Tag Archives: cryptocurrencies

Could banks ban cryptocurrencies in the west? Why countries could REFUSE to follow China

Could banks ban cryptocurrencies in the west? Why countries could REFUSE to follow China

CRYPTOCURRENCIES have enjoyed a renaissance in 2021, with both seasoned investors and rookies taking advantage of the lucrative swings that have seen some tokens explode in value. The market ignited a clampdown in China, with fears mounting that the west could follow.

Read more here Daily Express :: City and Business Feed

Bitcoin price crash: Elon Musk sends cryptocurrencies tumbling – ETH and DOGE down too

Cryptocurrency: Expert discusses success of Bitcoin

At 11am, Bitcoin was priced at $ 39,416. Musk tweeted at 12.07 and by 3.13pm it had dropped to $ 38,532 – a drop of over 1.5 percent. 

1.63 percent drop in just over an hour. Ethereum fell 2.2 percent from $ 2,442 to $ 2,388 during the same period. And meme coin Dogecoin fell from a high of $ 0.314 at 8.15am to a low of $ 0.307 at 3.15pm.

The drop in prices for the cryptocurrencies comes after Elon Musk responded to reports Bitcoin is “greener” than critics say.

The entrepreneur and business magnate hit back at Jesse Powell, chief executive of the Kraken crypto exchange, who said bitcoin is “a lot greener than people give it credit for”.

Mr Powell told Bloomberg TV on Thursday that Musk has got “some more studying to do on this topic.”

Responding to the statement on Twitter, Musk said: “Based on what data?”

Bitcoin has seen prices tumble this afternoon, in response to comments by Elon Musk (Image: getty)

Bitcoin’s price fell this afternoon (Image: Getty)

The comment by the Tesla CEO has reignited his argument that Bitcoin is environmentally damaging due to the “insane” energy use required for the computing work that secures the network and creates new coins.

Last month, Mr Musk said his car company would stop accepting Bitcoin as a payment for its products due to concerns over how cryptocurrency mining contributes to climate change.

He said in a statement: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

The announcement triggered a sharp fall in the price of Bitcoin.

JUST IN: Bitcoin Price: Elon Musk sparks surge as Tesla updates payment plans

Elon Musk made the comment on Twitter (Image: Twitter)

On Sunday Mr Must said Tesla will resume Bitcoin transactions once it confirms there is reasonable clean energy usage by miners.

He said in a Tweet: “When there’s confirmation of reasonable (-50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.”

Mr Musk’s comments on social media about cryptocurrency often send prices soaring or plummeting.

It comes as new data suggests 2.3 million adults are estimated to hold cryptocurrencies, up from 1.8 million last year, according to the City regulator.

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El Salvador has approved a bid to make Bitcoin legal tender (Image: GETTY)

El Salvador’s president Nayib Bukele backed the bid to make Bitcoin legal tender (Image: GETTY)

While ownership of cryptocurrencies has increased, understanding of them appears to have decreased, according to the findings from the Financial Conduct Authority (FCA).

It has warned that investing in cryptocurrencies is high risk and investors should be prepared to lose all their money.

People have around £300 invested on average.

The FCA cryptocurrencies can take many forms and some include Bitcoin and Ripple.

Tax rates compared (Image: Express)

Earlier this month El Salvador announced it will become the first country to accept Bitcoin as legal tender.

It plans to use the virtual currency alongside the US dollar.

However the World Bank has turned down a request from El Salvador for help setting this up.

A spokesperson explained: “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes.

“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Cryptocurrency prices have fluctuated dramatically following Elon Musk tweets (Image: GETTY)

Under new legislation every business in El Salvador will be required to accept Bitcoin as legal tender, unless it is unable to do so for technological reasons.

The proposal, originally made by president Nayib Bukele, has been approved by congress.

However Bank of England governor Andrew Bailey warned of “tough love” as cryptocurrency regulations are strengthened.

He said: “What we cannot have is a world where innovation gets a free pass to ignore the public interest.

