Avalanche Price Can Gain Further Momentum If The Bulls Barrel Past $19

Avalanche price has shown bullish strength over the last 24 hours. It has been one of the few altcoins that have remained positive despite most altcoins losing value over the past day.

In the past day alone, the altcoin has appreciated by close to 4%. In the last week, AVAX rallied over 16%.

It is important that Avalanche continues to race upward for positive price action to remain in the market. The technical outlook for the coin showed that bulls were in complete control of the asset.

Demand for the coin jumped north and buying strength kept registering northbound movement on the chart. The chance of a price pullback cannot be ruled out just yet.

It is crucial for AVAX to move past the $19 price mark. Going past this price mark will help Avalanche price remain bullish.

Tough resistance for Avalanche was at $19.60, and moving past that would make it easy for the coin to touch the $20 price level.

The global cryptocurrency market cap today is $1.06 trillion, with a 0.0% change in the last 24 hours.

Avalanche Price Analysis: One-Day Chart

Avalanche was priced at $18.90 on the one-day chart | Source: AVAXUSD on TradingView

AVAX was trading at $18.90 at the time of writing. The bulls are trying hard to move past the immediate resistance mark for the coin.

By doing so, Avalanche will be under a bullish influence over the next trading sessions. Overhead resistance for the coin stood at $19.07 and then at $19.60.

Crossing these two hurdles will take AVAX to the $20 price mark. On the flip side, if AVAX has to lose its current price level, it could be dragged down to $17.

Beneath the $17 price mark, the coin would fall close to $16. The amount of Avalanche traded in the past trading sessions indicates that the coin has registered increased buying strength.

Technical Analysis

Avalanche registered considerable buying strength on the one-day chart | Source: AVAXUSD on TradingView

The altcoin’s buying power was last as strong as it is now in the month of August. That signified a multi-month high in the number of buyers.

The Relative Strength Index zoomed past its half-line and was almost about to enter the overbought zone as it was heading close to the 80-mark.

Avalanche price was above the 20-SMA line, signifying that demand had increased for the coin and buyers were driving the price momentum in the market.

Avalanche noted buy signal on the one-day chart | Source: AVAXUSD on TradingView

AVAX has said that buyers were quite positive at the time of writing. The coin registered buy signal on its one-day chart.

Moving Average Convergence Divergence indicates the price momentum and direction of the asset.

The MACD was positive as it pictured green histograms above the half line, which also acted as the buy signal for the coin.

The Chaikin Money Flow suggests the quantity of capital inflows and outflows on the chart. CMF was on the zero line, meaning an even amount of capital inflows and outflows.

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Bitcoin Price Close Above 100 SMA Could Spark A Fresh Surge: Here’s Why

Bitcoin price started a downside correction below $20,500 against the US Dollar. BTC could start a fresh surge if it clears the 100 hourly SMA and then $21,000.

• Bitcoin is recovering losses from the $20,250 support zone.
• The price is trading below $20,700 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $20,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another upward move if it clears the 100 hourly SMA and then $21,000.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction after it failed to surpass the $21,000 resistance zone. BTC corrected lower below the $20,600 and $20,500 levels.

The decline gained pace below the $20,500 level and the 100 hourly simple moving average. However, the bulls were active near the $20,250 level. A low was formed near $20,250 and the price started a steady upward move. There was a wave above the $20,400 and $20,500 levels.

Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $21,074 swing high to $20,250 low. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average.

The first major resistance sits near the $20,700 level. There is also a major bearish trend line forming with resistance near $20,680 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $21,074 swing high to $20,250 low.

Source: BTCUSD on TradingView.com

The next major resistance is still near $21,000. A clear move above the $21,000 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards the $22,500 resistance zone.

More Downsides in BTC?

If bitcoin fails to clear above the $20,700 resistance zone, it could start another downward move. An immediate support on the downside is near the $20,400 zone.

The next major support is near the $20,250 zone. The main support sits at $20,000, below which there is a risk of a larger decline. In this case, the price may perhaps decline towards the $19,200 level.

Technical indicators:

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

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

Major Support Levels – $20,400, followed by $20,250.

Major Resistance Levels – $20,600, $20,700 and $21,000.

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DoJ Reportedly Eyes USDT Once Again; Tether Responds

It’s a tale as old as time: the Department of Justice investigating Tether and USDT. It’s been reported far and wide, and for years on end, with speculation throughout. We’re back again as 2022 comes to a close, this time courtesy of a new report from Bloomberg.

Let’s take a look at what’s being reported, and Tether’s response.

Bloomberg’s Latest Report On Tether

On a Bloomberg Crypto Report live broadcast on Monday afternoon, paired with a published piece released earlier in the day, the outlet reported that the U.S. Department of Justice (DoJ) was revamping investigations into potential bank fraud allegations against Tether.

According to Bloomberg, officials have pumped new life into the investigations, including handing the case over to Manhattan-based US Attorney Damian Williams, who Bloomberg describes as one of the most aggressive crypto prosecutors – to the degree that he even “recently secured a guilty plea from a person affiliated with one of Tether’s payment processors.”

Reports have swirled around the DoJ and Tether for nearly half a decade, and shouldn’t catch anyone by surprise at this point. However, the response from the stablecoin doesn’t simply deny the Bloomberg report – it frames it as flat out false.

USDT's market cap dominance has floated between 5-10% for most of this year. | Source: CRYPTOCAP: USDT on TradingView.com Tether’s Response

Tether CTO Paolo Ardoino issued a swift response via a Twitter thread:

1/Bloomberg first reported on the DOJ's “investigation” in November of 2018 and in the years after. Stories which have been despicable attempts at crying wolf.

