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Category Archives: Bitcoin
Here Are The Key Bitcoin Levels To Watch – Forbes
Posted: December 3, 2019 at 12:53 am
(Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)
After hitting nearly $14,000 in late June, Bitcoin has disappointed investors by falling 50%. Bitcoins price action over the past five months appears to be forming a channel pattern as the cryptocurrency bounces between its downward-sloping support and resistance lines. A decisive, high-volume break above this channel would signal that further gains are likely ahead, while a break below this channel would increase the probability of further downside action. It is also important to keep an eye on the $6,000 support level that has played an important role in the past two years.
Bitcoin Daily Chart
The weekly Bitcoin chart puts the $6,000 support level and the price channel of the past five months into better perspective. If Bitcoin is going to launch another bullish move, the $6,000 support would be an important base to do it from. If Bitcoin breaks below both its price channel and the $6,000 support level, it would increase the probability of further bearish action as the 2019 rally continues to unravel.
Bitcoin Weekly Chart
For now, investors and traders should keep an eye on how Bitcoin acts within its channel and at its critical $6,000 support level.
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Here Are The Key Bitcoin Levels To Watch - Forbes
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Bitcoin price suddenly surges amid positive predictions – The Independent
Posted: at 12:53 am
Bitcoin has experienced a sudden surge in value after several days of plummeting prices.
The worlds leading cryptocurrency climbed $600 (460) in the space of a few hours to returnabove $7,000, having briefly fallen to its lowest level since May.
The price crashes on Friday and Monday came after market uncertainty surrounding developments in China, which saw a renewed crackdown on illegal exchanges in the country.
Sharing the full story, not just the headlines
Despite the significant dips. some cryptocurrency expertsclaimed that it was the perfect time to invest.
Once again the value of bitcoin has plummeted due to the nature of cryptocurrency, this is not the first, nor will it be the last time this occurs, Peter Wood, CEO of online trading platform CoinBurp, toldThe Independent.
However, new-time investors can be comforted by the fact that its value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity that to invest now.
On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'
Reuters
On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices
Lazlo Hanyecz
Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin
On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash
REUTERS/Dimitris Michalakis
The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed
Getty Images
In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim
Getty Images
On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash
REUTERS
Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year
Reuters
On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'
Reuters
On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices
Lazlo Hanyecz
Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin
On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash
REUTERS/Dimitris Michalakis
The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed
Getty Images
In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim
Getty Images
On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash
REUTERS
Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year
Reuters
The price of bitcoin is notoriously difficult to predict due to its volatility, which has seen it fluctuate between $3,000 and $20,000 over the last two years.
Its current price of $7,300 is more than double the price it was this time last year, yet less than half the price it was in late 2017.
While nobody really knows what direction the value of any cryptocurrency will head in the near future, past trends display a possible large increase within the next 12 months at least, Mr Wood said.
Some of the more optimistic predictions for bitcoin include venture capitalist Tim Drapers forecast that the cryptocurrency will reach $250,000 by 2023, and cyber security pioneer John McAfees bet that it will reach $1 million by the end of 2020.
A more conservative estimate comes cryptocurrency analyst PlanB, who tweeted on Monday: Call me crazy, but it wouldnt surprise me if bitcoin closes 2019 at $10,000... Opportunities like this [for investors] are rare.
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Bitcoin price suddenly surges amid positive predictions - The Independent
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Calvin Ayre Increases Investment in Bitcoin SV Ecosystem with Funding for sCrypt Smart Contract Venture – PRNewswire
Posted: at 12:53 am
LONDON, Dec. 2, 2019 /PRNewswire/ -- Recent investments have come thick and fast as the momentum builds (literally) on the BSV blockchain. BSV can now boast consistently more transactions and bigger block sizes than BTC, but don't take our word for it: https://coin.dance/.
