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Crypto Price Analysis & Overview September 4th: Bitcoin, Ethereum, Ripple, Tron, and Tezos

Bitcoin (BTC) Bitcoin saw a steep 10.6% price decline this week as it hit the current $10,250 level. The cryptocurrency had started September off with a bullish tone as it managed to spike above the $12,000 level. However, this changed two days ago as Bitcoin started to roll over. It initially found support at $11,150 […]

The post Crypto Price Analysis & Overview September 4th: Bitcoin, Ethereum, Ripple, Tron, and Tezos appeared first on CryptoPotato.

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Bitcoin (BTC)

Bitcoin saw a steep 10.6% price decline this week as it hit the current $10,250 level. The cryptocurrency had started September off with a bullish tone as it managed to spike above the $12,000 level. However, this changed two days ago as Bitcoin started to roll over.

It initially found support at $11,150 (.382 Fib Retracement), but this level was penetrated in yesterday’s trading session when BTC fell from $11,500 to reach $10,000. The coin closed yesterday’s candle at the $10,140 level. However, today, Bitcoin spiked well beneath $10,000 as it reached $9,875. It has since rebounded to trade back above $10,200.

This now puts Bitcoin at a new 5-week low.

Looking ahead, if the bulls can recover and push back above $10,430 (100-day EMA), resistance lies at  $10,600, $10,750, $10,910, and $11,000. Following this, resistance is found at $11,150, and $11,300.

On the other side, if the sellers break beneath $10,140, support lies $10,000. Beneath $10K, added support is found at $9,815, $9,750 (.786 Fib Retracemnet), and $9,600 (200-day EMA).

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BTC/USD. Source: TradingView

Ethereum (ETH)

Despite falling back beneath the $400 level, Ethereum only dropped by a small 4.5% over the past week. During the last seven days, it managed to rise as high as $490 on September 1st. More specifically, the coin was unable to close the daily candle above the $476 resistance as it started to reverse.

Ethereum initially found support at $438 (August 2018 highs). However, this support was penetrated yesterday as it headed into the $382 level (downside 1.272 Fib Extension). Today, Ethereum fell further beneath the $382 support and spiked as low as $360. However, the bulls are now trying to defend the support at $375 (downside 1.414 Fib Extension).

Looking ahead, if the bulls can penetrate above $382, resistance lies at $400, $410, $420, and $440. Following this, resistance is found at $450, $463, and $475.

On the other side, support is first expected at $75 (downside 1.414 Fib Extension). This is followed by added support at $365 (2019 high), $358 (.5 Fib Retracement), and $250.

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ETH/USD. Source: TradingView

Ethereum is performing slightly better against Bitcoin. At the start of September, ETH managed to rise into the 0.04 BTC level. From there, it started to head lower as the bulls attempted to defend a rising trend line.

Unfortunately, this trend line broke over the past couple of days as ETH dropped into the 0.0037 BTC support. It has continued beneath this today as it spiked as low as 0.036 BTC. The bulls have since recovered to the 0.0366 BTC level (.5 Fib Retracement).

Looking ahead, if the buyers can head higher and break 0.037 BTC, resistance is located at 0.0376 BTC, 0.038 BTC, 0.0385 BTC, 0.0387 BTC, and 0.0396 BTC (Feb 2019 High). Above 0.04 BTC, resistance lies at 0.0406 BTC.

On the other side, the first level of support lies at 0.0366 BTC (.5 Fib Retracement). Following this, support lies at 0.0361 BTC (March 2019 High), 0.0367 BTC (.618 Fib Retracement), and 0.0352 BTC.

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ETH/BTC. Source: TradingView

Ripple (XRP)

XRP dropped by a steep 8% this week as it hit the $0.247 level. The coin rebounded from the support at $0.264 last week, which allowed it to spike above the $0.3 level in early September. However, the steep market drop in Bitcoin caused it to break back beneath $0.3 quickly.

Yesterday, XRP penetrated beneath a rising trend line but managed to close the candle at the 100-day EMA at around $0.245. From there, the bulls have attempted to rebound as they trade just beneath $0.25.

Looking ahead, if the bulls break above $0.25, resistance lies at $0.256, $0.264, $0.27, and $0.28.

On the other side, support is first expected at $0.245 (100-day EMA). Following this, support lies at $0.236 (downside 1.618 Fib Extension), $0.235 (200-day EMA), and 0.228 (.618 Fib Retracement).

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XRP/USD. Source: TradingView

Against Bitcoin, XRP bounced from 2333 SAT last week as it started to push higher. XRP did not suffer significantly against Bitcoin in the previous few days of price decline. The buyers managed to defend the 2400 SAT level and remained above a very short term rising trend line.

XRP has rebounded today as it trades at 2420 SAT and now faces resistance at a falling trend line that has been active since early-August 2020.

