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Chainlink (LINK) Falls Putting Bullish Structure In Doubt

If the price were to break down from the longer-term channel, it would likely confirm that the trend is bearish and the price is heading lower.   LINK Long-Term Rejection During the week of Nov. 23-30, the LINK price created a small-bodied bearish candlestick with wicks on each side. The price failed to reach a … Continued

The post Chainlink (LINK) Falls Putting Bullish Structure In Doubt appeared first on BeInCrypto.

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The Chainlink (LINK) price has broken down from a short-term parallel ascending channel but is still trading inside a longer-term channel.

If the price were to break down from the longer-term channel, it would likely confirm that the trend is bearish and the price is heading lower.

 

LINK Long-Term Rejection

During the week of Nov. 23-30, the LINK price created a small-bodied bearish candlestick with wicks on each side. The price failed to reach a close above the previous support area at $14 and instead created a long upper wick and fell back to validate the area as resistance.

Even though the RSI is above 50 and the MACD is above 0, the Stochastic oscillator has made a bearish cross. This is a sign that the long-term trend might be bearish, especially if LINK fails to reclaim the $14 area.

LINK Chart By TradingView

LINK Resumes Channel Trading

The LINK price has been increasing since reaching a low of $7.22 on Sept. 23. The upward movement culminated with a high of $17.30 on Nov. 24.

While the increase was substantial, the price was rejected by the 0.618 Fib retracement level of the entire decrease and fell sharply afterward.

While the LINK price initially broke out from the level, it failed to reach a close above it and created a long upper wick instead. In addition, the movement since making the lows has been perfectly contained within a parallel ascending channel, indicating that it is likely a corrective movement.

At the time of press, LINK was facing resistance from the middle of the channel.

LINK Chart By TradingView

Technical indicators provide mixed signals:

  • For the bullish case, there is a hidden bullish divergence in the RSI, which is above 50.
  • For the bearish case, both the MACD & Stochastic oscillator are decreasing.

However, the Stochastic oscillator has not yet made a bearish cross, nor is the MACD negative.

A breakdown from the aforementioned parallel channel would likely cause both of these events to occur and confirm that the trend is bearish.

LINK Chart By TradingView

Potential Rejection

Cryptocurrency trader @CryptoTony_ stated that the current price level of $14 will be a major determining factor for the direction of LINK’s trend.

The level is the middle of the channel we have outlined, increasing its significance.

Source: Twitter

A closer look at the price movement shows that LINK has already broken down from a shorter-term parallel ascending channel and is currently in the process of being rejected from its support line. 

The current price level is the:

  • 0.618 Fib retracement of the most recent decrease.
  • The middle of a long-term parallel channel.
  • The support line of a short-term parallel channel.

A rejection could cause a drop all the way to the $9.90 support area.

LINK Chart By TradingView

Wave Count

Measuring from the $20.11 high reached on Aug. 16, LINK seems to be trading in the C wave of an A-B-C corrective structure (shown in orange below). The sub-wave count is shown in black.

If the count is accurate, LINK is nearing the completion of its second sub-wave, after which a sharp drop will likely follow. In the most bearish scenario, the entire downward move would take LINK back to the range of $5-$5.26.

An increase above the B wave high of $16.39 (red line) would invalidate this particular wave count.

LINK Chart By TradingView

Conclusion

LINK is trading at a crucial resistance level, which is expected to reject the price and initiate a downward move.

Successfully reclaiming the $14 area would put the bearish outlook in doubt.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/chainlink-link-falls-putting-bullish-structure-in-doubt/

Blockchain

Binance Coin, Dash, Synthetix Price Analysis: 17 January

Binance Coin looked to revisit $38.72 as the price failed to hold up above its present resistance. Dash formed a symmetrical triangle on the charts and presented the possibility of a breakout above $1

The post Binance Coin, Dash, Synthetix Price Analysis: 17 January appeared first on AMBCrypto.

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Binance Coin looked to revisit $38.72 as the price failed to hold up above its present resistance. Dash formed a symmetrical triangle on the charts and presented the possibility of a breakout above $135.69 resistance while SNX reversed course and fell by over 12% after hitting record levels.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin retested $41.8 and moved lower as the bulls failed to lift prices towards $44.82 resistance. Prices could revisit the $38.72 support if the fall continues over the next few trading sessions. If the price rises, that would present an upside of $44.82. However, indicators favored the bears and suggested that a move towards immediate support could be a likely outcome.

The MACD was on the verge of a bearish crossover as the signal line eyed a move above the fast-moving line.

The Awesome Oscillator agreed with the MACD and indicated that momentum was shifting towards the bears.

