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Senin, 31 Agustus 2020

Yearn Finance Launches Ethereum Vaults; Here’s Why Its Bullish for ETH

Yearn Finance is now allowing people to stake their Ethereum holdings to earn higher yields via its new product yETH.

The vault, which went live on Monday following a community vote, expects to attract a large amount of ETH tokens, with many observers noting that the migration would leave the Ethereum market with a supply-side liquidity shock. They are already counting on a bullish response from the ETH traders based on supply-demand economics.

$ETH leveraged in #DeFi has passed 5,000,000 or ~4.50% of total circulating supply.

It's quite clear there's a supply-side liquidity crisis forming here. yETH and Phase 0 will compound this. pic.twitter.com/2qlQwRLjMu

— 0xNick (@0xEther) August 28, 2020

Alex Saunders tweeted earlier Monday that he sees the demand for ETH tokens go high in the coming days. The Nugget News founder called the launch of yETH a “bullish” event, adding:

“Anyone who owns ETH can earn the best yield automatically by HODLing yETH. It could also mean other protocols find it harder to compete with Ethereum when offering staking rewards.”

Ethereum Boom Ahead?

In retrospect, Yearn Finance is a protocol that finds the best available yields available on the tokens one holds. It requires users to deposit their coins into their system, for which they return a native cryptocurrency. In the case of Ethereum, that token is yETH.

As traders–who are looking to put their ETH holdings to use–decide to deposit them with Yearn Finance, they would automatically remove a portion of ETH supply from the market. Meanwhile, rising demand for the Ethereum cryptocurrency for its application across payments, DeFi, and stablecoin sector, would most likely push its prices higher.

“ETH vaults typically draw in the most liquidity,” stated one analyst. “YFI has been a monster liquidity vacuum without them, imagine the addition… This will accelerate things far beyond current TVL.”

Another daytrader commented:

“The sheer amount of ETH is going to get locked up in [Yearn Finance] yETH vault. I feel [it] will be astronomical – not only bullish for $yfi but the juggernaut $eth itself. I’m long both and I’m f***** excited.”

No trader gave an exact price target following the yETH-led Ethereum boom.

ETH/USD Down

The Yearn Finance did not leave a sudden impact on spot ETH/USD markets. The pair was trading 0.43 percent lower at $426 as of 1100 GMT.

Ethereum price trades lower despite the Yearn Finance news. Source: TradingView.com

One chart watcher noted that traders might start moving their Bitcoin capital into the Ethereum market after the yETH launch. Meanwhile, analyst Michaël van de Poppe said that ETH/USD would remain bullish as long as the pair holds itself above the $370-mark.

So far, Ethereum has surged 226 percent in 2020 following the Federal Reserve’s trillions of dollars worth of capital injection into the US economy. The second-largest cryptocurrency is now eyeing a break above $450, which many believe would have it touch the $500-mark.

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Here’s Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000

Bitcoin has seen consolidation under $12,000 ever since unceremoniously losing that pivotal price point the week before last. The cryptocurrency now trades at $11,700 as of this article’s writing, having closed its weekly candle above a crucial support.

Arguably the technicals of the Bitcoin market remain in a shaky spot. Some have asserted that BTC’s rejection at $12,000 is a likely sign it will retrace towards the $10,000s, maybe lower.

Vinny Lingham, the CEO of Civic, seems to be unphased. The cryptocurrency investor asserted that there’s a good likelihood the leading digital asset will soon trade at a price of $15,000.

Bitcoin Could Soon Hit $15,000, Says Industry Chief Executive

According to Vinny Lingham, the chief executive of crypto startup Civic, there’s a good likelihood Bitcoin will soon begin a leg higher to $15,000. He made this comment in reference to how $10,000 “represents strong support”:

“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.”

It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.

— Vinny Lingham (@VinnyLingham) August 28, 2020

Discussing the efficacy of his calls, Lingham noted to a commenter that he has rightfully called prior price action.

He added that he personally thinks that Bitcoin flips bullish on a macro scale if it converts $12,000 into support:

“I’m not a permabear or a permabull – I called the bubble and I called the bear market. The bear market is almost over, if/when we break and hold $12k. So yes, I’m turning bullish.”

This sentiment is in line with a number of technical traders within the space. One historically accurate analyst, for instance, who predicted BTC’s V-shaped reversal in March says a rally to $17,000 is imminent. That’s not $15,000, of course, but there’s a growing sentiment that Bitcoin will gap higher.

Part of a Longer-Term Uptrend

The rally towards $15,000 or $17,000 is expected to be part of a longer-term uptrend, spurred by a confluence of fundamentals.

Raoul Pal, CEO of Real Vision, recently commented that Bitcoin is likely to rally 50 to 100 times this market cycle due to macro trends.

