Cryptocurrency investors have been on a wild ride of late, and Amazon.com has been in the middle. Now that Amazon has set the record straight, sort of, on where it stands on bitcoin, investors can focus on what they know best, including meme coins. Ethereum-based Shiba Inu is a fan favorite, and it looks like holders of this cryptocurrency could be getting what they want.
Investment platform eToro has been adding cryptocurrency assets fast and furiously. The Shiba Inu community has been waiting for their turn but has remained on the sidelines as the social investment firm has gone in another direction. For instance, eToro in recent days announced the addition of cryptocurrencies Maker and Enjin on its platform, which added insult to injury for SHIB investors.
Shiba Inu has not fallen off of eToro’s radar, however. Now it appears that the investment firm is closer than ever to listing the meme coin. The company announced that it is “on the case to officially list [Shiba Inu] on eToro,” urging the Shib fam to “hang tight.”
Wen Shib? We’re on the case to officially list on eToro and plan to share updates soon. Hang tight Shib fam. 💚 pic.twitter.com/3Gre99oF87
Shiba Inu launched a year ago in the wake of the larger meme-coin project Dogecoin. Shiba Inu, which considers itself a “Dogecoin Killer,” recently amassed 600,000 holders, but the price has been caught in the crypto market downdraft.
Shiba Inu investors are not stopping at eToro, however. They are also looking to leading cryptocurrency exchange Coinbase.com as well as popular trading app Robinhood to recognize and add their favorite meme coin. Coinbase is not averse to listing meme coins and already supports Shiba Inu rival Dogecoin. Coinbase Pro for sophisticated investors intends to list Shiba Inu but those plans hit a snag, resulting in a “temporary delay.”
Meme Coin Listings
Shiba Inu isn’t the only meme coin that trading platforms have their eye on. Baby Doge Coin, whose meme father is Dogecoin, has snagged a listing in BitMart, effective July 28.
For its part, Baby Doge Coin boasts more than 500,000 holders. The project has also been burning its supply, including 250 trillion coins burned in recent days. Nonetheless, the price is down nearly 70% from its all-time high of USD 0.000000005890 reached in early July, as per CoinGecko market data.
Through the early hours, the crypto total market rose to an early morning high $1,465bn before falling to a low $1,417bn. At the time of writing, the total market cap stood at $1,464bn.
Bitcoin’s dominance fell to an early low 48.03% before rising to a high 48.43%. At the time of writing, Bitcoin’s dominance stood at 48.05%.
For the Afternoon Ahead
Bitcoin would need to move through the $37,699 pivot to bring the first major resistance level at $40,166 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s $40,595.0 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $43,061. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.
Failure to move through the $37,699 pivot would bring the first major support level at $34,804 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels, however. The second major support level sits at $32,337.
Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100 and 200 EMAs this morning. This led to the relatively range-bound session, with Bitcoin failing to break back through to $40,000 levels.
We saw the 100 EMA pull away from the 200 EMA, however, providing support to Bitcoin and the crypto bulls.
A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$36,000 levels into play.
Key going into the afternoon will be for Bitcoin to break through to $37,699 pivot to bring resistance levels into play.
Following late Monday’s reversal, Bitcoin would need to avoid sub-$35,000 levels else face a sharp pullback.
The issuers of the USDT stablecoins Tether are embroiled in yet another controversy as the executives are being investigated for possible bank fraud.
Tether Can’t Seem To Catch A Break
Perhaps the most controversial crypto projects in existence is Tether. The project has been embroiled in numerous controversies over the past few years, leading many within the community not to trust it and the USDT tokens it offers.
Tether is in yet another trouble as the United States Department of Justice has launched an investigation into its executives for possible bank frauds. In a report by Bloomberg yesterday, the DOJ said it is currently scrutinizing whether the company concealed from banks that transactions were linked to crypto.
Bloomberg cited three people with knowledge of the Tether matter, despite preferring to stay anonymous. According to the sources, the investigation is focused on conduct that occurred years ago, when the stablecoin issuer was still in its early years.
