Bitcoin’s monthly closing at $13,804.13 in October was the second highest after December 2017 monthly closing at $13,863.13. If the bulls push the bitcoin price above $14,000, there are no major resistances till the all-time highs, hence, the bears will try to defend this level aggressively. Market participants of traditional asset classes such as gold, bonds and equity will closely watch the outcome of the US Presidential elections. However, Grayscale CEO Barry Silbert believes that irrespective of who wins the elections, the money printing will continue, hence, Bitcoin will do well.

Bitcoin Price_Main
BITCOIN PRICE FUNDAMENTAL ANALYSIS

 

 

The rising popularity of cryptocurrencies has forced several central banks to explore the option of launching their own central bank digital currency. China has taken a lead over other nations as its CBDC pilot project has seen over four million transactions till date, without any major glitches. If China launches a digital yuan, then it could force other nations to follow suit.

The European Central Bank President Christine Lagarde has launched a public consultation to know about consumer preferences regarding a digital Euro. Similarly, the Australian central bank has also launched its CBDC project in partnership with several banks and software companies.

These developments are bullish for cryptocurrencies in the long-term. Hence, investors could view the current correction as a buying opportunity.

Let’s study the charts of the top-5 cryptocurrencies to spot the critical levels on the downside where buyers may step in.

Bitcoin Price chart – How To Trade BTC/USD

Bitcoin price chart hit an intraday high of $14,098.92 on October 31 but the bulls could not sustain the higher levels and the closing on that day was below $14,000. This showed that bulls were struggling to sustain the Bitcoin price chart above $14,000.

We had advised traders to book profit on 80% of their open position if the BTC/USD pair did not break above $14,000. Traders got many opportunities to book profits on November 1 and 2.

About 20% of the open positions could be held with a stop-loss below the 20-day EMA.

Both moving averages are sloping up and the RSI is in the positive zone, which suggests that the bulls have the upper hand.

If the bulls do not give up much ground, then there will be another attempt to propel the price above $14,000. If the bulls can pull it off, the Bitcoin price chart could start its journey to the next target objective of $16,000.

The only negative development on the chart is the bearish divergence on the RSI. This suggests that the momentum has weakened. A break below the 20-day EMA will be the first sign of weakness.

If the bears sink the Bitcoin price chart below $12,486.61, a deeper correction to the 50-day SMA is possible.

Ethereum Price chart – How To Trade ETH/USD

Based on the Ethereum price chart we had suggested traders cut their position in half in the previous analysis and Ether gave that opportunity. The rest of the positions could have been closed when the biggest altcoin again struggled to sustain the price above $400 on Nov. 2.

The bears are currently attempting to sink the Ethereum price chart below the 50-day SMA. If they succeed, the pair could drop to $332.87 and then $310. Therefore, if some traders have still not closed half of their positions, they can do so at $360.

Both moving averages are flat and the RSI has dipped into the negative territory, which points to a possible range-bound action in the near-term.

Contrary to this assumption, if the ETH/USD pair rebounds off the current levels, the bulls will once again attempt to push the Ethereum price chart above $400. If they succeed, a rally to $450 is possible.

XRP Price Chart – How To Trade XRP/USD

XRP price chart attempted to rise above the $0.26 level on October 28 but failed. Traders could have closed their positions when the XRP price chart turned around from the overhead resistance once again, as suggested in the previous analysis.

The bulls purchased the dip to $0.23 levels on October 30 but the rebound could not cross above the moving averages. This suggested that bears were selling on minor rallies.

Currently, the bears are trying to sink the XRP price chart below $0.23. If they manage to do that, the XRP/USD pair could drop to $0.22. This is a critical level because if it breaks, the decline could extend to $0.19429.

Although the best way to trade a range is to buy at support and sell near resistance, the failure of the XRP price chart to rebound off $0.23 suggests weakness.

However, even after repeated attempts, if the bears fail to sink and sustain the XRP price chart below the support, it could offer a buying opportunity with a close stop-loss because then, the bulls will try to push the XRP price chart back to $0.26.

Until the pair rebounds, we do not find any reliable buying opportunity, hence, we are not recommending a trade in it.

Bitcoin Cash Price USD – How To Trade BCH/USD

The Bitcoin Cash price chart we had warned traders about the negative divergence that was developing on the RSI in our previous analysis. Although the bulls defended the 20-day EMA for a large part of the week, they could not push Bitcoin Cash above $270.

The failure to do so could have attracted profit booking from traders and shorting by aggressive bears. The break of the 20-day EMA and the channel has resulted in a sharp fall.

Although the Bitcoin Cash price dipped to an intraday low of $233.14 today, the bulls are currently trying to push the price back above the 50-day SMA.

The 20-day EMA has started to turn down and the RSI has dipped into the negative zone, which shows that the bears have the upper hand. If the bears can sustain the Bitcoin Cash price below the 50-day SMA, the decline could extend to $210 and then to $200.

Even if the BCH/USD pair rebounds off the current levels, it is likely to face stiff resistance at the 20-day EMA. Therefore, we are not proposing any trade in it.

Chainlink Price Chart – How To Trade LINK/USD

Chainlink’s failure to rebound off the 20-day EMA showed a lack of confidence among the bulls. This encouraged the bears and they are now attempting to sink the price below the support line of the rising wedge.

If they can sustain the price below the wedge, the LINK/USD pair could drop to $8.35 and then to $7.312.

The 20-day EMA is flat but the RSI has dipped into the negative territory, which suggests that the bears are attempting to gain an upper hand.

This bearish view will be invalidated if the pair rebounds off the current levels and rises above $13.40. Such a move will suggest accumulation at lower levels.

Currently, we do not find any reliable buy setup, hence, traders could stay on the sidelines.

 

DON’T BET AGAINST BITCOIN $20,000 COMING SOON! - 27TH OCTOBER

 

 

 

Several Major Bitcoin Price news events this week the biggest was PayPal’s decision to allow its customers to buy, hold, and sell cryptocurrencies using PayPal apps. The payment giant also opened the doors of its 26 million sellers to its clients who want to purchase using virtual coins. This move by PayPal could potentially boost the crypto userbase as it has about 346 million users compared to Bitcoin’s 187 million users. Galaxy Digital CEO Mike Novogratz recently said that PayPal’s decision could force banks such as Morgan Stanley, Goldman Sachs, and Bank of America, to take the crypto plunge.

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JPMorgan’s Global Markets Strategy division, in a note to its clients, said that Bitcoin competes with gold as an “alternative” currency, but Bitcoin’s low market capitalization compared to that of gold offers it a “considerable” upside in the long-term.

Abra co-founder and CEO Bill Barhydt believe that the money printing by the governments will eventually make fiat currencies worthless. Therefore, Barhydt has considerably increased his Bitcoin holdings in the past few weeks, which is now over 50% of his total investment portfolio.

The PayPal news is a huge positive for the crypto sector but we do not think chasing prices is a good strategy. After the initial frenzy, the price could give back some of the gains, which could offer an opportunity for the traders to buy at lower levels.

Let’s study the charts of the top-5 cryptocurrencies to determine the path of the least resistance.

Bitcoin Price chart – How To Trade BTC/USD

bitcoin price_BTC

 

Bitcoin price chart surged from an intraday low of $11,900.01 to an intraday high of $13,250.04 on October 21. This rally carried the Bitcoin price chart above the $12,086 to $12,486.61 overhead resistance with ease.

Traders who had purchased on our earlier recommendation are sitting on a huge profit in a short time.

The bulls are currently facing resistance in the $13,200 to $13,361 zone. However, the positive thing is that the bulls have not given up much ground. This shows that the bulls continue to buy on minor dips.

When the Bitcoin price chart consolidates in a tight range after a sharp rally, it suggests that the underlying momentum is bullish and increases the possibility of the continuation of the uptrend.

However, there are no certainties in trading. Therefore, traders can keep a stop-loss of $12,750 on about 40% of the position and protect the rest with stops below the 20-day EMA.

If bulls can sustain the Bitcoin price chart above $13,200, the BTC/USD pair could resume the uptrend and rally to $14,000. This level may again face stiff resistance from the bears.

Hence, traders can book profits on about 80% of the position if they find that the bulls are struggling to scale the Bitcoin price chart above $14,000.

Contrary to this bullish assumption, if the Bitcoin price chart turns down from the current levels and breaks below the 20-day EMA, then it may drop to $11,200.