— Paolo Ardoino (@paoloardoino) October 31, 2022

Tether released a formal response on their website as well, describing Bloomberg’s report as “desperate for attention” and “recycling old news that isn’t even factual.” Critics cite issues such as Tether’s employee-to-circulating supply ratio (Tether has over $60B in USDT circulating, with a handful of employees), along with the stablecoins reserve discrepancy (the stablecoin platform paid over $60M in fines with no admittance of wrongdoing), as major concerns in Tether’s viability to serve as the de facto ‘reserve stablecoin.’

Tether has continued to insist that the firm has remained transparent and in communication with law enforcement officials, and that it is “business as usual at Tether.” The response goes on to directly contradict Bloomberg’s report, stating that “Tether executives have had no interactions with the DOJ in connection with any investigation for well over a year and the DOJ does not appear to be actively investigating Tether.”

Featured image from Pixabay, 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. This 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.

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Bitcoin Price Optimism Slowly Fades Out As It Forms A Bearish Reversal Flag

Bitcoin price has been losing its strength over the last 24 hours. The coin has continued to face rejection at the $21,000 mark, causing the bulls to lose their momentum.

Over the last 24 hours, the coin has lost 1% of its value, indicating that at the moment, BTC is consolidating on its chart.

The past week has been positive for Bitcoin price; however, the coin has lost most of its gains over the last trading session. It is possible for Bitcoin to again pick up momentum provided it clears its overhead resistance marks in the upcoming trading sessions.

The technical outlook of the coin has indicated that the price of the coin is still hovering within the bullish price region.

The demand for the coin might have fallen, but buying strength continues to remain in the positive zone at the time of writing.

If demand starts to pick up again, then BTC might be able to trade above its immediate resistance mark. At the moment, BTC’s local support line stood at $20,000 and then at $19,600. Falling from $19,600 will make it quite hard for the bulls to take over the chart soon again.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $20,300 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $20,300 at the time of writing. The coin has had a tough time moving past the $21,000 price mark, which is why the bulls kept losing their strength.

BTC can again reclaim positive price action if the coin goes past the $20,800 mark and then topples over $21,000 and trades there for the next trading session.

The coin has formed a bearish reversal flag pattern, which means a further extension of the downtrend. In that case, the first stop for BTC would be at $20,000. After which Bitcoin would trade at $19,600.

The bears will take over after the coin touches the $19,600 price level. The amount of Bitcoin traded in the past session fell, indicating that buying pressure was lowered too.

Technical Analysis

Bitcoin registered fall in buying strength on the one-day chart | Source: BTCUSD on TradingView

The altcoin had witnessed increased buying strength over the past few days but as the bulls slowed down demand for the coin dropped.

Despite the drop, buying strength was still in the positive zone. The Relative Strength Index fell a little below the 60-mark, even with that reading buyers were more in number than sellers on the chart.

Bitcoin price was above the 20-SMA indicating that buyers were driving the price momentum in the market.

Bitcoin noted buy signal on the one-day chart | Source: BTCUSD on TradingView

Other indicators also have pointed out that buyers have not completely exited the market, displaying that Bitcoin price could pick up once again.

The Moving Average Convergence Divergence suggests the strength of price momentum and direction too. MACD was positive with green signal bars which were the buy signal for the coin.

Bollinger Bands depict price volatility and fluctuation. The bands moved apart pointing at chances of price volatility.

Featured image from Unsplash, chart from TradingView.com

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Fed Could Hike Interest Rates By 75 BPS, Here’s What It Means For Bitcoin

The FOMC meeting is currently looming above the financial markets, including bitcoin, given that it is just a few days away. Previous interest rate hike trends and the fact that inflation remains a prominent threat have led to a negative outlook for the FOMC meeting. It is expected that another Fed interest rate hike is on the horizon, which will no doubt have a profound effect on the crypto market.

FOMC Meeting Draws Near

The next FOMC meeting will take place on November 1-2 according to the official schedule. It happens around once every one to two months and is important as this is where the Fed decides what to do in regard to the economy and keeping it healthy.

Unlike the previous years, 2022 has been a very hard year, not just for the United States economy, but for economies all around the world. Inflation rates have been reaching levels not seen in decades and the Fed has had to tighten up its policy in response to this.

Interest rate hikes have been the norm for the last couple of months, in most cases, coming in higher in most cases than expected. This time around, Wu Blockchain has said that the expected interest rate hike is 75 BPS, with an 81% probability of this happening. If it does play out this way, then this would be the fourth consecutive interest rate hike of 75 bps by the Fed, which could have negative consequences for assets in the crypto space such as Bitcoin.

On November 2 next week, the United States will announce the Fed Interest Rate Decision, and the probability of raising interest rates by 75bps is currently 81%. The U.S. unemployment rate for October will be released on November 4. https://t.co/nGgrVQN0to

— Wu Blockchain (@WuBlockchain) October 31, 2022

How Will Bitcoin Respond?

The past performances of bitcoin in relation to interest rate hikes by the Fed can often be a guide for what to expect in the future. If the current prediction for another 75 bps turns out to be right, then it will be an extremely volatile week for bitcoin and the crypto market.

BTC continues to trend upward | Source: BTCUSD on TradingView.com

Back in September when the Fed had last increased interest rates, the price of bitcoin had responded quite negatively. In fact, it would prove to be the most volatile reaction to the FOMC meeting given that BTC’s price had dropped more than 5% in one minute. This was going off a three consecutive interest rate hike.

Another interest rate hike this week is expected to lead to even larger volatility in the market. This will also coincide with the profit-taking that is currently ongoing due to bitcoin’s recovery above $20,000. It could be the last straw that drags the digital asset back below $20,000 once more.

However, the interest rate hikes are not expected to continue indefinitely. It is likely that 2023 is going to see a reversal in this trend, which would present a growth opportunity for risk assets such as biotin. 

