Rabu, 31 Agustus 2022

TA: Bitcoin Bears Keep Pushing, Why BTC Is At Make-or-Break Levels

Bitcoin is still consolidating near the $20,000 zone against the US Dollar. BTC must clear the $20,550 resistance zone to start a steady increase.

  • Bitcoin is still struggling to gain pace above the $20,550 resistance.
  • The price is now trading near the $20,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,330 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $20,350 zone and $20,550 to start a fresh increase.
Bitcoin Price Faces Hurdles

Bitcoin price remained well supported above the $19,550 zone. BTC formed a base and started a fresh upward move above the $20,000 resistance zone.

There was a push above the $20,200 level and the 100 hourly simple moving average. The price even cleared the 61.8% Fib retracement level of the downward move from the $20,576 swing high to $19,555 low. However, the price stayed below the $20,550 resistance zone.

Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level.

There is also a key bearish trend line forming with resistance near $20,330 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the downward move from the $20,576 swing high to $19,555 low.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $20,550 and $20,575 levels. A clear move above the $20,575 resistance might send the price towards $21,000. Any more gains might start a steady move towards the $22,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.

The next major support sits near the $19,800 level. The main support sits near the $19,550 level. A break below the $19,550 support might spark a sharp move to $19,000. Any more losses might call for a move to $18,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $19,880, followed by $19,500.

Major Resistance Levels – $20,350, $20,550 and $21,000.



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Altcoins Outperform Bitcoin In August Rollercoaster

Altcoins have taken over bitcoin in terms of outperformance this month. While the crypto market as a whole has suffered losses, bitcoin has declined more in a time when the digital asset would have served as safe haven for investors. Now, with altcoins taking the lead in terms of recovery, it points to the downtrend worsening over time, especially for bitcoin.

Bitcoin Fails To Hold Up

Bitcoin, for the last month, has had its fair share of ups and downs. However, despite being a market mover, the digital asset has fallen short when it comes to holding its value. It saw an overall decline of 13% in the month of August, the highest of any of the other indexes.

The Large Cap Index is the index that follows the movement of bitcoin the closes, so it comes as no surprise that it saw the second-largest decline in the same time period. The Large Cap Index fell 12% in August alone, leaving the market at the mercy of its smaller counterparts.

Altcoins outperform BTC | Source: Arcane Research

In a surprising turn of events, the Small and Mid Cap Indexes saw price declines of 10%, respectively. Normally, in a market such as this, investors would be exiting both indexes en masse, given how highly volatile they can be. However, they have proven to be a better safe haven through this market compared to Bitcoin and the Large Cap Index. Nevertheless, each index saw double-digit declines, which is never a good sign for the crypto market.

Stablecoins Regain Dominance

Bitcoin still remains the most dominant cryptocurrency in the market, but it is quickly losing this bragging right by the day. Instead, as its price has plummeted and investors fear the worst, they have moved into stablecoins to provide some much-needed cover from the market volatility. In light of this, the stablecoin dominance continues to rise.

Dominance recovers to 40.18% | Source: Market Cap BTC Dominance on TradingView.com

For another week, bitcoin’s dominance is down again, this time by 0.65%, and stablecoins have been on the sidelines to soak it all up. USDT saw its market dominance grow by 0.15%, while USDC saw its dominance grow by 0.11%. BUSD, another strong contender, was able to add another 0.06% to its dominance for the same time period.

Interestingly, Ethereum also saw an increase in its market dominance despite the poor performance of the Large Cap Index. The altcoin, whose upcoming ‘Merge’ has greatly excited the market, saw its market dominance rise by 0.24%.

Bitcoin’s dominance touched a new 7-month on 30th August when it fell to 39.35%. Ethereum’s market dominance is now sitting at 19.81%. With USDT, USDC, and BUSD at 6.81%, 5.27%, and 1.94% respectively.

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

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Tug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000?

The price of Bitcoin (BTC) has continued to struggle against Tether (USDT) as bulls and bears are caught in a tug of war regarding where Bitcoin price should be headed as we approach the monthly close. Bitcoin’s (BTC) price showed so much steam, but it seems like it was just a bull trap for many investors and traders. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart 

Bitcoin’s (BTC) price has shown so much strength trying to hold above $19,500 in the past few days, with the price bouncing immediately as it drops into the sub $19,800 on several occasions.

The price of BTC has continued to show strength, trying to break above $20,500 despite being rejected; the BTC price needs to break this area acting as resistance for bulls to have the chance of pushing the price higher to a region of $22,000.

BTC is currently trading below its resistance, stopping the price from trending higher; if BTC cannot break past this resistance of $20,800, we could see the price revisiting the support region at $19,000, acting as a demand zone for most investors.

Weekly resistance for the price of BTC – $20,800.

Weekly support for the price of BTC – $19,000.

Price Analysis Of BTC On The Daily (1D) Chart Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The price of BTC found its daily low at $19,500; as the price bounced off from that region, BTC’s price has remained strong, trading above $19,000, not allowing bears to take the price lower. 

Despite being rejected recently from the $20,500 mark, BTC price has shown great bullish strength, not retesting the support region of $19,000 as this would favor bears.

The price of BTC is trading at $20,100 below the daily 50-day and 200-day Exponential Moving Average (EMA).

The 50 and 200 EMA correspond to prices of $22,200 and $30,000, respectively, acting as resistances for the price of BTC to trend higher. If the BTC price breaks and holds above the $22,200 corresponding to the 50 EMA, we could see the price trending higher to $23,000.

If BTC’s price fails to break above its resistances, then prices would find more momentum at its support of $19,000 or even lower.

Daily (1D) resistance for the BTC price – $22,200, $30,000.

Daily (1D) support for the BTC price – $19,000.

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

The price of BTC on the 4H chart has continued to look bearish, trying to hold above the support area at $19,000. BTC price currently trades below the 50 EMA on the 4H chart, with more sellers willing to push the price lower.

After forming a bullish divergence on the 4H chart as the price was oversold, the BTC price bounced from $19,500 to $20,000, but the price was unable to break above the 50 EMA, acting as resistance for the BTC price; the 50 EMA price corresponds to the support at $20,600.

The Relative Strength Index (RSI) for BTC on the 4H chart is below 50, indicating less buy order volume for the BTC price.

BTC’s monthly close would give us a broader view of the next movement of Bitcoin price and where the market is headed.

Four-Hourly (4H) resistance for the BTC price – $20,600.

Four-Hourly (4H) support for the BTC price – $19,000.

Featured Image From zipmex, Charts From TradingView.com 

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Crypto Market Stays In Deep Fear As Bitcoin Continues To Struggle

Data shows the crypto market has been deep into fear recently as the price of Bitcoin has struggled, but sentiment is still not inside extreme fear.

Crypto Fear And Greed Index Shows Investors Are Fearful Right Now

According to the latest weekly report from Arcane Research, the crypto market sentiment has remained stable in deep fear territory during the past week.

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

The metric uses a numeric scale that moves from zero to hundred for representing this sentiment. All values on the upper side of 50 indicate a greedy market, while those below the mark imply investors are fearful.

Values of the indicator towards the end of the range signify sentiments of “extreme greed” (more than 75) and “extreme fear” (less than 25).

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 seems to have come down in recent days | Source: Arcane Research's The Weekly Update - Week 34, 2022

As you can see in the above graph, the crypto fear and greed index had been climbing up for a few weeks and almost entered into the greed territory as prices of coins like Bitcoin rallied up.

However, with the end of the rally, the market sentiment immediately plummeted back down into the depths of fear, showing the investor mentality was quite weak to begin with.

The current value of the indicator is just 27, which is only two points away from the extreme fear territory. This is a slight decline over the last seven days as the metric had a value of 28 then.

Looks like the value of the indicator was 42 last month | Source: Arcane Research's The Weekly Update - Week 34, 2022

Nonetheless, the report points out that at the same low $20k levels of the Bitcoin price as now, the market sentiment was much worse back in June as it was firmly inside extreme fear.

This implies that investors are now more comfortable at these price levels than compared to a couple of months back.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.3k, down 5% in the last week. Over the past month, the crypto has lost 14% in value.

