A COVID-19 vaccine appears like bad news for Bitcoin until it does not.
The arrival of the novel coronavirus pandemic was initially worse for every market, including cryptocurrency. The BTC/USD exchange rate fell more than 60 percent in just two days of trading in March 2020, its decline coinciding with a crash across the global financial market.
Later, central banks reacted by reducing their benchmark lending rates, coupled with programs that purchased government and corporate debts endlessly. The pseudo-quantitative easing, followed by governments’ decision to spend trillions of dollars on their social welfare schemes, reduced the US dollar’s purchasing power.
The greenback’s decline and negative-yielding debts prompted investors to seek profits in scarcer assets, leading to a massive recovery in the Bitcoin market. Between March and now, the cryptocurrency surged by more than 350 percent, hitting $19,000 for the first time since December 2017.
But the prospects of global economic recovery are improving. The last two weeks saw three pharmaceutical firms coming up with their respective vaccines, each claiming at least 90 percent efficacy against COVID-19. The news sent gold, Bitcoin’s top rival, down two weeks in a row.
Surprisingly, Bitcoin itself didn’t move lower, helped by its booming adoption among mainstream financial houses (read PayPal). The market’s desire to retest $20,000, Bitcoin’s record high to date, kept speculative bullish bets higher in both the spot and derivatives bazaars.
Vaccine Asserts Inflation
The latest Bitcoin investors, including financial veterans like Paul Tudor Jones and Stan Druckenmiller, admit that they are long on the cryptocurrency because of its ability to protect their portfolios from the jeopardies of dollar devaluation and higher inflation.
MicroStrategy, a Nasdaq-listed firm that replaced its $425 million cash reserves with Bitcoin, believes the same.
It is because a COVID-19 vaccine does not promise to reverse policies that so far have pent-up demand for Bitcoin. The Fed Funds Futures Curve anticipates the next rate hike to appear in 2023. Meanwhile, the US Tips 10-Year Inflation Breakeven Rate shows a continuous uptrend, suggesting that the market awaits higher inflation.
In short, the damages incurred on the economy during the lockdown period will take more time to heal. A vaccine merely accelerates the recovery, but it also tends to drive inflation higher as people return to their pre-pandemic lives.
For instance, the price index for personal consumption expenditures, a barometer that the Federal Reserve uses to measure inflation levels, stood at 1.4 percent in October 2020, just shy of the central bank’s 2 percent target. Economists forecast it to surge to 1.7 percent by the end of November 2020.
Meanwhile, Ellen Zentner, the chief US economist at Morgan Stanley, sees inflation reaching 2 percent by the end of 2022. At the same time, Joel Prakken, the chief US economist at IHS Markit, suggests that oil prices would rise and the dollar would weaken further amid the economic recovery. It will also drive the inflation upward.
All and all, the said forecasts put Bitcoin in an assertively bullish space in years to come. A vaccine merely triggers inflation, allowing more institutions/investors to exchange their cash holdings for the cryptocurrency.
Originally from Bitcoinist.com https://ift.tt/3q1RSQE
Bitcoin and the entire crypto market are looking strong by the day, with Bitcoin taking full control of the aggregated market’s trend as analysts eye further near-term upside.
The selling pressure seen as of late has all been absorbed, with each dip only lasting for a brief amount of time.
This trend is common in bull markets and could indicate that a move past the cryptocurrency’s all-time highs is imminent in the days and weeks ahead.
One trader observed in a recent tweet that the lack of any support breaks indicates that there is no reason to suspect any imminent downturn just yet.
Bitcoin Continues Plowing Higher as Bulls Take Aim at All-Time Highs
At the time of writing, Bitcoin is trading up just under 6% at its current price of $19,420. This marks the highest price levels seen by the cryptocurrency since the peak of its 2017 uptrend.
It is now just a few hundred dollars away from setting fresh all-time highs. Although there may be some serious resistance at this price level, a break above it could send it into price discovery mode.
Where the market trends in the mid-term will depend largely on whether or not it can continue holding above the key $19,000 price level in the near-term.
BTC Defends Key Support Levels as Uptrend Persists
One trader is noting that Bitcoin has yet to break below any of its key support levels throughout the course of its multi-week uptrend.
This means that there’s a strong chance it will continue pushing higher in the mid-term.
“BTC update: Nothing has changed, we’ve not yet lost any support. The recent consolidation in the last few days is a pretty neat new invalidation now, quite a bit higher than the last one. Switch gears once one fails.”
Image Courtesy of DonAlt. Source: BTCUSD on TradingView.
So long as Bitcoin continues holding above its key support levels, there’s a strong possibility that it will set fresh all-time highs in the near-term.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3pSKZRT
Ethereum and the aggregated crypto market have been pushing higher as of late, with bears being unable to gain any serious ground as bulls continue taking full control of the market’s trend.
Bitcoin is now trading firmly over $19,000 and is just a stone’s throw away from reaching its all-time highs.
This comes as Ethereum also shows signs of strength. In addition to holding above $600, the cryptocurrency may see some tailwinds resulting from the imminent rollout of Ethereum 2.0.
It will likely be a somewhat drawn-out process for the network to transition fully, but it is widely seen as a bullish catalyst.
Ethereum Shows Signs of Strength Despite Overnight Rejection
At the time of writing, Ethereum is trading down just over 1% at its current price of $603. This is around the price at which it has been trading throughout the past day.
The break above this level was technically significant, and the fact that bulls have been able to absorb all the dips below this level is a positive sign.
So long as it holds above this level, it may soon see significantly further momentum.
ETH 2.0 Transition is Now Imminent; Bullish for ETH
Yesterday, the ETH2.0 staking deployment contract reached the minimum deposit threshold required to transition to 2.0.
As one data aggregator noted:
Image Courtesy of Unfolded.
The coming few days should provide insight into just how bullish the ETH 2.0 narrative will be.
Featured image from Unsplash. Pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/3m6aLzy
Bitcoin and the aggregated crypto market are in a clear and firm bull market. Sellers have been unable to control its recent trend, with it only facing a few fleeting pullbacks.
The fact that each dip is met with such aggressive buying pressure signifies that serious upside could be imminent in the near-term.
Although BTC will surely face some resistance around its all-time highs, there’s a strong possibility that it will plow through the sell orders here once retail “FOMO” kicks in.
