Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price?

The original release of the blockchain implementation of Shiba Eternity occurred in Australia on September 17. Shiba Inu followed the larger market sell-off that began on September 13 and rallied nearly 7% from September 17-18.

During this time span, the rally did not significantly alter market sentiment. New information about the game’s release, though, may add some hype.

According to a recent tweet by Shib Rumours, the release date of the game is set for October 1. However, the latest post on the official Shiba Inu Twitter account indicates that the worldwide launch of the game will take place on October 6.

SHIB has a current trading range of $0.00001073 – 0.00001154. Could the meme coin see a resurgence after the game’s release?

Shiba Inu: Increasing Speed

After the latest sell-off on September 18, an uptrend has been noted and has been very consistent up to the time of writing. Given that this occurred only a day after the Australia release, it’s likely that long-term token holders witnessed the price increase and sold off their holdings.

During this period, the memecoin saw a pullback and plummeted 8.5% immediately. Currently, the recent price movements have created a head and shoulders pattern before to today’s breakout. During this breakout, the price increased by 2.9%

Given the current state of Shiba Eternity, this price movement can be regarded as a sign of increased anticipation for the game’s October 6 release. ETH whales are also contributing to the hype train.

According to WhaleStats, the top 1,000 Ethereum whales have more than $147.5 million. WhaleStats also regarded Shiba Inu as the token with the highest dollar value position.

Keeping A Close Eye On The Market

Therefore, there are a few things that future Shiba Inu players and investors/traders should be aware of.

One of these is that a price increase is frequently followed by a severe market correction, similar to what we experienced on September 18 following the rally on September 17.

As of this writing, SHIB is trading at $$0.00001137, up 2.5 percent in the last seven days, data from Coingecko show, Saturday.

As October 6 approaches, we will have a better sense of whether Shiba Inu will increase in value or decline further.

SHIB total market cap at $6.29 billion on the daily chart | Source: TradingView.com Featured image from VOI, Chart: TradingView.com

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Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market

Since the launch of bitcoin, there have been massive gains recorded by those that got in early and held on long enough. The same was the case with Ethereum, whose market cap grew to the hundreds of billions. However, the growth that these digital assets have already seen over the years, it has put a hamper on how much they can still grow over the coming years. This is why investors are looking elsewhere for larger gains.

Bitcoin, Ethereum Gains Are Lower

Over the last bull market, it became apparent that bitcoin and Ethereum will no longer be able to give the kind of returns that early investors had gotten. During the previous cycle low, bitcoin had dropped to as low as $6,000 but had reached $69,000 during its peak. This was a 10x growth for the digital asset.

The case was similar to Ethereum, the second-largest cryptocurrency by market cap, although it had fared much better compared to bitcoin. It had grown from its cycle low of around $100 to $4,800 at its peak. This was about a 500x growth for the digital asset.

BTC grows 10x | Source: BTCUSD on TradingView.com

However, their already massive growth has been putting investors off of them, not because they are not good investments but because the potential to explode exponentially has been greatly reduced. An example is that from bitcoin’s current price, even if it were to reach $100,000 per coin, it would still be a less than 10x growth.

The same with Ethereum, although the digital asset does carry more potential for larger growth compared to bitcoin due to it being much younger. If ETH were to grow to $10,000 per token, it would barely be a 10x growth.

Altcoins Take The Cake

Altcoins had barreled ahead of market leaders such as bitcoin and Ethereum when it came to gains in the last bull market. Where these large digital assets were doing below 500x, smaller altcoins such as Dogecoin and Shiba Inu had recorded ROI in the thousands.

Mainly, meme coins were notorious for such returns, but altcoins from other spheres had seen the same kind of growth too. FTM is a token that had traded as low as $0.2 and peaked above $3.4 during the bull market. DOGE’s price had made an impressive run-up from $0.004 to $0.7 at the height of its rally.

However, these are only, but a small example of the many ways altcoin had been great investments during the bull market. With the next bull market expected to happen in 2024, it is no surprise when investors are turning to smaller cap tokens in hopes of catching the next DOGE or SHIB.

Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Featured image from Medium, chart from TradingView.com

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XRP Price Rallied By Double Digits, Will Buyers Defend This Level?

The XRP price has increased significantly in the past 24 hours. The coin registered over 10% growth in the past day.

Over the last week, the coin brought in 10% appreciation as well. Overall, XRP bulls seemed to take control of the charts.

The coin could slowly attempt to trade near its next resistance mark, and with growing demand, it could get past that price mark.

The support zone for that price rested between $0.43 and $0.39, respectively. It is important for XRP to get back up to $0.51, which has been acting as a rigid price ceiling for the coin.

Once XRP moves up beyond $0.51, the coin will strengthen its bullish move. The technical indicator of the coin has signalled an increased bullish momentum.

The buyers have returned to the market, albeit with a decline. The decrease in selling strength will help XRP to move past the $0.51 level.

The global cryptocurrency market cap today is $978 billion, with a 2.2% positive change in the last 24 hours.

XRP Price Analysis: One Day Chart XRP was priced at $0.43 on the one-day chart | Source: XRPUSD on TradingView

The altcoin was trading at $0.43 at the time of writing. XRP price had rallied sharply to $0.56 and then retraced on its chart.

Over the past day, however, the coin started to move up on its chart. The immediate resistance for the coin stood at $0.51 and then at $0.56.

On the other hand, the support line was at $0.41 and a fall from that level would cause the XRP price to dip to $0.34. That would make the bears stronger in the market.

The amount of XRP that was traded in the last session showed signs of decline, which indicated that buying strength might have dipped on the chart.

Technical Analysis XRP displayed more buying strength compared to selling strength on the one-day chart | Source: XRPUSD on TradingView

The altcoin was still controlled by the bulls on the one chart. The coin had gone through a pullback, which is why buying strength also fell on its chart.

The Relative Strength Index was above the half-line, and that indicated an increased number of buyers as compared to sellers. If demand falls, the sellers can take over at any moment.

The XRP price was above the 20-SMA line as well as 50-SMA, which indicated that demand was still quite high for the coin. It means that buyers were in control of the price momentum in the market.

XRP displayed buy signal on the one-day chart | Source: XRPUSD on TradingView

Other indicators also continued to display that buyers were present in the market. The Moving Average Convergence Divergence depicts the price momentum and overall price action of the coin.

MACD was positive with green signal bars, and that meant buy signal for the coin. The green signals were receding, which could mean that there might be a price pullback over the next trading sessions.

Bollinger Bands indicate price volatility and fluctuations. The bands widened, which is a signal that there could be heavy price volatility over the next trading sessions.

Featured image from NationalWorld, Charts from TradingView.com

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Solana (SOL) Holds Its Gains While Most Coins Bleed

Solana (SOL) has managed to keep most of its gains over the past 48 hours while most coins bled out. The token started yesterday, September 29th, at $33.25, going as high as $34.34 at midday.

Solana (SOL) suffered a loss in value on September 28th, when it dropped from $32.85 to $31.74. However, it quickly recovered before the end of the trading day and has been steadily increasing since then. The Price of SOL currently sits at $33.72 at the time of writing.

Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

SOL Holding On For Dear Life

The past few days have seen most coins in the top 100 drop in value by more than 10%. SOL is one of the few tokens that have held its ground during this time.

The coin price was off to a rocky start, entering the new week at $32.1. At a point, it seemed like it would rally up to $40 when it reached $35.02 on Tuesday, the 27th. However, the run was short-lived as it fell to $31.77 the next day.

