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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

Jan 20 2021

Price analysis 1/20: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB

When an asset is in an overbought condition and traders are sitting on large profits, even minor negative news and events could trigger profit-booking. This seems to have happened following Janet Yellen’s adverse comments on cryptocurrencies during a virtual hearing with the U.S. Senate Finance Committee.

In the same meeting, Yellen also told Congress to “act big” in order to support the U.S. economy. Another round of stimulus would probably further weaken the U.S. dollar and drive investors into assets that are considered as a store of value. This means Yellen’s comments may have inadvertently boosted the sentiment surrounding gold and Bitcoin (BTC).

*Daily cryptocurrency market performance. Source:* *Coin360*

As the fundamental factors supporting the current bull run are still intact, the institutional investors who had missed out on the rally at lower levels may use the current dip to build positions.

Glassnode data shows that large investors have been aggressively adding Bitcoin to their portfolios and the number of wallets holding over 1,000 Bitcoin has risen to a new all-time high. Since the start of 2021, 164 new wallets with over 1,000 Bitcoin have been created, indicating that whales are bullish despite the current BTC price correction.

Let’s study the charts of the top-10 cryptocurrencies to spot the critical support levels where buyers may start cherry-picking.

BTC/USD

Bitcoin has broken below the symmetrical triangle pattern but the bulls are currently attempting to defend the 20-day exponential moving average ($34,626). In an uptrend, traders buy the dip to the 20-day EMA as it offers a low-risk entry opportunity and a bounce off it reiterates the strength in the trend.

The 20-day EMA is flattening out and the relative strength index (RSI) has gradually dropped from the deeply overbought territory to the midpoint, which suggests a balance between supply and demand.

If the BTC/USD pair sustains below the 20-day EMA, it could drop to the 38.2% Fibonacci retracement level at $29,688.10. The bulls are likely to defend this support aggressively. If they succeed, this level may act as the support of the range while $40,000 could act as the resistance.

The positive view could be negated if the bears sink the price below the 50-day simple moving average ($27,596). Such a move could open the possibility of a fall to the 61.8% Fibonacci retracement level at $22,106.73.

ETH/USD

Ether (ETH) rallied to a new all-time high on Jan. 19, indicating that the bulls are in command. The upsloping moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.

Usually, after every breakout from a resistance, the price returns to retest the level. The same has happened in the ETH/USD pair where the bulls are trying to flip $1,300 into support. If they succeed, this level will act as a new floor.

The long tail on today’s candlestick suggests traders are buying on dips below $1,300. If they manage to close the price above $1,300, the pair may attempt to resume the uptrend. If the bulls push the price above $1,438.318, the pair could rally to $1,675.

Contrary to this assumption, if the pair sinks and sustains below $1,300, the next drop is likely to be the 20-day EMA ($1,129). A bounce off this support will suggest the sentiment remains bullish, but if the bears sink the pair below the 20-day EMA a short-term top may be in place.

DOT/USD

After the sharp rally of the past few days, Polkadot (DOT) has entered a minor correction. The altcoin had today dipped to the 38.2% Fibonacci retracement level at $14.7259, which is acting as a strong support.

The long tail on today’s candlestick shows that traders are not waiting for a deeper correction to buy as they anticipate higher levels in the future. If the bulls can push the price above $19.40, the uptrend could resume with the next target objective at $24 and then $30.

Contrary to this assumption, if the bears sink the price below $14.7259, the selling may intensify and the pair could drop to the 50% retracement level at $13.2821 and then to the 20-day EMA ($12.32).

If the pair rebounds off the 20-day EMA, it will suggest the uptrend remains intact but if this support cracks, the decline could extend to $11.8383. The deeper the correction, the longer it is likely to take for the uptrend to resume.

XRP/USD

XRP rose above the 20-day EMA ($0.297) on Jan. 19 but the bulls could not sustain the higher levels, indicating traders are offloading their positions on every minor attempt to rally.

The price action of the past few days has formed a descending triangle pattern. If the bears sink the price below the $0.25 support, the XRP/USD pair could drop to the critical support at $0.169. A break below this level could resume the downtrend with the next target objective at $0.10.

On the other hand, if the bulls defend the $0.25 support and push the price above the downtrend line, the pair may rise to $0.385 and stay range-bound between these two levels for a few more days. A new uptrend could begin on a breakout and close above $0.385.