Responding to Jerome Powell’s comments, Pal noted that the Federal Reserve seemingly wants anything but deflation. This, the investor explained, will create market pressures over time that will drive capital to Bitcoin and gold at record speed.

The Winklevoss Twins, co-founders of Gemini, have echoed the optimism. They also noted that macro factors are likely to drive vast amounts of capital to Bitcoin in upcoming years.

Xcoins.com Registers 500% YoY Growth, Stays Focused on Speed and Transparency of Crypto Transactions

The year 2020 has not been great so far as the global economy continues to reel under the blow dealt by the SARS-CoV-2 pandemic, causing a widespread slowdown. One of the most obvious indicators of troubled waters is the recent poor performance of the US Dollar – the reserve currency.

As uncertainty surrounds fiat currencies and other financial assets, people are increasingly flocking towards precious metals and cryptocurrencies like gold and Bitcoin respectively, resulting in an increase in their prices. Meanwhile, a lot of established exchanges have found themselves overwhelmed with increased demand leading to delayed Bitcoin transactions, leaving the crypto community searching for better alternatives.

During these challenging times, one exchange platform – Xcoins.com has remained steadfast and continues to offer the same, if not better service since the past four years. With over a quarter-million customers across the world, the platform enables users to instantly purchase Bitcoin and other digital currencies with debit and credit cards. Unlike its counterparts, which includes major crypto exchanges, Xcoins promises to deliver Bitcoin to the user’s wallet within 15 minutes of purchase. In an event it fails to adhere to the timeline, users will not have to pay any fees for the next transaction.

Xcoins has proven reliable so far, winning the crypto community’s trust. As a result, the platform has witnessed a 500% year-on-year growth this year as many switched to Xcoins to meet their crypto needs. According to the company, the recent uptick is influenced by a surge in the influx of users on to the platform from the United States, who make up for 90% of new signups in 2020.

“We are seeing more and more new users wanting a transparent full-service platform that delivers on time. Our core focus is to deliver Bitcoin at speed to all our customers. This is our core focus moving forward as we continue to experience healthy growth in the US market and build on our market presence,” said Przemek Dmochowski – Chief Marketing Officer at Xcoins.

Bitcoin users are increasingly looking for platforms capable of settling transactions fast, especially during times when the demand is high. It is influenced by their past experiences as well, as there have been instances where Bitcoin confirmation backlogs extended to days at times leading to network congestion. Xcoins has emerged as the platform of choice because of its commitment to deliver in the shortest time possible, which combined with its easy signup process, credit card payments and a strong customer support team make it the best destination to purchase Bitcoin. Users can also purchase Litecoin, Ethereum, Ripple, and Bitcoin Cash on Xcoins.

With continued attention towards further optimizing the speed, transparency, and accessibility, the platform is poised to expand rapidly in the coming days.

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Litecoin Price Holds Strong at $60: A Bullish Case For Rally To $70

Litecoin started a steady recovery wave from the $53.50 and $54.00 support levels against the US Dollar.
The price is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
The bulls seem to be aiming a larger upward move towards the $68.00 and $70.00 levels.

Litecoin price is gaining momentum above $60.00 against the US Dollar. LTC is likely to continue higher towards $68.00 or $70.00 as long as it is above $58.00.

Litecoin Price is Rising Steadily

After a steady decline, there was a recovery wave in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Both ETH and LTC performed really well, and surged more than 5% in the past few sessions.

Litecoin price formed a support base above $55.00 and started a steady recovery wave above $60.00. There was a clear break above the 50% Fib retracement level of the downward move from the $68.92 high to $53.64 low.

Moreover, there was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair. The pair is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).

Litecoin price above $60.00. Source: TradingView.com

An initial resistance is near the $63.00 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.92 high to $53.64 low. If there is a clear break above $63.00, the price might rise steadily towards the $65.00 level.

The main resistance is near the $68.00 level and $70.00 handle. The bulls are likely to target a test of the $70.00 resistance in the coming sessions.

Dips Likely Supported in LTC

If litecoin fails to continue above the $638.00 resistance, there are chances of a downside correction. On the downside, the first major support is near the $60.00 level and the 100 simple moving average (4-hours).

The next key support is near the $58.00 level, below which there is a risk of a fresh decline towards the $54.00 and $53.50 support levels.

Technical indicators:

4-hours MACD – The MACD is showing positive signs in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 70 level.

Major Support Levels – $60.00 followed by $58.00.

Major Resistance Levels – $68.00 and $70.00.

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Minggu, 30 Agustus 2020

Ethereum Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Ethereum gained bullish momentum above the $406 resistance against the US Dollar. ETH price is up over 5% and it seems like the bulls are aiming a test of $445 in the coming days.

Ethereum climbed higher steadily and broke the $400 and $406 resistance levels.
The price is now trading nicely above the $420 level the 100 hourly simple moving average.
There is a short-term breakout pattern forming with resistance near $430 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct a few points, but the bulls seem to be aiming a test of $445 or $450.

