Connect with us

Blockchain

Bitcoin to the MOON or new BOTTOM!

Avatar

Published

on

In this episode, we will look into the facts that support the further upward movement of BTC price and what the market should do to continue with that move. At the same time, we will look at the indicators that suggest that we will shortly be in a fast reversal and the price could dump to the bottom.

[embedded content]

This is Wunderbit Trading and we’re carrying on with our weekly Bitcoin and Ethereum price analysis, and let’s go straight into the content. As usual in front of you, you can see four different charts, but they are all related to Bitcoin, the one on the top left the BTC futures, the one on the top right is the BTC dominance and the two at the bottom are related to the BTCUSD and BTCUSDT prices. The one left is from Bitstamp exchange, on the right, is from Binance. 

So, first things first, let’s switch off all our predictions that were made in the past and just look at the weekly time frame to analyze the candlesticks themselves. And you can see that both on the futures markets and on the spot markets we were seeing some solid gains in terms of the price and that’s actually quite good. At the same time, looking three weeks in the past, we can see that we rebound from 200MA and the price was steadily increasing and the price gained almost 28 percent. 

Bitcoin Futures Price Overview

So, switching our analysis and going into the futures market first, as usual, we’ll start from the daily chart. Over here we can definitely see that we closed the gap which was formed in the previous week. At the same time, what we can see here is that the volume today is actually quite good, the volume is increasing, it’s above the 20 moving average based on the volume. Another good thing is that there is still a good potential to go higher, at least towards the area of 7600 BTC/USDT, at which we will face the certain resistance level. 

At the same time, going to the 4-hour chart, what we can see on the futures market is that currently, we’re actually going towards the 200MA which is also in the same area of 7500 BTC/USD. So this will be a very important area of resistance. And if the bulls will be able to break it and then stay above it, this will signify that we’re actually starting to roll rather than to have the retracement of the overall downward move. At the same time, we would be able to see some consolidation over here because we’re currently stuck in between the 50MA and 200MA. 

Once again, I would like to point out that the volume is actually quite good in the futures markets as well, we can see the nice spike and exactly the same spike was over here when we were actually going down, so the volume is building up, which is a very good and strong sign for the bulls. 

BTC Dominance Analysis

Looking at the BTC dominance and starting from the daily chart, we can see that currently what we predicted in the previous week is actually something we are experiencing right now. We went towards the 200MA, we checked it as a resistance and we’re bouncing down from it. Once again, the 50MA will act as the support right now, so we might see some sort of consolidation which is going between the altcoins and the Bitcoin, but then we’re expecting a further downward move for the BTC dominance, which means that some of the altcoins can grow really rapid and really fast. But the most important thing is obviously the BTC price on the spot markets.

Bitcoin Price Analysis on Bitstamp Exchange

So, starting from the Bitstamp exchange, what we can see here is obviously that we can see the triangle like that, where the price is currently consolidating. We’re trying to break above this crucial level over here. We already did it once on the 2nd of April and the price there was around 7220 BTC/USD. So only breaking that level and with a solid candlestick, and the candlestick will close above this, will signify that we’re actually breaking above this triangle and we’re carrying on with an upward movement. 

However, there is a word of caution that the 50MA and the 200MA both of them will act as a resistance. So we should be extremely careful in terms of signifying that this is an upward move and just buying straight away here. What else can happen is that even though on the 4-hour chart we broke above the 200MA, we still can recheck it and then try and make another attempt. At the same time, we can see that this top of the triangle will act as a resistance and we might go down towards the bottom line of the triangle and only then try to break it. 

The other scenario is, obviously, that this will hold, this resistance line will hold and we will carry on with a downward movement, and this is something that we also expect if the price if the buyers if the bulls will not be able to push the price higher. So, basically, what we expect here is that we might see a retracement back towards the 200MA, we might see another golden cross on the four-hour charts and then try to break the resistance once again. 

If it won’t hold, if the volume will not be sufficient enough, if the bulls will not be able to push the price higher, then there could be a nice downward move towards the area of 5800 BTC/USD, and this is something to keep in mind. We can also put the Fibonacci retracement starting from the beginning of that move towards the final area right now, and we can see that the area of 5800 BTC/USD is slightly below the 50 percent of the Fibonacci retracement, which is also quite a good and healthy retracement if we are carrying on with this upward move in the long run.

