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Chainlink, Stellar Lumens, DigiByte Price Analysis: 17 October

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Chainlink was trading at a region of strong support and was poised to break out. The correlation between LINK and BTC has been dropping and the asset might begin another ascent regardless of Bitcoin’s direction. At press time, Bitcoin was trading at $11,335 with a 24-hour trading volume of $104.7 billion.

Source: CoinStats

Stellar Lumens soared past resistance levels and were in overbought territory. DigiByte was overwhelmed by bears and was trending downward.

Chainlink [LINK]

Chainlink, Stellar Lumens, DigiByte Price Analysis: 17 October

Source: LINK/USD on TradingView

LINK has been dropping toward support at $10.4over the past few days, even though $11 was also a strong zone of support. A close beneath $10.4 could take LINK lower.

However, on the OBV we see that the buying volume in recent weeks has been trending upward. If buyer interest pushed the OBV past the flat upper trendline, it would indicate that the asset had enough buyer interest to begin another leg upward.

If sellers gained the upper hand, the OBV would begin setting lower highs and trending lower, indicating that LINK could be set to drop in value as well.

The steady drop in trading volume (yellow) in recent days showed that the market could be in the process of deciding LINK’s next direction.

Stellar Lumens [XLM]

Chainlink, Stellar Lumens, DigiByte Price Analysis: 17 October

Source: XLM/USD on TradingView

Nearly 24 hours prior to press time, XLM began a surge of 15% and found resistance at $0.082. Both the RSI and the Stochastic RSI indicated overbought, although this does not necessitate a drop.

XLM could continue to move upward past resistance before a pullback to retest the flipped level, or it could suffer a rejection at resistance to register a drop to $0.078.

It is never a good idea to try and call the exact top of a move. A couple of days ago, Stellar was in the news due to the announcement that USD Coin would be available on the Stellar blockchain from Q1 2021.

DigiByte [DGB]

Chainlink, Stellar Lumens, DigiByte Price Analysis: 17 October

Source: DGB/USD on TradingView

DigiByte has been setting lower highs since late September, and the outlook had not changed for the asset as it approached support at $0.022.

The OBV showed the past couple of weeks have seen steady selling volume for the asset in the market. The 20 SMA (white) also moved beneath the 50 SMA (yellow) showing the short-term bearish movement of the coin. The Parabolic SAR also indicated a sell signal.

Source: https://eng.ambcrypto.com/chainlink-stellar-lumens-digibyte-price-analysis-17-october

Blockchain

Trail of Destruction: Bitcoin’s $13,000 Rally Liquidated $360m in Short Positions

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  • Bitcoin’s price has stabilized at just below $13,000 following its immense surge seen yesterday
  • The cryptocurrency has been flashing continued signs of strength as of late, and its ability to maintain its recent gains is decisively bullish
  • While looking back on the aftermath of yesterday’s move, its magnitude and influence over the market grows clear
  • According to one data platform, a total of $360 million in BTC short positions were liquidated throughout the course of the rally
  • Traders are now actively jumping into positions, with open interest for Bitcoin surging past $4 billion

Bitcoin and the entire crypto market have been caught in the throes of a strong bull trend throughout the past few days.

Although Bitcoin kicked off this bull trend in the absence of altcoins rallying, smaller digital assets are now catching up.

While speaking about the effects this latest push towards $13,000 had on the underlying market, one research firm noted that it was a bloodbath for bears.

In total, $360 million in short positions were liquidated.

Its price is now rapidly ascending back towards $13,000 despite a slight rejection here earlier, and it does appear that further upside could be imminent.

Bitcoin Maintains Recent Gains; Enters Consolidation Phase 

At the time of writing, Bitcoin is trading up marginally at its current price of $12,850. This is around where it has been consolidating in the time following its massive surge up to highs of $13,200 yesterday afternoon.

This movement’s intensity throughout the past couple of days suggests that Bitcoin truly is entering a full-fledged bull market and may indicate that further gains are right around the corner.

For it to rally higher, however, it is imperative that bulls firmly surmount $13,000.

Data Shows Over $300 million in BTC Shorts Were Liquidated Yesterday

While sharing insights into the impacts of the recent rally on the markets that underpin BTC, one data platform observed that over $300 million worth of Bitcoin short positions were liquidated.

They also note that open interest is once again surging, now sitting above $4 billion for the first time in quite a while.

“Bitcoin yesterday, a summary – Price hit $13,250 – Open interest above $4 billion – One of the most intensive trading day over the last 5 months. $30 BILLION traded on [the futures] markets! – Shorts worth $360 million got liquidated.”

Growing open interest following this surge indicates that further volatility could be imminent in the coming days and weeks ahead.

Featured image from Unsplash.
BTCUSD Pricing data from TradingView.

