Cryptocurrency

The Korea Federation of Banks has raised alarm over the increase in altcoin trading volumes across crypto exchanges in the country.According to a report by The Korea Herald on Monday, the banking association has asked member banks to conduct an audit on the altcoins being offered by their crypto exchange clients.The KFB is reportedly concerned about the potential risks of banks providing account services to exchanges overexposed to altcoins. An official of the banking association quoted by The Korea Herald explained:“One of the criteria that we recommend is the safety of digital assets and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risks.”As previously reported by Cointelegraph, there has been a noticeable pivot by crypto traders in South Korea toward altcoins. This shift coincided with a corresponding dip in Bitcoin (BTC) trading activity that had characterized the earlier part of the year, even leading to the collapse of the Kimchi premium.Three of South Korea’s “Big Four” crypto exchanges — Upbit, Coinone and Bithumb — each list over 150 altcoins on their platforms. The KFB’s recommendation comes as BTC trading on these exchanges accounted for less than 5%, far lower than the average across other major exchanges like Coinbase and Binance.Indeed, as of the time of writing, only Coinone has Bitcoin trading activity occupying the top two positions in the last 24-hour period. Data from CoinMarketCap shows BTC trading on Upbit and Bithumb at 4.15% and 9.13%, respectively.Under South Korea’s real-name crypto trading paradigm, the onus is on banks to maintain strict oversight over their cryptocurrency exchange clients, hence the reason for the KFB’s warning. The banking association also wants its members to be aware of the potential money laundering risks that could be associated with the current altcoin trading explosion.South Korea’s altcoin trading surge is yet another piece of evidence in support of the alt season market cycle narrative. Indeed, Bitcoin's market capitalization dominance continues to decline and is now at its lowest level since July 2018.Several major altcoins have set new all-time highs, with Ether (ETH) breaking the $4,000 milestone to deliver over 450% in year-to-date gains.
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Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB). In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built on it, but there have been numerous instances of hacks on the blockchain’s protocols as well.The latest victim in the series of exploits is Spartan Protocol. The liquidity platform for synthetic assets was the subject of an attack that led to a loss of $30 million for the protocol on May 2. According to blockchain security firm PeckShield, the hack allowed the malicious actor(s) to inflate the balance of a particular liquidity pool and burn liquidity provider tokens for a significant amount of crypto in the pool. This is also referred to as a flash loan attack.Cointelegraph discussed the root cause of this hack with Michael Perklin, chief information security officer of crypto trading platform ShapeShift, who said, “The root cause for the Spartan hack appears to have been a bug in the ordering of operations in the smart contract,” adding:“The way Spartan’s contracts were programmed, some operations were performed after updating the pool’s liquidity instead of before, which allowed attackers to control the price of tokens in the pool based on their deposits.”According to Rekt, the Spartan Protocol hack is the sixth-largest DeFi hack in the history of the domain. Three of the top six hacks by value exploited have taken place on protocols on BSC, the other two being the hacks on Uranium Finance and Meerkat Finance. In addition to these hacks, even the top DeFi protocol on BSC, PancakeSwap and Cream Finance, were used for phishing attacks to steal money.In the hack on Uranium Finance, $50 million was stolen off the automated market maker platform on April 28. The hacker exploited bugs in Uranium’s balance modifier logic to inflate the balance of the project by a factor of 100. This was the second hack on the platform in quick succession. The first one was on April 10, where the hacker stole $1.3 million from the protocol. Due to this hack, the protocol migrated to the v2 iteration of its code.In the Meerkat Finance exploit, users lost $31 million on the platform due to an alleged rug pull by the developers. A rug pull is a type of exit scam where in the decentralized market, the support from the liquidity pools is taken away from the market.Lack of due diligence and decentralizationBSC is an Ethereum Virtual Machine-compatible chain, which means that the network essentially uses similar logic to the Ethereum blockchain. However, the main difference is decentralization. BSC is quite centralized and employs a proof-of-stake authority consensus algorithm.Instead of having validators across the network — as is the case with Ethereum — BSC has 21 validators that are chosen from the network and are responsible for the health of the network and the validation responsibilities. Having only 21 validators on the network makes it highly centralized in comparison to other blockchains.The blockchain trilemma, a term coined by Ethereum co-founder Vitalik Buterin, describes the improbability of a blockchain getting all three of the following properties: decentralization, security and scalability. This essentially means that improving one of these three aspects would mean that the other two are compromised to some degree.Therefore, since BSC seems to be compromising on the decentralization aspect, this also potentially means that there should be several points of failure that hackers look to exploit. Marie Tatibouet, chief marketing officer of Gate.io — a cryptocurrency trading exchange — told Cointelegraph, “Centralized exchanges and avenues are a lot riskier than their decentralized counterparts, due to their inherent structure. A decentralized system spreads out its risks among its entire network and decreases structural weaknesses.”Since BSC is a public, permissionless infrastructure, it allows developers to build and deploy DeFi protocols with zero censorship. Thus, the onus of understanding the risks involved with DeFi protocols on the network lies even more on the users. Martin Gasper, a research analyst at CrossTower — a digital assets exchange — told Cointelegraph:“A key consideration for BSC protocols is that they are relatively new compared to many of the well-known Ethereum DeFi protocols, which have withstood the test of time and many audits of their code. Newer projects on BSC may also have their code written by less experienced developers, creating additional risks for users depositing crypto into them.”Even though in the aforementioned hacks the smart contracts of the DeFi protocols were tampered with and exploited, it doesn’t really reflect on the inherent security vulnerabilities of the BSC network. Cointelegraph reached out to Binance to understand its take on these hacks. While refusing to comment on specific hacks, the exchange representative did compare it to Ethereum in DeFi’s early stages, which placed the responsibility on the users. The Binance spokesperson said: “In the 2017 ICO boom, multiple ICOs and projects building on top Ethereum were scams and many were vulnerable to attacks; that doesn’t mean that the Ethereum blockchain had security vulnerabilities, it simply indicated the lack of awareness amongst investors who fell prey to projects’ security breaches. New retail users did not evaluate their risks properly.”That being said, ConsenSys Labs, a blockchain technology company that backs Ethereum’s infrastructure, does maintain an “Ethereum Smart Contract Best Practices” page that lists various known attacks and other important aspects of smart contracts deployed on the network. However, there is no such page maintained for BSC.Tatibouet further opined that “the lack of due diligence” caused these hacks in relation to BSC’s centralized nature. “They are greenlighting hundreds of projects every single week. Due to their centralized approach, they simply don’t have the manpower required to do the necessary check.” She also pointed out that Uranium Finance did not even reveal which firm audited its code, which should have been a major red flag by itself.Growth of BSC owed to gas fees on EthereumEthereum has been facing the issue of high gas fees in recent months. Because of this, several users have been priced out of using DeFi applications on the network. In comparison, BSC, due to its centralized nature, has significantly lower gas fees and faster block times than Ethereum. Ethereum’s gas fees have surpassed 300 Gwei so far in May after the Berlin hard fork, which supposedly reduced the gas prices. In comparison, BSC’s gas fees are extremely small, with the average gas price currently standing at 6.6 Gwei.It’s this difference in gas prices that led multiple DeFi protocols and retail investors to this network. The Binance spokesperson further commented on this: “Developers can worry less about costs and focus more on innovating. The faster transaction speed and low transaction costs have accelerated its utility since its launch last year.”On May 9, BSC’s daily transactions hit their all-time high of 9.7 million as Ethereum’s daily transactions also hit their all-time high of 1.7 million on the same day. That’s nearly six times the transactions on Ethereum. It’s a sign of the rising adoption of the BSC network as more DeFi protocols continue to utilize it. However, on the comparison between the two networks, Gasper opined:“There seems to be relatively little innovation on BSC, as many of the projects on the network are modeled after the top DeFi protocols on Ethereum. Moreover, Ethereum has a broader product suite and more developers working on it and products for it, relative to BSC.”The total value locked, or TVL, in the BSC network is currently nearly at $46 billion, which is a 60% rise over the TVL of $28.6 billion just a month ago. As the adoption of BSC increases, it’s highly critical that users are cautious and do thorough research before investing in protocols housed on the network, due to its centralized approach and the lack of proper due diligence.
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As Ether (ETH) passed $4,000 and multiple altcoins saw their own all-time highs on Monday, data shows that there is still more buying appetite to come.Traders prepare to sink funds into cryptoA trading frenzy is gripping altcoins, while Bitcoin (BTC) continues to consolidate, showing signs that it is ready to tackle $60,000 resistance. While some alts, notably Dogecoin (DOGE), have cooled since last week, traders are far from exhausted and are ready for more. This is aptly demonstrated, analyst Lex Moskovski said, by the number of stablecoins entering exchanges.Stablecoin inflows have been on an uptrend for months, and apart from brief “reset” periods where they leave exchanges, the overall direction is clear.This suggests that traders are ready and waiting to enter positions in various cryptocurrencies at short notice. Stablecoin reserves across exchanges hit a fresh all-time high of over $11.5 billion in recent days, still above $11 billion after a small reversal at the time of writing. “Stablecoins on exchanges keep staying in the ATH range,” Moskovski told Twitter followers.“Barring some black swan event, I don’t see this rally ends any time soon.”$52,000 “should be BTC floor”Earlier, Cointelegraph reported on the composition of exchange order books, notably that of Binance, which reveal a lack of bidding interest above $50,000.At the same time, however, data shows that Bitcoin whales — large-volume investors — have amassed significant positions between $54,000 and $58,000.Bitcoin whale clusters. Source: Whalemap/ TwitterCompiled by monitoring resource Whalemap, the figures show that curiously, the largest cluster of whale coins in the range is 120,000 BTC at $58,000.Cryptocurrency traders are still sending stablecoins to exchanges in a sign that the bull run for many cryptocurrencies won’t end “any time soon.”“Whale accumulation clusters, NVT, on-chain volume profile and other on-chain metrics are showing $52K should be the floor,” the Whalemap team told Cointelegraph. “BTC’s bull run is not over yet.”
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Global public interest in Dogecoin (DOGE), as measured by internet search statistics, has exceeded that of Bitcoin (BTC) for the first time. According to data from Google Trends, values assigned to each cryptocurrency for May 2–8 stand at 56/100 points for DOGE versus 48/100 for BTC. As the chart below shows, search interest in DOGE over the past 12 months has often closely correlated with peaks and troughs in public interest in Bitcoin, although the interest in the two coins has previously diverged. This week, however, shows not only a strong non-correlation but a higher level of interest in DOGE in absolute terms.Google Trends search data comparison between DOGE (red) and BTC (blue) over the past 12 monthsAs previously reported, DOGE has had nothing if not a dramatic 2021. In mid-April, the coin gained 80% in value in just one day to cap 5,000% in year-to-date returns. As a quintessential meme cryptocurrency, much of the asset's dizzying price hikes have been fueled by social media sentiment and, arguably, its frequent, if jocular, endorsement by Tesla CEO Elon Musk.   Yet as noted already in April, high levels of public interest in the asset aren't necessarily indicative of its good fortune on the markets. Indeed, this week has been distinctly bearish for DOGE, coinciding with a fresh bout of publicity for the coin during Musk's latest appearance on Saturday Night Live. Blockstream's Adam Back has recently observed that its meme logic translates into a high-stakes, volatile “pump and dump casino rug-pull” grounded in the widespread perception that the asset lacks inherent value but can be rallied around and shorted for a potential profit.As data from Google Trends shows, this "casino market logic," in Back's words, remains at its strongest in the United States, followed by the U.S. Virgin Islands and Turkey. On the month, DOGE remains up by over 600%, but has traded horizontally with a 0.6% decline in value on the week, and a 1.6% gain on the day.