One of the sources revealed that the DOJ had already sent letters to the executives, notifying them that they are currently under investigation. Bloomberg added that the letter indicates that a decision could soon be reached on whether to bring a case. The senior Justice Department officials will decide if the charges are warranted.
Tether And Its Controversial Past
The stablecoin issuer had faced numerous controversies in the past. In 2018, Tether failed to conduct an audit that would confirm that its USDT tokens were backed by actual fiat currencies in the bank. This was followed by numerous reports suggesting that the company artificially inflated the Bull Run of 2017, leading Bitcoin to reach a then-record high of roughly $20,000.
The New York Attorney General also investigated Tether and its sister company, Bitfinex. According to the New York AG, Tether failed to inform its clients or the general market that certain USDT tokens were not backed by the US Dollar in the bank after Bitfinex received $850 million to cover up some of its losses. Tether and the New York AG’s office ultimately settled.
Tether finally presented an audit report in March this year, showing that its USDT tokens were backed by actual assets. Bitcoin briefly touched $40k yesterday following its rally over the weekend. However, the cryptocurrency is now consolidating, and it is now trading just above $37k per coin.
Bitcoin failed to settle above the resistance at $40,000 and pulled back towards $37,000 as traders took some profits off the table after a major rally which took the world’s leading cryptocurrency from $30,000 to $40,000 in just six trading sessions.
Other cryptocurrencies are also moving lower after major upside moves. Ethereum is currently trying to settle below $2,000 while Dogecoin is testing the support level at $0.20.
At this point, it looks that the short squeeze is over, and Bitcoin will need additional upside catalysts to settle above the key resistance at $40,000. While the recent upside move was spectacular, Bitcoin will need to settle above the resistance at $40,000 to have a chance to develop sustainable upside momentum.
Bitcoin faced significant resistance near $40,000 and pulled back below $38,000. The nearest support level for Bitcoin is located at $36,000. In case Bitcoin manages to settle below this level, it will head towards the next support level near the 20 EMA at $35,000. RSI is in the moderate territory, and there is plenty of room to gain downside momentum after the major upside move.
In case Bitcoin declines below $35,000, it will head towards the next support at $34,000. A successful test of this level will open the way to the test of the support at $32,000.
On the upside, Bitcoin needs to settle back above $38,000 to have a chance to get to the test of the major resistance level at $40,000. If Bitcoin gets above this level, it will head towards the highs of the previous upside move at $41,300.
From a big picture point of view, Bitcoin continues to trade in a wide trading range between the support at $30,000 and the resistance at $40,000. Both levels look strong, and Bitcoin will need additional catalysts to gain momentum and get out of this trading range.
In response to the global financial crisis of 2008, Satoshi Nakamoto ventured into the unknown and delivered the global financial markets with Bitcoin and blockchain tech.
Bitcoin’s creator set on a path to bring to end the control that central banks held over the global financial markets.
The concept and ideology of blockchain and ultimately Bitcoin was to allow the community to advance the technology on a united front in a bid to bring down central banks and the world’s largest financial institutions.
Things have not turned out, perhaps, how Satoshi had intended.
Miners vs Developers
In order to police and keep Bitcoin and the blockchain world moving forward, Bitcoin and the crypto community, not only needed developers, but also miners to verify transactions on the Bitcoin network and other crypto networks.
In contrast to Satoshi’s ambition to decentralize, miners and developers, have on occasion, fallen into disagreement over blockchain enhancements and/or developments.
For Bitcoin, minors had cornered the market with mining farms, leaving want-to-be minors out in the cold. This also meant that the income stream was just too large to give up control. Decentralized became centralized in a matter of years.
As a result, the Bitcoin community and the crypto community became divided between those in search of crypto income and the ideologists looking to continue to prize control from governments, central banks, and the world’s largest financial institutions.
This divergence in view and intent ultimately led to the splitting of crypto communities. The crypto technical term for this being a “Fork.”
In the crypto sphere, there are two types of forks that investors need to be concerned with. The first and generally of little impact to value and the broader market are soft forks.