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Cosmos Recaptures $14 As Price Grows; Will Bulls Push To A High Of $17?

• ATOM’s price shows strength as it bounces from a downtrend range price rallied to a high of $14 with eyes set on $17. 
• ATOM could rally more as the price creates more bullish bias by breaking out of a downtrend descending triangle with eyes set on rallying higher.
• ATOM’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Cosmos (ATOM) has been tremendous as the price resisted the bears rallying from a region of $12.7 to a high of $14, reclaiming a vital support area it has built in the past few weeks. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs recently, rallying from a low of $0.055 to a high of $0.15, with many others as Cosmos (ATOM) continues to lead the charge for more price recoveries. (Data from Binance)

Cosmos (ATOM) Price Analysis On The Weekly Chart

Cosmos (ATOM) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of ATOM has enjoyed a measure of relief after showing so much strength on the weekly low, rallying from a low of $12.7 to a high of $14 and recapturing this region as it forms key support for more potential to rise higher. 

The past weeks have been nothing short of a boring and difficult moment for the crypto market as this affected the price of most altcoins negatively, forcing them to lose their support zone, with others battling it to stay afloat of their price. 

After its weekly close of above $13.5, ATOM’s price looked stronger as the price of ATOM geared up for more upside price moves.; the price has faced a minor rejection to break higher to a region of $17.

Weekly resistance for the price of ATOM – $17.

Weekly support for the price of ATOM – $13.5.

Price Analysis Of ATOM On The Daily (1D) Chart

Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.com

In the daily timeframe, the price of ATOM continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $14 and forming good support around $13.5 below its current value of $14.1. Still, the price of ATOM faces a little rejection; the price of ATOM needs to break and hold above $14.5 for the price to become more bullish once more.

The price of ATOM faces a resistance to break and hold above 200 EMA, which corresponds to $14.5. A break and close above this region could send the price of ATOM to a region of $17 and possibly a retest of $20 region acting as a supply zone. 

Daily resistance for the ATOM price – $14.5.

Daily support for the ATOM price – $13.5.

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Ethereum Price Forms Bullish Pattern, Why ETH Could Surge Again

Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support.

• Ethereum is correcting gains from the $1,650 and $1,665 resistance levels.
• The price is now trading above $1,550 and the 100 hourly simple moving average.
• There is a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it stays above the $1,550 support zone.

Ethereum Price Remains Supported

Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average.

The price cleared the $1,600 resistance and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high.

It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price could even test the $1,700 level.

Source: ETHUSD on TradingView.com

A clear upside break above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price might rise towards the $1,720 level.

Dips Supported in ETH?

If ethereum fails to climb above the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,565 level and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high is also near $1,565. A downside break below the $1,550 zone might send the price towards the $1,500 support zone in the near term.

Technical Indicators

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

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

Major Support Level – $1,550

Major Resistance Level – $1,600

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Bitcoin Price Lacking Momentum Above $21k, BTC Holders Are Safe: Here’s Why

Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC could start a fresh increase if it remains stable above the $20,000 support.

• Bitcoin is slowly moving lower from the $21,000 resistance zone.
• The price is trading below $20,500 and the 100 hourly simple moving average.
• There is a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another upward move if it stays above the $20,000 support zone.

Bitcoin Price Starts Downside Correction

Bitcoin price made another attempt to clear the $21,000 resistance zone. However, BTC failed to gain momentum above the $21,000 resistance zone.

A high was formed near $21,074 and the price started a fresh downside correction. There was a move below the $20,600 and $20,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high.

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair.

The price is now holding the $20,450 support zone. It is close to the 61.8% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

The first major resistance sits near the $20,700 level and the channel trend line. The next major resistance is still near $21,000. A clear move above the $21,000 resistance might start a steady increase towards the $22,000 resistance. Any more gains open the doors for a test of the $22,500 resistance zone.

More Losses in BTC?

If bitcoin fails to rise above the $20,700 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,450 zone.

The next major support is near the $20,200 zone. The main support sits at $20,000. A downside break and close below $20,000 might open the doors for a substantial decline in the near term.

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 – $20,200, followed by $20,000.

Major Resistance Levels – $20,600, $20,700 and $21,000.

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Reports Show Bear Market Didn’t Affect Crypto Fundamentals

Notably, the first half of the year brought the most drastic phase of crypto winter ever witnessed in the history of cryptocurrency. Coupled with the collapse of Terra and some crypto-related companies, the market was thrown into a state of crisis.

However, a report from Fidelity Digital Assets implies that the crypto fundamentals remained unscathed through the bearish trend. This information sprung following the manager’s annual report tagged 22 Institutional Investor Digital Assets Study. This occurred as the firm x-rayed the crypto industry from an institutional perspective.

According to the research, the crypto market has fully repositioned to wade off the impact of macroeconomics it’s been facing recently.

Survey Indicates Strength Of Crypto Fundamentals

Tom Jessop, the President of Fidelity Digital Assets, reacted to the research. According to him, digital fundamentals have stood firm through the storm. Also, he noted that the institutionalization of the crypto market for some years had fortified it to withstand recent impacts.

According to Jessop, institutional investors exhibited their experience scaling through different market cycles. He mentioned that the attractive factors in the market maintained their relevance as they moved across the bearish phase.

The research surveyed about 1,052 experts from different firms during the year’s first half. As a result, it revealed the varying levels of crypto adoption among different types of investors.

According to the survey, adoption among institutional investors increased in some regions compared to the year’s value. The US and Europe recorded an increase of 42% and 67%. Asian institutional investors have a slight drop. But the overall outcome showed that they had the highest adoption of crypto assets with an allocation of 69%.

