Ether reduced some of its losses yesterday but remains under pressure ahead of the transition from PoW to PoS. Bitcoin is not showing any special signs of life yet and is preparing for another fall. Meanwhile, the famous author of the bestseller "Rich Dad, Poor Dad," Robert Kiyosaki, urged investors to take up crypto now, predicting the biggest economic collapse in world history.
More recently, the author of the book "Rich Dad, Poor Dad," Robert Kiyosaki, sent letters to his subscribers saying that they now need to study cryptocurrencies closely since the biggest crash in world history is ahead of everyone.
Kiyosaki has repeatedly made terrible predictions about the collapse of the world economy, and, after a short summer break, he resumed his favorite business. And although the author warned about a prolonged economic downturn, he also stressed that bear markets are the best time for investors to get rich because everything will be sold. Prices will become as attractive as possible. In July, he said on his Twitter that his favorite word was "sale." The well–known author explained that asset prices are falling, and he is "in the money," meaning that he has enough cash, waiting for the opportunity to start buying cheaper assets again - starting from stocks and real estate, and ending with cryptocurrencies and bitcoin.
Kiyosaki also warned that the US dollar is falling, leading to the mass adoption of cryptocurrencies not controlled by governments. Noting that the Fed and the Ministry of Finance are destroying the US dollar, he has repeatedly stated that he does not trust the government, President Joe Biden, Treasury Secretary Janet Yellen, and Fed Chairman Jerome Powell. He doesn't trust Wall Street either.
Earlier this week, Kiyosaki wrote on Twitter: "It's time for the poor to get rich," adding that stocks, bonds, mutual funds, exchange-traded funds (ETFs), and real estate are failing. He noted that the middle class is being destroyed, as he predicted earlier. His latest tweet resembles another one he made in August when he warned that markets were collapsing. Kiyosaki noted that for several months, he has been waiting for the price of the cryptocurrency to reach the bottom before entering.
In addition to BTC, the author of the book "Rich Dad, Poor Dad" recommend gold and silver.
As for today's technical picture of bitcoin, yesterday's sharp collapse was the beginning of a significant correction of the trading instrument, which has been brewing for quite a long time. The bulls' focus is now on the near-term resistance of $20,540. In the case of a breakout in this area, you can see a dash up to $21,140. To build a larger uptrend, you must break above the resistance levels of $21,840 and $22,520. If the pressure on bitcoin persists, and most likely it will, the bulls will try to protect the support of $20,007, already tested during today's Asian session. Its breakdown will quickly push the trading instrument back to $19,520 and pave the way for an update of the $19,100 level.
The ether has also fallen, and now the bulls are trying to regain control somehow. The immediate target of buyers in the current conditions is the resistance at $ 1,620, which will be quite difficult to get above. Its breakdown will lead to a change in the market direction to an upward one, which will open up the possibility of updating the longer-range targets of $1,681 and $1,743. When the pressure on the trading instrument returns, buyers need to position themselves around $ 1,550 again since only this will allow them to keep the market under their control. A break in this area will push the ether back to $1,495 and $1,418.