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

The value of the crypto has been mostly moving sideways during the past few days | Source: BTCUSD on TradingView Featured image from Peio Bty on Unsplash.com, charts from TradingView.com, Arcane Research

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PancakeSwap Adds Some Sweetness, Expands 6% In Last 7 Days

PancakeSwap (CAKE) most recent recovery sped up its bullish momentum as shown in the daily 20 and 50 EMA.

  • PancakeSwap looking bullish
  • CAKE price plunges 3.25%
  • DMI shows neutral

With the current economy of cryptocurrencies, traders need to know when it’s time to dip their toes and carve their potential to become millionaires.

The ensuing growth of PancakeSwap has brought the alternative coin dangerously close to its short-term EMAs. But in the upcoming sessions, the $4.4-$4.2 area might continue to present obstacles to recovery.

CAKE Shows Rising Wedge Recovery

The rising wedge recovery that CAKE experienced set the stage for its bullish revival. But by re-igniting the relatively brief selling pressure, the $4.2-$4.4 range changed from support to resistance.

According to figures by Coingecko, PancakeSwap is up 6% in the last seven days, and trading at $3.95 as of press time.

Before hitting roadblocks in the immediate resistance range, a potential rebound from trendline support might help buyers advance near-term gains.

Near the EMAs, a slow-moving phase has been caused by these motions. A strong reversal from the trendline support might give the bulls the upper hand and spark a choppy break.

The 20 EMA was able to go above the 50 EMA despite a patterned breakdown, and the currency found support close to the trendline resistance.

Source: TradingView.com

In the $4.2-$4.4 level, the current bounce from trendline support may reverse. A bounce back from this range would set up the coin for another attempt at the support of the trendline.

In either scenario, a slide below the trendline’s level of support would send a sell signal and confirm a bullish invalidation.

In order to show a reduction in the selling pressure, the Relative Strength Index (RSI) crawled itself just over the midline point. The bullish advantage might be reaffirmed by maintaining a position above the 50-level.

More so, the selling activity indicated a little ease in the Chaikin Money Flow (CMF). To support their bullish bias, however, traders should watch for a potential closure above the equilibrium.

Meanwhile, the $4 area may present obstacles for the current comeback from the trendline support. Buyers should keep an eye out for a sustained closure above the 20/50 EMA to confirm the bullishness because the indicators are flashing conflicting signals.

PancakeSwap – A Reliable DeFi

The previously discussed possible targets would continue to exist. Finally, keeping an eye on the king coin’s movement may enable you to place a successful wager.

PancakeSwap is the top DEX (decentralized exchange) on the Binance Smart Chain. The most frequented decentralized exchange is this food-themed DEX, which was founded anonymously in 2020 and has quickly gained popularity among DeFi aficionados.

The native token, CAKE, is given to investors in exchange for liquidity and can later be staked once to generate additional CAKE in a supercharged earning process. CAKE is regarded as one of the most reliable DeFi coins and a crucial investment.

CAKE total market cap at $566 million on the daily chart | Source: TradingView.com Featured image from 10Clouds, chart from TradingView.com

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Bearish Indicator: Bitcoin Short Exposure Surge To New All-Time High

Large institutional investors have since been turning their attention to shorter-term investments. This tracks with retail sentiment following the price decline of bitcoin from the $30,000 territory. This has put the digital asset in a perilous position, and despite the recent recovery that saw BTC touch $25,000, bearish sentiment continues to be the order of the day, causing the inflows into short bitcoin to balloon over this time.

Short Bitcoin Inflows Grow

Short bitcoin inflows have been on the rise for a couple of months now. When the ProShares’ short bitcoin ETF had first launched earlier in 2022, it had seen record BTC inflows. Interest in the short bitcoin ETF had declined after this but quickly picked up once more. 

The most notable of these had been when the price of bitcoin had fallen below $21,000. It had declined to almost half of its all-time high back in early August, showing a reversal in bearish sentiment. However, as the month has drawn to a close, institutional investors have turned their gaze towards shorting bitcoin one more.

Short BTC exposure reaches new high | Source: Arcane Research

Inflows into the Proshares BITI pushed it to a new all-time high with 4,310 BTC recorded on August 29th. Now, it is important to note that this is nowhere near the current BTC long exposure for the Proshares ETF. Rather, the rapid climb in this short period of time points to worsening sentiment among investors.

These spikes have also coincided with the short bottoms that the price of bitcoin has experienced. The first time had been back on July 1st when exposure had reached 3,811 BTC while bitcoin’s price had fallen below $20,000. The same was the case on July 13th and 26th, with bitcoin reaching short bottoms below $20,000 and just above $20,000. So the current trend is in line with historical movements.

BTC recovers above $20,000 | Source: BTCUSD on TradingView.com

With 4,310 in BTC exposure to short bitcoin ETFs, it accounts for a 70% growth in the last two weeks alone. Worsening market sentiment plays a big role in this, with the Fear & Greed Index currently showing a score of 23, putting the market in extreme fear.

This is not at all unexpected, given the recent market trend. The crypto market is expected to continue its bear trend for at least another few months, and short exposure to digital assets such as bitcoin is expected to rise in that time.

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

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WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? BTCUSD August 31, 2022

In this episode of NewsBTC’s all-new daily technical analysis videos, we are once again looking at the Bitcoin price monthly chart as well as the monthly chart on Ethereum, and major stock market indexes that have a high correlation with crypto.

Take a look at the video below.

VIDEO: Bitcoin Price Analysis (BTCUSD): August 31, 2022

There isn’t much to report on since yesterday’s video, so all eyes remain on the pivotal monthly close in Bitcoin and other risk assets. As you learned in yesterday’s video, the BTCUSD monthly is on a TD9 buy setup, and could risk a lower low which could perfect the series. In the next video, we take one last look at monthly timeframes ahead of tonight’s close.

One Last Look At The Bitcoin Monthly Support Line (And Other Cryptocurrencies)

Tonight’s August monthly close is critical across all risk assets – cryptocurrencies and stocks included. After staging an attempt at a recovery, Bitcoin, Ethereum, and major stock indices have been rejected back to support. Holding at this support level is the first step in a recovery, while losing it is a clearer sign of additional downside.

In the chart below, we can see that all that is separating BTCUSD from disastrous new lows is one horizontal line – former all-time high resistance turned support. If the level fails to hold firm as support, crypto could see and extended bear market.

The S&P 500 and Nasdaq losing their support levels has even more dangerous implications, possibly adding fuel to a recession in the United States.

Bitcoin hangs on by a thread at a key resistance turned support level | Source: BTCUSD on TradingView.com Cyclical Tools Give Hope For A Bottom

There is no denying that things look negative for Bitcoin and other risk assets at this point in time, cyclical behavior dating back to the first major bear drawdown in BTCUSD could provide hope that the worst is over and a new bullish phase could begin.

In the video, we compare past cycles using the LMACD, Relative Strength Index, Stochastic, and the Average Directional Index. The fact that these tools could indicate a bottom is in might provide a clue to how the monthly candle will close tonight. With less than hours remaining in the monthly candle, it will be a nail-biter.

We also take a closer look at this cyclical behavior in Bitcoin | Source: BTCUSD on TradingView.com

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Selasa, 30 Agustus 2022

How A Solana-Based DEX Bricked Itself, Locking $500K+ In Funds

It’s not easy being a dev. In recent days, a young Solana-based DEX, OptiFi, faced an unexpected downfall after a simple coding error. The platform released an announcement that their mainnet program is now unrecoverable yesterday. The move has resulted in an unexpected shutdown for the DEX.

Let’s review what we know from the announcement and how something like this could be avoided in the future.

OptiFi’s Unexpected Shutdown

OptiFi was an options and derivatives focused decentralized exchange (DEX) built on Solana that was less than a year in the making. The platform touted Solana’s low latency transactions, portfolio margining and partial liquidation mechanisms. The platform also brought the “first-ever delta-neutral options AMM vault” on Solana that provided yield to depositors. So how did we get here? According to OptiFi’s full debrief, a code update that was moving to Solana mainnet saw a user error that resulted in the use of a ‘solana program close’ command, locking roughly $660K worth of USDC in OptiFi-stored funds in their AMM vault.

