Connect with us
[crypto-donation-box]

Blockchain

Bitcoin Price Analysis: BTC/USD Major Bullish Pullback?

Bitcoin staged a strong rally as it popped up to a high of $9,500 before showing signs of a pullback. Applying the Fibonacci retracement tool shows where buyers might be waiting. The 61.8% retracement level lines up with the rising trend line connecting the lows since mid-March. This is also in line with a short-term […]

The post Bitcoin Price Analysis: BTC/USD Major Bullish Pullback? appeared first on BitcoinerX.

Republished by Plato

Published

on


Bitcoin staged a strong rally as it popped up to a high of $9,500 before showing signs of a pullback. Applying the Fibonacci retracement tool shows where buyers might be waiting.


The 61.8% retracement level lines up with the rising trend line connecting the lows since mid-March. This is also in line with a short-term area of interest and the 100 SMA dynamic support, which is above the 200 SMA to confirm that the path of least resistance is to the upside.

In other words, the uptrend is more likely to resume than to reverse, and support areas are likely to hold. The gap between the moving averages is widening to reflect stronger bullish momentum. With that, a shallow pullback to the 38.2% Fib at $8,400 or the 50% level at $8,100 might be enough to draw bullish momentum back in. If any of the Fibs hold, bitcoin could resume the climb to the swing high or higher.

BTC/USD Chart – TradingView

Volume is elevated to reflect strong market interest that could carry on and sustain the uptrend. Stochastic is turning lower after reaching the overbought zone, though, so a return in bearish pressure might be observed in the meantime. ADX is still above 50 to confirm that the trend could keep gaining traction.

Bitcoin popped higher as more bulls joined in on expectations of a long-term rally on account of the halving of mining rewards. Based on previous instances, this has the potential to result to twice as much value of the coin in a few months or years.

Apart from that, risk-taking has been observed in financial markets as traders are hopeful that more economies could reopen and resume close-to-normal operations, thereby lifting business and consumer activity. Bitcoin is also taking advantage of dollar weakness, which has been spurred by weak employment data and downbeat growth figures.


Images courtesy of TradingView

Source: https://bitcoinerx.com/price-analysis/bitcoin-price-analysis-btc-usd-major-bullish-pullback/

Blockchain

Bullish for Bitcoin? 39 Million US Households to Receive up to $3.6K Monthly Stimulus Starting July 15th

Republished by Plato

Published

on

A new rule under the hat of the COVID-19 relief bill will see 39 million US households receive up to $3,600 monthly starting from mid-July. Given the history between BTC’s price appreciation since the first-ever stimulus bill, the narrative rises now if this latest endeavor will push bitcoin higher again.

39M American Families to Receive up to $3.6K Per Month

The COVID-19 pandemic pushed the US government (and many others) to undertake extreme measures to help alleviate the financial pain for its citizens. The stimulus checks were among the initiatives, and the first ones reached their recipients in April 2020.

Since then, the government passed a few more similar bills with new checks sent to the majority of the American population. As Reuters reported on May 17th, another set of measures is coming for certain citizens.

Operating as part of the relief bill signed into law by President Biden in March, it will work as a tax credit available to some parents. Those who have children under the age of six (in 2021) will receive up to $3,000 or $3,600 for each child – subject to income restrictions.

According to Reuters, this means that 39 million households will automatically or by direct deposit receive the funds every month, starting on July 15th.


ADVERTISEMENT

Biden has also asked Congress to extend the tax credit for the next four years. His administration believes these measures could “lift more than five million children out of poverty” – which is nearly 50% of the youngsters.

Bullish Case for Bitcoin?

While the government justifies the relief bill by helping its population, these multi-trillion dollars have to come from somewhere. In the US case, central authorities had to print excessive amounts of the greenback in relatively short periods.

Thus, some reports estimated that more than a fifth of the circulating USD had been created in 2020 alone. This raises concerns about potential inflation and even hyperinflation among experts.

Shortly after the first stimulus checks reached their destinations, several legendary traditional investors, including Paul Tudor Jones III and Stan Druckenmiller, highlighted the idea of purchasing bitcoin to protect themselves against inflation.

After all, bitcoin has a pre-determined total supply of 21 million coins. The halving occurring every four years assures decreasing inflation. Consequently, PTJ, Druckenmiller, and many, many more, opined that BTC could serve as a digital store of value.

JPMorgan (and others) even said bitcoin is eating away the market share of the traditionally regarded as the ultimate safe-haven asset – gold.

This adoption from prominent names resulted in a substantial price appreciation for BTC in the next 13 months (since the first checks). The asset traded around $6,000 in April 2020 before it skyrocketed ten-fold by April 2021. Despite its most recent correction, bitcoin is still significantly higher than the pre-relief bill levels.

As such, the latest government initiative could push investors towards BTC once again in search of an asset with a limited supply.

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/bullish-for-bitcoin-39-million-us-households-to-receive-up-to-3-6k-monthly-stimulus-starting-july-15th/

Continue Reading

Blockchain

Cook Finance Announces Launch of Testnet Version for Community Feedback

Republished by Plato

Published

on

[PR – Sunnyvale, United States, 17th May, 2021]

The cross-chain decentralized asset management platform Cook Finance today announced the launch of its first DApp on Ethereum Rinkeby Testnet. The project has also invited its community members to preview the Testnet platform and share their feedback to help improve it. Soon after the Testnet version, Cook will then launch its Columbus version on the Ethereum Mainnet.

