Bitcoin is About to See Strong “Liftoff” if It’s Able to Hold One Crucial Level

Bitcoin price is trading in a bullish zone above the $11,600 support against the US Dollar. BTC is likely to gain strong momentum above $11,800 as long as it is above $11,550.

• Bitcoin is following a nice bullish path above the $11,550 and $11,600 support levels.
• The price is facing hurdle near $11,800, but it is well above the 100 hourly simple moving average.
• There is a crucial bullish trend line forming with support near $11,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to rally above $11,800 and $12,000 as long as it is above the $11,550 support.

Bitcoin Price Showing Bullish Signs

There was a strong positive move in bitcoin price above the $11,500 resistance against the US Dollar. BTC climbed above the $11,550 resistance and settled well above the 100 hourly simple moving average.

It traded as high as $11,784 and recently started a downside correction. There was a break below the $11,650 support, but the price remained well bid above the $11,550 support. A low is formed near $11,533 and the price is currently rising.

It broke the $11,650 resistance level to start a fresh upward move. The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $11,784 high to $11,533 low.

Bitcoin price trades above $11,600. Source: TradingView.com

It seems like there is a crucial bullish trend line forming with support near $11,580 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $11,725 level. It is close to the 76.4% Fib retracement level of the recent decline from the $11,784 high to $11,533 low.

If bitcoin climbs above the $11,725 resistance, it is likely to break the recent high and the $11,800 resistance. The next key resistance on the upside is near the $12,000, above which the price is likely to accelerate higher.

Dips Supported in BTC?

If there is no upside break above the $11,800 resistance, bitcoin price might correct lower. An initial support is near the trend line and the $11,600 level.

The main support is still near the $11,550 and $11,500 levels, below which the price is likely to move into a short-term bearish zone.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Levels – $11,600, followed by $11,550.

Major Resistance Levels – $11,800, $11,850 and $12,000.

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Ethereum Founder Vitalik Is Steering Clear of Yearn.finance Until It “Settles Down”

Decentralized finance (DeFi) has taken Ethereum by storm over recent months. This sector of the crypto and ETH economy has grown exponentially, both in terms of capital/dollar value and in terms of active users.

While this segment of Ethereum has undoubtedly bolstered the project, founder Vitalik Buterin is steering clear for the time being.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC

Ethereum Founder Vitalik Is Not Big on Yield Farming Just Yet

Vitalik Buterin, the founder of Ethereum, commented on August 31st that he wants to steer clear of yield farming until it “settles down.” He specifically referenced a comment from an investor saying that there is a vast amount of human capital entering YFI:

“I personally am steering clear of the yield farming space completely until it settles down into something more sustainable. But I’m not particularly a “smart mind in defi” so….”

I personally am steering clear of the yield farming space completely until it settles down into something more sustainable. But I'm not particularly a "smart mind in defi" so…. https://t.co/1Db86JwP0D

— vitalik.eth (@VitalikButerin) August 31, 2020

Related Reading: Here’s Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000

Not the Only Skeptic of Yield Farming in the Short Term

He isn’t the only skeptic of Ethereum’s decentralized finance space, at least in its current, short-term meta.

Tony Sheng, a former analyst at Multicoin Capital, recently noted that he is “pretty scared” by the “grocery coin thing.” The term “grocery coin” was made in reference to the vast number of DeFi protocols and coins that have adopted the names of common foods. In Sheng’s words:

“i’m pretty scared by this grocery coin thing. not for defi insiders who know how to diff contracts and manage their own risk, but for their friends and friends of friends who show up to play the “game.” A big loss of funds is inevitable be it a hack or a scam.”

i'm pretty scared by this grocery coin thing

not for defi insiders who know how to diff contracts and manage their own risk

but for their friends and friends of friends who show up to play the "game"

a big loss of funds is inevitable be it a hack or a scam

— Tony Sheng (@tonysheng) August 19, 2020

Another skeptic is “Weeb Mcgee,” an Ethereum developer whose real name is John Lim. Weeb has become a prominent member of the Ethereum community after creating a number of tools that allow users to bolster their DeFi interactions.

“Yep. I’m on the record saying yield farming meta is an unsustainable zero sum game. The big winners here are protocols benefitting by capturing permanent value via inflated prices / sudden movements of funds,” Mcgee said.

It is currently unclear how Ethereum DeFi will transition from its current state to one that is more sustainable in the longer run.

Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop

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Yearn.finance Enters Price Discovery Following Binance Futures Listing

Yearn.finance (YFI) has been making headlines throughout the past few weeks, with the DeFi protocol going from being relatively unknown just a couple of months ago to now having the fourth-highest total value locked (TVL) in the entire ecosystem.

This growth has had major implications for the YFI governance token’s price, which has been rocketing higher in recent weeks.

The token just set fresh all-time highs earlier today, with it currently being worth well-over 3 BTC per YFI.

Analysts are now noting that the crypto may soon enter price discovery, as Yearn.finance futures were just added to Binance. Naturally, demand for short positions may be incredibly high due to investors thinking the crypto is overvalued.

As such, this may act as fuel for a massive short squeeze that sends the token rallying significantly higher in the days and weeks ahead.

Yearn.finance Governance Token Price Reaches New Highs as Investors Flood in 

At the time of writing, the Yearn.finance governance token is trading up over 25% at its current price of $39,500. This marks a massive upswing from recent lows of $29,000 that were set earlier today when bears attempted to spark a selloff.

It also marks a notable climb from lows of $26,000 that were set just a couple of days ago when bears gained control over it following its rejection at $38,000.

YFI has since shrugged off this selling pressure and exploded higher, with a combination of massive publicity, a strong community, and incredibly strong fundamentals, all providing a boost to its underlying strength.

It is important to bear in mind that some investors are now deeming Yearn.finance an “index bet on DeFi” due to the magnitude and diversity of the pools it offers.

YFI May Enter Full-Blown Price Discovery Following Binance Futures Listing

Yesterday, Binance Futures announced that they are adding support for YFI with a maximum margin capability of 50x. Currently, the vast majority of traders are short on the token, which may provide fuel for an extension of its uptrend.