Ethereum Price chart – How To Trade ETH/USD

bitcoin price_ETH

Ethereum price chart closed (UTC time) above $400 on October 22 but the bulls could not extend the up-move as we had anticipated. After sustaining above $400 for a few days, the biggest altcoin dropped to the 20-day EMA on October 26.

 

This suggests a lack of demand at higher levels. the bulls are currently attempting to defend the 20-day EMA. However, the weak rebound off the support suggests a lack of confidence among traders about the resumption of the uptrend.

If the bulls do not push the Ethereum price chart above $400 within the next few days, the bears will make one more attempt to break the 20-day EMA support. If they succeed, the ETH/USD pair could drop to the 50-day SMA at $368.

Traders who went long on our recommendation in the previous analysis can watch for one more day and cut the position in half if the bulls face resistance at $400. The stops on the rest of the positions can be kept at $360.

If the bulls can propel the Ethereum price chart back above $400, it will suggest strong buying on dips and such a move will increase the possibility of a retest of $421.47.

A breakout of this resistance could result in a resumption of the up-move with a target objective of $450 and then $488.95.

Conversely, if the bears sink the Ethereum price chart below the moving averages, a drop to $332.87 and then to $310 will be on the cards.

XRP Price Chart – How To Trade XRP/USD

bitcoin price_XRP

XRP price chart again failed to close (UTC time) above the overhead resistance at $0.26 on October 22, which shows that the bears are aggressively defending this level.

Repeated failure to break above a level could frustrate the bulls and they may book profits or close their positions. Therefore, traders can trail the stops to $0.2350 to reduce their risk.

The bulls are currently attempting to defend the 50-day SMA. If the XRP price chart rebounds off this level, the bulls will again try to push the price above $0.26. If they succeed, a new uptrend with a target objective of $0.30 may be set in motion.

However, if the next attempt to push the XRP price chart above $0.26 also fails, then the bears will try to sink the XRP/USD pair to $0.22. Therefore, traders can keep a close eye on the next attempt and close the position if the price again turns down.

The flat moving averages and the RSI close to the midpoint suggests a balance between supply and demand. This means, both the bulls and the bears have an equal opportunity to establish their dominance.

Above $0.26, it will be an advantage to the bulls and a break below $0.22 will signal that bears are in command.

Bitcoin Cash Price USD – How To Trade BCH/USD

bitcoin price_BTH

The Bitcoin Cash price bears attempted to sink Bitcoin Cash below the critical support at $242 on October 20 but they could not sustain the lower levels. This attracted buyers who then pushed the price to $280 levels.

Profit booking at this level has currently dragged the Bitcoin Cash price down to the 20-day EMA. A strong rebound off this level will suggest that the bulls continue to buy on dips. They will again try to push the price above $280.

If they succeed, a rally to $300 and then to $326 will be on the cards. However, traders should keep an eye on the RSI as it is showing signs of forming a negative divergence. This suggests that the momentum could be weakening.

A break below the 20-day EMA and the trendline of the ascending channel will suggest that bears have the upper hand.

Aggressive traders can look for buying opportunities as long as the Bitcoin Cash price stays above the 20-day EMA.

Chainlink Price Chart – How To Trade LINK/USD

bitcoin price_Link

Chainlink is currently trading inside a rising wedge pattern. Although the bulls had pushed the price above the wedge on Oct. 24, they could not conquer the $13.40 resistance. That dragged the price back into the wedge.

The bulls are currently attempting to defend the 20-day EMA. If the LINK/USD pair rebounds off this level, the bulls will again try to propel the price above $13.40. If they can pull it off, it could start an up-move that can reach $17 and then $20.

The moving averages have completed a bullish crossover and the RSI has risen above the halfway mark, which suggests that the bulls are in command.

Therefore, traders can buy if the pair sustains above $13.40 for 8 hours. The initial stop-loss can be kept at $9.70, which can subsequently be trailed higher.

Contrary to this assumption, if the bears sink the price below the wedge, the pair may drop to $8.35 and then to $7.312.

 

 

BITCOIN READY FOR PARABOLIC PRICE [GET READY!] - 20TH OCTOBER

 

 

 

 

 

 

 

The Bitcoin futures market volumes have started to increase and in the recently completed expiry on the Bakkt Bitcoin exchange, a record number of futures contracts were marked for delivery, according to data from Arcane Research. This shows that the institutional investors are bullish on Bitcoin, hence, they are building positions in the derivatives markets. In most asset classes, the futures markets drive the spot prices. Even in the crypto space, the Chicago Mercantile Exchange’s Bitcoin futures market contributes “more to price discovery than its related spot markets,” according to a new report from investment firm Wilshire Phoenix.

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BITCOIN PRICE FUNDAMENTAL ANALYSIS

However, several institutional investors are sceptical to enter the crypto space due to high volatility and the lack of regulator uncertainty. Fidelity Digital Assets recently released a report dubbed Bitcoin Investment Thesis, which showed how portfolio managers could increase returns of their traditional 60/40 portfolio by allocating a meagre amount of 0ne to three percent in Bitcoin.

While several reports have been bullish on the prospects of Bitcoin, JPMorgan strategists have a different view as they believe that Bitcoin is slightly overvalued compared to its intrinsic value and it could face a “modest headwind” in the short-term.

Although we are also bullish on Bitcoin in the long-term, let’s see what do the charts project for the short-term.

Bitcoin Price Chart – How to Trade BTC/USD

bitcoin price_BTC

Bitcoin price chart bulls did not allow Bitcoin to dip below $11,200 in the past few days. This shows that the previous resistance has now flipped over to support and the bulls are buying on dips to this level.

The sharp up-move on October 19 has pushed the Bitcoin price chart above $11,736.02, the intraday highs of October 12. The rally may now reach $12,086 and if this level is scaled, the uptrend could extend to $12,486.61.

Both these overhead resistance levels might attract selling by the bears. Therefore, traders can watch the Bitcoin price chart action closely and book partial profits if they find that bulls are struggling to push the Bitcoin price chart above these levels.

However, the upsloping 20-day EMA and the RSI above 67 indicates that bulls are in command. If the bulls do not give up much ground near the overhead resistance, the possibility of a rally to $14,000 increases.

Therefore, traders can keep a part of their positions with a deeper stop-loss at $11,000 to allow the BTC/USD pair some wiggle room.

This bullish view will be invalidated if the price turns down from the current levels or the overhead resistance and plummets below $11,200. Such a move will suggest aggressive shorting by the bears at higher levels.

Ethereum Price chart – How To Trade ETH/USD

bitcoin price_ETH

Ethereum price chart bulls are attempting to defend the 20-day EMA. This suggests that the sentiment has turned positive and the bulls are buying Ether on dips as they expect a break above $400.

If that happens, traders can buy on a close (UTC time) above $400 and keep a stop-loss below $360 because, if the Ethereum price chart re-enters the trading range, it will suggest a lack of demand at higher levels.

The 20-day EMA is currently moving up gradually and the RSI is in the positive territory, which suggests that the bulls are making a comeback.

If the Ethereum price chart sustains above $400, the journey to $488.95 is likely to begin. If the bulls can break above this resistance, the next stop could be $550.

Contrary to this assumption, if the ETH/USD pair turns down from the current levels or from the overhead resistance and breaks below the moving averages, the range-bound action may continue for a few more days.

The trend will tilt in favour of the bears if the Ethereum price chart drops below the critical support at $310.

XRP Price Chart – How To Trade XRP/USD

bitcoin price_XRP

XRP price chart bulls could not push XRP above the overhead resistance at $0.26 on October 13, which attracted profit booking by the short-term bulls and shorting by the aggressive bears.

Although XRP/USD pair dipped below the moving averages on October 15, the bears could not capitalise on this weakness and intensify the selling.

The XRP price chart has turned around from $0.2373 on October 16 and the bulls are now attempting to sustain the XRP price chart back above the moving averages. If they succeed, the pair could move up to $0.26.

A breakout and close (UTC time) above $0.26 will complete an inverse head and shoulders pattern that has a target objective of $0.30. Therefore, traders can continue to hold their long positions with the stops at $0.2280.

Contrary to this assumption, if the XRP price chart turns down from the current levels or the overhead resistance and breaks below $0.23730, the advantage will shift in favour of the bears.

Bitcoin Cash Price USD – How To Trade BCH/USD

bitcoin price_BCH

Bitcoin Cash price rallied to an intraday high of $266.67 on October 16 and traders who had been long on our earlier recommendation would have made quick profits had they trailed the stops higher.

