Bitcoin Trends on Twitter Amid Mass Media Coverage Around New ATH

Bitcoin just hit a new all-time high on top exchanges such as Binance and Bitstamp. This was marked by an influx of retail interest in the cryptocurrency, as many mainstream media outlets reported on BTC hitting new all-time highs.

Many see this as validation of Bitcoin’s use case as a store of value. The cryptocurrency managing to bounce so hard from its March lows has satisfied many bulls that think the coin was then undervalued.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Trends on Twitter

Bitcoin temporarily trended on Twitter during this strong surge higher. For some, it continues to trend on the social media platform, though it seems to depend on which region you are based in.

Most of the top posts pertained to the all-time high. Many tweeted their excitement that the coin had hit its all-time high, with many referencing how this was a long-time coming for Bitcoin and those who had followed the coin. Many that tweeted are involved in the space heavily, such as Tyler Winklevoss of Gemini. Though, there were non-crypto investors that were mentioning the accomplishment as well.

Ethereum, too, was also reported to be trending by some individuals. ETH actually outperformed Bitcoin over the past 24 hours, rallying 10% while the leading cryptocurrency gained around 6%.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Institutional FOMO

Institutions are getting in on Bitcoin too, following retail entrants in. In fact, some have said that institutions actually front-run the retail investors in this market cycle.

According to reports, asset manager AllianceBernstein is recommending Bitcoin.

A prominent executive at the company recently noted that the cryptocurrency should play a role in the portfolios of investors.

This comes after a number of other prominent asset managers have made similar assertions. Stan Druckenmiller, a Wall Street legend, for instance, recently said that he thinks that Bitcoin will outperform gold due to macro trends, namely the millennial influence on markets and the inflation of the dollar.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

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XSigma Makes DeFi History with Nasdaq Backing

Decentralized finance, or DeFi, has become one of the year’s most remarkable growth stories. As millions of users converge on this new paradigm-shifting technology, questions surrounding the legitimacy and accountability of DeFi platforms are becoming more critical. Although there are hundreds of companies in the DeFi sector, only one is backed by an SEC-regulated, publicly listed enterprise—xSigma Corporation.

Founded in 2018 as a blockchain research and development lab, xSigma is a subsidiary of ZK International Group (NASDAQ: ZKIN), a multinational manufacturing and technology company with a presence in Asia, Europe and North America. Through the support of its parent company, xSigma is building a decentralized marketplace that will allow for the proliferation of affordable financial services, payment solutions and custody.

XSigma’s public backing and world-class development team bring a new level of transparency, accountability and legitimacy to the DeFi sector. Through ZK International, xSigma can bridge the gap between the booming crypto vertical and the functionality of more established trade-fi platforms. The result is a solution that combines the best of both worlds: the trustless design of DeFi coupled with the functionality of traditional finance.

To aid xSigma’s development, ZK International recently announced a partnership with Dentoro Alliance LP, a major European software company that will provide key development and operational resources to the DeFi subsidiary. The Dentoro agreement adds to xSigma’s in-house capacity and reputational strength, ensuring a smooth project rollout over the next several years. XSigma currently employs an award-winning team of software developers, project managers and engineers formerly of Google, Facebook, Amazon, Ripple Labs, 1inch and others.

ZK International provides xSigma the human and capital resources required to address the myriad issues currently undermining DeFi adoption, especially among more traditional mainstream investors. XSigma’s forthcoming decentralized exchange will offer a user-friendly platform for token swapping, farming, governance and account management. Further down the road, these functionalities will be enhanced with new lending and borrowing services, a regulated custodial exchange and a derivatives platform for blockchain assets. XSigma’s enhanced user experience will replace the faulty UI, stuck transactions, pricing error and pooling issues that currently plague DeFi projects.

The DeFi solutions that prevail in the long run will combine outstanding technology with a team, vision and backers of equal caliber. Through ZK International, XSigma is in a position to lead the nascent DeFi industry and onboard a new generation of users.

Get the latest updates on xsigma DeFi by visiting ZK International and following us on social media.

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TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620

Ethereum started a strong increase and broke the $600 resistance against the US Dollar. ETH price is up over 4% and it could even surge above $625.

• Ethereum remained in a positive zone and climbed above the $600 resistance level.
• The price traded close to the $620 level (as discussed yesterday) and settled above the 100 hourly simple moving average.
• There is a key rising channel forming with support near $595 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is likely to continue higher above the $620 and $622 levels in the near term.

Ethereum Price is Showing Positive Signs

Yesterday, we discussed the chances of more upsides in Ethereum towards the $620 resistance. ETH price did gain bullish momentum above the $585 and $600 resistance levels.

It traded close to the $620 resistance and settled above the 100 hourly simple moving average. A high is formed near $618 and ether is showing positive signs similar to bitcoin. It is currently consolidating gains and trading near the $607 level.

There was a minor break below the 23.6% Fib retracement level of the recent increase from the $572 swing low to $618 high. On the downside, there are many supports forming, starting with the $600 level.

Source: ETHUSD on TradingView.com

The first key support is near the $595 level. There is also a key rising channel forming with support near $595 on the hourly chart of ETH/USD. The channel support is close to the 50% Fib retracement level of the recent increase from the $572 swing low to $618 high.

On the upside, ether is facing hurdles near the $618 and $620 levels. A clear break above the recent high and $620 might spark a larger upward move. The next stop for the bulls could be $635 or even $642 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $618 and $620 resistance levels, there could be a minor downside correction. The channel support at $595 holds the key.

A downside break below the $600 level and the channel support could lead the price towards the $580 support zone. Any further losses might call for a test of the $570 level or the 100 hourly simple moving average.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 60 level.

Major Support Level – $595

Major Resistance Level – $620

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TA: Bitcoin Inching Higher, Why BTC Could Rally To New ATH Above $20K

Bitcoin price is up over 5% and it is trading above the $19,500 level against the US Dollar. BTC bulls seem to be aiming a new all-time high above the $20,000 resistance.

