Category: Cryptocurrency News

In this episode of NewsBTC’s daily technical analysis videos, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave Theory. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 14, 2022 After yesterday’s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails. In yesterday’s video, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario. Related Reading: WATCH: Bitcoin Brutalized After August CPI Data Release | BTCUSD September 13, 2022 The Bullish Scenario For BTCUSD The bullish scenario has the current support level holding. In this case, the pattern would more than likely be a double-three correction, with a zig-zag correction during wave Y.  During a complex correction in Elliott Wave, other patterns like flats, triangles, and zig-zags can connect. When drawing such corrections, the larger correction is drawn using WXY, while each sub-correction is labeled with a more familiar ABC. Adding potential credence to this type of correction, price will have found support at precisely the 0.764 Fibonacci level which is a common termination point for certain types of Elliott Wave corrections. Quite the dump the second CPI numbers were released | Source: BTCUSD on TradingView.com The Bearish Breakdown Version In the bearish version, we will have what is more than likely an expanded flat pattern. An expanded flat is a larger ABC pattern, with a five-wave impulse down during wave C. This would give us one more level down to find support much lower. A deeper correction in Elliott Wave can alternatively terminate at the 0.854 Fibonacci. The level is also similar to the 1.414 Fibonacci extension taken from the length of the A wave. The ultimate target would be between $13,500 and $14,800 before a possible reversal. The weekly buy signals are now at risk | Source: BTCUSD on TradingView.com Related Reading: WATCH: Bitcoin Weekly Chart Fires Bottom Signals At Open | BTCUSD September 12, 2022 Why Bitcoin Could Have Another Bull Run Left As long as Bitcoin price doesn’t close a weekly candle below $11,500, according to an Elliott Wave motive wave setup, we should have one more wave up to go.  In conclusion, Bitcoin price has a 50/50 chance of correcting further, but a much higher probability of reversing to new highs once the current correction has ended regardless of its termination point. The long term view on Bitcoin remains bullish. Will BTC close above $40K to end the year? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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Over the last 24 hours, a substantial amount has been wiped off the crypto market. Billions of dollars were taken off the market cap as cryptocurrencies such as bitcoin lost about 10% of their value in the same time period. Following this, Charles Hoskinson, founder of the Cardano network, has shared his thoughts on what caused the market to crash. Inflation Is The Culprit Taking to Twitter, Cardano founder Charles Hoskinson explained that the high inflation rate was the reason behind the market crash. It is no secret that the inflation rate of the United States has been climbing in the last couple of months, and the most recent CPI data report saw another increase in inflation, triggering panic across the financial markets. Related Reading: Investor Sentiment Sees Sharp Positive Spike Following Crypto Market Recovery On the headline inflation, there was only about a 0.1% increase according to the CPI data, while core inflation rose 0.6%. However, despite these numbers not being ‘large’ compared to previous inflation growth rates, it showed that inflation was not slowing down. With the year-over-year inflation rate now sitting at 8.3%, it triggered a massive sell-off in the market.  Hoskison shared a report from CNBC that showed that the crypto market was not the only one hit in the sell-offs that accompanied the release of the CPI data. The DOW had fallen 1,200 points in a single day, which was the largest single-day drop recorded in the last two years. Market cap drops to $951 billion | Source: Crypto Total Market Cap on TradingView.com Hoskinson’s statements on the topic of inflation were, “I remember attending a dinner party in Abu Dhabi and sitting next to a famous economist who told me inflation had nothing to do with printing massive sums of money. The people in charge are a delusional cult. You get the bill.” Related Reading: Bitcoin Must Hold This Level Or Risk Falling To $10,000 The crypto market has lost a total of $80 billion in the last 24 hours, which has brought the total market cap below $1 trillion once more. Now, the market looks toward the FOMC meeting that is planned to happen at the start of next week. The decision will also have a significant impact on the market. But before then, the Ethereum Merge presents another event that could have an impact on the market. Bitcoin’s strong correlation with the stock market is also having an impact on the market. This means that for there to be a recovery in the crypto market, a recovery in the stock market would help it along. However, with the inflation rates remaining so high, recovery may remain far off until there is more positive news. Featured image from Forkast, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

The Chamber of Digital Commerce has requested to file an amicus brief in the protracted SEC case against Ripple Labs and supports legislating to clear up legal gray area.

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While another crypto winter is in effect, on-chain asset tokenization is accelerating and set to hit $16T by 2030 (see full BCG report below). The majority will be financial assets (Insurance policies, Pensions, Alternative Investments), other tokenizable assets (Infrastructure Projects, Car Fleets, Patents), Home equity, other equities and bonds. BCG Where will these tokenized assets…
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Since Tesla’s Elon Musk attempted to purchase Twitter and tried to get information on the number of bots on the social media platform, Twitter bots have infested tens of thousands of posts day after day. In the cryptocurrency industry, bots are very prevalent and any time a popular crypto account posts, the thread is teeming […]