Now new venture sCrypt Inc. receives a funding boost which will bring smart contracts to the BSV blockchain: sCrypt is a high-level smart contract language which allows developers to more easily write smart contracts on Bitcoin SV, without having to use the more cumbersome bitcoin Script.
Xiaohui Liu, sCrypt's Founder, commented: "The scaling power of the BSV blockchain makes it the best place to build, in fact, the only place to build. The investment boost means we can now speed up the process of making smart contracts on chain accessible to anybody."
sCrypt is designed to facilitate writing smart contracts running on chain:
In addition to the smart contract language itself, sCrypt intends to build products that make the language easily useable.
The investment comes as a result of sCrypt participating in Bitcoin Association's first ever BSV Venture Pitch Day, held in conjunction with the recent CoinGeek conference in Seoul, South Korea in October 2019. The Bitcoin Association is dedicated to advance the Bitcoin SV business ecosystem, and will hold another Pitch Day before the CoinGeek London conference in February 2020. Interested BSV ventures can apply for a spot here.
SOURCE Bitcoin SV
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Bitcoin Gives the World Democratization of Savings Hedge Fund Exec – Cointelegraph
Posted: at 12:53 am
Bitcoin (BTC) can bring the worlds population out of debt thanks to its ability to allow consumers to save without permission.
That was according to Misir Mahmudov, the author and operations associate at cryptocurrency hedge fund Adaptive Capital, in his latest advocacy of Bitcoin on Nov. 27. Mahmudov is the brother of Murad Mahmudov, the well-known Bitcoin proponent.
Writing on social media, Mahmudov argued saving in BTC permitted anyone to bypass the barriers to traditional methods of saving such as stocks and real estate.
Bitcoin is the democratization of savings, he summarized.
As a result, Mahmudov continued, large numbers of prospective savers would benefit:
Today, you can stack sats & store your wealth in the scarcest asset. The ability to save wealth in bitcoin will bring millions of people out of debt.
According to the latest statistics, the United States national debt alone equals around $70,000 per capita. Global debt is now so large that for every Bitcoin that will ever exist, there is currently $12.1 million of debt.
Bitcoins status as sound money has long seen support from academics such as Mahmudov, with others highlighting its specific benefits over phenomena such as fiat currency.
In particular, Saifedean Ammous, author of the popular book The Bitcoin Standard and formerly a professor at the Lebanese American University, continues to point out that fiat represents the antithesis of saving mentality.
Through issuing money which they can inflate at will, governments and central banks foster a culture of spending and borrowing while demonizing saving.
In what is known as a high-time-preference mentality, consumers who use fiat are taught to spend it, not save it, as its inflationary nature means it will buy less in the future. For Ammous, it is John Maynard Keynes, one of the architects of modern economic policy, who is directly to blame for the damage.
The Bitcoin Standard quotes Keynes infamous soundbite about the long-term impact of his advice: In the long run, we are all dead.
With Bitcoin, a provably scarce form of money with a fixed supply which is impossible to manipulate, the opposite is true for savers.
As Cointelegraph noted, analysts even predict that Bitcoin price models will become less useful in time due to fiat losing its value. Since the U.S. Federal Reserve was established in 1913, the dollar has lost over 96% of its value in real terms.
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Bitcoin Gives the World Democratization of Savings Hedge Fund Exec - Cointelegraph
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How the Upcoming Bitcoin Halving Compares to Previous Cycles – Bitcoin News
Posted: at 12:53 am
For those standing very close to the crypto charts, it might be easy to get discouraged by the gloomy nature of recent markets. However, new comparisons of the current halving cycle to those in the past have emerged and might put some wind back into the sails of traders, hodlers, and cryptocurrency enthusiasts in general.
Also Read: As Halving Interest Grows, Spectators Discuss Miner Hoards and Capitulation
Though crypto prices took a big dip in November, with BTC falling 30% from a high of $9,486 to a bottom of around $6,575, hash rates on both the BTC and BCH chains have held relatively steady as the next block reward halving approaches. Data also points to miners hoarding coins in view of the upcoming subsidy reduction, as the event is generally viewed as price favorable. In combination with these factors, new analysis has emerged which might suggest that in spite of the recent bearish climate, things might be more on track than previously supposed.
