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Bitcoin Price

Jan 21 2021

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Bitcoin (BTC) price tumbled more than 10% today to hit a low near $31,000 and at the time of writing it looks like the sell-off has a bit further to go. In a weekly report from crypto fund provider, CoinShares, some institutional investors seem to be booking profits and the analysts also cited the strengthening (trade-weighted) U.S. dollar.

Another indicator that points to professionals selling Bitcoin is the drop in “Coinbase Premium.” As markets continue lower, an increasing number of investors may dump their positions with the intent to buy again at lower levels.

Crypto market data daily view. Source: Coin360

Guggenheim Partners chief investment officer Scott Minerd has turned bearish on Bitcoin for the year. In an interview with CNBC, Minerd said that Bitcoin may have topped out and could “see a full retracement back toward the 20,000 level.”

If Bitcoin plunges, altcoins are also likely to witness selling pressure. Although this may be the case, during sell-offs, tokens backed by strong fundamentals may outperform.

Let’s have a look at three tokens which have held steady during the current market correction.

HBAR/USD

Hedera Hashgraph (HBAR), the enterprise-grade distributed ledger, has been entering into various partnerships to leverage blockchain technology in real-world use cases in several sectors. If these initial projects are successful, it will open a plethora of future possibilities around the globe. Some of the recent collaborations are highlighted below.

Hedera and content services provider Hyland recently presented a proof of concept to the Texas Secretary of State to secure and verify government-issued records using electronic Apostilles, which will be recognized universally.

Fighting against money laundering and combating terrorism financing are critical regulatory requirements for every financial institution and these obligations are closely monitored by governments. TRM Labs has integrated with the Hedera public ledger to provide robust compliance and risk management solutions to the developers building on Hedera.

The team also has partnered with Everyware to monitor the cold storage equipment used to store COVID-19 and other vaccines at Stratford Upon Avon and Warwick hospitals.

Along similar lines, AVC Global and its Subsidiary MVC’s Track-and-Trace Platform have chosen to collaborate with Hedera to develop intelligent supply chains to reduce risk and fraud and enable the right product to reach the right place at the right time.

Hedera’s strength can be found in its diversified enterprises and the organizations that are part of the Hedera Governing Council. As the number of use cases for the protocol increase, it’s possible that HBAR will also continue to perform well.

HBAR has risen from an intraday low of $0.04151 on Jan. 12 to an intraday high at $0.12467 today, a 200% rally within a short span. The sharp rally on Jan. 20 cleared the overhead hurdle at $0.083.

HBAR/USDT daily chart. Source: TradingView

However, the sharp rally of the past few days has pushed the relative strength index (RSI) deep into the overbought territory, which may have attracted profit booking from traders. This has resulted in the formation of a Doji candlestick pattern today, suggesting indecision among the bulls and the bears about the next directional move.

The HBAR/USD pair could retest the recent breakout level at $0.083. If the price rebounds off this support, the bulls will again try to resume the uptrend. A breakout and close above $0.12467 could resume the uptrend, with the next target objective at $0.16616.

This bullish view will invalidate if the bears sink the price below the $0.083 support. Such a move could drag the pair to the 20-day exponential moving average ($0.06) as a deep fall tends to delay the resumption of the uptrend.

REEF/USD

The growing popularity of the DeFi space shows no signs of slowing down. Several new platforms promising innovative products pop up every other day and this makes it increasingly difficult to keep track of all new developments.

Reef’s (REEF) AI and Machine Learning powered algorithms attempt to address this problem by aggregating liquidity from various sources in order to offer users the most profitable option.

To achieve this objective, Reef has entered several partnerships in the past few weeks. The platform added support to Avalanche, enabling Reef’s clients to directly access the products available on Avalanche without leaving Reef’s platform.

Similarly, a partnership with bZx Protocol offers clients several trading and lending opportunities. The addition of a bZx farming pool to Reef’s AI and Machine Learning powered analytics engine will further widen the options available to Reef’s clients.