One analyst spoke about this in a recent tweet, saying:

“You already know everyone and their mom will want to short this. And it’s one of the most fundamentally bullish defi shitcoins. With the risk of putting my rep on the line: I bet this goes so…hard in price discovery.”

Unless the entire DeFi sector sees a massive influx of selling pressure, there is a strong possibility that Yearn.finance (YFI) will continue plowing higher, driven by liquidations of short positions.

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Ethereum Wrapped Bitcoin Supply Doubles In August Alone, But Why?

The decentralized finance movement has helped drive up the value of Ethereum and other ERC-20 based projects compared to Bitcoin and other assets. It has prompted even Bitcoin holders to “wrap” their BTC in Ethereum.

The amount of BTC supply wrapped in Ethereum has doubled in August alone, but why exactly is this happening, and what does it mean for Bitcoin?

Explosive DeFi Trend Teaches Old Dogs New Tricks As Crypto Adapts

The buzz surrounding DeFi has breathed new life into the crypto market, but no assets more than Ethereum any related projects. Ethereum is up over 200% year to date as a result.

The DeFi bandwagon has created a thriving sub-industry, where crypto insiders speculate on assets they know full well are potentially “worthless” yet are willing to risk capital anyway.

Related Reading | Why DeFi Bulls Being Over 90% Net Long Is Dangerous a For Crypto

So far, these insiders have been making a fortune. Several DeFi projects have risen the ranks of the crypto market top 100, while one such token has now more than tripled the price per BTC currently.

The amount of ETH tokens locked up in DeFi has soared throughout the year. Now, Bitcoin is following a similar path, with the amount of the BTC supply wrapped in Ethereum doubling in August alone according to glassnode data.

But what is the reason for crypto investors moving their Bitcoin to Ethereum, and how does this benefit the holder over traditional BTC?

Why Ethereum Wrapped Bitcoin (WBTC) Supply Has Doubled Over The Last Month

As the first-ever cryptocurrency, it was designed to be a peer-to-peer electronic replacement for cash. The altcoins that came after its creation, have a lot more tricks up their sleeve. Ethereum’s smart contracts allow it to do a lot more than Bitcoin can.

Ethereum can also lend some of its abilities to Bitcoin, by “wrapping” each BTC.

Each WBTC is an ERC-20 smart contract tied 1:1 to a corresponding BTC asset. As for why anyone would do such a thing, wrapping BTC this way bestows it some of the attributes of an ERC-20 token.

Related Reading | Buy Crypto: Search Term Spikes To Highest Point Since Bubble

For example, it allows Bitcoin to be lent out in DeFi apps or to be traded on decentralized cryptocurrency exchanges.

Bitcoin is arguably the biggest and therefore the best cryptocurrency. But by wrapping it in Ethereum, it makes a good thing even better and teaches this old dog a few new tricks.

The ability to wrap BTC has been around for some time, but the recent DeFi lending buzz and explosion of Uniswap has made wrapping BTC far more attractive. It also has the side effect of making the leading cryptocurrency by market cap far more versatile.

Could the ultimate cryptocurrency be WBTC? Rapidly rising supply at least says it has growing merit and could become even more attractive in the future.

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Bitcoin’s Monthly Close Just Took Place: Here’s What Comes Next

A minute ago, Bitcoin’s monthly candle close for the month of August took place. The cryptocurrency did what many thought would be difficult; it closed the month of August above $11,500, a pivotal resistance level. This means that Bitcoin just printed its second-highest monthly close ever.

Due to the importance of the monthly chart to BTC’s macro trend, analysts say that the cryptocurrency is prepared to see further upside from here.

Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop

Why Bitcoin Will Surve Even Higher

Blockroots founder and crypto analyst Josh Rager thinks that Bitcoin closing its monthly candle at these levels will trigger a strong move to the upside.

In an analysis published prior to the close, Rager noted that the close should allow BTC to extend its gains towards $13,880.

$13,880 is 19% above current prices. That price is also the highest monthly close ever. Bitcoin managing to close above that level next month is likely to trigger a move to new all-time highs, other analysts have stated.

Regarding the latest close, Rager remarked:

“Monthly close soon – and the chart looks good as support held and next target on monthly is $13,880+. The high time frames say bullish.”

Chart of BTC's macro price action with analysis by crypto trader Josh Rager (@Josh_rager on Twitter). Chart from TradingView.com

Rager isn’t the only investor expecting a move towards $14,000 in the near future. As reported by NewsBTC, Vinny Lingham, CEO of Civic and partner at Multicoin Capital, said that BTC is likely to hit $15,000 in the near future due to $10,000 acting as strong support:

“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.”

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC

Fundamentals Favoring Growth

Fundamental trends also suggest that Bitcoin is primed for growth.

Fidelity Investments, the $2 trillion asset manager giant, was just revealed to have begun a new Bitcoin-only fund for institutional investors.

The company’s new fund is expected to draw in a vast amount of investment, which will boost BTC in the longer run.

Also supporting growth in the Bitcoin price is the devaluation of the U.S. dollar against assets. The Dollar Index has continued to slip for the umpteenth week in a row, reaching notable lows just today.

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Ethereum DeFi’s Sushi Rips 100% Higher After FTX Listing

Ethereum is undergoing its latest craze: SushiSwap, whose native governance token is Sushi (SUSHI). The coin took a strong drop after it was launched this past weekend, but has since bounced back.

Since bottoming around $0.70 just two days ago, the asset has exploded higher by 1,000%. The coin now trades for $6.60 and is up 120% in the past 24 hours alone.

A good portion of this move higher comes after the coin was listed on FTX, a leading centralized exchange known for listing DeFi coins earlier, then sparking price rallies in those coins.

FTX was the first major centralized exchange Sushi was listed at, hence the influx of investment the asset saw in the wake of the listing.

What Is Sushi and SushiSwap?

SushiSwap is a clone of the Uniswap exchange with bells and whistles attached. The Ethereum-based protocol is focused on adding community and governance incentives to Unsiwap, which has rapidly become the most prominent Ethereum application and decentralized exchange. In the project’s words:

“With that, we have designed SushiSwap as the next step forward in the Uniswap protocol design: an evolution. Taking Uniswap’s elegant core design, we’ve added community-oriented features that we believe help improve the design of the protocol, as well as provide further benefits to the actors involved,” the SushiSwap team wrote in regards to the purpose of this fork.

