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Price analysis 9/21: BTC, ETH, XRP, BCH, DOT, BNB, LINK, CRO, LTC, BSV

Price analysis 9/21: BTC, ETH, XRP, BCH, DOT, BNB, LINK, CRO, LTC, BSV

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3 years ago

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The market has taken a bearish turn and Bitcoin and altcoins will need strong relief rallies in order to restore their uptrends.

Legacy and crypto crypto markets saw a strong correction today as traders fear that the second round of economic stimulus might be delayed as the White House, Senate and Congress could become entangled in a fight to fill the vacancy created by the passing of Supreme Court Justice Ruth Bader Ginsburg. 

In addition to this, financial stocks are leading the bloodbath as reports emerged that several banks could have been involved in facilitating the movement of over $2 trillion over a two-decade period. These suspicious transactions have been flagged as possible money laundering or criminal activity by the banks internal compliance officers. 

While Bitcoin price is correcting today, this exposure of potentially illegal behavior by banks will only strengthen the narrative for why investors should buy Bitcoin (BTC).

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

The increasing number of coronavirus cases across the world is also adding to the negative sentiment seen in the market today. This has led to panic selling by traders who are dumping equities, gold, crude oil and cryptocurrencies and instead are buying the U.S. dollar. 

However, after the initial round of selling, most asset classes are likely to chalk their own course depending on their long-term fundamentals and cryptocurrencies may be among the first to rebound.

Let’s study the charts of the top 10 cryptocurrencies to spot the critical support levels that could attract buyers.

BTC/USD

Bitcoin turned down from the 50-day simple moving average ($11,225) on Sep. 19 and broke below the 20-day exponential moving average ($10,781) and the $10,625 support today. This fall suggests that the bears used the recent relief rally to $11,000 to initiate short positions.  

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

The bears will now try to sink the price below the $9,835 support and if they succeed, it could result in panic selling that may drag the price down to $9,000 or even further.

If this sharp fall was followed by a strong rebound, it would suggest that the bulls are accumulating at lower levels and such a move might attract several buyers once again.

However, if the BTC/USD pair fails to rebound quickly from the lower levels, then the recovery is likely to take much longer as the bulls will then wait for a bottoming formation to complete before buying.

Contrary to these assumptions, if the pair rebounds off the $10,000–$9,835, support, the bulls will once again attempt to push the price above the downtrend line. If they succeed, then the uptrend is likely to resume.

ETH/USD

The pullback in Ether (ETH) stalled close to the 50% Fibonacci retracement level of $398.263 and turned down on Sep. 20. The selling intensified after the bears broke the immediate support at $353.443.

ETH/USD daily chart

ETH/USD daily chart. Source: TradingView

The next support on the downside is $308.392 and below it $288. If the ETH/USD pair rebounds off this support zone aggressively, it will indicate that the bulls are accumulating on dips.

However, the bears are unlikely to give up their advantage easily. They will attempt to stall any pullback attempts at the downtrend line and then at $398.263. If they succeed, it will be a huge negative and will increase the possibility of a break below $288.

This bearish view will be invalidated if the bulls can push the price above the downtrend line and the overhead resistance at $400.

XRP/USD

The bears are trying to sink XRP below the $0.235688–$0.229582 support zone and if they succeed, the altcoin can decline to $0.19, completing a 100% retracement of the up-move that started in mid-July.   

XRP/USD daily chart

XRP/USD daily chart. Source: TradingView

The lack of a strong bounce off the support zone indicates that buyers are currently not defending this zone aggressively. They are likely to wait for the decline to end before venturing out to buy.

This bearish view will be negated if the XRP/USD pair rebounds off the current levels and breaks above the downtrend line.

BCH/USD

The failure of the bulls to propel Bitcoin Cash (BCH) above the 20-day EMA ($235) attracted profit booking by the short-term bulls and shorting by the aggressive bears. This has resulted in a sharp fall to the critical support zone of $215–$200.

BCH/USD daily chart

BCH/USD daily chart. Source: TradingView

If the bears can close (UTC time) the price below $215, the BCH/USD pair can drop to the critical support at $200. This is an important support because the bulls have not allowed the price to break below this level since the end of March.

