Category: Cryptocurrency News

Bitcoin has been extremely choppy lately, the king coin lost 7% over the last week. This marks the worst quarter for Bitcoin as the coin shed close to 50% in the second quarter of this year. Post June, the cryptocurrency has noted the worst bearish price action. Over the last few days, BTC broke below the $20,000 mark and touched the $19,000 level. Consistent fall on the chart can push BTC to the next support line. Buying strength lowered considerably pushing BTC to lower levels over the last 24 hour. The bulls tried to revive on the chart and dragged the coin towards $22,000, however, intense sell-off dragged the coin to $19,000. The critical support level for the coin stood at $17,000 and as bears mauled harder, the aforementioned level could be a possibility for BTC over the upcoming trading sessions. The global cryptocurrency market cap today is $914 Billion with a 0.3% increase in the last 24 hours. Bitcoin Price Analysis: Four Hour Chart BTC was trading for $19,000 on the four hour chart. The coin previously traded at the same level some weeks back and then tried to recover on the chart. Resistance for BTC stood at $20,000 and then at $22,000. BTC has witnessed stiff resistance at $22,000 as the coin struggled to trade above the same for a considerable period. If BTC’s current price momentum continues then $17,000 is just a matter of time. Volume of Bitcoin traded declined significantly and the bar was in red displaying bearishness on the chart. The selling pressure had taken over in the market. Technical Analysis BTC registered dearth of buying pressure in the market. The Relative Strength Index was parked below the half-line, near the 40-mark. The indicator depicts buying strength in the market. Although the indicator noted an uptick, buyers had not regained confidence in the asset. The Parabolic SAR demonstrates the price direction and trend reversal of the cryptocurrency. The dotted lines above the candlestick indicated bearishness and change of price direction in the market. This signified negative price action for Bitcoin. Related Reading | Why Bitcoin Could Return To $28,000, But By The End Of 2022 BTC noted significant fall in buying strength but on the four hour chart, the coin flashed buy signals. The Moving Average Convergence Divergence, underwent a bullish crossover which meant that price could pick up briefly on the chart. This formed green histograms on MACD, this is tied to buy signal on the chart. Although the indicator displayed a buy signal, buyers were still struggling in the market. Bollinger Bands portray price volatility of the asset. The narrowing of the bands are tied to upcoming chances of volatility in the market. The technical outlook suggested that price of BTC could fall further and aim for $17,000. Related Reading | Can This Bitcoin Ratio Have Hints For A Bottom? Featured image from Unsplash.com, charts from TradingView.com

Central African Republic President Faustin-Archange Touadera outlined that the Sango crypto hub project will foster financial inclusion by removing the barriers to entry in the banking sector.

Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance. Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels. The price is now trading below the $20,000 level and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline unless there is a move above the $19,500 resistance zone. Bitcoin Price Eyes Upside Break Bitcoin price started another decline below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level. A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low. However, the price is now facing a strong resistance near the $19,400 zone and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low. Source: BTCUSD on TradingView.com The next key resistance is near the $19,800 zone. A clear move above the trend line resistance and then $19,800 could push the price further higher. In the stated case, the price could rise towards the $20,500 level. The next major resistance sits near the $21,200 level. Fresh Decline in BTC? If bitcoin fails to clear the $19,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,000 level. The next major support now sits near the $18,700 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $17,500 level. 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 below the 50 level. Major Support Levels – $19,000, followed by $18,700. Major Resistance Levels – $19,500, $19,800 and $20,500.

India’s central bank, the Reserve Bank of India (RBI), sees cryptocurrencies as “a clear danger.” However, the financial stability risks posed by crypto assets currently appear to be “limited.” RBI on Crypto’s Danger and Financial Stability Risks The Reserve Bank of India (RBI) released the 25th issue of its Financial Stability Report (FSR) Thursday. RBI […]

Sam Bankman-Fried said that crypto miners did not fit into the company’s core strategy and there is no synergy from an acquisition standpoint.

With the Cardano testnet hard fork complete, all that remains is to fork the mainnet, which will come in about four weeks, or when developers have had enough time to prepare their tools for the upgrade.

Cardano has slipped considerably on its chart over the last week. After losing support at $0.62, ADA has been on a freefall. On the daily chart, the coin has been trading in a descending channel. ADA has now secured $0.42 as its immediate support. Buying pressure has fallen on the chart as ADA has continued to display bearish sentiment. The bulls have been favouring the sellers and if it continues to do the same, the coin might break below the aforementioned support level. From the technical outlook it appears the Cardano might continue to descend further before it registers an upward movement. A strong revival cannot be predicted just yet, however, if buyers re-enter the market the coin could witness some relief. The global cryptocurrency market cap today is $914 Billion with a 0.3% positive change in the last 24 hours. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.46 on the four hour chart. As the coin broke the $0.62 level, the coin has depreciated in value substantially. Over the last week, the coin lost close to 4.8% of its market value. Over the past couple of days, the coin has mostly oscillated between $0.47 and $0.45 respectively. Local support for the coin stood at $0.42, while the resistance for ADA was at $0.53. As buying strength has remained low, a move above the $0.47 mark seems difficult. The amount of ADA traded diminished significantly indicating bearish pressure. The volume bar was red signifying negative price action on the chart. Technical Analysis The altcoin displayed a fall in buying strength after it tried to recover shortly on the chart. The fresh decline on the chart pushed buyers outside the market. The Relative Strength Index depicted a downtick as the indicator was parked near the 40-mark. This indicated that sellers outnumbered buyers in the market. On the 20-SMA line, ADA was below the 20-SMA line which signalled that sellers were driving the price momentum in the market. If demand returns then ADA would push itself over the 20-SMA line gathering some bullishness over the next trading sessions. Suggested Reading | Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls In accordance with the falling buying pressure, capital outflows also increased. The Chaikin Money Flow depicts capital inflows and outflows in the market. CMF was seen below the zero-line, which meant that capital inflows have remained lesser than outflows. This meant that selling pressure has mounted in the market. The Directional Movement Index portrays the price momentum and possible reversals. The DMI was bearish as the -DI line was above the +DI line. The ADX (red) was nearing 20 displaying that there was weakness in the current price momentum. For Cardano to experience northbound movement, buyers need to take over the market. Suggested Reading | Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps? Featured image from The Forbes.com, chart from TradingView.com

The host of Mad Money, Jim Cramer, claims that “With the immolation of crypto, the Fed’s job is almost complete.” He stressed that “one front in the war on inflation that’s been an outstanding total victory for the Fed” is the battle against financial speculation. Jim Cramer on Fed’s Policy, Inflation, Crypto Jim Cramer discussed […]

Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating.   Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading,…
Read more

submitted by /u/kautzmanskate [link] [comments]