Category: Cryptocurrency News

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It is a stretch to say Bitcoin is bullish, but what if bulls were simply resting after a tough “evening” and are just about ready for a new “morning?” A potential, high timeframe bullish Japanese candlestick reversal pattern called a morning star could be predicting just that. Here is a closer look at the potential reversal signal and the conditions necessary for confirmation of bullish upside. A “Morning Star” Could Jump Start A Bullish Reversal Bitcoin has been in a brutal downtrend since November 2021. After a full month of extreme fear in the crypto market and some of the most frightening macro conditions ever, few are ready to buy until clearer signs of a reversal. An early sign could be here, representing the early rise of each new day. The signal is called a morning star reversal pattern, and is a three-candle bullish reversal pattern according to the study of Japanese candlesticks. The use of Japanese candlesticks was developed by 18th century Japanese rice trader, Munehisa Homma. It wasn’t popularized in the West until Steve Nison published Japanese Candlestick Charting Techniques in the early 90s. Since then, they have become an important weapon in a technical analyst’s arsenal when used in combination with indicators, patterns, trend lines, and more. Related Reading | Hammer Time: The Bullish Signal That Could Save Bitcoin A morning star setup is potentially forming on 2-week BTCUSD charts, suggesting that a powerful bullish reversal in Bitcoin could be brewing. The current candle must close above the upper black horizontal line | Source: BTCUSD on TradingView.com Backing Up A Bullish Bitcoin With Technicals A prerequisite for a morning star to form, is a downtrend. Bitcoin has been in free fall for what feels like an eternity.  A morning star reversal is characterized as having a large black (or red) down candle, followed by a doji. According to Investopedia, the “middle candle of the morning star captures a moment of market indecision where the bears begin to give way to bulls.” Doji represent indecision in the market. After the doji is formed, bulls surprise bears with an white (or green) upward candle nearly as strong as the down candle, erasing the final phase of the downtrend in a flash. The pattern is only confirmed when completed, and suggests that the next three to five candles should be in bulls’ favor. Since this is a 2-week timeframe, that gives bulls as much as six to ten more weeks of bull market in an ideal scenario. Technicals and extreme fear could set the stage for a reversal | Source: BTCUSD on TradingView.com The opposite of a morning star is an evening star, which put bulls to bed for the last several months after it was confirmed (red box). The morning star (green box) is forming just outside the trading range, much like the evening star pattern. Related Reading | This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls Candlestick setups of such nature should be supported by other technicals. In the chart above, price came back down to retest the 2-week Supertrend line, right where such a reversal could be forming. Bitcoin might also be completing an expanding triangle pattern ahead of a wave 5 thrust to new highs. But to get there, Bitcoin has to blast through some of the most bearish macro sentiment the world has ever seen. Could this morning star be the signal that brings bulls a new dawn? Here is a FREE 1-hour Japanese Candlestick course from @elliottwaveintl on how to spot patterns, read candles, use for confirmation & more. Enter code: TONYBTC at the bottom of the page to accesshttps://t.co/UjnZXE4Uc8 pic.twitter.com/VEkAKpWuVO — Tony “The Bull” Spilotro (@tonyspilotroBTC) June 4, 2022 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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PRESS RELEASE. SpartaCats, a novel meme-coin project based on BNB and the Everscale blockchain network, put up a digital billboard advertisement in Hawthorne, California, near the headquarters of Tesla and SpaceX. In the ad, you can see an image of cats taking off in a rocket, leaving behind a smoking dog. Next comes an image […]

