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How Does The Next Chapter In The Tether Printing Story Unfold For Bitcoin
If Bitcoin reacts to the recent substantial printing of more Tether stablecoins the same as it has in the past, we may finally have a catalyst for the crypto asset retesting its former all-time high.
According to an ongoing correlation that suggests Bitcoin pumps with each new chapter of the Tether saga, the leading cryptocurrency by market cap’s story in 2020 could be capped off with a very happy ending.
Crytocurrency investors are watching in wait for confirmation that the new bull market in Bitcoin is here. A bullish retest in progress is the closest thing to a confirmation yet, and if it holds, the crypto market will gain some added momentum.
However, another unexpected factor could help favor a bullish breakout and further upside in the leading cryptocurrency by market cap. The parent company behind Tether has just issued the largest boost to the asset’s market cap and supply since the cryptocurrency traded below $4,000.
Then, an over 100% increase in market cap appears to have sent Bitcoin soaring. Prior to the pump, pulling Tether from the market led to Bitcoin’s collapse to its bear market bottom.
Clearly, there’s a correlation between the crypto asset pump and dumping, and how much Tether is free-flowing in the market.
Following the 2019 rally triggered thanks to the Tether printer moving full steam, several much smaller supply increases throughout 2020 have had a similar impact. Each new printing of fresh stablecoins, causes Bitcoin bulls to roar.
But the latest boost to Tether’s market cap is the largest since the 2019 rally, which sent Bitcoin skyrocketing from $3,200 to $13,800. Could another similar rally be next?
BTCUSD Tether Market Cap Price Action Correlation Chart | Source: TradingView
Price charts never lie, and there’s a definitive correlation between Tether supply and the top crypto asset’s price increasing.
With each round of new USDT minted, bulls gain confidence and push prices higher. It is not quite clear why this correlation exists, but past claims of price manipulation have never been proven.
More Tether seems to suggest that Bitcoin is ready for new bear market highs, potentially taking out targets at $14,000 where the last rejection took place or higher.
If an over 100% increase in Tether supply in the past led to a 300% and $10,000 price increase in Bitcoin, an over 40% rise from current levels could take Bitcoin to over $14,000 and set a new bear market high.
A higher-high on weekly and monthly timeframes could be a significant signal to bulls that the bull market is starting, and it could provide the momentum needed to retest $20,000.
The boost in Tether market supply also comes just as the asset reaches 144 weeks since its all-time high, and is mid-testing former bear market downtrend resistance as support.
Featured image from DepositPhotos, Charts from TradingView
Author: Tony Spilotro
Uranian moons in new light
More than 230 years ago astronomer William Herschel discovered the planet Uranus and two of its moons. Using the Herschel Space Observatory, a group of astronomers led by Örs H. Detre of the Max Planck Institute for Astronomy now has succeeded in determining physical properties of the five main moons of Uranus. The measured infrared radiation, which is generated by the Sun heating their surfaces, suggests that these moons resemble dwarf planets like Pluto. The team developed a new analysis technique that extracted the faint signals from the moons next to Uranus, which is more than a thousand times brighter. The study was published today in the journal Astronomy & Astrophysics.
To explore the outer regions of the Solar System, space probes such as Voyager 1 and 2, Cassini-Huygens and New Horizons were sent on long expeditions. Now a German-Hungarian research group, led by Örs H. Detre of the Max Planck Institute for Astronomy (MPIA) in Heidelberg, shows that with the appropriate technology and ingenuity, interesting results can also be achieved with observations from far away.
The scientists used data from the Herschel Space Observatory, which was deployed between 2009 and 2013 and in whose development and operation MPIA was also significantly involved. Compared to its predecessors that covered a similar spectral range, the observations of this telescope were significantly sharper. It was named after the astronomer William Herschel, who found infrared radiation in 1800. A few years earlier, he also discovered the planet Uranus and two of its moons (Titania and Oberon), which now have been explored in greater detail along with three other moons (Miranda, Ariel and Umbriel).