The Bitcoin Cash price is currently trying to stay above the $242 support. Although the bulls have defended this level, they have not been able to achieve a strong rebound off it, which suggests a lack of urgency to buy at the current levels.

If the BCH/USD pair does not climb above $253 within the next few days, the bears will try to sink the Bitcoin Cash price below $242. If they succeed, the pair may drop to the uptrend line. A break below this support will increase the possibility of a drop to $200.

Conversely, if the bulls push the Bitcoin Cash price back above $253, the pair is likely to rally to $266.67 and if this level is scaled, the up-move can reach $280 and then $300.

The upsloping 20-day EMA and the RSI in the positive territory suggest that the bulls have a slight advantage.

Binance Price Chart – How To Trade BNB/USD

Binance price chart could not reach the desired target objective of $33.33333 last week. This shows that there is no certainty in trading, hence, we had suggested traders to trail the stops higher in our previous analysis.

The bears have currently dragged the Binance price chart back to the $29.55011-$28.77 support zone. A breakdown and close (UTC time) below this zone could extend the decline to the next strong support at $26.

However, both moving averages are sloping up and the RSI remains in the positive territory. This suggests that the trend favors the bulls and they may buy the dip to the 20-day EMA.

If the BNB/USD pair rebounds off the support zone, the bulls will make another attempt to push the Binance price chart above the $33.33333 resistance. If they succeed, the pair could start its journey to the all-time highs.

 

 

 

 

 

BITCOIN PRICE COULD REACH 2020 HIGHS IN THIS CYCLE - 13TH OCTOBER

 

 

 

 

 

The Bitcoin price had a major boost in confidence from Square, Inc. which has followed the footsteps of another listed company MicroStrategy and has purchased 4,709 Bitcoins at a total consideration of $50 million. These purchases by listed companies will boost confidence in the asset and could attract similar investments from other large organisations that are positive on cryptocurrencies.

Another instrument that could boost wider adoption of cryptocurrencies is a Bitcoin exchange traded fund. However, the U.S. Securities and Exchange Commission has not approved any ETF proposal in the past three years.

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Nevertheless, SEC commissioner Hester Peirce believes that the regulator might have to take a lenient view on ETF applications in the future as several people, both in the crypto space and in the traditional financial institutions, have been seeking guidance from the SEC. A Bloomberg newsletter predicts that if Joe Biden wins the Presidential elections, the new administration might be bullish for Bitcoin and could increase the chances for a Bitcoin ETF. However, the United Kingdom’s Financial Conduct Authority has not taken a supportive view of crypto products. It has ruled that companies will not be allowed to offer various crypto derivative products such as futures, options, and exchange-traded notes to retail customers. The regulator believes that this step could “save around £53m” ($62.5 million) for retail consumers, presumably because of avoiding trading losses.” Leverage trading, in any asset, be it equities, Forex, commodities, or cryptocurrencies, are risky and should not be attempted without a proper money management principle. Let’s study the charts of the top five cryptocurrencies to determine the path of least resistance.

Bitcoin Price Chart – How to Trade BTC/USD

Bitcoin price chart rebounded sharply from the uptrend line on October 8 and surged above the moving averages, which was the first sign of a likely change in trend. Therefore, we had suggested traders buy on a rebound off the uptrend line in our previous analysis as it offered an attractive risk to reward ratio. Traders who followed the recommendation are now sitting on profits. The momentum picked up after the bulls pushed the Bitcoin price chart above $11,200 and the Bitcoin price chart hit an intraday high of $11,736.02 on October 12. The moving averages have completed a bullish crossover and the RSI is in the positive zone, which suggests that the bulls are in command. If the bulls do not allow the price to dip below $11,200, the uptrend is likely to resume and reach $12,486.61. The bears will pose a stiff challenge in the $12,000-$12,486.61 zone. Hence, traders can book partial profits in this zone and trail the stops on the rest of the position. This bullish view will be invalidated if the bears drag the Bitcoin price chart back below $11,200. Such a move will suggest a lack of buyers at higher levels and that may attract shorting by aggressive bears.

Ethereum Price chart – How To Trade ETH/USD

Ethereum price chart is consolidating in a large range of $400 to $310. Currently, the price has reached the upper end of the range where the bears will mount a stiff resistance. If the bears can sink the Ethereum price chart below both moving averages, the range-bound action is likely to continue for a few more days. However, the 20-day EMA has started to turn up gradually and the RSI has risen close to 60, which suggests that the bulls are attempting to establish their supremacy. If buyers can push the Ethereum price chart above $400, the ETH/USD pair could resume its uptrend and rally to $488.95. Therefore, traders can buy on a breakout and close (UTC time) above $400 and keep a stop-loss below the 20-day EMA. Long positions can be avoided if the Ethereum price chart turns down from the current levels and breaks below the moving averages.

XRP Price Chart – How To Trade XRP/USD

XRP price chart broke and closed (UTC time) above the downtrend line on October 10. This triggered the buy suggested in the previous analysis. However, the bears are defending the overhead resistance at $0.26. The XRP price chart action of the past few days has formed an inverse head and shoulders pattern that will complete on a breakout and close (UTC time) above $0.26. This bullish setup has a target objective of $0.30. The momentum is likely to pick up after the buyers propel the altcoin above the $0.26-$0.26599 resistance zone. Therefore, traders who have purchased on our recommendation can hold the position with a stop-loss at $0.2280. The stops can be trailed higher to $0.24 after the XRP price chart sustains above $0.266. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, which suggests that the bulls have the upper hand. This bullish view will be invalidated if the XRP/USD pair turns down from the current levels and plummets below the right shoulder at $0.23.

Bitcoin Cash Price USD – How To Trade BCH/USD

Bitcoin Cash price chart broke above the downtrend line on October 8 but has been facing resistance at the $242 level. Although the bulls have pushed the Bitcoin Cash price chart above the overhead resistance, they have not been able to sustain the breakout. This suggests that the bears are aggressively defending $242. However, the positive sign is that the bulls have not allowed the Bitcoin Cash price chart to dip below the 20-day EMA. This suggests accumulation on every minor dip. The moving averages are on the verge of a bullish crossover and the RSI has risen close to 60, which suggests advantage to the buyers. If the bulls can propel and close (UTC time) the price above $242, the journey to $280 is likely to begin. Therefore, traders who have been long on our earlier recommendation can continue to hold their positions but can trail the stops higher to $210. The stops can be raised again after the pair sustains above $242. Contrary to the assumption, if the pair turns down from the current levels and plummets below the 20-day EMA, it will suggest weakness.

Binance Price Chart – How To Trade BNB/USD

Binance price chart had formed a symmetrical triangle last week, which showed indecision among the bulls and the bears. That uncertainty was resolved to the upside after the bulls pushed the Binance price chart above the triangle on Oct. 12. Traders who are holding long positions from our earlier recommendation are now sitting on profits. They can trail their stops on the positions to reduce the risk and protect paper profits. The moving averages are sloping up and the RSI is above 67, which suggests that the bulls are in command. The next target on the upside is $33.33333 where traders can book profits on about 80% of their position and trail the stops on the rest because above this level, the BNB/USD pair can rise to $39.44444. However, the bears are unlikely to let the bulls have it easy. They will try to drag the Binance price chart back below $28.77. If they succeed, it will suggest that the momentum has weakened.

 

Bitcoin HUGE MOVE Soon - 6TH OCTOBER

 

Bitcoin and the major altcoins remain bullish and are likely to move up in the next few days. The Bitcoin price is increasing slowing as it recovers from last weeks major news dump, with the Ethereum price fees dramatically plummet. United States Commodity Futures Trading Commission framed charges against five entities and three individuals for allegedly operating an unregistered trading platform BitMEX. That was followed by news that U.S. President Donald Trump had tested positive for coronavirus. However, the crypto markets did not show any knee-jerk reaction, which suggests the investors are focused on the long-term fundamentals.
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ARK Investment Management LLC is popular for projecting a $1 trillion valuation for Tesla much before anyone else, and the firm has a history of identifying disruptors and big ideas much in advance to others. In its report, the asset manager has projected a $1-5 trillion capitalization for Bitcoin in the next five to ten years and has said that “Bitcoin could be the most compelling monetary asset since gold.” However, Blockstream CEO Adam Back was not impressed as he termed this projection as conservative. Back said that Bitcoin could rally to “$1 trillion market cap within 2 years, probably sooner.” If this prediction plays out, each Bitcoin will be worth $50,000. Bloomberg analyst Mike McGlone was not one to be left behind. In his latest crypto newsletter, McGlone points out that Bitcoin has a tendency to “add zeros to its price” and it went from $1,000 to $10,000 in four years, and if history repeats itself, then the largest cryptocurrency may reach $100,000 by 2025. The long-term remains bullish but does the short-term also suggest further upside? Let’s analyse the charts of the top cryptocurrencies to find out.