ADA/USD

Cardano (ADA) has pulled back from the stiff overhead resistance at $0.40, which shows short-term traders may be booking profits. The shallow correction and the long tail on the day’s candlestick show the bulls are attempting to flip the previous resistance at $0.34 into support.

If they succeed, the bulls will make one more attempt to thrust the ADA/USD pair above the $0.40 resistance and resume the uptrend. If they manage to do that, the next stop could be the psychological resistance at $0.50.

The upsloping moving averages suggest the trend remains in favor of the bulls but the negative divergence on the RSI indicates the momentum may be weakening. If the price sustains below $0.34, a drop to the 20-day EMA ($0.30) is likely.

A strong rebound off this support will indicate the uptrend remains intact but a break below it will suggest the possibility of a deeper correction to $0.26.

LTC/USD

The bulls pushed Litecoin (LTC) above the 61.8% Fibonacci retracement level at $157.6904 on Jan. 19 but could not sustain the higher levels due to the bear onslaught, as seen from the long wick on the day’s candlestick.

If the bears can sustain the price below the 20-day EMA ($145), the LTC/USD pair could drop to $130 and then to $120. This is an important support to watch out for because a break below it could signal the bears are back in the game.

The flat 20-day EMA and the RSI close to the midpoint suggests a balance between supply and demand. This could keep the pair range-bound between $130 and $160. On the upside, a breakout and close above $160 may resume the uptrend.

BCH/USD

Bitcoin Cash (BCH) broke above the $539 resistance on Jan. 19, but the long wick on the day’s candlestick suggests the bears had other plans as they sold aggressively, trapping the bulls who may have purchased the breakout.

The BCH/USD pair dipped to the uptrend line but the long tail on today’s candlestick suggests the bulls aggressively defended this support. If the bulls can push the price above $539, a rally to $630 is possible.

On the contrary, if the pair breaks below the uptrend line, it will suggest the bears have overpowered the bulls. This will signal a possible trend change and the pair could then drop to the next critical support at $370.

LINK/USD

Chainlink (LINK) is currently correcting the sharp up-move of the past few days. Aggressive profit-booking by traders had pulled the price below $20.1111, but the long tail on today’s candlestick suggests strong buying at lower levels.

Both upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand. If the LINK/USD pair rebounds off the current levels, the bulls will try to push the price above $23.767 and resume the uptrend. The next level to watch on the upside is $27 and then $30.

Contrary to this assumption, if the bears sustain the price below $20.1111, the pair may drop to $17.7777, which is just above the 20-day EMA ($17.58). If the pair rebounds off this level and rises above $20.1111, the bulls will try to resume the uptrend.

This positive view will invalidate if the selling breaks the 20-day EMA support. Such a move will indicate the bulls are not buying the dips anymore, signaling a change in sentiment.

XLM/USD

Stellar Lumens (XLM) continues to trade inside the $0.26 to $0.325 range. The bulls tried to push the price above the range on Jan. 19 but failed, which shows the bears are active at higher levels.

The sellers will now try to sink the XLM/USD pair below the support of the range, but they are likely to encounter strong buying from the bulls. The upsloping moving averages and the RSI in the positive zone suggest the bulls are unlikely to give up easily.

A strong rebound off the 20-day EMA ($0.263) could extend the consolidation by a few more days. Contrary to this assumption, if the bears sink the price below the $0.26 support, the selling could intensify and that may pull the pair down to the 50-day SMA ($0.201).

BNB/USD

Binance Coin (BNB) tried to resume the uptrend on Jan. 18 and 19 but the bulls could not sustain the higher levels. Aggressive profit-booking on Jan. 19 started a correction that has reached the 20-day EMA ($40.99).

If the bears can sink and sustain the price below the 20-day EMA, the BNB/USD pair may drop to the support line of the ascending broadening wedge pattern. The bulls will attempt to defend this support and if they succeed, the pair may extend its stay inside the pattern.

Conversely, if the bears sink the price below the support line, it will complete the bearish setup, which has a target objective at $26.7273. But the pair is unlikely to plunge to the target level in a hurry because the bulls could offer strong support at $35.69.

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.

