Digital Asset Insights
Digital Asset Insights #83
Knowing your favorite coin's market behavior and understanding its bullish and bearish performance will help you accurately predict its future. If you want to invest in these digital assets, you need to be on the safer side. That's exactly what this weekly report will help you accomplish.
Bitcoin price revealed a bearish start to the week, which would allow market makers to collect the much-anticipated sell-stop liquidity. This development was extremely important as it sets the base for an upcoming BTC and altcoin-wide recovery rally. Bitcoin price created equal lows at $19,511, which also coincides with the August low, making it an extremely important level to watch out for.
On Tuesday, Bitcoin price auctioned at $19,743, the mundane market movement came after Bitcoin lost 20% of its market value last month. The bears successfully breached the 200-week moving average (WMA) and caused bulls to jump ship near the psychological $20,000 level. The breach has enticed retail traders to join the bears calling for the liquidation of summertime's lowest Bitcoin price at $17,622.
Bitcoin price exchanged hands at $19,284 on Thursday as the bulls were producing a rebound after Bitcoin's recent breach of $19,000. On September 6, the peer-to-peer original crypto token fell beneath the psychological barrier for the first time since July 3 and consequently enabled the bears to forge a daily close at $18,667.
The price of Bitcoin has risen by 12.48% in the past 7 days. The price increased by 3.10% in the last 24 hours. In just the past hour, the price grew by 1.53%. The current price is $22,214.825 per BTC. Bitcoin is 67.71% below the all-time high of $68,789.63.
Ethereum price shells out bearish signals on Monday, September 5, Ethereum price followed Bitcoin price as it attempted to break below the 50% Fibonacci retracement level at $1,563. Analysts speculated that if Ethereum price flipped range high at $1,706 into a support floor, it would invalidate the bearish thesis. This development could see ETH revisit $1,730 and, in some cases, $1,800.
Ethereum price traded at $1,566 on Tuesday, September 6, as the decentralized smart contract token hovered above the 200-WMA. According To CryptoQuant's Depositing Transactions on All Exchanges Indicator, Ethereum saw the largest amount of deposits since its inception. On July 25, the exchanges saw 640,000 transactions, nearly seven times the average daily range. In theory, more deposits on an exchange indicate a higher probability of selling. On September 3, The Ethereum price saw an additional 200,000 transactions.
When combined, high-cap Ethereum traders are clearly participating in the market and could significantly influence the Ethereum price in the coming weeks. A cautious trading mindset should be applied based on confounding variables.
On Thursday, Ethereum price auctioned at $1,634 as the bulls rebounded from the crypto downslide experienced on September 6. The bulls managed to print a 2-day doji candle with relatively low volume, suggesting there were still bulls in the market anticipating higher prices. Additionally, the settlement at $1,630 was established above the colliding 8- and 21-day simple moving averages.
The price of Ethereum has risen by 12.04% in the past 7 days. The price declined by 0.27% in the last 24 hours. In just the past hour, the price grew by 0.63%. The current price is $1,753.84 per ETH. Ethereum is 64.15% below the all-time high of $4,891.70.
Ripple price has produced three distinctive higher lows and five equal highs at $0.381 since June 13. Connecting trend lines to these swing points reveals an ascending triangle. This technical formation forecasts a 25% upswing, determined by adding the distance between the first swing high at swing low to the breakout point at $0.381.
Ripple's XRP price could make a case for a more countertrend pullback. Since the final days of July, the digital remittance token continues to descend in wedging-like formation. Amongst chart pattern traders, the wedge could be a gesture of a weakening downtrend.
On September 7, the XRP price produced a strong rebound since breaching the $0.31 barrier earlier in the week. The current 5% pullback is the largest retracement within the wedge relative to each decline prior.
At the end of the week, Ripple's XRP price was exchanging hands at $0.33. The Relative Strength Index shows subtle bullish divergence on the 3-day chart, which may be an overlooked cue amongst the traders using smaller timeframes. Additionally, the 8-day exponential and 21-day simple moving Averages collide near the current price action.