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Ether (ETH) took charge as a new month begins and the second-largest cryptocurrency by market capitalization rallied to a new all-time high at $3,338. This has many analysts shouting out that a new 'altcoin season' has commenced. Meanwhile, Bitcoin  (BTC) price is continuing to meet resistance around the $56,000 to $58,000 level. Data from Cointelegraph Markets and TradingView shows that since dropping to a low of $2,160 on April 25, the price of Ether has rallied 54% to a new record high at $3,324 on May 3 as Monday’s 12% spike lifted the top altcoin above the $3,300 level for the first time in history. ETH/USDT 4-hour chart. Source: TradingViewWhile a majority of crypto traders are celebrating Ether’s price breakout, which has helped elevate project co-founder Vitalik Buterin to the crypto billionaire club, bearish traders are en route to heavy losses as nearly every one of the 76,000 put option contracts that are set to expire on April 7 will become worthless if Ether price manages to stay above $3,100. And it's not just Ether that has been performing well as of late. In the past 2 months, the altcoin market as a whole has seen its value increase 119% and flipped the 2017 peak into a new support level. Ether HODL rates riseAccording to Glassnode, an on-chain analytics firm,  the amount of Ether being held long term has been on the rise since late 2020 and this could be a contributing factor propelling the multi-month rally.Ethereum HODL waves. Source: GlassnodeThe chart above showing “Ethereum HODL waves” indicates that "coins appear to be maturing from 1-week to over 6-months old since late 2020 (blue arrows),” with the “proportion of coins aged 1-month to 6-months progressively increasing in thickness suggesting HODLing coins accumulated in the early bull market remains a favored strategy.”Glassnode also pointed out that a large volume of Ether has been removed from exchange wallets in 2021, with 10 instances of withdrawals in excess of 200k Ether per day taking place in just 4 months as institutional demand and decentralized finance (DeFi) use grows. Ethereum supply in smart contracts vs. balance on exchanges. Source: GlassnodeAs seen on the chart above, the amount of Ether held on exchanges has been on the decline since September 2020 which coincided with a noticeable increase in the amount of Ether held in decentralized finance smart contracts. Currently, the amount of Ether locked in smart contracts is outpacing the amount held in centralized exchange reserves. Altcoins outpace Bitcoin for nowWith Bitcoin still struggling to secure a daily close above $58,000, altcoins continue to make the case for an emerging altseason.Daily cryptocurrency market performance. Source: Coin360Waves (WAVES) was the breakout star of the day with its token price surging 41% to a record high at $36.41. Ethereum Classic (ETC) also rallied 15% to a new all-time high at $50.90. After rallying 17.84% to $5,777 in the past 24-hrs, Maker (MKR) is now the top-ranked decentralized finance (DeFi) protocol with a total value locked of $10.92 trillion.The overall cryptocurrency market cap now stands at $2.29 trillion and Bitcoin’s dominance rate is 46.6%.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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Analyzing the activity on lending platforms can sometimes be used as a barometer for measuring the sentiment of the cryptocurrency market as a higher number of collateral-backed loans may signal that traders are eager to trade a rising market. The month of April saw the total value locked on Maker (MKR), Aave (AAVE) and Compound (COMP) climb to new highs alongside rising token values and trading volumes. MKR/USDT vs AAVE/USDT vs COMP/USDT 4-hour chart. Source: TradingViewAll three of the projects are based on the Ethereum (ETH) network and have benefited from the rising price of ETH as well as a recent decline in the average gas fee that has led to an uptick in user engagement with decentralized finance (DeFi).MKR/USDTMaker has seen the largest price appreciation in the month of April thanks to multiple factors including an upgrade to its liquidation engine and the possible expansion of its approved collateral list.The Maker protocol is responsible for the creation of the DAI stablecoin, which has seen its circulating supply reach a new high of $3.569 billion tokens. Data from DappRadar shows that the total value locked (TVL) on the Maker platform has climbed higher throughout the month of April and now stands at $11.09 billion, making it the number one ranked Ethereum-based DeFi platform in terms of TVL. Total value locked on Maker. Source: DappRadarWith institutions now getting involved in the cryptocurrency sector and showing great interest in the growing Ethereum network, the MakerDAO ecosystem and its DAI stablecoin could see further gains in users and TVL as one of the more established and long lasting DeFi protocols in the space. AAVE/USDTGrowth in the AAVE ecosystem really began to take off in the middle of April after the project launched on the Polygon network in an effort to help scale the protocol while remaining on the Ethereum network. The launch was well received as evidenced by the Polygon-based AAVE protocol surpassing $1 billion in liquidity within 10 days of launching. A rally in the price of Polygon and the rapid growth of its QuickSwap DEX coincided with a sharp increase in the TVL of the AAVE protocol, which now stands at $10.56 billion according to data from DappRadar. Total value locked on Aave. Source: DappRadarThe rapid increase in TVL that began on April 25 coincided with a 55% increase in the price of AAVE from a low of $315 to a high of $534 on May 3. AAVE's migration to the Polygon network and the increased scalability it offers is continuing to attracting new users and pushing the token price to new highs. COMP/USDTCompound price whipsawed in both directions in April but that didn't prevent the protocol from reaching a new all-time high. COMP/USDT 4-hour chart. Source: TradingViewData from Cointelegraph Markets and TradingView shows that after bouncing off a low near $430 in April, the price of COMP rallied 104% to set a new record high at $879 on May 2.The main driving force behind excitement in the community has been a series of governance votes as well as the approval for the second batch of development grant recipients. According to data from DappRadar, the TVL on the Compound protocol actually surpassed the $11 billion level in mid-April before a downturn in the overall market caused a drop off in prices resulting in a rapid decline in the value of assets locked on the platform. Total value locked on Compound. Source: Defi LlamaNow that the markets appear to be waking up with Ethereum fresh of a new all-time high and Bitcoin (BTC) looking to attempt a breakout above the $58,000 level, the TVL and price for COMP could again trend upward. 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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Ether (ETH) has been the star performer among major cryptocurrencies in the past few days as its rally has continued unabated. The second-largest cryptocurrency by market capitalization crossed the $3,300 today sending projects market cap to $381.6 billion. Ether has now become the 24th largest asset in the world, vaulting the project above blue-chip names like Mastercard, NVIDIA, Walt Disney, Bank of America and Home Depot, according to data from Infinite Market Cap. This strong performance in Ether has also brought back murmurs of Ethereum flippening Bitcoin (BTC).Daily cryptocurrency market performance. Source: Coin360However, Ether has a lot of catching up to do if it wants to flip Bitcoin because its market dominance at 16.4% is much below Bitcoin’s 47%. Still, the rise of Ether is positive for the crypto sector because it is likely to attract the attention of institutional investors.Fund managers will find it difficult to ignore the top two cryptocurrencies as their market caps surpass popular Wall Street names. This could continue to attract fresh money into the crypto sector and boost prices higher.Let’s analyze the charts of the top-10 cryptocurrencies to determine their trend and the possible target objectives.BTC/USDTBitcoin has bounced off the 20-day exponential moving average ($55,915) today, suggesting that bulls are accumulating on dips. The buyers will now try to push the price to the $61,825.84 to $64,849.27 overhead resistance zone.BTC/USDT daily chart. Source: TradingViewHowever, the wick on today’s candlestick shows that the bulls are struggling to sustain the price above $58,000. If the buyers fail to do that, the bears will make one more attempt to sink the price below the 20-day EMA.If they succeed, the BTC/USDT pair could start a correction to $52,323.21 and then to $50,460. A bounce off this level could keep the pair range-bound for a few more days.Alternatively, if the bulls defend the 20-day EMA, it will signal strength. If the buyers can sustain the price above $58,000, the pair could start a gradual climb to the overhead zone. The next leg of the uptrend may start after the pair rises above $64,849.27.ETH/USDTEther had been trading inside an ascending channel for the past few days. The bulls pushed the price above the resistance line of the channel on May 1, resulting in a pick-up in momentum. Ether could now rally to $3,513. ETH/USDT daily chart. Source: TradingViewBoth moving averages are sloping up suggesting that bulls have the upper hand. However, the RSI above 80 suggests the rally is overbought in the short-term and the ETH/USDT pair may soon enter a minor correction or consolidation.If the bulls do not allow the price to re-enter the channel, it will suggest that traders are buying on dips as they expect the rally to continue. Conversely, if the bears sink and sustain the price below $2,850, the pair could drop to the 20-day EMA ($2,586).BNB/USDTAfter forming a Doji candlestick pattern on May 1 and 2, Binance Coin (BNB) has resumed its uptrend today. Both moving averages are sloping up and the RSI is in the overbought zone, suggesting the bulls have overpowered the bears.BNB/USDT daily chart. Source: TradingViewIf the bulls can sustain the price above $639, the BNB/USDT pair could start its journey toward the pattern target at $808.57.Contrary to this assumption, if the bulls fail to sustain the price above $639, the bears will try to pull the price down to the 20-day EMA ($552). A bounce off this support will keep the uptrend intact.However, if the price drops below the 20-day EMA, the pair could decline to the support line of the triangle and then to the 50-day simple moving average ($421).XRP/USDTXRP turned down from $1.66 and formed an inside-day candlestick pattern on May 2. That was followed by a Doji candlestick pattern today, indicating indecision among the bulls and the bears.XRP/USDT daily chart. Source: TradingViewIf the uncertainty resolves to the downside, the XRP/USDT pair could correct to the 20-day EMA ($1.36), which is likely to act as a strong support.A strong rebound off the 20-day EMA will suggest that traders are buying on dips. If the bulls thrust the price above $1.66, the pair could rise to the 78.6% Fibonacci retracement at $1.73 and then retest the 52-week high at $1.96.The marginally rising 20-day EMA and the RSI near 61 indicate the bulls have the upper hand. This positive view will invalidate if the pair breaks the 20-day EMA support. Such a move will suggest that traders are dumping their positions and that could pull the price down to the 50-day SMA ($1.01).DOGE/USDTThe uncertainty following the inside-day candlestick pattern on April 29 resolved to the upside on April 30 and the bulls propelled Dogecoin (DOGE) above the $0.34 resistance on May 1. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOGE on April 29, 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. DOGE price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for DOGE flipped green on April 29 when the price was $0.30.Since then, the VORTECS™ Score has largely remained in the green, barring a short-term dip below the 60 level. DOGE has rallied above $0.41 today, resulting in a 36% rally in roughly five days. DOGE/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($0.28) and the RSI near the overbought territory suggest the bulls are in control. The DOGE/USDT pair could now retest the all-time high at $0.45. If the bulls propel the price above this resistance, the uptrend could resume with the next target objective at $0.65.This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks the 20-day EMA support, ADA/USDT Cardano (ADA) has been sustaining above the 20-day EMA ($1.27) for the past few days, suggesting the bulls are in no hurry to book profits. The altcoin remains on track to resume the up-move and reach the $1.48 to $1.55 resistance zone.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair may hit a wall at the overhead resistance zone as the bears will once again try to reverse the direction and keep the price stuck inside the $1.03 to $1.48 range for a few more days.The marginally rising 20-day EMA and the RSI above 56 suggest the bulls have the upper hand. If they can drive the price above the zone, the pair could start its journey to $2. On the other hand, if the price turns down from the current level and breaks below the moving averages, the pair may drop to the support of the range at $1.03.DOT/USDTAfter hesitating near the 50-day SMA ($36.94) on May 1 and 2, the bulls pushed Polkadot (DOT) above it today. However, the long wick on today’s candlestick shows the bears have not given up yet and are selling on every rise.DOT/USDT daily chart. Source: TradingViewBoth moving averages are flat and the RSI is just above the midpoint, suggesting a balance between supply and demand. This balance will tilt in favor of the bulls if they can push and sustain the price above the 50-day SMA. That could open the gates for a move to $42.28.On the contrary, if the price turns down and slips below the 20-day EMA, the DOT/USDT pair may drop to $32.50. The bulls are likely to defend this level aggressively but if the bears overpower them, the pair could drop to support of the range at $26.50.UNI/USDTUniswap (UNI) witnessed profit-booking at $44 on April 29 and entered a minor correction. However, the bulls succeeded in flipping the previous resistance at $39.60 into support, which is a positive sign. UNI/USDT daily chart. Source: TradingViewThe uptrend has resumed today and the UNI/USDT pair has risen to a new all-time high at $45. Although the RSI is still warning of a negative divergence, the upsloping 20-day EMA ($37.41) suggests the bulls are in control.If the bulls sustain the price above $44, the pair could rise to the resistance line of the ascending channel at $50. This bullish view will nullify if the bears sink the price below the 20-day EMA. The pair could then drop to the support line of the channel.LTC/USDTAfter a one-day correction on May 2, Litecoin (LTC) has started its northward journey today. This suggests the sentiment remains bullish and every minor dip is being purchased. The bulls will now try to push the price above the 61.8% Fibonacci retracement level at $286.02.LTC/USDT daily chart. Source: TradingViewIf they succeed, the LTC/USDT pair could rise to the 78.6% retracement level at $307.58 and then to $335.03. The gradually upsloping 20-day EMA ($257) and the RSI above 61 suggest that demand exceeds supply.This positive view will invalidate if the price turns down from $286.02 and slumps below the 20-day EMA. Such a move will suggest that traders are closing their positions on relief rallies. That could result in a drop to the 50-day SMA ($230).BCH/USDTBitcoin Cash (BCH) turned down from the 61.8% Fibonacci retracement level at $1,012.29 on May 1 but the correction was short-lived as the bulls purchased the dip on May 2. This suggests strong demand at lower levels.BCH/USDT daily chart. Source: TradingViewHowever, the long wick on today’s candlestick shows bears are selling on rallies above $1,012.29. If the price turns down from the current level and breaks below $950.46, the pair could drop to the 20-day EMA ($879). A break below this level will suggest the bullish momentum has weakened and that will open the doors for a possible drop to the 50-day SMA ($703).Conversely, if the bulls succeed in sustaining the price above $1,012.29, the BCH/USDT pair could rise to $1,100.78 and then retest the 52-week high at $1,213.51. The rising moving averages and the RSI above 62, indicate the path of least resistance is to the upside.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