In the event of a soft fork, only one blockchain remains valid, with users adopting the changes made to the blockchain.
By contrast, hard forks can have a material impact on price in the lead up and immediate aftermath of a fork.
In a hard fork event, both blockchains coexist. The coexistence occurs from nodes continuing to support the original blockchain.
In some instances, therefore, both blockchains can coexist and remain prominent in the crypto market place. This is when there is sufficient support for both the old and the new versions.
In some cases, however, nodes may eventually shift to the new version, leaving the old blockchain obsolete.
From an investor perspective, an important feature of a hard fork is that holders of the original crypto are awarded the new coins upon completion of the hard fork.
In the case of a successful hard fork, where both chains coexist, the value of the coins can increase substantially.
For this reason, anticipation and an eventual hard fork can have a material impact on price and crypto market volatility.
Since Bitcoin’s creation, the total number of cryptos in the market place have surged to a whopping 11,064 based on numbers from CoinMarketCap.
Notably, in spite of numerous soft and hard forks, Bitcoin (“BTC”) continues to be the dominant crypto.
The 2017 Convergence
Back in late 2017, we did see Bitcoin’s dominance converge with the likes of Ethereum. This coincided with Bitcoin’s first major hard fork, which resulted in the creation of Bitcoin Cash (“BCH”).
While Bitcoin Cash (“BCH”) enjoyed a lengthy period in the top 10 by market cap, a Bitcoin Cash hard fork in late 2018 led to the creation of Bitcoin Cash ABC and Bitcoin Cash SV.
The Bitcoin community have not been alone in dealing with hard forks.
Ethereum hard forked, leading to the creation of Ethereum Classic. In this case, Ethereum Classic maintained the old blockchain history. We also saw Litecoin hard fork, leading to the creation of Litecoin Cash.
In spite of disagreements between respective developers and the communities, however, Bitcoin, Ethereum, and Litecoin have all remained the dominant chain.
Major disagreements between developers and communities can lead to significant disruption. More importantly, market stability also comes into question.
Since the headline grabbing hard forks of Bitcoin, Ethereum, and Litecoin, the number of notable hard forks have fallen.
Developers and nodes working together to achieve Satoshi’s ambition of toppling central banks is now a more plausible outcome. Infighting had led to significant disruption and ultimately a marked decline in value.
Stability across the major crypto blockchains have supported the increased adoption. The increased adoption contributed to Bitcoin’s surge to an all-time high $64,829.0, struck in April 2021.
While volatility across the market place will unlikely abate anytime soon. The absence of hard forks and infighting, however, would serve the crypto community and investors well in the short to medium term.
Bitcoin has seen meteoric growth in the past 24 hours as fueled by news from Amazon.
Despite the uptrend which stirred a growth of up to 15% in the latest run, the market bears rejected a push-up beyond the $40,000 resistance point.
Ethereum is also seeing a rejuvenation as it looks to breach the $2,500 price level.
Unique fundamentals unraveled in the past days have stirred a rejuvenation in the cryptocurrency industry. For a market that has been begging for a bullish awakening in months, the 8.65% in the global crypto market cap to $1.53 Trillion is perhaps enough to suggest a major rally may be brewing. This, however, is dependent on how Bitcoin and Ethereum can sustain their current growth trends.
Bitcoin Sees Impressive Price Growth and a Simultaneous Rejection
The premier cryptocurrency is currently changing hands at $38,282.8, up 9.84% according to data from CEX.IO the price feed. The news that Amazon is looking to hire a crypto expert to help chart its pursuit of accepting Bitcoin payments can be tipped as a major cause for this recent growth.
With the institutional backing which has seen the likes of Tesla, MicroStrategy, and recently SpaceX places a Bitcoin holding on their balance sheets set to be complemented with the Amazon push, market bulls went on an unbridled accumulation, pushing the price to a weekly and monthly high of $39,280.42.