OptiFi has assured that user funds will be compensated (while noting that a large majority of the funds are from an internal team member), and a proposal on the Solana github is currently active to address the matter. OptiFi notes in their debrief of a “lesson we learned harshly:”

EVERY DEPLOYMENT NEEDS A RIGOROUS PROCESS AND SINGLE POINT FAILURE CAN BE AVOIDED. PLEASE DON’T RUSH LIKE WHAT WE DID, ESPECIALLY FOR DEFI PROJECTS.

Solana (SOL) has been an emerging player in NFTs and DeFi, despite occasional setbacks like this recent OptiFi debacle. | Source: SOL-USD on TradingView.com Is It Still Solana Season?

Despite small network setbacks, Solana has still seen strong strides this year in both DeFi and NFT marketplaces. Across NFTs, Solana-based projects like DeGods and Okay Bears, among others, have helped spurred the network to a strangehold of the #2 spot (behind only top dog Ethereum). In the more relevant DeFi, Solana has largely outperformed last year to date metrics, according to DeFiLlama. This has been spurred by growing products like Solend, Serum and more. DeFiLlama has Solana listed as the #6 chain in order of total value locked (TVL), at just over $1B worth of funds.

Building and shipping products is rarely a small task, and this is no exception. It hurts to see ecosystem products, regardless of chain, fall to seemingly small errors, but it unfortunately is a byproduct of this world. Our team extends best wishes to the OptiFi builders as they move forward.

Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin aSOPR Rebounds From “1” As Weakness Remains In Market

Data shows the Bitcoin aSOPR has recently been rejected from the neutral level as weakness continues to clutch the market.

Bitcoin aSOPR Rebounds From The “1” Mark As Investors Sell The Rally

As per the latest weekly report from Glassnode, the “get my money back” effect strikes the crypto once again as weakness continues in the market.

The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the overall Bitcoin market is currently selling at a profit or at a loss.

When the value of this metric is greater than one, it means the average investor is selling BTC at a profit right now.

On the other hand, the indicator’s value being below the mark implies the market as a whole is realizing some loss at the moment.

A modified version of the SOPR is the “Adjusted SOPR” (aSOPR), which filters out transactions of all those coins that moved again within an hour of being last transferred. This helps remove noise that doesn’t have any noticeable impacts on the market.

Now, here is a chart that shows the trend in the Bitcoin aSOPR over the past couple of years:

Looks like the value of the metric has gone down in recent days | Source: Glassnode's The Week Onchain - Week 35, 2022

As you can see in the above graph, the Bitcoin aSOPR seems to have followed specific patterns during different phases of the market.

It seems like during bull markets the “aSOPR=1” line has usually acted as support, while the level has provided resistance during bear markets.

The reason behind this trend is that the “1” value represents the breakeven point for the market as at this point investors are selling neither at profit nor at loss.

During bulls, when the metric reaches this point investors start “buying the dip” as they see value in accumulating more around their cost basis.

However, in bear periods, investors rather prefer to sell any rally as soon as the price gets back around their cost basis since holders see the breakeven mark as “getting their money back” (after losing it to bear losses initially).

Most recently, the Bitcoin aSOPR has once again failed a retest of this line, and rebounded back down. This shows that there is still weakness present in the market and the bear continues.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.3k, down 5% in the past week.

BTC has observed some uplift during the last day or so | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

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Data Shows: Traders Unconvinced Of Crypto Bounces, Will Shorts See Pain?

After briefly re-testing higher levels, Bitcoin and the crypto market retraced and gave back the gains obtained over yesterday’s trading session. The general sentiment in the market has been negative, with a large majority of participants expecting further losses.

At the time of writing, the price of Bitcoin trades at $19,600 with 3% and 8% in losses over the past 24 hours and 7 days, respectively. The first crypto by market cap is one of the worst performers in the market, only surpassed by Dogecoin and Ethereum with a 4% and 3.7% loss over the last day.

Source: Crypto total market Tradingview

On the daily chart, the total crypto market cap was consolidating between $800 billion and $1.2 trillion coming in from a massive crash during April and June. The sector was trending upwards and finding support on a trendline that was pierced over the past week.

Thus, the sector might be unable to sustain its current levels as the daily chart hints at further losses and a potential re-test of its June lows somewhere around $800 billion.

Data from research firm Santiment highlights an important spike in short positions as digital assets trend lower. As seen in the chart below, traders have been shorting the price of Bitcoin as the price consolidates.

This has led to sudden spikes in funding rates taking them into the positive-negative territory, meaning traders are expecting bearish price action. The chart spells trouble for this market participant.

In August, whenever traders positioned themselves for more gains or losses, the market tends to trend in the opposite direction. Last week, shorts were hurt when the market trended upwards and then longs were hurt went the market turned in the opposite direction. Santiment said:

Traders continue to short whenever prices see a notable price dump. According to the $BTC average funding rate across Binance, BitMEX, DYDX, and FTX, the reaction to Friday’s drop was the most aggressive traders went against markets since May.

Source: Santiment Will Crypto See A Fresh Relief Rally?

Additional data provided by analyst Justin Bennett indicates that the crypto total market cap, as mentioned, broke below a bottom of an important trendline. However, Bennett believes the chart is suggesting a pullback into previous support.

As seen in the chart below, this could push cryptocurrencies to a 3% to 5% profit before a crash to around $800 billion. For the altcoins sector, this pullback could hint at a significant crash. Bennett said:

And to anyone who says altcoins won’t pull back that far…They already did once. Alts pulled back over 90% during the last bear market. So, to think they’ll stop at -74% this time with raging inflation, a global recession, etc. is naive, in my opinion.



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Luxury Life For Crypto – Puerto Rico Opens the Door to Bitcoin Real Estate Buying

An avid Bitcoin enthusiast and property entrepreneur is selling his beautiful luxury 2-story property in the “Hidden Valley” of Guaynabo, Puerto Rico. The property is situated amidst a picturesque landscape with the convenience of the center of San Juan metro within several minutes drive.

This eye-catching property is located in an idyllic valley, home to the estates and villas of local and international celebrities. An added benefit of the magnificent architecture is the lavish lifestyle and tax benefits that come with the country’s legislation.

Stunning Design

The sprawling 2-story, 5-bedroom, 7-bathroom, 9,014 sq ft mansion rests on a plot just under 1-acre plot in size. The first floor hosts the atrium with a 180-degree mezzanine balcony above. The atrium emphasizes space with an open-plan room at 59ft in length.

Located westward of the atrium is an elongated dining area large enough to entertain a dozen guests comfortably. Adjacent to the dining area is a kitchen bordering two fully equipped guests that lead to a beautiful 50ft pool terrace. The 20ft pool is accompanied by sun loungers and an elegant stone staircase that grants pool-goers access to the main garden.

The east side of the first floor features the first ensuite bedroom, an additional bathroom, a fully equipped office, and a 60x18ft games room, complete with a bar, foosball table, pool table, and a state-of-the-art golf simulator.

An oak staircase leads from the atrium to the second-floor bridge balcony and hallway separating the master bedroom from the two guest ensuite double bedrooms. The master bedroom suite and hallway have separate balconies, while the master suite has a smaller hang-out room at the entrance.

The Idyllic Valley

Guaynabo and its neighboring municipalities make up the San Juan area. The region sits on the island’s Atlantic coast, the venue to exotic nightclubs and casinos on the Isla Verde beach fronts. San Juan boasts a vast array of social, cultural, culinary, aquatic, and natural offerings befitting that of a much larger city.

Dozens of upscale designer stores in the luxury Mall of San Juan neighbor the old San Juan area, which preserves cobblestoned roads, colorful Spanish colonial buildings, and 16th-century landmarks such as the impressive La Fortaleza fortress, and the Paseo de la Princesa bayside promenade.

The capital is also the largest private harbor in the Caribbean with watersports and boats proving popular pastimes for the affluent. San Juan is also home to two Michelin-star restaurants.

Lifestyle of the Rich & Famous

Celebrities, actors, and the super wealthy have recently been selecting Puerto Rico to take advantage of the nation’s significant tax breaks, that extends to both regular income and cryptocurrencies.

