Armani Bins

Armani Bins

I’m a Crypto author and journalist and I have been involved in space since 2012. I have written for a number of publications, including The Wall Street Journal, Forbes, and CoinDesk. I’m a popular speaker and I generally speak on cryptocurrencies and blockchain technology niches respectively.

coinedict

Ethereum Signals Recovery, How ETH Could Start A Strong Increase

Ethereum extended its decline and it traded close to $2,300 against the US Dollar. ETH price is now recovering and it could start a strong increase if it clears $2,550. Ethereum extended its decline below the $2,400 and $2,300 support levels. The price is now well below $2,600 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely forming an inverse head and shoulders pattern with resistance near $2,550. Ethereum Price Could Rise Steadily Ethereum failed to stay above the key $2,550 support level, and it extended its decline. ETH traded below the $2,440 and USD 2,400 support levels. It even broke $2,350 level and settled well below the 100 hourly simple moving average. A low is formed near $2,313 and the price is now correcting higher. It broke the $2,400 resistance level. Ether also climbed above the 23.6% Fib retracement level of the of the recent drop from the $2,850 swing high to $2,313 low. However, the price is now facing a strong resistance near $2,500. There is also a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com It seems like ether is likely forming an inverse head and shoulders pattern with resistance near $2,550. The 50% Fib retracement level of the of the recent drop from the $2,850 swing high to $2,313 low is also near the $2,580 level. If there is a clear break above the trend line and a follow up move above $2,550, the price could start a strong increase in the near term. The next major resistance could be $2,640. More Losses in ETH? If Ethereum fails to clear the $2,500 and $2,550 resistance levels, it could extend its decline. An initial support on the downside is near the $2,400 level. The first major support is near the $2,350 level. A downside break below $2,350 and the recent low could accelerate losses. The next major support is near the $2,220 level or $2,200. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently approaching the 50 level. Major Support Level – $2,350 Major Resistance Level – $2,550

Read More
coinedict

Bitcoin Extends Losses, Why $30K Holds The Key For Next Wave

Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline. Bitcoin extended its decline below the $33,500 and $33,000 support levels. The price is currently well below $35,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if there is a break below $32,300 and $32,000. Bitcoin Price is Under Pressure Bitcoin remained in a bearish zone below the $35,500 support zone and extended its decline. BTC broke the $33,500 support level and settled below the 100 hourly simple moving average. The price even declined below the $32,000 support zone. A low was formed near $31,065 before the price started an upside correction. There was a break above the $32,000 and $32,500 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low. However, the price is facing a strong resistance near the $34,000 level. It seems like the 50% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low is acting as a hurdle. Source: BTCUSD on TradingView.com There is also a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair. The first major resistance is near the $33,500 level. The main resistance is near the $34,000 zone, above which the price could test the 100 hourly simple moving average. More Losses in BTC? If bitcoin fails to clear the $34,000 resistance, it could continue to move down. An initial support on the downside is near the $32,500 level. The first major support is near the $32,300 level and the channel trend line. If there is a downside break below the channel support, the price could dive to $31,000. The main support is near the $30,000 level. If the bulls fail to protect the $30,000 support zone, there is a risk of a sharp decline. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Levels – $32,300, followed by $31,000. Major Resistance Levels – $33,500, $34,000 and $35,000.