The uptrend as seen on the BTC/USD 4h chart is attaining the peak at the current price level, suggesting a bear action that is repressing the price growth from crossing the $40,000. The RSI and MACD indicators are still showing positive signs of growth, and while we may see a little retracement, crossing the $40,000 resistance point remains the short-term target for investors.
Ethereum Maintaining a Steady Growth
At a current price of $2352.31 and a growth rate of 8.01% in the past 24 hours, Ethereum’s uptrend correlation with BTC was reiterated. However, unlike Bitcoin which has started seeing a gradual bear action, Ethereum bulls are pushing the coin to a new price point, such as has never be seen in the past month.
With prices trading above the short-term Moving Average, a sustained buyup can push Ethereum to the $2,500 to $3,000 price level in the coming weeks.
All is well in crypto land. The bitcoin price is barreling toward USD 40K once again. Meme coin favorite Dogecoin is trading above the psychologically important USD 0.20 level. Ethereum is comfortably above USD 2K. And several major catalysts are in the pipeline, not the least of which Tesla potentially accepting BTC payments once again and e-commerce giant Amazon eyeing bitcoin for payments. Now that the bulls have wrestled back control, market leaders are getting out their crystal balls.
Bobby Lee, co-founder of China-based cryptocurrency exchange BTCC and CEO of crypto wallet Ballet, is among the biggest bitcoin bulls out there. Lee revealed to Fortune his short-term and long-term bitcoin price predictions. Lee says he feels “confident” the bitcoin price will cross USD 65K and then continue to rally to beyond USD 250K by year-end 2021.
Lee, who is also the brother of Litecoin founder Charlie Lee, doesn’t believe the bulls will stay in control forever. Next year, he is anticipating a “bear market cycle” in which the bitcoin price will see its value slashed by between 50% and 80% from its peak. The bulls will return, however, every several years.
Lee’s medium-term prediction in which he looks out to 2024-2025 is for the bitcoin price to “cross half a million dollars and might even touch USD 1 million.” From there, he has no problem seeing BTC trading above USD 1 million-2 million in the next 10-15 years.
In the short term, it appears to be only a matter of time before the bitcoin price is perched above USD 40K once again. Twitter account Stocktwits comprising investors and traders has polled its followers about whether the bitcoin price will cross USD 40K before the end of today. So far, out of nearly 1,400 votes, 57% of respondents are feeling bullish, while the rest are not banking on it.
Meanwhile, Galaxy Digital’s head of firmwide research, Alex Thorn, warns that “short term traders should remain cautious” until either the bitcoin price is steadily above USD 40K, or the 200-day moving average is reclaimed. Investors who are stacking sats, however, might want to keep doing what they’re doing.
i don’t normally do TA, but it seems clear that shorter term traders should remain cautious until we break and hold $40k or even retake the 200d MA. sat stackers remain unaffected. #bitcoinpic.twitter.com/XblFPpp2F9
As the bitcoin price goes higher, the leading cryptocurrency is getting more popular with Americans. According to a recent Gallup poll, 6% of Americans own bitcoin compared to 2% three years ago. Bitcoin ownership among Americans under the age of 50 hovers at 13% vs. 3% of Baby Boomers.
Botswana’s small population has several bitcoin enthusiasts; however, its citizens have to go through hard times to get their wallets funded for Bitcoin transactions chiefly because there are no local cryptocurrency exchanges where crypto enthusiasts can trade Pula (Botswana’s fiat currency) for Bitcoin.
Additionally, the lack of cryptocurrency regulation by the Botswana government and its unwillingness to adopt Bitcoin and other cryptocurrencies makes Bitcoin trading in Botswana challenging.
The declarations of the Botswana Bank’s governor makes it impossible for cryptocurrency exchange platforms to set up a base in Botswana knowing that Banks in Botswana will not provide intermediary financial services for the Botswana populace and cryptocurrency exchanges.
Hence, if you have to transact using Bitcoin, you will have to source Bitcoin via P2P or other informal means.
