Bitcoin was officially accepted as legal currency in its first nation yesterday (El Salvador).
Beyond the headlines, rival countries now pressure to purchase Bitcoin - even if just as a reserve asset, since its architecture significantly incentivizes early adoption, and latecomers may regret their hesitancy.
So BTC did have a massive dump towards the downside to about $42800.
We came down to retest the previous resistance that we broke out from.
The level that BTC came down to retest has quite a bit of significance.
The previous resistance that Bitcoin was experiencing from the 19th of May to the 5th of August.
Previously, even though we tried to break above it, we often had a rejection and sold off towards the downside.
For the lower timeframe, Bitcoin needs to hold the major support at 46300, which has been the base of support we have been using since the 20th of August.
If you look at the daily timeframe, that mark was also the previous higher low on the daily timeframe.
From the 46000 - 47000 is the important level that Bitcoin needs to hold.
If Bitcoin can close the daily candle above about 47000, Bitcoin will probably go sideways or back towards the upside in the coming few days.
It is advisable to keep a lookout that the support we need to hold right now is between about 46200 - 46700.
MACD histograms are back on the negative side, showing that the bears are putting up a strong challenge in the market that could be capitalized on in the next few days.
The RSI index has moved around value = 45, which means that the price will remain on the same spot for the next period.
With Panama also introducing a bill to recognize Bitcoin and Ethereum as payment methods, this could portend great things for both traders and investors in the long term.
At the time of writing, Ethereum is trading at about 3431.36 with an intraday high and low of 3545.60 and 3379.46, respectively.
ETH did break down from the significant support at 3700, and we had this huge sell-off towards the downside.
On the lower time frames, we are currently consolidating between the resistance range at about 3520 and the support at about 3360.
The level that we just tested for support a few hours ago has quite a bit of significance, and this is a very important support that Ethereum needs to hold on a 1-hour closing basis at about 3360.
If you look at the past price section that we have available, the level at about 3360 was the previous resistance that Ethereum was experiencing from the 7th of August to the 31st of August.
So for about 2-3 weeks, you can see that we tried to break above the 3360 levels.
Whenever we lurked above this level, we had a rejection and a sell-off towards the downside.
Once we broke above it on the 31st of August and closed a few 1-hour candles comfortably and convincingly above it. Then started the parabolic move to about 4000.
Suppose Ethereum starts closing candles below the prior resistance that we broke up from.
In that case, that will consequently be quite bearish for Ethereum.
It will probably invite more sellers to continue selling, which will lead to an extended sell-off towards the downside.
MACD index is in the negative space, raising mixed reactions in the investing community about its short-term future.
The RSI index moved to value = 50, showing that the market will remain stable in the next few days, with a small probability of going down.
XRP swept the highs and then swept the lows into daily demand, and now looks primed for a pump in price.
This is pertinent because the market seeks liquidity; liquidity has now been taken from both the highs and lows.
In other words, this movement has expunged the overly aggressive/impatient traders.
At the time of writing, XRP is currently trading at 1.11000 (1.42% dip in price) after opening at 1.13079.
So XRP just had a huge dump towards the downside after breaking the previous major support at 1.29.
Once, we closed the few 1-hour candles below the support, XRP had this huge capitulation towards the downside.
XRP still looks fine, especially considering that we are still above the 4-hour EMA and the 200 MA if you look at the higher time frame.
As long as the daily candle closes above the range at about 1.05, XRP will remain bullish in short and medium timeframes.
MACD index returned to the negative field, indicating that the market is ready for another correction.
The RSI index moved around value = 47, indicating that the price could slip further at lower levels.
BCHUSD looks good and is delicately poised for a correction which will see the pair break below 663 and dip to 575.
From there, we would expect a huge rally which is what BCH does.
If it breaks out (which there is a great chance it will), the breakout will make the pair surge.
In the long term, BCH will probably meet the 6000 mark by the end of the year, especially if BTC tests new heights.
RSI is at 49.26 and keeping a straight face. This means that the bulls are in control but also facing stiff competition from the bears. MACD is negative,
This confirms the resistance is forming on the chart.
Currently trading at 177.58, LTC'S minor change in the macro count is adding impulsive structure.
LTC down volume is very large, 120-day average position is also dense trading area structure level support, double support is very strong, focusing on the 165 and 190 marks.
Litecoin has so many contracts worldwide and is going to be here for many years to come.
Having said this, the minimum target for LTC should be anywhere between 1500 - 2000 within a time frame of 6-10 weeks.
MACD index is back in the negative zone, creating mixed vibes in the market regarding the short-term future.
In contrast, the RSI index moved between values 40 and 47, depicting a stable short-term future with potential negative outcomes.
It has been a rollercoaster of a year for Dogecoin after it nosedived from 0.71 (ATH) to 0.17 within a few months.
More recently, every time it breaks 0.31, it takes a nosedive.
There will be a huge volatility squeeze happening soon on Dogecoin, which could send the price high.
This prospect is exciting for investors and traders.
Currently, we are witnessing a little bit of a pullback across all the markets, and there is no need for fear or trepidation.
At the time of writing, Dogecoin is around the 0.24 mark and has dipped by around -5.32% in the last 24 hours.
The next target for DOGEUSD is around 0.28, and if we can't stay above that, then there is a high chance that the pair will dip even further.
Doge seems to be one of the altcoins reacting aggressively to the current BTC price movement.
Yesterday, a total of 18.4 million dollars got liquidated in the Dogecoin network.
The market is currently witnessing a frenzy of some sort.
MACD index is in the negative lines, creating jittery vibes in the market regarding the short-term future.
In contrast, the RSI index moved between values 35 and 40, depicting an unstable short-term future with potential negative outcomes.
At the time of writing, ADA is trading at 2.32250000 with intraday highs and lows of 2.58000000 and 2.20070000, respectively.
Cardano seems to be breaking down from the major support at 2.36; that level has quite a bit of significance for Cardano.
On the lower time frame, that was the base of support we were using for the last 12 hours.
Currently, it looks like we have broken down from that support and are now retesting it as resistance given by the 1-hour candles.
The support to lookout will be at about 2.25.
if Cardano closes a few 1-hour candles below this level, we will probably have an additional sell-off to the level at about 2.05 (a point which caught the previous bottom for Cardano) a few hours ago.
This was also the previous base of supply that we were using.
Cardano will most likely go sideways and back towards the upside as we are still on the uptrend on the higher time frames.
We are still on a very obvious option of consecutive higher highs and consecutive higher lows and still trading above most of the key MA.
Currently, at 44.49, the RSI reading has been unsteady between this point and 50.
This signifies a power tussle between the bulls and the bears. MACD histogram is negative, and this shows an advantage to the bears.
