Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 5th, 2021

Ethereum

Ethereum fell by 0.95% on Monday. Partially reversing a 0.93% gain from Sunday, Ethereum ended the day at $3,387.20.

A bearish start to the day saw Ethereum fall to a mid-afternoon intraday low $3,269.67 before making a move.

Ethereum fell through the 23.6% FIB of $3,369 and the first major support level at $3,346.

Finding afternoon support, however, Ethereum rose to a late afternoon intraday high $3,438.91.

Falling short of the first major resistance level at $3,492, however, Ethereum briefly fell back through the 23.6% FIB.

A late move back through to $3,380 levels limited the downside on the day, however.

At the time of writing, Ethereum was down by 0.34% to $3,375.78. A mixed start to the day saw Ethereum rise to an early morning high $3,395.60 before falling to a low $3,365.34

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

ETHUSD 051021 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the 23.6% FIB of $3,369 and the $3,365 pivot to bring the first major resistance level at $3,461 play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $3,438.91.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,600 before any pullback. The second major resistance level sits at $3,535.

A fall back through the 23.6% FIB of $3,369 and the $3,365 pivot would bring the first major support level at $3,292 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,200 levels. The second major support level sits at $3,196.

Looking at the Technical Indicators

First Major Support Level: $3,292

Pivot Level: $3,365

First Major Resistance Level: $3,460.85

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 1.79% on Monday. Reversing a 0.99% gain from Sunday, Litecoin ended the day at $167.53.

A mixed start to the day saw Litecoin rise to an early morning intraday high $170.88 before hitting reverse.

Falling short of the first major resistance level at $175, Litecoin slid to a mid-afternoon intraday low $161.39.

Litecoin fell through the first major support level at $166 before briefly revisiting $169 levels late in the day.

At the time of writing, Litecoin was down by 0.36% to $166.93. A mixed start to the day saw Litecoin rise to an early morning high $168.05 before falling to a low $166.66.

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

LTCUSD 051021 Hourly Chart

For the day ahead

Litecoin would need to move back through the $167 pivot to bring the first major resistance level at $172 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels

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

In the event of another breakout, Litecoin could test resistance at the 23.6% FIB of $178. The second major resistance level sits at $176.

Failure to move back through the $167 pivot would bring the first major support level at $162 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160. The second major support level sits at $157.

Looking at the Technical Indicators

First Major Support Level: $162

Pivot Level: $167

First Major Resistance Level: $172

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 1.20% on Monday. Partially reversing a 1.76% rise from Sunday, Ripple’s XRP ended the day at $1.04272.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.05933 before hitting reverse.

Falling short of the 38.2% FIB of $1.0659 and the first major resistance level at $1.0888, Ripple’s XRP slid to a mid-afternoon intraday low $1.00679.

Ripple’s XRP fell through the first major support level at $1.0221 before briefly revisiting $1.05 levels.

At the time of writing, Ripple’s XRP was down by 0.26% to $1.04000. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.04439 before falling to a low $1.04000.

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

XRPUSD 051021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.0363 pivot to bring the first major resistance level at $1.0658 and the 38.2% FIB of $1.0659 into play.

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

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

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.10 before any pullback. The second major resistance level sits at $1.0888.

A fall through the $1.0363 pivot would bring the first major support level at $1.0132 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$0.95 levels. The second major support level at $0.9837 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0132

Pivot Level: $1.0363

First Major resistance Level: $1.0658

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Bitcoin Price Prediction – Bears in Control, Eyeing sub-$47,000 Levels

After a bullish week for Bitcoin and the majors, it’s been a bearish Monday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 1.53% to $47,504.0.

A mixed start to the day saw Bitcoin rise to an early morning high $48,289.0 before hitting reverse.

Falling short of the first major resistance level at $49,252, Bitcoin fell to an early morning low $47,287.0.

Steering clear of the first major support level at $47,176, Bitcoin moved back through to $47,500 levels to reduce the deficit.

BTCUSD 041021 Hourly Chart

The Rest of the Pack

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

At the time of writing, Chainlink was down by 4.49% to lead the way down.

Binance Coin (-2.94%), Cardano’s ADA (-3.53%), Litecoin (-3.06%), Polkadot (-2.85%), and Ripple’s XRP (-2.74%) also struggled.

Bitcoin Cash SV (-2.36%), Crypto.com Coin (-2.40%), and Ethereum (-2.58%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,158bn before falling to a low $2,099bn. At the time of writing, the total market cap stood at $2,117bn.

Bitcoin’s dominance fell to an early morning low 42.13% before rising to a high 42.45%. At the time of writing, Bitcoin’s dominance stood at 42.28%.

For the Afternoon Ahead

Bitcoin would need to move back through the $48,186 pivot to bring the first major resistance level at $49,252 into play.

Support from the broader market will be needed, however, for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Sunday high $49,196.0 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,262.

Failure to move back through the $48,186 pivot would bring the first major support level at $47,176 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$46,000 support levels. The second major support level at $46,110 should limit the downside.

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

We saw the 100 EMA pull away marginally from the 200 EMA, however, limiting the damage.

Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring the first major support level back into play.

Key through the late morning and early afternoon, however, would be to move back through the $48,186 pivot to avoid sub-$47,000 support levels.

Dogecoin Tests Support At $0.2130 As Bitcoin Pulls Back

Dogecoin Is Losing Ground At The Start Of The Week

Dogecoin is currently trying to settle below the support level at $0.2130 while Bitcoin pulls back after major rally.

Bitcoin gained strong upside momentum after Fed Chair Jerome Powell stated that he had no intention to ban cryptocurrencies. This statement had a major positive impact on crypto markets, and traders shrugged off fears about crackdown on crypto in China.

The world’s leading cryptocurrency has recently made an attempt to settle above the significant resistance level at $48,000 but failed to develop sufficient upside momentum. In case Bitcoin settles above this level, it will move towards the psychologically important $50,000 level which will be bullish for Dogecoin and other cryptocurrencies.

Meanwhile, other cryptocurrencies are mostly moving lower together with Bitcoin, although Ethereum remains strong and is trying to settle above $3,400. It looks that traders want to take some profits off the table after the recent rally.

