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Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect
Bitcoin price is at risk of falling from the current trading range and is hanging by a thread at ,600 after repeated attempts to hold above ,000 failed.
And while a rebound from here cannot be ruled out, Bitcoin price was rejected by high timeframe resistance dating back to the previous crypto market bull run, when Bitcoin reached ,000 and eventually began to crash.
2017’s Bull Run Support Is Rejecting Bitcoin Price Almost Two Years Later
After Bitcoin price met its all-time high price in late December 2017 at the tail end of the crypto hype bubble, the original crypto-asset all others were designed after fell below key price levels that later acted as resistance. Only one of those price levels has yet to be broken and is the last stop before the bear market is behind us for good.
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But even now, almost two years later, Bitcoin price is still being rejected from these critical high timeframe resistances, first at ,800, sending Bitcoin back down to ,000, and now again at ,000 itself.
One crypto analyst has shared a chart depicting what has historically happened when price action interacted with the resistance level.
$BTC – Bitcoin is currently getting rejected by a significant HTF Resistance.
In the screenshots below, you can see past interactions with 89.5 on the Daily Chart.
Typically with a high volume break, Bitcoin stalls for a few days before continuing in the same direction. pic.twitter.com/3KtDCboHke
— UB (@CryptoUB) August 30, 2019
The chart clearly shows that back in January 2018, falling below this resistance swatted Bitcoin price down extremely violently, causing the v-shaped February 2018 bottom. The momentum from that bounce as enough to cause BTC to break above the resistance level and make two attempts higher, forming an M-shaped double top.
The next time Bitcoin price met that resistance on the way down, it was once again used as fuel for bears to push the price lower, causing the April 2018 bottom, but still leaving hope in the market that an Adam and Eve bottom pattern was forming. But due to the same resistance level, the bottom formation never confirmed, and instead, it was rejected once again, causing the bear market to pick up in severity.
After that rejection, Bitcoin price didn’t again reach that level until June 2019, when it broke through and turned ,000 from resistance back into support. But that support is now broken, and Bitcoin is at risk of the resistance level being used to violently push the price of the crypto asset back down into the bear market below.
Related Reading | Bitcoin Price At Risk of Closing Second Consecutive Monthly Red Candle
,000 was often cited as a price point that would cause serious FOMO, but the price came and went and crypto investors didn’t react as they did the first time Bitcoin breached the important resistance. Instead, Google Trends barely showed a blip, and buy pressure couldn’t be sustained.
,000 is also 50% of the Bitcoin’s all-time high, which often plays both a strong resistance and support if the asset approaches the price level.
The post Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect appeared first on NewsBTC.
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Crypto Traders Can Invest in Precious Metals Like Gold, Possibly on Exchanges
A Swiss-based asset management firm, Tiberius Group AG, is introducing a new product to the crypto markets: metal backed tokens. The new product will be a digital token that is backed by seven metals and will be first offered to prospective investors starting on October 1.
The new token – called the Tiberius Coin – is unique in that it will be backed by seven metals, closely tracking their value, making it similar, although slightly more volatile, than a stable coin.
The token will utilize the market prices of Copper, Aluminum, Nickel, Cobalt, Tin, Gold, and Platinum, and will allow investors to weight their cryptocurrency portfolios with the stability and diversity of multiple metals.
Giuseppe Rapallo, the CEO of the company’s technology ventures arm, spoke about the new product, saying:
“Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals. This will give the coin diversification, making it more stable and attractive for investors.”
Investing in Physical Assets With Crypto
The Tiberius crypto project was first announced in January of this year, when the group’s CEO, Christoph Eibl, explained that the new crypto would be the group’s first foray into the cryptocurrency markets, and Eibl initially expressed hope that the Tiberius Coin would be launched in July.
After a several month delay, more details surrounding the token’s launch have become clearer, with Bloomberg reporting that the new token will be initially offered at .70, and it will be sold under Swiss law as a fully regulated and approved offering.
Rapallo explained that the token’s supply will be fully based on demand and that the supply will be limited by the availability of the underlying metals.
The Tiberius Coin will be weighted mostly by Copper, with the metal accounting for nearly 25% of the underlying commodity basket, followed by Gold, which accounts for nearly 20% of the commodity basket. Tin, Aluminum, Nickel, Cobalt, and Platinum account for the remaining 55% of the coin’s underlying commodities.
Initially, the coin will be exclusively listed on LATOKEN, an Estonia-based exchange that is compliant with Swiss regulatory authorities.
The goal of the new token, according to Eibl, is to be used as a store of value and a method of payments, representing a modern take on traditional means of bartering.
Tight Competition for Metal-backed Cryptocurrency
Although Tiberius Coin looks like a promising addition to the cryptocurrency marketplace, there are many other metal-backed cryptocurrencies competing with similar goals.
Adrian Ash, the research director at London-based BullionVault, spoke critically about metal-backed stable coins, saying:
“There are dozens of firms who launched stable coins linked to metals, and so far, none of them have gained any traction… They’re trying to solve a problem that doesn’t exist — all of this can be achieved without the additional cost of a distributed ledger.”
What sets Tiberius apart from the other metal-backed cryptos, many of which are solely backed by Gold, is that it has multiple commodities in its underlying asset basket, and that it is being sold in a fully regulated environment.
Prospective investors may also be interested to hear that they can swap their Tiberius Coins in for physical commodities, although they must swap at least ,000 worth of the token due to the assets being measured in tons.
If successfully utilized, the new cryptocurrency could prove to be an effective way for companies and individuals to procure, store, and trade valuable metals.
Featured image from Shutterstock
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