Major Resistance at 47,485

The BTC/USD closed at $47,157.0 after placing a high of $48,241.0 and a low of $46,725.0. BTC/USD continued its bearish streak for the 4th consecutive session on Tuesday amid the recent market sell-off. The former United States President, Donald Trump, said that cryptocurrencies were fake as nobody knew what they were as many people do not know anything about them. When asked about his views on the health of Wall Street markets and the potential of bitcoin and the cryptocurrency market, Trump said that he liked the currency of the United States and called the other currencies the ones waiting for a disaster to happen.

Trump further asked to put the protection and sovereignty of the U.S. dollar as a priority rather than grasping the overwhelming benefits of blockchain technology and cryptocurrencies. These comments from Donald Trump added to the declining prices of BTC/USD on Tuesday and dragged them further to the downside.

Furthermore, a billionaire hedge fund manager and the president of the U.S. investment firm Paulson & Co., John Paulson, has shared his views on cryptocurrencies. Paulson became famous in 2007 for shorting the U.S. housing market as he foresaw the upcoming mortgage crisis and bet against mortgage-backed securities by investing in credit default swaps.

On Tuesday, Paulson shared his views on Bitcoin and cryptocurrencies and said that he was not a believer in cryptocurrencies. He described the digital coins as a bubble and said that they were a limited supply of nothing. He elaborated that there was no intrinsic value to any cryptocurrency except a limited amount.

Paulson continued bashing cryptocurrencies and said that regardless of where they were trading today, they would eventually prove to be worthless. He said that he would not recommend anyone to invest in cryptocurrencies as once the exuberance wears off and the liquidity dries up, and they will go to zero. He also explained that even if he believes that bitcoin will end up declining in the long-term future, he will not short bitcoin as if he does so, he would be wiped out in the short term. These comments from Paulson added a further negative stance to the ecosystem of bitcoin, and BTC/USD raised its losses on Tuesday.

Meanwhile, a report suggested that Venezuelan authorities were looking for a scammer accused of disappearing with about 23.66 BTC worth of $1.15 million from the account of his clients after faking his kidnapping.

The police issued a report which stated that a 23-year-old citizen was wanted by the country’s largest national police agency over charges of suspected money laundering and fraud. Authorities believe that the person staged his abduction as his clients' accounts at Binance have emptied since his disappearance. This news about another bitcoin scam added to the negative stance of BTC/USD and added further loss to its prices on Tuesday.

BTC/USD Intraday Technical Levels

Support Resistance

46507.6 48023.6

45858.3 48890.3

44991.6 49539.6

Pivot Point: 47374.3

BTC/USD - Technical Outlook

The leading cryptocurrency BTC/USD is mostly unchanged and trading with a bearish bias at the 47,266 level, having violated the pivot point support level of 47,600 level. On the downside, the pair is facing another support at the 46,267 level. However, the 46,267 support level breakout exposes the BTC/USD pair to 45,531 and 44,207 support zones.

Moreover, an additional breakout of 44,207 levels exposes the BTC towards 43,050 support levels. Conversely, the breakout of the 47,600 resistance level exposes the Bitcoin towards the 48,327 and 49,650 levels. The RSI and 50 EMA support a selling bias. Therefore, the focus should remain on 47,600 as the selling bias remains dominant below this level and vice versa. All the best!

Gold Completes 38.2% Correction

After hitting a high of $1826.30 and a low of $1809.95, gold prices settled at $1812.80. Gold fell on Monday as risk appetite increased in the market following US Federal Reserve Chairman Jerome Powell's easing concerns over the rapid withdrawal of pandemic-era stimulus. That weighed heavily on the yellow metal's safe-haven appeal.

Powell did not say if the central bank planned to trim its asset purchases in a speech at the Jackson Hole symposium. Still, he did say that raising interest rates will be an eventual choice as the central bank closely monitors the incoming data.

The US Dollar Index, which gauges the dollar's value against a bundle of six major currencies, stayed range-bound but turned positive for the day at 92.79. The yield on the benchmark 10-year note in the United States decreased to 1.27 percent on Monday, limiting the loss of precious metals.

On the data front, the Pending Home Sales in July fell to -1.8 percent versus a forecast of 0.5 percent at 19:00 GMT, weighing on the US dollar and limiting the fall of yellow metal on Monday.