Later, the token left investors smiling as it slowly galloped back up to $34.34 the next day, September 29th. So far, it has kept a decent amount of profit for itself and is currently sitting at $33.89.

SOL’s price is currently trading above $33. | SOLUSD price chart from TradingView.com Gains Amidst Troubled Waters

SOL’s performance is nothing short of impressive, considering how volatile the market has been for other tokens.  It seems like there are no signs of slowing down anytime soon, either, with the coin still holding strong at above $33.

SOL’s price stays modestly above a crucial support level of $30, which serves as a good buying zone for traders. For SOL to trend upward, the price must break over $35, its weekly resistance. If the price of SOL breaks and remains over $35, it might significantly rise to the $45-$58 range. Historically, SOL pricing has found breaking out of this range tough.

Based on its performance in the last three months, it’s likely that SOL will likely continue to climb higher. Some people are already predicting the token to go up to $41. An analyst on TradingView noted that a move in the US market could be a catalyst for SOL to reach the $35 mark.

Social Engagement And NFTs Might Just Be What SOL Needs

The past week has been an eventful one for Solana on social media. According to a recent tweet by PHOENIX, Solana was the best-performing project in terms of social activity. The token had a total of 35,100 mentions and 58.3 million engagements across social media platforms. 

Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week?

But that’s not all. Statistics from Delphi Digital show an increase in Solana’s share of NFT trading volume. According to the tweet, Solana’s NFT volume increased from 7% to 24% in the past six weeks. This gained traction in the NFT sector can help push SOL beyond its resistance and into new heights.

Featured image from Pixabay and chart from TradingView.com

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Bitcoin Slowly Trends Upwards Into $20,000, Will The Monthly Candle Turn Green?

Bitcoin has seen some profits over today’s trading session as September’s monthly candle is coming to an end. Market participants were expecting a tight battle between bullish and bearish forces, but the cryptocurrency has been moving sideways with slight upward pressure.

At the time of writing, Bitcoin (BTC) trades at $19,700 with a 2% and 1% profit over the last 24 hours and 7 days. Other cryptocurrencies in the crypto top 10 by market cap are displaying similar price action, but BTC seems to be leading the low timeframe bullish momentum.

BTC’s price records profits on the 4-hour chart. Source: BTCUSDT Tradingview People Buy Bitcoin To Hedge Against Their Currencies Downside Trend?

Data from Material Indicators shows that investors with buying orders from $1,000 to $10,000 bought into Bitcoin’s recent price action while other investors sold their coins. In that sense, a rally into the monthly close seems unlikely.

However, Material Indicators also show that ask (sell) liquidity has been decreasing as Bitcoin is rejected from the area of around $20,000. If the price can resume its bullish momentum and can gain more support from larger buyers, bears might be unable to defend $20,000.

This might lead BTC to higher levels, and possibly for a reclaim of the levels around $26,000, according to a report from NewsBTC. The cryptocurrency must flip $20,100 into support, analyst from Material Indicators wrote the following about BTC odds as the market heads into the monthly close:

There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in.

Additional data provided by research firm Messari picked a spike in buying pressure from investors in the Eurozone and the United Kingdom (UK). This pressure is related to a decline in the value of their currencies as the U.S. dollar rallied to a multi-decade high.

Source: Messari The New Narrative, Will The Fed Pivot Leading Bitcoin To New Highs?

This data from Messari has been put into question by several users. Regardless of its legitimacy, this data speaks about an increasing trend in the sector: more and more market participants are highlighting the impact of central banks in the financial sector and the global economy.

According to a report from Charles Gasparino, a reporter for FOX Business, members of the U.S. Federal Reserve (Fed) are aware of the negative consequences of their monetary policy. They have brought a steep downside pressure for equities and risk-on assets, such as Bitcoin.

SCOOP (1/2): @federalreserve officials getting increasingly worried about “financial stability” as opposed to inflation as higher rates begin to crush bonds, several big investors tell me. Fed growing worried about possible “Lehman Moment” w a 4% FF rate as Bonds and derivatives

— Charles Gasparino (@CGasparino) September 30, 2022

If the pressure inside the Fed becomes too high, the financial institution might pivot its measures, and provide some room for a relief rally across the board. Speaking on this possibility, and on why Bitcoin has been showing strength relative to legacy financial assets, analyst William Clemente said:

In theory: People front-running expected CB (Central Banks) pivot by buying BTC -> Perceived BTC “safe haven” flows -> Reflexive response from other market participants? Not my base case but non-zero possibility that my mind is open to.

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Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety.

Stablecoins Gain Favor

Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time.

The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time. 

In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period. 

ETH price settles above $1,300 | Source: ETHUSD on TradingView.com

On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC.

Ethereum Whales Want Stability

Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm.

The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins.

Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors.

Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come.

Featured image from CryptoSlate, chart from TradingView.com

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Chainlink (LINK) And Cronos (CRO) Post Positive Moves Amidst Market Uncertainty

Chainlink (LINK) and Cronos (CRO) have recently enjoyed positive price movements, despite the market’s uncertainty over cryptocurrencies. Both tokens increased around15% from their low point 7 days back.

The recent gains show that LINK and CRO are still holding strong as they continue to rank top 50 based on market cap. The two tokens also maintained a high trading volume throughout the last seven days.

Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022

Upward Trends Amidst Market Uncertainty

The entire crypto market still suffers from the recent bearish trend. However, LINK and CRO managed to maintain an upward movement amid investors’ concerns about the future of cryptocurrency markets.

In fact, LINK has been one of the best-performing altcoins this week. It gained over 21% since last Thursday, reaching a high of $8.46 yesterday. This is not surprising considering the token’s performance in the last 30 days. LINK was able to gain around 16% this month alone.

We can’t say the same for CRONOS’ 30-day performance. However, it did manage to move upwards by 16.9% during the past seven days. Its current value stands at $0.110, which is up from its lowest point of $0.105.

CRO’s price currently hovers around $0.110. | Source: CROUSD price chart from TradingView.com Reasons For LINK’s Positive Moves

A recent tweet from Santiment suggested that many investors opted to unload LINK holdings they purchased during a price drop. Yesterday, LINK reached a local high of $8.46, providing an opportunity for several market participants to benefit. The number of LINK transactions was four times higher than expected, according to the Santiment analytics team. 

In another tweet from Santiment, LINK stakeholder activity peaked on September 28. Despite the general bearishness in the cryptocurrency market, this helped LINK break the $8 threshold and begin a period of growth. The increase led Santiment analysts to conclude that LINK has been “decoupling” from other cryptos in the last 10 days.

The coin’s price, however, was unable to maintain the new high. According to CoinMarketCap, LINK has dropped over 0.22% in the last 24 hours to $7.89 at the time of writing.

LINK’s price is currently fluctuating below $8. | Source: LINKUSD price chart from TradingView.com Social Engagement Responsible For CRO’s Rise

The recent week was a breakthrough one for CRO. According to statistics from the cryptocurrency social analytics company LunarCrush, the altcoin ranked 26th in terms of market capitalization.

The previous week has also seen a surge in CROs’ social engagement. As of September 23rd, its total number of social media mentions had risen by 40% to 37,000. Also, the value of CRO’s social engagements went up by 14% over that time, reaching $61.6 million. The alt’s price rose by 13% as of September 23rd, according to LunarCrush, because of the increased interest in it on social media. 

Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity

This past week saw a 1% decrease in the average seven-day supply of CRO on exchanges. To investors’ relief, this trend swung in their favor as an uptick in the indicator would’ve signaled a rise in selling pressure. As of the time of writing, CRO has gained 3.16% in value over the previous week, as measured by volume traded on CoinMarketCap.

Featured image from Pixabay and chart from TradingView.com

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Algorand Price Slowly Moved Up, Will The Bulls Stick Around?

Algorand price has been trying to sail through the choppy waters, the coin has moved against the broader market price movement.

Over the last 24 hours, Algorand has gained 2%, which means that ALGO is stuck in consolidation. In the past week, ALGO moved up by 3%.

This also signalled that the altcoin hasn’t made significant upward movement on the chart. The technical indicator of the altcoin showed that the bulls were still in control.

The buyers were still more than sellers, but the technical outlook also pointed out that the bulls would soon fizzle out in the market.

The demand for ALGO had slowed down, indicating that sellers would soon take control, bringing the price of the altcoin down to its next support level.

The support zone for the altcoin stood between $0.33 and $0.27 respectively. The demand for the altcoin has been dropping, which means that the coin will move near the $0.31 price mark.

Algorand Price: One Day Chart Algorand was priced at $0.34 on the one-day chart | Source: ALGOUSD on TradingView

ALGO was trading for $0.34 at the time of writing. The coin was trading in a descending channel from which it broke out, but it was unable to add further fuel to its price owing to lower demand.

The immediate resistance for the coin stands at $0.40 and a push above that could help the bulls to stick around for longer.

On the other hand, the local support for the coin stood at $0.31. A fall from the $0.31 level will bring ALGO down to $0.27.

The amount of Algorand traded in the last session decreased considerably, pointing towards slowing buying strength.

Technical Analysis Algorand registered a fall in buying strength on the one-day chart | Source: ALGOUSD on TradingView

ALGO’s technical indicators showed that the buying strength was falling on the chart. Indicators were yet to display the upcoming bearish sentiment.

The Relative Strength Index was above the half-line, which still meant that buyers were in control of the market.

The indicator also displayed a steep fall, which signalled that the upcoming trading sessions could be controlled by the sellers.

The Algorand price was still above the 20-SMA line, which pointed toward buyers driving the price momentum in the market. A continued fall in demand will push the price below the 20-SMA line.

Algorand displayed buy signal on the one-day chart | Source: ALGOUSD on TradingView

Other indicators also agreed with the major indicators that selling strength would soon take over in the market.

The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed green histograms, which was still buy signal on the chart.

These green histograms were declining on the chart, indicating that the bullish action was losing steam.

The Directional Movement Index shows the price direction. DMI was still positive with the +DI line above the -DI line. The Average Directional Index (red) was below the 20 mark, signifying a loss in the current price momentum.

Featured image from The VR Soldier, charts from TradingView.com

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Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes

Bitcoin public mining companies have been struggling along with the rest of the crypto market. With the decline in the price of bitcoin, these companies had seen their cash flow decline, driving come to the brink of bankruptcy. However, while it seemed like the losses that public BTC miners have incurred have happened in the bear market run, it goes back even father back.

Bitcoin Miners Are Barely Profitable

Public bitcoin miners, both large and small, had grown in popularity over the last year. Their stocks allowed investors to bet on the crypto market without having to buy any of the digital assets themselves. Thus, these public miners had seen millions of dollars in revenue. The problem comes from the ability of these companies to actually retain their earnings over their lifetime.

The retained earnings are how a company shows its total accumulated net income over its lifetime and looking at the financial statements of these public miners, they are less than encouraging. They shows that most public bitcoin miners have been unable to retain any of their net earnings since they were founded.

An obvious problem with these miners have been how much of their earnings is being put towards administrative expenses. This report shows that compared to their counterparts in gold and oil & gas, bitcoin mines used an average of 50% of their earnings for administrative costs. 

Public miners see in deficit | Source: Arcane Research

Additionally, these companies had committed to extensive expansion plans during the bull market that has become harder to pull off in the bear market. This has translated to a steep decline in the retained earnings of most public miners.

Are Any Mining Companies Profitable?

Over time, there are some public bitcoin miners that have been able to go against the grain and have their retained earnings in the green even during these troubled times. One of those is the Argo Blockchain mining company. In a report by Arcane Research, Argo Blockchain is listed as the only public BTC miner with positive retained earnings of $26 million. The rest of the report paints a grim picture of the bitcoin mining industry.

Most of the companies had significant deficits of varying degrees throughout their lifetimes. The largest deficit was recorded by Core Scientific at $1.304 billion. The next in line is Riot Blockchain which had seen a significant deficit of $569 million over its lifetime.

BTC holds above $19,000 | Source: BTCUSD on TradingView.com

Others on the list included Marathon Digital, Hut 8, and Stronghold, with deficits of $357 million, $221 million, and $156 million, respectively. Two others, CleanSpark and Bitframs, came out with deficits of $154 million and $137 million.

What this shows is that these companies are spending more money than they are making during this time. The numbers show that even during the bull market, when the cash flow for BTC mining machines was high, most of these companies continued to lose money. So investing in the stocks of these companies should be approached with caution and proper risk management. 

Featured image from Blockchain News, charts from Arcane Research and TradingView.com

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Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin might have bottomed precisely at the 1.618 Fibonacci extension, using Elliott Wave Theory.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 29, 2022

Using the Fibonacci retracement tool not for retracement but for extensions, we have found a golden discovery using math.

Did Bitcoin Bottom At The Golden Ratio?

In Elliott Wave Theory, corrections come in ABC patterns. Taking the Fibonacci retracement tool to draw from the bottom to the top of the A wave will provide a Fibonacci extension target for where a C wave correction might end. The wick down to $17K touched precisely at the 1.618 Fibonacci with pinpoint accuracy.

1.618 is the golden ratio, also known as the divine proportion.

Bitcoin downtrend stops at precisely the golden ratio | Source: BTCUSD on TradingView.com Past Bear Market Bottoms Pinpointed With Golden Accuracy

Shocked by this discovery, we used the same strategy to examine the 2018 bear market. Lo and behold, the target terminated at the golden ratio yet again. To demonstrate this, we have drawn in the B wave descending triangle, and taken the Fibonacci extension from the bottom of the A wave to the top where it began. As you can see, this projected the bear market bottom perfectly.

Zooming out further, could this really have happened in the 2015 bear market also? Adding yet another ABC correction, the same pattern fits, albeit not quite as precisely at the rest of the analysis. Still, its accurate enough where the golden ratio could clearly be a factor in where Bitcoin ultimately bottoms.

Bitcoin has bottomed at the golden ratio in each bear market | Source: BTCUSD on TradingView.com

Related Reading: Bitcoin & The Hunt For A Green October | BTCUSD September 27, 2022

Could Fibonacci Project The Next Major Peak In Crypto? We now know that projecting extensions from the A wave gives us the C wave bottom… hopefully. But how does this work when projecting a target to the upside? Drawing from the 2017 peak to the bear market bottom, projected the top of the 2021 bull market.

If the same is true for the next bull market, much like each bear market has repeated, the golden ratio could take Bitcoin to a price of more than $161,000 per coin. 

