Renewed Dollar Selling Drives EURUSD To Break the 1.18 Mark

31 August 2021 | Updated: 31 August 2021

On the back of the increased offered position in the dollar, the pair trades in new multi-week highs as investors analyze Powell’s post-Jackson Hole remarks and cautionary message, while month-end flows add to the USD’s gloom.

Dollar selling resumes today, with the EUR/USD finally breaching through the 1.18 level. The NZD, on the other hand, is making a strong comeback after the Covid case number fell to its lowest level in six days. However, the markets remain split elsewhere, with the Euro showing some more strength, followed by the Sterling. The Canadian and Australian dollars lag behind the New Zealand dollar.

Following Friday’s strong rebound and Monday’s ambiguous market action, the EUR/USD has advanced further north of the 1.1800 line. However, the move has stalled ahead of 1.1850 thus far on Tuesday.

Eurozone Shrugs Off a Rise in the Consumer Price Index

In recent months, inflation has been a term among central banks, particularly in the United States. Despite the Fed’s assurances that inflation is only temporary and will subside, the markets continue to be concerned. The ECB is in the odd situation of having to cope with an increase in inflation while also reassuring investors that the increase is only transitory. This message, however, is unlikely to please the markets, which are expecting the Bank to provide some insight into a prospective taper.

The European Central Bank recently updated its forward guidance, stating that it will not raise rates unless there is evidence that inflation will remain “durably” near the two percent objective. For years, inflation has been considerably below the two percent target, but it is expected to exceed it this year.

At the September meeting, policymakers are anticipated to address the timing of a taper of a pandemic emergency bond program. Still, when it comes to tapering, the ECB is lagging behind the Fed and is unlikely to reveal any deadlines before December at the earliest. The Fed has yet to disclose a reduction timeframe, and the European Central Bank is unlikely to be any more forthcoming about its reducing ambitions.

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7 Reasons Why Cryptocurrencies are the Best Asset for Trading

31 August 2021 | Updated: 1 September 2021

Many individuals throughout the world believe that the current monetary system is too outdated and should be digitalized. The ideal way to digitalize the bank-controlled monetary system is to use a decentralized Currency, such as cryptocurrency. Cryptocurrency is a digital asset that may be used to purchase products and services both online and offline, with cheap transaction costs. Nowadays, Cryptocurrency Trading is one of the most popular ways to earn passive money online. In this article, we are going to cover 7 crucial advantages why Crypto Trading is more beneficial than trading other assets.

1. Low transaction fees

The major issue we have with other currency trading is the large transaction cost that the bank charges us in order to complete transactions. There are many fees that the bank charges us for a transaction such as processing fees, maintenance fees, annual fees, and so on. And when you have a lot of money transactions to make, this becomes quite irritating and expensive. On the other hand, cryptocurrencies are decentralized, so peer-to-peer transactions are made with lower fees. However, the wallets that we use to store the coins incur a small transaction fee, which is quite cheap when compared to fiat money transactions. This is a significant benefit of using cryptocurrency trading.

2. Confidential transactions

The cryptocurrency system is made up of algorithms that control the entire system, this is a huge benefit for Cryptocurrency traders because the transactions made by people are all confidential and cannot be seen by anyone, unlike the banking system which keeps a record of all the transactions you make online or offline. Also in all traditional systems, when you perform certain transactions, your bank information is occasionally made available to certain third parties, this is a big deal for some people who are concerned about their security and want to keep their transactions private.

3. Cryptocurrencies are inflation-resistant

Cryptocurrencies are the only trade asset that is inflation-resistant. Because there is no middleman in Cryptocurrencies, such as a bank or the government, most tokens do not experience inflation. This occurs because most tokens, such as Bitcoin, have a limited supply at a certain moment; for example, Bitcoin has a total amount of 21 million bitcoins that can be mined. Traditional assets, on the other hand, such as the money we use, are controlled by the banks and the government, which means that they can print more money whenever they want, causing inflation, which is a major disadvantage for these other assets.