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Bitcoin (BTC) is challenging familiar but significant all-time highs as a new week gets underway, rallying to $58,000 on Monday.After a surprise rally on Friday, the largest cryptocurrency saw a slow comedown through much of the weekend. This turned on its head overnight on Sunday, however, and now BTC/USD is back fighting resistance near $60,000.Cointelegraph takes a look at what the coming days might have in store for Bitcoin price action with five factors that could help shape it. Bitcoin ignores DXY gainsWith various major markets closed for May holidays, there are fewer cues than usual coming from commodities and equities.Asian stocks tracked losses, fuelled by various issues including India’s ongoing COVID-19 debacle. At the same time, in the United States, S&P 500 futures are already recovering lost ground from Friday. Unlike Bitcoin, markets did not react well to rumors that fiscal support measures over the virus may be reduced by some banks — these were a key element behind the S&P’s record performance over the past year. In tandem with the move was a shift in the strength of the dollar, however, with the U.S. dollar currency index (DXY) seeing impressive gains after a month of descent.U.S. dollar currency index (DXY) 1-day candle chart. Source: TradingViewAs Cointelegraph reported, DXY and Bitcoin tend to be inversely correlated, but last Friday proved to be another notable exception. BTC/USD climbed conspicuously as if out of nowhere on the day, passing $58,300 before reversing. A key topic remains inflation — senior U.S. officials believe that trillions of dollars in virus stimulus will have little impact on it, while others disagree. Spot rally enters next stageAnother day, another blistering comeback for Bitcoin. Just a week after recovering from its dip to near $46,000, BTC price action is now making good on its further gains late last week. While the weekend was mostly lackluster in tone, Monday is seeing the kind of “buying frenzy” that arch-nemesis Warren Buffett has been eyeing on traditional markets.At the time of writing, BTC/USD has passed $58,300 — the site of an all-time high from February — and is now continuing higher, calming near $59,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewA look at buy and sell demand from the orderbook of major exchange Binance shows resistance is still strong at $60,000 and above, and bulls will need to knock down several walls of sell orders to break out beyond the current all-time high of $64,500. Another significant barrier is now $68,000. On the support side, the picture is less sturdy — $52,000 is the first solid level among traders, followed by $50,000 and $48,000.BTC/USD buy and sell interest (Binance). Source: Material IndicatorsNonetheless, appetite for Bitcoin could well be seeing a new bullish phase as stablecoin balances on exchanges fill up. Against huge “printing” of these assets, such a trend raises the prospects of significant buyer demand materialising, helping to boost spot price action.“Stable coins are flowing back into exchanges. You know what that means,” analyst Jan Wuestenfeld summarized.Friday’s gains were notably driven by “genuine” buying among spot traders, while leveraged trades actually declined.Cat and mouse with EthereumAnother theory focuses on Bitcoin simply playing catch-up with a red-hot altcoin scene, led by Ether (ETH).The performance has defied expectations; ETH/USD is now above $3,000, having gained 28% over the past week compared to Bitcoin’s 11%.That predictably shaved even more clout off Bitcoin’s market cap dominance, which is now at 47.7% — its lowest since July 2018. Cryptocurrency market cap dominance chart. Source: CoinMarketCap“I wouldn’t be surprised if we see $3500 $ETH this week,” popular Twitter trader Crypto Chase forecast, along with further upside against Bitcoin. “ETHUSD breaking out from its upward consolidative leg + ETHBTC still has room to run (currently 0.053, resistance at 0.058).”On-chain monitoring resource Glassnode, meanwhile, saw strength in the decreasing network value to transaction ratio (NVT) on Ethereum, this corresponding to organic trade volume fuelling price gains. “As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows,” the firm commented on an accompanying chart. “Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap. Today’s market strength is supported by volume settled on-chain.”Ethereum NVT ratio annotated chart. Source: Glassnode/TwitterFundamentals flush out hash crashBack to Bitcoin and its network fundamentals, which are still playing catch-up after seeing something of a “reset” over the past few weeks. This first came in the form of a brief hash-rate plunge due to flooding in China. Bitcoin’s network difficulty then began signaling a drop to accommodate the loss of participants.As difficulty adjusts every two weeks, it took until Saturday to kick in in real terms. The resulting 12% drop has been the biggest since last November. With that out of the way, however, the door is open for returning mining hash rate to up competition and return difficulty to positive, not negative, adjustments. It’s still early — current estimates still call for another drop, this time of around -7%.Hash rate, meanwhile, has all but recovered from its prior shock, standing at around 161 exahashes per second. Its peak, monitoring resource MiningPoolStats says, was 168 EH/s.Greed is back on the marketWith new gains comes a familiar shift in sentiment, and market participants are getting greedy. That’s according to the ever-popular Crypto Fear & Greed Index, which on Monday is back in “greed” territory after more than doubling since late last week. The Index uses a basket of factors to create a normalized score between 0 and 100 for how greedy or fearful crypto markets broadly are on a given day. Crypto Fear & Greed Index. Source: Alternative.meIts score tends to highlight when a price floor is in, or conversely, when a sell-off is due. At 61/100, however, the Index still has room to grow before sounding a local top — “extreme greed” is not here yet.
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Bitcoin (BTC) price closed the month down 1.98% which according to data from Bybit, was its first negative close in April since 2015. In the same month Ether (ETH) price soared over 44% to hit a new all-time high close to $3,000. This wide divergence between the top two cryptocurrencies shows that the markets have matured and Bitcoin’s underperformance is not affecting altcoins as much as it did in the past.Ether’s bullish trend has attracted strong buying from traders. Data from Bybit suggests that Ether futures open interest climbed to $8.5 billion on April 29, rising 52% over the previous month. This increase has been supported by professional traders who seem to have taken a more bullish view on Ether than retail investors, as highlighted by Cointelegraph contributor Marcel Pechman. Crypto market data daily view. Source: Coin360The strong performance from the crypto sector continues to attract a wide array of investors. According to the Financial Times, VC firm Andreessen Horowitz plans to tap into this growing demand by raising between $800 million to $1 billion for another fund. The flow of money into various crypto projects shows that investors are bullish for the long term.T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and it could “take years to really unfold.” With Ether leading the altcoin charge, let’s look at the top-5 cryptocurrencies that may remain bullish in the short term.BTC/USDTBitcoin soared above its moving averages on April 30 but the bulls have not been able to build on this strength. The Doji candlestick pattern on May 1 and the drop below the 50-day simple moving average ($56,833) today suggests the bears are selling at higher levels and have not given up.BTC/USDT daily chart. Source: TradingViewIf sellers pull the price back below the 20-day exponential moving average ($55,723), the BTC/USDT pair could drop to $52,323.21 and then to $50,460. The flat moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the pair range-bound for a few more days.This view will invalidate if the pair rebounds off the 20-day EMA and rises above $58,469.09. Such a move will suggest the bulls are buying on every minor dip. The pair could then rally to $61,825.85 where the bulls are again likely to face stiff resistance from the bears.Although it is too early to confirm, the pair seems to be making the right shoulder of a possible head and shoulders topping formation. This setup will complete on a break below the neckline. Until then, traders can be watchful but should not jump the gun in anticipation of a breakdown.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the bulls pushed the price above the $57,500 resistance but could not sustain it. The bears pulled the price back below the level and are trying to break the 20-EMA support. If that happens, the pair may drop to the 50-SMA.A strong rebound off this support could encourage the bulls to make one more attempt to clear the hurdle at $57,500. If they succeed, the pair could start its journey to $61,825.84. Conversely, if the bears sink the price below the 50-SMA, the possibility of a drop to $50,460 increases. SOL/USDTSolana (SOL) broke above the $48.64 resistance on May 1 and hit a new all-time high at $49.99 today. However, the $50 psychological level is acting as a resistance and the bears have pulled the price back below $48.64 today.SOL/USDT daily chart. Source: TradingViewIf the bears sustain the price below $48.64 for two days, the SOL/USDT pair could drop to the support at $40.51. A strong rebound off this support will suggest the bulls are accumulating on dips. The bulls will then make one more attempt to clear the $50 resistance.If they succeed, the pair may start the next leg of the uptrend that could reach $56.77 and then $68.05. The rising moving averages and the RSI near the overbought territory indicate the path of least resistance is to the upside.This positive view will invalidate if the price breaks below the 20-day EMA ($38). If that happens, the pair could correct to the 50-day SMA ($26).SOL/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the bulls are trying to defend the 20-EMA. If they can push the price above the $48.64 to $49.99 overhead resistance zone, the momentum is likely to pick up. The gradually rising 20-EMA and the RSI in the positive territory suggest the bulls have a minor advantage.Contrary to this assumption, if the price turns down from the overhead resistance once again, it will increase the prospects of a break below the moving averages. The bears may then pull the price down to $40.51. A strong bounce off this support could keep the pair range-bound for a few days.HT/USDTHuobi Token (HT) surged above the resistance at $26.89 on May 1 and hit a new all-time high at $29.54 today. However, the bears are trying to pull the price back below the breakout level and trap the aggressive bulls.HT/USDT daily chart. Source: TradingViewIf the price dips and sustains below $26.89 for three days, the HT/USDT pair could gradually drop to $22. A strong rebound off this support could keep the pair range-bound for a few days.Conversely, if the bulls defend the $26.89 support or do not give up much ground below $25, it will suggest strong buying on every minor dip. A break above $29.54 could resume the uptrend with the next target objective at $36.54.The 20-day EMA ($20.54) has turned up and the RSI is in the overbought zone, indicating that the bulls are in control.HT/USDT 4-hour chart. Source: TradingViewThe bulls and the bears are battling it out for supremacy near the $26.89 level. Although the bears had pulled the price back to $26.10, they could not sustain the lower levels. This suggests that bulls are buying on dips.The rising moving averages and the RSI near the overbought zone suggest the bulls have the upper hand. However, the bulls are finding it difficult to push the price to $29.54. This could result in high volatility in the short term. A break below $26 could pull the price down to the 20-EMA. If the price rebounds off this level strongly, the bulls will make one more attempt to resume the uptrend. Alternatively, a break below the 20-EMA could signal the start of a deeper correction.ETC/USDTThe bears are trying to stall Ethereum Classic’s (ETC) up-move in the $38 to $41.61 overhead resistance zone. However, the long tail on today’s candlestick suggests that traders are buying at lower levels.ETC/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($28.74) and the RSI in the overbought zone indicate advantage to the bulls. If buyers propel the price above the overhead zone, the ETC/USDT pair could resume the uptrend and rally to $53.21.Contrary to this assumption, if the price turns down from the overhead zone, the bears will try to sink the pair to the 20-day EMA. A break below this support will indicate the bullish momentum has weakened and the pair could then drop to $22.20.ETC/USDT 4-hour chart. Source: TradingViewThe 20-EMA is rising and the RSI is in the overbought zone, suggesting the bulls are in control. However, the bears will not throw the towel easily. They will try to stall the up-move in the overhead zone.A break below the 20-EMA will be the first sign that the bullish momentum may be weakening. That could pull the price down to the 50-SMA. Such a move could keep the pair stuck inside the range for a few days.AAVE/USDTThe bulls pushed AAVE above the $489 resistance today. However, they have not been able to sustain the buying at higher levels and the bears have pulled the price back into the $480 to $280 range today. This suggests the bears are attempting to trap the aggressive bulls who may have purchased the breakout from the range.AAVE/USDT daily chart. Source: TradingViewIf the price dips below the 20-day EMA ($415), it will suggest that bulls are not buying on dips. That could pull the price down to the 50-day SMA ($383) and extend the stay of the AAVE/USDT pair inside the range for a few more days.On the contrary, if the pair rebounds off the 20-day EMA, it will indicate accumulation at lower levels. The bulls will then make one more attempt to push the price to $581.67. A breakout of this level could start the northward journey to $698.VORTECS™ data from Cointelegraph Markets Pro shows the bullish trend in AAVE has continued from April 25, barring a couple of momentary dips to 63.