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Bitcoin 4-Hour Analysis for (September 2, 2024)

Bitcoin is currently trading on the 4-hour time frame, with the current price at 57,526. The chart shows that the market has been in a recent downtrend and is now in a consolidation zone. The price touched the 65,000 resistance level a few days ago but faced strong rejection, and the market is now trading below 58,000.

Support and Resistance:

The immediate support level is at 56,500, which is crucial. If this level breaks, the market could drop further. On the other hand, resistance is at 58,500, which is currently a major hurdle for the market.

RSI (Relative Strength Index)

The RSI indicator is at 35.79, which is close to the oversold zone, indicating strong selling pressure in the market. This is a bearish signal, but it also suggests a possible reversal when the RSI is in an extreme oversold zone.

MACD (Moving Average Convergence Divergence)

The MACD lines have crossed below and are still in the negative territory, indicating bearish momentum. The histogram is also showing red bars, signaling that selling pressure is still strong, and buyers are not gaining strength.

Volume:

Looking at the volume, there was high volume with selling candles, but now the volume is low, indicating a lack of participation in the market. This also suggests that the market is not making any strong moves currently.

Latest Fundamental News

Market sentiment is currently negative due to recent SEC actions and global economic uncertainty. The recent U.S. job data report also came in below expectations, which is a bearish sign for the market, increasing selling pressure.

Inference:
The market is currently in a consolidation phase, with both RSI and MACD showing weak signals. If support breaks, the price could drop further. The fundamental news is also negative, contributing to an overall bearish sentiment.
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Bitcoin's Funding Rate as of the current date and time

These funding rates indicate how much interest or fee long or short position holders have to pay to hold their positions. A higher positive funding rate means longs are paying shorts, while a negative funding rate means shorts are paying longs.

Bitcoin Funding Rate:
- On Binance, BTC's funding rate is -0.0064%, on OKX it's 0.0048%, and on dYdX it's 0.0031%.

Highest Funding Rate:
- The highest funding rate is for Binance's REEF/USDT at 0.1774%.
- Bitget's BOND/USDT funding rate is 0.0423%.
- Binance's BOND/USDT funding rate is 0.0418%.
- Bitget's VGX/USDT funding rate is 0.0366%.
- Bybit's VGX/USDT funding rate is 0.0351%.

Lowest Funding Rate:
- The lowest funding rate is for Bybit's CLOUD/USDT at -0.6484%.
- Bitget's CLOUD/USDT funding rate is also -0.6481%.
- Bybit's RON/USDT funding rate is -0.4306%.
- Binance's RONIN/USDT funding rate is -0.3107%.
- Bitget's ORDER/USDT funding rate is -0.2260%.
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*Free Signal*

🚀 LONG

ADA/USDT
ENTRY 0.3467

🚀 0.3524
🚀 0.3673
🚀 0.4521
🚀 0.5572

CROSS
🚨 STOPLOSS 0.3200
LEVRAGE 10x- 40x

3% WALLET

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Market update
BTCUSDT chart analysis ke mutabiq, current price range 58,000 se 60,000 ke beech mein consolidation dikha raha hai jahan immediate resistance 60,000 par hai aur support 58,000 par. RSI neutral zone mein hai, jo ke momentum ki kami ko zahir karta hai, aur price ko aage barhne ke liye strong buying pressure ki zaroorat hai. Volume analysis bhi suggest karta hai ke abhi market mein buying ya selling ki koi clear dominance nahi hai. Fundamental news ke mutabiq, Bitcoin agle kuch mahino mein apne previous all-time high ko cross karne ki taraf move kar sakta hai, jahan September ke shuru mein $62,000 ko support ki tarah reclaim karne ka chance hai. Analysts predict kar rahe hain ke yeh breakout phase Bitcoin ki price ko sharply upar le ja sakta hai, lekin bears bhi thoda edge rakhte hain jo market ke liye turning point ho sakta hai agar major volume shift ya news aati hai
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Bitcoin 4hour Analysis for Newcomers

- Immediate Support : 58,500 pe strong support hai, jahan se price ko bounce milne ki umeed hai. Yeh level important hai aur yahan se price wapas upar ja sakti hai.

- Immediate Resistance: 60,000 pe resistance hai, agar price isko break kare toh next target 61,500 ho sakta hai. Yeh strong resistance point hai aur isko break karna zaroori hoga bullish continuation ke liye.

- RSI Analysis: RSI abhi 42.90 ke kareeb hai, jo ke slightly bearish zone ko indicate karta hai lekin oversold nahi hai. Yeh level suggest karta hai ke abhi buyers zyada active nahi hain, lekin agar RSI upar ki taraf move kare toh price recover karne ka chance hai.

- MACD Analysis: MACD lines cross karne ki koshish kar rahi hain lekin abhi clear bullish signal nahi hai; agar blue line orange ko upar cross kare toh bullish momentum aa sakta hai. MACD histogram bhi thoda positive ho raha hai, jo market ke thoda bullish hone ki taraf ishara karta hai.

- Volume : Volume decrease ho raha hai jo ke price movement ko confirm nahi karta, is waqt market me thoda indecision hai. Low volume ka matlab hai ke traders abhi direction ke liye wait kar rahe hain.