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Analyst: XRP May Rocket Higher After Tapping These Key Support Levels

XRP has been struggling to garner any momentum in recent weeks, with its price action largely being correlated to that of Bitcoin as of late.

That being said, it has been able to recover all of the losses that came about as a result of its recent plunge down to lows of $0.25 in tandem with BTC’s plunge to lows of $11,100.

The embattled cryptocurrency is now confirming that the mid-$0.28 region is heavy resistance, which could mean that this level will suppress its near-term growth.

One trader is now setting his sights on XRP plunging significantly lower in the near-term, with the price regions around $0.24 and $0.21 both being strong support levels that may slow its descent and help it rally higher in the near-term.

Analysts are noting that weakness seen while looking towards the cryptocurrency’s Bitcoin trading pair may also cause it to see some further near-term downside against USD.

XRP Faces Heavy Resistance as Weakness Against Bitcoin Grows

At the time of writing, XRP is trading down roughly 1% at its current price of $0.28. This is around the price at which it has been trading throughout the past few days, as each attempt to push towards $0.30 has resulted in swift rejections.

One analyst is noting that the signs of weakness XRP has expressed against its USD trading pair may be coming about as a result of weakness against Bitcoin.

He explained that XRP/BTC is now undergoing a bearish retest as it struggles to surmount a crucial resistance level.

“The BTC Pair does look [bad] unless it manages to reclaim .000024 on the daily / weekly. For now the daily looks as though it’s just a bearish retest,” he said while pointing to the below chart.

Image Courtesy of Smokey. Chart via TradingView.

Here are the Crucial USD Support Levels that Analysts are Watching

While speaking about the cryptocurrency’s near-term outlook, one analyst noted that he is expecting XRP to see further downside before it can push past its macro resistance between $0.31 and $0.33.

He is specifically watching the $0.24 and $0.21 levels.

“XRP: Well, we’ve been saying these green zones for weeks now and we’ve got quite close. Patience pays. I think we’ll see some more consolidation before continuation on XRP. But yes, paying some attention.”

 

Image Courtesy of Crypto Michael. Chart via TradingView.

Whether or not XRP fails to break above the resistance that sits just above its current price region should offer significant insights into its near-term outlook.

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Chainlink Faces Grim Rejection as Likelihood of Hitting $15.00 Grows

Chainlink faced a grim rejection at just below $18.00 yesterday, which struck a blow to the technical strength that it had been expressing throughout the past few days and weeks.

Because LINK has since reeled below the support it was forming at $17.00, it now appears that the crypto may continue trading within the long-held consolidation range that it has been caught within throughout the past few weeks.

Analysts believe that the crypto may now face some further near-term weakness that sends it reeling down towards $15.00 in the near-term.

This decline would further weaken its market structure and potentially cause it to see significant near-term losses.

That being said, one analyst is noting that his macro bullish outlook on the cryptocurrency remains strong so long as it remains above its crucial high time frame support at roughly $13.00.

This support level has held strong on multiple occasions and was previously a resistance level for Chainlink.

Chainlink Faces Harsh Rejection at $18.00 as Bullish Momentum Falters

At the time of writing, Chainlink is trading down by just under 1% at its current price of $16.40.

This marks a notable decline from daily highs in the upper-$17.00 region that were set around this time yesterday.

Bulls had pushed LINK all the way up to $17.80 before its momentum began faltering. From here, its price plunged to lows of $16.00. It stabilized here and has been consolidating ever since.

One analyst explained that he is now looking towards the key support levels it has throughout the $15.00 region, as a defense of these levels is vital in order for it to maintain its mid-term strength.

“Short term levels that are must-hold zones and/or interesting levels to buy the dip if you want to trade LINK. Couldn’t break through $17.25-17.75 resistance zone,” he explained.

Image Courtesy of Crypto Michael. Chart via TradingView.

Here’s the Critical High Time Frame Support that LINK Must Defend 

Another analyst explained that the $13.00 region is a critical support for Chainlink, as this level has held strong on multiple occasions in recent weeks.

He notes that a continued bout of trading above this level is bullish for LINK.

“As long as there are no signs of a blow-off top, I assume that LINK will keep on going up like it does since its inception. That’s the analysis, you don’t just fade the strongest coin in crypto.”

Image Courtesy of Cryptorangutang. Chart via TradingView.

Because Chainlink is not strongly correlated to Bitcoin and the rest of the market, its reaction to these levels could be the sole factor that determines its near-term outlook.

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This Signal Says Ethereum Could Lead Alts Off A Cliff

Few altcoins have performed better in 2020 than Ethereum. The second-ranked cryptocurrency is up well over 200% on the year, and from the Black Thursday bottom to the 2020 high, Ethereum rose over 400%.

Momentum looks to be behind bulls, however, an ominous signal just triggered on ETHUSD weekly price charts. The signal could be warning that a top is in, and Etheruem could soon lead the altcoin market off a cliff.

Ethereum Rallies 400% From Black Thursday Bottom, But Weekly Sell Signal Points To End Of Uptrend

The crypto market has had one of the best starts to the year since 2017 when all-time high prices were reached. Since then, cryptocurrencies fell into a bear market that has yet to officially end by setting a new high.

Ethereum, for example, remains down almost 70% from its former peak price, even despite such bullish price action in 2020. The top-ranked altcoin was among the best investments to make with stimulus checks issued back in April. Those who did would have doubled their money and then some.

Related Reading | Ethereum Potentially Trades Inside Livermore Accumulation Cylinder Pattern, New ATH Imminent

But the recent rally, a full six months from the last peak, may soon be coming to an end.

The TD Sequential indicator created by Thomas Demark to time market tops and bottoms is signaling a sell set up on ETHUSD weekly charts. If the indicator is as accurate as it has been in the past on weekly timeframes, the crypto market has a major crash ahead.

ETHUSD Weekly TD Sequential 9 Sell Setup | Source: TradingView

TD 9 Triggers on ETHUSD Weekly, Corresponding Dollar Signal Flashes

The TD Sequential indicator has been extremely reliable throughout the history of Ethereum. It also nearly perfectly called several Bitcoin tops and bottoms.

