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According to Wells Fargo estimations, U.S.-based retailer Costco runs a $200 million gold business monthly. Consumer trust in the organization and its aggressive pricing have made Costco’s one-ounce bars of 24-karat gold a popular choice for investors, who take advantage of 2% over market spot prices. Costco Might Be Selling $200 Million in Gold Every […]
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Costco Gold Business Booming: Estimations Put Monthly Sales Close to $200 Million
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Ethereum Prints Bullish Technical Pattern, Why Close Above $3,200 Is Critical
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Ethereum fell to $2,930 before correcting higher against the US Dollar. ETH price is rising and a close above $3,200 could spark a strong recovery.
- Ethereum extended decline and broke the $3,000 support zone.
- The price is trading below $3,200 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a major recovery wave if there is a close above $3,200.
Ethereum Price Eyes Steady Recovery
Ethereum failed to climb above $3,200 and extended its decline. ETH declined below the $3,050 and $3,000 support levels to move further into a bearish zone.
The price spiked towards $2,920 and traded as low as $2,931. Recently, there was a sharp upside correction above the $3,000 and $3,050 levels. Besides, there was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD.
Ether price settled above the 61.8% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. It is now consolidating above the $3,100 level.
On the upside, an immediate resistance is near the $3,145 level. It is near the 76.4% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. The next major resistance is near the $3,200 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
A clear upside break above the $3,200 level could spark a decent recovery wave. The next key resistance is near the $3,300 level. Any more gains could send the price towards the $3,420 level in the near term.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the $3,200 level, it could start another decline. An initial support on the downside is near the $3,060 level.
The first key support is now forming near the $3,000 level. A downside break below the $3,000 level might put a lot of pressure on the bulls. In the stated case, there is a risk of a new monthly low below the $2,931 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $3,060
Major Resistance Level – $3,200
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Bitcoin in line for ‘phenomenal’ weekly close if BTC price holds $49K
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Bitcoin (BTC) held $49,000 on Aug. 28 after the United States Federal Reserve sparked a run-up toward critical resistance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView All eyes on $49,300 on the weekly chart
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels after cracking the $49,000 mark late Friday.
The end of the working week had seen a positive reaction to comments from Fed Chair Jerome Powell on tapering of asset purchases, as well as remarks on inflation.
As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened — Bitcoin made use of the opportunity and added $1,500 in under an hour.
With talk of a new “bullish impulse” move afoot on crypto markets, the mood into the weekend was thus far from bearish.
“If BTC is able to stay above the ~$49000 level for the rest of the week… It would set itself up for a phenomenal Weekly Close,” trader and analyst Rekt Capital summarized.
That weekly close had a solid chance of beating the last at the time of writing, with $49,300 the level to clinch for a multi-month high.
That would also place Bitcoin back in the tiny two-month window in which it closed above $49,000 on the weekly chart earlier this year.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView “Should be pretty obvious where Bitcoin is heading,” popular Twitter account Ryan Cantering Clark added.
A look at buy and sell levels on major exchange Binance on the day meanwhile revealed a support line slowly building at around $48,800, forming a close stand-off with sellers just below $50,000.
BTC/USD buy and sell levels (Binance) as of Aug. 28. Source: Material Indicators/ Twitter Cardano bulls back in action as altcoins wake up
Altcoins meanwhile mostly benefited from renewed strength in Bitcoin.
Related: Price analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA
With the exception of a flat Binance Coin (BNB), the top ten cryptocurrencies by market cap saw solid 24-hour gains.
Cardano (ADA) bulls led the advance, ADA/USD climbing almost 10% to $2.85 and making up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued upwards after its own record high.
ADA/USD 1-day candle chart (Binance). Source: TradingView Ether (ETH) was at $3,240, having increased by a more modest 4% and still down 1.5% versus the same time last week.
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Bitcoin Starts Recovery, Why Close above 100 SMA Is Important
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Bitcoin price started a fresh increase from the $37,500 support against the US Dollar. BTC must clear the 100 hourly SMA and $40,000 to move into a positive zone.
