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Ethereum Holds Crucial Support above $1,020 but Struggles to Break Resistance at $1,240

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Jan 16, 2021 at 12:47 // News

Buyers have been struggling to break the minor resistance at $1,240

Ethereum bulls are still holding on above the $1,000 support level. The biggest altcoin is trading at $1,176 at the time of writing.

Today, the crypto is rising because it slumped yesterday to the low at $1,070. For the past three days, buyers have been struggling to break the minor resistance at $1,240. Each attempt at the resistance attracts a corresponding rejection. Yesterday, Ether was resisted at a recent high as it fell to the low at $1,070. 

For the crypto to resume a fresh uptrend, the bulls have to break the resistance at $1,240 and $1,300. A breakout at these resistance levels will accelerate price movement. If the bulls are successful, Ether will rally above $1,400. The bullish momentum will further extend to a high of $1.700. Conversely, if the bulls fail to break the overhead resistance, the crucial support is likely to be tested and broken. The selling pressure will extend to the low at $840.

Ethereum indicator analysis

The crypto’s price is at level 66 of the Relative Strength Index period 14. The RSI will be in the overbought region above level 70. In the overbought region, the altcoin will not have any room to rally on the upside. The coin is also above the 72% range of the daily stochastic. The coin has bullish momentum. However, the altcoin will be in an overbought region above the 80% range. 

ETH+coinidol.png

Key Resistance Zones: $1200, $1,300, $1,400

Key Support Zones: $800, $700, $600

What is the next direction for Ethereum? 

Ethereum bulls have been making positive moves to break into previous highs. According to the Fibonacci tool, Ether is likely to move up, once the initial resistance is broken. On January 9 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extension. That is, the crypto will reach a high of $1,733.97 

ETH+coinidol+2+chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

Source: https://coinidol.com/ethereum-holds-1020-support/

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Circle K to Host Bitcoin ATMs Across its Convenience Stores

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Major bitcoin ATM operator Bitcoin Depot has inked a long-term partnership deal with convenience store chain Circle K to install Bitcoin kiosks in the United States and Canada.

Bitcoin Depot and Circle K Partner to Install Bitcoin ATMs

Bitcoin Depot announced the deal via a press release on Thursday (July 22, 2021). According to the company, there are more than 700 Bitcoin ATMs already installed in Circle K locations in 30 states across the U.S.

The partnership provides individuals with a more convenient way to purchase bitcoin, thereby encouraging widespread adoption of the flagship cryptocurrency. Bitcoin Depot already has over 3000 BTC ATM kiosks located in almost every state in the U.S. and also allows users to buy more than 30 cryptocurrencies, including BTC, ETH, and LTC.

Speaking on the latest development, Brandon Mintz, CEO of Bitcoin Depot, said that the partnership deal with Circle K enables the crypto ATM company to expand its services internationally. Mintz also said that the installation of the Bitcoin ATMs would grow the number of customers visiting the convenience store chain while providing financial access to “underserved communities.”

Circle K’s Senior Vice President Global Merchandise and Procurement, Denny Tewell, also made a statement, saying:


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“At Circle K, we are passionate about making our customers’ lives a little easier every day, and we are continually looking at ways to enhance their experience in our stores and be their favorite shop for a growing range of needs and occasions.”

Tewell  added:

“Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy Bitcoin.”

Bitcoin ATMs Continue Exponential Growth

The growth of crypto ATMs globally signals an increasing demand for bitcoin and other cryptocurrency assets. According to data from Coin ATM Radar, there are currently 23,915 crypto ATMs in 75 countries, up from 11,665 ATMs recorded in November 2020. This shows that the number of machines has more than doubled in eight months.

Statistics further show that the United States continues to lead with over 21,000 Bitcoin ATM locations, controlling more than 86% of the market. Canada comes second with BTC ATMs installations in 1696 locations, amounting to 6.8% of the world total.

