Quick BTC update.

We saw BTC breaking down all odds and rally towards the uptrend in a slow and steady manner. So far BTC has managed to reach $46k which is a good sign for the market.
Currently, it is trailing right above the 21 MA. If BTC continues to bounce back from this MA then we may possibly see BTC at $47k to $48k level. A breakdown below the 21 MA will probably be a retest towards the lower trendline ($42600) where we also have a strong support.
All things are clearly explained in the chart.

Note: This week’s close will be very crucial for BTC.

#BNB = $400
#BTC = $46558
#ETH = $3262

Cardano’s smart contract launch date is due this Friday. Creator of cardano Charlie Hoskinson said We had a lot of discussions with partners and other people, and it looks like we are on track for Friday to announce the date.
Last week on August 6th, 2021, IOHK, the parent company of Cardano had made an announcement that the Alonzo Purple testnet to support smart contracts on the Cardano blockchain is publically available and new user onboarding has begun.
In preparation for the launch, ADA saw a massive 20% surge in in the past 24 hours.

https://blockcrunch.co/2021/08/11/cardanos-smart-contract-launch-date-is-due-this-friday/

Stablecoin Supply on Exchanges Continues to be Close to All-Time Highs

While BTC price is trending upwards, the stablecoin supply on exchanges remains close to all-time highs. If these stablecoins are not employed into loan products etc., there is potentially still a lot of capital on the sidelines ready to be deployed into bitcoin.

BTC is in a crucial situation right now.
According to our yesterday’s update, BTC reached $46787 after which it got rejected back to the 21 MA.
BTC is once again at the edge of 21 MA. We may possibly see a bounce from this point or a rejection.
Scenario 1: Bounce back will possibly lead the price towards the $47k.
Scenario 2: Rejection will possibly pull back the price to the given support level.

Still we have few hours left for the candle to close.

So, stay tuned for the next update.

Binance KYC is mandatory.

So, we are following Scenario 2 where BTC got rejected and is reaching out to the support level.
We may see a bounce from $43k level as well where we have the 50 MA.

Note: Rejection below the support level will be critical for BTC. So keep an eye on it.

Stay tuned for the next update.

Users on the Bitcoin network is now growing at its fastest rate ever.

1.2m users were added in the last 30 days.

Does not include off-chain users on exchanges which typically sees up to 3x this number.

Like we said in our previous post, BTC took a bounce right from the 50 MA ($43800) but it failed to break the 21 MA. If we break out of this 21 MA and close above it then we may possibly see BTC reaching $48k. A rejection from this point will lead us back to the 50 MA.
It is interesting to see that BTC is bouncing in between the 21 & 50 MA.

Stay tuned for more updates.

Between the low of $29.7k, and the current price at $45.4k, a total of 16.4% of total #Bitcoin supply returned to profit.

This indicates that approximately 3.08M $BTC were last spent, and thus have an on-chain costs basis in this price range.

BTC broke out of the 21 MA. Next target will be $48k.

Let's see if we can reach there.

Ethereum whale addresses aren't stopping their accumulation as prices hover above $3,100. 3 years ago to the day, addresses with 10k+ $ETH owned 35.8%. Today, they own 7.9% more of the supply that they owned them. There are 1,338 of such addresses.

IMO ETH is suepr bullish. We might see $10k per ETH this year.

Like we said, this week's weekly close is going to be crucial for BTC.
A close above the 21 MA will be so great. If BTC continues to grow from this point then it'll invalid repeating the history.

Let's wait and watch what the weekly close brings to us.

So, stay tuned.

Bitcoiners have reason to cheer with prices ending the week surging past $47.8k for the first time since May 16th. A sign that $BTC will approach #ATH levels again, watch that exchange inflows stay dormant. Right now, things continue to look healthy.

Quick update on BTC:

BTC reached $48190 but it wasn't on the price target we expected. It got rejected right from the $48k level. Still, we have a chance to bounce back from the 21 MA.
Yes, the market formed a red candle but we have the 21 MA as a support so we still have a chance to reach out the upper trendline.
breaking down the 21 MA will possibly be a retracement towards the lower trendline or the support level.

We will keep things updated as the market changes. So, stay tuned.

Be careful with your trades, guys.

Miners have been accumulating #BTC for over 5 weeks now.

The Central Bank of Venezuela announced the new redenomination plan for its fiat currency called “Digital Bolivar.” This new proposal seeks to simplify transactions by slashing six zeroes from the current value of the currency. While it is called digital, it has nothing to do with the proposal of a new central bank digital currency (CBDC), but it claims to have the development of a digital economy in the country as its objective.

Important update on BTC.

A bounce from the 50 MA is much needed for BTC right now. If BTC fails to stand this level then we may possibly see a drop down up to $45k.This drop will be a possible rested in Daily and weekly chart.
On the other hand, a bounce will bring back the momentum to rally back to the $48k.

Stay tuned for the next update.

Told ya. We have already reached $45600 level.

Guys, keep an eye on the weekly close. We are few hours away from it. Currently BTC is retesting the $45k level which is close to the 21 MA in a weekly chart.
We will wait for the weekly close for confirmation.

So stay tuned.