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August 27 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation. Bitcoin is down 5.66% over the last 24 hours and fell to an intraday low of $20,106.95. The cryptocurrency market plummeted alongside the traditional equity market after Federal Reserve Chair Jerome Powell delivered his speech because the market expected the Fed is going to maintain a tough stand against inflation. For now, If the bulls could not hold the price above $20,000, Bitcoin could decline to $18,000. Today’s Cryptocurrency Headline Sui Launches Its Blockchain Browser Sui, a Layer 1 project founded by the former Meta team, announced the launch of its blockchain browser, Sui Explorer, serving as inspection and analytics tools for users and developers to troubleshoot, confirm their activities, and verify holdings on-chain. Sui Explorer is designed to accomplish the following: Keep the most updated and accurate on-chain data, activity, and metrics Enable lookup, verification, and tracking of all assets and contracts Be a fast, reliable, and transparent tool for debugging and auditing Offer useful smart contract development and features unique to Sui Move Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX 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 article.
by BingX
Bitcoin Edges HigherBitcoin is edging up, but is still bounded by $22K or so. We have a strong level at $22.4K, but we can't even muster the strength to test this. We did see strong support around $20K, so it does not seem like BTC is weak enough to test the $18K's or $19K's and establish the range we held when we tested lows. However, the Kovach OBV is still bearish, so we have a slight bear divergence. We are likely not to see any momentum until Fed's Powell speaks at Jackson Hole at 10AM EST. If he sounds dovish, we could see a rally to $22.4K or the next level at $23.9K. Otherwise, expect continued support in the $20K's.
BITSTAMP:BTCUSDShort
by quantguy
August 26 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart According to The Block, as of August 24, the NFT marketplace volume for the month was $369.53 million, compared with $675.43 million in July — a roughly 46% decline. Bitcoin price is almost flat over the past 24 hours. The largest cryptocurrency has been trading in a tight range between $20,800 and $21,500 since 19 Aug, indicating the demand dries up at higher levels. For now, the bulls need to push the Bitcoin price above the 50-day simple moving average (SMA) ($22,408) to establish a relief rally. If the bulls could not hold the current level, Bitcoin could find support at around $20,000. Today’s Cryptocurrency Headline Ethereum Foundation Confirms the Merger Date The Ethereum Foundation confirmed the timing of the mainnet merger in a blog post. The Merge is a two-step process. The first step is a network upgrade, Bellatrix, on the consensus layer triggered by an epoch height. This is followed by the execution layer's transition from proof-of-work to proof-of-stake, Paris, triggered by a specific Total Difficulty threshold called the Terminal Total Difficulty (TTD). The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain -- 11:34:47am UTC on Sept 6, 2022. Paris, the execution layer's portion of the transition, will be triggered by the Terminal Total Difficulty (TTD) of 58750000000000000000000, expected between Sept 10-20, 2022. The exact date at which TTD is reached depends on proof-of-work hash rate. Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX 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 article.
by BingX
1
Can Ethereum Break Through Resistance?Ethereum found support at $1547, as we anticipated. We saw a lot of green triangles from the KRI on this level, confirming support. Subsequently, we pivoted back to the $1600's where we first saw resistance from $1653. There is a cluster of levels above that should provide resistance, and we are currently in the thicket of them. These start at $1694 and end at $1748. After that, there is a vacuum zone to $1821 which remains a target if we can break through. If we reject these levels then $1653 and $1547 should provide further support.
BITSTAMP:ETHUSD
by quantguy
2
August 25 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart According to the OKLink data, Ethereum miner addresses have transferred more than 317,000 ETH since August. Bitcoin is up 1% over the last 24 hours and rose to an intraday high of $21,900.00. The largest cryptocurrency has been trading in a tight range between $20,800 and $21,500 since 19 Aug, indicating the demand dries up at higher levels. If bears manage to push the price below this zone, a deeper drop towards $20,000 could be expected. Today’s Cryptocurrency Headline Nvidia's Second-Quarter Net Profit and Game Revenue Fell 72% and 33% Nvidia’s second-quarter gaming revenue was $2.04 billion, down 33% year-over-year and a 44% decline from the first quarter. In addition to the macro environment, Nvidia CFO Colette Kress said "As noted last quarter, we had expected cryptocurrency mining to make a diminishing contribution to gaming demand; we are unable to accurately quantify the extent to which reduced crypto mining contributed to the decline in gaming demand." Furthermore, Nvidia’s total revenue in the second quarter was $6.7 billion, up 3% year-on-year, and net profit was $656 million, down 72% year-over-year. Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX 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 article.
by BingX
Ethereum Inches HigherEthereum has found support, bouncing off our level at $1547. We saw mounting support from green triangles on the KRI, but the $1600's are proving tough to break through. Our level at $1653 seems to be a barrier for now. Recall that this is the beginning of a cluster of levels which extend through the mid $1700's. We will need some strong buying momentum to break through these, but if some comes through, we could retest the $1800's. Otherwise, expect continued support at $1547, with $1424 a likely floor price.
BITSTAMP:ETHUSDShort
by quantguy
Can Ethereum Hold the $1500's?Ethereum has held its ground, finding support at $1547, as anticipated. Support is confirmed by multiple green triangles on the KRI. The Kovach OBV is still quite bearish, but does appear to be attempting to level off as the bleeding eases. A strong US dollar and hawkish Fed outlook should continue to weigh on crypto, but if the $1500's can hold, then $1653 is the next target. After that we will face further resistance from that cluster of levels in the $1700's. If support breaks then $1424, and $1341 should provide further support.
BITSTAMP:ETHUSDShort
by quantguy
Bitcoin Clings to the $20K'sBitcoin has found support at $20.7K, confirmed by multiple green triangles on the KRI, despite an increase in the strength of the US dollar. The Kovach OBV is still bearish however, and if support caves, we will return to the value area between $18.6K and $20.7K. If we are able to pivot then the next target is $23.9K. But we are seeing strong resistance in between $20.1K and $23.9K, at around $21.6K, which must be broken before considering higher levels.
BITSTAMP:BTCUSDShort
by quantguy