Bitcoin, Ethereum, and Dogecoin daily view on current resistance

Looking at the Bitcoin chart on the daily time frame, we see that the price is still consolidating around $ 50,000, testing the 61.8% Fibonacci level at $ 51,230. The picture is currently still bullish since mid-July, and based on that, we can expect a further continuation of the trend. We need growth above 61.8% Fibonacci levels to continue this growing trend with continued support for the 20-day moving average. The next Fibonacci level at 78.6% is our target, where we can expect the next resistance at $ 57,360. For the bearish scenario, we need a negative consolidation below 61.8% Fibonacci levels and a drop again to 50.0% Fibonacci levels at $ 46,950 and a 200-day moving average that has supported us in the last two weeks. If the price continues to fall, the next support is at 38.2% Fibonacci level at $ 42,660 and potential support in the 50-day moving average.

Ethereum chart analysis

Looking at the ETH chart on the daily time frame, we see that the price is consolidating around 61.8% Fibonacci level at $ 3360 with the support of the 20-day moving average. To continue the bullish trend, we expected a jump above 61.8% Fibonacci levels and continued price movements to 78.6% Fibonacci levels to $ 3810. Before that, we will face with resistance to the $ 3,500 psychological level, where we can expect some consolidation. For the bearish scenario, we need a price withdrawal below the 20-day moving average. If the price breaks below, then we drop to 50.0% Fibonacci level at $ 3040. If bearish pressure increases, then we are looking for potential price support in the 50-day and 200-day moving average.

Dogecoin chart analysis

Looking at the Dogecoin chart on the daily time frame, we see that the price consolidates above 50.0% Fibonacci levels at 0.30500. To continue the bullish trend, we expect the price to test the 61.8% Fibonacci level again at 0.34000. A potential-jump above us could climb above 0.35000 to 78.6% Fibonacci level at 0.38900. If the price continues this consolidation, the price may slip below the 50.0% level and then continue towards the 38.2% Fibonacci level at 0.27100. The potential support before that is a 20-day moving average in the zone around 0.28000.

Market overview

Riot Blockchain reported record revenue for Q2 2021. In its quarterly financial report dated August 23, the U.S.-based company reported $ 31.5 million in mining revenue for the three-month period — roughly 1,540% of its revenue in the second quarter of 2020 of $ 1.9 million.
Rising mining revenues led to a record quarterly revenue of $ 19.3 million. In contrast, the company suffered a $ 10.6 million net loss in the second quarter of 2020.
The firm reported an increase in total BTC by 38% compared to the previous quarter, with Riot generating 675 BTC compared to 491 BTC in the first quarter.
During the second quarter, Riot launched a 400-megawatt expansion in Winstone with four buildings with a total area of ​​about 240,000 square meters that are currently under construction. Riot bought the facility for $ 650 million.
In April, Cointelegraph reported that Riot’s bitcoin production jumped 80% compared to halved levels a half ago.
Bitcoin prices rose above $ 50,000 for the first time since mid-May, up 72% from the July 20 low. Despite the huge shift in the cryptocurrency price, the blockchain analyst company Glassnode pointed out that the volume of transactions is low.
According to Glassnode, online activity for Bitcoin did not respond to bullish price action, as BTC transactions remain at historically low levels of 175,000 to 200,000 transactions per day.
The blockchain data company further added that rising prices and low activity on the chain indicate an extraordinary macro-bull outlook. Long-term owners reached an all-time high, breaking the previous record in October 2020.
In addition, there has been a significant increase in sales of older coins. Glassnode explained that, given that the consumption was a small amount of money, it could be a strategic risk reduction and not a loss of conviction in the bullish outlook on bitcoin.