4. Easy transactions

The procedure of processing transactions is way too difficult with the traditional systems, there is a lot of paperwork to fill out if you want to send money to someone in another country or buy anything all this is due to the fact that in other assets there is a middle-man which controls and approves most of the transactions that we make, for example, transactions that we make through banks take a lot of time to be processed and this sometimes can be very frustrating. But, thanks to the one-on-one on a peer-to-peer network structure of cryptocurrency, all of these issues are no longer present. Now, Cryptocurrencies allow the trader to send Crypto coins directly to the person they are conducting the transaction with.

5. Highly secure

Cryptocurrencies are quite safe when it comes to security. The platforms that allow you to trade cryptocurrencies have become so sophisticated and secure that even the most skilled hackers are unable to steal your coins. If you wish to open a wallet to keep your coins, the platforms will request that you provide documents such as your ID, passport, and so on. This demonstrates that trading with crypto is very safe. However, you should always be careful of the scammers that can be found all over the internet, since they may take all of your information and tokens.

6. Cryptocurrencies are the most profitable trading asset

Throughout history, cryptocurrencies have demonstrated their ability to hit all-time highs when the market is heated. The most popular growth of Cryptocurrencies is Bitcoin, which had a price of $6500 in March 2020 and an all-time high of $64,863 in April 2021, Ethereum‘s price in August 2016 was $11.26, and it has increased $4,362 in May 2021, representing significant long-term growth. Both of these examples are used to prove that Crypto coin’s prices may double in a short amount of time, such as 1 year, or even in a long period of time, such as 5 years. This profit that Cryptocurrencies may generate for you cannot be compared to any other trading method since only Cryptocurrencies have the capacity to generate these high profits in a short period of time.

7. Open for trading all the time

The cryptocurrency trading system is decentralized, which means that no one controls it and that it is open for trading 24 hours a day, seven days a week. Even though it is always open for trade, the market occasionally receives new updates that take time to fix. However, most other trading systems lack this feature, which is a disadvantage for them.

Conclusion

After reading this article, the reader will understand the advantages that Cryptocurrencies provide for trading and profit. Cryptocurrencies are an excellent asset to invest in if you want to make money in a short period of time. However, while Cryptocurrencies can be very profitable most of the time, they can also be tough and unpleasant to trade with due to the market’s ups and downs, but at the end of the day, even if you lose a certain amount of money, Crypto has the ability to double that amount in seconds, that why you should always keep in mind that you should stay calm and patient while trading Cryptocurrencies because if they have a huge downhill, they will almost always have an uphill after that, and the price will increase significantly generating you a lot of profit.

 

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Litecoin Is in a Downward Correction, May Revisit Previous Low at $166

31 August 2021 | Updated: 31 August 2021

Key Highlights
LTC/USD is in a downward correction between $163 and $190
Litecoin is trading at $170 high

Litcoin ( LTC) Current Statistics
The current price: $171.02
Market Capitalization: $14,418,302,165
Trading Volume: $2,274,197,774
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis August 31, 2021
Litecoin’s (LTC) price is in a sideways trend below the $190 resistance level. For the past weeks, Litecoin has been fluctuating between levels $163 and $190. Today, the altcoin is resuming upward after falling to the lower price range. The market is rising to retest the overhead resistance at $190. LTC/USD will resume an uptrend if the resistance at $190 is breached. If buyers are successful, the altcoin will reach $240 high. On the other, if the bears break below the lower price range at $163. Litecoin will further decline to $152 low .

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The altcoin is below the 40% range of the daily stochastic. The 21-day and the 50-day SMAs are sloping upward indicating the uptrend.

LTC/USD – 4 Hour Chart

Conclusion
Today, Litecoin was making upward correction before it was repelled at $175. LTC price is declining and may find support above the lower price range. In previous price action, buyers defended the current support.

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EURCHF Is Approaching a Key Level and Set to Reverse Its Direction

31 August 2021 | Updated: 31 August 2021

EURCHF Price Analysis – August 31

EURCHF is approaching a critical zone and it is expected to reverse its direction. The market appears to be ranging between the 1.08410 resistance key level and the 1.07150 support key level. The bulls and bears continue to battle for dominance as price approaches this level, producing a double bottom chart pattern. EURCHF is set to reverse direction as the market approaches the 1.08410 resistance key level.


