Tag: Crypto Trading

The cryptocurrency sector has experienced a slight decrease in value as (as many traders speculate) Bitcoin mirrored Gold’s triangle pattern breakout and headed towards the downside. Bitcoin is currently trading for $10,261, representing a decrease of 1.72% on the day. Meanwhile, Ethereum lost 4.54% on the day, while XRP lost 3.79%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, Uniswap gained 13.73% on the day, making it the most prominent daily gainer. HedgeTrade (9.22%) and Hyperion (5.61%) also did great. On the other hand, DigiByte lost 17.91%, making it the most prominent daily loser. It is followed by Ren’s loss of 17.78% and Reserve Rights’ loss of 11.70%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a slight increase since our last report, with its value currently being at 61.45%. This value represents a 0.35% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has decreased in value over the past 24 hours. Its current value is $325.05 billion, which represents a decrease of $8.86 billion when compared to our previous report.

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What happened in the past 24 hours?

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• Bears reign over BTC as 86% of September’s $284M CME Bitcoin options are worthless (Cointelegraph)
• Crypto exchange Gemini launches in the UK (The Block)
• Robinhood closes $660 million in Series G funding (The Block)
• Sia Tech raises $3 million in order to speed up the development of ‘free Internet’ (The Block)
• After Two Police Raids, Bitcoin Exchange Bithumb Up for Sale (Cryptobriefing)
• ECB Seeks to Eliminate Stablecoins, Accelerate Digital Euro Plans (Cryptobriefing)
• Biggest Expiry of Ethereum Options Looks to Amp Up ETH Volatility (Cryptobriefing)
• UNI, SNX, and DeFi tokens recover on Yearn.finance (YFI) lead: what’s next? (Cryptoslate)
• Crypto Hedge Fund Looks for $50M to Buy DeFi Tokens Amid Market Pullback (Coindesk)
• Venezuela Legalizes Crypto Mining but Will Force Industry Into National Pool (Coindesk)

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Technical analysis

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Bitcoin

Bitcoin has spent the day mirroring Gold’s movement from a day ago, where it broke the same triangle pattern to the downside. With the same happening to Bitcoin, we saw its price falling to sub-$10,300 levels. If we take into account the CME Futures, which will expire on Friday, deeming as much as 86% of $284 million worth of contracts worthless, we can guess with accuracy that the bears will continue to reign over the market for now. The suggested price of $9,300 to $9,500 is even more realistic now.

BTC/USD 1-day Chart

If we take a look at the 4-hour time frame, the largest cryptocurrency by market cap has dropped below the 23.6% Fib retracement as well as the triangle bottom line, suggesting strong bearish sentiment in the short-term. While the volume is descending and preparing for the next move, Bitcoin’s next one will most likely be to the downside.

BTC/USD 4-hour Chart

Bitcoin’s short-term technicals haven’t changed from yesterday, and are still very bearish. However, while the technicals are very bearish on the 4-hour chart, the daily and weekly technical overview is slightly less bearish, while the monthly overview is very bullish.

BTC/USD 4-hour Technicals

Technical factors (4-hour Chart):

• Price is below both its 50-period EMA and 21-period EMA
• Price slightly closer to the bottom Bollinger band
• RSI is neutral (34.72)
• Volume is slowly descending from a massive spike

Key levels to the upside          Key levels to the downside

1: $10,500                                 1: $10,015

2: $10,630                                 2: $9,880

3: $10,850                                  3: $9,740

Ethereum

The DeFi market has managed to recover from its plummet, with yearn.finance leading the move to the upside. While Ethereum has lost value due to its correlation with Bitcoin, its short-term overview is slightly more bullish.

However, if we take a look at Ethereum’s chart, we can see that the second-largest cryptocurrency by market cap managed to stabilize after hitting the bottom Bollinger band, which provided adequate support. While ETH did fall below $340 and broke a major support level, which calls for a push towards $300, the situation is slightly more bullish than the day before.

ETH/USD 4-hour Chart

Ethereum’s short-term technicals are extremely bearish, while the situation changes drastically in the weekly and monthly overview, where the overview is quite bullish.

ETH/USD 4-hour Technicals

Technical Factors (4-hour Chart):

• The price is below both its 21-period and its 50-period EMA
• The near its bottom Bollinger band
• RSI is hovering around the oversold line (30.56)
• Volume is average (except for the one-candle volume spike during the downturn)

Key levels to the upside          Key levels to the downside

1: $340                                     1: $300

2: $360                                     2: $289

3: $371                                      3: $278

Ripple

XRP has spent the day continuing its Elliot impulse wave 5th leg. While its price did go down, many traders have turned slightly bullish, calling out for the end of the 5th leg of the impulse wave at the spot where the price meets the ascending trend line from March (the red ascending line). This would put the price target for XRP at somewhere between $0.215 and $0.218 before pushing towards the upside.

XRP/USD 1-day Chart

While many traders have turned bullish, XRP’s technicals are still firm with their bearish sentiment. The bearish sentiment doesn’t end at the shorter time frames; it rather extends to the daily and weekly overview as well.

XRP/USD 4-hour Technicals

Technical factors (4-hour Chart):

• The price is below both its 21-period EMA and its 50-period EMA
• Price is very close to its bottom Bollinger band
• RSI is in the oversold territory (27.28)
• Volume is volatile, with occasional spikes

Key levels to the upside          Key levels to the downside

1: $0.227                                   1: $0.221 

2: $0.235                                   2: $0.214

3: $0.2454                                3: $0.2

The cryptocurrency sector has mostly tried to consolidate after this weekend’s losses. Bitcoin is currently trading for $10,496, representing an increase of 0.68% on the day. Meanwhile, Ethereum gained 0.26% on the day, while XRP lost 1.28%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, OMG Network gained 21.05% on the day, making it the most prominent daily gainer. Synthetix Network (20.54%) and Hyperion (16.87%) also did great. On the other hand, Avalanche lost 54.43%, making it the most prominent daily loser. It is followed by Orchid’s loss of 13.56% and Celo’s loss of 10.10%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a slight decrease since our last report, with its value currently being at 61.10%. This value represents a 0.19% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has slightly increased in value over the past 24 hours. Its current value is $333.91 billion, which represents an increase of $3.7 billion when compared to our previous report.

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What happened in the past 24 hours?

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• MicroStrategy CEO could ‘liquidate $200M in Bitcoin on a Saturday’ (Cointelegraph)
• Yearn .finance’s founder and others aren’t bullish on Uniswap’s current governance model (Cryptoslate)
• Top VC says amid 40% drop: the fundamentals for Ethereum have never been better (Cryptoslate)
• Cardano Finally Flashes Buy Signal After 50% Nosedive (Cryptobriefing)
• American Regulators Warm up to Crypto, Banks Authorized to Hold Stablecoins (Cryptobriefing)
• Exorbitant Gas Fees on Ethereum Force UniLogin to Shutter Operations (Cryptobriefing)
• Craig Wright of Bitcoin SV Won’t Escape Latest Crypto Lawsuit (Cryptobriefing)
• Jeremy Allaire talks USDC, multi-chain support and new stablecoin guidance (The Block)
• ECB report says the term ‘stablecoin’ needs reform because of its ambiguity (The Block)
• Crypto exchange Bithumb reportedly looking for a buyer (The Block)

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Technical analysis

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Bitcoin

Bitcoin has spent the day trying to “end the battle” for the 23.6% Fib retracement level. With it ultimately ending up above it, Bitcoin has managed to stay out of the bearish cycle it was about to jump in. With that being said, the 1-day chart is still calling for a pullback towards the $9,300-$9,500. The large red triangle on our chart shows Bitcoin’s possible correlation with gold (as the gold chart looks exactly the same, with the exception that its triangle already popped to the downside), which may cause another push towards the downside.

BTC/USD 1-day Chart

If we take a look at the 4-hour time frame, the largest cryptocurrency by market cap managed to stay above the triangle bottom line and gain a foothold at the 23.6% Fib retracement line. However, Bitcoin’s sentiment is still slightly bearish in the short-term, which may ultimately result in another nosedive.

BTC/USD 4-hour Chart

Bitcoin’s short-term technicals are still very bearish. However, the more we look at longer time frames, the better the situation is. While the technicals are very bearish on the 4-hour chart, the daily and weekly overview are not so bad (though still tilted towards the downside), while the monthly overview is still very bullish.

BTC/USD 4-hour Technicals

Technical factors (4-hour Chart):

• Price is slightly  below its 50-period EMA and its 21-period EMA
• Price slightly below its middle Bollinger band
• RSI is neutral and recovering from the downswing (39.62)
• Volume is slowly descending from a massive spike

Key levels to the upside          Key levels to the downside

1: $10,630                                 1: $10,500

2: $10,850                                 2: $10,015

3: $11,000                                  3: $9,880

Ethereum

DeFi market is experiencing a bloodbath, with yearn.finance dropping 50% from its highs established in the past weeks and the rest of the market following. With that being said, many institutional investors have said they are macro-driven and not crypto-driven and that ETH’s fundamentals have never been better.

However, if we take a look at Ethereum’s chart, we can see that the situation is not exactly bullish. The second-largest cryptocurrency by market cap has barely established support at the $340 level. With the volume coming back to normal, it seems that ETH will stay at this level and try to consolidate in the short-term.

ETH/USD 4-hour Chart

Ethereum’s short-term technicals are extremely bearish, while its mid-term technicals are getting quite bullish. This confirms the story that the “smart money” is telling, which is that institutional money is coming into the market regardless of the short-term bearishness.

ETH/USD 4-hour Technicals

Technical Factors (4-hour Chart):

• The price is below both its 21-period and its 50-period EMA
• The between its middle and bottom Bollinger band
• RSI is neutral but tilted towards the downside (34.67)
• Volume has returned to average

Key levels to the upside          Key levels to the downside

1: $360                                     1: $340

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP has spent the day trying to consolidate after a push towards the downside. The fourth-largest cryptocurrency by market cap has (for now) stopped its squeeze down after hitting the bottom of the bottom Bollinger band, which stopped it from descending further. While the sentiment is still bearish, the move towards the downside that will finish the Elliot impulse wave’s fifth leg may be delayed slightly.

XRP/USD 1-day Chart

Taking a look at the technicals, XRP is showing extreme bearish sentiment on both short-term and long-term charts. Its 4-hour, daily, weekly and monthly indicators are heavily tilted towards the downside, which is certainly not a good sign for the XRP bulls.

XRP/USD 4-hour Technicals

Technical factors (4-hour Chart):

• The price is below both its 21-period EMA and its 50-period EMA
• Price is slightly above its bottom Bollinger band
• RSI is neutral and flat (38.38)
• Volume is coming back to average

Key levels to the upside          Key levels to the downside

1: $0.235                                   1: $0.227 

2: $0.2454                                 2: $0.221

3: $0.266                                  3: $0.214

The cryptocurrency sector has dropped severely as the traditional markets tumbled and caused the crypto market to do the same. Bitcoin is currently trading for $10,458, representing a decrease of 4.38% on the day. Meanwhile, Ethereum lost 7.68% on the day, while XRP lost 5.87%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, only three have actually increased in value. Orchid gained 25.73% on the day, making it the most prominent daily gainer. Loopring (5.88%) and Hyperion (5.03%) also did great. On the other hand, Celo lost 19.17%, making it the most prominent daily loser. It is followed by Uniswap’s loss of 19.04% and Aave’s loss of 16.93%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced an increase since our last report (as it always happens when the market drops), with its value currently being at 61.29%. This value represents a 0.67% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has lost value over the course of the past 24 hours. Its current value is $330.84 billion, which represents a decrease of $21.61 billion when compared to our previous report.

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What happened in the past 24 hours?

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• Craig Wright loses summary judgment bid in billion-dollar bitcoin case, which now heads to trial (The Block)
• US banks can hold reserve funds for stablecoin issuers, says federal regulator (The Block)
• SEC, OCC Issue First Regulatory Clarifications for Stablecoins (Coindesk)
• Yearn.finance (YFI) plunges to “do or die” support despite positive developments (Cryptoslate)
• Ethereum Classic is partnering with security firms to prevent further 51% attacks (Cryptoslate)
• DeFi darling Yam—after suffering a $750,000 bug—is back: what you need to know (Cryptoslate)
• Here’s how the Norwegian Government now indirectly holds over 570 Bitcoin (Cryptoslate)
• $165 Million Bitcoin Moved to Ethereum after Uniswap’s UNI Token Launch (Cryptobriefing)
• Bitcoin, Stocks and Gold Plummet as Markets Brace for US Presidential Election (Cryptobriefing)
• Brazilian fund manager and Nasdaq to launch world’s first Bitcoin ETF

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Technical analysis

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Bitcoin

Bitcoin has spent the day in a bearish pullback, which stopped at the 23.6% Fib retracement. However, its current position is just below that line, which makes it possible that it will continue its drop towards $9,300 to $9,500 levels. This push towards the downside was a bit premature, and most likely caused by the traditional market plummeting. Traditional markets have historically been slightly bearish before the presidential election, while they quickly recovered shortly after.

BTC/USD 4-hour Chart

If we take a look at the 4-hour time frame, the largest cryptocurrency by market cap has bounced off of the pink line after failing to break it, pushing further towards the downside, and ultimately breaking the 23.6% Fib retracement level. Bitcoin’s immediate position will be determined by whether it can break the 23.6% Fib retracement, but its overall short-term position is still bearish.

BTC/USD 4-hour Chart

Bitcoin’s short-term technicals have turned bearish as BTC dropped in price. However, its longer-term technicals are still bullish. With that being said, we can expect Bitcoin to drop a bit further before turning towards the upside.

BTC/USD 4-hour Technicals

Technical factors (4-hour Chart):

• Price is far below its 50-period EMA and its 21-period EMA
• Price slightly above its bottom Bollinger band
• RSI is extremely close to being oversold (34.92)
• Volume is slowly descending from a massive spike

Key levels to the upside          Key levels to the downside

1: $10,630                                 1: $10,500

2: $10,850                                 2: $10,015

3: $11,000                                  3: $9,880

Ethereum

While fundamental traders are calling for ETH’s price increase, most traders that take technical indicators into account are calling for a pullback towards $300. Etherum has lost over 7% of its value in the past 24 hours, with the move towards the downside ending at $340.

ETH/USD 4-hour Chart

Ethereum’s short-term technicals are still extremely bearish, while its mid-term technicals are tilted towards the bear side just a bit. With that being said, we can expect Ethereum to push towards the $300 level, unless Bitcoin pulls out of its bearish sentiment and pushes the market upwards.

ETH/USD 4-hour Technicals

Technical Factors (4-hour Chart):

• The price is far below both its 21-period and its 50-period EMA
• The slightly above its bottom Bollinger band
• RSI is recovering from being oversold (32.42)
• Volume is descending from its spike during the downswing

Key levels to the upside          Key levels to the downside

1: $360                                     1: $340

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP has spent the day (as almost every single cryptocurrency) pushing towards the downside. While the overall market move seemed premature and looked like it was pushed by the traditional markets, that may not be the case with XRP. If we take a look at the 4-hour chart, XRP’s 4th leg of the Elliot impulse wave has ended, which prompted the price to go towards the downside. Traders can most likely expect XRP’s price pushing towards $0.21.

XRP/USD 4-hour Chart

Taking a look at the technicals, XRP is showing bearish sentiment with both its short-term and long-term indicators. Its indicators change from just bearish to extremely bearish the longer we go in time, which implies an inherent bearishness when it comes to XRP.

XRP/USD 4-hour Technicals

Technical factors (4-hour Chart):

• The price is well below both its 21-period EMA and its 50-period EMA
• Price is slightly above its bottom Bollinger band
• RSI is oversold but recovering (27.50)
• Volume is coming back to normal after a huge spike (low)

Key levels to the upside          Key levels to the downside

1: $0.235                                   1: $0.227 

2: $0.2454                                 2: $0.221

3: $0.266                                  3: $0.214

The cryptocurrency sector has mostly stayed at the same place over the weekend as Bitcoin was trying to break the psychological $11,000 resistance. Bitcoin is currently trading for $10,935, which represents an increase of 0.28% on the day. Meanwhile, Ethereum lost 1.58% on the day, while XRP lost 1.27%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, Celo gained an astonishing 45.37% on the day, making it the most prominent daily gainer. ZB Token (33.20%) and DigiByte (15.24%) also did great. On the other hand, HedgeTrade lost 13.52%, making it the most prominent daily loser. It is followed by Flexacoin’s loss of 12.67% and yearn.finance’s loss of 9.63%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a slight increase since our last report, with its value currently being at 60.62%. This value represents a 0.48% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization stayed at virtually the same place over the weekend. Its current value is $351.13 billion, which represents a decrease of $3.37 billion when compared to our previous report.

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What happened in the past 24 hours?

