Crypto market today: Bitcoin (BTC), Ethereum (ETH), IOTA (MIOTA), FTX Token (FTT) – 3rd September 2021

Fri 03 Sep 2021 ▪ 13h26 ▪ 12 min read — by Rudy Bauer

It’s Friday, 3rd September, bringing you another edition of Cointribune’s crypto analysis! Find out everything that has already happened in the market and what to expect next in our new article! If you want to read the previous issue of the column, please follow the link. Here we go!


The first cryptocurrency continues its assault on key resistance with mixed success. Many market players were already celebrating a victory, mistakenly suggesting that if Bitcoin broke above $50,000, the dark era of uncertainty must be over. However, to be more confident in this fact, it had to be confirmed by a consolidation above $51,000 – $52,000.

There was none, and the bears smartly exploited another opportunity and sent BTC to gain momentum below $50,000, provoking liquidations of some of the overconfident bulls on the way.

Yet every cloud has a silver lining. The current move looks considerably brisker and more confident than its recent ones. Bitcoin is not consolidating in a narrow trading range, but is making repeated attempts to tighten its grip on a new local high, now and then occupying the $50,000 zone and retreating from it.

The upside of this move is that the price dynamics suggests that buyers are tired of stalling and are determined to open the door to new highs. Such persistence is worth a lot, as even altcoins, in the face of current events, are eager to come out of the shadows and make a name for themselves.

In case the bulls exhaust their own strength without any result, this trend will be a problem. Then we’ll have another dump down to $46,000 and a new series of tiresome accumulations. Besides, the liquidation of longs could also add fuel to the fire, which has become more frequent amid the sudden optimism of players.

Overall, BTC’s behaviour leads us to believe in the success of this venture. Over the past 24 hours, the price of the largest cryptocurrency rose significantly, then fell, then rose again. Even though the new day started with a significant decline in Bitcoin’s position, as of now, Satoshi Nakamoto’s brainchild continues to storm the resistance and win back the positions lost earlier. At that rate, by the end of the week, we might have a good chance that this “level war” will finally come to its logical conclusion.

You may recall that earlier in the BTC weekly chart (one candle – one day) we saw a triangle formation between the declining highs and steady lows. Within its boundaries, we recognised the formation of a “bullish pennant”, one of the patterns indicating the subsequent continuation of growth.

In case of a breakout from this pattern, BTC will see a new round of explosive growth, during which the first cryptocurrency will set its new all-time high. The movement potential, at this stage, suggests reaching such price levels as $90,000 and $100,000.

Based on recent events, it’s easy to guess that many other market players are of the same opinion. Although, overall, Bitcoin has some chances to retreat into a correction and move towards the lower boundary of the triangle, the excitement among traders and investors is evident in the repeated attempts to take and hold above the key level.

$50,000 is not only a dynamic resistance, but also an important psychological mark. It is probably because of these attributes that this zone is so difficult to overcome. The law of large and round numbers in the cryptocurrency market works just as well. Many prefer to take profits on values that are aesthetically pleasing to them, while others are just too lazy to put an amount like $51,253 in a limit order. Anyway, when BTC approaches such key levels as $50,000, $60,000, $70,000 and so on, by analogy it always ends up with a significant amount of selling.

Because $50,000 is also a dynamic resistance zone, indicating the downward nature of Bitcoin’s overall movement, taking that level becomes even more important. A consolidation above that figure would mark the technical start of a global rally, as we move from the overall descending to the overall ascending channel.

This statement is also confirmed by the “bull pennant” pattern formation, which, essentially, denotes the described movement. For those who are new to technical analysis, it is worth explaining that the theory of patterns is based on the dogma that all market movements repeat themselves. In a system in which everything is decided by a majority of votes, where the weight of each vote is determined by the amount of money available, people instinctively or deliberately, always follow the same algorithm of actions. For example, the “double top” pattern is essentially a statement that a certain asset failed to break through the resistance twice, even despite the correction and accumulation between the attempts. Therefore, every trader with some knowledge of the market, after confirmation of this pattern will sell their holdings, being confident that the price will fall sharply soon and they will increase their gains by re-entering at bargain prices. Most other traders will think likewise, so the move is bound to happen, even though other players may have their doubts. That’s the point of identifying patterns. They are a visual indication of decisions made by thousands of other crypto enthusiasts.

