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Chainlink Rejected At Key Mathematical Level, But Geometry Points To Upside

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Chainlink is the best performing crypto asset of the top ten cryptocurrencies by market cap in 2020, and the years prior since it first came into existence. And although the peak in 2020 could very well be in for now, and a massive rejection just occurred at a pivotal mathematical level, a bullish chart pattern forming would have a target of roughly $32 per LINK if it breaks to the upside.

LINKUSD Rejected At 0.618 Fibonacci Retracement Level, Triangle Forms

After Chainlink charged headfirst into $20, the asset’s current peak, it’s been reeling since. Bitcoin set a new higher high for 2020, but the once-unstoppable cryptocurrency » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin Chainlink has been much weaker by comparison.

Related Reading | Crypto Trader Offers Roadmap To Chainlink Buckling Against Bitcoin

A nearly 60% plunge from $20 to just $8 was bought up fiercely from crypto investors hoping for a second wind or for a long-term hold. Those that did so, are still well in profit after LINKUSD surged from $8 to $13 at the peak.

chainlink linkusdt fibs

Chainlink rejected at 0.618 Fibonacci retracement level | Source: LINKUSDT on TradingView.com

A strong rejection at the 0.618 Fibonacci retracement level, however, could send the » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin tumbling further.

Fibonacci retracement tools are used to find potential support and resistance areas, which can act as reversal points. When an asset’s price touches the order block acting as resistance, a rejection sends the asset back to retest lower.

That’s exactly what is happening on the LINKUSD trading pair. The latest rejection might have revealed a downtrend line – validated with three separate touches – that is converging tightly with a lower trendline that sent Chainlink parabolic in mid-2020. The converging trendlines have formed what appears to be a symmetrical triangle– a bullish continuation pattern.

Fibonacci Extension Target Could Send Chainlink Flying To $32

Symmetrical triangles are typically bullish continuation patterns, signaling upside ahead. However, they can break down with severity.

Using the measure rule, taking the width of the symmetrical triangle that’s formed and applying it to an estimated breakout point, would indicate a rise of over 150% to as high as $32 per LINK.

Related Reading | Chainlink Following In 2017 Ethereum Footsteps Could Fuel Rise To $75

The target of the geometrical shape also coincides with yet another mathematical solution: the 1.618 Fibonacci extension level.

chainlink linkusdt fibs

Triangle target would line up with 1.618 Fibonacci extension | Source: LINKUSDT on TradingView.com

Fibonacci levels are ratios of an asset’s price based on a sequence of numbers where each are the sum of the previous two numbers. For example, 3, is the sum of 1 and 2.

These ratios are found all over the world and in nature. The 0.5 and 0.618 Fibonacci levels are especially important for trading, as this is a level where if an asset’s price passes through it, a recovery and new highs are likely, while a rejection from the level could mean new lows.

If Chainlink can get back above the 0.618 level, it could head for the 1.618 extension next.

Featured image from Deposit Photos, Chart from TradingView.com

Source: https://www.newsbtc.com/analysis/link/chainlink-rejected-at-key-mathematical-level-but-geometry-points-to-upside/

Blockchain

Respected Financial Historian Calls for Bitcoin Integration into U.S. Financial System

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Financial historian and Milbank Family Senior Fellow at the Hoover Institution at Stanford University, Niall Ferguson, has penned a lengthy piece on Bitcoin which is getting noticed by the crypto community.

In it, the former Harvard and Oxford University professor commented on how the traditional naysayers and debunkers have softened their collective stances this year as the asset outperforms most other traditional investments.

Big Bitcoin Endorsements

The piece was re-tweeted a number of times, most recently by 10T Holdings co-founder Dan Tapiero who observed that this could garner huge attention. Of particular note were the comments on the integration of Bitcoin into the U.S. financial system;

“Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system,”

Ferguson made additional references to China’s digital yuan adding that its potential for adoption for remittance payments or cross-border trade settlements is ‘substantial’.

The Bloomberg columnist had previously written on the virtues of Bitcoin stating that there are far fewer coins in circulation than there are millionaires on the planet.

“If millionaires collectively decided to hold just 1% of their wealth as Bitcoin, the price would be above $75,000 — higher, if adjustment is made for all the bitcoins that have been lost or hoarded.”

Big Names Paying Attention

He made reference to a number of big names in the financial world including Paul Tudor Jones, Stan Druckenmiller, Bill Miller, and even Ray Dalio that are now appearing to turn bullish. Even ardent Bitcoin detractors such as Peter Schiff and Nouriel Roubini, also mentioned in the article, have started to change their tune.

He added that adoption has much further to go, quoting Argentine-born tech investor Wences Casares who stated after ten years of working well without interruption, with close to 100 million holders, adding more than a million new holders per month and moving more than $1 billion per day worldwide;

“it has a 50% chance of hitting a price of $1 million per bitcoin in five to seven years’ time.”

The advantages of sovereignty and scarcity are obvious at a time when the supply of fiat money is exploding, Ferguson added, concluding that there was a clear demand for more privacy when it comes to a payment system that will inevitably replace cash.

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Source: https://cryptopotato.com/respected-financial-historian-calls-for-bitcoin-integration-into-u-s-financial-system/

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Blockchain

Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Blockchain

Bitcoin Breaks New All-Time Highs Targeting $23,000

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Source: https://cryptobriefing.com/bitcoin-breaks-new-all-time-highs-targeting-23000/

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