Bitcoin Price Chart – How to Trade BTC/USD

The Bitcoin price chart bounced off the uptrend line on October 2 and formed a long tail on the candlestick, which shows strong buying by the bulls near the line. The bulls will now try to push the Bitcoin price chart above the overhead resistance at $11,200. If that happens, the BTC/USD pair could pick up momentum and rally to $12,486.61. Though there is a resistance at $12,086, we expect it to be crossed. However, the bears are unlikely to give up easily. They will try to stall the up-move at the 50-day SMA and again at $11,200. If the pair turns down from either level, a drop to the uptrend line is possible. The 20-day EMA is currently flat and the RSI is also near the midpoint, which suggests a balance between supply and demand. The Bitcoin price chart can move in either direction, hence, traders can remain on the sidelines until a decisive breakout happens. Traders can wait for a breakout above $11,200 to sustain for a few hours before buying with a stop below the uptrend line. Another possible trading opportunity might open up if the Bitcoin price chart turns down from the current levels but rebounds off the uptrend line. Although this is an early entry, the trade has a good risk to reward ratio, hence, can be attempted.

Ethereum Price chart – How To Trade ETH/USD

The Ethereum price chart broke above the 20-day EMA and the overhead resistance at $364.49 on October 1, but could not sustain the higher levels, which gave an opportunity to traders to book partial profits as suggested in the previous analysis. The bears attempted to sink the Ethereum price chart back to $310 but the recovery from the intraday lows on October 2 showed that the bulls continue to accumulate at lower levels. If the bulls can push the Ethereum price chart above the 20-day EMA and $364.49, a move to $400 will be on the cards. However, the bears are unlikely to give up easily. They will aggressively defend the zone between the 20-day EMA and the 50-day SMA. If the ETH/USD pair turns down from this zone, the bears will once again try to sink the Ethereum price chart to $310. A breakdown of this support will be a huge negative as that could start a downtrend. We do not find a reliable buy setup at the current levels; hence, we are not suggesting a trade now.

XRP Price Chart – How To Trade XRP/USD

XRP price chart turned down from the 20-day EMA but found support close to $0.23, which suggests that bulls are not waiting for a deeper correction to buy as they expect prices to move higher. The failure of the bears to sustain the XRP price chart below $0.23 resulted in a spike on October 4 that drove it above the 20-day EMA. That move was followed up by further buying and the bulls have now pushed the price above the downtrend line. If the XRP price chart sustains above the downtrend line, it will suggest a change in trend. The 20-day EMA has started to turn up gradually and the RSI has risen into the positive territory, which suggests that the bulls have the upper hand. Traders can wait for the XRP price chart to close (UTC time) above the downtrend line before buying with a stop-loss at $0.2280. The target objective is $0.30492 and above it $0.32750. Contrary to this assumption, if the XRP price chart turns down from the current levels and plummets below $0.228, a retest of $0.22 will be on the cards.

Bitcoin Cash Price USD – How To Trade BCH/USD

The Bitcoin Cash price bulls could not push and sustain Bitcoin Cash above the 20-day EMA on October 1, which shows that the bears are aggressively defending this resistance. However, the positive thing is that the bulls purchased the dip on October 2nd. Currently, the bulls are again trying to drive the Bitcoin Cash price above the downtrend line and the stiff overhead resistance at $240. If they succeed, the BCH/USD pair is likely to pick up momentum. There is no significant resistance between $240 and $280, hence, we expect the Bitcoin Cash price to cover this journey quickly. Traders who are long from lower levels can trail their stops closely when the pair nears $280. Contrary to this assumption, if the Bitcoin Cash price turns down from the current levels, the bears will once again try to break the $200 support. The downsloping moving averages and the RSI in the negative territory suggest that bears still have the upper hand. Hence, the initial stop-loss can be maintained at $190.

Binance Price Chart – How To Trade BNB/USD

Binance price chart broke above $28.77 resistance on September 30 but the bulls could not sustain the higher levels. That dragged the Binance price chart down to the 20-day EMA on October 1 and 2 and that gave an opportunity to traders to buy as recommended in the previous analysis. Currently, the bulls are again trying to push the Binance price chart above the $28.77-$29.55011 resistance zone. If they succeed, the BNB/USD pair could rally to $33.33333. Both moving averages are sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand. This bullish view will be invalidated if the Binance price chart again turns down from the current levels and breaks below the 50-day SMA. Such a move could result in a deeper fall to $22. Traders can keep the stop-loss on the open trade at $25.80, which can be trailed higher after the bulls push the Binance price chart above $29.55011.

 

Bitcoin Price $10,000 Holding Strong - - 29TH SEPTEMBER

 

The Bitcoin price could rally to $11,200 in the next few days and this is likely to pull the altcoins higher. The Singapore-based cryptocurrency exchange Kucoin witnessed a major security breach on September 26 and the hackers siphoned off over $150 million worth of user funds from the hot wallets. Some analyst estimates have suggested that the heist may be to the tune of $280 million. Historically, major hacks of exchanges have resulted in a sharp sell-off in crypto prices.
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BITCOIN PRICE $10,00 HOLDING STRONG

However, this time, crypto prices did not react to the news of the hack, which shows that the traders are focused on long-term fundamentals and not reacting to short-term hurdles. Bitcoin has not closed (UTC time) below the $10,000 level since breaking above it on July 27, which has eclipsed the previous record of 62 successive closes above $10,000 from December 1, 2017, to January 31, 2018. This shows that $10,000, which had been previously acting as a strong resistance has now become a strong support. The sentiment in the crypto sector is likely to remain positive if Bitcoin sustains above $10,000. Grayscale Investments purchased 17,000 Bitcoin last week that has taken its total tally to 449,900 Bitcoin, about 2.4% of the current total coin supply. This shows that even if a few large institutional investors allocate a small percentage of their funds into Bitcoin, the prices are likely to skyrocket. Can Bitcoin resume its uptrend or will it again give an opportunity to the traders to buy closer to $10,000? Let’s analyse the charts to find out.

Bitcoin Price Chart – How to Trade BTC/USD

The Bitcoin price chart is currently range-bound between $9,800 and $11,200. Although the Bitcoin price chart moved above the 20-day EMA on September 28, the bulls could not sustain the higher levels, which shows that the bears are selling close to the 50-day SMA. However, the bulls are not allowing the Bitcoin price chart to dip below the $10,500 level for the past four days. This shows that the bulls are buying on dips while the bears are selling on rallies. For a trending move to start, either the bulls or the bears will have to establish their dominance. It is difficult to predict the direction of the breakout; therefore, traders should wait for a break above $11,200 or a break below $9,800 to initiate fresh positions. The flat 20-day EMA and the RSI just below the 50 level also point to a range-bound action for a few days. The Bitcoin price chart movement inside a range can be volatile and random. Hence, it is difficult to take positional trades unless the price reaches the support or resistance of the range. If the Bitcoin price chart drops and rebounds sharply off the $9,800-$10,000 zone, it could offer a buying opportunity. Another possible trade setup will open if the BTC/USD pair breaks out and closes (UTC time) above $11,200. Until then, traders can remain on the sidelines.

Ethereum Price chart – How To Trade ETH/USD

The Ethereum price chart as we had mentioned in our previous analysis to buy Ether on a rebound off the $310 support and the traders got that opportunity on September 24. The bulls pushed the Ethereum price chart above the 20-day EMA on September 28 but failed to sustain the breakout. This suggests that the bears are aggressively defending this resistance. If the Ethereum price chart turns down from the 20-day EMA, it will suggest weakness and the bears will then try to break the $310 support. Therefore, traders can trail their stops higher to protect their paper profits or capital. However, if the Ethereum price chart consolidates close to the 20-day EMA for a few days without giving up much ground, it will increase the possibility of a breakout of this resistance. The next level to watch on the upside is the 50-day SMA and then $400. If the bulls hesitate at these levels, traders can book profits on 60% of their positions and hold the rest with a suitable stop-loss. If the Ethereum price chart breaks above $400, a rally to $450 is possible. Contrary to this assumption, if the Ethereum price chart turns down and plummets below $310, a sharp fall to $240 will be on the cards. Therefore, traders should avoid cherry-picking if the $310 level cracks.

