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The weekly chart is currently resting on an exciting MA (Moving Average), namely the 21-week MA. The previous bull cycle held this level as support towards the bull peak in December 2017, which makes this an interesting indicator for bulls to hold on to.
If the price could find support at this level, it could mean a continuation of bullish momentum in the coming period.
Looking at the 2-hours chart, bitcoin even declined below the $8,500 level and settled well below the 50 simple moving average (2-hours, purple). Finally, the price spiked below $8,450 and traded to a new weekly low at $8,422.
It is currently correcting higher and trading above the $8,640 level. There was a break above the 50% Fib retracement level of the recent decline from $8,975 to $8,422.
After Bitcoin started to tank earlier this week, analysts have been wondering at which point the cryptocurrency will bottom. While traders across the board are divided about the exact answer to this pressing question, there is a rapidly-building case that BTC will soon start to trend higher once again after the nearly 20% drop it has experienced this far.
A sea change is coming to cryptocurrency in America. It is likely to hit in two separate waves: a central bank digital currency (CBDC) and draconian regulation that shuts down free-market activities, including development.
A veteran technical trader who was immortalized in the world of crypto for calling the top of Bitcoin’s last parabolic cycle is updating his views on the leading cryptocurrency.
In June of last year, Peter Brandt said BTC appeared to be at the start of a fourth parabolic phase, taking aim at $100,000.
“Bitcoin takes aim at $100,000 target. BTC/USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
Wilshire-Phoenix feels that the SEC didn’t give the ETF application their full attention, as Wilshire-Phoenix has offered to provide key data and additional info to help facilitate the listing of the ETF.
They agree with SEC Commissioner Hester Pierce’s dissenting comments where she voiced her personal disagreement with the agency’s rejection of many ETF proposals. Both institutional and retail investors believe an ETF is critical for the advance of Bitcoin.
A bearish trend reversal was also observed from the institutional end. On 18 February, a record of $1.1 billion was traded on the CME since its peak in 2019. Things changed a couple of days later, however, as the daily trading volume for BTC Futures went down to $118 million. At press time, the daily volume for BTC Futures was just under $300 million. However, it remained significantly lower than on 18 February.
Getting into Bitcoin is a first step many have already taken, and with the generally positive start of 2020, more are likely to make the move. But then there’s the question of what to do with your coins. Regardless of how you obtained them – through purchase, faucet, airdrop, fork, business, or salary — it’s an important point to consider. Luckily, options to spend your cryptocurrency have been increasing. Here’s how to find places that accept decentralized digital money using online maps.
- ETH price is currently showing a few recovery signs from the $208 low against the US Dollar.
- The price is now trading above the $220 level, but it is facing many hurdles.
- There is a major bearish trend line forming with resistance near $225 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to correct above $230, but the bulls could struggle near $242 and $243.
Quantum Generation (QG™) is a decentralized blockchain platform that provides encryption for long-term data protection via quantum key generation and quantum key distribution.
These have been some of the top crypto airdrops that you can take part in this March. Be sure to follow the instructions correctly, so that you can get your rewards without any problems.
Travel restrictions and canceled flights continue to rise, brought on by the threat of the novel coronavirus disease 2019 (COVID-19) worldwide. In a public document shared by Coinbase CEO Brian Armstrong, the company outlined its four-tier escalation game plan against COVID-19.
Centralized exchanges are perhaps the biggest points of failure in the cryptocurrency space. Earlier this week, two major platforms were taken offline briefly due to a successful DDoS attack.
It is not uncommon for centralized exchanges to be forced offline.
Notably, Ripple isn’t the first entity to venture into such development. Tether has also developed a system that runs various networks simultaneously. Each network supports a particular stablecoin. However, the Ripple CTO clarified that as for the XRP Ledger, the tokens hosted on the network will be required to have a guarantee of the liquidity of the assets backing them.
Huobi Group today announced the public testnet launch of Huobi Chain, an open-source public blockchain designed for providing a global, blockchain-based, digital asset financial infrastructure. The high-performance decentralized finance (DeFi) chain is now live for beta testing. Created in partnership with technical development partner Nervos, Huobi Chain provides a regulator-friendly blockchain framework for financial organizations to deploy DeFi services and applications, including their own blockchains, tokenized assets, payments and identity verification, lending services, decentralized exchanges, and more.