Connect with us

Blockchain

Five Signs That The Bitcoin Bottom Is In

Published

on

Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record.

Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon.

The Signals Showing The Bitcoin Bottom Is Near

Just as extreme bullish sentiment and exuberance around mid-April was the local top of the 2021 rally so far, the current level could also act as the bottom now that sentiment has shift to the polar opposite.

A hidden bull div has formed on daily support | Source: BTCUSD on TradingView.com

Contrarian investors and traders suggest buying the fear or blood in the streets, but that’s still not the reason to think the bottom is in.

Related Reading | Building The Case That The Bitcoin Bottom Is In

Rather, technicals on nearly all timeframes point to a reversal in the making. The first ever cryptocurrency is forming a bullish divergence (above) while at daily support. The bounce happened once the Relative Strength Index hit oversold levels.

The logarithmic MACD shows momentum is turning upward | Source: BTCUSD on TradingView.com

The daily LMACD is also turning upward, showing that bulls are attempting to regain momentum on daily timeframes after a month of mayhem.

Moving up to a higher timeframe, Bitcoin price has also bounced at a rising trendline of RSI support on the three-day chart (below).

Bitcoin bounced off a high timeframe RSI support trend line | Source: BTCUSD on TradingView.com

But Wait, There’s More Reasons To Be Bullish On BTC

If that’s not enough to believe there’s a low-timeframe reversal in the making, on higher timeframes there’s still many more reasons to be bullish.

Related Reading | Don’t Have A Cow: Bart Simpson Is Back In Bitcoin

The rarely-looked-at two-week timeframe shows that Bitcoin fell to the middle-SMA on the Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it resulted in the finally impulse upward.

The two-week middle-BB was retested only once during the last bull run | Source: BTCUSD on TradingView.com

The recent push down also caused Bitcoin’s most profitable buy signal to indicate “capitulation” in BTC miners. Past bull markets saw more than 8,000% and 3,500% after the last buy signal appeared per cycle.

The most profitable buy signal in crypto is about to trigger | Source: BTCUSD on TradingView.com

Nearly every time the signal appears, more upside is on the way. So why would this time be any different?

With so many signals stacking up, chances that the cryptocurrency is near the bottom are becoming more likely. Drawdowns post buy signal are still common, however, the potential reward has historically always outweighed the risk in terms of ROI versus loss.

Featured image from iStockPhoto, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/five-signs-bitcoin-bottom-bullish/

Blockchain

The Weekly Recap: BTC Encounters $48k, Cardano’s Hardfork, Solana’s Downtime

Published

on

This week, even though tumultuous to some extent, was positive for the cryptocurrency market and Bitcoin, particularly in terms of prices.

BTC managed to increase by about 2.5%, reclaiming an important level while doing so – $47.2K – an important confluence of technical indicators to consider. It’s still rather early to state it for sure, but if the price closes above it on a daily, it might give bulls further merit to push towards the coveted $50K mark once again.

It’s also worth noting that Bitcoin painted a golden cross earlier in the week. This happens when the 50-day MA crosses above the 200-days MA, and it’s usually a positive signal. It’s a lagging indicator, but the last few times it happened, it was before further upside for the cryptocurrency.

Elsewhere, the altcoins performed differently. Avalanche’s AVAX is up by more than 50%, while Solana – the market frontrunner for the past couple of weeks, is down by more than 25%. This could also be attributed to the fact that the network experienced severe downtime as it was unavailable for more than a few hours.

Another particularly impressive event was Cardano’s Alonzo mainnet upgrade. This was a much-anticipated hard fork that happened on September 12th, and it officially introduced smart contract capabilities to Cardano’s network for the first time. Unfortunately, the price has been performing rather overwhelmingly since the event, and it failed to chart any impressive gains, begging many to ask whether it was a sell-the-news type of event. Of course, it’s still very early to say as this is the foundation of a new chapter in Cardano’s roadmap.

The most considerable increase from the major cryptocurrencies was charted by Avalanche’s AVAX, which is up by more than 50% on the week.

In any case, it was a week marked by important events, and it’s very exciting to see how the market will perform in the days to come.