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. AAVE price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for AAVE has consistently remained in the green since April 25 when the price was at $351.40.The strong VORTECS™ Score could have held back traders from booking profits early and leaving profits on the table. AAVE has rallied to $509.83 today, recording a gain of 45% in just over a week. AAVE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the bulls purchased the dip to the 20-EMA and are again trying to drive the price above the $489 to $512 resistance zone. The rising moving averages and the RSI above 63 suggest the path of least resistance is to the upside.This bullish view will weaken if the bears pull the price below the 20-EMA. That could suggest that supply exceeds demand. The pair may then drop to the 50-SMA. If this support holds, the pair may consolidate between $420 and $489 for a few days before starting the next trending move.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Ether (ETH) price has gained 88% since November, astonishing even the most bullish investors as the top altcoin secured a 2020 high at $750. Aside from the upcoming CME ETH futures launch scheduled for Feb. 8, the phenomenal growth of the total value locked in decentralized finance protocols also played a major part. Total Value Locked, USD. Source: DeFi Pulse As the above data indicates, investors are even more confident that Eth2 has been a success, despite the real potential of delays and implementation hurdles. Another possible bullish factor in the background is the recent two-year low in ETH miner balances. This certainly eases potential selling pressure and opens room for further bullish continuation. Over the past three months, the open interest on Ether options grew by 150% to a total of $880 million. This incredible build-up occurred as the cryptocurrency broke the $700 resistance and reached its highest price since May 2018. Ether options open interest. Source: Crytorank.io The put-call ratio flipped bullish By measuring whether more activity is going through call (buy) options or put (sell) options, one can gauge the overall market sentiment. Generally speaking, call options are used for bullish strategies, whereas put options for neutral to bearish ones. Ether options open interest put/call ratio. Source: Cryptorank.io Despite the recent price rally, the put/call ratio has gone down considerably. This move indicates that the more bullish call options have been dominating volumes. One should expect precisely the opposite whenever traders lock in profits or prepare for a potential downside. That's a striking contrast to the 0.94 level two weeks ago, which indicated that put options were well-balanced with the neutral to bullish call options. Options data shows traders expect another 20% hike to $880 The odds of the current option trades are calculated according to the Black and Scholes model. Deribit exchange presents this information as "delta." In short, these are the percent-based odds for each strike. Ether Jan. 29 call options delta. Source: Deribit According to the above data, the $880 strike for Jan. 25 has a 34% chance of occurring, while the most traded $960 strike holds a 25% odd according to the options pricing model. Take notice that the statistical model tends to be overly conservative, as even the $720 strike holds a mere 59% odd. The March expiry is also extremely bullish With 86 days left until March 2021 expiry, the odds of Ether price topping $880 is even more likely. Ether Sept. 25 call options delta. Source: Deribit The same $880 strike now has a 49% odd according to the Black and Scholes pricing model, whereas the staggering $1,120 expiry holds 33%. As shown above, the options for March 2021 are trading a relevant amount of volume and cost $114 apiece. This data is indisputable evidence of traders' bullish sentiment. Futures market data reflects bullish sentiment An even better way to gauge professional investors' sentiment toward the market is to analyze the futures markets premium. This is measured by the difference between longer-term future contracts and the current Ether spot price. March 2021 Ether futures premium. Source: Digital Assets Data The chart above shows that the indicator peaked at 5.8% on Dec. 19 and it reached the same level again on Dec. 28 as Ether price made a multi-year high. A sustained futures premium above 3.5% reflects optimism, although it is far from excessive. The current 4.3% rate is equal to an 18% annualized premium and is significantly higher than the levels seen in previous months. This shows that despite reaching a swing high at $750 levels, professional traders remain confident in Ether's future potential. It might be too soon to determine whether the derivatives market will reduce its optimism, but for the moment, bulls seem to be fully in control. While there is always the possibility of a correction in Ether price, it is unlikely to be strong enough to cause havoc as the market is not showing any signs of excessive optimism. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Raidenbo, a fast-growing exchange, has emerged as one the most promising places to trade and earn. Raidenbo offers modern technology, hot markets, and short-term trading opportunities around the clock. With Raidenbo, you can experience the thrill of moving markets on an innovative exchange, with fixed levels of risk. We empower you to trade your way. With expertise in technology and trading, the Raidenbo team builds the trading platform with the ultimate goal of seeking solutions that deliver optimum results for all clients. Its progressive approach coupled with the innovation offers adaptable multiple trading and technology solutions has led to the rapid growth of the exchange recently. As far as traders are concerned, it focuses on their secure trading requirements so that clients across the globe will be able to benefit from an enhanced level of security and always be assured that they are dealing with a highly reliable exchange. The technology behind is what really helps Raidenbo stand out from the typical trading platforms. Apart from the highly secured trading system, Raidenbo’s team always strives to innovate and create new features that help traders make better trading decisions. Raidenbo is proud to be one of the first trading platforms to develop and implement its own indicators, which are calculated from highly sophisticated algorithms but are still simple enough for traders to use. Raidenbo is also famous for being transparent by utilizing real-time price data provided by leading exchanges in the cryptocurrency world. Trading on Raidenbo is easy to start. With a Demo account, users can practice and test their trading strategies before putting in the real money. Regardless of trading skills and backgrounds, everyone can develop a profitable trading strategy and earn sustainable income on Raidenbo. With a customer-centric approach, Raidenbo’s team always wants to help clients earn more trading on the platform, and the recent affiliate program has helped thousands of traders create a second stream of income apart from trading. With Raidenbo’s affiliate program, traders can earn unlimited passive income just by introducing and helping other new traders start their own trading journey on Raidenbo. Moreover, the exchange is introducing many tournaments for traders to participate in and receive amazing prizes by actively trading on Raidenbo. There will be weekly and monthly tournaments that reward participants based on their trading volume. The more they trade, the better chance that they will be in the top traders that receive rewards during the tournament period. This would ultimately benefit all clients - both affiliate participants and traders will earn more due to the increase in their trading volume. As the needs of the retail traders continue to evolve, Raidenbo is committed to offering new products and features to meet these demands and become one of the best places for traders of all skill sets to trade and earn. By constantly integrating new technologies into the trading platform, such as AI-powered order matching engine, smart authentication and asset management, unlimited copy trading, and social trading, Raidenbo is expected to attract more and more traders and secure its leading position in this fast-growing industry. Featured image: Raidenbo Please See Disclaimer Previous The TAO: A New Framework to Power the Web (Sponsored)
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Bitcoin’s (BTC) current rally has largely been led by investments from institutional investors and publicly listed companies. Data from Bitcointreasuries shows that companies hold about 4.54% of the current Bitcoin supply. A survey of 700 high-net-worth individuals chosen from across the globe shows that about 73% of respondents either own or want to own cryptocurrencies before the end of 2022. The proposed influx of money from large investors could boost demand and drive crypto prices higher. Daily cryptocurrency market performance. Source: Coin360 Bloomberg Intelligence strategist Mike McGlone believes that if history repeats itself, Bitcoin could rally to $170,000 over the next two years. McGlone pointed out that Bitcoin’s volatility versus gold was the lowest on record, and while volatility in risky assets across the globe has been increasing, Bitcoin’s volatility has been in decline. However, in the short term, McGlone expects Bitcoin to consolidate before zooming higher. In an interview with Cointelegraph, Nugget’s News CEO Alex Saunders said that Bitcoin’s price could rally to “$100,000 in the next five years,” and if it becomes the global reserve currency, then it could reach $1 million by 2035. When markets are bullish, it is easy to get sucked into the rally due to greed. However, every bull phase witnesses periodic corrections; hence, traders should be careful and protect their paper profits with a suitable stop loss. Let’s analyze the top 10 cryptocurrencies to spot the critical resistance and support levels to watch over the coming days. BTC/USD Bitcoin’s correction from $18,466.14 was short-lived, as the bulls defended the $17,200 support and have currently pushed the price to a new 52-week high. This suggests that the uptrend is strong and the bulls are firmly in control. BTC/USD daily chart. Source: TradingView The next resistance on the upside is the all-time high at $19,531.90, then the psychological level at $20,000. If the bulls can propel the price above $20,000 in the current leg of the uptrend, the momentum could further pick up and make a blow-off top. Usually, vertical rallies are followed by waterfall declines. The first support in an uptrend is the 20-day exponential moving average ($16,019), but if this support cracks, the correction could reach $14,000. The relative strength index (RSI) has risen deep into overbought territory, suggesting a pullback may occur anytime. However, when the momentum is strong, the price can stay overbought for an extended period; hence, investors should not try to call a top but protect their position with a suitable trailing stop-loss according to their trading strategy. ETH/USD As Bitcoin rallied to a multiyear high, Ether (ETH) broke out of the $488.134 resistance and cleared the psychological level at $500 for the first time since July 2018. This shows aggressive buying at higher levels. ETH/USD daily chart. Source: TradingView The upsloping moving averages and the RSI close to the overbought territory suggest that bulls are in control. If the bulls can flip $488.134 to support during the next pullback, the ETH/USD pair may start its journey to $550 and then to $625. Contrary to this assumption, if the bears can pull the price below $488.134 during the next correction, it will indicate profit-booking at higher levels. A break below the 20-day EMA ($451) may suggest that the short-term bullish momentum has ended. XRP/USD The long tails on the Nov. 18 and 19 candlesticks suggest that bulls are buying on dips. So far, they have managed to push XRP above the $0.303746 resistance, and next, they will try to drive the price above the overhead resistance at $0.326113. XRP/USD daily chart. Source: TradingView If they succeed, the XRP/USD pair could rally to $0.40. The upsloping moving averages and the RSI in the overbought zone suggest that the path of least resistance is to the upside. Contrary to this assumption, if the bears defend the overhead resistance, the pair may consolidate between $0.303746 and $0.326113 for a few days. A break below the $0.303746 support could suggest a lack of buyers at higher levels. The bears will then try to sink the pair below the 20-day EMA ($0.272) and gain the upper hand. LINK/USD Chainlink's LINK broke out and closed above the $13.28 resistance on Nov. 18, which completed a bullish inverse head-and-shoulders setup. This new uptrend has a pattern target of $19.2731. LINK/USD daily chart. Source: TradingView However, the bears will try to stall the up-move close to $16 and pull the price back below the breakout level of $13.28. If they can sink the price below $11.80, it will suggest that the current breakout was a bull trap. In an uptrend, the sentiment is to buy the dips. The rising moving averages and the RSI above 66 suggest that the bulls are in command. Hence, they are likely to buy the dip to the breakout level of $13.28 and flip it to support. If that happens, the uptrend could resume. LTC/USD Litecoin (LTC) has hit a new 52-week high today, above the overhead resistance at $84.3374. The strong rebound off the $68.9008 support on Nov. 18 shows that the bulls aggressively purchased the dip to the breakout level. LTC/USD daily chart. Source: TradingView Both moving averages are sloping up and the RSI has risen into the overbought zone, indicating that the bulls are in control. If the price sustains above $85, the rally may extend to $100. This level may act as a hurdle, but if crossed, the rally could reach $140. However, during the previous two instances, a reading of close to 80 on the RSI resulted in a correction. Hence, traders should look out for the possibility of a minor correction in the next few days. The trend in the LTC/USD pair could turn negative if the bears pull the price back below the breakout level of $68.9008. BCH/USD Bitcoin Cash (BCH) has held the $242 support for the past two days, which shows that bulls are buying at lower levels. If the buyers can push the price above $260, the altcoin may start its journey to the $272 and $280 resistance zone. BCH/USD daily chart. Source: TradingView The overhead zone may act as a stiff hurdle, but if the bulls can push the price above it, the BCH/USD pair could rally to $326.30, then to $337.90. However, the flat 20-day EMA ($254) and the RSI near the midpoint suggest that the range-bound action between $242 and $272 may continue for a few more days. The advantage will shift in favor of the bears if the pair turns down from the current levels and slips below the $231 support. DOT/USD Polkadot's DOT took support at the 20-day EMA ($4.54) over the past two days and has broken above the overhead resistance at $4.95 today. The upsloping 20-day EMA and the RSI in the overbought zone suggest that bulls are in command. DOT/USD daily chart. Source: TradingView If the buyers can propel the price above $5.5899, the DOT/USD pair may rally to $6.25, then to the highs at $6.8619. However, the bears are unlikely to throw in the towel easily. They will try to stall the current rally at $5.5899. If they manage to do that, the pair could consolidate between $4.95 and $5.5899 for a few days. This bullish view will be invalidated if the bears drag the price back below the breakout level of $4.95 and the 20-day EMA. BNB/USD Binance Coin (BNB) has broken out of the $27.30–$28.97 range it had been stuck in for the past few days, but the bulls are struggling to sustain the higher levels. This suggests that bears are attempting to keep the price inside the range. BNB/USD daily chart. Source: TradingView However, if the bulls can sustain the breakout, a new up-move to the $32–$33.3888 zone is possible. If the price turns down from this zone, the BNB/USD pair may extend its stay inside a large range. On the other hand, if the bulls can thrust the price above the resistance zone, the pair could retest the all-time highs at $39.5941. This positive view will be invalidated if the bulls fail to sustain the current breakout. In that case, the bears will try to pull the price below the $27.30 support, and if they succeed, the pair could drop to $25.6652. ADA/USD The bulls did not allow Cardano's ADA to slip below the moving averages and the downtrend line in the past two days. This is a positive sign as it shows buying at lower levels. The altcoin has resumed its journey to the top of the range at $0.114241. ADA/USD daily chart. Source: TradingView If the bulls can drive the price above $0.1142241, the ADA/USD pair could start a new uptrend that can rally to $0.1280, then to $0.1445. The upsloping moving averages and the RSI in the positive zone suggest that bulls have the upper hand. Traders can watch the RSI because a break above 60 could suggest that the rally may pick up momentum. However, if the pair once again turns down from the overhead resistance, the range-bound action could continue for a few more days. BSV/USD The bears could not sustain Bitcoin SV (BSV) below the downtrend line over the past two days. This shows that the bulls are accumulating at lower levels, and they have pushed the price back above the moving averages today. BSV/USD daily chart. Source: TradingView The BSV/USD pair could now move up to $181. If the bears defend this resistance aggressively, the pair may extend its stay inside the range for a few more days. The flat moving averages and the RSI close to 54 suggest a balance between supply and demand. However, if the bulls can drive the price above $181, the pair could start a new uptrend that has a target objective of $216. This positive view will be invalidated if the price turns down and plummets below the moving averages. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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Since topping out at $18,476 on Nov. 17, Bitcoin price has been flirting with the $18,000 level as bulls fight to flip the level to support and chase after the all-time high at $19,789.  While this battle takes place and the bulk of crypto and mainstream finance outlets focus on Bitcoin price, a number of less-loved crypto assets are producing generous returns for investors. DeFi Assets Index. Source: Messari As shown by Messari’s DeFi assets index, many of the top tokens are providing hefty double-digit gains. Within the last 7 days, AAVE ricocheted off its double bottom to rally 214% and currently trades slightly above $80. Day traders are likely playing the support / resistance checks within the ascending channel pattern. At the time of writing, AAVE’s trading volume, MACD and RSI still reflect a healthy amount of interest from bulls. AAVE/USDT. Source: TradingView Even Curve finance’s CRV governance token, one which many crypto investors have described as a complete laggard, pulled off a clean double bottom reversal and rallied 176% to $0.84. CRV/USDT. Source: TradingView After nearly being shorted to death by the likes of Sam Bankman-Fried and other savvy professional traders, Yearn Finance’s (YFI) token is also making waves with an 83.5% gain in the past week. YFI/USDT. Source: TradingView On Nov. 18 YFI price was at the 50% Fibonacci retracement level ($25,500) and bulls were attempting to flip the level to support. Within the last few hours, this was accomplished and the price sliced through a gap in the volume profile visible range (VPVR) to make a new daily high at $29,850. Unsuprsingly, YFI clones like DFI. Money (YFII) and YF Link (YFL) also followed suit and each has rallied 58% and 49% respectively. SushiSwap switches spots with Uniswap SushiSwap’s (SUSHI) governance token has also attracted the attention of investors after losing more than 95% of its value back in September when Chef Nomi, the lead developer dumped approximately $13 million worth of SUSHI on the open market. SUSHI/USDT. Source: TradingView As reported by Cointelegraph, this week marked the end of Uniswap’s liquidity pool rewards and rival exchanges like SushiSwap, 1inch, and Bancor have upped the APY rewards offered on their listed assets to attract former Uniswap liquidity providers. Total value locked (USD) in SushiSwap. Source: DeFi Pulse In fact, this week Uniswap saw a $1.3 billion dollar (57.5%) drop in in its total value locked as users sought more fertile pastures at other DeFi platforms. As this occurred SushiSwap saw a more than 300% increase and in the past week the token has rallied by 127% to trade at $1.63. Across the board, the majority of DeFi tokens are currently in the black and data from Digital Assets Data and DeFi Pulse shows an increase in daily active users, TVL across platforms and daily transaction volumes. Total value locked in DeFi platforms. Source: Digital Assets Data Similar price action can also be seen across many altcoins, suggesting that while Bitcoin consolidates and attempts to flip $18,000 to support, traders have again embraced DeFi and altcoins. 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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Ether (ETH) price is currently ranging between $440 and $470, which is similar to the price action seen in December 2017. Back then, the scenario ended up being incredibly bullish, and the altcoin quickly rocketed toward $1,400.  Fast forward to 2020, and some investors believe a similar outcome may occur as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run. On Dec. 10 Ether price was $450, and it took only 34 days for Ether to reach its all-time high. Before this price explosion, the altcoin traded sideways for over two weeks. If something similar were to happen, on-chain metrics and historical data suggest it could happen over the next ten days. Ether in Dec 2017 (left) vs Nov 2020 (right). Source: TradingView Take notice of how the recent price movements raised investors' hope that the next crypto-bull market will mirror the one seen in late-2017. Although the price is an important metric, it does not provide granularity for network usage and volume. To assess the size and amount of daily transactions, Coinmetrics provides adjusted transactions and transfers data. Ether daily average transactions (left) vs ETH price. Source: Digital Assets Data The above chart shows $1.9 billion of the most recent transfers and transactions, a 46% increase from the previous month. Although Ether’s price increase undoubtedly helped, the same effect happened in late-2017. Daily average transactions and transfers notional. Source: CoinMetrics The daily average notional transacted and transferred on the Ethereum network in November 2017 stood at $830 million. This all changed by the end of the month, as the indicator broke the $2 billion mark. This same indicator has strong ties to the current scenario. To better gauge network activity, one should also analyze the daily number of active addresses. Although it should not be interpreted as the number of active users, it provides a reliable network usage gauge. Ether daily active addresses (right) and Ether price (left). Source: Digital Assets Data November data seems to be repeating the previous month's peak at 550,000 daily active addresses. This time around, activity appears to be at a much higher level than the late-2017 era. Of course, one might need to adjust to the growing use of decentralized finance (DeFi) and stablecoins. Yield pools and decentralized exchanges are responsible for tens of thousands of daily transactions involving multiple addresses. Ether daily active addresses. Source: CoinMetrics As one should expect, the number of daily active addresses back in November 2017 stood at 200,000, significatively below the current number. Nevertheless, they managed to catch up to 500,000 network addresses per day by the end of the year. On-chain analytics might have been close enough to the current state, but price action relies heavily on volume. After all, trading activity doesn't necessarily hold a direct relation to the network use. Ether average daily volume. Source: Messari The current $1.3 billion in daily average volume represents a 50% increase from the previous month. This data is a remarkable fact as it does not include decentralized exchanges. Ether daily transparent volume. Source: Messari Oddly enough, the current Ether volume stands out at the same level seen in Dec. 2017. Therefore one might conclude that this is too much of a coincidence to be disregarded. The current daily active addresses, transactions/transfers notional, and traded volume are aligned with the 2017 year-end period when Ether traded near the $450 mark. For this reason, analysts have solid reasons to believe that a $1,400 bull run is within the realm of possibility within the next few weeks. Will a renewed decentralized finance (DeFi) frenzy be enough to generate an inflow similar to the one seen during the 2017 ICO era? Or will it be institutional and larger-sized investors who sustain a powerful 300% rally? Remember, as the saying goes, 'history doesn't repeat, but it often rhymes.' The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Data shows that Bitcoin’s (BTC) current rally is supported by greater participation from retail and institutional investors. The CME Bitcoin futures open interest has moved closer to the previous all-time high, a sign that institutional investors are becoming more interested in cryptocurrencies. Similarly, Bitcoin’s spot volume has hit a new 52-week high, according to data from Arcane research.  However, during strong uptrends, traders tend to get greedy and take on excessive leverage. Hence, large open interest on derivatives could act as a double-edged sword because even a small decline in Bitcoin could force the highly leveraged traders to close their positions. Such a move could have a cascading effect that could lead to long liquidation. Daily cryptocurrency market performance. Source: Coin360 While traders should be cautious, there is no need to panic as yet because the current up-move in Bitcoin has happened without any euphoria or frenzy, especially among retail traders. Moreover, several analysts have been skeptical of the rally, which is another positive sign. The top usually forms when the last bear in the market turns bullish and there is no one left to buy. This does not mean that there will be no corrections along the way. Pullbacks are necessary to periodically shake out the weak hands and this generally improves the longevity of the trend. Let’s analyze the top-10 cryptocurrencies to ascertain whether the uptrend will continue or is a correction around the corner. BTC/USD The bulls pushed Bitcoin (BTC) above the $16,000 overhead resistance on Nov. 12. This breakout started the next leg of the uptrend that may carry the price to the critical overhead resistance at $17,200. BTC/USD daily chart. Source: TradingView The upsloping moving averages and the relative strength index in the overbought territory suggest that the bulls are in command. If the momentum can carry the price above $17,200, then the bulls will have a clear shot at the all-time highs. However, traders can get cautious if the pair turns down from the current levels and drops below $16,000 once again. This will suggest that the market participants have rejected higher levels. If the price sustains below $16,000, the bears will try to sink the BTC/USD pair below the 20-day exponential moving average ($14,596). Such a move will indicate that bulls are not buying the dips as the sentiment has turned negative. ETH/USD The bulls are finding it difficult to propel Ether (ETH) above the resistance line of the rising wedge pattern. However, the positive thing is that the bulls have not given up much ground. ETH/USD daily chart. Source: TradingView The bulls will again attempt to thrust the price above the wedge. If they can do that, the ETH/USD pair may rise to $488.134. The bears may again try to stall the up-move at this resistance. If they succeed, a drop to the 20-day EMA ($426) is possible. Conversely, if the bulls can push the price above $488.134, the next leg of the uptrend is likely to begin. The first target on the upside is $520 and then $550. The upsloping moving averages and the RSI above 67 suggest that bears are in command. The first sign of weakness will be a break below the 20-day EMA. Such a move could result in a drop