Reef’s collaboration with OpenDeFi allows users to invest in synthetic versions of real-world assets that are held by a custodian. Traders can invest in physical assets such as gold, silver, or even real estate and they can stake them to receive loans.

Reef finance was recently listed on Binance Launchpool, increasing its accessibility and a recent code audit by Halborn is likely to increase investors’ confidence in the project.

REEF rallied from an intraday low at $0.006516 on Jan. 13 to an intraday high at $0.023 today, a 252% rally within a short period. Due to the short trading history, a 4-hour chart has been used for the analysis.

REEF/USDT 4-hour chart. Source: TradingView

The REEF/USD pair is currently trading inside an ascending channel, with both moving averages sloping up and the RSI in the positive territory. This suggests that the bulls have the upper hand.

If the pair rebounds off the 20-EMA, the uptrend could resume its up-move inside the channel. A breakout and close above the channel will suggest a pick up in momentum. The critical level to watch on the upside is $0.031 and then $0.042.

Contrary to this assumption, if the bears sink the price below the support line of the channel, the pair could drop to the 50-simple moving average. A break below this support could signal that bears have taken control.

PERP/USD

Perpetual Protocol (PERP) is a relatively new entrant in the DeFi space, listing on the Ethereum mainnet on Dec 14. The recent crypto bull run could have accelerated its adoption as traders have been using perpetual contracts to profit from the speeding market.

Even though the platform supports only three trading pairs, Perpetual said their 7-day volume puts them in the top 10 on the DEX Metrics highlighted by Dune analytics.

After its initial success, Perpetual plans to add a fourth trading pair and then follow it up with more additions in due course. The staking pool may launch in February, which will allow PERP token holders to stake and earn rewards on fees generated by trading on the platform. The team is currently working to integrate limit orders sell options to the platform and the feature is expected to go live before the end of Q1.

PERP rallied from $1.844 on Jan. 12 to an intraday high at $6.055 on Jan. 17, a 228% rally within a week. After a three-day correction, the bulls are currently attempting to resume the uptrend.

PERP/USD daily chart. Source: Beta.Dex Vision

The shallow correction of the past three days suggests that the bulls are not closing their positions in a hurry. If the buyers can push the price above $6.055, the next leg of the up-move could begin. The next target objective on the upside is $9.41.

On the contrary, if the price turns down from $6.055, the PERP/USD pair may correct to $4.275 and remain range-bound between these two levels for a few days.

A break below $4.275 may intensify selling with the next support at the 50% Fibonacci retracement level. A breakdown and close below the 20-day EMA ($3.19) will signal a possible trend change.

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.

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Adoption, AI, algorithms, altcoins, analysis, Analysts, author, avalanche, Binance, bitcoin, Bitcoin Price, blockchain, coinbase, compliance, covid-19, crypto, crypto bull run, data, defi, DEX, Dollar, ethereum, Fees, finance, fraud, fund, Future, Global, Go, gold, Hedera Hashgraph, index, institutional investors, interview, investment, Ledger, lending, LINE, machine learning, Mainnet, market, markets, money, Money Laundering, more, opinions, other, partnership, Perpetual Protocol, platforms, Price Analysis, product, Products, Real Estate, Reef, report, research, risk, Risk Management, said, silver, Space, staking, storage, target, Technology, Texas, token, tokens, trading, u.s., upside, view

Jan 20 2021

Bitcoin Price Prediction: BTC/USD May See More Downside after Price Fails to Stay Above $37,000

Bitcoin (BTC) Price Prediction – January 20

The king coin has been facing some immense selling pressure as of late, with the support found within the $33,380 level.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $40,000, $42,000, $44,000

Support Levels: $30,000, $28,000, $26,000

BTCUSD – Daily Chart

BTC/USD has been struggling to maintain its uptrend, with the selling pressure within the $33,400 region which is stopping it from seeing any major gains throughout the past few days. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a prolonged sideways movement.

