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This Technical Indicator Shows Bitcoin is About to See Wild Volatility

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  • Bitcoin’s consolidation phase has persisted despite many analysts anticipating volatility during yesterday’s weekly candle close
  • The crypto is still trading in the lower-$9,000 region and is showing few signs of garnering any strength
  • Analysts are now noting that it could soon see some wild volatility, however, as BTC’s Bollinger Bands haven’t been as tight as they are now since November of 2018
  • This was just before the cryptocurrency faced the massive selloff that caused it to slide towards $3,000
  • Some analysts are noting that signs are suggesting this volatility will favor buyers

Bitcoin and the aggregated cryptocurrency market have been flashing mixed signs throughout the past several days and weeks.

Although most altcoins remain in firm bear territory, BTC appears to be in a precarious position as it hovers towards the lower end of its long-held trading channel.

Analysts are now noting that the benchmark cryptocurrency may soon provide the crypto market with a decisive trend, as one indicator is suggesting that the crypto is gearing up to make a massive movement.

While looking towards its lower time frames, Bitcoin is expressing some signs of strength. This could mean that the next movement will favor buyers.

Bitcoin’s Bollinger Bands Historically Tight; Signal Volatility is Looming

At the time of writing, Bitcoin is trading up marginally at its current price of $9,310, marking a notable climb from recent lows of $9,100 that were set early yesterday morning following the rejection it faced at $9,400.

Bull’s ability to guard against a decline to $9,000 is undoubtedly positive, and the slight uptrend seen by the crypto over the past several hours does bode well for its short-term outlook.

Nevertheless, this price action still just marks a bout of sideways trading, but Bitcoin’s Bollinger Bands suggest that this may soon come to an end.

While pointing to this technical formation, one popular analyst explained that the last time the crypto’s bands were this tight was right before the November 2018 plunge.

“1D BTC: bbands havent been this tight since Nov 2018,” he said.

Bitcoin

Image Courtesy of Josh Olszewicz. Chart via TradingView.

BTC’s Low Time Frame Strength May Bolster Mid-Term Outlook

Bitcoin is showing some signs of low time frame strength, which, if built upon by bulls, could help boost its mid-term outlook.

One trader spoke about this in a recent tweet, noting that BTC’s last range-low sweep and subsequent bounce is bullish, but its reaction to its Monday high of just under $9,400 is now the key level to watch.

“The fact we didn’t get any follow through after the sweep of the highs in the grey circle but instead swept the lows and pumped is kinda bullish imo. Expecting at least a test of last weeks Mon high which will be an important decision point,” he explained.

Image Courtesy of George. Chart via TradingView.

How Bitcoin responds to these short-term levels could help provide insight into which side this looming volatility will favor.

Featured image from Shutterstock.
Charts from TradingView.

Source: https://bitcoinist.com/this-technical-indicator-shows-bitcoin-is-about-to-see-wild-volatility/?utm_source=rss&utm_medium=rss&utm_campaign=this-technical-indicator-shows-bitcoin-is-about-to-see-wild-volatility

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Uniswap Retroactive Proxy Contract Airdrop Proposal Receives 28 Million Votes

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Community voting is on for Uniswap’s new governance proposal. The same will see users receive more than 5 million UNI tokens via a proxy contract. As of now, more than 28 million votes have gone in favor of the airdrop. Around 1.3 million votes are against the proposal.

Voting Begins For Uniswap’s Second UNI Airdrop

The voting process is on for passing Uniswap’s Phase 1 of Retroactive UNI Governance Token Distribution. The proposal, if successfully passed, will see 12,619 wallet addresses receive 400 UNI tokens each. However, for the successful receipt of the tokens, they must have interacted with the DEX through a third party or a proxy contract.

As per the numbers shared in the description on the official Uniswap website:

Specifically, this proposal transfers 5,047,600 UNI to a new MerkleDistributor contract, which will then allow for 400 UNI to be claimed by each of the 12,619 accounts held by users of the following projects:

Project Accounts % of total
Argent 3418 27.09%
DeFi Saver 890 7.05%
Dharma 2833 22.45%
eidoo 301 2.39%
FURUCOMBO 57 0.45%
MEW 4278 33.90%
Monolith 19 0.15%
Nuo 740 5.86%
Opyn 79 0.63%
rebalance 4 0.03%

Currently, the airdrop proposal has received upwards of 28 million votes. And around 1.3 million are against the helicopter-like distribution of Uniswap’s governance tokens. Voting will end on October 31 at 8 AM UTC. A quorum of 40 million votes is necessary to pass the proposal.

Dharma Protocol Proposed The Proposal Because…

Back in September, its users were left out of the initial airdrop. According to the Dharma team,

the way the retroactive airdrop was architected seemed to make a slight oversight in the snapshotting process — only addresses which directly called the Uniswap contracts were considered to be users.

Also, increased programmatic bot proliferation might have resulted in one user having multiple addresses. As per the description:

The Phase determination was made based on how easy it is to programmatically hook a trading bot into them, as this is a proxy for what portion of these cohorts risk representing multiple addresses per end-user. Phase 1 is the less programmatically accessible cohort, indicating a lower likelihood of multiple addresses per end-user.

If Phase 1 Passes, There Will Be Phase 2

On the successful passing of the first phase, Dharma has pledged to put in place a second UNI governance token distribution proposal. But they have also discretely mentioned their agreement to the final result (success or failure) of both voting processes.

If either Phase fails, we will accept that as the final determination of the Uniswap community. Should both Phases pass, we will not vote in favor of any further retroactive airdops.

Has this proposal gone down well with other members of the community? Well, some like Jeff Dorman, CIO of the investment management firm Arca have presented a bullish case for UNI (as opposed to those who think the proposal will actually devalue the token’s price).

