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Bitcoin and Ethereum Move Higher, CRO Rallies

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  • Bitcoin price is rising towards USD 66,500.
  • Ethereum moves towards USD 4,750, XRP is back above 1.20.
  • LEO gained 10%, and CRO rallied 13%.

Bitcoin price formed a base above the USD 63,500 level and started a fresh increase. BTC broke the USD 65,500 resistance and is currently (04:30 UTC) facing resistance near USD 66,000. A close above this level might start a steady increase in the near term.

Besides, most major altcoins are showing positive signs. ETH is gaining momentum and it could even surge above USD 4,750. XRP is stable above USD 1.20, but it is facing resistance near USD 1.22. ADA could struggle near the USD 2.12 resistance.

Total market capitalization
 

Source: tradingview.com

Bitcoin price

After a downside correction, bitcoin price started a fresh increase above USD 64,000. BTC gained pace above the USD 65,000 level and it might continue to rise. On the upside, the price is facing resistance near USD 66,000. The next major resistance is now forming near the USD 66,250 level, above which the price might gain bullish momentum. In this case, BTC could  test the weekly barrier at USD 68,000.

On the downside, an initial support is near the USD 65,500 level. The next key support is near the USD 65,000 level, below which the price might test USD 64,200.

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Ethereum price

Ethereum price is showing positive signs above the USD 4,650 level. ETH is consolidating above USD 4,700. An initial resistance is near the USD 4,750 level. The main hurdle is near USD 4,800. A close above USD 4,800 is needed for a fresh increase in the near term. 

On the downside, an initial support is near USD 4,650. The key weekly support is near USD 4,550 below which the price might test USD 4,400.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is consolidating near the USD 2.00 level. It is facing resistance near the USD 2.05 level. A close above USD 2.05 may perhaps start a steady increase in the near term. If not, the price might decline towards the USD 1.92 level.

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Binance coin (BNB) is gaining pace above the USD 635 resistance level. It is trading above USD 650, with an immediate resistance near the USD 655 level. The next key resistance is near the USD 675 level, above which the price could start a steady rally.

Solana (SOL) is rising and trading above USD 240. It is facing resistance near the USD 245 and USD 250 levels. A close above USD 250 could push the price towards USD 265. On the downside, the main support is at USD 235.

SHIB is consolidating near the USD 0.0000525 level. An immediate hurdle is near the USD 0.0000535 level, above which the price might test USD 0.000055 level. Conversely, there is a risk of a fresh drop towards the USD 0.000050 level.

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XRP price is stuck near the USD 1.20 level. If there is a steady increase, the price could test the USD 1.22 resistance. The next major resistance is near USD 1.232, above which the price might rise towards the USD 1.25 level.

Other altcoins market today

Many altcoins are up over 5%, including WAXP, CRO, ANKR, LEO, KCS, LRC, LTC, CHZ, MANA, AVAX, and ENJ. Out of these, CRO gained 13% and broke the USD 0.46 level.

Overall, bitcoin price is showing bullish signs above the USD 65,000 level. If BTC settles above USD 66,000, there are chances of a stronger move towards USD 68,000.

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Ethereum

Ethereum out performs Bitcoin, ETH regains the majority its flash-crash losses

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  • Ethereum price, like the broader cryptocurrency market, suffered a massive flash-crash during the early midnight trading on Saturday.
  • 17% losses at one point were measured.
  • Throughout the remainder of Saturday, buying pressure wiped out nearly all of the overnight losses.

Ethereum price performance on Saturday has been nothing short of spectacular. Considering that most of the altcoin market is down fifteen to twenty percent, Ethereum’s daily close of down only 4% is a testament to its strength.

Ethereum price regains nearly all of its flash-crash loss, handily outperforming the broader market

Ethereum price experienced one of the fastest and deepest flash-crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). Bears could push Etheruem to the $3,503 price level before a bullish reversal occurred.

The two primary support levels holding Ethereum price up are Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410. While highly bullish in the short-term, indecision remains and downside risks.

Despite the massive recovery, Ethereum price remains inside the daily Cloud – an area rife with indecision, volatility, and whipsaws. The Cloud is the place where trading accounts go to die. Etheruem needs a daily close at or above the $4,650 price level to convert to a full-blown bull market.

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Ethereum price is tilted more bearish here, especially with the Chikou Span below the candlesticks and in open space. Adding to the bearish outlook is the bear flag breakout on the Relative Strength Index. However, the final oversold level at 40 in the Relative Strength Index might yield some support.

ETH/USD Daily Ichimoku Chart

The threshold that bears need to achieve to convert Ethereum price into a bear market is a much more manageable price range than converting to a bull market. For example, whereas Ethereum needs a 15% move above $4,000 to convert into a bull market, short-sellers only need a 7% move below $4,000 to convert Ethereum into a bear market.

Any daily close at or below $3,700 would position Ethereum below the Cloud and into bear market territory.

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Top Analyst Says One Crypto Asset Will Spearhead Bull Market Recovery – And It’s Not Bitcoin

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A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

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If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

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Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

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At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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