I just joined this group and I'm hoping someone can help me. I had to reset my iPhone and I had a Crypto Wallet on the Opera browser app but I didn't save my backup phrase so I'm not able to see my funds in my wallet. I know the address of the wallet and…
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Trading crypto in the bear market is one of the most difficult times for most traders, including advanced traders, but as the saying goes, the bear market produces the best traders, and millionaires are born. Trading without the proper skills, such as market structures of the crypto market and implementing your strategy, is akin to exposing yourself to risk, which could cost you your life, but in this case, your trading portfolio. Trading goes beyond buying and selling based on the feeling that this is the best time to buy or sell an asset. Understanding the market is in phases or cycles gives the trader, investors, and institutions an advantage to trade with the necessary edge and the technical tools needed to produce a great return on investment (ROI) over time. Let’s look at how most traders, investors, and institutions take advantage of the different phases or market structures to produce consistent profits and use the right tools to identify these different market structures. Related Reading: Bulls Against The Ropes, Why Aptos Is At Risk Of Crashing To $7 What Is Market Structure The market structure, also called market cycles or phases, is a given stage or framework at which the crypto market is currently trading. Understanding the current market structure helps a trader to condition trading techniques and strategies to yield the best results. The market structure highlights important support, resistance, and swing highs and lows. There are four common types of market cycles- accumulation, distribution, uptrend, and downtrend phases; let us discuss them with the help of the chart. Accumulation Phase: This phase forms when their prices flatten after a long decline in price, which is a potential market bottom. At this point, institutions, investors, whales, and highly experienced traders begin to show interest and buy these assets, considering how cheap the prices have become at discounted prices. The accumulation phase is followed by a loss of interest, disappointment, boredom, and a lack of trading activities. Distribution Phase: This phase is characterized by sellers dominating this market, creating mixed feelings after a bullish uptrend. Prices continue to range in this region and can last from weeks to months, with the market moving in the opposite direction. This market is marked by price peak patterns- head and shoulders patterns, double top patterns, or triple top patterns with a subsequent sharp decline in price. This market phase is dominated by combined emotions of fear, greed, and hope for the market to continue its rally. Uptrend Phase: This market phase is marked when cryptocurrencies start to rise in price after reaching a stable point. Early traders, investors, and institutions that recognize this phase start buying into great crypto assets, with many hoping to make a fortune. This phase catches the attention of media outlets, and many are carried away with feelings of euphoria as they begin to FOMO (Fear of missing out) in a bid not to miss out. Downtrend Phase: This phase is the most painful as traders who bought during the distribution phase suffer great losses together with inexperienced traders who are new to the crypto industry. Most traders at this stage cut losses and quit trading. Identifying the crypto market cycles will help you make good and better judgments regarding trading and investment in crypto assets and 10X your portfolio. Disclaimer: The following op-ed represents the author’s views and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Related Reading: Crypto Market Drops To Extreme Fear As Bitcoin Struggles To Hold $19,000 Featured Image From zipmex, Charts From Tradingview
Since its all-time high on August 22, EOS has been steadily declining. The crypto market had crashed from March to June, but has since recovered. The market crisis has a lingering impact on modern investing. Coingecko reports that the token’s value has increased by 0.2% in the last 24 hours. Even on shorter time intervals, like the week or the biweek, the currency rose in value. Nonetheless, these changes have done little to slow the downward trend. Investors and traders in EOS, though, may have reason to be optimistic. Related Reading: Tron Hits Record 117 Million Users, But TRX Price Increase Is Mediocre The Stress Of September As this is being written, EOS is being propped up by the $1.0055 area, which has slowed its decline since last month. The current price movement of the token is being influenced by the ongoing downturn. The right side of the right triangle acts as a liquidity pool, and this is reflected in the coin’s price action as a XABCD harmonic pattern. As investors and traders buy the dip, demand is introduced, and the trend may turn bullish as a result. Chart: TradingView Meanwhile, the technicals also appear to be lacking. The CMF is currently negative, indicating that bears are in control of the market. This provides an undeniably formidable counterbalance to the potential bullish movement. Immediate resistance at the 61.80 Fibonacci retracement level will be a challenging barrier to overcome. Not Looking Good? EOS’s predicament does not bode favorably for the alternative cryptocurrency. However, investors and traders can leverage a rising RSI, which indicates increased investor optimism. Chaikin’s money flow index indicates that the token is gaining ground. The bears were rejected at the $0.9422 price range, which fits with the emerging upswing. As of the time of writing, the Stoch RSI is on the overbought side of the indicator, indicating that the developing rally will be met by a market correction. The EOS token is an excellent investment for traders and investors seeking to diversify their portfolios. Just last month, the cryptocurrency exchange PayBito added EOS to its list of tradable tokens, expanding EOS’s reach. Investors should also be aware of the impact of macroeconomic conditions on EOS prices. The correlation between EOS and Bitcoin is 0.77, indicating a significant effect on EOS price fluctuations. Related Reading: Shiba Inu Burn Rate Spikes By 1,860% – Why Investors Should Take Note Of This EOS total market cap at $1.15 billion on the daily chart | Featured image from Investment U, Chart: TradingView.com Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.
The sentencing hearing is set for Dec. 20 and could see the former chairman of South Korean crypto exchange Bithumb behind bars for a maximum of eight years if found guilty.
Financial services companies Paypal and Western Union have each filed three new trademark applications covering a wide range of crypto services. Paypal’s applications are also for the payments giant’s logo. Paypal’s New Trademark Filings for Crypto Services Paypal Inc. has filed three new trademark applications with the United States Patent and Trademark Office (USPTO). Mike […]
I know a lot of you are starting to get into NFTs now thanks to Reddit and honestly, cool, good for you. I hope you are all at least having a good time. With that said, please be very aware that scams exist in plain sight on Opensea and it’s truly far easier than you…
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After Elon Musk signaled his intention to continue the deal to buy the social media platform earlier in October, reports are emerging that the acquisition is almost over.
Reddit’s NFT collections have taken some of the top 10 spots on OpenSea and seen millions in sales volume over the past week.
Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance. Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels. The price is trading above $20,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if there is a clear move above the $20,500 resistance. Bitcoin Price Starts Fresh Surge Bitcoin price remained well bid above the $19,000 and $19,200 support levels. BTC formed a base and started a fresh increase above the $19,650 resistance levels. It gained over 5% and there was a clear move above the $20,000 resistance. During the increase, there was a move above a connecting bearish trend line forming with resistance near $19,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average. A high was formed near $20,400 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. On the upside, an immediate resistance is near the $20,300 level. There is also a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first major resistance sits near the $20,400 level. The next major resistance might be $20,500. A clear move above the $20,500 resistance might send the price towards the $21,200 resistance. Any more gains might set the pace for a steady increase towards the $22,000 resistance zone. Downside Correction in BTC? If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone. The next major support is near the $19,800 zone. It is near the 50% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. A downside break and close below $19,800 might open the doors for a fresh test of the $19,500 support. 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 – $20,200, followed by $19,800. Major Resistance Levels – $20,300, $20,400 and $20,500.
With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens.