One trader is noting that it may first need to retest one key technical level before posting any significant rally higher.
Bitcoin Rallies Past $19,000 as Uptrend Continues Strong
At the time of writing, Bitcoin is trading up just over 4% at its current price of $19,200. This is around where it has been trading throughout the past few hours.
It does appear to be fairly stable above this price level, as sellers have yet to spark any intense selloff.
This could be a positive sign that indicates further upside is imminent, although the selling pressure around its all-time highs in the upper-$19,000 region may be what causes it to see a firm rejection.
Analyst: BTC Could See a Strong Pullback Before Pushing Higher
This could mean that a dip as low as $13,000-15,000 could be imminent in the days and weeks ahead.
Image Courtesy of Nik Patel. Source: BTCUSD on TradingView.
The coming couple of days should provide insight into whether this pullback will occur or if BTC will continue its parabolic advance higher.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3794WeJ
Earlier this year, DeFi exploded to the unseen heights. From a humble beginning at the start of this year, it progressed to the value exceeding the initial one by thousand times. This all serves as a proof of the increasingly important role that DeFi starts occupying in our lives. Right now, the field is close to bringing the revolutionary change to many areas of our lives – and financial management is just one area to mention.
Despite this fact, the gap between traditional financial markets and a newly-born fetish of decentralized finance remained open. While DeFi is only in its infant stage, the stock market is still a preferred way for companies to trade their value and attract investment flow. This may explain why the sizes of these two are so different – the size of the US stock market is $217 trillion, which seems like a mammoth value compared to the humble $14.41 billion stored in DeFi. But now, there comes a solution that stores a promise to build a bond between these two realms and even merge them into one – its name is OpenDAO.
The bridge between DeFi and the world of real finance
By surpassing the boundary of DeFi, OpenDAO steps on a stage of the real world and aims to make the highest-volume traded stocks available to all DeFi enthusiasts. These include big tech like Facebook, Tesla and Apple, also adding the exposure to illiquid assets like real estate.
This goal is accomplished in two ways: first, OpenDAO came up with its original stable coin, whose value is based on real-world collateral transformed into a tradeable token. Second, by partnering with various individuals and investor groups, and by automating whenever possible, OpenDAO secures the presence of these off-chain assets on their on-chain platform.
What’s even more noteworthy, OPEN is one of the rare tokens fully entrusting the reins of its governance to the hands of the public. That means, once the token is acquired through the open exchange, its possessor has a chance to define its further fate. All users can exercise their voting rights and make a collective decision on which types of assets are to be taken on board in the next round of investment. This segregates OPEN token out of numerous market alternatives, making it an extremely liberal asset ready to hear the voice of investors.
Cash Box and OPEN staking
The challenge with the abovementioned scheme is the long-term stability of the liquid resources within the platform – especially when it concerns open decentralized exchanges based on the model of Uniswap.
To overcome this difficulty, OpenDAO came up with two solutions: Cash Box liquidity mining and OPEN staking. The first one of them, Cash Box, is storage where liquidity providers supply various stablecoins (e.g. USDC and USDT) that together serve as a back-up of real-world assets. Another one, OPEN staking, encourages the participants to participate in a yield farming program that brings generous API rewards of 13%-20%.
This all allowed creation of Open Market, a decentralized exchange facilitating the free swaps of digital assets for the real-world collateral. This platform gives an opportunity to earn high interest on assets that are projected to give a rise of up to 100x times.
These prospects altogether bring OpenDAO to open a new horizon of decentralized finance. Apart from being able to get possession of a community-governed token, users can also participate in a free exchange of assets on a democratized platform facilitating a direct swap between participants. OpenDAO created a new realm where DeFi and traditional finance live in close unity, and a long-lasting partnership between DeFi and traditional finance is finally achieved.
The post OpenDao Takes DeFi One Step Further by Introducing Top-Notch Stocks in a Tokenized Format appeared first on NullTX.
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Bitcoin is the best performing mainstream financial asset of 2020 and of the last decade. No other asset since its inception has brought investors a larger return on their initial capital. And at this point, there is only one day where the cryptocurrency traded at higher prices. If Bitcoin price can close at current levels, it’ll set a new record for the most profitable month in history in terms of the candle body.
Here’s why this is significant and why it could be the norm moving forward in terms of month over month gains with a new bull market upon us.
November To Remember: Bitcoin Price Revisits Previous All-Time High
Bitcoin price is currently trading over $19,400 and is less than $600 away from setting a new all-time high peak on even the highest possible exchange price from 2017.
The leading cryptocurrency by market cap began the month breaking above its 2019 high and went parabolic from there. The 40% single-month gain has brought the cryptocurrency to a point where only one day remains where buying the cryptocurrency wasn’t profitable.
Only a wick above current levels remains on the daily ATH candle close | Source: BTCUSD on TradingView.com
And with the momentum that Bitcoin has at its back, a new record could be set today or at any point in the very near future. A correction cannot be ruled out, especially when nearly every investor that owns some sitting in some type of profit.
RELATED READING | HOW SATS STACK UP: COMPARING THE MILESTONE $335B BITCOIN MARKET CAP
But any downside is likely to be short-lived given the cryptocurrency’s scarce 21 million BTC supply, and sudden drastic shift in demand over the last quarter.
All Eyes On The Critical Cryptocurrency Market Monthly Close
With Bitcoin price trading at such prices, November is now the most profitable month in terms of candle body, in the cryptocurrency’s history. November will indeed to be a month to remember if the cryptocurrency can close at these levels.
It will have broken a new all-time high for its market cap, potentially set a new price peak as well, and set the tone for what’s to come.
Bitcoin will close its most profitable month ever above $17,780 in total USD movement | Source: BTCUSD on TradingView.com
After Bitcoin broke its former all-time high in 2017, $500 and $1,000 monthly candles became the norm. While the $5,000 monthly candle might be shocking by current standards, they too could become a normal occurrence in the cryptocurrency market from here forward.
The last time Bitcoin cleared its all-time high, it never again traded at prices below it. Is this history in the making once again?
Featured image from Deposit Photos, Charts from TradingView.com
Originally from Bitcoinist.com https://ift.tt/3m1DDsF
Bitcoin Undergoes Confusing Price Action Amid Volatility
Bitcoin has seen extreme intraday volatility over the past few days. In the past 48 hours, the leading cryptocurrency has traded at both $17,500 and $18,800 as the market whipsaws between key price levels.
