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Looking at the 4 hour charts we can see
that Bitcoin has lost support at the 78.6% Fibonacci level from an upward trend
that began on June 24th. As the Bitcoin ETF decision dates for 5
Bitcoin ETF’s will be decided on or before September 21st the stagnation
of Bitcoin’s price movement until after this decision will be reflecting this.
The 8-period EMA has just crossed under the 20-period EMA on the 4 hour charts
as well signaling momentum is on the bears side. Current price is $6150 at time
of writing with short-term resistance $6818, mid-term resistance $7500, and long-term
resistance at $8500. Short-term support is $6000, mid-term support is $5750,
long-term support is $5000.
Ethereum is currently trading at $199 at
time of writing. It is exhibiting bearish divergence where the price had made
local highs but the RSI is moving lower. The price has just broken down from the
23.6% Fibonacci level and was not able to break the bearish trend. It faced major
rejection at $225 where the 38.2% Fibonacci level was indicating the trend was
still bearish. Short-term resistance is $225, mid-term resistance is $260.99,
long-term resistance is $320. Short-term support is $193, mid-term support is
$167, long-term support is $133.
Litecoin is currently trading at $52.08 at time of writing. After
facing a rejection of the 38.2% Fibonacci line, the price has continued its
descent downwards. Looking at the 4hr charts we can see that it is trying to
find support at the $52 range but is having some trouble. The 8-period EMA
looks like it’s trying to go below the 20-period EMA once again spelling more
bearish sentiment. Short-term resistance is $55.75, mid-term resistance is
$61.03, long-term resistance is $70. Short-term support is $52.49, mid-term support is $49.28 and
long-term support is $47.21
Ripple has experienced a huge rise in the past 3 days moving up 27%.
This was most likely due to news from a soon-to-launch xRapid and settlement of
a lawsuit with R3 Consortium has finally concluded. Because the price traded
above the 38.2% Fibonacci line, XRP is trying to regain bullish sentiment. Short-term
resistance is at $0.32, mid-term resistance is $0.34, and long-term resistance
is $0.37. Short-term support is $0.31, mid-term support is $0.29 and long-term
support is at $0.24 according to my Fibonacci levels. There is also bearish
divergence as well since the price made a higher high but a lower high on the
RSI. Volume is still good but the price may be unsustainable in the short-term
and is looking for a retracement.
week (and next week) are vital to cryptocurrencies because of pending Bitcoin
ETF decisions. This week will be 5 Bitcoin ETF’s decided on by September 21st.
The decisions will be for Direxion
Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares,
Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares,
and Direxion Daily Bitcoin 2X Bear Shares. Nasdaq
plans to acquire Cinnober for $190 million in what seems to be an arms race
between who can provide the best custody services that include digital assets.
Since ICE is going with Bakkt, it feels like Nasdaq is trying to compete by
acquiring this crypto-friendly technological firm. France aims to be the ICO
capital of the world by providing an ICO framework that will attract investors.
New report by Diar research group shows that 1% of wallets owns 55% of the
world’s Bitcoin indicating that Bitcoin may not be as decentralized as people
perceive. Even over 50% of Bitcoin’s hashrate is controlled by mining pools. In
addition, the report says that over 1/3 of the world’s Bitcoin has never been
moved out of wallets so this means either people are holding for the long term
or people have just lost their private keys.