Bitcoin price has eased as the bulls lack enough momentum to push it above the crucial support reversal resistance level of $ 33,000. Earlier this week, low risk sentiment in the market pushed the cryptocurrency below the psychological level of $ 30,000 for the first time in a month. On Tuesday it hit an intraday low of 29,261.92. it has rallied about 9.83% since then.
In particular, an improvement in risk sentiment has pushed the price of Bitcoin higher. However, it is still subject to market volatility. It has fallen by around 50% since its record high in mid-April. In addition to regulatory issues, risk sentiment and inflation concerns are likely to fuel volatility in subsequent sessions.
Despite the improved risk mood, the fear and greed index still signals extreme fear in the market. At the beginning of the week the index was 23. It has now risen to 25; Stagnation in reading the previous session. Market volatility is currently neutral after signaling extreme fear earlier this week.
Technical outlook for Bitcoin price
Bitcoin price was up 0.28% to 32,378.16. On a two-hour chart, it trades above the 25- and 50-day exponential moving averages. In the short term, I expect it will stay within the horizontal channel between 32,000 and 33,000. If the bulls manage to push prices above the resistance level at 33,000, the next target is 33,500 and 34,000. On the flip side, a move below the 32,000 support mark will likely place the next target at 31,510 and 31,000.
Bitcoin price chart
Bitcoin Price Prediction Up in the Air As Intraday Whipsaw Liquidates Positions
The now disproved news of Walmart’s listing of Litecoin on its e-commerce platforms led to a quick intraday whip strike on several cryptos, including Bitcoin. Many liquidations took place as traders caught by the fake news regretted their losses.
In a now familiar fake news pump-dump cycle, Bitcoin prices shot up nearly $ 2,000 from intraday lows, but were forced to return all of those gains and a little more after Walmart issued a statement saying in which the rumored Litecoin partnership was refuted.
This scenario leaves no bullish Bitcoin price forecast in the air as Bitcoin prices continue to seek sustained support below the $ 46,200 price mark.
At the time of writing, Bitcoin prices are staying 3.4% lower and trading within the range formed by 43570 and 46200.
Bitcoin price prediction
If the price picture ended the day as shown, a bearish engulfing pattern would have formed. This opens the door for bears to secure support at 43570 with the aim of restoring a correction towards the 40750 and 37,455 price levels if that price mark does not hold.
Conversely, just breaking the upper limit of Monday’s intraday range at 46200 would change the bearish outlook for the Bitcoin price forecast. Bulls would then attempt to push prices above 47,500, which opens the door to psychological resistance at 50,000.
Bitcoin price: daily chart
Terra Set To get Cheaper in near Term
LUNA price continues to correct from the monster one-day rally of 40% to a new all-time high of $ 46.16. This morning Terra is down about 10%, bringing the three day loss to over 20%, meaning that LUNA price is officially in a bear market. Although the LUNA coin is still 550% higher than in July despite the pullback.
In the past few weeks, the crypto market has had mixed fates. Bitcoin (BTC / USD) scaled $ 50,000 but soon dropped to $ 44.00. Similar, Ethereum (ETH / USD) jumped over $ 4,000 before falling back to $ 3,000. Other assets including Earth (MOON / USD), climbed to new all-time highs.
Last Tuesday, the cryptocurrency market suffered its biggest shock since the May crash. Bitcoin lost 18% and Ethereum more than 25% within a few hours. As a result, LUNA fell from $ 32.76 to $ 20.88, a 36% intraday loss. However, by the end of the game, Terra had reduced the loss to 15%. Additionally, LUNA was trading at $ 46.16 on Friday, 120% above Tuesday’s low. Although the crypto market is weaker almost everywhere today, LUNA price can take a bumpy ride.
Terra price forecast
The daily chart shows that LUNA has been trending up since June. Incredibly, Terra had risen over 1,200% from its Friday high after the May collapse. It is noteworthy that most of the profits have been made in the past few weeks. This has resulted in a 45 degree upward trend under the market. The trendline currently seen at $ 27.00 coincides perfectly with the August 26th close to create a robust level of support. This is the first target when the price collapses.
As long as the crypto market is under pressure, the chances are growing that the LUNA price will test support. Additionally, if Terra fails to climb above Friday’s high, it may raise concerns about a blow-off high. But beyond that, the price could go even higher.
On that basis, the negative view remains as long as the Terra price is below $ 46.16.
LUNA price chart (daily)
$1.000 to Define XRP’s Path Over the Weekend
Ripple price remains above the critical $ 1.0000 support zone even after falling over 16% on Friday. The industry has seen increased volatility since the massive crypto sell-off on Tuesday.
According to the Crypto Fear and Greed Index, the emotion that drives the market has shifted from greed to fear in the recent past. At the beginning of the week the extreme greed index fell from 79 to a fear level of 47. On Friday it showed a value of 46. At the beginning of the weekend the focus will be on the stability of the support level at $ 1.0000. Breaking below this zone could pave the way to previous resistance reversal support level of $ 0.9000.
Ripple price prediction
XRP remains stable above the psychological level of 1,000 despite its slump on Friday. The altcoin fell from an intraday high of 1.2423 to a low of 1.0295. The drop corresponds to a decrease of around 16.96%.
At the time of writing, Ripple price is down 3.42% to 1.0510. On a two-hour chart, it trades below the 25- and 50-day exponential moving averages.
In the short term, I expect the crypto to hover within a fairly narrow range between the support level at 1.0283 and along the 25-day EMA at 1.1083. Movement above the upper bound of the horizontal channel will place the resistance level along the 50-day EMA at 1.1447. Moving below the critical 1.0000 support zone will invalidate this thesis, however.
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