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BTG Technical Analysis: Price May Surpass Pivot Point and Resistance Level of $53.09

BTG price has tested and fallen below the 38.2% FIB retracement level of $51.34. By day end, if the price retests and breaks out of the 23.6% FIB retracement level of $51.93, then probably the price uptrend is strong. In that case, the price will continue to rise tomorrow as well.

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Bitcoin Gold is an altcoin that was hard forked from the Bitcoin codebase. It is mined on common GPUs instead of exclusive ASICs. It is a blockchain network that facilitates the development of innovative decentralized apps. This network has partnered with a large number of entities worldwide that enables users to use BTG for digital currency transactions with ease. The technical analysis of BTG is as follows:

Past Performance

On Jun 2, 2021, BTG opened at $58.97. On Jun 8, 2021, BTG closed at $52.89. Thus, in the past week, the BTG price has decreased by roughly 10%. In the last 24 hours, BTG has traded between $48.81-$52.90.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/btg-technical-analysis-price-may-surpass-pivot-point-and-resistance-level-of-53-09.png

https://zephyrnet.com/wp-content/uploads/2021/06/btg-technical-analysis-price-may-surpass-pivot-point-and-resistance-level-of-53-09.png

Day-Ahead and Tomorrow

Currently, BTG is trading at $51.38. The price has decreased from the day’s opening price of $52.89. Thus, the market seems bearish.

READ  BTG Technical Analysis – Price May Fall to $77.84

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 56%. It faced rejection at 62% and fell to the current level. Thus, selling pressures are high. The RSI oscillator is indicating that the BTG price may decline further.

The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the BTG price.

In short, when we look at all three oscillators together, we can say that the overall market momentum seems bullish. However, we cannot rule out intermittent price pullbacks amidst a rising price trend.

READ  Some Indian Banks still declining to process crypto transactions

BTG Technical Analysis

Currently, the price is below the Fibonacci pivot point of $51.53. The price may soon surpass the pivot point and the first resistance level of $53.09.

The price has tested and fallen below the 38.2% FIB retracement level of $51.34. By day end, if the price retests and breaks out of the 23.6% FIB retracement level of $51.93, then probably the price uptrend is strong. In that case, the price will continue to rise tomorrow as well.

#Bitcoin Gold #BTG

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/btg-technical-analysis-price-may-surpass-pivot-point-and-resistance-level-of-53-09

Blockchain

$71B in crypto has reportedly passed through ‘blockchain island’ Malta since 2017

The Financial Action Task Force, a membership body of 37 jurisdictions and two regional organizations, has flagged Malta’s initial push to attract cryptocurrency business as “problematic.”

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Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime. 

Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation’s anti-money laundering regime has been robust enough.

The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta should be put on a list of countries that have fallen short of their obligations to stop financial crime. Specifically, the financial watchdog is concerned about Malta’s initial push to embrace cryptocurrencies in 2017 and 2018 when the sector was far less regulated. FATF officials also expressed concerns over the country’s law enforcement regime.

Several blockchain companies established operations in Malta in 2018, including cryptocurrency exchange Binance, in anticipation of more favorable laws. Companies that set up shop in the country were allowed to operate without a license for up to one year. An industry source told the Times of Malta that the one-year grace period contributed to “an explosion of high-risk transactions carried out by cryptocurrency exchanges in an unlicensed environment.”

Related: Binance is not authorized to operate in Malta, financial regulator says

Nevertheless, Malta is still considered a favorable destination for crypto-asset firms. As Cointelegraph reported, Crypto.com recently acquired Malta’s Class 3 Virtual Financial Asset License, paving the way for broader recognition of cryptocurrencies across the European Union.

In June 2020, Malta broadened its blockchain ambitions, pivoting to digital assets more holistically as a way to drive adoption and business growth. “We’re moving away from blockchain island, and more towards a digital island because we believe more in this holistic vision that includes all aspects and technological components,” Kearon Bruno, chairman of Digital Economy Think Tank tasked with growing Malta’s economic portfolio, told Cointelegraph at the time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/71b-in-crypto-has-reportedly-passed-through-blockchain-island-malta-since-2017

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Blockchain

$71B in crypto has reportedly passed through ‘blockchain island’ Malta since 2017

The Financial Action Task Force, a membership body of 37 jurisdictions and two regional organizations, has flagged Malta’s initial push to attract cryptocurrency business as “problematic.”

Published

on

Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime. 

Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation’s anti-money laundering regime has been robust enough.

The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta should be put on a list of countries that have fallen short of their obligations to stop financial crime. Specifically, the financial watchdog is concerned about Malta’s initial push to embrace cryptocurrencies in 2017 and 2018 when the sector was far less regulated. FATF officials also expressed concerns over the country’s law enforcement regime.

Several blockchain companies established operations in Malta in 2018, including cryptocurrency exchange Binance, in anticipation of more favorable laws. Companies that set up shop in the country were allowed to operate without a license for up to one year. An industry source told the Times of Malta that the one-year grace period contributed to “an explosion of high-risk transactions carried out by cryptocurrency exchanges in an unlicensed environment.”