EURCHF Significant Zones

Resistance Levels: 1.08410, 1.0800
Support Levels: 1.07410, 1.07150

EURCHF is approaching EURCHF Long Term Trend: Bearish

The market first broke down in a bearish direction around the major resistance level of 1.08410. As the market begins to retest this key level of 1.08410, there appears to be a pullback. Price subsequently rebounded lower, reversing at the key level of 1.07150. As it approaches the 1.08410 resistance key level, EURCHF breaks through many significant levels. The Bulls continue to drive the price higher, and a reversal is unavoidable.

The MACD (Moving Average Convergence and Divergence) indicator reveals that EURCHF is continuing to approach the key level of 1.08410. This suggests that the price will continue to rise before resuming its downward trend. The MACD also shows an increase in the green histogram, indicating the market’s bullish momentum. The stochastic Oscillator, on the other hand, shows the moving average approaching the 80.00 mark. This means that the price will change direction when it approaches the overbought area.

EURCHF is approaching EURCHF Short Term Trend: Bearish

There was a retest at the 1.07150 key level on the 4hr chart. When the price broke through 1.07410, there was a significant pullback before the rally. This is due to the conflict between buyers and sellers in that zone.

EURCHF is now retesting 1.0800 before nearing the key milestone of 1.08410. Multiple crosses are produced by the MACD when it is above the 0.00 level. This suggests that the bullish market is coming to an end. The Stochastic Oscillator is also above 80.00, indicating an imminent reduction in bullish momentum as the market prepares to reverse.

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USDCHF Tumbles Beneath 0.9150 as US Dollar Index Stays Pressured

31 August 2021 | Updated: 31 August 2021

USDCHF Price Analysis – August 30

In early European trading hours on Tuesday, the US dollar fell against the Swiss franc. The pair retraced back beneath the 0.9150 regions and recorded a low of 0.9130 at the time of this post. The US Dollar Index (DXY) rises in perfect sync with the benchmark 10-year rates, staying pressured under 93.00, limiting USDCHF growth.

Key Levels
Resistance Levels: 0.9375, 0.9275, 0.9175
Support Levels: 0.9101, 0.9050, 0.9000

USDCHF Long term Trend: Ranging
Since the USDCHF failed to clear the immediate upside obstacle near 0.9200, the trend currently favors the sellers, with pricing below the MA 5 and MA 13 and around 0.9130 becoming a difficult nut to crack for USDCHF bearish. While we maintain a neutral bias above this level, this continues to signal that support is likely to hold.

In a broader sense, the decline from the 0.9242 level is considered as the third phase of the pattern from the 0.9472 (high) level. There is still no definitive completion date. If the trend continues, the next target might be a projection of 138.2 percent from 0.9472 at 0.9018 levels to 0.9200 levels.
USDCHF Short term Trend: Ranging
The USDCHF has retreated from the 0.9200 level, taking out the confluence zone of 0.9150. Intraday bias is moved back to the downside for a 0.9101 low-level re-test. There’s a good chance that the firm break will start a larger downward trend there. A breach of the 0.9175 minor resistance level on the upside is necessary to imply the achievement of the decline from the level of 0.9242.

Nevertheless in the case of a recovery, however, the trend may currently remain somewhat bearish. Even so, a big change of 0.9150 support turned resistance level could be an early indication of trend reversal and moving focus back to 0.9200 major barriers for validation. Continuous trading below the moving average, around 0.9130, points USDCHF in the direction of a downward line, around 0.9101.

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Cardano (ADA/USD) Price May Reverse at $3.0 Resistance Level

31 August 2021 | Updated: 31 August 2021

ADA Price Analysis – August 31

Bullish trend may be halted at the resistance level of $3.0 and it may face the support levels at $2.6, if it is penetrated, $2.3 and $1.8 levels may be the target. In case the bulls defend the $2.6 level, price may continue its bullish movement towards $3.0, $3.3 and $3.7 resistance levels.