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Source: https://cryptopotato.com/circle-k-to-host-bitcoin-atms-across-its-convenience-stores/

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Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future

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Jack Dorsey, the CEO of Twitter – one of the largest social media platforms on Earth – said that Bitcoin will be a big part of the company’s future.

  • Yesterday, July 22nd, Twitter published its Q2 2021 letter to shareholders, as well as its Q2 Earnings Conference Call.
  • During the call, Jack Dorsey discussed many things, but Bitcoin and digital currencies took somewhat of a central stage, especially in light of current events and the fact that he’s been talking about it quite a bit.

I think this [read: Bitcoin] has a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. – Said Dorsey.

  • He also stressed on the fact that if there were a global currency of the Internet, Twitter would benefit a lot because it could move quickly with some of its products such as the Tip Jar, Subscription, Commerce, Super Follows, and so forth.
  • The CEO has been quite vocal about the importance of Bitcoin and its mass adoption.
  • Earlier, as reported by CryptoPotato, the CEO revealed that his financial services company, Square, plans to build a hardware Bitcoin wallet to improve and spread its adoption.
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Source: https://cryptopotato.com/jack-dorsey-sees-bitcoin-as-a-big-part-of-twitters-future/

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‘Wolf Of Wall Street’ Jordan Belfort: Elon Musk Is Filthy Rich To Pump And Dump Bitcoin

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Binance CEO CZ Lambasts Tesla CEO Elon Musk For 'Irresponsibly' Manipulating The Crypto Market

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Jordan Ross Belfort, best known as the “Wolf of Wall Street” portrayed by Leonardo DiCaprio, doesn’t believe that Tesla/SpaceX CEO Elon Musk really manipulates crypto prices contrary to countless claims.  

Speaking with Fox Business on Thursday, Belfort posited that Musk is stinking rich to be pumping and dumping dogecoin, bitcoin, or other cryptocurrencies in order to make a quick buck off of it. 

“I like Elon Musk and I think he’s rich enough. He doesn’t have to make an extra few dollars pumping and dumping.”

Jordan Belfort, the former Wall Street penny-stock broker who pleaded guilty to stock market fraud in 1999, explained that while Musk himself might not be pumping and dumping, traders might be using his endorsement and they pump and dump around the hype that the billionaire tycoon creates.

Musk, famous for his odd-timed tweets, has constantly been accused of being a master manipulator. Notably, his tweets on major cryptocurrencies like DOGE and BTC, have sent their prices up and down within seconds.

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At The B Word conference held on Wednesday, Musk shared details of the three cryptocurrencies that he personally owns as well as the cryptos held by his two companies. He also admitted that he might occasionally pump crypto prices, but he doesn’t dump. “If the price of bitcoin goes down, I lose money,” Musk explained.

The Tesla chief went on to state that he is interested in seeing bitcoin succeed — not just getting the price high and cashing out at higher prices.

Belfort, however, maintains that Musk is most likely “inadvertently being used” to pump and dump cryptocurrencies. 

Belfort Is Hoping Bitcoin Price Rips Lower

During his interview, Belfort also affirmed that he is invested in bitcoin (BTC), and ethereum (ETH) and is in it for the long haul. In fact, he hopes the price of the bellwether cryptocurrency falls again to as low as $5K per coin so that he can grab some more.

“I would love it to go lower because I’m a long-term investor so I don’t care if it goes up or down in the short term. I would love it to go back to $5000 and buy a ton of it here and that would be a great thing.”

This image has an empty alt attribute; its file name is a0l8zUyF.png
BTCUSD Chart By TradingView

At the time of publication, the bitcoin price is in the process of attempting a sustained breakout above $32,400 where the price has been hovering for 48 hours or so.

The Wall Street criminal-turned-author also noted that no one actually knows where the price of bitcoin goes next and if anyone says they do, they are definitely lying.

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Source: https://zycrypto.com/wolf-of-wall-street-jordan-belfort-elon-musk-is-filthy-rich-to-pump-and-dump-bitcoin/

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