On Monday, gold prices rose to their highest level since August 4, owing to reports that South African scientists had discovered a novel coronavirus variety with numerous mutations. This news boosted gold's safe-haven appeal, but gold couldn't maintain its high level for long, and it began to fall as risk appetite returned to the market.

Furthermore, the market's optimism has returned after Brussels' health authorities began distributing COVID-19 vaccinations at supermarkets and shopping malls to boost vaccination rates in the country. Meanwhile, the United Kingdom recorded 26,476 new coronavirus cases, the lowest number since August 10 and adding to the risk appetite.

Jko Widodo, Indonesia's President, stated that the government would change the limitations to prevent the outbreak of Covid-19 during the week of August 31 to September 6. The decrease in the number of daily injections in the nation prompted this decision, which contributed to an increased risk appetite in the market. On Monday, the yellow metal was under pressure due to growing expectations that the economy would soon expedite its rebound after more countries reopened and vaccination rates increased worldwide.

GOLD Intraday Technical Level

Support Resistance

1806.40 1822.75

1800.00 1832.70

1790.05 1839.10

Pivot Point: 1816.35

GOLD - Technical Outlook

Gold is trading with a bullish bias at the 1,818 level, heading north to retest the resistance level of 1,819. However, the metal entered the overbought zone, and now it's experiencing a bearish correction below 1,823 resistance levels. On the lower side, gold's immediate support prevails at 1,813, 1,807, and 1,795 levels. Furthermore, the bearish breakout of the 1,795 level exposes gold prices towards the 1,785 level.

On the higher side, the breakout of the 1,821 resistance level exposes the metal towards 1,829 and 1,841 levels. On the hourly timeframe, the RSI level is holding in a selling zone. Thus, the odds of a selling bias remain strong until the 1,807 level. The bullish bias remains strong above the 1,807 level and vice versa. All the best.

Bullish Bias Dominates

After hitting a top of $1.1810 and a low of $1.1782, the EUR/USD pair ended the day at $1.1795. On Monday, the EUR/USD pair remained unchanged during the trading session, despite conflicting investor sentiment for the day.

The US Dollar Index, which determines the dollar's value against a range of six major currencies, was also consolidating, remaining green near the 92.79 marks, keeping the EUR/USD pair under pressure. On the other hand, increased risk appetite in the market continued to underpin the EUR/USD currency pair, which stayed in a tight range with no movement for the day.

On the other hand, increased risk appetite in the market continued to underpin the EUR/USD currency pair, which stayed in a tight range with no movement for the day. The market's risk appetite soared when reports of optimism worldwide about the reopening of borders and rising vaccination rates surfaced.

The Brussels-Capital Region has stated that it intends to reach a vaccination rate of 65 percent by the end of October to avert the fourth wave's ramifications. Brussels' health authorities have begun providing vaccination shots at retail malls and supermarkets to raise immunization rates. This action sparked hope that the economic recovery would quickly pick up, and risk appetite returned to the market, pushing the EUR/USD higher.

On the other hand, the World Health Organization worried about increased coronavirus transmission rates in Europe on Monday. According to Hans Kluge, the agency's Europe head, the number of fatalities in Europe increased by 11% over the previous week. Given the increased transmission rate, the WHO estimates that 236,000 people will die in Europe by Dec 1. This WHO prognosis put more pressure on the single currency Euro, which erased all of its gains for the day, dragging the EUR/USD pair lower.

On the economic event front, the German Prelim CPI for August fell to 0.0 percent from 0.1 percent expected, weighing on the Euro and keeping the EUR/USD under pressure. The Spanish Flash CPI for the year rose to 3.3 percent at 12:00 GMT, beating the expected 3.0 percent, boosting the single currency Euro and pushing EUR/USD higher.

Pending Home Sales in July plummeted to -1.8 percent in July, compared to the projected 0.5 percent, weighing on the US currency and pushing EUR/USD higher at 19:00 GMT. Mixed data from Europe aided the EUR/consolidated USD's advance, and the pair stayed range-bound throughout Monday's trading day.