If the bulls can produce a 3-day candle close above the colliding indicators, an additional rally to $0.36 could occur. Such a move would result in a 10% rebound from the current XRP price. The price of XRP has risen by 8.44% in the past 7 days. The price declined by 0.55% in the last 24 hours. In just the past hour, the price grew by 0.35%. The current price is $0.353301 per XRP. XRP is 90.80% below the all-time high of $3.84.
Cardano price printed its recent buy signal in the last week of August, producing a lower low below swing lows formed up to July 26. This setup has repeatedly occurred since June 18 and continues to be an effective buy signal. Anticipating these sell-stop liquidity runs can help traders position themselves better for the next rally. As mentioned above, the latest liquidity run formed in the last week of August and produced its final bullish confirmation on August 30.
The previous article recommended that investors enter a long position after a minor pullback to $0.425. This development was followed by a swift move to the first target at the $0.460 level. Due to strong bullish momentum, ADA cleared this level and retested $0.505, where it currently trades.
A pullback to $0.488 or $0.478 seems likely before the next leg-up, Suggesting the best course of action would be for investors to patiently wait for a retracement before going long. Following this move, Cardano price could attempt a retest of $0.530, which is where it could form a local top. In a highly bullish case, ADA might reach for the buy-stop liquidity resting above the equal highs formed at $0.580. On the other hand, if Cardano price produces a daily candlestick close below $0.423, it will create a lower low, indicating that the bears are in control.
The price of Cardano has risen by 4.86% in the past 7 days. The price declined by 0.56% in the last 24 hours. In just the past hour, the price grew by 0.75%. The current price is $0.5125 per ADA. Cardano is 83.47% below the all-time high of $3.10.
Last week, Solana price auctioned at $33.13, the bulls successfully closed above the 8-exponential moving average on smaller time frames as they seek to reconquer the 21-day simple moving average near the $33 zone. A Fibonacci Retracement indicator surrounding the summertime high at $48.42 and the newfound September low at $29 showed the current uptrend move as just a 23.6% upswing. Based on Fibonacci Retracement theory, 23.6% is usually not a strong indication of resistance. If a short-term bottom is in, the Solana price could rally higher towards the 38.2% and 50% retracement levels before high-cap bears flex their muscles again.
Traders should keep Solana on their watch lists in hopes that the bottom signal will occur. Until then, leaning into the downtrend or staying out of the market entirely could be the better option. The next bearish target lies at the median line of a historical ascending trend channel that has provided support since early 2020. A decline in this barrier could result in an 18% drop from the current Solana price. Invalidation could be a spike above the 61.8% Fibonacci level at $40.28.
The price of Solana has risen by 12.65% in the past 7 days. The price increased by 2.93% in the last 24 hours. In just the past hour, the price grew by 1.58%. The current price is $35.76 per SOL. Solana is 86.25% below the all-time high of $260.06.
The price of Tether has risen by 0.02% in the past 7 days. The price declined by 0.00% in the last 24 hours. In just the past hour, the price grew by 0.00%. The current price is $1.000245 per USDT. Tether is 18.01% below the all-time high of $1.22.
BINANCE USD (BUSD)
The price of Binance USD has fallen by 0.10% in the past 7 days. The price declined by 0.10% in the last 24 hours. In just the past hour, the price shrunk by 0.10%. The current price is $1.00 per BUSD. Binance USD is 9.91% below the all-time high of $1.11.
USD COIN (USDC)
The price of USD Coin has risen by 0.01% in the past 7 days. The price increased by 0.01% in the last 24 hours. In just the past hour, the price grew by 0.02%. The current price is $1.00 per USDC. The new price represents a new all-time high of $1.00.
The price of Polkadot has risen by 4.62% in the past 7 days. The price increased by 1.62% in the last 24 hours. In just the past hour, the price grew by 1.21%. The current price is $7.8365 per DOT. Polkadot is 85.75% below the all-time high of $55.00.