“Actually, we carried out the observations to measure the influence of very bright infrared sources such as Uranus on the camera detector,” explains co-author Ulrich Klaas, who headed the working group of the PACS camera of the Herschel Space Observatory at MPIA with which the images were taken. “We discovered the moons only by chance as additional nodes in the planet’s extremely bright signal.” The PACS camera, which was developed under the leadership of the Max Planck Institute for Extraterrestrial Physics (MPE) in Garching, was sensitive to wavelengths between 70 and 160 µm. This is more than a hundred times greater than the wavelength of visible light. As a result, the images from the similarly sized Hubble Space Telescope are about a hundred times sharper.
Cold objects radiate very brightly in this spectral range, such as Uranus and its five main moons, which—warmed by the Sun—reach temperatures between about 60 and 80 K (–213 to –193 °C).
“The timing of the observation was also a stroke of luck,” explains Thomas Müller from MPE. The rotational axis of Uranus, and thus also the orbital plane of the moons, is unusually inclined towards their orbit around the Sun. While Uranus orbits the Sun for several decades, it is mainly either the northern or the southern hemisphere that is illuminated by the Sun. “During the observations, however, the position was so favorable that the equatorial regions benefited from the solar irradiation. This enabled us to measure how well the heat is retained in a surface as it moves to the night side due to the rotation of the moon. This taught us a lot about the nature of the material,” explains Müller, who calculated the models for this study. From this he derived thermal and physical properties of the moons.
When the space probe Voyager 2 passed Uranus in 1986, the constellation was much less favorable. The scientific instruments could only capture the south pole regions of Uranus and the moons.
Müller found that these surfaces store heat unexpectedly well and cool down comparatively slowly. Astronomers know this behavior from compact objects with a rough, icy surface. That is why the scientists assume that these moons are celestial bodies similar to the dwarf planets at the edge of the Solar System, such as Pluto or Haumea. Independent studies of some of the outer, irregular Uranian moons, which are also based on observations with PACS/Herschel, indicate that they have different thermal properties. These moons show characteristics of the smaller and loosely bound Transneptunian Objects, which are located in a zone beyond the planet Neptune. “This would also fit with the speculations about the origin of the irregular moons,” adds Müller. “Because of their chaotic orbits, it is assumed that they were captured by the Uranian system only at a later date.”
However, the five main moons were almost overlooked. In particular, very bright objects such as Uranus generate strong artifacts in the PACS/Herschel data, which cause some of the infrared light in the images to be distributed over large areas. This is hardly noticeable when observing faint celestial objects. With Uranus, however, it is even more pronounced. “The moons, which are between 500 and 7400 times fainter, are at such a small distance from Uranus that they merge with the similarly bright artifacts. Only the brightest moons, Titania and Oberon, stand out a little from the surrounding glare,” co-author Gábor Marton from Konkoly Observatory in Budapest describes the challenge.
This accidental discovery spurred Örs H. Detre to make the moons more visible so that their brightness could be reliably measured. “In similar cases, such as the search for exoplanets, we use coronagraphs to mask their bright central star,” Detre explains. “Herschel did not have such a device. Instead, we took advantage of the outstanding photometric stability of the PACS instrument.” Based on this stability and after calculating the exact positions of the moons at the time of the observations, he developed a method that allowed him to remove Uranus from the data. “We were all surprised when four moons clearly appeared on the images, and we could even detect Miranda, the smallest and innermost of the five largest Uranian moons,” Detre concludes.
“The result demonstrates that we don’t always need elaborate planetary space missions to gain new insights into the Solar System,” co-author Hendrik Linz from MPIA points out. “In addition, the new algorithm could be applied to further observations which have been collected in large numbers in the electronic data archive of the European Space Agency ESA. Who knows what surprise is still waiting for us there?”
Author: by elexonic
Bitcoin 4hr analysis 9/14/2020
Bitcoin 4hr analysis 9/14/2020
Good morning ladies and gentlemen and welcome back to my daily look into the wild world of Bitcoin . Today I have the 4hr time frame pulled up after a pretty flat weekend. We managed to re-establish a few lost supports and I must confess there are a few thing that have me thinking this bearish momentum could turn around. There are a few reasons for that I will discuss in the analysis so strap yourself in for the most exciting analysis of your life lol.