- Latest Fundamental News: Market me abhi koi major news nahi hai jo BTC ko affect kar rahi ho, lekin general market sentiment neutral hai. Economic reports aur US dollar index ki movement pe nazar rakhni chahiye kyun ke ye BTC ko directly impact kar sakte hain.
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As of today, the BNB Chain is seeing a lot of activity in the meme coin space. Several meme coins are gaining traction, and new projects are being launched with innovative features.
1)PlayDoge ($PLAY) is currently one of the top picks. It's a play-to-earn mobile game where players care for virtual pets, earning $PLAY tokens. The project is still in its presale phase, with a lot of interest as it combines gaming with the popular Shiba Inu meme theme.

2)Shiba Shootout ($SHIBASHOOT) is another promising project, offering a community-driven experience with high staking rewards (currently around 2,464% APY). The project has raised over $1 million in its presale and is building a strong community around its unique "Wild West" theme.

3)BNB Chain is also heavily promoting meme coin innovation through its Meme Coin Innovation Battle. This competition, which runs until September 13, 2024, offers up to $150,000 in prizes, including access to a $900,000 liquidity pool for the top projects. The goal is to help these projects gain exposure and grow within the BNB ecosystem.

4)Additionally, RichQUACK and WHY are gaining attention, with the latter seeing a 435% increase in just seven days.

BNB Chain is making significant investments to support and develop these projects, indicating a strong commitment to nurturing the meme coin ecosystem
#BNBChainMemecoins #BinanceBlockchainWeek #CryptoMarketMoves

'Absolutely nuts' — Crypto community reacts to X suspension in Brazil

Some members of the crypto community believe this could trigger a domino effect, with other countries potentially following Brazil's lead.

Members of the crypto community expressed their frustration on social media on Aug. 30 after a Supreme Court justice ordered the suspension of the platform X — formerly known as Twitter — in Brazil.

“Brazil is absolutely nuts for banning X. But the US is equally nuts for attempting to ban TikTok,” Scott Melker aka “The Wolf of All Streets” told his 959,300 X followers on Aug. 30.

Glassnode reports that the Bitcoin market is stabilizing as speculation declines, suggesting that Bitcoin is reaching an equilibrium. This shift indicates a more mature market, where long-term holders are becoming the dominant force.
$BTC
#CryptoMarketMoves

The overall cryptocurrency market is experiencing mixed signals. While some assets like Avalanche (AVAX) and Chainlink (LINK) are seeing gains, the market is also showing signs of short-term volatility. Regulatory developments and macroeconomic factors, such as U.S. Federal Reserve policies, continue to influence the market's direction
$LINK
$AVAX

#CryptoMarketMoves
#FedRateDecisions

Bitcoin appears to be forming a descending triangle pattern on Daily Time Frame, which is typically a bearish pattern. This pattern is characterized by a horizontal support line and a descending resistance line. A break below the support could lead to a significant downward move.
$BTC

The daily chart of Bitcoin shows bearish tendencies with potential for further downside unless key support levels hold. Watch for a break below $57,500 or a volume spike to confirm the next move. On the other hand, if BTC can break above the $60,000 resistance with strong volume, it could signal the beginning of a bullish reversal.

These were the news of the day:
1. 🗞️ Elon Musk & Tesla Cleared: A court dismissed the lawsuit accusing them of manipulating the #Dogecoin market. The claims of defrauding investors were found unsubstantiated. $DOGE
2. Trump’s Crypto Move: Donald Trump has launched a new crypto project, World Liberty Financial, rumored to be a #DeFi platform. Details are still limited.
3. 🌐 Solana ETF Launch: The first-ever #Solana ETF has debuted in Brazil under the ticker $QSOL11, raising over $2.6 million during its public offering.
4. ⚠️ Memecoin Mishap: A trader lost nearly $1M after buying a scam token inspired by Kylian Mbappé on Solana, promoted via Mbappé’s hacked X account. Stay cautious!
5. 💹 AntPool’s New Offering: #AntPool introduces a "Fixed Income" product for #Bitcoin miners to diversify income, providing interest payouts after 30 days. #BTC
6. 📰 Bukele on Time: El Salvador’s President, #NayibBukele, featured on Time’s cover, calls the country’s #Bitcoin strategy "net positive," but admits it hasn’t achieved widespread use.
7. 👨‍💻 Ethereum Leads Dev Count: As of July 1st, #Ethereum tops the developer chart with 2,788 full-time devs, followed by Base with 889, per DeveloperReport.
#TON #DOGSONBINANCE #BNBChainMemecoins #CryptoMarketMoves #BinanceBlockchainWeek

Despite the price drop, Bitcoin mining activity in Texas has surged by 30% in August 2024. This increase is attributed to a significant reduction in electricity prices in the state, which fell by nearly 80% from the previous year. This drop in energy costs has made mining more profitable, even in a bearish market.
#BTC☀
#TelegramCEO
#BinanceSquareFamily
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#FedRateDecisions

The Fed’s rate cuts are a double-edged sword. On one hand, they provide relief to borrowers and could help revive sectors like housing. On the other, they might reduce returns for savers and signal underlying economic vulnerabilities. Investors and consumers should prepare for a mixed landscape in 2024, where careful financial planning becomes crucial as the economic environment evolves.

Donald Trump aims to revolutionize the cryptocurrency landscape by positioning the US as the ‘Crypto Capital of the Planet.’ This bold vision could reshape the global financial system and enhance the US’s role in digital currencies.