Cryptocurrency stays short of crossing $2 Trillion | Source: Crypto Total Market Cap on TradingView.com

In terms of investor type, crypto adoption and consideration topped among high-net-worth investors, venture capital investors, financial advisors, and crypto hedge funds. The lower-scale adoption investors are endowments and foundations, pension plans, family offices, and traditional hedge funds.

Fidelity Digital announced its provision of Ethereum trading options for its institutional market earlier this month.

Top Appealing Features For Institutional Investors

The research from Fidelity Digital also recorded some appealing features, as noted by institutional investors. The surveyed participants’ most appealing ones include innovation technology, decentralization, and high potential upsides.

According to the survey, the surveyed investors cited that crypto has no correlation to other assets as the fifth most appealing feature. But the crypto markets have shown a high correlation to tech stocks this year.

Additionally, the research covered investors’ plans for cryptocurrency investments or purchases. It noted that 74% of the participants still had such plans, slightly higher than the 71% recorded last year.

The value is commendable, considering that 2021 was bullish while the bears dominated the 2022 digital asset market.

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Analyst Highlights Key Factors To Notice Following Recent Bitcoin Price Hike

Investors are very particular about the price of Bitcoin. There’s no surprise there, seeing that the values of other digital tokens depend on it. When the price surges, the market goes uptrend and vice versa.

Bitcoin, being the most prominent cryptocurrency, has maintained a stagnant price movement in the past couple of weeks. This fact has kept the crypto market in the red zone for a while, and investors are still sceptical about what’s to come.

But the market saw a sharp surge in Bitcoin price. Its bullish move also reflects in the broader crypto market, with several tokens displaying a bullish move.

Recent BTC Surge

Bitcoin’s value increased by about 8.3% after the past seven days due to its recent surge. This price movement brought the total capitalization of the crypto market to $1 trillion as of yesterday. The coin stands at $20,463, per data from at the time of writing.

Bitcoin price falls below $20,500 l BTCUSDT on Tradingview.com

Analysts have connected the recent surge of the token to a few things, including the past and current purchases from significant investors like Bitcoin Whales. Dating from January 2017, Bitcoin Whales have purchased an average of $15,800 worth of Bitcoin, according to data

Meanwhile, another metric shows that BTC has been trading lower than its RP (Realized Price). Again, this information came from analysts. Based on the metric, Bitcoin can grow even further if the token trades beyond its RP.

The RP of BTC is currently at a price just above $21K. The pattern of Bitcoin’s movement might change if its price goes and stays beyond this figure. As a result, monitoring the coin closely to see its probable outcome is essential.

Information On Bitcoin Spent Output Profit Ratio

Bitcoin’s Spent Output Profit Ratio (SOPR) analyses the participants’ behaviour. The recent movement of BTC seems to have affected this ratio, particularly in the past 24 hours. Chances are that the current level of the SOPR will act as a resistance, as it stays below one at the time of writing.

The spent output value at creation must be divided by the realized value to deduce this ratio. In a nutshell, this is the price sold/price paid. This means the asset owner will profit if the ratio is over 1.

Conversely, if the balance is less than 1, the solid asset is at a loss. The farther it goes away from 1, the more the loss incurred or profit gained. But if it’s equal to 1, a break-even event has occurred.

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Bitcoin Price Struggles Under $21,000, Will The Bulls Power Through Again?

Bitcoin price continues to remain under the $21,000 price mark as the bulls have lost force over the last 24 hours. In the past day, the coin lost 1.3% of its value.

Bitcoin price is consolidated under the tough resistance of $21,000. If BTC keeps maintaining a sideways movement, then the bulls could lose further steam and drop to the nearest support line.

The technical outlook of the coin remains positive on the one-day chart. The demand for the coin slipped slightly. However, it remains positive at the time of writing.

Buying strength was also optimistic for BTC on the 24-hour chart. If demand accumulates slightly, then BTC might attempt to revisit the $21,000 level.

A move above the $21,000 level will pave the way for a clear move to $22,000. The next levels that BTC might trade are between $28,000 and $22,000.

If BTC picks up the pace, then the coin can also revisit the $22,000 mark. Buyers need to remain confident that Bitcoin bulls will be able to move north over the next trading sessions.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $20,600 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $20,600 at the time of writing. The coin has been trading laterally over the last few trading sessions.

It is important that Bitcoin price doesn’t lose its current support as that would pull the price of the asset down, causing the bears to gain strength.

If Bitcoin has to maintain its bullish momentum, the coin has to move past the $20,800 price level.

Moving above that level will help Bitcoin reach $21,000, crossing $21,600, which could prove to be another major resistance point, and can propel the coin to $22,000.

Losing bullish momentum will drag BTC down to $20,300 and then to $19,600.

In the last trading session, the amount of Bitcoin traded fell slightly, indicating that buying strength dropped slightly.

Technical Analysis

Bitcoin displayed positive buying pressure on the one-day chart | Source: BTCUSD on TradingView

The altcoin has continued to display positive buying strength on the one-day chart. Buying strength for the coin has remained on the upside for most of this month.

The Relative Strength Index was still above the 60-mark despite a downtick. This meant that the coin was registering more buyers than sellers at the time of writing.

Bitcoin price was above the 20-SMA line was also an indication that demand for the coin had been positive and that buyers were driving the price momentum in the market.

Bitcoin registered buy signal on the one-day chart | Source: BTCUSD on TradingView

BTC was displaying bullish signals as demand for the coin has remained consistently positive. The Moving Average Convergence Divergence indicates the price momentum and the overall direction of the coin.

MACD formed green signal bars, which were increasing in size, and they were the buy signal for the coin. Parabolic SAR measures the strength of the price trend.

The dotted lines were below the price candlestick, which meant that the price was on an uptrend.

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Litecoin Price Revisits $56, What Is Next For The Bulls?

