Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range.
While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars.
Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more days, it would complete 100 days above this critical level.
History suggests that Bitcoin rallies vertically after it completes 100 days above a psychologically significant level. Bitcoin’s rally from $10 to $100, a 10-fold rise, took only 122 days after it had spent 100 days above $10.
Similarly, a move from $100 to $1000 happened in two days, and the rally from $1,000 to $10,000 was completed in 150 days. Therefore, investors are watching to see whether Bitcoin will continue following its precedence or will it chalk a new course.
Let’s study the charts of the top-10 cryptocurrencies to find out the path of least resistance.
The long tail on the candlesticks of the past two days shows that the bulls are accumulating on dips. However, the failure to sustain Bitcoin (BTC) above $13,600 suggests that the bears are attempting to defend the overhead resistance.
After the large range day on Oct. 28, the price action could be subdued for a few days as both the bulls and the bears try to gain an upper hand.
However, the upsloping moving averages and the relative strength index still in the overbought zone suggests that the path of least resistance is to the upside.
The bulls will again try to push the BTC/USD pair above $13,973.50 and if they succeed, the uptrend could resume.
Contrary to this assumption, if the index turns down from the current levels and slips below the 20-day exponential moving average ($12,518), the trend could turn in favor of the bears.
Ether (ETH) has broken below the 20-day EMA ($385) today but the bulls are attempting to defend the support at the 50-day simple moving average ($370). The uptrend line is also just below this level, hence, a bounce is likely.
If the bulls can push the price above the downtrend line, the ETH/USD pair may rise to the $420.50 overhead resistance. A break above this level could increase the possibility of a rally to $450 and then to $488.134.
On the other hand, if the bears sink the ETH/USD pair below the uptrend line, a drop to $333 and then to $308.392 is possible.
The flat moving averages and the RSI near the midpoint do not indicate an advantage to either the bulls or the bears. Hence, the pair could remain range-bound for a few days.
After failing to sustain above the $0.26-$0.2295 range on Oct. 22, XRP has dropped to the support of the range. However, the long tail on the candlestick today suggests that bulls are using this dip to buy.
It is difficult to predict the direction of the breakout from the range, hence, it is better to wait for the price to break above or below the range before taking a large bet.
In a consolidation phase, the signals from the moving averages are choppy. The oversold levels on the RSI are considered as a buying opportunity and overbought levels are used to book profits because the expectation is that the range-bound action will continue.
A trending move could be expected if the bears sink the XRP/USD pair below the $0.2295-$0.219712 support zone, while a break above $0.26 will suggest that the bulls are in command.
The long wick on the candlestick on Oct. 28 shows that bulls booked profits when Bitcoin Cash (BCH) failed to rise above $280. Although the bulls purchased the dip to the 20-day EMA ($256) on Oct. 29, the price has again slipped today.
The RSI has broken down from the symmetrical triangle, which suggests that the bears are attempting to make a comeback. If the bears can sink the price below the 20-day EMA, a drop to $242 is possible.
This support could attract buying as the 50-day SMA ($238) is just below it. If the BCH/USD pair rebounds off this support, it could remain range-bound between $280-$242 for a few days.
Contrary to this assumption, if the bears sink the pair below the 50-day SMA, a drop to $210 could be on the cards.
Chainlink (LINK) has broken below the 20-day EMA ($11.21) support and the bears are now attempting to sink the price below the 50-day SMA ($10.58). If the bears succeed, the altcoin could dip to the uptrend line.
A break below the uptrend line could signal an advantage to the bears and open the gates for a possible decline to $8.38 and then $6.90.
Conversely, if the rebound off the current levels or the uptrend line sustains above the 20-day EMA, the bulls will again try to propel the LINK/USD pair above $13.28.
However, the flat moving averages and the RSI near the midpoint indicate a balance between supply and demand. This could result in a range-bound action in the short-term.
