Today is Wednesday, 29th September, and this market brief is brought to you by Mr. H, founder of the Crypto Blockchain Analysis Telegram channel. Inside you will find everything that has been happening on the market, and what to expect next! If you would like to read the previous analytics article, you are welcome to follow the link. Off we go!
Bitcoin has just bounced off from key support at $40,630 to $40,840. This support has held strong for the past seven days and we have just bounced back from it by about 4%. Right now, the markets are just consolidating with no clear trend to the downside or the upside.
And another interesting news just came out from the Coinbase official Twitter account. From this Tweet, we can see that a Bitcoin ETF was approved by the SEC, but immediately Coinbase deleted the tweet. It’s either that the tweet was sent by accident or it was sent out too early. Something might be going on behind the scenes and it seems the whales know about it as they were accumulating a lot of BTC recently.
Above is another chart, which is also very interesting to look at. It shows that only 2.7 million BTC will be mined in the next 100 years. That is an average of only 27,000 Bitcoins per year! There will be a huge supply shock in the next few years/decades as the first cryptocurrency becomes harder and harder to mine and eventually there will be no more coins left.
Another positive news came from Switzerland, where the local financial markets regulator has approved the country’s first fund investing primarily in crypto assets. The Crypto Market Index Fund is restricted to qualified investors only and falls under the category of “other funds for alternative investments”, according to a statement from the Swiss Financial Market Supervisory Authority (FINMA).
Next up, we have Ethereum. After getting rejected from the resistance level at $3,165, ETH has retraced and found support at the ascending support line. This formed an ascending triangle which is generally considered a bullish pattern with a breakout bias towards the upside.
There’s also a huge bullish divergence on the 4H timeframe. We should be seeing some upside movement on this asset in the coming hours/days.
The Crypto Fear & Greed Index is showing us the markets are in extreme fear despite the price just consolidating sideways. However, this is not an indication that the price will fall further, if anything this is just an indicator that we should buy the dip and accumulate more crypto. That’s exactly what the whales are doing!
Today’s top gainer, DYDX, has been pumping hard in the last week. It’s up over near 150% from its bottom at $10.73 and is up 30% in the last day alone.
So far there’s nothing that can stop this beast from pumping higher!
Today’s top loser, XDC, has seen a 10% retracement in the past day. It’s now testing a support zone at $0.126 – $0.13. This correction came after XDC tested a resistance zone between $0.145 – $0.15 but got rejected. The bulls must hold this support zone to prevent the price from falling further.
If you want more analysis like this plus short-term calls, gem recommendations, and more, be sure to join Mr. H’s free Telegram Channel — Crypto Blockchain Analysis.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$30,229.59||-0.2%|
|ETHEREUM (ETHUSD) Ξ||$2,035.39||0.87%|
|IMM. US (REIT)||$2,444.76||-0.51%|
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