As the forces trying to exert a waning influence on money, Bitcoin continues to improve and gain acceptance. Confidence in outdated monetary technology is waning.
Bitcoin’s very existence contradicts the fundamentally inadequate and often corrupt monetary practices that have prevailed over the past 100 years.
Let’s dig in.
Litecoin hits 3 month high as fundamentals improve
Litecoin has rallied lately and has soared to its highest price since mid-May as the digital currency network continues to benefit from tailwinds and growing network activity.
The relationship between Litecoin and Bitcoin has often been compared to that of silver and gold from both a fundamental and a technical point of view.
Check out the full one Article here!
Bitcoin: further and up?
I shared a clean last Thursday diagram on Twitter with the exact interests at the time. BTC / USD has since passed the last layers of selling pressure and is on the brink of further recovery, with a potential target of $ 57,200.
At the time of writing, the coin is exchanging hands at $ 51,770 – after closing a full-bodied day candle firmly in the open. At $ 48,600, the 20-day EMA is the line-in-the-sand level for accelerating momentum. Should price develop (and close below) it is reasonable to expect that a deeper correction is likely.
However, the daily trend of the Relative Strength Index (RSI) seen since August 7th also appears to be succumbing to bullish momentum. This suggests that buyers are not giving in.
Should BTC / USD decide to hit all-time highs now (as opposed to later), the Fib expansion level of USD 88,000 1.618 would be the first macro target for bulls.
All eyes are on the royal crypto for a short time. Is hyperbitcoinization coming sooner?
Ethereum Air above
ETH / USD is ripping apart. At the time of writing, Aether has hit an all-time high. If $ 3,800 to $ 4,000 are crucially held, the last remaining level of resistance worth considering would be null and void.
As mentioned in the previous newsletter, the next target for ETH / USD in September is the 1.618 Fib expansion level at USD 6,000.
DeFi Index shows no mercy
Meanwhile, the FTX DeFi index continues to show relentless strength, trading hands at $ 13,480 at the time of writing. As mentioned earlier, $ 14,500 (0.786 fib) is a level at which to expect profit taking and partial capital returns in Bitcoin or elsewhere.
Historically, ETH / USD has been a proxy and harbinger for the altcoin market. But Ether is usually “capped” by the BTC / USD price movement. That said, if Bitcoin opts for violence, investors usually give up risky assets and pull back into Bitcoin and stablecoins.
That truism remains a working modus operandi for capital flows in the crypto wild west, and until the trend changes, forestalling a change in the status quo is likely to end badly.
Do cops lead the way? All the Way.
See you later.
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