The last 9 sell setup on weekly timeframes took place in July 2019. Prior to that, was January during the first full week of January 2018. Both of these tops resulted in a downtrend following each signal.

Making matters worse for Ethereum, is the fact that the asset it trades against – the dollar – is about to stage a powerful reversal, according to the same TD 9 signal.

Ethereum and all cryptocurrencies primarily trade against two assets: USD and BTC. The DXY Dollar Currency Index is a batch of other top currencies weighted against the dollar.

Just like altcoins often respond to BTC dominance due to the asset’s size, the greater financial market is often dictated by the ebb and flow of the dollar due to the global reserve currency status.

DXY Ethereum Weekly Inverse Correlation Chart Comparison | Source: TradingView

The above chart shows a strong inverse correlation between Ethereum and the DXY. As Ethereum topped, the DXY rebounded into a new uptrend. Could the dollar’s strength been responsible for the crypto winter all along?

Related Reading | Time To Pay Attention: Indicator Hints At 50% Or More Correction In Ethereum

And with the same signal triggered again, what does this mean for Ethereum and the rest of the altcoin market? Will Bitcoin, stocks, gold, and other markets also see an impact much like Black Thursday? The days ahead will be telling if the signal ends up confirming.

It is worth noting, however, that a 9 sell setup is “perfected” with a new high. This could imply that Ethereum has another pump left in its tank before the reversal happens. Or perhaps no reversal ever arrives, and the signal fails to confirm.

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Mastering Elliott Wave Author Claims Demonstrates Case For $150 Bitcoin

Bitcoin could be in for a “massive” and “devastating” correction ahead, according to the author of Mastering Elliott Wave Theory. The long-time market analyst and expert on the subject sees potentially a couple more months to years of rally in crypto, followed by a “potentially massive change in conditions for Bitcoin.”

As wild as it sounds, he even calls for the leading cryptocurrency by market cap to drop to as low as $150 after the current corrective wave is finished. Here’s what the author and analyst expects if the scenario comes true.

Elliott Wave Theory Warns Of Coming Disaster In The Leading Cryptocurrency

Analysts utilize several techniques and practices to attempt to predict future price movements. Some utilize moving averages, others measure trend strength. Various unorthodox methods also exist, such as Gann theory that looks at time and price, or Elliott Wave Theory that examines the impact of impulsive human emotion and its influence over markets.

According to the theory, assets move in impulse waves or corrective waves. Impulses move upward or downward, and are followed by smaller corrective waves until the full impulse move is completed.

Related Reading | Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern

The author of the book “Mastering Elliott Wave Theory” Glenn Neely recently joined a pseudonymous crypto trader for an online video demo of Elliott Wave Theory in action.

Using the BTCUSD yearly line chart only, the analyst and author provides a live-action analysis using advanced technical analysis theories.

“There’s almost no doubt that we’re dealing with corrective action,” Neely claims, adding “the question is, what kind of correction is it.”

Whatever the correction is, Neely says, it is going to be “massive.”  The author’s targets may potentially be too deep for anyone to take them seriously. Even Neely calls the claims “unbelievable.” But how deep do things get for the crypto market?

Paint Technical Analysis By Author Glenn Neely | Source: Twitter

Final Year of Bitcoin Rally Could Result In Change Of Conditions, Drop To $150 BTC

“We might be in the final year or two of rally for Bitcoin.”

Bitcoin is on its G-wave according to the expert, who says crypto investors should “worry” about when the wave finishes. Why? Neely warns of a “massive, massive decline.” It’s also in an ABC correction with the C-target deeper than the December 2018 low.

Related Reading | VIX Raising “Red Flag” On Stocks, Could Be Bearish For Bitcoin

But just how low could the leading cryptocurrency by market cap go? According to the so-called Elliott Wave “master’ the correction would go “at least to here,” referencing the mouse pointer on the screen. The pointer lines up with roughly $150, as pictured above.

For those skeptical, even Neely says, this is “unbelievable,” and would be “just devastating for Bitcoin.”

Still, he says there will be an “exciting advance” in the “short term” which could be a “significant move up” to roughly $14,000. However, this isn’t positive for Bitcoin. He says that the price action according to Elliott Wave Theory suggests that there’s a “potentially massive change in conditions for Bitcoin.”

BTCUSD Elliott Wave Theory ABC Correction Example | Source: TradingView

This would include a drop “way below $3,400,” reiterating and emphasizing the “way below.”

As for what might deal Bitcoin such a devastating blow? Neely posits that it could be the emergence of a new Federal Reserve cryptocurrency for the world. The Trump administration suddenly banning crypto in the United States could also be the catalyst for such a change.

With a pivotal election right around the corner, and the dollar strengthening, the days ahead for Bitcoin are especially important.

Can we really believe such a call? There’s no denying the author’s credentials, however, there could be some red flags. For one, it is shocking to see a world-renowned technical analyst using Chrome Paint to perform their analysis.

Another sign includes some negative reviews of his book Mastering Elliott Wave Theory. Amazon reviewers claim the book is “not for the trader who is looking for a practical workable solution” and that “the author wants to boast about his knowledge on elliot wave theory and more so wants to reinvent the concept.”

Neely did create what he calls NeoWave, an advanced take on Elliott Wave Theory that utilizes more than just “intuition.” The bold stunt could simply be a way to promote his analysis, or, he could be giving the crypto market the most valuable warning ever.

The only good news Neely says is that Bitcoin is going to make a highly profitable short soon enough.

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These Simple Factors Suggest Bitcoin May Plunge to $11k Before Surging

It has been a rocky past couple of weeks for Bitcoin and the aggregated crypto market. Despite some turbulence, BTC bulls have been able to guard against it seeing any significant near-term downside.

Late last week, the crypto started gaining some momentum that sent it to highs of $11,600, at which point it faced an influx of selling pressure that caused its price to decline to lows of $11,100.

Bulls were able to guard against any further downside and have since pushed the crypto up towards highs of $11,800 that were set earlier today.

Despite this overt strength, there are a few factors that have led one analyst to expect some near-term downside.

He specifically points to some intense resistance Bitcoin is pushing against, coupled with a massive liquidity region in the lower-$11,000 region.

