9TH AUGUST LATEST CRYPTO NEWS DIGITAL MAGAZINE
A positive sign is that analysts are increasingly showing confidence that crypto prices may have bottomed out. JPMorgan said in a recent note that limited new contagion from the collapse of the Terra ecosystem and positive data flow from Ethereum’s test nets raised expectations that the merge will happen in 2022. Both these have been the main drivers of the current recovery.
Analysts at JPMorgan believe that crypto prices may have “found a floor.” Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in the August “Crypto Outlook” report that Bitcoin may be building a base “akin to about $5,000 in 2018-19.” The analysts said that the “risk vs. reward tilted favourably for one of the greatest bull markets in history, potentially starting a revival after a sharp retreat.”
We highlighted in our previous analysis that the 20-day exponential moving average (EMA) was an important level to keep an eye on because a bounce off it could result in a retest of the overhead resistance at $24,666 and that is how it played out.
Bitcoin has formed a series of higher lows though it has not been able to form higher highs. This indicates that bears are posing a strong challenge at $24,666 but bulls are buying on every minor dip. The rising 20-day EMA and the relative strength index (RSI) in the positive territory suggest that the path of least resistance is to the upside. If buyers thrust the price above $24,666, the BTC/USD pair could pick up momentum because there is no resistance until $28,000.
The bears may attempt to stall the rally at this level but if bulls overcome this barrier, the uptrend could even reach $32,000. Conversely, if the price turns down from the current level and breaks below the uptrend line, it will suggest that the bulls have given up in the short term and are closing their positions. That could sink the price to the 50- day simple moving average (SMA).
Lastly please check out the advancement’s happening in the cryptocurrency world.
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CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We highlighted in our previous analysis that the 20-day exponential moving average (EMA) was an important level to keep an eye on because a bounce off it could result in a retest of the overhead resistance at $24,666 and that is how it played out.
Bitcoin has formed a series of higher lows though it has not been able to form higher highs. This indicates that bears are posing a strong challenge at $24,666 but bulls are buying on every minor dip. Read more
ETHEREUM – ETH/GBP
The bulls successfully defended the 20-day EMA in the past few days and pushed Ether above the $1,700 to $1,800 overhead resistance zone. This indicates that the sentiment has turned positive and traders are viewing the dips as a buying opportunity.
The long wick on the August 8 candlestick shows that bears are trying to stall the rally near $1,800 but if the price does not dip back below $1,700, it will suggest that the bulls have flipped the level into support. Read more
RIPPLE – XRP/GBP
The bulls have successfully defended the 20-day EMA but have failed to clear the overhead hurdle at $0.38. This has squeezed XRP inside a tight range for the past few days.
Usually, tight range trading is followed by a range expansion. The rising 20-day EMA and the RSI in the positive territory indicate the path of least resistance is to the upside. Read more
CARDANO/USD
We mentioned in the previous analysis that Cardano may trade between $0.45 and $0.55 and that is what happened. The ADA/USD pair rebounded off the moving averages on August 5 and reached the overhead resistance at $0.55 on August 8.
The long wick on the August 8 candlestick shows that bears continue to defend the overhead resistance aggressively. However, a minor positive is that the bulls have not given up much ground. This suggests that traders are not booking profits as they expect the pair to break above $0.55. Read more
BINANCE – BNB/GBP
We mentioned in our previous analysis that if the price rises from the 20-day EMA, the pair could again try to break above $300 and if that happens, the rally could extend to $340. That is what happened and Binance Coin rose to $334 on August 8.
Both moving averages are sloping up indicating advantage to buyers but the RSI is in the overbought zone, suggesting that a minor correction or consolidation is possible in the near term. Read more
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Age of Zalmoxis: Rise of the Elrond blockchain
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Cryptocurrency, blockchain and smart contract platforms have sparked considerable interests and have become promising solutions for electronic payments, decentralized applications and potential digital stores of value. Even though the freedom and anonymity of distributed architecture remain an undisputed advantage, their performance has to be analyzed on a global scale and in a real-world environment.
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CRYPTONAIRE WEEKLY
Platinum Crypto Academy provides training to all individuals who wish to take advantage of the phenomenal opportunities that this digital currency revolution presents. Platinum has been providing trading education for over 5 years and is perfectly poised to support you in your quest to becoming a Cryptonaire.
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