As of this article’s writing, the price of the leading cryptocurrency is sitting at $18,500, though in the past hour, it has been at both $18,400 and $18,700. This extreme volatility comes as the U.S. dollar has begun to move lower once again, boosting Bitcoin, gold, and other harder assets.
Analysts don’t really know what exactly to think about this price action, though.
Prominent Bitcoin trader “Jack” recently shared the sentiment seen below, arguing that he thinks this market is “wild.”
He previously said that he has temporarily gone short on Bitcoin, at least to some extent. He may not be fully short but may be hedging in case the cryptocurrency moves lower in the days ahead.
The trader shared the chart below, which shows that Bitcoin is currently breaking below the parabolic supports that led the rally higher. Parabolic supports breaking in an uptrend are a sign that the rally is in the midst of getting exhausted.
Chart of BTC's price action over the past few months with an analysis by crypto trader "Fiat Jack" (@BTC_JackSparrow on Twitter) Source: BTCUSD from TradingView.com
Bulls in Control
Many say that Bitcoin bulls remain in control over the longer run. A senior analyst at Citibank, Tom Fitzpatrick, recently said that the fundamental case for the leading cryptocurrency is still strong despite any
Dan Tapiero, a prominent macro investor, recently commented on Bitcoin’s outlook from here as well:
Analysts are optimistic that Bitcoin will continue higher in the longer term, whether or not a correction takes place.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analysts Don't Know What to Think as Bitcoin Whipsaws Between $18k and $19k
Originally from Bitcoinist.com https://ift.tt/33f4uds
The marquee asset of cryptocurrencies is Bitcoin. The mildly informed have heard of Ethereum and maybe Ripple with it’s token XRP, but there are actually some 6000 listed cryptocurrency/blockchain projects with more showing up every day. As a new asset class, it is not without growing pains, and chief among them is liquidity. Wall Street has long decried the barriers to entry in crypto overall but has now, grudgingly perhaps, come to embrace Bitcoin and to a lesser extent, Ethereum. Still, their participation in anything is virtually non-existent.
The difficulty in investing in cryptos are storied and often exaggerated. Their risks of hacks and the difficulty of navigating the blockchain are known and real enough but this is not a deterrent to the technologically savvy and investment banks have dedicated tech departments. So what’s keeping them out of game-changing projects that have a far bigger upside than Bitcoin? Liquidity. There is simply not a large enough market to trade, and the insufficient volume has wrought havoc on the space. Historically, trading in all but the biggest crypto assets could move the market. It has been rife with manipulation and has turned many a trade into long-term depreciating, involuntary investments.
So what about the rest of these 6000 plus projects? Without needed demand to induce active trading for their token has left founders watching a volatile asset while contending with nonplussed supporters. Without needed price discovery and the ability to easily move in and out of trade positions, these assets suffer and the space gets something of a black eye.
Current conditions have obviously impacted individual investors; many left holding a basket of assets that couldn’t be sold down at a reasonable price. The bigger issue is that this condition greatly affects those at the helm of these projects. Truly transformative technologies are forced to focus on short-term actions that will spark interest while trying to build the Web3 and deliver on the promise of a decentralized future. The space itself is unique in the sense that it is largely unregulated and individuals can invest in projects at the earliest stages imaginable and trade the asset within days.
Resultant of this, capital is continually redistributing as investors are often as immature as the asset class itself. The lack of inflow-outflow has hampered countless startups who desperately need support to survive. This is a problem inherent to the space with early-stage investments as market-traded assets and the subsequent challenge they face in trying to build momentum.
Compounding the issue is the perception it creates for potential adopters. Many people are still not comfortable holding crypto assets and its reputation for hacks, manipulation, and illiquid markets only slow adoption. In the last two years, decentralized exchanges (DEXs) like Uniswap cropped up and injected some badly needed liquidity via the use of automated market makers. Other platforms like Kyber and Balancer have shown promise that these assets can be successfully traded as well. However, the supply of tokens still outweighs demand, and assessing the fundamentals of a project requires a level of education most don’t have.
A Potential Solution
Cue Bonded.Finance. Their mission is to eradicate liquidity concerns and stabilize the overall market. Given the collective market cap of tokens not named Bitcoin, there is an untapped value that, to date, has gone unexploited. Their value proposition is simple— the fintech platform aims to introduce “exotic” DeFi instruments which will allow investors to lock their tokens in a smart contract and earn interest; effectively killing two birds with one stone. It gives those with a long view a reason to be patient as earning interest on a volatile asset extends hope while simultaneously removes supply, thereby potentially increasing value.
Their recent partnership announcement with Orion Protocol, a liquidity aggregator that finds the best price for tokens across some 700 exchange marketplaces, suggests they are seeking cutting-edge solutions to the hurdles that such a project might face.
According to its launch announcement, Bonded.finance estimates US$50 billion are locked in alternative coins that remain “underserved.” The Bonded team’s forthcoming lineup of financial instruments aims to put these overlooked assets to work and make investors more comfortable holding them.
Bonded decided to pursue this after extended experimentation and market observation. Identifying this reserve of non-performing capital is a significant opportunity. In a recent interview, Bonded’s CEO, Paul Mak, highlighted how otherwise great projects lose value, face relentless criticism, and, in some cases, have their communities wither and die. In Mak’s words, “our smart instruments enable us to repurpose unused capital to offer benefits to longer-term investors, teams, and even to reignite interest in projects that may have fallen off the radar.”
For projects intent on hacking growth or enhancing the utility of their token, Bonded presents an elegant solution. While the future is obviously hard to predict, Bonded has a lot of room to grow. The startup’s public funding efforts concluded with a sold out private sale—with investors contributing US$2.25 million into the project.
Bonded has also announced numerous partnerships with the likes of REN, Origin protocol, Matic, and most recently, the Orion protocol. Orion, as noted earlier, is particularly interesting as an aggregator of liquidity across the entire market that’s placed onto a single decentralized platform.
