Market News
Bitcoin’s price is now consolidating above $32,000, according to CoinGecko. While BTC/USD is not out of the woods, we expect buyers to hold its price above $30,000 for the next few days. After that, it’s a mystery. There’s no explicit confirmation of a trend shift.
Currently, bitcoin’s price is trading close to $32,500, according to Nomics. Buying volume has slightly increased, and bitcoin’s market cap moved above $600 billion, an excellent sign.
While price-action may be disappointing, we think this is an excellent time to accumulate other bitcoin and top altcoins such as ETH, HEX and FEVR.
According to Coindesk:
“The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active into the weekend. Resistance remains strong around $40,000, which Is near the top of the two-month price range. The weekly chart is not yet oversold, although downside momentum is starting to slow.”
While the weekly chart does not present a straightforward move, either up or down, we remain cautious. DCAing could be the best option.
Adding to the above, Twitter’s CEO is bullish on bitcoin. According to Cointelegraph, “Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, will be one of the critical trends for the future of Twitter, CEO Jack Dorsey declared.
The Twitter CEO said that Bitcoin would be a ‘big part’ of the company’s future at the second-quarter earnings call, outlining the digital currency’s potential to transform Twitter products and services further.”
Hence, while we’re not bullish just yet, we really can’t be bearish at bitcoin.
Let’s see what traders are saying.
Traders Tweets
This week’s last tweet comes from William Clemente III, an on-chain analyst.
He shared the “Bitcoins moving to strong hands” chart and wrote that “Bitcoin supply shock is currently at levels that previously priced Bitcoin at $50-$60K.”
Essentially, he thinks there will be a supply shock happening soon. That means considerably more buyers than sellers. What would happen to bitcoin’s price then? Skyrocket.
The following tweet comes from Altcoin Psycho, a TA analyst.
He shared bitcoin’s weekly price chart and added three critical levels: above $36,000, where he advises folk to long bitcoin; between $32,000 and $36,000, where he instructs traders to sell-off; the final level, below $32,000 is where he urges everyone to crawl into a fetal position and cry.
We think if that happens, it’s even a better time to acquire more bitcoin on the cheap. Heck, if it goes back to $10,000, we’ll indeed be accumulating all the way down.
Currently, there’s still hope, according to the weekly chart. Let’s see what next week brings.
The last tweet of the day comes from Inmortal, a crypto trader and enthusiast.
He shared ETH/USD weekly price chart and added a line predicting where ETH’s price is going: towards $20,000.
He also wrote that he expects ether to reach $10,000 sometime in the current cycle.
We’re doubtful but hopeful. If his prediction comes true, that would be a wonderful thing!
Market Watch
Bitcoin’s price is recovering from a significant drop that occurred early in the week. After Wednesday's massive green dildo, bitcoin’s price is almost back on track.
Currently, BTC/USD is trading just above $32,100 and compared to last week, it lost around 3%, according to Nomics. Not least, bitcoin’s price is still below a critical resistance level, the 21-day EMA (blue) - a clear bearish signal that BTC/USD may drop even further if buyers don’t come to the rescue. Our mood will change only if bitcoin finds support above both the 21-day EMA and the 20-day MMA.
Volume picked up the pace but is currently going back into the red zone, a bearish signal. Adding to that, it’s not uncommon for bitcoin to add extra volatility during the weekend, so beware.
The VPVR, on the left of the chart, shows not much strong support below $30,000 and a critical resistance level around $33,000 - hence it may not be easy for BTC/USD to break this level. If it doesn’t, we expect it to fall below $29,000.
To conclude, bitcoin’s price has traded within the predicted weekly range so far, and there’s still room to move up.
Let’s see how things are going in the magical altcoin universe.
Weekly Altcoin
Today we’ll look at $FEVR, RealFevr’s utility token and $HEX.
FEVR/USD is currently trading way above the predicted range, and its price is trading around $0.008; the total market cap is above $100 million, according to CoinMarketCap, another magnificent milestone.
Another important metric is the number of hodlers. BSCscan shows there’s over 4,000 holders.
At the time of this writing, FEVR/USD’s 4-hour chart shows the cryptocurrency is trading above $0.0081 after reaching a top close to $0.016. Right now, there’s a precise consolidation pattern forming, so we think it’s an excellent time to accumulate.
While FEVR is above the 9-day EMA, we remain hopeful, and we think it’s a strong buy signal.
If you need some fuel to keep you engaged with the project, check out RealFevr’s new website. It’s awesome. Also, the first drop is about to start, and soon fans will be able to collect everlasting football moments and trade, borrow and lend them to other fans.
To conclude, RealFevr’s new ambassador will soon be announced; we can only hope that it is someone who embodies the spirit of the company: a champion with the heart of a lion that bleeds red and green. You make your bets now.
A quick update on HEX: it recently broke its record price, around $0.21, and is currently trading above 13 cents. Congrats to all HEX holders, this is an astonishing feat. We shouldn’t forget there’s still enormous gatekeeping which doesn’t help HEX to scale and reach new potential buyers.
We think that, in due time and with the launch of PulseChain, HEX will continue to appreciate as new buyers reach the market.
While HEX/USDT remains below the predicted range, we think it will soon start another rally. At the time of this writing HEX/USDT is consolidating above $0.1, below our predicted box, but above the 21-day EMA (light blue).
Hence, this may be a great opportunity to buy HEX/USD below $1. Seize the opportunity!
Conclusion
BTC/USD has been consolidating for the past month. While bitcoin:
Remains below the 21-day EMA, 20-day, 50-day and 200-day MMA,
Continues to trade below its prior high around $64,000,
We think it’s a great time to accumulate more BTC. Once buying volume arrives at the market and bitcoin finds support above these critical levels, our confidence that the bull has returned and altcoins will start to pump back up will significantly increase.
Nevertheless, we think it’s still a great time to buy quality altcoins such as FEVR and HEX. Let’s see how the week progresses.
Safe trades.
CryptoNerds DAO Proposal 5: Closed
Vote on the altcoin we’ll look at every week! This week, the winner was $FEVR.
It’s up to you what altcoin we pick next week. For more details, check this thread.
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