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Why Bitcoin’s 3-Day Candle Close Could Lead to a “Parabolic Advance”

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Bitcoin is currently expressing intense signs of strength as its price pushes up towards the $12,000 region.

Although it has yet to breach this key level successfully, its strong overnight upswing does seem to indicate that a move higher is imminent in the near-term.

This strength is likely rooted in the bullish monthly close that the benchmark cryptocurrency was able to post yesterday. This was the first time in three years that Bitcoin was able to close its monthly candle above $10,700.

Many analysts are now noting that this may be one of the most positive factors currently working in the cryptocurrency’s favor from a technical perspective.

It also appears that this new development is already bolstering BTC’s mid-term outlook.

One analyst noted that Bitcoin just closed its 3-day candle above the upper boundary of its Bollinger Bands. The last time this happened, its price saw a parabolic rally that sent it surging from $5,000 to highs of $14,000.

Bitcoin Flashes Signs of Strength Following Incredible Monthly Close 

At the time of writing, Bitcoin is trading up just over 2% at its current price of $11,600.

Overnight, bulls were able to push it as high as $11,800 before it reached an insurmountable resistance region.

The selling pressure it faced here slowed its ascent and even catalyzed a slight rejection that led it down towards its current price levels.

That being said, it still remains caught within a firm mid-term uptrend, and slight pullbacks like this one are to be expected.

While zooming out and looking towards its macro price structure, it appears that the gains it has posted throughout the past couple of weeks are significantly bolstering its outlook.

One analyst explained that it is unreasonable to be bearish at the present moment after BTC posted such a strong monthly close.

“BTC HTF Update: Imagine being bearish, strongest monthly in 3 years,” he explained while pointing to the below chart.

Bitcoin

Image Courtesy of Cactus. Chart via TradingView.

BTC Could Be Gearing Up for a Parabolic Push Higher

Another popular cryptocurrency analyst explained that Bitcoin’s three-day candle just closed above the upper boundary of its Bollinger Bands.

The last time it closed above this technical level, the cryptocurrency rallied from $5,000 to highs of $14,000.

“Bitcoin 3 day candle just closed, and the entire range was transacted above the upper BB – the last time that happened was April 4th 2019, right around $5000 before we made that run to $14000,” he said.

Image Courtesy of Cheds. Chart via TradingView.

The confluence of this technical development, coupled with Bitcoin’s strong monthly close, seems to suggest that BTC could be well-positioned to post notable gains during the second half of the year.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/2020/08/01/bitcoin-could-see-a-parabolic-advance/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-could-see-a-parabolic-advance

Blockchain

Australian Hacker Sentenced to 2 Years in Prison for $300K XRP Theft

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A judge has sentenced Australian citizen Kathryn Nguyen to a maximum time of 2 years and 3 months in prison for her role in stealing more than 100,000 XRP tokens in January 2018.

According to an Aug. 11 report in Australian publication Information Age, Nguyen was sentenced over the theft of more than $300,000 in XRP two years ago. She was initially charged in Oct. 2018 and pled guilty to fraud charges the following August.

Chris Craigie, the judge presiding over Nguyen’s case, said it was a “difficult and troubling decision” to send her to prison. The Australian national will reportedly be eligible for parole in October 2021.

First Australian crypto fraud case

Nguyen was one of the first people to be charged with the theft of crypto assets in Australia.

In January 2018, she reportedly hacked into the email of a 56-year-old man with the same last name as her and stole all his XRP holdings before releasing control of the account two days later. This was at a time when the crypto asset was near its all-time high of $3.84.

Nguyen reportedly transferred the XRP holdings to a Chinese crypto exchange where she swapped the tokens for Bitcoin (BTC), sending them to multiple wallets in what may have been an attempt to launder the funds. According to local news outlet 7News Sydney, authorities in China were only able to recover roughly $9,000.

XRP falls out of favor

The value of XRP has since dropped to $0.30 as of this writing, making the amount of crypto stolen now worth approximately $30,000.

Source: https://cointelegraph.com/news/australian-hacker-sentenced-to-2-years-in-prison-for-300k-xrp-theft

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What Would the Re-Election of Alexander Lukashenko Mean for Crypto?