EUR/USD Intraday Technical Levels

Support Resistance

1.1782 1.1810

1.1768 1.1824

1.1754 1.1838

Pivot Point: 1.1796

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD exhibited a solid bullish bias as it traded at the 1.1828 level. On the hourly chart, the direct currency pair has violated the ascending triangle pattern extending resistance at 1.1810. For now, the EUR/USD is exposed to the next resistance level of 1.1837 level. Furthermore, the breakout of the 1.1837 level exposes the pair towards 1.1851.

On the flip side, immediate support prevails at 1.1823 and 1.1810 levels. The 50 SMA (simple moving average) supports the buying trend, while the Stochastic also suggests a bullish trend in the EUR/USD.

On the downside, the breakout of the support level of 1.1810 levels exposes the pair towards 1.1796 and 1.1783 levels. Therefore, the traders will focus on the 1.1810 level, as above this, the bullish bias dominates and vice versa. All the best.

Bitcoin on a Bearish Run

After reaching a high of $48,915.7 and a low of $46,904.0, the BTC/USD pair was closed at $47,008.0. During the latest sell-off in the cryptocurrency market, BTC/USD resumed its bearish trend for the third session, dropping below on Monday.

Bitcoin prices fell on Monday as citizens of El Salvador took to the streets to protest the planned Bitcoin Law, which is slated to go into force on Sept 7. Following that date, all economic interests in the nation will be supposed to accept Bitcoin as a form of payment alongside the dollar.

According to El Salvador's President, Nayib Bukele, the new legislation will benefit the people and save $400 million in remittance fees. He also stated that the regulation would ensure that financial transactions are quick and secure.

Despite the ostensible benefits, hundreds of protestors came to the streets to voice their opposition to the measure. Workers, retirees, and veterans made up most protesters, raising worries about Bitcoin's volatility and instability. On Monday, this news added to the downward pressure on BTC/USD values.

Meanwhile, John Paulson, a millionaire portfolio manager, has openly questioned cryptocurrencies' unpredictable character. Instead of bitcoin, he urged prospective investors to choose traditional financial assets such as gold. Cryptocurrencies, according to Paulson, have a finite amount of nothing and no intrinsic value. He advised against investing in cryptocurrencies, citing the assets' increased volatility as the reason. BTC/USD values fell on Monday due to these nasty remarks from a billionaire portfolio manager.

In addition, Bill Gurley, a venture capitalist, and partner at Benchmark, a Silicon Valley venture capital company in San Francisco, California, has expressed his thoughts on cryptocurrency. He stated that he was late to the crypto game since he didn't devote enough time. He stated that he conducted extensive research before deciding on Ethereum over bitcoin. The venture investor stated that it was a personal investment rather than one for his company, and he also declined to reveal the total sum put in ETH. The notion that the Ethereum crowd convinced him weighed on Bitcoin prices a little, resulting in a loss of BTC/USD on Monday.

BTC/USD Intraday Technical Levels

Support Resistance

47879.4 49685.4

46958.7 50570.7

46073.4 51491.4

Pivot Point: 48764.7

BTC/USD - Technical Outlook

On Tuesday, the leading cryptocurrency BTC/USD is trading with a bearish bias at the 47,166 level, having violated the pivot point support level of 47,600 level. On the downside, the pair is facing another support at the 46,267 level. However, the 46,267 support level breakout exposes the BTC/USD pair to 45,531 and 44,207 support zones.

Moreover, an additional breakout of 44,207 levels exposes the BTC towards 43,050 support levels. Conversely, the breakout of the 47,600 resistance level exposes the Bitcoin towards the 48,327 and 49,650 levels. The RSI and 50 EMA support a selling bias. Therefore, the focus should remain on 47,600 as the selling bias remains dominant below this level and vice versa. All the best!

Bearish Correction In-Play

After hitting a top of $1821.90 and a low of $1785.20, the XAU/USD was finished at $1819.50. Gold prices jumped dramatically on Friday after remaining range-bound for several days. On Friday, gold hit a three-week high amid broad-based dollar weakening fueled by Federal Reserve Chairman Jerome Powell's recent address.

The US Dollar Index, which measures the dollar's value against a range of six major currencies, dropped dramatically to 92.63 on Friday, putting pressure on the greenback. On a 10-year Treasury note, the yield also fell on Friday, reaching as low as 1.3 percent after climbing over the previous three days.