• Bitcoin is rising steadily and it broke a major hurdle at $19,500.
• The price traded as high as $19,860 and it is now well above the 100 hourly simple moving average.
• There is a key contracting triangle forming with resistance near $19,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a strong surge once it clears the $19,800 and $19,850 levels.

Bitcoin Price is Approaching $20K

Yesterday, we saw the start of a decent increase in bitcoin price above the $18,500 resistance. BTC remained in a positive zone and cleared the $19,000 resistance.

The price even climbed above the $19,500 resistance and traded to a new 2020. Bitcoin price traded as high as $19,860 and it is now well above the 100 hourly simple moving average. There was a minor downside correction recently below the 23.6% Fib retracement level of the recent wave from the $18,335 swing low to $19,860 high.

There was a spike below the $19,200 level, but dips were limited. The 50% Fib retracement level of the recent wave from the $18,335 swing low to $19,860 high acted as a strong support.

Source: BTCUSD on TradingView.com

Bitcoin formed a support base near $19,200 and it is currently trading above $19,500. There is also a key contracting triangle forming with resistance near $19,800 on the hourly chart of the BTC/USD pair.

If there is a clear break above the triangle resistance and $19,860, the price could start a strong surge in the coming sessions. In the stated case, the bulls might aim a new all-time high above the $20,000 level.

Downside Correction in BTC?

If bitcoin fails to clear the triangle resistance at $19,800, there could be a short-term downside correction. An initial support on the downside is near the triangle lower trend line at $19,550.

A clear break below the triangle support might start an extended decline towards $19,200. The next major support below the $19,200 level is near the $18,800 level (a multi-touch zone).

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 70 level.

Major Support Levels – $19,550, followed by $19,200.

Major Resistance Levels – $19,800, $19,860 and $20,000.

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Why The Double Top Narrative In Bitcoin Doesn’t Make Sense

Bitcoin price just set a new all-time high today, and then immediately dropped $500 and is trading below the former peak once again. Murmurs of a “double top” scenario have been making rounds across the speculation-driven crypto community.

However, one well-known crypto trader and analyst explains why such a scenario is nearly impossible, due to the requirements involved in confirming the technical chart pattern.

Bitcoin Sets New All-Time High, Drops $800 Immediately After

Bitcoin price set a new all-time high of $19,863 on Binance and beat the former peak on other spot crypto exchanges like Coinbase and Bitstamp, certifying the historic moment.

Within minutes of the achievement, however, the leading cryptocurrency by market cap plunged by $800 and is back holding onto $19,000 as support.

The rejection here after a new peak was set, and even before as Bitcoin has previously stopped short of a new high, sparked discussion and wild speculation over a possible “double top” scenario.

Related Reading | Bitcoin Rally Isn’t Just Institutional Driven, Emerging Markets Are Voting For Revolution

Double tops occur when an asset peaks at or around the same resistance level at the height of two rallies. The resistance that is created, can often be unbreakable and causes a complete reversal – hence being called a “top.”

But like any chart patterns, they must meet certain requirements to “confirm” as “valid,” and according to one well-known crypto trader, the scenario is just nonsense.

A Bitcoin double top requires bottom support to break down | Source: BTCUSD on TradingView.com

Crypto Trader Breaks Down Why BTC Won’t Double Top

According to DJ, analyst, and trader Scott Melker, who goes by The Wolf Of All Streets moniker on Twitter and elsewhere, a “double top” is extremely unlikely.

Melker explains that the requirements to confirm such a pattern as valid would require a break of the swing low between each of the two tops.

The swing low being Bitcoin’s bottom at $3,200. If Black Thursday couldn’t break it, most likely nothing will, and it becomes even more unlikely with the cryptocurrency so close to breaking out into a bull market.

Additionally, Melker outlines that the target of such a structure would be roughly -$16,000 – as in a negative price per BTC.

Unlike oil that requires a hefty cost to store, Bitcoin prices would not fall into negative territory. Zero is of course possible but is at this point less feasible than $100,000 per coin.

Bitcoin topping here isn’t all that bad, either. The first-ever crypto-asset could be forming a massive ascending triangle formation – a bullish technical continuation pattern.

 An ascending triangle could be forming as Bitcoin is ahead of schedule | Source: BTCUSD on TradingView.com

According to a comparison with the last crypto market cycle, Bitcoin is currently far ahead of schedule in terms of setting a new all-time high. With Bitcoin halving theories based on a four-year block reward reduction mechanism, market cycles are expected to follow a somewhat similar trajectory.

Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

This could imply that either there will another stretch of consolidation around current prices for the next three to six months, or that the macroeconomic environment due to the pandemic and out-of-control money printing, could be having that dramatic of an impact.

If that’s the case, being concerned with a “top” around $20,000 could be as foolish as Melker makes it out to be, as the cryptocurrency’s momentum will take it much higher before the next peak is in.

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XRP Continues Ascent With 10% Surge as Bitcoin Consolidates

XRP has surged 10% higher in the past 24 hours as Bitcoin has begun to consolidate in the mid-$19,000s. The crypto market saw a strong surge higher seemingly as a result of new institutional inflows, which were previously absent as a result of the Thanksgiving holiday weekend.

BTC is up around 6% in the past 24 hours, having pushed to $19,500. The coin traded as high as $19,900 on some top exchanges, though there is some mispricing as a result of some discrepancies between futures and spot markets.

XRP is expected to move higher in the days ahead if Bitcoin continues its ascent. There are some divided over BTC’s short-term prospects, though, as the coin faces extremely high funding rates on top futures platforms.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

The XRP Outlook

Analysts are bullish on XRP as the coin manages to consolidate despite an extremely strong rally last week. XRP has begun to hold a key resistance level on a short-term basis, which an analyst says may precede a further rally to the upside.