Encouraging Bitcoin Adoption In Botswana
What if you can pay your medical bills in Botswana using Bitcoin? To encourage the adoption of Bitcoin in Botswana, Dr. Donald Ariisa of Shahdara Clinic, a private hospital in Botswana, has decided to accept payment in Bitcoin, making him the first medical practitioner to accept Bitcoin as a means of payment.
Dr. Donald Ariisa is quoted as saying, ‘Bitcoin and the blockchain technology is new and volatile; as an early adopter, I hope to convince the Botswana populace of its viability.’
The bitcoin price has increased in the last 24 hours by 11% on Amazon’s Crypto Hiring Plans and according to CryptoPredictions.com, the Bitcoin price is forecasted to increase even further to surpass the $100,000 mark by the end of this year. With the high adaptation rate of BTC across the globe, more and more Bitcoin startups are springing up in a drive to see the widespread adoption and possibly force Botswana’s Central Bank to regulate cryptocurrencies.
One such early startup is the Satoshicenter, a blockchain startup established by Alakanani Itireleng in 2014 to provide blockchain services to the Botswana populace.
An offshoot of Satoshicenter is Plaas which aims to help farmers and agric societies manage production, daily activities, and stock through blockchain adoption.
On the other hand, IndieStudio Africa launched Kogboko, a Blockchain financial services provider that aims to provide financial services to Botswana’s unbanked populace, provide funding for individuals and businesses, as well as spread awareness of cryptocurrencies and blockchain technology in Botswana.
Buying Bitcoin From Botswana’s First Bitcoin ATM
Bitcoin’s price remains unstabilized in Botswana largely due to the lack of cryptocurrency exchange platforms leading to high arbitrage. The installation of a Bitcoin ATM in Gaborone, Botswana, is a welcome development.
However, critics fault the 15% commission charged on bitcoin sales as being on the high side. This is a welcome relief compared with the long, arduous journey to neighboring South Africa or relying on families and friends outside of Botswana for Bitcoin purchases.
Hence, 15% is a relatively small price to pay compared to the cost and danger of traveling or the high handling fees charged for fiat monetary transactions.
Alternative To Buying Bitcoin In Botswana
An alternative way of sourcing for Bitcoin is patronizing crypto exchanges based in South Africa and paying online with a globally accepted credit/debit card not readily available to the Botswana populace.
However, the most popular means of transacting Bitcoin is via Peer-to-Peer mode on various WhatsApp groups and other social media platforms. However, this means of transaction is unregulated with no control of scam activities.
A Silver Lining In The Sky
Botswana populace can buy bitcoin with fiat currencies on several exchanges and P2P platforms like CEX.io, YellowCard, Binance, Coinmama, Kraken, Paxful, LocalBitcoins, OKcoin, and Changelly.
The advent of peer-to-peer and crypto exchange platforms has provided great relief to Botswana’s cryptocurrency enthusiasts and has also catalyzed the widespread adoption of Bitcoin in Botswana.
Will Botswana Ban Bitcoin?
The bank of Botswana is not interested in regulating cryptocurrencies and, it has no intention of banning cryptocurrencies in the country. The central bank governor is likely to follow the trend by providing regulations for cryptocurrencies and cryptocurrency exchanges in the future. However, it cannot declare a ban on cryptocurrencies and related activities since it does not control the internet.
The Botswana populace continues to push for the widespread adoption and regulation of Bitcoin; this has yielded much dividend with the installation of Bitcoin ATM, the establishment of Satoshi center and other Bitcoin startups, and the proliferation of Bitcoin exchanges and P2P platforms.
Hopefully, Botswana will become one of Africa’s best cryptocurrency haven in the nearest future if it sustains its drive for widespread Bitcoin adoption.
Dogecoin made an attempt to settle above $0.2350 but pulled back towards $0.22 while Bitcoin rallied towards the $40,000 level.
Bitcoin gained strong upside momentum after reports indicated that Amazon may accept bitcoin payments by the end of this year. Not surprisingly, speculative traders rushed to buy Bitcoin and other cryptocurrencies after these reports emerged. Ethereum made an attempt to settle above $2,400 while XRP tested $0.6750.