Read More
coinedict

Polkadot Ready for Kusama Parachain Auctions

Key Takeaways Polkadot founder Gavin Wood wrote in a blog post that Kusama is ready to host parachain slot auctions. Kusama will host parachains before auctions go live on Polkadot. The auctions will last for five weeks and determine which project gets to operate a parachain on the canary network. Share this article Polkadot’s founder Gavin Wood has announced that parachain auctions on Kusama should take place from next week. First Parachain Auctions to Launch Parachain auctions on Polkadot’s canary network Kusama will begin from Jun. 15, the project founder Gavin Wood wrote in a Tuesday blog post. Both Polkadot and Kusama are trying to create an interoperable network of 100 parachains plugged into a central Relay Chain. Kusama is an identical network to Polkadot except its role is to function as a test network and experiment with various technology features before they can be rolled out on Polkadot. Parachains will host different decentralized applications that can simultaneously interact with one another through the relay chain. Given each network can only have a maximum of 100 parachains, auctions will be used to determine which crypto projects get to run their parachains. Polkadot launched on mainnet over a year ago and is yet to launch a parachain. While the team has sent mixed signals about the auction schedule, the Polkadot community has been pushing for the auctions to begin as soon as possible. Now, Wood has confirmed, the team has finally reached the auction stage. Beginning Jun. 15, there will be auctions running weekly on Kusama for five consecutive weeks. While there will likely be hundreds of crypto projects that participate in Kusama parachain auctions, some of the notable teams include Acala, Darwinia, Equilibrium, HydraDX, Karura Network, Robonomics, and Moonbeam. As parachain auctions have never taken place before, they will first be organized on Kusama. For its role as the canary network, Kusama has already launched a parachain known as Statemine, whose logic is under audit. This is Kusama’s equivalent of the Polkadot’s Statemint, a common-good parachain that is scheduled to go live in the neat future. Wood said in the blog post: “As the technical team behind the initial runtime design and implementation, it is our belief that there are no longer any known technical blocking points stopping the auctions or parachain functionality.” Each auction will be organized for a week-long period, and bids will be placed in the network’s native currency, either KSM or DOT. The winner of a parachain slot auction will be decided based on a snapshot that is taken at a random time. Furthermore, to give themselves a fair chance of winning the auctions, teams building in the Polkadot ecosystem have planned on taking loans from their supporters in exchange for native parachain tokens, a process known as parachain loan offering. For the upcoming auctions, contributors will have to bond their KSM tokens in a smart contract for a minimum of six weeks. Contributors will only be rewarded if the crowd loan helps win the parachain slot auction. Before the auctions begin, projects striving to win slot auctions on Kusama, will ask contributors to lock KSM tokens within crowdloan contracts. Likewise, users can also participate in parachain auctions through centralized exchanges such as Kraken. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Polkadot Reworks Network to Solve “Free-Rider Problem” Polkadot is introducing governance-allocated parachain slots.  