Connect with us

Blockchain

TEL Technical Analysis: Price Below the Second Fibonacci Pivot Point of $0.031

Currently, TEL price is testing the 38.2% FIB retracement level of $0.031. It may soon fall below the 23.6% FIB retracement level of $0.023. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

Published

on

Table of Contents

Rate this post

TEL was introduced to bridge the gap between crypto, blockchain, and the telecommunication industry. The aim is to partner up with big telecom names such as AT&T and Verizon, for billing solutions and mobile money. The TEL technical analysis is as follows:

Past Performance 

On June 1, 2021, TEL opened at $0.03. On June 7, 2021, TEL closed at $0.03. Thus, in the past week, the TEL price has been less volatile. In the last 24 hours, TEL has traded between $0.028-$0.035.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/tel-technical-analysis-price-below-the-second-fibonacci-pivot-point-of-0-031.png

https://www.tradingview.com/x/xvlzLBeI/

Day Ahead And Tomorrow

Currently, TEL is trading at $0.030. The price has decreased from the day’s opening price of $0.035. Thus, the market seems bearish.

The MACD and signal lines are currently at equilibrium. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.

READ  US Global Investors Climbs 5.6% After Selling 10M HIVE Shares

Currently, the RSI indicator is at 49%. It faced rejection at 46% and is currently taking the support. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal for TEL.

The OBV indicator has rejected the resistance and is following a downward trend. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the TEL price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

READ  TEL Technical Analysis: Likely to Surpass Resistance Level of $0.050

TEL Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.031. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.023, $0.001, and $0.0004, respectively.

Currently, the price is testing the 38.2% FIB retracement level of $0.031. It may soon fall below the 23.6% FIB retracement level of $0.023. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

#TEL #Telcoin

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/tel-technical-analysis-price-below-the-second-fibonacci-pivot-point-of-0-031

Blockchain

Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike

Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes. A Short Squeeze Is in BTC’s Future, Analysts Say A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number

The post Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike appeared first on Live Bitcoin News.

Published

on

Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes.

A Short Squeeze Is in BTC’s Future, Analysts Say

A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number one digital currency by market cap has been trading in the doldrums, losing close to $30,000 off its price since reaching its latest all-time high of approximately $64,000 in mid-April of this year. The asset has been in a rather poor state ever since, and everyone seems to have lost their faith in it.

However, according to many industry experts, this is exactly what needs to happen if bitcoin is to ever experience any kind of surge. Flex Yang – chief executive of Hong Kong-based crypto lender Babel Finance – explained in a recent interview:

Given bitcoin’s past market performance, when traders use excessive leverage to short the market during a horizontal price adjustment, there will often be a short squeeze phenomenon.

He has pointed out that a lot of money is now going into bitcoin from short sellers looking to make quick profits off the digital asset. He suggests this has been a relative constant ever since bitcoin began falling into oblivion as despite the currency’s massive dip, trading volumes on popular crypto exchanges such as Binance have increased by approximately 110 percent over the past two months.

Yang further says:

Many people are anticipating a bear market. Bitcoin holders are building hedges. Those who bought at high prices are locked in.

This Has Happened Before

He also claims that a short squeeze could be somewhat expected at this stage given it has occurred a few times in the past with bitcoin. He suggested this while pointing to evidence of bitcoin’s behavior between the months of February and April in 2018 and then again between June and July of 2020. During these periods, bitcoin experienced heavy spikes after dropping to new lows. He says:

In November 2020, there was a temporary sharp increase in the number of short-selling positions at a high price. Afterwards, the price of bitcoin continued to rise, continuing its bull market position. No matter if the market outlook is trending downwards after rebounding or if bitcoin maintains its bull market status, short traders have always suffered the consequence of being squeezed out and liquidated.

Bitcoin’s bull run came to a screeching halt not too long ago after it was announced that Tesla was rescinding its decision to accept bitcoin payments for all goods and services. The price experienced further drops when CEO Elon Musk hinted on Twitter that he was looking to sell his personal BTC stash. In addition, China also took a stance against bitcoin mining, saying that it would limit further activity.