Dash [DASH]

Source: DASH/USD, TradingView

Dash flashed red at press time, as prices traded at $121.84, down by 3.87% in the past 24 hours. A look at the 4hr chart showed that the price had formed a symmetrical triangle, and a breakout could be witnessed over the next few trading sessions. A bullish outcome could see the coin’s trading price rise above its immediate resistance and target a move above the next resistance at $135.69. On the flip side, a downward breakout could see the coin move below support $113.1.

The Stochastic RSI moved in the oversold territory and signaled a potential pullback if the index reverses direction.

The Parabolic SAR’s dotted markers were below the candlesticks and indicated that the price action was in an uptrend.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix hit an all-time high of $17.24 but immediately dropped by over 12% in the last few trading sessions. For now, losses were cut short at $14.63 support, but a fall below the present defense would confirm a bearish pullback.

The Relative Strength Index pointed downwards from the neutral zone. If the index moves into the oversold region, the price could follow suit and drop towards $13.41 support.

The MACD witnessed a bearish crossover as the price fell from record levels. The red bars on the histogram suggested the likelihood of a further pullback in prices.

Source: https://ambcrypto.com/binance-coin-dash-synthetix-price-analysis-17-january

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Blockchain

Monero Price Analysis: 17 January

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice The Monero market has been descending over the past couple of da

The post Monero Price Analysis: 17 January appeared first on AMBCrypto.

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Monero market has been descending over the past couple of days. The overall trend in the market has not been actively bullish, and for Monero the trend has turned to a bearish one. As the price climbed down the price ladder, the market may witness more bearishness.

At the time of writing the price of Monero was $152.24.

Monero daily chart

Source: XMRUSD on TradingView

The Monero chart has been showing that the price has been dropping after it hit the resistance at $170.89. This retracement has been currently testing the support at $151, and the price has been witnessing a strong downward pressure.

As the value of the digital asset continued to see a push and pull at the level, it may force the price to sink further down to the second support at $146. This would be an opportunity for traders to make a profit.

Reasoning

The 50 moving average has already been spiking above the candlesticks highlighting the downtrend of the coin. The RSI has moved closer to the overbought zone from the equilibrium zone, which suggested that the sellers in the market were growing.

Meanwhile, the MACD indicator was noting a rise in bearishness in the market. The strong red bars were growing and have continued in the market for a few days now. Whereas, the MACD line although under the signal line for a couple of days now, was witnessing its gap grow.

Crucial levels

Entry: $151.02
Stop-Loss: $156.78
Take-Profit: $145.10
Risk-to-Reward: 1.03

Conclusion

The current market conditions indicated an increased bearishness in Monero’s price action. As the digital asset trades close to the support, and if it ends up breaching it, the coin’s price is likely to drop to the next level of support at $146 which will, in turn, provide only a minimal profit to the short traders.

Source: https://ambcrypto.com/monero-price-analysis-17-january

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Blockchain

Data Suggests Whales are Keen on Protecting One Key Bitcoin Support Level

Bitcoin has seen some choppy price action throughout the past couple of days, with buyers and sellers largely reaching an impasse Following a swift overnight decline, Bitcoin has posted a strong rebound that has allowed it to surge back to $36,000 Where it trends next will undoubtedly depend on whether or not buyers can flip $36,000 from resistance to support One analytics platform is noting that BTC has yet to test its crucial support level […]

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  • Bitcoin has seen some choppy price action throughout the past couple of days, with buyers and sellers largely reaching an impasse
  • Following a swift overnight decline, Bitcoin has posted a strong rebound that has allowed it to surge back to $36,000
  • Where it trends next will undoubtedly depend on whether or not buyers can flip $36,000 from resistance to support
  • One analytics platform is noting that BTC has yet to test its crucial support level that sits just below $30,000
  • They note that this is where there was serious whale buying activity in the past, and as such, these large buyers will likely defend this level

Bitcoin and the entire crypto market have been facing some mixed price action as of late, which has come about due to BTC’s lack of a clear trend.

The crypto has mainly faced some range-bound trading between $30,000 and $40,000, with buyers and sellers unable to take control of its price action.

Where it trends next will likely depend on whether or not bulls can target the $40,000 level and flip it into support.

One analytics platform is also noting that there is some serious support just below BTC’s current price, which happens to be where there was serious whale accumulation.

Bitcoin Rallies Past $26,000 as Bulls Try to Spark Reversal

At the time of writing, Bitcoin is trading up marginally at its current price of $36,000. This marks a notable rally from its recent lows of $34,000 set just a few hours ago.

The lower-$30,000 region has proven to be strong support, with each visit to this region allowing bulls to regain short-term control over its price action.

Any sustained decline beneath this support could reverse the cryptocurrency’s uptrend and lead to significantly deeper losses.

Whales Are Likely to Defend This One Key Support Level

While speaking about Bitcoin’s current support, one analytics firm explained that the price level just beneath $30,000 will likely continue acting as a strong base of support.

