In this week Warren Buffett caused a stir in the financial media when reported that Berkshire Hathaway sold several bank stocks and bought Barrick Gold stocks They were published thanks to the latest quarterly presentation by the company’s shareholders.
This purchase is important because Buffet was a heavy critic of goldHowever, in the current economic conditions, it appears to have changed its mindset and sought security in the asset.
Bitcoin lawyer Max Kaiser thinks so Several fund managers should now increase their allocation to goldwhich could bring its price to $ 5,000.
According to Coinmarketcap, Bitcoin’s market cap is currently $ 218,989,713,050.
Kaiser also expects institutional money to flow into Bitcoin (BTC).which would increase it to $ 50,000.
Daily view of crypto market data. Source: Coin360
Mike Novogratz, CEO of Galaxy Digital, said that Bitcoin cemented its position as a store of value over the past year.
Although he expects the price of gold to continue to rise, Novogratz believes so Bitcoin is a better buy as it only has a market cap of $ 220 billionWhile gold is over $ 10 trillion, Bitcoin still has a long way to go to reach gold when it launches. “
The CEO of Grayscale Investments, Barry Silbert said his recent ads on various television networks had paid off The company filed a $ 217 million listing for various grayscale funds in one week.
BTC / USD
Bitcoin price continues to consolidate near the recent highs of $ 12,113.50This shows that the bulls are not closing positions as they expect the uptrend to continue expanding.
Daily chart of the BTC / USD pair. Source: TradingView
The Average Directional Index (ADX), a component of the Directional Movement Indicator, holds above 38 and the 20-day exponential moving average ($ 11,357) is falling indicates that the uptrend is strong.
The BTC / USD pair has formed a pennant, which represents a bullish pattern. If buyers can push price above the pennant and resistance above $ 12,304.37, the uptrend is likely to resume..
This setup has a goal of $ 14,956. However, the bears will try to stop the rally at $ 13,000 and again at $ 14,000.
Instead of parting If the bears sell the price of Bitcoin below the pennant, it is likely to drop to $ 10,400. A break below this level indicates a lack of buyers at the higher levels and could signal an upper bound in the short term.
4-hour chart for the BTC / USD pair. Source: TradingView
The positive direction indicator (+ DI) and the negative direction indicator (-DI) have crossed and the ADX has dropped near 18. This suggests there is no direction on the 4 hour chart..
Currently, the price is down against the pennant resistance level, suggesting that bears are aggressively defending that level. However, The bears were unable to keep the price below the 20-day EMA, which suggests they will buy during the dips.
A break from the pennant resistance line indicates that the bulls are back. On the other hand, If the price stays below the 30-day EMA, the pennant support line is likely to decline.
ETH / USD
Ether (ETH) remains in a big uptrend The ADX is trading above the 53 level and the 20-day EMA ($ 382) is rising. The + DI remains well above the -DI, which is an indication Cops have the upper hand..
ETH / USD daily chart. Source: TradingView
The ETH / USD pair has rallied from the breakout level of $ 415,634 and is showing a strong buy by the bulls at this support. If the bulls can push the price above $ 444.15, a rally to $ 480 is likely.
Vice versa, If the bears push the price below $ 415,634, a drop to the 20-day EMA is possible. If the pair recovers from this support, the bulls will try again to resume the uptrend.
However, If the bears push the price below the 20-day EMA, it is likely to fall to $ 366. A strong rebound from this level could keep the pair in one range for a few days.
4-hour chart for the ETH / USD pair. Source: TradingView
The bears had held the price below the 20-day EMA on the 4-hour chart but failed to keep the price below the $ 415,634 support, suggesting that the bulls are aggressively defending that support. If the bulls can now push the price above $ 444.15, the uptrend is likely to resume..
However, If the pair goes down from $ 444.15, the price could consolidate in a tight range for a few days.
The ADX has corrected below the 23 level, suggesting that the trend has slowed in the short term. This also indicates a possible short-term consolidation. That opinion will be invalidated if it undoes and falls below the USD 415,634 support.