The bears are currently attempting to sink and sustain Binance Coin (BNB) below the $28.43 support. If they succeed, the altcoin will complete a double top pattern that could drag the price down to the target objective of $24.86.
The 20-day EMA ($29.81) has started to turn down and the RSI has plunged into negative territory, which suggests the bears have the upper hand.
However, if the bulls buy the current dip and push the price back above $28.43, the BNB/USD pair could rise to the 20-day EMA where it may face resistance.
If the price turns down from this resistance, it will suggest that the sentiment has turned bearish and traders are looking to sell on rallies.
Contrary to this assumption, if the bulls can push the price above $32, it will suggest that the bulls are back in control.
Polkadot (DOT) plummeted back below the neckline of the inverse head and shoulders pattern on Oct. 29. This drop has invalidated the bullish reversal pattern.
The bulls are currently trying to find support close to $3.80. If this support cracks, the bears will try to break the $3.5321 support and if they succeed, the DOT/USD pair could start a downtrend that may reach $2.60.
On the contrary, if the pair rebounds off the current levels, the pair may again attempt to rise above the moving averages and $4.6112. If that happens, it will suggest that the bulls are accumulating at lower levels.
The reversal on Oct. 28 attracted further follow up selling on Oct. 29 and Litecoin (LTC) broke the 38.2% Fibonacci retracement level of $54.9361. Currently, the bulls are attempting to defend the $52.36 support.
If they succeed, the LTC/USD pair could consolidate between $52 and $60 for a few days. The flattening 20-day EMA ($53) and the RSI just above the halfway mark also suggest a few days of range-bound action.
This assumption will be invalidated if the bears sink the pair below the $52.36-$51 support. If this happens, the pair could drop to the 50-day SMA ($49) and below that to $46.
Bitcoin SV (BSV) broke below the 20-day EMA ($167) on Oct. 29 and that has been followed by further selling today. Currently, the altcoin has dropped to the uptrend line of the symmetrical triangle.
A break below the uptrend line could drag the price down to the $146.20 support where the bulls are likely to step in and buy. A bounce off $146.20 could keep the BSV/USD pair stuck inside the range for a few more days.
The flat moving averages and the RSI in the negative territory also suggest a balance between supply and demand. This view of a range formation will be invalidated if the bulls push the price above $180.63 or the bears sink the pair below $146.20.
Cardano (ADA) broke below the 50-day SMA ($0.092) on Oct. 29 and the bears are currently attempting to sink the price below the $0.0893 support. If they succeed, the altcoin may drop to $0.0755701.
The downsloping 20-day EMA ($0.102) and the RSI below 38 indicate that bears are in command.
Even if the ADA/USD pair rises from the current levels, the bears will try to sell the bounce to the 20-day EMA. If the pair turns down from this resistance, it will increase the possibility of a break below $0.0893.
This bearish view will be invalidated if the bulls can push the pair above $0.1040440. Such a move will suggest accumulation at lower levels.
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.
Market data is provided by HitBTC exchange.
Author: By TeamMMG
JPMorgan Praises Bitcoin Then Pushes JPM Coin, Sets Up Dedicated Crypto Unit | News Bitcoin News
After JPMorgan analysts praised bitcoin, saying that the price of the cryptocurrency could triple, JPMorgan reveals that it has set up a dedicated crypto unit and its own cryptocurrency is now being used commercially by a large tech company for the first time.
Global investment bank and financial services company JPMorgan Chase has set up a dedicated crypto business unit called Onyx with more than 100 staffers, CNBC reported Tuesday.
JPMorgan’s announcement came after a team of analysts at the firm’s Global Markets Strategy group touted bitcoin as an alternative investment to gold among millennials, suggesting that bitcoin’s price may be “doubling or tripling” if current trends continue. Their comments followed an announcement by Paypal that the company will support cryptocurrencies, including bitcoin.
Takis Georgakopoulos, JPMorgan’s global head of wholesale payments, explained that JPMorgan’s own cryptocurrency, the JPM Coin, is being used commercially for the first time this week by a large, unnamed technology client to send payments around the world. He added that other clients are being on-boarded.
