Price analysis 9/16: BTC, ETH, XRP, DOT, BCH, BNB, LINK, CRO, LTC, BSV – BTC Ethereum Crypto Currency Blog

Bitcoin and a few altcoins have broken above key resistance levels, which suggests that the bulls are attempting to take control of the market.

This week MicroStrategy, a Nasdaq-listed company, announced that it had added 16,796 Bitcoin (BTC) to its existing holding of 21,454 Bitcoin. This means in less than a year the firm has amassed 38,250 Bitcoin. This is a defining moment as MicroStrategy becomes the first public company to adopt a Bitcoin standard. 

Other large companies may follow in MicroStrategy’s footsteps but they are likely to purchase at much higher levels according to Datavetaren, a pseudonymous software engineer.

CNBC Mad Money host Jim Cramer also suggested that he might place 1% of his portfolio into Bitcoin as he considers gold ‘dangerous’. During a podcast with Anthony Pompliano, Cramer said that storing gold was dangerous, hence, his desire for Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

In other news, Rich Dad Poor Dad author Robert Kiyosaki said that Bitcoin ranks among the top three long-term investments that everyone should have in their portfolio. Kiyosaki believes that investors will dump these safe haven assets when a coronavirus vaccine is developed but according to him, that could be a great buying opportunity.

Generally, Bitcoin continues to have a bullish outlook in the long-term but what can traders expect in the short-term? Let’s analyze the charts to find out. 

BTC/USD

Bitcoin broke above the 20-day exponential moving average ($10,759) on Sep. 15 and is now attempting to sustain above the $11,000 resistance. This is encouraging as the further the price moves away from the recent lows at $9,835 the harder it will be for the bears to resume the correction. 

BTC/USD daily chart. Source: TradingView

The next two levels where the bears might try to stall the recovery is at the 50-day simple moving average ($11,269) and above it at the downtrend line.

Even if the BTC/USD pair turns down from either of these overhead resistances, the bears will have to slice through several support levels to reach $9,835, which is likely to be a difficult task.

The relative strength index has broken out of its downtrend line and has crossed over into positive territory, which suggests that the momentum is with the bulls. If the bulls can push the price above $11,700, a rally to $12,460 is likely.

ETH/USD

Ether (ETH) dipped below the $366 support today but rebounded from $354.381. This shows that the bulls are accumulating at lower levels. They will now try to push the price above the moving averages.

ETH/USD daily chart. Source: TradingView

If they succeed, the ETH/USD pair could rally to the 61.8% Fibonacci retracement level of $419.473. This level could act as a stiff resistance but if the bulls can push the price above it, a retest of the $480–$488.134 resistance is likely.

This bullish view will be invalidated if the pair turns down from the moving averages and breaks below $353.43. Such a move is likely to attract further selling that could drag the price down to the critical support at $308.392.

XRP/USD

XRP has again bounced off the $0.235688 support today, which confirms that the bulls are defending this level aggressively. However, repeated retests of a support level tend to weaken it.

XRP/USD daily chart. Source: TradingView

The 20-day EMA ($0.252) is sloping down and the RSI is in the negative territory, which suggests that the bears have the upper hand.

If the bears can sink the price below the $0.235688–$0.229582 support zone, the selling is likely to intensify. The next support on the downside is much lower at $0.19.

The first sign of strength will be a breakout and close (UTC time) above the 20-day EMA and a break above the downtrend line will signal the resumption of the up-move.

DOT/USD

Polkadot (DOT) turned down from $5.5761 on Sep. 14, which is just below the 61.8% Fibonacci retracement level of $5.5899. This suggests that the bears are selling on rallies.

DOT/USD daily chart. Source: TradingView

The DOT/USD pair is currently trading inside a rising wedge pattern. A breakdown and close (UTC time) below the wedge could result in a fall to $4 and then to $3.5321. If the pair bounces off this support, then a few days of range-bound action is possible.

Contrary to this assumption, if the pair rises from the current levels and breaks above the wedge, the uptrend is likely to resume. The first target on the upside is $6.50 and above it $6.8619. 