The first thing I want to bring up this morning is we are continuously posting higher highs and that is a bullish signal. This is one of the reasons I am optimistic even though we seem to be testing new found support pretty regularly. Call me a hopium addict or whatever. On the current candle you can see a deep wick that drops to approximately 10200. Traders refer to these types of fast drops as stop hunts which will trip any stop loss within the wicks range. It does happen and that is one of the bad sides of a stop loss. But the alternative to not having a stop loss set is far more dangerous in my opinion.
I see that we are staying above the 4hr 50 MA besides a few well placed deep wicks. That is encouraging and also it should start to build confidence in a shaky market. After all the blood in the streets we have seen this past week we may have a ray of hope. Especially if we can exit this 4hr cloud (above the cloud) Exiting the cloud may not happen right away but if and when we do finally exit the cloud if it is above the cloud it should instill more confidence into the market.
I took a look at the weekly close yesterday and the candle isnt quite a doji but it looks close enough to me to actually be a bullish candle. Of course only time will tell for sure and you should never gauge the market on a single candle painted on the chart. But it certainly does add another chip to the bullish pile. The daily clouds bottom border is sitting above us around 10675 and this is the next real hurdle I see on the chart. Right now there is plenty of cloud cover on the charts but I think we may see some breaks in those clouds quite soon.
I do not see any gaps from the past weekend. Correct me if I am wrong but I looked intently this a.m. and there was not a noticeable gap. I also noticed that each time we get above the .618 fib (10358) we fall back down below the fib pretty fast. But this time we have the support of the 4hr 50 MA and the 4hr cloud is also there to support us. If the .618 fib can hold it could serve as a launch pad to higher highs. Lets leave these cloudy skies behind us and retake 11k bulls. You have rested long enough lol. Have a great day folks. Make good choices!! WTFDIK???
TLDR: Im optimistic. If the 4hr 50 MA and the .618 can hold we may have a shot at reversing this negative sentiment. Fingers crossed!
Published at Mon, 14 Sep 2020 11:57:31 +0000
Cardano, STEEM, Maker Price Analysis: 14 September
Bitcoin was trading around the $10,400-level, at the time of writing, a level that has proved crucial for it in the past. On the other hand, Cardano showed some bullish signs after a minor drop on the charts, with ADA looking to resume its climb. Further, while STEEM formed a triangle pattern that could see a strong breakout, Maker was noting a strong downtrend and was likely to set further lows.
As detailed in a previous article, ADA was forming a rising wedge, a bearish pattern that signals the reversal of an uptrend. Following its formation, it was likely that ADA would revisit the support at $0.091, which it did. ADA’s price could then be expected to rise towards the 200 EMA.
Interestingly, there was evidence of a price rise looming, with the CMF noting capital inflows into the market. Such buyers’ interest could propel the crypto’s price past the $0.097 level and towards resistance at $0.11.
STEEM was forming an ascending triangle on the charts, one highlighted by yellow trendlines. This pattern could break out both to the upside, as well as the downside, but an upward breakout is more likely.
The MACD noted a bearish crossover as the price dropped from $0.1931 to $0.180. STEEM might re-test the yellow ascending line and a breakout to either side would be confirmed if a move has high trading volume.
If STEEM’s price closes the next few trading sessions beneath the trendline, the pattern will be invalidated.
MKR continued to register lower lows as its bearish run took it past the level of support at $500. Trading at $482 at press time, the Aroon Indicator for MKR showed that the bearish trend had not let up.
The Aroon Down (blue) line had stayed above the Aroon Up (orange) for a few days now, a sign of a strong downtrend.
It was recently reported that Rune Christensen, founder of MakerDAO, was concerned about Dai. The demand for Dai in an environment of yield farming craze, and the DeFi explosion, has made it difficult for the stablecoin to maintain a value of $1, despite the community’s best efforts. At the time of writing, Dai held a value of $1.03, with the crypto having noted a value of $1.1 on Black Thursday.
Author: by admin