Georgakopoulos further detailed that the bank is focused on improving wholesale payments, specifically in areas where a better solution could save the industry hundreds of millions of dollars. CNBC noted that as one of the largest players in this industry, JPMorgan moves more than $6 trillion a day across more than 100 countries.
According to JPMorgan’s website, “The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients” and “A JPM Coin always has a value equivalent to one U.S. dollar.” In addition, “The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms.”
What do you think about JPMorgan’s crypto strategy? Let us know in the comments section below.
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LA Mayor Eric Garcetti slammed for selling $20 low cost on parking tickets as monetary aid throughout COVID
Los Angeles Mayor Eric Garcetti is going through intense backlash for selling a $20 low cost on parking tickets as a type of monetary help through the coronavirus pandemic.
Garcetti introduced a brand new program Friday known as, “Early Pay L.A.,” that can provide a reduction on parking citations which are paid inside 48 hours, in accordance with a neighborhood CBS affiliate.
“My administration will proceed to do every part attainable to assist Angelenos by the unprecedented challenges we face,” Garcetti stated. “COVID-19 has dealt a devastating blow to Angelenos’ monetary safety, and these funds will present important aid to our residents throughout this second of financial upheaval.”
BRIAN STELTER MOCKED FOR ASKING WHY TRUMP ISN’T LEADING COVID TASK FORCE BRIEFINGS AFTER CNN SKIPPED THEM
The Democratic mayor additionally introduced that message to Twitter.
“We’re delivering help to Angelenos going through financial hardship through the COVID-19 pandemic,” Garcetti tweeted. “Beginning Monday, with our new Early Pay LA program, @LADOTOfficial will provide a $20 low cost on parking citations paid inside 48 hours.”
His new program was not well-received on social media.
“ROFL (Rolling On the Ground Laughing),” Nationwide Evaluate contributor Pradheep J. Shanker reacted.
“There’s that courageous, visionary management Garcetti is understood for,” BuzzFeed Information’ Brandon Wall quipped.
“That is actually a sale on parking tickets,” comic Johnny Taylor tweeted.
CDC LIFTS NO-SAIL BAN FOR CRUISE SHIPS, BUT PASSENGERS WON’T BE ALLOWED ONBOARD YET
“Wow. What did we do to deserve such kindness?” singer Meghan Tonjes sarcastically requested.
“Hey @NobelPrize, you are all set,” The Athletic employees author Zach Harper joked.
“Eric Garcetti heard that Invoice de Blasio was the worst mayor within the nation and stated, ‘problem accepted,’” author Heidi Moore stated.
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The Workplace of the Los Angeles Mayor didn’t instantly reply to Fox Information’ request for remark.
Garcetti additionally serves as a co-chair of the Biden marketing campaign.
Uniswap price can plummet as the network prepares for a colossal airdrop
The initial airdrop of Uniswap rewarded users that interacted with Uniswap before September 1 with 400 UNI tokens. A new proposal seeks to help users who have interacted with the exchange through a proxy or third-party application.
Another 400 UNI tokens will be rewarded to 12,619 addresses if the proposal passes. So far, 28,551,129 votes are in favor, and only 1,275,672 are against it. Investors that have used any of the below projects might have the chance to claim 400 UNI tokens:
% of total
Dharma, a decentralized exchange proxy, is committed to carrying out the Retroactive Airdrop proposal. Dharma users will have the ability to delegate their UI holds for voting if the proposal passes.
Clearly, another massive airdrop will create significant selling pressure, most likely pushing UNI’s price further down. Although 28 million votes are in favor, it’s important to note that the proposal will fail if it receives less than 40 million votes.
On the 12-hour chart, UNI has established a descending wedge, and it’s bounded inside a downtrend. The MACD is bearish and continues to gain momentum. The lower support trendline at $2.28 is critical. A breakdown from this point can lead UNI to a new low at $1.6. If the proposal passes, this will be the most likely scenario.