Market Data

Market Capitalization: $2.218T | 24Volume: $134B | BTC Dominance: 40.4%

BTC: $47,675 (+2.5%) | ETH: $3,462 (+0.8%) | ADA: $2.38 (-5.5%)

This Week’s Crypto Headlines You Can’t Miss

In-Depth: Cardano’s Hardfork, Smart Contracts vs. Criticism, and What’s Ahead? This week, we saw the Alonzo upgrade on Cardano’s mainnet go live, introducing smart contract capabilities for the first time in the network’s history. This is a monumental moment for everyone following Cardano, but it didn’t go without its fair share of criticism.

BitMEX in 2021: CEO Alex Hoeptner Explains How He’ll Take the Veteran Exchange to a New Era (Exclusive) In an exclusive podcast with CryptoPotato, the CEO of BitMEX – one of the world’s leading crypto exchanges, Alexander Hoeptner, discussed regulations, the future of the markets, as well as how he plans to take the platform to the next level.

Bitcoin Golden Cross Just Took Place: What Does it Mean and What’s Next for BTC? A couple of days back, Bitcoin’s price formed a golden cross as the 50-day moving average crossed over the 200-day moving average to the upside. This is usually considered to be a lagging indicator, but previous instances resulted in a further price increase for BTC.

AVAX Hits New All-Time High as Avalanche Discloses $230M Private Sale.  AVAX, the native token of Avalanche, reached a new all-time high above $60 as the team behind it announced a $230 million investment round, led by some of the most prominent cryptocurrency funds and angel investors. The token is among the best-performing ones in the past couple of months.

Over $1B Worth of ETH Burned in the Aftermath of Ethereum’s London Upgrade. There have now been more than 300,000 ETH burned following Ethereum’s London hard fork that introduced a new burning mechanism for transaction fees about six weeks ago. This is roughly equivalent to more than a billion dollars.

Fidelity Urges The SEC to Greenlight Its Bitcoin ETF Application. One of the world’s leading asset managers, Fidelity, has urged the United States Securities and Exchange Commission to approve its Bitcoin exchange-traded fund (ETF), stating that the cryptocurrency market has already matured enough.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Avalanche – click here for the full price analysis and overview.

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.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/the-weekly-recap-btc-encounters-48k-cardanos-hardfork-solanas-downtime/

Continue Reading

Blockchain

Over 60 South Korean Crypto Exchanges to Shut Down Next Week

Published

on

South Korean cryptocurrency exchanges that cannot meet up with the Financial Intelligence Unit (FIU) registration exercise are mandated to inform their customers before midnight today that they will be shutting down operations a week before the September 24, 2021 deadline.

The affected trading platforms have been instructed not only to inform their customers that they will be halting operations, but they will also need to provide detailed information about how their users can withdraw their funds.

“Should some or all services need to be closed, (cryptocurrency exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure,” South Korean Financial Service Commission (FSC) said in a statement published by Reuters today.

Compulsory AML Registration

Recall that the South Korean regulator instructed all digital asset exchanges operating within its regulatory purview to comply with its anti-money laundering (AML) rules by registering with the FIU or risk having their websites blocked if they fail to do so before the September 24 deadline.

Part of the registration exercise required exchanges to partner with banks to obtain accounts for real-name verification. Crypto trading platforms also have to get a security certificate from the Internet Security Agency.

Exchanges that obtain only the security certificates will be allowed to continue offering only a few services to South Koreans. However, platforms in this category will be prohibited from conducting settlements in the country’s official fiat currency – won.


ADVERTISEMENT

Four Exchanges to Continue Offering Full Services

Of all the exchanges operating in South Korea, only four such as Upbit, Bithumb, Coinone, and Korbit have successfully completed all the registration requirements of the FIU.

Reuters noted that nearly 40 exchanges have disclosed that they will be suspending all their services as they are yet to comply with the registration requirement.

28 trading platforms, including ProBit, Cashierest, and Flybit, have already secured security certificates, which will enable them to continue operating in the country without making won settlements.

According to reports, smaller exchanges had issues partnering with banks because most traditional financial institutions chose not to collaborate with these crypto-related firms due to accountability and hacking risks.