Polkadot’s “Free-Rider Problem” Polkadot has announced details of a governance process for allocating parachain slots.  In a blog post, the team outlined plans for… What is Polygon (MATIC): Ethereum’s Internet of Blockchains In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several… Voting For All: How Polkadot Can Improve On-Chain Governance The Polkadot Network is an ambitious blockchain project that is working to deliver blockchain interoperability. Broadly speaking, Polkadot will allow different blockchains to connect and communicate, which could resolve difficulties… What Is Polkadot? Introduction to DOT Polkadot is a blockchain protocol designed to support multiple chains within a single network. It aims to overcome a problem in the current blockchain landscape: hundreds of blockchains exist in…

Read More
coinedict

Bitcoin Indicator Behavior Mimics Historic Rally

Bitcoin price keeps sinking, but has kept mostly sideways leaving bears unable to break support to new lows. With the trading range at a pivotal point, as one trading legend often says it is “time to pay attention.” The reason for the focus, is because what started as a fractal in price action, is now causing similar behavior in the Bollinger Bands that led to one of the most powerful pumps in Bitcoin history. Is that what’s next with bearish sentiment at such critical heights currently? Pause In Downtrend Leaves Traders Confused, Market In Fear Markets are cyclical and oftentimes sentiment lags behind price action. The recent uptrend in cryptocurrencies came to a pause when things were at their best – just as Coinbase Global went public, and prices were at all-time highs. Related Reading | Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce It wasn’t until more than 50% from the price per BTC was shed before investors started to become bearish on Bitcoin. Over the last several weeks since the big drop in May, a symmetrical triangle has been forming but it might not play out the way text book technical analysis would suggest. The Bollinger Bands closely match the “China pump” from 2019 | Source: BTCUSD on TradingView.com Sentiment is at extreme fear and a technical indicator that can be used to forecasts bounces, the Bollinger Bands, looks a lot like the last time the market reached a pause in a new downtrend like this. At that time, the creator of the tool, John Bollinger, warned it was now “time to pay attention” as trickery could soon reveal, and reveal it did. Bitcoin “Squeeze” Could Lead To Epic Pump With sentiment at the very worst and a sweep of lows now checked off the list, Bitcoin price could pump back higher to either retest or reclaim previous highs. Price action has repeatedly wicked into the lower Bollinger Band without a big break, suggesting that this latest test of the lower band is a bear trap setup called the “Gimmee Bar” discovered by Joe Ross. Several wicks into the lower BB suggest a bear trap | Source: BTCUSD on TradingView.com In 2019, the top cryptocurrency couldn’t recover the lost level, but the bull market is a lot different this time around. Holding the level here would result in the first major bull market correction of the rally continues from here. Related Reading | Bitcoin Bulls And Bears Alike Beware Of Potential Pump And Dump Fractal If the level cannot be reclaimed, much like the China pump of late 2019 failed and led to new lows, so too will any unfinished recovery from here. Regardless of what happens, it is worth paying extra close attention the next several days until Bitcoin price choses a new direction. Featured image from iStockPhoto, Charts from TradingView.com