The decline of the US dollar fueled a spike in gold prices on the final day of the week. At the Jackson Hole symposium, Federal Reserve Chairman Powell struggled to provide any hints on the timing for slowing asset purchases, putting the greenback under pressure. Powell stated that the US economy was on track but that the US was still susceptible to the coronavirus pandemic's threats.

The Fed chair stated that if the epidemic spreads further from the Delta variety, he will reconsider his previous position, which was that tapering could commence by the end of the year. He went on to say that while the substantial additional progress requirement for inflation has been met, and there has been demonstrable headway toward maximum employment, the Fed will be closely monitoring incoming data and emerging risks before deciding on tapering. Even if asset purchases stop, Powell believes that the increased holdings of longer-term securities will sustain accommodating financial conditions.

Since March 2020, the Federal Reserve has been buying around $80 billion in Treasury securities and $40 billion in agency mortgage-backed securities per month to help the US economy recover from pandemic-related economic devastation. Another action done by the central bank was to cut interest rates to near-zero and 0.25 percent, which is a new low.

The central bank's stimulus program has been blamed for escalating price pressures in the US, and investors believe the Fed will give indications about withdrawing stimulus backing at a Jackson Hole symposium. However, the Fed maintained its stance on tapering and gave no such signals, putting more pressure on the US currency and pushing yellow metal higher on the board.

On the data front, the Core PCE Price Index for July stayed unchanged at 17:30 GMT, despite predictions of a 0.3 percent increase. The July Goods Trade Balance showed a shortfall of -86.4 billion dollars, vs a forecast of -90.8 billion dollars, which bolstered the US dollar and capped further advances in gold prices. Personal income increased by 1.1 percent in July, compared to an anticipated 0.2 percent, bolstering the US dollar. In July, personal spending fell to 0.3 percent, compared to an anticipated 0.4 percent, weighing on the US dollar and adding to the yellow metal's gains.

The Prelim Wholesale Inventories fell to 0.6 percent in July, vs. a forecast of 1.0 percent, bolstering the US dollar and halting the yellow metal's upward trend. August's Revised UoM Consumer Sentiment fell to 70.3 from 70.9 expected at 19:00 GMT, weighing the US dollar and pushing precious metals higher. In August, the Revised UoM Inflation Expectations stayed unchanged from the previous month, at 4.6 percent.

GOLD Intraday Technical Level

Support Resistance

1820.21 1821.96

1819.38 1822.88

1818.46 1823.71

Pivot Point: 1821.13

GOLD - Technical Outlook

On Monday, gold was trading with a bullish bias at the 1,813 level. However, the metal entered the overbought zone and now it’s experiencing a bearish correction below 1,823 resistance levels. On the lower side, gold’s immediate support prevails at 1,807 and 1,795 levels. Furthermore, the bearish breakout of the 1,795 level exposes gold prices towards the 1,785 level.

On the higher side, the breakout of the 1,821 resistance level exposes the metal towards 1,829 and 1,841 levels. On the hourly timeframe, the RSI level is holding in a selling zone. Thus, the odds of a selling bias remain strong until the 1,807 level. The bullish bias remains strong above the 1,807 level and vice versa. All the best.

Double Top Resistance at 1.1810

After hitting a top of $1.1803 and a low of $1.1734, the EUR/USD pair was ended at $1.1793. On Friday, the EUR/USD currency pair soared to its highest level since August 13th, owing to the recent sell-off in the US dollar and improving risk sentiment. The US Dollar Index, which calculates the greenback's strength against a range of six major currencies, sank to weekly lows of 92.6 on Friday, putting pressure on the greenback and helping the EUR/USD currency pair finish the day stronger.

The rapid response of investors to Powell's latest speech could be blamed for the dollar's depreciation. Market participants expected the Fed Chair to give some signals about slowing asset purchases at the Jackson Hole conference, but he didn't, instead of sticking to the central bank's previous stance. The US dollar gained strength. As a result, they were pushing the EUR/USD pair upward. The US dollar gained strength; as a result, pushing the EUR/USD pair upward on Friday.