As the total locked value of DeFi crests twenty billion, it impossible to dismiss its value and utility or reduce to it a passing fad. Bonded focusing their DeFi energy onto less-trafficked parts of the crypto ecosystem highlights the breadth and depth of the market while addressing some limitations. Whether they’re able to execute on their vision to “make alts great again,” remains to be seen of course but what Bonded is doing—attempting to bring stability to help offset the growing pains of a burgeoning asset class is certainly not without merit. Crypto is notoriously tribal, but projects like Bonded are good news for anyone interested in helping it mature. In such a volatile marketplace, it could spell the difference between success and failure for some projects.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
Originally from Bitcoinist.com https://ift.tt/2USFFj0
Bitcoin is looking to retest its all-time high, near $20,000, as Donald Trump authorizes his administration to cooperate with president-elect Joe Biden’s transition team.
The flagship cryptocurrency rose cautiously on Tuesday, hours after the General Services Administration’s head Emily Murphy informed Mr. Biden that Mr. Trump had approved the official government transition process.
The statement came after Michigan certified the election results. The state found no evidence of significant voter fraud, as had claimed by Mr. Trump.
Bitcoin Boom Continues
As of 0755 UTC, the bitcoin-to-dollar exchange rate was up 0.17 percent, much in line with the US stock futures that too climbed in the pre-session trading Tuesday. Futures tied to the benchmark S&P 500 — for instance — ascended by 0.6 percent ahead of the London opening bell. Stocks in Asia surged likewise.
Markets had expressed uneasiness after the sitting US Treasury Secretary Steven Mnuchin refused to extend support to the Federal Reserve’s emergency lending facilities. Analysts noted that Mr. Trump used his human resource tools to constraint Mr. Biden’s administration’s powers to tackle the US economic fallout.
Bitcoin remains one of the biggest beneficiaries of the Fed’s lending programs.
The central bank printed about 20 percent of the US dollar bills that has ever existed in 2020 alone. On the other hand, Bitcoin did the complete opposite with an inherent economic policy that cut its supply by half every four years.
Fears of inflation, coupled with negative-yielding debts, pushed investors towards scarcer alternatives like Bitcoin. The cryptocurrency rose by more than 350 percent after the Fed announced its expansionary programs. The Trump administration attempted to end a big part of those aids, thus hurting Bitcoin’s further bullish prospects.
The GSA statement eased a pressing source of uncertainty for investors about the smooth White House handover to Mr. Biden. Robert Rennie, global head of market strategy for Westpac, told FT that the transition would limit the impact of Mr. Mnuchin’s decision.
A clear transition for Mr. Biden further paved the way for the long-pending coronavirus relief package.
The president-elect has earlier committed to increasing government spending to tackle the rising unemployment alongside COVID-19 infections. Should the Democrats win a majority in the Senate and Congress, the second stimulus package will face no political resistance.
Retail and institutional investors (read PayPal) have increased their Bitcoin exposure against a similar outlook. More stimulus reduces the US dollar’s purchasing power. It turns more people towards the safety of scarce assets like Bitcoin, so says Alex Mashinsky of Celsius Network. Excerpts:
That somewhat justifies why Bitcoin would retest $20,000 by the end of this year — or in the first quarter of 2021 on tops.
Originally from Bitcoinist.com https://ift.tt/3frpLpa
22/11/2020, Providence, Seychelles – Digitex Ltd, a commission-free crypto futures exchange, has announced a large spike in liquidity on its Uniswap market just days after launching its DGTX Rewards Program that pays out one of the highest APYs in the industry, currently at around 90%. The high amount of locked ETH and DGTX in its Uniswap market translates into more than $1.58 million held in the DGTX Rewards wallet; a sign that confidence is high in the project ahead of its rebrand to Digitex City next month.
Decentralized Finance (DeFi) and protocols like Uniswap have taken protagonism in the crypto space throughout 2020 for their high rates of return particularly compared to traditional finance where interest rates are hovering around zero. These attractive returns have caused a great deal of attention among investors, but have also led to widespread loss of funds caused by technical errors or rogue projects.
As a three-year-old company with a popular commission-free futures exchange operating now for almost 12 months, Digitex is offering investors a safer way to get involved in DeFi-style initiatives without the worry of investing in bootstrap code or fly-by-night exit scams. From within the DGTX Rewards dashboard, the user can manage the whole process efficiently and easily, following the simple steps to connect Metamask, create pool tokens on Uniswap, and deposit them into the DGTX Rewards wallet to start accumulating rewards.
In order to mark the initiative and incentivize on-chain liquidity, Digitex is giving away a massive 5 million DGTX in rewards shared out proportionally among participants, who receive more according to the amount they stake and the longer they stake it. Digitex founder Adam Todd commented:
Designed as a place where crypto enthusiasts can trade, play, and connect, the Digitex City promotional website is currently live and housing the DGTX Rewards Program. However, upon its full launch on December 15, it will kick off with a zero-fee futures exchange, spot market, no-spread forex market, and various DeFi-inspired money-making opportunities from DGTX Staking and DUSD creation to liquidity mining. There is also an interconnecting social network unlike anything that exists in the crypto space currently, and several games coming to the Play area, which will grow to accommodate a no-rake poker room and no house edge casino in 2021.
For more information about the DGTX Rewards Program or to sign up for the waitlist for Digitex City with the chance to win various different prizes, please visit digitexcity.com.
About Digitex Ltd
Digitex Ltd is a zero-fee cryptocurrency exchange with its native DGTX token. The exchange’s flagship product is futures, however, it will be launching spot market trading and no-spread forex all fuelled by its crypto-backed stablecoin DUSD coming in December 2020. Registered in the Republic of Seychelles, the company was founded by a former futures trader and betting-exchange trader and has developed a revolutionary token issuance revenue model for sustainably operating an exchange without charging commissions.
The post DGTX Liquidity Spikes on Uniswap with DGTX Rewards Program appeared first on NullTX.
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A paused Bitcoin price rally has increased its probability of undergoing a major pullback, as per independent analyst Vince Prince.
The TradingView.com contributor said Monday that there is a 35 percent chance that the Bitcoin price falls in the coming sessions, citing a textbook technical indicator that foresees bearish reversal patterns.
Dubbed as Head and Shoulder, the pattern appears during an asset’s uptrend. Traders confirm it when they see the formation of three peaks atop a support-like baseline. The middle peak is taller than the other two, making it look like a head hanging atop two shoulders at each side.
The H&S patterns typically end up in a breakout below the baseline, with a downside target underneath by as much as the structure’s maximum height. Mr. Prince spotted Bitcoin forming a similar technical setup, with the left shoulder and head fully confirmed and the right shoulder partially established.