Litecoin price witnessed an increase in value over the last 24 hours. In the past day, the coin surged more than 3%.

The past week for LTC has remained quite positive for the altcoin as it logged over a 9% gain in that timeframe.

The coin has continued to form higher highs on its chart, demonstrating that the bulls were in control of the price.

That caused the altcoin to break its consolidation and shatter above important resistance marks. The technical outlook for the coin was bullish at the time of writing.

The demand for Litecoin registered appreciation as demand for the coin also shot up. The coin has established strong support for itself at the $53 price mark.

Currently, LTC trades at a vital price mark as the coin has struggled to move past this price level for the past several weeks.

If the bulls fail to sustain the price at the current price, a fall through the $53 support line will bring the bears back on the chart.

At this price mark, LTC is trading at an 86% low compared to its all-time high that the coin secured in May 2021.

Litecoin Price Analysis: One-Day Chart

Litecoin was priced at $56 on the one-day chart | Source: LTCUSD on TradingView

LTC was trading at $56 at the time of writing. After a solid consolidation, the coin has finally been able to revisit the $56 price mark.

If Litecoin has to remain bullish, it has to continue trading above its current price zone. The coin will encounter immediate resistance at $57.

A move above $57 will help LTC to touch the $60 price mark. On the other hand, a slight loss in bullish strength, can drive the altcoin’s price down to $53 and then to $50.

The amount of Litecoin traded in the past session was in the green. This means that the buyers were back on the chart.

Technical Analysis

Litecoin registered increased buying strength on the one-day chart | Source: LTCUSD on TradingView

The altcoin has implied that the bulls were back as the demand for the altcoin noted an uptick on the one-day chart.

The Relative Strength Index was at the 60-mark, a sign of bullishness as buyers were more in number than sellers.

Litecoin price was above the 20-SMA line, which meant increased demand for the coin and also showed that buyers were driving the price momentum in the market.

Litecoin depicted buy signal on the one-day chart | Source: LTCUSD on TradingView

The other technical indicators have also inclined towards the idea that bullishness has caused buying strength to increase on the one-day chart.

The Moving Average Convergence Divergence displays the price momentum and the direction of the asset.

The MACD was bullish with green histograms above the half-line, which was the buy signal for the asset. Bollinger Bands indicate the price fluctuations and volatility of the coin.

The bands were starting to expand, hinting that there could be a chance of an upcoming price fluctuation.

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Will Binance Oracle Hamper Chainlink Growth Amid The Bullish Run

Recently, the global leading crypto exchange Binance has created a record using Web 3. In addition, the giant crypto service provider recently unveiled its new decentralized Web 3 oracle network.

The shift into Web 3 is skyrocketing gradually. More events, projects, applications, and activities are coming with more innovative additions. In addition, the new belief surrounding Web3 as the next future with greater possibilities fuels its popularity.

Will Chainlink Continue Leading The Game?

This new project from Binance serves as the first major competition to the other oracle services networks. Chainlink (LINK) has been the lead among others of its type. Chainlink’s robust infrastructure has helped it create a strong data feed network. Hence, it could bridge real-world online data and blockchain-based systems.

Chainlink price grows on the chart l LINKUSDT on Tradingview.com

The new Binance Oracle is to operate as a data feed network by creating a link between real-world data and smart contracts on blockchains. This means it will enable smart contracts using real-world inputs and outputs.

Binance Oracle Will First Operate On BNB Chain

According to its plan for the new oracle project, Binance will first use the services on its BNB Chain. Then, it will enable almost 1,400 DApps and different Web 3 partners to access some existing data sources.

Following the unveiling, many projects are taking several actions already. For example, over ten projects on the BNB Chain have integrated smart contracts to flow with Binance’s bird program.

Before now, Binance disclosed that the oracle services from the new project are chain-agnostic. But there will be support for more blockchain networks in the future.

Gwendolyn Regina, the Investment Director at BNB Chain, spoke concerning the development. The director noted the wave of interest in the new internet through its shift to well-connected smart contracts. Also, it has been essential to use oracles to heighten the knowledge of the smart contract. This will connect it with the current happenings outside the blockchain. So, blockchain activities could quickly respond and adjust to external events with the proper flow.

According to director Regina, the new Binance Oracle will provide stable and reliable reports. This will represent complete accuracy and accessibility features. Hence, the oracle will become a significant contributor to Web 3.

Operations Of Binance Oracle

Binance has placed some distinctive features for its new project. First, the overall performance of Binance Oracle targets a higher level of reliability. The network sources price data from several centralized exchanges (CEXs) and aggregates prices through an intelligent algorithm.

While providing data feeds, the Binance public key is meant to verify the authenticity of the data multiple times. This will eliminate cases of tampering.

Regarding individual data feeds, Binance Oracle depends on Threshold Signature Scheme (TSS). This is reputable in providing a distributed mechanism that removes all failure traces.

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Bitcoin Whales Who Bought 1 Month Ago Hold Strong Despite Chance To Take Profit

On-chain data shows the Bitcoin whales who bought around one month ago have continued to hold strong despite the price surge providing them with a chance to take some profit.

Bitcoin 1 Month To 3 Month Old Supply Has Been Rising In Recent Days

As pointed out by an analyst in a CryptoQuant post, the whales who bought at $19k about a month ago seem to not have realized their profits yet.

The relevant indicator here are the Bitcoin supply age bands, which tell us how much coins are held by each cohort right now.

These groups or age bands are divided based on the amount of time the coins belonging to them have been held stationary in a single wallet address for.

For example, the 1D-1W age band includes all coins that haven’t been moved or sold since between one day and one week ago.

