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Minggu, 30 Agustus 2020

Chainlink Bulls May Target $19.00 as Long as They Hold One Key Level

Chainlink has been flashing some signs of strength throughout the past few days and weeks, with the cryptocurrency’s securing a relatively strong foothold above the $17.00 region following its latest surge.

It has established the upper-$17.00 region as resistance, as a rally up to this area earlier today was followed by a strong rejection that sent the crypto plunging to lows of $16.50.

Bulls are now ardently defending against a dip below the $17.00 region, as a confirmation of this level as support may provide it with enough momentum to rally higher in the coming few days.

While speaking about the importance of this level, one analyst explained that as long as bulls guard against a dip below this level in the coming few hours, LINK could be well-positioned to rally as high as $19.00.

That being said, the same analyst also notes that a dip below this level could lead it to slide down towards $15.00 in the near-term.

Chainlink Struggles to Hold Above $17.00 Following Rejection at $18.00

At the time of writing, Chainlink is trading up just over 4% at its current price of $17.10. This is around where it has been trading for the past few days, as buyers have been ardently attempting to flip it into support.

In the near-term, whether or not this level can be flipped into support will likely be the sole factor that determines where it trends in the days and weeks ahead.

A failure for it to continue trading above this level could lead it significantly lower in the near-term.

It is important to note that LINK is still trading well-above where it was at just three days ago when it was trading at $14.00.

Analyst: LINK Could Soon Surge to $19.00 if Bulls Can Guard Against Further Downside

While speaking about the importance of $17.00, one trader explained that Chainlink’s reaction to this level should have significant implications for where it trends next.

He notes that while a defense of this level could catalyze a movement up towards $19.00, a sustained decline beneath it could lead the crypto down toward $15.00.

“This one doesn’t care and tries to break further up. As long as $17 holds, I think we’ll be able to reach $19. Losing $17 and I’ll aim $15.”

Chainlink LINK

Image Courtesy of Crypto Michael. Chart via TradingView.

Where Chainlink trends in the coming few hours and days will likely depend largely on whether or not the aggregated crypto market maintains its strength.

Featured image from Unsplash.
Charts from TradingView.

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Hackers Nab $16 Million In BTC Through Bitcoin Wallet Exploit

A long-time holder was unfortunately taken for their 1,400 BTC – over $16 million worth of Bitcoin – in a wallet exploit. But how were hackers able to make off with this user’s cryptocurrency? And what can others do to avoid the same situation from happening to them?

Crypto Crime Takes A Bow But Is Just As Active Behind The Curtain

Due to the lowered frequency and severity of big crypto exchange hacks compared to the past, Bitcoin-related hacks have since cooled off in the media.

Phishing attempts, ransomware, and SIM-card hacks are just three examples of crypto-related crime that isn’t widely covered.

It wasn’t until recently when several high profile Twitter accounts of celebrities, politicians, and company CEOs were hacked as part of a phony Bitcoin giveaway scam.

Hacks are commonplace in crypto, but it is only when there’s something of significance attached does it make the news. And a new hack uncovered involving over $16 million in stolen BTC could be the next headlining story to make it to publishing.

bitcoin btcusd

BTCUSD 1400 BTC = Roughly $16,000,000 USD | Source: TradingView

How Hackers Were Able To Steal 1400 Bitcoin, Over $16 Million In USD Value

According to the appropriately named GitHub user ‘1400BitcoinStolen,’ the enormous sum of BTC matching his username is now gone in part of a hack involving the Bitcoin wallet Electrum.

The fault is not of Electrum’s nor really the user’s, but it does put a spotlight on the importance of two key issues.

pic.twitter.com/G4gPwa7pxw

— Ben Verret⚡ (@verretor) August 30, 2020

The user utilized Electrum software from the last time they accessed their BTC in 2017. Electrum has since issued security updates that this user hasn’t yet installed.

Before they could move their Bitcoin, they were prompted to update and patch potentially critical issues. But when they did, the software contacted the hacker’s server using an exploit that the real security update would have likely prevented. 1400 BTC was immediately emptied from the wallet and into the hacker’s – a somber reminder to always keep software up to date.

Related Reading | The Most Common Bitcoin Scams And How To Avoid Them

Because Electrum is a “light client” software engineer Ben Kaufman explains in a deeper Twitter thread on the subject that this means the software must connect to a public server before it is then be connected to the blockchain.

It’s this trusted third-party acting as a middle man where hackers were able to exploit the process – the other key reminder to never trust third-parties with your private keys.

This unfortunate user likely can’t get their funds back, but others have been luckier. For those that experience this issue and act fast enough can potentially “double-spend” over the transaction if the hacker used a low enough fee.

For everyone else, let this be a reminder to keep your software up to date and to rely on cold storage methods whenever possible.

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Synthetix Founder: There’s a Chance Bitcoin “Barely Moves” in this Bull Market

Bitcoin has seen extreme strength over recent weeks, rallying around 30% in the past month. One pioneer in the cryptocurrency space thinks, though, that BTC may not see a great bout of price appreciation this market cycle.