UNI/USD 12-hour chart
On the other hand, if the proposal doesn’t receive 40 million votes and gets canceled. UNI could jump towards the upper boundary of the pattern at $2.66. A breakout above this level can drive the price of UNI towards the high at $3.4.
Author: FX Street
Verizon’s Full Transparency Initiative Has Wide-Reaching Ramifications In The Fight Against Fake News
‘Fake news’ sign is seen displayed on a laptop screen in this long exposure illustration photo taken … [+] on June 13, 2020. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
60% of consumers globally believe that the media they consume is contaminated with untrustworthy information.
That shocking figure, via the Edelman Trust Barometer, is as stark an indication as any as to how the ability of bad actors to manipulate news online has led to a complete breakdown in trust.
While the damage caused by this breakdown is clear when it comes to politics, the loss of trust also affects corporate communications where fake news stories can affect a company’s stock prices as well as consumer faith in the company and the ability of the government to properly regulate industry.
That’s why a recent announcement from Verizon that the company will be implementing a blockchain-verified record of changes to its public communications has wide-reaching ramifications that go well beyond the output of an American telecommunications company. The open-source blockchain technology was developed by MadNetwork in partnership with AdLedger and Huge.
There’s a lot of good news to unpack here, the first piece being that the technology involved is easily implemented on a broader scale. The initiative, known as “Full Transparency” relies on a blockchain based open-source newsroom product that logs and records any changes made to a story as it makes its way around the internet
For those unfamiliar with the ways of the troll, one of the things they will do is to take a story and (without permission) post it on a website they control, using the same headlines and attribution, but they will change one or more key aspects of the story to create fake news. The average reader has no way to know this has happened, especially if they encounter the story on social media, where clicking on the link brings up a legitimate seeming web page that lives inside the social media platforms wrapper.
This is one of the more effective ways that fake news is spread.
With the new Full Transparency product, someone clicking on an altered link would be able to see that the story had been changed from the original and just what those changes were, thus alerting them to the fact that they were looking at fake news. It might even get them to pay more attention to the source of that news, to realize that despite the legitimate sounding name, the website was put up by trolls and was designed to spread misinformation and undermine trust in authority and government.
It’s a different sort of use case for blockchain technology which is associated with Bitcoin in the popular imagination. But the ability to secure everything from monetary transactions to website content is one of blockchain’s greatest assets.
“Blockchain has long been associated with cryptocurrency, but that is just the beginning of what it can do,” said Adam Helfgott, Founder at MadNetwork. “Verizon’s visionary Full Transparency product will allow us to offer proof that blockchain is ready to be a critical part of enterprise software at scale, providing validation and authentication in the digital world.”
The potential power of Full Transparency as a way to secure news stories has not been lost on Verizon either.
“As a technology company that quite literally connects people to information, we are excited to bring Full Transparency to market—a product that, in its own quiet way, can help ensure corporate accountability and trust,” said Jim Gerace, Chief Communications Officer for Verizon. “We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.”
The key here will be to figure out ways to continually evolve the Full Transparency product as bad actors online will continually evolve their efforts to find a way around it.
This will especially be the case if more companies adopt Full Transparency as a way to safeguard their corporate communications and if newsrooms and social media outlets follow suit and begin to adopt it or similar blockchain-based transparency initiatives.
Demand for these sorts of safeguards should be high as it is in everyone’s interests to restore trust and accountability to the news. This is true on a macro level, where the rapid spread of false information means that many people automatically assume that all information they see online has a high probability of being untrue.This then leads them to automatically reject anything that does not align with their worldview (confirmation bias) and creates deeper rifts and divisions in our society.
While Full Transparency will not be able to restore civility and respect for and trust in news on its own, it can play an important role in moving us in that direction, providing an easy way to confirm the veracity of news stories wherever they may appear. Kudos to Verizon for taking this important first step.
Author: Alan Wolk