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Pirate Weekly Meeting | 2.19.2020

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EOS Price Analysis: Holding Ground Above Key Support

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  • EOS traded to a weekly high at $2.755 before starting a downside correction against the US Dollar.
  • The price is currently trading above $2.620 and the 55 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $2.688 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could resume its rise if it clears the $2.700 and $2.720 resistance levels in the near term.

EOS price is holding important supports above $2.600 against the US Dollar, similar to bitcoin. The price could start a fresh increase as long as it is above $2.600.

EOS Price Analysis

This week, EOS price traded in a nice uptrend above the $2.600 and $2.620 levels against the US Dollar. The price even broke the $2.700 level and settled well above the 55 simple moving average (4-hours).

It traded to a weekly high at $2.755 before starting a downside correction. There was a break below the $2.650 support level, but the bulls were able to defend the $2.600 support zone. The recent low was formed near $2.623 and the price is currently holding gains.

It is now trading above $2.620 and the 55 simple moving average (4-hours). There was a break above the 23.6% Fib retracement level of the recent decline from the $2.755 high to $2.623 low.

Moreover, it seems like there is a crucial contracting triangle forming with resistance near $2.688 on the 4-hours chart of the EOS/USD pair. The triangle resistance is close to the 50% Fib retracement level of the recent decline from the $2.755 high to $2.623 low.

If there is a clear break above the triangle resistance, the price could even climb above the $2.700 resistance. The next key resistance is near the $2.720 level, above which there are high chances of a break above the $2.750 level.

On the downside, an initial support is near the triangle lower trend line at $2.640 and the 55 simple moving average (4-hours). The next major support is near the $2.600 zone. A clear break below the $2.600 support zone could increase selling pressure and the price might move into a bearish zone.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly trading in a nice uptrend above $2.620 and the 55 simple moving average (4-hours). Overall, the price could resume its rise if it clears the $2.700 and $2.720 resistance levels in the near term.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is still above the 50 level.

Major Support Levels – $2.640 and $2.600.

Major Resistance Levels – $2.700 and $2.720.

Tags: Source: https://www.livebitcoinnews.com/eos-price-analysis-holding-ground-above-key-support/

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Bitcoin to Surpass $20,000 ATH By Early 2021 According to Raul Pal

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Former hedge fund manager and CEO of Real Vision, Raoul Pal, believes that the real impact of the COVID-19 pandemic is about to reach the financial markets. By outlining several upcoming cornerstones among traditional financial assets, he highlighted Bitcoin as the “life raft” in this situation.

Raoul Pal: Everything Has Changed

In a recent Twitter thread, the Wall Street veteran outlined the rapidly growing COVID-19 cases worldwide. The total number of infected has neared 45 million, while the death toll is almost 1,2 million.

Pal predicted that these rising numbers in Europe, the US, and Canada are about to “exert economic pressures and extinguish the Hope phase of reflation dreams.” He believes that the upcoming consequences will harm the economy even more than the early 2020 developments. A real economic recovery “will take more than a post-election stimulus in January.”

COVID-19 Cases In Europe. Source: Twitter
COVID-19 Cases In Europe. Source: Twitter

He continued by looking at several markets that have started to feel the adverse consequences and have fallen to long-term support levels. Those included the oil price, Spain’s benchmark stock market index – the IBEX 35, the EU Banks Index, the euro, the British pound, the US dollar, and more.

EU Banks Index. Source: Twitter
EU Banks Index. Source: Twitter

As such, he broached a few possible solutions – “you can buy bonds and dollars, or you can take the life raft – Bitcoin.”

“Or, to dampen the volatility of a risk-off event (we can and will see sharp BTC corrections), you can have all three for a near-perfect portfolio for this phase.” – Pal concluded.

Bitcoin Will Eat The World And Price Predictions From Pal

Pal further highlighted his positive views on Bitcoin by saying the cryptocurrency “will eat the world.” He attributed it to its performance, which is so dominant and so “all-encompassing” that it will “suck in every single asset narrative dry and spit it out.”

“Never before in my career have I seen a trade so dominant that holding any other assets makes almost no sense.”

As far as price predictions go, Pal said that $14,000 is the only resistance left in Bitcoin’s way to the all-time high at $20,000. He expects that BTC should overcome the December 2017 high by “early next year at the latest.”

Additionally, CryptoPotato recently reported an even more optimistic and long-term forecast. By using a regression on the logarithmic chart since inception, Pal brought up a model that sees Bitcoin reaching $1 million by 2025.

Featured Image Courtesy of BusinessInsider

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Source: https://cryptopotato.com/bitcoin-to-surpass-20000-ath-by-early-2021-according-to-raul-pal/

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Coinbase Launches A Crypto Debit Card With 1% Reward on Bitcoin Spendings

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  • The largest US-based cryptocurrency exchange Coinbase announced today the launch of a Visa debit card, allowing customers to spend digital assets for everyday purchases.
  • According to the official statement, the Coinbase Card will provide clients the opportunity to earn up to 4% back in cryptocurrency rewards.
  • It will be available in nearly 30 countries, including the US, the UK, and across Europe. It will be connected to customers’ Coinbase accounts, and they can spend the funds without having to move funds to their bank accounts. 
  • The designated cryptocurrency asset spent by users will be automatically converted to US dollars prior to completing the purchase or the ATM withdrawal. 
  • The rewards will be available for US-based customers only initially and will depend on the cryptocurrency used. For instance, customers can get 1% back if they spend bitcoins and 4% back if they choose Stellar Lumens (XLM). 
  • The Coinbase app will serve as a fund manager. All spendings, reward details, and preferences will be manageable through the app. 
  • US customers can start applying to receive the card through the exchange’s app or the website. The first approved clients will be announced “this winter,” and they can start spending with a virtual card. The physical one will be delivered within two weeks. 
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Source: https://cryptopotato.com/coinbase-launches-a-crypto-debit-card-with-1-reward-on-bitcoin-spendings/

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