The next Bitcoin halving is on the horizon, drawing closer with each passing block and anticipated to take place anywhere between April 18 to April 22, 2024, at the milestone of block 840,000. Following this event, the reward for mining a block will halve from 6.25 bitcoins to 3.125 bitcoins. The following is a thorough […]
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Remaining Calm In The Chaos – Trust Yourself To Invest In Crypto With Tycoon
Looking beyond the common notion that cryptocurrency markets are volatile, there lies another characteristic that can make the idea of investing in crypto difficult for some. There is an air of frenzy that moves throughout this burgeoning market, and this feeling is pervasive on social media alongside FOMO. Being exposed to the wrong voices in such an important space can ruin one’s perception of cryptocurrencies completely, and it would be a shame for anyone to waste future opportunities due to having had such an experience.
An Eclectic Marketplace
For instance, celebrities have been caught out on multiple occasions for wrongly promoting DeFi projects to their (sometimes) unwitting audiences. Kim Kardashian and Floyd Mayweather have both been recently accused of “making false or misleading statements” in their promotions of the cryptocurrency EthereumMax, which allegedly caused investors to lose money. Mayweather even tried to mention the token at the Bitcoin 2021 Conference in June, only to be booed by the crowd (who were clearly there to hear about Bitcoin, not Ethereum Max).
On the other hand, Twitter and Block (formerly Square) founder Jack Dorsey continues to ramp up his efforts with Bitcoin through a compelling effort to protect software developers from falling victim to similar accusations. In an email, Dorsey announced the launch of a “Bitcoin Legal Defense Fund”, its main purpose being “to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem”. While lawsuits targeted at celebrities are to be expected, this announcement raises collective awareness of the vulnerability of developers working in the space who are in crypto for the right reasons.
A discussion about the lure of hyped cryptocurrencies would not be complete without mentioning Elon Musk and Dogecoin. Musk announced recently that Tesla has begun accepting Dogecoin payments for company merch, such as this “Giga Texas Belt Buckle” going for 835 DOGE at present. Following the news, the price of DOGE jumped by more than 15% and topped 20 cents before leveling off.
As you can see, this constant barrage of exciting crypto news can be challenging to filter and process. Upon reading the last 3 stories, people may be left with unanswered questions, such as “Are any celebrities in crypto worth listening to?”, or “Can software developers in the space be trusted?”.
Perhaps they may even consider finally investing in some DOGE. Will you?
Navigating The Noise
Before making that decision, consider that there are professional traders of crypto who have been analysing and trading these markets for years – and have results to back them up. Where do they fit into the noise? Shouldn’t people be listening to them? Funnily enough, people are listening to them – but finding these pro traders in the first place is its own mission. In the corner of the internet where cryptocurrencies are popular, it has evolved into a sensationalist web of ideas in which futility is often pushed to the forefront, while utility is cast aside. Due to the buzz of crypto’s highs and lows, finding a decent trading mentor without the right direction can be difficult. Even once someone like that is found, being able to understand how they trade successfully is another giant step towards making a significant financial achievement.
Streamline The Knowledge Of Pro Traders With Tycoon
Therefore, if you’re interested in crypto as an investment, but don’t trust yourself to try it, using a copy trading crypto platform like Tycoon could be a solution, and you can now do this with them on Binance. Copy-trading simply enables new traders to make decisions through the eyes of more experienced ones. On Tycoon, all activities of the traders are monitored via a secured API connection in real-time and can be copied to a follower’s portfolio automatically. Essentially, Tycoon serves as a secured interface between professional traders and its end users. It’s also comforting to note that all users of this tool maintain control of their funds, as they are never transferred or stored on Tycoon. All funds remain in the client’s preferred exchange account. Also, if assigning a portion of your investments to only one trader seems like putting all your eggs in one basket, a coming feature of Tycoon will soon allow its users to diversify their strategy by setting their funds to several traders, each with individual stop losses.
The current state of the crypto market can feel like an enigma to venture into, but it can also be rewarding. Learning from those more seasoned than ourselves is a key method of progression in many fields, and with convenient technology such as Tycoon’s API in one’s arsenal, getting involved in crypto while simultaneously leaving it to the experts may not be so complicated after all.
Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand
After such a strong break of ,000 and surge to above ,000, Bitcoin investors are shocked to be back again at the key level rather than onward to more new highs. But with ,000 acting as such strong resistance for so long, the market may be retesting this critical zone to confirm it as support.
At the same time, Bitcoin is retesting downtrend resistance as support and was rejected from a multi-year trend line, now acting as resistance. With the cryptocurrency at such a crossroads, what does passing beyond any of the clear lines drawn in the sand mean for the trend ahead?