Read More
coinedict

Rogue states dodge economic sanctions, but is crypto in the wrong? – Cointelegraph Magazine

When the United States first began going after crypto companies for violating its economic sanctions rules, it didn’t exactly start with a bang.In December, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced a settlement with crypto wallet provider BitGo after the Palo Alto firm failed to prevent persons apparently located in the Crimea region, Iran, Sudan, Cuba and Syria “from using its non-custodial secure digital wallet management service.” The penalty for the “183 apparent violations” of U.S. sanctions? An underwhelming $98,830. This was “the first published OFAC enforcement action against a business in the blockchain industry,” according to law firm Steptoe, though six weeks later, the OFAC reached a similar settlement with BitPay, a payment processing firm, for 2,102 “apparent violations of multiple sanctions programs,” in which BitPay reportedly allowed persons in the same countries as in the BitGo case — but with the addition of North Korea — “to transact with merchants in the United States and elsewhere using digital currency on BitPay’s platform even though BitPay had location information, including Internet Protocol addresses and other location data, about those persons prior to effecting the transactions.” BitPay agreed to pay $507,375 to resolve its potential civil liability. But future violators may not be treated so leniently. It’s worth mentioning that economic sanctions are typically applied “against countries and groups of individuals, such as terrorists and narcotics traffickers,” according to the United States Treasury, typically “using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals.”More enforcement actions are coming“The crypto industry should absolutely expect more enforcement actions from OFAC, and it can expect that there will be much larger penalties as well,” David Carlisle, director of policy and regulatory affairs at Elliptic, tells Magazine. “OFAC’s first two enforcement actions in this space were fairly simple cases, where the underlying violations were not egregious, and the fines were small. But the next cases could be different,” he says, adding:“There will undoubtedly be other cases out there that involve much more serious and egregious violations — and we can expect that OFAC will issue fines against crypto businesses that are much larger than those we’ve seen thus far.” Expect more enforcement actions like those targeting BitPay and BitGo, Doug McCalmont, founder of BlocAlt Consulting LLC, tells Magazine, as well as “the expansion of targeted individuals, such as coders linked to the technology.”Sanctions regimes have been applied extensively in recent years by the United States, as well as the European Union and United Nations, often targeting “rogue” nation-states, such as North Korea and Iran. One of the best-known early crypto cases involved Virgil Griffith, a former hacker, who was arrested in April 2019 after he spoke at a blockchain and cryptocurrency conference in North Korea, in violation of sanctions against that outcast nation, the U.S. charged.“Sanctions violations are a real problem,” says David Jevans, CEO of CipherTrace, whose crypto forensics firm recently found that more than 72,000 unique Iranian IP addresses are linked to more than 4.5 million unique Bitcoin addresses, “suggesting that sanction violations are likely rampant and mostly undetected by virtual asset service providers,” he tells Magazine.  It’s not only U.S. authorities who are concerned about “bad actors” using the nascent blockchain technology to dodge economic sanctions. Agata Ferreira, assistant professor at the Warsaw University of Technology, tells Magazine that authorities in Europe “are becoming more active and more focused. The crypto space is under increasing scrutiny, and I do think this trend will remain and accelerate.”Nor is OFAC’s recent crypto focus surprising, according to Robert A. Schwinger, partner in the commercial litigation group at Norton Rose Fulbright. The United States government has no choice but to rein in this new, cryptocurrency asset class because “not to do so would expose it to the risk that its sanctions regime could be rendered toothless by new financial technology. Players in the cryptocurrency space who ignore the restrictions imposed by U.S. international sanctions are being put on notice that they do so at their peril,” he wrote on Law.com. Is DeFi problematic?As crypto adoption grows, it seems only inevitable that its decentralized finance (DeFi) networks will push up against more nation-state prerogatives, including economic sanctions. But isn’t there something inherently problematic about cracking down on a decentralized exchange (DEX)? Does the exchange even have a headquarters address? Is anyone even home at home? And should it even answer to someone if it’s truly decentralized?Enforcing regulations in a decentralized world presents certain challenges, Timothy Massad, former chairman of the U.S. Commodity Futures Trading Commission and now a senior fellow at Harvard University Kennedy School, tells Magazine, but U.S. regulators are “trying to figure it out.” Might the government eventually put more pressure on developers at DeFi firms, including decentralized exchanges? “Yes, they can build into the code some proper procedures… but it’s a lot easier to go after centralized intermediaries,” says Massad.“I think we’ll see DeFi developers come under real pressure to ensure their platforms can’t be abused for sanctions evasion — for example, by enforcing address blacklisting,” says Carlisle, adding, “There’s a lot of talk lately about [traditional] financial institutions taking interest in DeFi, but it’s hard to imagine major institutions participating in DeFi unless they’re confident it can be compatible with sanctions requirements.” DeFi projects are “decentralized, disintermediated and borderless — everything our legal and regulatory frameworks are not,” Ferreira informs Magazine. The latter are built around centralized, intermediated and jurisdiction-based architecture. “Therefore, this is a challenge and a learning curve for regulators, and not all proposed solutions will be optimal,” Ferreira adds.  The European Union is aware of the DeFi compliance challenge. Its recent Markets in Crypto-Assets (MiCA) regulatory proposal “will force DEXs to have legal entities in order to transact with EU citizens, effectively banning fully decentralized exchanges,” Jevans tells Magazine. He adds, “Many so-called DEXs have very centralized governance, venture capital investors and physical headquarters, causing the FATF to categorize them as VASPs.” Meeting compliance demands for digital service firms like BitPay and BitGo will require some effort. “Trying…