The chart below shows this trend playing out. As can be seen, XRP is in the midst of consolidating above a crucial technical level in the near term.

Per the chart, there may not be much resistance until prices far above the current range.

Chart of XRP's price action over the past week with an analysis by crypto trader Cold Blooded Shiller (@ColdBloodShill on Twitter).
Source: XRPUSD from TradingView.com

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

How Does Bitcoin Look? 

XRP’s performance is somewhat predicated on that of Bitcoin.

Analysts are mixed as Bitcoin has stalled under $20,000, though the fundamentals of the coin remain bullish. This should provide XRP with a boost moving forward.

Commenting on the drop last week, Willy Woo, a prominent on-chain analyst and technical analyst, said:

“Margin longs will be spanked until they go short. Was bullishness was way overheated. Exchange flows are neutral; spot sellers are matched with buyers. Fundamentals a great. The next few weeks? A great time to scoop cheap coins for 2021.”

Analysts are also confident that institutional buying pressure will send Bitcoin skyrocketing soon enough.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

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Why This Trader is Optimistic That Ethereum Will Spark a Massive Altcoin Rally

Altcoins have been closely tracking Bitcoin and Ethereum’s price action as of late, which is a positive sign showing just how far the markets have come over the past few weeks.

While in the past, Bitcoin rallies occurred independently from the rest of the market, with altcoins trailing it or rallying during consolidation phases, the entire market is now moving in tandem.

This trend has greatly favored altcoins, with many posting massive gains throughout the past few days and weeks as BTC navigates towards $20,000.

One trader is now offering a bullish outlook on altcoins, explaining that Ethereum’s ongoing upswing leads him to be optimistic on smaller digital assets’ outlook.

Ethereum is now trying to hold above $600 – if it can flip this level into a strong support level, it could open the gates for the altcoin market to see significantly further upside in the days and weeks ahead.

This will hinge largely on Bitcoin, as the benchmark cryptocurrency is struggling to break above $20,000 despite being able to set fresh all-time highs earlier this morning.

If it continues extending this momentum and does break above $20,000, the entire market will likely see massive inflows of capital that leads altcoins to see parabolic, speculation-induced uptrends.

Ethereum Rallies Higher Alongside Bitcoin

At the time of writing, Ethereum is trading up over 4% at its current price of $601. This marks a notable surge from its recent lows of $490 set at the bottom of the recent selloff.

The selloff seen last week by the entire market appears to have been a bear trap of epic proportion, with the strength seen in the time since ETH and BTC set their lows being quite impressive.

It does seem as though the rebound from these lows sparked the ongoing rally.

Trader Claims ETH Strength Likely to Spark Altcoin Rally

One trader believes that the strength seen by Ethereum as of late could be enough to spark a strong rally for altcoins.

He notes that he has added exposure to Chainlink and some Uniswap tokens to capture some of this potential upside.

“I’m 20% alts now, ETH popping makes me carefully optimistic. Aiming for 25% by mid december, and will ape stupidly, up to 50%, IF BTC goes to ATH and they capitulate simultaneously. 10% ETH, 5% LINK, 5% a basket of scams including uniswap coins.”

Image Courtesy of SalsaTekila. Source: ETHBTC on TradingView.

Whether or not Ethereum can hold above $600 heading into its daily candle close should provide some serious insights into where it will trend in the days and weeks ahead.

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XRP Could See a Strong Push Higher as Bulls Degrade Key Resistance

Ever since XRP broke out of the tight multi-year trading range that it was previously stuck in, the cryptocurrency has been caught within a strong uptrend that has shown no signs of slowing down.

Bulls have been in full control of the previously embattled cryptocurrency, and the recent rebound seen across the entire market appears to be boosting XRP’s technical outlook as well.

The crypto is now in the process of moving up towards a key resistance level that has long been hampering its price action.

The visit to this level comes in the midst of Bitcoin and Ethereum both entering full-fledged bull trends, with BTC setting fresh all-time highs earlier today before facing a rejection at $19,800 that appears to have sparked another consolidation phase.

It remains unclear whether this consolidation phase will be short-lived or persist in the days to come, but the resistance between $19,500 and $20,000 does appear to be degrading.

One analyst is now noting that XRP is poised to rally higher against this backdrop of bullishness seen by BTC and other digital assets.

He believes that a break above $0.65 is all that is needed for it to gain some immense momentum and begin rallying higher.

XRP Reaches Crucial Resistance as Bull Market Ignites

At the time of writing, XRP is trading up just over 7% at its current price of $0.65. This is where it has been trading throughout the past few days, with the selling pressure here being significant.

Bulls were able to defend its recent back-test of its $0.45 support, a positive technical sign. Couple this with the market-wide bullishness seen as of late, and it does seem as though XRP may soon explode higher.

Analyst Claims XRP is Poised to Explode Higher

While sharing his thoughts on XRP’s current technical outlook, one trader explained that he expects it to see some serious near-term upside.

He notes that the recent test of the $0.45 level confirmed it as support and could boost it higher in the days to come.

“XRP: Higher timeframe support around $0.45 massively held for support. Therefore, strong bounce and looking at clear resistance at $0.65. If that breaks, likely continuation towards new highs.”

Image Courtesy of Michaël van de Poppe. Source: XRPUSD on TradingView.

So long as Bitcoin remains stable and pushes higher in the days and weeks ahead, there’s a strong possibility that XRP will aim for $1.00 next – assuming it can break above $0.65.

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Bitcoin Targets $25,000 Fib Level With New All-Time High Set

Today, Bitcoin price set a new all-time high record. While that statement certainly speaks for itself, it does beg the question: what comes next?

Given the fact that this hurdle was the one the entire investor class was watching, and it is now out of the way, the most logical next target could be $25,000. Here’s why this number is significant and why there’s a strong probability that price heads there next.