Bitcoin Bullish Retest Searches For Triangle Support At ,000
Support and resistance levels can be horizontal, or diagonal. Oddly enough, price action reaching pivotal horizontal zones also tend to do so when a trend line acts as a target.
For one reason or another, orders cluster in these areas. Rounded numbers like ,000 can also act as psychological resistance, just due to its importance over the last several years of price action.
,000 is also 50% of the cryptocurrency’s peak price from 2017. Significant support and resistance lies at this important Fibonacci level, mathematically.
BTCUSD Weekly Downtrend Resistance Bullish Retest | Source: TradingView
It coincidentally lines up perfectly with former downtrend resistance once acting as the top of Bitcoin’s multi-year symmetrical triangle that it has since broken out of. A fall to confirm this line, is extremely bullish, but only if it holds.
Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run
However, coinciding with this bullish retest of downtrend resistance turned support, could have been a now-confirmed bearish retest of a multi-year trend line.
BTCUSD Weekly Multi-Year Support Line Bearish Retest | Source: TradingView
Bearish Retest Confirmed? Cryptocurrency Clearly At A Crossroads
Zooming out on weekly timeframes, the chart above shows Bitcoin price losing a five-year-long support trend line around Black Thursday.
As bullish as the rest of 2020’s price action may seem, could it have been nothing but a bearish retest of this critical trend line, supporting the entire last bull run, until now?
It is difficult to say, and trend lines are highly subjective and clearly meant to be broken. It is for this very reason why technical analysis is a never-ending practice with no definitive results.
Related Reading | Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead
Technical indicators on multiple timeframes are mixed. Monthly charts show Bitcoin barely entering a bull market, while weekly shows an ongoing bull run that is overheated and in need of a cooldown. Daily timeframes, however, show a market shaken by a violent over ,000 drop in less than 48 hours.
Bitcoin fundamentals are weaker than they have been recently, but a sharp recovery in price could set things straight just as fast.
Clearly, Bitcoin is at a crossroads, and its chart reflects this. Adding both bullish and bearish trendlines together shows at what a crossroads the asset truly is at.
BTCUSD Cryptocurrency Crossroads and Cycles Compared | Source: TradingView
Does it get back over the support line it previously lost, and resume a massive secular bull market? Or was this the bearish retest and Bitcoin will soon fall into its first real bear market where monthly indicators properly reflect the panic and despair of the market.
If Bitcoin can hold here, however, and fully recover, it may not need to reclaim the old support line. It very well could be building a new one, so long as it doesn’t fall back below the downtrend line, all should be safe for the world of crypto.
Remaining CME Futures Gaps Hint At Bitcoin’s Next Potential Targets
Recently, a study was released that suggests that gaps left on CME Bitcoin futures charts are filled with as much as 95% accuracy, and often fill during the first week trading resumes.
Because of how accurate the data appears to be, pair of gaps remaining on CME Bitcoin futures charts could hint at where Bitcoin price heads next.
,600 or ,900: Two Bitcoin Targets Based on CME Futures Gaps
Unlike other cryptocurrency exchanges that are open and trading around the clock, the Chicago Mercantile Exchange’s Bitcoin futures market is only open and trading Monday through Friday.
During the weekends, any significant price action often leaves a significant gap on the price charts of futures contracts for the first-ever cryptocurrency. These gaps, often become a target that price action almost always gravitates towards, with as much as 95% accuracy according to a recently released study.
Related Reading | Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky
Because these gaps fill with such accuracy, they’ve become a useful tool for crypto traders and analysts watching for where to take profit, or where to enter a trade.
Bitcoin price is currently trading at around ,900 after an inverse head and shoulders pattern confirming took the price of the crypto asset to ,400 before dropping back down to current levels. The move pushed Bitcoin out of the trading range where lows were set around ,500.
$BTC – your latest Bitcoin gap update
Price has yet to make its way back down to ,615 & has bounced at support
But wait, looks like the ,855 gap remains unexplored from August '19
As all CME gap fanatics pray that price doesn't fill the k gap before the local gap pic.twitter.com/UOeTQe6pcj
— Josh Rager (@Josh_Rager) January 10, 2020
Bitcoin price may have lower to fall, as there’s a CME futures cap left unfilled at ,615. However, the cryptocurrency may have flipped resistance as support at ,800, which could suggest that the gap will remain unfilled for some time.
While a previous study did reveal that most CME gaps are filled within the first session trading resumes, or at least the first week of trading, oftentimes, gaps go on unfilled for an extended period of time, and some, never get filled at all.