Read More
coinedict

Over 1% of Bitcoin Now Lives as WBTC on Ethereum

Key Takeaways WBTC has reached a supply of 187,610 which is equivalent to roughly 1% of Bitcoin’s circulating supply. Of all the tokenized variants of BTC, WBTC has found the most traction among Bitcoin holders. Despite the advantages, WBTC carries some risk as tokenization exposes users to counterparty risk. Share this article The total number of wrapped Bitcoin on Ethereum has exceeded 1% of the total circulating Bitcoin supply, the team announced. This is being considered a major milestone for the tokenized Bitcoin project. Ethereum Becoming a Home For BTC Over 1% of the BTC supply has been wrapped into WBTC. WBTC was launched in Jan. 2019 as a collaboration between BitGo, Ren, and Kyber. It was one of the first projects to issue ERC-20 tokens that are 1:1 pegged to Bitcoin. There are currently more than 187,610 WBTC on Ethereum worth more than $6 billion, according to Etherscan. That’s about 1% of Bitcoin’s circulating supply of 18,729,837 tokens, the WBTC team announced. 1% of all BTC has been wrapped into $WBTC! https://t.co/jOi0LZZUyi — WBTC (@WrappedBTC) June 7, 2021 The statistics indicate that the asset has found the most traction of all tokenized versions of BTC. Since tokenizing Bitcoin enables the asset to function as an ERC-20 token, it can be used across various Ethereum-based DeFi protocols. Despite the advantages this brings to holders, WBTC does not come without perils. WBTC is not fully non-custodial. For every WBTC that exists on Ethereum, there is a Bitcoin that is held by a custodian, which is Bitgo. It is to be noted that WBTC can only be minted when holders have completed a KYC procedure. Tokenizing bitcoin through custodial methods exposes users to counterparty risk and trust issues. I continue to be worried about the fact that these wrapped BTC bridges are trusted….. I hope that they can all *at least* move to a decently sized multisig — vitalik.eth (@VitalikButerin) August 17, 2020 Furthermore, smart contracts that are used to mint new WBTC are secured by multisig wallets that fully depend on the good faith of the signatories. Even though it is a very small possibility, in theory, those who can sign the wallets could collude and confiscate the assets held in the contract. Despite the risks, WBTC continues to gain momentum. WBTC is a popular way to deploy Bitcoin as collateral for taking loans on Aave and can be allocated to a liquidity pool on automated market makers like Uniswap. Source: The BlockBesides WBTC, two others projects have found significant adoption by tokenizing Bitcoin. One of them is Huobi BTC, which has 37,906 tokens worth $1.2 billion. The other is RenBTC, with 10,247 tokens valued worth $337 million. Oher tokenized Bitcoin projects that have a smaller circulation on Ethereum include sBTC, imBTC, tBTC, oBTC, pBTC, and vBTC. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Bitcoin Set to Join in on DeFi Hype with tBTC Launch tBTC, developed by Summa One and Keep Project, is live on Ethereum’s Ropsten testnet. The protocol aims to bring a price- and network-pegged version of BTC onto Ethereum and could… What is Kusama? How Polkadot’s playground accommodates blockchain de… Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same… WBTC: Wrapped Bitcoin Project Aims To Bridge BTC And Ethereum A gulf separates the Bitcoin (BTC) and Ethereum (ETH) networks. Although many investors hold both assets, they have so far been unable to use them together in any meaningful way…. Ren Launches Polygon Bridge with Support for Bitcoin Ren has integrated Polygon.  Ren Unveils Polygon Bridge Ren has launched a bridge to Polygon.  The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi…

Read More
coinedict

Ethereum Topside Bias Vulnerable, What Could Trigger Sharp Decline

Ethereum started a fresh decline from the $2,850 resistance against the US Dollar. ETH price is down over 5% and it is struggling to stay above $2,420. Ethereum declined sharply after there was a clear break below the $2,650 support. The price is now well below $2,650 and the 100 hourly simple moving average. There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down unless there is a strong recovery above $2,550 and $2,650. Ethereum Price Breaks Key Support Ethereum attempted a major upside break above the $2,800 level. However, ETH failed to clear the $2,850 level and started a fresh decline. There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD. The pair declined sharply below the $2,650 support and it settled well below the 100 hourly simple moving average. Ether gained bearish momentum and it even broke the key $2,550 support zone. There was a spike below $2,450, but the price remained stable above the $2,420 support. A low is formed near $2,433 and the price is now consolidating losses. Source: ETHUSD on TradingView.com An initial resistance on the upside is near the $2,520 level. The 23.6% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low is also near $2,530. The first major resistance is near the $2,550 level. The main resistance is now forming near $2,650. It is close to the 50% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low. A clear upside break above the $2,650 level could set the pace for a steady increase. More Losses in ETH? If Ethereum fails to clear the $2,550 and $2,650 resistance levels, it could extend its decline. An initial support on the downside is near the $2,450 level. The first major support is near the $2,420 level. A downside break below $2,420 could open the doors for a larger decline. The next major support is near the $2,200 zone, where the bulls are likely to take a stand. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is currently below the 30 level. Major Support Level – $2,420 Major Resistance Level – $2,550