The stunning valley property provides the buyer with a unique opportunity to delve into a lifestyle shared by wealthy and famous individuals while enjoying the idyllic vistas and serene landscape of Puerto Rico’s “Hidden valley” of Guaynabo.

Household name, and YouTuber Logan Paul purchased a similar mansion in the region. Additionally, Sicario star Benicio Del Toro, and A-lister Jennifer Lopez already own properties in the region. The property in question is available for sale for Bitcoin. All interested can get in touch by email with the seller to discuss the details.

 



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Why Is Shiba Inu’s $BONE On The Rise And Is It Time To Get In?

Meme coin Shiba Inu has been able to properly leverage its popularity and build out another token, BONE, that is catching the eye of investors. $BONE is the native token of the Shiba Inu decentralized exchange, ShibSwap. Now, like any decentralized exchange, putting the native token to work by using it for swaps gives it utility, which has driven the price of BONE upwards. But now, the digital asset is on the move once more.

BONE Exchange Listings Trigger Rise

Just like Shiba Inu in its time, BONE is receiving a lot of support from the community during this time. Exchanges have moved to list the digital asset on their platform, and as expected, these have triggered a pump in the price of the cryptocurrency. 

The first catalyst for the upward movement had been the Gate.io vote that included BONE. Sometimes, exchanges will hold voting competitions for different digital assets, and the ones with the most votes are usually listed on the exchange. The prospect of BONE being listed on Gate alone has set it on an upward trajectory.

Then came the official listing on another crypto exchange called BlueBit. With both of these news driving more interest into the token, the price had surged more than 110% in the span of 48 hours. In just the last 24 hours alone, it has grown 83.22% to its current price of $2.10.

Is It Time To Get In?

Cryptocurrencies, such as BONE, are seen as high-risk plays due to their movement relying solely on the hype created in the community, and if this hype happens to die down, the price crash is rapid and leaves a lot of casualties.

However, they have also been known to rally beyond anyone’s expectations, bringing large profits for investors. One thing, though, is to get in as early as possible before it is mainstream. For example, only about 3% of the total supply of BONE is currently in circulation. As time goes on, it is expected that more to the supply will be released into circulation, and it will definitely have an impact on the price of the digital asset.

It is always important to keep in mind that meme coins are incredibly risky plays, and while there is a lot of potential for growth, there is also potential for gains to be wiped out quickly. As long as interest remains high, there will likely be more growth to come before a correction.

The total trading volume for BONE in the last 24 hours is $72.8 million, up more than 400%. This can usually indicate that a coin is reaching the peak of its hype and a reversal is on the way.

Featured image from Watcher Guru, chart from TradingView.com

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WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022

In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at the Bitcoin price monthly chart and the DXY Dollar Currency Index ahead of the monthly close.

Take a look at the video below.

VIDEO: Bitcoin Price Analysis (BTCUSD): August 30, 2022

We are coming down to the wire here in the month of August, with less than 48 hours remaining until the monthly candle close. The month is especially critical for a number of pivotal reasons of which we’ll review in the video and in the text and charts below.

The Terrifying TD9 Buy Setup On Monthly Timeframes

The first and most important factor weighing over the next couple of days in the crypto market, is a looming TD9 buy setup. The TD Sequential is a market timing indicator. Simply reaching a 9-count is enough for a buy setup. However, the signal is much stronger when the series is perfected. 

This can only happen with a sweep of the current low below around $17,500. It would also require a breakdown of all-time high resistance turned support and a breakdown of a decade-long monthly trend line.

    

A perfected TD9 setup would result in losing this trend line | Source: BTCUSD on TradingView.com Could A Hidden Bullish Divergence Save The Day?

Bitcoin price continues to rest on the lower Bollinger Band – a first for the first ever cryptocurrency on the high timeframe chart. What we don’t want to see is price action close outside the lower band, which could lead to an explosive down-move.

Despite this risk, there are several signs that a bottom could also be in. The monthly momentum on the LMACD histogram and Relative Strength Index could be signaling a hidden bullish divergence. Stochastic is also nearing a turning point after reaching oversold conditions – another recurring bottom setup, especially when combined with a breakout of a downtrend resistance line.

Is this enough for a bottom? | Source: LTCBTC on TradingView.com Or Will The DXY Defeat BTC Bulls Yet Again?

Remember, one half of the BTCUSD trading pair is the dollar. This means that when the dollar is strong, the BTC side of the trading pair takes a beating.

The best way to gauge the strength of the dollar is through the DXY – the dollar currency index – which is a weighted basket of top world currencies trading against the dollar. Much like Bitcoin price action is reaching oversold conditions with a possible hidden bullish divergence, the DXY is overbought and potentially forming a bearish divergence on each of the same indicators: RSI, LMACD, and Stoch.

Are dollar bears waiting for a chance to strike? | Source: LTCETH on TradingView.com Comparing Currencies: Bitcoin Versus The Dollar

The similarities to the 2014 and 2015 bear market versus the most recent bear market in 2018, appear to be due to the dollar strength. The last time the DXY was this overbought was during what’s known as crypto’s worst bear market ever.

Plotting BTCUSD behind the DXY we can take a closer look at the possible correlation – or anti-correlation. The last extended up-move in the DXY is what led to such a lengthy bear phase in crypto. Interestingly, the Bitcoin plot at some points appears to be acting as dynamic support and resistance for the DXY, perhaps showing off an anti-correlated relationship through the trading pair.

Bitcoin has bottomed each time the DXY pushed above the BTCUSD plot line. Bear markets arrive during DXY upmoves, and Bitcoin performs well when DXY moves sideways, and the best when DXY is falling. With the DXY potentially at oversold conditions on the monthly timeframe, a pullback could be near or even a complete trend change that ultimately lifts Bitcoin out of its bear market.

Bitcoin has worked as dynamic support and resistance for the DXY chart | 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.

Featured image from iStockPhoto, Charts from TradingView.com

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Senin, 29 Agustus 2022

SeedLaunch: new multi-chain launchpad features with broker support

Multi-chain launchpads are gaining more and more popularity among crypto entrepreneurs and investors, and all because they open up the possibility of conducting simultaneous token sales for coins created in different networks. While Ethereum and BSC remain the most popular networks, SeedLaunch, the new multi-chain launchpad created by Binance Hackathon winners, has decided to add the TON network as well. This decision was supported not only by the partners, but also by the project investors. How the fundraising platform will work and what unique features it will provide to its customers, we will consider below.

The resurgence of crypto investing

In 2021, crypto startups attracted a record amount of investments in the amount of $25.2 billion. This is more than in the last 7 years as a whole.

And already in the first quarter of 2022, crypto startups managed to raise $9.2 billion, which is an all-time high, which exceeded the previous record (Q4 2021) by about $400 million. Since the beginning of the year, 461 deals have been made with cryptocurrency startups, which is 60 deals more than in the fourth quarter of 2021!

Investments in crypto startups are divided as follows:

Investments in startups in billions of dollars in the first quarter of 2022 | Source: CBInsights

In other words, investments in crypto startups are divided systematically, and no matter what industry you work in, there is definitely money there. They just need to be received.

Most startups try to attract investments directly from investment funds or banks, but this is quite problematic given the competition in the market. An alternative, but no less effective, is crowdfunding and crowdinvesting. It is these forms of investment that offer modern launchpads.

Despite the fact that the crowdfunding market is developing rapidly, most popular launchpads still support up to 5 blockchains, which limits the possibilities for fundraising, both for investors and startups. A possible solution could be SeedLaunch, which has not only implemented a record number of networks, but also offers support for international brokers.

About SeedLaunch

SeedLaunch is the first multi-chain launchpad with support for international brokers, part of an ecosystem that includes a crowdfunding platform, a range of services for investors and startups, its own NFT marketplace and a collection of NFT tokens, as well as an SLT token. In addition, SeedLaunch is the first and so far the only launchpad with support for international brokers.

What exactly is the nature of this partnership? Together with a team of brokerage companies, unique investment services will be implemented, such as a token futures platform, a rating of professional crypto managers who will help build a competent portfolio of traditional tokens and new projects emerging on IDO, as well as integration with other broker services.