“The odds of such an approach not ending well are too high.”

Last month Mr Bailey branded cryptocurrencies “dangerous” and said investors should “buy them only if you’re prepared to lose all your money”.

Express.co.uk does not give financial advice. The journalists who worked on this article do not own Bitcoin.

Additional reporting by Emily Ferguson

Author:
This post originally appeared on Daily Express :: Finance Feed

Top 5 cryptocurrencies to watch this week: BTC, ETH, ADA, SOL, THETA

When the sentiment in the market turns bearish, every bit of negative news, however insignificant, pulls the price down as traders panic sell. This is what happened after China’s social media giant, Weibo, suspended a number of crypto-related accounts and triggered fears that a wider crackdown could occur.

In other news, a note from Goldman Sachs said their meetings with 25 chief investment officers of long-only and hedge funds revealed Bitcoin (BTC) as the least favorite asset for investment.

Crypto market data daily view. Source: Coin360

While the news may be negative in the short term, it is unlikely to change the long-term story of Bitcoin. As the price corrects, several institutional investors are likely to consider crypto investments to hedge their portfolio against the possible surge in inflation in the United States.

From the perspective of most traders, Bitcoin’s current decline continues to represent a buying opportunity for the longer term. 

Let’s analyze the charts of the top-5 cryptocurrencies that may outperform in the next few days.

BTC/USDT

Bitcoin turned down from the 20-day exponential moving average ($ 39,127) on June 3 but is finding support near the trendline of the triangle. This shows that bulls are buying on dips, and bears are selling on rallies.

BTC/USDT daily chart. Source: TradingView

The next trending move is likely to start after the price escapes from the triangle. If the bulls propel and sustain the price above the resistance line, the BTC/USDT pair could rally to the 50-day simple moving average ($ 47,198) and then to the pattern target at $ 52,622.90.

On the contrary, if the price turns down and breaks below the trendline of the triangle, it will suggest that supply exceeds demand. That could result in a drop to the $ 30,000 to $ 28,000 support zone.

If this zone cracks, the selling could intensify as several traders who bought recently may exit their positions. That may pull the price down to $ 20,000.

BTC/USDT 4-hour chart. Source: TradingView

The moving averages on the 4-hour chart have flattened out, and the relative strength index (RSI) is oscillating roughly between 40 and 60, indicating an equilibrium between buyers and sellers.

However, this state of uncertainty is unlikely to continue for long and the price is likely to break above or below the triangle in the next few days. If the price breaks out and sustains above the triangle, it will suggest the setup acted as a reversal pattern.

Conversely, if the price breaks below the triangle, it will suggest that the current consolidation was a temporary halt in a strong downtrend. It is difficult to predict the direction of the breakout, hence traders may wait for the break to happen before considering fresh positions.

ETH/USDT

Ether (ETH) turned down from the 50-day SMA ($ 2.908) on June 4 and re-entered the symmetrical triangle. However, the positive thing is that bulls did not give up much ground, indicating strong buying near $ 2,550.

ETH/USDT daily chart. Source: TradingView

If the buyers drive the price above the resistance line of the triangle, the ETH/USDT pair may again challenge the 50-day SMA. A breakout and close above this resistance could clear the path for a move to the 61.8% Fibonacci retracement level at $ 3,362.72.

Contrary to this assumption, if the price turns down from the 50-day SMA once again, it will suggest that bears are defending the resistance aggressively. A break below $ 2,550 could pull the price down to the support line of the triangle. A break below the triangle will be the first indication that the bears are back in the driver’s seat.

ETH/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of an ascending triangle pattern that will complete on a breakout and close above $ 2,906. If that happens, the pair could rally to $ 3,600 and then to the pattern target at $ 4,083.26.

This bullish view will invalidate if the price turns down and breaks below the trendline of the triangle. The bears will then try to pull the price down to $ 2,200 and then to the critical support at $ 1,728.74.