The image above aligns the block reward halving points of three cycles (the latter half of pre-halving and the first half of post-halving), with the three cycles anchored at a common line of 100% of the cycle low. The first two cycles which are completed, and the pre-halving phase of the current cycle are displayed. Interestingly, the movements in the latter half cycles appear to follow a similar trend. As creator of the graphic, @Chartsbtc, states on their Twitter post:
Each cycle is 210,000 blocks (~4 years). This chart starts half way through the cycle and goes half way into the next cycle. This is my attempt to show the lows prior to halving and the peaks post halving but keep everything centered around the halving.
The graphic is compelling, and has many hoping for great moves price-wise in 2020 and beyond. Discussing the methodology of creating the graphic further, @Chartsbtc explains why the green price action line does not touch the 100% cycle low level: The low was a intraday price and the chart only plots the closing prices to the nearest 105th block. I wish I actually had prices per block. They further note that viewers should Keep in mind that each cycle peak will likely be lower than the prior one. Even so, should the trend repeat BTC could see a post-halving peak around $80,000. Still, this is all speculation, and other factors must be kept in mind.
With the Bitcoin Core halving estimated to be taking place in mid-May, 2020, and the Bitcoin Cash halving to likely occur a month earlier, speculation of course abounds. Other factors playing into market perception and possibly price, such as proliferating development surrounding the BCH chain, and a trend of businesses dropping BTC as a payment method due to fees and congestion (not to mention an overall shift in attitude in the BTC community from user to mere hodler), could also have unexpected affects. If the projections of the above halving data are correct, however, everyone may be in for an interesting ride in 2020.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.
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How the Upcoming Bitcoin Halving Compares to Previous Cycles - Bitcoin News
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Understanding the distribution of the crypto market: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano – FXStreet
Posted: at 12:53 am
Financial analysts always keep an eye on the percentages by type of owner of any asset they analyze.
Everybody assumes that the owners of the professional investment group are on the right side of the market, while the individual investor is often on the wrong side of the market.
As a rule, the group of professional investors has priority access to new investment proposals. They have priority access to new company IPOs, capital available, and expert information.
In contrast, the individual investor often lags behind the decisions of professionals, buying what they want to sell, and selling what they want to buy.
The cryptocurrencies case is different from any other current asset.
The crypto market is relatively recent, as it is only 11 years since Satoshi Nakamoto published the White Paper of Bitcoin.
In the beginning, the only ones who had access to the appreciated token were technologists, cryptographers, developers and a few geeks who put their computers to mine Bitcoins.
That was more than a decade ago and today, there are still very few owners of Bitcoins with illustrious surnames from the financial world.
Despite the relative opacity that surrounds cryptocurrencies, the only thing truly opaque is the name of the owner and thats only in the cases in which exchange does not intervene. The rest of the information is public, freely accessible and decentralized.
This quality of blockchain technology allows us to know some exciting things that would be difficult for us to know in the case of Gold or Diamonds.
In this blockchain world, people store the units of value in digital wallets and their content and movements are public. The magnitudes to be taken into account and which are public are the number of tokens they keep and the time since the last transaction.
Today I am going to analyze the first of these magnitudes: the accumulated volume and its distribution.
Let's take a look at the profile of owners of the leading cryptocurrencies and their implications.
The study divides the owners of cryptocurrencies into three groups:
- Retailers: Wallets that have less than 0.1% of the total circulating.
- Investors: Wallets that have between 0.1% and 1% of total current assets.
- Whales: Wallets with more than 1% of total existing assets. *
* Whales is the name given to large owners, usually early adopters of this technology and accumulating hundreds of thousands of tokens.
