Zanzibar_Trading

🔸Solana has trading sideways for the past week, the 7 days high is 151.60 and the low is 136.78. this sideways movement has made the pairs future uncertain therefore creating a ticking bomb ready to explode and push the price to any side. 🔹If the price fell below the local low at 136.78, the bears can push the price down to 130.46 and the strong support at $121.81. This becomes more likely when we pay attention to the onchain data. 🔸Solana memecoins experienced a sell-off memecoins like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Popcat (POPCAT), which saw double-digit losses. A sharp drop in daily transactions on the Solana network, from 20,465 to 4,332 between August 13 and 16, indicates reduced network activity and lower user interaction. Solana's total value locked (TVL) decreased by 5.2% over the last week, from $5.02 billion on August 9 to $4.76 billion, reflecting reduced interest from traders. 🔹On the other side, if traders sentiment changes more towards a optimistic view, that would possibly help the bulls to push the price above the 200 MA (149.55) and the 50 MA (153.04) and from there the bulls can set their next targets at $163,$174,$187 and $200. Zanzibar Trading

🔸After the market crash in August 5, BNB has seen a pullback of 35% sending the price from $401 to $545. Currently sitting at $535 below the 200 MA ($536). 🔹The reason behind the price movements has been the overall market behavior specially Bitcoin, if you have read my BTCUSDT analysis that i posted yesterday you can notice some similarities among these two pairs. 🔸Similar to Bitcoin, BNB is consolidating below it's 200 MA ($536) and the support at $510. With a little bit of positive fundamentals to push the bulls, Bitcoin price can possibly move higher and try to regain it's recent losses resulting in BNB to follow the flagship and break above the 200 MA ($536) 🔹From there if the next target for buyers would be the resistant line of the channel, if this resistance cracked the price can move up to $620, $645, $700 and $720. 🔸Conversely, if the pair stayed loyal to the Descending Channel and aimed lower, the $500 - $510 support will break the next target for the bears would be $460 and $400. Zanzibar Trading

🔸Following the market crash in August 3, ETH fell by 37% from $3,639 down to $2,150. The pair has since pulled back by 30% currently sitting at $2,613.🔹While Bitcoin recently reached a new ATH, ETH on the other hand only reached $4,000, $800 lower than it's ATH. This makes this recent price fall a lucrative price to buy for long-term holders specially the current price at $2,610 and the $2,150.🔸There has been a significant increase in both staking and restaking of ETH, which supports Ethereum's proof-of-stake (PoS) consensus mechanism. EigenLayer, a restaking platform on Ethereum, saw an 11% increase in its total value locked (TVL) in one week, signaling growth in the restaking market.🔹Positive fundamentals followed by a overall market recovery would reignite the bullish movement and push the price up above the 0.61 ($2,903) from there the next significant price levels to watch out for would be the 200 MA (3,240), $3,600 and $4,100.🔸On the other hand, further bearish momentum in the crypto market in the short-term could send the price down to $2,150 which still wouldn't change the overall bullish trend However, if the price drops below this level, it could signal a potential shift in market trend, leading ETH into a prolonged downtrend or bear market.Zanzibar Trading

🔸For the past 10 days Bitcoin has been consolidating Below an strong resistance, buyers are experiencing an strong resistance from sellers at this price level but despite the resistance buyers have been able to keep the price above $56,166.🔹The $60,322 - $62,591 price zone is protected by the 200 MA ($62,591), the 50 MA ($61,558) a previous support and the 0.38 fib level ($60,322).🔸On the fundamental side, Over $1.7 billion in dormant Bitcoin (29,206 BTC) was moved on-chain between August 11 and 12, Such movements often lead to selling pressure, especially in low liquidity environments, which could push prices downward.🔹If buyers failed to push the price above the resistance the price can retreat back to the 0.5 fib level ($56,166), the support line of the descending channel and the 0.61 fib level at $52,009.🔸On the other hand, if the resistance at $61,565 cracked and buyers managed to keep the price above that level the next targets for buyers would be the 0.23 fib level ($65,464), $60,616, $71,6977 and $73,597.Zanzibar Trading

🔹Yesterday the crypto market experienced a downturn movement, most of the major coins losing 6% to 10% each. Bitcoin was leading this bearish movement with it's price falling from $65,522 to $60,691, a 6% drop in just 24 hours.🔸The pair is currently sitting at an important price level where the 200 MA ($61,403), the 0.38 fib level ($60,322) and the $61,454 - $59,350 support meet.🔹If the price follows the Descending Channel the price can fall below the support and retreat beck to the 0.5 ($56,166) and 0.61 ($52,000) fib levels. It's important to note that this price drop would not change the overall bullish trend and would actually help the bulls for further growth in the future.🔸On the other hand, if buyers managed to push the price above the resistance line of the channel and to $67,000 it could result in the liquidation of $940 million in short positions and total short liquidations could surpass $1.4 billion if Bitcoin breaks $67,500 which could help the bulls push the price to $70,000, $71,759 and $73,400.Zanzibar TradingBTC stayed true to the Descending Channel, currently at $49,000 below the channel, next levels below this are $46,000 and $41,300