- Bitcoin started a decent increase above the $38,000 and $38,500 resistance levels.
- The price is now struggling near the $40,000 zone and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $38,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above the $40,000 barrier to continue higher in the near term.
Bitcoin Price is Rising
Bitcoin price extended its decline below the $38,200 and $38,000 support levels. BTC tested the $37,500 zone, where the bulls took a stand.
A base was formed near $37,500 before the price started a fresh increase. Earlier, there was a break above a major bearish trend line with resistance near $38,250 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $38,000 and $38,500 resistance levels.
Bitcoin broke the 23.6% Fib retracement level of the main decline from the $42,630 swing high to $37,533 low. It is now struggling near the $40,000 zone and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
The 50% Fib retracement level of the main decline from the $42,630 swing high to $37,533 low is also near the $40,000 zone. Therefore, a close above the 100 hourly SMA and $40,000 might trigger a steady increase. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term.
Fresh Decline in BTC?
If bitcoin fails to climb above the $40,000 and $40,200 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $39,000 level.
The first major support is now near the $38,750 zone. A clear downside break below the $38,750 support might call for a sharp decline. In the stated case, the price might decline towards the $38,000 level. The next major support is near the $37,500 zone.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $38,750, followed by $38,000.
Major Resistance Levels – $40,000, $40,200 and $41,200.
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BTC Is Dangerously Close to Shaving Off 100% of 2021 Gains: What’s Next?
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The suspense is killing us.
For the past several weeks, the price of Bitcoin has been dancing just above the $30,000 support level, sometimes dipping below and occasionally making strong moves toward the $40,000.
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But, every time Bitcoin seems to make a decisive move one way or the other, it is only a matter of hours before BTC retreats to familiar territory: price levels around $31K, $33K, $35K with no clear path forward.
Bitcoin’s relative stagnancy around this level has caused a bit of division amongst analysts attempting to predict what could happen next. Some believe that BTC is just moments away from regaining its losses and riding a rally back to $60K and beyond by the end of the year. In June, some analysts have predicted that BTC could reach as high as $200,000 by the end of 2021.
However, not everyone is so optimistic. If Bitcoin falls to sustained levels below $30K, some analysts believe that BTC may be in for a prolonged depression before any upward movement is possible. Thus, Bitcoin seems to be in a rather precarious position: while BTC seems fairly stable above $30K, movement below $30K could lead Bitcoin to new lows. So what’s next for Bitcoin?
Would a Move below $30K Trigger Another Wave of Leveraged Bitcoin Liquidations?
“If Bitcoin drops below $30K for more than a few hours, it will cause a worldwide panic from traders and people searching for places to buy BTC,” said Kelan Kline to Finance Magnates. Kline is a personal finance expert and Co-Founder of The Savvy Couple.
A prolonged movement below $30K could essentially trigger a series of events that closely resemble what happened to Bitcoin markets in May of this year: “Exchanges will be under extreme pressure with too many customers on the website at once, causing market instability in both fiat and cryptocurrency markets.”
“When it’s trading time in Asia, Bitcoins liquidity could be significantly lower as traders would follow suit of selling their bitcoins off as well, which would create an even larger waterfall effect on the global financial system.”
“We Haven’t Lost All Gains in 2021.”
One point of possible positive news for Bitcoin is the fact that it actually did briefly fall below $30K earlier this week, and it did not trigger a new wave of liquidations, as some believed it would.
In fact, some analysts see the drop below $30K as a sort of non-event: Marco Van Den Heuvel, Head of Community at decentralized search engine Presearch, told Finance Magnates that: “This dip honestly did not come as a surprise.”
“Breaking $30,000 pretty much indicated we would see $28K levels, followed by hopeful support and a bounce. Which is what we saw starting just now, back to $31,500,” he explained.
In fact, Van Den Heuvel pointed out that any further drops below $30K could be a good thing for Bitcoin’s price levels in the long term. After all, the price drops may present opportunities for longer-term hodlers with ‘diamond hands’ to scoop up BTC at a discount.