Now, here is a chart that shows the trend in the Bitcoin supplies for some of the age bands over the past week:

The data for all the different age groups in the market up to the three months old mark | Source: CryptoQuant

As you can see in the above graph, the 1D-1W Bitcoin supply has been going up in recent days, suggesting there has been some fresg accumulation in the market.

The less than 1D age band, however, saw some rise earlier as the price surge started, but it has been going down in the last couple of days.

One significance of this group is that it reflects the fresh buying going on in the market. As this has stopped trending up, it means there is no longer many new purchases happening.

The quant from the post notes that a lack of new buying pressure could imply the current price uptrend is unlikely to continue in the short term.

Nonetheless, there is a positive sign in the Bitcoin market as well, and it is that the 1M-3M age band has been observing an increase recently.

This maturation of coins into this group has only just taken place, suggesting whales bought up this supply about a month ago.

At that time, the price was around $19k, meaning that these whales now have the opportunity to sell at a profit. But as the 1M-3M supply moving sideways since the rise shows, these investors continue to hold with conviction that there will be more profitable windows ahead.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.7k, up 8% in the last week.

Looks like BTC has rebounded from the dip a couple of days back | Source: BTCUSD on TradingView Featured image from Jaunathan Gagnon on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7

• APE’s price shows strength as it bounces from a downtrend range price rallied to a high of $5 with eyes set on $7. 
• APE could rally more as the price creates more bullish bias by breaking out of a downtrend triangle with eyes set on rallying higher.
• APE’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Apecoin (APE) in the past few days has been tremendous, with Bitcoin (BTC) creating a more bullish scenario across the crypto market; this has also propelled the price of Apecoin (APE) from its key support area. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.15, with many others, like APE showing great recovery signs. (Data from Binance)

ApeCoin (BTC) Price Analysis On The Weekly Chart

Apecoin (APE) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of APE has enjoyed a measure of relief after showing so much strength on the weekly low, rallying to a high of $5.

Previous weeks have been nothing short of a tough and boring time for APE price as price continued in its range movement around $4.2, holding above key support area haven enjoyed some great rally during the “Otherside” metaverse sale.

After its weekly close of above $4.3, the price of APE rallied to a high of $6; the price has faced a minor rejection to break higher to a region of $6-$7; the price struggled to break above this region.

The price of APE has maintained its bullish structure above the $4.3 region, as the price of APE eyes a rally to a region of $6 which could prove to be very key in its price rally to $7. If the price of APE fails to overcome $5-$6, we could see the price drop to $4.5-$4.3

Weekly resistance for the price of APE – $6-$7.

Weekly support for the price of APE – $4.5.

Price Analysis Of BTC On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $5 but faced a little rejection to flipping this resistance into support and trending higher to a region of $7.

APE currently trades at $4.9, just above its key support formed at $5 after its successful breakout from a descending triangle. The price of APE trades below the 50 EMA, and the 50 EMA corresponds to $5, acting as support for the price of APE. 

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

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Chainlink Price Consolidates, How Long Will The Bulls Stick Around?

Chainlink price has been moving sideways over the past day. In the last 24 hours, the coin has only increased by 0.4%.

Broader market price sentiments have crept in and many major altcoins have followed suit. In the past week, Chainlink has gained close to 6%.

It continues to struggle within the $7 price zone. For the coin to see bullish force yet again, it is imperative that LINK travels above the $8 price level.

The technical outlook of LINK has also indicated that bullish strength has started to exit the market. Demand for the altcoin has fallen, which has caused sellers to increase in number.

Despite the recovery that Chainlink price registered in the past week, the coin has not experienced positive buying strength.

This emphasized that LINK has to move past its next resistance mark for demand to increase on the chart. If buying strength continues to remain low, Chainlink will soon visit its closest support level.

Currently, the altcoin is trading at an 86% low from its all-time high, which it secured in the month of May 2021.

Chainlink Price Analysis: One-Day Chart

Chainlink was priced at $7.14 on the one-day chart | Source: LINKUSD on TradingView

LINK was trading at $7.14 at the time of writing. The altcoin has been moving sideways over the last 24 hours. This could prove difficult for the bulls as demand for the coin continues to decline.

Chainlink has to break past its overhead resistance of $7.36 and $7.71 to reclaim the $8 level. Once LINK starts to trade at the $8 level, the bullish momentum can re-enter the market.

Continued consolidation will cause Chainlink to move down to its local support line of $7 and then to $6.72. The coin might start to oscillate between these two levels if that happens.

The amount of Chainlink traded in the past session declined, which meant that sellers were back in the market.

Technical Analysis

Chainlink registered fewer buyers on the one-day chart | Source: LINKUSD on TradingView

Buying strength of Chainlink has consistently remained low for this month. The coin barely registered an increase in buying strength in the last several weeks.

The Relative Strength Index was below the half-line despite an uptick, which meant that sellers were still greater in number as compared to buyers.

Chainlink price was below the 20-SMA line as demand for the coin fell, and sellers were driving the price momentum in the market.

Chainlink displayed buy signal on the one-day chart | Source: LINKUSD on TradingView

The other technical indicators, however, indicated that buyers could make a comeback. The chart displayed the buy signal for the altcoin.

Moving Average Convergence Divergence indicates the strength of the price momentum and the price direction of the altcoin.

The MACD underwent a bullish crossover and formed green histograms above the half-line, indicating that those were the buy signal for Chainlink.

If buyers act on it then the coin can have a chance to redeem its bullish price momentum. The Directional Movement Index also points at the price direction and the strength of the same.

DMI was negative as the -DI line was above the +DI line.

The Average Directional Index was below the 20-mark, which meant that the current price momentum lacked strength.

