Category: Cryptocurrency News

Mark Twain said that history doesn’t repeat, but it often rhymes. Such a scenario could be about to play out in Bitcoin, according to a potential fractal that mimics the setup before a previous record-breaking rally. While the conditions aren’t quite the same for an exact repeat, there could be enough for the price action now and then to rhyme just enough. Let’s take a closer look. Record-Breaking Bitcoin Price Fractal Found, But Is It Valid? Markets are cyclical and patterns repeat in those markets so often, they can be used to predict the future. Most of the statistically proven technical patterns include some type of geometric shape such as triangles and rectangles. But not all setups are so clear. Repeating patterns called fractals can appear, mimicking the price action of past moments. When fractals appear, they aren’t a perfect repeat of the situation before, but can yield similar results. Related Reading | Could Kazakhstan Turmoil Cause Another Bitcoin Hash Crash? The fractal in question is a setup from October 25, 2019 – in the past dubbed the “Xi pump” or “China pump.” Bitcoin price had swept support after more than a month of grinding against it, only to sharply reverse. Not only did price action reverse, the resulting short squeeze and FOMO led to a record-breaking 44% climb in a matter of 48 to 72 hours. It was the third-largest single-day rise in the cryptocurrency’s history. Price action mimics a fractal from October 2019 | Source: BTCUSD on TradingView.com Will The Death Cross Breathe New Life Into Crypto Bulls? The fractal above is eerily similar to the price action during the October 2019 downtrend. The peaks and troughs match well enough, as pictured above. What is more potentially telling, is the fact the same setup is brewing when Bollinger Bands are turned on. 12-hour BTCUSD timeframes show a similar pattern, then a very similar close outside of the lower Bollinger Band. After a pause and a pair of doji, Bitcoin price reversed and reversed hard. The Bollinger Bands could snap BTC back to $60K | Source: BTCUSD on TradingView.com If the pattern were to repeat or even rhyme, there is potential for a historic, record-breaking reversal. The last time the setup happened in October 2019, there was a 44% climb in the days that followed. Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End Another 44% climb would take Bitcoin back above $61,000 per coin and it could happen in just days. Fractals, however, aren’t valid, statistically proven patterns with any probability behind them. They simply can appear to look like past price action, but completely fail to yield the same results. Could Bitcoin pump into the death cross again? | Source: BTCUSD on TradingView.com Finally, there is a looming “death cross” on the daily, which also appeared around the same time as the so-called China pump. A death cross happens when the a short-term moving average – the 50-day MA – crosses below a long-term moving average – the 200-day MA. Despite all the similarities, the fractal above should be taken with a grain of salt – salt that may end up in the wounds of bears should this pattern play out. 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

I live paycheck to paycheck don’t get me wrong I love crypto more than anything because this is truly a hope for me to make out of my country but I still wouldn’t accept my salary in crypto because I’m not in the situation to lose even a dollar from my paycheck. I would rather…
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Minutes from the U.S. Federal Reserve’s policy meeting on December 14-15 show that the central bank is being persistent about unwinding quantitive easing (QE) tactics and that it views ultra-low interest rates as no longer necessary. Global markets immediately dropped after the news was published as stock markets roiled, crypto markets shed billions, and precious […]

I was bullish on MATIC since I got into crypto, a few days ago I decided to actually use their network to mint some NFTs my brother and I came up with and oh man has my view on MATIC changed fast! Not only was it a pain just getting into and established on the…
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Bitcoin on-chain data shows current trend with the short-term holder SOPR looks similar to that in June. This may mean that a bear period similar to then has started. Bitcoin Short-Term Holders Continue To Realize Losses As pointed out by an analyst in a CryptoQuant post, Bitcoin short-term holders have continued to realize profits recently, as suggested by the SOPR. This trend may be similar to the one seen in June. The “Spent Output Profit Ratio,” or SOPR in short, is an indicator that measures the profit ratio of the overall market by looking at the price each coin was sold at and comparing it with the price it was bought at. When the value of this metric is above one, it means holders are, on an average, selling at a profit. On the other hand, SOPR values less than one would mean investors are currently dumping their Bitcoin at a loss. The value of the metric when exactly equal to one would imply that the overall BTC market is currently breaking even. A modification of this indicator is the short-term holder (STH) SOPR. This metric accounts for only those coins that were held for less than 155 days before being sold. Now, here is a chart that shows the trend in the Bitcoin STH SOPR over the past year: The indicator currently seems to be below one | Source: CryptoQuant As you can see in the above graph, the Bitcoin STH SOPR has remained below one for a while now, showing that these holders have been selling at a loss. Related Reading | Bitcoin Whales Contribute 90% Of Money Inflow of Exchanges, How Can We Follow and Make Profits? Less than a couple of weeks back, the indicator retested the SOPR equal to one trendline. However, it was rejected back downwards. The reason for the rejection is possibly that since the SOPR = 1 line represents the “break-even” point, holders would be keen to sell as soon as the price reaches that point as they would feel they got their money “back.” Related Reading | Altcoin Underdogs Outperform Bitcoin To Kick Off 2022 A similar kind of retest of the metric was also seen back in June, when a mini-bear market period was going on for Bitcoin. As the indicator was also rejected downwards then just like now, it’s possible the market may observe a similar bear market situation. BTC Price At the time of writing, Bitcoin’s price floats around $42.7k down 10% in the last seven days. Over the past month, the crypto has lost 12% in value. The below chart shows the trend in the price of the crypto over the last five days. BTC’s price has crashed down in the past day | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

So here's what happened. I transferred approximately 0.4 eth (approx. $900 at the time of purchase) from Trust wallet to a coinbase wallet. So that being from a binance smart chain to a different smart chain, so it got stuck in a black hole somewhere and I've managed to get the contract address and place…
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