Marco Van Den Heuvel, Head of Community at decentralized search engine Presearch. “They are key levels in which a lot of buys are waiting to scoop up ‘cheap’ Bitcoin,” Van Den Heuvel said. “Personally, I believe we’re trading around support levels now for Bitcoin, whereas altcoins can still see another 30-40% decrease in price if bitcoin dominance actually attempts the 50% retest and successfully breaks it.”
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“Realistically, we haven’t lost all gains in 2021,” he continued. “Bitcoin is trading around January 2021 levels, as are many altcoins. I feel like this event puts many people back into reality; making money is ‘easy, but keeping it is a different skill. It requires stone-cold decision making, rather than being permanently bullish.”
“Risk management is important. It’s also clear how much speculation there is still in this space, and how people’s emotions take over, resulting in a [downward] spiral of events.”
How deep is this downward spiral? “To me, current sentiment shows we’re hopefully close to a bottom,” he said. “Many people that capitulate now may not find their lower buy orders hit.”
BTC Sales by “Weak-Handed” Hodlers Could Give Way to Purchases by Longer-Term Investors
Indeed, under current market conditions, Bitcoin may not be poised to drop anytime soon, but negative news could bring a new round of bearish movements to BTC.
Ben Reynolds, the Founder of Sure Dividend, pointed out to Finance Magnates that Bitcoin is still reeling from negative news that hit the headlines in May: “China has recently cracked down more on crypto by banning more crypto-related social media accounts on Weibo,” he said, adding that Elon Musk’s Twitter drama may have influenced Bitcoin.
Ben Reynolds, Chief Executive of Sure Dividend. Reynolds also pointed to “the FBI reclaiming the millions of dollars worth of bitcoin from the pipeline ransom hackers group,” which he said “[proves] that governments can still manipulate it even when it is not regulated, which could have some investors who prefer to question their investments.”
These pieces of news, and any other negative reports that could come out soon, may continue to wash out new money from bitcoin markets. “Any new investors who are susceptible to emotion and fear clouding their investment decisions might be the ones who pull out and cause BTC to drop below $30K,” Reynolds said.
On the other hand, positive news updates about Bitcoin could act as a boon for crypto prices and positive developments are underway: “Businesses are developing bitcoin ETFs, allowing customers to buy, sell and checkout by using crypto. The FBI used it to reclaim a ransom and strengthened its ability to become more mainstream.”
“Investor Fixation on Every Little Price Fluctuation Is Derailing the Ecosystem from What It’s Supposed to Be Doing.”
And while $30K seems to be Bitcoin’s ‘magic number’ of the moment, Kirobo Chief Executive, Asaf Naim pointed out that BTC analysts and investors often become fixated on certain price points.
“We all know that investors can panic when they see an asset fall below the price they consider symbolic,” Naim told Finance Magnates. “But, let’s not forget that these numbers are arbitrary – back in 2017, $20,000 was considered the magic number for Bitcoin.” In the years between 2018 and 2020, it was all about Bitcoin’s so-called “curse of $10,000.”
“Then in April of this year, it topped $63,000, and now $30,000 is considered the bottom,” Naim continued.
Asaf Naim, Chief Executive of Kirobo. Indeed, Bitcoin’s big price rally from November of 2020 until May of 2021 reset the global mindset about where Bitcoin should be price-wise. Before the chain of liquidations that sent the price spiralling in May, some analysts and investors believed that a steady price above $50K could soon be Bitcoin’s new ‘normal’. However, BTC has failed to regain enough momentum to sustain levels above $40K for weeks.
Now that the latest round of hype seems to be over, the conversation around Bitcoin seems to be shifting away from how big BTC will be and back towards how it can and will be useful to the world.
“I think that if people would focus on the very real, practical applications of decentralized technology instead of obsessing over whatever mood Bitcoin has decided to be in on a given day, they’d find that the fundamentals of the crypto market as a whole are rock-solid,” Naim told Finance Magnates.
“Frankly, I think that investor fixation on every little price fluctuation is derailing the ecosystem from what it’s supposed to be doing – upgrading the way the world transacts through decentralized technology.”
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