Author: dfmines

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Bitcoin started a fresh increase above the $22,000 resistance zone against the US Dollar. BTC must clear $23,000 and $23,700 to continue higher. Bitcoin started a fresh increase after the fed hiked interest rates by 75bps. The price is now trading above the $22,500 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,000 barrier to continue higher in the near term. Bitcoin Price Starts Fresh Increase Bitcoin price stayed above the $21,000 support zone. It formed a base above the $21,000 level and started a fresh increase. The recent fed interest rate hike triggered a sharp upward move above the $22,000 resistance. The price was able to clear the 50% Fib retracement level of the key drop from the $23,744 swing high to $20,750 low. Besides, there was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $22,500 level and the 100 hourly simple moving average. It seems like the price is facing a strong resistance near the $23,000 zone. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the key drop from the $23,744 swing high to $20,750 low is also acting as a resistance. The next key resistance is near the $23,750 zone. A close above the $23,750 resistance zone could set the pace for a strong increase. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level. More Losses in BTC? If bitcoin fails to clear the $23,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,500 level. The next major support now sits near the $22,150 and $22,000 levels. A close below the $22,000 support zone might restart downtrend. In the stated case, the price might revisit the $21,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone. Major Support Levels – $22,500, followed by $22,000. Major Resistance Levels – $23,000, $23,550 and $23,750.

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IMF Director Tobias Adrian believes uncollateralized and algorithmically-stabilized stablecoins pose too great a threat to holders and may experience further sell-offs.

“This is obviously a very expensive undertaking over the next several years,” said Mark Zuckerberg.

Just to preface before the haters fly in, I own Ethereum and support the project, I am discussing the merge and going over consensus algos voicing my thoughts and opinions. With the merge coming up there's been a ton of discussion about PoS, how will it work, what are the benefits, why did they swap,…
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Ripple’s chief executive has shared his views on possible outcomes of the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims to be an unregistered securities offering. Ripple’s CEO Discusses Implications of SEC Winning the Lawsuit Ripple CEO Brad Garlinghouse discussed the lawsuit brought by […]

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Ethereum has fallen below its $1,600 support level and has displayed bearish sentiment on the chart. Broader market weakness has also contributed to Ethereum’s current price action. Bitcoin had fallen to the $20,000 price mark and altcoins depicted similar price movements. Ethereum over the last 24 hours depicted some minor appreciation on the chart. The altcoin’s technical outlook remained bearish. Buying strength had fallen over the past two days and at press time the coin ‘s movement was dominated by sellers. Continued selling pressure can pull ETH to the $1,100 price level before it starts to pick up momentum again. In case the bulls find their way back into the market, ETH might continue to consolidate on its chart and then try to rise. Buying strength also has to recover significantly for Ethereum to invalidate the bearish thesis. Over the last week, Ethereum lost 4% of its market value. Ethereum Price Analysis: Four Hour Chart   ETH was exchanging hands at $1472 at the time of writing. After Ethereum witnessed a sharp fall, it tried to recover slowly but bearish pressure was still strong in the market. Overhead resistance for the altcoin was at $1,542 and a current fall in price will drag ETH to $1,260. For bearish thesis to be negated Ethereum has to trade above the $1,600 price mark for longer than a few trading sessions. If buying strength doesn’t display consistency then Ethereum can fall to $1,100 in just a matter of time. The volume of ETH traded in the last session rose which indicated that buying strength struggled to move north on the chart. Technical Analysis The altcoin over the last 24 hours registered some increase in price, although technical outlook was bearish, buying strength tried to recover. The Relative Strength Index was below the half-line but over the last trading sessions, there was an uptick in the indicator. This meant that buying strength was recovering on the four hour chart. Despite the recovery, the price of the altcoin was below the 20-SMA line, a reading below the 20-SMA line points towards sellers driving the price momentum in the market. Related Reading | Shiba Inu Whales Trading Volume Surges 640% As SHIB Holds Critical Support The fall in price can be directly tied to a sell signal. The Moving Average Convergence Divergence depicts price momentum and reversals in the same. MACD underwent a bearish crossover and flashed red signal bars which are tied to sell signal for the coin. Directional Movement Index presents price direction and where the coin is headed next. DMI was negative as the -DI line was above the +DI line. The Average Directional Index (Red) was below the 20 mark which meant that the current price action was losing steam. Related Reading | TA: Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits Featured image from UnSplash, chart from TradingView.com