Price analysis 1/20: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB

Source

Jan 17 2021

Top 5 cryptocurrencies to watch this week: BTC, LINK, UNI, XTZ, ATOM

Bitcoin (BTC) price has yet to recapture the $40,000 level and traders who were expecting a quick resumption of the uptrend may have been caught off guard by the recent pullback. This could have led to the liquidation of about $500 million worth of cryptocurrency futures positions in the past 24 hours.

Over leveraged positions provide the necessary ammunition during the uptrend, but they become a liability when the trend reaches an inflection point.

When the markets turn down, leveraged long positions quickly turn into a loss, resulting in margin calls from brokers. When the margin requirements are not met, the brokers dump the positions at market price, leading to a sharp plunge.

Therefore, data indicating a reduction in leveraged Bitcoin positions in the past few days is a positive sign as it decreases the risk of cascading liquidati.

While a sharp fall is usually avoided when the markets are not overleveraged, sustained buying is needed to maintain the higher levels. If that does not happen, the price continues to correct gradually.

Grayscale Investments has been one of the major buyers in the past few months but they now have a new competitor, Osprey Funds, which began quoting in the over-the-counter market on Jan. 15 under the ticker symbol OBTC. The firm is offering a competitive management fee structure compared to Grayscale.

This is a positive sign for crypto markets because if both these firms attract institutional investors, the buying may resume and Bitcoin can reverse course to pursue new highs.

While Bitcoin remains stuck in a range, select altcoins are running hard. Let’s study the charts of the top-5 cryptocurrencies that may be favored by the bulls in the next few days.

BTC/USD

Bitcoin is currently consolidating in an uptrend. The price action of the past few days has formed a symmetrical triangle, which generally acts as a continuation pattern. The long tail on today’s candlestick shows the bulls are buying the dips to the 20-day exponential moving average ($34,241).

The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in control. If the buyers can push the price above the triangle, the next leg of the uptrend could begin.

The first stop could be the current all-time high at $41,959.63, but if the bulls can propel the price above it, the BTC/USD pair may rally towards the pattern target at $50,000.

Contrary to this assumption, if the rebound fails to find buyers at higher levels, the bears may try to sink the price below the triangle. If they succeed, the pair may drop to the 38.2% Fibonacci retracement level at $29,688.10.

This level may attract buyers but if the bulls fail to push the price above the 20-day EMA, then the correction could deepen to the 50-day simple moving average ($26,581).

*BTC/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows that the bulls have purchased the drop to the support line of the symmetrical triangle but they may face resistance at the moving averages that are sloping down.

If the price turns down from the moving averages, the bears will try to sink the price below the triangle. If they succeed, a deeper correction is likely.

On the contrary, if the bulls can push the price above the moving averages, the pair may rise to the resistance line of the symmetrical triangle. A breakout of this resistance may start the uptrend.

However, if the price turns down from the resistance line of the triangle, the pair may trade inside the triangle for a few more days.

LINK/USD

Chainlink (LINK) broke above the $20.1111 resistance on Jan. 15 and followed it up with another up-move on Jan. 16, hitting a new all-time high at $22.96. But the long wick on the Jan. 16 candlestick suggests profit-booking at higher levels.

The price rebounded off the $20.1111 breakout level today, suggesting that the bulls have flipped this level to support. If the bulls can now push the price above $23, the LINK/USD pair could rally to $27 and then to $30.

The upsloping 20-day EMA ($16.25) and the RSI near the overbought zone suggest bulls are in control.

Contrary to this assumption, if the price turns down and breaks below $20.1111, the next stop is likely to be $17.7777. This is an important support because a break below it will indicate a possible change in trend.

*LINK/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the breakout above $20.1111 had pushed the RSI deep into the overbought territory, which may have attracted profit-booking from short-term traders.

However, the positive sign is that the bulls aggressively purchased the dip to the 20-EMA. If the bulls can sustain the price above $21.5709, the pair may retest $22.96. A break above this resistance may resume the uptrend. The upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand.

This bullish view will invalidate if the bears sink and sustain the price below the 20-EMA. Such a move could pull the price down to $17.7777, indicating the momentum has weakened.

UNI/USD

Uniswap (UNI) is currently in an uptrend but is facing selling above the $9 mark as seen from the long wick on Jan. 16 and today’s candlestick. If the bulls do not give up much ground, it will suggest traders are not rushing to the exit after the recent rally and are buying on dips.