ADA/USD Market

Key Levels:

Resistance levels: $3.0, $3.3, $3.7

Support levels: $2.6, $2.3, $1.8

ADA/USD Long-term Trend: Bullish

On the daily chart, ADA/USD is bullish. Last week the coin remains under the control of the bulls. The bulls’ pressure has pushed the price to the significant resistance level at $3.0. The mentioned level holds and the price pushed back to test the dynamic support level. Bulls opposed the bearish movement and push up the price to retest the resistance level of $3.0 second time. Cardano is currently decreasing towards the support level at $2.6.

ADAUSD Daily chart, August 31

The price is trading above the 9 periods EMA and the 21 periods EMA at close contact and the two EMAs are well separated from each other as an indication of weak bullish momentum. Price may reverse at $3.0 level. Bullish trend may be halted at the resistance level of $3.0 and it may face the support levels at $2.6, if it is penetrated, $2.3 and $1.8 levels may be the target. In case the bulls defend the $2.6 level, price may continue its bullish movement towards $3.0, $3.3 and $3.7 resistance levels. The technical indicator Relative Strength Indicator is at 60 levels with the signal line pointing upside which indicate buy signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on the 4-hour chart. The coin has tested the resistance level of $3.0 twice last week. It seems that the bulls’ pressure is getting weak, also the bears’ pressure is not strong enough to break down the support level of $2.6. The price is ranging within $3.0 and $2.6 levels.

ADAUSD 4-hour chart, August 31

The price is trading around the 9 periods EMA and 21 periods EMA as a sign of consolidation movement. The relative strength index period 14 is at 50 levels and the signal line shows sell signal.

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Solana Continues Rally Amid DeFi and NFT Frenzy

31 August 2021 | Updated: 31 August 2021

Solana (SOL) continues to clear new record highs despite the mild market-wide bearish sentiment. Analysts suggest that several fundamental factors are behind the recent boom in SOL.

One of such factors is the unveiling of the ‘Ignition’ event scheduled to take place later today till October 8. Given the buzz around it, this event could boost investor optimism even higher, further sending SOL to record highs.

With a price of $118 (at press time), Solana is a strong competitor to Ethereum in the DeFi industry. SOL currently trades up by 19% intraday-wide and +50% this week, pushing it to become the eighth-largest cryptocurrency by market cap.

While the purpose of Ignition is not confirmed, speculators suggest that it could vary between a liquidity mining program and the provision of grants for developers working on DeFi projects or NFT creators.

Solana Becomes Preferred Blockchain by Many Thanks to Network Speeds and Efficiency

On a year-to-date basis, Solana has grown by over 6,000%, making it one of the best-performing networks in 2021. The meteoric rise in DeFi and NFTs remains the biggest driver of the network’s boom, as the network became one of the most used for developing such projects, thanks to its network speeds and efficiencies.

With many crypto investors looking to diversify from cryptocurrency trading, DEXs, DeFi projects, and NFTs have soared significantly, dragging Solana along. An example of such projects on the Solana blockchain is Soldex, which allows traders access to AI-powered algorithms for an improved trading experience. Capitalizing on the super-fast transaction speeds on the network, Soldex (a DEX) also allows users the ability to conduct real-time transactions, participate in community governance, and incentivize liquidity.

Functionalities like these are sure to attract more investors to the platform in the near term, further bolstering the value of SOL.

 

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Bitcoin Network Transaction Volume Soars Amid Bearish Market Sentiment

31 August 2021 | Updated: 31 August 2021

While Bitcoin (BTC) continues to struggle below the $50,000 mark, reports show that the network has recorded significant transaction volume.

On-chain analytics provider Glassnode recently revealed that the weekly transaction volume on the BTC network has surged to a record high, while the number of token holders steadily recovers. According to the report, the average weekly transaction volume peaked at a record high of over $8 billion. The report showed that this figure is 50% higher than the previous record.

Worthy of notice, though, is that this figure does not emanate directly from regular transfers. Also, additional data showed that the Entity Adjusted Transfer Volume in USD fails to reflect a similar increase as the previously mentioned figure.

That said, the most likely reason behind this difference is that the spike emanated from internal transfers, which the mempool supports.

Meanwhile, Glassnode revealed that the number of Bitcoin holders increases steadily following the recent crash. Reports show that retail investors gravitate towards the market during significant price pumps and flee when it slumps. As a result, the total number of BTC wallets holding one or below one BTC dipped following the mid-May correction.

