Bitcoin closed the day with a red candle on August 29, 2018, just above the $7,000 mark. The biggest cryptocurrency could not recover and dropped to $6,800 during the intraday trading session on August 30, before going back up to the $7,000 zone.
Additionally, there were unconfirmed rumors mid-week that NASDAQ was still looking to list several coins in 2019 depending on how they will be classified from a regulatory standpoint.
Spectators did not see any rapid price changes on August 31 when most of the cryptocurrencies were consolidating their higher lows. Many BTC traders began exiting their positions around $7,000 and in so doing, confirmed this very strong mid-term selling area.
On September 1, the BTC-USD pair registered its biggest one-day jump since August 27, and closed the day with solid gains, suggesting mid-term target is the psychosocial level of $8,000.
Satoshi Nakamoto’s project was up eight percent last week, with a significantly increased trading volume of $7.2 billion. It was also stable on September 3, starting the day at the $7,200 range.
Last week’s chart demonstrated the possibility of a break out in the short-term if $7,400 to $7,500 level is successfully crossed and defended. Price, however, was relatively flat on Monday, still trading above $7,200.
It is worth noting that the 24h trading volume dropped from $7.6 billion on the evening of September 2 to $4.3 billion on the afternoon of September 3, 2018. BTC – USD went as high as $7,330 and as low as $7,185 during that window.
BTC consolidated the gains on September 4, almost touching $7,400 with a 24h trading volume of about $5 billion, up from the $4.3 billion registered the previous day.
The German market organizer Deutsche Börse reported it was preparing to set up a dedicated blockchain and crypto-assets unit by establishing a 24-person team to coordinate its blockchain-based activities across the group. Another event, however, miraculously coincided with the BTC bull run and negatively impacted the price of BTC the next few days.
$100 million worth of bitcoins were moved into the market through three exchanges. The funds probably belong to Dread Pirate Roberts, the account of the Silk Road’s admin, and were transferred throughout ten days, with 11,100 BTC going to Bitfinex and 4,400 to Binance.
BTC initiated a correction on September 6, 2018, dropping from $7,385 to $6,871 between 11:40 CET and 13:00 CET, before rebounding to $7,000 at 14:00 CET. The biggest cryptocurrency is on its way down since that point in time erasing approximately $1,000 from its value (14 percent). Many factors could be contributing to this cataclysm.
Some suggest its Goldman Sachs moving their plan for a crypto trading desk lower down on the priority list. The Wall Street banking giant will be focusing on other digital-coin services, such as a custody product.
Bitcoin Bear Gang™ update
It’s bull huntin season… pic.twitter.com/FgSEDT6ud8
— SHILL GATES (@RealShillGates) September 4, 2018
Other say it was Erik Voorhees, CEO of crypto exchange ShapeShift (one of the best-known platforms offering peer-to-peer trading,) who pulled the trigger in a blog post stating that the platform is launching a membership program, which “requires basic personal information to be collected” and will “become mandatory soon.”
This is important news as Erik Voorhees and ShapeShift were advocating decentralization and anonymity for a long time, now they are stepping on the backpedal.
BTC now sits at $6,400, down almost 13 percent for the last 24 hours, but still one percent up for the 14-day period.
Observers are now back to the same old mid-$6,000s price range corridor. Naturally, the next target will be to escape from here, break $6,600 and the resistance at $6,800, before attempting another attack on $7,000. It will be interesting to see if $6,800 could still be turned into a support or if we have the shorts there already. Down, we are looking to $6,000 as a significant support line.
Ethereum almost touched the $300 mark on August 29, 2018, before dropping back to $283 on August 30. The most popular altcoin lacked the trading volume increase to fuel short-term recovery and fell even further on August 31, almost reaching the support at $270 and the dangerous zone between $270 and $250.
CBOE Global Markets, the owner of the Chicago Board Options Exchange (CBOE), was reported to be looking to launch futures for ether by the end of 2018 (ETH). The futures and options exchange is waiting on the Commodities Futures Trading Commission (CFTC) to give the project the go-ahead before its official launch. The market reacted immediately, and ETH-USD pair jumped $21 on September 1, breaching the $300 resistance line and closing the day at $296.
Additionally, the Ethereum developers agreed to delay difficulty bomb and reduce the block reward by 33 percent by including the code for such a change into Ethereum’s next hard fork, Constantinople.
Ethereum was trading in the $296 to $286 range at the start of the week with volumes dropping from $2.8 billion to $2 billion the day before. The trading volume bounced back to $2.8 billion on September 4, but the price was lacking overall direction, apparently waiting for BTC to make a move to follow.
Unfortunately, this is what spectators saw on the morning of September 5, when ETH-USD entered yet another correction. And this time it dropped like a rock, smashing through the $280 support. The so-called “danger zone” between $270 and $250 was also broken, although it showed some resistance in its mid-section.
The most popular altcoin currently stands at $226 (or 20 percent down for the last 24h), way below the $250 September 2017 low. It landed squarely in the $210 to $220 zone. An alt season without ETH is not possible as it is the best indicator for a run of other cryptocurrencies as well as the rest of the top ten will only follow. Observers suspect a small bounce to around $240 or $250 before continuing downwards.
The XRP-USD pair followed the rest of the altcoins and BTC on Saturday and registered significant gains. The Ripple currency broke the $0.34000 to $0.34270 resistance and closed at $0.347.
On August 31, Morgan Creek Capital Management, privately-owned investment management, company announced it had launched a cryptocurrency investment fund without XRP, the reason being a large proportion of this currency is held by the Ripple management team, so it is not as decentralized as other cryptocurrencies.
The Ripple company currency moved between $0.345 and $0.3347 on September 3 with 24h volume dropping from $310 million to $240 million. There was no visible price change on September 4, very similar to ether, but trading volume doubled to $520 million from $260 million the day before.
Like most of the top 100 currencies, XRP also experienced substantial losses on September 5 and early September 6. Price dropped from $0.3319 to $0.279 and now sits at $0.283, 17 percent down on the weekly basis. Targets remain the same; $0.27 support in case of further correction and $0.30, followed by $0.34 upwards.