Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Inverse Signals: Why Bitcoin Weakness Is Attributed To Dollar Strength

Bitcoin price is currently on the ropes, potentially about to lose support at around $56,000. But could the recent weakness in the cryptocurrency market be more a factor of a strong dollar? TD Sequential Triggers Anti-Correlated Signals On BTCUSD, DXY Weeks ago, we posed the question if or not the Dollar Currency Index making new highs in 2021 was a dangerous situation for Bitcoin. After more than $10,000 per coin was wiped off the price of BTC, the answer was a resounding yes. But much like the cryptocurrency uptrend in late 2020 and early 2021 came to an abrupt halt, even the dollar’s short-term destruction must at some point come to a full stop. Related Reading | 10 Bullish Monthly Bitcoin Price Charts To Start November The potential for a reversal is here, according to the TD Sequential – a market timing indicator created by Thomas Demark. The idea behind the tool is that after a specific sequence of candles is made, conditions are met for a reversal. Such conditions are typically indicated by a 9-setup, or a 13-countdown. However, the 8th candle before the 9 can also yield such results, and truly the tides can change at any point – the tool just highlights when that is most likely to occur.  In the chart below, both Bitcoin and the DXY have opposing signals – making the probability for a reversal in each asset all the more likely. Inverse TD setups could spell reversal | Source: DXY on TradingView.com Bitcoin Weakness, Dollar Strength In the chart above, there are some important things to note that might suggest the reversal isn’t quite ready. For example, the DXY hasn’t “perfected” its 9-count. Meanwhile, Bitcoin price is only on an 8-count, yet has been perfected. A count is only perfected when the final candle of the series has surpassed the rest of the sequence. A perfected setup is still not a guarantee of results, but increases the chances of success even further. Bulls take the stairs up, bears take the elevator down | Source: BTCUSD on TradingView.com Bitcoin price is also not in danger of a larger reversal, until the uptrend support has been broken on the daily. The stair-stepping pattern above would be broken with a close below $54,000 – such step-like patterns weren’t violated during past uptrends until they were confirmed to be over. Related Reading | Is The Dollar Index Making New 2021 Highs Dangerous For Bitcoin? The reason for the dramatic downside in Bitcoin post-new highs being made, very well could be due to strength in the dollar, and less-so weakness in the first ever cryptocurrency. The last time Bitcoin price reached such levels, the dollar was valued at far less by comparison using the DXY. With the DXY making a comeback, the king of cryptocurrency isn’t looking quite as strong as it once was. The point of the article, however, is to highlight the count on the TD Sequential on both assets, which could make this shift in strength and weakness a very short-lived trend. 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

Very new to crypto but can anyone point to the reason why it’s tanking other than volatility?

submitted by /u/Budget_Paramedic5082 [link] [comments]

After Overseeing the Largest Monetary Expansion in US History Biden Renominates Powell to Lead the Fed

U.S. president Joe Biden revealed his intent on Monday to re-nominate Jerome Powell as the Federal Reserve chairperson. Major indices and stocks gained on the news that Powell will get a second term as the head of the central bank. Biden Chooses to Renominate Fed Chair Jerome Powell On Monday, president Joe Biden revealed that […]

Impromptu technical AMA on history expiry

Currently, one of the biggest bottlenecks in scaling the Ethereum L1 is hard disk storage. Even at current gas limits, the chain is only a few years away from being too large for many people's hard drives (including my own) to store. Statelessness through Verkle trees, and potentially state expiry, allow validators and nodes to…
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Crypto.com launches new OTC trading trading portal for large orders

Crypto.com, a cryptocurrency exchange platform, today announced that its exchange service now features a new over-the-counter (OTC) portal. Immediately, select institutional and VIP clients can get instant and custom quotes on block trades for over 10 trading pairs, specifically BTC/USDT, ETH/USDT, ADA/USDT, XRP/USDT, SOL/USDT, BTC/USDC, ETH/USDC, ADA/USDC, XRP/USDC, and SOL/USDC. OTC block trades enable large-volume…
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Let’s kick the Dogs out and begin the Duck revolution. Let’s Get Crazy Quacking Rich

💥 Imagine you never had to worry about dumps when they happen because they get erased and the market bounces back up like a rubber duck. 🚀 QuackGold: With a total supply of 1 trillion, quack gold is designed with an inbuilt mechanism that burns 9% of every transaction into a pu_mp wallet. 📷1% is…
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Rams player Odell Beckham Jr. will accept NFL salary in Bitcoin

Reports suggest the Los Angeles Rams player’s total salary for the 2021 season would be worth roughly 75.66 BTC at an average price of $56,103.

Buy ENS Domains using Layer 2 solution

Hey guys, I'm trying to buy some ENS domains and the gas fees are just insane. I know there are alot of layer 2 solutions for this, but I can't for the life of me figure out how to use them in this transaction. Can anybody explain the process or direct me to a study…
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Total crypto market cap drops by 6.7%, but futures data finds a silver lining

Metaverse, gaming and incentive-offering DeFi tokens pumped last week even as Bitcoin and the total crypto market capitalization dropped. Here’s why.

If you’re in it for the long term, pumps and dips shouldn’t matter to you

There are multiple terms that get thrown around this sub everyday, and rightly so. DCA, HODL, and don’t invest more than you can afford to lose are three entirely important concepts in this market. The fact of the matter is, a rather large proportion of this sub are newbie investors (crypto being their first investment),…
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