Today is Saturday, 18th September, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going in the market, and also what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Here we go!
Bitcoin continues its attempts to climb and gain a foothold above $48,000. The flagship coin is making its way towards this seemingly trivial goal with great difficulty, with the still-optimistic altcoin market mirroring its movements into the red.
The recovery of Bitcoin is facilitated by various news feeds, some of which, are, for some reason, not as widespread as they should be. For example, while the whole world is closely watching El Salvador after the state embraced BTC as legal tender, Cuba has followed suit and went even further. On 15th September, the country legalized commercial transactions not only in Bitcoin but also in Ethereum (ETH) alongside other altcoins, making it the second in the world to have fully legalized BTC, and the first one to do so with alternative digital currencies. Of course, the approval of a small state with a population of about 11 million may not be that important for the market where everyone’s expecting a full-on Walmart integration, but, truth be told, Cuba deserves much more attention than it gets. After all, we are standing at the threshold of a new world where the legal crypto adoption machine is going full steam ahead.
Now it’s official: we’re witnessing some unprecedented stuff happening in real-time, and the outsiders of this race might pay dearly for their ignorance. Of course, there are certain risks involved, alongside a fair bit of uncertainty for the national economics at least for the first couple of years, but ultimately, you can’t deny the obvious benefits of adopting crypto on a national level, which include the opportunity to attract more businesses into the country’s economy, receiving new and larger investments, and solidifying your country’s positions on the worldwide market in general.
At the time of this writing, Bitcoin is trading at $47,850. That’s pretty good and is also very similar to the dynamics the coin showed right before the dump on 7th September, when it stubbornly broke through the range between $48,000 and $52,000. At that time, BTC was rising and dropping in price, slowly shifting the boundaries of the local trading range, but unfortunately, it did not climb any higher.
The current movement is still fully in line with the global bullish picture. We are still operating within a triangle whose key element is the “bullish wedge”. Consolidation (accumulation) is an invariable factor in this pattern, which we can also observe on higher time frames. Visually, it looks like a series of green and red candles on the chart, forming towards the upper and lower walls of a narrowing trading range. Instead of two parallel lines, we have two walls (same lines) moving in the same direction, but showing a clear tendency of convergence.
Most likely, the BTC price will keep away from the lower border of the triangle since such a decrease could negatively affect sentiment and even force many players out of the market. Currently, the flagship coin is at the resistance level defined by the triangle and is preparing to break higher.
Difficulties can be avoided with an influx of new volumes. If their size is sufficient to drive the bears to liquidate their positions, then Bitcoin will regain its strength very quickly, reaching its last absolute price maximum.
The recovery of the crypto market goes on. That doesn’t mean that you should rush into a leveraged long, though. We are going up, but this movement takes time and frankly speaking, it’s not an easy climb. At the current stage, it is important that BTC gains a foothold above $48,000 first. If that happens, we’ll see a resurgence of market positivity, and with it, the amount of purchases is bound to increase. But for now, there is still a chance of pullbacks, which may not change anything on a global scale, but can bear significant losses for those who trade with large margin leverage.
Ethereum continues to follow Bitcoin. Since yesterday, the second-largest cryptocurrency by market cap has lost a little in price, but on Saturday, the largest altcoin began with a firm intention to recuperate the strengths that rightfully belong to it.
ETH continues to beat around the resistance zone, which it just can’t seem to overcome despite the agreeable BTC dynamics and the decrease in issuance due to the burning of commissions. However, if Ethereum continues to synch its movements with the first cryptocurrency, then we might soon witness it take a decisive leap forward. The reason being the growing supply deficit hanging over the market right now that might lead to a significant spike in the price of Bitcoin.
In general, buying Ethereum has never proven a dubious endeavour. Even despite the high commissions and the scalability problems that make some of its competitors look more attractive, ETH has long since become the symbol (if not the forefather) of the technological development of the crypto market. It’s for a reason that Time called Vitalik Buterin one of the most influential and forward-thinking figures of our time, alongside Elon Musk. You can’t possibly go wrong buying in the brainchild of someone of that calibre.
The Fear and Greed Index once again took a few steps towards greed. Even though the needle reached a zen 50, pointing to an absolute equilibrium at the moment, it still indicates a slight increase in optimism in the market.
Probably, the reason for this is that Bitcoin continues to climb despite serious resistance, and the pullbacks do not look as global as many might have expected.
The top ten cryptocurrencies by CoinMarketCap are still in the red. This behaviour is determined by the recent rebound of Bitcoin and is neither a negative nor a positive sign.
I would especially like to highlight Solana, which, despite all the difficulties, found the strength to start growing after dipping below $140. It is possible that soon, the entire market will start talking about this ambitious altcoin again, and that now might be the best time to buy it.
The gainer of the day is IOTA (MIOTA), which has brought its holders more than 12% profit over the past day. It does look like soon, the asset will attempt to surpass its last local maximum, and at this point, it is moving within an upward trading range.
The loser of the day is SushiSwap (SUSHI). This altcoin has already brought its holders more than 11% of losses. However, judging by the chart, the coin is preparing for a decisive leap, most likely upwards. There’s a reason to consider buying it.
The recovery of the cryptocurrency market continues. However, this process, in most cases, is long and not very pleasant for short-term trading. Asset price changes are minuscule, but at the same time, their movements can be spontaneous and may even contradict their own agenda under the overbearing weight of Bitcoin.
Be cautious and don’t forget about risk management and stop losses.
Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.
|BITCOIN (BTCUSD) ₿||$60,638.57||-1.65%|
|ETHEREUM (ETHUSD) Ξ||$3,888.91||0.51%|
|IMM. US (REIT)||$2,666.33||-0.01%|
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