ADA/USDT

Cardano (ADA) has been stuck in a large range between $ 1.94 and $ 1 for the past few days. The altcoin turned down from the resistance on the range on June 4 and has dropped to the moving averages.

ADA/USDT daily chart. Source: TradingView

The bulls are currently attempting to defend the zone between the 20-day EMA ($ 1.66) and the 50-day SMA ($ 1.55). If the price rebounds off the current levels, it will suggest the sentiment is turning positive and traders are buying the dips to the moving averages.

A breakout and close above $ 1.94 will indicate the bulls are back in the driver’s seat. If the price sustains above this level, the ADA/USDT pair could retest the all-time high at $ 2.47. A break above this resistance will indicate the start of the next leg of the uptrend.

This positive view will invalidate if the pair turns down and breaks below the 50-day SMA. The bears will then try to pull the price down to the $ 1.33 to $ 1.22 support zone.

ADA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of an ascending triangle pattern that will complete on a breakout and close above $ 1.94. This bullish setup has a target objective at $ 2.88. However, it is unlikely to be a straight dash to the target because the bears may mount a stiff resistance at the current all-time high at $ 2.47.

The 20-EMA has started to turn down and the RSI is just below the midpoint, suggesting a possible drop to the trendline of the triangle. A break below this support will invalidate the bullish setup and that may result in a drop to $ 1.36 and then to $ 1.

SOL/USDT

The bears are attempting to stall Solana’s (SOL) relief rally at the 61.8% Fibonacci retracement level at $ 43.38. However, the sellers haven’t been able to sink the price below the 20-day EMA ($ 36.39), which indicates the sentiment has turned positive.

VORTECS data from Cointelegraph Markets Pro began to detect a bullish outlook for SOL on June 1, before the rally picked up momentum..

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS Score (green) vs. SOL price. Source: Cointelegraph Markets Pro

As seen from the chart above, the VORTECS Score for SOL flipped green on June 1 when the price was close to $ 32.10.

The VORTECS Score has consistently remained in the green since then and the price of SOL has rallied to $ 43.33 today, recording a 35% gain in five days. This shows how the VORTECS Score gave an early indication of a counter trend rally even as other tools would have been bearish.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair rebounded off the 20-day EMA on June 4 and has bounced off the 50-day SMA ($ 39.42) today. This suggests the bulls are not waiting for a deeper correction to buy.

If buyers drive the price above $ 43.38, it will indicate the downtrend is over. The pair could then rally to the 78.6% retracement level at $ 49.97 and then to the all-time high at $ 58.38. The 20-day EMA has started to turn up and the RSI is in the positive territory, suggesting the buyers have the upper hand.

This positive view will invalidate if the price turns down and slumps below the trendline. The pair could then decline to $ 25.58 and later to $ 21.

SOL/USDT 4-hour chart. Source: TradingView

The moving averages on the 4-hour chart have turned up and the RSI is trading in the positive territory, suggesting the bulls are making a comeback. The up-move may pick up momentum if buyers thrust the price above $ 43.38.

Conversely, if the price turns down and breaks the 20-EMA, it will suggest that supply exceeds demand. The pair could then drop to the 50-SMA and then to the trendline. A break below the trendline will indicate that bears are back in the game.

THETA/USDT

THETA is trading inside a descending channel. The bulls attempted to push and sustain the price above the resistance line of the channel on June 4 and 5 but failed. This suggests the bears are defending this resistance aggressively.

THETA/USDT daily chart. Source: TradingView

However, the 20-day EMA ($ 8.19) has started to turn up and the RSI is in the positive territory, indicating the bulls have a slight advantage. If the THETA/USDT pair rebounds off the 20-day EMA, the buyers will make one more attempt to propel the price above the channel.

If they succeed, it will suggest the downtrend could be over. The pair could then start an up-move to $ 13 and later to the all-time high at $ 15.88. This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move could result in a decline to $ 6.