In a detailed Tweet thread, Jeff called Uniswap’s governance token a ‘pass-thru token.’

UNI is being misrepresented as a “governance” token, and the market has shown that governance has no value. But in reality, UNI is a pass-thru token — where revenues will be passed thru to token holders. $UNI holders are about to earn a very large revenue stream in Feb 2021.
Will Jeff’s views hold true, and will we see the current phase of the UNI airdrop proposal win a majority? That remains to be seen.
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Source: https://cryptopotato.com/uniswap-retroactive-proxy-contract-airdrop-proposal-receives-28-million-votes/

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BREAKING: Bitcoin Just Broke To Its Highest Price Since Jan-2018

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Bitcoin is having a good year despite the coronavirus panics and the nervousness of the markets.

After reaching an annual high of about $13863 on Oct. 28, the world’s largest cryptocurrency by market capitalization underwent a sharp correction of almost $1000 before rebounding and stabilizing at $13281.

From that point on, it began a stable recovery process, with small daily growths, closing on Friday near $13680.

Today October 31st, Bitcoin managed to break that record, reaching $14,100 (Bitstamp) at the time of writing. This represents a 5% growth in the last 24 hours.

Bitcoin’s Ascend to New Highs

Bitcoin has been on a bullish streak since March, when the crash in the financial markets erased all the gains it had made throughout the year, taking the token to the lowest level since April 2019.

For those swing and position traders, things are looking pretty rosy. The cryptocurrency has respected the bullish channel that was formed since March. If the trend continues, the most robust support in the channel could be near $11,500 with significant resistance above $14,500, a level not experienced since early 2018, when the BTC bearish run began after the 2017 bubble burst.

btcusd_oct31
BTC/USD. Source: TradingVIew

From a technical standpoint, Bitcoin is in an overbought zone. The RSI is above 70 points, so caution is advised in the face of a possible later sell-off. Market sentiment and announcements from large financial institutions are currently serving as support to continue pushing up prices.

For example, MicroStrategy recently raised its investment in Bitcoin to $450 million. Square bought $50 million in Bitcoin, and PayPal added support for purchasing cryptocurrency. This has undoubtedly helped boost investors’ confidence who are tired of almost 2 years of struggling.

The MACD doesn’t give a clear signal to traders. Still, it does point to a continuation of the uptrend in the short term – although the closeness between the “short” and “long” lines shows that a normal correction can occur at any time.

Respecting Short-Term Boundaries

In the short term, Bitcoin has respected the Fibonacci retracements: The corrections have not broken below the $12,900 support, and both the RSI and MACD point to a possible price correction after the recovery.

The proximity of the U.S. presidential election could also play a key role in Bitcoin’s behavior in the coming weeks. There is a general belief that an eventual victory for Trump could lift investors’ optimism. At the same time, Biden could cause nervousness and a possible fall in the stock markets.

Bitcoin could follow these trends, although there are reports that, in general terms, the crypto is decoupling itself from any other traditional financial market. However, an eventual change of president in the United States is an event big enough to consider before making any investment.

If things stay within ordinary, Bitcoin could touch its ATH halfway through next year. Never before has Bitcoin’s price been above $10,000 for so long, and this is a sign of strength.

The bullish run of the past few months could also be considered the most apparent upward trend since the 2017 bubble. In fact, this movement looks more natural and mature than the one of 3 years ago.

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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/breaking-bitcoin-just-broke-to-its-highest-price-since-jan-2018/

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Crypto Market Cap Gains $15 Billion as Bitcoin Price Touches $14,100 (Market Watch)

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Bitcoin’s roller-coaster continued in the past 24 hours with significant fluctuations resulting in a few $500 moves and it finally breaking the previous 2019 high. The altcoins have taken a breather with some green charted, and the market capitalization has increased by around $15 billion.

Bitcoin Goes On A Wild 24H Ride

It’s safe to say that Bitcoin’s dull days are behind the cryptocurrency. As CryptoPotato reported yesterday, ECB’s announcement drove the asset to nearly $13,700 before losing about $450 rather rapidly.

The price drop resulted in BTC’s intraday low of about $13,150. Since then, though, the primary cryptocurrency has been gradually increasing.

Just a few hours ago, this materialized in a daily high of about $14,100 on Binance, which is a price point that we haven’t seen since January 2018. Since then the cryptocurrency retraced to about $13,900 where it currently trades. It’s interesting to see whether BTC will be able to keep up with its bullish momentum.

btcusd_chart
BTC/USD. Source: TradingView

In any case, Bitcoin’s dominance also increased slightly to where it’s currently sitting at 63.7%. This shows that altcoins have still been unable to break serious grounds, though most of them are in green dollar-wise.

A Breath Of Fresh Green For The Altcoins

The alternative coins didn’t enjoy the past few days. However, most have been recovering since yesterday.

Ethereum managed to sustain its price above $380 yesterday, and a 4% increase has driven it near $392. Ripple (2.1%), Binance Coin (1.6%), Chainlink (3.7%), Polkadot (5%), Cardano (2.6%), and Litecoin (5%) are also in the green.

heatmapt_overview
Cryptocurrency Market Heatmap. Source: Quantify Crypto

As it typically happens, more fluctuations are evident among lower and mid-cap altcoins. Blockstack leads the way with a 17% price jump, and ABBC Coin follows with a 16% increase.

Ren (11%), Ocean Protocol (10.5%), Yearn.Finance (10%), and Reserve Rights (10%) are the other representatives of the double-digit price pump club.

Overall, the total market capitalization has increased from yesterday’s low of $390 billion to $405 billion.

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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/crypto-market-cap-gains-15-billion-as-bitcoin-price-touches-14100-market-watch/

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