Tags: bitcoin, Flex Yang, Short Squeeze Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/analysts-claim-bitcoin-is-headed-into-short-squeeze-territory-suggesting-another-price-spike/

Continue Reading

Blockchain

Bitcoin Is Going Greener But Crypto CEOs Aren’t Done Roasting Elon Musk

Kraken Brings Spot Prices To DeFi With Chainlink's Technology

Even though it’s been weeks after billionaire Elon musk made several bearish statements about Bitcoin, many Bitcoin proponents have continued to slam the CEO over his stances, with many of them opining that although Musk may be very well versed in engineering, he may not be as educated on Cryptocurrencies like Bitcoin, hence their collective […]

Published

on

Kraken Brings Spot Prices To DeFi With Chainlink's Technology

Advertisement &  & 

Even though it’s been weeks after billionaire Elon musk made several bearish statements about Bitcoin, many Bitcoin proponents have continued to slam the CEO over his stances, with many of them opining that although Musk may be very well versed in engineering, he may not be as educated on Cryptocurrencies like Bitcoin, hence their collective proposal that he educated himself on the asset.

Elon Musk gets slammed by Kraken CEO

The CEO of the leading cryptocurrency exchange platform Kraken, who had previously reacted to Tesla’s entrance into the Bitcoin market, in an interview, saying “Well, thanks to Elon, everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin, so he’s probably in a single stroke distributed Bitcoin to more people than anyone else on the planet,” has now joined the likes of Changpeng Zhao of Binance to say that Elon Musk might need to go back to his books.

Jesse Powell, whose company Kraken, recently became the leading cryptocurrency exchange in Europe by trading volume told a news outlet in an interview that bitcoin is greener than critics say it is.

He went ahead to tackle Elon Musk’s comments on Bitcoin, firing back at the Billionaire and saying that he thinks “Elon Musk has more studying to do.” Elon Musk who seemed to be just around the corner responded to Powell, asking “Based on what data?”

Energy Concerns may hinder Bitcoin’s adoption process in the short term, but the future remains bullish

The argument that Cryptocurrencies like Bitcoin pose a major threat to the environment has been on for the longest time in the cryptocurrency community. However, since Tesla dropped Bitcoin, the conversation has been amplified.

Advertisement &  & 
BTCUSD Chart By TradingView

While many institutions had previously refused to take a chance on Bitcoin by adding the asset to their portfolio, for reasons surrounding price volatility and regulatory worries, the issue of environmental degradation might be yet another factor that restricts them from entering the Bitcoin market.

Some Cryptocurrency enthusiasts have gone on to speculate that other Blockchains like Cardano (ADA) and many other similar networks might gain traction during this period, as investors and institutions search for an alternative network that uses less energy.

With Jack Dorsey investing $5 million into solar energy-based Bitcoin mining, there’s bound to be an improvement with Bitcoin’s energy usage pattern.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/bitcoin-is-going-green-but-crypto-ceos-arent-done-roasting-elon-musk/

Continue Reading

Blockchain

UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

TSB is reportedly taking actions to prevent its customers from using Kraken and Binance to buy crypto because of their alleged poor safety measures.

Published

on

British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud.

According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is reportedly concerned about an “excessively high” fraud rate related to crypto exchanges operating in the country.

TSB Could Be Cutting Ties With Crypto Exchanges For Safety Reasons

The Times claims to have reliable information that TSB is going to ban the purchase of crypto with cash via Binance and Kraken. Apparently, the low security standards of these platforms facilitate the works of scammers, in particular the setup of e-wallets.

According to the reports, TSB has received at least 849 fraud complaints between March 15 and April 15 by Binance users. The bank claims that all attempts to communicate with Binance have been unsuccessful. However, Binance says it has never received any messages from the bank’s security team.

Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:


ADVERTISEMENT

“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”

But Kraken was much more direct. Steven Christie, global head of compliance at Kraken, denied TSBs allegations, although he made no reference to the stance they will take on this possible outbreak of new wire fraud:

“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”

Investors Are Making Things Easier For Scammers In The UK

Fraud reports are a sensitive issue for the bank as it offers a fraud protection service in which it refunds the money lost in the event that a person has been a victim of a scam. The bank has also asked for caution towards crypto-related scams.

So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.

Recently, a survey by the UK’s Financial Conduct Authority revealed that the number of cryptocurrency investors had increased from last year, as had the average worth of cryptocurrency holdings by retailers.

However, the FCA also found that the number of people with a poor understanding of cryptocurrencies also increased even though they invested in them.

This is a worrying development for law enforcement and crime prevention agencies, as it provides a breeding ground for scammers and criminals to take advantage of a larger potential pool of victims who are less savvy than in previous years.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/uk-bank-bans-crypto-purchases-from-binance-and-kraken-reports/

Continue Reading

Blockchain

Bitcoin Gets More Popular in The UK, But Few People Actually Understand It

The people in the UK seem more interested in cryptocurrencies, but many lack basic knowledge about them.