Bitcoin Price Analysis on Binance Exchange

So that currently looks at the Binance exchange over here. What we can definitely see is that we are trying our best to actually go beyond this level of resistance of around 7100 BTC/USDT. Whether it will be possible or not will be decided within this week. And for that reason, we’re actually closely monitoring what’s happening right now on the spot exchange markets. 

For that reason, we actually went for the fifteen minutes timeframe because you can see that earlier this morning we started the solid move. We can see the increase in the volume, at least some volume was building up and we can see a nice and solid increase. At some point, we should see the retracement of that. 

So if we’re carrying on with an upward move based on the Fibonacci retracement, we should reach at least 38 percent Fibonacci retracement, so this will be the area of around 6900 BTC/USDT. If the bulls will be able to hold this position, then it is a very nice and strong signal for the upward move. However, let’s look very closely in the other scenario which is also possible. And for that purpose, we’ll go to the daily time frame. So if we believe that this was the triangle that we were experiencing during the downward move in July and September and December and not just a downward movement in a channel, then this is exactly the area where we should meet some resistance right now. 

So this is the bottom, this is the bottom where this was the accumulation during the most recent price upward movement, and this is exactly the area where we should see some retracement based on the level of the volumes which we are currently experiencing. If that is true, then the next line of resistance is also the 50MA. 

So there is quite a lot in terms of the actual resistance from the market and quite a significant resistance which is occurring right now, so that’s why this week will be extremely important. If the bulls will be able to hold this area to form another zone of accumulation here, then we should see and experience the further increase in price. 

If not, as stated before, we can go down straightaway to around 5800 BTC/USDT, so somewhere around here where we’ll see another level of support, maybe 6200 BTC/USDT will be the intermediary stop because this is exactly where we can see another huge volume, horizontal volume building. 

So the overall conclusion for the BTC is that, currently, we’re actually on a crossroads. We’re either going to see the bulls defending its gains and putting it further towards the upper side or we should shortly see the bears who will come into the market and the price will start its decrease further down. 

Ethereum price analysis

So let’s look at the Ethereum price right now. What you can see from the daily chart is exactly the same triangle as we can identify at the BTC price chart, so it will look something like this. 

Currently, almost at the top of the triangle, we’re trying to break that triangle. If we actually draw it based on the previous high, we’re currently above that, however, the only problem for me, for example, is the volume. The volume is not big enough yet to signify that this is a significant breakout and we’ll carry on with the upward movement.

At the same time, we are coming towards the area of the resistance at 165 ETH/USDT. The 50MA will act as a line of resistance as well. So what to expect from here is that we might go and test this resistance and if we will be able to hold the support level of around 150 ETH/USDT, 153 ETH/USDT to stay above this triangle, so the top of the triangle, this will be a very nice and strong signal for the bulls to come in and actually start the upward trend. 

The worst-case scenario is very similar to the Bitcoin price. So we can think that there is a potential of a false breakout and then the price will just go straight down, break this triangle to the downside and we’ll go to the area of 120 ETH/USDT at least. So this is the prediction so far based on the Ethereum price at this particular moment. 

Well, thank you very much, guys. Please subscribe to our YouTube channel to stay tuned with our weekly reviews of Bitcoin and Ethereum and best of luck with your trading.

Source: https://wunderbit.co/en/blog/bitcoin-to-the-moon-or-new-bottom

Blockchain

U.S. House of Representatives to Create Crypto Task Force Joining SEC and CFTC Members

Avatar

Published

on

The US House of Representatives passed a bill dubbed “Eliminate Barrier to Innovation Act of 2021” (H.R. 1602). The bill aims to create an entity predominantly made up of employees from two regulatory bodies, the US Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC), with the goal of overseeing cryptocurrencies together.

It has currently made its way to the Senate for approval, and if passed by the Senate, the bill will therefore effectively establish a digital asset working task force.

The bill is co-sponsored by Majority Leader Patrick McHenry (R-NC) from the House Financial Services Committee and Chairman Stephen Lynch (D-MA) of the FinTech Task Force. Republican leader McHenry said:

“What we need is a conversation between those two entities (SEC and CFTC) about the nature of digital assets and cryptocurrencies.”

