Buterin, Mow: Many Cryptos Will Prosper in the Long Run – Price Analysis, 24 Aug 2020
During a recent podcast, prominent Bitcoin maximalist and Chief Strategy Officer at Blockstream Samson Mow and Ethereum creator Vitalik Buterin concluded that in the long run, many cryptocurrencies will prosper and Bitcoin will not be the only winner.
However, a large number of cryptocurrencies that fundamentally don't have a minimum viable product will fail, according to both crypto experts. That's why in-depth research is imperative when investing in crypto assets.
Cryptocurrency has a bright future, entrepreneur Robert Kiyosaki, the author of the bestseller "Rich Dad, Poor Dad", believes as well.
He is sure that the actions of the Federal Reserve and the US Department of the Treasury are bringing a serious banking crisis closer and it's time to invest in Bitcoin, gold, and silver.
During the weekend, the crypto market recorded a decent price decline. Now it is trying to rebound. At the time of writing, according to Coin360.com, one Bitcoin costs €9,994.55 (+1.67%), one Ethereum – €339.02 (+2.54%), and one Litecoin – €52.65 (+5.30%):
Source: Coin360.com (Daily crypto market performance)
Now let's analyze the charts of the major cryptocurrencies against the euro.
In the 1-day time frame (1D), BTC/EUR is fluctuating near the upper line of the Rising Wedge:
The bulls will try to push the price above the psychological level of €10,000. However, we have to keep in mind that the upper line of the wedge will serve as a strong resistance and it won't be very easy for the bulls to keep the uptrend.
In case of loss of the upside momentum, the bears may take control of the market and the price of Bitcoin may sink to the lower line of the wedge, or a level of approximately €9,054.
In our view, BTC/EUR will stay within the Rising Wedge at least until the end of the week.
In the weekly time frame (1W), ETH/EUR has formed a Bearish Engulfing at the top of a sequence of ascending bullish candlesticks:
According to the technical analysis theory, the Bearish Engulfing candlestick pattern is considered to be a bearish reversal pattern, usually occurring at the top of an uptrend.
However, we would like to point out that the local low of the bearish candlestick couldn't renew the local low of the bullish candlestick. This suggests that the bulls are fiercely defending the uptrend, and the trend reversal will probably not happen.
In the 4-hour chart (4H), after being in consolidation for almost four months, LTC/EUR is trying to start an uptrend:
In our estimation, LTC/EUR will continue to move within the potential uptrend.
We consider the upper part of the consolidation range (a level of approximately €46 per one digital coin) as a support for the price of Litecoin, and the lower part of the range of the previous local high (a level of approximately €62 per one digital coin) as a strong resistance.
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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.