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Protests have erupted in Belarus following the country’s presidential election on Sunday, but the possible continued presidency of Alexander Lukashenko may be good news for crypto.

Lukashenko reportedly won re-election against opposition candidate Svetlana Tikhanovskaya in a landslide victory with more than 80% of the vote on Aug. 9. However, officials from many nations and within Belarus are condemning the election results as flawed, with reports of falsified ballots. 

‘Europe’s last dictator’

The president of the eastern European nation has served since 1994, during which time he has made a number of statements in favor of blockchain technology since legalizing cryptocurrency and initial coin offerings in Dec. 2017. 

In an April 2019 video of Lukashenko addressing a crowd, the president proposed using excess energy from the country’s first nuclear power plant — scheduled to be completed at the end of 2020 — to mine cryptocurrencies like Bitcoin (BTC) and sell them. 

His words were met with laughter from the audience, but Bitcoin bull Anthony Pompliano responded to them by saying “every country will be mining and every country will be holding Bitcoin.”

Crypto legislation

Belarus has not been at the forefront of cryptocurrency and blockchain discussions around the world, but the nation has implemented a few legislative changes. 

In March, a state authority in Belarus asked lawmakers for the authority to seize cryptocurrency from criminals. The country’s central bank is also reportedly setting up a program to allow commercial and state-owned banks to launch tokens and conduct business as crypto exchanges.

Source: https://cointelegraph.com/news/what-would-the-re-election-of-alexander-lukashenko-mean-for-crypto

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Tron (TRX) Forms Textbook Bear Signal Despite Rally in the Altcoin Market

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  • Tron (TRX) has been a sleeper cryptocurrency over the past few weeks.
  • While it has rallied like many other digital assets like Bitcoin and Ethereum, TRX has not been focused on by many analysts.
  • According to the Tom Demark Sequential, the popular altcoin is on the verge of reversing to the downside after a multi-day rally.
  • Analysts beg to differ, arguing that Tron is actually on the verge of a massive upswing triggered by months of consolidation.
  • Tron may be further suppressed by Bitcoin, which may lead the crypto asset market as it attempts to set a new local high.

Tron Could See Bearish Reversal: TD Sequential

According to a Telegram channel tracking signals formed by the Tom Demark Sequential, Tron is primed to move lower in the days ahead.

The Telegram channel shared the chart below on August 10th. It shows that TRX’s U.S. dollar pair on Bitfinex formed a “Sell C-13” as per the Tom Demark Sequential, suggesting that a bearish reversal is imminent.

The Tom Demark Sequential is a time-focused indicator that prints “9” and “13” candles at inflection points in the trend of an asset.

It’s important to note that previous Tom Demark Sequential signals for Tron did not play out. The last “9” candle, for instance, was followed by a 15% rally, while the last “13” candle preceded a bearish reversal when it was meant to precede a rally.

Chart of TRX's price action over the past few months with the Tom Demark Sequential from a channel tracking the indicator.
Chart from TradingView.com

Analysts, though, are expecting for Tron to break higher rather than retrace. At least three traders noted that TRX is primed to rally higher as it crosses above pivotal resistance levels in the $0.021 range. One of these individuals commented:

“$TRX Looks almost ready, I reckon it could start moving next week, if that doesn’t happen, and we get more accumulation, we have another pivot coming Sept. 28th.”

Bitcoin May Outperform All Altcoins For the Time Being

Strength in the price of Bitcoin may likely suppress any opportunity Tron gets to rally.

Author of “An Altcoin Trader’s Handbook,” Nik Patel, said that altcoins could strongly underperform Bitcoin until BTC sets a new all-time high. Patel is an altcoin trading savant, garnering a large following due to his calls on this segment of the cryptocurrency market.

“Wouldn’t surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.”

This was echoed by Mohit Sorout of Bitazu Capital. That analyst told Bitcoinist that BTC will underperform

Featured Image from Shutterstock
Price tags: TRXBTC, TRXUSD
Charts from Tradingview.com
Tron (TRX) Forms Textbook Bear Signal Despite Rally in the Altcoin Market

Source: https://bitcoinist.com/tron-trx-textbook-bear-signal-despite-rally-altcoin-market/?utm_source=rss&utm_medium=rss&utm_campaign=tron-trx-textbook-bear-signal-despite-rally-altcoin-market

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