This liquidity may need to be tapped by the benchmark cryptocurrency before it is able to see any significant momentum in the near-term.

Bitcoin Pushes Up Against Key Resistance as Analysts Flip Short

At the time of writing, Bitcoin is trading up marginally at its current price of $11,715.

This is around the price at which it has been trading throughout the past few hours, as buyers’ have faced faltering momentum following a rejection at $11,800.

Although this marks a strong recovery from its recent lows of $11,100 that were set last week, the cryptocurrency may still need to plunge back towards this price level before rallying higher.

To justify this notion, one analyst explained that he doesn’t believe Bitcoin is ready to surmount the heavy resistance that exists just above its current price region.

As such, he believes that a decline towards $11,100 is imminent.

“BTC short. Although I’m generally bullish on bitcoin, I’m taking this (if I get it) because: the setup is really good. I don’t think we blow past 12k just yet.”

Image Courtesy of Byzantine General. Chart via TradingView.

Liquidation Levels Around $11,000 Support Notion That BTC May Visit This Level

The same analyst also offered further support for the short-term bear case he presented above.

In addition to Bitcoin currently pushing up against heavy resistance, the lower-$11,000 region is also flush with liquidation levels for leveraged positions.

“This is also part of my reasoning. The dots are liquidation levels. I highlighted relevant clusters,” he explained.

Image Courtesy of Byzantine General. Chart via TradingView.

If liquidated, these leveraged long positions could provide fuel for a significant move higher in the days and weeks ahead.

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How to Earn a Second Income on eToro

The social trading platform eToro has now made it possible to earn a second income with their Popular Investor program.

It all has to do with their CopyTrader™ feature, which allows users to allocate funds to other traders’ investment moves — essentially, copying them. So, if you don’t feel like a confident crypto trader, but you see someone who is, use CopyTrader and you’ll mimic what they do automatically.

But what if you are a confident trader? Can you profit off being copied? Yes, you can.

You’ll have to apply to become a Popular Investor, but once you qualify, the chart below shows how the earning and upgrading system works.

• For Elite and Champion payments, payments are divided by 12 in order to pay the yearly AUM each month
• AUM is the total aggregate copy amount of the unrealized equity of the current copiers.

Once you achieve Champion status, your income will become a percentage of your AUM (assets under management). This means if the total equity of your copiers is $300,000, you’ll earn $500 a month (2% of 300,000 divided by 12) — plus the one-time $1,000 upgrade bonus.

The more copiers you have and the more assets they have, the more money you stand to make.

If you feel confident in your crypto trading game and are looking for some extra cash, this could be an avenue to explore.

eToro’s new Popular Investor program. Learn more about it here.

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Ethereum Aims for $500 as On-Chain Metrics Show Little to No Resistance Ahead

Since the beginning of the month, Ethereum has been consolidating within a narrow range. Its price has been mostly contained between the $372 support and the $445 resistance level, without providing any clear signals of where it is headed next.

The stagnant price action caused the Bollinger bands to squeeze within the same time frame, indicating that a period of high volatility is underway. Only a daily candlestick close above $445 or below $372 will determine the direction of Ether’s trend. Until then, this price range can be considered a reasonable no-trade zone.

ETH Sits In No-Trade Zone. (Source: TradingView)

Despite the ambiguity that Ethereum presents, different on-chain metrics suggest that the uptrend is about to resume.

Little to No Resistance Ahead of Ethereum

In the event of a bullish impulse, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals there is no supply barrier that will prevent Ethereum from surging towards $500. Based on this on-chain metric, there is only one major area of interest that sits between $462 and $475 due to the number of investors that had previously purchased Ether. Here, roughly 715,000 addresses are holding nearly 370,000 ETH.

This area may have the ability to absorb some of the buying pressure. If prices advance to this level, holders who have been underwater may try to break even on their positions, preventing prices from climbing further. Slicing through this hurdle, however, might see the smart contracts giant aim for $500.

No Major Supply Barrier Ahead of Ether. (Source: IntoTheBlock)

On the flip side, the IOMAP cohorts show that Ether sits on top of stable support. Over 1.4 million addresses bought roughly 8 million ETH between $384 and $390. This crucial area of interest suggests that bears will struggle to push prices down, so right now, the odds favor the bulls.

Macro-Outlook Looks Extremely Bullish

It is worth noting that from a macro-perspective, Ethereum seems to have formed a double bottom pattern. On a large time frame, such as its 3-day chart, Ether’s trend appears to have changed from bearish to bullish the moment prices cut through the $340 resistance level. Now, the W pattern forecasts that regardless of the volatility, ETH will continue to rise towards $800 or higher.

ETH Forms Double Bottom Pattern. (Source: TradingView)

Given the high probability of a bullish breakout, it is imperative to wait for a clear break of the $445 resistance barrier before entering any trade.

Those market participants who have grown impatient and decided to enter the market given the current no-trade zone have been wiped out. Data shows that since the beginning of the month, more than $5.5 billion worth of ETH long and short positions have been liquidated across the board.

For this reason, waiting for Ethereum to get out of the current no-trade zone can prove to be a profitable strategy.

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YFI Token is Running Towards 4 BTC a Piece, Asserts Analyst

YFI, the native token of a fast-forward decentralized finance giant, Yearn Finance, has surged 8,900 percent against Bitcoin since its launch. And now, an analyst says that the cryptocurrency could grow further.

Amsterdam-based stock trader Michaël van de Poppe said in his Monday tweet that the YFI price could surge towards 4 BTC per token. The comments followed the DeFi crypto’s 35 percent rally in the last 24 hours, wherein YFI/BTC surged from 2.31 BTC to an intraday high of 3.10 BTC.

YFI surged 35% against BTC on growing DeFi hype. Source: TradingView.com

Yearn Finance token surged 35% against BTC on growing DeFi hype. Source: TradingView.com

Mr. Poppe placed the price rally on a Fibonacci retracement graph drawn from a swing low of 2.30 BTC to a swing high of 3.56 BTC. An upward break above the peak showed YFI/BTC testing 4 BTC as its bull target, leading Mr. Poppe to see the level as achievable mettle.

“Nice 35% bounce here and looking ready to continue,” the analyst explained. “If construction holds and it breaks the new high, we might be running towards 4 BTC a piece.”