Technical Analysis

dogecoin october 4 2021

Dogecoin settled below the support at $0.2190 and is trying to settle below the next support level at $0.2130. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin declines below $0.2130, it will head towards the next support at $0.2050. A successful test of this level will open the way to the test of the support at $0.20. In case Dogecoin gets below $0.20, it will move towards the next support level which is located near recent lows at $0.1940.

On the upside, Dogecoin needs to get back above the 20 EMA at $0.2215 to have a chance to gain upside momentum in the near term. The next resistance level is located at $0.2255.

In case Dogecoin manages to settle above the resistance at $0.2255, it will head towards the next resistance at $0.23. A move above this level will push Dogecoin towards the resistance at the 50 EMA at $0.2390, although it can also face resistance at $0.2350.

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

Bitcoin and Ethereum – Weekly Technical Analysis – October 4th, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 11.70% in the week ending 3rd October. Reversing an 8.58% fall from the week prior, Bitcoin ended the week at $48,242.0.

A mixed start to the week saw Bitcoin fall to a Wednesday intraweek low $40,804.0 before making a move.

While steering clear of the first major support level at $39,470, Bitcoin fell through the 38.2% FIB of $41,592.

Finding mid-week support, however, Bitcoin rallied to a Sunday intraweek high $49,196.0 before easing back.

Bitcoin broke back through 38.2% FIB and the first major resistance level at $47,119 to end the week at $48,200 levels.

4 days in the green that included an 9.86% jump on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $46,081 pivot to support a run the first major resistance level at $51,357.

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

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

In the event of an extended breakout, Bitcoin could test resistance at $55,000 levels before any pullback. The second major resistance level sits at $54,473.

A fall through the $46,081 pivot would bring the first major support level at $42,965 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$40,000 levels and the second major support level at $37,689. The 38.2% FIB of $41,592 should limit the downside.

At the time of writing, Bitcoin was down by 0.59% to $47,956.0. A mixed start to the week saw Bitcoin rise to an early Monday high $48,289.0 before falling to an early Monday low $47,770.0.

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

btcusd 041021 Daily Chart

Ethereum

Ethereum rallied by 11.77% in the week ending 3rd October. Reversing an 8.05% decline from the previous week, Ethereum ended the week at $3,420.07.

A bearish start to the week saw Ethereum fall to a Wednesday intraweek low $2,781.99 before making a move.

Steering clear of the 38.2% FIB of $2,740 and the first major support level at $2,692, Ethereum rallied to a Sunday intraweek high $3,489.18.

Ethereum broke through the 23.6% FIB of $3,369 and the first major resistance level at $3,388 to end the week at $3,400 levels.

5-days in the green that included a 10.36% breakout on Friday delivered the upside in the week.

For the week ahead

Ethereum would need avoid the 23.6% FIB of $3,369 and the $3,230 pivot level to support a run at the first major resistance level at $3,679.

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

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

In the event of another extended breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $3,938.

A fall through the 23.6% FIB of $3,369 and the $3,230 pivot would bring the first major support level at $2,972 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the 38.2% FIB of $2,740. The second major support level sits at $2,523.

At the time of writing, Ethereum was down by 1.12% to $3,381.88. A mixed start to the week saw Ethereum rise to an early Monday high $3,428.24 before falling to an early Monday low $3,352.36.

While Ethereum left the major support and resistance levels untested, Ethereum briefly fell through the 23.6% FIB of $3,369.

ethusd 041021 Daily Chart

The Crypto Daily – Movers and Shakers – October 4th, 2021

Bitcoin, BTC to USD, rose by 1.24% on Sunday. Partially reversing a 1.05% loss from Saturday, Bitcoin ended the week up by 11.70% to $48,242.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $47,120.0 before making a move.

Bitcoin fell through the first major support level at $47,275 before rallying to a late afternoon intraday high $49,196.0.

The rally saw Bitcoin break through the first major resistance level at $48,187 and the second major resistance level at $48,724.

Falling short of the third major resistance level at $49,636, Bitcoin slid back through the resistance levels to sub-$48,000 levels.

Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $48,200 levels.

The near-term bullish trend remained intact, supported the latest return to $49,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Polkadot (-0.95%) 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 4.40% to lead the way.

Chainlink (+2.11%), Crypto.com Coin (+1.75%), and Ripple’s XRP (+1.76%) also found strong support.

Binance Coin (+0.79%), Cardano’s ADA (+0.18%), Ethereum (+0.93%), and Litecoin (+0.99%) trailed the front runners, however.

It was also a mixed week ending 3rd October for the crypto majors.

Polkadot fell by 0.33% to buck the trend.

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

Binance Coin rallied by 25.07% to lead the way.

Bitcoin Cash SV (+11.90%), Chainlink (+12.04%), Crypto.com Coin (+12.42%), Ethereum (+11.74%), Litecoin (+13.22%), and Ripple’s XRP (+11.74%) also found strong support.

Cardano’s ADA (+1.99%) trailed the front runners, however.

In the week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Sunday high $2,203bn. At the time of writing, the total market cap stood at $2,151bn.

Bitcoin’s dominance fell to a Friday low 41.29% before rising to a Saturday high 42.81%. At the time of writing, Bitcoin’s dominance stood at 42.14%.

This Morning

At the time of writing, Bitcoin was down by 0.22% to $48,138.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,289.0 before falling to a low $48,019.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 0.38%

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

At the time of writing, Chainlink was down by 0.79% to lead the way down.

BTCUSD 041021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $48,186 pivot to bring the first major resistance level at $49,252 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $49,196.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,262.

Failure to move back through the $48,186 would bring the first major support level at $47,176 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000. The second major support level sits at $46,110.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 4th, 2021

Ethereum

Ethereum rose by 0.93% on Sunday. Following a 2.31% gain on Saturday, Ethereum ended the week up by 11.74% to $3,420.07.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,343.36 before making a move.

While steering clear of the first major support level at $3,275, Ethereum fell through the 23.6% FIB of $3,369.

Finding early support, however, Ethereum rallied to a late intraday high $3,489.18.

Ethereum back broke through the 23.6% FIB to test the first major resistance level at $3,486 before easing back.

The pullback saw Ethereum fall back through the first major resistance level to sub-$3,390 levels before ending the day at $3,420 levels.

At the time of writing, Ethereum was down by 0.17% to $3,414.38. A mixed start to the day saw Ethereum rise to an early morning high $3,420.87 before falling to a low $3,412.74.