Read More
coinedict

Bitcoin Resumes Slide, Why BTC Could Extend Losses In Short-Term

Bitcoin price failed to stay above the $35,000 support against the US Dollar. BTC is declining and it is likely to extend losses below $33,000 in the short-term. Bitcoin started a fresh decline after it broke the $36,500 and $36,000 support levels. The price is currently well below $36,000 and the 100 hourly simple moving average. There was a break below a major ascending channel with support near $35,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower below the $33,000 and $32,000 support levels. Bitcoin Price is Down Over 5% Bitcoin failed to stay above the $36,500 support zone and extended its decline. BTC broke the $35,500 support level and settled below the 100 hourly simple moving average. There was a clear break below a major ascending channel with support near $35,600 on the hourly chart of the BTC/USD pair. The pair gained pace below the $35,00 support level and it even broke $34,200. There was a spike below the $34,000 level and the price is currently struggling to recover. An immediate resistance is near the $34,150 level. It is near the 23.6% Fib retracement level of the recent drop from the $36,824 high to $33.350 low. Source: BTCUSD on TradingView.com The first major resistance is near the $35,000 level. The 50% Fib retracement level of the recent drop from the $36,824 high to $33.350 low is also near $35,100. The main resistance is near the $36,000 zone and the 100 hourly simple moving average. A clear break above the $36,000 level could reverse the current bearish bias. More Losses in BTC? If bitcoin fails to clear the $35,000 resistance, it could continue to move down. An initial support on the downside is near the $33,200 level. The first major support is near the $32,500 level. The main support is near the $32,000 level. If the bulls fail to protect the $32,000 support zone, there is a risk of a sharp decline. In the stated case, the price could even struggle to stay above the key $30,000 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Levels – $33,200, followed by $32,000. Major Resistance Levels – $34,150, $35,000 and $36,000.

Read More
coinedict

Bitcoin Bulls And Bears Alike Beware Of Potential Pump And Dump Fractal

Bitcoin price has been stuck trading within a small symmetrical triangle. These continuation patterns tend to suggest another equal sized move down is coming. However, a sweep of lows would “perfect” a buy setup that could initiate a pump and dump fractal from years ago. The pump and dump would be designed to further confuse sentiment and take advantage of the sudden shift to low liquidity and thin order books. Here’s what the fractal looks like and what it says about the coming price action. Market Timing: Why You Should Wait For The “Perfect” Buy Setup Bitcoin price action is confusing at the moment. The cryptocurrency is consolidating, but unable to break any lower, nor have bulls been able to stage a rebound. Related Reading | Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce The weekly downtrend has now reached a critical point, however. The weekly TD Sequential indicator is now at a 9 count. The market timing tool hints at a possible reversal, but a TD 9 is much more effective when “perfected.” The TD 9 count remains to be perfected. Is a sweep of lows next? | Source: BTCUSD on TradingView.com The parameters of a “perfect” buy setup involves the final 8 or 9 candle sweeping the lows of the previous candles. This means for the weekly buy setup to be just right, below $30,000 and support must be taken out. The scenario bizarrely almost matches exactly the crash from above $10,000 to $7,800. Lows then were swept to $7,200, perfecting the buy setup and leading to one of the largest intraday pumps in the history of Bitcoin. Bitcoin Pump And Dump Fractal Examined: What To Expect Examining the two structures more closely shows just how accurate this fractal could end up being. The key differences between the price action then and now, was that there was even more upside pressure creating several more tops instead of the blow-off of June 2019. Still, the market structure is similar, as is support, resistance, and price action. With the timing also on the side of coincidences, along with a set of false breakout to the upside, another fakeout to the downside would lure and trap shorts expecting the target of the symmetrical triangle to be reached – and instead find themselves squeeze back to $50,000. The fractal suggests a massive pump and dump is coming | Source: BTCUSD on TradingView.com At that point, the fractal suggests that target is ultimately reached, albeit much later on around Black Thursday. The target of the symmetrical triangle based on the measure rule is somewhere around $23,000 per BTC. The ease in which whales can move the price of Bitcoin back and forth is due to the sudden default in liquidity and thinner order books than they were just weeks ago. Related Reading | What The Last Leg Up In The Crypto Bull Market Could Look Like However, as similar as the fractal may look and sentiment just right, there’s no telling what might happen and the past isn’t often a good indicator of future performance. Is this time different? Featured image from iStockPhotos, Charts from TradingView.com