to the support line of the wedge. XRP/USD XRP has been consolidating near the $0.26 overhead resistance for the past two days. This suggests that the bulls are not closing their positions in a hurry as they expect the price to break above the range. XRP/USD daily chart. Source: TradingView The rising moving averages and the RSI above 59 suggest that bulls are in control. A breakout and close above $0.26 could start the journey to $0.30. Above this level, the up-move may reach $0.326113. Contrary to this assumption, if the bulls again fail to sustain the price above $0.26, then the bears will try to pull the price back below the moving averages. If they succeed, the XRP/USD pair may drop to $0.2295. LINK/USD The bulls failed to push and sustain Chainlink (LINK) above $13.28 on Nov. 11. This shows that the bears are aggressively defending this resistance. However, the positive thing is that the bulls have not given up much ground in the past two days. LINK/USD daily chart. Source: TradingView The bulls are currently attempting to drive the price above $13.28. If they manage to do that, the LINK/USD pair will complete an inverse head and shoulders pattern that has a target objective of $19.2731. Both moving averages are sloping up and the RSI has risen above 58. This suggests a minor advantage to the bulls. Contrary to this assumption, if the pair turns down from $13.28 once again, the bears will try to pull the price down to $9.7665. A break below this support will invalidate the bullish pattern. BCH/USD The bulls purchased the dip below the 20-day EMA ($257) on Nov. 12 but could not sustain the higher levels. This has attracted selling by the bears and Bitcoin Cash (BCH) has broken below the 20-day EMA. BCH/USD daily chart. Source: TradingView If the bears sink the price below the 50-day simple moving average ($247), the BCH/USD pair could drop to the next support at $231. The bulls have defended this support on two previous occasions, hence, a break below it may intensify selling and drag the price to $200. However, the 20-day EMA is flat and the RSI is close to the midpoint, which suggests a few more days of range-bound action. The momentum could pick up if the bulls push the price above $280 or the bears sink the price below $231. LTC/USD Litecoin (LTC) has surged above the $64 resistance today, which shows that the bulls have overpowered the bears. The buyers will now try to sustain the momentum and drive the price above $68.9008. LTC/USD daily chart. Source: TradingView If they succeed, the next leg of the uptrend could begin. The next target is $80 and then a rally to $100 is possible. The upsloping moving averages and the RSI above 67 suggest bulls are in charge. Contrary to this assumption, if the price again turns down from the current levels and plummets below $64, it will suggest a lack of buyers at higher levels. Such a move could attract profit booking that may result in a drop to the 20-day EMA ($57.86). BNB/USD Binance Coin (BNB) is currently stuck in a tight range between $28.97 and $27.30. The altcoin bounced off the support of this range on Nov. 12 and the bulls will now try to push the price above the moving averages. BNB/USD daily chart. Source: TradingView If they succeed, the BNB/USD pair could rise to $30 and a break above this resistance may open the gates for a rally to $32. However, the downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. If the price turns down from the current levels and breaks below $27.30, the pair may drop to $25.6652. A break below this support will signal weakness. DOT/USD Polkadot (DOT) turned down from $4.63 on Nov. 11 and the bears attempted to sink the price below the 20-day EMA ($4.31) on Nov. 12 but failed. This shows that bulls are defending the moving averages. DOT/USD daily chart. Source: TradingView The 20-day EMA is rising gradually and the RSI is above 55, which suggests that bulls have the upper hand. However, the buyers will have to sustain the price above the immediate resistance at $4.50 to increase the possibility of a move to $4.95. Contrary to this assumption, if the DOT/USD pair again turns down from $4.50 or $4.63, the bears will try to sink the price below the moving averages. If they succeed, the pair could drop to the $3.80 support. ADA/USD After the bulls failed to push Cardano (ADA) higher on Nov. 10 and 11, the bears tried to sink the price below the moving averages on Nov. 12 but could not. The altcoin has currently rebounded off the 20-day EMA ($0.102) and the bulls are attempting to push the price to $0.1142241. ADA/USD daily chart. Source: TradingView The moving averages are rising and the RSI is in the positive zone, suggesting an advantage to the bulls. The ADA/USD pair could pick up momentum after the bulls push the price above $0.1142241. However, if the pair turns down from the current levels and plunges below the moving averages, the bears will try to pull the price down to the $0.0893 support. The next trending move may start after the bulls push the price above $0.1142241 or the bears sink the price below $0.0893. BSV/USD The bulls have failed to propel Bitcoin SV (BSV) above the 20-day EMA ($162) in the past three days. This suggests a lack of urgency among the bulls to buy at the current levels. BSV/USD daily chart. Source: TradingView The 20-day EMA has started to turn down and the RSI is just below the midpoint, which suggests a minor advantage to the bears. If the sellers can sink the price below the immediate support at $154.66, the BSV/USD pair could drop to the $146 support. This negative view will be invalidated if the bulls can push the price above the moving averages and the downtrend line. Such a move will increase the possibility of a rally to $181. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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Professional traders are often perceived to be the smartest, as they weigh the risks before investing in an asset class. Opposite to that, most retail traders only keep an eye on the possible profits and disregard the risk before investing. Therefore, the increase in the number of Bitcoin (BTC) addresses holding more than 100 Bitcoin to a seven-month high, at 16,271, could be considered as a bullish sign. Furthermore, the low search volume for the keyword “Bitcoin” suggests that the current rally lacks the frenzied retail buying seen during the previous bull market in 2017. Daily cryptocurrency market performance. Source: Coin360 PlanB, the creator of the stock-to-flow model, has maintained his bullish stance on Bitcoin, as he expects the price to at least rally to $100,000 by December 2021. If that happens, Bitcoin would command a market capitalization of about $2 trillion. While crypto analysts are voicing bullish forecasts for Bitcoin, noted economist and Bitcoin skeptic Nouriel Roubini remains bearish, as he anticipates central bank digital currencies to start a big revolution in about three years. Thereafter, “Not only you don’t need crypto, you don’t even need Venmo,” said Roubini in a recent interview. In other news, U.S. equity markets surged higher on the positive news that Pfizer is recording success in its COVID-19 vaccine trials. As the news broke, gold and Bitcoin prices corrected sharply, but it appears that crypto investors are viewing the dips as buying opportunities. Let’s take a look at the top crypto assets to see how they are performing today. BTC/USD Bitcoin (BTC) is in an uptrend but is currently facing stiff resistance near $16,000. The failure to rise above the overhead resistance could attract profit-booking from the short-term traders and shorting by the aggressive bears. BTC/USD daily chart. Source: TradingView If the BTC/USD pair breaks below $15,650, it could drop to the critical support at $14,000. The 20-day exponential moving average ($13,935) is placed just below this support; hence, the bulls are likely to defend this level aggressively. A strong bounce off the 20-day EMA will indicate accumulation by the bulls at lower levels. The price could remain stuck between $14,000 and $16,000 for a few days before starting the next trending move. If the bulls can push the price above $16,000, a rally to $17,200 and then to all-time highs is possible. Conversely, a break below the 20-day EMA could result in a fall to the 50-day simple moving average ($12,137). ETH/USD The bulls are struggling to push the price above the resistance line of the rising wedge pattern. Ether (ETH) formed an inside day candlestick pattern on Nov. 8 and is currently trading in a tight range. This suggests indecision among the bulls and the bears. ETH/USD daily chart. Source: TradingView If the bears sink the price below $432, the possibility of a drop to the 20-day EMA ($409) increases. A break below the support line of the wedge will indicate an advantage to the bears. However, the upsloping 20-day EMA and the relative strength index in the positive zone suggest an advantage to the bulls. If they can push the price above the wedge, the ETH/USD pair could rally to $488.134. A breakout of this resistance could resume the uptrend with the next target at $520 and then $550. XRP/USD XRP attempted to break out of the range on Nov. 7 but the bears pushed the price right back in. The bulls are currently attempting to defend the moving averages. If they succeed, another attempt to push the price above $0.26 is likely. XRP/USD daily chart. Source: TradingView If the price sustains above $0.26 for a day, the XRP/USD pair could start a new uptrend with the first target objective at $0.30. However, the flat moving averages and the RSI near the midpoint suggest a balance between supply and demand. If the price slips below the moving averages, the pair could remain range-bound between $0.26 and $0.2295 for the next few days. A break below the $0.2295 to $0.219712 support zone will tilt the advantage in favor of the bears. BCH/USD Bitcoin Cash (BCH) broke above $272 for the past two days but could not sustain the higher levels. The repeated price rejection shows that the bears are aggressively defending the $272–$280 resistance zone. BCH/USD daily chart. Source: TradingView If the bears sink the price below the 20-day EMA ($257), the BCH/USD pair could drop to $242 and then to $231. Such a move will indicate the possibility of a range-bound action between $231 and $280 for a few days. However, the upsloping moving averages and the RSI in the positive zone suggest a minor advantage to the bulls. If the bulls can push the price above the overhead resistance zone, a rally to $300 and then to $326.30 is possible. LINK/USD The bulls tried to propel Chainlink's LINK above the $13.28 resistance on Nov. 7 but failed. However, the positive thing is that the altcoin bounced off the 20-day EMA ($11.46) and the bulls are again trying to push the price above the overhead resistance. LINK/USD daily chart. Source: TradingView If they succeed, it will complete a bullish inverse head-and-shoulders pattern that has a target objective of $19.2731. The 20-day EMA ($11.46) has started to turn up gradually, and the RSI is in the positive territory, which suggests a minor advantage to the bulls. However, if the price again turns down from the overhead resistance, the bears will try to sink the LINK/USD pair below the moving averages. If they succeed, a drop to $9.7665 is possible. BNB/USD Binance Coin (BNB) has been stuck between $32 and $25.6652 for the past few days. The bulls attempted to push the price above the moving averages on Nov. 7, but they failed. BNB/USD daily chart. Source: TradingView The downsloping 20-day EMA ($28) and the RSI in negative territory suggest that bears have the upper hand. If the price sustains below the moving averages, a drop to $25.6652 is possible. A bounce off this support could extend the stay inside the range for a few more days, while a break below it could start a new downtrend. This negative view will be invalidated if the BNB/USD pair turns up from the current levels and breaks above $30. Such a move could result in a rally to $32. LTC/USD Litecoin (LTC) once again turned down from the stiff overhead resistance of $64 on Nov. 7. Barring the breakout on Aug. 17, the price has turned down from this resistance on three occasions. LTC/USD daily chart. Source: TradingView The RSI is forming a bearish divergence, which suggests that the momentum may be weakening. If the LTC/USD pair turns down from the current levels or the overhead resistance and plummets below the 20-day EMA ($56), it will increase the possibility of a drop to the 50-day SMA ($50). On the other hand, if the pair rebounds off the 20-day EMA, the bulls will make one more attempt to push the price above $64. If they succeed, a rally to $68.9008 is possible. DOT/USD Polkadot's DOT is currently trading inside a small range that has resistance at $4.95 and support at $3.80. The price turned down from $4.8586 on Nov. 7, which shows that the bears are aggressively defending this level. DOT/USD daily chart. Source: TradingView However, the bulls are trying to keep the price above the moving averages, and the RSI has also taken support at the 50 level. If the RSI can break out of the downtrend line, it will indicate an advantage to the bulls. If buyers can push the price above $4.95, a rally to $5.5899 is likely. The bears may again defend this level aggressively, but if the bulls can thrust the price above it, a new uptrend could begin. ADA/USD Cardano's ADA turned down from the $0.1142241 resistance on Nov. 7, which shows that the bears are aggressively defending this level. However, the positive thing is that the bulls have not allowed the price to dip below the moving averages. ADA/USD daily chart. Source: TradingView The strong rebound off the moving averages on Nov. 8 shows that the sentiment is to buy the dips. The bulls will again attempt to push the price above the overhead resistance. If they can pull it off, the ADA/USD pair could rally to $0.128 and then to $0.1445. On the contrary, if the price again turns down from $0.1142241, then the range-bound action may continue for a few more days. A break below the moving averages will signal weakness, and the bears will then try to sink the pair below $0.0893. BSV/USD Bitcoin SV (BSV) continues to trade inside the broad range of $146 to $181. The price has been oscillating above and below the moving averages for the past three days, which shows that traders are undecided about the next move. BSV/USD daily chart. Source: TradingView The flat moving averages and the RSI close to the halfway mark suggest a balance between supply and demand. If the price sustains below the moving averages, the bears will try to sink the BSV/USD pair to the critical support at $146. A rebound off this level could extend the range-bound action for a few more days. The trend will shift in favor of the bulls if they can push the price above the overhead resistance at $181. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by exchange HitBTC.
