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Why Cardano is Sinking TodayWhy would Russia's move have such a big impact on cryptocurrencies? It boils down to risk. When investors believe that their money is at greater risk, they're more likely to shift funds into safer assets. Such "risk-off" scenarios have hurt growth stocks in the past. Now it's happening again, with cryptocurrencies also being pulled down. The only cryptocurrencies that are largely immune to risk-off downswings are stablecoins pegged to fiat currencies. However, Cardano, Chainlink, Cronos, and Polkadot are not stablecoins. Any geopolitical crisis could cause a risk-off market. The current situation is arguably worse because cryptocurrency prices were already slumping. It's important to note, though, that the long-term prospects for Cardano, Chainlink, Cronos, and Polkadot shouldn't change as a result of the Russian invasion of Ukraine. Each of the four cryptocurrencies offers advantages that won't be diminished whatsoever. Cardano launched smart contracts on its network last year, a move that makes it more competitive with Ethereum. Chainlink allows real-world data to be brought into any blockchain. Cronos is the native token of the popular Crypto.com exchange (and until recently was known as Crypto.com Coin). Polkadot provides a great foundation for Web3 apps.
KRAKEN:ADAUSDLong
by pugrathisa
Broad Commodities, not just another cyclical asset- Pierre Debru, Head of Quantitative Research & Multi Asset Solutions, WisdomTree Europe Since the beginning of the covid-19 pandemic, broad commodities have benefitted from a new lease of life. The Bloomberg commodity index is up almost 60%2 from its nadir, and investments, tactical or strategic in nature, are flowing once again to the asset class. However, unrelated to their recent performance, broad commodities can be an additive to a multi-asset portfolio. In our previous blog, we focused on commodities’ diversification superpowers. In this blog, we want to look at the behaviour of commodities across the business cycle. Analyses show that broad commodities, while cyclical, complement other cyclical assets like equities very well across the business cycle: - Broad commodities tend to resist pretty well in the early phase of a recession, a period where equities suffer the most. - They also tend to do well in the late part of an economic expansion when equities usually fail to find their second wind. Commodities benefit from economic expansions Intuitively, it feels like commodities should benefit from a positive economic environment. When the economy grows, it needs base materials to do so. Metals are required to build new homes, new factories, new infrastructure, new cars etc. More energy is consumed to move goods and people around. So overall, there is a logic to commodities behaving like a cyclical asset. To fully assess the relationship of commodities with the business cycle, we turn to the National Bureau of Economic Research (NBER) Business Cycle Dating Committee, which maintains a chronology of US business cycles. The chronology identifies the dates of peaks and troughs that frame economic recessions and expansions. By comparing the performance of different assets in those recession and expansion periods, it is possible to assess their cyclicality. Figure 1 shows that equities have gained on average 0.86% per month in periods of expansion. This is the largest performance among the asset classes tested. They are followed by commodities (+0.80%), high yield bonds (+0.56%) and then corporate bonds (+0.35%). In periods of recession, high yield bonds (+0.15%) and equities (+0.36%) have performed less strongly. On the other side of the spectrum, US Treasuries and corporate bonds performed strongly (0.88% and 0.87%, respectively). Equities, commodities and high yield bonds are cyclical assets, with equities and commodities being the strongest. A surprisingly robust asset in early recessions While logical, this cyclicality may seem difficult to reconcile with the low correlation between commodities and equities, as discussed in Broad Commodities, the portfolio’s super diversifier? Equities are also very cyclical, so how can two cyclical assets be so uncorrelated? On average, in all the months since the 1960s where US equities have lost more than -5%, commodities have lost -0.65%3. In all the months where US equities gained more than 5%, commodities gained 1.13%1. So while commodities are cyclical, i.e. they tend to lose and gain broadly at the same time as equities, the amplitude of such gains is significantly more muted. This supports our decorrelation hypothesis. It appears that while commodities and equities tend to gain during the expansion phase of the business cycle, they may not gain at the same time, i.e. during the same part of the cycle. - They suffer the most from the early recession part of the cycle but rebound the strongest in the later part of that recession. - While they benefit from the expansion part of the cycle, they rise faster in the earlier part of that expansion. On the contrary, commodities: - Tend to hold up well in the early phase of a recession, posting on average a positive performance of 0.54% (vs -1.3% for equities). - Suffer more in the later phase of a recession and trail both