All-Time High Broken, Bitcoin Price To Return To Price Discovery Mode

For nearly three full years, crypto investors have been waiting for this day and wondering if it would even happen. Holding Bitcoin has been a rocky ride for those that got in at the peak of the last bubble.

After the cryptocurrency tapped the current level, it fell to $3,000 a year later. A revisit back to that key level earlier in the year sealed the deal on a new uptrend and canned any chances of the cryptocurrency dropping lower.

Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

From that bounce caused a sharp uptrend and now – as of today – Bitcoin price has set a new record.

The leading cryptocurrency by market cap is now below the previous high, but a spike higher today set a new all-time high record. The feat is likely to make waves across the finance space, and lure in another wave of investors, until the asset peaks and does it all again.

But before the bull market truly takes off, the next logical level, according to one crypto analyst, is right below $25,000 at $24,800.

The 1.272 Fibonacci extension is the next logical target for Bitcoin price | Source: BTCUSD on TradingView.com

Why Cryptocurrencies And Other Assets Respond To Fibonacci Levels

According to crypto analyst Jamie Holmes, the next target resides at the 1.272 Fibonacci extension level. Beyond there, 1.618, 2.618, and 3.618 sit at $30,000, $50,000, and roughly $75,000 respectively, and could be next after the first extension is taken out.

Holmes accurately called for the retest of ATH after a “bullish saucer” formed on monthly timeframes. Now he’s pointing to $25,000 next.

During the last bull market, Bitcoin rose as high as the 19.618 Fibonacci level, which could suggest that these early extensions will be barely a blink for the now unstoppable cryptocurrency.

Related Reading | Fibonacci Day: How To Use Math To Trade Bitcoin And Altcoins

It isn’t exactly clear why Fibonacci ratios and their retracement levels and extensions act as support and resistance, but they do for all asset types.

Breaking through the 0.618 Fib retracement level at $13,800 is what set off the recent bullish impulse and send the cryptocurrency to a new all-time as of today.

The 0.618 level could once again become a target to watch, and this time act as support for any major corrections that follow from here.

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Bitcoin Tramples Its 2017 Record High on Booming Institutional Adoption

Bitcoin achieved a new milestone on Monday.

The flagship cryptocurrency hit a fresh record high for the first time in three years as traders increased their bids in hopes of earning big profits. It was trading as high as $19,864 during the US session, up 9.16 percent on the day. That trampled its 2017 record high of $19,666, according to data fetched by Coinbase exchange.

Bitcoin is rallying relentlessly for the last 10 months. Source: BTCUSD on TradingView.com

Bitcoin is rallying relentlessly for the last 10 months. Source: BTCUSD on TradingView.com

The surge came as a part of a bigger and broader rally that started in March 2020. In the month, the Federal Reserve and other central banks injected trillions of dollars into their capital markets. The move weakened the US dollar’s purchasing power.

Meanwhile, the banks also introduced ultra-low interest rates while committing to purchase Treasuries endlessly. That pushed the real yields of the safest government bonds lower, prompting investors to seek profits in riskier assets. Bitcoin, the riskiest among them all, benefited as a result. It surged by up to 415 percent between March and today.

Bitcoin Meets Wall Street

Many analysts agreed that the latest rally came in response to investors’ fears of inflation, coupled with an unsettling gold market.

Guggenheim Partners, a Wall Street investment firm, said it could invest up to $530 million into BTC via Grayscale’s Bitcoin Trust. Meanwhile, Real Vision Group CEO Raoul Pal, who was earlier critical of Bitcoin, switched sides by announcing that he is reshuffling his entire gold portfolio into the cryptocurrency market.

“Ok, [the] last bomb,” he tweeted, “I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I don’t own anything else (except some bond calls and some $’s). 98% of my liquid net worth.”

Cameron Winklevoss, the co-founder of Gemini, a cryptocurrency exchange in the United States, said:

“Bitcoin is an emergent store of value that defends against inflation and has the potential to unseat gold. This means it could appreciate 25x in value from $19K. No other liquid asset in the universe can credibly offer this magnitude of asymmetric payoff in the next decade.”

The sentiment allowed Bitcoin to break above major resistance levels in a row on Monday. Nevertheless, the cryptocurrency also pulled back lower after topping out, led by short-term profit-taking behavior among daytraders.

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Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next

Following what is described as an “epic bear trap” to $16,400, Bitcoin has officially set a fresh all-time high.

The benchmark digital asset has never traded as a price this high on the spot market before, with bulls now trying to push it above $20,000. It does appear to be facing some resistance as it navigates into this price region, with bears ardently attempting to fade the movement.

Regardless of whether they are successful, the cryptocurrency’s historic move higher this morning will likely market a macro turning point for BTC and the entire crypto market.

Once $20,000 is broken above, there’s a strong likelihood that it will enter price discovery mode and see some serious upside. Parabolic advances like the one it is currently caught within often end in an asset’s price multiplying, which could mean that this is just the beginning of a much larger move.

One trader is now noting that BTC could be well-poised to see some immense upside in the near-term, with the latest decline simply being a bear trap that cleared out over-leveraged long positions and reset the sentiment surrounding the crypto.

Bitcoin Explodes Towards $20,000; Sets Fresh All-Time Highs

At the time of writing, Bitcoin is trading up just over 7% at its current price of $19,500. This marks a slight decline from highs of $19,800 that were set just a few minutes ago.

These highs marked fresh all-time highs for spot BTC, but it does appear that bears are putting up a defense of the upper-$20,000 region.

Typically, once an asset sets fresh all-time highs, it enters a price discovery mode that leads it to see significantly further gains.

This will likely take place for BTC once $20,000 has been firmly broken above and established as a support level.