Bitcoin has a very democratized distribution. 88.99% of the wallets belong to the group of Retailers, 9.59% to the group of investors and only 1.41% of whales.
From this distribution, we could deduce that the Bitcoin market is not as vulnerable to whale manipulations as it is believed and that a majority of its holders have small quantities.
Ethereum is distributed among retailers at 61.03%, while investors reach 31.51% and whales reach the figure of 7.45%.
In the case of Ethereum, we see that it is more vulnerable to massive actions since, between investors and whales, they approach the percentage control of the asset. This distribution highlights that Ethereum uses PoS (Proof of Stake) as a mining protocol, which requires "stacking" tokens and makes investors not sell their stocks massively.
The BCH is distributed among retailers at 71.8%, while investors reach 22.57% of the total working capital. Whales account for 5.63%.
The Bitcoin Cash case resembles the Ethereum profile, but in this case, it uses a PoW (Proof of Work) protocol in its mining, which does not require stacking tokens to increase the mining power. This mining method could justify because its owner profile is more similar to that of Bitcoin, which also uses PoW.
The distribution of Litecoin among retailers is 53.48%; investors accumulate 40.91% of the wallets and whales keep 5.62% of the total circulating.
Source: Intotheblock
Litecoin uses a PoW (Proof of Work) protocol, similar to Bitcoin, although the former makes intensive use of computational memory and the latter of computing power. As we can see, investors, who are not obliged to stack Litecoins, keep them in their portfolios in a massive way.
The distribution of Cardano among retailers is 58.59%; investors accumulate 7.52%, and whales gather a significant 33.89%.
Source: Intotheblock
Cardano uses a PoS (Proof of Stake) protocol. From the profile we have just seen, the original whales still maintain a large number of tokens and ultimately dominate the mining. The profile also shows a high vulnerability of Cardano to the great concentration of the current total.
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Understanding the distribution of the crypto market: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano - FXStreet
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Vertcoin Network Sabotaged by Another 51% Attack – Bitcoin News
Posted: at 12:53 am
The Vertcoin (VTC) blockchain was 51% attacked on Sunday, December 1, which saw 603 VTC blocks replaced by 553 blocks from the attacker. This is the second time the ASIC resistant Vertcoin chain was ambushed, as the network suffered a 300-block reorg a year ago.
Also read: Cryptocurrency Projects Aiming to be ASIC Resistant Have Little Success
Vertcoin, a fork of the Bitcoin protocol, is an alternative cryptocurrency thats been around since January 2014. The community and developers behind the project believe VTC is different because it claims to be ASIC resistant. However, throughout October and December 2018, the Vertcoin network dealt with a series of 51% attacks and a number of blockchain reorganizations (reorg).
A 51% attack is when a single entity (miner) takes more than 50% of the networks hashpower, allowing them to reorg blocks and double spend coins. The 300-block reorg on Vertcoin last year cost more than $100,000 from double spends. The situation invoked VTC developers to change its proof-of-work algorithm to another algorithm called Lyra2rev3. Less than a year later on December 1, 2019, the Vertcoin chain suffered another 51% attack. James Lovejoy, Vertcoins lead developer, explained the situation:
On Sunday, 1 December 2019 15:19:47 GMT 603 blocks were removed from the VTC main chain and replaced by 553 attacker blocks. We note that 600 blocks is the current confirmation requirement for VTC on Bittrex. There were 5 double-spent outputs in which ~ 125 VTC (~$29) was redirected. Each of the double-spent outputs are coinbase outputs owned by the attacker and it is unknown to whom the coins were originally sent before being swept to an attacker address after the reorg.