YFI Fundamentals

Sentiments for YFI were similar across the cryptocurrency industry. Many analysts called for the DeFi token to continue what has already been an overhyped price rally. Their bullish predictions took cues from the YFI’s parent protocol, the Yearn Finance, that is now holding $840 million worth of crypto tokens inside its vaults.

In retrospect, Yearn Finance is an aggregator of various lending protocols that picks the best yielding pools for its users. So far, its ecosystem includes Compound, Aave, Balancer, and dYdX pools. Aave, a UK-licensed decentralized lending platform, has just joined Yearn Finance.

Meanwhile, YFI serves as the governance token for the platform. That allows its holders the right to decide on the addition of new cryptocurrencies to Yearn Finance. For instance, the Yearn Finance community voted to add yETH, a token that supports the staking of Ethereum’s native cryptocurrency ETH via its protocol.

“YFI is adding ETH yVaults,” said one analyst. “Few understand why this is bullish, but it’s quite simple. ETH vaults typically draw in the most liquidity. YFI has been a monster liquidity vacuum without them, imagine the addition… this will accelerate things far beyond current TVL.”

Both YFI and ETH prices surged after the launch of yETH.

Other catalysts that have pushed YFI higher include a partnership with FTX–one of the top cryptocurrency derivatives exchanges–and the announcement of yinsure.finance, one of the first tokenized insurance services in the DeFi space.

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No End in Sight For High Ethereum Gas Fees

Mid-August saw total Ethereum gas fees top a record $8.6 million in one day.

Following a brief respite, which coincided with the collapse of YAM Finance, total gas fees are starting to creep back up again. The latest data shows total gas fees reached $7.1 million yesterday.

Daily total gas fees on the Ethereum network. (Source: coinmetrics.io)

The current state of affairs has some commentators debating the sustainability of the Ethereum network. Long wait times, as well as high gas fees, have soured the experience for many users.

During Mid-August, when total fees were at their peak, the average gas fee also reached an all-time high, at $6.62. At present, the average transaction fee is $5.99, dangerously close to mid-August levels.

Source: bitinfocharts.com

Many blame the popularization of decentralized finance (DeFi) protocols for network congestion. But the DeFi craze looks set to continue, and with that, so are spiraling gas fees.

Taking this into account, the CEO of Shapeshift, Erik Voorhees, gave a prediction on the current gas saga.

He believes the network will grind to a halt under the weight of DeFi transactions. As a result, developers move to other Ethereum compatible chains to keep up with demand while ETH 2.0 remains in development.

“Prediction: Ethereum gas fees ruin Defi for normal users (until Ethereum 2.0 in 1-2 years). To meet demand, developers start rapidly porting Defi components over to Cosmos via Ethermint which just launched and is apparently compatible with Solidity already.”

Ethereum 2.0 Touted as The Solution to Soaring Gas Fees

The comments made by Voorhees were a tongue in cheek remark on a number of fronts.

However, the crippling cost of using the Ethereum network is still a significant challenge for stakeholders. This is a fact that hasn’t escaped core developers, who are working to address the problem.

Back in April 2019, core developers put forward the Ethereum Improvement Proposal 1559 to counter the issue of spiraling gas fees.

As we are witnessing now, the present auction mechanism is wholly inadequate as it puts miners in control of fees. What developers hope to achieve with EIP 1559 is the implementation of a variable base fee process.

“Because these base fee changes are constrained, the maximum difference in base fee from block to block is predictable. This then allows wallets to auto-set the gas fees for users in a highly reliable fashion.”

What’s more, the critical component of this system is that miners only get to keep a small premium of the base fee, with the base fee itself getting burned.

Under this system, there is no incentive for miners to manipulate fees to extract extortionate amounts from users.

As good as this sounds, like Voorhees alluded to, Ethereum 2.0 is years away from completion.

While the Phase 0 rollout of ETH 2.0 is scheduled for the end of the year, or early 2021, this upgrade refers to the implementation of proof-of-stake and building out a registry of validators.

It’s likely that Phase 1.5, when the mainnet becomes a shard, is when the issue of high gas fees gets addressed. According to Ethereum, Phase 1.5 will be ready in “2021”.

Ethereum daily chart with volume. (Source: tradingview.com)

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Yearn Finance Launches Ethereum Vaults; Here’s Why Its Bullish for ETH

Yearn Finance is now allowing people to stake their Ethereum holdings to earn higher yields via its new product yETH.

The vault, which went live on Monday following a community vote, expects to attract a large amount of ETH tokens, with many observers noting that the migration would leave the Ethereum market with a supply-side liquidity shock. They are already counting on a bullish response from the ETH traders based on supply-demand economics.

$ETH leveraged in #DeFi has passed 5,000,000 or ~4.50% of total circulating supply.

It's quite clear there's a supply-side liquidity crisis forming here. yETH and Phase 0 will compound this. pic.twitter.com/2qlQwRLjMu

— 0xNick (@0xEther) August 28, 2020

Alex Saunders tweeted earlier Monday that he sees the demand for ETH tokens go high in the coming days. The Nugget News founder called the launch of yETH a “bullish” event, adding:

“Anyone who owns ETH can earn the best yield automatically by HODLing yETH. It could also mean other protocols find it harder to compete with Ethereum when offering staking rewards.”

Ethereum Boom Ahead?

In retrospect, Yearn Finance is a protocol that finds the best available yields available on the tokens one holds. It requires users to deposit their coins into their system, for which they return a native cryptocurrency. In the case of Ethereum, that token is yETH.

As traders–who are looking to put their ETH holdings to use–decide to deposit them with Yearn Finance, they would automatically remove a portion of ETH supply from the market. Meanwhile, rising demand for the Ethereum cryptocurrency for its application across payments, DeFi, and stablecoin sector, would most likely push its prices higher.

“ETH vaults typically draw in the most liquidity,” stated one analyst. “YFI has been a monster liquidity vacuum without them, imagine the addition… This will accelerate things far beyond current TVL.”

Another daytrader commented:

“The sheer amount of ETH is going to get locked up in [Yearn Finance] yETH vault. I feel [it] will be astronomical – not only bullish for $yfi but the juggernaut $eth itself. I’m long both and I’m f***** excited.”

