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Bitcoin to the MOON or new BOTTOM!

In this episode, we will look into the facts that support the further upward movement of BTC price and what the market should do to continue with that move.

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In this episode, we will look into the facts that support the further upward movement of BTC price and what the market should do to continue with that move. At the same time, we will look at the indicators that suggest that we will shortly be in a fast reversal and the price could dump to the bottom.

This is Wunderbit Trading and we’re carrying on with our weekly Bitcoin and Ethereum price analysis, and let’s go straight into the content. As usual in front of you, you can see four different charts, but they are all related to Bitcoin, the one on the top left the BTC futures, the one on the top right is the BTC dominance and the two at the bottom are related to the BTCUSD and BTCUSDT prices. The one left is from Bitstamp exchange, on the right, is from Binance. 

So, first things first, let’s switch off all our predictions that were made in the past and just look at the weekly time frame to analyze the candlesticks themselves. And you can see that both on the futures markets and on the spot markets we were seeing some solid gains in terms of the price and that’s actually quite good. At the same time, looking three weeks in the past, we can see that we rebound from 200MA and the price was steadily increasing and the price gained almost 28 percent. 

Bitcoin Futures Price Overview

So, switching our analysis and going into the futures market first, as usual, we’ll start from the daily chart. Over here we can definitely see that we closed the gap which was formed in the previous week. At the same time, what we can see here is that the volume today is actually quite good, the volume is increasing, it’s above the 20 moving average based on the volume. Another good thing is that there is still a good potential to go higher, at least towards the area of 7600 BTC/USDT, at which we will face the certain resistance level. 

At the same time, going to the 4-hour chart, what we can see on the futures market is that currently, we’re actually going towards the 200MA which is also in the same area of 7500 BTC/USD. So this will be a very important area of resistance. And if the bulls will be able to break it and then stay above it, this will signify that we’re actually starting to roll rather than to have the retracement of the overall downward move. At the same time, we would be able to see some consolidation over here because we’re currently stuck in between the 50MA and 200MA. 

Once again, I would like to point out that the volume is actually quite good in the futures markets as well, we can see the nice spike and exactly the same spike was over here when we were actually going down, so the volume is building up, which is a very good and strong sign for the bulls. 

BTC Dominance Analysis

Looking at the BTC dominance and starting from the daily chart, we can see that currently what we predicted in the previous week is actually something we are experiencing right now. We went towards the 200MA, we checked it as a resistance and we’re bouncing down from it. Once again, the 50MA will act as the support right now, so we might see some sort of consolidation which is going between the altcoins and the Bitcoin, but then we’re expecting a further downward move for the BTC dominance, which means that some of the altcoins can grow really rapid and really fast. But the most important thing is obviously the BTC price on the spot markets.

Bitcoin Price Analysis on Bitstamp Exchange

So, starting from the Bitstamp exchange, what we can see here is obviously that we can see the triangle like that, where the price is currently consolidating. We’re trying to break above this crucial level over here. We already did it once on the 2nd of April and the price there was around 7220 BTC/USD. So only breaking that level and with a solid candlestick, and the candlestick will close above this, will signify that we’re actually breaking above this triangle and we’re carrying on with an upward movement. 

However, there is a word of caution that the 50MA and the 200MA both of them will act as a resistance. So we should be extremely careful in terms of signifying that this is an upward move and just buying straight away here. What else can happen is that even though on the 4-hour chart we broke above the 200MA, we still can recheck it and then try and make another attempt. At the same time, we can see that this top of the triangle will act as a resistance and we might go down towards the bottom line of the triangle and only then try to break it. 

The other scenario is, obviously, that this will hold, this resistance line will hold and we will carry on with a downward movement, and this is something that we also expect if the price if the buyers if the bulls will not be able to push the price higher. So, basically, what we expect here is that we might see a retracement back towards the 200MA, we might see another golden cross on the four-hour charts and then try to break the resistance once again. 

