Market News
Bitcoin’s price had a massive +12% increase since last week, according to CoinGecko.
Currently, bitcoin’s price is trading close to $39,800, according to Nomics. Buying volume has massively increased, and bitcoin’s market cap moved above $740 billion, an excellent sign.
While the price seems to be consolidating, if it holds above $35,000, we are confident the rally will continue.
In terms of news, most media outlets are focusing on the recent bitcoin price appreciation. According to Cointelegraph:
“Michael Saylor, CEO of business intelligence firm MicroStrategy, has staunchly defended the company’s bullish, long-term Bitcoin (BTC) position based on its unique potential to evolve into ‘the future of the property.’
In an interview with Bloomberg TV, Saylor argued that MicroStrategy’s big bet on Bitcoin, which it has turned to the debt markets to sustain, is the ‘highest upside, lowest risk strategy’ the company can pursue.”
Adding to that, Coindesk adds that other markets, such as NFTs, are growing massively. They wrote: “Markets for digital collectibles known as non-fungible tokens (NFT) have climbed to record highs in trading volume and average prices in the past week, particularly over the weekend.
The trading volume of NFTs on Ethereum reached $171 million, up 338% from the equivalent week in the previous month, OKLink, an OK Group market intelligence subsidiary, told CoinDesk.
OpenSea, an NFT marketplace, saw record-breaking trading volume in the past two days. Volume reached $35 million on July 31 and $49 million on Aug. 1, according to on-chain activity monitoring platform DappRadar. Excluding July 31, OpenSea had an average daily trading volume of $8.3 million in July, with a high of $14.4. million on July 17.”
Therefore, we believe that projects working on DeFi and NFTs will continue to accrue most market value.
According to Febrero’s portfolio, our Co-Founder, it’s time to be “balls-deep” in altcoins. Only time will tell if he made the right bet.
Let’s see what traders are saying.
Traders Tweets
This week’s first tweet comes from Altcoin Psycho, a cryptocurrency trader.
He shared bitcoin’s daily price chart and wrote that “If we reclaim the range high at 41k, long and close at 49k. If we lose 36k, short to 29k. We just have to wait for one of the triggers.”
Essentially, the trader highlights the two paths bitcoin’s price could take: either up or down.
The levels he highlights make sense, and we agree with his bullish and bearish scenarios.
The following tweet comes from xCaeser, another cryptocurrency trader.
He shared bitcoin’s 6-hour price chart showing higher lows forming, an evident bullish pattern.
If bitcoin’s price keeps up the rally, we could be witnessing the early days of the next bull-run, perhaps towards $100,000 or above.
The last tweet of the day comes from Young and Investing, a cryptocurrency analyst.
He shared ETH/USD daily price chart and wrote that “$ETH is printing its 13th (!!!) daily green candle in a row. I challenge you to find a longer daily green streak. Impressive.”
This extremely bullish price-action could mean a new alt season is upon us.
Market Watch
Bitcoin’s price had a massive rally from around $29,700 to $40,000 during the past week. That’s a 35% increase in less than two days.
Currently, BTC/USD is trading just above $39,800 and compared to last week, it grew over 12%, according to Nomics. Other excellent news is that BTC/USD is not only above the 21-day EMA (blue) but currently above all moving averages: the 20-day MMA (red), the 50-day MMA (green) and the 200-day MMA (dark blue).
Volume has grown massively and is currently above $32 billion, even though sellers have flocked into the market.
The VPVR, on the left of the chart, shows BTC/USD is already above the most traded ranges, between $30,000 and $37,000. This means that if buyers continue to show up, we expect bitcoin’s price to continue moving towards new highs.
Currently, the 50-day MMA is supporting bitcoin’s price quite nicely. If the trend sustains during the week, we think there’s a higher chance BTC/USD continues to move up. Of course, as it’s highlighted on the chart (blue area), we also think bitcoin’s price could move back below the current support region and find new support above $36,000.
Let’s see how things are going in the altcoin world.
Weekly Altcoin
The altcoin of the week is HEX. Currently, it’s consolidating above $0.1, according to Uniswap. At the time of this writing, it is trading close to $0.12.
We think that, in due time and with the launch of PulseChain, HEX will continue to appreciate as new buyers reach the market.
According to our prediction, HEX should soon start another move up towards its prior high. We foresee HEX making such a move during the week.
Hence, this may be an excellent opportunity to buy HEX/USD below $1. Seize the opportunity!
The second most voted altcoin was FEVR. Currently, FEVR/USD is trading way above the predicted range, and its price is trading close to $0.01; the total market cap is close to $160 million, according to CoinMarketCap, another magnificent milestone.
Like we anticipated, $0.009 was the local bottom, and massive support was found in this region.
The reason why we’re bullish is due to the number of holders. BSCscan shows there’s over 4,700 of them.
Additionally, we hope FEVR finds support above the 9-day EMA during the next few days. If it does, our confidence in a rally will increase.
If you need some fuel to keep you engaged with the project, check out RealFevr’s new website. It’s awesome. Adding to that, Bruno Fernances was announced as RealFevr’s ambassador and the first-ever FEVR packs drop is about to start.
Conclusion
BTC/USD has had significant gains in the past few days. While:
Remains above the 21-day EMA, 20-day, 50-day and 200-day MMA,
But continues to trade below its prior high around $64,000,
We think it’s a great time to accumulate more BTC. If BTC/USD holds above $35,000 during the rest of the week, our bullishness will significantly increase. Despite that, we don’t think bitcoin’s price is out of the woods just yet; be wary of pull-backs.
To conclude, altcoins continue to show strong buying support, which leads us to think the bull run is far from over. Some of our top picks are $FEVR, $HEX, $ETH and $BNB.
For the time being, we’re cautious and waiting for confirmation buyers are in control.
Safe trades. trades.
CryptoNerds DAO Proposal 6: Vote Closed!
Vote on the altcoin we’ll look at every week! This week, the winner was $HEX.
For all the upcoming votes, you can use $FEVR to vote, as well as $CND.
It’s up to you what altcoin we pick next week. For more details, check this thread.
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