Mike Novogratz, CEO of Galaxy Digital, said Bitcoin has cemented its position as a store of value over the past year.
Although he expects gold to rise, Novogratz believes Bitcoin is a better buy because it has no more than $ 220 billion in market value, with gold exceeding $ 10 trillion, so Bitcoin still has a long way to go to capture gold at launch.
Grayscale Investments CEO Barry Silbert said its recent ads on various TV networks have paid off as the company saw $ 217 million in inflows into various Grayscale funds in one week.
Bitcoin / USD
Bitcoin continues to consolidate near recent highs at $ 12,113.50, indicating that the bulls are not closing their positions as they expect the uptrend to extend further.
The Average Directional Index (ADX), a component of the Directional Movement Index, remains strong above 38 and the 20-day exponential moving average ($ 11,357) is rising, indicating that the upside is strong.
The BTC / USD pair has formed a banner, which is an upward pattern. If the buyers manage to push the price over the pennant and upper resistance to $ 12,304.37, the uptrend is likely to resume.
This setup is aiming for $ 14,956. However, the bears will try to stop the rally at $ 13,000 and again at $ 14,000.
Instead of a breakout, a drop to $ 10.400 is likely if the bears drop the pair below the pennant. A break below this level indicates a lack of buyers at higher levels and may indicate a near-term top.
The Positive Trend Indicator (+ DI) and Negative Trend Indicator (-DI) have crossed each other and the ADX has declined near 18. This indicates that there is no trend on the 4 hour chart.
Currently, the price is lower against the pennant’s resistance line, indicating that the bears are strongly defending this level. However, the bears were unable to keep the price below the 20 EMA, indicating buy on dips.
A break in the flag’s resistance line indicates the cops are back in the driver’s seat. On the other hand, if the price remains below the 20-EMA level, the pennant support line is likely to decline.
ETH / USD
Ether (ETH) continues with a strong bullish trend as the ADX trades above 53 levels and the 20-day moving average rose ($ 382). + DI is still well above -DI, indicating that bulls have the upper hand.
ETH / USD recovered from the breakout level of $ 415.634, indicating strong buying by bulls on this support. If the bulls manage to push the price above $ 444.15, the price will likely go up to $ 480.
On the contrary, if the bears sink and continue the price below $ 415.634, a drop to the 20 day moving average is possible. If the pair recovers from this support, the bulls will attempt once again to resume the bullish trend.
However, if the bears pull the price below the 20 day EMA, it is likely to drop to $ 366. A strong bounce from this level could tie the pair in the range for a few days.
The bears pushed the price below the 20 EMA on the 4-hour chart but failed to keep the price below the $ 415.634 support level, indicating that the bulls are aggressively defending this support. If the bulls can now push the price above $ 444.15, the bullish trend is likely to resume.
However, if the pair breaches $ 444.15, the price may consolidate in a narrow range for a few days.
The ADX corrected below 23 levels, indicating weakness of the trend in the short term. This also indicates potential for short-term consolidation. This view will be invalidated if the pair is rejected and a breakout below the USD 415,634 support.
EOS / USD
The ADX indicator below the EOS is below the 20 level, indicating that it is not in a strong trend yet. However, the sharp rally on August 15th brought the price close to critical resistance of $ 3.8811.
The bears are currently defending this level of resistance but the bulls are trying to push the price above it.
If the bulls manage to hold the EOS / USD pair above the general resistance at $ 3.8811, the momentum should accelerate. Next upside target is $ 4.4, then $ 4.66. When both levels are measured, the rally can extend to $ 5.40.
Contrary to this assumption, a drop in the 20-day moving average ($ 3.16)