Statue of Bitcoin Creator Satoshi Nakamoto Unveiled in Hungary – Analysis, 20 Sep
A statue of Satoshi Nakamoto, anonymous creator of Bitcoin, was unveiled in a technological park in Budapest, Hungary, on Thursday, September 16th:
Interestingly, the face of the bronze statue is heavily polished. Therefore, it achieves the effect of a mirror, meaning everyone can see themselves when standing in front of it. In this way, the statue conveys the aphorism “We are all Satoshi.”
The erection of the statue, dedicated to the mysterious founder of Bitcoin, in Hungary is a clear example that the list of crypto-friendly countries in the world is enlarging. Another example is that Laos, a small country in East Asia with a surplus of clean renewable energy, has authorized the mining and trading of cryptocurrency:
This past week most of the major cryptocurrencies continued to consolidate. However, the new week starts with a deep intra-day correction. According to Coin360.com, one Bitcoin costs €38,447.51 (-6.72%), one Ethereum – €2,680.38 (-8.94%), one DOGE – €0.1822 (-8.58%), and one UNI – €19.15 (-6.68%):
Source: Coin360.com (Daily crypto market performance)
Now, let us have a look at the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.
In the daily time frame (1D) of BTC/EUR, the bulls and the bears have found consensus – the price of Bitcoin continues to consolidate at the 30-day Moving Average (MA 30):
In case of continuation of the pullback, we expect BTC/EUR to receive support from the 90-day Moving Average (MA 90), which is currently at the level of €34,918, and rebound. The most likely scenario in the near future is the continuation of the sideways movement between the two moving averages MA 30 and MA 90.
In the 4-hour time frame (4H), BTC/EUR is drawing a Bullish Flag (common trend continuation pattern):
As can be seen from the chart, the flag contains a Descending Wedge. In our view, if the price exits the wedge in the upward direction, a buy signal will appear. However, if the price continues to decline within the wedge, we will abstain from entering the market.
Although recently ETH/EUR has been under pressure from the bears, in the daily chart (1D), the price has managed to remain within the Ascending channel (uptrend). That means that the bullish sentiment remains in place:
That is why, as we already mentioned several times in our previous three analyses, if the price bounces off the lower line (trend line) of the channel, we may open a long position.
However, we would like to underline that we will also keep an eye on the 4-hour chart (4H). Right now, ETH/EUR is forming a Descending Triangle (typical trend continuation pattern):
If the price exits the triangle upward, the buy signal will get confirmed in the 4-hour time frame as well.
In the daily chart (1D), DOGE/EUR has not only dropped below the 30-day Moving Average (MA 30) but the 90-day Moving Average (MA 90) as well:
We consider this as a bearish signal indicating that the price may decline further. Also, we would like to underline that, in the 4-hour chart (4h), DOGE/EUR continues its journey within the Descending channel (downtrend):
As can be seen from the chart, right now, the price of Dogecoin is at the lower line of the channel. That’s why, theoretically, DOGE/EUR may find support and rebound. Nevertheless, as long as the price of Dogecoin remains in the Descending channel, we will stay away from the market.
In the weekly chart (1W), UNI/EUR has formed a Doji after the Bearish Engulfing:
Theoretically, the Doji candlestick indicates that the market has entered a period of indecision and has been struggling to find direction.
Once again, we would like to point out that, in the 4-hour chart (4H), UNI/EUR has been recently consolidating at the neckline of the Double Bottom (common trend reversal pattern):
We are ready to open a small long position if the price rebounds from the neckline. In this way, we will try to catch the uptrend renewal.
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