Trading trends; BTC and ETH analysis, MANA on the rise
8.29.21 – 9.04.21
- Bitcoin/USD Fighting With $50k Resistance
- NFT Related Coin pick of the week – $MANA
This weekly newsletter was created to give an unbiased view and another perspective to our fellow crypto traders/investors on where we believe the crypto markets could be headed in the coming days and weeks. Whether you are a professional day trader or a first-time investor we think this newsletter could be beneficial to you.
Please keep in mind that the views and opinions expressed in our weekly analyses are more for entertainment purposes and should not be taken as financial advice (although we hope to provide a little more than entertainment). If you are looking for financial advice, please consult with a financial advisor first. Always trade at your own risk and only invest what you can afford to lose.
Related: (not) All Doges Go To Heaven
Bitcoin/USD Fighting With $50k Resistance
BTC Daily Chart
BTC Weekly Chart
In last week’s article we talked about Bitcoin/USD hitting the $50k price target and attempting to flip that level into support. In hindsight, $50k should have been expected as a tough level to crack just because of it being a nice round number/important psychological number. Patience is required to flip that level and one should not expect to flip that level in a single 4-hour candle. $44k down to $42k is the daily support that I expect to hold if support is going to do its job. $38k is still the MUST HOLD weekly key level area for $BTC in my opinion.
Bitcoin stays above the $44k area and cracks the $49K – $50K area and flips the level into support.
Bitcoin loses the $44k – $42k support and retests the $38k – $40k as support again. Bulls would not want to lose the $38k – $40k area in that scenario.
ETH Daily Chart
ETH Weekly Chart
Ethereum is still showing us why it is the king of altcoins. The last 2 areas of resistance for $ETH/USD are $3534 & $3984 respectively. As I stated in last week’s article, these 2 areas are very light areas of resistance in my opinion, and I do not think that they hold much weight, but they are still worth charting just to be cautious.
A close above the $3.5K resistance on a daily closing basis would lead me to believe that Ethereum would retest previous all-time high levels and create a new ATH for Ethereum.
A weekly close below the $3.1k level would look at the old $2768 support zone to act as support once again.
NFT Related Coin Pick of The Week $MANA
One of the biggest sectors in crypto right now are NFTs and NFT coins. The NFT coin that I decided to cover today was Decentraland $MANA. $MANA is an Ethereum token that powers the Decentraland virtual reality platform. $MANA can be used to pay for virtual plots of land in Decentraland as well as in world goods and services.
Just about a year and a half ago this coin was only worth $0.016 cents. Fast forward to today and this coin has reached a high of $1.60 which is a 10,000%+ increase! The price is currently about 95 cents and faces resistance at about $1.13. A weekly close over that area would set this coin up for new ATH’s.