XRP Price Chart – How To Trade XRP/USD

XRP Traders who had been short at $0.23 from our earlier recommendation and were trailing their stops got an opportunity to profit when XRP dipped to $0.22010 levels on September 24. The pullback from just below the 78.6% Fibonacci retracement level of $0.2252 has reached the 20-day EMA. If the XRP price chart turns down from this resistance, the bears will again try to sink the price below $0.22010. If they succeed, the XRP price chart may resume its downtrend and plummet to $0.19429, completing a 100% retracement of the entire rally that started in July. Contrary to this assumption, if the bulls can push the price above the 20-day EMA, the XRP price chart can rally to the downtrend line. This is likely to act as a stiff resistance but a breakout of it will suggest that the downtrend might be over. When the XRP price chart trades below the down sloping moving averages, the path of least resistance is to the downside. Therefore, we will wait for a reversal setup to form before proposing a trade in it.

Bitcoin Cash Price USD – How To Trade BCH/USD

Bitcoin Cash price USD bounced off the $200 support on September 24, which allowed the traders to enter long positions as suggested in the previous analysis. The stop-loss for this trade can be kept at $190. Currently, the bulls are trying to push the Bitcoin Cash price USD above the 20-day EMA. If they succeed, a move to the 50-day SMA is possible. This level may again act as a stiff resistance but if crossed, the BCH/USD pair can rally to $280. Although the 50-day SMA is sloping down, the 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests that the selling pressure has reduced in the short-term. Nevertheless, if the Bitcoin Cash price USD turns down from the current levels, the bears will make one more attempt to break the critical support at $200. If that happens, a new downtrend may start that has a target objective of $140.

Binance Price Chart – How To Trade BNB/USD

The correction in Binance price chart Coin from the $33.33333 levels found support at $22.27303, which was just above the 78.6% Fibonacci retracement level of $21.33392 The sharp rebound has carried the Binance price chart above the moving averages that are sloping up. The RSI is also in the positive territory, which suggests that the bulls have the upper hand. However, the bears will try to stall the rally at $28.77. If the Binance price chart turns down from this level but rebounds off the 20-day EMA, it could offer a buying opportunity because it will suggest that the bulls are buying on dips. Contrary to this assumption, if the next dip breaks below the 20-day EMA, a drop to the uptrend line is possible. A break below this support could result in a retest of the $22.27303 level. We do not find any buying opportunity at the current levels, hence, traders can wait for the next dip to rebound off the 20-day EMA before initiating any fresh positions.

 

BITCOIN PRICE – TIME TO ACCUMULATE POSSIBLE $9800 SUPPORT! - 22nd September

 

The Bitcoin Price took a substantial hit this week, with multiple major catalysts as a  possible cause. Long-term crypto investors can use the current weakness to build their portfolio.

The crypto markets plunged on September 21 along with equity markets, gold, and crude oil. This shows that traders dumped both asset classes that are perceived as risky and safe haven. However, this selling is unlikely to sustain as long-term investors will utilise the opportunity to buy those assets which have strong fundamentals.
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BITCOIN PRICE

Cryptocurrency exchange Kraken became the first cryptocurrency firm to receive a bank charter recognized under U.S. federal and state law. Initially, Kraken will serve U.S. customers only but plans to expand their operations globally in the future. This is a major step in integrating the cryptocurrency firms with the economy. MicroStrategy completed the purchase of Bitcoin worth $175 million on September 14, which boosted their total Bitcoin holding to $425 million inclusive of fees and expenses. This could encourage other technology-savvy companies to convert a portion of their fiat reserves into cryptocurrencies. Nasdaq and Brazilian fund manager Hasdex have received the approval to launch the world’s first Bitcoin ETF, to be listed on the Bermuda Stock Exchange by the end of the year. This is a major step ahead because several institutional investors who want to diversify into cryptocurrencies might use this route. All signs point to increased participation from institutional investors in the future. Hence, long-term retail investors should buy on strong dips in a phased manner and build their portfolio. However, what should the short-term traders do after the fall? Let’s analyse the charts to find out.

Bitcoin Price Chart – How to Trade BTC/USD

Bitcoin Price Chart is a has seen as we suggested traders book profits on 50% of their position close to the 50-day SMA as we were anticipating a stiff resistance from the bears and that is what happened. Bitcoin price chart turned down from the 50-day SMA and plunged on September 21. Currently, the Bitcoin price chart is stuck between $9,800 and $11,200. A break below $9,800 can result in a fall to $8,800. If the Bitcoin price chart does not bounce back sharply from these levels, it will show that the bulls are not in a hurry to buy and that could be a cause of worry. However, if the Bitcoin price chart rebounds sharply after breaking below $9,800, it will suggest that traders are accumulating aggressively at lower levels. However, instead of a breakdown, if the Bitcoin price chart turns up from the current levels, then the bulls will make another attempt to push the price above $11,200. If they succeed, it will suggest that the fall on September 21 was a bear trap. Another possibility is that the Bitcoin price chart consolidates inside the $9800-$11,200 range for a few days before starting a trending move. Traders can wait for either of these possibilities to play out before attempting to take a trade. If the pair rebounds sharply from the $9,800 level, it will indicate strong buying at lower levels, hence, aggressive traders can initiate long positions with a close stop-loss. Another possibility will open up after the price breaks and closes (UTC time) above $11,200. The target objective on the upside is a rally to $12,000 and then to $12,486.61.

Ethereum Price chart – How To Trade ETH/USD

Ethereum price chart attempted to break above the 50-day SMA on September 17 but failed. The price turned down from just below the 50% Fibonacci retracement level of $399.48, which shows profit booking by the short-term bulls and shorting by the aggressive bears. As the Ethereum price chart did not sustain above the $390 level, the trade suggested in the previous analysis did not trigger. Currently, the advantage is with the bears because the 20-day EMA has started to turn down and the RSI is trading in the negative territory. Therefore, any relief rally to the 20-day EMA is likely to be sold aggressively. If the bears can sink the Ethereum price chart below $310, the decline can extend to $240. Hence, traders should avoid cherry-picking if the $310 support cracks. However, if the Ethereum price chart rebounds off the $310 support with strength, traders can buy about 40% of their desired position with a close stop-loss. If the Ethereum price chart turns up from the current levels, the bulls will make another attempt to clear the hurdle at $400. If they succeed, it will indicate that the correction might be over. Hence, traders can add on a close above $400 and keep a close stop-loss. The target objective is a rally to $488.95.

XRP Price Chart – How To Trade XRP/USD

XRP price chart repeatedly rose above the 20-day EMA between September 17 and 19 but failed to sustain the breakout. This shows that the bears were selling close to the 20-day EMA. The altcoin turned down on September 20 and plunged to a low of $0.22951 on September 21. If the bulls fail to achieve a strong rebound from the current levels, the XRP price chart is likely to extend its decline. There is a minor support at the 78.6% Fibonacci retracement level of $0.22252 but this is unlikely to hold. The next major support is at $0.19429. Both moving averages have started to turn down and the RSI is in the negative zone, which shows that the bears are in command. This bearish view will be invalidated if the XRP price chart rebounds sharply from the current levels and rises above the $0.26756 resistance. Traders who have opened short positions below $0.23 can hold then with a stop-loss placed just above the 20-day EMA. We do not find any buy setup at the current levels.

Bitcoin Cash Price USD – How To Trade BCH/USD

Bitcoin Cash Price USD Although the bulls pushed the price above the symmetrical triangle on September 15, they could not clear the hurdle at the 20-day EMA. This shows that the bears were aggressively defending this resistance. The sharp fall on September 21 dragged the Bitcoin Cash Price USD to a low of $207.45. The bulls are likely to defend the $200 support aggressively because this support has not been broken down since March. Every time the bulls have purchased closer to this level in the past few months, they have made money, hence, traders can wait for a strong rebound off $200 to initiate long positions with a close stop-loss. This is a medium-term trade because the recovery from $200 is unlikely to be a quick one. The bears will sell on a pullback to the 20-day EMA and then again at $240. Contrary to this assumption, if the bears sink the Bitcoin Cash Price USD below $200, the decline can extend to $140.