Ethereum Price Gaining Bullish Momentum

In the weekly analysis, we discussed the chances of more upsides in Ethereum if it clears $408 against the US Dollar. ETH price did gain bullish momentum above the $406 and $408 resistance levels.

It climbed over 5% and surpassed the $420 resistance level. A high is formed near $430 and ether is now trading well above the 100 hourly simple moving average. It is currently consolidating gains below the $430 level.

There is a short-term breakout pattern forming with resistance near $430 on the hourly chart of ETH/USD. The triangle support is near the 23.6% Fib retracement level of the recent upward move from the $403 swing low to $430 high.

Ethereum price trades above $425. Source: TradingView.com

If there is a downside break below the triangle support, ether price could test the $420 or $416 support. The 50% Fib retracement level of the recent upward move from the $403 swing low to $430 high is also near $416.

On the upside, the bulls are facing hurdles near the $428 and $430 levels. A successful close above the $430 resistance could open the doors for another 3%-5% rise. The next key resistance is likely to be $445 or $450.

Downsides Are Likely To Be Limited in ETH

If Ethereum starts a steady downside correction, the $420 support or the $416 technical level might protect more downsides in the near term.

If there are more losses, the next major support is near the $406 level (the recent breakout zone), where the bulls are likely to take a stand. The main support and a pivot zone is near $400.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $420

Major Resistance Level – $430

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Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally

Bitcoin price is showing reversal signs above the $11,550 resistance against the US Dollar. BTC must surpass the $12,000 resistance for a sustained upward move.

Bitcoin started a steady rise above the $11,500 and $11,550 resistance levels.
The price traded as high as $11,731 and it settled above the 100 hourly simple moving average.
There is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate higher if it clears the $11,800 and $12,000 resistance levels.

Bitcoin Price Recovering Steadily

After forming a support base above $11,400 and $11,200, bitcoin price started a fresh increase against the US Dollar. BTC broke the main $11,500 hurdle and the 100 hourly simple moving average to move into a positive zone.

It even surpassed the $11,650 level and traded as high as $11,731. The price is currently consolidating gains and trading near the $11,680 level. An initial support on the downside is near the $11,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high.

Moreover, there is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair. If there is a downside break below the channel support, the price could test the $11,550 support zone.

Bitcoin price trades above $11,650. Source: TradingView.com

The 50% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high is also near the $11,568 level. On the upside, the price is facing a couple of short-term hurdles near the $11,800 level.

The main hurdle for the bulls is near the $12,000 level, above which the price is likely to start a strong rally. In the mentioned case, bitcoin is likely to hit the $12,500 level.

Downside Correction in BTC?

If bitcoin fails to continue higher above the $11,800 and $11,850 levels, there could be a short-term downside correction. The first key support is near the channel lower trend line near $11,650.

The main support is now forming near the $11,550 and $11,500 levels, below which the price is likely to resume its decline towards the $11,000 level.

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 correcting lower towards the 50 level.

Major Support Levels – $11,650, followed by $11,550.

Major Resistance Levels – $11,800, $11,850 and $12,000.

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Barstool’s Dave Portnoy Is Preparing to Re-Enter the Bitcoin & Crypto Market

Dave Portnoy has been dabbling in the crypto and Bitcoin market for a few weeks now. After being reintroduced to the cryptocurrency market by Twitter, the Barstool Sports founder and celebrity day trader has been frequenting Crypto Twitter.

It reached a point where he was introduced to the Winklevoss Twins, who co-founded the Gemini crypto exchange.

Portnoy was then visited by the twins, who convinced him to buy Bitcoin and Chainlink (LINK). According to the Barstool founder, he purchased around $200,000 worth of Bitcoin and $50,000 worth of Chainlink. The cryptocurrency market then rallied around 5% in the day after he made this purchase, with LINK especially surging.

After temporarily selling all his cryptocurrencies due to $25,000 worth of losses he incurred, Portnoy just announced that he may re-enter this nascent market.

Dave Portnoy May Soon Re-Enter Bitcoin

On August 30th, the Bitcoin newbie announced that he will soon re-enter the crypto market once he’s figured out the intricacies of the crypto market. In his words:

“For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in.”

For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in. pic.twitter.com/SQiEw9Xeql

— Dave Portnoy (@stoolpresidente) August 30, 2020

He previously exited the crypto market because he incurred a loss on two of three of his cryptocurrencies, Chainlink and Orchid (OXT):

“I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done… You LINK Marines are a bunch of f**ing frauds — you guys keeping on dumping this, not pumping it.”

Focus on Chainlink

When he returns to crypto, Portnoy is expected to have a focus on Chainlink and other altcoins, not just Bitcoin.

He explained in a recent tweet that he intends on “saving” the LINK marines, who he notes need saving due to Chainlink’s recently dropping price.

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