🔸Since July 8, the crypto market has seen significant change in sentiment among traders, the Fear & Greed Index went from "Extreme Fear" to "Greed" in a matter of days resulting in the overall price increase in the top Cryptocurrencies. 🔹Bitcoin price increased by 15% leading to the entire crypto market to follow up including ADAUSDT. the pair even outperformed Bitcoin in the same timeframe rising by 30% from $0.3343 to $0.4490. 🔸Buyers successfully used the $0.3554 - $0.3402 support to push the price above the 50 MA ($0.4119) and the support at same price level, putting the price at an important level for further growth. 🔹With further optimism among crypto traders partly attributed to the potential election victory of the former president and his crypto-friendly running mate JD Vance. We can expect the price rise further reaching $0.4609, $0.4888 and the next major resistance, the 20 MA ($0.5193), if the 200 MA cracked the next target for buyers are $0.5834, $0.660 and $0.8040. 🔸Alternatively, if traders sentiment changed to a more negative approach just like how fast it changed to a positive one, it's possible for the price to retreat back to the previous support at $0.3550 where the next major support levels after below that would be $0.2576 and $0.1830. Zanzibar Trading

🔹July 13, 2023: Landmark ruling in SEC vs. Ripple Labs case. XRPUSDT token ruled not a security when sold on public exchanges which pumped the price by 20% from $0.4457 to $0.5414.🔸SEC lawsuit in December 2020 alleged unregistered securities offering by selling XRP. Ripple argued XRP is a currency, not a security. Court sided partially with Ripple but found securities laws broken with institutional sales.🔹The pair is currently facing resistance from the 200 MA ($0.5444) and the resistant zone at same price level, it's possible with further bullish sentiment, buyers can break above this resistant setting the price up to target $0.5859, $0.6381, $0.7003 and $0.7435.🔸On the other hand it's important to pay attention to the overall crypto market sentiment specially now that the Fear & Greed Index is indicating extreme fear among traders.🔹minor support below the price is the 50 MA ($0.4875), and a strong support at $0.4229. If this support cracked sellers can easily push the price down to $0.1318, $0.3508 and $0.3164.Zanzibar Trading

🔹The second largest coin by market cap is now believed to benefit and outperform Bitcoin following the launch of spot ETH exchange-traded funds (ETFs) in the U.S. later this month. 🔸The ETH/BTC ratio reversed after the unexpected approval of ETH ETFs by the SEC. Traders now believe that ETH's price will rise similar to BTC after its ETFs went live. 🔹The ETHUSDT pair is currently sitting at $3,300 following the overall negative performance of the crypto market. 🔸It is slightly below the 8 Month old trendline but hasn't officially broken the line. If it did, the next support would be the 200 MA ($3,084), 0.618 fib level ($2,903), 0.78 fib level ($2,580) and the support at $2,154. 🔹Alternatively the more likely scenario is the price continuing it's upward movement to the 0.23 fib level ($3,639), $3,944 and the resistance at $4,382. Zanzibar Trading

🔸The BNBUSDT pair experienced a fall in price from $580 to $455 between July 3 and July 5, a 20% decrease in price following the Mt. Gox releasing $9 billion worth of BTC resulting in over $100M of leveraged positions getting liquidated. 🔹The bears pushed the price into the oversold territory which is the reason for the price rebound to $530. If the 200 MA that is currently holding the price up cracked, the bears can push the price back to $455 and from there to $396 and $340. 🔸But this depends heavily on the overall crypto market's performance, if the market conditions improved and the price stayed above the 200 MA the next resistance would be $590, $622, $637, $670 and $720. Zanzibar Trading

🔸"Bitcoin price just bottomed at $54,000" is that true? let's find out. 🔹The Bitcoin Dominance has been inside a triangle pattern since April 15. Both sides of the pattern has been hit 3 times and the support line of the tri angle is protected by the 200 MA. 🔸A breakout above the pattern could send it to 56.43%, 57.21% and 58.36%. At the same time A bullish hammer candlestick pattern formed on July 5 and the Bitcoin RSI is indicating a bullish divergence, suggesting weakening selling pressure and potential for a rebound. 🔹US-based spot Bitcoin ETFs saw a net inflow of $143.1 million on July 5 amidst the possibility of a US Federal Reserve interest rate cut in September signaling investor interest in Bitcoin and riskier assets due to reduced attractiveness of traditional safe investments. 🔸Conversely if proven wrong important levels below the price are $56,166, $52,000 and $46,100 Zanzibar Trading