There yet remains another CME futures gap open since August 2019, back when Bitcoin price was trading over ,000. If Bitcoin has indeed bottomed and can maintain the recent bullish momentum, it could eventually make its way higher and retest former highs, taking the price of Bitcoin to a CME gap located at ,855.
Related Reading | Psychology of a Market Cycle: Are Bitcoin Investors In Denial?
Such a rise would be over a 50% gain from current prices. While that may seem unrealistic, the cryptocurrency did go on a 350% run in 2019.
Depending on which gap gets filled next it could signal if the downtrend has completed or not. Touching 15 would invalidate many trader’s support levels and could cause a deeper drop. Whereas if Bitcoin price reaches the higher of the two gaps, the downtrend would likely be concluded as over and a bull run could finally resume once again. The post appeared first on NewsBTC.
NewsBTC
Why One Analyst Sees Litecoin (LTC) Surging 47% Despite the Crypto Markets Remaining Gloomy
After exiting an involatile weekend, the overall crypto markets are experiencing a mixed trading session, with most cryptocurrencies trading up or down marginally. Despite the markets not looking overwhelmingly positive from a technical standpoint, many analysts are expressing an increasingly bullish sentiment regarding Litecoin.
This bullish sentiment towards LTC may stem from a combination of technical strength and its recently announced Confidential Transaction feature that may be implemented sometime later this year.
Crypto Markets Trade Mixed as Bitcoin Trades Flat
At the time of writing, Bitcoin is trading sideways at its current price of ,470. Over the past week, BTC has ranged between ,400 and ,500, and has failed to break through either of these levels.
This bout of sideways trading has led most cryptocurrencies to only move slightly, with most major cryptos trading up or down under 1%.
Ripple (XRP) is trading down nominally today at its current price of .302. XRP appears to have found some support at the .30 level, but its historical level of strong support remains around .28.
Ethereum has climbed slightly today and is currently trading at 8. Because ETH has been able to hold steady above 0 despite the recent market volatility, some analysts see it as being potentially bullish in the short-term.
In a recent tweet from The Crypto Dog, a popular cryptocurrency analyst on Twitter, he concisely said that he sees ETH incurring some gains in the coming weeks.
I want in $ETH pic.twitter.com/CzRtfLVhoB
— The Crypto Dog (@TheCryptoDog) February 3, 2019
Analysts Concur that Litecoin is Looking Bullish
Although the overall crypto markets are currently showing few signs of technical or fundamental bullishness, analysts seem to agree that Litecoin (LTC) could see a price surge in the near-future.
At the time of writing, Litecoin is trading up 2% at its current price of . LTC is currently up over 10% from its seven-day lows of , and is only down slightly from its weekly highs of just under .
DonAlt, a popular cryptocurrency analyst on Twitter, recently noted that Litecoin’s chart looks bullish despite the cryptocurrency currently pushing up against a resistance level.
“$LTC There she goes… One more resistance to break and then the sky will be clear… I’m rarely ultra bullish at resistance but when the chart looks that nice it’s the way to go,” he said.
There she goes.
One more resistance to break and then the sky will be clear.
I'm rarely ultra bullish at resistance but when the chart looks that nice it's the way to go. pic.twitter.com/ZaulAblvdT— DonAlt (@CryptoDonAlt) February 2, 2019
This same sentiment is echoed by Moon Overlord, another popular cryptocurrency trader on Twitter, who noted that LTC could surge as high as over a higher time frame, which would mark a 47% increase from its current price levels.
“Targeting around for $LTC | $LTCUSD on high TFs,” he bullishly stated.
Targeting around for $LTC | $LTCUSD on high TFs pic.twitter.com/ZMJDe1PAc0
— Moon Overlord (@MoonOverlord) February 3, 2019
One factor that could contribute to a surge in Litecoin’s price could be the Confidential Transactions feature that the LTC team is currently working to add to the cryptocurrency, which would increase the its privacy and fungibility.
Charlie Lee, the creator of Litecoin, discussed this is in a recent tweet, saying:
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy… I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions.
— Charlie Lee [LTC] (@SatoshiLite) January 28, 2019
Although the overall crypto markets have been offering very few opportunities to traders in recent times, the bullish potential of LTC signals that there still exists a plethora of lucrative trading opportunities for cryptocurrency investors.
Featured image from Shutterstock.
The post Why One Analyst Sees Litecoin (LTC) Surging 47% Despite the Crypto Markets Remaining Gloomy appeared first on NewsBTC.
Crypto Markets Keep Trading Sideways, Remaining Relatively Stable Over the Past 10 Days
n Crypto markets continue trading sideways today, remaining relatively stable over the last 10 daysn
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