BCH/USD

Bitcoin Cash (BCH) broke above the $235.05 resistance on Sep.15, but the bulls could not clear the 20-day EMA ($240) hurdle, which suggests that the bears are selling on pullbacks to this level.

BCH/USD daily chart. Source: TradingView

However, the bears have not been able to break the $215 support for the past few days, which shows that selling is drying up at lower levels.

The BCH/USD pair is at the $235.05 resistance and the bulls will once again attempt to push the price above it. If they succeed in driving the price above the 20-day EMA, it will increase the likelihood of a rally to $260 and then to $280.

Failure to rise and sustain above $235.05 will keep the pair range-bound for a few more days. 

BNB/USD

Binance Coin (BNB) formed a doji candlestick pattern on Sep. 14, which showed indecision among the bulls and the bears. The failure to sustain the price above the $32 resistance attracted profit booking by short-term traders and dragged the price down to $26.7123.

BNB/USD daily chart. Source: TradingView

However, even after the sharp fall on Sep. 15, both moving averages are sloping up and the RSI is in the positive territory, which suggests that the advantage is still with the bulls.

The bulls purchased the dip to $25.82 today, which shows demand at lower levels. They will now once again attempt to push the price above the $32–$34 resistance. If they succeed, a retest of the all-time highs at $39.5941 is likely.

If the BNB/USD pair fails to rise above the $32–$34 zone, a few days of range-bound action is possible. The advantage will shift in favor of the bears if the pair dips below $25. 

LINK/USD

Chainlink (LINK) broke below the uptrend line on Sep. 15 and the bears will now try to sink the price to the next support at $8.908. A break below this support could result in a fall to $7 and then to $5.

LINK/USD daily chart. Source: TradingView

The downsloping 20-day EMA ($12.66) and the RSI in negative territory suggests that the bears have the upper hand.

However, if the bulls can quickly push the price back above the uptrend line, it will suggest that they are accumulating at lower levels. 

The first sign of strength will be a breakout and close (UTC time) above $13.28 and the uptrend is likely to resume after the LINK/USD pair rises above the downtrend line. 

CRO/USD

Crypto.com Coin (CRO) has risen above both moving averages, but the bears are unlikely to throw in the towel easily. They will try to stall the up-move at the downtrend line.  

CRO/USD daily chart. Source: TradingView

If the CRO/USD pair turns down from the downtrend line and breaks below the moving averages, a retest of $0.144743 is possible. A breakdown of this support will signal the likelihood of a deeper fall to $0.11.

However, if the bulls propel the price above the downtrend line, a move to $0.183416 and then to the highs at $0.191101 is likely. A breakout of $0.191101 will signal the start of the next leg of the uptrend.

LTC/USD

Litecoin (LTC) turned down from $50.2979 on Sep. 15, which shows that the bears are aggressively defending the $50–$51 zone. If they can sink and sustain the price below the trendline, a drop to $45.1626 is likely.

LTC/USD daily chart. Source: TradingView

The 20-day EMA ($51) is sloping down and the RSI is in the negative territory, which suggests that bears have the upper hand. If the $45.1626 support fails to hold, the decline can extend to the critical support at $39. 

Contrary to this assumption, if the LTC/USD pair rebounds off the current levels and rises above the $51–$53 resistance zone, it will signal that the correction has possibly ended. The first target objective on the upside is $64 and then $68.9008.

BSV/USD

Bitcoin SV (BSV) has roughly been trading between the $160–$170 range for the past few days, which suggests indecision among the traders.

BSV/USD daily chart. Source: TradingView

If the bears sink and sustain the price below $160, the BSV/USD pair could drop to the critical support at $146.20. The bears have not been able to break this support since March, hence, the bulls are likely to defend this level once again.

However, if the selling pressure picks up and the pair slips below the $146.20–$135 support, it will signal the start of a new downtrend that has a target objective of $100 and then $77.

This bearish view will be invalidated if the pair turns up from the current levels and breaks above the downtrend line. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Miny.CC – Innovation in the Cryptocurrency Mining Sphere – BTC Ethereum Crypto Currency Blog

Aberdeen, Hong Kong, September 16, 2020. – More than 10 years after the first cryptocurrency was successfully mined, the mining space is more controversial than ever. The process was created to be democratic; to allow any PC with spare computing resources to contribute the surplus to help maintain the cryptocurrency network and earn rewards in return.

