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Tag: Upside

  • Bitcoin Resumes Decline, Indicators Suggest Limited Upside

    Bitcoin Resumes Decline, Indicators Suggest Limited Upside

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    Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term.

    • Bitcoin started a fresh decline below the $50,000 and $49,500 support levels.
    • The price is trading below $49,000 and the 100 hourly simple moving average.
    • There was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could correct higher, but upsides might be limited above $49,200 in the near term.

    Bitcoin Price Gains Bearish Momentum

    Bitcoin price failed to gain strength and started a fresh decline below the $50,000 support. BTC traded below the $49,200 and $49,000 levels to move into a bearish zone.

    Besides, there was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair. The pair even traded below the $48,500 support zone and traded close to the $47,200 level.

    A low is formed near $47,305 and the price is now consolidating. Bitcoin is trading below $49,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $48,200 level. The first major resistance is near the $48,500 level.

    The 23.6% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is also near $48,500. The next key resistance could be $49,800.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    Besides, the 50% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is near the $49,700 zone to act as a resistance. A clear move above the $49,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,200 level.

    More Losses In BTC?

    If bitcoin fails to recover above $49,200, it could continue to move down. An immediate support is near the $47,500 zone. The first major support is near $47,200.

    A downside break below the $47,200 level could push the price towards the $46,500 support. Any more losses may possibly lead the price towards the $45,500 support zone.

    Technical indicators:

    Hourly MACD – The MACD is slowly losing pace in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.

    Major Support Levels – $47,200, followed by $46,500.

    Major Resistance Levels – $48,200, $48,800 and $49,800.

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  • Ethereum To The Upside, Why It Could Hold Price Discovery

    Ethereum To The Upside, Why It Could Hold Price Discovery

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    Ethereum is leading the charge on this fresh run towards new frontiers. As of press time, the second crypto by market cap trades at $4,432 with a 5.6% profit in the daily and 9.1% profits in the weekly chart.

    Ethereum ETH ETHUSD
    ETH on a rally in the daily chart. Source: ETHUSD Tradingview

    Up 500% Year To Date, Ethereum has rallied on the back of massive adoption of non-fungible tokens (NFTs), decentralized finances (DeFi), and institutional demand.

    Related Reading | TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

    As seen below, in the chart shared by Joe Orsini research director at Eaglebrook Advisors, Ethereum has gone from under $1,000 to its current levels in record time.

    Additional data provided by Orsini indicates that Ethereum still has a lot of room to continue its room has displayed in the ETH/BTC trading pair. Compared to the 2017 bull run, ETH is far from reaching an all-time high of 0.14 BTC as it currently sits at around 0.08 BTC.

    Ethereum ETH ETHUSD
    Source: Joe Orsini via Twitter

    In support of the bulls’ current push, Delphi Digital records a “leverage wipeout in crypto futures” as yesterday’s session wash charge with volatility to the downside. Thus, Ethereum and other major coins dipped to previous higher lows in less than an hour.

    Ethereum ETH ETHUSD
    Source: Delphi Digital via Twitter

    The fast recovery signals convection on the bulls’ corner. As over-leverage traders were shaken out of their position, prices are more likely to sustain their levels. Delphi Digital claimed:

    The average daily funding rate across exchanges is down from its recent high a few days ago, but it looks like there’s still some room for rates to fall. OI on exchanges like Binance and Huobi experienced a massive wipeout, which confirms the aforementioned deleveraging.

    Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

    Ethereum Implements Hard Fork, Closer To The Merge

    The rally in the price of Ethereum could have been driven by the implementation of Hard Fork Altair. The successful deployment of this upgrade puts the network closer to migrating to a Proof-of-Stake consensus.

    In the past months, the amount of ETH locked in the ETH 2.0 deposit contract has soared as developers moved into the PoS based blockchain and the Merger. This event will join both networks and it’s expected to be a potential bullish catalyst for Ethereum’s price.

    Related Reading | TA: Ethereum Rally Gathers Pace, Why Uptrend Isn’t Over Yet

    Investors are drawn to the PoS model because of its alleged higher efficiency in energy consumption and its capacity to generate yield. According to the Eth2 Rewards monitor, this stand at 5.46% since October 27, 2021.



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