Looking ahead, if the bulls can break the trend line, resistance lies at 2542 SAT, 2571 SAT, and 2630 SAT (bearish .5 Fib Retracement). This is followed by strong resistance at 2700 SAT, 2750 SAT, and 2800 SAT (bearish .618 Fib Retracement).

On the other side, if the sellers push lower, the first level of support lies at 2400 SAT. Beneath this, support lies at 2333 SAT (100-days EMA & .5 Fib Retracement), and 2275 SAT.

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XRP/BTC. Source: TradingView

Tron (TRX)

TRXis moving in the opposite direction to the market after it surged by a total of 40.6% this week. It is the only top 15 ranked project to see some substantial positive price movement during the week.

Tron started the week by trading beneath the $0.025 level as it began to push higher. It quickly broke above the August high at $0.032 in September and continued to reach the $0.05 level yesterday. Unfortunately, it was unable to close yesterday’s daily candle above $0.04 as it headed lower.

Today, TRX found support at the .5 Fib Retracement $0.0358, but the recent BTC price spike beneath $10,000 caused it to fall to the current $0.034 level.

Looking ahead, if Tron heads lower, support lies at $0.0325 (.618 Fib Retracement), $0.03, and $0.0279 (.786 Fib Retracement). Added support is found at $0.0251 and $0.2.

On the other side, the first level of resistance to overcome lies at $0.04. Above this, resistance is found at $0.0436, $0.0457 (bearish .5 Fib Retracement), and $0.05.

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TRX/USD. Source: TradingView

Against Bitcoin, Tron also managed to surge significantly higher. The coin reached as high as 460 SAT yesterday, but was unable to close the daily candle above 400 SAT (bearish .786 Fib Retracement). TRX has since dropped lower as it trades around 330 SAT.

Looking ahead, if the sellers break below 330 SAT, support is found at 321 SAT (.382 Fib Retracement), 300 SAT (.5 Fib Retracement), and 275 SAT (.618 Fib Retracement).

On the other side, resistance is located at 350 SAT, 370 SAT, 400 SAT (bearish .786 Fib Retracement), and 430 SAT (bearish .886 Fib Retracement).

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TRX/BTC. Source: TradingView

Tezos (XTZ)

Tezos suffered a massive 22% price plummet over the last week of trading as it reaches the current $2.50 level. It was trading at the $3.50 level toward the start of September, but things took a turn for the worst. From there, XTZ started to head lower as it broke beneath $3.00 yesterday to reach as low as $2.45.

Luckily, the bulls managed to hold the support at $2.55 (downside 1.414 Fib Extension) as they attempt to hold it today. XTZ did spike further lower toward $2.40 but has since jumped back above $2.50.

Looking ahead, if the bulls push higher, resistance lies at $2.60, $2.80, $3.00, and $3.15.

On the other side, support lies at $2.45 and $2.32. This is followed by support at $2.20 and $2.00.

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XTZ/USD. Source: TradingView

The situation is relatively similar in Tezos against Bitcoin. XTZ was trading at around 29,000 SAT at the start of September as the coin started to head lower. Today, it found support at the 24,300 SAT level (.618 Fib Retracement) as the buyers attempt to defend the level.

Looking ahead, if the buyers can break above 26,000 SAT, resistance lies at 27,200 SAT, 28,000 SAT, and 30,000 SAT.

On the other side, the first level of support lies at 24,300 SAT (.618 Fib Retracement). Beneath this, support lies at 22,700 SAT, 22,000 SAT, and 20,800 SAT (downside 1.618 Fib Extension).

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XTZ/BTC. Source: TradingView
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Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-september-4th-bitcoin-ethereum-ripple-tron-and-tezos/

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Bitcoin: Here’s the long-term signal you might be ignoring

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Bitcoin’s market capitalization hitting $1 trillion corresponded with a surge in price on the charts. In the said case, the last of the market volatility and network momentum pushed the price higher, before the drop that followed. However, if we look at Bitcoin as an asset to be used as collateral, there is wider scope for the vertical growth of its market capitalization.

Arcane Research’s latest report looked at the journey from $1 trillion to $20 trillion, a figure that is the value of the global market for collateral. Currently, while this $20 trillion market is dominated by government bonds and cash-based securities, there is a widening gap that is creating systemic risk in the system.

This makes it possible for Bitcoin to bridge the gap and make the collateral system largely risk-free and stable, unlike the fragility being observed right now. Counterparty risk and credit risk are currently the top two challenges in the collateral system and Bitcoin could emerge as the ideal solution in such a case.

Using Bitcoin as collateral, and how it impacts the price

Source: Arcane Research

Based on the aforementioned report, it can be estimated that around 6,25,000 BTCs are being used as collateral in the crypto-market. At their current price, that would be worth approximately $30 billion. However, right now, Bitcoin accounts for just 0.15% of the total collateral market. With the figures for the same expected to rise, the same is likely to have a positive impact on the price in the long-term.