Aggressive bulls might buy the dip to $200 but they will have to push the price back above the 20-day EMA to invalidate the bearish sentiment. If they fail to do so, the bears will again sell on the relief rally to the 20-day EMA.

A break below the $200 support will be a huge negative as it can start a downtrend that has a target objective of $140.

DOT/USD

Polkadot (DOT) broke below the rising wedge pattern on Sep.19 and quickly dropped to the $4.00 support. The bulls will attempt to defend the $4.00–$3.5321 support zone while the bears will try to break below it. 

DOT/USD daily chart

DOT/USD daily chart. Source: TradingView

If the bears succeed, the DOT/USD pair can drop to $2.60 and then to $2.00. Such a move will be a huge negative as it is likely to drive away the bulls and reduce the possibility of a sharp recovery.

However, the pair could remain range-bound for a few days if it rebounds off the support zone and breaks above the 20-day EMA ($4.87).

BNB/USD

Binance Coin (BNB) broke below the $25.82 support on Sep. 20 but the price recovered from the intraday lows and closed (UTC time) at $26.31. However, renewed selling today has resulted in a sharp fall that has broken below the $25.82 support. 

BNB/USD daily chart

BNB/USD daily chart. Source: TradingView

The bulls are currently attempting to arrest the decline at $23 but the bears are likely to sell on pullbacks to the downtrend line and to the 20-day EMA ($25.68). 

If the BNB/USD pair turns down from the downtrend line or the 20-day EMA, the bears will once again attempt to sink the price below $23. A break below this support could result in a decline to the next support at $18.

This bearish view will be invalidated if the bulls can push the price back above $25.82. Such a move will suggest that the current decline was a bear trap.

LINK/USD

Chainlink (LINK) is in a downtrend as it continues to make lower highs and lower lows. The break below $8.908 support shows that the bulls are not aggressively defending this level as they are not confident that the bottom is in place yet.

LINK/USD daily chart

LINK/USD daily chart. Source: TradingView

If the LINK/USD pair closes (UTC time) below $8.908, the selling is likely to intensify. The next support is at $6.90 from where the pair had bounced off in July.

However, if the bears fail to sustain the price below $8.908, the aggressive buyers might step in and buy. A strong bounce off this support can reach the 20-day EMA ($11.5) where the bears might again step in and short.

This bearish view will be invalidated if the bulls can push the price above the 20-day EMA. Such a move will be the first sign that the downtrend might be over.

CRO/USD

Crypto.com Coin (CRO) turned down from the resistance line and broke below the moving averages on Sep. 20. The altcoin can now drop to the critical support at $0.144743.

CRO/USD daily chart

CRO/USD daily chart. Source: TradingView

If the bears can sink and sustain the price below $0.144743, it will suggest that the CRO/USD pair has topped out at $0.191101. 

The next support on the downside is the 38.2% Fibonacci retracement level of $0.12749 and if this breaks down, the decline can extend to $0.11.

This bearish view will be invalidated if the pair rebounds off $0.144743 and rises above the downtrend line.

LTC/USD

The indecision between the bulls and the bears resolved in favor of the bears when Litecoin (LTC) broke below the symmetrical triangle pattern on Sep. 20. The next support on the downside is $39.

LTC/USD daily chart

LTC/USD daily chart. Source: TradingView

Some buying can be expected at the $39 support because this level has not been breached convincingly since April 1 and the buyers have been rewarded every time they purchased on dips to this support.

The strength of the rebound off this critical support will provide insight into the conviction of traders. 

If the bounce is strong, it will suggest that the bulls have again purchased closer to the support because they expect it to hold. However, a weak rebound will show a lack of confidence and this will increase the possibility of a break below $39.

BSV/USD

The tight range trading in Bitcoin SV (BSV) resolved to the downside on Sep. 20 as the altcoin plunged below the $160 support. Repeated retests of a support level tend to weaken it as traders lose conviction that the support will hold, hence, they stop buying.

BSV/USD daily chart

BSV/USD daily chart. Source: TradingView

The bears will now use the opportunity and try to sink the BSV/USD pair below the $146.20–$135 support zone. If they succeed, it could start the next leg of the downtrend that can reach $100 where buying might emerge as it is a psychologically important level.

