President of El Salvador Nayib Bukele slams IMF, Bitcoin Moon or Doom, BTC and ETH analysis, SOL makes new all time high, and FTX NFTs!
- El Salvador now holds 550 bitcoin
- Bitcoin/USD – Moon Mission or Doom Mission?
- Ethereum/USD – Knocking on door of last resistance
- Bull pick of the week – Solana – Makes new ATH!
El Salvador Now Holds 550 Bitcoin
On September 6th, 2021, just 1 day before El Salvador’s official date to declare Bitcoin as legal tender, the president (Nayib Bukele) announced on twitter that his government bought 200 Bitcoin.
“El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches” – Nayib Bukele.
The government of El Salvador will use the Chivo E-Wallet, and it will be preloaded with $30 USD of BTC for everyone who downloads it. This central American nation is now the 1st country to recognize Bitcoin as legal tender. This is huge news because many investors are betting that this will boost the price of Bitcoin.
Bitcoin/USD – Moon Mission or Doom Mission?
BTC Daily Chart
BTC Weekly Chart
On the Daily timeframe, Bitcoin/USD has officially flipped and retested the $50K level that we pointed out in last week’s article. There would be even more confirmation provided that the level has indeed flipped if we were to see a WEEKLY candle retest and hold over the $50K line. If we maintain above $50K on a weekly closing basis I think that Bitcoin goes to the $59K area next. A cautious trader/investor should prepare for a potential fake out on the weekly timeframe. If we lose the $50K line, then I would expect anywhere from $45k-$42K to act as support.
Bitcoin stays above $49k-$50K area and retests all-time highs/makes new ATH’s
A weekly close below the $50k area and I would look at the $45k down to the $42k levels to hold price up. Bulls would not want to lose the $38k – $42k area in that scenario.
Ethereum/USD – Knocking on Door of Last Resistance
ETH Daily Chart
ETH Weekly Chart
Ethereum has been repeatedly knocking on the door of its last resistance before new all-time highs. The last area of resistance for $ETH/USD is $3984. A Close above the $4k mark would send Ethereum to new ATH’s in my opinion. As long as Bitcoin will continue to play fair then I think $ETH will continue to be bullish, and we will see new ATH’s soon.
A close above the $3.9K resistance on a daily closing basis would lead me to believe that Ethereum would make new ATH’s. In order for that to happen we must stay above $3.5k first though.
A weekly close below the $3.5k level would shift my attention back to the old $3.1K support zone and I would position myself accordingly for a pullback into that area.
Bull pick of the week – Solana makes new ATH!
From the June bottom to the September top, Solana $SOL is up more than 800% and for good reason. A lot of Solana investors are treating $SOL as a long-term competitor to Ethereum.
Related: Amateur’s Guide to Aping NFTs
Sam Bankman-Fried (owner of crypto derivatives platform FTX.COM) recently announced Solana’s integration into the upcoming FTX NFT marketplace. Users will be allowed to mint and trade NFTs via FTX. Most NFT transactions take place on the Ethereum blockchain which is known for extremely high gas fees due to congestion. Using $SOL will allow users to mint and trade with cheaper gas fees.