In addition to working together to create services, the top management of brokerage companies acts as project advisors and will help establish the international development of SeedLaunch.

“Supporting professional licensed brokers will take crowdfunding to the next level and create new investment solutions for their clients, which will increase the flow of investments in startups. Our broker partners will be able to provide early access for their investors to coin and NFT token sales,” explains Andrey Pertsev, co-founder of Seedlaunch.

Already today, ICE Markets, which is officially registered in Malaysia (Labuan) and operates in accordance with international law, acts as a partner-broker. This will create reliable collaborative services.

SeedLaunch plans to increase the number of broker partners in order to provide access to all registered investors to participate in token and NFT token sales.

SeedLaunch will provide a range of services for startups and investors. Here are just a few of them.

SeedLaunch Foundation. Part of all site revenues are directed to a specially created investment fund, from which promising projects will be financed. The money can be directed to the incubation of the project or to other services necessary for the development of a startup and its entry into the market.

Futures platform. Here, the resale of rights to tokens of Ä°DO projects will be carried out. This means that token holders can assign their right to assets to other users or companies.

NFT marketplace. A platform for selling both the project’s own NFT tokens and non-fungible tokens of other projects. The same platform can be used to organize airdrops.

Services for community development. SeedLaunch will offer several startup tools to help grow the community, including airdrop platforms, giveaways, and more.

Services for finding a team. A specialized platform where professionals can leave information about themselves, and startups and blockchain companies can find the right staff or performer for a specific task. Here you can find performers for any type of work: from the development of a smart contract to a marketing specialist and a community manager.

According to the project team, SeedLaunch aims not only to attract funding to startups, but also to help at all stages of the company’s development.

SeedLaunch will support TON

To date, the SeedLaunch launchpad integrates blockchains such as BSC, Ethereum, Polygon, Cardano, Solana, and in the near future will pay special attention to the TON blockchain. This will expand the reach of startups that can use the services of the platform, as well as launch new crowdfunding opportunities for projects with the help of TON.

“Our team is confident that TON has great prospects. The TON blockchain unites more than 1 million users from all over the world, and the project community already exceeds 2.5 million people,” said Petr Brekhov.

NFT and STL token

The SeedLaunch ecosystem includes several types of tokens. The native launchpad token is the SLT launched on the Binance Smart Chain blockchain. Having a token gives holders the following benefits:

  • Early access to the purchase of NFTs and tokens of projects that conduct IDO, as well as increased allocation;
  • Participation in SLT token staking will allow you to receive not only bonuses in SLT tokens, but also increase the rarity of NFT Seedlaunch, which will increase their value.
  • The constant burning of tokens during transactions will create a deficit of the asset, and therefore have a positive effect on the growth of the price of the token.
  • The SLT token will be implemented in all Seedlaunch services and added by partners to expand the ecosystem.
  • DAO principles will allow token holders to vote for the listing of other projects on the site.

Everyone will be able to purchase tokens during the public token sale. At the moment, only private and institutional investors can become token holders.

“We are open to our users and promptly report on all company news. At the moment, we are negotiating with several launchpads, where we will hold a token sale. Now I can say one thing – we will sell SLT tokens on ZamPad, as well as on launchpads at centralized exchanges. Stay tuned for our news,” said Petr Brekhov, CEO of the project.

The SeedLaunch ecosystem will also include an NFT marketplace and a unique NFT SplitFire collection featuring racing cars. The collection was created by renowned artist Alexei Rico (resident of Bang! Bang! Studio) who has worked with Epic Games, PlayStation, Esquire, Reebok and other major international companies.

NFTs are created on the basis of the TON blockchain, which has become widespread among users. The Seedlaunch collection will be available for purchase to all Telegram users.

“According to the roadmap of our project, we plan to expand support for blockchain networks (BSC, Ethereum) using cross-chain technologies. This will increase the popularity of the NFT collection, as well as provide an opportunity to store NFTs in a user-friendly network,” said Petr Brekhov.

The tokens will differ in the level of pumping and epicness, as well as provide their holders with a different set of services: from staking to early access to the purchase of startup tokens.

Conclusions

SeedLaunch has every chance to become a leader in the launchpad market, as it has strong support from partners and brokers, and also offers unique services for the development of promising startups. The company will soon hold its own NFT and SLT token sale. You can follow SeedLaunch news on the website.

 

 



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Bitcoin Cash Loses 10% In Last 24 Hours, Despite 40% Hike In Trading Volume

Bitcoin Cash had shed 24% of its value in the previous 12 days. Leading coins like Bitcoin (BTC) and Ethereum (ETH) have also experienced double-digit losses over the past 26 days as a result of the broader market slump.

  •         BCH support present at $113.2
  •         Bitcoin Cash key resistance spotted at $117.44
  •         BCH price currently trades at $115.65

Bitcoin Cash has already shed 10% of its value in the last 24 hours. This, despite enjoying 40% increase In trading volume in the last 30 days.

Since the start of the month, the total market capitalization of cryptocurrencies has decreased by nearly 5%. The broader market slump has had an effect on Bitcoin Cash (BTC), which has a strong positive correlation with BTC.

More so, BCH increased by 40% in value over the past 30 days, trading at $145.92 as of August 15. The assessments of BCH’s price changes on a daily chart also did not provide optimistic information.

Investors have steadily dropped their BCH holdings since August 19.

Meanwhile, Relative Strength Index (RSI), Money Flow Index (MFI), and Chaikin Monkey Flow (CMF) were all pushed below their respective neutral zones by the increase in coin distribution.

Bitcoin Cash Price Trading At $115.65

According to CoinMarketCap, Bitcoin Cash price is trading at $115.65 or up by 0.05% as of press time.

The RSI was seen at 40 as per the time of writing. The coin had an MFI of 39 and a CMF of -0.20. The buying pressure for the BCH coin had weakened during the previous three days.

At around $113.894348144531, Bitcoin Cash is currently trading close to its five-day low. The cryptocurrency is 3.73% higher than its five-day low of $113.89 and 14.46% lower than its five-day high.

The price of Bitcoin Cash is currently over the barrier. In the event that the rally fizzles out, Bitcoin Cash might be in a volatile position with support located at $113.2 and resistance at $117.44.

Recent Bitcoin Cash trading has been rather quiet. This indicates that today’s volume is lower than the volume average for the previous seven days.

BCH Investors Losing Money?

Since August 15, fewer distinct addresses have exchanged BCH currency. At the time of publication, there were 16,400 daily active addresses on the BCH network. In the past 12 days, it has decreased by more than 71%.

During the same time period, the network’s transaction volume also decreased by more than 50%. BCH’s transaction volume, measured in USD, dropped from $93.79 million to $9.63 million in less than 15 days.

As for mining on the network, rewards obtained by miners from transaction fees and the block subsidy since 15 August have increased by 10%, notwithstanding the decline in the price per BCH coin during the time under review.

According to the 30-day Market Value Realized Value (MVRV), the percentage of BCH investors who made money in the last month was negative (-16.58).

This statistic also recorded a negative value of -51.21 over a 365-day period. This highlighted the fact that many BCH investors have lost money since last year.

Crypto total market cap at $928 billion on the daily chart | Source: TradingView.com Featured image from sFOX, chart from TradingView.com

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Kucoin Token Struggles To Hold Key Support at $8, How Low Can It Go?

The price of Kucoin Token (KCS) has struggled to hold its key support against Tether (USDT) in recent times after showing a great recovery bounce as it cracks double-digit gains. Bitcoin (BTC) being rejected from a high of $25,200 to a region of $20,000 in the past few days has negatively affected the price of other altcoins, including Kucoin Token (KCS). (Data from Kucoin)

Kucoin Token (KCS) Price Analysis On The Weekly Chart  Weekly KCS Price Chart | Source: KCSUSDT On Tradingview.com

From the chart, the price of KCS had a strong bullish bias at $22, but the price was rejected from that region, leading to a more downward movement for KCS. 

After seeing two weeks of bearish sentiment, the price of KCS looks set to bounce from its key support from what seems to be an area of interest for bulls.