Synthetix Founder Doesn’t Think Bitcoin May Explode Higher This Cycle

Synthetix’s founder Kain Warwick thinks that Bitcoin may actually be a dormant investment during this market cycle.

On August 30th, the pioneer in the DeFi space took to Twitter, writing that “there is a very real chance that BTC barely moves as this bull market plays out.” He backed this sentiment by pointing to the fact that money entering the crypto space doesn’t stick with Bitcoin, but is instead distributed to altcoins.

“There is a very real chance that BTC barely moves as this bull market plays out. The days of BTC as on-ramp to crypto are over, it’s being bypassed almost completely as new money comes in primarily via stablecoins.”

There is a very real chance that BTC barely moves as this bull market plays out. The days of BTC as on-ramp to crypto are over, it’s being bypassed almost completely as new money comes in primarily via stablecoins.

— kain.eth (@kaiynne) August 30, 2020

BTC to Underperform This Market Cycle

Although most don’t agree with the sentiment that Bitcoin will “barely move” this cycle, a growing number of commentators are agreeing that it will be an overall underperformer.

Kelvin Koh of The Spartan Group, a crypto venture and hedge fund based in Hong Kong, recently noted that Bitcoin’s dominance may see a strong decline in this market cycle.

The former Goldman Sachs partner remarked that BTC dominance has been on a “steady decline” and will eventually “fall below the Jan 2018 lows (33%) in the current DeFi bull market.”

BTC dominance has been on a steady decline for the past 12 months. I expect this ratio to fall below the Jan 2018 lows (33%) in the current DeFi bull market. We are currently at 59%. Still a long way to go….. pic.twitter.com/fPfADF5sui

— SpartanBlack (@SpartanBlack_1) August 29, 2020

After Parabolic Rally, Cosmos (ATOM) Just Formed a Textbook Sell Signal

Cosmos (ATOM) has been one of the best-performing crypto assets of the past few weeks. The prominent altcoin has gained dozens of percent against the dollar and against BTC over recent weeks, setting new all-time highs.

In the past 24 hours, the asset is up 3.6% and up 20% in the past seven days.

Cosmos may be poised to reverse, though, with the Tom Demark Sequential printing a textbook sell signal.

Cosmos (ATOM) Prints Reversal Signal

Cosmos (ATOM) has formed a bearish reversal signal on its BTC pairing, according to a Telegram channel tracking instances of the Tom Demark Sequential.

The indicator is a time-based indicator that prints “9” and “13” candles when an asset is at an inflection point in its trend.

According to the Telegram channel, ATOM has formed a “sell 9” candle on the current weekly candle. This could trigger a strong bearish drop in the weeks ahead.

Chart of Cosmos' price action against BTC over the past year or so from a Telegram channel tracking the Tom Demark Sequential. Chart from TradingView.com

The Tom Demark Sequential has had decent success with Cosmos thus far.

As can be seen with the chart above, a Tom Demark “Buy 9” was formed after a strong drawdown. The asset then bounced by dozens of percent in the months that followed.

Cosmos also flatlined in the two weeks after it formed a “sell 9” candle, but then proceeded to move higher. Technically, this signal was not incorrect as TD Sequential “9” candles are seen when an asset consolidates, not at reversal points.

Bitcoin to Dictate Altcoin Directionality

Bitcoin is likely to dictate the directionality of altcoins, both against the dollar and against BTC. Volatility in the price of the leading cryptocurrency has often meant that altcoins underperform. As Mohit Sorout of Bitazu Capital wrote to NewsBTC;

“Most (altcoin) cycles in crypto are centered around bitcoin volatility. When it dries up, no one wants to trade btc which becomes evident from the volume as well. This leads to a large uptick in speculation on alts, driving their prices up – typically alts with strong narratives & large scale memetic behavior get the most volumes. It’s interesting to note that btc just experienced its one of the lowest volatility periods. Volatility is a sinusoidal wave & we just passed the trough region of it.”

Bitcoin is poised to see volatility as its price tightens in the range between $11,000-12,000.

Yearn.finance (YFI) Shows Signs of Posting Local Top Following $40,000 Rejection

Yearn.finance has been one of the strongest and fastest-growing DeFi protocols within the crypto market, which has been reflected in the price of the YFI governance token.

YFI has seen parabolic growth throughout the past few weeks and months, with the cryptocurrency rallying from well-under $1,000 just a couple of months ago to highs of nearly $40,000 that were set last night.

This intense parabolic momentum has come about as the protocol sees massive inflows of assets into its various pools.

Its fundamental growth has been reflected in the platform’s governance token’s price, which has seen explosive growth in recent weeks.

Analysts are noting that from a technical perspective, it appears that YFI is forming a local top, which may mean that some further downside is imminent following the massive overnight surge.

Yearn.finance Rallies to $40,000 Overnight

Yearn.finance is currently one of the largest decentralized finance protocols in the market, with the total value locked (TVL) within the platform rapidly approaching $1 billion.

The massive inflows of capital into the various pools supported by the protocol have driven this growth, with Yearn rapidly becoming the protocol of choice for so-called “yield farmers.”