Key Bitcoin Levels to Watch — August 31

BTCUSD suffered a sharp overnight dip as bulls failed to reclaim the $49,000 level. The benchmark cryptocurrency bottomed at $46,700 before posting a rebound towards the $48,000 mark.

BTCUSD – 4-Hour Chart

However, bulls remain lacking in strength to follow up rebounds as price stalls below $48,000. If bulls continue with this weak action, we could see a bearish reemergence to the lower-$46,000 area. That said, a break above the $48,000 mark in the near term could stall a bearish move and help bulls gather strength to push the price higher.

Meanwhile, our resistance levels are at $48,000, $49,500, and $50,500, and our key support levels are at $47,000, $46,000, and $45,000.

Total Market Capitalization: $2.09 trillion

Bitcoin Market Capitalization: $893 billion

Bitcoin Dominance: 42.7%

Market Rank: #1

 

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GBP/USD Resumes Uptrend, Battles Resistance at Level 1.4000

31 August 2021 | Updated: 31 August 2021

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bearish
GBP/USD has been in a sideways move since July. Today, the Pound is rising upward after falling to level 1.3620. In July, the market retested the low of 1.3620 and resumed upward to level 1.4000. Today, buyers are pushing the pair to the previous high of level 1.4000. The uptrend will resume if price breaks above level 1.4000. Otherwise, the range-bound move will continue.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
GBP/USD is at level 49 of the Relative Strength period 14. It implies that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. The pair is capable of falling on the downside.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is rising to break above the resistance at level 1.4000. The upward move is doubtful as the market reaches the overbought region. Meanwhile, on the August 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 1.618 Fibonacci extensions or level 1.3842.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Pound is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the upward move.

General Outlook for GBP/USD
GBP/USD has resumed upward move but faces resistance at level 1.4000. On August 27, the pair was repelled as the pound fell to the low of 1.3740. The pair is resuming upward to break the resistance at level 1.4000. A breakout will signal the resumption of an uptrend. According to the Fibonacci tool, the pound will rise to level 1.618 Fibonacci extensions or level 1.3842.


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AUDJPY Will Bounce off Key Zones Before Bearish Movement Continues

31 August 2021 | Updated: 31 August 2021

AUDJPY Market Analysis – August 30

AUDJPY will bounce off some key levels in a bid to keep moving downwards. For some time now, price has been on a descent. Price has been sliding downwards and bypassing the key levels. After a retest activity at the 81.600 key level, AUDJPY continued moving downward. AUDJPY dived below the trend-line and a major demand level at 80.200 before slipping past another significant key region at 79.000. Bullish pressure, which is causing a change in the market, has risen considerably. AUDJPY is creating a new lower high before price continues its slump.


AUDJPY Important Levels

Supply Levels: 81.600, 80.200
Demand Levels: 79.000, 77.900

AUDJPY will

AUDJPY Long Term Trend: Bearish

AUDJPY continues to fall due to violating the 80.200 demand level. Price should make a steady retracement before bearing on its bearish agenda. This retracement will be caused by upward pressure, and bulls will endeavor to rise somewhat before AUDJPY continues diving.

AUDJPY keeps climbing up, with the price aiming to break over 80.200 before retreating. Price initially offers a potential buy on the daily time frame when it changes direction at the 77.900 demand zone. However, this was caused by AUDJPY breaking out of the Bollinger Band. Price is now poised to overcome the middle band and rise to retest the upper band before price continues dipping.

AUDJPY will AUDJPY Short Term Trends: Bearish

AUDJPY is predicted to climb beyond 80.200, retesting significant zones in the 4-hour time frame before bearing on its bearish movement. Before retracement, the market may break over the trend line and react at 81.600. The Bollinger Band indicator displays market responses at the upper band. This suggests a bearish reversal when the market pulls back to that zone. The MACD (Moving Average Convergence and Divergence) is displaying bullish histogram bars suggesting upward movement and crosses showing losses in bullish impetus. This, however, plainly indicates that sellers will soon dominate the market.

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