly high of $1,880 two days later, according to CEX.IO exchange rate. However, market participants seem to have taken advantage of the rising price action to book profits.

Ethereum spent the rest of the week trending downwards with no significant announcements being able to contain falling prices. Even though Taco Bell, Associated Press, and Banksy made headlines with the sale of NFTs, Ether erased all weekly gains.

It seems like ever since the Chicago-based commodities exchange CME launched its new ETH futures contract, Bitcoin has outshined this cryptocurrency. As a result, Ethereum closed Friday, March 12th, at $1,770, only 2.30% higher than the weekly open of $1,730.

The Technicals Project a Correction

While the fundamentals behind Bitcoin and Ethereum seem to have greatly impacted their market valuations, the technicals point to a correction in the near term. The Tom DeMark (TD) Sequential indicator has presented a sell signal on BTC’s daily chart. If validated, the pioneer cryptocurrency could drag down ETH with it.

Transaction history shows that nearly 1 million addresses bought over 400,000 BTC at an average price of $56,000. Meanwhile, roughly 350,000 addresses are holding more than 9 million Ether at $1,750. As long as these demand barriers can hold, Bitcoin and Ethereum will likely aim for new all-time highs.

Nevertheless, a spike in selling pressure that pushes these cryptocurrencies below their respective support levels could be devastating for the bulls. The next critical area of interest for Bitcoin sits at $52,000 and for Ethereum at $1,340.

Konstantin Anissimov, Executive Director at CEX.IO

Buy Ethereum with Binance

India to Propose Cryptocurrency Ban, Penalising Miners, Traders

By Aftab Ahmed and Nupur Anand

The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.

The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency. But recent government comments had raised investors’ hopes that the authorities might go easier on the booming market.

Instead, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, said the official, who asked not to be named as the contents of the bill are not public.

Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament.

If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalise possession.

The Finance Ministry did not immediately respond to an email seeking comment.

‘GREED’ OVER ‘PANIC’

Bitcoin, the world’s biggest cryptocurrency, hit a record high $60,000 on Saturday, nearly doubling in value this year as its acceptance for payments has increased with support from such high-profile backers as Tesla Inc CEO Elon Musk.

In India, despite government threats of a ban, transaction volumes are swelling and 8 million investors now hold 100 billion rupees ($1.4 billion) in crypto-investments, according to industry estimates. No official data is available.

“The money is multiplying rapidly every month and you don’t want to be sitting on the sidelines,” said Sumnesh Salodkar, a crypto-investor. “Even though people are panicking due to the potential ban, greed is driving these choices.”

User registrations and money inflows at local crypto-exchange Bitbns are up 30-fold from a year ago, said Gaurav Dahake, its chief executive. Unocoin, one of India’s oldest exchanges, added 20,000 users in January and February, despite worries of a ban.

ZebPay “did as much volume per day in February 2021 as we did in all of February 2020,” said Vikram Rangala, the exchange’s chief marketing officer.

Top Indian officials have called cryptocurrency a “Ponzi scheme”, but Finance Minister Nirmala Sitharaman this month eased some investor concerns.

“I can only give you this clue that we are not closing our minds, we are looking at ways in which experiments can happen in the digital world and cryptocurrency,” she told CNBC-TV18. “There will be a very calibrated position taken.”

The senior official told Reuters, however, that the plan is to ban private crypto-assets while promoting blockchain – a secure database technology that is the backbone for virtual currencies but also a system that experts say could revolutionise international transactions.

“We don’t have a problem with technology. There’s no harm in harnessing the technology,” said the official, adding the government’s moves would be “calibrated” in the extent of the penalties on those who did not liquidate crypto-assets within the law’s grace period.

JAIL TERMS?

A government panel in 2019 recommended jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies.

The official declined to say whether the new bill includes jail terms as well as fines, or offer further details but said the discussions were in their final stages.

In March 2020, India’s Supreme Court struck down a 2018 order by the central bank forbidding banks from dealing in cryptocurrencies, prompting investors to pile into the market. The court ordered the government to take a position and draft a law on the matter.

The Reserve Bank of India voiced its concern again last month, citing what it said were risks to financial stability from cryptocurrencies. At the same time, the central bank has been working on launching its own digital currency, a step the government’s bill will also encourage, said the official.

Despite the market euphoria, investors are aware that the boom could be in danger.

“If the ban is official we have to comply,” Naimish Sanghvi, who started betting on digital currencies in the last year, told Reuters, referring to existing concerns about a potential ban. “Until then, I’d rather stack up and run with the market than panic and sell.”

(Reporting by Aftab Ahmed and Nupur Anand; Editing by Euan Rocha and William Mallard)