Software firm MicroStrategy has cemented its position as a major Bitcoin player with its numerous large purchases. The company which is valued at $1 billion had put a significant portion of its own funds into buying BTC but the majority of the money used to purchase all of the bitcoin had been from loans. These loans which include convertible notes, senior secured loans, and bitcoin-backed loans account for $2.4 billion of its $3.97 billion BTC purchases. How The Loans Look MicroStrategy had used convertible notes to fund a good portion of its bitcoin holdings. These notes are converted into stock of the company when they mature. So basically, they are a payment towards future stock ownership of the software company. The convertible notes make up $1.75 billion which are pegged at a 0% to 0.75% interest rate. Making up by far the largest part of the loans MicroStrategy has taken out to buy bitcoin. The other loans are much lesser compared to the convertible notes. An example is the senior secure loans. Data shows that MicroStrategy had only taken $500 million in these senior secured loans to purchase bitcoin. These, however, carry a higher interest rate at 6.1%. Related Reading | Bullish: Bitcoin Marks First Green Weekly Close After Two Months In The Red Lastly, MicroStrategy had also secured bitcoin-backed loans. These loans were first-of-its-kind loans when they were taken out by the software company. The $205 million was also used to purchase more BTC with an interest rate of around 4%. The Bitcoin-backed loan carries the possibility of a potential margin call, as noted by the CFO. However, this is only possible if the price of BTC were to drop significantly from this point to $21,000 and below. Given current prices, there is still a long way to go before this becomes an issue. Nevertheless, the possibility of this has sparked fear in investors and MicroStrategy’s stock price has taken a hit in the last couple of weeks. | Source: BTUCSD on TradingView.com CEO Michael Saylor has assured investors to not worry about this though as the company has more than enough BTC to serve as collateral for its bitcoin-backed loans were prices to ever fall this low. MicroStrategy’s Bitcoin Holdings MicroStrategy remains the public company with the largest bitcoin holdings in the world with more than 129,000 BTC to its name. The total entry price of the BTC is $3.97 billion and at current prices, the software company is losing money as its 129,218 BTC is valued at $3.87 billion. Related Reading | El Salvador Postpones Bitcoin Bonds A Second Time, Here’s Why The company had used about $1.57 billion from the proceeds of its business to purchase BTC. The rest of it had all been financed by various types of loans, as stated above. Nevertheless, the company has been vocal about its decision to not sell any of its BTC and plans to hold it for the long term. Its holdings see it holding 0.615% of the total circulating bitcoin supply. MicroStrategy’s bitcoin play is not all roses given that its bitcoin-backed loans carry the risk of a margin call that could reduce its position and the value of its holdings. However, if bitcoin were to go on another bull rally and reach $100,000 as predicted by a lot of industry experts, the software company could quickly become one of the most valuable companies in the world. Featured image from BitcoinSensus, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

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Hello fellow Etherum enthusiasts! I will be hosting a Code Walk-through of my new ERC-20 implementation. I have made a token that has a very sophisticated approach to generating liquidity. The code is open source and will be available for use by anyone interested. Unlike some other tokens, I have written the Solidity Code to…
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This is a list of the top crypto subreddits I found that are dedicated to one coin or token. I thought checking the community size on Reddit would be interesting since a common piece of advice when evaluating a currency / token is to check the community it has supporting it. I pulled most of…
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As the effects of the recent bloodbath in the crypto market started vanishing, the fledgling Bitcoin, after a long time, reached near the $32,000 level yesterday. But again, it failed to hold above $30,000. Following nine red weekly candles, BTC retested $31,700 in the first green week on June 06 and then plummeted sharply in the next 24 hours at $29,000. Fortunately, BTC’s price is rising again and currently trading above $31,000. The fall of the fledging coin leads altcoins to face dumps, too, mainly affecting the prices of SOL, AVAX, and BNB. Related Reading | Institutional Investors Refocus On Bitcoin As Market Losses Intensifies Continuos price drops, which nearly declined the asset by over 6%, signified that investors were taking profits after a long-lasting bearish trend. In the prior uptrend of BTC price in the last days of May, the Bitcoin bulls pushed the price upward to the $32,000 level from $30,000. A day after claiming the new high, BTC fell around $29,000 again on the next day. Again, seeing an uptrend in the price for the past few days, the digital asset started to lose its value on June 07. However, in the previous weekly green candle, BTC’s price remained above and beneath $30,000. When the most recent downtrend started, Bitcoin’s value bounced below $32,000. At a time when investors were expecting another leg up, it continued falling and lost around $3,000 from its value in just hours. Investors started to liquidate their assets, which further dropped the price to $29,000. Bitcoin Is Bullish Again? At the time of writing this news, BTC’s price has been fastly retaking its position above the $31,000 level again. The previous sharp drop that came yesterday resulted in BTC’s market cap reaching $565 billion, but the cryptocurrency still had more than 46% dominance over altcoins. Also, altcoins performed well in the market before the Bitcoin price decreased aggressively. The second biggest coin by market cap, Ethereum (ETH), hit significant gains, reaching its value near $1,900.  Benefiting from the BTC price booms, it managed to regain its value to some extent and currently fluctuates above $1,850 and is still down by over 8%. BNB, facing the U.S. Securities and Exchange Commission (SEC) investigation over the platform’s possible illegal sale of an unregistered security when it launched its initial coin offering (ICO). BNB lost 9% of its value following the BTC drop, bringing the BNB’s value under $300. Polkadot, Solana, Cardano, and Avalanche followed similar drops. Similarly, other cryptos that turned red with larger cap-alts include Ripple, Tron, and Dogecoin. More digital assets that took losses are THORChain, Aave, and many more. Related Reading | Glassnode: Bitcoin Long-Term Holders Own 90% Of Supply In Profit The crypto market cap has ultimately experienced a decrease of $80 billion in one day, bringing the figure to $1.2 trillion. Bitcoin showed a positive correlation with equities. Nasdaq futures saw a 0.95% decline and Bitcoin plummeted to $29,000 from $31,700. Featured image from Pixabay and chart from TradingView.com