If it won’t hold, if the volume will not be sufficient enough, if the bulls will not be able to push the price higher, then there could be a nice downward move towards the area of 5800 BTC/USD, and this is something to keep in mind. We can also put the Fibonacci retracement starting from the beginning of that move towards the final area right now, and we can see that the area of 5800 BTC/USD is slightly below the 50 percent of the Fibonacci retracement, which is also quite a good and healthy retracement if we are carrying on with this upward move in the long run.

Bitcoin Price Analysis on Binance Exchange

So that currently looks at the Binance exchange over here. What we can definitely see is that we are trying our best to actually go beyond this level of resistance of around 7100 BTC/USDT. Whether it will be possible or not will be decided within this week. And for that reason, we’re actually closely monitoring what’s happening right now on the spot exchange markets. 

For that reason, we actually went for the fifteen minutes timeframe because you can see that earlier this morning we started the solid move. We can see the increase in the volume, at least some volume was building up and we can see a nice and solid increase. At some point, we should see the retracement of that. 

So if we’re carrying on with an upward move based on the Fibonacci retracement, we should reach at least 38 percent Fibonacci retracement, so this will be the area of around 6900 BTC/USDT. If the bulls will be able to hold this position, then it is a very nice and strong signal for the upward move. However, let’s look very closely in the other scenario which is also possible. And for that purpose, we’ll go to the daily time frame. So if we believe that this was the triangle that we were experiencing during the downward move in July and September and December and not just a downward movement in a channel, then this is exactly the area where we should meet some resistance right now. 

So this is the bottom, this is the bottom where this was the accumulation during the most recent price upward movement, and this is exactly the area where we should see some retracement based on the level of the volumes which we are currently experiencing. If that is true, then the next line of resistance is also the 50MA. 

So there is quite a lot in terms of the actual resistance from the market and quite a significant resistance which is occurring right now, so that’s why this week will be extremely important. If the bulls will be able to hold this area to form another zone of accumulation here, then we should see and experience the further increase in price. 

If not, as stated before, we can go down straightaway to around 5800 BTC/USDT, so somewhere around here where we’ll see another level of support, maybe 6200 BTC/USDT will be the intermediary stop because this is exactly where we can see another huge volume, horizontal volume building. 

So the overall conclusion for the BTC is that, currently, we’re actually on a crossroads. We’re either going to see the bulls defending its gains and putting it further towards the upper side or we should shortly see the bears who will come into the market and the price will start its decrease further down. 

Ethereum price analysis

So let’s look at the Ethereum price right now. What you can see from the daily chart is exactly the same triangle as we can identify at the BTC price chart, so it will look something like this. 

Currently, almost at the top of the triangle, we’re trying to break that triangle. If we actually draw it based on the previous high, we’re currently above that, however, the only problem for me, for example, is the volume. The volume is not big enough yet to signify that this is a significant breakout and we’ll carry on with the upward movement.

At the same time, we are coming towards the area of the resistance at 165 ETH/USDT. The 50MA will act as a line of resistance as well. So what to expect from here is that we might go and test this resistance and if we will be able to hold the support level of around 150 ETH/USDT, 153 ETH/USDT to stay above this triangle, so the top of the triangle, this will be a very nice and strong signal for the bulls to come in and actually start the upward trend. 

The worst-case scenario is very similar to the Bitcoin price. So we can think that there is a potential of a false breakout and then the price will just go straight down, break this triangle to the downside and we’ll go to the area of 120 ETH/USDT at least. So this is the prediction so far based on the Ethereum price at this particular moment. 

Well, thank you very much, guys. Please subscribe to our YouTube channel to stay tuned with our weekly reviews of Bitcoin and Ethereum and best of luck with your trading.

Source: https://wunderbit.co/en/blog/bitcoin-to-the-moon-or-new-bottom

Blockchain

Co-founder of Floyd Mayweather-promoted ICO sentenced to 8 years

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Sohrab Sharma, the co-founder of the notorious celebrity-spruiked initial coin offering of 2017, Centra Tech, has been sentenced to eight years in prison for his leading role in the fraudulent scheme that duped investors out of more than $25 million.