Similarly to last years attack, the captured hashrate was blamed on Nicehash. The company sells hashpower to individuals and acts as a hashpower broker marketplace that connects sellers and miners. Lovejoy remarked that he noticed on November 30 a large upswing in hashrate rental prices for Lyra2rev3 on Nicehash. This was combined with workers connected to Nicehashs stratum server being sent work for unknown (non-public) Vertcoin blocks, Lovejoy added. Last years attack was blamed on Nicehash too when observers said theres too much hashrate for rent at too low a price, resulting in zero capex and low opex to do attacks. Despite being ASIC resistant, cloud-mining services are now able to offer customers significant portions of CPU and GPU-based hashrates.
Resisting mining centralization has been a huge concern for a variety of blockchains and the Monero (XMR) network has had its share of grievances as well. Last year XMR saw multiple forks as developers tried to bolster ASIC resistance. In May 2018, the Bitcoin Gold (BTG) project suffered a 51% attack and lost $18 million in one fell swoop. A large portion of the BTG double spends from the attack was stolen from Bittrex, eventually causing the U.S. exchange to delist BTG.
With Sundays Vertcoin attack, Lovejoy emphasized that it is possible that Bittrex was the original target. However, the double spends were aborted because Bittrex had their wallet disabled. It is also possible that no double spend was ever intended, and the attack was a proof of concept or sabotage attack, Lovejoy added. Lovejoy said the post-attack analysis of the Nicehash order book at the time of the attack had shown a large upswing in hashrate rental price from both U.S. and EU markets. But after the attack, the rental price subsided, Lovejoy stressed, returning to the baseline market equilibrium.
What do you think about Vertcoin getting attacked again? Why do you think attacks like these happen? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Vertcoin logo, and Lovejoys Github gist.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
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Vertcoin Network Sabotaged by Another 51% Attack - Bitcoin News
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BitCoin and Cryptoasset Regulation: Recent Cases from Canada – JD Supra
Posted: at 12:53 am
Updated: May 25, 2018:
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BitCoin and Cryptoasset Regulation: Recent Cases from Canada - JD Supra
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Technical Weekly – Bitcoin bulls on thin ice; Altcoins mixed – FXStreet
Posted: at 12:53 am
Cryptocurrency traders have been staying cautiously optimistic as we enter the final trading month of the year. The prices of bitcoin briefly touched 7800 levels over the weekend before sheltering in the 7500 area. We've also seen the same mixed sentiment in the altcoin space, as ETH and XRP gained about 1.5%, while LTC and ATOM gave up less than 2% of their values.
The mixed sentiment in the crypto market also illustrated in market data. Data from OKEx shows that futures contracts traders have been holding a split view on BTC, with the Long/Short Ratio hovered in the 1 area.
However, another set of data shows that investors have been reluctant to enter the market despite market sentiment has slightly rebounded. The latest reading of the Sentix Bitcoin Sentiment Index has rebounded from last week's -34 percentage points to -22percentage points.
Patrick Hussy, Managing Director at CEFA, believes that "fears remain in the market that the sell-off could continue." Although extreme fear usually indicates a price rebound, Hussy said he hadn't seen indications that show investors' willingness to buy. Bitcoin bulls may have to be patient before the next significant price increase can take place.
US investors are expected to return into the market as Thanksgiving weekend wrapped up, crypto watchers may want to refocus on the overall trade volume, and the potential changes in the momentum and market dynamic.
Facebook's Libra project may face additional regulatory hurdles as US laand ATOM gave up less than 2% of their values.wmakers have been pushing to classify stablecoins as securities. The obstacle came at the time when Libra has been in consideration of embracing fiat-pegged stablecoins model, rather than a single token supported by a basket of national currencies. Libra Association insisted that the project is a commodity.
Banks in Germany may soon be allowed to sell and store crypto assets. That's according to a local newspaper. Handelsblatt reports that the Bundestag has passed a new bill that implements the fourth EU Money Laundering Directive, which allows banks to have access to crypto-assets. The bill is expected to be signed off by the nation's 16 states.