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

ETHUSD 041021 Hourly Chart

For the day ahead

Ethereum would need to move back through the $3,418 pivot to bring the first major resistance level at $3,492 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $3,489.18.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,600 before any pullback. The second major resistance level sits at $3,563.

Failure to move back through the $3,418 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,346 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $3,272.

Looking at the Technical Indicators

First Major Support Level: $3,346

Pivot Level: $3,418

First Major Resistance Level: $3,492

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.99% on Sunday. Following a 1.65% gain on Saturday, Litecoin ended the week up by 13.22% to $170.67.

A mixed start to the day saw Litecoin fall to a late morning intraday low $165.90 before making a move.

Coming within range of the first major support level at $165, Litecoin rallied to a late intraday high $174.99.

Litecoin broke through the first major resistance level at $173 before easing back to the end day at sub-$171.

At the time of writing, Litecoin was up by 0.04% to $170.73. A range-bound start to the day saw Litecoin fall to an early low $170.19 before rising to a high $170.77.

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

LTCUSD 041021 Hourly Chart

For the day ahead

Litecoin would need to move through the $171 pivot to bring the first major resistance level at $175 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $174.99.

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

In the event of another breakout, Litecoin could test resistance at the 23.6% FIB of $178 and the second major resistance level at $180.

Failure to move through the $171 pivot would bring the first major support level at $166 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160. The second major support level at $161 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $166

Pivot Level: $171

First Major Resistance Level: $175

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 1.76% on Sunday. Reversing a 0.37% decline from Saturday, Ripple’s XRP ended the week up by 11.74% to $1.05524.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.02249 before making a move.

Steering clear of the first major support level at $1.0074, Ripple’s XRP rallied to a late intraday high $1.08920.

Ripple’s XRP broke through the 38.2% FIB of $1.0659 and the first major resistance level at $1.0707.

A late pullback, however, saw Ripple’s XRP fall back through the first major resistance level and the 38.2% FIB before ending the day at sub-$1.06 levels.

At the time of writing, Ripple’s XRP was down by 0.08% to $1.05438. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.05542 before falling to a low $1.05438.

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

XRPUSD 041021 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $1.0556 pivot to bring the 38.2% FIB of $1.0659 and the first major resistance level at $1.0888 into play.

Support would be needed, however, for Ripple’s XRP to break out from the 38.2% FIB.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.08920 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.15 before any pullback. The second major resistance level sits at $1.1224.

Failure to move through the $1.0556 pivot would bring the first major support level at $1.0221 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$0.95 levels. The second major support level at $0.9889 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0221

Pivot Level: $1.0556

First Major resistance Level: $1.0888

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Ethereum losing Steam To Solana, Cardano, Polygon

Investors who bet a lot of money on ether, the token of the ethereum blockchain, had a rough month in September.

Ether’s monthly decrease fell to its second-largest level since June, after a 16% drop. The pioneer crypto, Bitcoin, lost about 7% during September.

In light of the historic rally in crypto over the past 12 months, a pullback was expected. However, it’s difficult to link short-term price movements to any particular event. In the past year, Ethereum’s value has increased about 830%, which is the second-highest by market value.

B.Start Trading ETH now with eToro

The September dip is now being bought by investors. Ether and bitcoin both surged over 9% on Friday, the first day of October.

However, the roller-coaster ride in September reflects a particularly troublesome time for Ethereum and is causing concern for investors and developers.

High transaction fees and slow network speed continue to be a problem. Despite the London upgrade from August, it has had little impact on volatility of transaction fees.

In the meantime, rival blockchains deemed “ethereum killers” are exploiting ethereum’s weaknesses.

Nonetheless, Ethereum, which is the building block for all sorts of crypto projects, including non-fungible tokens (NFTs), smart contracts, and decentralized finance (DeFi), faces some major challenges to fend off the competition.

As a result, companies are looking into platforms like Cardano, which is used to build dApps, and Solana, which has seen a nearly 4,800% growth since September 2020. Due to its cheaper and faster price and faster usage than ethereum, Solana is gaining traction in the NFT and DeFi eco-systems.

A Solana website states the company processes 50,000 transactions per second at a cost of $ 0.00025 per transaction. The transaction speed on Ethereum is limited to about 13 transactions per second, and the fees are substantially higher than on Solana.

There is a flow of institutional funds. Andreessen Horowitz and Polychain Capital led a $ 314 million token sale for Solana.

As investors diversify away from ethereum, alternative blockchains like Tezos, Solana, and Cardano are rallying.

The blockchain isn’t immune to bugs either. Solana was affected by a denial-of-service attack last month, which was caused by bots flooding transactions.

There are several so-called ethereum killers, including Matic and Polygon, both complementary and innovative technologies, and Cardano, which is well known for its security.

The Crypto Daily – Movers and Shakers – October 3rd, 2021

Bitcoin, BTC to USD, fell by 1.05% on Saturday. Consolidating Friday’s 9.86% rally, Bitcoin ended the day at $47,649.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $47,438.0 before making a move.

Steering well clear of the first major support level at $44,820, Bitcoin rallied to an early afternoon intraday high $48,350.0.

Falling short the first major resistance level at $49,973, however, Bitcoin fell back to sub-$48,000 and into the red.

The near-term bullish trend remained intact, supported the latest return to sub-$48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Crypto.com Coin rallied by 3.81% to lead the way.

Binance Coin (+1.36%), Chainlink (+2.46%), Ethereum (+2.31%), Litecoin (+1.65%), and Polkadot (+1.31%) found support on the day.

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

Bitcoin Cash SV (-0.76%), Cardano’s ADA (-0.40), and Ripple’s XRP (-0.37%) joined Bitcoin in the red.

In the current week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Saturday high $2,190bn. At the time of writing, the total market cap stood at $2,137bn.

Bitcoin’s dominance fell to a Thursday low 41.77% before rising to a Saturday high 42.65%. At the time of writing, Bitcoin’s dominance stood at 42.11%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $47,762.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,632.0 before rising to a high $47,789.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, falling by 0.99%.

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

At the time of writing, Binance Coin was up by 0.91% to lead the way.

BTCUSD 031021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $47,812 pivot to bring the first major resistance level at $48,187 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $48,350.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. Bitcoin would need plenty of support, however, to break through the third major resistance level at $49,686. The second major resistance level sits at $48,724.

Failure to move through the $47,812 would bring the first major support level at $47,275 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000. The second major support level sits at $46,900.