While Amazon news have certainly served as the main catalyst for the recent rally, it looks that short covering has also played a role in this rally. Some traders rushed to short Bitcoin and other cryptocurrencies when Bitcoin made an attempt to settle below the key support level at $30,000. Bitcoin failed to gain downside momentum and began to rebound, so such traders rushed to exits at a time when bullish reports about Amazon’s plans were released.
Dogecoin is currently trying to stay above $0.22. RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
The nearest material resistance level for Dogecoin is located at $0.2250. If Dogecoin gets back above this level, it will move towards the resistance at $0.23.
A successful test of the resistance at $0.23 will open the way to the test of the resistance level which is located at the 50 EMA at $0.2385. In case Dogecoin gets above the 50 EMA, it will head towards the resistance at $0.25.
On the support side, the nearest support level for Dogecoin is located at $0.2150. If Dogecoin manages to settle below this level, it will move towards the support at the 20 EMA at $0.2040. A successful test of the support at the 20 EMA at $0.2040 will open the way to the test of the psychologically important support level which is located at $0.20.
The flagship crypto asset traded above the $39k price levels for the first time in six weeks and is currently trading its sixth consecutive day in the green.
Short sellers are currently on the sidelines, with a record $1.2 billion in shorts liquidated for the day further predict the outlook and momentum for Bitcoin is positive.
Bitcoin bulls have continued to hold their grip on the new asset class. Sunday’s current price rise representing the biggest single daily gain since June 16.
On the FTX exchange, the most popular crypto was changing hands for around $38,300, posting daily gains of more 10% but has cooled slightly after hitting a monthly high of around $39,850.
Such massive gains triggered many technical indicators return into bullish sentiments as the flagship crypto reclaimed the 50-day moving average.
Top altcoins posted decent gains with Cardano posting daily gains of more than 11% while Polkadot, XRP, Binance Coin, Dogecoin, Aave, Monero each having increased by more than 7% for the day.
Market sentiments stay high on rumors that Amazon, the world’s biggest e-commerce company is looking to accept the pioneer crypto asset for payments by year’s end and is considering minting its own token next year, further gave Bitcoin Bulls to stay within the striking distance of $40,000.
Giving credence to Amazon’s entry into the crypto-verse dates back to a post on a jobs board looking for a digital lead focused on crypto assets with Twitter’s Jack Dorsey earlier disclosing the micro-blogging platform is planning in future to integrate the world’s most popular crypto asset into their product and service offerings, put Bitcoin bulls within striking distance to hit the $40,000 price band.
At the time of drafting this report, the global crypto market value stood at $1.53 trillion, posting a surge of 9.19% over the last day.
The cryptocurrency market has been gaining adoption from corporate entities in recent years, and it now seems it is time for Amazon to join the list.
Amazon To Start Accepting Bitcoin Soon
Online retail giant Amazon is reportedly ready to start accepting Bitcoin payments before the end of the year. This is according to a report by London’s City A.M outlet, citing an insider. According to the report, Amazon will start accepting Bitcoin as a means of payment soon.
The retail giant recently posted saying that it wants to hire a cryptocurrency and blockchain lead. Amazon is looking to explore areas such as blockchain technology, cryptocurrency, central bank digital currencies (CBDCs) and distributed ledger.
The source told City A.M that the job post is a sign of bigger things from Amazon. She stated that the company is getting ready to set up cryptocurrency payment solutions at some point in the future. It is something the company is committed to achieving, she added.
The insider revealed that it starts with Bitcoin as it is the key first stage of the cryptocurrency project. The directive is apparently coming from Jeff Bezos himself. After establishing a strong Bitcoin payment option, Amazon will look to integrate other cryptocurrencies. “Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH) will be next in line before they bring about eight of the most popular cryptocurrencies online,” the insider added. Amazon has been working on the functionality since 2019, and it could soon come to fruition, she added.