Investors in Canada are one step closer to see public-traded bitcoin funds as soon as late December. Canadian investment fund 3iQ told Coindesk that the company is expected to list the fund on TSX or TSX Venture in late December or early January. The firm claims the IPO would be the "world's first regulated closed-end bitcoin exchange-traded product."
BTCUSD
As previously discussed in our publication
BTC seems has found another 3-hour leg of support, which is higher than the previous lows. At this point, the 23.6% Fibonacci Retracement must be further tested before another attempt at the upper end of the uptrend.
We believe that momentum would be the key of BTC to hold up at current levels or further push up, as both UO and RSI suggest that momentum has been somewhat losing out.
If the lower end of the channel is compromised, the retest of the support near 6850 should not be ruled out.
Key levels: 7455, 6850
EOSBTC
EOSBTC has formed a 6-hour double bottom reversal in late November and started a rally from there. A similar pattern has occurred back in early November, which sent the price to nearly 0.0004 levels.
The thin confidence in the BTC should able to provide some rooms for altcoins speculations, and EOS could be one of them.
If the momentum is sustainable, the pair could test the 0.00039 area, which is the support- turned-resistance levels.
Besides, the 6-hour 10-SMA has surged above the 50-SMA recently, it has been getting closer to the 200-SMA, and a 6-hour "golden cross" could be in the making.
Key levels: 0.00039, 0.00037
ATOMUSDT
ATOM has been one of the recent gainers in the altcoin space, as ATOMUSDT has been rally since November 22.
However, we've seen a mixed signal from here. While the lower end of the 3-hour rally channel seems like decent support, the ultimate oscillator was unable to produce some higher lows. At the same time, the RSI has made a more obvious rebound.
The chance of retest the support of the uptrend should not be eliminated; however, the double top formation could limit the upside from here.
Key levels: 3.6, 4.1
LINKUSDT
LINKUSDT is set to test the support of a long-term trend line. The green line in the chart below is the support of the pair, which started in May 2019.
Momentum indicators and the price have shown divergence since mid-October, an expected price correction occurred in mid-November.
The correction also makes the case of a daily "death cross" more likely, which is the 10-day moving average is likely to break below the 200-day moving average. However, unlike the name suggests, a short-term price rebound usually occurs after a death cross happened shortly.
Key levels: 2.36, 2.02, 2.01.
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Technical Weekly - Bitcoin bulls on thin ice; Altcoins mixed - FXStreet
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Bitcoin Drops 4.53%, But Downtrend Has Cooled and Dominance is Now Heading Up | Coin Insider – Coin Insider
Posted: at 12:53 am
How Did Bitcoins Price Fare Yesterday?
Bitcoins price at the moment is clocking in at $7,420.53, which means that since yesterday, it is down about 4.53%. This is the 2nd consecutive day that Bitcoin has moved down, but the coins trend over the past two weeks is unclear. Since it is somewhat close below relative to its 20-day average price of $7,885.087, a climb up to the 20-day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $6,824.22 and $8,945.95. Its market capitalization currently is estimated to be around $130.96 billion US dollars, while its market dominance (percent of total crypto market) is estimated to be 66.31%. It should be noted, though, that Bitcoins dominance has been gradually moving up, reporting an average daily rise of 0.09% over the past 14 days. A rise in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoins chances for long-term survival are thus enhanced.
Want to trade Bitcoin? Consider the following brokers: CoinDirect, Gate, Yobit, Stex, Binance, DDEX
274,621 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain fallen by approximately 3.25% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. Yesterday, Bitcoins average fee per transaction came in at $0.75. The size of the typical transaction on Bitcoins blockchain is down 5% in US dollars; meanwhile, the fee for sending transactions has been declining by 4.5% per week. Bitcoins transaction fee and average transaction value are both declining, though that is likely to change if Bitcoins price sustains a stronger rally going forward. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately falling daily by approximately -0.14%. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear which implies the trend in mining strength is now more uncertain in a way. This may not help Bitcoin attract more high-value transactions.
Article by SixJupiter
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