The upsloping 20-day EMA ($6.15) and the RSI in the overbought territory suggest bulls have the upper hand. If the UNI/USD pair stays above the 38.2% Fibonacci retracement level at $7.4725, the bulls will try to resume the uptrend.

If they can push the price above $9.3776, the rally could extend to $12.4597 and then to $15.

Contrary to this assumption, if the bears sink the price below $7.4725, the pair may drop to the 20-day EMA. Usually, a deep correction suggests that the momentum has weakened and that may result in a few days of range-bound action.

*UNI/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the pair is currently consolidating after the recent sharp up-move. The bulls are buying the dip to the $8 support and the bears are selling above $9.

If the bulls can push the price above the $9 to $9.3776 overhead resistance, the uptrend could resume.

On the other hand, if the bears sink the price below the 20-EMA, the decline could extend to the 50-SMA. Such a move could keep the pair range-bound for a few days.

XTZ/USD

Tezos (XTZ) had been stuck inside the $2.85 to $1.85 range for the past few weeks. The bulls are currently attempting to push the price above the range and start a new uptrend.

However, the long wick on the Jan. 16 candlestick shows that the bulls are finding it difficult to sustain the price above the range. Today, the long wick and the tail on the candlestick indicates indecision among the bulls and the bears.

If the bulls can sustain the price above $2.85, the possibility of the start of a new uptrend increase. The upsloping 20-day EMA ($2.48) and the RSI above 66, suggest the path of least resistance is to the upside.

The first target objective on the upside is $3.90 and then $4.4936. This bullish view will negate if the XTZ/USD pair drops and breaks below the 20-day EMA.

*XTZ/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bulls had pushed the price above $2.85 but they could not build upon the strength, which led to a correction. However, the bulls aggressively purchased the dip to the 20-EMA and are now trying to drive the price above $3.1838. If they succeed, the uptrend could resume.

On the contrary, if the price turns down from the current levels or the overhead resistance and drops below the 20-EMA, it could correct to the 50-SMA. A break below this support could signal that the recent breakout above $2.85 was a bull trap.

ATOM/USD

Cosmos (ATOM) rose above the stiff resistance at $8.877 on Jan. 16 and made a new all-time high at $9.60. Whenever the price hits a new all-time high, it is a sign that bulls are in command.

However, the bears have not given up yet as they have pulled the price back below $8.877 and are attempting to trap the aggressive bulls. The bullish momentum could weaken if the bears sink the price below the 61.8% Fibonacci retracement level at $7.093.

Conversely, if the bulls can defend the zone between the 38.2% retracement at $8.05 and the 50% retracement at $7.572, it will suggest strong demand at lower levels.

If the price turns up from this support zone, the bulls will try to resume the uptrend. A break above $9.60 could push the ATOM/USD pair to $12.10 and then to $13.974.

*ATOM/USDT 4-hour chart. Source:* *TradingView*

Both moving averages are sloping up and the RSI is in positive territory, indicating that bulls have the advantage. The pair has bounced off the 20-EMA and the bulls will now try to push the price above the $8.877 overhead resistance.

If they succeed, the pair could rise to $9.60 and a break above it will signal resumption of the uptrend. Conversely, if the bears sink the price below the 20-EMA, it will suggest that the momentum has weakened and a drop to $7.50 and then to the 50-SMA is possible.

Top 5 cryptocurrencies to watch this week: BTC, LINK, UNI, XTZ, ATOM

Source

Jan 13 2021

CardFlight Announces Small Business Pay Solution Expansion With SwipeSimple Register Product Line Addition

CardFlight, a U.S.-based SaaS payment technology company, announced on Wednesday the addition of the SwipeSimple Register product line to its hardware offerings. According to CardFlight, the product will feature the following models:

SwipeSimple Register 8: has an expanded 8-inch touchscreen that delivers full POS/cash register capabilities. Its easy swivel mount conveniently shows customer prompts for tips and digital receipts, to provide a speedy check-out experience without adding clutter to counter space
SwipeSimple Register 6: designed for less complex sales environments. It features a convenient 6-inch touchscreen and swivel base station with a built-in receipt printer, packing a complete point of sale into an elegant device
SwipeSimple Register 15: target merchants requiring specialized features, including more advanced retail and food & beverage establishments, and quick-serve restaurants. It features an extra-large 15-inch touchscreen to quickly ring up complex sales, even from a large catalog

CardFlight explained that with these new payment solutions, small business owners will gain access to sophisticated countertop devices that run the powerful yet easy-to-use SwipeSimple software.

