Daily Bitcoin Market Reviews & Thoughts: August 31
️ BTC. The idea to continue the correction of the main cryptocurrency from yesterday's review turned out to be correct. Bitcoin staged a technical rebound from the 100 EMA 3H, the upward push was stopped by the resistance level around $48,600, from which the instrument rolled back. The asset failed to gain a foothold above the support level at $47,800, which triggered a continuation of the decline. A downward push is created on an increase in trading volume, which characterizes the strength of the sellers. Bitcoin managed to break the dynamic resistance - 100 EMA 4H, which allowed the bulls to develop an upward movement to the $47,800 area. It is important for buyers to hold the asset above the 100 EMA 4H to strike back at the price. daily resistance - $47 800. Otherwise, it is likely to see a bearish retest of the 0. , Fibonacci 5 ($47,037) correction level with a subsequent decline to the trend line support at $45,900.
️ ETH. Ether is trading above the $3300 support level, the next significant resistance is around $3450. Asset growth in the pair to #BTC amounted to 5.5% over the past day.
Nasdaq-listed mining company The9 has announced the launch of the NFTSTAR trading platform for non-eligible tokens (NFT)(1), which will showcase the work of global celebrities from sports, entertainment, arts and other industries. NFTSTAR will be operated by a subsidiary in Singapore, and The9 President Chris Shen will be CEO of the new platform.
The9 previously worked in the gaming industry - from 2005 to 2009, he was the only licensed operator and distributor of World of Warcraft in China. The company entered the mining industry in January, along with other companies such as 500.com (now BIT Mining).
The trading volume of non-exchangeable tokens in August reached $2.3 billion according to The Block (2), an increase of 7.5 times compared to July ($305 million). It should be noted that 98% of the total turnover falls on one trading platform - Opensea. I believe that the increasing demand for NFT objects cannot leave indifferent companies related to digital assets, and in the near future the central market will definitely have competitors.
️Alts: Fantom Foundation (#FTM) announcement of launching an incentive program for developers working in the platform ecosystem, totaling $370 million, causing #FTM to grow 60% (against the dollar).
In anticipation of the launch of a cross-platform bridge by the Rubic (#RBC) project, which includes the #ETH, #BSC and #MATIC blockchains, the #RBC fee is increased by 45% (against the dollar).
The listing of the GameX (#GMX) project on the XT.com exchange led to a 35% increase in the price of #GMX (against the dollar).
️The US stock indexes showed no dynamics at Monday's opening trade, while the S&P 500 renewed its record high again. Comments by the head of the Federal Reserve System eased fears of an imminent reduction in monetary stimulus among investors. As a result, US stock markets ended Monday's trading in a different direction due to the strengthening of the technology, healthcare and consumer sectors and negative dynamics in the oil and gas, financial and raw materials sectors. At the close in New York, the Dow Jones was down 0.16%, the S&P 500 was up 0.43% and the NASDAQ Composite was up 0.9%.
️Total cryptocurrency market cap has grown by 0.3% over the past 24 hours, bitcoin dominance has fallen by 2%. We recommend waiting for #BTC to consolidate above $47,000 before opening a trade.
I hope my information helps, thank you.