The next Bitcoin peak could be over $161,000 per coin | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Here is a $49 discount pass to 21 Days To Better Crypto Trading by @elliottwaveintl. It gets you instant access to 3 learning resources on how to trade crypto using EW, the Crypto Trader’s Classroom service, & on Oct.5, access to the Crypto Pro Service

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Bitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values

On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle.

Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently

As pointed out by an analyst in a CryptoQuant post, the long-term holders haven’t attained their maximum pressure point yet.

The “Spent Output Profit Ratio” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now.

When the value of this metric is less than 1, it means the overall market is realizing some amount of profit currently.

On the other hand, the indicator having values than the threshold suggests that investors as a whole are moving coins at a loss at the moment.

“Long-term holders” (LTHs) are a cohort of Bitcoin investors who hold their coins for at least 155 days before selling or moving them.

Here is a chart that shows the trend in the 30-day moving average BTC SOPR over the last several years specifically for these LTHs:

The 30-day MA value of the metric seems to have been going down in recent days | Source: CryptoQuant

As you can see in the above graph, the 30-day MA Bitcoin LTH SOPR seems to have hit a specific level around the price bottom in each of the previous two cycles.

These touches of the level in the loss region didn’t exactly coincide with the cycle lows, but they were still quite close, making them good buying opportunities for the crypto.

In recent months, as the bear has taken over, the indicator’s value has declined below the 1 mark, implying the LTHs have been selling at a loss recently.

While the metric has declined deep into the red zone by this point, it’s still not at the level where the historical cycles observed their bottoms.

Though, as the chart shows in the bottom, the DPO (an indicator that’s popularly used for finding cycle tops and bottoms of any quantity) of the LTH SOPR has started turning back up recently.

In the past bear markets, the LTH SOPR reached the bottom level not too long after the DPO reversed trend like this. If a similar pattern follows now as well, it may not be too long until long-term holder loss selling reaches its maximum point.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.2k, up 1% in the past week.

Looks like BTC has been moving sideways again during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Why VeChain Is Attractive At $0.02, Is VET Aiming For A Big Move?

The crypto market successfully bounced from support with major cryptocurrencies recording profits over today’s trading session, VeChain (VET) follows the general sentiment. The cryptocurrency has been able to preserve some of its gains from yesterday’s session and seems poised for further highs.

At the time of writing, VeChain (VET) trades at $0.023 with a 2% profit in the last 24 hours and a 5% profit over the past 7 days. In higher timeframes, the cryptocurrency records significant losses, but in the short term, this trend might be starting to reverse.

VET’s price shows a positive reaction as the crypto market rebounds on the 4-hour chart. Source: VETUSDT Tradingview VeChain Price About To Breakout?

According to analyst Justin Bennett, the price of VeChain has been forming a falling wedge structure. This price pattern has been in the making since August 2022.

At that time, VeChain saw an important rally after months of trading sideways between its current levels, and a high of around $0.03. In August, VET’s price attempted to break out of this range but was rejected from those levels.

This led the price to a massive decline and the formation of the falling wedge. As VeChain moves at the lows of its range, and with the crypto market bouncing from a critical support zone, VET’s price might be ready to take off, as seen in the chart below.

Per Bennett’s analysis, VeChain might grind higher and touch levels north of $0.03. At that time, bulls need to make a final push to confirm the breakout and reclaim the area around $0.04. Bennett said: “$VET is starting to look attractive at this range low combined with the falling wedge since August.”

VET’s price ready to push to the top of this channel? Source: Justin Bennett via Twitter VeChain Price To Follow This Bitcoin Pattern

The fate of VeChain’s price action, and the fate of a large portion of the crypto market, is tied to Bitcoin. The number one cryptocurrency by market cap has been leading the current rally as macroeconomic forces operate as headwinds to any bullish momentum.

As NewsBTC reported yesterday, based on Bennett’s analysis, Bitcoin is also at the bottom of a major channel. As seen below, the cryptocurrency has been operating with $18,700 as a bottom and might be on the verge of reclaiming $26,000, the top of its current range.

After a period of consolidation, bulls could have enough ammunition to push the price into those levels, and take the liquidity created by short positions expecting further losses. As long as Bitcoin stays above $18,700, VeChain has a fighting chance.

Same $BTC ascending channel.

The price action is a mess, but that $18,700/800 area has been solid since the 21st.#Bitcoin https://t.co/ICHbqXXNf1 pic.twitter.com/stChhZ7EnW

— Justin Bennett (@JustinBennettFX) September 29, 2022 

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Polygon (MATIC) Held By A String, Will Bears Cut The Rope?

• MATIC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength. 
• MATIC rally caught short as BTC price continued to range.
• The price of MATIC must hold $0.72 support or face a drop-down to a weekly low. 

Polygon (MATIC) price showed some bullish strength recently, but the price has struggled to break above key daily resistance against tether (USDT). The price of Polygon (MATIC) has continued to range as bulls sweat over a potential break of the key support zone holding the price of MATIC from having a spiral down to a weekly low. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart 

The price of MATIC showed incredible strength rallying from a weekly low of $0.3 to a high of $1, with many investors and traders left astonished as to this movement in a bear market that has brought nothing but a tough moment for most crypto projects.

MATIC’s price has recently declined after bouncing from its weekly low of $0.3 as a price rally to a high of $1 before facing a stip rejection, and the price has struggled to re-establish its bullish trend.

MATIC’s price remains just a hair above a key support area above $0.72; this area of support is acting as a good demand zone for buy orders. For MATIC to have a chance to trend higher, the price must break through its weekly resistance of $1.

For the price of MATIC to restore its rally, the price needs to break and hold above the $1 resistance with good volume. If the price of MATIC keeps rejecting $0.75, we could see the price going lower to retest $0.6 support and possibly a lower support area of $0.45 on the weekly chart if there are sell-off.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.72-$0.6.

Price Analysis Of MATIC On The Four-Hourly (4H) Chart Four-Hourly MATIC Price Chart | Source: MATICUSDT On Tradingview.com

MATIC continues to trade below key resistance in the 4H timeframe as it attempts to break out of its range movement.

After forming an ascending triangle as the price attempts to break out of its downtrend range, the price of MATIC has shown strength as it faced rejection.

The price of MATIC is $0.75 lower than the 50 and 200 Exponential Moving Averages (EMA). On the 4H timeframe, the prices of $0.75 and $0.8 correspond to the prices at the 50 and 200 EMA for SOL.

If the price of MATIC breaks and closes above $8, it could rally to a high of $1.

Daily resistance for the MATIC price – $0.8-$1.

Daily support for the MATIC price – $0.72-$0.7.

Featured Image From The Daily Hodl, Charts From Tradingview

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Bitcoin Sees Massive Decline In On-Chain Activity

Bitcoin on-chain activity had been lit up like a Christmas tree over the weeks leading up to the Ethereum Merge. Even though the upgrade was not taking place on the bitcoin network, it was still significant for the crypto space, which led to increased activity across various networks. However, now that the Merge has been done and dusted, the network activity has begun to retrace to ‘normal’ levels, leading to a decline in on-chain activity.

Bitcoin Mining Hashrate Drops

For the first time in two months, the bitcoin mining difficulty had adjusted downward. Due to this downward difficulty adjustment of 2.1%, the block production rate remained low at 5.94 blocks produced per hour. It coincided with the bitcoin hash rate hitting a new all-time high before a reversal was recorded. 

Nevertheless, the difficultly adjustment has come as good news to bitcoin miners who have been watching their revenues plummet in the last week. The average transaction per block was down 1.55% in a 7-day period from 1,786 to 1,759.