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:


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/over-60-south-korean-crypto-exchanges-to-shut-down-next-week/

Continue Reading

Blockchain

Shiba Inu’s days in the sun may be over; here’s why

Published

on

In a market full of investment-worthy coins, there are a few meme-coins such as Shiba Inu that do not offer much value, be it in terms of use-case or a strong network. Thanks to its strong community though, SHIB managed to surprise the entire crypto space.

However, it seems the community is not what it used to be anymore.

Shiba Inu sees a dump

On September 16, SHIB got listed on Coinbase pro, and people went into a frenzy. The meme-coin witnessed a 28.87% growth in 1 day.

This is the highest single-day growth since May and even then, SHIB could not breach its long-established resistance level of 0.00001010. SHIB has been stuck under it since May.

Shiba Inu’s price rose by 28.8% 48 hours ago | Source: TradingView – AMBCrypto

But that did not stop the SHIB supporters from reacting strongly. Within 48 hours, over 6.04 trillion SHIB was bought out of the market, figures that were last seen on July 26. This further led to the supply on exchanges falling to a 4-month low.

Shiba Inu’s supply on exchanges at a 4-month low | Source: Santiment – AMBCrypto

Why you should stay away from SHIB?

This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed yesterday are similar to what we saw at the beginning of the July rally.

Its own community does not take it seriously and only appears during a price rise to cash out as much as possible. Active addresses and transaction volumes remain dormant and pretty low, regularly, and rise only when there is a price rise.

Shiba Inu’s transactions volumes | Source: Santiment – AMBCrypto

In fact, long-term holders cash out at the first sign of profits, too. Yesterday over 3.3 quadrillion coin days were destroyed, levels similar to which were earlier noticed, in July, showing the movement of old coins. If they had kept their holdings instead, the price would have remained stable.

Shiba Inu’s coin days destroyed | Source: Santiment – AMBCrypto

Adding to the pump and dump narrative, is the fact that in less than 24 hours, MVRV fell. Down from the strength of 2.0 into the negative zone at press time.

Shiba Inu’s MVRV in the negative zone | Source: Santiment – AMBCrypto

Simply put, there is no real value coming into the coin from the very loyal SHIB community as of now. However, due to its fanbase and hyped DOGE, it will keep blipping on the crypto radar every now and then.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/shiba-inus-days-in-the-sun-may-be-over-heres-why

Continue Reading
Uncategorized5 days ago

All Ironworks Hand vendor locations in Final Fantasy XIV from A Nocturne For Heroes event

Blockchain3 days ago

Gate.io Introduces OpenPunks, A Community-Based NFT Collection

Uncategorized3 days ago

Wicked Craniums are now Nifty Gateway!

Uncategorized5 days ago

Natus Vincere wins ESL Pro League Season 14

Uncategorized2 days ago

Swissquote Confirms European Expansion Plan, Focusing on Crypto

Blockchain3 days ago

Biggest Crypto Adoption Rumours: Apple, Amazon, and Walmart

Blockchain4 days ago

DeFiPie (PIE) Price Prediction 2021-2025: Will PIE Rise to $1 by the End of 2021?

Uncategorized3 days ago

Investor: Coinbase’s $2 billion junk bond deal shows crypto ‘supercycle’ is in place

Uncategorized3 days ago

Head of Australian Crypto Exchange Says Regulations Are Beneficial

Blockchain3 days ago

The Signal and the Noise

Blockchain2 days ago

Massive NFT and Token Giveaway from Polker as Staking is Announced!

News2 days ago

Gods Unchained and Guild of Guardians Layer 2 Solution Immutable Raises $60 Million

Blockchain4 days ago

This is how NFT mania pumped Litecoin, MATIC, and other alts

Uncategorized3 days ago

Acorns Hires Former Amazon Executive as President, Hints at Crypto Options

News4 days ago

Here’s What It Would Take for Shark Tank Investor Kevin O’Leary Says To Put More Capital Into Bitcoin and Crypto

Uncategorized4 days ago

How to fix the Party Member Preloading error in Apex Legends

Uncategorized2 days ago

Nickelodeon All-Star Brawl will include DLC fighters post-launch

Blockchain3 days ago

Public.com Inks Deal with NFL Star to Advise on Financial Literacy Programs

Uncategorized2 days ago

Bingbon Launches its Carbon Free and Afforestation Project

News3 days ago

Evaluating Credit Card Debt Relief Options

Trending