BTC Rallies on the Heels of an “Epic Bear Trap”

A few days ago, Bitcoin’s price reeled from the mid-$19,000 region to lows of $16,400.

This shifted the market’s sentiment and led many investors to believe that BTC had posted a local top.

One analyst spoke about this move in a recent tweet, calling it an “epic bear trap”

“BTC: Bitcoin price crushing the daily high. Yeah, that move down to $16k was an epic bear trap to try and shake people out before $20k.”

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

The coming few days should provide insights into Bitcoin’s macro-outlook. Whether or not it can break above $20,000 and flip this into support will likely determine how it trends into the end of the year.

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Bitcoin at “Last Line of Defense” Before ATH as it Hits $19,300: Analysts

The price of Bitcoin has surpassed $19,300 once again, after dropping to as low as $16,200 on November 26. Following BTC’s surprising intraday rally, analysts say it is preparing for an all-time high.

There were convincing arguments for both bearish and bullish short-term projections for BTC. Most notably, when BTC dropped down to $16,200, it broke out of the recent parabola. This meant that BTC was at risk of either a large correction or beginning a new uptrend.

So far, based on the strength of BTC’s upward movement, market trends show that it could begin a new parabolic rally.

The daily price chart of Bitcoin. Source: BTCUSDT on TradingView.com

What Happens When Bitcoin Breaks $19,400?

There are two main scenarios for Bitcoin in the near term. First, BTC breaks $19,400, head towards the all-time high, and test the $20,000 level.

Second, BTC rejects $19,400 again, it ranges in the near term and consolidates, as it attempts to break out once again

But, if Bitcoin surges past $19,400, a technical analyst and trader known as “Bitcoin Jack” said an all-time high becomes more likely. He said:

“I hate to say it but BTC is literally at its last lines of defense before making ATH Volume is picking up, bullish breakouts on the LTF Failure to see a rejection at 19K and there is pretty much nothing that stand in its way Good game bulls.”

Why BTC Rose so Quickly

The primary reason behind the current rally of Bitcoin seems to be a large-scale short squeeze.

Prior to the rally, across major cryptocurrency exchanges including Binance Futures, BTC saw large short positions get liquidated.

When a short position gets liquidated, it forces the holder to market buy the position. As such, shorts can turn into short-term buyer demand for BTC in a short period.

A pseudonymous trader known as “Byzantine General” said:

“[Binance] is going for round 2. Coinbase & Finex have entered the chat. 18900 – 19000 will be a bloodbath.”

In the near term, the two key resistance levels for Bitcoin are at $19,400 and $20,000, both of which would likely see a strong reaction from the market.

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Bullish Indictor Prepares Yearn Finance (YFI) For Record High; Here’s How

According to a textbook bullish indicator, Yearn Finance’s governance token YFI is preparing to target its all-time high.

Dubbed as “Ascending Triangle,” the pattern envisions YFI/USD just shy of $44,000, a record high achieved mid-September following the pair’s supersonic bull run. It anticipates YFI/USD to hold support near its ascending trendline while testing its horizontal base level as resistance.

Later, the pattern expects the pair to attempt a breakout move above the resistance level.

Yearn Finance Ascending Triangle pattern (in black). Source:  YFIUSD on TradingView.com

In retrospect, the Ascending Triangle is a continuation pattern that appears in the middle of a trend. Traders anticipate the market to continue in the direction of its previous trend. Therefore, they develop their trade setups accordingly.

YFI is in an uptrend. And it is now forming a rising lower trendline and a flat upper trendline. It indicates that the buyers — at present — are more aggressive than the sellers. Their continued testing of the resistance trendline weakens the level. So eventually, YFI will breakout to the upside.

Technically, the breakout’s extent will depend on the maximum height between the upper and the lower trendline. In YFI’s case, it is close to $15,000. Therefore, the Ascending Triangle’s breakout target is about $15,000 above the resistance trendline. That is just shy of $44,000 — as stated above.

Conflicting YFI Setup

As bulls eye a record high for the Yearn Finance token, they may avoid a bearish reversal pattern developing right around the Ascending Triangle.

Dubbed as Head and Shoulder, the pattern sees YFI/USD trading upward towards the $30,000-32,000 range. But thereon, it expects the pair to reverse its trend entirely to retest its neckline (the ascending trendline in black) for a negative breakout move.

Yearn Finance Head & Shoulder pattern. Source: YFIUSD on TradingView.com

Yearn Finance Head & Shoulder pattern. Source: YFIUSD on TradingView.com

Like in the Ascending Triangle’s case, a breakout’s target in Head and Shoulder is as far as the maximum height of the pattern. That roughly puts the YFI/USD en route to $14,729.

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Don’t Get Hoodwinked by Hidden Bitcoin Trading Fees

Traders are flocking to Bitcoin in search of digital gold, but the journey can be costly and confusing, with hidden fees and cumbersome interfaces, making it difficult to navigate the market successfully.

eToro makes cryptocurrency trading costs crystal clear. There are no fees buried in the fine print, and an intuitive user interface helps you avoid expensive misclicks.

Be aware of hidden fees

On eToro, trading costs are contained in a single charge. The percentage of the spread for buy and sell is the entire cost of the trade — zero fees, no hidden fees, nothing!

Depositing US dollars on eToro is completely free, and a flat fee of $5 is charged to cover the processing cost of withdrawals. If you are depositing in another currency, an FX conversion fee may apply, but costs are made clear in advance, unlike other platforms that often levy unstated conversion fees.

Fee example
Initial investment	$2,000 USD
BTC buy price*	$20,000 USD
Position size	0.1 units
eToro typical spread for BTC	0.75%
Total round trip (buy and sell) fees:	$15 USD
(0.75% *20,000 USD * 0.1 units)

*Example price

To buy and sell 0.1 unit of Bitcoin in a round trip when the price is at $20K, you would pay a single spread fee of 0.75%, or $15 USD.