“SwipeSimple Register offers merchants sleek countertop devices integrating a physical check-out experience with modern point-of-sale and payment acceptance technology.”

while sharing more details about the product and features, Derek Webster, CEO and Founder of CardFlight, stated:

“The addition of SwipeSimple Register to the SwipeSimple suite of products furthers our mission to serve the full range of small businesses across industries. No two small businesses are the same, and neither are their needs—SwipeSimple Register product line will offer storefront merchants a range of countertop options, to meet the needs of their business.”

CardFlight went on to add that SwipeSimple Register’s Initial launch will begin in late Q1 2021 full line to release throughout the year.

Founded in 2013, CardFlight states it is committed to making payment acceptance easy for business owners.

Source

Jan 10 2021

Top 5 cryptocurrencies to watch this week: BTC, ADA, EOS, THETA, AAVE

During an interview with Bloomberg, Grayscale CEO Michael Sonnenshein said that in addition to hedge funds, pension funds and endowments had also started investing in the Grayscale family of products. This suggests that a broad spectrum of institutions are accumulating Bitcoin (BTC).

As this trend gathers speed, investment banks have also decided that they do not want to be left behind. A recent filing from Morgan Stanley shows a purchase of a 10.9% stake in business intelligence firm MicroStrategy, a move that was likely made in order to gain exposure in Bitcoin. With 70,470 Bitcoin in their possession, MicroStrategy has become a proxy play on Bitcoin.

Several analysts suspect that the current demand could also be coming from investors who have been closing their gold positions and buying Bitcoin. On a query about the recent underperformance of gold, CNBC Mad Money show host Jim Cramer speculated that institutional money may be flowing into cryptocurrency.

While there have been positive reports about institutional purchases, traders should also keep track of the people who have been selling because at some point the rally will lose momentum and investors will look to book profits.

Analysts at Material Indicators suggest that mega whales may have booked profits on Jan. 7 when Bitcoin hit $40,000 and further selling from whales could also be the reason for the price drop seen today. However, aggressive buying at lower levels resulted in a strong rebound.

But that has not deterred the whales from selling. Bitcoin whales in South Korea have been dumping their positions over the past few days, as seen from the multiple $100 million deposits to exchanges. While the selling has not caused a massive rush to the exit, traders should be careful with their positions because even if a couple of large investors in the U.S. rush to the exit, it could result in a sharp fall.

If Bitcoin corrects sharply, most altcoins are also likely to follow suit, but if Bitcoin remains strong, these top-5 cryptocurrencies could outperform in the short term.

Let’s analyze their charts to spot the critical levels to watch.

BTC/USD

Bitcoin has been in a strong uptrend for the past few weeks, but the rally has pushed the relative strength index (RSI) into overbought territory. While markets can remain overbought for a long time, with every rise, the risk of a sharp correction increases.

The first support on the downside is the intraday low made on Jan. 8 at $36,518.73. If the price rebounds off this level, it will suggest that traders are not booking profits in a hurry and are buying on minor dips.

If the bulls propel the price above $41,959.63, the uptrend could resume with the next target objective at $45,000 and then $50,000.

However, if the bears sink the price below $36,518.73, the BTC/USD pair could drop to the 38.2% Fibonacci retracement level of the most recent leg of the up-move at $32,816.03.

This is a crucial support to monitor because if it cracks, several traders may start to panic and dump their positions, which may result in a deeper correction to the 61.8% retracement level at $27,167.10.

The 4-hour chart shows that the price is currently stuck inside a $38,000 to $41,959.63 range. If the bulls can push the price above the range, the uptrend may resume.

On the other hand, if the bears sink the price below the support of the range, it will suggest profit-booking by traders.

The next support on the downside is the 50-simple moving average, which has not been breached decisively during previous corrections in this leg of the uptrend. Thus, if this support cracks, it will signal a possible trend change.