One byproduct of this growth has been a parabolic rise in the price of the YFI governance token – which reached towards $40,000 overnight during an explosive parabolic upswing.

At the time of writing, YFI is trading up over 8% at its current price of $29,700. This marks a massive surge from weekly lows of under $12,000 that were set just a few days ago.

The dip to these lows came about after it had surged to highs of $17,000 a couple of weeks ago.

This decline proved to be fleeting, however, as YFI garnered massive momentum throughout the past few days that sent it surging up to highs of $40,000 overnight, which is where its uptrend lost its momentum.

From this point, the crypto slid to lows of $26,000 before it surged to highs of $32,500. It has since stabilized around its current price levels.

YFI May Be Forming a Local Top: Analyst

One analyst explained that the Yearn.finance governance token may be forming a local top due to the rejection at just below $40,000.

To support this notion, he explained that this decline had pushed it below its 20-day moving average.

“YFI 1 hour looks like local top is in, note the MA 20 violation.”

Yearn.finance YFI

Image Courtesy of Cheds. Chart via TradingView.

Although YFI’s uptrend may be a bit overheated in the short-term, its mounting dominance over the aggregated DeFi sector suggests that it has significant room for growth in the mid-term.

Featured image from Unsplash.
Charts and pricing data from TradingView.

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Sabtu, 29 Agustus 2020

Ethereum Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent

Ethereum is up over 2% and it broke the main $400 resistance against the US Dollar. ETH price is likely to accelerate higher once it clears the $408 resistance zone.

ETH price is back in a positive zone above the $400 and $402 resistance levels against the US Dollar.
There is a strong support forming near $395 and the 100 simple moving average (4-hours).
There was a break above a crucial bearish trend line with resistance near $395 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher once it clears the $408 resistance level in the near term.

Ethereum Price Turns Green

After a strong downside correction, Ethereum found support near the $370 level against the US Dollar. ETH price made two attempts to decline below the $370 support, but the bears failed to gain momentum.

As a result, ether started a strong increase and broke the $385 resistance. It opened the doors for more gains above the $395 pivot and resistance level. The price climbed above the 50% Fib retracement level of the downward move from the $411 high to $370 low.

More importantly, there was a break above a crucial bearish trend line with resistance near $395 on the 4-hours chart of ETH/USD. The pair is now trading nicely above the $400 resistance level, the 100 simple moving average (4-hours), and the 76.4% Fib retracement level of the downward move from the $411 high to $370 low.

Ethereum price trades above $400. Source: TradingView.com

An immediate resistance is near the $408 level (the last key breakdown zone). A successful close above the $408 level may perhaps open the doors for a larger increase in the near term.

The next major resistance for ether could be near the $420 level or the 1.236 Fib extension level of the downward move from the $411 high to $370 low. Any further gains could lead the price towards the $450 resistance.

Downsides Limited in Ether (ETH)?

If Ethereum fails to clear the $408 resistance zone, it might start a downside correction. An initial support is near the $395 level and the 100 simple moving average (4-hours).

The next major support is near the $390 level, below which the bears are likely to target a retest of the $370 support region in the near term.

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $395

Major Resistance Level – $408

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Bitcoin Above 100 SMA Could Start Fresh Rally Towards $12,500

Bitcoin is recovering and it recently broke the $11,500 resistance area against the US Dollar. BTC must climb above the 100 SMA (H4) to continue higher in the near term.

Bitcoin is slowly recovering and it surpassed the key $11,500 and $11,550 resistance levels.
The price is now facing another hurdle near the 100 simple moving average (4-hours) and $11,800.
There was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate higher above $12,000 once it clears the 100 simple moving average (4-hours).

Bitcoin is Gaining Traction

After forming a double bottom near $11,140, bitcoin started a strong recovery wave against the US Dollar. BTC broke the $11,400 and $11,500 resistance levels to move into a positive zone.

It even surpassed the 23.6% Fib retracement level of the downward move from the $12,479 high to $11,129 low. More importantly, there was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC/USD pair.

Bitcoin is now trading nicely above the $11,500 and $11,550 resistance levels. It also helped Ethereum and ripple in climbing above $400 and $0.2750 respectively.

Bitcoin price breaks $11,500. Source: TradingView.com

An immediate resistance for the bulls is now seen near the $11,700 level or the 100 simple moving average (4-hours). The next major resistance is near the $11,800 level (the last key breakdown zone). It is also close to the 50% Fib retracement level of the downward move from the $12,479 high to $11,129 low.

Therefore, a clear break above the $11,700 and $11,800 resistance levels could start a larger upward move. In the mentioned case, the price might continue to rise towards the $12,000 and $12,200 levels. The next major hurdle for the bulls is near the $12,500 level.

Dips Likely Supported in BTC

If bitcoin struggles to climb above the 100 SMA or the $11800 resistance, there could be a downside correction. An initial support on the downside is near the $11,500 level.

The first major support is near the $11,400 level, below which the bears are likely to aim a retest the main $11,100 support region in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

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

Major Support Level – $11,400

Major Resistance Level – $11,700

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