Asset manager and The company currently holds more than 6% Bitcoin (Bitcoin) Circulation supply, according to Buy Bitcoin Worldwide. Data breakdown shows that Bitcoin fund issuers and asset management companies hold approximately 4% of the supply of bitcoins, listed companies account for nearly 1%, and private companies hold approximately 0.83% of the supply of cryptocurrencies.
Obviously, institutional investors continue to add cryptocurrencies to their portfolios, said Adam Proctor, managing director of the billionaire Simon Nixon investment company Seek Ventures Company plans to increase “Assign to cryptocurrency” because they think this is “an important area for the future.”
CNBC Mad Money host Jim Cramer recently stated that he is a “believer of cryptocurrency” and suggested Investors allocate 5% of their portfolio To digital currency.
Bitcoin’s breakthrough of the psychological barrier of $50,000, will it lead to a panic buying in the industry? Let’s study the charts of the top 10 cryptocurrencies to find out.
On August 26, the strong resistance near $50,000 may attract short-term traders to take profits. This pulled Bitcoin below the support line of the ascending wedge pattern, but the bears failed to take advantage of this move and sink the price below the moving average.
The bulls have pushed the price back into the wedge today. If the rebound continues, the BTC/USDT pair may gradually move towards the upper resistance zone of US$50,000 to US$50,500. A breakout and close above this area will indicate the resumption of the uptrend.
The currency pair may then rise to the wedge-shaped resistance line, where the bears may once again form strong resistance. If the price retreats from this resistance level, the currency pair may continue to rise within the wedge.
The break of the wedge shape will signal a rebound in momentum. This may result in a rebound to $60,000.
The relative strength index (RSI) fell below the symmetrical triangle pattern, indicating that the bears are at a marginal advantage. If the price falls from the current level and breaks below the moving average, the currency pair may fall to $42,451.67.
Ether (Ethereum) In the past few days, it has been consolidating within a narrow range of US$3,000 to US$3,335. The 20-day exponential moving average ($3.097) is flattening, and the RSI is slightly higher than the midpoint, indicating that supply and demand are balanced.
The price rebounded from the 20-day moving average today, and the bulls are now trying to push the price above $3,335. If this happens, it indicates that the bulls have accumulated the ETH/USDT pair in this range. The currency pair may then rebound to 3,670 USD and then rise to 4,000 USD.
A breakout and close below $3,000 would indicate that the shorts have overwhelmed the longs. This may lead to further selling, as multiple stop losses may be touched. Then the currency pair may fall to the next support level of the 200-day simple moving average ($2,366).
Usually, as seen in Cardano, the breakthrough of the critical level is retestedHave). The price fell from the all-time high of $2.97 on August 23 to the breakthrough level of $2.47 on August 26.
The ADA/USDT currency pair rebounded from US$2.47 today, indicating that market sentiment is still optimistic, and traders are buying every time it drops slightly. The bulls will try again to push the price above the upper resistance at $2.97.
If they succeed, the currency pair may rebound to $3.50. The upward sloping 20-day EMA ($2.29) and the RSI in the overbought zone indicate that it is beneficial to buyers.
Conversely, if the price drops from the current level or above resistance, it indicates that the bulls are closing their positions on rallies. A break and close below the 20-day moving average will mark the beginning of a deeper correction.
Binance Coin (Bitcoin) The intraday high on May 19 was $516.50, which may become a strong resistance. The bulls pushed the price above the resistance level on August 26, but were unable to maintain the altcoin above the resistance level.
If the buyer does not give up too much from the current level, this will show strength. Then the bulls will try again to clear the overhead obstacles. If they can succeed, the BNB/USDT currency pair may rebound to $600.
The rising 20-day EMA ($432) and the RSI in the positive zone indicate that it is beneficial to buyers. If the price falls and breaks below the 20-day moving average, this positive view will be invalidated. This may lead to a drop to the 200-day moving average ($362).
Ripple It fell to the breakthrough level of 1.07 USD again. This is an important level for the bulls to defend, because if it breaks, the altcoin may undergo a long-term liquidation and fall to the next support level of the 200-day SMA ($0.86).
The flat 20-day moving average ($1.08) and the RSI just above the midpoint indicate that the bulls may be losing control.
If the price rebounds from the current level, the XRP/USDT pair may rise to the downtrend line. Breaking and closing above the downtrend line will increase the possibility of a rebound to the upper resistance level of $1.66.
On the other hand, if the price drops from the downtrend line again, the currency pair may face a greater risk of starting a deeper correction.
Dogecoin (dog) Fell below the 20-day moving average ($0.28) on August 27, indicating an oversupply. The bulls are currently trying to push the price back above the upper resistance at $0.29.
If the DOGE/USDT pair breaks through the downtrend line, the bullish momentum may rebound. Then the currency pair may rise to $0.35. If it breaks this level, the next step may be the upper resistance level of $0.45.
Conversely, if the price falls from current levels, it indicates that the bears are actively defending $0.29. Then the currency pair may fall to 0.21 USD. A strong rebound from this support level may keep the currency pair within a range of between US$0.21 and US$0.29 for a few days.
DOT / USDT
polka dot(point) Retreated from the upper resistance at $28.60 and corrected to the 20-day moving average ($24.03). A strong rebound from this level indicates that the bulls are accumulating on dips.
If the rebound continues, the bulls will try to push the price above the upper resistance at $28.60. If the DOT/USDT pair stays above US$28.60, it will complete the V-shaped bottom with a target target of US$46.83.
Or, if the rally fails, the bears will try to push the price below the 20-day moving average. If this happens, the currency pair may fall to the next strong support level of $18. If the price rebounds from this level, the currency pair may remain within the range of $18 to $28.60 within a few days.
The long tail of Solana (SOL) August 25th and 26th candlesticks shows strong buying at lower levels. A slight correction after a strong rise is a sign of strength, because it shows that traders did not close their positions, but bought when they fell slightly.
Today the bulls pushed the price to a record high above $82. If buyers maintain the price above US$82, the SOL/USDT currency pair may begin to move towards the next psychological threshold of US$100.
The rising 20-day EMA ($63) and the RSI in the overbought zone indicate that the bulls are in control. If the price fails to maintain above US$82, the currency pair may remain in a range within a few days. The bears must pull the price below $58.38 to break the bullish momentum.
UNI / USDT
Uniswap (United Nations University) Fell below the moving average on August 24, indicating weakness. The bulls tried to push the price back above the moving averages on August 25 and 26, but they were unable to maintain higher levels.
The bulls are now again trying to push the price above the moving average. If they manage to do this, the UNI/USDT currency pair may rebound to $30. The break of the upper resistance zone of $30 to $31.25 may herald the beginning of a new uptrend.
Conversely, if the price falls from the moving average, the UNI/USDT currency pair may fall to the key support level of 23.45 USD. A strong rebound from this level may maintain the currency pair within the range of 23.45 to 30 US dollars in the short term. The flat moving average and RSI near the midpoint also hinted at a few days of consolidation.
In the past few days, the LUNA token of the Terra protocol has been integrated between US$26 and US$32. Although the bulls pushed prices above $32 on August 19 and 24, they were unable to maintain higher levels.
The LUNA/USDT currency pair rebounded from the support level today, and the bulls will try again to resume the upward trend. If the price closes above the resistance level of $32 to $34.67, the currency pair may rebound to $43.
The rising 20-day moving average ($24.44) and the RSI in the overbought zone indicate that the path of least resistance is to the upside. If the price falls from the current level or above the resistance and breaks below the break level of 22.40 USD, this bullish view will be negated.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.