Of late, whenever Open Interest on derivatives exchanges has hit a peak, it has coincided with times of high volatility and hikes in Bitcoin’s price, with corrections following soon after. An over-leveraged market is closer to price correction, based on past instances in previous cycles.

Using Bitcoin as collateral, and how it impacts the price

Source: Arcane Research

The attached chart, for instance, highlights the OI in Bitcoin Futures corresponding to March 2020’s Black Thursday and the recent ATH of $58,330. Since derivatives markets were the ones to first introduce Bitcoin as collateral, a hike in OI in Bitcoin Futures signals there may be an increase in the amount of Bitcoin being used as collateral, and eventually the price of the asset, in the long-term.

Now, this metric may not influence the price in the short-term as much as other metrics like trade volume, exchange reserves, and the SOPR. In the long-term, however, leveraged futures may lead to a hike in Bitcoin’s price.


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Source: https://ambcrypto.com/bitcoin-heres-the-long-term-signal-you-might-be-ignoring

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ProBit Exchange Lists EXGold (EXG) | Gold For The Digital Age

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ProBit Exchange Lists EXGold (EXG) | Gold For The Digital Age

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EXGold (EXG) has officially listed their token EXG on ProBit Exchange as the digital gold solution solidifies their partnership networks with one of the top South Korean exchanges and its global demographics.

EXGold was developed to capitalize on the burgeoning stable coin niche through its innovative, digitized protocol. Eliciting unmatched price stability and promising conceptual NFTs, EXGold will offer a reliable revenue stream for holders willing to subscribe to predetermined lockup periods.

Pegged to the price of gold, EXGold will reflexively mirror the price of its real-world counterpart. This relationship is immutable, meaning 1 EXGold token will always be worth the price of 1 gram of gold.

Grounded in the Ethereum protocol, EXG offers frictionless transferability and inherent scarcity, with a circulating token supply fixed at 5 million. EXGold ensures a fair, secure incentive structure with programmable smart contracts and predetermined lock-up periods. Soon to be available on Uniswap, EXGold developers are pushing to establish EXG as a potentially leading stablecoin and safe-haven asset.

EXGold’s recent partnership with a Peruvian mine, enabling direct tradeability, is a first of potentially many, real-world partners and the platform is transforming how traders interact with gold and view the “buy” and “hold” process.

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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/probit-exchange-lists-exgold-exg-gold-for-the-digital-age/

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Bitcoin: Another Correction Stage is Over

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By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

The digital currency is actively recovering after a deep correction. For bulls, it was important to make the price rebound from the support area at $42,500. A lot of investors are scared by such high volatility of the cryptoasset, even hedge funds are pretty sure that the number of institutional investors, who are ready to invest in BTC, will significantly increase after these fluctuations slow down.

Citibank experts believe that there comes a crucial moment for Bitcoin and the digital asset may either become a global payment method or end up with another speculative blowout. JPMorgan specialists are very active in recommending their clients to hedge from other types of markets, such as stocks and precious metals, and invest up to 1% of their investment portfolios in Bitcoin and other digital currencies.

btcusd

In the daily chart, BTC/USD has once again rebounded from the area between Moving Averages and that’s still an indication of a bullish impulse. The previous movement from such an area resulted in further growth of the asset by more than $29,000. Possibly, this scenario may repeat this time as well and BTC may reach $72,000-75,000. Another signal in favor of this idea is another rebound from the support line at the RSI. However, the bullish scenario may no longer be valid if the instrument breaks the rising channel’’ downside border and fixes below $42,950. After that, the price may move downwards with the target at $29,135.

The current asset growth can’t even be stopped by growing criticism of the primary cryptocurrency. Bill Gates is sure that the performance of transactions in the Bitcoin network is extremely power-consuming if compared with conventional transfers, and that causes a lot of harm to nature in the long run. Rakesh Jhunjhunwala, who is called Indian Warrant Buffett, appealed for regulating authorities to ban BTC in India and said that the asset was just a speculation of the highest order.

Many investors think that the current aggressive growth of Bitcoin is just a temporary phenomenon caused by heightening interest among major investors. As far back as a year ago, Ray Dalio said that with cryptocurrencies moving higher and being accepted everywhere, these assets may face aggressive criticism as well as an eventual ban by authorities. This is exactly what we are witnessing right now.

btcusd

As we can see in the H4 chart, BTC/USD has broken the descending channel to the upside and may continue trading upwards to reach $65,000. However, one shouldn’t exclude that the pair may resume growing only after returning to the broken border. A strong signal in favor of a further uptrend will be a rebound from the support line at the RSI.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source: https://themerkle.com/bitcoin-another-correction-stage-is-over/

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