BTC hash rate retraces from all-time high | Source: Arcane Research

Bitcoin’s mining hash rate has now returned to early September levels, showing a retracement back to pre-Merge levels. But this hash rate remains on the high side even through this, showing increased conviction from bitcoin miners during this time.

Revenues Take A Hit

Bitcoin miners are still feeling the heat since the bear market has refused to hit up. Daily miner revenues have now hit one of their lowest points in the last year, with a little above $17 million in daily revenues. This accounted for a 4.04% decline over a 7-day period.

Fees realized per day followed the same downward trend and dropped 19.49% to $254,199. This brought down the percentage of revenues made up by fees by another 0.28%, to come in at 1.48% of all revenues made up by fees.

BTC price trending at previous peak highs | Source: BTCUSD on TradingView.com

However, the largest declines for last week were recorded in the average transaction values and the daily transaction volumes. The former had ended up with a 37.61% decline in the last week, bringing the average transaction value to $12,304. At the same time, daily transaction volumes dropped 38.57%, from $5.023 billion to $3.085 billion. This was the largest drop that was recorded for the last week. Transactions per day were also down from $254,696 to $250,755, a 1.55% decline.

Bitcoin’s price has also followed this trend and has been struggling in the market. It had been unable to reclaim $20,000, now trading firmly at the previous cycle peak. Understandably, this has turned into a major support level for the bulls. 

Featured image from Bitcoinist, charts from Arcane Research and TradingView.com

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STEPN (GMT) Holds Gains While Many Top Coins Taste Declines

The GMT’s price has been in a strong upward trend in the past seven days despite other major coins nosediving. It experienced a 13% 7-day growth and a 24-hour gain of 0.53% this morning. Meanwhile, several top coins like FEI USD, Basic Attention Token (BAT), and Ravencoin have seen their prices plummet badly.

STEPN (GMT) remains a major move-to-earn crypto project in the market despite fierce competition from the likes of SWEATCOIN. With a market cap of over $400 million, GMT is the 87th largest cryptocurrency by market capitalization on Coinmarketcap. 

Related Reading: BIS Announces Successful Completion Of CBDC For Cross-border Transactions

STEPN Pumps Thanks To GigaSpace Partnership

The coin’s price has risen significantly over the past few days after it announced its partnership with GigaSpace metaverse. The partnership will see both companies building a STEPN virtual city for community members. 

STEPN users can buy STEPN items, organize community events, and engage with others in the metaverse. It’ll have a sports theme and have buildings and amenities, including stadiums, shopping malls, and communal space.

After the announcement on GigaSpace’s official Twitter handle, the coin price doubled within 24 hours. This was followed by a steady weekly rise from $0.59 on the 21st to $0.73 yesterday. Meanwhile, other top coins were all down between -5% and -10%.

Surviving Amidst Competitors And General Bearish Sentiments

STEPN (GMT) has enjoyed a good run since its inception in 2021. Over 4.72 million people have downloaded the app, attracting $5 million in financing and one million active daily users. But in recent weeks, the GMT price exhibited a significant negative trend as Stepn activity showed symptoms of slowing. Sweatcoin’s rise in popularity coincided with its decline.

On September 13th, Sweatcoin released its own cryptocurrency, SWEAT. CoinMarketCap reported that the price of SWEAT increased by over 30% in the 24 hours following the launch. As a result, it’s likely that the introduction triggered the GMT price struggle as investors rushed to purchase SWEAT.

GMT had also struggled alongside the entire crypto market. On April 29, 2022, it climbed to an all-time high of $3.80. But by the middle of June 2022, it dropped to its all-time low of$0.58, plummeting even more sharply than GST, its sister token.

GMT’s price is currently trading around $0.6701. | Source: GMTUSD price chart from TradingView.com GMT Price Predictions

Despite these bearish sentiments, GMT has managed to hold onto its position this week. It closed with a 10% increase two days back at $0.684746. 

The trading volume over the last 24 hours totaled $265,743,486, with a current price of $0.6719. STEPN lost 0.39% in the past day, ranking #87 on CoinMarketCap with a $400,997,811 market cap. There are a total of 600,000,000 GMT coins in circulation and a maximum of 6,000,000,000 GMT coins available.

Related Reading: Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze?

STEPN may find support at $0.5964 after bouncing to $0.8070, which is now its resistance. If the GMT price manages a strong breach over $0.8070, it might go to $0.9215 or $1.1170. 

Featured image from Pixabay and chart from TradingView.com

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Analyst Says BTC Is Angling For Six Digit Rally In Next Year

A popular crypto analyst has predicted that Bitcoin (BTC) is on a bullish path to reach six figures in 2023. Known pseudonymously as Credible, the analyst made the prediction on his Twitter handle while addressing his over 300k followers. 

The recent bear market began in late 2021, with Bitcoin dropping over 60% from its previous high. However, Credible believes that the crypto giant is experiencing a correction period that’ll see it rally up to six figures.

Related Reading: Sam Bankman-Fried Eyes On Bidding For Celsius Assets

How The Crypto Market Has Been Faring

The entire crypto market experienced bullish moments during the pandemic. Many analysts attributed the high interest to excess money in circulation. However, the market has declined since the start of 2022 due to many macroeconomic factors. 

Bitcoin fell over 60% from its all-time high of $68,000, with altcoins following the trend. Inflation statistics and lending rate hikes are major causes of the market’s volatility. 

However, the market seems to be stabilizing in the past few weeks. BTC remained sturdy after the Feds announced another rate hike last Wednesday, seeing a minor price decrease. While it has enjoyed some short wins and nose-dives, it has remained in the $19,000 range.

Why Is Credible Bullish On BTC’s Growth Next Year?

Given the current market situation, some analysts believe the market could get worse before getting better. However, Credible believes that Bitcoin just completed a lengthy correction and is ready to spark a parabolic rally to hit $150k.

Momentum. Which is why estimates must be within a range- it can vary. I am expecting at least 100k, not 300k+, likely somewhere around 150k-ish. But will know more as PA develops and the move actually starts. – Credible.

BTC is currently trading at above $19,500. | Source: BTCUSD price chart from TradingView.com Statistics Behind Credible’s Bullish Sentiments

Credible is widely known to practice the Elliott Wave theory. This sophisticated technical analysis approach attempts to forecast price movement by leveraging crowd psychology which usually moves in waves. The theory states that a significant uptrend consists of five waves. The first three of which are upswings, and the last two are corrective phases.

While we have gone lower than expected in terms of price, macro invalidation hasn’t been hit ($14,000) and time-wise we are still right on track for our fifth wave, despite what it may seem. Time-wise, wave four correction is proportional to third wave, just as wave two was to first wave. – Credible.

According to the expert’s chart, BTC might start rising sharply in price sometime next month. He claims that sometime next year, Bitcoin’s price will rally to around $150,000. Cryptocurrency analyst also expects BTC to go beyond $22,000 in the near future.

Focusing On The Charts

While answering some comments on his predictions, Credible explained that momentum is the key driver behind his prediction. He also added that the present sentiment is similar to the attitude of investors and traders during the Covid-19 outbreak.

Heard almost exactly the same during the Covid crash in March [2020]. We went 20x soon after.”

Related Reading: Cardano Price Misses Fireworks On Its Birthday, How Far Will ADA Fall?

As of writing, Bitcoin hovers above $19,500, trading at a 2.37% increase from its last 24-hour price.