What is the Next Direction for Bitcoin?

At the time of writing, BTC/USD is trading down with 3.25% at its current price of $34,750. However, the coming few days may likely shine a light on Bitcoin’s outlook, as it is currently trading at a pivotal point. Therefore, any decline or rise from this level could determine its trend throughout the beginning of the next month.

BTC/USD is currently pushing below the 9-day and 21-day moving averages, with bears moving to erase the gains that came about at the early hour of today’s trading. More so, any bullish movement above the moving averages may push the price to the resistance level of $40,000, $42,000, and $44,000 while the supports are located at $30,000, $28,000, and $26,000 as the technical indicator remains moves below the 60-level.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the resistance at the $36,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency remain indecisive over the past few hours now. The resistance levels to watch are 37,000 and above.

BTCUSD – 4 Hour Chart

Nevertheless, the coin is still roaming around $35,294 as bulls are pushing the price towards the moving averages. Meanwhile, the $32,000 and below may come into play as the technical indicator moves above 40-level.

Bitcoin Price Prediction: BTC/USD May See More Downside after Price Fails to Stay Above $37,000

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: analysis, bitcoin, Bitcoin Price, btc, BTC/USD, cryptocurrency, data, gains, more, opinion, Price Prediction, trading

Jan 17 2021

Bitcoin Price Prediction: BTC/USD Currently Trades Around a Lowly Value of $36,000

Bitcoin Price Prediction – January 17
After several a visible number of trial efforts to breach past a main resistance price line around the $4,000 value, Bitcoin’s worth eventually relaxes muscle as trade with the US dollar until the present time of writing.

BTC/USD Market
Key Levels:
Resistance levels: $45,000, $50,000, $55,000
Support levels: $25,000, $20,000, $15,000

BTC/USD – Daily Chart
There has been a notable sell signal looming in the BTC/USD market, denoting that bulls’ pushing forces are now gradually getting weak. On January 11, the 14-day SMA trend-line broken southward to test a low point at $30,000. And, yet, the price is slightly trading below the sell signal of the smaller SMA trading indicator around the $35,000 level. The 50-day SMA is still underneath the price-value tested previously, a bit over a support line at $25,000.

What is likely the BTC/USD next price position?
In the meantime, a key resistance value at $40,000 has formed to mark a potential selling point for bears to brace up for a come-back. The BTC/USD bears now struggle to push the market down below $35,000. The Stochastic Oscillator has briefly crossed hairs to the south below range 80 to signify a falling pressure.

Should the present slight-falling forces hold long in the BTC/USD trading activities, bears could potentially move price past the former tested support trading area of $30,000 to afterward find a lower support level around $25,000 mark in no time. Meanwhile, at that earlier mentioned value, traders should be wary of getting late as there is a tendency that the market will see a quick-northward reversal move that could result in bears’ trap.

BTC/USD 4-hour Chart
Over a few trading days’ sessions, BTC/USD has been trading around three key variant levels of $40,000, $36,000 and, $32,000. Initially, the crypto’s value dumped below $32,000 and, later on, managed to recover back to touch a high mark at $40,000 on January 14.

Presently, price appears to fall under the $36,000 value, a bit below the two SMA trading indicators. That suggests that bears are some extent coming back to the crypto-market. But, Stochastic Oscillators have moved downward-pointing closer to range 20. Therefore, if the $32,000 price-line has to be breach southwardly, bears would have to exert more pressures to keep below it

Bitcoin Price Prediction: BTC/USD Currently Trades Around a Lowly Value of $36,000

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: analysis, bitcoin, Bitcoin Price, breach, BTC/USD, crypto-market, cryptocurrency, data, Dollar, LINE, market, more, Price Prediction, Technical Analysis, trade, trading, us, visible

Jan 12 2021

Goldman Sachs says Bitcoin is on the path to maturity

In an interview with CNBC, Currie said Bitcoin’s remarkable run has attracted greater institutional interest, but noted that smart-money investors are still a tiny fraction of the overall market. They will need to come in droves for Bitcoin to become a stable asset and avoid a flash crash like we saw earlier this week, he said.