The prospects of the mining prize mentioned here led entrepreneurs to innovate ways to make mining more profitable. In the process, they have fabricated specialized mining devices that do not only do the activity faster, but also improves the profitability of the exercise while at it. The said changes now mean that anyone who wants to earn from Bitcoin and cryptocurrency mining must put in a colossal amount of capital to afford the expensive devices. Besides, the cost of electricity required to sustain the process is extortionate.

The incredible pace of change in the industry, notwithstanding, an innovative entrepreneur and his unique startup are prepping the industry for major changes. The individual, Thomas Norberg, is a Russian-born businessman with a vision to make Bitcoin and cryptocurrency mining more user-friendly and less costly to join.

Thomas Norberg – The Man, the Innovator

Thomas was born in Russia. After attaining elementary education in his native country, he set sail for oversees, landing in Sweden where he enrolled for a Master’s degree in International Business Management, which he completed successfully.

Upon completing his graduate studies, Thomas joined the corporate world earnestly. It was while here that he stumbled upon the novel blockchain technology. Having been in the industry for more than 8 years, he can now talk authoritatively about the successes of the space as well as the issues and challenges ailing the industry.

Thomas has seen it all, or at least most of it. He started as a crypto trader back when not many people knew about virtual currencies. Between 2016 and 2018, when initial coin offerings (ICOs) were all the rage, Thomas dived in and backed several projects with the proceeds from his trading days.

However, technology is dynamic and there is no space where this statement is truer than the blockchain industry. Watching the comings and goings of the space, it did not take Thomas long to see the folly and lopsided aspect of the industry that crypto mining had become. Baffled by the cost of hardware and the runaway power tariffs, Thomas joined hands with some entrepreneurs he came to know in the industry. Together, they came up with the idea of a cloud mining platform that has a unique yet friendly approach to the undertaking. And, the process gave forth to Miny.cc.

Miny.cc – The Unique Approach to Cloud Mining

Miny is primarily a cryptocurrency wallet infrastructure. If a user creates an account on the platform, he or she also gets a secure cryptocurrency wallet by default. The multi-coin wallet can store Bitcoin, Ethereum, Litecoin, and MINY tokens.

However, the platforms shining star is its cloud mining plan. The plan is simple and easy to use. All a user needs to do is create an account, deposit crypto into the wallet provided and convert the virtual currency into MINY tokens. Once the platform verifies the deposit, the user will be included in the mining pool where he or she will begin getting a share of the platform’s mining proceeds. Overall, the platform pays out between 10% and 19% of the amount a user invests, per month.

Aside from cloud mining, users can make money on the platform through several means. The platform’s native token, MINY, for instance, is a revenue earner. The cryptocurrency is made such that for every successful transaction completed on the platform, a portion of it burns. In doing so, the platform ensures that the number of MINY tokens in circulation reduces over time.

Since the demand for the coins is set to increase over time while the amount in circulation reduces, the value of the coin, as such, will appreciate. Users who hold the coins for an extended period can exchange them for other cryptocurrencies or cash them as fiat and enjoy their profits.

Still, users who have extensive following online can cash in on this resource. The platform has an elaborate affiliate program that pays commissions for the referrals a user brings up to the 20th downline.

The above narrative shows that Thomas Norberg is in the game for more than just profits. The Russian entrepreneur and his band of associates want to make Bitcoin mining worth considering again. Besides, they want to see it become an undertaking that is environment friendly and Sustainable. This reason is why Miny’s mining farm is located in Hong Kong. The region’s endeavor to go green makes its power cheap and attractive.

More information about Thomas Norberg and his unique project is available here.

Press Contact Email Address
[email protected]

Supporting Link
https://www.youtube.com/watch?v=zlocB2BEKNg


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post Miny.CC – Innovation in the Cryptocurrency Mining Sphere appeared first on Bitcoin News.

https://news.bitcoin.com/eli-bordun-15-09-20-1519-miny-cc-innovation-in-cryptocurrency-mining-sphere/

Original Article
Author: btcethereumadmin