If valid, the H&S pattern risked putting Bitcoin about $1,600 below its baseline (the height between the peak and the support). The yellow range in the chart above shows the ideal H&S breakout target range.
Overleveraged Risks in Bitcoin
Mr. Prince’s bearish outlook on Bitcoin received involuntarily support from the cryptocurrency’s futures market. According to Glassnode, the average “funding rate” across all the Bitcoin exchanges rose to levels that suggested traders may have become overleveraged via perpetual contracts.
Measured every eight hours, the funding rate shows the cost of holding a bullish contract, i.e., a Long position. A positive reading indicates that bulls are paying bears. That raises the value of the perpetual contract above Bitcoin’s spot rate. Therefore, a very high funding rate signals leverage being excessively biased in favor of bulls. It is an overbought condition.
An event of a pullback in the spot market can lead to mass Long liquidations, which may lead to more price drops and higher volatility.
The Upside Take
But Mr. Prince also believes in a limited corrective downtrend. He noted that Bitcoin could find support at the H&S neckline to bounce back higher — and invalidate the entire trend reversal theory altogether.
His upside outlook envisioned Bitcoin above $19,000.
Originally from Bitcoinist.com https://ift.tt/2UUZm9T
Ethereum 2.0 seems to be confirmed to happen soon as deposits in the contract spike.
Ethereum 2.0 Nears as Deposits Spike
There is now 80% of the ETH needed to launch the upgrade by December 1st, as Etherscan shows. For some more context, there needs to be 524,000 ETH in the contract for the upgrade to take place on the planned launch date.
Large whales and a number of smaller investors have deposited a large amount of funds into the contract as they look to support the upgrade and to make ETH by locking their funds in the contract.
But what happens if the threshold is not reached by the deadline. According to developers, the threshold can be adjusted in the future to ensure that there is not ETH locked in the contract forever. One developer recently said on the matter:
What is ETH2?
For some more context, here’s some more context about ETH2.
Danny Ryan, a researcher at the Ethereum Foundation, recently said to Paradigm on the update:
Ethereum 2.0 will integrate a technology called sharding, which will split up the processing of transactions amongst different groups of nodes to increase transaction throughput:
Analysts expect the integration of Ethereum 2.0 to result in a rally in the price of ETH over time.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum 2.0 Likely to Happen as Tens of Millions Sent to Deposit Contract
Originally from Bitcoinist.com https://ift.tt/2UX3h62
Bitcoin has been in a clear bull market, with each and every dip being aggressively bought by bulls as traders widely flip long.
Funding rates have been incredibly high over the past couple of days but are often reset by sharp and fleeting downside movements that liquidate long positions.
It is important to note that the cryptocurrency market now appears to be well-positioned to see further upside in the near-term. Ethereum is leading altcoins higher while BTC consolidates below its key resistance.
One trader believes BTC will sweep its range highs at $19,000 once again before facing any plunge.
Bitcoin Stable in Mid-$18,000 Region as Buyers Rotate into Altcoins
At the time of writing, Bitcoin is stable within the mid-$18,000 region. The selling pressure at $19,000 has proven to be significant but has yet to spark any sustained move lower.
Each dip has been aggressively bought, and this bullish trend shows no signs of ending anytime soon.
Where BTC trends in the mid-term will depend entirely on its reaction to this level. A break above it could help catapult it up to fresh all-time highs.
Analyst Claims BTC Likely to “Sweep Its Highs” Before Plunging
Image Courtesy of George. Source: BTCUSD on TradingView.
The coming few days should provide some insight into where the entire market will trend in the mid-term, as Bitcoin’s continued reaction to $19,000 will be key to determining its mid-term outlook.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2J6sh8y
Bitcoin’s stability has given altcoins free-range to rally, with Ethereum leading the charge as it pushes past its last key resistance level before $800.
The crypto is currently in the process of trying to break above $600. The selling pressure here is quite intense and has catalyzed a few pullbacks. If firmly surmounted, its next key resistance sits at $800, which could mean that parabolic gains are imminent.
This theory is confirmed by a fractal recently put forth by one popular analyst, which suggests that parabolic upside is imminent in the near-term.
Ethereum Shows Signs of Strength as Bulls Try to Break $600
At the time of writing, Ethereum is attempting to break above $600. The selling pressure here has been quite intense and may continue holding strong in the near-term.
However, a firm break above this level would be significant and open the gates for significantly further upside.
It is important to note that the resistance here is the last key resistance faced until $800, making a break above this level technically significant.
This Fractal Suggests Parabolic Upside is Imminent
The current market trend is unfolding much like investors had anticipated it to, with Bitcoin leading the charge, slowing once it neared its all-time highs, and allowing altcoins to see explosive momentum.
Ethereum is leading the charge higher amongst altcoins, and one analyst’s fractal suggests that its uptrend is just getting started.
Image Courtesy of il Capo of Crypto. Chart from TradingView.
Whether or not Ethereum can break and hold above this level for an extended period of time will provide some serious insights into its mid-term outlook.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3lTHtEi
Bitcoin and the rest of the cryptocurrency market are in a firm and clear bull market. While BTC consolidates, altcoins are all ripping higher, with Ethereum in the process of rallying up to highs of $600.
This is the highest price level seen by the crypto since its 2017 explosion past $1,000, and it has allowed altcoins – and DeFi altcoins in particular – to all rally in tandem.
One trend that could suggest Bitcoin is overdue for a slight correction is its investors’ unrealized profitability.
An indicator that tracks this metric has now passed its 2019 highs, which means that BTC may start facing some resistance that slows its ascent.
Bitcoin Consolidates as Crypto Market Sees Explosive Move Higher
At the time of writing, Bitcoin is trading up just over 1% at its current price of $18,630. This is around where it has been trading throughout the past few days.
The selling pressure at $19,000 has been holding strong and stopping the cryptocurrency from seeing any massive upside.
Once broken, however, the crypto will likely ascend to its all-time highs and potentially break above the long looked upon $20,000 resistance level.
BTC Investor Profitability Flashing a Potential Warning Sign to Investors
Bitcoin’s intense uptrend has naturally led to a spike in investor profitability, with only a handful of buyers in existence currently being underwater on their spot positions.
One trader is noting that a metric that tracks investor profitability is now higher than it was during the 2019 peak. If history repeats, this could mean that it is entering a parabolic growth phase followed by a strong correction.