Amazon To Develop Its Native Token
The second stage of the project is for Amazon to develop its own native token. The source stated that the company is planning to start developing its native token next year after establishing its cryptocurrency payment gateway.
She added that after a year of experiencing cryptocurrency payments, it is looking increasingly possible that the company is heading towards tokenization. The token will allow people to buy goods on Amazon and pay for other services. It will also come with a loyalty scheme to boost adoption.
Bitcoin has been performing excellently over the past few days. BTC is currently up by 12% over the past 24 hours and is now trading above the $38k mark for the first time in weeks. The rally has extended to other cryptocurrencies, with Ether also closing in on the $2,500 resistance point.
Bitcoin, BTC to USD, rose by 3.29% on Sunday. Following a 1.87% gain on Saturday, Bitcoin ended the week up by 11.30% to $35,415.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $33,886.0 before making a move.
Steering clear of the first major support level at $33,625, Bitcoin rallied to a final hour intraday high $35,444.0.
Bitcoin broke through the first major resistance level at $34,730 and the second major resistance level at $35,181 to end the day at $35,400 levels.
The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 Sunday.
Ethereum rose by 0.29% on Sunday. Following a 2.83% gain from Saturday, Ethereum ended the week up by 15.94% to $2,193.03.
A mixed start to the day saw Ethereum rise to an early morning high $2,196.70 before hitting reverse.
Falling short of the first major resistance level at $2,222, Ethereum fell to an early afternoon intraday low $2,108.08.
Ethereum fell through the first major support level at $2,129 before a late rally to an intraday high $2,197.05. In spite of the late move, Ethereum continued to fall well short of the major resistance levels.
At the time of writing, Ethereum was up by 0.32% to $2,200.00. A mixed start to the day saw Ethereum fall to an early morning low $2,172.99 before rising to a high $2,200.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $2,166 pivot to bring the first major resistance level at $2,224 into play.
Support from the broader market would be needed, however, for Ethereum to breakout from Sunday’s high $2,197.05.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could resistance at $2,300 before any pullback. The second major resistance level sits at $2,255.
A fall the $2,166 pivot would bring the first major support level at $2,135 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,077 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,135
Pivot Level: $2,166
First Major Resistance Level: $2,224
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin rose by 1.32% on Sunday. Following a 1.46% gain on Saturday, Litecoin ended the week up by 7.24% to $127.75.
After a mixed start to the day, Litecoin rose to late morning intraday high $128.12 before hitting reverse.
Coming up against the first major resistance level at $128, Litecoin fell to an early afternoon intraday low $123.62.
Finding support at the first major support level at $124, Litecoin moved back through to $127 levels and into the green.
At the time of writing, Litecoin was up by 0.44% to $128.31. A mixed start to the day saw Litecoin fall to an early morning low $127.03 before rising to a high $128.57.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $127 pivot to bring the first major resistance level at $129 into play.
Support from the broader market would be needed, however, for Litecoin to break out from $128.50 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $130 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $135. The second major resistance level sits at $131.
A fall through the $127 pivot would bring the first major support level at $125 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level at $122 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $125
Pivot Level: $127
First Major Resistance Level: $129
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP fell by 0.48% on Sunday. Following a 0.01% gain on Saturday, Ripple’s XRP ended the week up by 3.29% to $0.60678.
A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.61238 before hitting reverse.
Falling short of the first major resistance level at $0.6198, Ripple’s XRP slid to an early afternoon intraday low $0.59150.
Ripple’s XRP fell through the first major support level at $0.6002 before a partial recovery to $0.60 levels.
At the time of writing, Ripple’s XRP was up by 0.63% to $0.61059. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.60700 to a high $0.61059.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid the $0.6036 pivot to bring the first major resistance level at $0.6156 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.61238.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test resistance at $0.63 before any pullback. The second major resistance level sits at $0.6244.
A fall through the $0.6036 pivot would bring the first major support level at $0.5947 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5827.
Looking at the Technical Indicators
First Major Support Level: $0.5947
Pivot Level: $0.6036
First Major resistance Level: $0.6156
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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