Published

on

The latest data revealed that 78% of the UK residents have heard of cryptocurrencies, as 2.3 million of them hold some of them. Nonetheless, the overall understanding of digital assets has declined.

More HODLers But Less Crypto Knowledge

Digital assets remain a complicated industry in the UK, and the share of people investing in them is significantly lower than in other countries. However, the public awareness surged by 5% in a year, as in 2021, 78% of the locals have heard of cryptocurrencies compared to 73% in 2020, according to the FCA.

The number of individuals who own virtual assets has also increased as 2.3 million Britons have some cryptocurrencies, representing 4.4% of the population. Last year’s data showed this percentage to be 3.9%.

The locals seem to have invested a bit more this year and pushed the median holding from £260 ($361) to £300 ($417). Most crypto investors are male, wealthy, over 35, and with excellent educational levels.

Nearly half of the surveyed (47%) considered the crypto market a gamble in 2020. Now this percentage decreased to 38%, and more people see it as an option to invest at some point.


ADVERTISEMENT

The FCA, though, reported that many of the Britons lack basic knowledge about virtual assets, and their investment could turn to be very risky:

”Some crypto users may not fully understand what they are buying.”

More Britons Prefer BTC Than Stocks

Despite the confusion that crypto seems to cause for the Britons, most have invested in Bitcoin rather than stocks and shares Isas last year. A survey conducted by Find Out Now suggested that nearly 7% of the locals have located some of their wealth in the primary cryptocurrency while 5% have done this in traditional stocks and shares. Laith Khalaf – a financial analyst – commented that according to the data, the society converts to crypto:

”When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world’s gone crypto crazy.”

The vast majority of the investors claimed to have made a profit from their crypto dealings, while 12% reported a loss.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-gets-more-popular-in-the-uk-but-few-people-actually-understand-it/

Continue Reading
Esports26 mins ago

How to add Nightbot to your Twitch channel

Aviation28 mins ago

Timmins officials say newly paved runways at the airport have potential to attract Caribbean carriers

Esports37 mins ago

Apex Legends Pick Rates for June 2021

Crowdfunding44 mins ago

Gemini Adds DeFi, Infrastructure Data Management Crypto Tokens: ALCX, ANKR, FTM, MIR, API3, DDX

Esports52 mins ago

5 Best Top Laners in League of Legends Patch 11.13

Esports53 mins ago

5 Best Junglers in League of Legends Patch 11.13

Esports53 mins ago

Apex Legends Tap Strafe Guide: How to Do

Cleantech54 mins ago

Tata Group Commissions India’s Largest Solar Carport

Esports54 mins ago

Tears of Themis Announced by miHoYo

Esports55 mins ago

Overwatch Ashe’s Deadlock Challenge Announced

Esports56 mins ago

Back 4 Blood Full Character List

Blockchain59 mins ago

Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike

Blockchain59 mins ago

Bitcoin Is Going Greener But Crypto CEOs Aren’t Done Roasting Elon Musk

Blockchain1 hour ago

UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

Blockchain1 hour ago

Bitcoin Gets More Popular in The UK, But Few People Actually Understand It

Blockchain1 hour ago

Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

Blockchain1 hour ago

Ripple Settlement Coming? Legal Expert Reveals When XRP Lawsuit Could Conclude

Crowdfunding1 hour ago

Dutch Banking Challenger Bunq to Acquire €160M in Capital at €1.65B Valuation, Deal Includes SME Lending Platform Purchase

Esports1 hour ago

Here’s every TFT nerf and buff slated for Patch 11.13

Blockchain1 hour ago

Bitcoin to Surpass $98K by November: Stock to Flow Model

Aviation1 hour ago

Inside One Of The Most Interesting Alaska Airlines Routes

Blockchain1 hour ago

Colorado lawmakers approve law to study technologies like blockchain for water management

Esports2 hours ago

Ashe’s Deadlock Challenge begins June 22 in Overwatch

Cleantech2 hours ago

India’s Acme Sells Stake In 250-Megawatt Solar Power Project To Foreign Investors

Blockchain2 hours ago

Dogecoin price analysis: Dogecoin abruptly moves to $0.255, prepares to spike higher? 

Cleantech2 hours ago

Cold Climate Housing Research Center Completes Year 1 as NREL’s Subarctic Laboratory

Blockchain2 hours ago

NFT art galleries: future of art or another exaggeration?

Esports2 hours ago

David Polfeldt Steps Down as Ubisoft Massive Entertainment Director

CNBC2 hours ago

Airspeeder completes the first test flight for its electric flying race car

Esports2 hours ago

Battlefield 4 Resurgence Results in EA Server Upgrade

Trending