“Major Cryptocurrencies Are Flashing Bullish Price Patterns.”, – WRITE: www.coindesk.com
The KEY Story Tuesday Morning Centers AROUND BTC/USD-repressenting bitcoin’s dollar-Denominated price And Shoulders Breakouts on Their Hourly Charts.
A ConfirMed Breakout in Bitcoin Could Set The Stage for A Re-Test of the $ 120,000 Level, A Scenario Discussed On Moday. Likewise, A Potential Breakout in Doge/BTC Could Signal Notable Outperformance for Dogecoin Ahead.
BTC/USD and DOGE/BTC HOURLY CHARTS SHOW BULLISH INVERSE HEAD AND SHOULDER PATTERNS. (TradingView/Coindesk)
But The Key Question Remains: Will These Breakouts Materialize? The Technical Picture Supports The Bulls, with The 50-, 100-, and 200-Hour Simple Moving Aversages Realigning Bullishly, Trender Steadily North, and Reinforcing Upward Momentum. Add to that Strong Market Sentiment Fueled by Growing Expectations for Fed Rate Cuts Next Week and Beyond – A Catalyst Likely to Galvanize Rotation of Retail Funds Outs Ot. Altcoins.
Doge has an additional bullish tailwind – The Etf Heps.
XRP: Macd Flips BullishXRP is rapidly Approaching the Upper Boundary of a Near Two-Month-Long Descending Triangle Pattern, Delineated by Trendlines Connecting the July 18 and Aug.14 Highside Angside. 3 and Sept. 1 Lows.
A Decisive Breakout Above this Formation would Signal a resumption of the Broader Uptrend, Paving the Way for a Rally Town $ 3.38 – Tegust High – Embostally.
XRP Eyes Descending Triangle Breakout. (TradingView/Coindesk)
The Technical Setup is Promising. The Positive Sentiment Brewing in the Bitcoin Market, Coupled with A Positive Crossover in Xrp’s Daily Macd Histogram, Enhances The Likelihood of A Successful Breakout. The Macd’s Positive Crossover Indicates A Renewed Bullish Shift in Momentum.
The Bears Need A Drop Below $ 2.67 to Re-Establish The Downtrend.
SOL: PROBES 61.8% FIB RETRACEMENTSolana SOL$ 218.79 Is Trender North, Marked by a Series of Higher Lows and Higher Highs that Underscore A Bullish Tradery. The Outlook Is Further Strengten by the upward Sloping 50-, 100-, and 200-Day Simple Moving Arages, Painting An Encouraging Technical Picture. As of Writing, Sol Appears Poured to Surpass the 61.8% Fibonacci Retracement Level of the January-To-April Sell-Off.
A Move Above This Key “Golden Ratio” Level Could Attract Momentum Buyers, Potentally Driving Sol Town Testing The Resistance Zone Between $ 260 and $ 280.
Sol’s Daily Chart Shows Bullish Price Setup. (TradingView/Coindesk)
Total Money Market Fund Assets Increated by $ 52.37 Billion to $ 7.26 Trillion for The Week Ended Sept. 3, accounting to the Investment Company Institute.
- US Money Market Funds Have Reached A Record High of Over $ 7 Trillion, Potentally Setting The Stage for Investments in Riskier Assets Like Cryptocurrencies.
- Analysts Suggest that upcoming Federal Reserve Rate Cuts Could Prompt Investors to Shift Funds from Money Market Accounts Into Equities and Cryptocurrencies.
- The Economic Environment Will Play A Crucial Role in Determining WHETHER INVESTORS CHOOSE TO REDEPLY FUNDS or MAINTAIN Their Money Market Holdings.
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