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• DEXs rake in the retail volume while institutions stay on the sidelines (The Block)
• New EU crypto assets rules to be released by 2024: report (The Block)
• Over 140,000 addresses have claimed their 400 UNI token airdrops (The Block)
• Crypto exchange bitFlyer Europe links up with PayPal, enabling account deposits with euros (The Block)
• DeFi’s Obsession With “Fair Launches” Is Killing Innovation (Cryptobriefing)
• $165 Million Bitcoin Moved to Ethereum after Uniswap’s UNI Token Launch (Cryptobriefing)
• ETH 2.0 Won’t Fix Ethereum’s Scalability Problems, Analyst Argues (Cryptobriefing)
• Here’s how Uniswap’s (UNI) 600% rally could trigger another DeFi boom (Cryptoslate)
• Even after parabolic rally, top crypto VC thinks Ethereum DeFi isn’t overvalued (Cryptoslate)
• Profit taking Bitcoin miners won’t stop the next bull run: On-chain analyst (Cointelegraph)

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Technical analysis

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Bitcoin

Bitcoin has spent the weekend trying to get past the psychological resistance of $11,000, but failed to do so. The daily chart shows a possible resistance level at the 61.8% Fib retracement from the Head and Shoulders pattern. If that happens, we may expect lows of $9,300 to $9,500.

BTC/USD 4-hour Chart

If we take a look at the 4-hour time frame, Bitcoin fell under the pink ascending line, which is now acting as resistance. However, this resistance is not as strong and may be surpassed with ease. Bitcoin is still struggling and trading within the range bound by $11,000 and $10,850 to the upside and downside, respectively.

BTC/USD 4-hour Chart

Bitcoin’s short-term technicals are showing bullish sentiment, while its mid-term technicals are slightly more bearish. While Bitcoin shows the most bullish sentiment out of the top three cryptocurrencies, we can expect a rebound from the current highs as BTC is unable to gain any meaningful bull push.

BTC/USD 4-hour Technicals

Technical factors (4-hour Chart):

• Price is above its 50-period EMA and just slightly above its 21-period EMA
• Price is at its middle Bollinger band
• RSI is flat but overextended to the upside (53.96)
• Volume is slowly descending

Key levels to the upside          Key levels to the downside

1: $11,000                                 1: $10,850

2: $11,090                                 2: $10,630

3: $11,460                                  3: $10,500

Ethereum

Ethereum’s price has been squeezed out of its current levels over the weekend, pushing it below the yellow bottom support (now resistance) line. However, the bears didn’t do much either, with ETH’s price descent ending after failing to break $371 to the downside. If this level breaks, we can expect a push towards the $360 support level.

ETH/USD 4-hour Chart

Ethereum’s technicals have turned towards the bear side as the price went down. While the DeFi surge should be taken into account, Ethereum looks like it will push towards the downside in the short-term.

ETH/USD 4-hour Technicals

Technical Factors (4-hour Chart):

• The price is below both its 21-period and its 50-period EMA
• The price below its middle Bollinger band
• RSI neutral and stabilizing (45.44)
• Volume is average (two-candle spike during the downswing)

Key levels to the upside          Key levels to the downside

1: $400                                     1: $371

2: $415                                     2: $360

3: $445                                      3: $340

Ripple

When taking a look at the 1-day chart, XRP has continued its Elliot Wave impulse pattern, nearly ending the fourth part of the wave. It is expected for XRP to push towards the downside (most likely towards $0.21) as a final leg of the impulse wave.

XRP/USD 1-day Chart

XRP spent its weekend in a slow push towards the upside as a continuation of its 4th leg of the impulse wave. With that being seemingly done, we can expect more bears to enter the market quite soon. This prediction is also confirmed by XRP finding much resistance at its 21-period and 50-period moving averages.

Taking a look at its technicals, XRP is (just as Ethereum) tilted towards the sell-side. Unlike Ethereum, however, XRP is showing even more bearish sentiment on longer time frames.

XRP/USD 4-hour Chart

XRP/USD 4-hour Technicals

Technical factors (4-hour Chart):

• The price is below both its 21-period EMA and its 50-period EMA
• Price is slightly below its middle Bollinger band
• RSI is neutral and stabilizing (43.93)
• Volume is average (low)

Key levels to the upside          Key levels to the downside

1: $0.266                                   1: $0.2454 

2: $0.285                                   2: $0.235

3: $0.31                                    3: $0.227

The cryptocurrency sector has mostly stayed at the same place as Bitcoin was fighting for the psychological $11,000 resistance. Bitcoin is currently trading for $10,938, which represents an increase of 0.46% on the day. Meanwhile, Ethereum gained 1.8% on the day, while XRP gained 1.33%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, |Uniswap gained an astonishing 112.59 % on the day, making it the most prominent daily gainer. ABBC Coin (28.18%) and SushiSwap (21.75%) also did great. On the other hand, Hyperion lost 19.78%, making it the most prominent daily loser. It is followed by Flexacoin’s loss of 12.93% and Celo’s loss of 11.74%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a slight decrease since our last report, with its value currently being at 60.14%. This value represents a 0.16% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization stayed at the same place in the past 24 hours. Its current value is $354.50 billion, which represents an increase of $0.59 billion when compared to our previous report.

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What happened in the past 24 hours?

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• Decentralized exchange Uniswap goes live with a governance token, dubbed UNI (The Block)
• DEX volumes continue to soar in September, crossing almost $15 billion month-to-date (The Block)
• As network costs rise, Coinbase will require its Pro customers to pay withdrawal fees (The Block)
• Cardano Looks Poised for Further Losses, On-Chain Metrics Show (Cryptobriefing)
• Teller DeFi Credit Score Lender to Include Yield Farming (Cryptobriefing)
• Ethereum Fees Spike After Uniswap’s UNI Token Launch (Cryptobriefing)
• Kraken Becomes The First Cryptocurrency Exchange to Obtain Banking Charter (Cryptobriefing)
• Bitcoin’s social sentiment level is at a new low – could prices surge? (Cryptoslate)
• Bitcoin Supply on Ethereum Tops $1B (Coindesk)
• Tether market cap increases almost 4X in 2020 to $15 billion (Cointelegraph)

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Technical analysis

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Bitcoin

Bitcoin has spent the day trying to confirm its position above $11,000 or to push above it yet again after it dropped below the level. The largest cryptocurrency by market capitalization struggled to cross this psychological resistance but confirmed the $10,850 support, which puts it in a narrow range that traders can use to their advantage.

Bitcoin’s short-term indicators are a bit less bullish than a couple of days ago, as Bitcoin did not manage to break the $11,000 mark. However, its long-term technicals are still extremely tilted towards the upside.

BTC/USD 4-hour Chart

Technical factors:

• Price is above both its 50-period EMA and 21-period EMA
• Price is right between its middle and top Bollinger band
• RSI is flat but overextended to the upside (64.35)
• Volume is slowly descending

Key levels to the upside          Key levels to the downside

1: $11,000                                 1: $10,850

2: $11,090                                 2: $10,630

3: $11,460                                  3: $10,500

Ethereum

Ethereum has followed its tight movement towards the ascending trend line, which took its price a bit higher than yesterday. Technicals, as well as the influx of people using Ethereum due to UNI token launching, bumped its price up to around 2% towards the upside.

With this being said, Ethereum’s technicals have turned extremely bullish as many traders called for the double bottom that formed, propelling ETH’s price up towards $400.

ETH/USD 4-hour Chart

Technical Factors:

• The price is above both its 21-period and its 50-period EMA
• The price slightly closer to its top Bollinger band than the middle one
• RSI slowly descending (60.41)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

XRP has continued its push towards the upside and has continued heading towards the $0.266 resistance level. The steady push has slowed down a bit due to a decrease in volume but has shown no signs of completely stopping. XRP is in quite a good spot now, as many traders are calling for long positions (mostly on the 1-day and 1-week charts).

XRP saw a change of its short-term technicals to extremely bullish, while its mid-term technicals (1-month) are still tilted towards the sell-side. With that being said, more and more traders are slightly less bearish on XRP in the mid-term.

XRP/USD 4-hour Chart

Technical factors:

• The price is well above its 21-period EMA and its 50-period EMA
• Price is very close to its top Bollinger band
• RSI is pushing towards overbought (64.37)
• Volume is descending

Key levels to the upside          Key levels to the downside

1: $0.266                                   1: $0.2454 

2: $0.285                                   2: $0.235

3: $0.31                                    3: $0.227

The cryptocurrency sector has shot up as Bitcoin pushed towards $11,000. Most cryptos ended up in the green, with some even outperforming Bitcoin. Bitcoin is currently trading for $11,019, which represents an increase of 2.72% on the day. Meanwhile, Ethereum gained 5.58% on the day, while XRP gained an astonishing 7.24%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, DigiByte gained 23.07% on the day, making it the most prominent daily gainer. Hyperion (19.61%) and Kusama (11.85%) also did great. On the other hand, SushiSwap lost 15.68%, making it the most prominent daily loser. It is followed by Flexacoin’s loss of 11.46% and UMA’s loss of 11.43%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a slight decrease since our last report, with its value currently being at 60.30%. This value represents a 0.21% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up significantly in the past 24 hours. Its current value is $353.89 billion, which represents an increase of $10.48 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• You can now send an email right from your Ethereum address (Cointelegraph)
• Bitcoin futures volumes on U.S. exchange Bakkt hits record (Cryptoslate)
• MicroStrategy Outperforms Nasdaq Composite After $175 Million Bitcoin Purchase (Cryptobriefing)
• Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack (Cryptobriefing)
• Ethereum 2.0 Imminent, Serenity Phase 0 EIP Submitted (Cryptobriefing)
• Tezos to Power France’s CBDC Stablecoin Experiment (Cryptobriefing)
• Decentralized exchange Uniswap goes live with a governance token, dubbed UNI (The Block)
• Rep. Emmer says DeFi represents an alternative ‘monetary philosophy’ — and its time is coming (The Block)
• US indictments against Chinese hackers include allegations of ‘crypto-jacking’ attacks (The Block)
• Kraken is launching a crypto bank in Wyoming, paving the way for possible stock offerings (The Block)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has, as we said in our previous article, pushed towards the upside, attempting an $11,000 break. While it has broken the $11,000 psychological resistance, it got stopped out at the $11,090 resistance level. Bitcoin will have to make a confirmation move in order to stay above $11,000, which may be hard since it will be in such a tight range ($11,000 to $11,090).

Bitcoin’s short-term indicators are extremely bullish, but its longer-term indicators are also tilted towards the bull side. Traders should look out for how Bitcoin handles the $11,000 level and trade off of it.

BTC/USD 4-hour Chart

Technical factors:

• Price is above both its 50-period EMA and 21-period EMA
• Price is near its top Bollinger band
• RSI is overextended to the upside (71.42)
• Volume is stable (with a couple of spikes)

Key levels to the upside          Key levels to the downside

1: $11,000                                 1: $10,850

2: $11,090                                 2: $10,630

3: $11,460                                  3: $10,500

Ethereum

As we said in our previous article, it would take a strong push towards the upside to pull Ethereum out of the 35% downside prognosis, which many trades called since the ETH/USD pair created a bear flag. However, Bitcoin’s push towards $11,000 prompted Ethereum to push towards the upside and get back into the range.

With this being said, Ethereum hasn’t confirmed its position above the bear flag lower line, which is because the $371 level it passed will remain in our “key level to the upside” section until ETH confirms otherwise. Still, its short-term indicators have changed to a bit more bullish scenario.

ETH/USD 4-hour Chart

Technical Factors:

• The price is above both its 21-period and its 50-period EMA
• The price is right at its top Bollinger band
• RSI is neutral but pushing towards the upside (59.82)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

XRP had an amazing day, with its price pushing over 7% on the day. The third-largest cryptocurrency by market cap has used this influx of bulls to its fullest, confirming its position above $0.2454 and even pushing towards $0.266.

XRP has joined Ethereum in terms of technicals, with the short-term overview changing to a short-term buy, while its long-term technicals are still showing slight bearishness. Traders can look for a pullback that XRP will inevitably make and trade off of it.

XRP/USD 4-hour Chart

Technical factors:

• The price is above its 21-period EMA and its 50-period EMA
• Price is above its top Bollinger band
• RSI is skyrocketing and pushing towards overbought (67.99)
• Volume is low (but slowly increasing)

Key levels to the upside          Key levels to the downside

1: $0.266                                   1: $0.2454 

2: $0.285                                   2: $0.235

3: $0.31                                    3: $0.227

The cryptocurrency sector has ended up with almost every single cryptocurrency in the top100 in the red. Bitcoin is currently trading for $10,707, which represents a decrease of 0.52% on the day. Meanwhile, Ethereum lost 5.13% on the day, while XRP lost 3.44%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, ABBC Coin gained 11.74% on the day, making it the most prominent daily gainer. Nervos Network (11.40%) and Hyperion (9.41%) also did great. On the other hand, the SushiSwap lost 34.73%, making it the most prominent daily loser. It is followed by NXM’s loss of 27.55% and Aragon’s loss of 24.48%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced an increase since our last report, with its value currently being at 60.51%. This value represents a 1.04% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone down in the past 24 hours. Its current value is $343.41 billion, which represents a decrease of $6.08 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Binance is sued by Japanese crypto exchange Fisco for allegedly facilitating the laundering of $9 million (The Block)
• Bakkt’s bitcoin futures market hits all-time high after months of trailing rival CME (The Block)
• Bitcoin Still Undervalued Based on These On-Chain Indicators (Cryptobriefing)
• SEC Shuts Down Unikrn For Its $31M 2017 ICO, Commissioner Hester Peirce Dissents (Cryptobriefing)
• Tezos to Power France’s CBDC Stablecoin Experiment (Cryptobriefing)
• Technicals Show Tezos Ready to Break All-Time Highs (Cryptobriefing)
• Chainlink oracles will now power Crypto.com’s DeFi Wallet (Cryptoslate)
• Oops: Who just spent $188,000 to send millions worth of Ethereum? (Cryptoslate)
• After predicting a $2,000 drop, a top on-chain analyst is now bullish on Bitcoin (Cryptoslate)
• Privacy coins ‘pose less risk of money laundering than other coins’ (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a strong push towards the upside, Bitcoin has tried to consolidate just below the $10,850 mark. The largest cryptocurrency by market cap grazed the RSI overbought territory while failing to push its momentum past the $10,850 level, which held up quite nicely. Bitcoin is now stabilizing around the $10,700 level, where it will try to gather enough bull presence for another push towards $11,000.

Bitcoin’s short-term indicators are showing a bit less bull presence compared to yesterday, while its long-term indicators are still bullish.

BTC/USD 4-hour Chart

Technical factors:

• Price is above both its 50-period EMA and 21-period EMA
• Price is between the middle and top Bollinger band
• RSI is overextended to the upside but descending (63.56)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,850                                1: $10,630

2: $11,000                                2: $10,500

3: $11,090                                 3: $10,360

Ethereum

Ethereum has experienced quite a massive drop, considering it was not caused by a Bitcoin selloff. The second-largest cryptocurrency by market cap started its price descent and confirmed its bear flag formation. If the bear flag prediction comes true, we may experience a 35% move towards the downside from Ethereum. However, if the $360 level holds and pushes the price back up, the current move towards the downside may be called a fakeout.

With this being said, after the price has left the bear flag and confirmed it, the indicators have turned to “strong sell”. This is certainly a strong bearish indicator (or rather a set of indicators).

ETH/USD 4-hour Chart

Technical Factors:

• The price is below both its 21-period and its 50-period EMA
• The price is right below the middle Bollinger band
• RSI is neutral and descending (41.22)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

XRP had quite a wild day when looking at its price movement. The third-largest cryptocurrency by market cap fell below the $0.2454 level, which triggered a massive selloff that brought its price to the $0.235 level. However, XRP bulls quickly reacted and brought the price back up near the $0.24 level, which is where XRP is at.

XRP has joined Ethereum in terms of technicals, with the short-term overview showing a “strong sell” sign.