During his speech at the annual conference, Powell stated that the US economy was improving but that there were still risks linked with the Covid-19 pandemic due to the Delta strain. He stated that he previously believed the Fed would begin tapering asset purchases by the end of the year, but that the soaring spread of coronavirus among Delta variants has raised concerns. The Fed will now closely monitor incoming data and economic risks before beginning to taper asset purchases. These remarks dashed investors' hopes for any hint of a pullback in stimulus measures, putting pressure on the US dollar and pushing the EUR/USD currency pair higher.

On the data front, German Import Prices in July rose to 2.2 percent, vs a forecast of 1.2 percent, bolstering the single currency Euro and adding to the EUR/USD pair's gains. The Core PCE Price Index for July stayed unchanged at 17:30 GMT, with forecasts of 0.3 percent. The July Goods Trade Balance showed a deficit of -86.4 billion dollars, vs. a forecast of -90.8 billion dollars, supporting the US dollar and limiting EUR/USD advances. Personal Income increased by 1.1 percent in July vs. a forecast of 0.2 percent, bolstering the US dollar and capping further advances in EUR/USD. In July, personal spending fell to 0.3 percent, down from 0.4 percent expected, weighing on the US dollar and adding to the EUR/USD currency pair's gains.

The Prelim Wholesale Inventories decreased to 0.6 percent in July, vs. a forecast of 1.0 percent, which boosted the US dollar and hurt the EUR/USD. August's Revised UoM Consumer Sentiment fell to 70.3 from 70.9 expected at 19:00 GMT, weighing on the US dollar and pushing EUR/USD higher. In August, the Revised UoM Inflation Expectations stayed unchanged from the previous month, at 4.6 percent.

On the other hand, the increased risk-on-market sentiment strengthened the mood around riskier assets like the EUR/USD. The currency pair rose again on Friday as the UAE reopened its borders to vaccinated tourists from all around the world. The reopening of borders all across the globe boosted market optimism because it will aid global economic recovery. The rise in risk-on-market sentiment contributed to the EUR/advances USD's on Friday.

EUR/USD Intraday Technical Levels

Support Resistance

1.1791 1.1802

1.1785 1.1807

1.1780 1.1813

Pivot Point: 1.1796

EUR/USD - Technical Outlook

The EUR/USD is trading with a bullish bias at the double top resistance level of 1.1810 level. On the 4-hour timeframe, this level marks a double top pattern and continuation of an upward trend that exposed the pair towards the next resistance levels of 1.1820 and 1.1844 levels. In addition to this, further upward movements could expose the pair towards 1.1887 levels.

On the downside, the breakout of support level of 1.1777 exposes the pair towards 1.1734 and 1.1710 levels. The RSI is holding in an overbought zone, and typically such a situation drives a selling trend in the market. Therefore, the traders will be keeping their focus on the 1.1810 level, as above this, the bullish bias dominates and vice versa. All the best.

Intraday Pivot Point Breakout at $48,085 Level

After reaching a high of $49,650.0 and a low of $47.844.0, the BTC/USD pair was closed at $48,800.0. Despite the dearth of encouraging developments around the Bitcoin ecosystem, BTC/USD stayed depressed and range-bound during the weekend, showing minimal movement.

According to reports, China has intensified its crypto crackdown, issuing a notice to the general public reminding them that Bitcoin and other digital assets are not legal cash and have no actual value.

Yin Youping, deputy director of the People's Bank of China's Financial Consumer Protection Bureau, has stated that the central bank will keep a high scenario and continue to crack down on digital currency-related activities. The China Banking and Insurance Regulatory Commission were also reported to be collaborating with the People's Bank of China to establish mechanisms for monitoring and preventing cryptocurrency use.

Furthermore, local governments in China have begun to take aggressive measures to halt the crypto activity, with Yingjian County administrators recently requesting that hydropower plants cut off supply to bitcoin miners in the area. China's crypto crackdown has been dragging on the entire crypto market recently, and the top cryptocurrency Bitcoin has taken a hit as a result.

Meanwhile, the decline in BTC/USD over the weekend could be due to a recent report from Australia, which stated that cryptocurrency frauds cost the country $25 million in the first half of 2021. According to a report by the Australian Competition and Consumer Commission, investment scams hit new highs in Australia this year, with most of them involving digital assets.

