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Litecoin Searching for Support After Falling from 2020 High

Despite the drop, Litecoin is expected to find support soon and move towards the resistance areas outlined below.   Litecoin Rejected from Long-Term Resistance During the week of Nov. 16-23, the LTC price increased considerably, creating a bullish candlestick that took the price to the $85 resistance area. While LTC seemingly broke out from this … Continued

The post Litecoin Searching for Support After Falling from 2020 High appeared first on BeInCrypto.

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The Litecoin (LTC) price was rejected by an important resistance area and has fallen back below it since.

Despite the drop, Litecoin is expected to find support soon and move towards the resistance areas outlined below.

 

Litecoin Rejected from Long-Term Resistance

During the week of Nov. 16-23, the LTC price increased considerably, creating a bullish candlestick that took the price to the $85 resistance area.

While LTC seemingly broke out from this area at the start of the following week after reaching a high of $94.02, it was rejected shortly afterward and has now fallen back below the area once again.

Despite the drop, long-term technical indicators are still bullish. Both the MACD and Stochastic Oscillator are increasing, The former is above 0 and the latter having made a bullish cross. While the RSI is decreasing, it is still above 50.

A weekly close above $85 would likely mean that LTC Is heading higher, possibly towards the June 2019 highs of $146.

LTC Chart By TradingView

LTC Looks for Support

The daily chart shows that despite the sharp drop, LTC has managed to hold on above the $68 support area, which had previously acted as a resistance.

Even if the price were to decrease below it, the $60 level is also likely to provide support, being both a horizontal support level and the 0.618 Fib retracement level of the entire upward move.

Technical indicators are still leaning bearish but at risk of going down.

An interesting occurrence is a deviation above the $85 resistance area, which was followed by a sharp drop back below.

However, as long as the LTC price is trading above one of these two support levels, it is expected to eventually make another attempt at breaking out above $85.

LTC Chart By TradingView

Wave Count

Cryptocurrency trader @Crypto_Tony outlined a wave count for LTC, showing that the price is in an extended third wave that has transpired after a 1-2/1-2 wave formation.

Tony suggests that the price could increase all the way to $200.

Source: Twitter

The most likely wave count is indeed a 1-2/1-2 wave formation, in which the price is currently in an extended third wave (white). The most likely target for the top of this move would be between $144-$148, the 4.618 Fib extension of wave 1 and the 3.61 Fib extension of sub-wave 1 (orange). This would also fit with the resistance area outlined in the first section.

Litecoin also appears to be in sub-wave 3 (orange), which is expected to end between $107-$115. The minor sub-wave count is shown in blue.

(In the chart below, the Fib and wave colors correspond with each other)

LTC Chart By TradingView

The six-hour chart shows that the price has broken out from a parallel ascending channel and is in the process of returning back inside, in what looks like a possible fourth wave pullback before the price resumes its upward movement.

A decrease below the minor sub-wave 1 high at $60.55 (red line) would invalidate the fourth wave pullback possibility.

LTC Chart By TradingView

Conclusion

Litecoin is expected to find support between $60-$65 and eventually resume its upward movement, possibly reaching a high near $145.

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/litecoin-searching-for-support-after-falling-from-2020-high/

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Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

A Chinese court has published a breakdown of the total crypto assets seized from the PlusToken scam including about $3.3 billion worth of Bitcoin (BTC). Some commentators say the timing of the news points to attempted FUD aimed at causing panic in the market. Chinese Police Confiscated Over 194k BTC from PlusToken According to the … Continued

The post Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities appeared first on BeInCrypto.

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A Chinese court has published a breakdown of the total crypto assets seized from the PlusToken scam including about $3.3 billion worth of Bitcoin (BTC).

Some commentators say the timing of the news points to attempted FUD aimed at causing panic in the market.

Chinese Police Confiscated Over 194k BTC from PlusToken

According to the court ruling published on Scribd, Chinese police seized nine major digital assets as part of its crackdown on the PlusToken Ponzi scheme.

Apart from 194,775 BTC worth $3.3 billion, the confiscated stash also includes 833,083 ETH, 487 million XRP, and 79,581 BCH as well as 27.6 million EOS, 6 billion DOGE, 74,167 DASH, and 213,724 USDT.

In total, the Chinese police carted over $4.2 billion worth of cryptocurrencies based on the current market prices. The Bitcoin horde alone represents over 1% of the current BTC circulating supply.

Perhaps a bit of comedic relief from the news is the fact that China now holds 6 billion of a “meme crypto” like Dogecoin. The seized DOGE amounts to almost 5% of the token’s circulating supply as of press time.

The revelation of the seized PlusToken funds comes following the Yancheng Intermediate People’s Court denial of the appeal filings lodged by convicted principal agents of the scam.

As previously reported by BeInCrypto, Chinese police arrested 109 individuals associated with the Ponzi scheme back in June. The news of the arrests marked the first major law enforcement action by Chinese authorities against participants of a crypto Ponzi scam.

China to Liquidate Seized PlusToken Cryptos

A rough translation of the court document revealed that there are plans to liquidate the Bitcoin and other seized assets “according to existing laws.” The court statement also revealed that the funds earned from the sale of these assets will be sent to the national treasury.

In 2019, some entities sold several crypto tokens traced to the PlusToken Ponzi scheme. Indeed, reports about vast crypto holdings associated with the scam hitting the market triggered a few price drops in 2019.

