Crypto market today: Bitcoin (BTC), Ethereum (ETH), Mina (MINA), Harmony (ONE) – 14th September 2021
Today is Tuesday, September 14th, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on on the market, and also what to expect next in our new article! If you’d like to read the previous analytics, please follow the link. So, here we go!
Bitcoin continues to consolidate. Any positive news can help it return to the price range nearing $50,000. The most striking example of that is the recent case of Litecoin (LTC). For example, yesterday, an announcement was published about Litecoin’s cooperation with Walmart, the world’s largest wholesale and retail chain. In the wake of that announcement, LTC immediately rose in price by $70, causing BTC to follow and gain more than $2000.
However, as was initially suspected, the announcement turned out to be fake, and later Walmart even issued a refutal of the statement. What the purpose of such a blatant lie about LTC was is anyone’s guess, but what this deception did was catastrophic for Bitcoin. Within minutes, the price of BTC shot up to $46,800, then dropped to $43,000, triggering thousands of stop losses both ways, liquidating both bulls and bears along the way. Many altcoins suffered from the blow, even those that are considered to be relatively free from Bitcoin’s influence.
The cryptocurrency market is very sensitive to info manipulation and fake news. Whatever the reasons for the announcers, their selfishness not only allowed someone to make money but also left many in hot water. Moreover, it is likely that the LTC lie already made the community question the continued growth of the market. That could significantly prolong the accumulation phase for BTC, which should be followed by a return to the latest local highs.
Either way, in order for a media outlet to publish an announcement like that, sending them the text is not enough. It either counts as a paid promotion, or the information must come from a reputable source. Only in either one of those cases would the media outlet run it. In other words, an ordinary cryptocurrency market player, no matter how interested in the growth of crypto as a whole or just one specific asset, would not be able to pull this off. It seems like someone with a fat wallet or a lot of influence desperately needed to rock the boat like that.
In the big picture, the situation has not changed for Bitcoin. We are still in accumulation, and in case there is a drop, you can take advantage of it. The first key support region is at $40,000, which is also an important psychological level. The next one is $35,000, which acts as a support within the triangle pattern. The next stop on the potential move down is the area around the $30,000 mark, which is the upper border of the expanding descending trading channel (yellow). And the last one is $20,000, acting as the lower border of the downward purple trading range.
At the time of writing, Bitcoin is changing hands at $45,175, which is still in line with the global bullish picture.
Moving on with the triangle, one of the key components here 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. We can only talk about a global trend change and worry about a market dump after the first cryptocurrency leaves the $30,000 range.
But that is a long way off.
Locally, on the hourly chart (one hour – one candle), Bitcoin clearly shows accumulation. There’s a clear indication that it is likely to end up in the $50,000 area. Yesterday, amid the LTC/Walmart commotion, Bitcoin made an attempt to break out of the current range, but since the fake news was revealed quite quickly, the positive dynamics then rapidly ground to a halt, almost inflicting new losses on bulls.
Buy when everyone stops believing in growth. Sell when others start buying for any price. Now is the perfect time to enter BTC. Don’t lose faith, and get ready for the next pump. If Bitcoin were able to deplete its powers, we would have seen it drop below $40,000 ages ago. As you can see, that’s not happening yet, therefore, BTC has hit its current bottom.
At this stage, Bitcoin still hasn’t dropped low enough for us to be clear about the end of the bull run. The first cryptocurrency continues to accumulate strength for a new leap, which is quite natural, especially seeing that the coin has already made a significant rise from the lower border of the pink-marked trading channel.
The only thing the market lacks at this point is a positive attitude among players. And yesterday’s case with the LTC fake news is one of the best examples of that.
The second-largest cryptocurrency, however, continues to stagnate. Although technically, this can hardly be called the absence of any change because following the recent news about LTC and Walmart, Ethereum also made an attempt to break higher but was immediately knocked back, which caused it to nearly drop below $3000.
Eventually, the whole Litecoin/Walmart fuss got left behind, and all the positions lost by the coins were more or less recuperated. Everything pretty much went back to normal, to the same place where the market was before the news.
Ethereum seems to have finally settled down within the white ascending channel. At this stage, the asset is in the stage of consolidation and is accumulating strength to make a breakthrough in one direction. But which one? That will likely depend on market tendencies at large, that in turn, are usually dictated by the behavior of BTC.
At the time of writing, ETH is trading at $3292. This is a good opportunity to freshen up your portfolio. Of course, buying Ethereum at $80, which is how much it cost at the peak of the last crypto winter, would sound a lot more appealing. However, there are no indicators of that sort of discount on the world’s second-largest cryptocurrency coming anytime soon.
Fear and Greed Index
The Fear and Greed Index has basically entered the “extreme fear” zone. The reason, of course, being the withdrawal of stops and liquidations that occurred in both the bear and bull camps and were spurred by the Walmart/LTC commotion. In light of these events, even the next large BTC purchase made by MicroStrategy had no effect on the situation.
Do not despair, however. This situation will actually do good for the market. While everyone else is afraid to buy BTC and merge their positions, the coins will be bought dirt-cheap by larger players en masse, which will then push the market to grow further.
It’s no secret that the pendulum of the market is constantly being swung. Trading digital assets is a game not unlike a tug of war, one that is beneficial to both sides. And by that, I don’t mean just bears and bulls, but rather the whales and the smaller fish of the market, like you and me.
When the entire market is in a buying frenzy, the whales will start to sell. When everyone is in a hurry to dump their assets and fix a loss, they confidently gain positions. And that’s what’s happening right now. The more afraid retail investors are, the more big guys will buy. Ultimately, when they’ve bought enough, the pendulum of the market will swing again, and we will start buying in our turn, thus increasing the price of the assets owned by the whales.
And don’t forget about the marginal side of the issue. With the balance tipping towards the bears, thousands of short leveraged trades are open every day. Most of them will eventually be liquidated with losses that will fuel the next round of market growth, simply because that will be more profitable for those whose funds and assets significantly outweigh ours. But in the end, the price of any asset always follows the volume.
In other words: if you want to enter the market, now is the time.
TOP 10 altcoins
The top altcoins are finally starting to recover. Nobody really knows why: might be due to the whole Walmart/LTC calamity, or it might as well be that their time has come. Either way, what’s clear is that the market is slowly starting to turn green.
I would like to specifically point out Solana (SOL), which, despite the growing mistrust on the part of some players, still managed to find strength and continue its recovery. It’s possible that for many SOL holders, this will be an excellent chance to earn significant profits if Solana returns to its last highs again. Let’s hope that the market collapses again under the onslaught of fake news, and organic growth will ensue again.
It’s also worth noting that if the situation doesn’t change, then by the end of the day, Solana will once again push Ripple (XRP) from sixth place in the CoinMarketCap ranking.
Mina (MINA) becomes the gainer of the day. So far, the coin has brought its holders about 20%, and it doesn’t seem like it’s going to stop there.
Harmony (ONE), in turn, becomes the loser of the day. This asset brought its holders 10% of losses over the past day. However, judging by the chart, the coin is moving in an upward channel and has a good chance of turning around and reaching a new global price maximum.
The cryptocurrency market is awfully volatile. But it’s precisely the volatility that allows millions of players to earn big and multiply their capitals. In order to reduce risks, it’s important to keep an eye on the market, and that’s what we here at CoinTribune are trying to help you do. Stay tuned for the daily updates, and make sure to subscribe to our social media to stay in the game. See you next time!
I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.