Polkadot Price Chart – How To Trade DOT/USD

Polkadot Price Chart behaved the way we had mentioned in the previous analysis. Currently, the bulls are attempting to defend the $4 support but if the price does not rebound sharply, the possibility of a fall to $3.592 increases. The bulls will once again try to defend this support but if the bears can sink the Polkadot Price Chart below $3.592, the decline can extend to $2.80. Such a move will be a huge negative as it is likely to drive the bulls away. Contrary to this assumption, if the DOT/USD pair bounces off the current levels, it can reach the downtrend line. A breakout of this resistance will be the first sign that the correction might be over. However, we do not find any reliable buy setup at the current levels, hence, we are not recommending a trade in it.

BITCOIN PRICE TO £12,400 IN THE NEXT FEW DAYS – 15th September BEST CRYPTO TECHNICAL ANALYSIS

The Bitcoin price has seen some major volitility this week with Morgan Stanley Investment Management’s chief strategist and head of emerging markets Ruchir Sharma believes that the huge money printing by the U.S. Federal Reserve is likely to stoke inflation and interest rates could rise as early as next year and surprise everyone. Therefore, he suggests traders keep about 5% of their portfolio in gold, and for the adventurous in Bitcoin, over the next three to five years.

Bloomberg analyst Mike McGlone said that on a 12-month basis, the correlation between gold and Bitcoin price is at its highest level since 2010. This shows that Bitcoin price is behaving as a store of value, ratifying the belief of the crypto community that in the digital age, Bitcoin is digital gold.
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BITCOIN PRICE CONSOLIDATES – AS TRADERS BOOK PROFITS
The Nasdaq listed business intelligence company MicroStrategy told the U.S. Securities and Exchange Commission on Monday that it might add to its $250 million worth of Bitcoin purchased in August. This could start the trend where companies keep their treasury in cryptocurrencies rather than fiat currencies. A few traders are buying call options at the $36,000 and $32,000 strike price expiring on December 25. However, the possibility of such a move is less than 2%. Options can be used to form various complex strategies; hence, traders should not get overly excited about these options purchases. Let’s look at the charts of the major cryptocurrencies to find the path of least resistance.

Bitcoin Price Chart – How to Trade BTC/USD

Bitcoin stayed below the $10,500 level from September 3-13 but the bears could not capitalise on this and hammer the price below the $9,813 support. This suggests that the bulls were accumulating below the $10,500 level. On September 14, the bulls pushed the price back above $10,500 and the 20-day EMA. This indicates the possible start of a relief rally that can reach the 50-day SMA. The bears are likely to defend this level aggressively. However, if the bulls do not give up much ground and arrest the next decline above $10,500, it will suggest that the correction is over. We had suggested traders initiate long positions on a break above $10,650 and that filled on September 14. Aggressive traders can book profits on 50% of the positions close to the 50-day SMA and buy again on a bounce off $10,500. Positional traders can hold their long positions with a stop of $9,800 as a rally to $12,486.61 is possible. The stops can be trailed higher as the BTC/USD pair moves above the $11,000 levels. The 20-day EMA has flattened out and the RSI has risen to the midpoint, which shows that the selling pressure has reduced. The trend will turn in favour of the bears if the price reverses direction from the current levels and breaks below $9,800. Such a move will be a huge negative that can result in a drop to $9,000 and then to $8,000 levels.

Ethereum Price chart – How To Trade ETH/USD

Although the Ethereum price chart broke below the $364.49 support with force on September 5, the bears could not capitalise on this weakness. Therefore, the short positions that we had suggested in our previous analysis did not play out and hit their stop-loss. When the price does not fall, the aggressive bulls jump on the opportunity and buy and that is what happened in the Ethereum price chart. On September 10, the bulls pushed the Ethereum price chart back above the $364.49 level but the bears attempted to stall the relief rally at the 50-day SMA. They tried to resume the down move on September 13 but failed to sustain the price below $364.49. This shows that the bulls are aggressively defending this support. If the Ethereum price chart rebounds off the current levels and breaks above $390.41, a rally to $447.50 and then to $488.95 is possible. The traders can enter long positions after the price sustains above $390.41 and keep a close stop-loss below $350. Contrary to this assumption, if the pair turns down from the current levels and slips below $350, a drop to $325 and then to $310 is likely. Hence, bottom fishing should be avoided if the Ethereum price chart remains below $364.49.

XRP Price Chart – How To Trade XRP/USD

XRP price chart is currently attempting a relief rally but is finding it difficult to rise above the 20-day EMA, which suggests that the bears are aggressively defending this resistance. However, the next leg of the down move will start only after the bears break below the $0.23 support. Below this level, a drop to $0.19429 is likely. Hence, aggressive traders can short below $0.23 and keep the stops just above $0.255. Contrary to this assumption, if the bulls push the XRP price chart above the 20-day EMA, a move to $0.26756 is possible. Such a move will suggest that the downtrend might be over. If the XRP price chart pair turns down from $0.26756, a few days of range-bound action is possible. But if the bulls can propel the XRP price chart above $0.26756, a rally to $0.30 and then to $0.32750 is likely. We do not find any reliable buy setup at the current levels; hence, we are not suggesting a trade in it.

Bitcoin Cash Price USD – How To Trade BCH/USD

After the sharp fall on September 3, Bitcoin Cash formed a symmetrical triangle, which suggested indecision among the bulls and the bears about the next directional move. Today, the bulls have pushed the Bitcoin Cash price above the symmetrical triangle, which is a positive sign. If they can scale the Bitcoin Cash price above the 20-day EMA, the relief rally is likely to pick up momentum. However, the bears are unlikely to give up without a fight. They will try to defend the 20-day EMA aggressively. If the Bitcoin Cash price turns down from the current levels and breaks below $219, a retest of $200 is possible. On the other hand, if the next dip from the current levels stays above the $234 level, aggressive traders can initiate long positions with a stop-loss of $195. The target objective of this trade is $280. Another possible buying opportunity will open up if the BCH/USD pair rebounds off the $200 or $220 support.

DOT Price – How To Trade DOT/USD

Polkadot is the new entrant in the top 5 cryptocurrencies. It had corrected sharply from $6.859 on September 1 to $3.592 on September 5. Currently, the bulls are attempting a relief rally that has reached close to the 61.8% Fibonacci retracement level of $5.611. The bears are likely to defend this level aggressively. On the way down, the bulls will try to buy the dips to the trendline. If the price rebounds off this level, the bulls will once again attempt to resume the relief rally. The next target is the 78.6% retracement level of $6.15 and above it $6.859. However, if the price turns down from the current levels and breaks below the trendline, a drop to $4.50 and then to $4 is possible. We do not find a reliable buy set up in it; hence, we are not suggesting any trade.

Bitcoin price could drop to $8000 - 8th September
The Bitcoin Price has seen some major volitity of the past 24 hours. The U.S. stock markets led by the technology companies, gold, crypto markets, and crude oil were all down last week, which suggests that the traders booked profits in all asset classes. The total crypto market capitalization dropped from over $394 billion on September 2 to about $313 billion on September 6, which is a 20% fall. In an Crypto uptrend, a fall of about 20% is considered as healthy as it shakes out the weak hands who are in for a quick buck.
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BITCOIN PRICE CONSOLIDATES DROPS AS TRADERS BOOK PROFITS

The Bitcoin price It also provides an opportunity for long-term investors to add to their positions or take fresh positions at lower levels. Hence, the traders should view the current fall as a buying opportunity instead of panicking. Blockchain data suggests that new traders have used the current dip to buy Bitcoin. Data from Glassnode shows that the number of “accumulation addresses” has increased by 2% in the past three weeks. While these are new traders, data from analytics site Santiment shows that whales have been purchasing Ether during the current fall. However, as the sentiment is currently bearish, traders should not be in a hurry to buy. They should wait for the confirmation of a bottom before attempting to buy because it is difficult to predict which correction will start the next bear market. Let’s analyse the charts of the top cryptocurrencies to see if we spot any bottom formations?

