Crypto markets experienced conflicting trends as institutional investing saw Blackrock adding BTC while Tornado Cash was sanctioned and a “suspected developer” arrested. The UN made public their plan to stymie the rise of crypto, while BTC addresses with 1 bitcoin or more reached an all-time high.
In today’s market, it’s difficult to gauge momentum and predict which way the market will go next.
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Bitcoin started the week with bullish tendencies driving the price over the $23k mark, but bulls took control until mid-week, when officials announced inflation had gone down from July to August in the US, driving BTC close to $25k.
BTC on the 2hr chart is showing an ascending triangle since mid-July:
In this ascending triangle, the flat-upper trendline is being pushed upwards on a weekly bases as Bitcoin is recording higher highs. We still have yet to see a significant breakout.
BTC has now confirmed its 1W candle position above the 200 MA:
Don't get too excited yet; the candle's body was red and thin, making this confirmation a little weak. It should also be cautioned that there is possible resistance from the pre-2021 bullrun.
Altcoins followed BTC's roller coaster ride this week, pumping on Monday, giving in to bears on Tuesday, and jumping again to positive CPI numbers mid-week. ApeCoin (APE) posted the biggest loss this week while interest in Ethereum Classic (ETC) seems to linger.
Since the beginning of August, an upward channel has formed for LINK.
When price action is caught up in a channel, it's an excellent opportunity to turn your Bollinger Bands and run your Bollinger Bands Bot.
Bitcoin started the week with bullish tendencies driving the price over the $23k mark, but bulls took control until mid-week, when officials announced inflation had gone down from July to August in the US, driving BTC close to $25k.
BTC on the 2hr chart is showing an ascending triangle since mid-July:
In this ascending triangle, the flat-upper trendline is being pushed upwards on a weekly bases as Bitcoin is recording higher highs. We still have yet to see a significant breakout.
BTC has now confirmed its 1W candle position above the 200 MA:
Don't get too excited yet; the candle's body was red and thin, making this confirmation a little weak. It should also be cautioned that there is possible resistance from the pre-2021 bullrun.
Altcoins followed BTC's roller coaster ride this week, pumping on Monday, giving in to bears on Tuesday, and jumping again to positive CPI numbers mid-week. ApeCoin (APE) posted the biggest loss this week while interest in Ethereum Classic (ETC) seems to linger.
Since the beginning of August, an upward channel has formed for LINK.
When price action is caught up in a channel, it's an excellent opportunity to turn your Bollinger Bands and run your Bollinger Bands Bot.
Chiliz (CHZ) was in the sports and entertainment industry long before it entered Web3 markets. Now it’s building a platform and exchange for enterprise sports and entertainment teams and organizations to integrate fan tokens, NFT tickets, and other Web3 offerings into their fan engagement strategies.
Get the full scoop on the CHZ token in our Chiliz Coin Profile.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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