XRP/USD 4-hour Chart

Technical factors:

• The price is below its 21-period EMA and its 50-period EMA
• Price is below its middle Bollinger band
• RSI is neutral and descending (40.77)
• Volume is low (one-candle spike during the selloff)

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency sector has mostly been in the green in the past 24 hours, with Bitcoin leading the way towards the upside. Meanwhile, most of the tokens that ended up in the red on the daily were Ethereum (mostly DeFi) tokens. Bitcoin is currently trading for $10,763, which represents an increase of 4.09% on the day. Meanwhile, Ethereum gained 3.41% on the day, while XRP gained 2.42%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, Hyperion gained 51.28% on the day, making it the most prominent daily gainer. NXM (40.86%) and Bytom (18.97%) also did great. On the other hand, the UNUS SED LEO lost 6.72%, making it the most prominent daily loser. It is followed by Waves’ loss of 6.35% and Band Protocol’s loss of 5.57%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a slight increase since our last report, with its value currently being at 59.47%. This value represents a 0.1% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has skyrocketed in the past 24 hours. Its current value is $351.49 billion, which represents an increase of $15.59 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• CFTC files charges against 4 defendants in bitcoin investment fraud suit (The Block)
• Set Labs teams up with DeFi Pulse to launch ‘one-click exposure’ index (The Block)
• Bitcoin Bulls Bet on BTC Reaching $36,000 by Christmas (Cryptobriefing)
• All You Need to Know About the Sushi Swap Story (But Were Afraid to Ask) (Cryptobriefing)
• Crypto.com to Leverage Chainlink Oracle Price Feeds for DeFi Product (Cryptobriefing)
• Binance Chain is getting its own DeFi yield farms after Ethereum (Cryptoslate)
• Coinbase CEO blasts Apple’s “restrictive” policies towards crypto and DeFi (Cryptoslate)
• What is Pickle Finance? Ethereum DeFi craze rallies 1,000% in one day (Cryptoslate)
• Paxful, Citing Regulations and Its Own ‘Risk Tolerance,’ Exits Venezuela’s P2P Bitcoin Market (Coindesk)
• Whales can use Bitcoin to purchase private jets (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has made a move towards the upside, passing through its $10,360 and $10,500 levels. As we mentioned in our previous articles, this is a huge bullish sign, and the overall indicators are showing that as well. If the bulls regain momentum, we can expect a push towards $11,000 once the consolidation continues.

With that being said, Bitcoin’s current price movement got stopped at the $10,850 level. While this does mean that Bitcoin bulls have encountered some resistance, it certainly does not mean that the overall trend is over. Bitcoin has shown great resistance at the $10,000 psychological level, which prompted this push towards the upside.

BTC/USD 4-hour Chart

Technical factors:

• Price is above both its 50-period EMA and 21-period EMA
• Price is right at the top Bollinger band
• RSI is overextended to the upside, though with more room to go up (67.45)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,850                                1: $10,630

2: $11,000                                2: $10,500

3: $11,090                                 3: $10,360

Ethereum

Ethereum was extremely volatile in the past 24 hours. Its price movements were quite hectic, with the price pushing past the $371 level and reaching the $385 mark before coming back down to restest the newly-conquered level, only to go up again and down again. Ethereum is currently supported by both the 50-period and 21-period moving averages, which are right below its price level. On top of that, the $371 level was turned to a support level after a clean confirmation move.

While its technicals show a short-term buy opportunity, the long-term technicals are still tilted towards the sell side. On top of that, Ethereum has created a nice bear flag formation, which (if it turns out to be correct) can prompt a 35% move towards the downside.

ETH/USD 4-hour Chart

Technical Factors:

• The price is right above both its 21-period and its 50-period EMA
• The price is right above the middle Bollinger band
• RSI is neutral (53.36)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $400                                     1: $371

2: $415                                     2: $360

3: $445                                      3: $340

Ripple

XRP has managed to push itself above the $0.2454 level once again, but still hasn’t confirmed its position above it. A confirmation above this level and a slight push towards the upside will be crucial for the future of XRP, as many traders are calling for bearish scenarios and drawing a bearish flag (though this flag is a lot less picture-perfect as the one on the ETH/USD chart).

XRP is showing signs of slight short-term bullishness, while its longer-term technicals are still pointing towards the downside.

XRP/USD 4-hour Chart

Technical factors:

• The price is just above its 21-period EMA and its 50-period EMA
• Price is right above its middle Bollinger band
• RSI is neutral and pushing towards the upside(54.88)
• Volume is extremely low, but stable

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market managed to stay relatively healthy over the weekend as most cryptos tried to consolidate rather than move. Bitcoin is currently trading for $10,343, which represents a decrease of 0.85% on the day. Meanwhile, Ethereum lost 5.22% on the day, while XRP lost 2.06%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, Flexacoin gained 13.18% on the day, making it the most prominent daily gainer. OKB (13.14%) and Waves (12.08%) also did great. On the other hand, the NXM lost 18.45%, making it the most prominent daily loser. It is followed by DFI. Money’s loss of 17.46% and yearn .finance’s loss of 16.42%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced an increase since our last report, with its value currently being at 59.37%. This value represents a 4.93% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone slightly down in the past 24 hours. Its current value is $335.90 billion, which represents a decrease of $2.27 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Binance CEO wants more Ethereum-based DeFi projects to join his platform (Cointelegraph)
• Bitcoin price abruptly drops 3% after miner outflows hit 5-month high (Cointelegraph)
• Uniswap Takes Lead Over SushiSwap Less Than 24 Hours After SUSHI Rewards Drop (Coindesk)
• Growing Bitcoin Hashrate Points to Further BTC Gains (Cryptobriefing)
• Bitcoin Makes Headway Implementing Smart Contracts, ‘Most Complicated’ Part of Upgrade Complete (Cryptobriefing)
• Gemini Bitcoin Exchange Brings First DeFi Token Listing to New York (Cryptobriefing)
• Crypto.Com Has Launched a DeFi Exchange Based on Uniswap (Cryptobriefing)
• European Union official pledges action on stablecoins after calls for new curbs (The Block)
• Coinbase CEO renews critique of Apple, says tech giant preventing its app from enabling DeFi access (The Block)
• Crypto trading volumes for August saw the biggest month-over-month increase since early 2018 (The Block)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has spent the weekend steadily and slowly increasing and trying to reach past $10,500. While it has gotten past the $10,360 level once, it fell under it once the move couldn’t carry enough momentum to pass $10,500 as well. Bitcoin is currently fighting for the $360 level, with its price being right below it.

Our prediction regarding the price movement stays the same as Bitcoin did not move much over the course of the weekend. If Bitcoin doesn’t pass the $10,360 line soon, we should look for support at $9,600, and ultimately at the 200-day SMA ($9,080).

It is also important to note that, as the price movement has been muted for such a long time, it is extremely likely that, once the price moves past $10,360 or below $10,000 (with confidence), we might see a massive surge in volume extending that move. This will be a great opportunity for traders to trade on the way down, as well as the pullbacks.

BTC/USD 4-hour Chart

Technical factors:

• Price is below the 50-period EMA and right at the 21-period EMA
• Price is right at middle Bollinger band
• RSI is neutral (50.27)
• Volume is stable (slightly below average)

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,630                                 3: $9,600

Ethereum

Ethereum’s price movement in the past couple of days looks exactly like Bitcoins in direction, but with much higher volatility. The second-largest crypto by market cap took the weekend to push towards $400, which ended unsuccessfully. As the move could not carry the momentum forward, bears took over and brought the price to its current position, where it is bound in a narrow range by $360 to the downside and $371 to the upside.

Ethereum’s volatility certainly comes from people investing in DeFi as Ethereum was never as volatile as it is now. However, its moves are still following Bitcoin. This volatility might be a good opportunity for traders to push for some trades.

ETH/USD 4-hour Chart

Technical Factors:

• The price is right above its 21-period and its 50-period EMA
• The price is at its middle Bollinger band
• RSI is neutral (49.14)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

XRP has not been much different from the aforementioned two cryptocurrencies. The third-largest cryptocurrency by market cap is still trading within a range bound by $0.235 to the downside and (more importantly) $0.2454 to the upside. XRP did have one a short period where it spiked above the resistance level, but the price quickly dwindled back down to its original level.

XRP is now fighting for the $0.2454 level, trying to surpass it. However, the extremely low volume shows us that this is will most likely not happen. Traders might have the opportunity to trade the pullback.

XRP/USD 4-hour Chart

Technical factors:

• The price is just above its 21-period EMA and just below its 50-period EMA
• Price is right above its middle Bollinger band
• RSI is neutral (51.35)
• Volume is extremely low, but stable

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market has experienced large volatility in the DeFi sector, while the rest of the market was relatively stable. Bitcoin is currently trading for $10,301, which represents a decrease of 0.68% on the day. Meanwhile, Ethereum lost 0.11% on the day, while XRP lost 0.73%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, aelf gained 152.47% on the day, making it the most prominent daily gainer. Flexacoin (45.07%) and Ampleforth (35.77%) also did great. On the other hand, the SushiSwap lost 14.95%, making it the most prominent daily loser. It is followed by Elrond’s loss of 7.82% and Serum’s loss of 6.08%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced a massive drop since our last report, with its value currently being at 54.44 9.29%. This value represents a 4.85% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up in the past 24 hours. Its current value is $337.66 billion, which represents an increase of $5.84 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Binance puts up $100 million to attract DeFi projects to its new blockchain (The Block)
• Mapping out Coinbase’s acquisitions and investments (The Block)
• SushiSwap to Overthrow Uniswap? FTX Owner Stages $1 Billion Liquidity Heist (Cryptobriefing)
• Coinbase Lists yEarn Finance, YFI Pumps by 15% (Cryptobriefing)
• Crypto analyst says: Ethereum DeFi is a “once-in-a-decade” investment opportunity (Cryptoslate)
• Jack Dorsey: Bitcoin is the “best manifestation” of a native digital currency (Cryptoslate)
• Ether Traders May Be Hedging Against DeFi Slowdown: Analyst (Coindesk)
• Beijing pulls ahead of Shenzhen as China’s top blockchain city (Cointelegraph)
• Bitcoin hashrate remains strong during monsoon season (Cointelegraph)
• Bitcoin on-chain volume hits a 1-year high with only 3.6% coming from exchanges (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has spent another day trying to push past the $10,360 resistance. However, every attempt in the past few days ended up in BTC passing the level, but then coming back under it due to being unable to confirm its position above. While the resistance level weakens each time Bitcoin attempts to pass it, it brings more bears to the game as most people intuitively trade in the direction opposite to the most recent failed attempt.

If Bitcoin doesn’t pass $10,360 soon, we should look for support at $9,600, and ultimately at the 200-day SMA ($9,080).

BTC/USD 4-hour Chart

Technical factors:

• Price is below the 50-period EMA and right above the 21-period EMA
• Price is slightly closer to the middle than the top Bollinger band
• RSI is neutral (49.57)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,630                                 3: $9,600

Ethereum

Ethereum has, unlike Bitcoin, managed to gain some value as it reached past its $360 level. However, the move has ended and Ethereum is now stuck in a narrow range between $360 to the downside and $371 to the upside. The second-largest cryptocurrency by market cap has repeatedly tried to get past it, but with no success.

Ethereum’s break above $371 should establish a short-term bullishness, while a break below $360 is not as relevant, and we may look for $340 as the next support.

ETH/USD 4-hour Chart

Technical Factors:

• The price is above its 21-period while it is currently crossing the 50-period EMA
• The price is near its top Bollinger band
• RSI is neutral (52.77)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

XRP failed to break its immediate resistance of $0.2454, which triggered a small pullback. The third-largest cryptocurrency by market cap doesn’t seem like it will be able to break this level any time soon unless it gets a massive influx of bulls. Unlike the aforementioned two cryptocurrencies, XRP is a bit more stable, and failing to push above a resistance level doesn’t necessarily mean that it will attempt a move towards the downside.

XRP/USD 4-hour Chart

Technical factors:

• The price is just below its 21-period EMA and well below its 50-period EMA
• Price is sitting at the middle Bollinger band
• RSI is neutral and descending (47.20)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market recovered today as Bitcoin bulls pushed past $10,360. On top of that, Ethereum skyrocketed, netting double-digit gains on the day. Bitcoin is currently trading for $10,391, which represents an increase of 3.90% on the day. Meanwhile, Ethereum gained 11.36% on the day, while XRP gained 5.48%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, Solana gained 42.61% on the day, making it the most prominent daily gainer. Yearn.finance (24.55%) and Aave (24.03%) also did great. On the other hand, the Hyperion lost 24.27%, making it the most prominent daily loser. It is followed by Blockstack’s loss of 5.21% and Tron’s loss of 2.60%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level decreased slightly since our last report, with its value currently being at 59.29%. This value represents a 0.60% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up slightly in the past 24 hours. Its current value is $331.80 billion, which represents an increase of $4.90 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Correlation between Bitcoin and S&P500 nears all-time high (The Block)
• Mastercard launches customizable CBDC testing platform (The Block)
• NYAG and Bitfinex to conference with the New York Supreme Court on disputed documents (The Block)
• Digital assets are delivering outsized returns for some active managers while traditional hedge funds fumble (The Block)
• Curve Finance Fork, Swerve, Attracts “Degen” Traders with up to 493% APY (Cryptobriefing)
• Yield Farming’s Biggest Winners are Ethereum Miners, but Not for Long (Cryptobriefing)
• USDC is now capable of 1000 transactions per second with almost zero fees (Cointelegraph)
• ‘High’ Severity Bug in Bitcoin Software Revealed 2 Years After Fix (Coindesk)
• 1,000 New Token Pairs Added to Uniswap in One Week; Buyers Beware (Coindesk)
• Yearn.finance (YFI) surges 30% in 1 day: what’s fueling the rapid rally? (Cryptoslate)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has spent the past 24 hours trying to push past the $10,360 resistance level, which is key if the largest cryptocurrency by market cap wants to continue its bullish presence. Even though the level has fallen, BTC needs to reliably pass it and confirm its position above it in order to encourage more bulls to enter the market. If Bitcoin positions itself above $10,360 well, the influx of bullish pressure will most likely send its price further up towards $10,500 or even $10,630

If, however, Bitcoin manages to fall below $10,000 and confirms its position below it, we can expect to see a bear push towards $9,600 and ultimately to the 200-day SMA ($9,080).

BTC/USD 4-hour Chart

Technical factors:

• Price is below 50-period EMA while being above its 21-period EMA
• Price is hitting the top Bollinger band
• RSI is neutral and pushing towards the upside (54.00)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,630                                 3: $9,600

Ethereum

Ethereum skyrocketed in the past 24 hours, with its price reaching double-digit gains. The second-largest cryptocurrency by market cap overcame the initial rejection of the $360 level and ultimately pushed past it, reaching the $371 level and getting stopped out there. The next move Ethereum makes will be crucial and will determine its short-term future.

If Ethereum manages to pull off a confirmation move above $360, we can expect a push towards $371. However, if that does not happen, we can expect ETH to return to its previous levels.

ETH/USD 4-hour Chart

Technical Factors:

• The price is well above its 21-period while being slightly above its 50-period EMA
• The price is above its top Bollinger band
• RSI is neutral and pushing towards the upside (57.49)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $360                                     1: $340

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP made a move towards the upside like Ethereum and Bitcoin, but its move was more alike to Bitcoin’s than Ethereum’s. The third-largest cryptocurrency by market cap managed to gather some bullish pressure and push towards the $0.2454, which barely touched at the time of writing). However, just like with Bitcoin, XRP did not conquer this resistance level yet, and it will have to confirm its position above it in order to bring the attention of more bulls.

XRP might face another resistance level in the form of its 50-period moving average, which sits very close to its current price.

XRP/USD 4-hour Chart

Technical factors:

• The price is just above its 21-period EMA and right above its 50-period EMA
• Price is above its top Bollinger band
• RSI is neutral and moving towards the upside (54.76)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market had another pullback today, with Bitcoin coming dangerously close to $10,000. Bitcoin is currently trading for $10,087, which represents a decrease of 2.29% on the day. Meanwhile, Ethereum lost 3.26% on the day, while XRP lost 2.52%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, IOST gained 11.86% on the day, making it the most prominent daily gainer. TRON (11.78%) and Ontology (7.92%) also did great. On the other hand, the SushiSwap lost 15.01%, making it the most prominent daily loser. It is followed by Hyperion’s loss of 14.32% and Ocean Protocol’s loss of 11.46%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level stayed at the same spot since our last report, with its value is currently at 59.89%. This value represents a 0.05% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone down slightly in the past 24 hours. Its current value is $326.90 billion, which represents a decrease of $6.34 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Major food delivery service Just Eat will now allow France customers to pay in BTC (The Block)
• Volatility in Stocks May Be Strengthening Their Correlation With Bitcoin (Cryptobriefing)
• Ethereum Ready for Freefall? 30% Correction After $490 Peak (Cryptobriefing)
• Top Bitcoin analyst flips bullish after predicting the 20% retracement last week (Cryptoslate)
• User who turned $200 in Ethereum into $250k due to altcoin bug comes clean (Cryptoslate)
• DeFi Is Hot but Retail Interest Nowhere Close to ICO Frenzy (Coindesk)
• Why Bitcoin Investors Aren’t Worried About This Price Pullback (Coindesk)
• LedgerX exchange launches physically settled Bitcoin mini futures (Cointelegraph)
• Brave browser adds new tricks to protect crypto users from phishing attacks (Cointelegraph)
• Bitcoin options data shows traders anticipate BTC price to fall soon (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has been clinging to the $10,000 psychological resistance for the past 24 hours as bears took over the market yet again. The largest cryptocurrency by market cap fell well below $10,000, but quickly recovered and stayed just a bit up for the duration of the day. The reason for the sudden drop is most likely the inability to break the $10,360 resistance level. Lower time-frames show that Bitcoin might have formed a triple bottom formation, which would indicate some form of bullishness.