In addition, the Brazilian Federal Police arrested five citizens and seized digital assets worth $28.7 million. The operation, dubbed "Operation Kypros," was the greatest digital asset seizure in Brazilian history. Local authorities detained five people after searching 15 separate places and carrying out the country's largest-ever digital asset seizure. The defendants were convicted of fraud and cryptocurrency scams. One of them was the owner of a bitcoin consulting firm that offered investors up to 15% returns on their investments. BTC/USD fell even further over the weekend as a result of this news.

Another negative story concerning Bitcoin's environment was about enormous anti-bitcoin protests in El Salvador's streets. Only nine days remain until bitcoin becomes legal cash in El Salvador, and the country's president, Nayib Bukele, has been preparing for the day. However, anti-bitcoin protests against the imminent bitcoin law have flooded the country's streets. Despite Bukele's assurances that the bill will benefit the people and save the country closer to $400 million in remittance commissions while also ensuring safe financial transactions, the people of a country appear to disagree with him and have taken to the streets to protest the law. Over the weekend, this news added to the downward pressure on BTC/USD prices.

BTC/USD Intraday Technical Levels

Support Resistance

47879.4 49685.4

46958.7 50570.7

46073.4 51491.4

Pivot Point: 48764.7

BTC/USD - Technical Outlook

On Monday, the leading cryptocurrency BTC/USD was trading with a bearish bias at the 47,990 level, having violated the pivot point support level of 48764 level. On the downside, the pair is facing another support at the 47,707 level. However, the 47,707 support level breakout exposes the BTC/USD pair to 47,068 and 45,440 support zones.

At the same time, a further breakout of 45,440 levels exposes the BTC towards 44,850 support levels. In contrast, the breakout of the 48,086 resistance level exposes the Bitcoin towards the 48764.7 and 49,484 levels. The RSI and 50 EMA support a selling bias. Therefore, the focus should remain on 48,086 as the selling bias remains dominant below this level and vice versa. All the best!

Pivot Point Retest at 171.54

During Friday's Asian trading session, the LTC/USD coin failed to stop its downward overnight rally. Even after the lower USD valuation, it drew some further offers around the $165.00 level, which positively impacted the LTC/USD pair. Meanwhile, the sell-off in the crypto market has played a major role in undermining the LTC/USD coin pair. However, the crypto market sentiment was depressed by the lack of investor confidence that ultimately pushed the LTC/USD prices lower.

The LTC price faced a severe price decline of around 5.62% when the market opened, and it currently trades at $168.06. The LTC/USD coin pair is trading in negative territory as the LTC drops below the 9-day and 21-day moving averages. After reaching the daily high of $180.36, the LTC coin price failed to break this level before being rejected.

The Litecoin price is trading near $168.861 with a 24-hour trading volume of $2,347,896,039. Litecoin dropped by 1.51% in the last twenty-four hours. However, the losses in the LTC/USD coin pair could be short-lived or temporary as the weaker US dollar positively impacts the LTC/USD pair. On the USD front, the broad-based US dollar failed to extend its overnight bullish moves. On Friday, it turned sour as investors awaited a highly-anticipated speech by Federal Reserve Chair Jerome Powell, due later in the day.

Conversely, the losses in the US dollar could be capped by the faster spread of the coronavirus. In the meantime, the latest chatters over six-month immunity from vaccines and the need for a third jab also help the US dollar limit its deeper losses. Moreover, the blast at Kabul airport and reports of two or three US officials being hurt raised worries about the US response to the Taliban. Thus, these worries were seen as one of the key factors that kept the lid on any additional losses in the US dollar. Anyhow, the prevalent declines in the US dollar failed to give any meaningful support to the LTC/USD coin pair, at least for now.

On the other hand, the reasons for the LTC coin's decline could be attributed to the bearish bias in the BTC coin. The BTC price failed to settle above $48,500 and corrected lower against the US Dollar. BTC is now facing many barriers between $47,500 and $48,000. BTC's price attempted to exceed the $49,000 resistance zone, but it failed to gain strength above the $49,000 level. A high was formed near $48,335 before the price started a fresh decline. Thus, the bearish bias in Bitcoin prices tends to have a negative impact on other cryptocurrencies, including the LTC coin.