THETA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair has turned down from the resistance line of the channel on two occasions. However, the bears have not been able to sink and sustain the price below the 20-EMA, indicating demand at lower levels.

If the pair rebounds off the current level, the bulls will make one more attempt to push the price above the channel. If they manage to do that, the next leg of the uptrend may begin.

On the other hand, if the price breaks below the 20-EMA, the pair could slide down to the 50-SMA. A break below this support will suggest the start of a deeper correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Author: Cointelegraph By Rakesh Upadhyay
This post originally appeared on Cointelegraph.com News

Bitcoin price crisis: Elon Musk tanks cryptocurrencies with odd Tweet – ETH and DOGE hit

The value of Bitcoin slumped from a high of $ 39,471 on Thursday to just $ 36,600 in early trading on Friday – a drop of 7.37 percent.

Ethereum fell 8.4 percent from $ 2,888 to $ 2,644 while Dogecoin plunged by a massive 13.9 percent from $ 0.43 to $ 0.37.

However, the massive fall in the price of the cryptocurrencies was accompanied by a strange Tweet from Tesla boss Mr Musk, who appeared to mock Bitcoin’s recent struggles.

The tech billionaire has been extremely vocal on social media about the use and future of cryptocurrencies.

But his tweets and comments regularly trigger significant upward or downward movements in the volatile market.

In February, the price of Bitcoin surged to an all-time high after he tweeted Tesla would begin accepting payments of the digital currency for sales of their electric cars.

Bitcoin’s price jumped by a fifth (20 percent )after Tesla said it had made a $ 1.5billion investment.

The firm added it would eventually accept the cryptocurrency as payment for its cars.

This resulted in Bitcoin’s largest daily increase in more than three years, climbing to more than $ 48,000.

Mr Musk briefly became the world’s richest person as shares of Tesla surged nearly 500 percent, with the firm also surging to fifth position in the ranking for the most valuable companies in the US.

But on May 17, Bitcoin’s price plunged to its lowest since February after the Tesla boss hinted the electric carmaker may sell its cryptocurrency holdings.

Bitcoin’s value slumped by almost 10 percent to below $ 45,000 after trading as high as $ 50,000 just a few days earlier.

The previous weekend, Mr Musk suggested the firm was considering selling or may have already sold some of its holdings in the cryptocurrency.

Bitcoin’s price drop was triggered by a tweet sent to the Tesla boss, which said: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings.

“With the amount of hate [Elon Musk] is getting, I wouldn’t blame him.”

Mr Musk simply replied: “Indeed.”

He later followed up that Tweet following the panic he had caused, and frankly wrote: “To clarify speculation, Tesla has not sold any Bitcoin.”

That latest blow for Bitcoin comes a week after the Tesla chief executive said the company had stopped accepting Bitcoin as payment for its cars because of fears over its carbon emissions.

He announced the carmaker had stopped vehicle purchases with the cryptocurrency because of “rapidly increasing use of fossil fuels for Bitcoin mining”.

The Tesla boss tweeted: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Bitcoin’s price had skyrocketed to a record high of over $ 63,300 on April 16 having started the year on $ 29,300 following a strong finish to 2020.

But it has sliced in half since those record highs just six weeks ago, plummeting to just $ 33,600 last weekend.

Last month, Bitcoin suffered a huge hammer blow after the Chinese Government – home to the world’s second-largest economy – banned the use of the cryptocurrency as a form of payment.

This is a breaking story. More to follow…

Author:
This post originally appeared on Daily Express :: Finance Feed

Beyond Dogecoin: The 5 hottest cryptocurrencies on Twitter this month

In the realm of digital assets, Crypto Twitter is a major seat of power. Memecoins and serious large-cap assets alike can see their value rise or fall depending on whether the whimsical Twitter crowd decides to pay attention. 

Huge rallies and dramatic declines often trigger waves of fear, uncertainty and doubt (FUD) or fear of missing out (FOMO) on the platform, capable of massively amplifying the unfolding price dynamics.