Shama had previously pled guilty to conspiring to commit wire fraud, securities fraud, and mail fraud for material misrepresentations made by him and his co-conspirators to solicit investors to participate in the scheme.

United States attorney, Ilan Graff, described Sharma as having “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”

“In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

The court found that Sharma and co-defendants Robert Farkas and Raymond Trapani founded Centra around July 2017, claiming that the firm offered a crypto debit card and other digital asset-related products. The group conducted an ICO from July 2017 until October 2017, distributing unlicensed securities in the form of CTR tokens.

To promote the offering, the group issued materials falsely claiming the team had partnerships with Visa, Mastercard, and Bancorp, money transmitter licensing in 38 U.S. states, along with an entirely fictional CEO boasting more than 20 years experience in the banking sector and a master’s degree from Harvard University.

While the team raised $25 million at the completion of the ICO, authorities found those crypto assets were worth more than $60 million at certain times during 2018.

The U.S. Marshals Service seized 100,000 Ether from Centra which it sold for roughly $33.4 million earlier this year. The proceeds will be made available to potential use in a remission program to compensate victims of the fraud.

Sharma was also sentenced to three years of supervised release and ordered to forfeit more than $36 million.

In December, Centra co-founder Robert Farkas was sentenced to one year in prison for his role in the scheme. Trapani has also pleaded guilty.

Celebrities DJ Khaled and Floyd Mayweather, who promoted the offering on social media in 2017, agreed to six-figure settlements without admitting to wrongdoing in 2019 after Centra’s investors filed a lawsuit against the pair.

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Source: https://cointelegraph.com/news/co-founder-of-floyd-mayweather-promoted-ico-sentenced-to-8-years

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Spike in digital land and NFT sales push Axie Infinity (AXS) price to new highs

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The popularity and sale of NFTs have exploded over the past few months as many artists and collectors have been consistently selling entire NFT collections for millions of dollars.

One platform that has emerged as a fan favorite is Axie Infinity (AXS), a blockchain-based trading and battling game inspired by games like Pokémon and Tamagotchi. In the game, players collect, breed, raise, battle and trade token-based creatures known as Axies. 

In the past two months, the market cap for AXS has increased 600% from $19.25 million to its current value of $115 million as users rush to the platform for a chance to win a rare and valuable Axie. 

Data from Cointelegraph Markets and TradingView shows that the price of AXS has surged 74% over the past 24-hours, going from $1.78 on March 3 to a new all-time high of $3.10 on March 4 on the back of a 1,000% surge in the 24-hour trading volume. 

AXS/USDT 4-hour chart. Source: TradingView

While AXS has been in an uptrend for months, the altcoin really started to gain momentum at the beginning of February following the launch of Ronin, an Ethereum (ETH) network sidechain designed to help AXS users escape high transaction costs and network congestion on the Eethereum network.

Since Ronin’s launch on Feb. 1, the number of active users on the platform has skyrocketed as NFTs began to explode in popularity and mainstream news channels reported on record-setting sales for one-of-a-kind pieces of digital art.

Axie Infinity active users. Source: Axie Infinity

Digital land in Lunancia, the player-controlled virtual realm of the Axie universe, is also attracting increased attention with one user recently spending a total of $1.5 million to purchase nine digital land plots.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on March 3, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AXS reached a high of 76 on March 3, just hours before the price began to rise from $1.84 to its new all-time high at $3.10.

Despite the recent pullbacks experienced in the wider cryptocurrency market, key on-chain metrics like Glassnode’s Reserve Risk indicator show that the Bitcoin rally is still in its early, suggesting that there is plenty of room for BTC to appreciate before it reaches the peaks seen in previous bull markets.

Continued strength for Bitcoin price is likely to translate into an increased interest in NFTs and as the nascent sector expands, projects like AXS could continue to rise in popularity.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/spike-in-digital-land-and-nft-sales-push-axie-infinity-axs-price-to-new-highs

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Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.

The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.

“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.

Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.

This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.

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In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.

The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/

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