No trader gave an exact price target following the yETH-led Ethereum boom.

ETH/USD Down

The Yearn Finance did not leave a sudden impact on spot ETH/USD markets. The pair was trading 0.43 percent lower at $426 as of 1100 GMT.

Ethereum price trades lower despite the Yearn Finance news. Source: TradingView.com

One chart watcher noted that traders might start moving their Bitcoin capital into the Ethereum market after the yETH launch. Meanwhile, analyst Michaël van de Poppe said that ETH/USD would remain bullish as long as the pair holds itself above the $370-mark.

So far, Ethereum has surged 226 percent in 2020 following the Federal Reserve’s trillions of dollars worth of capital injection into the US economy. The second-largest cryptocurrency is now eyeing a break above $450, which many believe would have it touch the $500-mark.

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Here’s Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000

Bitcoin has seen consolidation under $12,000 ever since unceremoniously losing that pivotal price point the week before last. The cryptocurrency now trades at $11,700 as of this article’s writing, having closed its weekly candle above a crucial support.

Arguably the technicals of the Bitcoin market remain in a shaky spot. Some have asserted that BTC’s rejection at $12,000 is a likely sign it will retrace towards the $10,000s, maybe lower.

Vinny Lingham, the CEO of Civic, seems to be unphased. The cryptocurrency investor asserted that there’s a good likelihood the leading digital asset will soon trade at a price of $15,000.

Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop

Bitcoin Could Soon Hit $15,000, Says Industry Chief Executive

According to Vinny Lingham, the chief executive of crypto startup Civic, there’s a good likelihood Bitcoin will soon begin a leg higher to $15,000. He made this comment in reference to how $10,000 “represents strong support”:

“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.”

It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.

— Vinny Lingham (@VinnyLingham) August 28, 2020

Discussing the efficacy of his calls, Lingham noted to a commenter that he has rightfully called prior price action.

He added that he personally thinks that Bitcoin flips bullish on a macro scale if it converts $12,000 into support:

“I’m not a permabear or a permabull – I called the bubble and I called the bear market. The bear market is almost over, if/when we break and hold $12k. So yes, I’m turning bullish.”

This sentiment is in line with a number of technical traders within the space. One historically accurate analyst, for instance, who predicted BTC’s V-shaped reversal in March says a rally to $17,000 is imminent. That’s not $15,000, of course, but there’s a growing sentiment that Bitcoin will gap higher.

Part of a Longer-Term Uptrend

The rally towards $15,000 or $17,000 is expected to be part of a longer-term uptrend, spurred by a confluence of fundamentals.

Raoul Pal, CEO of Real Vision, recently commented that Bitcoin is likely to rally 50 to 100 times this market cycle due to macro trends.

Responding to Jerome Powell’s comments, Pal noted that the Federal Reserve seemingly wants anything but deflation. This, the investor explained, will create market pressures over time that will drive capital to Bitcoin and gold at record speed.

The Winklevoss Twins, co-founders of Gemini, have echoed the optimism. They also noted that macro factors are likely to drive vast amounts of capital to Bitcoin in upcoming years.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC

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Xcoins.com Registers 500% YoY Growth, Stays Focused on Speed and Transparency of Crypto Transactions

The year 2020 has not been great so far as the global economy continues to reel under the blow dealt by the SARS-CoV-2 pandemic, causing a widespread slowdown. One of the most obvious indicators of troubled waters is the recent poor performance of the US Dollar – the reserve currency.

As uncertainty surrounds fiat currencies and other financial assets, people are increasingly flocking towards precious metals and cryptocurrencies like gold and Bitcoin respectively, resulting in an increase in their prices. Meanwhile, a lot of established exchanges have found themselves overwhelmed with increased demand leading to delayed Bitcoin transactions, leaving the crypto community searching for better alternatives.

During these challenging times, one exchange platform – Xcoins.com has remained steadfast and continues to offer the same, if not better service since the past four years. With over a quarter-million customers across the world, the platform enables users to instantly purchase Bitcoin and other digital currencies with debit and credit cards. Unlike its counterparts, which includes major crypto exchanges, Xcoins promises to deliver Bitcoin to the user’s wallet within 15 minutes of purchase. In an event it fails to adhere to the timeline, users will not have to pay any fees for the next transaction.

Xcoins has proven reliable so far, winning the crypto community’s trust. As a result, the platform has witnessed a 500% year-on-year growth this year as many switched to Xcoins to meet their crypto needs. According to the company, the recent uptick is influenced by a surge in the influx of users on to the platform from the United States, who make up for 90% of new signups in 2020.

“We are seeing more and more new users wanting a transparent full-service platform that delivers on time. Our core focus is to deliver Bitcoin at speed to all our customers. This is our core focus moving forward as we continue to experience healthy growth in the US market and build on our market presence,” said Przemek Dmochowski – Chief Marketing Officer at Xcoins.

Bitcoin users are increasingly looking for platforms capable of settling transactions fast, especially during times when the demand is high. It is influenced by their past experiences as well, as there have been instances where Bitcoin confirmation backlogs extended to days at times leading to network congestion.  Xcoins has emerged as the platform of choice because of its commitment to deliver in the shortest time possible, which combined with its easy signup process, credit card payments and a strong customer support team make it the best destination to purchase Bitcoin. Users can also purchase Litecoin, Ethereum, Ripple, and Bitcoin Cash on Xcoins.

With continued attention towards further optimizing the speed, transparency, and accessibility, the platform is poised to expand rapidly in the coming days.

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Litecoin Price Holds Strong at $60: A Bullish Case For Rally To $70

• Litecoin started a steady recovery wave from the $53.50 and $54.00 support levels against the US Dollar.
• The price is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
• The bulls seem to be aiming a larger upward move towards the $68.00 and $70.00 levels.

Litecoin price is gaining momentum above $60.00 against the US Dollar. LTC is likely to continue higher towards $68.00 or $70.00 as long as it is above $58.00.

Litecoin Price is Rising Steadily

After a steady decline, there was a recovery wave in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Both ETH and LTC performed really well, and surged more than 5% in the past few sessions.