equities and high yield bonds. - Perform better in the second half of the expansion period, contrary to equities that prefer the first half. Commodities are the strongest performers among all the asset classes in that late part of the expansion cycle. So overall, while commodities are a cyclical asset, their behaviour is very decorrelated to equities or high yield bonds. They offer great diversification in early recession and late expansion phases when other cyclical assets (equities, high yield bonds) struggle. Late recoveries are commodities’ best friend Commodities tend to perform the best in late recoveries, with an average performance of 1.25% in this phase. Judging by recent Composite Lead Indicator (CLI) prints4, we are in the latter stages of the current economic expansion. The United States, Japan, Germany and the United Kingdom are nearing economic peak, and in the Euro area, there are signs of moderating growth5. If history is any guide, this could be an environment for commodity outperformance. We also take the view that there are some unique tailwinds behind certain segments of commodities that could propel them for years to come. For example, the energy transition to lower-carbon energy sources will likely be very metal positive (given their use in developing renewable and electrification infrastructure and battery technology). Also, a renewed interest in building infrastructure in the US and Europe could benefit commodity demand. An excellent diversifier and a strong complement to equities across the business cycle are only two of the potential advantages broad commodities could bring to a portfolio. The next item to consider will be whether broad commodities could act as a powerful inflation hedge. Sources 1 Bloomberg, WisdomTree, 27th April 2020 to 7 Dec 2021 2 Bloomberg, WisdomTree, 27th April 2020 to 7 Dec 2021 3 Source: WisdomTree, Bloomberg, S&P. From January 1960 to August 2021. Calculations are based on monthly returns in USD. Broad commodities (Bloomberg commodity total return index) and US Equities (S&P 500 gross total return index) data started in Jan 1960. Historical performance is not an indication of future performance and any investments may go down in value. 4 The OECD system of Composite Leading Indicators (CLIs) is designed to provide early signals of turning points in business cycles: www.oecd.org 5 www.oecd.org This material is prepared by WisdomTree and its affiliates and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date of production and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by WisdomTree, nor any affiliate, nor any of their officers, employees or agents. Reliance upon information in this material is at the sole discretion of the reader. Past performance is not a reliable indicator of future performance.
CBOT:AW1!
by aneekaguptaWTE
Current Bitcoin DowntrendNot the worse change of trend for Bitcoin. Not surprising after a new all time highs Bitcoin cools off a tad. It's cool to see that most of the price recognition for October has happened at $60,000 - $61,000 serving as the point of control (POC). Since we've hit new all time highs the trend has been pointing down. We've really been flirting trying to hold support at $60,000 but as long as this short term trend is down the $55,000 -$57,000 area will be very important to hold if price continues to decline. We have lost momentum on the stochastic RSI on the daily and have bearishly diverged on our MACD so keep that in mind as a change in trend could come. But as of now the trend is pointing down. We may be on the way to retesting the 0.786 Fibonacci level at $56,200. Price and sentiment are holding up well for Bitcoin still.
COINBASE:BTCUSDLong
by peacefuljustin
NuCypher Squeezing After a dramatic pump NuCypher has pulled back on price and has been moving sideways cooling off really starting to squeeze between a support of $1.08 and a resistance of $1.18. May be forming a new price floor after its pump. Most of the buying and selling after the pump as occurred at $1.44 which is a point of control (POC). NuCypher seems to be holding well "so far" above $1.00. We're still up 285% within the past 2 weeks so keep that in mind. Keep a look out on NuCypher's movement and on your radars.
N
by peacefuljustin
1
Bitcoin Where To Now? $70K Resistance Possible Drop Below $60kCheers to everybody in Bitcoin and in cryptocurrency! Very exciting times to be in this space. It's always great to know that pretty much everybody in Bitcoin is profitable whenever Bitcoin reaches new all time highs! Ideally we want to hold the $60,000 level for Bitcoin but dropping below $60,000 is always a strong possibility. I believe the first real major resistance for Bitcoin will be at $70,000 or in between $75,000 if we continue this uptrend. We're pretty overheated on the daily oscillators indicating a pullback may be upon us. Support levels if we drop below $60,000 I'm looking at support around above $55,000. We're looking bullish on the weekly time frames in my opinion. The fundamentals have gotten much stronger since the Bitcoin ETF which will enable a great amount of money to come into cryptocurrency in the coming months. Specifically into Bitcoin. I believe the next coming months will be very historic once again. Much peace, love, health, and wealth!