Granted, it would be convenient if increases in Twitter volume always spelled price hikes — yet, as the facts demonstrate, this relationship is way, way more complicated than that.

Tweet volume is one of the ingredients of a proprietary formula powering the VORTECS Score, a machine learning algorithm that compares historic and current market conditions around digital assets to aid crypto traders’ decision-making. The model considers a host of other indicators — including market outlook, price movement, social sentiment and trading activity — to arrive at a score that assesses whether the present conditions are historically bullish, neutral or bearish for a given coin.

This week, we follow five digital assets that made the biggest strides in terms of Twitter activity this month. All five saw their tweet volumes increase by hundreds of percentage points compared with the previous month’s average — but how actionable were these dynamics for traders?

Here’s how the VORTECS Score could give investors a few hints.

Telcoin (TEL): +300% Twitter volume

Between May 2 and 5, as Telcoin (TEL) was bracing for a massive price leap that would take it from below $ 0.01 to above $ 0.05 within 10 days, two considerable spikes in tweets tagging TEL occurred. While the coin would normally get several hundred mentions a day, these two peaks each saw more than 3,000.

Combined with other factors, this pattern was recognized as historically favorable by the VORTECS model, which dished out a very high score of 91 (red circle in the graph). A tremendous price run followed less than a day later. Further tweet volume spikes in May followed price surges rather than preceded them.

Overall, over the last 30 days, Telcoin delivered 189% vs. the U.S. dollar and 345% vs. Bitcoin (BTC).

Polygon (MATIC): +240% Twitter volume

Twitter activity around MATIC and its price action entered a virtuous circle in May, with each leg of the price rally triggering a surge in chatter that, in turn, preceded a further round of the token’s appreciation.

Of course, there was much more to Polygon’s remarkable month, with a slew of positive real-world developments and trading activity spikes, but tweet volume appeared to be an essential feature of each VORTECS Score peak (red circles in the chart).

MATIC’s monthly gains: 125% vs. the U.S. dollar and 248% vs. BTC.

iExec (RLC): +711% Twitter volume

iExec’s RLC token emerged as the biggest winner in terms of added tweet volume in May, yet its price increase was more modest: 60% against the U.S. dollar and 148% against Bitcoin.

In RLC’s case, as the charts illustrate, spikes in tweet volume were largely reactive and merely followed price action. The coin’s VORTECS Score was largely neutral ahead of the rally that started around May 9, suggesting that the combination of market conditions preceding it has not been frequently observed before.

Solana (SOL): +525% Twitter volume

Solana saw its average tweet volume increase more than fourfold compared with the previous month, yet almost all corresponding SOL price gains were wiped out by the end of May: -31.48% against the U.S. dollar and +6.06% against Bitcoin.

Tweet volume largely lagged behind the price movement, with one notable exception: an outsized jump from 5,000 to 20,000 tweets on May 17 that contributed to an 80+ VORTECS Score and came some 36 hours before the coin reached its all-time high near $ 58 (red circles in both charts).

Ethereum Classic (ETC): +321% Twitter volume

While the reasons behind Ethereum Classic (ETC) suddenly surging from $ 40 to $ 160 in the first week of May remain a mystery, we can be fairly certain that an explosion in the volume of Twitter conversation was not one of them: All the added tweets came in response to the price rally.

The VORTECS algorithm hadn’t sensed a historically favorable outlook, either, as the score mostly remained in the neutral zone.

ETC ended the month with +67.36% vs. the U.S. dollar and +158.85% vs. Bitcoin.

An uptick in Twitter activity around a digital asset can mean a variety of things, depending on the configuration of other important market and social indicators. The VORTECS Score, exclusively available to Cointelegraph Markets Pro members, can contextualize tweet volume within a constellation of other market-moving metrics.

For those who prefer to leverage raw data, the absolute number of tweets and current vs. average tweet volume are readily available as separate metrics on the market intelligence platform.

Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $ 99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

Author: Cointelegraph By Kirill Bryanov
This post originally appeared on Cointelegraph.com News

Top 5 cryptocurrencies to watch this week: BTC, MATIC, EOS, XMR, AAVE

Bitcoin (BTC) is struggling to sustain any price level during the current pullback, indicating a lack of demand at higher levels. Does this mean that the bull trend is over and the institutional investors are abandoning the crypto markets?

No! It is the other way around. Glassnode’s weekly newsletter pointed out that the Grayscale Bitcoin Trust (GBTC) premium is rising, suggesting that institutional investors are accumulating at lower levels.

GBTC is not alone, another popular vehicle for institutional investors, the Canadian Purpose Bitcoin exchange-traded fund has also witnessed strong capital inflows. According to analysts at Glassnode, this shows “early signs of renewed institutional interest.”

Crypto market data daily view. Source: Coin360

Another metric that may be signaling a possible bottom in Bitcoin is its dominance chart, which looks similar to the early part of 2017. If Bitcoin’s dominance follows a similar trajectory to 2017, it will indicate that Bitcoin is still some distance away from its peak and altcoin season still has room to run.

Now that the monthly options and futures expiry has passed, investors are likely wondering if Bitcoin could start a sharp recovery next week and which altcoins will rally if that happens. 

Let’s look at 5 cryptocurrencies that could start trending moves this week.

BTC/USDT

Bitcoin’s brief breakout could not clear the hurdle at the 200-day simple moving average ($ 41,014) on May 26 and 27, indicating the bears are defending this level aggressively. The downsloping 20-day exponential moving average ($ 41,327) and the relative strength index (RSI) near the oversold zone suggest the bears are in control.

BTC/USDT daily chart. Source: TradingView

If the BTC/USDT pair breaks the $ 33,000 support, the next stop could be the $ 30,000 to $ 28,000 support zone. If this zone also gives way, the pair may witness panic selling and a drop to $ 20,000 is possible.

The longer the price stays below the 200-day SMA, the more difficult it will become for the bulls to start the next leg of the uptrend.

However, if the price turns up from the current level and rises above the 200-day SMA, it will suggest strong buying at lower levels. That could clear the path for a possible rally to the 61.8% Fibonacci retracement level at $ 48,231.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a symmetrical triangle, which generally acts as a continuation pattern. If bears sink the price below the triangle, the pair could drop to $ 30,000 and then to the pattern target at $ 20,316.

On the other hand, the setup may act as a reversal pattern if bulls push and sustain the price above the resistance line of the triangle. Such a move will suggest the downtrend is over and the pair could rally to the target objective at $ 51,951.

MATIC/USDT

Polygon (MATIC) has bounced off the 20-day EMA ($ 1.58) today, indicating that bulls are buying on dips to this support. The upsloping 20-day EMA and the RSI in the positive territory indicate the path of least resistance is to the upside.

MATIC/USDT daily chart. Source: TradingView

However, the MATIC/USDT pair has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears. If bulls push the price above the resistance line of the triangle, the pair could rise to $ 2.70 and then start its journey to the pattern target at $ 4.20.

Contrary to this assumption, if the price turns down from the resistance line of the triangle, the pair could extend its stay inside the triangle. A break and close below the triangle will signal weakness and could result in a drop to $ 0.80.

MATIC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the relief rally is facing resistance at the downtrend line. If the bears sink the price below the $ 1.51 support, the pair will complete a bearish head and shoulders pattern that could result in a drop to $ 0.68.

Conversely, if buyers propel the price above the downtrend line, the bullish momentum could pick up and the pair could challenge the $ 2.43 resistance. A break above this level could result in a rally to $ 2.70.

EOS/USDT

EOS attempted a recovery, which fizzled out at the 38.2% Fibonacci retracement level at $ 7.89 on May 27. However, the positive sign is that the bulls have not allowed the price to dip below the $ 5.60 support. This indicates that traders are not waiting for a deeper fall to buy.