Litecoin price formed a support base above $55.00 and started a steady recovery wave above $60.00. There was a clear break above the 50% Fib retracement level of the downward move from the $68.92 high to $53.64 low.

Moreover, there was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair. The pair is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).

Litecoin price above $60.00. Source: TradingView.com

An initial resistance is near the $63.00 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.92 high to $53.64 low. If there is a clear break above $63.00, the price might rise steadily towards the $65.00 level.

The main resistance is near the $68.00 level and $70.00 handle. The bulls are likely to target a test of the $70.00 resistance in the coming sessions.

Dips Likely Supported in LTC

If litecoin fails to continue above the $638.00 resistance, there are chances of a downside correction. On the downside, the first major support is near the $60.00 level and the 100 simple moving average (4-hours).

The next key support is near the $58.00 level, below which there is a risk of a fresh decline towards the $54.00 and $53.50 support levels.

Technical indicators:

4-hours MACD – The MACD is showing positive signs in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 70 level.

Major Support Levels – $60.00 followed by $58.00.

Major Resistance Levels – $68.00 and $70.00.

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Ethereum Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Ethereum gained bullish momentum above the $406 resistance against the US Dollar. ETH price is up over 5% and it seems like the bulls are aiming a test of $445 in the coming days.

• Ethereum climbed higher steadily and broke the $400 and $406 resistance levels.
• The price is now trading nicely above the $420 level the 100 hourly simple moving average.
• There is a short-term breakout pattern forming with resistance near $430 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could correct a few points, but the bulls seem to be aiming a test of $445 or $450.

Ethereum Price Gaining Bullish Momentum

In the weekly analysis, we discussed the chances of more upsides in Ethereum if it clears $408 against the US Dollar. ETH price did gain bullish momentum above the $406 and $408 resistance levels.

It climbed over 5% and surpassed the $420 resistance level. A high is formed near $430 and ether is now trading well above the 100 hourly simple moving average. It is currently consolidating gains below the $430 level.

There is a short-term breakout pattern forming with resistance near $430 on the hourly chart of ETH/USD. The triangle support is near the 23.6% Fib retracement level of the recent upward move from the $403 swing low to $430 high.

Ethereum price trades above $425. Source: TradingView.com

If there is a downside break below the triangle support, ether price could test the $420 or $416 support. The 50% Fib retracement level of the recent upward move from the $403 swing low to $430 high is also near $416.

On the upside, the bulls are facing hurdles near the $428 and $430 levels. A successful close above the $430 resistance could open the doors for another 3%-5% rise. The next key resistance is likely to be $445 or $450.

Downsides Are Likely To Be Limited in ETH

If Ethereum starts a steady downside correction, the $420 support or the $416 technical level might protect more downsides in the near term.

If there are more losses, the next major support is near the $406 level (the recent breakout zone), where the bulls are likely to take a stand. The main support and a pivot zone is near $400.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $420

Major Resistance Level – $430

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Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally

Bitcoin price is showing reversal signs above the $11,550 resistance against the US Dollar. BTC must surpass the $12,000 resistance for a sustained upward move.

• Bitcoin started a steady rise above the $11,500 and $11,550 resistance levels.
• The price traded as high as $11,731 and it settled above the 100 hourly simple moving average.
• There is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to accelerate higher if it clears the $11,800 and $12,000 resistance levels.

Bitcoin Price Recovering Steadily

After forming a support base above $11,400 and $11,200, bitcoin price started a fresh increase against the US Dollar. BTC broke the main $11,500 hurdle and the 100 hourly simple moving average to move into a positive zone.

It even surpassed the $11,650 level and traded as high as $11,731. The price is currently consolidating gains and trading near the $11,680 level. An initial support on the downside is near the $11,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high.

Moreover, there is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair. If there is a downside break below the channel support, the price could test the $11,550 support zone.

Bitcoin price trades above $11,650. Source: TradingView.com

The 50% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high is also near the $11,568 level. On the upside, the price is facing a couple of short-term hurdles near the $11,800 level.

The main hurdle for the bulls is near the $12,000 level, above which the price is likely to start a strong rally. In the mentioned case, bitcoin is likely to hit the $12,500 level.

Downside Correction in BTC?

If bitcoin fails to continue higher above the $11,800 and $11,850 levels, there could be a short-term downside correction. The first key support is near the channel lower trend line near $11,650.

The main support is now forming near the $11,550 and $11,500 levels, below which the price is likely to resume its decline towards the $11,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level.

Major Support Levels – $11,650, followed by $11,550.

Major Resistance Levels – $11,800, $11,850 and $12,000.

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Barstool’s Dave Portnoy Is Preparing to Re-Enter the Bitcoin & Crypto Market

Dave Portnoy has been dabbling in the crypto and Bitcoin market for a few weeks now. After being reintroduced to the cryptocurrency market by Twitter, the Barstool Sports founder and celebrity day trader has been frequenting Crypto Twitter.

It reached a point where he was introduced to the Winklevoss Twins, who co-founded the Gemini crypto exchange.

Portnoy was then visited by the twins, who convinced him to buy Bitcoin and Chainlink (LINK). According to the Barstool founder, he purchased around $200,000 worth of Bitcoin and $50,000 worth of Chainlink. The cryptocurrency market then rallied around 5% in the day after he made this purchase, with LINK especially surging.

After temporarily selling all his cryptocurrencies due to $25,000 worth of losses he incurred, Portnoy just announced that he may re-enter this nascent market.

Dave Portnoy May Soon Re-Enter Bitcoin

On August 30th, the Bitcoin newbie announced that he will soon re-enter the crypto market once he’s figured out the intricacies of the crypto market. In his words:

“For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in.”

For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in. pic.twitter.com/SQiEw9Xeql

— Dave Portnoy (@stoolpresidente) August 30, 2020

He previously exited the crypto market because he incurred a loss on two of three of his cryptocurrencies, Chainlink and Orchid (OXT):

“I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done… You LINK Marines are a bunch of f**ing frauds — you guys keeping on dumping this, not pumping it.”

Focus on Chainlink

When he returns to crypto, Portnoy is expected to have a focus on Chainlink and other altcoins, not just Bitcoin.

He explained in a recent tweet that he intends on “saving” the LINK marines, who he notes need saving due to Chainlink’s recently dropping price.

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