Most other trading platforms charge a set commission as a percentage of the position size. But high spreads — the difference between the buying and selling price — mean the real cost is higher.

In addition, account maintenance and inactivity fees can be hidden away in the terms and conditions, eating into profits and adding to losses each time you place a trade.

Even depositing funds can cost up to 5%, with traders often paying their card service providers significantly more for the convenience of paying by card, leaving them with a loss before they have even started trading.

When the time comes to withdraw, traders can be hit with more costs, paying super high flat fees to send funds back to a bank account.

With eToro, we take care to do things as clearly and as simply as possible — you pay only for the spread, with no additional transaction fees.

Smoothly navigate the market

Instead of a complex interface that leaves new traders one misclick from disaster, eToro offers a seamless user experience.

Traders can engage with the basic mechanics of the Bitcoin market through a streamlined process that begins the moment funds are deposited.

eToro is one of the only exchanges supporting PayPal, along with multiple other deposit methods, including bank transfer, card payment, Skrill, Neteller, WebMoney, and Yandex (depending on region). With funds on the platform, you can then buy and sell easily through an intuitive and user-friendly interface, making managing your portfolio completely painless.

To test the water, eToro gives you a free $100,000 demo account. This lets you build a virtual portfolio and test innovations like copy trading, risk free.

This unique trading toolkit, combined with clear pricing and an intuitive user interface, means Bitcoin trading is no longer costly and confusing.

This ad promotes crypto investing, which is highly volatile and unregulated. Trading cryptoassets with leverage is regulated and comes with a high risk of losing money. Buying cryptoassets is unregulated in most EU countries and therefore is not supervised by EU regulatory frameworks and carries no EU protections. Your capital is at risk.

Image by Christel SAGNIEZ from Pixabay

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Aave Surges 20% as DeFi Coins Begin Resurgence, Following Ethereum Rally

Top decentralized finance (DeFi) coins such as AAVE are outperforming over the past day. While Bitcoin and Ethereum are both up massively today, AAVE is up 18.5% in the past 24 hours alone. This performance makes it the best-performing digital asset in the top 100 by market capitalization. AAVE is now up by approximately 10% on the week, per CoinGecko data.

This rally highlights a growing/continued interest in DeFi, which has continued to gain fundamental strength despite shaky price action. The number of DeFi users is soon expected to reach one million, by some estimates, making it one of the first crypto technologies to be adopted by many.

Aave stands to benefit from this trend as it sits at the core of the ecosystem as a money market for lending and borrowing.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

AAVE Erupts 20% Higher

AAVE is up 20% in the past 24 hours alone amid strength in the price of ETH.

Ethereum has gained around 5% in the past 24 hours, pushing to $580 after consolidating under $540 for a number of days.

These gains to be trickling down to top Ethereum-based coins such as AAVE.

AAVE is one of the leading Ethereum-based, DeFi coins, touting a valuation of $890 million. It is a governance token that allows users to govern the Aave protocol; the coin is also used as a backstop for the protocol in case of a glitch.

This latest leg higher comes as Aave has set a key milestone. As pointed out by Marc Zeller, who is part of the Aave core team:

“The 3 comas club has a brand new member with the @AaveAave Flash loans. 1 Billion thanks to all the devs being pioneers of innovation, @DeFiSaver @fifikobayashi, and all the others. Can’t wait to see y’all all experiment with Seamless Loans made possible with  @AaveAave v2.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi Back in Vogue

This rally comes as the fundamentals of the DeFi space have continued to improve at a rapid clip.

According to top data tracker DeFi Pulse, the total locked value of coins in decentralized finance contracts just surmounted $14 billion.

This is up from approximately $500 million, where this metric started in 2020.

Analysts are optimistic that there will be further growth in the DeFi space amid positive technological and price developments. This should result in further growth in the values of top coins pertaining to the space.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Aave Surges 20% as DeFi Coins Begin Resurgence, Following Ethereum Rally

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Charted: Chainlink (LINK) Looks Ready For Another Leg Higher Over $15

Chainlink (LINK) remained stable above the $11.50 support and started a fresh increase, similar to bitcoin. The price is now trading above $13.50 and it could continue to rise above $15.00.

• Chainlink token price regained traction and climbed above $13.00 against the US dollar.
• The price is now trading above $13.50 and settled above the 100 simple moving average (4-hours).
• There is a key bullish trend line forming with support near $13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
• The price is likely to continue higher above the $14.50 and $15.00 resistance levels.

Chainlink (LINK) Is Gaining Momentum

This past week, we saw a sharp downside correction in bitcoin, Ethereum, ripple, bitcoin cash, chainlink (LINK), and other major altcoins. LINK price dived from well above $15.50 and declined below the $13.50 support.

There was also a break below the $12.40 support and the 100 simple moving average (4-hours). Finally, the bulls were able to protect the $11.50 support zone. A low was formed near $11.29 and the price started a fresh increase above $12.00.

There was a break above the $13.00 resistance and the 100 simple moving average (4-hours). LINK price surpassed the 50% Fib retracement level of the downside correction from the $16.43 swing high to $11.29 swing low.

Source: LINKUSD on TradingView.com

The price is now trading nicely above the $13.85 resistance. There is also a key bullish trend line forming with support near $13.50 on the 4-hours chart of the LINK/USD pair. On the upside, the bulls are likely to face hurdles near the $14.50 level.

The 61.8% Fib retracement level of the downside correction from the $16.43 swing high to $11.29 swing low is also at $14.50 to prevent gains. A clear break above $14.50 could open the doors for more gains above $15.00 and $15.20.

Downsides Limited?

An initial support for chainlink’s price is near the $13.65 and $13.55 levels. The first major support is forming near the $13.50 level and the trend line.

If there is a downside break and close below the $13.50 support zone, there is a risk of a bearish move towards the $13.00 support level or even towards the $12.50 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is now losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently well above the 50 level.