The price of KCS is faced with resistance at $11 after it rallied from a low of $8.5; KCS needs to break this region of resistance with good buy volume to trend higher to $13.

If the price of KCS fails to hold the support at $8.5, we could see the price going lower to the support area at $6.

Weekly resistance for the price of KCS – $11-$13.

Monthly support for the price of KCS – $8-$6.

Price Analysis Of KCS On The Daily (1D) Chart Daily KCS Price Chart | Source: KCSUSDT On Tradingview.com

KCS’ weekly daily low was $8.5, which formed good support for the price to bounce off. KCS’ price rallied to $11 but could not flip the resistance as the price was sharply rejected.

KCS’ price is currently trading at $8.8 below the 50 and 200 Exponential Moving Averages (EMA), acting as resistance for the price of KCS to break higher. 

The 50 and 200 EMA corresponds to prices at $10.3 and $13.3; for KCS to trend higher, it needs to break this region, acting as resistance for KCS prices.

A break and close above 50 EMA would signal a short-term relief bounce while closing above the 200 EMA indicates a downtrend reversal to the upside of the current bearish trend.

If the price of KCS fails to hold the support at $8.5, we could see the price of KCS going to a lower region for price accumulation.

Daily (1D) resistance for KCS price – $10.3, $13.3.

Daily (1D) support for KCS price – $8.5.

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

The price of KCS on the 4H chart has continued to look weak, trying to hold above the support area at $8.5; more buy orders in this region could see the price of KCS going higher. 

KCS has formed a bullish divergence on the 4H chart as the price is oversold; we could see a bounce from this region for KCS price, as $9 could act as minor support. If this region is flipped, we would see the price going to a high of $10.3

The Relative Strength Index (RSI) for KCS on the 4H chart is below 30, indicating that KCS has been oversold.

Four-Hourly (4H) resistance for KCS price – $9-$10.3.

Four-Hourly (4H) support for KCS price – $8.5.

Featured Image From Coingape, Charts From TradingView.com 

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Tezos (XTZ) Nurses From Bad Fall In Last 7 Days After Binance Asset Freeze

Recent developments suggest that Tezos and its native coin, XTZ, may have placed itself in a precarious scenario.

  • XTZ price reveals a bullish trend 
  • Key resistance spotted at $1.48
  • Tezos price support present at $1.44

On August 25, a group of network contributors under the name Baking Bad claimed that the cryptocurrency exchange Binance had wrongfully frozen over $1 million in assets.

Meanwhile, authors further urged the Tezos community to stop supporting the Changpeng Zhao (CZ)-led group by withdrawing their funds from the exchange.

While the cryptocurrency exchange promptly refuted the accusations, the price of XTZ began to look for crude oil on the charts.

The Proof-of-Stake (PoS) backed coin’s price was $1.48 at the time of publication. Data from CoinMarketCap showed that the price had dropped by 10.10% over the previous day.

XTZ’s dip was the largest in the previous seven days, notwithstanding the fact that the bulk of the market’s cryptos were in the red.

Tezos (XTZ) Price In A Breakout Zone

According to CoinMarketCap, XTZ price has plunged by 0.44% or trading at $1.46 as of this writing.

We can see that the price of Tezos is currently in a breakout zone between $1.48 and $1.44 on the 1-day price analysis chart.

The next action could be influenced by a move made in either direction. For the past 24 hours, the bulls have been in charge as they drive the price of Tezos up to $1.47.

Chart: TradingView.com

The upper limit of the Bollinger’s band, at $1.48, is the level of greatest resistance for the bulls, while the lower limit, at $1.42, is the level of immediate support.

Since the MACD line is above the signal line, the MACD indicator continues to reflect bullish momentum.

More so, the RSI indicator is currently rising moderately and is at 65. This suggests that in the near term, the bulls have the momentum to drive prices skyward. The bullish momentum, however, would show signs of shakiness if the RSI slipped below 60.

Binance Moves In Line With Court Directives

Binance stated in response to the Baking Bad accusation that their choice was not arbitrary and that the exchange was not to blame. The exchange further claimed that it proceeded in accordance with court directives.

Before charging the Baking Bad crew with making a snap judgment, Binance also pointed out that they had rejected working together.

So where does XTZ stand after this back-and-forth discussion? According to data from the XTZ/USDT four-hour chart, the incident appears to have badly affected XTZ.

Binance and Baking Bad, however, have both been responding to themselves in accordance with the confiscation. The exchange acknowledged that there was little they could do to stop the assets from being frozen, despite the XTZ donors’ claims that they complied with Binance’s request.

The future course of the issue was not intuitively clear. Additionally, XTZ was not exhibiting any signals of enthusiasm.

XTZ total market cap at $1.7 billion on the daily chart | Source: TradingView.com Featured image from Zipmex, chart from TradingView.com

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Minggu, 28 Agustus 2022

TA: Ethereum Dives Below $1,500, Why Recovery Could Be Capped

Ethereum started a major decline below the $1,600 zone against the US Dollar. ETH even declined below $1,500 and now any recovery could face hurdles.

  • Ethereum extended its drop below the $1,600 and $1,500 levels.
  • The price is now trading below $1,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but upsides might be limited above $1,500.
Ethereum Price Takes Hit

Ethereum failed to gain pace above the $1,660 and $1,675 resistance levels. ETH started a fresh decline and traded below the key $1,600 support zone.

It opened the doors for a move below the $1,550 and $1,500 support levels. Ether price even settled below the $1,500 level and the 100 hourly simple moving average. A low was formed near the $1,423 level and the price is now correcting losses.

An immediate resistance on the upside is near the $1,460 level. The first major resistance is now forming near the $1,480 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low.

There is also a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH/USD. The next major resistance is near the $1,540 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low is also near the $1,565 level. A clear move above the $1,565 level might send the price towards $1,600 resistance. Any more gains may perhaps open the doors for a test of the $1,650 resistance.

More Losses in ETH?

If ethereum fails to rise above the $1,480 resistance, it could continue to move down. An initial support on the downside is near the $1,425 zone.

The next major support is near $1,400, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,320 level. Any more losses may perhaps send the price towards the $1,250 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,425

Major Resistance Level – $1,480



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TA: Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.

  • Bitcoin started another decline below the $20,200 and $20,000 levels.
  • The price is now trading below the $20,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate further lower below the $19,500 support zone in the coming sessions.
Bitcoin Price Takes Hit

Bitcoin price failed to recover above the $22,000 resistance zone. BTC started a fresh decline below the $21,200 and $21,000 support levels.

The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average. A low is formed near $19,525 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low.

Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.

Source: BTCUSD on TradingView.com

The next major resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 level and the recent low.

The next major support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $19,500, followed by $19,200.

Major Resistance Levels – $19,800, $20,000 and $21,000.



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Sabtu, 27 Agustus 2022

Solana Price Faces Bearish Momentum, Next Move Could Push SOL To $28

Solana price witnessed a strong bearish pull as major market coins also depreciated significantly on their charts.

The altcoin fell by 6% over the last 24 hours. In the past week, Solana lost 14% of its market value.

The bulls were trying to defend the coin at their nearest support level, however, the coin met with a sell-off over the past 24 hours.

Over the last few days, Solana was trading sideways above its support level of $34. The recent depreciation on the chart caused SOL to fall below its immediate support level.

If Solana price continues to move on the same price trajectory, a fall below its present price level will be inevitable. The technical outlook for the coin pointed towards bearishness.

Selling strength shot up over the last 24 hours as buyers lost confidence. A move below the $31 price mark will cause SOL to revisit the $28 price level.

The global cryptocurrency market cap today is at $1.01 Trillion, with a 3.5% negative change in the last 24 hours.

Solana Price Analysis: Four-Hour Chart Solana was priced at $31 on the four-hour chart | Source: SOLUSD on TradingView

SOL was trading for $31 at the time of writing. The coin just lost the support of the $34 level and was eyeing the next support level.

The closest support line for the coin stood at $28. Overhead resistance for the coin stood at $37. In case the coin manages to revisit the $34 level, a move above that price level could be expected.

In case Solana price is unable to remain at its present level, a move below the $28 price mark can be expected over the immediate trading sessions.