EOS / USD
The ADX below EOS is below the 20 level, which suggests it is not yet in a solid trend.. However, the major rally on August 15 brought the price close to the critical overhead resistance of $ 3.8811.
EOS / USD daily chart. Source: TradingView
Currently the bears are defending this level of resistance but the bulls are trying to push the price above it.
If the bulls can hold the EOS / USD pair above the resistance above USD 3.8811 the momentum should accelerate.. The next target on the upside is $ 4.4 and then $ 4.66. When both levels are scaled, the rally can extend to $ 5.40.
Contrary to this assumption If the bears push the price below $ 3.50, a drop to the 20-day EMA ($ 3.16) is possible.
EOS / USD 4 hour chart. Source: TradingView
The ADX on the 4-hour chart has risen above the 41 level, suggesting that the short-term trend is strong. The + DI is above the -DI and the EMA-20 is falling, which suggests it Cops have the upper hand.
Currently, the price has rebounded from the EMA-20, suggesting that support is seeing a significant buying decline.. The bulls will now try to keep the price above the resistance at $ 3.8811. If they are successful, the upward trend is likely to gain momentum.
This opinion becomes invalid if the price deviates from the current level and is below the EMA-20. Such a move will be a sign of benefit to the bears.
XTZ / USD
Tezos (XTZ) exceeded the overhead resistance of $ 3.96 on Aug 10. Although the bears attempted to influence this breakout on August 11th and 12th, they were unable to sustain lower levels, suggesting an aggressive buying by the bulls in the dips.
XTZ / USD daily chart. Source: TradingView
The ADX is up above the 28 level, suggesting the trend is gaining momentum. If the XTZ / USD pair bounces off the $ 3.96 levels, the bulls will attempt to resume the uptrend by holding the price above $ 4.50. If successful, the pair can rise to $ 5.5.
Contrary to the assumption If the bears push the price below the critical support of $ 3.96, a drop to the 20-day EMA ($ 3.62) is possible. If the pair ricochets off this support, the bulls will seek to continue the uptrend.
This bullish view is invalid. Bears are dropping the pair below the 20-day EMA. Below that level, the decline can extend to $ 2.6.
4-hour chart of the XTZ / USD pair. Source: TradingView
The 4 hour chart shows that Bulls held support at $ 3.96. If they can keep the price above the downtrend line, a move to $ 4.50 is possible. However, if the bears defend this resistance, the pair could stay within range for a few days.
The flat EMA-20 and the sharp decline in the ADX suggest a balance between supply and demand. That view will be invalidated if the bears push the price below the $ 3.96 support. In this case, a drop to $ 3.60 and then to $ 3 is possible.
ATOM / USD
Cosmos (ATOM) crossed the $ 5,423 resistance on August 12thwho took the ADX through more than 30 levels. The + DI is above the -DI and the 20-day EMA ($ 4.97) is rising, suggesting an advantage for the bulls.
ATOM / USD daily chart. Source: TradingView
Indeed, ATOM / USD has bounced back from intraday lowssuggesting a big buy on the declines.
If the bulls can carry the price above $ 6,604, the uptrend is likely to resume.. If an uptrend does not resume until after a one to three day correction, this indicates great momentum. The pair will remain positive as long as it stays above the breakout level of $ 5,423.
The bears will gain traction if the pair breaks below $ 5,423 and below the 20-day EMA. Such a move will indicate a lack of buyers at higher levels and could lead to a deeper correction.
4-hour chart for the ATOM / USD pair. Source: TradingView
The ADX on the 4-hour chart has fallen below the 25 level and the + DI and -DI are close, indicating an equilibrium between bulls and bears. The EMA-20 is also flattening out, which is another indicator of consolidation..
However, if the bulls can drive the price above the downtrend line, a move to $ 6.35 and then to $ 6,604 is possible. The uptrend is likely to resume at a close (UTC time) above 6.604.
Conversely, a drop to $ 5,423 is likely if the bears push the price below the trendline.. A break in this support will reverse the short-term trend in favor of the bears.
The views and opinions expressed here are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement is associated with risks. You should do your own research when making a decision.
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