Image Courtesy of CryptoBirb. Source: Glassnode.
Because this ongoing rise has all the signs of a full-fledged bull run, there’s a strong possibility that a fresh parabolic “bubble” cycle is imminent for Bitcoin and the rest of the crypto market.
Featured image from Unsplash. Pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/2UQkYnQ
The Bitcoin as digital gold narrative is suddenly taking on such significance, hedge funds, corporations, and institutional investors have begun reallocating a portion of their gold holdings into the cryptocurrency, according to Bloomberg Intelligence.
A top senior commodities analyst for the financial forecasting giant believes that trend along with climbing Futures interest while gold declines, means that the cryptocurrency is beginning to gain the edge, price appreciation wise. Here’s why this trend will only continue well into the future.
Bitcoin Becomes Digital Gold In 2020 As Safe Haven Needs Change
Bitcoin price is trading at over $18,000 and a stone’s throw from its former peak and is up over 150% in 2020. Gold, which set a new all-time high earlier this year, has only 20% returns to show for it.
The widening gap between the performance of Bitcoin, and that of the precious metal historically used as a hedge against economic uncertainty, has begun to entice high wealth individuals and entities that seek to protect that wealth.
The dollar is in decline, and even stock market returns when adjusted for inflation aren’t compelling. Bitcoin, however, has the greatest ROI out of any asset since its inception, and it shows no signs of stopping.
Bloomberg analyst Mike McGlone and his team agree. He claims that rising Futures “open interest and investor inflows” in Bitcoin versus gold declining during the same time highlights this trend unfolding.
This could give Bitcoin an added edge in price appreciation during the current cycle that wasn’t around during the last, and be the catalyst that takes the cryptocurrency if prices closer to $500,000 per coin.
Why The Cryptocurrency Will Outperform The Precious Metal Forever More
Performance aside, Bitcoin is better than gold in every way. 2020 cleared the path for an all-digital world and proved that decentralization and scarcity are extremely powerful in this day and age.
In addition to the completely capped supply versus a finite, yet always flowing supply of precious metals the cryptocurrency is uniquely coded for price expansion. The ideal example itself played out earlier this year when gold reached its all-time high. Demand was high, so mining kicked into high gear to compensate for the needed supply.
RELATED READING | FIVE REASONS WHY GOVERNMENTS WON’T BAN BITCOIN AND CAN’T STOP CRYPTO
Bringing supply to meet demand, caused the pullback. With Bitcoin, mining can never hasten and more coins can’t be extracted at a faster pace, and the built-in code even slashes the supply in half when demand started to pick up.
Price appreciation follows, and Bitcoin goes parabolic. Capital pouring out of gold and into BTC could do the trick. Gold’s market cap is roughly $10 trillion, and if Bitcoin can absorb that much money from the world, prices of $500,000 per BTC are just around the corner.
Gold is about to break down against Bitcoin | Source: XAUBTC on TradingView.com
Featured image from Deposit Photos, Chart from TradingView.com
Originally from Bitcoinist.com https://ift.tt/3kWEpGh
A surprise sell-off in the Bitcoin market on Sunday that crashed the price to $17,610 met with an equally strong buying wall. The cryptocurrency recover later, jumping above $18,500, a level it held as support before the weekend plunge.
But to Marc Principato, Bitcoin really has not brushed aside its bearish risks. The Green Bridge Investing’s Executive Director contemplated the possibilities of more downside correction attempts as short term participants continue to watch $18,500 as a point of infection in the running uptrend.
Bitcoin to $14K
The “bullish pin bar” pointed to a long downside wick that Bitcoin formed amid its sell-off on Sunday. It represented bulls’ rejection to volatile downside attempts — a validation that buyers are guarding the $17,500-area against aggressive bearish assaults.
But Mr. Principato refrained from suggesting accumulation in the range between $17,000-$18,500. The analyst said he is waiting for Bitcoin to undergo another bearish correction, but to below the $17,000-support. A “proportional support,” he added, is at either $16,000 or in the upper range of $14,000.
Nevertheless, traders should wait for a bullish confirmation even if Bitcoin hits the $14,000-16,000 range, Mr. Principato warned, adding that the area only allows analysts to measure risks for their future trading strategies.
Bitcoin rallied relentlessly for six weeks in a row, rising by almost 78 percent as traders assessed the growing institutional investments into the cryptocurrency space.
Pantera Capital, an asset management firm in California, claimed that payment service giants PayPal and CashApp bought more than 100 percent of the current Bitcoin mining supply, leading to a supply deficit in both retail and institutional markets.
On the other hand, top strategists from ARK Invests, JPMorgan, and Blackrock made a bullish case for the cryptocurrency, citing its anti-inflation features against the oversupplied US dollar, as well as its ability to beat gold in the long-term to become the go-to hedging asset in times of crisis.
The strong institutional backing for Bitcoin somewhat offset its technical risks. It enabled more traders/investors to hold the cryptocurrency than to sell it at its local highs, according to numerous sources that showed an increase in the so-called HODLING sentiment and a jump in the Bitcoin withdrawals from top exchanges.
Originally from Bitcoinist.com https://ift.tt/339cdtQ
Bitcoin’s bullish fundamentals continue to overshadow its bearish technicals.
The last week saw the cryptocurrency on a tear even as it traded way above its actual current rates. It established another year-to-date high — and retested a three-year peak — at $18,980. Meanwhile, its momentum oscillator, the Relative Strength Indicator, continued to alert about its “overbought” signals.
The incredible uptrend took place without concrete hype. A mere check on the keyword ‘bitcoin’ on Google Trends shows no booming number of searches. In comparison, Bitcoin’s previous bubbles towards its all-time high levels in 2013 and 2017 had the Google searchers on a tear.
That somewhat explains the current price rally is institutional, i.e., fewer investors with big bags of capital to buy Bitcoin. A California-based investment firm provides evidence about how the world’s biggest payment firm is driving the upside moves.
PayPal is the New Whale
In a report published this weekend, Pantera Capital claimed that PayPal is buying most newly-mined Bitcoin units — roughly 70 percent of all. Last month, the fintech giant launched a crypto store on its existing US platform, thereby enabling its 300 million users to store, sell, purchase, and spend Bitcoin and other cryptocurrencies.