The excitement around the Testnet launch of the Cook Finance DApp is due to the fact that it is the first time the public will gain first-hand experience of how a cross-chain decentralized asset management platform differs from traditional asset management platforms. While traditional asset management platforms face challenges due to their opaque investment strategies and tight centralized restrictions, Cook is proud to give a glimpse into the future of decentralized finance by offering a fully transparent, decentralized and secure asset management platform.

The launch of the Testnet version of the DApp is a step forward for the team in improving the platform and ensuring that the community gets a say in how the project evolves over time. All community members of Cook Finance can now access the platform to explore its new UI under more dynamic conditions. The team will be taking feedback from all users and implementing necessary changes to help improve the DApp.

Adrian Peng, the CEO of Cook Finance said, “We have come a long way, but one thing that has always been a priority for us is to be thorough in every step and every process. We do not want to rush anything and miss out on critical details and functionalities of the DApp. After careful planning, we are finally ready for the Testnet launch, which is a major step forward for us. This is an exciting time that will help us better understand how users interact with the platform and what parts of the UI we can improve in the future.”

About Cook Protocol

Cook Protocol establishes a transparent and flexible asset management platform suited to diverse investors and asset management service providers alike. Investors can monitor a manager’s fund allocations without worrying about fund security or foul play. At the same time, fund managers can leverage Cook Protocol to gain access to investors and carry out virtually any investment strategy without having to opensource the strategy.

Website | Telegram | Twitter

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.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/cook-finance-announces-launch-of-testnet-version-for-community-feedback/

Continue Reading

Blockchain

Cardano Price Analysis: 17 May

Republished by Plato

Published

on

At a time when other altcoins were stumbling, Cardano [ADA] witnessed significant growth. Although the price of the digital asset mirrored the correction in the Bitcoin market, the overall market still seemed to hold on to a high value.

At the time of press, ADA had lost 12% of its value since the peak and was currently being traded at $2.14 with a market capitalization of $69.31 billion.

Cardano hourly chart

Source: ADAUSD on TradingView

The above chart of Cardano shows the drops seen by the markets recently. Although the price dropped from a peak of $2.47, it has now managed to hold on to $2.13. Though the overall market looked strong, short-term indicators predicted a correction.

As the price traded right above the support at $2.10, a fall could push it under the level and close to the next immediate support at $2.02.

Reasoning

ADA market unlike many other altcoins markets was showing reduced volatility. Convergence of Bollinger bands was indicative of this trend. The signal line was moving lower, tracing the movement of the candlesticks.

As the price remained above the current support for a long time, there were chances that the price would breach support. The relative strength index was noting that selling pressure which was maintained close to 50 was now heading towards the oversold zone. The rise in selling pressure could push the price lower; however, Chaikin money flow suggested that the money that was leaving the market was now coming back in.

Crucial levels

Entry-level: $2.09
Take profit: $2.01
Stop level: $2.16
Risk to Reward: 1.04

Conclusion

The current Cardano market was suggesting that the consolidating price might be looking to correct again. The indicators were suggesting a rise in selling pressure, which could result in another fall. However, the buying pressure could result in a trend reversal as the CMF highlighted money entering the ADA market.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-price-analysis-17-may

Continue Reading
Blockchain4 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Which ‘green’ cryptocurrency is Tesla likely to add for payments?

Blockchain5 days ago

Buterin Plugs UNI as Next Oracle Token

Blockchain5 days ago

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Blockchain5 days ago

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

Blockchain5 days ago

Shiba Inu Coin – Is it Worth the Hype?

Blockchain4 days ago

MicroStrategy Buys Another $15M Worth of Bitcoin at $55K

Blockchain5 days ago

Diem parters with Silvergate bank to launch stablecoin in the US

Blockchain5 days ago

The STC Token is Live – And Over 10 Crypto Exchanges are Ready for It

Blockchain18 hours ago

YooShi Launches MEME DeFi Token

Blockchain5 days ago

DeFi Staple UMA Launches “Optimistic Oracle”

Blockchain4 days ago

Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Blockchain5 days ago

Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

Blockchain4 days ago

Get the most out of social media with the Weentar blockchain platform

Blockchain5 days ago

Here’s why Ethereum, AAVE, ALPHA are unfazed by Bitcoin’s latest ‘Elon candle’

Blockchain5 days ago

Chiliz, Socios announce partnerships with three major Indian cricket franchises

Blockchain4 days ago

Cardano DeFi Project deFIRE Secures $5M in Funding Round

Blockchain4 days ago

Sportsbet.io and Arsenal FC Launch Augmented Reality Matchday Programme

Blockchain2 days ago

Increasing Popularity of Crypto Pressures Samsung to Add Hardware Wallet Support to Its Galaxy Smartphones

Blockchain4 days ago

Coinbase revenue tripled in Q1, plans to add bank-like services and to list DOGE

Trending