The Crypto Daily – Movers and Shakers – October 2nd, 2021

Bitcoin, BTC to USD, jumped by 9.86% on Friday. Following a 5.52% rally on Thursday, Bitcoin ended the day at $48,151.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $43,311.0 before making a move.

Steering clear of the first major support level at $42,134, Bitcoin rallied to a late intraday high $48,464.0.

The rally saw Bitcoin break through the first major resistance level at $44,824 and the second major resistance level at $45,818

Coming up against the third major resistance level at $48,508, however, Bitcoin eased back to end the day at sub-$48,200 levels.

The near-term bullish trend remained intact, supported the latest return to sub-$48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Ethereum jumped by 10.33% to lead the way.

Binance Coin (+8.80%), Bitcoin Cash SV (+8.47%), Chainlink (+9.82%), Crypto.com Coin (+9.77%), Litecoin (+8.42%), and Ripple’s XRP (+9.29%) also found strong support.

Cardano’s ADA (+6.72) and Polkadot (+1.62%) trailed the front runners, however.

In the current week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Friday high $2,160bn. At the time of writing, the total market cap stood at $2,107bn.

Bitcoin’s dominance fell to a Thursday low 41.77% before rising to a Friday high 43.06%. At the time of writing, Bitcoin’s dominance stood at 42.65%.

This Morning

At the time of writing, Bitcoin was down by 0.76% to $47,784.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,230.0 before falling to a low $47,702.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 0.57%.

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

At the time of writing, Binance Coin was down by 1.28% to lead the way down.

BTCUSD 021021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $46,642 pivot to bring the first major resistance level at $49,973 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $48,464.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at the 23.6% FIB of $50,473 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $53,000 levels before any pullback. The second major resistance level sits at $51,795.

A fall through the $46,642 would bring the first major support level at $44,820 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 and the 38.2% FIB of $41,592. The second major support level sits at $41,489.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 2nd, 2021

Ethereum

Ethereum jumped by 10.33% on Friday. Following a 5.29% rally on Thursday, Ethereum ended the day at $3,311.16

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,967.41 before making a move.

Steering clear of the first major support level at $2,875, Ethereum rallied to a late intraday high $3,337.15.

Ethereum broke through the first major resistance level at $3,087 and the second major resistance level at $3,174.

Coming within range of the 23.6% FIB of $3,369, however, Bitcoin eased back to end the day at sub-$3,320 levels.

At the time of writing, Ethereum was up by 0.11% to $3,314.77. A mixed start to the day saw Ethereum fall to an early low $3,307.79 before rising to a high $3,320.74.

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

ETHUSD 021021 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,205 pivot to bring the 23.6% FIB of $3,369 and the first major resistance level at $3,443 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,400 levels.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,600 before any pullback. The second major resistance level sits at $3,575.

A fall through the $3,205 pivot would bring the first major support level at $3,073 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $2,836.

Looking at the Technical Indicators

First Major Support Level: $3,073

Pivot Level: $3,205

First Major Resistance Level: $3,443

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 8.42% on Friday. Following a 5.90% gain on Thursday, Litecoin ended the day at $166.23.

A mixed start to the day saw Litecoin fall to an early morning intraday low $151.09 before making a move.

Steering clear of the first major support level at $147, Litecoin rallied to a late intraday high $168.16.

Litecoin broke through the first major resistance level at $157 and the second major resistance level at $161 to end the day at $166 levels.

At the time of writing, Litecoin was up by 0.05% to $166.31. A range-bound start to the day saw Litecoin fall to an early morning low $166.15 before rising to a high $166.58.

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

LTCUSD 021021 Hourly Chart

For the day ahead

Litecoin would need to avoid the $162 pivot to bring the first major resistance level at $173 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.

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

In the event of another breakout, Litecoin could test resistance at the 23.6% FIB of $178 and the second major resistance level at $179.

A fall through the $162 pivot would bring the first major support level at $156 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$150. The second major support level sits at $145.

Looking at the Technical Indicators

First Major Support Level: $156

Pivot Level: $162

First Major Resistance Level: $173

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rallied by 9.29% on Friday. Following a 2.97% gain on Thursday, Ripple’s XRP ended the day at $1.04247.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.94486 before making a move.

Steering clear of the first major support level at $0.9298, Ripple’s XRP rallied to a late intraday high $1.0700.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $1.0659 before ending the day at $1.04 levels.

The third major resistance level at $1.0262 delivered support late in the day.

At the time of writing, Ripple’s XRP was down by 0.09% to $1.0415. A mixed start to the day saw Ripple’s XRP rise to an early high $1.04256 before falling to a low $1.04150.

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

XRPUSD 021021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.0191 pivot to bring 23.6% FIB of $1.0659 and the first major resistance level at $1.0934 into play.

Support would be needed, however, for Ripple’s XRP to break out from Friday’s high $1.0700.

Barring an extended crypto rally, the first major resistance level and resistance at $1.10 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.20 before any pullback. The second major resistance level sits at $1.1443.

A fall through $1.0191 pivot would bring the first major support level at $0.9682 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$0.95 levels. The second major support level sits at $0.8940.

Looking at the Technical Indicators

First Major Support Level: $0.9682

Pivot Level: $1.0191

First Major resistance Level: $1.0934

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Bitcoin Moves Higher After Powell’s Comments

Bitcoin Gains Ground As Fed Chair Jerome Powell Says He Does Not Want To Ban Cryptocurrencies

Bitcoin gained upside momentum after Fed Chair Jerome Powell stated that he had no intent to ban cryptocurrencies. He also added that he wanted more regulation for stablecoins.

This is a positive development for the whole crypto market as regulatory risks have put material pressure on market sentiment after the recent crackdown on crypto in China.

Not surprisingly, most cryptocurrencies are moving higher after Powell’s comments. Ethereum managed to settle above the 50 EMA at $3,035 and is moving towards the 20 EMA at $3,115. Dogecoin settled above the resistance level at $0.20 and is testing the next resistance which is located at $0.2050, while Shiba Inu is trying to settle above the 50 EMA near $0.0000073.

Technical Analysis

bitcoin october 1 2021

Bitcoin managed to settle above the 20 EMA which is located near $44,000 and is trying to settle above the 50 EMA at $44,600. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum.