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Ep05- MLM – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast

It was about time that MLM made an appearance. Multi-Level Marketing explains a lot about the OneCoin story. In this ONE-HOUR episode of “The Missing Cryptoqueen,” we’ll learn about the secret ingredient that catapulted Dr. Ruja from the millions to the billions. We’ll meet interesting people and the plot will thicken. Also, the size of the OneCoin scam will increase significantly. This thing gets bigger by the episode, which is what makes the show so entertaining. What a clusterfuck this was.

It begins by answering the question posed in episode 4. Could an unrecognizable version of Dr. Ruja have been in attendance at the Miss OneLife beauty pageant? The production team shows a UK plastic surgeon pictures from the event. There was a person with OneCoin’s main directors that they suspect might’ve been Ruja Ignatova. He hesitates, but when Jamie Bartlett tells him that the person they’re looking for is a billionaire with an infinite budget, he changes his mind. “It’s possible, those things can be changed,” he says.

That being settled, let’s get into MLM.

Remember, you can download episodes directly from the BBC, or listen to “The Missing Cryptoqueen” through Apple, Spotify, or iVoox.

About MLM And “The Missing Cryptoqueen,” Episode Five – “What Dreams May Come”

This episode’s protagonist was the #1 seller of OneCoin at one point. He’s a professional multi-level marketer with an army of professional MLM salespersons at his disposal. His house is called “What Dreams May Come,” which inspired the episode’s title. This man’s tongue is the main reason this episode is one hour long. His stories are phenomenal, everyone should listen to them. Especially considering we’re going to skip them and stick to the core story.

So, network marketing, MLM, or multi-level marketing is the missing ingredient. When this man’s company started working for OneCoin, they put an army of top-level marketers to push the product. And it sold like hotcakes. “In the first year, it made more millionaires than Amway ever did in their 75 years of history,” he claims. The kicker to this part of the story is that the MLM marketer alleges that he believed Dr. Ruja and put more money into OneCoin than anyone on earth.

According to the released FBI documents we found last time, Dr. Ruja and company called this operation “The B*tch of Wall Street meets MLM.” You can’t make this stuff up. In an archival audio file, we hear her announce that OneCoin was going to inflate the supply 10X and the crowd cheered. Then, contradicting every economic law, she told them that the more OneCoin there were, the best it was for them. They Cheered. Then, by decree, she doubled the amount of OneCoin everyone had in their vaults. People lost their minds.

Besides MLM, two of the most mind-blowing revelations the episode contains are in the following quotes.

Quotes From “The Missing Cryptoqueen,” Episode Five – “What Dreams May Come”

Tim Curry, OneCoin critic, said:

“The math of this is just completely ridiculous. Every minute 50,000 OneCoins are mined, right? Now, the value of those at today’s “price” of €29.95 would be €1.5 million a minute, is what they’re claiming right? And per hour, that’s €89.85 million. And then, per day, they’re creating €2.15 billion out of thin air, right? And so, the logic of it is just ridiculous. Now, if you follow how many coins have been mined for the first quote “Blockchain.” And then, from October 1 to present, it’s nearing about 70 billion coins. If we take 70 billion coins and multiply that by the internal price of 29.95, you’re looking at, I think it’s like $1.8 trillion or $2.1 trillion. Which is greater than all of the US dollars in circulation on earth, which is about $1.67 trillion.”

About the fact that OneCoin did have a certificate saying they were Shariah-compliant that was issued from Pakistan, Amjad Mohammed, scholar from Bradford and OneCoin critic, said:

“What Sharia compliant is supposed to mean, is that somebody has carried out thorough research, gone through all the conditions, gone through all the terms with a fine tooth comb. There was no evidence of any research whatsoever. It was just a blank certificate saying “this is okay.” Amjad issued a fatwa against this, a ruling that OneCoin was not halal. And then, “within weeks, the conditions which I had highlighted as being problematic changed. So, clearly, somebody was keeping a watching brief of what I was doing because I only picked a couple in the initial fatwa. However, OneCoin does not actually exist. So, I can easily make any form of conditions for something, when the actual thing does not exist. It’s a fraud.”

MLM And The Perfect Scam

Near the end, Jamie Bartlett reflects on the story so far:

“There’s something strangely beautiful about the OneCoin scam. It’s like the perfect scam. It combines the hype and terminology of cryptocurrencies and the hard-nosed MLM selling of people like Igor Alberts. It uses glamorous events and household brands to create the veneer of respectability and protects it with a religious-like zeal. And who could ever doubt the intentions of the trustworthy Dr. Ruja.”

The cult-like aspects of the whole ordeal are ever-present in this episode. The whistleblowers tell the producers about the death threats they get like it’s nothing. For people inside of OneCoin, they’re traitors of the highest order. For these religious zealots, Dr. Ruja is still running the whole operation from the shadows, and the people that want to silence her are just jealous “haters.” 

Before finishing, Jamie Bartlett explores the idea that, when it mixed with MLM, the OneCoin operation got too big. Maybe Dr. Ruja was scared, as she seems to show in an alleged email. Apparently, this was supposed to be a little scam, but it caught fire. And Dr. Ruja’s backers were not going to let a golden goose die.

Episode Credits

Presenter: Jamie Bartlett Producer: Georgia Catt Story consultant: Chris Berube Editor: Philip Sellars Original music and sound design: Phil Channell Original music and vocals: Dessislava Stefanova and the London Bulgarian Choir

Previous Companion Guides For BBC’s “The Missing Cryptoqueen” Podcast:

Ep. 01 – https://www.newsbtc.com/news/bitcoin/ep01-dr-ruja-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 02 – https://www.newsbtc.com/news/bitcoin/ep02-btc-killer-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 03 – https://www.newsbtc.com/altcoin/ep03-onecoin-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 04 – https://www.newsbtc.com/scams-and-fraud/ep04-onelife-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

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Why The DOGE Price Rally Could Foretell An Altcoin Season

The DOGE price action brings reminisces of the 2021 bull run to crypto traders and market participants. The meme coin is trending to the upside, supported by the Elon Musk Twitter takeover. The billionaire purchased the social media for over $40 billion, and the market expects Dogecoin to play a role in its future. 