When it comes to predictions, we are one step closer to the bearish scenario than yesterday. A drop sustained drop below $10,000 could lead us to $9,600 and ultimately to the 200-day SMA ($9,080). On the other hand, if BTC manages to bounce off the current levels and surpass $10,500, a move to $11,000 is likely.

BTC/USD 4-hour Chart

Technical factors:

• Price is well below its 50-period, while it’s slightly below its 21-period EMA
• Price is slightly below middle Bollinger band
• RSI is neutral (43.31)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,850                                 3: $9,600

Ethereum

Ethereum had quite a bad day, with its price falling below the $340 mark. The second-largest cryptocurrency by market cap is already down over 30% from the $490 peak, with many indicators showing bearish scenarios. If the DeFi bubble pops, we can see Ethereum in freefall, though that is unlikely simply due to high yields current investors are collecting from staking.

On the other hand, while some DeFi enthusiasts cashed out and left the market due to the volatility, Ethereum’s gas prices have normalized from its Sept 2nd highs, which may be just enough to push the price slightly up or at least keep it stable.

Traders should pay attention to how Ether handles the $340 level.

ETH/USD 4-hour Chart

Technical Factors:

• The price is slightly below its 21-period and well below its 50-period EMA
• The price is right below its middle Bollinger band
• RSI is neutral (41.08)
• Volume is descending (low)

Key levels to the upside          Key levels to the downside

1: $340                                     1: $300

2: $360                                     2: $289

3: $371                                     

Ripple

XRP has lost a couple of percent of its value, though nothing to be scared of. The third-largest cryptocurrency by market cap tested its support level of $0.235 for a couple of times in the past 24 hours, and all attempts towards the downside failed. Many analysts are calling for XRP’s future rise, but we need to see a drastic change in volume for that to happen.

XRP traders should watch out for volume spikes, as even sideways trading is hard now due to the extremely low volume.

XRP/USD 4-hour Chart

Technical factors:

• The price is just under its 21-period, while it is well below its 50-period EMA
• Price is at its middle Bollinger band
• RSI is neutral (45.18)
• Volume is low

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market was quite slow today, with most cryptocurrencies establishing their positions rather than pushing towards upside or downside. Bitcoin is currently trading for $10,329, which represents an increase of 0.64% on the day. Meanwhile, Ethereum lost 2.23% on the day, while XRP lost 0.36%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, BitShares gained 9.64% on the day, making it the most prominent daily gainer. Dash (8.35%) and Zcash (5.51%) also did great. On the other hand, the Reserve Rights lost 12.27%, making it the most prominent daily loser. It is followed by Kusama’s loss of 9.38% and Arweave’s loss of 9.26%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone up slightly, with its value is currently at 59.84%, which represents a 0.23% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up slightly in the past 24 hours. Its current value is $333.24 billion, which represents an increase of $1.71 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Schiff buys more Bitcoin: However, there’s a twist (Cointelegraph)
• ‘Bitcoin Pope’ faces up to 10 years in prison for running two crypto scams (Cointelegraph)
• Binance Card still on its way to Russia despite local crypto payments ban (Cointelegraph)
• Ethereum Developers Weigh Gas Rule Change to Ease Fee Pressure (Coindesk)
• Investors Buying Bitcoin Amid Price Slump to Near $10K, Data Shows (Coindesk)
• Yield farming frenzy has led to massive Ethereum, Tether withdrawals in China (Cryptoslate)
• Since March’s 50% Bitcoin crash, traders have been hesitant to overleverage (Cryptoslate)
• DeFi Forks Will Struggle Because You Can’t Fork a Community (Cryptobriefing)
• SushiSwap Experiment Serves Harsh Lesson for DeFi Community (Cryptobriefing)
• Over 40% of Ethereum mining revenue in August came from fees (The Block)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price has been holding to the psychological $10,000 support all weekend, trying to stay above it. While the largest cryptocurrency by market cap managed to stay above it, this has been the second day that it couldn’t pass the $10,360 resistance. On top of that, the past 24 hours showed us a much greater spike in volume during a support retest than a resistance test. Lower time frames show that Bitcoin has possibly made a double bottom, which calls for a slightly more bullish scenario.

When it comes to predictions, nothing has changed from yesterday. If the bulls fail to break the $10,360 level soon (and sustain it), the bears will most likely make another attempt to bring the price down. A drop to the 200-day SMA ($9,080) is highly likely. On the other hand, if BTC manages to bounce off the current level and surpass the next one ($10,500), a move to $11,000 is likely. While traders should wait for a bigger move to happen before trading, small profits can be made on sideways-movement trades.

BTC/USD 4-hour Chart

Technical factors:

• Price is well below its 50-period, while it is at its 21-period EMA
• Price is slightly above middle Bollinger band
• RSI has recovered and is neutral (46.38)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,850                                 3: $9,600

Ethereum

Ethereum has broken free from its descending trend as well, with its price consolidating between the $340 and $360 levels. Ethereum tested the $340 level with a strong push towards the downside, but the level held up quite nicely. This may give Ethereum the opportunity to gather its strength and push past the $360 level.

Ethereum’s gas prices have dropped slightly from the highs it reached on Sept 2nd, which may be just enough to push the price slightly up.

Traders should pay attention to how Ether handles the $360 level.

ETH/USD 4-hour Chart

Technical Factors:

• The price is slightly below its 21-period and well below its 50-period EMA
• The price is right at its middle Bollinger band
• RSI is neutral (42.37)
• Volume is descending (low)

Key levels to the upside          Key levels to the downside

1: $360                                     1: $340

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP has also taken the day to consolidate and establish its presence at the levels it reached after its price plummeted. The third-largest cryptocurrency by market cap is currently trading within the range bound by the $0.235 and $0.2454. The most recent retest of the support level showed that $0.235 will be hard to get through for bears, while the $0.2454, as well as the 21-period moving average, will require a lot more bullish presence to get conquered as well.

XRP traders should either trade within the range or wait for a breakout.

XRP/USD 4-hour Chart

Technical factors:

• The price is just under its 21-period, while it’s well below its 50-period EMA
• Price is slightly above its middle Bollinger band
• RSI is neutral (44.06)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market has been trying to establish its position after the pullback that happened on Wednesday and Thursday. Bitcoin is currently trading for $10,260, which represents a decrease of 1.34% on the day. Meanwhile, Ethereum recovered from its big drop and gained 7.3% on the day, while XRP gained 2.67%.

 Daily Crypto Sector Heat Map

When taking a look at the top100 cryptocurrencies, SushiSwap gained 79.68% on the day, making it the most prominent daily gainer. UMA (31.22%) and Flexacoin (26.59%) also did great. On the other hand, the HedgeTrade lost 20.50%, making it the most prominent daily loser. It is followed by Hyperion’s loss of 15.70%. The rest of the market was either in the green or lost sub-1% of its value.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone up slightly, with its value is currently at 59.61%, which represents a 0.32% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone down slightly in the past 24 hours. Its current value is $331.58 billion, which represents a decrease of $3.07 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Binance launches ‘centralized’ automated market maker pool for liquidity providers (The Block)
• Brazil will likely have a CBDC ready in 2022, says central bank president (The Block)
• Curve fork Swerve crosses $380M in total value locked within 12 hours of launch (The Block)
• Ampleforth Extends Yield Farming Incentives on Uniswap (Cryptobriefing)
• Chainlink Endures Spam Attack: Congestion, High Fees (Cryptobriefing)
• Bitcoin and Ethereum Show Signs of Recovery Despite Recent Correction (Cryptobriefing)
• New Litecoin update shows MimbleWimble is on track (Cryptoslate)
• Peter Schiff: ‘I was wrong about Bitcoin’ (Cointelegraph)
• DeFi experts say that Ethereum 2.0 is not the answer to high gas fees (Cointelegraph)
• Dash introduces protocol versioning in update (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After failing to break the $12,000 mark, BTC bears have taken over the market, causing the price to plummet, reaching as low as $10,000. The largest cryptocurrency by market cap took the weekend to consolidate and establish its presence above $10,000. However, the $10,360 resistance level proves its strength once again, making Bitcoin’s rebound towards the upside that much harder.

If the bulls fail to break the $10,360 level and sustain it, the bears will most likely make one more attempt to bring the price down. In this case, a drop to the 200-day SMA ($9,080) is likely. However, if BTC manages to bounce off the current level and rise above $10,500, a move to $11,000 is likely.

Traders should pay close attention to Bitcoin’s price movement around the $10,360 level, as the next move will determine its short-term future.

BTC/USD 4-hour Chart

Technical factors:

• Price is well below its 50-period and 21-period EMA
• Price is at its middle Bollinger band
• RSI is recovering from being in the oversold territory (38.77)
• Volume is descending (from extremely high)

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,850                                 3: $9,600

Ethereum

Ethereum had a similar weekend as Bitcoin, as its price consolidated and tried to establish itself above the most recent low of $310. While its price did get stuck at the $360 resistance level, it increased in value much more than Bitcoin, most likely due to the growing popularity of DeFi.

With all being said, Ethereum’s short-term future will be decided by the popularity of DeFi and the problems it will encounter with extremely high Gas fees.

Traders should pay attention to how ETH handles the $360 level.

ETH/USD 4-hour Chart

Technical Factors:

• The price is well below its 21-period and 50-period EMA
• The price is near its middle Bollinger band
• RSI is neutral and recovering from being oversold (40.82)
• Volume is descending (from high)

Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

While XRP suffered the same fate as Bitcoin and Ethereum in terms of price movement, the third-largest cryptocurrency by market cap did have slight differences in the move towards the downside. XRP had several bull comebacks that tried to push the price back up, but failed due to the overall bearishness of the market.

XRP is now consolidating between the $0.235 and $0.2454, with low volume and no signs of future movement (unless the technicals change drastically).

XRP traders should watch out for any form of break of the immediate support/resistance levels.

XRP/USD 4-hour Chart

Technical factors:

• The price is well below its 21-period and 50-period EMA
• Price is near its middle Bollinger band
• RSI is recovering from being oversold (40.84)
• Volume is low (back from elevated)

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

The cryptocurrency market has been decimated after Bitcoin plummeted below $11,000. Bitcoin is currently trading for $10,260, which represents a decrease of 10.02% on the day. Meanwhile, Ethereum lost 12.07% on the day, while XRP lost 9.21%.

 Daily Crypto Sector Heat Map

When taking a look at the top100 cryptocurrencies, TRON gained 15.35% on the day, making it the most prominent daily gainer. Celo (13.98%) and ZB Token (8.75%) also did great. On the other hand, the Ampleforth lost 33.29%, making it the most prominent daily loser. It is followed by Sushi Swap’s loss of 32.41% and DFI. Money’s drop of 32.28%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone up slightly, with its value is currently at 59.29%, represents a 0.67% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has plummeted in the past 24 hours. Its current value is $334.65 billion, which represents a decrease of $39.74 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Bank of England governor floats future ecosystem of stablecoins and CBDCs (The Block)
• DEX volumes constituted 6% of centralized exchange volumes in August (The Block)
• Why are stablecoins starting to take off in Argentina (The Block)
• Fifth Largest Bitcoin Exchange Bithumb Raided by South Korean Police (Cryptobriefing)
• WTF DeFi: Ethereum’s SushiSwap forked into “Kimchi,” “YUNO,” and other absurd projects (Cryptoslate)
• Charles Hoskinson reveals what’s in line for Cardano in September (Cryptoslate)
• Buterin, Ethereum Developers Focus on Congestion as Fees Spike Over 600% in 1 Month (Coindesk)
• Stablecoin market cap increases by $100M every single day (Cointelegraph)
• BTC dips below $10K as traders eye ‘CME gap’ (Cointelegraph)
• Brazil could have CBDC in two years, says central bank president (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After failing to break the $12,000 mark, Bitcoin bears have taken over the market and the price plummeted, reaching as low as $10,000. While it was true that many people were bullish and called for a bull market, Bitcoin’s continuous failed attempts to break $12,000 took its toll and started a short-term bear trend that could reach $9,600 at some point.

There are many reasons that caused Bitcoin (and the rest of the crypto market) to plummet, mainly the US traditional market, DeFi, miners as well as traders.

1. The US S&P 500 index pulled back on Thursday after reaching record highs just earlier this week. This happened because of a US report showing jobless claims of over 881,000 in August. While this number was, in fact, better than expected, it is still much larger than the one that the US saw during the 2009 recession high-point (665,000). Bitcoin is not completely uncorrelated from the traditional markets and has most likely reacted slightly to this news.
2. While the DeFi craze is continuing, many believe that the fact that people are locking billions of dollars worth of Bitcoin may cause any form of market manipulation or influx of buyers/sellers much more significant due to reduced supply in circulation. It is also not implausible that DeFi is in a bubble (even some DeFi project leaders/creators such as Yearn Finance’s Andre Cronje say it), and that this is a form of a bubble “pop”.
3. Miners and traders gathered up to sell Bitcoin at the $12,000 mark, which triggered this crash. Miners tried to secure their profits and play it safe, and traders most likely did the same, as they saw strong resistance sitting at the $12,000 level. All of the big mining pools saw large BTC outflows from the wallets, incidacting a market play with the intention to take profits and secure gains.

Traders should pay attention to Bitcoin’s price movement around $10,090 and $10,400.

BTC/USD 4-hour Chart

Technical factors:

• Price is well below its 50-period and 21-period EMA
• Price is just above its lower band
• RSI is deep in the oversold territory (21.56)
• Volume is elevated

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,850                                 3: $9,600

Ethereum

Ethereum had a similar day to Bitcoin, with its price plummeting and reaching as low as $371. The second-largest cryptocurrency by market cap tried to break the downward pressure after dropping below $445. It quickly bounced off of $415 and pushed towards the upside. However, the $445 level was now resistance, and after a failed attempt to break it, ETH moved further down.

Ethereum is now in its consolidation/recovery stage near $380.

Traders should pay attention to any influx in volume as well as how ETH handles $415.


ETH/USD 4-hour Chart

Technical Factors:

• The price is well below its 21-period and 50-period EMA
• The price is just above the lower band
• RSI is in the oversold territory (28.35)
• Volume is descending (from extremely high)

Key levels to the upside          Key levels to the downside

1: $400                                     1: $371

2: $415                                     2: $360

3: $445                                                 

Ripple

XRP was no exception when it comes to today’s price movement. The third-largest cryptocurrency by market cap plummeted and reached as low as $0.238 before starting to recover. The price is now recovering at the $0.2454 support level, which is (at the moment) contested. It is still unsure of whether XRP will end up above or below it, so traders should watch out to a breakout to any side.

XRP/USD 4-hour Chart

Technical factors:

• The price is far below its 21-period and 50-period EMA
• Price is at its lower band
• RSI is in the oversold area (29.09)
• Volume is above average

Key levels to the upside          Key levels to the downside

1: $0.266                                   1: $0.2454 

2: $0.285                                   2: $0.235

3: $0.31                                    3: $0.227

The crypto sector had quite a bad day as almost every single cryptocurrency ended up in the red. Bitcoin is currently trading for $11,376, which represents a decrease of 4.26% on the day. Meanwhile, Ethereum lost 6.82% on the day, while XRP lost 9.33%.

 Daily Crypto Sector Heat Map

When taking a look at the top100 cryptocurrencies, Kusama gained 24.25% on the day, making it the most prominent daily gainer. UMA (13.51%) and JUST (9.08%) also did great. On the other hand, the Ampleforth lost 26.14%, making it the most prominent daily loser. It is followed by OMG Network’s loss of 15.44% and Aragon’s drop of 15.44%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone up slightly, with its value is currently at 58.62%, represents a 0.48% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has decreased significantly over the course of the day. Its current value is $375.41 billion, which represents a decrease of $15.64 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• DeFi Flippening Comes to Exchanges as Uniswap Topples Coinbase in Trading Volume (Coindesk)
• WSJ: Robinhood facing SEC investigation over dealings with high-frequency trading shops (The Block)
• Bitcoin dominance falls as Ethereum, DeFi dominate the crypto market (Cryptoslate)
• DeFi newbie Sushiswap locks up $1 billion, SUSHI pumps to ATHs (Cryptoslate)
• DeFi Lending Project Teller Finance Taps Chainlink for Unsecured Loans Product (Cryptobriefing)
• Polkadot-Based DeFi Project Plows Ahead, $205 Million Staked on Stafi (Cryptobriefing)
• yEarn’s Ethereum Vault Offers Lucrative Gains for Holding ETH (Cryptobriefing)
• Vitalik Buterin reveals why a 51% attack on ETH 2.0 ‘would not be fatal’ (Cointelegraph)
• Indian prime minister the latest victim of crypto scam Twitter hack (Cointelegraph)
• Vienna and Singapore stock exchanges embrace Bitcoin and Ethereum (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s push towards the upside yesterday culminated by the cryptocurrency price reaching the $12,000 mark before triggering a bear push. The largest crypto by market cap couldn’t keep its price above the level, which triggered massive bearish volume that brought the price down as low as $11,150. Bitcoin is currently consolidating right below $11,460, which it is testing and trying to get past. However, this level has proven to be a strong resistance point at the moment.