Source: https://bitcoinist.com/trail-of-destruction-bitcoins-13000-rally-liquidated-360m-in-short-positions/?utm_source=rss&utm_medium=rss&utm_campaign=trail-of-destruction-bitcoins-13000-rally-liquidated-360m-in-short-positions

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Blockchain

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds

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As Bitcoin price recorded a new yearly high, most of the participants in a recent survey shared that they hold the majority of their holdings in Bitcoin rather than altcoins.

Bitcoin traders are basking in profit as October turns out to be a good month for BTC.

46% Of People Allocate More Than 50% To BTC

Crypto commentator and analyst Josh Rager took to Twitter to ask crypto users how much of their portfolio is allocated to Bitcoin. Voters had to choose from one of four options that best describe their portfolio.

The result of the poll was quite interesting. As much as 35% of traders revealed they dedicated less than 10% of their portfolio to the most valuable cryptocurrency. This category is bullish on altcoins and had the highest number of votes in the poll.josh_rager_poll

A total of 23.2% maintained that Bitcoin holds a significant percentage in their portfolio. According to the results, these people dedicate between 51% to 89% of their portfolio to Bitcoin.

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The third-highest category consists of Bitcoin maximalists who are very bullish on Bitcoin. These voters, which made up 22% of the poll result, said that 90 to 100% of their portfolio is allocated to the king coin.

Lastly, the fourth category, consisting of 18% of voters, said they allocate between 11 to 50% to BTC.

In other words, almost 46% of the respondents shared that they hold over half of their portfolio in Bitcoin rather than altcoins.

Bitcoins Hits $13,200, Altcoins Suffer

Elsewhere, altcoins have been experiencing terrible nightmares since last month. An earlier report suggested that Bitcoin’s fresh surge is crushing both altcoins’ prices and market dominance.

At the time of writing, Bitcoin has blasted through important resistance levels, reaching a fresh 2020 high of $13,217 on Binance. The cryptocurrency now holds a market dominance of about 61%.

Although the speculation around is the current surge is caused by money flowing from altcoins into Bitcoin, a fresh analysis debunked has debunked that. As CryptoPotato reported, Bitcoin’s rising value is likely caused by new money entering the crypto market.

Moreover, the latest surge seemed to be primed largely by the news that PayPal, the world’s largest online payment processor, will start allowing users to buy, sell, and hold Bitcoin and other cryptocurrencies.

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Source: https://cryptopotato.com/hodlers-most-crypto-investors-hold-majority-in-bitcoin-over-altcoins-survey-finds/

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BTC Price Analysis: After Breaking 2020 High, Is Bitcoin Eyeing $14K?

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Bitcoin price has managed to avoid all 3 unfilled CME gaps this week and go on to break the $13,235 level for the first time since July 10, 2019 – 469 days ago.

The catalyst for the 11% surge was the breaking news from PayPal yesterday that the payments giant will soon facilitate BTC and other crypto-asset payments.

According to data from Datamish, the Paypal rally caused a $70.8M short squeeze on BitMEX as an eye-popping $31 billion returned to the crypto market during yesterday’s frenzy. This will have undoubtedly helped catapult prices beyond the milestone $12K and $13K levels as short traders buy back into BTC to cover losses.

Price Levels to Watch in the Short-Term

On the weekly BTC/USD chart, we can see that prices fell just shy of the 0.618 Fibonacci resistance at $13,360. Between this price point and the $13,890 level above, we have a major resistance zone (red shaded area) that has not been closed above since January 15, 2018 – during the huge crash from Bitcoin’s all-time high of $20,000.

This will be a massive psychological barrier for bullish traders to overcome, and will need considerable momentum to break it successfully.

Just above this area, we also have the upper resistance line of a broadening wedge pattern that bitcoin price has been tracking inside of since April 27, 2020, on the weekly chart (yellow lines). This currently sits around the $14,000 level. It’s possible that we could see a reaction at this trend line if prices managed to break through the aforementioned red zone.

From there, the most obvious daily resistances above this are the $14,600, $15,400, and $15,800 levels, before we get to the 0.786 Fibonacci level at $16,150.

Looking at potential supports, we have a key S/R zone (green shaded area) between $11,950 and $12,300, which should create some buying pressure to push back against a bearish decline.

Underneath that, we have the 0.5 Fibonacci level at $11,400, the daily 50 EMA (blue) at approx $11,170, and the support line of the broadening wedge pattern at around the $10,900 area.

With Bitcoin now dangerously close to breaking into the overbought region on the weekly RSI for the first time since July 2019, it’s possible that we could see a sharp decline as trading bots are triggered by the indicator before a new leg of the uptrend begins.

Total market capital: $395 billion
Bitcoin market capital: $ 237 billion
Bitcoin dominance: 60.1%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

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BTC/USD chart via Tradingview
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/btc-price-analysis-after-breaking-2020-high-is-bitcoin-eyeing-14k/

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