Major Support Levels – $13.65, $13.50 and $13.00.

Major Resistance Levels – $14.50, $15.00 and $15.50.

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TA: Ethereum Gains Bullish Momentum, Why ETH Could Retest $620

Ethereum gained bullish momentum and broke the $550 resistance against the US Dollar. ETH price is up over 8% and it seems like the bulls are aiming $600 or $620.

• Ethereum started a fresh increase after it broke the $530 resistance level.
• The price surpassed a major hurdle at $550 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is trading in a positive zone and it could higher towards $600 or $620.

Ethereum Price is Up 8%

In the weekly analysis, we discussed the importance of the $550 resistance for Ethereum. ETH price started following a steady bullish path, and surpassed many hurdles near the $540 and $550 levels.

Bitcoin price also gained traction above $18,200, helping ether to clear the $550 resistance. There was also a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD. There was also a break above the 50% Fib retracement level of the key decline from the $623 swing high to $478 low.

Source: ETHUSD on TradingView.com

The pair settled nicely above the $565 level and the 100 hourly simple moving average. Ether tested the $590 resistance level. It seems like the bears are protecting the 76.4% Fib retracement level of the key decline from the $623 swing high to $478 low.

A clear break above the $590 level could open the doors for more gains above $600. In the stated case, the price is likely to revisit the $620 resistance or the $623 swing high in the near term. Any further gains may possibly push the price towards the $650 level.

Dips Supported in ETH?

If ethereum fails to clear the $590 resistance level, there could be a minor downside correction. An initial support is near the $580 level (a multi-touch zone).

A downside break below the $580 level might call for an extended decline. The next major support is near the $560 and $550 levels, followed by the key 100 hourly simple moving average. Any further losses could lead ether towards the $530 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $550

Major Resistance Level – $590

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TA: Bitcoin Bulls Keeps Pushing, Why $18.8K is a Key Breakout Zone

Bitcoin price is up over 4% and it broke the $18,500 level against the US Dollar. BTC is currently following a nice bullish path, but the $18,800 level is a strong resistance.

• Bitcoin is slowly rising and it broke the key $18,500 resistance.
• The price traded as high as $18,559 and it is now above the 100 hourly simple moving average.
• There is a major rising channel forming with support near $18,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The bulls are likely to face a strong resistance near the $18,800 zone.

Bitcoin Price is Approaching a Major Hurdle

In the weekly analysis, we saw a fresh increase in bitcoin price above the $18,000 level. BTC extended its rise above the $18,200 and $18,400 resistance levels.

There was also a break above the $18,500 resistance. The price traded as high as $18,559 and it is now above the 100 hourly simple moving average. It is currently consolidating gains and trading near the $18,450 level.

An initial support on the downside is near the $18,400 level. It is close to the 23.6% Fib retracement level of the recent rise from the $17,946 swing low to $18,559 high. Moreover, there is a major rising channel forming with support near $18,280 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The channel support is close to the 50% Fib retracement level of the recent rise from the $17,946 swing low to $18,559 high. On the upside, the channel resistance at $18,650 is a short-term resistance.

The first major resistance for the bulls is near the $18,800 level. A successful break above the $18,800 level could spark a strong upward move, and bitcoin could rise above $19,000 and even $19,200.

Another Drop in BTC?

If bitcoin fails to clear the breakout resistance at $18,800, there is a risk of a fresh decline. An initial support on the downside is near the $18,250 level or the channel lower trend line.

A clear break below the channel support might start an extended decline towards $18,000. The next major support below the $18,000 level is near the $17,400 level and the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level, with bullish signs.

Major Support Levels – $18,250, followed by $18,000.

Major Resistance Levels – $18,650, $18,800 and $19,000.

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What Analysts are Saying About Bitcoin as It Reaches Overhead Resistance

Bitcoin is fast approaching a long-watched overhead resistance level formed in the time following its recent rejection at its $19,500 all-time highs.

The selling pressure here proved to be quite significant and caused the cryptocurrency to see a strong decline that led it to lows of $16,400.

This movement was perpetuated by various factors, including fear surrounding a potential wave of regulations due to comments from U.S. Treasury Secretary Steven Mnuchin.

Where the market trends in the mid-term hinges almost entirely on Bitcoin, as the recent $19,000 rejection halted the recent signs of life seen amongst altcoins and caused the aggregated market to decline significantly.

There’s a strong possibility that the ongoing rebound will extend further, as bulls seem keen on posting a “V-shaped” recovery as they erase the recent losses.

As for what traders expect to happen next, one stated that he is taking some money off the table as the crypto navigates up towards its overhead resistance level in the lower-to-mid $18,000 region.

He notes that a break above $18,400 could be enough to invalidate any signs of weakness plaguing its price.

Bitcoin Breaks $18,000 as Rebound Continues 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $18,090. This marks a notable climb from its recent lows of $16,400 set at the bottom of the recent market-wide meltdown.

This plunge came about close on the heels of the cryptocurrency’s visit to the mid-$19,000 region. Significant selling pressure existed within this region.

If it can gain a strong foothold within the mid-$18,000 region, it may see significantly further upside in the near-term.

BTC May Struggle to Break Its Overhead Resistance, Claims Trader

One trader stated that Bitcoin might not break through the resistance that is laced throughout the lower-$18,000 region.

He adds that a firm break above $18,400 could allow for the cryptocurrency to continue its ongoing rebound.

“Closed half of long at $18,080~ Not looking to be too overexposed into resistance coming into the weekly m/monthly closes. Lots of buying opportunities if we do break $18.4~ Not a lot of selling opportunities if we don’t.”

As Bitcoin’s weekly candle close fast approaches, how it trades in the coming few hours should provide serious insights into its outlook for the rest of 2020.

