Forex Analysis & Reviews: 09.08.2021 - Bitcoin and Ethereum: The...

09.08.2021 02:17 PM

Bitcoin and Ethereum: The rocket is fueled and ready to fly into space

For the first time since mid-May, the Bitcoin and Ethereum quotes returned to the levels of the upward trend, which market participants have been waiting for so long.

The upward trend of July 21 has woken up even the laziest of traders, with Bitcoin gaining 54% in value at its peak, while Ethereum by 85%.

In fact, the crypto market is currently on the verge of another HYPE of popularity, but before the update of historical highs, several price fluctuations are still awaiting us.

Following the logical basis of the past, traders have repeatedly observed the same picture. In the period August-September, there is a corrective course in the cryptocurrency market, which is most pronounced in September. Whether there will be a repetition of the logical basis of the past, it is impossible to say for sure, but in 2019 and 2020, this was steadily happening on the market.

In any outcome, a positive upward trend has already been set, and a correction can only become a regrouping of trading forces. Thus, our forecast is still focused on updating historical highs.

Meanwhile, there is a positive signal on the information and news flow. American cryptocurrency exchange Coinbase announced the possibility of direct purchase of cryptocurrencies through Apple Pay. Coinbase now provides the ability to buy cryptocurrency using a Visa or Mastercard tied to Apple Pay, and customers will have the option to instantly withdraw funds of up to $100,000 per transaction.

Thus, the cryptocurrency has become even more accessible to a multi-million audience, which has a positive effect on the entire crypto industry.

According to Coinbase representatives, Google Pay users will have a similar opportunity in the fall.

In the previous analytical review, we wrote that from August 2, a new law will be implemented in Germany, which will allow institutional funds to invest up to 20% of their reserves in cryptocurrencies. There was another piece of news that said that within three years, the crypto market could receive from $100 billion to $657 billion from Germany, Austria, and Switzerland.

About 46% of the surveyed funds from these countries are interested in a new type of assets and are ready to research the market for further investments. More than 14% of respondents are interested in DeFi solutions, and 7% of funds plan to invest in cryptocurrencies by the end of 2021.

Just a few years ago, few people could have imagined that cryptocurrency would be of such interest to professional market participants. Now digital assets are becoming not just the mainstream, but the foundation of a new economy.

What is happening on Bitcoin and Ethereum trading charts?

Bitcoin quotes managed to reach the level of $45,363 last weekend, which is above the resistance area of $42,000-$43,000. Thus, buyers' chances have increased significantly, which may well lead to a further upward movement towards the psychological level of $50,000.

The theory of a regular correction in case of its coincidence will not break the upward trend.

The HYPE wave is expected after the breakout of the $50,000 mark.

Ethereum managed to jump to the level of $3,189, after which a technical pullback occurred. The breakout of the psychological level of $3,000 is confirmed in the market. The subsequent upward movement will no longer be tied to the resistance at 3000, market participants will easily pass it and update the local maximum.

The HYPE will consistently grow, with the passage of the values of $3,500 and $4,000.

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