Let’s summarise. Bitcoin continues its attempts to overcome the key resistance for the whole market and it still has the momentum to do so. Locally, pullbacks up to $46,000 are not ruled out, but globally, everything indicates that BTC will soon rise above $50,000 and start a new rally with targets at $90,000 and $100,000.


While detractors are prophesying Ethereum‘s imminent retirement and scaring it with horror stories about Cardano and Solana, the old-timer himself is paying no attention to all these outcries and is taking new local highs one after another.

Like yesterday, when ETH almost breached the $4,000 level, cautiously stopping at $3,950.

At the time of writing, the biggest altcoin is trading at $3,817, which in my humble opinion, is an impressive result. I am sure that at this rate, Ethereum will reach $10,000 very soon, especially if BTC finally breaks through the resistance and announces the beginning of a new bullish rally.

I strongly advise you to keep some amount of this asset in your portfolio, even if you are not interested in the technology at all. At this stage, there is no doubt that in the future ETH will grow considerably. We can only envy those who bought it and held it since last crypto winter, when it was around $80 – $100.

Technically, ETH is now trading in an uptrend channel and has the potential to rise to at least $4,200. Once this level is reached, the asset could face some bearish resistance, which will open the way to new records, once overcome.

Fear and Greed Index

The Fear and Greed Index recorded no change in the market. In the end, even another bounce of Bitcoin from the resistance zone was hardly unusual for the market. In fact, it’s likely that many were even waiting for it, in order to re-enter the asset and try to break above the $50,000 level.

Top 10 altcoins

CoinMarketCap’s top ten altcoins had a mixed reaction to Bitcoin’s attempts to break through the milestone resistance. It’s probably because every BTC bounce starting after an unsuccessful assault triggers a drawdown in altcoins, even if they are initially set up for strong growth.

Binance Coin is not making its holders too happy. This is despite the fact that the Twitter community is actively promoting the idea that the asset is ready to reach $1,000. However, in case BNB suddenly follows the steps of ETH, now is one of the last opportunities to buy this asset at a relatively affordable price.

Cardano, even despite the news that it has successfully tested the use of smart contracts via the Plutus framework, is still motionless. New features are scheduled to launch on September 12 already on the main network of the coin, so many crypto enthusiasts expect the asset to see a decent growth. It would be nice if after inclusion of smart contracts like in Ethereum, ADA would suddenly rise in price to its level, but it seems like that’s going to be quite a long wait.

Solana doesn’t seem to be following the standard pattern of price dynamics after a parabolic rise. When part of the community suddenly decided that the asset, as a speculative instrument, had exhausted its potential, SOL not only recovered from the fall, but also delivered solid gains.


IOTA is the new day’s gainer among the top 100 altcoins. This asset has already brought its users about 30% profit. During the week, this parameter has already crossed the mark of 67%.

Unfortunately, I couldn’t find the chart of this coin to dollar on TradingView, so I had to use euro as a reference value. As you can understand from the screenshot, the asset in question has grown significantly in just two days and now its price is testing resistance within the ascending trading channel.

Against the background of the increased Bitcoin activity, we can’t say that there is no potential to move beyond the trading range. It is likely that MIOTA will reach a new high very soon.

FTX Token

The loser of the day is FTT. At the time of writing, this asset has already generated a loss of around 9% for its holders.

Overall, FTT is moving within the ascending channel, where it approached the resistance and set a new all-time high. However, the potential for further growth has not yet been exhausted. Particularly due to the way the coin is moving along quite a strong support (blue line), so I recommend to keep an eye on this asset.

The cryptocurrency market is going through an important phase right now. If Bitcoin manages to break above the resistance, it will trigger the whole market to rise. However, you should not forget to be cautious. Don’t neglect risk management.

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Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.


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.

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