In case Bitcoin settles above the 50 EMA, it will test the next resistance level at $45,000. A move above the resistance at $45,000 will open the way to the test of the resistance at $46,000.

If Bitcoin manages to settle above the resistance at $46,000, it will continue its upside move and head towards the $47,000 level. A successful test of this level will push Bitcoin towards the major resistance at $48,000.

On the support side, a move below the 50 EMA will push Bitcoin back towards the 20 EMA. In case Bitcoin settles back below the 20 EMA, it will gain downside momentum and head towards the support at $42,600.

A successful test of the support at $42,600 will push Bitcoin towards the support at $41,300. If Bitcoin declines below this level, it will move towards the psychologically important support level at $40,000. In this scenario, Bitcoin will have a good chance to develop strong downside momentum and settle back in the wide $30,000 – $40,000 range.

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

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 1st, 2021

Ethereum

Ethereum rallied by 5.29% on Thursday. Following a 1.59% gain on Wednesday, Ethereum ended the down by 12.53% to $3,000.46.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,836.21 before making a move.

Steering clear of the first major support level at $2,771, Ethereum rallied to a late afternoon intraday high $3,048.58.

Ethereum broke through the first major resistance level at $2,940 and the second major resistance level at $3,030.

A late pullback, however, saw Ethereum fall back through the second major resistance level to sub-$3,000 before ending the day at $3,000 levels.

At the time of writing, Ethereum was up by 0.98% to $3,030.00. A mixed start to the day saw Ethereum fall to an early morning low $2,998.49 before rising to a high $3,030.00.

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

ETHUSD 011021 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,962 pivot to bring the first major resistance level at $3,087 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,050 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,100 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,300 before any pullback. The second major resistance level sits at $3,174.

A fall through the $2,962 pivot would bring the first major support level at $2,875 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $2,749 and the 38.2% FIB of $2,740.

Looking at the Technical Indicators

First Major Support Level: $2,875

Pivot Level: $2,962

First Major Resistance Level: $3,087

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 5.90% on Thursday. Following a 3.01% rise on Wednesday, Litecoin ended the month down by 10.65% to $153.30.

A mixed start to the day saw Litecoin fall to an early morning intraday low $143.90 before making a move.

Steering clear of the first major support level at $140, Litecoin rallied to an early afternoon intraday high $154.49.

Litecoin broke through the first major resistance level at $150 to end the day at $153 levels.

At the time of writing, Litecoin was up by 0.39% to $153.90. A mixed start to the day saw Litecoin fall to an early morning low $152.66 before rising to a high $153.98.

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

LTCUSD 011021 Hourly Chart

For the day ahead

Litecoin would need to avoid the $151 pivot to bring the first major resistance level at $157 into play.

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

Barring an extended crypto rally, the first major resistance level and resistance at $160 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $165 before any pullback. The second major resistance level sits at $161.

A fall through the $151 pivot would bring the first major support level at $147 into play.

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

Looking at the Technical Indicators

First Major Support Level: $147

Pivot Level: $151

First Major Resistance Level: $157

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.97% on Thursday. Following a 3.91% gain on Wednesday, Ripple’s XRP ended the month down by 19.64% to $0.95348.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.92245 before making a move.

Steering clear of the first major support level at $0.8788, Ripple’s XRP rallied to an early morning intraday high $0.96250.

Falling short of the first major resistance level at $0.9841, however, Ripple’s XRP slid back to $0.93 levels.

Finding late support, Ripple’s XRP moved back through to $0.95 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.95707. A mixed start to the day saw Ripple’s XRP fall to an early low $0.95352 before rising to a high $0.95884.

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

XRPUSD 011021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $0.9461 pivot to bring the first major resistance level at $0.9698 into play.

Support would be needed, however, for Ripple’s XRP to break out from $0.95 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.9625 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.00 before any pullback. The second major resistance level sits at $0.9862.

A fall through $0.9461 pivot would bring the first major support level at $0.9298 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$0.90 levels. The second major support level at $0.9061 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.9298

Pivot Level: $0.9461

First Major resistance Level: $0.9698

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

The Crypto Daily – Movers and Shakers – October 1st, 2021

Bitcoin, BTC to USD, rallied by 5.52% on Thursday. Following a 1.18% gain on Wednesday, Bitcoin ended the month down by 7.06% to $43,830.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $41,432.0 before making a move.

While steering clear of the first major support level at $40,687, Bitcoin fell through the 38.2% FIB of $41,592.

Finding early support, however, Bitcoin rallied to a late afternoon intraday high $44,122.0.

The rally saw Bitcoin break through the first major resistance level at $42,489 and the second major resistance level at $43,449.

Bitcoin also broke back through the 38.2% FIB of $41,592 to end the day at $43,800 levels.

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

The Rest of the Pack

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

Polkadot slipped by 0.56% to buck the trend.

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

Binance Coin (+5.39%). Chainlink (+4.84%), Ethereum (+5.29%), and Litecoin (+5.90%) led the way.

Bitcoin Cash SV (+2.02%), Cardano’s ADA (+2.43%), Crypto.com Coin (+3.58%), and Ripple’s XRP (+2.97%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,014bn before sliding to a Wednesday low $1,808bn. At the time of writing, the total market cap stood at $1,954bn.

Bitcoin’s dominance rose to a Tuesday high 42.56% before falling to a Thursday low 41.42%. At the time of writing, Bitcoin’s dominance stood at 42.38%.

It was also a mixed month for the majors in September.

Crypto.com Coin bucked the trend, rising by 0.52%.

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

Bitcoin Cash SV (-20.69%), Cardano’s ADA (-23.62%), and Ripple’s XRP (-19.64%) led the way down.

Chainlink (-10.32%), Binance Coin (-16.53%), Ethereum (-12.53%), and Litecoin (-10.65%) also struggled.

Polkadot saw a modest 1.88% loss, however.

This Morning

At the time of writing, Bitcoin was up by 0.35% to $43,985.0. A bullish start to the day saw Bitcoin rise from an early morning low $43,822.2 to a high $43,999.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com was up by 2.57% to lead the way.

BTCUSD 011021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $43,128 pivot to bring the first major resistance level at $44,824 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $44,122.0.

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

In the event of a broad-based crypto rally, Bitcoin could test resistance at $47,000 levels before any pullback. The second major resistance level sits at $45,818.

