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Captivating opportunities as the crypto market seems down.


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Price trends across the cryptocurrency market remained in a downtrend on Aug. 19 as the total market capitalization tries to stay above $1 trillion.

Bitcoin price has also been unable to hold the $26,000 level as the markets moved into the weekend. A tight range usually resolves with a range breakout, and that is what happened in Bitcoin on Aug. 17. Bitcoin fell sharply, resulting in $1 billion in liquidations for derivatives traders, the biggest amount since the FTX collapse in 2022.

With Online video content creation catching the attention of top-tier crypto exchange contests, I guess YouTubers and Tiktok enthusiasts can leverage this opportunity to showcase their creativity as we await another Bitcoin leg up to reignite the apathy for crypto trading.
What are your thought? 

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17 hours ago, Bash4j said:

Price trends across the cryptocurrency market

Is the Rally Over in Bitcoin & Ethereum? BTC/USD & ETH/USD Price Setups


Bitcoin and Ethereum technical outlook: upside capped | IG Bank Switzerland

Aug 23, 2023 | Manish Jaradi | Strategist for DailyFX

BITCOIN, BTC/USD, ETHEREUM, ETH/USD - OUTLOOK:

  • Bitcoin and Ethereum have fallen sharply in recent days.
  • ETH/USD and BTC/USD are approaching major support levels.
  • What is the outlook and what are the key levels to watch?

BITCOIN: Upward pressure has faded, but not ended

Bitcoin’s fall below key converged support around 27300-27800 has confirmed that the bullish pressure from last year has faded. The support includes the lower edge of the Ichimoku cloud on the daily charts and a rising channel since early 2023.

BTC/USD Daily Chart

image1.png

Chart Created by Manish Jaradi Using TradingView

This follows a failed attempt to cross above the converged barrier at the April high of around 31000, coinciding with the 89-week moving average and the upper edge of the Ichimoku cloud on the weekly chart. For more discussion, see “Bitcoin & Ethereum Hold Ground Ahead of US CPI: BTC/USD & ETH/USD Price Setups,” published August 10.

BTC/USD Weekly Chart

 

image2.png

Chart Created by Manish Jaradi Using TradingView

While the fall below 27300-27800 has disrupted the uptrend for now, it is not sufficient to suggest an end of the uptrend. Only a break below the June low of 24750 would trigger a reassessment of the overall bullish bias. Any break below 24750 would trigger a double top (the April and July highs), pointing to a deeper retracement toward the March low of 19550.

ETH/USD Weekly Chart

image3.png

Chart Created by Manish Jaradi Using TradingView

 

ETHEREUM: Testing crucial support

Ethereum looks relatively weaker than Bitcoin. That’s because ETH/USD created a lower high (relative to its own peak in April) compared with BTC/USD which in July briefly surpassed its April high.

ETH/USD Daily Chart

image4.png

Chart Created by Manish Jaradi Using TradingView

ETH/USD dropped below an important converged support on the 200-day moving average and a rising trendline since the end of 2022, confirming that the multi-week upward pressure has dissipated. Ethereum is now testing major support at the June low of 1620. Any break below would raise the odds that the uptrend from the end of last year had ended, pointing to a broad trading range of 1300-2000 subsequently for ETH/USD. The next support is the March low of 1370.

 

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On 22/08/2023 at 20:01, BashJasper said:

I think that could be a better alternative. Infact, I'm looking at KCGI trading competition for possible entry. Might be worthwhile

Sure. The exchange latest trading contest looks huge. 

Multiple trading options 

Flexible entry requirements 

And an amazing prize pool for both crypto novices and existing traders.

Check out this below link to keep yourself updated. 

https://www.bitget.com/en/support/articles/12560603796252

 

 

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  • 2 weeks later...
On 23/08/2023 at 22:27, Bash4j said:

Sure. The exchange latest trading contest looks huge. 

Multiple trading options 

Flexible entry requirements 

And an amazing prize pool for both crypto novices and existing traders.

Check out this below link to keep yourself updated. 

https://www.bitget.com/en/support/articles/12560603796252

 

 

I learnt that the futures copy trading & demo trading contest reg is on. Tho I'm not that good in futures but will leverage on the copy trading to earn from the total prize pool post reg. 

Edited by samwisegamji
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