Featured image from Pixabay and chart from TradingView.com

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Why Single-Digit Gains Is The Best Case Scenario For Bitcoin This September

Bitcoin gains for the month of September have been less than encouraging for investors. The month has historically been bearish for the digital asset, which makes it no surprise when multiple dips had begun to rock it. Now, as the month draws to a close, it continues to follow the trend for most of the month. This means that it is likely not to be any significant recovery, and single-digit gains may be the best it can do.

September Proves To Be Deadly

The month of September has not been kind to the digital assets that currently play in the crypto market. From the beginning of the month to the present day, the crypto market has been wracked by dips and crashes, which has left most assets barely holding their heads above others.

For Bitcoin, the effects of the September trend have been quite pronounced. Data shows that for the entirety of the month, the digital asset has only seen low single-digit gains. At this point, the gains of the cryptocurrency sit at 1%, but with the price continuing to succumb to the bear trend, it is possible that bitcoin may dip below this level.

BTC suffers in September | Source: Arcane Research

Bitcoin is also not the only cryptocurrency to suffer such dreary fates. Other indexes, such as the Large and Small Cap Indexes, have all come out even worse. The Small Cap index was slightly below bitcoin in the fact that it was down -1% for the month of September, while the Large Cap Index had seen losses of -2%.

The Mid Cap Index was the only one to see some form of encouraging return. It did about 300% better than bitcoin, with gains of 4% this month, making it the best performer so far.

Bitcoin Doesn’t Get Better

September has been historically bearish, and the events that took place this month did nothing but drive that point further home. With the CPI data release and the FOMC meeting ending with another hike in interest rates, the short-term future does not look too bright for bitcoin.

BTC remains volatile | Source: BTCUSD on TradingView.com

The present single-digit gains that the digital asset is seeing have been much more than anticipated. Even with this, the likelihood that the price of the digital asset would close in the red remains quite high, especially given the sell-offs that have been rocking the market.

Presently, bitcoin is barely holding above $19,000 but is seeing significant resistance at this point. The BTC dominance over the past week has been up, which could lead to a rise in the value. However, even with this, it is unlikely that bitcoin finishes the month with anything more than single-digit gains, if at all.

Featured image from Analytics Insight, charts from Arcane Research and TradingView.com

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Bitcoin Reclaims $19,500 As Dollars Plummets, Will BTC See More Upside?

Bitcoin has displayed some strength during today’s trading session after re-visiting the bottom of an important trendline. The benchmark crypto has been trading in a tight range, between $18,600 and $19,500, but the monthly close might support a spike in volatility as bulls and bears fight for this candle.

At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains.

BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview Bitcoin Sets The Stage For More Profits?

In addition to the monthly close, Bitcoin’s recent price action seems to be supported by a crash in the U.S. Dollar. The currency was able to reach levels last seen in the early 2000s, as it touched 115 on the DXY Index, but it was rejected from these levels.

At the time of writing, the DXY Index trades at 112 and might return to its early September lows much southern. The DXY Index’s rally has been one of the main obstacles capping the upside in Bitcoin and other risk-on assets, such as equities.

In that sense, a revisit of the September lows might allow the crypto market to extend its current bullish price action over the coming weeks. According to analyst Justin Bennett, the DXY Index price action might support a Bitcoin rally back to $26,000.

The cryptocurrency might reach this level before the next U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting. As seen in the chart below, Bennett claims that Bitcoin has been trading in a channel with a bottom at around $18,700 and a top at $27,000.

With U.S. dollars trading to the downside, Bitcoin might be able to reclaim the high of this channel. The analyst wrote: “As long as $18,700 holds, this is my Bitcoin playbook through October”.

BTC moving away from the bottom of this channel, how far will it rally? Source: Justin Bennett via Twitter Bitcoin On A Lighter “Bear Market”?

Additional data from a pseudonym analyst indicates that Bitcoin might be in a lighter downside price action. The analyst looked into BTC’s price previous drawdown from its all-time highs (ATH) and discovered that the cryptocurrency is only 74% from those levels.

In the 2013 and 2017 bear markets, Bitcoin crashed 84% from its previous all-time high and in 2011, 93%. This could suggest BTC bear market is getting weaker or that the cryptocurrency might see another leg down.

In addition, the analyst discovered that Bitcoin has spent 316 days away from its all-time high. In previous years, the cryptocurrency is able to find a bottom on an average of 312 days after crashing from its ATH. In that sense, the analyst concluded:

The duration of 316 days in current bearmarket so far is between 2011 and 2013 + 2017. Either, we bottom soon-ish or this time is different. The average duration from top-to-bottom is very interesting as well. The average is 312 days, which is where #Bitcoin is right now.

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2022: The Year Extreme Fear Took Over The Crypto Market

The year 2022 so far has seen the crypto market spend most of its time in the fear territory, with a large chunk of it being especially deep into extreme fear.

Crypto Fear And Greed Index Continues To Point At “Extreme Fear”

According to the latest weekly report from Arcane Research, the market has continued to be fearful without any breaks for 178 days now.

The “fear and greed index” is an indicator that tells us about the general sentiment among investors in the crypto sector.

The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. All values above 50 signify that investors are greedy right now, while those below the threshold suggest a fearful market.

Values of more than 75 and less than 25 towards the ends of the range imply sentiments of “extreme greed” and “extreme fear,” respectively.

Now, here is a chart that shows the trend in the crypto fear and greed index over the past year:

The value of the metric remains quite low | Source: Arcane Research's The Weekly Update - Week 38, 2022

As you can see in the above graph, the crypto fear and greed index has continued to be at a low value in recent weeks.

The current value of the indicator is 20, which means the market sentiment is that of extreme fear at the moment.

In total, the investors have been fearful for 178 consecutive days now, the longest streak since the metric was created back in 2018.

For a great chunk of this time, the crypto market has actually had an extremely fearful sentiment. Prior to the relief rally in prices of coins like Bitcoin back during August, the sector saw a record extreme fear run.

Overall during the year 2022, the indicator has spent very few days in the greed territory. Extreme fear has taken over the market for much of the time, and when there hasn’t been bottom sentiment, there has still been fear looming around the investors’ minds.

Historically, the relevance of extreme fear territory has been that cryptos like Bitcoin have generally observed bottoms during stretches of such deep sentiment.

The report notes that while accumulating in these periods can be a good strategy, investors should be aware that the fearful sentiment can go on for much longer still.

BTC Price

At the time of writing, Bitcoin’s price floats around $19k, down 1% in the past week.

Looks like the value of the crypto has already come down from the surge a couple of days ago | Source: BTCUSD on TradingView Featured image from Natarajan sethuramalingam on Unsplash.com, charts from TradingView.com, Arcane Research

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The Benefits of Cryptocurrency Network Marketing: A Smart Way to Make Money

Cryptocurrency network marketing is a process of referral marketing where an individual is rewarded for bringing new customers to a business. This type of marketing has been around for many years, but it has only recently been adapted to the cryptocurrency industry.

There are many benefits to cryptocurrency network marketing, including the ability to make money without having to invest any money upfront. Additionally, this type of marketing allows you to get involved with an industry that is growing very rapidly.

If you are looking for a way to make money that does not require a lot of risk or investment, then cryptocurrency network marketing may be the perfect opportunity for you.

How do cryptocurrency networks work?