Bitcoin Price Chart – How to Trade BTC/USD

bitcoin price_BTC Bitcoin price failed to break above the $12,134.29 resistance on September 1, which attracted profit booking from the short-term traders. However, the selling intensified when the bears broke below the $11,100 support because that completed a head and shoulders pattern. The target objective of this setup is $9,713.39 and the Bitcoin price touched a low of $9,813 on September 5. Currently, the bulls are attempting to defend the psychological level of $10,000 because if the Bitcoin price pair sustains below this level, it is likely to attract further selling that can drag the price to $9,000 and then to $8,000. The moving averages have completed a bearish crossover and the RSI has been trading below the 40 level, which suggests that the advantage has shifted in favour of the bears. If the Bitcoin price dips below $9,813, the next leg of the downtrend is likely to start. On the other hand, if the bulls push the Bitcoin price above $10,638.34, a retest of $11,100 is possible. The bearish view will be invalidated if the bulls can push the Bitcoin price back above $11,100. The sentiment is currently negative; hence, traders can enter short positions below $9,800 but keep a close stop-loss. On the upside, long positions can be considered above $10,650. However, these are not high conviction trades, hence, only aggressive traders should attempt them with a position size of about 40% of usual.

Ethereum Price chart – How To Trade ETH/USD

ETHUSD Ethereum Price chart broke above the $447.50 resistance on September 1 and rallied to an intraday high of $488.95, which hit our first target objective of $480, as mentioned in the previous analysis. We had also told traders to keep raising their stop-loss to protect their paper profits because anything can happen in trading. On September 2, the bears pulled the Ethereum Price chart back below the breakout level of $447.50, which must have caught several aggressive bulls off-guard. The failure to push the Ethereum Price chart back above $447.50 on September 3 attracted selling that pulled the Ethereum Price chart down to the critical support at $364.49. Although the bulls attempted to defend this level on September 4, renewed selling on September 5 broke below this level. Since then, the bulls have not been able to push the price back above $364.49, which is a negative sign. If the bulls do not reclaim the level within the next few days, the bears will resume their selling and try to break below $310. If they succeed, the next support is way lower at $240. The moving averages are on the verge of a bearish crossover and the RSI is in the negative zone, which suggests that the bears are in command. The aggressive traders can attempt to sell at the current levels and keep the stop-loss at $380. Keep the position size only about 40% of usual. Risk-averse traders can wait for the price to sustain above $364.49 for three days before turning positive.

XRP Price Chart – How To Trade XRP/USD

XRP Price XRP price chart triggered the buy stop on September 1 as suggested in the previous analysis but after rising marginally on September 2, the altcoin turned around sharply and plunged. That was followed by further selling on September 3, which pulled down the price below the $0.26441-$0.255 support zone. The bulls tried to push the XRP price chart back above the breakdown level of $0.26441 on September 4 but failed, which suggests selling by the bears on relief rallies. Currently, the bulls are attempting to defend the $0.23 levels but the rebound lacks strength. The downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand. If the bears sink the price below $0.23, the XRP/USD pair could give back all the recent gains and complete a 100% retracement and fall to $0.19429. The aggressive traders can stay on the short side if the XRP price chart breaks $0.23 support but keep a close stop-loss and reduce the position size to about 40% of usual. Risk-averse traders can remain on the sidelines.

Bitcoin Cash Price USD – How To Trade BCH/USD

BCH Price

Bitcoin Cash price USD broke above the $280 resistance on September 1, which triggered the buy for aggressive traders. However, the bulls could not build upon this move and the altcoin turned down on September 2 and plunged back below the breakout level. That was followed by another sharp move down on September 3, which dragged the price down to the critical $200 support. Currently, the bulls are attempting to defend this support as this has not been breached convincingly since mid-March. However, the bulls have failed to achieve a meaningful bounce off the $200 level, which suggests a lack of urgency among the bulls to buy even at these levels. If the bears sink the Bitcoin Cash price USD below $200, the decline could extend to $140, which will be a huge negative. However, if the Bitcoin Cash price USD pair rebounds off the $200 support during the next decline, it could offer a buying opportunity to the traders with a close stop-loss. This is again an aggressive trade; hence, the position size can be 40% of usual.

Link USD Price – How To Trade LINK/USD

Link Price Chainlink did not complete the ascending triangle pattern, hence, our suggested trade in the previous analysis did not trigger. The selling on September 2 broke below the trendline of the ascending triangle, which was followed by further selling that dragged the price down to the 78.6% Fibonacci retracement level of the last leg of the rally. Currently, the bulls are attempting to sustain the price above the 50-day SMA. Above this level, the bears are likely to aggressively defend the 20-day EMA. If the price turns down from this resistance, the sellers will attempt to resume the downtrend. The LINK/USD pair is likely to turn positive if the bulls can push the price above the 20-day EMA and sustain it. We do not find any reliable buy or sell setups at the current levels.

Crypto Market Analysis – Top 5 Crypto Buy and Sell Levels - 1st September

Bitcoins Price is likely to consolidate for a few more days as Ethereum is likely to lead the markets higher Select altcoins could attempt to resume the uptrend while Bitcoin remains stuck in a range for some more time.

The U.S. Federal Reserve has altered its stance on the way it views inflation. On August 27, the Fed Chairman Jerome Powell said that the central bank will allow inflation to sustain above the 2% target “for some time” if it has been below that level for a long time.
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BITCOIN PRICE CONSOLIDATES AND FIDELITY’S NEW BITCOIN FUND

Some analysts believe that this could keep interest rates near zero for about five years. The US dollar index DXY, which was attempting a recovery turned down after this new change and resumed its downtrend. Another notable move was that billionaire Warren Buffet purchased just over a 5% stake in five Japanese trading houses for over $6 billion. This move was seen by Max Keiser of the Keiser report as a big thumbs down to the US dollar. Hence, Keiser expects Bitcoin, gold and silver to outperform in the near term. In order to attract the institutional investor, Fidelity has filed an application with the U.S. Securities and Exchange Commission to create a Bitcoin fund. This is a huge positive because if the institutional investors decide to park even a small amount of funds in Bitcoin, it will boost prices. Although the fundamentals point to a rally in Bitcoin, does the technical also support an up-move? Let’s find out.

Bitcoin Price Chart – How to Trade BTC/USD

The Bitcoin price chart  bears attempted to sink Bitcoin below the immediate support of $11,100 on August 25 and 27 but failed as aggressive buying by the bulls resulted in a rebound that has pushed the price above the 20-day EMA. However, the momentum has not picked up, which shows that the demand dries up at higher levels. The 20-day EMA has flattened out and the RSI is just above the midpoint, which suggests a balance between supply in demand. In such a case, the Bitcoin price chart action remains stuck in a range without any specific direction. Still, if the bulls can sustain the Bitcoin price chart above the 20-day EMA, a move to the overhead resistance of $12,134.29 and then to $12,486.61 is likely. The bears will try to defend this resistance zone aggressively. If the Bitcoin price chart turns down, then the range-bound action will continue. However, if the bulls succeed in pushing the Bitcoin price chart above $12,486.61, the uptrend is likely to resume with the first target at $13,000 and then $14,000. As the Bitcoin price chart  USD pair is stuck in a small range of $11,100 to $12,134.29, short-term traders can buy near the support and sell near the resistance. Another opportunity could open up after the bulls propel the Bitcoin price chart above $12,500. Until then, we suggest traders remain on the sidelines.

Ethereum Price chart – How To Trade ETH/USD

Ethereum Price chart fell close to the $364.49 support on August 25 and 27 but the bears could not sink the Ethereum Price chart below it, which shows that the bulls were accumulating close to this level. This gave an opportunity to the traders to buy as suggested in our previous analysis. The sharp up-move today has pushed the Ethereum Price chart above the overhead resistance at $447.50, which is a huge positive. The 20-day EMA has started to rise once again and the RSI has climbed above the 60 levels, which suggests that the bulls are in command. If they can sustain the price above $447.50, the uptrend is likely to resume with the first target at $480 and then $550. However, the bears are likely to have other plans as they will try to fake the breakout above $447.50. If the Ethereum Price chart turns down from the current levels, it could drop to $415 and remain stuck in this range for a few days. Therefore, traders should always protect their positions with a stop-loss. As the Ethereum Price chart keeps moving higher, traders can trail the stops to protect the paper profits.

XRP Price Chart – How To Trade XRP/USD

XRP Price Chart plunged below the $0.26756 support on August 27 but the bears could not capitalise on this breakdown because the XRP Price Chart rebounded off the 50-day SMA. This shows that the bulls are still buying on dips and not panicking. The altcoin climbed back above $0.26756 on August 28, which shows that the breakdown on the previous day was a bear trap. Usually, such a quick reversal within a day offers a low-risk short-term buying opportunity. The bulls pushed the XRP Price Chart above the 20-day EMA on August 30 and have followed it up with another sharp move today. This shows that the bulls are back in action and they will now try to push the XRP Price Chart USD pair to $0.3275. This bullish view will be invalidated if the pair turns down from the current levels and sinks below the 20-day EMA. Such a move will suggest that bears are aggressively selling on relief rallies. The traders can buy if the XRP Price Chart sustains above $0.293 for a few hours, with the initial stops being kept just below the August 27 lows. The stops can be trailed higher as the XRP Price Chart moves northwards.