A fall through the $43,128 would bring the first major support level at $42,134 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $40,438. The 38.2% FIB of $41,592 should limit the downside.

Bitcoin Price Prediction – Bulls Eye a Return to $45,000. Avoiding sub-$42,500 Will be Key…

After a bullish day for Bitcoin and the majors on Wednesday, it’s been a broadly bullish Wednesday morning.

At the time of writing, Bitcoin, BTC to USD, was up by 3.75% to $43,086.1.

A mixed start to the day saw Bitcoin fall to an early morning low $41,432.0 before making a move.

Steering clear of the first major support level at $40,687, Bitcoin rallied to a mid-morning current day high $43,860.

Bitcoin broke through the first major resistance level at $42,489 and the 38.2% FIB of $41,592.

The early rally saw Bitcoin also break through the second major resistance level at $43,449 before revising sub-$43,000 levels.

BTCUSD 300921 Hourly Chart

The Rest of the Pack

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

At the time of writing, Polkadot was down by 1.61% to buck the morning trend.

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

Chainlink (+3.92%), Ethereum (+3.81%), and Litecoin (+4.11%) set the morning pace.

Binance Coin (+1.39%), Bitcoin Cash SV (+2.04%), Cardano’s ADA (+0.84%), Crypto.com Coin (+2.99%), and Ripple’s XRP (+1.07%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $1,854bn before rising to a high $1,951bn. At the time of writing, the total market cap stood at $1,912bn.

Bitcoin’s dominance fell to an early morning low 42.00% before rising to a high 42.44%. At the time of writing, Bitcoin’s dominance stood at 42.39%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $42,489 to bring $44,000 levels back into play.

Support from the broader market will be needed, however, for Bitcoin to break back through the second major resistance level at $43,449.

Barring a broad-based crypto rebound, the second major resistance level and morning high $43,860.0 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $45,000 before any pullback. The third major resistance level sits at $45,251.

A fall back through the first major resistance level and through the 38.2% FIB of $41,592 would bring the first major support level at $40,687 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level sits at $39,845.

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

We also saw the 100 EMA narrow marginally on the 200 EMA, providing further support.

Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring the second major resistance level back into play.

Key through the early afternoon would be to avoid sub-$42,500 levels to support a bullish end to the day.

The Crypto Daily – Movers and Shakers – September 30th, 2021

Bitcoin, BTC to USD, rose by 1.18% on Wednesday. Partially reversing a 2.65% fall from Tuesday, Bitcoin ended the day at $41,530.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $40,804.0 before making a move.

Steering clear of the first major support level at $40,402, Bitcoin rallied to a mid-day intraday high $42,606.0.

Bitcoin broke through the 38.2% FIB of $41,592 and the first major resistance level at $42,251.

A bearish afternoon, however, saw Bitcoin fall back through the first major resistance level and 38.2% FIB to revisit sub-$41,000 levels.

Finding late support, however, Bitcoin moved back through to $41,500 levels and into the green.

Late in the day, the 38.2% FIB of $41,592 pegged Bitcoin back.

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

The Rest of the Pack

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

Binance Coin surged by 10.36% to lead the way.

Chainlink (+3.71%), Litecoin (+3.01%), Polkadot (+2.40%), and Ripple’s XRP (+3.91%) also found strong support.

Bitcoin Cash SV (+1.39%), Cardano’s ADA (+1.37%), Crypto.com Coin (+0.88%), and Ethereum (+1.59%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,014bn before sliding to a Wednesday low $1,808bn. At the time of writing, the total market cap stood at $1,871bn.

Bitcoin’s dominance fell to a Monday low 41.44% before rising to a Tuesday high 42.54%. At the time of writing, Bitcoin’s dominance stood at 42.04%.

This Morning

At the time of writing, Bitcoin was up by 0.63% to $41,792.0. A mixed start to the day saw Bitcoin fall to an early morning low $41,432.0 before rising to a high $41,821.0.

While leaving the major support and resistance levels untested, Bitcoin broke back through the 38.2% FIB of $41,592.

Elsewhere, it was a bullish start to the day.

At the time of writing, Ethereum was up by 0.79% to lead the way.

BTCUSD 300921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $41,647 pivot and the 38.2% FIB of $41,592 to bring the first major resistance level at $42,489 into play.

Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $42,606.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $44,000 levels before any pullback. The second major resistance level sits at $43,449.

A fall back through the $41,647 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $40,687 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$39,000. The second major support level at $39,845 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 30th, 2021

Ethereum

Ethereum rose by 1.59% on Wednesday. Partially reversing a 4.12% loss from Tuesday, Ethereum ended the day at $2,850.14.

After a mixed start to the day, Ethereum rallied to a mid-day intraday high $2,950.60 before hitting reverse.

Ethereum broke through the first major resistance level at $2,924 before falling to a late intraday low $2,781.99.

Steering clear of the 38.2% FIB of $2,740 and the first major support level at $2,735, Ethereum bounced back to end the day $2,850 levels.

At the time of writing, Ethereum was down by 0.25% to $2,842.91. A mixed start to the day saw Ethereum fall to an early morning low $2,840.15 before rising to a high $2,856.59.

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

ETHUSD 300921 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,861 pivot to bring the first major resistance level at $2,940 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,900 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $2,950.60 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,100 before any pullback. The second major resistance level sits at $3,030.

Failure to move through the $2,861 pivot would bring the first major support level at $2,771 and the 38.2% FIB of $2,740 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,692.

Looking at the Technical Indicators

First Major Support Level: $2,771

Pivot Level: $2,861

First Major Resistance Level: $2,940

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 3.01% on Wednesday. Reversing a 3.12% fall from Tuesday, Litecoin ended the day at $144.78.

A mixed start to the day saw Litecoin fall to an early morning intraday low $139.77 before making a move.

Steering clear of the first major support level at $137, Litecoin rallied to a mid-day intraday high $150.40.

Litecoin broke through the first major resistance level at $146 before briefly falling back to $142 levels.

At the time of writing, Litecoin was down by 0.28% to $144.37. A bearish start to the day saw Litecoin fall from an early morning high $144.76 to a low $144.14.

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

LTCUSD 300921 Hourly Chart

For the day ahead

Litecoin would need to move through the $145 pivot to bring the first major resistance level at $150 into play.

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

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $150.40 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $160 before any pullback. The second major resistance level sits at $156.

Failure to move through the $145 pivot would bring the first major support level at $140 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $134.