McHenry remarked that often, with each agency separately ruling cryptocurrencies as either securities or commodities, a huge regulatory gap is often left for this emerging asset class, which is problematic and can be a hindrance to innovation. “American citizens are missing out on innovation and the upside of those innovations. This one of the few pieces of tech in the last 100 years that the U.S. has not been the drivers of,” remarked McHenry.

If passed by President Biden, the bill will be one of its kind, as a crypto-focused task force has yet to be erected in the United States.

In addition to being made up of SEC and CFTC members, the task force will also include at least one representative from each of these six categories, according to Forbes: Financial technology companies providing digital assets; Financial firms under the jurisdiction of the SEC or CFTC; Institutions or organizations engaged in academic research or advocacy on digital assets; small businesses engaged in financial technology; investor protection organizations, and institutions and organizations that support investment in historically-underserved businesses.

The crypto-centered task force will need to assemble a report on the regulatory frameworks for digital assets, and assess how a lack of regulatory clarity for cryptocurrencies has impacted primary and secondary markets. Additionally, the task force will need to measure the regulatory framework for cryptocurrencies established in the US against that established in other countries.

The crypto task force will then need to provide recommendations on how to improve the situations of digital asset markets as well as establish strategies to reduce fraud and cash manipulation. it would also need to evaluate whether digital assets are compliant with the Bank Secrecy Act policies. The report will then be sent to House and Senate Committees, as well as the SEC and the CFTC to help them in making regulatory decisions regarding crypto.

Safe Harbor proposal for crypto  

Currently, with the cryptocurrency market estimated at over $2 trillion dollars, many financial and banking institutions worldwide have re-evaluated the potential of this nascent asset class. Recently, SEC Commissioner Hester Peirce, also known as ‘Crypto Mom’ for her active and welcoming stance regarding blockchain technology and crypto, released a safe harbor proposal designed to accommodate and encourage digital innovation.

The proposal suggests a three-year “grace period” where blockchain developers will be allowed to prove the extent to which the network they built is decentralized. Additionally, this will enable a more careful approach in considering whether their proposed token offering is in violation of US securities laws.

China ramps up CBDC efforts

This is a step forward and may be beneficial for the crypto economy to thrive in the US. Although many US-based firms have scrambled to enable cryptocurrency payments and integrate them into their business model, their deployment of digital payments still appear delayed in comparison with China.

Recently, China appears to have sped up the pilot phase of its digital yuan. On behalf of the People’s Bank of China, deputy governor Li Bo revealed that the country’s proposed central bank digital currency (CBDC), dubbed the “digital currency electronic payment (DCEP),” will be made available at the 2022 Beijing Winter Olympics as part of its pilot phase.

The deputy governor has mentioned that China’s goal with the DCEP is not to “replace the US dollar or any other international currency,” but to “allow the market to choose.”

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/us-house-representatives-create-crypto-task-force-joining-sec-cftc-members

Continue Reading

Blockchain

Which crypto exchange platform is faster, coin transfer or Godex?

Avatar

Published

on

The coin transfer exchange works in a semi-automatic mode. The exchange takes place from morning to evening with the participation of the operator. All switching processes are carried out with the help of a support person. This way of working has its advantages.
A lot of people these days use automatic exchanges because it’s quick and easy. However, a semi-automatic service offers the possibility of a safe change.
This option is particularly recommended for beginners who do not yet know how to correctly fill in the fields in trades, how to find out the amount of the commission and when to complete the operation.
Most important steps in currency exchange
The change works in 3 steps:

Step 1: Select a currency pair to swap in the cryptocurrency converter. Check the box that you agree to the tariff, service fees, and fees for the cryptocurrency network.
• Step 2: Fill out the exchange form and check the entered data, as in most cases cryptocurrency transactions cannot be canceled.
• Step 3: Send the amount specified in the application to the address provided by the exchange operator and receive the cryptocurrency on your wallet within 5-30 minutes.
Cointransfer has been active since 2016 and offers 219 currency pairs.
The swap board has over 1,760 reviews, most of which are positive. If you have already changed the currency on this service, you can leave your feedback and add to the collection of comments on this exchange service.
Godex
The Godex crypto exchange is an excellent example of a website that allows you to exchange one type of cryptocurrency for another online. Dynamic price changes, complete absence of transaction limits (the transaction time can increase with large amounts), a clear user interface – everything is done here to ensure that investors feel comfortable. There is also a dedicated affiliate loyalty program so you can get a quick entry into the cryptocurrency market. It is time to look into the subject of such an investment.
You should understand right away that it is impossible to completely eliminate the risks involved in buying a cryptocurrency. Even most stable coins can lead to a complete loss of the money invested; even if the likelihood of such a course of events is extremely low. Only after you have considered all the advantages and disadvantages of each model, familiarized yourself with the market indicators over a period of time and analyzed the opinions of experts, should you make an informed decision.
When you are ready to buy cryptocurrency, you should do so strictly in accordance with certain rules. Investments need to be planned and made wisely. Creating a wallet with an address is necessary and does not take much time. You can buy the cryptocurrency you are interested in after registering with a specialized exchange – just select a popular currency to buy. After buying, many advise transferring the coins to offline storage to eliminate the possibility of hacking and theft of investments. By investing in one with a view to market capitalization, the risks of a currency can be significantly reduced. The three cryptocurrencies that currently meet these requirements are:
Bitcoin;
Ethereum;
Litecoin.
Godex.io currently serves thousands of customers with over 10,000 transactions daily. So if you are looking to swap one coin for another, you should try Godex.io and enjoy fast transactions at good exchange rates.

Continue Reading

Blockchain

Maker Hits a New All-Time High Close to the $5,000 Mark

Avatar

Published

on

Maker is the first Ethereum-based smart contract system to launch an automated cryptocurrency lending platform. 

Maker provides the first decentralized basic stable currency Dai (which can be compared and analyzed as the U.S. dollar on Ethereum) and a derivative financial system, promoting the prosperity of decentralized finance (DeFi).

Dai is issued through a full mortgage guarantee of digital assets. Since its launch in 2017, Dai has always remained anchored to the U.S. dollar with a 1:1 ratio.

On April 19, members of the MakerDAO community began to vote on MIP45, a proposal aimed at upgrading the liquidation system of the Maker protocol and maintaining the stability of Dai pegged to the U.S. dollar.

If approved, the liquidation 2.0 system will provide higher security, predictability, and decentralization, and provide community members with more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional interface. This will promote the participation of the Maker community and the entire DeFi department.

According to data from DeFi Pulse, Maker, the largest DeFi agreement with system collateral of $965 million, dominates 16.44% of the entire DeFi market.

The holders of the Maker (MKR) tokens of the project have received a 64.23% price increase reward in the past week. According to CoinMarketCap, Maker with a market cap of $4,817,105,553, ranks as the 30th largest cryptocurrency.

The token has grown nearly eight-fold since the beginning of this year, rising from $587 to $4,652,  It hit a record high of $4,995 today, breaking the $4,500 marks in one clean swoop.

Maker (MKR) Price Analysis

Source: MKR/USD 4-hour via TradingView

Judging from the 4-hour candlestick chart, MKR has successfully broken through its previous high of $4,118, and the rapidly expanding trading volume has resulted in $4,118 being flipped from a resistance to a support level.

The transaction price of MKR/USD is higher than the Exponential Moving Average (EMA) ribbon. Both the upward moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

However, the Relative Strength Index stepping into the overbought zone is gradually levelling off, which suggests that MKR is encountering relatively strong selling pressure after touching its all-time high of $4,995 today. The MKR’s price will therefore experience a slight retracement, and it is likely to trade sideways for a period of time around $4,400-$4,600 before resuming its upward momentum.

If MKR’s price can stabilize above $4,200, then the upward trend of Maker may open a faster upward channel. As Maker hit a new high, this will mean that the altcoin will not encounter strong selling pressure on its way up. If the entire crypto market emerges from its current slump, it is highly likely that Maker breaks through $5,500 in the short term.

Conversely, a surge in the number of sell orders will push MKR below the $4118 support level and may trigger a more severe correction to the 20-day Exponential Moving Average of $3,795.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/maker-hits-new-all-time-high-close-5000-mark

Continue Reading

Blockchain

Bitkingz Casino Exclusive Bonus

Bitkingz casino is a crypto and fiat casino. The casino offers over 4000 casino games. Online… read more

The post Bitkingz Casino Exclusive Bonus appeared first on BitcoinChaser.