A close above $18,000 will significantly bolster its outlook and open the gates for bulls to take control of its price action throughout the week ahead.

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Charts from TradingView.

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COTI Network Strikes Deal with Gaming Giant Dafabet

One of the world’s largest gaming groups, Dafabet, has revealed that it is working with COTI to facilitate digital currency processing. The deal is a coup for COTI, which is on a mission to become the industry’s go-to network for digital payments, and is indicative of where the gaming industry is heading: the same place as all other online industries are heading – crypto.

The deal between COTI and Dafabet is much more than an LOI or exploratory pilot: COTI has constructed a dedicated wallet and payment system for Dafabet, which will be integrated into several of the gaming platforms under Dafabet’s control. The goal is to deliver a crypto payment experience that, from the customer’s perspective, is as frictionless as paying with fiat.

COTI Levels Up

The deal with Dafabet is COTI’s largest to date, certainly on the basis of Dafabet’s turnover, which stands at around $1 billion per year. With 1.5 million unique visitors a month alighting on the company’s string of gaming sites, it has the potential to drive a lot of eyeballs in the direction of crypto, albeit obliquely; COTI’s value proposition hinges around making payments as seamless as possible. That means no interminable waiting for mempools to clear and bitcoin transactions to be confirmed.

COTI’s Trustchain will be instrumental in routing digital payments, complemented by its Payment Gateway tech stack. The product that will be integrated into Dafabet’s gaming sites is a branded version of COTI’s Ultra eWallet. It includes fiat currency and stablecoin support, enabling users to enjoy the benefits of crypto without the issue of price volatility. The speed of COTI’s Trustchain network, meanwhile, will ensure that transactions settle almost instantly.

COTI has stated that it expects the volume of transactions taking place on Trustchain to increase significantly as a result of the Dafabet deal. This in turn will benefit COTI holders, stakers, and node operators, who will see a lot more traffic flowing through the high-speed crypto network.

Big in Britain, Asia, and Elsewhere

In the UK, Dafabet is a well-known gaming operator, whose logo clings to the shirts of top-flight teams such as Celtic in Scotland and Aston Villa in England. The company also sponsors another half dozen football clubs in the English leagues and several cricket clubs too. On a global basis, Dafabet enjoys strong brand recognition in Asia, whose love of gambling requires no explanation, and the company is headquartered in the Philippines.

Since its inception in 2004, Dafabet has grown into one of the world’s top 20 e-gaming operators, with a presence on every major continent. As for COTI, it is no stranger to the world of gaming either. The blockchain company is headquartered in Gibraltar, where many of the UK’s gaming operators are domiciled. On November 24, COTI announced the release of Blockchain Dollars, a stablecoin product designed for the gaming industry. Its partnership with Dafabet further strengthens that offering, and leaves no doubt as to where COTI’s loyalties lie.

 

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How Ethereum Could Stage Rally To $600 If It Clears $550

Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward move towards $600.

• ETH price declined heavily from $620 and it even tested $480 against the US Dollar.
• The price is currently recovering above $500 and the 100 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD (data feed via Kraken).
• The pair could rise sharply towards $580 and $600 if it clears the $550 resistance.

Ethereum Price is Approaching Next Break

This past week, bitcoin and ethereum saw a sharp downside correction below $17,000 and $550 respectively against the US Dollar. ETH price even spiked below the $500 support and the 100 simple moving average (4-hours).

It tested the $480 support level and formed a support base for a fresh increase. Ether recovered above the $500 level and the 100 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the downside correction from the $620 swing high to $480 swing low.

The price is now approaching a major resistance area near $550. There is also a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the downside correction from the $620 swing high to $480 swing low is also near the $550 level to act as a major resistance. A successful break above the $550 level could spark a strong upward move.

The next key resistance is near the $580 level. If ether clears the $580 resistance, it could even retest or surpass the $600 resistance level in the coming sessions.

Fresh Decline in Ether (ETH)?

If Ethereum fails to extend its rise above $550, it could start another downward move. The first major support zone sits near the $520 level.

The 100 simple moving average (4-hours) is also near the $512 level to act as a major support. A downside break below the $512 level and $500 might put ether at a risk of more losses below $480.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is now above the 50 level, but showing a few bearish signs.

Major Support Level – $512

Major Resistance Level – $550

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Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin price started a fresh increase from the $16,200 support zone against the US Dollar. BTC is up 5% and it is trading above $17,500, but facing a major resistance at $18k and $18.2k.

• Bitcoin started a fresh upward move above the $17,000 and $17,200 levels.
• The price is now trading nicely above the $17,500 resistance and the 100 simple moving average (4-hours).
• There was a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair could revisit the $18,200 resistance, where the bears might put a strong fight.

Bitcoin Price is Rising Steadily

This past week, bitcoin saw a sharp downside correction below $18,000 and $17,200 against the US Dollar. The BTC/USD pair even broke the $16,800 support and the 100 simple moving average (4-hours).

It traded as low as $16,219 before forming a support base. A fresh increase was initiated above the $16,500 and $16,800 resistance levels. Bitcoin price cleared the $17,400 resistance and 100 simple moving average (4-hours) to move into a positive zone.

There was also a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

Source: BTCUSD on TradingView.com

A clear break above the $17,850 and $18,000 levels might lead the price towards the key $18,250 resistance zone. It is close to the 61.8% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

A successful break above the $18,250 and $18,400 levels is needed for a fresh rise towards the $19,000 and $19,500 levels in the coming sessions.

Another Drop in BTC?

If bitcoin fails to clear the $18,000 and $18,250 resistance levels, it could start a fresh decline. An initial support is near the $17,500 level or the 100 simple moving average (4-hours).

The first major support sits at $17,400 levels. A downside break below the $17,400 level could lead the price towards the main $16,800 support level. Any more losses might call for a new low below $16,200.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $17,400

Major Resistance Level – $18,250

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