Crypto Markets Today: Bitcoin (BTC), Ethereum (ETH), Celer (CELR), Huobi Token (HT) – 25th September 2021
Today is Saturday, 25th September, and this is Cointribune’s Crypto analytics by Mr. H. 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 dropped 25% from its local top at $52,000 and is trading around $41,800 at the time of this writing. Recently, there has been FUD coming from China and the Bitcoin price responded by shedding some $4,000
The recent news coming from the anti-innovation government of China stating that all crypto-related transactions and activities are illegal caused the market to fall. It’s important to note, however, that the original announcement was posted on 3rd September, which tells us that long-term investors have nothing to worry about.
On the other hand, Bitcoin bull Michael Saylor went to Twitter saying “Nothing has created more wealth in the past decade than technologies banned in China. #Bitcoin”
This is especially true when you look at all the technologies that China has banned:
When we take a look at the technicals for Bitcoin, it can be seen that BTC is trading inside of a bull flag on the bigger timeframes. This is a bullish pattern and there is a breakout bias towards the upside. The target if we break this pattern is $58,000 — $62,000. This can put Bitcoin near all-time highs, thus continuing the bull run.
Right now, Bitcoin is trading at a crucial support zone between $40,500 — $42,200. If the bears managed to break through this support level, the next level of support is at $36,250 – $37,650. The bulls must hold this support level or else Bitcoin might revisit 30k levels again
There is also a rather iconic fractal that might be playing out now. Before the massive 54% Bitcoin correction in May, this asset was forming rolling over tops. There was also a clear support line that was broken before the massive dump.
Right now, we might be forming a fractal of that scenario. Bitcoin was forming rolling over tops and we have a clear support line. Now, it must be noted that Bitcoin is unlikely to visit the low $30,000 levels again. The bottom for the dump is likely to be around $37,000, which is the Fibonacci golden zone. In addition, with all the adoption events going for Bitcoin and the fact that Q4 has historically been bullish for Bitcoin, the price won’t come close to the low $30,000 levels any time soon.
Next up, we have Ethereum. This asset has still stayed relatively flat compared to the other altcoins. Right now, it has corrected from $4,000 all the way down to $2,600. It’s important to note that Ethereum had a retracement to the Fib golden zone. Usually, cryptocurrencies retrace to this zone after a major rally and this is exactly what is happening to Ethereum.
As for now, this asset will continue following in the steps of Bitcoin. The price of ETH will depend on what Bitcoin does in the next few days and weeks.
Fear & Greed
The Crypto Fear & Greed Index is showing us that the markets are in Fear. This is most likely caused by the FUD coming out from China and the continued Bitcoin correction. As Warren Buffet has famously said: “be fearful when others are greedy, and greedy when others are fearful.”
This rings especially true when it comes to crypto since investors emotions can change in an instant. FUD, correction in prices and negative press can all cause investors to be fearful.
Celer Network (CELR)
Today’s top gainer, CELR, has made investors over 36% over the past day alone! This beast has been pumping like crazy for the past few weeks and it pumped 150% in the last 4 days. Investors of Celer Network are enjoying the gains right now but it is always advisable to take profits as the prices go up.
Huobi Token (HT)
Today’s top loser, HT, saw a 17% retracement in the past day. It’s now testing a support zone between 7.70 – 8.70 and the bulls must step in to hold this support zone to prevent the price from falling even more.
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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.