Cryptocurrency networks are decentralized, which means they aren’t subject to government or financial institution control. Transactions are instead verified by a network of computers, called nodes, that all have a copy of the cryptocurrency’s transaction history.

When someone wants to make a transaction using tron, for instance, they broadcast it to the network. Nodes then verify the transaction – usually through a process called mining – and add it to the blockchain. The blockchain is a public ledger of all cryptocurrency transactions that have ever been made.

Once a transaction is added to the blockchain, it cannot be changed or removed. This makes cryptocurrencies incredibly secure, as there is no central point of control that could be hacked or corrupted. It also means that transactions cannot be reversed, which can be helpful in preventing fraud.

The benefits of cryptocurrency networks for businesses

Cryptocurrency networks provide a number of benefits for businesses, including the ability to send and receive payments quickly and securely, as well as the ability to track transactions. Cryptocurrency networks also offer businesses the ability to create their own tokens, which can be used to raise funds or reward customers for their loyalty.

What are the main advantages of cryptocurrency networks?

Cryptocurrency networks offer a number of advantages over traditional banking and payment systems, including improved security, lower costs, and faster transaction times.

Cryptocurrency networks are powered by blockchain technology, which is a shared public ledger that records all transactions. Blockchain technology is highly secure and provides a tamper-proof record of all transactions.

Cryptocurrencies offer a number of advantages over traditional fiat currencies, including improved security, lower costs, and faster transaction times. Cryptocurrencies are also more resistant to inflation than fiat currencies.

What are some common mistakes made in cryptocurrency network marketing?

One of the most common is not doing your research. It is important to understand the technology behind the coin or token that you are promoting. Without this understanding, it will be difficult to sell the benefits of the coin or token to others.

Another mistake that is often made is not having a solid plan. A lot of people get involved in cryptocurrency network marketing without having a clear idea of what they want to achieve. This can lead to frustration and eventually quitting altogether.

It is also important to build a strong team. A lot of people try to do everything on their own, but this is not sustainable in the long run.

Finally, one of the most common mistakes is not staying disciplined. Cryptocurrency network marketing can be very time-consuming and it is easy to get sidetracked.

What are some tips for success with cryptocurrency network marketing?

There are a few key things to keep in mind when you’re involved in cryptocurrency network marketing. First and foremost, it’s important to be transparent about your intentions. If you’re looking to make a quick buck, people will see right through you and you won’t be successful.

It’s also important to be patient. Cryptocurrency is still a relatively new industry and it can take time to build up a solid network of contacts. Don’t give up if you don’t see results immediately – keep plugging away and eventually, you’ll find the success you’re looking for.

Finally, always be professional. This industry is full of scams and unscrupulous people, so it’s important that you conduct yourself in a professional manner at all times. If you do that, you’ll be successful in cryptocurrency network marketing.

Cryptocurrency network marketing is an interesting way to make money, and it has some definite benefits.

 

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Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze?

Bitcoin’s short exposure has been gaining favor from both retail and institutional investors over the last couple of months. For most, this position in the digital asset has paid off, given its continued decline over this time. Even then, investors have not eased up in their exposure to this investment vehicle. The total assets under management for short bitcoin ETF are on the rise, sparking speculations of a potential short squeeze.

Investors Increase Exposure

When the ProShares Short Bitcoin ETF first debuted earlier in 2022, it came out with a lot of support from investors. These investors were already used to longing bitcoin through the offered ETFs but had finally gotten the ability to short the digital asset in a bear market. It was one of the largest crypto ETF launches, reaching more than 3,000 BTC in exposure in less than a month.

Since then, there has been a somewhat steady increase in exposure to this ETF. By the end of August 2022, it had touched a new all-time high of 5,335 BTC. This followed the decline of the price of BTC below $19,000, creating a trend of increased exposure each time the price dipped.

 

This trend has also continued into the month of September, which has been a brutal month for the digital asset. The Short BTC ETF exposure had declined at the start of September as investors took profit, but it had begun to grow once more, nearing all-time high values.

ProShares’ BITI touches 5,270 BTC in exposure on September 23rd, the 3rd-largest so far since launch. This increase had, once again, coincided with the drop in the price of bitcoin to the low $18,000s before staging a recovery.

Bitcoin Short Squeeze Coming?

The increased exposure to short bitcoin ETFs could very well be leading to another short squeeze. Investors had already begun taking profits from their position, leading to more than $5 million in outflows last week, but they continue to hold strong in shorting the digital asset.

Now, investors putting in more money during local bottoms could mean that they were trading in a bad way, but it is also important to note that the market has continued to trend lower with each recent dip. This has also had an impact on spot trading as there is less buying and more selling going on.

BTC price recovers above $19,000 | Source: BTCUSD on TradingView.com

If the demand for short BTC continues to rise and reach a new high, a resulting short squeeze could see the price of bitcoin plunge to $17,000 once more. A slight change in the current investing trend, which is more money flowing into the short BTC ETF even when the price of bitcoin is in recovery, can easily lead to this. 

Bitcoin’s price is still showing a weak recovery, which gives credence to the short positions being assumed by investors. It is weakly holding on to the $19,000 level. So further decline could push Short BTC exposure to a new high.

 

Featured image from BeInCrypto, charts from Arcane Research and TradingView.com

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Sam Bankman-Fried Eyes On Bidding For Celsius Assets

Celsius Network is a cryptocurrency lending firm headquartered in New Jersey. Though it maintained its offices in four countries, the company’s operation was global.

Celsius allowed users to deposit different crypto assets while offering a percentage yield as a reward. Also, customers could get loans from the platform through a pledge of some digital assets as securities.

Many crypto-related firms were affected during the severe crypto winter in the first half of 2022. The collapse of the algorithmic stablecoin Terra and its ecosystem magnified the crisis in the crypto space. Celsius was one of the struggling firms that experienced a more significant impact from the situation.

The company could not survive the heat of the prolonged bearish trend. According to some industry participants, the lending firm had to struggle more due to its outrageous rates on yields.

Subsequently, it became bankrupt, stopped all withdrawals on its platform, and filed for Chapter 11 bankruptcy protection.

SBF To Bid For Celsius Assets

Following insolvency, a reporting source disclosed that Celsius assets are up for bidding. According to the report, the founder and CEO of FTX crypto exchange, Sam Bankman-Fried, plans to participate in bidding for the assets.

Despite the overall crypto market decline today, the native token of Celsius, CEL, surged by 10% following the SBF statement. However, the token dipped after a few trading hours. At the time of press, CEL is trading around $1.51 depicting an increase of 1.22% over the past 24 hours.

The recent move from the SBF synchronizes with the vision of his companies, Alameda and FTX. Through the bearish crypto trend in the first half of the year, the firms have been making several purchases in the crypto industry.

SBF had a deal with BlockFi, one of the struggling crypto lending companies. Also, there are reports of SBF’s possible acquisition of Robinhood. However, the authenticity is still doubtful as it could all be part of rumors.

In the latest development, FTX just won its bid for the assets of the insolvent Voyager Digital. The assets have an estimated value of about $1.4 billion. The company came out at the top after an auction that took two weeks with Binance and others as bidders. FTX will use West Realm Shires Inc., its US subsidiary, to acquire the assets.

Alex Mashinsky, CEO Of Celsius Network Resigns

Recently, Alex Mashinsky, the CEO of the Celsius Network, tendered his resignation letter. The executive announcement was on Tuesday, September 27, to the Special Committee of the Board of Directors of Celsius Network.