At the time of writing, the DOGE price stands at $0.13 for the first time since May 2022. The meme coin records a massive profit of 56% in the last 24 hours and 121% over the previous seven days. The general sentiment in the market is optimistic for the first time since the Ethereum “Merge.” 

DOGE’s price trends to the upside on the daily chart. Source: DOGEUSDT Tradingview

DOGE Price Forecast Better Days For Altcoins?

Across social media platforms, crypto traders speculate about a potential upside move for altcoins and meme coins. In addition to the DOGE price, Shiba Inu (SHIB) has recorded positive momentum and a 35% profit in the past week. 

According to a pseudonym trader, SHIB’s price lags behind DOGE and could see further upside in the short term. On its way to the upside, SHIB’s 200-day Exponential Moving Average (EMA) could operate as critical resistance. 

Traders are betting on the DOGE price failure. If too many shorts piled up on the token’s price action, DOGE might have fueled to extend its bullish momentum. However, if the DOGE price continues to trend upward, SHIB and other altcoins might break past their resistance levels. 

In that sense, leverage positions to the upside or downside could risk more spikes in Dogecoin’s volatility. With the looming announcement of a Twitter integration, DOGE might see more price action finally breaking out from a tight sideways range. 

Sam Trabucco, the former CEO at Alameda Research in 2021, highlighted that the DOGE price is susceptible to “bullish impetuses.” This phenomenon makes the meme coin’s moves more extreme, with the potential to surpass market expectations. 

And even recently, this influenced how we bet on DOGE. We’ve held a long DOGE position for *months* and it’s gone great — all based on noticing how it goes up when Elon tweets: – likely some bullish impetuses (Elon, TikTok, ETFs, etc.) – more upside potential from liquidations pic.twitter.com/PChKs60xbr

— Sam Trabucco (@AlamedaTrabucco) April 22, 2021 

Bitcoin About To Be Outperform By DOGE And Meme Coins

Dogecoin’s influence over the crypto market is starting to influence critical metrics. Bitcoin dominance (BTC.D), used to measure the percentage of the market formed by BTC’s market capitalization, is taking a massive loss. 

BTC’s dominance trends to the downside on the daily chart. Source: BTC.D Tradingview

This metric was starting to rebound after a massive selloff. The number one cryptocurrency by market cap is showing bullish momentum, but altcoins could be about to steal its shine. 

If the downside trend in Bitcoin dominance continues, DOGE will likely trend higher, pushing the altcoin sector up with it. Still, at this point in the Dogecoin rally, any position is high risk and vulnerable to volatility. 

#DOGE playing out with technical precision. @elonmusk closing the @Twitter deal has @dogecoin speculators aping into longs.

Be careful. It could be the mother of all exit pumps.

Rejected from monthly resistance. pic.twitter.com/tCE7pKfbGD

— Keith Alan (@KAProductions) October 29, 2022 

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Avalanche Price Remains Positive But Could Experience Bearish Pull At This Level

Avalanche price has depicted positive movement over the last 24 hours. Over the past 24 hours, the coin has appreciated by 3%.

In the last week, AVAX shot up in double digits, which helped the coin break its sideways trading.

The bulls now have control of the coin, but the altcoin is expected to break past a few trading levels to ensure that the bullish momentum continues on the chart.

The technical outlook was also on the side of the bulls because Avalanche had gained buyers ever since it started to move up on its chart.

The demand for the altcoin has also helped AVAX to slowly climb above its resistance mark, which now acts as a support for the coin.

The coin’s strong support was at $15 at the time, but once it broke through, there could be some resistance between the $18 and $19 price range.

If demand for AVAX remains constant, it might manage to topple those levels, which could help the altcoin to break free from lateral trading.

The global cryptocurrency market cap today was at $1.03 trillion, with a 0.8% negative change in the last 24 hours.

Avalanche Price Analysis: One-Day Chart

Avalanche was priced at $17.76 on the one-day chart | Source: AVAXUSD on TradingView

AVAX was trading at $17.76 at the time of writing. The altcoin has experienced significant resistance at the $17 mark, but the bulls have now managed to stay above that price level.

To continue the bullish thesis, Avalanche has to move past the $18 price mark, which acts as the immediate resistance for the coin.

There could be a chance of the coin experiencing a lack of demand at that price level.

Once AVAX breaks past $18, it is a clear path to $20.

On the other hand, if the price retraces, AVAX could briefly stay above the $16 price mark before it falls to the $15 price level.

The amount of Avalance traded in the last session was positive, signifying that buying strength was also on the increase.

Technical Analysis

Avalanche registered increased buying strength on the one-day chart | Source: AVAXUSD on TradingView

Buying pressure for Avalanche price registered a steep recovery on the one-day chart. Buyers came straight back into the market as AVAX logged gains.

The Relative Strength Index was positive as the indicator barreled up above the half-line, signaling that buyers have taken over the altcoin.

Avalanche price were also above the 20-SMA line, which is considered bullish due to increased demand. Buyers were driving the price momentum in the market.

Avalanche displayed buy signal on the one-day chart | Source: AVAXUSD on TradingView

Avalanche price also displayed buy signal for the coin on its chart, indicating that if buyers act on it, the coin can move north again.

The Awesome Oscillator indicates the price momentum and the strength of the price movement. AO was positive as it pictured green histograms that also represented the buy signal for AVAX.

Bollinger Bands show price fluctuation and the chances of further volatility. The bands were super constricted on the chart. This sign is often accompanied by explosive price action over upcoming trading sessions.

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