ADA/USD

Cardano (ADA) is currently consolidating in an uptrend. The altcoin has been stuck between $0.2632811 and $0.3542857 for the past few days, which has pulled down the RSI from deeply overbought levels.

The bulls are currently facing stiff resistance near the $0.34 level but one positive sign is that there are no signs of panic selling yet. If the bulls can drive the price above the overhead resistance, the next leg of the uptrend could resume.

The ADA/USD pair has a target objective at $0.449 but the bears are likely to mount a stiff resistance near $0.40. However, if the bulls can push the price above the resistance levels, the pair could rally to the psychological level at $0.50.

This bullish view will be invalidated if the pair turns down and breaks below the 20-day EMA ($0.234). Such a move will suggest that the uptrend may have topped out.

*ADA/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the formation of a symmetrical triangle, which usually acts as a continuation pattern. The bulls are currently attempting to defend the 20-EMA. If the price rebounds off the current levels, the bulls will try to push the pair above the triangle.

If they succeed, the pair may rally to $0.525. However, if the pair drops below the triangle, the next support is at the 50-SMA, but if this support also cracks, the decline could extend to $0.20.

EOS/USD

EOS has been trading inside a large range between $2.20 and $3.949. The altcoin turned down sharply from the overhead resistance today, which shows aggressive selling by the bears.

However, if the bulls defend the moving averages, the EOS/USD pair may again attempt to rise to the overhead resistance near $3.949. A breakout of this level will suggest the start of a new uptrend that may reach $5.698.

This view will be invalidated if the bears sink and sustain the price below the moving averages. Such a move could result in a fall to the support of the range at $2.20 and that may keep the pair range-bound for a few more days.

*EOS/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows that the price turned down sharply from the overhead resistance and broke below both moving averages. This suggests aggressive selling by the bears.

However, if the price rebounds off the current level and rises above the 20-EMA, it will suggest that the selling may be over. The bulls may then again try to carry the price to the overhead resistance.

Conversely, if the bears sustain the price below $3, the pair may drop to $2.50 and then to $2.20.

THETA/USD

THETA is currently consolidating in an uptrend for the past few days. The price has been making lower highs, which suggests that every attempt to rally is being met with selling from the bears.

However, a minor positive is that the bulls have not allowed the price to dip below the $1.7611 support. The 20-day EMA ($1.74) is just below this level and the bulls are likely to defend it aggressively.

If the bulls can push the price above $2.20, the THETA/USD pair may rise to $2.51. The upsloping moving averages and the RSI in the positive territory suggest bulls are in control.

If the bears continue their selling and sink the pair below the 20-day EMA, it may open the gates for a drop to the 50-day SMA ($1.12).

*THETA/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows a descending triangle formation. The flat moving averages and the RSI just below the midpoint suggest a balance between supply and demand.

If the bears can sink and sustain the price below $1.7611, the descending triangle pattern will complete and that could drag the price down to $1.01.

On the other hand, if the bulls can push the price above the triangle, it will invalidate the bearish pattern. This could push the price to $2.51 and if the bulls can thrust the price above this resistance, the up-move could reach $2.95.

AAVE/USD

AAVE is currently in an uptrend as it continues to make higher highs and higher lows formation. However, the long wick on today’s candlestick shows that bears are aggressively selling at higher levels.

The upsloping moving averages and the RSI near overbought territory suggest the path of least resistance is to the upside. If the AAVE/USD pair corrects further, a rebound off the 20-day EMA ($99.93) will confirm that traders are continuing to buy on dips.

If the buyers can push the price above $135.99, the uptrend could resume with the next likely target at $150.

However, if the bears sink the price below the 20-day EMA, the pair could drop to the 50-day SMA ($85). A break below this support could result in a fall to $70 and then to $60.

*AAVE/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows that the pair is trading inside an ascending channel. The bulls are currently attempting to defend the 20-EMA. A strong bounce could carry the price to the resistance line of the channel.

A break above the channel could result in a sharp up-move but if the price turns down from the resistance line of the channel, the pair may trade inside the channel for a few days.

If the price breaks below the 20-EMA, a drop to the support line of the channel is possible. A strong rebound off this support will keep the uptrend intact but a break below it could signal a trend change.

Top 5 cryptocurrencies to watch this week: BTC, ADA, EOS, THETA, AAVE

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