EOS/USDT daily chart. Source: TradingView

If bulls can push and close the price above the 20-day EMA ($ 6.95), it will suggest that supply exceeds demand. That could open the doors for a rally to the 50% retracement level at $ 9.23 and then to the 61.8% retracement level at $ 10.57.

This bullish view will invalidate if the bears stall the next pullback attempt at the 20-day EMA or at $ 7.89. Such a move will increase the possibility of a break below $ 5.60. If that happens, the EOS/USDT pair could drop to the 200-day SMA ($ 4.52) and then to $ 3.57.

EOS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are defending the $ 5.60 support, indicating that the selling pressure has reduced. The flat 20-EMA and the RSI just below the midpoint suggest a balance between supply and demand.

If bulls push the price above $ 6.81, the pair could rally to the 200-SMA and then to $ 8.69. A breakout and close above this resistance will signal that bulls are back in the game. Alternatively, if the bears sink the price below the $ 5.60 to $ 5 support zone, the pair could drop to $ 3.57.

XMR/USDT

Repeated attempts by the bears to sink Monero (XMR) below the 200-day SMA ($ 222) have failed in the past few days. This suggests that bulls are accumulating at the current levels.

XMR/USDT daily chart. Source: TradingView

The buyers attempted to push the price above the 20-day EMA ($ 294) on May 29 but the long wick on the candlestick shows strong selling at higher levels. However, the bulls are again likely to attempt to clear the hurdle at the 20-day EMA.

If they succeed, the XMR/USDT pair could start a relief rally that may reach the 61.8% Fibonacci retracement level at $ 368.45. This level may act as a stiff resistance because traders who had bought at higher levels may close their positions.

This positive view will nullify if the price turns down and plummets below the 200-day SMA. In such a case, the pair may drop to $ 175 and then to $ 124.69.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows a symmetrical triangle formation, indicating indecision among the bulls and the bears about the next directional move. The flattish 20-EMA and the RSI near the midpoint also suggest a balance between supply and demand.

This advantage will tilt in favor of the bulls if they can push and sustain the price above the triangle. The price could then rally to the 200-SMA, which may act as a stiff resistance.

On the contrary, if the price turns down and breaks below the triangle, the pair could drop to $ 175 and then to $ 124.69.

AAVE/USDT

AAVE is attempting to rebound off the strong support at $ 280. This level has not been broken on a closing basis since Jan. 26, hence the bulls are likely to defend it aggressively. The 200-day SMA ($ 290) just above the level is an added advantage.

AAVE/USDT daily chart. Source: TradingView

However, the downsloping 20-day EMA ($ 398) and the RSI below 43 suggest the short-term trend favors the bears. The sellers will try to stall any relief rally at the 20-day EMA. If they succeed, the AAVE/USDT pair may again correct to $ 280.

A break and close below this support could start a downtrend and the decline could extend to $ 160. Conversely, if the bulls drive the price above the 20-day EMA, the pair could rise to $ 489, which is likely to act as a stiff resistance.

AAVE/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls bought the dip to $ 280. The 20-EMA is flattening out, indicating the selling pressure is reducing. If buyers push and sustain the price above the downtrend line, the pair could rally to $ 418. A breakout and close above this resistance could result in a rally to $ 480.

This positive view will invalidate if the price turns down from the 20-EMA or the downtrend line and plummets below $ 280. If that happens, the bears will try to pull the price below the May 23 low at $ 208.09 and start the downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Author: Cointelegraph By Rakesh Upadhyay
This post originally appeared on Cointelegraph.com News

Bitcoin price crash: Cryptocurrencies plummet over bear market fears – Ethereum drops

Bitcoin fell from $ 37,156 at 6.30am BST to $ 34,800 at 2pm BST. This was a fall of over five percent in just a few hours.  

Separately the value of Ethereum declined from $ 2,565 at 6.15am BST to $ 2,398 at 2pm BST.  

Bitcoin has had an unstable 2021 with its value fluctuating between $ 30,000 and $ 65,000.