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Today Bitcoin (BTC) price briefly pushed through the $14,100 resistance to achieve a new 2020 high at $14,259 before pulling back to retest $14,100 as support.  Although this level represents a critical resistance, data suggests that Bitcoin whales are not closing their positions in a hurry as they expect the current rally to continue. This strong show of confidence is occurring even as there is heightened uncertainty over the result of the U.S. presidential election shows that market participants expect Bitcoin price to move higher regardless of who wins the election. Another bullish sign for Bitcoin is the record inflow of $215 million into Grayscale Bitcoin Trust last week. This shows that along with the whales, institutional investors are also bullish on the prospects of Bitcoin. If investors continue to pour money into Grayscale at the current rate, the fund may hold about 2.7% of Bitcoin’s circulating supply in approximately three weeks. Daily cryptocurrency market performance. Source: Coin360 During the 2017 bull market, the main driver of Bitcoin price action was the spot market. However, since then, crypto derivatives volumes have surged, according to Kraken’s November report. The spot volumes hit a high of $570 billion in Q1 2018 but dropped off “to a low of $104 billion nearly two years later,” but “derivatives notional volume exploded from below $6B in Q2 2017 to over $1.7T by Q3 2020," the report added. While data suggest greater participation by the professional traders and institutional investors, do the technicals project further upside for Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out. BTC/USD The bears could not even sink Bitcoin (BTC) to the 20-day exponential moving average ($13,057) in the past few days, which showed that the bulls were in no hurry to book profits. This could have attracted another round of buying that has pushed the price to a new 2020 high at $14,259 levels today. BTC/USD daily chart. Source: TradingView The upsloping moving averages and the relative strength index in the overbought zone suggest that the bulls are in control. If they can sustain the price above $14,102, the next leg of the up-move is likely to begin. The next major resistance is close to $16,200. However, the RSI is still showing signs of negative divergence, which usually acts as a reliable warning sign that the momentum may be weakening. But in a strong uptrend, the divergence may turn out to be a fake signal unless the price turns lower. This bullish view will be invalidated if the price turns down from the current levels and the BTC/USD pair plummets below the 20-day EMA. Such a move will suggest that the bears are attempting a comeback and they are likely to gain strength if the pair dips below the $12,460 support. ETH/USD The bulls bought the dip to the uptrend line on Nov. 3 and have followed it up with a breakout of the downtrend line and the $395 resistance today. This suggests that the short-term correction in Ether (ETH) could be over. ETH/USD daily chart. Source: TradingView The 20-day EMA ($388) has started to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. If they can push the ETH/USD pair above $420, the rally may extend to $450 and then to $488.134. This bullish view will be invalidated if the pair turns down from the current levels or the overhead resistance and drops below the 50-day simple moving average ($372). XRP/USD The bulls again purchased the dip to the $0.2295 support on Nov. 3 but they could not propel XRP above the moving averages. This suggests that the bears are aggressively defending this resistance. XRP/USD daily chart. Source: TradingView The downsloping 20-day EMA ($0.244) and the RSI in the negative territory suggest that the bears are in control. If they can sink the price below $0.2295, the XRP/USD pair could drop to $0.219712. A break below this support may resume the downtrend, with the next support at $0.19. Contrary to this assumption, if the pair rebounds off the current levels and rises above the moving averages, then a few more days of range-bound action is likely. BCH/USD Bitcoin Cash (BCH) plunged to $231.93 on Nov. 3 but the bulls purchased this dip as seen from the long tail on the candlestick. Today again, the buyers stepped in and bought the decline to $230.90. BCH/USD daily chart. Source: TradingView This strong rebound suggests that the bulls are attempting to defend the $231.93 support aggressively. However, the downsloping 20-day EMA ($255) and the RSI below 42 suggest that bears are in command. Hence, the bears are likely to sell on rallies to the 20-day EMA. If the BCH/USD pair turns down from the current levels or the overhead resistance and plummets below $231.93, the decline could extend to $210 and then to $200. This negative view will be invalidated if the pair picks up momentum and rises above the 20-day EMA. If that happens, the pair could again rally to the $272 to $280 resistance zone. LINK/USD Chainlink (LINK) broke below the uptrend line today but the bulls purchased the dip to the $9.7665 support. However, the bears will try to stall the pullback at the 20-day EMA ($11) and then at $11.199. LINK/USD daily chart. Source: TradingView Both moving averages are sloping down and the RSI has slipped below 44, which suggests that bears have the upper hand. If the bears can sink the price below $9.7665, the LINK/USD pair could drop to $8.3817 and then to $6.90. This bearish view will be invalidated if the bulls build upon the current bounce and push the price above $11.199. Such a move will increase the possibility of a rally to $13.28. BNB/USD Binance Coin (BNB) closed below $28.43 on Nov. 2, which completed a double top pattern. This setup has a target objective of $24.86 but the bulls are currently attempting to defend the support at $25.6652. BNB/USD daily chart. Source: TradingView However, the downsloping 20-day EMA ($28) and the RSI below 37, suggest that the path of least resistance is to the downside. If the bears sink the price below $25.6652, the down-move could resume, with the next major support at $22. This bearish view will be invalidated if the bulls buy the current dip and push the BNB/USD pair back above $28.43. Such a move will open up the possibility of a rally to $32. LTC/USD The bulls aggressively purchased Litecoin (LTC) on dips to $51.2027 on Nov. 3 and have again bought the dip to $51.6109 today, as seen from the long tails on the candlesticks. This suggests that the bulls are defending the $52.36 to $51 support zone. LTC/USD daily chart. Source: TradingView If the buyers can sustain the price above the 20-day EMA ($53), a rally to $56.50 is possible. However, the flat 20-day EMA and the RSI just above the midpoint suggest a balance between supply and demand. If the LTC/USD pair turns down from the current levels, the bears will again try to sink the price below the support zone. If they succeed, the selling may intensify and the pair could drop to the next support at $46. DOT/USD The bears are attempting to sink Polkadot (DOT) below $3.80. If they can do that, the altcoin could drop to the critical support at $3.5321. A break below this support could start a new downtrend. DOT/USD daily chart. Source: TradingView Both moving averages are sloping down and the RSI continues to trade in the negative zone, which suggests that the bears are in control. On a break below $3.5321, the decline could extend to $2.60 and then to $2.00. This bearish view will be invalidated if the bulls defend the $3.80 to $3.5321 support zone and push the price above the moving averages. Such a move could keep the DOT/USD pair range-bound for a few more days. ADA/USD The long tail on the Nov. 3 candlestick shows that the bulls are buying Cardano (ADA) on dips to $0.0893, but today’s price action suggests that they are not able to sustain the momentum at higher levels. ADA/USD daily chart. Source: TradingView The downsloping 20-day EMA ($0.0990) and the RSI in the negative zone suggest that the bears have the upper hand. Hence, they may attempt to sell the pullback to the 20-day EMA. If the ADA/USD pair breaks below $0.0893, it could drop to $0.0755701. This negative view will be invalidated if the bulls can push the price above the moving averages. In such a case, a move to $0.104044 and then to $0.1142241 is possible. BSV/USD Bitcoin SV (BSV) bounced off $145.20 on Nov. 3 and the bulls are again attempting a rebound off the $146.12 level today. This suggests that the bulls are accumulating on dips to the $146.20 to $135 support zone. BSV/USD daily chart. Source: TradingView However, unless the bulls push the price back above the uptrend line and the moving averages within the next few days, the bears will again try to sink the BSV/USD pair below the support zone. If they succeed, the pair could start a new downtrend that could result in a decline to $100. The downsloping 20-day EMA ($164) and the RSI in the negative territory suggest that the path of least resistance is to the downside. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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In the past week, altcoins prices received a significant haircut, and investors who were light on Bitcoin (BTC) saw their portfolio value take a hit.  Initially, Ether (ETH) price followed Bitcoin higher as the top-ranked digital asset rallied through the $12,000 resistance but as BTC continues to slowly push higher Ether struggled to flip $400 to support. Crypto market weekly price chart. Source: Coin360 Ether’s loss of momentum and the correction in altcoins has led to a number of crypto traders tweeting that altcoin season is done and many are citing the bearish price action in the ETH/BTC pair as evidence for this point of view. ETH/BTC 1-week chart. Source: TradingView Looking at the ETH/BTC weekly chart, traders will notice that the pair is on the verge of dropping below the ascending trendline and high volume VPVR node at 0.027294 sats. Losing this level opens the door for a further decline to 0.024519 sats and below this Ether is approaching yearly lows near 0.0160 sats. ETH/BTC daily chart. Source: TradingView On the daily timeframe, we can see that losing the 0.032385 sats support thrust Ether price into the VPVR gap from 0.032385 sats to 0.029536 sats. The bleeding looks set to continue until the price reaches the 0.029536 sats level, but the current daily candle is beginning to form what looks like a double bottom and there appears to be an oversold bounce taking place as the RSI is rising from 28 on the daily timeframe. The signal line and MACD of the moving average convergence divergence indicator are still in steep decline and the absence of strong buy volume decreases the chance that short-term trend-reversal is in the making. Perhaps if Bitcoin price entered a period of consolidation for the next few days the ETH/BTC pair could recover some lost ground but this seems unlikely at the moment. There’s hope in the ETH/USDT pair ETH/USDT daily chart. Source: TradingView The ETH/USDT pair paints something of a different picture as the pair continues to make daily higher lows and the price action is following the support and resistance trendlines of the ascending channel. The channel support rides alongside the 100-day moving average and once Ether is able to hold $400 as support $405 and $417 are the next hurdles the altcoin must overcome. The price action within ascending channels is pretty easy to track and the 4-hour chart shows the MACD converging with the signal line as the selling tapers off and the RSI is rising toward 45. Over the short-term, a move to the ascending channel midline at $400 seems probable but traders still expect this level to be stiff resistance. A bullish breakout from the ascending channel ($430) could enable Ether to chase after the $468. If Ether price drops below the 100-MA and falls from the ascending channel there is support at $353, $330, and $315. Losing these levels means traders can look for a sharper drop to $248. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all-time high above $20,000 in the near future.  Traders attribute these lofty estimates to the fact that BTC appears to have flipped $12,000 to $12,500 to support and barring some unexpected price implosion, Bitcoin is on the path to painting a beautiful monthly candle. Crypto market weekly price chart. Source: Coin360 Further ‘bullish’ evidence comes from today’s options and futures expiry which saw $450 million of futures open interest expiring as of Oct.28. According to Cointelegraph contributor Marcel Pechman: “The most recent options expiry for BTC and Ether really provided nothing surprising. Deribit is back to 137K BTC options versus the 150K open yesterday. Meanwhile, CME has $215 million futures open interest expiring on Oct. 30, but this appears to have had a very minimal impact on price, if any at all. Once again, the phenomenon of the pre and post BTC price drop on the occurrence of CME futures expiries no longer exists. This reaffirms the bull case for the recent run, despite the negative news from Asian exchanges and Tether.” Currently, BTC is trading above $13.5K, and the 4-hour chart shows the digital asset making higher lows and lower highs as the price pulls into a tighter range. BTC/USDT 4-hr chart. Source: TradingView Even as the price holds above the 20-day moving average, it wouldn’t be unexpected to see it range between $13,500 to $12,900 through the weekend and into early next week. If Bitcoin price is able to push above the pennant trendline at $13,620 and secure a 4-hour close above it, then a renewed push for a new 2020-high above $13,859 is possible. Currently, as trading volume increases, the moving average convergence divergence indicator shows the MACD has crossed above the signal line (orange) and the histogram shows an increase in momentum. The RSI is also above the midline, just reaching 60, but for the last few days, BTC has met resistance at $13,660. In the event that BTC loses its current momentum and drops from the pennant below $13,100, there is support at $12,800. Failure to hold at this level opens the door for a retest of the next support at $12,000 and below this $11,500. Bitcoin daily price chart. Source: Coin360 From a bird’s-eye-view, Bitcoin’s current price action is encouraging and the digital asset is clearly in a strong uptrend with room to run higher. The same cannot be said for altcoins which have taken an absolute pummeling throughout this week. At the time of writing Ether (ETH) price is down by 5.8% as the top altcoin struggles to reclaim $400 as support. Chainlink (LINK) has dropped 6.74% and Binance Coin (BNB has lost 6.10%. According to CoinMarketCap, the overall cryptocurrency market cap now stands at $396.6 billion and Bitcoin’s dominance rate is 63.5%.