Together, PayPal and its rival Square’s CashApp are now buying more than 100 percent of the newly-mined Bitcoin. That leaves the cryptocurrency in a supply deficit — against its booming retail and institutional demand.
So it appears, the PayPal narrative alone is enough to push the Bitcoin price upward by $2,000 this week.
Bitcoin At $20K
This weekend’s small downside correction has shown Bitcoin’s ability to hold itself against two extremely assertive sell-off attempts. For instance, on Sunday, the BTC/USD exchange rate fell to as low as $17,610, only to get overturned by a solid buying sentiment later.
The pair recovered back to close the session at $18,437. It was trading near the same level on Monday while targeting $18,500 as its flippable support/resistance.
The PayPal FOMO could allow Bitcoin to hold $18,500 as support for its next upward leg towards $20,000, its record high with a huge sentimental value among traders. The sooner the cryptocurrency hits the level, the early it would correct lower thanks to its overheated RSI.
Originally from Bitcoinist.com https://ift.tt/2UTaNig
Bitcoin Could See Price Drop As Whale Deposit Ratio Spikes
Bitcoin has undergone some shaky price action after a push to $19,000 this past week. The coin currently trades for $18,200, $800 below the local highs (and year-to-date highs) and around $700 above the local lows near $17,500.
Analysts are fearful the cryptocurrency could retrace as on-chain trends suggest that there is some selling taking place.
Ki Young Ju, the CEO of crypto data platform Crypto Quant, recently noted that the cryptocurrency could face a correction amid an increase in whale deposits to exchanges. He noted that per his data, the percentage of whale deposits into Coinbase addresses has increased, suggesting there are big holders looking to sell:
According to Willy Woo, another on-chain analyst who picked up on this trend, this selling may not be a big concern. Commenting on how sales by old/large Bitcoin holders might not be bearish per se, he recently wrote:
Not the Only Cause for Concern
This isn’t the only cause for concern for Bitcoin bulls.
The funding rates of top Bitcoin futures markets are currently in the midst of spiking higher despite Bitcoin actually falling. This suggests that there are many derivatives traders that are looking to long the dip.
Analysts are fearful that this could result in a correction for this market. The issue is that overleveraged longs can easily sell their positions in tandems, leading to rapid corrections lower often when the funding rate is high.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin May Face Some Short-Term Selling Pressure as Coinbase Whales Deposit
Originally from Bitcoinist.com https://ift.tt/35Zvdgd
Bitcoin Could Be Preparing For a Correction, Analysts Say
Bitcoin has exploded higher over the past few weeks amid mass institutional and retail buying pressure. There have been countless billionaires and big firms announcing their support for the cryptocurrency, forcing retail investors to look more closely at the coin.
While many doubt that these investors are selling their coins, some fear Bitcoin will face some selling pressure in the days and weeks ahead. After all, Bitcoin has gained approximately 70% in the span of six weeks, outperforming basically all other assets over that time frame.
One historically accurate trader is calling for Bitcoin to correct much lower in the weeks ahead.
The pseudonymous trader recently said that Bitcoin may soon be sent to “$15,500-16,000.” This is where Bitcoin consolidated prior to the latest leg higher, making it a logical place where the coin could consolidate on a downtrend.
The trader who made this prediction is the same one that late 2020 predicted that Bitcoin would hit the $3,000s and XRP would hit the $0.11 range. Both cryptocurrencies reached his price targets in March despite many first laughing at his predictions, calling them too bearish.
Another historically accurate trader agrees with his call.
This other trader recently shared the chart seen below, which suggests that BTC is in the midst of breaking down from the parabolic uptrend it began many weeks ago.
When an asset falls below a parabolic uptrend, it often corrects by 60-80% of the uptrend’s value. This is much steeper than Bitcoin analysts think that the cryptocurrency will fall now, though most agree that a move to $15,000-16,000 is entirely logical.
Chart of BTC's price action over the past few months with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Source: BTCUSD from TradingView.com
Selling Pressure Hitting the Market
Of note, there purportedly is selling pressure hitting the market. As reported by Bitcoinist previously, analyst Willy Woo noted that there has recently been a spike in Bitcoin Days Destroyed, suggesting increased selling pressure:
Still, it has been widely reported that there is a lot of Bitcoin being bought by institutional players, as evidenced by a consistent time-weighted average price buy on top exchanges, suggesting an OTC desk accumulating coins.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
Originally from Bitcoinist.com https://ift.tt/2KwvDCm
Bitcoin and the entire cryptocurrency market have been caught in the throes of an intense bull run throughout the past few days and weeks, with Ethereum being particularly exposed to the recent market-wide strength.
The cryptocurrency has posted massive gains over the past few days, with its recent break above $500 creating momentum that has accelerated ever since.
Where it trends next will likely depend on its continued reaction to a key resistance level that sits just above where it is currently trading.
If it breaks this level, he believes that a move up towards $850 could be imminent.
Ethereum Shows Signs of Strength as Bulls Absorb Selling Pressure
At the time of writing, Ethereum is trading up just over 3% at its current price of $564, which marks a massive rise from overnight lows of $510.
The intense momentum seen over the past few days indicates that it may soon erase its trend of underperforming Bitcoin, with the cryptocurrency targeting $600.
Where it trends next will likely depend largely on its continued reaction to the resistance that sits just above where it is currently trading.
Analyst: ETH Could Target $850 Once This Key Level is Broken
One trader explained that Ethereum could soon rocket as high as $850 once it can move past one crucial level.
He points to roughly $600 as the resistance to watch, with a break above here allowing for a parabolic rally to new post-2017 highs.
Image Courtesy of George. Source: ETHUSD on TradingView.
The coming few days should provide investors with serious insight into where the entire market will trend in the near-term, as Ethereum’s price action should largely guide altcoins.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3fkSkVq
Bitcoin has been flashing some signs of immense strength throughout the past few days and weeks, with buyers trying to take control of its price action as bears show their first signs of vitality seen in weeks.
The coming few days should provide some serious insights into where the entire market will trend next.
One trader is now noting that the cryptocurrency’s reaction to this selloff indicates that a long-term price floor is being created.
He believes that this will allow it to rebound and continue its ascent, with the first wave of overzealous buyers getting “wrecked.”
Bitcoin Sees First Major Selloff Since Reaching $19,000
Throughout the course of Bitcoin’s multi-month uptrend, the cryptocurrency has been showing some immense signs of strength, only witnessing a few fleeting selloffs that were followed by upside.