LTC/USD Intraday Technical Levels

Support Resistance

161.505 173.027

156.468 179.512

149.983 184.549

Pivot Point: 171.54

LTC/USD - Technical Outlook

On Friday, the LTC/USD pair was trading with a neutral bias at the 169 level. Litecoin's immediate support prevails at the 164.37 level, along with resistance at the 171.54 level. On the other hand, the breakout of the 164.95 level could expose the LTC price further lower towards the 156.56 and 148.17 areas. Conversely, the upward breakout of 171.54 levels exposes the LTC pair towards 178.13 and 186.52 levels.

The Stochastic indicator is holding in the buying zone, as the LTC/USD pair faces a hard time breaking below the 164 resistance level. On the hourly timeframe, the downward trendline has the potential to keep LTC below the 171.54 area. Below this, the selling bias dominates and vice versa.

All the best.

Sideways Trading Range in Play

After hitting a high of $3249.50 and a low of $3055.01, the ETH/USD pair closed at $3092.48. Despite several good fundamentals, ETH/USD fell on Thursday due to recent market volatility and rising US dollar pricing. Bill Gurley, a well-known venture capitalist, has stated that he has switched his investment into Ethereum since he likes the community's adaptability and pragmatism. Gurley is a partner at Silicon Valley venture capital firm Benchmark, and he confirmed that the Ethereum investment was made on his own, not on behalf of the firm.

Gurley is a partner at Silicon Valley venture capital firm Benchmark, and he confirmed that the Ethereum investment was made on his own, not on behalf of the firm. He was optimistic about the Ethereum Network's growth potential with the upgrade to ETH 2.0 and the adoption of the proof-of-stake consensus methodology. The planned upgrade will make the network more stable and scalable, and Gurley was impressed by the number of Ethereum developers working on the blockchain. This announcement increased the value of ETH and prevented a further drop in the ETH/USD rate on Thursday.

In the meantime, Remi Tetot, a macro analyst and co-founder of Real Vision, has discussed the recent price changes in Bitcoin and Ethereum. He studied the price fluctuations of the two most popular cryptocurrencies and predicted that Ethereum would exceed the $15000 barrier in the following six months. He attributed the projected price movement for ETH/USD to network development until ETH 2.0. Although this news was positive for ETH/USD, the cryptocurrency stayed under pressure for the rest of the day.

Furthermore, Nigel Green, the CEO of deVere Group's independent financial consultant, believes that ETH would eclipse the leading cryptocurrency BTC within five years due to the network's increased usability and demand. He then contrasted the price movements of both cryptos, claiming that Ethereum has increased by 240 percent so far this year, while BTC has only increased by 38 percent in the same time frame. The bullish projections for ETH/USD favored its pricing, but the crypto stayed on the back foot given the recent sell-off in its values.

The bullish projections for ETH/USD favored its pricing, but the crypto stayed on the back foot given the recent sell-off in its values. Furthermore, Powerbridge Technologies, a blockchain application and SaaS solutions provider, has negotiated to buy 5600 BTC and ETH mining machines for an unknown sum.

On Wednesday, the China-based firm stated that it had agreed to buy the miners from Cryptodigital Holdings. Beginning in October 2021, around 2000 BTC mining devices and 3600 ETH miners would be delivered.

On the other end, the falling price of ETH/USD on Thursday could be due to the rising price of the US dollar. The US Dollar Index was trading at a high on improving market mood following the full approval of Pfizer's vaccine. Furthermore, greenback prices were high ahead of the Jackson Hole symposium, where the Fed will reveal its future monetary policy stance. Investors are waiting for Fed Chair Jerome Powell's speech, in which he is likely to hint at the reduction of asset purchases. Because both have a negative correlation, the ETH/USD fell in response to the growing price of the US dollar.

ETH/USD Intraday Technical Level

Support Resistance

3015.16 3209.65

2937.84 3326.82

2820.67 3404.14

Pivot Point: 3132.33

ETH/USD - Technical Outlook

The second leading crypto pair, ETH/USD, is trading with a neutral bias at 3,105 levels. The pair is gaining immediate support at the 3,050 level along with resistance at the 3,138 level. A bullish crossover above the 3,140 level could expose the ETH price towards the 3, 224, and 3,333 levels. The Stochastic is holding at 51, supporting a bullish trend in the ETH/USD pair.

