Search

Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

September 8, 2021
I don't remember ever writing a report in which the 7 day high and 7 day low were printed on the same day, until today.

Interesting that on the first day that a country rolls out BTC as a legal payment method, the market decides to go on a full out-route. Cynical? I've been trading markets for 25 years, and so I can't help it: There is always a reason.

Leverage is to blame for today's move. It was not created by hodlers selling Bitcoin, but instead it was due to heavy selling on derivatives platforms which caused a cascade of auto-liquidations, like a line of dominoes. When this happens, prices swing wildly. Today, the low print of $42,830 was there for a blink of an eye, yet it will stay on the chart forevermore.

Over $2B of long positions were liquidated in under 20 minutes. A sweeping move below $50,000 triggered the avalanche: The good people of El Salvador sat down to lunch and experienced their first taste of what it's like to open a Bitcoin price-tracking app on their phone and blink. Welcome.



Nothing has changed in the last 24 hours except the price. We have all been through this before, and should we see a heightened level of FUD in the coming days, we can put this one down to 'interference.' Hodlers gonn' hodl, you would have thought that the powers that be understood this by now.

Bitcoin is inevitable, and is down less than 1% over the last 7 days.

Carry on.

Technical Analysis

Resistance at $53,165 held today, and the retracement back to support at $50,265 failed to hold as the market broke the key level and found stop-loss orders. A quick move down, which extended losses below $43,000, found buying support, with prices rotating quickly back to $47,500.

Tonight, the close is critical: Above $47,500 and the market will slowly walk its way back up to $50,000. Below $47,500 and we face a day or two of uncertainty. $44,000 will be the first level the bears look to attack, and they will be keen to pressure those remaining weak longs into fear mode.


Subscribe here to the full report. 

Related Articles

THIS WEEK IN CRYPTO...

September 25, 2021

From China issuing another cryptocurrency crackdown to El Salvador doubling down on their crypto holdings purchases, last week was nothing short of eventful in the cryptoverse.

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

September 24 Daily Crypto Update: Is it a dead cat bounce or a reversal of downtrend?

September 24, 2021

Justin d'Anethan

BTC rose another 3% yesterday, currently at $44,600 and tantalizingly close to the 45K resistance/support.

Daily BTC Analysis

September 23, 2021

Bitcoin has enjoyed a positive trading session today, with prices up 7% post this morning's news that China had taken some small steps to avoid an immediate default from Evergrande. The addition of liquidity to the banking system may just be a shock absorber for next week's action, or it could be the first shot in a sustained program to assist with Evegrande's woes.

September 23 Daily Crypto Update: We can see a clear shift in risk outlook in crypto markets

September 23, 2021

Justin d'Anethan

The Evergrande debacle that’s been weighing on markets has been controlled, for now.