This latest dip doesn’t appear to be an exception to this trend, as BTC’s price reeled as low as $17,650 before facing a “V-shaped” recovery that led to it seeing significantly further upside.
It is now in the process of clawing back the gains that were lost due to this dip, and it may be positioned to see further upside in the near-term.
Analyst Claims BTC has Made a New Price Floor
One trader explained in a recent tweet that the cryptocurrency’s reaction to this recent selloff indicates that a new price floor has been established, which may allow it to climb significantly higher.
He is now watching for a move higher, noting that the aggressive buying pressure throughout this latest upswing was promising.
How Bitcoin trends tonight should provide insight into where Bitcoin will move throughout the week ahead, as its weekly candle close is just a handful of hours away.
Featured image from Unsplash. Price action from TradingView.
Originally from Bitcoinist.com https://ift.tt/35U466b
There are many different platforms in the cryptocurrency space that seem to go by unnoticed. Whether it is for trading or finding job opportunities, all options need to be kept open. Today, we highlight TimeX and LaborX, two projects that have significant potential.
Finding Your Next Crypto Job
The blockchain and cryptocurrency industry has undergone tremendous growth over the past decade. As a result, there are now more companies, projects, and teams than ever before. Most of these ventures aim to grow across the board, allowing them to hire more employees. Finding a job – or new workers – can pose a lot of challenges.
With the help of dedicated job boards, this becomes a lot easier. LaborX is one such platform where anyone can land a crypto freelance or blockchain job in any part of the world. This freelance jobs platform also offers cryptocurrency payments, which is a key selling point. Connecting clients and freelancers allows for a much better working relationship.
As of right now, there are quite a few freelance jobs to be found on the LaborX platform. These can be sorted by category, to make things a bit easier. Users can also filter the rates of the projects being listed, depending on one’s preferences for compensation.
As far as the different gigs go, companies looking to hire employees can find their next employee here as well. There are different categories to choose from, each of which has its own set of freelancers offering their services at specific rates. All in all, the platform has a lot to offer, both for teams and individuals looking to carve out their legacy in the blockchain and cryptocurrency world.
Convenient Crypto Trading in Australia
Another platform that has recently caught our attention comes in the form of TimeX. It is a hybrid cryptocurrency exchange based on Plasma technology. This allows for a much higher speed of execution, as well as maintaining a degree of privacy. At the same time, TimeX has the transparency and security of a decentralized exchange. Offering the best of both worlds makes for a more competitive trading experience.
On TimeX, users will be able to trade many different currencies. This includes trading against the Australian Dollar, Bitcoin, Ethereum, Noteworthy supported currencies include Litecoin, EOS, the native TIME token, XRP, and so forth. A very competitive trading platform, with plenty of different markets to explore.
Whereas TimeX may appear like just an exchange, there are other features to explore as well. One option is to buy Bitcoin from the exchange directly. This can be done through market orders for instant trading, or limit orders if one targets a specific price. Obtaining Bitcoin can be done through AUDT, TIME, and USDT. It is equally possible to sell Bitcoin in exchange for these same currencies.
Last but not least, there is the OTC Market. Trading Bitcoin and other currencies over-the-counter has always proven to be popular. It is an accessible way of trading digital currencies, TimeX’s OTC mart is accessible to anyone who wants to explore this option, either through their own counterparties or by sourcing liquidity through the company’s trading desk.
The post Crypto Freelance Jobs and Trading: Exploring LaborX and TimeX appeared first on NullTX.
via NullTX https://ift.tt/338Vuqh
Bitcoin has undergone a strong rally over the past month as buyers rush in after the early 2020 crash. The price of the leading cryptocurrency currently trades for $18,600, which is almost the highest the cryptocurrency has traded since the 2017 bull market peak.
While there appear to be many that believe the coin will move higher, data shows the coin is being sold to some extent.
Bitcoin Is Being Sold Into This Rally, On-Chain Data Shows
Willy Woo, a prominent Bitcoin on-chain analyst, there are old holders of BTC that are selling their coins into this rally:
While this represents increased selling pressure in this nascent market, Woo isn’t all too worried. He went on to explain that while previous tops were marked by spikes in the destruction of Bitcoin Days, there is likely still smart money that are buying any dips:
This much has been made clear by the entrance of institutional participants in the cryptocurrency space. These participants will drive Bitcoin higher while old money exits.
Chart of BTC's price action over the past year and a half with Bitcoin Days Destroyed analysis by crypto trader Willy Woo (@Woonomic on Twitter)
Retail Money Entering En-Masse
Underscoring this, retail money is entering the crypto space en-masse.
Pantera Capital co-CIO Dan Morehead recently wrote on the matter of PayPal’s users accumulating a large percentage of the Bitcoin being mined:
Analysts think that this retail activity will be critical in driving the price of the leading cryptocurrency to new all-time highs.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
Originally from Bitcoinist.com https://ift.tt/2ULfHhk
Ethereum and the entire crypto market have been caught within the throes of an intense uptrend throughout the past few days and weeks, with buyers fully controlling its price action as they target higher highs.
ETH is now trading at the highest price levels since it first crashed in 2017, with bulls sending it flying up to highs of $550 overnight.
There was some intense resistance at this price level that slowed its ascent and caused it to see a short-lived selloff.
One trader is now noting that breaking above this resistance could open the gates for a move to $710 in the near-term.
Ethereum Flashes Immense Signs of Strength as Analyst Eye Higher Prices
At the time of writing, Ethereum is trading up just under 6% at its current price of $540.
This is the highest price that the cryptocurrency has seen since it first crashed from its $1,000+ highs set in late-2017.
It is facing some intense resistance around $550, and whether or not it can break above this level should shine a light on its mid-term outlook.
Analyst: ETH Set to Reach $710 if It Can Break One Key Level
A popular cryptocurrency analyst explained in a recent tweet that a combination of it pushing against a key support level and having neutral funding indicates that serious upside could be imminent in the near-term.
Image Courtesy of NekoZ. Source: ETHUSD on TradingView.
The coming few days should provide serious insights into where Ethereum and the rest of the crypto market will trend in the near-term.
If Bitcoin remains stable below $19,000, or breaks above this level, it could allow Ethereum to move higher with it in tandem.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/396n1N4
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