It followed a year of huge growth in the virtual currency’s value in 2020.

Earlier this month the value of Bitcoin, Ethereum and Dogecoin fell sharply following new regulations in China.

Beijing has cracked down on Bitcoin mining after controversy about the amount of electricity it uses.

There is speculation US lawmakers may attempt to impose financial oversight over the unstable market.

Ipek Ozkardeskaya, a senior Swissquote analyst, predicted a busy weekend of crypto trading.

He commented: “Looking at the unrest across the crypto market, there is a chance that we see another hectic weekend trading in Bitcoin and other cryptocurrencies.”

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“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to a more sustainable energy.”

Crypto advocates have stepped up their environmental efforts after Mr Musk revealed his concern.

A number of miners have signed up to the Crypto Climate Accord, an effort to make the industry carbon neutral by 2030.

Matt Maley, chief market strategist at Miller Tabak + Co, said: “If the market continues to see wild swings based on Elon Musk tweets, it’s going to be a big set back for this asset class.

“The fact that it sees such wild swings to the tweets from one person takes away the legitimacy of the asset class.”

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Bitcoin price crisis: Cryptocurrencies plunge – Ethereum and Doge suffer huge losses

The price of Bitcoin has plummeted from $ 38,852 at 00.20am to $ 36,623 at 7.45am. Ethereum has crashed by 7.5 percent from $ 2,755 to $ 2,556 over the same time period. Dogecoin has plunged even further, this time by eight percent from $ 0.344 to $ 0.317.
Naeem Aslam, chief market analyst at Avatrade, warned of further falls to Bitcoin’s value throughout Friday after dropping below the $ 40,000 price level.

He said: “In the crypto currency space, the crypto king isn’t showing much strength as well and it is very much clear that we are likely to see more downward moves for the Bitcoin today.

“The primary reason for this is that the price has rejected the 200-day SMA on the daily frame, and it has failed to stay above the 40K price level.”

Litecoin – billed as a lighter and faster version of Bitcoin – dipped three percent to $ 183 and is nine percent its value from a week ago.

Enjin Coin (ENJ) has seen the biggest fall over the last 24 houtrs, plunging 16 percent after surging 44 percent to $ 1.93 in the previous 24-hour period.

The cryptocurrency market has crashed over recent days, fuelled by the Chinese Government’s ban on using the digital payment method.

Bitcoin’s price plummeted to as low as $ 30,000, while rival cryptocurrencies Ethereum and Binance Coin also saw huge losses.

Tweets from Tesla founder Elon Musk have lashing out at Bitcoin’s energy consumption have also acted as a driver for even more downfall.

This sparked market panic, with the views of Mr Musk leaving investors perplexed and leading to further fears about the legitimacy of using cryptocurrencies.

In February, the Tesla boss said $ 1.5 billion of the firm’s corporate budget will be used to buy Bitcoins and it would also accept the cryptocurrency as a form of payment.

But earlier this month, Bitcoin’s price plummeted to its lowest since February after Mr Musk hinted Tesla may sell its cryptocurrency holdings.

Bitcoin’s price plunged by almost 10 percent to below $ 45,000 for the first time in nearly three months before edging upwards to just under $ 46,000.

Just days earlier, Mr Musk had suggested the electric car maker was thinking of selling or may have already sold some of its holdings in the cryptocurrency.

A tweet sent to him said: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings.

“With the amount of hate [Elon Musk] is getting, I wouldn’t blame him.”

Mr Musk simply replied: “Indeed.”

He later followed up that Tweet following the panic he had caused, and frankly wrote: “To clarify speculation, Tesla has not sold any Bitcoin.”

Bitcoin’s value has been sliced in half since its record high of $ 65,000 just a few weeks ago in mid-April.

Despite this, the world’s most popular cryptocurrency is still up a massive 358 percent since the past year, while Ether has surged by 1,300 percent and Dogecoin has skyrocketed by 14,000 percent.

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