Bitcoin, Ether, Major Altcoins – Weekly Market Update September 20, 2021

The total crypto market cap erased $57 billion from its value for the last seven days and now stands at $1,965 billion. The top 10 coins were all in red for the same time period with Solana (SOL) and Cardano (ADA) losing 19.4 and 18.4 percent of their values respectively. Bitcoin (BTC) is currently trading at $44,658 while ether (ETH) is at $3,129.

BTC/USD

Bitcoin closed the trading day on Sunday, September 12 at the $46,000 mark and right at the 200-day EMA on the daily timeframe chart. Still, the coin continued to struggle to surpass the fast 21-day EMA and the horizontal weekly resistance near $46,300.

The market structure, however, was quite similar to the one observed back in September 2020 when the selling pressure after the DeFi summer was quickly absorbed, and that marked the start of the last bull run.

The BTC/USDT pair was trading in the wide range between $46,900 and $43,440 on the first day of the past workweek. The coin ended the session with a 2.3 percent loss as bulls were once again rejected in the area right above $46,000. The third touch of the demand zone on the other hand which did not lead to a further decrease in the price of BTC was seen by many analysts as a sign a reversal to the upside might be near.

On Tuesday, September 14 we saw a 4.7 percent bullish engulfing candle to $47,000. The biggest cryptocurrency closed at the 21-day EMA, completely erasing the losses from the last five days.

The third day of the workweek served as a confirmation of the mentioned bullish reversal pattern. Bitcoin extended its gains and continued to move towards its all-time high record. It closed the day at $48,100 with a 2 percent price increase.

On Thursday, September 16 the price of BTC experienced an insignificant pullback earlier in the morning, touching $47,080 and even though it managed to partially recover, it ended the day in red.

The last session of the workweek came with a second consecutive day in which the biggest cryptocurrency was moving South. It fell as low as $46,700 before stopping at $47,300 at the daily candle close.

The weekend of September 18-19 started with the good old bullish engulfing as the losses from the previous two days were completely erased by a 2 percent price increase in the value of BTC.

Then on Sunday, we saw a similar candle but in the opposite direction, correcting the price down to $47,260.

The price action midday on Monday is in the sellers’ favor. Bitcoin crashed 5.5 percent to $44,650.

ETH/USD

The Ethereum Project token ETH managed to establish a new uptrend channel after breaking out the old $3,000-$3,300 range on August 31 and the rally that followed in the next few days to reach the zone around $4,000. Still, it lost more than 18 percent of its value coming into the weekend of September 11-12 where it hit the lower boundary of the mentioned price corridor. On Sunday, September 12 it climbed up to $3,397, ending the week with a 13 percent loss.

The first day of the new seven-day period saw the biggest altcoin being rejected at the fast 21-day EMA near $3,415, which resulted in a solid red candle to $3,280 after sellers temporarily pushed the price all the way down to $3,100 during day trading.

The Tuesday session was a good one for bulls. ETH jumped 4.4 percent and absorbed the most recent loses by stopping at $3,430.

The mid-week day on Wednesday was a continuation of the reversal attempt. The ether managed to break above the mentioned moving average and registered some solid gains by adding 5.4 percent by closing at $3,600.

On Thursday, September 16, the leading altcoin made a step back $3,568 after it was unable to continue moving upwards.

Bears pushed the price down to $3,400, or 4 percent on Friday but hit the diagonal resistance line.

The first day of the weekend came with a jump to $3,551 on Saturday, but the move was not sustainable, lacking the required bullish momentum. The coin closed almost flat.

On Sunday, it finally broke below the lower boundary of the uptrend corridor and ended the week at $3,324.

The ETH token is currently trading at $3,120.

Leading Majors

AVAX, the native coin of the Avalanche ecosystem continued to grow during the past week. The AVAX/USDT pair was finally able to break about its previous all-time high daily candle close – $55 and added 18.4 percent to its value for the seven-day period.

Avalanche is now situated at #11 on CoinGecko’s Top 100 list, but still has a long way to go until it catches up with the next one on the list – USD Coin (USDC), which has almost double the Avalanche’s market cap.

The entire Avalanche ecosystem is on the rise with the Total Value Locked in DeFi projects nearing $3 billion as of the time of writing this article, $1.8 billion of which came through the Ethereum bridge as per Dune Analytics. Benqi (QI) and TraderJoe (JOE) are still the leaders with $1.22 billion and $787 million of funds invested in their products.

In a healthy market, it is quite possible to see AVAX extend its rally to $92 (161.80% Fibonacci extension).

Altcoin of the Week

Our Altcoin of the week is Cosmos (ATOM). Another independent protocol with its own blockchain and ecosystem of cryptocurrency projects that traders hope can mimic the Solana, Avalanche, or Fantom rallies.

Even though ATOM is not growing with the pace of the above-mentioned platforms, it is still 330 percent up from its July 2021 low. The coin peaked at $41.51 on Saturday, September 18, and added 10 percent to its value on a weekly basis. It now has a total market cap of approximately $10.9 billion and is ranked at #16 in the Top 100 list of the biggest projects in the industry.

From a technical point of view, The ATOM/USDT pair will be looking to capture the $50 level, which is situated 20 percent above the current price level. The $32-$33 area is solid macro support.

ATOM is currently trading at $38.38.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Be the first to comment

Leave a Reply

Your email address will not be published.


*