The amount of SOL traded over the last session declined which indicated low demand levels and increased selling strength.

Technical Analysis Solana registered a fall in the buying strength on the four-hour chart | Source: SOLUSD on TradingView

SOL depicted a fall in buying strength at the time of writing. The technical indicator pointed towards increased selling strength.

The Relative Strength Index was below the 20-mark which meant that sellers outnumbered buyers at the time of writing.

Due to lower demand, Solana was undervalued on the four-hour chart. Solana price was below the 20-SMA line and that meant sellers were driving the price momentum in the market.

Solana flashed sell signal on the four-hour chart | Source: SOLUSD on TradingView

SOL had depicted a sell signal on their four-hour chart. Technical indicators pointed towards incoming bearishness over the next trading sessions.

Moving Average Convergence Divergence indicates the price momentum and the chance of reversal.

MACD underwent a bearish crossover and it formed red signal bars below the half-line which were the sell signal for the coin.

Chaikin Money Flow displays capital outflows and inflows. CMF was also under the zero line which indicated a fall in capital inflows compared to outflows.

Featured image from TechStory, charts from TradingView.com

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What Is Vita Inu (VINU) And Why Is The Meme Coin Up 80% In Last 24 Hours?

One of the top-performing meme currencies of the week, Vita Inu (VINU), is hogging the headlines.

  • Vita Inu meme coin is up by almost 200%
  • Coin’s price spikes by 3.13% as of this writing
  • Vita Inu nearing the overbought zone

Since the beginning of August, the value of the Vita Inu meme has skyrocketed by almost 200%, and this seems to be the track it’s treading in the future.

Meme coins have recently risen to the summit of the list of top 10 market values, competing with mainstream cryptocurrencies. Meme coins are influenced by common jokes, puns, and sarcasm on social media.

To increase trade and transactions in the crypto realm, mainstream crypto has developed a specialized technology. Meme currencies are tokens that are community-driven and community-oriented and lack fundamentals.

They promote a lighthearted style of expression that Millennials and members of Generation Z may identify with.

Chart: CoinMarketCap VINU Skyrockets In Popularity

According to CoinMarketCap, Vita Inu has spiked by 80% in the last 24 hours. VINU is currently trading at $0.00000002134 as of this writing.

Meanwhile, the popularity of Vita Inu has skyrocketed recently despite the fact that it was scraped from the top 10 cryptos. However, purchasers are wary about VINU despite the recent sharp increase.

Experts, however, say that this particular impulse wave is over-stretched, indicating that things moved along a little too quickly and that a price correction is now to be anticipated.

After losing a key support level of a symmetrical triangle, Vita Inu has already reversed course and is currently moving toward the 0.618 Fibonacci support zone.

VINU Nearing Overbought Zone

In any case, Vita Inu’s (VINU) next support level is at $0.0000000199 if the decline persists. A significant re-accumulation region has been found that experts anticipate the system should consider entering if this level of support is lost.

It is important to note that the Vita Inu (VINU) meme coin’s daily relative strength index today reached 74.13, indicating that it is relatively overbought. 

As a result of such a muscular pump, analysts advise investors to be cautious and risk-averse.

Vita Inu is a tokenized meme coin with a high TPS and smart contracts that are based around dogs.

The token’s guiding principles include having fun, meeting new people, and learning about day-to-day technical advancements. However, all of these will be available inside a vibrant and contagious ecology.

Customers should therefore keep investigating and examining the cryptocurrency markets for meme currencies that are still listed on centralized exchanges, such as buying Tamadoge coins in presales.

Crypto total market cap at $947 trillion on the daily chart | Source: TradingView.com Featured image from Business Patrika, chart from TradingView.com

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Ethereum Price Faces Sell Off, How Far Is The Correction Going To Go?

Ethereum price registered a fresh decline on its chart over the last 24 hours. The altcoin declined by 7% over the past day. In the last week, ETH fell by 9% and started to trade below the support level of $1,520.

The broader market weakness could be blamed for most major altcoin’s southward movement on their respective charts.

Ethereum price was trying to hold itself above its immediate resistance, the altcoin met with a significant sell-off.

Technical outlook for the coin also pointed towards bearish strength. Buyers exited the market as soon as ETH failed to defend the immediate support level.

ETH might continue to fall on the chart if the coin doesn’t manage to trade above the $1,400 price level. Bitcoin plunged to the $19,900 price mark which caused sellers to become active in the market.

A fall below the $1,400 level will cause the Ethereum price to rest at the $1,367 level. Broader market support and buying strength will be needed in order for the altcoin to break its bearish thesis.

Ethereum Price Analysis: Four-Hour Chart Ethereum was priced at $1,470 on the four-hour chart | Source: ETHUSD on TradingView

ETH was trading for $1,470 at the time of writing. The altcoin had tried recovering on its chart and the current price movement could be a correction.

The selling pressure strengthened after Etheruem price fell below $1,500. The immediate support level for the coin stood at $1,400.

If Ethereum remains above the $1,400 level, further losses could be prevented however, the coin will still not be out of the woods.

Until Ethereum price moves above the price ceiling of $1,500, bearish price action will remain on the chart. The amount of ETH traded declined which indicates increased selling strength.

Technical Analysis Ethereum noted heavy selling strength on the four-hour chart | Source: ETHUSD on TradingView

ETH was oversold on the four-hour chart. Bitcoin’s sudden excessive sell-off had caused buyers to lose confidence in the asset and major altcoins followed the same path.

The Relative Strength Index was below the 20-mark and this signified oversold conditions for the coin.

Ethereum price was below the 20-SMA line and that meant sellers were driving the price momentum in the market.

Ethereum depicted sell signal on the four-hour chart | Source: ETHUSD on TradingView

The altcoin’s selling strength increased over the last 24 hours. The coin was oversold and other technical indicators also depicted sell signal.

Moving Average Convergence Divergence displays price momentum and also the chances of a reversal. MACD underwent a bearish crossover and formed red histograms under the half-line which are sell signal for the coin.

Bollinger Bands indicate price volatility and fluctuations. The gap between the bands increased at press time pointing towards increased chances of price volatility. For the coin to see signs of respite over the next trading sessions, it has to move above the immediate price ceiling.

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Ethereum Price Plummets 9% As Fed Chair Passes Hawkish Remarks

The crypto community has witnessed another price plunge after the just concluded Federal Reserve annual meeting. Many investors already anticipated a new turn in asset prices after Jerome Powell spoke on the approach to combat inflation. But from the turn of events, Powell tipped the scale against investors’ expectations. As a result, many cryptocurrencies and equities have already started a downward price trend.

Ethereum (ETH) and many other cryptocurrencies have lost some August 25 price gains. After the meeting, ETH’s price tanked 9% and stood at $1555. But the bears continued to push the price lower. Some hours later, in the evening, ETH plummeted lower to $1478 before climbing up gradually. 

Related Reading: Avalanche (AVAX) Tries Comeback, Unfazed By $2-B Market Cap Loss In Last 2 Weeks

As of the time of writing, ETH is still in the reds on August 27. The price fluctuates between $1499 and $1505. The coin struggled to climb a bit higher than the August 26 lowest point of $1478 to stand at $1,499, showing a 9.68% loss. 

Bitcoin And Stocks Didn’t Fare Better 

Bitcoin and equities lost gains following the Fed annual meeting too. BTC price early morning August 26 was $21,596.09. It recorded an intraday high of $21,804. But later, BTC started a terrible downtrend to a peak low of $20,036 before climbing sluggishly upwards. At the close of the market, BTC’s price was $20,260.02. As of August 27, BTC is at $20,206 and still fluctuating lower. 

Other stocks also fell after Powell’s hawkish approach decision. For instance, S&P 500 lost more than 3% of its gains after the meeting. Dow Jones Industrial Average lost more than 1000 points while Nasdaq Composite recorded almost 4%.

Ethereum’s price currently fluctuates below the $1,500 mark. | Source: ETHUSD price chart from TradingView.com

 

Any Market Reversal in Sight?  

The crypto market expected a price movement depending on the meeting’s outcome. Many people expressed their worries on August 26 before the meeting, stating that a dovish approach will mean positive price movement while a hawkish decision will mean an extended bearish trend. 