Avatar

Published

on

Bitcoin Chaser – April 22, 2021

Bitkingz Casino Exclusive Bonus

Bitkingz casino is a crypto and fiat casino. The casino offers over 4000 casino games. Online slots are the most popular vertical, and you’ll find offerings from providers such as BGaming, Betsoft, Endorphina, Playtech, and Yggdrasil. 

Bitkingz has a mobile version available on most devices, and it is licensed and registered by the government of Curacao. Are you looking to get more bang for your buck? Well look no further! Head over to Bitkingz Casino for a BitcoinChaser exclusive promotion. 

Players will get 20 free spins on sign up to get them started. This red hot promotion is then followed by a 150% first deposit bonus up to €350 with 50 free spins!

Bitkingz offers 24/7 online support and a cast array of tournaments and promotions. Dive into Bitkingz Casino today and get the most out of your gambling experience! 

Want to learn more about Bitkingz? Check out our Bitkingz casino review.

Visit Bitkingz

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinchaser.com/bitkingz-exclusive-bonus/

Continue Reading
Aviation2 hours ago

Goodbye Kitty! EVA Air Set To Repaint Hello Kitty Boeing 777

Payments2 hours ago

Alt Lending Week ended 23rd April 2021

HRTech3 hours ago

PizzaExpress to hire 1,000

Aviation3 hours ago

India Joins England Red List Meaning Direct Flights Banned

Blockchain3 hours ago

U.S. House of Representatives to Create Crypto Task Force Joining SEC and CFTC Members

Esports4 hours ago

Teamfight Tactics Set 5:Reckoning 11.9 PBE Patch Notes

Esports4 hours ago

Dallas Empire benches Huke, promotes FeLo to starting roster

Esports4 hours ago

The Fighting Game Community Vs COVID-19: A New Underdog Story

Energy4 hours ago

Gotion High-Tech veröffentlicht Jahresergebnisse 2020

Esports5 hours ago

Luminous Legends X and Y, bug fixes, and more found in Pokémon Go version 0.205.1 datamine

Aviation5 hours ago

Boeing Is Working On A Solution For Grounded 737 MAX Jets

Esports5 hours ago

Niantic will run makeup dates for Shadow Zapdos, offer free items for Team Go Rocket bug

Esports6 hours ago

Tyler1 reacts to Riot’s plan for punishing players for dodging in ranked League

Esports6 hours ago

Save Points, Choppa reportedly coming to Fortnite creative update v16.30

Aviation6 hours ago

Delta Air Lines Orders 25 More Airbus A321neos

Esports6 hours ago

Oxygen Esports secure first in NAL Stage One with victory over beastcoast

Energy7 hours ago

EPRI CEO: U.S. Must Triple the Rate of Energy-Related Carbon Reduction to Achieve 2030 Goal

Esports7 hours ago

New Pokémon Sword and Shield Max Raid Battle event focuses Eiscue

Covid197 hours ago

UC And Cal State Systems To Require COVID-19 Vaccinations For In-Person Fall Classes

Esports7 hours ago

How to complete all Hunt for Adler intel challenges in Call of Duty: Warzone Season 3

Cyber Security7 hours ago

IOTW: Microsoft Exchange, The FBI & A Lack Of Patching

Energy7 hours ago

Commercial Water Treatment Equipment Market to Accelerate at a CAGR of Almost 5% During 2021-2025|Technavio

Aviation8 hours ago

Emirates Schedules A380 Return To New York JFK In June

Covid198 hours ago

People With Severe COVID-19 Have Higher Risk Of Long-Term Effects, Study Finds

Brazil
Esports8 hours ago

TeamOne bench skullz

Esports8 hours ago

Respawn Entertainment Confirms L-Star Changes

Energy8 hours ago

Anionic Surfactants Market to Grow by USD 5.95 Billion and Record a CAGR of Over 5% During 2021-2025|Technavio

Esports9 hours ago

Hunt for Adler Event Now Live

Esports9 hours ago

Anonymo, GameAgents through to Flashpoint 3 closed qualifier

Esports9 hours ago

New Warzone Gulag is Based on Standoff

Trending