Traders should pay attention to Bitcoin’s price movement around $11,460.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period and 21-period EMA
• Price is just above its lower band
• RSI is stable (38.13)
• Volume is coming back to normal after a massive spike

Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,460

2: $12,015                                2: $11,090

3: $12,330                                 3: $10,855

Ethereum

Ethereum had a similar day to Bitcoin, with its price plummeting and reaching as low as $418 after failing to break $496 to the upside. The second-largest crypto by market cap is currently near the $445 level, which is resisting any current pushes towards the upside that Ethereum makes at the moment.

With all this being said, Ethereum is still looking extremely bullish as DeFi’s volume and the number of users is reaching its all-time highs. Traders should look for a break from the $445 level.

ETH/USD 4-hour Chart

Technical Factors:

• The price is at its 21-period and below 50-period EMA
• The price is just below the middle band
• RSI is neutral (52.47)
• Volume is descending (from extremely high)

Key levels to the upside          Key levels to the downside

1: $445                                     1: $415

2: $496                                     2: $400

                                                  3: $360

Ripple

XRP was no exception when it comes to today’s price movement. The third-largest crypto by market cap crashed, at one point reaching sub-$0.266 levels. However, the price recovered, and XRP is currently consolidating at the $0.272 level. However, unlike Bitcoin and Ethereum, which seem ready to test its resistance levels, XRP’s low volume as well as price position signal that there is almost no chance it will move towards the upside on its own.

Traders should look at XRP’s next move, which will be triggered by a volume spike.

XRP/USD 4-hour Chart

Technical factors:

• The price is below its 21-period and 50-period EMA
• Price is just above its lower band
• RSI is stable and leaning towards the oversold area (39.55)
• Volume is slightly below average

Key levels to the upside          Key levels to the downside

1: $0.285                                   1: $0.266 

2: $0.31                                     2: $0.2454

3: $0.32

While the top cryptocurrencies had quite a slow day, the DeFi market kept going up. Bitcoin is currently trading for $11,890, which represents an increase of 2.37% on the day. Meanwhile, Ethereum gained 7.57% on the day, while XRP gained 6.91%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, DFI.Money gained 111.02% on the day, making it the most prominent daily gainer. SushiSwap (35.54%) and Flexacoin (23.70%) also did great. On the other hand, the bZx Protocol lost 16.28%, making it the most prominent daily loser. It is followed by Aragon’s loss of 10.47% and Kusama’s drop of 9.44%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone down slightly, with its value is currently at 58.14%, represents a 0.26% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased significantly over the course of the day. Its current value is $391.05 billion, which represents an increase of $14.67 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Decentralized Exchange Volume Rose 160% in August to $11.6B, Setting Third Straight Record (Coindesk)
• Ethereum’s’s Yearn.finance (YFI) continues ascent to $40k as two new products come to fruition (Cryptoslate)
• Institutions are buying Litecoin (LTC) at a 1,200% price premium (Cryptoslate)
• Ethereum founder Vitalik Buterin slams the “yield farming” frenzy (Cryptoslate)
• Tezos Reaches $25 Million Settlement in a Class-Action Lawsuit Over $232M ICO (Cryptobriefing)
• All Eyes on Ethereum as ETH Makes New Yearly Highs, Aiming for $550 (Cryptobriefing)
• BitMEX rolls out mobile trading app across 140 countries (The Block)
• Ethereum transaction fees hit another all-time high amid DEX volume boom (The Block)
• Bitfinex owner invests more than $1 million in upcoming security token exchange Dusk Network (The Block)
• Tether plans to add support for the ZK-Rollups to reduce pressure on Ethereum (The Block)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After managing to fend off the bears and establish its presence above $11,630 yesterday, Bitcoin started moving towards the upside. The largest cryptocurrency by market cap pushed towards the upside and quickly reached the $12,000 mark. However, the cryptocurrency did not stay above it for long and fell under it yet again. Bitcoin is now on a path towards the downside.

Traders should pay attention to how Bitcoin’s price reacts to its moving averages, as well as to $11,630.

BTC/USD 4-hour Chart

Technical factors:

• Price is above its 50-period and 21-period EMA
• Price is at its middle band
• RSI is neutral (52.80)
• Volume is slightly increased

Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,460

2: $12,015                                2: $11,090

3: $12,330                                 3: $10,855

Ethereum

Ethereum had another extremely bullish day, where its parabolic rise continued. The second-largest cryptocurrency by market cap surged towards the upside and passed $445 with ease, only to be stopped a little under $490. Ethereum is now consolidating slightly below this level.

Ethereum’s parabolic price rise is attributed to a surge of interest in DeFi projects, and all they have to offer.

Ethereum traders should pay attention to DeFi announcements, as well as to how ETH will consolidate.

ETH/USD 4-hour Chart

Technical Factors:

• The price is above its 21-period and 50-period EMA
• The price is just below the upper band
• RSI is in the overbought territory (73.71)
• Volume is descending (from extremely high)

Key levels to the upside          Key levels to the downside

1: $445                                     1: $415

2: $496                                     2: $400

                                                  3: $360

Ripple

XRP, boosted by the other cryptos increasing in price, pushed towards the upside itself. The third-largest cryptocurrency by market cap managed to get past the $0.285 resistance level, and then quickly (and successfully) retested it. The move towards the upside got stopped at $0.305, and XRP is now consolidating slightly under it.

While XRP’s move seems like it ran out of steam, its volume is still relatively high, which may indicate a possibility of further volatility.

Traders should look at XRP’s volume spikes and check for any signs of its next move’s direction.

XRP/USD 4-hour Chart

Technical factors:

• The price is above its 21-period and 50-period EMA
• Price is just under its upper band
• RSI is stable and extremely close to being overbought (63.57)
• Volume is slightly above average

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285 

2: $0.32                                     2: $0.266

3: $0.3328                                3:$0.2454

While the top cryptocurrencies had quite a slow day, the DeFi market kept going up. Bitcoin is currently trading for $11,630, which represents a decrease of 0.38% on the day. Meanwhile, Ethereum gained 2.99% on the day, while XRP lost 0.59%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, Sushi gained 110.98% on the day, making it the most prominent daily gainer. BitShares (72.48%) and Kusama (35.57%) also did great. On the other hand, DFI.Money lost 18.67%, making it the most prominent daily loser. It is followed by bZx Protocol’s loss of 13.96% and NXM’s drop of 9.34%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone down slightly, with its value is currently at 58.40%, represents a 0.84% difference to the downside when compared to our last report.

Daily Crypto Market Cap Chart

The crypto market cap has increased significantly over the course of the day. Its current value is $375.72 billion, which represents an increase of $3 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Binance Card to soon expand to US as Swipe taps new partnership (Cointelegraph)
• Secret contracts may soon bring privacy features to public Blockchains (Cointelegraph)
• CoinMarketCap’s leadership team leaves — four months after Binance’s acquisition (The Block)
• Robinhood, Charles Schwab report platform issues during Monday’s morning session (The Block)
• Uniswap’s Daily Volume Just Overtook Coinbase by More than $80 Million (Cryptobriefing)
• Bitcoin Traders Grow Optimistic, Pundits Predict $500K BTC (Cryptobriefing)
• Only 400,000 or so addresses have used DeFi: sign of further growth to come (Cryptoslate)
• Ethereum DeFi giant Yearn.finance (YFI) is literally up 1,000,000% since its July launch (Cryptoslate)
• Huobi and OKEx Battle for Supremacy in China (Coindesk)
• Canaan’s Q2 Loss Narrows to $2.4M From Q1 on 160% Revenue Increase (Coindesk)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a weekend of steady gains, Bitcoin spent the day trying to establish its presence above the newly-conquered $11,630 level. While the fight is still in progress, it seems that the largest cryptocurrency by market cap will stay above the level, thus turning it into support.

Traders should take a look at how Bitcoin handles its next resistance, which is at around $11,820.

BTC/USD 4-hour Chart

Technical factors:

• Price is above its 50-period EMA and 21-period EMA
• Price is above its middle band
• RSI is neutral but leaning towards overbought (57.26)
• Volume is low

Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,460

2: $12,015                                2: $11,090

3: $12,330                                 3: $10,855

Ethereum

Unlike Bitcoin, Ethereum has had a great day. The second-largest cryptocurrency by market cap continued its rush towards the upside, fueled by the expansion of DeFi. The move towards the upside rekindled after ETH confirming its position above $415 and stopped (for now) at its next resistance level, which is sitting at $445. While Ethereum has a chance of breaking this level as well, it is unlikely that it will stay above it as the volume seems to be fading, while its RSI is in the overbought territory.

Ethereum traders should look for ETH’s pullback after the bullish move ends.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently above its 21-period and 50-period EMA
• Price is just below the upper band
• RSI is in the overbought territory (74.23)
• Volume is descending

Key levels to the upside          Key levels to the downside

1: $445                                     1: $415

2: $496                                     2: $400

                                                 3: $360

Ripple

XRP’s move towards the upside ended abruptly as the third-largest cryptocurrency by market cap failed to break the $0.285 resistance level. While it is still very close to it, XRP shows no signs of breaking the resistance any time soon, unless it gets external help in the form of BTC pushing the price of the whole crypto market.

On the other hand, XRP doesn’t show any signs of going down anytime soon, so we can expect some range-bound trading in the near future.

Traders should look for an opportunity within the range XRP is currently in.

XRP/USD 4-hour Chart

Technical factors:

• The price is above its 21-period and 50-period EMA
• Price is slightly above its middle band
• RSI is stable and neutral (58.98)
• Volume is low and relatively stable

Key levels to the upside          Key levels to the downside

1: $0.285                                   1: $0.266 

2: $0.31                                     2: $0.2454

3: $0.32                                    3:$0.235

The crypto market had a good weekend, with almost every single top cryptocurrency ending up in a net gain. Bitcoin is currently trading for $11,664, which represents an increase of 0.66% on the day. Meanwhile, Ethereum gained 4.42% on the day, while XRP gained 2.19%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, UMA gained 48.99% on the day, making it the most prominent daily gainer. Flexacoin (27.54%) and bZx Protocol (26.08%) also did great. On the other hand, DFI.Money lost 17.06%, making it the most prominent daily loser. It is followed by Golem’s loss of 10.16% and NEM’s drop of 7.06%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone down quite a bit over the weekend and dropped below the 60% mark. Its value is currently at 59.24%, represents a 1.82% difference to the downside when compared to our last report.

Daily Crypto Market Cap Chart

The crypto market cap has increased significantly over the course of the weekend. Its current value is $372.72 billion, which represents an increase of $19.24 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Ethereum Classic Hit by Third 51% Attack in a Month (Coindesk)
• BitMEX CEO Arthur Hayes outlines four risks in Ethereum’s DeFi “proto-banks” (Cryptoslate)
• Crypto community celebrates as CNBC includes Bitcoin in Jerome Powell speech coverage (Cryptoslate)
• Fed’s Inflation Target Is Good for Bitcoin, But Investors Will Have to Wait (Cryptobriefing)
• yEarn Finance Is Turning Every DeFi Trader into a Whale (Cryptobriefing)
• Crypto.com Pay Now Powers CRO Payments From Any ERC-20 Wallet (Cryptobriefing)
• IRS memo: Cryptocurrency earned from a microtasking job is taxable income (The Block)
• FTX’s Serum goes live as DEXs end another record-breaking month for volume (The Block)
• Synthetix (SNX) surpasses $1B TVL as DeFi investor interest grows (Cointelegraph)
• Cloudflare goes down; crypto websites hit (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin spent the weekend slowly rising in price on low volume. The largest cryptocurrency by market cap rose above $11,460 and $11,630 resistance levels, turning them into support. The $11,630 level is currently being retested, but it looks like Bitcoin will stay above it unless a large spike of sellers suddenly comes to the market.

Traders should take a look at Bitcoin’s confirmation of the $11,630 level. If BTC stays above it, traders can consider Bitcoin to be moving in within a range, bound by $11,630 and $12,000.

BTC/USD 4-hour Chart

Technical factors:

• Price is above its 50-period EMA and 21-period EMA
• Price is slightly above its middle band
• RSI is neutral but leaning towards overbought (57.95)
• Volume is low

Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,460

2: $12,015                                2: $11,090

3: $12,330                                 3: $10,855

Ethereum

After passing the descending trend and moving above it, Ethereum had a couple of days of steady gains. The second-largest cryptocurrency by market cap slowly gained ground and passed the $400 as well as $415 resistance levels along the way. The move stopped just above $430, before starting to retrace. There is a big possibility that the $415 level will be tested as a support level.

Ethereum traders should look for ETH’s reaction when the price reaches $415 again.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently above its 21-period and 50-period EMA
• Price is slightly below the upper band
• RSI is severely overbought (67.64)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $360

3: $496                                      3: $340

Ripple

XRP also had a great weekend, with its price consistently moving towards the upside after briefly breaking the $0.266 support level to the downside, which is where the bullish move on Aug 27 started. While it made some progress towards the upside, XRP did not reach past any significant resistance levels. In fact, it got stopped by the $0.285 level, which it most likely won’t pass.

Due to its RSI being close to overbought, low volume, and price rejection around the $0.285 level, XRP will most likely start a move towards the downside now.

XRP traders should trade it on its way down towards $0.266 or possibly look for a bounce off of the support XRP will find on its way down.

XRP/USD 4-hour Chart

Technical factors:

• The price is above its 21-period and 50-period EMA
• Price is slightly below its upper band
• RSI is nearly overbought but is moving towards neutral (58.17)
• Volume is low and relatively stable

Key levels to the upside          Key levels to the downside

1: $0.285                                   1: $0.266 

2: $0.31                                     2: $0.2454

3: $0.32                                    3:$0.235

The crypto market was mostly bearish over the course of the day, with XRP losing the most out of the top cryptocurrencies. Bitcoin is currently trading for $11,341, which represents a decrease of 0.5% on the day. Meanwhile, Ethereum lost 0.44% on the day, while XRP lost 5%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, Numeraire gained 29.44% on the day, making it the most prominent daily gainer. Serum (23.05%) and Uma (21.68%) also did great. On the other hand, Aragon lost 17.67%, making it the most prominent daily loser. It is followed by Kusama’s loss of 12.20% and Qtum’s drop of 11.12%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone up quite a bit from when our previous report, with its value currently at 61.06%. This value represents a 0.71% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap has decreased slightly over the course of the day. Its current value is $353.48 billion, which represents a decrease of $6.8 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• New Fidelity Fund Brings Passive Bitcoin Investing to Institutions (Cryptobriefing)
• Coinbase, Circle unveil new upgrades to USDC stablecoin (The Block)
• Analyst: Tether (USDT) is maybe doing more to skirt capital controls than Bitcoin (Cryptoslate)
• Darknet marketplace “Empire” exit scams with $30 million in Bitcoin (Cryptoslate)
• Report indicates banks launder more money than Bitcoin and other cryptos (Cryptoslate)
• Aave (LEND) becomes first Ethereum DeFi token to hit $1 billion valuation (Cryptoslate)
• Miners’ Bitcoin Holdings Reach Two-Year High to Almost 2M (Coindesk)
• Chainalysis Report Shows Healthy Crypto Usage in Venezuela (Coindesk)
• Youtube’s Whac-a-Mole Approach to Crypto Scam Ads Remains a Problem (Coindesk)
• Bitcoin price to $500,000: Winklevoss twins lay out ultimate bullish case (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin was extremely volatile in the past 24 hours, with its price ranging from $11,110 to $11,600. The largest cryptocurrency by market capitalization is still below the $11,460 resistance level and seems like its preparing a move (most likely to the downside).

The price of Bitcoin has declined by more than 6% in the last three days and that along with the fact that $700 million Bitcoin futures expiry is approaching, traders are nervous and have a bearish scenario in mind. Many technical analysts believe that Bitcoin has two paths ahead at the moment: $16,000 or $9,600.

Traders should take a look at Bitcoin’s movement around $11,460 before trading.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period EMA and 21-period EMA
• Price is below its middle band
• RSI is neutral but leaning towards oversold (41.82)
• Volume is average (one-candle spike)

Key levels to the upside          Key levels to the downside

1: $11,460                                1: $11,090

2: $11,630                                2: $10,855

3: $12,015                                 3: $10,500

Ethereum

The second-largest cryptocurrency by market capitalization continued its path above the descending trend line. While being above this line is a positive thing, Ethereum is still losing value as it’s gripping the line and following it down. If ETH decides to test the upside, it will encounter some turbulence way before its major resistance at $415.