Looking at the Technical Indicators

First Major Support Level: $140

Pivot Level: $145

First Major Resistance Level: $150

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 3.91% on Tuesday. Reversing a 3.07% decline from Tuesday, Ripple’s XRP ended the day at $0.92751.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.88657 before making a move.

Steering clear of the first major support level at $0.8757, Ripple’s XRP rallied to an early afternoon intraday high $0.99191.

Ripple’s XRP broke through the first major resistance level at $0.9270 and the second major resistance level at $0.9603.

Falling short of $1.00 levels, however, Ripple’s XRP slid back to sub-$0.91 levels before finding late support.

Ripple’s XRP broke back through the first major resistance level to end the day at $0.9275 levels.

At the time of writing, Ripple’s XRP was down by 0.30% to $0.92469. A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.92599 before falling to a low $0.92405.

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

XRPUSD 300921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $0.9353 pivot to bring the first major resistance level at $0.9841 into play.

Support would be needed, however, for Ripple’s XRP to break out from $0.95 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.99191 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $1.0407.

Failure to move through $0.9353 pivot would bring the first major support level at $0.8788 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8300. The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.8788

Pivot Level: $0.9353

First Major resistance Level: $0.9841

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Shiba Inu Gets Back Above $0.000007 As Bitcoin Moves Higher

Shiba Inu Tries To Gain Upside Momentum

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

Other cryptocurrencies are also moving higher today.  Ethereum received support at $2,800 and is trying to settle above $2,900 while XRP is trying to settle above $0.92. Dogecoin, which often has an impact on Shiba Inu dynamics, attempts to climb back above the resistance at $0.20.

Shiba Inu has been recently stuck near $0.000007 while Bitcoin tried to get to the psychologically important support level at $40,000. It looks that Shiba Inu traders were waiting for clues from the world’s leading cryptocurrency and were not ready to make big moves in recent trading sessions. At this point, the crypto market sentiment remains mixed, and most cryptocurrencies have moved back and forth in recent days.

Technical Analysis

shiba inu september 29 2021

Shiba Inu did not manage to get to the test of the support level at $0.0000067 and returned to the $0.000007 level. In case Shiba Inu settles above $0.000007, it will move towards the next resistance level which is located at the 50 EMA near $0.0000073. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A successful test of the resistance at $0.0000073 will open the way to the test of the next resistance at $0.00000745. In case Shiba Inu gets above this level, it will continue its upside move and head towards the resistance at $0.0000077. A move above this level will push Shiba Inu towards the resistance at $0.000008.

On the support side, the nearest support level for Shiba Inu is located at $0.0000067. If Shiba Inu manages to settle below this level, it will get to the test of the next support level at $0.0000065. In case Shiba Inu declines below the support at $0.0000065, it will move towards the support at $0.0000063.

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

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 29th, 2021

Ethereum

Ethereum fell by 4.12% on Tuesday. Following a 4.40% slide on Monday, Ethereum ended the day at $2,805.65.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,971.16 before hitting reverse.

Falling short of the first major resistance level at $3,087, Ethereum slid to a final hour intraday low $2,782.60.

Ethereum fell through the first major support level at $2,844 to end the day at $2,805 levels.

At the time of writing, Ethereum was down by 0.22% to $2,799.58. A mixed start to the day saw Ethereum rise to an early morning high $2,828.00 before falling to a low $2,785.06.

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

ETHUSD 290921 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,853 pivot to bring the first major resistance level at $2,924 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,900 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $2,971.16 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,100 before any pullback. The second major resistance level sits at $3,042.

Failure to move through the $2,853 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,735 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,665.

Looking at the Technical Indicators

First Major Support Level: $2,735

Pivot Level: $2,853

First Major Resistance Level: $2,924

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 3.12% on Tuesday. Following a 3.66% decline on Monday, Litecoin ended the day at $140.54.

After a choppy morning, Litecoin rose to an early afternoon intraday high $148.93 before hitting reverse.

Falling short of the first major resistance level at $152, Litecoin fell to a final hour intraday low $140.00.

Litecoin fell through the first major support level at $142 to end the day at $140 levels.

At the time of writing, Litecoin was up by 0.12% to $140.71. A mixed start to the day saw Litecoin rise to an early morning high $141.36 before falling to a low $139.77.

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

LTCUSD 290921 Hourly Chart

For the day ahead

Litecoin would need to move through the $143 pivot to bring the first major resistance level at $146 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $145 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $148.93 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $155 before any pullback. The second major resistance level sits at $152.

Failure to move through the $143 pivot would bring the first major support level at $137 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $134.

Looking at the Technical Indicators

First Major Support Level: $137

Pivot Level: $143

First Major Resistance Level: $146

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 3.07% on Tuesday. Following a 2.24% loss on Monday, Ripple’s XRP ended the day at $0.89360.

After a mixed start, Ripple’s XRP rose to a late morning intraday high $0.94242 before hitting reverse.

Falling short of the first major resistance level at $0.9626, Ripple’s XRP slid to a final hour intraday low $0.89115.

Ripple’s XRP fell through the first major support level at $0.9013 to end the day at sub-$0.90 levels.

At the time of writing, Ripple’s XRP was down by 0.66% to $0.88772. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.89895 before falling to a low $0.88657.

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

XRPUSD 290921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $0.9091 pivot to bring the first major resistance level at $0.9270 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $0.92 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.94242 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $0.9603.

Failure to move through $0.9091 pivot would bring the first major support level at $0.8757 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8578 and the 23.6% FIB of $0.8533.

Looking at the Technical Indicators

First Major Support Level: $0.8757

Pivot Level: $0.9091

First Major resistance Level: $0.9270

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

The Crypto Daily – Movers and Shakers – September 29th, 2021

Bitcoin, BTC to USD, fell by 2.65% on Tuesday. Following a 2.33% loss on Monday, Bitcoin ended the day at $41,064.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $42,77.0 before hitting reverse.

Falling short of the first major resistance level at $43,646, Bitcoin slid to a late intraday low $40,928.0.

Bitcoin fell through the 38.2% FIB of $41,592 and the first major support level at $41,425 to end the day at sub-$41,100 levels.

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

The Rest of the Pack

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

Crypto.com Coin slid by 6.28% to lead the way down.