This bearish view will be invalidated if the pair rebounds off the current levels and rises above the 20-day EMA ($167). Until then, the bears are likely to view the relief rallies as a selling opportunity.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

Published

3 hours ago

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March 9, 2024

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

“When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

“It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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Uncategorized

February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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4 hours ago

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March 9, 2024

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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Spread & Containment

Another beloved brewery files Chapter 11 bankruptcy

The beer industry has been devastated by covid, changing tastes, and maybe fallout from the Bud Light scandal.

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5 hours ago

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March 9, 2024

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Before the covid pandemic, craft beer was having a moment. Most cities had multiple breweries and taprooms with some having so many that people put together the brewery version of a pub crawl.

It was a period where beer snobbery ruled the day and it was not uncommon to hear bar patrons discuss the makeup of the beer the beer they were drinking. This boom period always seemed destined for failure, or at least a retraction as many markets seemed to have more craft breweries than they could support.

Related: Fast-food chain closes more stores after Chapter 11 bankruptcy

The pandemic, however, hastened that downfall. Many of these local and regional craft breweries counted on in-person sales to drive their business. 

And while many had local and regional distribution, selling through a third party comes with much lower margins. Direct sales drove their business and the pandemic forced many breweries to shut down their taprooms during the period where social distancing rules were in effect.

During those months the breweries still had rent and employees to pay while little money was coming in. That led to a number of popular beermakers including San Francisco's nationally-known Anchor Brewing as well as many regional favorites including Chicago’s Metropolitan Brewing, New Jersey’s Flying Fish, Denver’s Joyride Brewing, Tampa’s Zydeco Brew Werks, and Cleveland’s Terrestrial Brewing filing bankruptcy.

Some of these brands hope to survive, but others, including Anchor Brewing, fell into Chapter 7 liquidation. Now, another domino has fallen as a popular regional brewery has filed for Chapter 11 bankruptcy protection.

Overall beer sales have fallen.

Image source: Shutterstock

Covid is not the only reason for brewery bankruptcies

While covid deserves some of the blame for brewery failures, it's not the only reason why so many have filed for bankruptcy protection. Overall beer sales have fallen driven by younger people embracing non-alcoholic cocktails, and the rise in popularity of non-beer alcoholic offerings,

Beer sales have fallen to their lowest levels since 1999 and some industry analysts

"Sales declined by more than 5% in the first nine months of the year, dragged down not only by the backlash and boycotts against Anheuser-Busch-owned Bud Light but the changing habits of younger drinkers," according to data from Beer Marketer’s Insights published by the New York Post.

Bud Light parent Anheuser Busch InBev (BUD) faced massive boycotts after it partnered with transgender social media influencer Dylan Mulvaney. It was a very small partnership but it led to a right-wing backlash spurred on by Kid Rock, who posted a video on social media where he chastised the company before shooting up cases of Bud Light with an automatic weapon.

Another brewery files Chapter 11 bankruptcy

Gizmo Brew Works, which does business under the name Roth Brewing Company LLC, filed for Chapter 11 bankruptcy protection on March 8. In its filing, the company checked the box that indicates that its debts are less than $7.5 million and it chooses to proceed under Subchapter V of Chapter 11. 

"Both small business and subchapter V cases are treated differently than a traditional chapter 11 case primarily due to accelerated deadlines and the speed with which the plan is confirmed," USCourts.gov explained. 

Roth Brewing/Gizmo Brew Works shared that it has 50-99 creditors and assets $100,000 and $500,000. The filing noted that the company does expect to have funds available for unsecured creditors. 

The popular brewery operates three taprooms and sells its beer to go at those locations.

"Join us at Gizmo Brew Works Craft Brewery and Taprooms located in Raleigh, Durham, and Chapel Hill, North Carolina. Find us for entertainment, live music, food trucks, beer specials, and most importantly, great-tasting craft beer by Gizmo Brew Works," the company shared on its website.

The company estimates that it has between $1 and $10 million in liabilities (a broad range as the bankruptcy form does not provide a space to be more specific).

Gizmo Brew Works/Roth Brewing did not share a reorganization or funding plan in its bankruptcy filing. An email request for comment sent through the company's contact page was not immediately returned.

 

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