Mashinsky’s resignation cuts across all his positions in the firm. These include his position as the CEO and other positions and directorships at various company subsidiaries.

Featured image from Zipmex, Chart: TradingView.com

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Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars.

On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one. 

Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets

Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030

However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law. 

If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030. 

The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies. 

Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price. 

Bitcoin’s price plummeted to the $19,000 level after surpassing $20K. | Source: BTCUSD price chart from TradingView.com Crypto Market Cycles 

Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle. 

The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown. 

Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge

As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly.

Bitcoin Price Action 

Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin.

Featured image from Pixabay and chart from TradingView.com

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Uniswap Price Continues Bearish Spell, Can It Move Past $6?

Uniswap price is consistently travelling southward on the one-day chart. UNI’s bulls have not been able to break past its immediate support, causing traders to lose confidence.

Over the last 24 hours, Uniswap lost 4% of its value. In the past week, UNI surged 4% on the one-day chart.

The technical outlook of UNI remained mixed with some signals pointing toward the bears taking over the market.

The coin’s current support zone was between $5.60 and $5.00, respectively. The bulls have constantly attempted to break past the $5.94 level.

This has caused buyers to leave the market as sellers have entered the one-day price chart. As Bitcoin struggles at $19,000, most altcoins also attempt to move past their immediate price ceilings.

If the Uniswap price continues to witness less demand, then over the next trading sessions the coin can attempt to touch the closest support line.

At the moment, UNI is trading extremely close to the local support line and if buying strength doesn’t pick up, the coin will fall below the immediate support line.

Uniswap Price Analysis: One Day Chart Uniswap was priced at $5.69 on the one-day chart | Source: UNIUSD on TradingView

UNI was trading at $5.69 at the time of writing. The bulls have been defeated at the $5.94 resistance mark a couple of times.

Uniswap price can lose most of its gains if the coin continues to witness less demand. Overhead resistance stood at $5.94.

If UNI falls below that level, it will be reduced to $5.00. The amount of Uniswap traded in the last session fell, signalling that buying strength remained low. This indicated bearishness for UNI.

Technical Analysis Uniswap registered low buying strength on the one-day chart | Source: UNIUSD on TradingView

UNI, for most of this month, traded in the selling zone. This is because the coin has been unable to topple over the immediate resistance mark.

This is because of the low demand for Uniswap at the time of writing. The Relative Strength Index was below the half-line, and that was a sign of increased selling strength over buying strength.

It also depicted bearishness on the one-day chart. The Uniswap price was below the 20-SMA line, an indication of less demand. It also means that the sellers are currently driving the price momentum in the market.

Uniswap continued to display buy signal on the one-day chart | Source: UNIUSD on TradingView

UNI’s technical indicators depicted mixed signals on the one-day chart. The Moving Average Convergence Divergence measures the price momentum and overall price action of the altcoin.

MACD underwent a bullish crossover and formed green signal bars. These green signal bars were buy signal for the coin.

This also could mean that, with increased demand, UNI might make a price comeback in the upcoming trading sessions.

Bollinger Bands portray price volatility and fluctuations. The bands had opened up, meaning that the coin was about to witness price volatility.

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Bitcoin & The Hunt For A Green October | BTCUSD September 27, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine the reason for today’s volatility and rally rejection. We also look ahead at the factors that could give Bitcoin price a green October.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 27, 2022

This morning, Bitcoin began with a large, more than 5% move to the upside, taking the top cryptocurrency to back over $20,000. Before bulls could at all breath a sigh of relief, bears swatted the rally back down a full thousand plus dollars to just under $19,000.

Bears And Bulls Battle Over Control Of Momentum

The strong showing by both bears and bulls makes sense, given the potential for a bullish crossover in daily momentum on the LMACD. Crossovers in the past have been used as bait to liquidate over-eager traders and it has happened once again.

The severity of the showdown is due to the same situation happening across several timeframes. The 3-Day LMACD also shows momentum teetering between bear and bull along the zero line.

BTC compared to other asset classes | Source: BTCUSD on TradingView.com Today’s Rejection Resembles Crypto Winter Bottom

On weekly timeframes, there is also such a potential bullish crossover on the LMACD. Bears have repeatedly defended this signal. Before the rejection today, Bitcoin was back in the green and beyond the zero-line.

Interestingly, the current weekly candle also closely resembles the corresponding candle that appeared at the bullish crossover at the 2018 bear market bottom. Once again, there is a long upside wick coinciding with the crossover. The crossover was ultimately confirmed despite being defended by bears, and a bottom of the last major crypto winter was in.

Several weekly indicators could suggest the bottom is in | Source: BTCUSD on TradingView.com

Related Reading: Can Bitcoin Withstand Continued Dollar Strength? | BTCUSD September 22, 2022

Why Bitcoin Could Close October In The Green

Finally, on monthly timeframes, although we are far away from any type of a bull cross, bears must maintain momentum or risk allowing bulls to take back control over crypto. 

With only three days left in the monthly timeframe, and bullish crossovers on the daily, 3-day, and weekly, the hunt for a green October is on. Out of the last twelve Octobers, Bitcoin closed only four of them red. 

Currently, no monthly candles have closed below the former all-time high set back in 2017, but this is what bears are salivating over. If bulls can prevent a close below this level, they could send bears back into hibernation for at least another three months.

Even if bulls close below the critical support level, the resulting candle will look just like the monthly candle where the tides did ultimately turn, and a new uptrend began.

Is the Bitcoin forming an Adam and Eve bottom? | Source: BTCUSD on TradingView.com

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Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

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Bitcoin 90-Day CDD Hits All-Time Low, What Does It Say About Market?

Data shows the Bitcoin 90-day Coin Days Destroyed metric has hit an all-time low, here’s what it says about investors in the BTC market.

Bitcoin 90-Day CDD Has Recently Plunged To A New All-Time Low

As per the latest weekly report from Glassnode, old BTC supply is more dormant right now than it has ever been during the history of the crypto.

A “coin day” is defined as the amount accumulated by 1 BTC after sitting still for 1 day. The total coin days on the network, therefore, is a measure of how many days all the coins on the network combined have been stationary for, or more simply, how dormant the Bitcoin circulating supply has been.

When any of these coins with some accumulated coin days make some movement, their coin days naturally reset back to zero, and are said to have been “destroyed.”

The “Coin Days Destroyed” (CDD) indicator measures how many coin days are being destroyed in this way every day across the entire BTC network.

Now, here is a chart that shows the trend in the Bitcoin CDD over the history of the crypto:

The value of the metric seems to have gone down in recent days | Source: Glassnode's The Week Onchain - Week 39, 2022

As you can see in the above graph, the version of the Bitcoin CDD shown is actually the 90-day one, which measures the total amount of coin days that were destroyed during the last ninety days.

Since the long-term holders accumulate the most number of coin days in the market, spikes in the CDD can mean these older, and generally more resolute holders, have been spending their coins.

The report notes that the 90-day version of the indicator can help us know about periods of high and low selling pressure from these hodlers.

From the graph, it’s apparent that the Bitcoin CDD has recently set a new all-time low, suggesting that old supply is right now the most dormant it has ever been.

This implies that the latest investor behavior in the BTC market has been that of extreme hodling at levels not observed during any of the previous cycles.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.3k, up 7% in the last week. Over the past month, the crypto has gained 1% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has surged up over the past twenty-four hours | Source: BTCUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Glassnode.com

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