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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.

Republished by Plato



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).

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.

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.

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).

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.

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.

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).

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.

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).

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



Republished by Plato



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Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

Republished by Plato



Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

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The year has been a good one so far for altcoins. There’s no denying Bitcoin’s pedigree and influence on the market as it is still the biggest cryptocurrency by far in the crypto space. Having said that, there are a lot of altcoins or relatively smaller and cheaper cryptocurrencies which have attracted investors and newbies looking to diversify their crypto portfolios. As crypto adoption continues to grow so has the interest in it which has been evident in the last few months. Institutional interest is at an all-time high as many traditional companies, firms and institutions are boarding the cryptocurrency bandwagon.

There are a lot of altcoins putting up impressive numbers guaranteed to give back good yields and this article sheds light on four of them.

Uniswap (UNI)

Uniswap is one of the dApps based on the Ethereum blockchain. The project allows users to trade Ethereum tokens through liquidity pools. The DeFi coin boasts of being the first decentralized exchange with the option of a margin and leverage trading.

The UNI coin has two main services, thus delivering and utilizing liquidity. Although it is new in the crypto space as it was released into the market last year, its performance has made it one of the leading DeFi coins on the market.

UNIUSD Chart By TradingView

Uniswap v3 was released days ago, an upgrade of its protocol and aims to provide better oracles, new fee tiers as well as give users more control over the liquidity they provide. Many analysts believe the coin is expected to blow and with its price at $36, it would be a steal compared to others.

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Cardano (ADA)

Cardano has been one of the popular coins on the crypto market for some while. Its network has a smaller footprint which makes it flexible, more adaptable, and secure. Transactions are faster as it requires less energy, and have interoperability and scalability among its pros.

ADAUSD Chart By TradingView

Cardano’s recent update has equipped it with the ability to build smart contracts which have attracted a lot of dApp developers, a sector that is blowing up this year. The coin is 4th on the crypto ladder with a trading price of $2.32 which has seen a 27.35% rise within the last seven days.

Solana (Sol)

Another coin that is making a name for itself in the fast-growing DeFi ecosystem is Solana.

Launched in March 2020, the digital project has enjoyed a steady rise, making its way up the crypto ladder with impressive runs. Sol is currently at 16 on the crypto ladder with an impressive market valuation of $14 billion.

SOLUSD Chart By TradingView

Its Proof-of-History algorithm has the highest speeds of a transaction and offers relatively cheaper transaction fees as compared to other coins such as Ethereum. The digital asset currently trades above $50.

Dogecoin (DOGE)

DOGE has defied many odds to become one of the fastest-growing digital coins on the crypto market presently. Created as a meme coin back in 2013, it has seen a major resurgence taking its price from $0.0076 to an all-time high of $0.7 in less than 21 days led by Elon Musk’s never-ending endorsements.

DOGEUSD Chart By TradingView

Dogecoin has seen a surge of over 8000% so far this year and remains one of the cheapest coins to buy. It is currently trading at $0.5, and despite the many controversies surrounding DOGE, it does have what it takes to yield massive progress if adopted by Tesla for payments.

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Invested In $DOGE? Here’s How To Do Your Crypto Taxes

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Invested In $DOGE? Here’s How To Do Your Crypto Taxes

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As a result of the crypto market having grown at a staggering pace over the course of the last year or so, many individuals have been able to rake in handsome profits thanks to their digital currency investments. To put things into perspective, since the start of 2021, the capitalization of this fast-evolving industry has increased from $1 trillion to over $2.3 trillion. As a consequence, Bitcoin and Ether are now worth more than companies such as Alibaba, Tencent, Facebook, Walmart, MasterCard, Bank of America, amongst others.

While all of this growth is fantastic in and of itself, the inflow of such massive capital has attracted the attention of regulators all over the globe. For example, since 2018, the United States Internal Revenue Service (IRS) has been warning investors about being diligent about declaring their crypto returns. 

In fact, in 2019, the government body issued warning letters to more than 10,000 taxpayers who had performed crypto transactions but may have failed to report their income or pay taxes owed on the same. That said, crypto accounting is easier said than done since most of the guidelines when it comes to keeping a tab on one’s digital assets are quite complex and can include a lot of physical/mental effort.

So how does crypto taxation actually work

Straight off the bat, it needs to be made clear that any dealings one may have had with cryptocurrencies in the past may be liable for taxation. As an example, say a person has 10 BTC. Of the lot, he uses 3 for buying pizzas, 4 for purchasing certain gadgets, and the rest for converting into fiat. 

For each of these separate transactions, the government expects the individual to maintain the dollar equivalent value for each tx and compute their net dollar income in relation to their total crypto holdings. On the basis of this aggregated data, a person can compute his/her net liability.

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Also, to maintain one’s records in an appropriate manner, it is of utmost importance that individuals understand how exactly their tokens are taxed. Say for example, if a cryptocurrency is acquired as payment for providing someone with a service of any sort of good, the gains are taxable as ordinary income.

In another case, say if a token is acquired from a hard-fork or airdrop, it is again treated as a medium of ordinary income. Alternatively, if a cryptocurrency is purchased with the intention of it being used as an investment vehicle, then the taxation of such an asset is determined by its holding period. 

So, say a token is held for less than a year, the net receipts are viewed as regular income but still subject to certain state levy’s. On the other hand, If the holding period has exceeded twelve months, the profits accrued are treated as capital gains tax and can potentially incur an added 3.8% tax on net investment income.

Automated platforms can make crypto taxation a breeze

Even though counting for one’s digital transactions can be quite a cumbersome task, there are now many tax automation platforms that are available in the market today. For example, some white-labeled cryptocurrency dashboards — such as Atani — have been designed to automatically download and store all of an investor’s detailed balance and transaction histories from multiple leading exchanges and wallets in one place.

After collection, this data can be transferred and processed, subsequently converted into detailed reports that can be utilized by CPAs in order to accurately determine which of their client’s cryptocurrency transactions can be classified as taxable events. Furthermore, since Atani’s operational framework is totally scalable, it can be employed by small-scale investors as well as larger retailers with the same level of ease.

Thanks to the use of such applications, complex return filings, which can typically take hours to process, can be completed within a matter of minutes, thus allowing investors to not only save on a lot of time but also bypass a lot of the mental and physical stress that usually comes with doing one’s taxes manually.

Looking ahead

As the crypto market continues to attract the attention of authorities across the globe, it stands to reason that as head into a cashless, digital future, more and more businesses operating within the blockchain/crypto sector may have to start getting their digital asset accounts in order. The best way to do that is through the use of platforms that are capable of monitoring, tracking all of one’s trades in a completely automated fashion.

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