“I think the market is beginning to become more mature,” Currie said of Bitcoin, adding that “volatility and those risks that are associated with it” are common for nascent assets.

He continued:

“The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small […] roughly 1% of it is institutional money.”

Some of Wall Street’s biggest names have thrown their weight behind Bitcoin over the past year. Legendary investors Paul Tudor Jones and Stanley Druckenmiller have already invested in the digital asset, and firms like MassMutual and Ruffer Investment Company have acquired sizable positions in BTC.

Last month, Anthony Scaramucci’s hedge fund, SkyBridge Capital, submitted an application with the Securities and Exchange Commission to launch a new Bitcoin fund.

That’s on top of the tens of billions invested by MicroStrategy, Grayscale, PayPal and Square combined.

Goldman Sachs has even changed its tune on Bitcoin and cryptocurrencies more generally. The firm has not only beefed up its human resources to include digital currency experts, but it has also issued guidance on the peaceful coexistence of Bitcoin and gold as macro hedges.

Coinbase, one of the world’s largest crypto exchanges, has also reportedly tapped Goldman for its forthcoming IPO.

After more than a decade of extreme price volatility, Bitcoin (BTC) is finally starting to mature as an asset class, according to Jeffrey R. Currie, Goldman Sachs’ global head of commodities research. 

Goldman Sachs says Bitcoin is on the path to maturity

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Adoption, bitcoin, Bitcoin Price, Commodities, company, crypto, cryptocurrencies, Currency, digital, digital asset, digital currency, exchange, Exchanges, fund, Global, gold, goldman-sachs, Grayscale, html, human, institutional investors, interview, investment, market, MassMutual, Microstrategy, money, more, PayPal, research, said, securities, Securities and Exchange Commission, Skybridge Capital, square

Jan 11 2021

Bitcoin’s short-term price trajectory could be bleak, says Celsius CEO

Healthy price corrections are generally part of market bull runs. With one such drop currently underway, Celsius’ CEO Alex Mashinsky thinks $16,000 could be in the cards. 

“I have been predicting that Bitcoin and many altcoins will hit new all-time highs during 2021 and beyond,” Mashinsky told Cointelegraph. “Still, we will see several corrections, like what is going on today, that will allow savvy investors to accumulate these assets at a discount.”

After Bitcoin broke its 2017 record high in December 2020, the asset continued upward in parabolic fashion, finding itself worth more than double its one-time high of $19,892 less than two months later.

Bitcoin nearly reached $42,000 on Jan. 8 before beginning its recent descent, holding a value near $32,700 at time of publication. From its all-time high near $42,000, down to its recent low, Bitcoin has already corrected approximately 28% in price.

Mashinsky said:

“I see Bitcoin prices plunging even further than 25%. Sooner or later, the bears will accumulate enough pressure to see a correction. Overall I see the potential for bitcoin prices to fall all the way back to $16,000 before the end of the first quarter.”

Bitcoin’s price has soared with lightning-like velocity in recent weeks. Although bull markets often include price pullbacks, what are some signs that might occur when this price correction is over? “Regardless of this drop and many more to come, we will continue saying the same thing since 2017,” Mashinsky said, adding:

“There is nothing better than HODLing your BTC and earning yield on it because very few investments delivered the returns of Bitcoin over 1,3 & 5 years. This process will flush the weak hands and transfer the baton with all their BTC from the short-term speculators to the long-term institutions and HODLers.”

Bitcoin’s bull run also comes in line with a number of other economic factors, including money printing and possible inflation.

Bitcoin’s short-term price trajectory could be bleak, says Celsius CEO

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: 2017, 2020, 2021, altcoins, bitcoin, Bitcoin Price, btc, ceo, going, inflation, Investments, market, markets, money, more, other, printing, returns, said

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