If, however, Ethereum pushes towards the downside, it will fall back into the trend and possibly rush towards the bottom trend line.

Ethereum traders should look for Ethereum’s volume spike and push towards the upside.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently below its 21-period and 50-period EMA
• Price is slightly below the middle band
• RSI is neutral (45.39)
• Volume is very low (With volume spike when the trend line was retested)

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $360

3: $496                                      3: $340

Ripple

XRP had an incredibly bad day, as bears took over the market and pushed its price down. The third-largest cryptocurrency by market cap dropped under the $0.266 support, and then immediately tried to head back up (without any success). While the price is still near the $0.266 level, it is unlikely that XRP will confidently move above it unless Bitcoin pulls the whole crypto market up by a sudden move to the upside.

XRP traders should look for how the cryptocurrency reacts to the $0.266 level and trade-off of that info.

XRP/USD 4-hour Chart

Technical factors:

• The price is below its 21-period and 50-period EMA
• Price is slightly above its lower band
• RSI is at the oversold line (30.19)
• Volume is unstable and cycling between average (low) and extremely high volume candles

Key levels to the upside          Key levels to the downside

1: $0.285                                   1: $0.266 

2: $0.31                                     2: $0.2454

3: $0.32                                    3:$0.235

The crypto market was split between cryptos that ended up in the green and in the red, with a bit more cryptocurrencies ending up gaining in the past 24 hours. Bitcoin is currently trading for $11,374, which represents an increase of 0.14% on the day. Meanwhile, Ethereum gained 0.77% on the day, while XRP lost 0.36%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, Celo gained 56.49% on the day, making it the most prominent daily gainer. Aragon (36.44%) and Siacoin (17.45%) also did great. On the other hand, The Midas Touch lost 20.75%, making it the most prominent daily loser. It is followed by Kusama’s loss of 8.81% and Reserve Rights’ drop of 8.72%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has stayed at the same place as we reported yesterday, with its value currently at 60.35%. This value represents a 0.01% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap has increased significantly over the course of the day. Its current value is $360.28 billion, which represents an increase of $24.61 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Market Wrap: Bitcoin Braces for $700M in Options to Expire; Record $7B Value Locked in DeFi (Coindesk)
• Crypto debit card provider Wirex migrates from Wirecard to Railsbank in the APAC region (The Block)
• Fidelity’s head of strategy has filed for a new bitcoin-related fund with the SEC (The Block)
• A look at Frankenstein code and copycat projects in the era of yield farming (The Block)
• Interview: Inside Look at FTX’s $150M Blockfolio Acquisition (Cryptobriefing)
• ConsenSys Acquires Enterprise Blockchain Quorum as Part of JPMorgan Investment (Cryptobriefing)
• Mastercard Files Patent for IOTA Tangle-Based Billing System (Cryptobriefing)
• SEC’s New “Accredited Investor” Rules Will Make ICOs More Accessible (Cryptobriefing)
• US coffee giant Starbucks turns to blockchain for beans tracking (Cryptoslate)
• Celsius Network raises more than $20M via equity crowdfunding (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has had somewhat a slow day after bottoming out near $11,090. The largest cryptocurrency by market cap tried to break the $11,460 resistance level at one point, but it ended up unsuccessfully. Bitcoin will need to gather quite a strong bullish presence if it wants to reach $12,000 anytime soon, as the upside is guarded by way too many smaller and bigger resistance levels.

With $700 million of Bitcoin options expiring on Friday, we may see a nice spike in volume and volatility. Various analysts predict that the price at its current position would be a good buying opportunity for futures traders, while a price near $12,000 would be a good sell opportunity.

Traders should take a look at Bitcoin’s movement around $11,460.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period EMA and 21-period EMA
• Price is between its lower and middle band
• RSI is neutral but leaning towards oversold (41.02)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $11,460                                1: $11,090

2: $11,630                                2: $10,855

3: $12,015                                 3: $10,500

Ethereum

While it did not do much better than Bitcoin in terms of daily gains, Ethereum had a decent day. The second-largest cryptocurrency by market cap gathered a small bullish force to push through the descending trend. Not only did Ethereum push past it, but it also confirmed its position above it. With that being said, Ethereum needs a significant volume spike if it wants to reach past $400, or go any higher than that.

However, with DeFi booming and gathering interest from traders (and even creating new ones), Ethereum might be on the right track to show its true bullish nature in the mid-term.

Ethereum traders should look for Ethereum’s volume spikes and trade-off of that.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently below its 21-period and 50-period EMA
• Price is between its lower and middle band
• RSI is neutral (44.63)
• Volume is very low

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $360

3: $496                                      3: $340

Ripple

XRP was the only cryptocurrency in the red in the past 24 hours out of the top3 cryptocurrencies by market cap. After bottoming out near $0.266 and recovering to around $0.28, XRP started dropping slightly again, reaching the current price of $0.275. The low volume and candles with small bodies and small wicks show almost no volatility in trading.

XRP traders should look for a volume spike before even considering a trade.

XRP/USD 4-hour Chart

Technical factors:

• Price is below its 21-period and 50-period EMA
• Price is between its lower and middle band
• RSI stable and leaning towards the oversold area (38.69)
• Volume is below average and stable

Key levels to the upside          Key levels to the downside

1: $0.285                                   1: $0.266 

2: $0.31                                     2: $0.2454

3: $0.32                                    3:$0.235

Almost every single cryptocurrency in the top100 ended up in the red today, as Bitcoin fell below $11,630. Bitcoin is currently trading for $11,334, which represents a decrease of 2.34% on the day. Meanwhile, Ethereum lost 3.84% on the day, while XRP lost 2.57%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, Kusama gained 35.49% on the day, making it the most prominent daily gainer. Aragon (18.33%) and The Reserve Rights (14.61%) also did great. On the other hand, Flexacoin lost 12.17%, making it the most prominent daily loser. It is followed by Ocean Protocol’s loss of 10.15% and Verge’s drop of 9.60%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly, with its value currently at 60.34%. This value represents a 0.3% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap decreased significantly over the course of the day. Its current value is $335.82 billion, which represents a decrease of $33.15 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• The IRS has sent another round of letters warning US crypto holders about their taxes (The Block)
• $150 million deal: FTX acquires Blockfolio in bid to expand retail footprint (The Block)
• Expect volatility: Bitcoin futures open interest surges to a new all-time high (Cryptoslate)
• Bitcoin mining reaches its largest difficulty ever, here’s what it means (Cryptoslate)
• Another Bitcoin Lightning Startup Is Working With Visa to ‘Fast Track’ Card Payments (Coindesk)
• Wirecard scandal fallout sees 50% of German staff laid off (Coindesk)
• Tether tops Paypal and Bitcoin for average daily transfer value (Cointelegraph)
• Ripple faces a lawsuit in Australia over ‘PayID’ branding (Cointelegraph)
• Rushed upgrade made 12% of Ethereum clients unusable (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has experienced yet another price drop in the past 24 hours. As we mentioned in our previous article, the largest cryptocurrency by market cap was preparing a move to either side and that the direction of the move will decide BTC’s faith in the short-term. As we can see, Bitcoin decided to go towards the downside and quickly dropped below its $11,630 and $11,460 support levels. It got stopped, however, by both the $11,090 and the descending trend line, which Bitcoin created ten days ago.

Traders should take a look at how Bitcoin resolves its current position and trade after they get more info.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period EMA and its 21-period EMA
• Price is at its lower band
• RSI bounced off of the oversold line (32.84)
• Volume has increased

Key levels to the upside          Key levels to the downside

1: $11,460                                1: $11,090

2: $11,630                                2: $10,855

3: $12,015                                 3: $10,505

Ethereum

Ethereum also had a bad day, with bears dominating its price movements. The second-largest cryptocurrency by market cap has, over the course of the day, dropped back into the descending trend it just briefly escaped the day before. Ethereum’s position within the descending trend was confirmed after a small price spike couldn’t get past the trend’s upper level.

Ethereum traders should look for how ETH handles being in the level, and how it exits it.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently below its 21-period and its 50-period EMA
• Price is at its lower band
• RSI is leaning towards oversold (37.87)
• Volume is normal (but the past 24h saw a surge in volume at one point)

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $361

3: $496                                      3: $340

Ripple

XRP suffered from the same fate as BTC and ETH, with bears taking over the market and its price dropping in the past 24 hours. The third-largest cryptocurrency by market cap fell below $0.285 after not being able to properly confirm its position above it, and almost reached the $0.266 support in the process. XRP is now stabilizing at around $0.275 with low volume and volatility.

XRP traders should look for how the cryptocurrency reacts when it reaches its immediate support/resistance levels.

XRP/USD 4-hour Chart

Technical factors:

• Price is below its 21-period and its 50-period EMA
• Price is slightly above its lower band
• RSI stable, but leaning towards the oversold area (38.10)
• Volume is below average and stable (except a two-candle spike during the price drop)

Key levels to the upside          Key levels to the downside

1: $0.285                                   1: $0.266 

2: $0.31                                     2: $0.2454

3: $0.32                                    3:$0.235

Cryptocurrencies had a steady day, with most of them being in the slight green. Bitcoin is currently trading for $11,768, which represents an increase of 1.22% on the day. Meanwhile, Ethereum gained 4.32% on the day, while XRP gained 1.85%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, Aave gained 33.55% on the day, making it the most prominent daily gainer. Kusama (26.13%) and The JUST (17.30%) also did great. On the other hand, Nervos Network lost 7.95%, making it the most prominent daily loser. It is followed by OMG Network’s loss of 7.59% and Siacoin’s drop of 7.53%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly, with its value currently at 60.04%. This value represents a 0.16% difference to the downside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap increased in value over the course of the day. Its current value is $368.97 billion, which represents an increase of $6.26 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Bitmain inks a $17.7 million dollar deal with the Riot Blockchain for next-gen bitcoin mining hardware (The Block)
• FTX launches perpetual contract tied to Uniswap’s top 100 liquidity pools (The Block)
• Aave granted an Electronic Money Institution license by the U.K. Financial Conduct Authority (The Block)
• Crypto trading platform INX announces SEC Form F-1 approval (The Block)
• Cosmos Token Moons 50%, But Near-Term Technicals Spell Trouble for ATOM (Cryptobriefing)
• Coinbase CEO says Apple is too “restrictive” towards cryptocurrencies (Cryptoslate)
• ‘Bitcoin Rich List’ Reaches All-Time High (Coindesk)
• The Iranian government took down over a thousand crypto mining farms (Cointelegraph)
• I would never invest one cent in Bitcoin, says Ryanair CEO (Cointelegraph)
• China’s digital yuan trials reportedly limited to small retail transactions (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin is at an important crossroad that will decide its short-term future. While it is currently stuck between $11,630 and $12,000, the largest cryptocurrency by market cap will soon have to decide on its direction. Even though a retest of the $11,630 support seems much more plausible, that does not mean that BTC will make a sharp move towards the downside. If the level holds, Bitcoin might have a good chance of bouncing towards $12,000 yet again.

The low volume also shows that a bigger move is on the horizon.

Traders should look for what BTC will do after it hits one of its support/resistance levels before making a trade.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period EMA and below its 21-period EMA
• Price is slightly above its middle band
• RSI is neutral (50.15)
• Volume is below average and stagnant

Key levels to the upside          Key levels to the downside

1: $12,015                                1: $11,630

2: $12,300                                2: $11,460

3: $12,900                                 3: $11,090

Ethereum

Unlike Bitcoin that’s preparing for a move and trading with reduced volume and volatility, Ethereum had a great day and ended up making good gains. The second-largest cryptocurrency by market cap had a small volume spike, which was significant enough to push the price up and past the descending trend it was in for a couple of days.

Ethereum is now stabilizing at around $400, while its volume is decreasing.

Ethereum traders should look for Bitcoin’s next move, which ETH will most likely follow.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently above its 21-period and its 50-period EMA
• Price is at its upper band
• RSI is neutral (52.30)
• Volume is slightly increased from the previous days

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $361

3: $496                                      3: $340

Ripple

XRP spent the day consolidating above $0.285 level, which is regained the previous day. The third-largest cryptocurrency by market cap focused on stabilizing above $0.285, but without much success. While it is still technically above it, XRP would need a small move towards the upside (or some other sort of a decisive move) to confirm its position.

XRP traders should be careful around the $.285 level and pick their trade carefully based on where XRP will go.

XRP/USD 4-hour Chart

Technical factors:

• Price is above its 21-period and below its 50-period EMA
• Price is slightly above the middle band
• RSI is neutral (48.63)
• Volume is below average and stable

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285 

2: $0.32                                     2: $0.266

3: $0.332                                  3:$0.2454

Cryptocurrencies spent most of the weekend recovering from the bearish move, which occurred late Friday and early Saturday. Bitcoin is currently trading for $11,731, which represents an increase of 1.11% on the day. Meanwhile, Ethereum gained 0.8% on the day, while XRP gained 1.71%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, Cosmos gained 29.48% on the day, making it the most prominent daily gainer. IRISnet (21.33%) and The Midas Touch (18.49%) also did great. On the other hand, yearn.finance lost 8.32%, making it the most prominent daily loser. It is followed by Ren’s loss of 7.36% and Komodo’s drop of 6.67%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly and passed the 60% mark to the upside, with its value currently at 60.20%. This value represents a 0.46% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a decrease in value over the course of the weekend. Its current value is $362.71 billion, which represents a decrease of $10.46 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• yEarn Finance Is Officially the Youngest DeFi Billionaire (Cryptobriefing)
• The Amazon of Crypto? XRP Price Hinges on Ripple’s Ability to Improve Its Image (Cryptobriefing)
• Maduro Regime Blocks Bitcoin Exchange from Distributing $18M to Health Workers (Cryptobriefing)
• IOTA is Running Out of Money: Will the Tangle Survive? (Cryptobriefing)
• The founder of Curve now controls 71% of the protocol’s voting power (The Block)
• CBDCs need the private sector to be competitive, announces Ukrainian central bank official (The Block)
• ‘Warren Buffett’ Index Predicts Stocks Crash — How Will Bitcoin React? (Cointelegraph)
• Bitcoin.com Wallet Upgrade Allows Users Access to Interest Earnings (Cointelegraph)
• Researcher Re-mines Satoshi’s Bitcoin Blocks To Discover His Secrets (Cointelegraph)
• Buy Bitcoin Before’ Major Banking Crisis’ — ‘Rich Dad Poor Dad’ Author (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a failed breakout of the ascending triangle, Bitcoin’s price started moving down until it reached $11,460 on Saturday. After reaching that level and not being able to pass it to the downside, Bitcoin bounced and started moving up slowly. The whole weekend was rather slow in terms of volatility, but extremely important in terms of where Bitcoin will end up. The fight for $11,630 was successful, and BTC is now above it, with the potential of going further up. However, the move to the upside will not go far with this volume, as it is way too low for any significant movement.

BTC traders should look for a trade near the $11,900 level, which might act as resistance.

BTC/USD 4-hour Chart

Technical factors:

• Price is above its 50-period EMA as well as its 21-period EMA
• Price is slightly above its middle band
• RSI is neutral (54.45)
• Volume is below average

Key levels to the upside          Key levels to the downside

1: $12,015                                1: $11,630

2: $12,300                                2: $11,460

3: $12,900                                 3: $11,090

Ethereum

Ethereum’s weekend was also spent in recovering from the bearish moves that occurred in the previous week. The second-largest cryptocurrency by market cap managed to stabilize at below-$400 levels, which it is now trying to pass to the upside. However, the moves which occurred in the past week created a downward-facing trend, which is creating resistance towards the upside, which Ethereum is struggling to pass with low volume, which it now has.

Ethereum traders can look for a trade after Ethereum breaks the trend (to any side).

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently above its 21-period and below its 50-period EMA
• Price is at its middle band
• RSI is neutral (49.72)
• Volume is below average

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $361

3: $496                                      3: $340

Ripple

XRP’s chart looks no different than Bitcoin’s and Ethereum’s chart. The third-largest cryptocurrency by market cap spent the weekend recovering from what was lost during the bearish moves that occurred throughout the week. XRP stabilized at $0.28 and then gathered the strength to push past it. While the price is currently above the $0.285 level, it is not certain that it will stay that way. XRP would need a confirmation move in order to turn $0.285 into true support.

XRP traders can look for after XRP confirms its position, or after it drops below $0.285.

