As the powers that be an attempt to exert waning influence on money, bitcoin continues to improve and gain more adoption. Confidence in legacy monetary technology is decreasing.
Bitcoin’s very existence stands in defiance to fundamentally inadequate and often corrupt money practices that have reigned for the last 100 years.
Let’s dig in.
Litecoin Reaches 3-Month High As Fundamentals Improve
Litecoin has rallied lately, climbing to its highest price point since mid-May as the digital currency’s network continues to benefit from tailwinds and growing network activity.
The relationship between Litecoin and Bitcoin has often been compared to that of silver and gold, both from a fundamental and technical perspective.
Check out the full article here!
Bitcoin: Onwards and upwards?
Last Thursday, I shared a clean chart on Twitter detailing the exact levels of interest at the time. BTC/USD cleared the final layers of selling pressure since then and stands on the precipice of another upthrust, with a potential target being $57,200.
At the time of writing, the coin exchanges hands at $51,770 — having closed a full-bodied daily candle firmly in the green. At $48,600, the 20-daily EMA is the line-in-the-sand level for accelerating momentum. Should price trend (and close below), it’s prudent to expect that a deeper correction is probable.
However, the daily relative strength index (RSI) trend, observable since August 7th, appears to be succumbing to bullish momentum too. This suggests that buyers are not backing down.
Should BTC/USD decide to take out all-time highs now (as opposed to later), the $88,000 1.618 fib extension level would be the first macro target for bulls.
All eyes are on the king crypto in the immediate short term. Will hyperbitcoinisation come early?
Ethereum Air above
ETH/USD is on a tear. At the time of writing, ether has reached all-time-high territory. If $3,800 — $4,000 is decisively held, the last remaining resistance level worth considering would be null and void.
As noted in the previous newsletter, the next target for ETH/USD in the month of September is the 1.618 fib extension level at $6,000.
DeFi Index Shows no mercy
Meanwhile, the FTX DeFi index continues to demonstrate relentless strength, exchanging hands at $13,480 at the time of writing. As noted previously, $14,500 (.786 fib) is a level where one can expect profit-taking and partial capital flows back into bitcoin or elsewhere.
Historically, ETH/USD is a proxy and a harbinger for the altcoin market. But ether is typically ‘capped’ by BTC/USD price action too. This is to say that if Bitcoin chooses violence, investors typically dump risk assets and retreat into bitcoin and stablecoins.
This truism continues to be a functioning modus operandi for capital flows in the crypto wild west, and until the trend changes, pre-empting a change in the status quo is likely to end badly.
Do bulls lead the way? All the way.
Catch you later.
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