by Viko


Entire cryptocurrency markets are looking forward to Bakkt launch and what traders are waiting for is the reaction market will produce in BTC’s price. It is another derivative product coming out for advanced traders but its success is still dubious as previous Bitcoin future products were not considered a good idea by many experts.

Bitcoin was swinging high and low past week against USD. It broke its $10,400 resistance and started dropping for the first 3 days of the week. Very strong support was expected at $10,100 as the markets were fluctuating around this price for the last 3 weeks. September 19 was the day when it fell below $10,000, tested the $9650 level, but recovered back to $10,300 within 24 hours. The price struggled to break the $10,400 again and settled its run to its monthly favourite $10,100 somewhere near the 20 WMA. However, a small drop on Sept 16 and a sharp drop on Sept 19 broke far below the 20 Weighted and Exponential Moving Average. Adding to this, the prices break below the 50% Fib retracement level of the last major wave from the $9,637 low to $10,383 high. Traders must be rejoicing when they see bulls coming to rescue whenever Bitcoin falls below $9900. Intraday corrections

If the prices continue with the same bearish angle, BTC might taste the same $9650 levels again in the coming week. The next support levels live ant $9500 and $9400 which when broken can take the prices to the grounds at $9000. BTC prices back to $9000 will possibly produce extremely negative sentiments in the overall market. On the contrary, if Bitcoin moves upwards, the resistance levels exist at $10,100 then $10,300 and $10,400. These resistance levels touch the lines of 100 weighted moving average but breaking past these levels will burst fireworks in the community.

Both our favourite technical indicators, RSI and MACD are showing bearish signals. MACD is still below the neutral line. Bitcoin’s inability to gain any momentum as it trades sideways within the lower-$10,000 region appears to be spelling trouble for the cryptocurrency’s bulls, as it is beginning to look increasingly likely that another drop into the four-figure price region is imminent. The barrier awaits the bulls on approach to $10,700 (the upper line of daily Bollinger Band). This barrier separates us from a stronger barrier at $11,000 that stopped the recovery in the beginning of September. There is no heavy volume in the charts.

While the Bitcoin was recently trapped in a narrow range, altcoins took charge, broke the correlation barriers, and outplayed Bitcoin.The crypto market cap and bitcoin (BTC) are back in a positive zone. The total crypto market cap bounced back sharply to $260 B after testing the $245.0 B support. However, the market cap is again struggling to clear the $265.0B resistance area. If there is an upside break above $265.0B, there could be a decent rally towards the $280.0B and $285.0B resistance levels.

Ethereum (ETH), Litecoin (LTC), ripple, BCH, Tron (TRX), Stellar (XLM) and other altcoins could continue to climb higher. Two most important Alts which deserves our attention for this week are Ethereum and Stellar.

Stellar (XLM) is the best-performing altcoin out of top-20 for last week. The coin gained over 52% of its value in a couple of days and touched $0.0963, which is the highest level since the end of July. There are no trade indicators which explains this jump hence, the fundamental reasons behind the Stellar growth remain unknown. Notably, on the previous week, Stellar Foundation announced the airdrop for Keybase account holders, though this event can hardly qualify for a growth trigger and give such an enormous impact. Ethereum is another big winner of the week with over 20% of gains. The second-largest digital asset settled well above critical $200.00 handle and topped at $224.68. The strong upside moment was initially trigged by generally bullish sentiments on the cryptocurrency market. Bitcoin was not responsive to this altcoins’ rally. Moreover, the first cryptocurrency reacted negatively to the news that regulators are tightening approach towards digital assets. Also, the news that VanEck withdrew its Bitcoin ETF proposal dealt another blow to the first cryptocurrency. After all these 3 years Bitcoin is trying to gain maturity, its prices are still tremendously driven by news and emotions

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