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Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars. Daily cryptocurrency market performance. Source: Coin360 Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more days, it would complete 100 days above this critical level. History suggests that Bitcoin rallies vertically after it completes 100 days above a psychologically significant level. Bitcoin’s rally from $10 to $100, a 10-fold rise, took only 122 days after it had spent 100 days above $10. Similarly, a move from $100 to $1000 happened in two days, and the rally from $1,000 to $10,000 was completed in 150 days. Therefore, investors are watching to see whether Bitcoin will continue following its precedence or will it chalk a new course. Let’s study the charts of the top-10 cryptocurrencies to find out the path of least resistance. BTC/USD The long tail on the candlesticks of the past two days shows that the bulls are accumulating on dips. However, the failure to sustain Bitcoin (BTC) above $13,600 suggests that the bears are attempting to defend the overhead resistance. After the large range day on Oct. 28, the price action could be subdued for a few days as both the bulls and the bears try to gain an upper hand. However, the upsloping moving averages and the relative strength index still in the overbought zone suggests that the path of least resistance is to the upside. The bulls will again try to push the BTC/USD pair above $13,973.50 and if they succeed, the uptrend could resume. Contrary to this assumption, if the index turns down from the current levels and slips below the 20-day exponential moving average ($12,518), the trend could turn in favor of the bears. ETH/USD Ether (ETH) has broken below the 20-day EMA ($385) today but the bulls are attempting to defend the support at the 50-day simple moving average ($370). The uptrend line is also just below this level, hence, a bounce is likely. ETH/USD daily chart. Source: TradingView If the bulls can push the price above the downtrend line, the ETH/USD pair may rise to the $420.50 overhead resistance. A break above this level could increase the possibility of a rally to $450 and then to $488.134. On the other hand, if the bears sink the ETH/USD pair below the uptrend line, a drop to $333 and then to $308.392 is possible. The flat moving averages and the RSI near the midpoint do not indicate an advantage to either the bulls or the bears. Hence, the pair could remain range-bound for a few days. XRP/USD After failing to sustain above the $0.26–$0.2295 range on Oct. 22, XRP has dropped to the support of the range. However, the long tail on the candlestick today suggests that bulls are using this dip to buy. XRP/USD daily chart. Source: TradingView It is difficult to predict the direction of the breakout from the range, hence, it is better to wait for the price to break above or below the range before taking a large bet. In a consolidation phase, the signals from the moving averages are choppy. The oversold levels on the RSI are considered as a buying opportunity and overbought levels are used to book profits because the expectation is that the range-bound action will continue. A trending move could be expected if the bears sink the XRP/USD pair below the $0.2295–$0.219712 support zone, while a break above $0.26 will suggest that the bulls are in command. BCH/USD The long wick on the candlestick on Oct. 28 shows that bulls booked profits when Bitcoin Cash (BCH) failed to rise above $280. Although the bulls purchased the dip to the 20-day EMA ($256) on Oct. 29, the price has again slipped today. BCH/USD daily chart. Source: TradingView The RSI has broken down from the symmetrical triangle, which suggests that the bears are attempting to make a comeback. If the bears can sink the price below the 20-day EMA, a drop to $242 is possible. This support could attract buying as the 50-day SMA ($238) is just below it. If the BCH/USD pair rebounds off this support, it could remain range-bound between $280–$242 for a few days. Contrary to this assumption, if the bears sink the pair below the 50-day SMA, a drop to $210 could be on the cards. LINK/USD Chainlink (LINK) has broken below the 20-day EMA ($11.21) support and the bears are now attempting to sink the price below the 50-day SMA ($10.58). If the bears succeed, the altcoin could dip to the uptrend line. LINK/USD daily chart. Source: TradingView A break below the uptrend line could signal an advantage to the bears and open the gates for a possible decline to $8.38 and then $6.90. Conversely, if the rebound off the current levels or the uptrend line sustains above the 20-day EMA, the bulls will again try to propel the LINK/USD pair above $13.28. However, the flat moving averages and the RSI near the midpoint indicate a balance between supply and demand. This could result in a range-bound action in the short-term. BNB/USD The bears are currently attempting to sink and sustain Binance Coin (BNB) below the $28.43 support. If they succeed, the altcoin will complete a double top pattern that could drag the price down to the target objective of $24.86. BNB/USD daily chart. Source: TradingView The 20-day EMA ($29.81) has started to turn down and the RSI has plunged into negative territory, which suggests the bears have the upper hand. However, if the bulls buy the current dip and push the price back above $28.43, the BNB/USD pair could rise to the 20-day EMA where it may face resistance. If the price turns down from this resistance, it will suggest that the sentiment has turned bearish and traders are looking to sell on rallies. Contrary to this assumption, if the bulls can push the price above $32, it will suggest that the bulls are back in control. DOT/USD Polkadot (DOT) plummeted back below the neckline of the inverse head and shoulders pattern on Oct. 29. This drop has invalidated the bullish reversal pattern. DOT/USD daily chart. Source: TradingView The bulls are currently trying to find support close to $3.80. If this support cracks, the bears will try to break the $3.5321 support and if they succeed, the DOT/USD pair could start a downtrend that may reach $2.60. On the contrary, if the pair rebounds off the current levels, the pair may again attempt to rise above the moving averages and $4.6112. If that happens, it will suggest that the bulls are accumulating at lower levels. LTC/USD The reversal on Oct. 28 attracted further follow up selling on Oct. 29 and Litecoin (LTC) broke the 38.2% Fibonacci retracement level of $54.9361. Currently, the bulls are attempting to defend the $52.36 support. LTC/USD daily chart. Source: TradingView If they succeed, the LTC/USD pair could consolidate between $52 and $60 for a few days. The flattening 20-day EMA ($53) and the RSI just above the halfway mark also suggest a few days of range-bound action. This assumption will be invalidated if the bears sink the pair below the $52.36–$51 support. If this happens, the pair could drop to the 50-day SMA ($49) and below that to $46. BSV/USD Bitcoin SV (BSV) broke below the 20-day EMA ($167) on Oct. 29 and that has been followed by further selling today. Currently, the altcoin has dropped to the uptrend line of the symmetrical triangle. BSV/USD daily chart. Source: TradingView A break below the uptrend line could drag the price down to the $146.20 support where the bulls are likely to step in and buy. A bounce off $146.20 could keep the BSV/USD pair stuck inside the range for a few more days. The flat moving averages and the RSI in the negative territory also suggest a balance between supply and demand. This view of a range formation will be invalidated if the bulls push the price above $180.63 or the bears sink the pair below $146.20. ADA/USD Cardano (ADA) broke below the 50-day SMA ($0.092) on Oct. 29 and the bears are currently attempting to sink the price below the $0.0893 support. If they succeed, the altcoin may drop to $0.0755701. ADA/USD daily chart. Source: TradingView The downsloping 20-day EMA ($0.102) and the RSI below 38 indicate that bears are in command. Even if the ADA/USD pair rises from the current levels, the bears will try to sell the bounce to the 20-day EMA. If the pair turns down from this resistance, it will increase the possibility of a break below $0.0893. This bearish view will be invalidated if the bulls can push the pair above $0.1040440. Such a move will suggest accumulation at lower levels. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by HitBTC exchange.
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In the last few days Bitcoin (BTC) price rallied within a hair of the $14,000 level and Ether (ETH) followed with a similarly strong performance but the altcoin failed to hold above the $400 physiological support.  Bitcoin and Ethereum year-to-date performance. Source: Digital Assets Data Although Ether price is below $400, data show traders are not worried about Friday’s options expiry. Investor optimism has been kept intact despite the recent decentralized finance (DeFi) lackluster performances. $80 million worth of Ether options are set to expire this Friday, but there has never been a strong argument for October. For starters, this number pales in comparison with the figures for December and March $282 million. ETH options open interest. Source: Cointelegraph Even when taking a more granular view, October options are somehow balanced between calls and puts. This data is a sign of an undecided market, which is neither bullish nor bearish when viewed in isolation. October ETH options. Source: Deribit As the data above shows, there is roughly the same amount of call (buy) options betting on prices up to $410, as there are put (sell) options eager for lower prices. The scenario gets even more balanced after including OKEx numbers, which favors put (sell) options by 2.5K ETH. The main reason behind the interest in October options is Ethereum's upcoming ETH 2.0 upcoming staking launch. For investors willing to open leveraged bets for this event, the odds favor December to March 2021 for an outcome. This rationale is valid both for bulls and bears, therefore greatly diminishing investors appetite for short-term options. December ETH options. Source: Deribit By analyzing December’s $200 million in open interest, one will obtain a better sense of how investors are positioning themselves for the upcoming Ethereum network upgrade. Bullish strategies are using this ‘event’ around 62% of these options. Options pricing have been signaling bullishness For those unfamiliar with the "delta" mentioned on those charts, this indicator comes from the options Black & Scholes pricing model. It represents the mathematical probability of Ether being above that price on the expiry date according to its volatility. For example, the current options pricing display 33% odds of the price being above $460 on December 25. Investors then compare calls and put options with similar probabilities. On a balanced market, traders should be demanding roughly the same premium for both options, with a 25% delta (odds). Whenever the market is unwilling to take downside risk, the indicator shifts negatively. On the other hand, a positive 10% delta skew indicates traders are demanding less premium (risk) for upside protection. 3-month options 25% delta skew. Source: Skew The above chart shows a relatively steady optimism as the 25% delta skew has been hovering around -11% past two months. Although not excessive, it certainly shows how sentiment has not changed despite the recent failure to sustain a $400 support level. Top traders are currently net long To further confirm whether this optimism reflects investors positions, one should analyze the Ether top traders' long-to-short exchange provided data. By reviewing the top client positions on spot, perpetual and futures contracts, exchanges can obtain a clearer view of whether traders are leaning bullish or bearish. There are occasional discrepancies in the methodologies used by different exchanges, so viewers should monitor changes instead of absolute figures. ETH top traders long/short ratio. Source: Huobi and OKEx As shown by the chart above, there hasn't been any relevant changes to the exchange's top trading Ether positions. The decrease seen in Huobi is more than compensated by OKEx’s increasing long exposure. Binance figures were not included as they barely moved from 1.06 earlier this month to the current 1.01 level. Ultimately, despite the 7% downturn in Ether price since last week and a relatively clear lack of appetite for short-term options, there are no bearishness signals. This is because the 25% skew options pricing indicator and crypto exchange top traders long-to-short ratios are slightly favoring bulls. Nevertheless, investors are concentrating their bets on December and March expiries, which seems to make sense as the Ethereum network faces its most massive upgrade ever. At least, for now, these traders are confident that $400 will act as a support level going forward.bRegardless of what happens during tomorrow's expiry, one should closely monitor the options 25% delta skew indicator and top traders long-to-short ratio. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Available now with Crypto Cars Online Dallas/Fort Worth, Texas— October 26, 2020 — Crypto Cars Online announced immediate availability of purchasing vehicles with crypto currency, after partnering with top rated auto dealers in the Dallas Fort Worth area. “Our system is simple when you buy a car with Crypto Currency,” said Spokesman Roger Lee, Managing Partner of dr2marketing and head of media relations for Crypto Cars Online. How It Works Purchase your vehicle online with multiple crypto currency options including, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin. Crypto Cars Online recently committed to deploying a single payment processor, enabling customers to shop all makes and models of vehicles with crypto currency. “Once you find your car, you will be able to proceed to checkout and complete your purchase via our payment processor. We will handle the payment at the car dealer and clarify all needed paperwork for you,” said Spokesman Roger Lee, head of media relations for Crypto Cars Online. Availability Crypto Cars Online, is a service driven by customer feedback and is part of Crypto Cars Online’s commitment to deliver the latest vehicle options with one convenient payment processor.  Purchase is available immediately at www.cryptocarsonline.com and Crypto Cars Online can assist with vehicle delivery anywhere in the world. Founded in 2020, Crypto Cars Online is the first Crypto Currency Auto Finance company in the United States. The company offers a wide range of vehicles and services designed to make purchasing vehicles with crypto currency simple. ### Crypto Cars Online is a registered trademarks or trademarks of Crypto Cars Online in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. For more information: info@cryptocarsonline.com For more information on inventory: Please visit www.cryptocarsonline.com Featured image: DepositPhotos © VitalikRadko Please See Disclaimer Previous MPWR Crypto Summit Confirms Millennials Will be Enhancing The Digital Space
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