XRP/USD 4-hour Chart

Technical factors:

• Price is currently above the 21-period and below the 50-period EMA
• Price is slightly above the middle band
• RSI is neutral (51.50)
• Volume is stable and below average

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285 

2: $0.32                                     2: $0.266

3: $0.332                                  3:$0.2454

While most of the top cryptocurrencies took the day to consolidate or advance slightly, Ethereum tokens were the most volatile and moved up or down with much more intensity. Bitcoin is currently trading for $11,835, which represents an increase of 0.56% on the day. Meanwhile, Ethereum gained 1.39% on the day, while XRP gained 1.01%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, OMG Network gained 106.88% on the day, making it the most prominent daily gainer. 0x (48.58%) and Flexacoin (42.15%) also did great. On the other hand, Ren lost 14.05%, making it the most prominent daily loser. It is followed by Reserve Rights’ loss of 7.07% and Waves’ drop of 6.93%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly and went under the 60% mark yet again, with its value currently at 59.74%. This value represents a 0.7% difference to the downside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a sharp increase in value over the course of the day. Its current value is $373.17 billion, which represents an increase of $9.41 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Tether is moving 1 billion USDT coins from TRON to Ethereum blockchain (The Block)
• Ripple exec says 20% of RippleNet transactions occur using XRP (The Block)
• ETC Labs proposes a multi-stage plan for securing Ethereum Classic against 51% attacks (The Block)
• Lightning Labs activates Wumbo channels, increasing bitcoin payment channel capacity (The Block)
• Swiss firm raises $15M to build out DeFi data platform (The Block)
• Investors pinpoint DeFi insurance as the next big thing—YFI keeps surging (Cryptoslate)
• DeFi yield farming is an “unsustainable zero-sum game”: Ethereum innovator (Cryptoslate)
• INX Crypto Exchange to Launch $117M IPO Next Week (Coindesk)
• Grayscale: Bitcoin Market ‘Looks Like 2016, Before Historic Bull Run’ (Cointelegraph)
• Shock: Ethereum Miners Against Proposal to Reduce Block Rewards by 75% (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a failed breakout of the ascending triangle, Bitcoin’s price started moving down sharply towards $11,630. The move, as we noted in our previous articles, stopped there. Bitcoin spent the past 24 hours mostly consolidating after a brief moment of bullish presence, which brought its price above $11,800 levels.

This move towards the upside, no matter how small it is, shows that Bitcoin is in a great spot at the moment, and it would take a lot to shake it out of this extremely bearish mid-term position.

BTC traders should be looking for a trade above $12,000, or after the push towards it fails.

BTC/USD 4-hour Chart

Technical factors:

• Price is at its 50-period EMA and below its 21-period EMA
• Price slightly below its middle band
• RSI is neutral (48.45)
• Volume is average (descending)

Key levels to the upside          Key levels to the downside

1: $12,015                                1: $11,630

2: $12,300                                2: $11,460

3: $12,900                                 3: $11,090

Ethereum

Ethereum spent the day struggling at the $415 level, as the fight for whether it will end up above or below the level is still continuing. The second-largest crypto by market cap recovered from its drop to $395 after hitting a semi-descending line, which acted as support/resistance since Aug 5.

This fight for $415 clearly shows the fight between two mindsets: bulls who are extremely bullish when it comes to DeFi and everything related, and bears which are scared of the skyrocketing ETH transaction fees as well as of the ICO scenario that happened around 2017.

Ethereum traders should wait for ETH to establish itself above or below $415 before trading.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently at its 21-period and its 50-period EMA
• Price is at its middle band
• RSI is neutral (47.15)
• Volume is slightly below average

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $361

3: $496                                      3: $340

Ripple

XRP’s chart looks a lot like BTC’s chart in the past couple of days. The third-largest cryptocurrency by market cap stopped moving towards the downside after hitting $0.285, which held up quite nicely. XRP then got a small boost towards the $0.29, where it is now consolidating.

With both 21-period and 50-period moving averages right above the price, XRP would require a strong bullish initiative in order to move towards $0.31, which (at the moment) seems unlikely.

Traders can look for an entry within the range between $0.285 and $0.31.

XRP/USD 4-hour Chart

Technical factors:

• Price is currently below the 21-period and 50-period EMA
• Price is slightly below the middle band
• RSI is neutral (46.15)
• Volume is descending (approaching average)

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285 

2: $0.32                                     2: $0.266

3: $0.332                                  3:$0.2454

While most of the top cryptos had a slightly red day, Ethereum tokens mostly did great. Bitcoin is currently trading for $11,732, which represents a decrease of 0.25% on the day. Meanwhile, Ethereum lost 1.26% on the day, while XRP lost 1.24%.

 Daily Crypto Sector Heat Map

When taking a look at top100 cryptocurrencies, OMG Network gained 26.67% on the day, making it the most prominent daily gainer. yearn.finance (20.13%) and Qtum (10.04%) also did great. On the other hand, Balancer lost 19.84%, making it the most prominent daily loser. It is followed by Compound’s loss of 9.50% and Waves’ drop of 8,97%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly and passed the 60% mark, with its value currently at 60.44%. This value represents a 0.77% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a slight increase in value over the course of the day. Its current value is $364.76 billion, which represents an increase of $0.56 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• High Ethereum Fees Push Tether to Its Eighth Blockchain, OMG Network (Coindesk)
• Market Wrap: Bitcoin Sinks to $11.6K as Ether’s Gas Keeps Rising (Coindesk)
• Litecoin has massive fundamentals lined up ahead, says Charlie Lee (Cryptoslate)
• Investors pour in $400 million into YAM, a “dead” Ethereum DeFi project (Cryptoslate)
• Bitcoin derivatives data shows the institutional “herd” is finally here: fund manager (Cryptoslate)
• Coinbase Announces Four Key Requirements for Listing DeFi Tokens (Cryptobriefing)
• Roger Ver Tells Disgruntled Bitcoin Cash Faction to Buy Dash (Cryptobriefing)
• UK regulator adds Gemini to list of registered firms (The Block)
• John McAfee Has Left His Own Privacy Asset Project (Cointelegraph)
• IOTA’s Chrysalis Upgrade Turbocharges Network Speeds 50x (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a brief break of the $12,000 level, Bitcoin fell down and is controlled by BTC bears for the second day in a row. The largest cryptocurrency by market cap has moved towards the $11,630 support level (as we said in our previous article) and tried to test its strength. The level held up, and Bitcoin is now consolidating right above it.

This bear push was caused by several factors, but mostly because of the immense resistance at around $12,000 and the challenges Ethereum faces with its incredibly high transaction fees (Bitcoin acts as a “representative” to all the cryptos, so it affects others, but is also affected by others).

BTC traders should be looking for a trade when Bitcoin breaks $11,630 to the downside or pushes towards $12,000 again.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period EMA and its 21-period EMA
• Price is between its lower and middle band
• RSI is slightly tilted towards the oversold area (41.97)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $12,015                                1: $11,630

2: $12,300                                2: $11,460

3: $12,900                                 3: $11,090

Ethereum

Even though Ethereum’s social sentiment is still extremely high due to the craze over DeFi, it is a fact that ETH’s transaction fees have been skyrocketing as the demand for DeFi increased. This fact, along with Bitcoin not being able to break the $12,000 mark, caused the second-largest cryptocurrency by market cap to drop below its $415 support level (now resistance). The drop stopped around $400 and changed direction, trying to retake its previous highs. However, the $415 resistance level confirmed its strength, leaving ETH below it.

Ethereum traders should look for a trade when ETH breaks $415 to the upside.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently below its 21-period and its 50-period EMA
• Price is slightly above its lower band
• RSI is descending (39.54) and approaching oversold levels
• Volume is average

Key levels to the upside          Key levels to the downside

1: $415                                     1: $400

2: $445                                     2: $361

3: $496                                      3: $340

Ripple

XRP has had quite a bad day, as it essentially nullified any previous moves towards the upside. The third-largest cryptocurrency by market cap dropped to $0.285 levels (and even below it at one point). While the level held up and secured XRP’s position above it, for the time being, XRP does not look like it will make another move towards the upside soon.

Traders can look for a trade when XRP breaks $0.285 to the downside.

XRP/USD 4-hour Chart

Technical factors:

• Price is currently below the 21-period and 50-period EMA
• Price is slightly above the lower band
• RSI is neutral (40.49)
• Volume is descending (though it is slightly elevated)

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285 

2: $0.32                                     2: $0.266

3: $0.332                                  3:$0.2454

Almost every single cryptocurrency in the top100 was in the red today after Bitcoin broke $12,000 to the downside. Bitcoin is currently trading for $11,685, which represents a decrease of 4.7% on the day. Meanwhile, Ethereum lost 5.56% on the day, while XRP lost 9.4%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, yearn.finance gained 19.51% on the day, making it the most prominent daily gainer. THETA (17.62%) and Swipe (17.28%) also did great. On the other hand, Numeraire lost 10.95%, making it the most prominent daily loser. It is followed by BitTorrent’s loss of 10.14% and Fetch.ai’s drop of 9.94%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly (even though it is still under the 60% mark), with its value currently at 59.77%. This value represents a 0.13% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a decrease in value over the course of the day. Its current value is $364.20 billion, which represents a decrease of $20 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Bitmain still has ‘slight edge’ over rival MicroBT, says BitMEX (The Block)
• Gemini now offers cryptocurrency trading and storing services to registered investment advisors (The Block)
• A juicy trade is helping push CME’s bitcoin futures to new records, traders say (The Block)
• Transfers of Polkadot’s DOT tokens are now live (The Block)
• U.S. dollar trading at its worst level in more than two years (The Block)
• Blockchain.com to Offer 12% Interest on Crypto Deposits, Outpacing BlockFi (Cryptobriefing)
• YFI Worth More Than Bitcoin? Prices Pass $11k Following Insurance Product Launch (Cryptobriefing)
• Singapore bank says Bitcoin, crypto is “no more” the wild west (Cryptoslate)
• Bitcoin Holding Sentiment Now Strongest in Nearly Two Years (Coindesk)
• Bitcoin Price Prepares for $12,900 After Key Support Level Is Retested (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After finally breaking $12,000 with confidence, Bitcoin is now falling hard below it (click on the arrow of the image). The largest cryptocurrency by market cap is dropping below $11,700 at the moment on bearish momentum. If the cryptocurrency manages to break below the 11,600 level, the next target will be 11,087. Right now, it is heavily oversold, so we can also expect a bounce back to near $12,000.

BTC traders should look for a trade after the cryptocurrency decides on whether it will end up above or below $11,600, as this is a strong support level.

BTC/USD 4-hour Chart

Technical factors:

• Price is below its 50-period EMA and below its 21-period EMA
• Price is below its lower band.
• RSI is dropping (34) and approaching the oversold area
• Volume is above average

Key levels to the upside          Key levels to the downside

1: $12,015                                1: $11,630

2: $12,300                                2: $11,460

3: $12,900                                 3: $11,090

Ethereum

Ethereum’s social sentiment is still on the rise with the increased interest in DeFi. Even though the second-largest cryptocurrency by market cap is losing heavily in the past 24 hours, the $400 support level should hold, and ETH is (for the time being) safe above it. The next move Ethereum makes will most likely be caused by Bitcoin’s move, as the largest cryptocurrency by market cap is preparing an explosive move towards (most likely) the upside. That, though, should wait a bit, since cryptos are still under selling pressure.

Traders should look for a trade when ETH regains a higher and steady volume.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently below its 21-period and its 50-period EMA
• Price is below its lower B.B.
• RSI is descending (36) approaching oversold levels
• Volume is average

Key levels to the upside          Key levels to the downside

1: $445                                      1: $415

2: $496                                     2: $400

                                                  3: $361

Ripple

XRP’s bold move towards the upside, which came after announcing that its company (Ripple) will focus its business model on the XRP token rather than using it as a side solution, got nullified. The third-largest cryptocurrency by market cap dropped below the $0.31 level and as low as $0.29 (which is where it is at now).

Traders can look for a trade after XRP moves above or below its immediate support/resistance levels, or within the current trading level.

XRP/USD 4-hour Chart

Technical factors:

• Price is currently below the 21-period and 50-period EMA
• Price is below the lower B.B.
• RSI is dropping (38.6)
• Volume increased in the last hours

Key levels to the upside          Key levels to the downside

1: $0.32                                     1: $0.31  

2: $0.332                                   2: $0.285

                                                3:$0.266

The cryptocurrency market made gains over the course of the day as Bitcoin broke the $12,000 mark. Bitcoin is currently trading for $12,247, which represents an increase of 3.61% on the day. Meanwhile, Ethereum gained 1.12% on the day, while XRP gained 5.14%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Flexacoin gained 27.98% on the day, making it the most prominent daily gainer. yearn.finance (26.80%) and Fetch.ai (25.97%) also did great. On the other hand, Algorand lost 14.78%, making it the most prominent daily loser. It is followed by Chainlink’s loss of 12.26% and THORChain’s drop of 10.18%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly (though it is still under the 60% mark), with its value currently at 59.64%. This value represents a 0.47% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a solid increase in value over the course of the day. Its current value is $384.43 billion, which represents an increase of $11.03 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Robinhood announces $200 million of new funding at $11.2 billion valuation (The Block)
• Pantera Capital reports raising $165 million in new SEC filing (The Block)
• Grayscale announces Bitcoin Cash and Litecoin trusts will now be traded publicly (The Block)
• More than 0.2% of all BTC is now represented on Ethereum: here’s why (Cryptoslate)
• Binance system traffic has surpassed its 2017 highs as crypto bull market kicks off (Cryptoslate)
• Nervos Network integrates Chainlink oracles for off-chain connectivity (Cryptoslate)
• APIs Will Decentralize CBDCs (Coindesk)
• Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches (Coindesk)
• Investor Jim Rogers Warned of the ‘Worst Economic Downturn’ of His Lifetime (Cointelegraph)
• Two Bitcoin Farmers Stole $1.5M in Electricity in Bulgaria (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin finally broke $12,000 with confidence, after a couple of days slowly preparing for this move. The largest cryptocurrency by market cap broke out from a large ascending triangle formation and pushed up to $12,470 before falling back down slightly. However, for now, Bitcoin is safe above $12,000 even though it is moving towards the downside. It will most likely test the closest support level in the short term.

This (relatively) sudden break above $12,000 came as a result of many things, but mostly increased interest in DeFi which is making people enter the crypto space (which they do through Bitcoin) and because of institutional investors such as Pantera capital (which just recently announced raising $165 million)

BTC traders should look for a trade after Bitcoin retests its support level.

BTC/USD 4-hour Chart

Technical factors:

• Price is above its 50-period EMA and its 21-period EMA
• Price is slightly below its top B.B.
• RSI is elevated (63.83)
• Volume is decreasing (one-candle spike)

Key levels to the upside          Key levels to the downside

1: $12,000                                1: $11,630

2: $12,300                                2: $11,460

                                                 3: $11,090

Ethereum

Ethereum’s social sentiment was booming as more and more people started investing in DeFi tokens. As this happened, more and more institutional investors grabbed ETH. This made the second-largest cryptocurrency by market cap establish its place above $415 with no signs of going below it in the short future.

When talking about the past 24 hours, Ethereum made a push towards $450 (accompanied by skyrocketing volume), which it did not have the strength to complete. The move died down, and Ethereum is now consolidating at the $430 level.

Traders should look for a trade when ETH regains steady volume.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently above its 21-period and its 50-period EMA
• Price is at its middle B.B.
• RSI is neutral (52.68)
• Volume is average (one-candle spike)

Key levels to the upside          Key levels to the downside

1: $445                                      1: $415

2: $496                                     2: $400

                                                  3: $361

Ripple

XRP made a bold move towards the upside after announcing that its company (Ripple) will focus its business model on the XRP token. As more emphasis was put on developing XRP as the main solution rather than a side solution, more investors flocked and bought XRP.

The third-largest cryptocurrency by market cap pushed past $0.31 and even $0.32, ultimately reaching $0.3275 as the top of the move. As it could not sustain itself above the $0.32 level, XRP fell below it and started a consolidation/confirmation period right between $0.31 and $0.32.

Traders can look for a trade after XRP moves towards $0.32 to break it or towards $0.31 to test the support level.