On the downside, the breakout of the 3,050-support level exposes the pair's selling trend until the 2,943 and 2,83 support levels. The pair is forming neutral candles in between a narrow trading range of 3,140– 3,050, and the breakout of this range will determine further trends in the ETH pair today. All the best.

Intraday Pivot Point Breakout at $47,520 Level

After reaching a high of $49,385.0 and a low of $46,370.7, the BTC/USD pair was closed at $46,832. Despite recent positive changes in its environment, Bitcoin fell on Thursday. The top cryptocurrency BTC/USD fell on Thursday as Google Trends data revealed that now the number of searches for the phrase "Bitcoin" had dropped to a 9-month low.

The Google trend is a tool that gauges user interest in a given topic. The data revealed that given the lack of enthusiasm in a flagship cryptocurrency, searches for Bitcoin have declined to a nine-month low. Despite the digital asset's return to $50,000, this result weighed on BTC/USD and lowered its prices on Thursday.

In addition, leading Bitcoin ATM operators in the United States banded together and formed an association to combat money laundering. DigitalMint and Coinsource, two Bitcoin ATM operators, have formed the Cryptocurrency Compliance Cooperative (CCC) to establish compliance guidelines for the Bitcoin ATM sector.

DigitalMint and Coinsource, two Bitcoin ATM operators, have formed the Cryptocurrency Compliance Cooperative (CCC) to establish compliance guidelines for the Bitcoin ATM sector. The partnership of key blockchain analytics organizations such as Chainalysis and Elliptic and 15 founding members made launching a new compliance endeavor much easier. The group urged cash-based crypto money services businesses, regulators, financial institutions, non-state and law enforcement authorities to engage.

The group urged cash-based crypto money services companies, regulators, financial institutions, non-state and law enforcement authorities to engage. The CCC will focus on Bitcoin ATMs to ensure KYC and anti-money laundering conformity, as these machines are frequently connected with a lack of KYC standards. The overall tone of the cryptocurrency market rose as a result of this news, but the leading cryptocurrency, Bitcoin, was met with resistance and ended the day lower.

Furthermore, according to a recent filing with the Securities and Exchange Commission (SEC), Morgan Stanley owns over a million Grayscale Bitcoin Trust (GBTC) shares. According to SEC filings, approximately 30 Morgan Stanley funds hold a significant proportion of GBTC stock. Morgan Stanley's largest fund, Insight Fund, has around 928,051 shares worth approximately $36 million, roughly 760 BTC at the current market price.

Meanwhile, Andermatt Hotel, a five-star hotel in a posh part of the Swiss Alps, has announced that it will take bitcoin and Ether as payment by visitors. On Thursday, the hotel said that it will now accept BTC or ETH as payment for invoices above 200 Swiss francs ($218). To limit the danger of volatility, the prices appear to be fixed in fiat money, and the hotel will instantly change any cryptocurrency received into francs. BTC/USD fell even further on Thursday as a result of this news.

The decline in BTC/USD rates, on the other hand, could be related to the US dollar's regained strength before the Jackson Hole symposium. The US Dollar Index, which measures the dollar's value against a bundle of six major currencies, jumped to 93.08, putting pressure on BTC/USD, which has a negative connection.

BTC/USD Intraday Technical Levels

Support Resistance

45673.4 48687.7

44514.9 50543.5

42659.1 51702.1

Pivot Point: 47529.2

BTC/USD - Technical Outlook

The leading cryptocurrency pair, BTC/USD, continues to follow the same technical levels as discussed in the Aug 26 report. The BTC/USD is trading with a bearish bias at 47,090 level, having violated the pivot point support level of 47,520 level. On the downside, the pair is facing another support at the 47,091 level. However, the 47,091 support level breakout exposes the BTC/USD pair to 46,267 and 45,440 support zones.

At the same time, a further breakout of 45,440 levels exposes the BTC towards 44,850 support levels. In contrast, the breakout of the 48,275 resistance level exposes the Bitcoin towards 49,484 and 50500 levels. The RSI and 50 EMA are supporting a selling bias. Therefore, the focus should remain on 48,200 as the selling bias remains dominant below this level. All the best!