Recall that the Minneapolis Fed CEO and President Neel Kashkari suggested a Volcker Esque rule to combat inflation. Paul Volcker was the Fed Chair who created two recessions to fight inflation. Kashkari’s suggestion already had everyone worried about the outcome of the annual meeting. Unfortunately, Powel’s insistence that the central bank won’t adopt a dovish approach but will maintain its aggressive strategies to restore price stability has tipped the scale negatively. 

Related Reading: TA- Binance Coin (BNB) Loses $300 Key Support, Are Bears Taking Over?

It is happening when many analysts expect the Ethereum Merge to improve crypto prices.

But with the current events in the financial markets, the upcoming upgrade might not have the desired positive effect on Ethereum and other crypto prices. Another period of price crash might be imminent. 

Data have already shown that the deposits of ETH into the Beacon Chain have reduced. Also, many people are stating that the market has already “Priced In” the Merge.

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AdEx Price Gains 20% As Market Plunges, Are Bulls Behind The Pump?

The price of AdEx (ADX) explodes with a double-digit gain against Tether (USDT) as bulls push the price to a higher region. Despite the market downtrend in recent days with Bitcoin (BTC) and Ethereum (ETH) all (Data from Binance)

AdEx (ADX) Price Analysis On The Weekly Chart  Weekly ADX Price Chart | Source: ADXUSDT On Tradingview.com

From the chart, the price of ADX, after seeing a major run to a high of $1.2, took a downward spiral to a region of $0.16 with what seems to be low on the weekly chart. 

ADX has formed good support in that region as the price bounced quickly to $0.18 above its support area. The price of ADX has not shown much strength as the price has been unable to move past its low by a considerable margin.

The price of ADX faces resistance at a region of $0.2; if the price fails to break this region, we could see the price of ADX retesting its weekly low, acting as support for ADX price.

ADX closed the previous monthly candle with a bearish momentum, with the new week’s candle more bullish with signs of relief. 

For the price of ADX to trend higher, it needs to break above $0.2 and hold the price from falling below its support area. 

Weekly resistance for the price of ADX – $0.2.

Weekly support for the price of ADX – $0.15.

AdEx Price Analysis On The Daily (1D) Chart Daily ADX Price Chart | Source: ADXUSDT On Tradingview.com

The price of ADX has found itself ranging in a channel as the price aims to break out of the channel to trend higher. The price of ADX on the daily timeframe found its support at a region of $0.15 as the price bounced, showing signs of strength to an area of $0.18, where it faced rejection.

The price of ADX needs to break above its range of $0.15-$0.19 with a good volume to have a better chance of trading higher to a region of $0.2 which seems to be an area of high supply.

If the price of ADX fails to break out of the range, we expect the price to retest the region of $0.15, which is key support for ADX price.

ADX is currently trading at $0.17, just below the 50 Exponential Moving Average (EMA), which corresponds to prices of $0.18, acting as resistance for ADX price.

On the daily chart, the Relative Strength Index (RSI) for the price of ADX is above 50, indicating buy orders.

Daily (1D) resistance for ADX price – $0.19-$0.2.

Daily (1D) support for ADX price – $0.15.

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

The price of ADX has shown great strength trying to break out of the ranging channel; ADX saw its price rejected back into the channel as it faces resistance to break above the channel.

ADX needs to break and close above the 4H ranging channel to trend higher to a region of $0.2; if the price of ADX fails to break out from this channel, we could see a price range and possibly retest the support area. 

The price of ADX needs to hold the support area at $0.156 to avoid trading lower if it loses this support region.

Four-Hourly (4H) resistance for ADX price – $0.2.

Four-Hourly (4H) support for ADX price – $0.156-$0.14.

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Bitcoin Taker Buy/Sell Volume Spikes Up As Price Experiences Volatility

On-chain data shows both the Bitcoin taker buy and taker sell volumes registered large spikes over the past day as the price goes through volatility.

Bitcoin Taker Buy And Taker Sell Volumes Have Surged Up To High Values

As pointed out by an analyst in a CryptoQuant post, both the BTC taker buy and taker sell volumes hit more than $1.8 billion yesterday.

The “taker buy/sell volume” is an indicator that measures the Bitcoin long and short volumes on derivatives exchanges. The metric distinguishes between these two volumes based on whether the transaction occurs at the ask price (taker buy) or the bid price (taker sell).

When these volumes are high, it means the exchanges are receiving a large amount of orders right now. This kind of trend usually leads to higher volatility in the price of the crypto.

On the other hand, low values suggest there is little activity in the market at the moment, which can result in a more stale price action for BTC.

Now, here is a chart that shows the trend in the Bitcoin taker buy and taker sell volumes during the last couple of weeks:

The values of the two metrics seem to have shown large spikes during the past day | Source: CryptoQuant

As you can see in the above graph, the Bitcoin taker buy and taker seller volumes have seen  quite sharp increases recently.

These spikes have come just after the Federal Reserve chairman Jerome Powell delivered an interest rate warning in a speech yesterday.

The taker buy volume took just an hour to reach $1.8 billion, while the taker sell volume rose even higher at around $1.92 billion.

The value of Bitcoin observed a drop below the $20k level some time after this elevation in the market activity. Currently, it’s unclear whether this was it for the volatility or if the coin will continue to see more sharp price action in the near future.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.8k, down 6% in the last seven days. Over the past month, the crypto has lost 6% 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 sharply declined over the last twenty-four hours | Source: BTCUSD on TradingView

After moving mostly sideways during the past week, Bitcoin seems to have broken out of the range today as the crypto has dipped below the $20k mark for the first time since the middle of July.

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Jumat, 26 Agustus 2022

XRP Price Is On The Rise But Have The Bulls Regained Momentum?

XRP Price has met with selling pressure again after it slipped from the $0.37 price mark. The altcoin has been consolidating over the past one week and over the last 24 hours, it lost 1.2% of its market value. In the last seven days, XRP price depreciated close to 8%.

Confidence from buyers started to fade given how long XRP has traded below its immediate resistance mark. Broader market weakness has also set it given Bitcoin’s move to $20,800 at press time. The technical outlook for Cardano (ADA) has turned bearish which was seen by the number of sellers in the market.

Due to a lack of demand for Cardano, selling strength had taken over the chart. The altcoin was trading quite close to its closest support level. The continued price action could push the XRP price to the next support line. In order for the bulls to be back, it is important that demand for XRP pushes up over the immediate trading sessions.

Cardano Price Analysis: Four-Hour Chart XRP was priced at $0.34 on the four-hour chart | Source: XRPUSD on TradingView

The altcoin was trading for $0.34 at the time of writing. XRP was trading quite close to the closest support level hence, could soon fail to defend the $0.34 support line. The next support level for the coin stood at $0.31.

XRP’s overhead resistance was at $0.37, the bulls were rejected from that price mark as recently as a few trading sessions ago. If XRP continues to struggle below the $0.37 mark, it could revisit $0.29 over the next trading sessions. The trading volume of XRP shot up on the chart, this indicated that the selling pressure has mounted.

Technical Analysis XRP noted increased selling pressure on the four-hour chart | Source: XRPUSD on TradingView

The altcoin registered a fall in the buying strength at press time. Broader market weakness could be blamed for the recent fall in XRP price.

The Relative Strength Index was parked under the half-line and that meant selling pressure overpowering buying strength.

XRP price moved below the 20-SMA indicating lesser demand and that sellers were driving the price momentum in the market.

XRP displayed buy signal on the four-hour chart | Source: XRPUSD on TradingView

The recent fall in price hasn’t been reflected in the other technical indicators as seen on the chart. XRP continued to display a buy signal. Moving Average Convergence Divergence indicated the price momentum and if there were chances of a possible reversal.

MACD pictured green signal bars on the half-line which are indicative of a buy signal, however, the signal bars were diminishing in size. This indicated selling strength taking over. The Directional Movement Index read the price momentum and direction.

DMI was still positive as the +DI line was above the -DI line but +DI noted a sharp fall. Average Directional Index (red) was below 20 portraying that the bullish strength has completely lost strength. Buyers and broader market strength could help the coin recover.

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