The PlusToken scam reportedly defrauded over 2 million victims to the tune of about $5.7 billion. Together with OneCoin and BitClub, it remains one of the largest cryptocurrency scams in the history of the industry.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/bitcoin-worth-3b-from-plustoken-ponzi-scam-seized-by-chinese-authorities/

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Bitcoin Still Hunting for a Bottom After Losing Support

The downward move is expected to continue until Bitcoin reaches at least one of the key support levels outlined below.   Support Levels For Bitcoin On Nov. 27, BTC created a massive bearish candlestick, dropping from a high of $18,911 to a low of $16,218. The decrease caused a decisive breakdown from a parabolic ascending … Continued

The post Bitcoin Still Hunting for a Bottom After Losing Support appeared first on BeInCrypto.

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The Bitcoin (BTC) price has continued its descent after breaking down from a parabolic ascending support line.

The downward move is expected to continue until Bitcoin reaches at least one of the key support levels outlined below.

 

Support Levels For Bitcoin

On Nov. 27, BTC created a massive bearish candlestick, dropping from a high of $18,911 to a low of $16,218. The decrease caused a decisive breakdown from a parabolic ascending support line that the price had been following since the beginning of September.

Technical indicators have turned bearish. The Stochastic oscillator has made a bearish cross (shown with the red arrow below) and both the RSI and MACD are decreasing.

Interestingly, the RSI is in the process of decreasing below 50, something it has not done for 51 days. This is a bearish signal that could indicate that the trend is reversing, especially in combination with other bearish readings.

The three closest support levels are found at $15,800, $14,650, and $13,500 (0.382, 0.5 & 0.618 Fib retracement levels).

Each of these also present as horizontal support levels in addition to being important Fib retracement levels.

BTC Chart By TradingView

Bounce and Rejection

The two-hour chart shows that the price has bounced and made an attempt at moving upwards, but was rejected by the support area turned to resistance at $17,470. The area is also the 0.382 Fib retracement level of the entire decrease.

Technical indicators have begun to show signs of reversal, as both the MACD and RSI have begun to increase, but have not confirmed the trend reversal yet.

Even if the price were to break out above the current resistance area, it would face strong resistance at the 0.5 Fib retracement level of $17,865.

Therefore, until the price is successful in flipping both these levels, we cannot consider the price movement bullish — at least not in the short-term.

BTC Chart By TradingView

Wave Count

The wave count for Bitcoin suggests that the price has already completed a bearish impulse (red) and has now begun a corrective A-B-C structure. The correction could take BTC above the first resistance area at $17,470 and towards the second at $17,865.

An increase in which the A:C waves have a 1:1 ratio would take BTC to $17,987.

However, a decrease afterward would be the most likely scenario, unless BTC manages to consolidate above $17,865.

BTC Chart By TradingView

For the longer-term wave count, click here.

Conclusion

To conclude, the BTC price is expected to increase in the short-term, possibly towards $17,850-$18,000. However, unless the price manages to reclaim the level as support, another move to the downside would be expected to follow.

For BeInCrypto’s previous 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.

Follow Author

Source: https://beincrypto.com/bitcoin-still-hunting-for-a-bottom-after-losing-support/

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Facebook’s Libra to Launch Dollar-Pegged Stablecoin in January

Facebook’s Libra digital currency project may finally hit the ground running in January 2021 with the launch of a dollar-pegged stablecoin. The single digital currency pegged to the dollar is a far cry from the ambitious plans first introduced back in 2019. Pushback from major financial regulators around the globe has likely caused the project … Continued

The post Facebook’s Libra to Launch Dollar-Pegged Stablecoin in January appeared first on BeInCrypto.

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Facebook’s Libra digital currency project may finally hit the ground running in January 2021 with the launch of a dollar-pegged stablecoin.

The single digital currency pegged to the dollar is a far cry from the ambitious plans first introduced back in 2019.

Pushback from major financial regulators around the globe has likely caused the project to be downgraded significantly even as several nations pursue central bank digital currencies (CBDCs) in response to private stablecoins like Libra.

Limited Libra Stablecoin Roll-out Coming Early 2021

According to a report by the Financial Times (FT) on Nov. 27, Libra is working on modalities to introduce a digital currency specie in early 2021. Inside sources at the company say the Facebook-led project plans to roll-out a dollar-pegged stablecoin in January.

The proposed launch will depend on approvals from Switzerland’s Financial Market Supervisory Authority (FINMA). Libra previously applied for a payments license from the Swiss regulator back in September 2019.

Launching a single stablecoin appears to be another downgrade of the project. When first announced, the Libra digital currency system was to be a token backed by a basket of national fiat currencies.

Financial regulators, especially those in Europe railed against the idea. At the time, most opponents of the plan said Libra could jeopardize sovereign monetary policy control mechanisms across the world.

As previously reported by BeInCrypto, Libra has since made wholesale changes to the project. Back in June, the Libra Association published an updated white paper detailing that it would deploy multiple fiat currency-backed stablecoins.

According to FT sources, the other planned stablecoins in the Libra digital currency catalog will come at a later time.

A Change of Plans

In May, Facebook renamed the Calibra wallet to Novi. The Novi wallet will allow users to hold and spend Libra stablecoins.

Reports suggest the Novi wallet is ready for use but the plan is to stage a limited roll-out of the service across six high-volume remittance corridors including the U.S. and some countries in South America.

Facebook is also reportedly waiting on licensing approval from 10 state regulators in the U.S. including a BitLicense from New York.

While Libra moves closer to its launch date, many countries are experimenting with CBDCs. Major financial institutions like the Bank for Internation Settlements (BIS) are also proposing more robust regulations for private stablecoin projects.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/facebooks-libra-to-launch-dollar-pegged-stablecoin-in-january/

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