2023-08-24 • Updated
Bitcoin surged by more than 3% to reach over $26,600, recovering from losses incurred in the previous week's drop. Ether also rose by 3.5%, approaching the $1,700 level. Solana's SOL token jumped by almost 7% after integration with Shopify's Solana Pay, enabling USDC stablecoin payments. NEAR, the token of the Near Protocol, gained over 6% following its integration with crypto lender Nexo. Major alternative cryptocurrencies like Cardano's ADA, Polkadot's DOT, and Binance's BNB saw gains of 3% to 5%. Despite these recoveries, experts differ on the future outlook, with some foreseeing a prolonged downtrend due to technical and fundamental factors, while others like Pantera Capital believe Bitcoin won't stay at low prices for long.
Bitcoin has had quite an eventful couple of days starting from the previous week. The huge decline in price of Bitcoin may at this time have reached it’s terminal point. This is due to the fact that price is currently trading around a demand zone on the Daily timeframe, with additional confluence from the;
Analyst’s Expectations:
Direction: Bullish
Target: $29,000
Invalidation: $25,000
Similar to Bitcoin, we had a slight drop in price of Ethereum also, dropping from its previous high at $1,880 to as low as $1,500. The current price action, however, seems to be heading towards the demand zone on the daily timeframe, since that is the most probable move before a bullish revival. The Fibonacci retracement tool is expected to present ample support in favour of this bullish revival at the 76% and 88% respectively. In the meantime, the most logical course of action is to wait.
Analyst’s Expectations:
Direction: Bullish
Target: $1,830
Invalidation: $1,345
Despite not being as popular as the previous two we’ve looked into so far, Litecoin (LTCUSD) could yet provide ample opportunity to investors looking for a more affordable investment opportunity in the crypto markets, and quite possibly a better ROI option. At the moment, Litecoin has given off an initial reaction from the pivot zone on the daily timeframe, with a trendline support lying just below the wick. This means we can begin to expect a bullish impulse from LTCUSD in the near-term, once a clear change of market structure has been observed on the lower timeframes.
Analyst’s Expectations:
Direction: Bullish
Target: $82
Invalidation: $53
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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