They note that the whale buying activity here is significant and that these large investors will likely continue defending it.

“This is how you trade whale bubbles for anyone wondering. Also, large inflows to whale wallets were happening at $29,314. They will be protecting their btc… This should be strong support for bitcoin in the short term, and hopefully long term.”

Image Courtesy of Whalemap.

The coming few days should shine some light on where Bitcoin will trend in the weeks ahead, as its ultimate reaction to its current range could set the tone for where it trends in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/data-suggests-whales-are-keen-on-protecting-one-key-bitcoin-support-level/?utm_source=rss&utm_medium=rss&utm_campaign=data-suggests-whales-are-keen-on-protecting-one-key-bitcoin-support-level

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Blockchain

Crypto Irrational, but Not in Bubble, Says UBS Analyst

Not your grandma’s bubble The crypto market jumps back and forth hundreds of billions of dollars a day. In recent months, the net movement has been upward. When BTC’s price passed $20,000, few thought that it would double in only a few weeks’ time. But don’t sell the farm just yet. UBS analyst Mark Haefele … Continued

The post Crypto Irrational, but Not in Bubble, Says UBS Analyst appeared first on BeInCrypto.

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The crypto currency market has surged past a $1 trillion market cap. But is this fair valuation or is it a bubble? UBS thinks they know the answer.

Not your grandma’s bubble

The crypto market jumps back and forth hundreds of billions of dollars a day. In recent months, the net movement has been upward. When BTC’s price passed $20,000, few thought that it would double in only a few weeks’ time.

But don’t sell the farm just yet. UBS analyst Mark Haefele said that while the risk of the bubble may be real, everything is (probably) going to be okay.

In a note on Friday Jan. 15, 2021, Mr. Haefele said that, “all bubble preconditions are in place.” Financing costs are at record lows. New participants are entering the market (perhaps from Robinhood?), and low interest rates have left market participants thirsty for returns.

The result is that investors have nowhere to turn but equities (and cryptocurrency). With interest rates negative in parts of Europe, and CD’s scraping the bottom of the barrel, not investing in equities is little better than holding cash.

That’s not to mention the stimulus money pumping out of the USgovernment, to businesses and investors’ pockets, and then back into businesses, valuations and skyrocketing.

Inflated currency, but inflated valuation?

Haefele said that crypto markets, as well as IPOs and SPACs, are the hottest they’ve been, “in two decades.” Investors eagerly awaited recent IPO launches by Airbnb (which jumped 155% on the first day of trading) and DoorDash (which opened 78% higher than launch price) despite the lull in the hospitality industry.

SPACs (Special Purpose Acquisition Companies) are companies that do not have any operations, but work like a shell allowing investors to buy-in on private equity. These entities are often used in acquisitions and mergers.

Nonetheless, Haefele says that the “irrational exuberance” seen in these markets is not out of control.

The chief investment officer of global wealth management says the likes of Guggenheim’s Scott Minerd have predicted Bitcoin may hit $400,000. Despite this incredible jump in price, almost 10x the current Bitcoin valuation, a bubble has yet to set in.

On a Historical Backdrop

Haefele points out that the overall price growth of the market is driven by large-cap companies. Take out the likes of Facebook, Google, Amazon and other major tech giants, and the S&P 500 only rose 6% in 2020. This means that room for growth across many sectors remains.

Likewise, taking into account low interest rates and other indicators, stocks should be valued high, and they still look cheap compared to bonds.

Still, the executive warned about buying into narratives. Though sector narratives may be accurate, they do not always predict the price of individual companies.

Remember 2000

Haefele gave the example of the dotcom bubble in 2000. The narrative that the internet would change life as we know it was spot on. That didn’t stop the industry from crashing. In this way, narratives can be, “deceptive.”

Crypto Investors Chris Burnsike on Stocks vs Crypto. Twitter.

One can only be reminded of the promises of bankless, decentralized finance and egalitarian equity promised by blockchain technology. Just because a technology may change the world, it does not mean individual companies or coins are actually worth their valuations.

Finding Alpha

Haefele reiterated that the excitement was based in fact. He said investors may catch the upside of the IPO/SPAC/Crypto trends, but they must diversify for safety’s sake.

Of course, there are few industries with great potential for growth. He pointed out fintech (which includes crypto), greentech, and healthtech. UBS is also bullish on emerging markets, he said.

Since cryptocurrency is international, permissionless, and new, one could argue it is emerging.

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Harry Leeds is a writer, editor, and journalist who spent much time in the former USSR covering food, cryptocurrencies, and healthcare. He also translates poetry and edits the literary magazine mumbermag.me.

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Source: https://beincrypto.com/crypto-irrational-but-not-in-bubble-says-ubs-analyst/

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