XRP/USD 4-hour Chart

Technical factors:

• Price is currently above the 21-period and 50-period EMA
• Price is slightly below the top B.B.
• RSI is elevated (63.26)
• Average volume (two-candle spike)

Key levels to the upside          Key levels to the downside

1: $0.32                                     1: $0.31  

2: $0.332                                   2: $0.285

                                                3:$0.266

The cryptocurrency market spent most of its weekend consolidating, with only a couple of cryptocurrencies moving significantly. Bitcoin is currently trading for $11,817, which represents a decrease of 0.64% on the day. Meanwhile, Ethereum lost 1.27% on the day, while XRP lost 0.47%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, OMG Network gained 50.69% on the day, making it the most prominent daily gainer. Waves (26.69%) and Ren (24.74%) also did great. On the other hand, Quant lost 6.55%, making it the most prominent daily loser. It is followed by Divi’s loss of 5.80% and Ampleforth’s drop of 5.08%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly and dropped under the 60% mark, with its value currently at 59.17%. This value represents a 0.91% difference to the downside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a slight increase in value over the weekend. Its current value is $373.40 billion, which represents an increase of $5.33 billion when compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• California Moves Forward With Digital Asset Bill (Cointelegraph)
• Bitcoin Hash Rate Hits Record Average High With $12K Price in Sight (Cointelegraph)
• Bitcoin’ Whale Clusters’ Show $14K as Pivotal for BTC Price Bull Run (Cointelegraph)
• Bitcoins Are Being Tokenized Faster Than They’re Mined as DeFi Craze Continues (Coindesk)
• US Post Office could turn to blockchain tech after Trump threatens “shutdown” (Cryptoslate)
• Bitcoin Derivatives Platform BitMEX Makes KYC Mandatory, Whales to Trade Elsewhere (Cryptobriefing)
• JPMorgan is Investing in Ethereum: ConsenSys Blockchain Conglomerate Raising $50M (Cryptobriefing)
• Curve becomes third DeFi protocol to hit $1 billion in total value locked (The Block)
• Binance saw the highest web traffic among other crypto exchanges in July (The Block)
• Aave becomes second DeFi protocol to hit $1 billion in total value locked (The Block)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin was on a slightly upward slope over the course of the weekend, trying to reach $12,000 before attempting a strong push. The largest cryptocurrency by market cap saw good support in the 21-period moving average, which kept it on its path. The descending RSI and incredibly low volume indicate that the cryptocurrency will move very soon. Meanwhile, Bitcoin’s hashrate reached its new all-time high of 129 EH/s.

BTC traders should look for a trade when a volume spike happens.

BTC/USD 4-hour Chart

Technical factors:

• Price is above its 50-period EMA and its 21-period EMA
• Price is at its middle B.B
• RSI is neutral (52.88)
• Volume is decreasing (Low)

Key levels to the upside          Key levels to the downside

1: $12,000                                1: $11,630

2: $12,300                                2: $11,460

                                                 3: $11,090

Ethereum

Unlike Bitcoin, Ethereum was not moving slow throughout the weekend. After breaking the $415 mark, Ethereum needed to consolidate above it and show strength, which it did. The second-largest cryptocurrency by market cap retested its support (successfully) and is now safely at the $425 mark.

Traders should look for a trade when ETH regains volume.

ETH/USD 4-hour Chart

Technical Factors:

• Price is currently above its 21-period and its 50-period EMA
• Price is above its top B.B.
• RSI is neutral (52.85)
• Volume is below average

Key levels to the upside          Key levels to the downside

1: $445                                      1: $415

2: $496                                     2: $400

                                                  3: $361

Ripple

XRP spent its weekend consolidating between the $0.285 and $0.31 support and resistance levels. Low volatility, as well as volume, made XRP virtually untradeable over the course of the weekend. However, as much as XRP doesn’t seem like it doesn’t have the strength to push through $0.31 by itself (without Bitcoin moving first), the state it is currently in is still more bullish than bearish.

Traders can look for a trade after XRP increases its volume and heads towards $0.31.

XRP/USD 4-hour Chart

Technical factors:

• Price is currently above the 21-period and 50-period EMA
• Price is between its middle and top B.B.
• RSI is neutral (55.30)
• Low volume

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.245

The cryptocurrency market had mad a slight rally in the past 24 hours, with Ethereum leading the way with a price gain of almost 8%. Bitcoin is currently trading for $11,723, which represents an increase of 1.33% on the day. Meanwhile, Ethereum gained 7.61% on the day, while XRP gained 4.96%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Waves gained 36.29% on the day, making it the most prominent daily gainer. Algorand (34.02%) and Reserve Rights (25.27%) also did great. On the other hand, Ampleforth lost 14.74%, making it the most prominent daily loser. It is followed by Aragon’s loss of 12.46% and yearn.finance’s drop of 11.04%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 60.08%. This value represents a 0.76% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced an increase in value since we last reported. Its current value is $368.07 billion, which represents an increase of $9.15 billion when compared to yesterday’s value.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• German Finance Ministry proposes blockchain-based solution to digitize securities in draft bill (The Block)
• Crypto derivatives exchange BitMEX is set to implement know-your-customer procedures (The Block)
• The Yam Finance DeFi Experiment Comes to a Grinding Halt (Cryptobriefing)
• Data Indicates Chainlink and Band Protocol Are Due for a Correction (Cryptobriefing)
• JPMorgan Investing in Ethereum: ConsenSys Blockchain Conglomerate Raising $50M (Cryptobriefing)
• Crypto exchanges are rushing to list Aragon (ANT), but what is it? (Cryptoslate)
• The Federal Reserve Experimenting With a Digital Dollar (Coindesk)
• $99 Gas Fees on ETH network Are Crippling DeFi’s Growth (Cointelegraph)
• Four of the Major Five South Korean Banks soon to Offer Crypto Services (Cointelegraph)
• ‘Invest In Bitcoin’ Galaxy Digital Ad Tells Financial Times Readers (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin spent the day trying to get back near $12,000 after a day of consolidation. Its price made a sharp move towards the upside and broke the $11,630 resistance level, but stopped at $11,850 and then started to retrace. This retracement is most likely a test of the newly-passed resistance (now support). If Bitcoin’s price holds up above it, there is a good chance that we can see another move towards the $12,000 mark in the near term.

BTC traders should look for an opportunity when BTC spikes after the confirmation of its position.

BTC/USD 4-hour Chart

Technical factors:

• Price is currently above its 50-period EMA and its 21-period EMA
• Price is above its middle B.B
• RSI is neutral (54.81)
• Volume is decreasing

Key levels to the upside          Key levels to the downside

1: $12,000                                1: $11,630

2: $12,300                                2: $11,460

                                                 3: $11,090

Ethereum

Ethereum is the star of the day, as its price has skyrocketed over the course of the last 24 hours. The second-largest cryptocurrency by market cap saw a massive increase in volume while its price went from below-$400 levels all the way up to $432. Ethereum is now consolidating at around $420 and trying to test the $415 support level.

Traders should look for a trade when Ethereum confirms its position above $415 (or fails to do so).

ETH/USD 4-hour Chart

Technical Factors:

• Price is above its 21-period and its 50-period EMA
• Price is above its top B.B.
• RSI is overbought (71.94)
• Volume is average (one-candle spike)

Key levels to the upside          Key levels to the downside

1: $415                                     1: $$400

2: $496                                     2: $361

                                                  3: $340

Ripple

XRP had a great day and outperformed Bitcoin as well. The third-largest cryptocurrency by market cap ended up gaining almost 5% on the day after breaking above the $0.285 resistance level. As we noted in our previous report, breaking this level is key to pushing further towards the upside, and XRP’s future moves towards $0.31 are a bit more realistic now. However, for the time being, the current progress got stopped by the top B.B. at $0.3, and XRP started consolidating and (possibly) testing $0.285 as support.

Traders can look for an opportunity right after XRP increases in volume and heads towards $0.31.

XRP/USD 4-hour Chart

Technical factors:

• Price is above the 21-period and 50-period EMA
• Price is between its middle and top B.B.
• RSI is neutral (57.75)
• Low volume

Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.245

The cryptocurrency market had a day where almost no cryptocurrencies ended up in the red. Even though the gains were mostly small, only five cryptocurrencies lost in the past 24 hours. Bitcoin is currently trading for $11,582, which represents an increase of 1.88% on the day. Meanwhile, Ethereum gained 4.37% on the day, while XRP gained 1.11%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Numeraire gained 161.01% on the day, making it the most prominent daily gainer. Aragon (90.43%) and BitShares (41.67%) also did great. On the other hand, Divi lost 4.38%, making it the most prominent daily loser. It is followed by Compound’s loss of 2.5% and Aave’s loss of 1.85%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 60.84%. This value represents a 0.53% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a major increase in value since we last reported. Its current value is $358.92 billion, which represents an increase of $13.32 billion when compared to yesterday’s value.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

• Uniswap’s August Volume Topples July $1.76B Record in Less Than Two Weeks (Coindesk)
• American software firm buys up $250 million in Bitcoin, stock jumps 10% (Cryptoslate)
• No Audits, No Problem: DeFi Stablecoin YAM Attracts Over $100 Million (Cryptobriefing)
• JPMorgan plans to lead ConsenSys’ $50m convertible note raise (The Block)
• Coinbase is set to enter the lending space this fall, will enable cash loans for bitcoin collateral (The Block)
• IEX co-founder Ronan Ryan on why bitcoin exchanges will eventually charge for market data (The Block)
• Square is reportedly testing short-term loans via Cash App (The Block)
• Bitcoin, gold bounce following bullion’s biggest single-day decline in 7 years (The Block)
• Crypto Exchange Bitfinex Back Online After 5-Hour Outage (Cointelegraph)
• Ethereum Network Hashrate Hits 20-Month High as DeFi Tokens Rally (Cointelegraph)

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After a day of sharp decline, Bitcoin spent the day trying to restore the lost value. However, while the largest cryptocurrency by market cap did gain a few percent and rose to $11,600 levels, the $11,630 resistance seems to be holding the price in place quite well. Bitcoin will need to pass this level confidently (and soon), or BTC bears will consider this the start of a bear move.

BTC traders should look for an opportunity when BTC crosses $11,630.

BTC/USD 4-hour Chart

Technical factors:

• Price is currently below its 50-period EMA but above its 21-period EMA
• Price is slightly above its middle B.B
• RSI is neutral (48.49)
• Volume is decreasing

Key levels to the upside          Key levels to the downside

1: $11,630                                 1: $11,460

2: $12,000                                 2: $11,090

3: $12,300                                  3: $10,850

Ethereum

Ethereum had a slightly better day than its rival Bitcoin in terms of gains, as it returned to the level it was on the night before the selloff. However, the $400 level seems like it has great resistance, and it is yet unknown whether ETH will be able to break it. The move that will break $400 needs to be extremely strong, and it will most likely be caused by BTC’s move to the upside.

Traders should look for an opportunity when Ethereum breaks $400 or collapses after failing to do so.

ETH/USD 4-hour Chart

Technical Factors:

• Price is above its 21-period EMA and its 50-period EMA
• Price is between its middle and top B.B.
• RSI is elevated (58.91)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

Unlike Bitcoin and Ethereum, XRP did not have such a good day today. The third-largest cryptocurrency by market cap did end up in the green on the day, but it failed to break the $0.285 level. Breaking this level is key to pushing further towards the upside, but the 21-period and 50-period moving average are also above the price and very near $0.285, making it incredibly difficult for XRP to move towards the upside.

Traders can look for an opportunity right after XRP breaks $0.285.

XRP/USD 4-hour Chart

Technical factors:

• Price is below its 21-period and 50-period EMA
• Price is slightly below its B.B.
• RSI is neutral (42.19)
• Low volume

Key levels to the upside          Key levels to the downside

1: $0.285                                    1: $0.266  

2: $0.31                                     2: $0.245

3: $0.32                                    3: $0.235

The cryptocurrency market was in the red in the past 24 hours, with most altcoins’ prices falling down over 5%. Bitcoin is currently trading for $11,375, which represents a decrease of 4.05% on the day. Meanwhile, Ethereum lost 4.84% on the day, while XRP lost 7.59%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Compound gained 31.08% on the day, making it the most prominent daily gainer. Swipe (16.13%) and Maker (12.37%) also did great. On the other hand, Band Protocol lost 16.42%, making it the most prominent daily loser. It is followed by yearn.finance’s loss of 14.86% and Nervos Network’s loss of 14.41%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly since we last reported, with its value currently at 61.39%. This value represents a 0.17% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a major decrease in value since we last reported. Its current value is $345.60 billion, which represents an increase of $7.98 billion when compared to yesterday’s value.

_______________________________________________________________________

What happened in the past 24 hours?

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• The inflation fears that have been fueling gold and bitcoin markets might be overblown (The Block)
• Coinbase exits trade group following entry of upstart rival Binance.US (The Block)
• Coinbase says batching bitcoin transactions has saved clients 75% in fees (The Block)
• Ethereum Whale Pushed ETH Prices to $450 on Uniswap (Cryptobriefing)
• Top VC says that Ethereum and Bitcoin may race each other to $1 trillion valuation (Cryptoslate)
• Crypto investor sentiment hits “extreme greed” levels for first time since 2019 (Cryptoslate)
• India May Be Starting Its Biggest Bitcoin Bull Run Yet (Coindesk)
• MicroStrategy Buys $250M in Bitcoin, Calling the Crypto’ Superior to Cash’ (Coindesk)
• DeFi Token Serum Surges 1500% in 12 Hours After Listing (Cointelegraph)

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Technical analysis

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Bitcoin

Bitcoin experienced a large selloff as a result of bulls failing to successfully break the $12,000 mark. The largest cryptocurrency by market cap fell to $11,090 support level before rallying slightly to $11,400 levels. However, Bitcoin might have another bullish move as the RSI is dangerously close to the oversold territory while the volume is high, and since the $11,090 support level held up nicely, Bitcoin confirmed it almost certainly will not go below.

BTC traders should look for an opportunity when BTC makes another move towards the upside and breaks $11,460.

BTC/USD 4-hour Chart

Technical factors:

• Price is currently below its 50-period EMA, as well as its 21-period EMA
• Price is above its lower B.B
• RSI is near the oversold territory (35.52)
• Volume is decreasing from above-average levels

Key levels to the upside          Key levels to the downside

1: $11,460                                 1: $11,090

2: $11,630                                 2: $10,850

3: $12,000                                  3: $10,500

Ethereum

Ethereum also experienced a selloff, partly because of not being able to go past $400 and partly because of Bitcoin’s move towards the downside. The price broke the triangle formation to the downside (as we said in the previous article) as there was not enough pressure for it to get past the $415 mark. The second-largest cryptocurrency by market cap tested the $361 support, which held up nicely and did not let ETH fall below. Ethereum is now at the $375 mark and is showing no signs of dropping further below.

Traders should look for a trade opportunity when Ethereum makes a bounce towards the upside or falls below $361.

ETH/USD 4-hour Chart

Technical Factors:

• Price is below its 21-period EMA and its 50-period EMA
• Price is at its bottom B.B.
• RSI is near the oversold territory (33.99)
• Volume is average

Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

XRP was no different than Bitcoin and Ethereum in terms of the direction of its movement throughout the day, but it did differ in terms of intensity of the move. The third-largest cryptocurrency by market cap lost over 8% of its value at one point, as bears took over the market when XRP couldn’t break $0.31. The price fell to as low as $0.266 but quickly recovered to its current position ($0.278).

Traders can look for an opportunity to trade after XRP breaks $0.285.

XRP/USD 4-hour Chart

Technical factors:

• Price is below its 21-period and 50-period EMA
• Price is slightly above its bottom B.B.
• RSI is near the oversold territory (35.64)
• Low volume (slightly increased)

Key levels to the upside          Key levels to the downside

1: $0.285                                    1: $0.266  

2: $0.31                                     2: $0.245

3: $0.32                                    3: $0.235

The cryptocurrency market tried to catch up to Bitcoin after it pushed up yesterday. Bitcoin is currently trading for $11,938, which represents an increase of 1.26% on the day. Meanwhile, Ethereum gained 1.27% on the day, while XRP lost 4.73%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, yearn.finance gained 50.03% on the day, making it the most prominent daily gainer. JUST (39.71%) and Terra (28.27%) also did great. On the other hand, Balancer lost 13.90%, making it the most prominent daily loser. It is followed by Band Protocol’s loss of 9.52% and iExec RLC’s loss of 6.35%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 61.22%. This value represents a 0.56% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap has increased since we last reported. Its current value is $363.58 billion, which represents an increase of $0.89 billion when compared to yesterday’s value.

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What happened in the past 24 hours?

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• Bitcoin’s Hash Rate Remains Flat Despite Major Price Rally (Cointelegraph)
• IOTA Revs Its Engines for Mainnet Upgrade Launch (Cointelegraph)
• After Tumultuous Election, Belarus Goes Offline (Coindesk)
• Ethereum and other top altcoins could soon surge yet again: here’s why (Cryptoslate)
• yEarn Finance Token YFI Gains 50% After Listing on Binance (Cryptobriefing)
• Ethereum Whale Pushed ETH Prices to $450 on Uniswap (Cryptobriefing)
• Report: European agency declines deal between Binance’s CZ and Union Bank (The Block)
• Coinbase hires Lyft and Google alum to lead engineering team (The Block)
• Facebook launches group to oversee “all things payments” with David Marcus at the helm (The Block)
• DEX protocol Uniswap added nearly 58,000 users in July (The Block)

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Technical analysis

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Bitcoin