I remember how Vitalik once mentioned that the main goal behind Ethereum is to help humanity and society become more self reliant and eventually escape the grasps of tyrannical figures and institutions. And while this still might be far from happening, it is the end goal that all of us as a community are working…
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A Citi analyst has warned of a serious risk of broader contagion to the crypto ecosystem stemming from the collapse of crypto exchange FTX, noting that the contagion “can last for a significant amount of time.” He added that the crypto industry seems to have “no significant lender of last resort.” Citi’s Analyst Warns of […]
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What happens if hardware wallet companies shut down and you still have your private keys? Trezor and Ledger both use 24 letter mneomic phrase keys but traditional software wallets gives only a 12 word one. So in the case that you lose your hardware wallets and need to restore them – where can you do…
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Three members of a Sydney-based investment and advisory firm are assigned to help Australians impacted by the suspension of the local entity of Sam Bankman-Fried’s former crypto empire.
Some challenged whether the multi-billion dollar venture capital firm did enough due diligence on FTX prior to investment.
Bitcoin price is attempting a recovery wave from the $16,000 support zone. BTC could start a decent increase if it clears the $17,000 and $17,200 resistance levels in the short term. Bitcoin is slowly moving higher and consolidating above the $16,500 level. The price is trading above $16,500 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $17,000 resistance zone. Bitcoin Price Consolidates Bitcoin price remained stable above the $16,000 support zone. BTC formed a base and slowly moved higher above the $16,350 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to contain losses and the price started to move in a range above the $16,400 level. Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average, similar to ethereum. On the upside, an immediate resistance is near the $16,900 level. There is also a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance might start a decent increase. Source: BTCUSD on TradingView.com The next major resistance is near $17,265, above which the price could test the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone. Fresh Decline in BTC? If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,650 level and the 100 hourly SMA. The next major support is near the $16,350 zone. A clear move below the $16,350 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone. 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 above the 50 level. Major Support Levels – $16,350, followed by $16,000. Major Resistance Levels – $16,900, $17,000 and $17,500.