Chainlink (-4.25%), Cardano’s ADA (-4.43%), Ethereum (-4.12%), Litecoin (-3.12%), and Ripple’s XRP (-3.07%) also struggled.

Binance Coin (-0.73%), Bitcoin Cash SV (-1.78%), Polkadot (-2.48%) and saw relatively modest losses, however.

Early in the week, the crypto total market rose to a Monday high $2,014bn before sliding to a Tuesday low $1,809bn. At the time of writing, the total market cap stood at $1,829bn.

Bitcoin’s dominance fell to a Monday low 41.46% before rising to a Tuesday high 42.56%. At the time of writing, Bitcoin’s dominance stood at 42.24%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $41,017.5. A mixed start to the day saw Bitcoin fall to an early morning low $40,991.0 before rising to a high $41,208.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.85%), Cardano’s ADA (-0.12%), and Crypto.com Coin (-1.25%) joined Bitcoin in the red early on.

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

At the time of writing, Chainlink was up by 0.65% to lead the way.

BTCUSD 290921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $41,590 pivot and the 38.2% FIB of $41,592 to bring the first major resistance level at $42,251 into play.

Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $42,777.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $44,000 levels before any pullback. The second major resistance level sits at $43,439.

Failure to move through the $41,590 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $40,402 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$39,000. The second major support level at $39,741 should limit the downside.

How Deflationary Tokens Empower A Crypto Project’s Value

Blockchain technology has ushered us into a digital era, including in finance. More people are opening their minds to the idea of dealing with digital currencies. This progress is something most of us never expected. However, the crypto sector is continuously booming to unprecedented levels. The global pandemic was a situation that led to crypto getting their moment to shine.

Currently, there are over 11,800 coins in the market and still increasing. The crypto market cap is swinging over $2 trillion and is expected to continue on an uptrend. Therefore, it is crucial to note that the economic models of some coins in the market are the reason behind their growth. These coins are deflationary tokens, a booming economic model in the newer coins.

What are deflationary tokens, and how are they influencing crypto projects to reach newer levels? Stay tuned for a clear explanation and my opinion on how they can boost crypto projects’ value.

Understanding the Concept behind Deflationary Tokens

A few of you may confuse the concept of deflation in traditional finance and cryptocurrencies. While in traditional finance, deflation is a bad thing, it is a positive element for cryptocurrencies. In traditional finance, deflation refers to an asset’s decrease in price due to certain conditions such as over-minting.

A deflationary crypto decreases in its market supply as time goes by. This factor implies that users or the project’s team will participate in activities that reduce the coin’s supply on the blockchain. A common way to achieve this end is burning tokens.

A point worth noting is that cryptocurrencies with a finite supply are deflationary by default. They achieve this status since as long as investors buy and hold the coin, its supply reduces. An excellent example is Bitcoin, the king coin in the crypto market and retaining the highest dominance to date.

According to many crypto enthusiasts, deflationary tokens are here to outsmart DeFi. Some of us may still be skeptical about this factor as DeFi shows promise in building web 3.0 into the future. However, projects such as Ethereum turning to deflationary token mechanism raises the question of what the fuss is about. Before we answer that question, let us have a look at how the deflationary token model works.

How Do Deflationary Tokens Work?

As mentioned earlier, deflation in cryptocurrencies mainly involves burning tokens from circulation. The confusion comes in how exactly a blockchain destroys its tokens. It is not a literal activity as it consists in locking the tokens in a wallet without the private keys, rendering them inaccessible.

Platforms employ two types of burning mechanisms: buyback and burn and transaction burning. Buyback is a self-explanatory mechanism as it involves the platform buying back tokens from holders and locking them in an inaccessible address; a platform may use part of its profits to execute this process.

As for burning on transactions, a platform employs a smart contract that automatically burns part of transaction fees. This mechanism heavily depends on the number of transactions on a platform; the more the transactions, the more tokens the platform burns and vice versa.

Major Projects Turning to Deflationary Mechanisms

Some argue that Bitcoin’s finite supply is the reason behind the coin’s great value. Crypto experts call it both inflationary and deflationary. However, focusing on the deflationary side, the coin undergoes halving every four years, reducing its circulation in the market.

Since its halving in 2020, the coin managed to reach a new all-time high, gaining the interest of both retail and institutional investors. It currently stands as an excellent option as a store of value more than an investment.

Nonetheless, Bitcoin is a glimpse at how deflation may work on an asset with a finite supply and high demand; other projects are shifting into deflation as their tokenomics model. Ethereum and Binance are two notable projects using deflationary mechanisms to their advantage.

Benefits Crypto Projects Can Derive from Deflation

There are several advantages both investors and projects can derive from deflationary tokens. Beyond everything else, deflationary tokens wish to solve the issues with traditional finance. Going against popular outcomes, deflationary tokens have a positive impact on the crypto space. Here are some of the ways projects can benefit from them:

  • Increase A Coin’s Value

In the fundamental law of supply and demand, an increase in supply leads to a decrease in demand. Deflationary cryptocurrencies focus on reducing their supply in the market, increasing their scarcity, and heightening their demand. Why, you may ask? It is common knowledge that rarer things to get are more enticing than those which are readily available. Using the same concept, investors have a stronger attraction to scarce coins than those flooding the market. In the long run, this will lead to an increment in the coin’s value.

  • Generating Profits

During the recent bull run, deflationary tokens have been taking the spotlight. This element directly contributes to investor interests as they amass more profits. Another scenario for the same is if a platform decides to buy back coins from holders. The whole process leading to the coin burning will profit those who choose to short their coins. At the end of the day, the expected results will be a boost in value after burning.

  • Removing Extras from the Market

Unsold tokens in circulation are detrimental to the progress of a cryptocurrency. Deflationary mechanisms help a project to remove them from circulation instead of flooding the market. Furthermore, if there were coins distributed incorrectly, burning would be beneficial to rectify the mistake.

Author’s Thoughts

The number of deflationary tokens entering the crypto market today is staggering. We have heard of Burny and Boom tokens, which are some of the popular deflationary tokens. Nonetheless, deflation seems to be catching the eye of big fish in the industry, as is in the case of the Ethereum EIP-1559 upgrade.

This move is an eye-opener for many who were discrediting deflation as a positive impact on the industry. I think it is time for deflation to take over crypto markets, providing alternative ways to store value. Lastly, it is not a matter of how, but when the coins manage to control the crypto market.

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