Bitcoin Cash Price USD – How To Trade BCH/USD

Bitcoin Cash price USD broke and closed (UTC time) below the $280 support on August 25, which suggested that the bears have overpowered the bulls. The selling intensified and the bears broke the 50-day SMA on August 27. However, buying was seen below the $260 level, which resulted in a rebound off the lows. In a downtrend, the bears aggressively sell on rallies. Hence, the bounce hit a wall close to the breakdown level of $280 on August 30 and the Bitcoin Cash price USD pair turned down from the 20-day EMA on August 31. The bears will try to sink the Bitcoin Cash price USD below $258.44 and extend the decline to the next support at $245. On the other hand, the bulls will try to push the Bitcoin Cash price USD above $280 and sustain it. We do not find any buy setups at the current levels but if the Bitcoin Cash price USD rises and sustains above $280, aggressive traders might consider taking long positions with the stop-loss placed below the recent lows and the target objective at $326.73. However, as this is a low-reliability trade, the position size can be 50% of the usual.

Link USD Price – How To Trade LINK/USD

Link USD Price broke below the 20-day EMA on several occasions but the bears could not sink the price to the 50-day SMA, which shows that the bulls continued to buy at lower levels. When the Link USD Price refuses to fall even after breaking below a critical support, aggressive traders see this as an opportunity and start accumulating. That happened between August 25 and 28, which resulted in a sharp up-move on August 29. However, the bears aggressively defended the overhead resistance at $17.74 and the LINK/USD pair turned down from there on August 30. Currently, the pair has formed an ascending triangle pattern, which will complete on a breakout and close (UTC time) above $17.74. If that happens, a move to $20 and then to $22.64 is possible. Hence, traders can attempt to buy above $17.74 with a close stop-loss. This bullish view will be invalidated if the pair turns down and plummets below the trendline of the triangle.

Bitcoin Price is Range Bound When To Buy And When To Sell – 25th August 2020

Due to the Bitcoin price the larger players have been accumulating Bitcoin as seen from the new all-time high in the number of addresses that hold over 1,000 Bitcoin.

That could be because investors are worried that the huge stimulus measures announced by the central banks in response to the coronavirus pandemic will eventually lead to inflation and debasing of the value of fiat currencies and in turn a rise in the Bitcoin Price.
Bitcoin Price_Main

Bitcoin Price And New Cases of adoption

Snappa, a new software startup based out of Ottawa, announced that it will keep about 40% of its cash reserves in Bitcoin, not to speculate on the Bitcoin price but as the company’s co-founder Christopher Gimmer said that Bitcoin was “a far superior savings technology” compared to cash reserves and the company does not “plan on selling anytime soon.” A few days back, MicroStrategy, a Nasdaq-listed software firm had bought about $250 million worth of Bitcoin rather than keeping the reserves in cash. Again not an example of Bitcoin price speculation but this shows that gradually the companies and the institutional players are realising the potential of Bitcoin. However, this does not mean that everyone is bullish on Bitcoin. Micheal O’Leary — the CEO of major budget airline Ryanair — compared Bitcoin to a “ponzi scheme” and advised people to avoid it “like a plague.” As Bitcoin and the Bitcoin price is a new asset class, it will take some more time for it to gain widespread adoption. Therefore, traders can accumulate Bitcoin on sharp bitcoin price declines and hold it for the long-term.

Bitcoin Price Chart – How to Trade BTC/USD

bitcoin price_BTC The Bitcoin price chart As we had mentioned in the previous analysis, the bears attempt to fake almost every breakout. They did just that when they dragged the Bitcoin price chart back below the $12,134.29 support on August 18. Although the bulls held the first dip to the 20-day EMA on August 19, they could not sustain the bounce, which suggests a lack of buyers at higher levels. On August 21, the Bitcoin price chart to hit our suggested stop-loss at $11,500. The 20-day EMA has flattened out and the RSI has dropped close to the midpoint, which suggests a balance between supply and demand. This could result in a few days of range-bound action. On the downside, if the bears can sustain the price below the 20-day EMA, a drop to the $10,900-$11,100 support zone is possible. The bulls will defend this Bitcoin price chart zone aggressively but if the bears break it, the decline can extend to $10,500. The resistance of the range is $12,134.29 and above it $12,486.61. However, as the support of the possible range is still not established, traders should wait on the sidelines. There are two possible trading opportunities. If the Bitcoin price chart bounces off $10,900 or $10,500, traders can buy a small position and expect the price to move up to $12,134.29. Another opportunity will arise if the Bitcoin price chart soars from the current levels and closes above the overhead resistance. Such a move will suggest a pick up in the momentum and can be traded with a close stop-loss.

Ethereum Price chart – How To Trade ETH/USD

bitcoin price_ETH Ethereum Price chart plunged below the $415 support on August 19 and took support on the 20-day EMA as we had anticipated. However, the bulls could not sustain the rebound above $415, which suggests a lack of demand at higher levels. That resulted in a sharp fall on August 21 that hit the stop-loss at $390. Currently, the Ethereum Price chart is stuck between $380 and $415. This tight range trading suggests a balance between supply and demand. The 20-day EMA has flattened out and the RSI is just above the 50 level, which points to a range-bound action in the near-term. If this range resolves to the upside and the bulls push the Ethereum Price chart above $415, a retest of $447.50 is likely. If this level is scaled, the uptrend is likely to resume with the next target at $480. Conversely, if the bears sink the Ethereum Price chart below $380, a drop to $364.49 is possible. This is an important support to watch out for. If this also cracks, the Ethereum Price chart could sink to $334. The traders can buy 50% of the desired position closer to the supports, but the long positions should be initiated after the price bounces off the support, instead of buying on the way down. The remaining positions can be added after the price sustains above $415. If the $380 support cracks, traders can watch the Ethereum Price chart action at $364.49 and then buy with the stops placed just below this critical support.

XRP Price Chart – How To Trade XRP/USD

bitcoin price_XRP XRP price chart turned down from $0.32750 on August 17 and has continued lower since then, which suggests that the bears are aggressively defending the higher levels. The 20-day EMA has flattened out and the RSI is close to the midpoint, which suggests a balance between demand and supply. Currently, the XRP price chart is stuck between $0.32750 and $0.26756. In a range, the best time to buy is on a bounce off the support and the time to sell is closer to the resistance. In this case, if the price rebounds off $0.26756, it could offer a buying opportunity as the bulls will try to propel the XRP price chart to the resistance to $0.32750. However, trading in a range can be volatile, hence, traders should keep the position size only about 40-50% of usual. Conversely, if the bears sink the XRP price chart below $0.26756, long positions should be avoided because then, the decline can extend to the 50-day SMA.

Bitcoin Cash Price USD – How To Trade BCH/USD

The bulls could not push Bitcoin Cash price USD above the $326.73 resistance on August 17 and 18. That attracted profit booking from the short-term traders, which resulted in a decline to the $280 support. Although the bulls have held the $280 support for the past few days, they have not been able to push and sustain the Bitcoin Cash price USD above the 20-day EMA, which is a negative sign. This shows that the bears are aggressively defending this resistance. If the bears can sink and sustain the price below $280, the Bitcoin Cash price USD is likely to drop to $245. Though the 50-day SMA might act as a minor support, it is unlikely to hold. Contrary to this assumption, if the bulls can sustain the Bitcoin Cash price USD above $295, a move to $326.73 will be underway.

Link USD Price – How To Trade LINK/USD

We had warned traders in our earlier analysis that vertical rallies are unsustainable and that is what happened. Chainlink has entered a period of correction after topping out at $20 on August 16. The altcoin plunged below the 20-day EMA on August 21 but the lack of follow up selling resulted in a sharp recovery on August 22. However, the bulls are struggling to sustain the price above $16, which is a negative sign. If the bears can again sink the price below the 20-day EMA, a drop to $12.84 and then to the 61.8% Fibonacci retracement level of $11.66936 is likely. Such a move will be a huge negative. Conversely, if the bulls can push the price above $16, a move to $17.72834 is possible. If this level is also scaled, a retest of $20 will be on the cards. We do not find a reliable buy setup; hence, we are not proposing a trade in it.

Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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