MicroStrategy, a Nasdaq-listed company, announced this week that it has added 16,796 bitcoins (BTC) to its current 21,454 bitcoins. This means that the company has collected 38,250 bitcoins in less than a year. This is a crucial moment when MicroStrategy became the first public company to adopt the Bitcoin standard.

Other large companies can follow MicroStrategy’s management, but according to Datavetaren, the alias programmer will probably buy at much higher levels.

Jim Cramer, host of CNBC’s Mad Money, also suggested that he invest 1% of his portfolio in bitcoin because he considers gold to be “dangerous.” During a podcast with Anthony Pomplano, Kramer said that holding gold is a dangerous thing, and therefore his desire for bitcoins.

In other news, Robert Kiyosaki, author of Rich Dad Poor Dad, said that Bitcoin is among the top three long-term investments everyone should have in their portfolio. Kiyosaki believes investors will dump assets in safe havens when the coronavirus vaccine is developed, but he said this could be a good buy.

Overall, Bitcoin still has optimistic long-term prospects, but what can traders expect in the short term? Let’s analyze the graphs to find out.

Bitcoin / US dollars
Bitcoin broke above the 20-day exponential moving average ($ 10,759) on September 15 and is now trying to maintain resistance above $ 11,000. This is encouraging because the further the price moves from the recent lows of $ 9,835, the harder it will be. it may be for the bears to resume the correction.

The next two levels where bears can try to stop recovery are at and above the 50-day moving average ($ 11,269) on the downward line.

Even if BTC / USD falls from some of these overbearing resistance, the Bears will have to cut several support levels to reach $ 9,835, which is likely to be a difficult challenge.

The RSI has broken through the downward line and moved into positive territory, indicating that momentum is on the side of the bulls. If the bulls manage to push the price above $ 11,700, it is likely that the price will rise to $ 12,460.

ETH / USD
ETH fell below $ 366 support today, but jumped by $ 354,381. This indicates that bulls are accumulating at lower levels. Now they will try to push the price above the moving average.

If successful, the ETH / USD pair could climb to the 61.8% Fibonacci retracement level of $ 419,473. This level can act as tough resistance, but if the bulls can push the price above it, it is likely to test the resistance at $ 480-488,134.

This bullish sentiment will disappear if the pair reverses from the moving average and falls below $ 353.43. Such a move is likely to result in resale, which could bring the price down to the critical support level of $ 308,392.

XRP / US Dollar
XRP jumped from the $ 0.235688 support level today, confirming that bulls are aggressively defending that level. However, a reassessment of the level of support tends to weaken it.

The 20-day moving average ($ 0.252) is sloping down and the RSI is in negative territory, indicating a bearish lead.

If the Bears manage to push the price below the support zone of $ 0.235688 – $ 0.229582, sales are likely to increase. The next support on the downside is much lower at $ 0.19.

The first sign of strength would be a breakout and close (UTC) above the 20-day EMA, while a break above the downtrend line would indicate renewed bullish movement.

DOT / USD
Polkadot (DOT) fell from $ 5.5761 on September 14, just below the 61.8% Fibonacci retracement level of $ 5.5899. This indicates that bears sell at heights.

The DOT / USD pair is currently trading in a rising wedge pattern. Crash and shutdown (UTC) down the wedge could drop to $ 4 and then to $ 3,5321. If the pair bounces off this support, range movement is possible for several days.

Contrary to this assumption, the trend is likely to resume if the pair comes from the current level and exits the wedge. The initial growth target is $ 6.50 and above $ 6.8619.

Source: CoinTelegraph

LEAVE A REPLY