Related: Binance is not authorized to operate in Malta, financial regulator says

Nevertheless, Malta is still considered a favorable destination for crypto-asset firms. As Cointelegraph reported, Crypto.com recently acquired Malta’s Class 3 Virtual Financial Asset License, paving the way for broader recognition of cryptocurrencies across the European Union.

In June 2020, Malta broadened its blockchain ambitions, pivoting to digital assets more holistically as a way to drive adoption and business growth. “We’re moving away from blockchain island, and more towards a digital island because we believe more in this holistic vision that includes all aspects and technological components,” Kearon Bruno, chairman of Digital Economy Think Tank tasked with growing Malta’s economic portfolio, told Cointelegraph at the time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/71b-in-crypto-has-reportedly-passed-through-blockchain-island-malta-since-2017

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Blockchain

Every quad witching, this Chainlink price trend can be observed

LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinma

The post Every quad witching, this Chainlink price trend can be observed appeared first on AMBCrypto.

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LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinmarketcap.com. Based on previous instances, following quad witching, options expiration, LINK’s price rallies consistently every instance.

LINK price moves in this exact way every quad witching

LINK/USD Denominated Closing Price Coinmetrics | Source: Twitter

Based on the above chart from Coinmetrics, LINK’s price is not likely to recover until next week. The concentration by large HODLers is increasing, it has crossed 75% based on data from intotheblock. Besides, with the increase in concentration the percentage of HODLers profitable at the current price level. The percentage of profitable HODLers has increased consistently following a recovery from a dip.

This trend first emerged in the March of 2020, and then it went on for over a year, repetitively. This trend is centered around options expiration, though on-chain metrics suggested that the narrative was bullish based on active traders, and trade volume.

However, it’s interesting that despite new partnerships and updates, LINK’s price has dropped with other alts in the current crash. If the price drops further, it may drop below the psychologically important $20 level. The current price is still mid-way to the lowest that LINK’s price has been in the past 8 weeks. Since there is no hype around DeFi right now, LINK’s price was likely to continue dropping.

A drop in the overall TVL of DeFi is likely to lead to further consolidation in LINK. At the same time, ETH’s increasing strength, volatility, and price rally are likely to have a bullish impact on LINK’s price. LINK was undervalued at a time when sidechains are overvalued.

Traders who held LINK for less than 12 months may consider hedging their position to protect from the drop and consider accumulating as well, while LINK consolidates. It is a bullish narrative for LINK in the long-term since the recovery is expected to be strong, keeping with the trend. LINK is likely to follow, while ETH leads the second altcoin rally in 2021.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/every-quad-witching-this-chainlink-price-trend-can-be-observed

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Blockchain

Michael Burry Predicts Bitcoin Will Follow This Pattern, Has BTC Bottomed Out?

Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart. Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has […]

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Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart.

Bitcoin BTC BTCUSD
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has made some predictions about the markets. Many are pessimistic and could be bad news for investors with long positions.

Burry is famous for predicting the collapse of the mortgage bond market. His fund Scion Asset Management made a big profit by shorting this market in the mid to late 2000s.

In his latest tweet, Burry compared Bitcoin with NFL player Troy Polamalu. Jokingly, Burry asked his followers what the cryptocurrency has in common with Polamalu and shared the chart below.

Bitcoin BTC BTCUSD
Source: Michael Burry

Here, the former hedge manager predicts BTC’s price will follow a Head and Shoulders pattern. This chart formation usually presents itself as a baseline with three peaks. This pattern suggests a flip from a bullish to a bearish trend.

Many replied to Burry for this prediction, some consider it accurate, and others tried to rebut it. A trader said: “It seems we’re going down to -5000$ on the negative scale. Reasonable”.

Burry has been highly critical of the crypto market’s alleged high number of investors with leverage positions. He is now betting against Bitcoin and other cryptocurrencies, as well as against profitable companies in the traditional market.

When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries(…). If you don’t know how much leverage is in crypto, you don’t know anything about crypto

Bitcoin Outlook In The Short Time, Rebound Incoming?

The bulls stand at the last line of support, Bitcoin must hold above $33,500 or it risks a further retracement towards the $20,000 area. Analyst Ali Martinez has recorded several sales signals for BTC in the past 24 hours.

The first one was recorded by the TD Sequential, an indicator used to measure when a price might have exhausted an up or downtrend, in the 24-hour chart yesterday. At that time, the price dropped below $37,000 and range in the $35,000 area for several hours until Bitcoin went lower to its current levels. Martinez added:

Based on the TD, there is a chance BTC could hold above this $33.5K since this indicator is flashing a buy signal on the BTC 12hr chart.

Bitcoin BTC BTCUSD
Source: Ali Martinez

The area around $31,700 to $33,500, according to Martinez, is a major resistance zone with 1.3 million addresses that bought 643,000 BTC at those levels. The TD Sequential indicator flashed a buy signal in the 12-hour chart, Martinez said. If support holds, BTC could rebound to the $37,000 area.

(…) the most significant support zone underneath #Bitcoin sits between $31.7K and $33.5K (…). Losing this area as support could push BTC to the next critical demand barrier at $23.4K.

BTC BTCUSD
Source: IntoTheBlock via Ali Martinez

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out/?utm_source=rss&utm_medium=rss&utm_campaign=michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out

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