Read More
coinedict

Ethereum Outpaces Bitcoin, Here’s Why ETH Could Surpass $2,880

Ethereum started a fresh increase from the $2,550 support zone against the US Dollar. ETH price is rising, and it is likely to accelerate higher if it breaks $2,880. Ethereum is showing positive signs above the $2,750 resistance zone. The price is well above the $2,700 support and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong increase if there is no break below the 100 hourly SMA and $2,700. Ethereum Price Is Eyeing More Upsides After retesting the key $2,550 support zone, ethereum started a fresh increase above the $2,650 resistance zone. ETH gained pace above the $2,700 and $2,720 levels. The price gained pace above the 50% Fib retracement level of the of the downward move from the $2,814 swing high to $2,548 low. There was also a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD. The pair is now well above the $2,700 support and the 100 hourly simple moving average, unlike bitcoin. Ether is also above the 76.4% Fib retracement level of the of the downward move from the $2,814 swing high to $2,548 low. An immediate resistance is near the $2,814 high. Source: ETHUSD on TradingView.com The first major resistance is near the $2,850 level. The main hurdle is near the $2,880 level. A clear upside break above the $2,880 level could set the pace for a larger increase. In the stated case, the price could test the $3,000 level. Dips Supported in ETH? If Ethereum fails to clear the $2,800 and $2,850 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,750 level. The main support is now forming near the $2,650 level and the 100 hourly SMA. A downside break below $2,650 and the 100 hourly SMA could open the doors for a larger decline. The next major support sits near the $2,550 zone, below which the price is likely to move into a bearish zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently above the 50 level. Major Support Level – $2,650 Major Resistance Level – $2,850

Read More
coinedict

Bitcoin Signals Fresh Increase, Here’s Why $37K Is The Key

Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase. Bitcoin is recovering higher from the $35,000 support zone. The price is currently well below $37,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term. Bitcoin Price is Facing Key Resistance Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average. There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low. There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase. The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase. Fresh Decline in BTC? If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level. The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,000, $38,500 and $40,000.

Read More
bitcoin
Bitcoin (BTC) $ 87,390.41
ethereum
Ethereum (ETH) $ 3,258.66
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 211.68
bnb
BNB (BNB) $ 625.68
dogecoin
Dogecoin (DOGE) $ 0.367479
xrp
XRP (XRP) $ 0.689040
usd-coin
USDC (USDC) $ 0.998832
staked-ether
Lido Staked Ether (STETH) $ 3,251.44
cardano
Cardano (ADA) $ 0.574268
tron
TRON (TRX) $ 0.179482
shiba-inu
Shiba Inu (SHIB) $ 0.000026
wrapped-steth
Wrapped stETH (WSTETH) $ 3,865.23
avalanche-2
Avalanche (AVAX) $ 33.73
the-open-network
Toncoin (TON) $ 5.31
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 87,337.40
weth
WETH (WETH) $ 3,258.74
sui
Sui (SUI) $ 3.12
chainlink
Chainlink (LINK) $ 13.98
bitcoin-cash
Bitcoin Cash (BCH) $ 432.86
polkadot
Polkadot (DOT) $ 5.29
leo-token
LEO Token (LEO) $ 7.21
aptos
Aptos (APT) $ 12.44
near
NEAR Protocol (NEAR) $ 5.10
wrapped-eeth
Wrapped eETH (WEETH) $ 3,433.11
litecoin
Litecoin (LTC) $ 76.04
pepe
Pepe (PEPE) $ 0.000013
uniswap
Uniswap (UNI) $ 8.85
usds
USDS (USDS) $ 0.993433
crypto-com-chain
Cronos (CRO) $ 0.175438
internet-computer
Internet Computer (ICP) $ 8.71
bittensor
Bittensor (TAO) $ 544.97
stellar
Stellar (XLM) $ 0.124673
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39
kaspa
Kaspa (KAS) $ 0.135651
ethereum-classic
Ethereum Classic (ETC) $ 22.34
dai
Dai (DAI) $ 0.999260
whitebit
WhiteBIT Coin (WBT) $ 21.63
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.391048
ethena-usde
Ethena USDe (USDE) $ 1.00
blockstack
Stacks (STX) $ 2.00
dogwifcoin
dogwifhat (WIF) $ 2.92
monero
Monero (XMR) $ 154.21
render-token
Render (RENDER) $ 6.92
okb
OKB (OKB) $ 44.79
aave
Aave (AAVE) $ 179.02
filecoin
Filecoin (FIL) $ 4.19
arbitrum
Arbitrum (ARB) $ 0.620901
mantle
Mantle (MNT) $ 0.725588
injective-protocol
Injective (INJ) $ 24.05