COINBASE:BTCUSDLong
by peacefuljustin
Total cryptomarket about to launch Cryptomarket has just recently broken ATH levels and the trend seems to be stronger than ever. The risk for take-win transactions to start is alive but there seem to be no indications in the market for such activity. Traders are transferring money into crypto and "smart-money" sees every day more interest in the market. An example of this is recently launched crypto ETFs. Largest asset manager on earth, BlackRock has taken positions in the crypto market which indicates a positive perspective about crypto, from the company which is managing the largest investment portfolios in existence. If that is not a sign of a bright future, then I don't know what is. This sounds utterly optimistic, which is always bad thinking for an investor, investors should always focus on the down-side risk and hedge potential losses. In the big picture, I think investors should hold crypto-positions but be aware of risks and hedge them accordingly.
CRYPTOCAP:TOTALLong
by Henrythemaestro
GOLD UPDATEGOLD UPDATE $XAUUSD is starting to look interesting here from a higher timeframe perspective. Price has finally found support around $1740 starting to show a deceleration and multiple rejections to the downside. In my opinion its only a matter of time before the price breaks above this corrective downtrend which the market has been in since its last ATH back in **AUG 2020**a break above this trendline will send gold to new highs of around $2200. With the USD index now testing strong resistance and the stock market is finally seeing a well over due correction investors will start flowing cash back to a "safe haven" asset like gold.
OANDA:XAUUSDLong
by ITSCRYPTO1
Uniswap Will Grow: Support & Resistance Everybody's favorite Unicorn in Cryptocurrency. Like most of the other alt-coins we've been hitting major resistance levels before the next major step-up. We formed a short term horizontal channel so we're moving sideways a bit. We'll see how long this holds. Once we break this resistance level of $31.30 we will be grinding towards re-testing all time highs in the weeks or months to come. If we don't hold our support we will most likely being going back down to the $20 levels. There's a lot to be excited about in the next upcoming months for cryptocurrency. We're about to bullishly divergence on the weekly MACD which indicates some more positive momentum will be coming underway. Coins such as Uniswap will perform very well this cycle. It is still king of the Decentralized Exchanges and just recently become the first DEX to provide $1 Billion in fees for liquidity providers. Also I believe the effects of EIP-1559 Ethereum burning will have positive price impacts on Uniswap as time goes on. Uniswap is already a heavily adopted and functioning cryptocurrency with an actual operating product. The adoption and use case can only grow from here. Stay stacking! Much peace, love, health, and wealth!
BITTREX:UNIUSDLong
by peacefuljustin
2
Money Will Permanently Flow Into Cryptocurrency This Decade I've had a simple investors thesis when investing in cryptocurrency since 2017. I've always judged the growth of cryptocurrency by the growth of the market cap. The more money that comes into cryptocurrency the more prices will appreciate (certain cryptocurrencies of course). The more money that comes in the more innovation, use case, public interest, and opportunities grow. When I started heavily investing in cryptocurrency the market cap was only about $180 Billion and I always believed that cryptocurrency would eventually exceed $1 Trillion dollars the more the use case and user base grew. Today we're right at a $2 Trillion market cap and my thesis remains stronger than ever. Cryptocurrency in a whole is easily a $10 trillion global market this decade at a very conservative estimate. In a big macro perspective consider: * The entire global money supply will dramatically increase by 2030 ( M0, M1, M2, M3). * The growth of Crypto ETFs. * Better cryptocurrency regulatory infrastructure. * More countries will adopt Bitcoin as some form of legal tender. We will see this new economic philosophy heavily spread throughout South America first and eventually spread to countries facing severe devalued currencies. * All assets and prices will dramatically increase by 2030 due to infinite money printing policies. * The use case for decentralized finance and digital based economies will expand as the world continues to grow more digital. Most of the worlds money and value is already in digital ledgers. * NFT's will be global cultural digital artifacts stemming from the digital age. Not all NFTs of course. * The generational shift from predominately Baby Boomers to more Millennials will grow by 2030. * Corporations and financial institutions will heavily adopt Bitcoin to hedge against devaluing dollars. * Cryptocurrency is spreading faster than the internet. I believe we will be re-testing market all time highs by the end of this year at $2.5 Trillion. If we continue positive momentum through out the rest of this year Once we hit our Fibonacci level 1, I believe we will have a run up to the 1.618 Fibonacci level over $3 Trillion. There will be another wave of FOMO hitting the market. We are still so early in cryptocurrency we haven't even scratched the surface. More money comes into the space than out of it over time. Happy HODLING. Much peace, love, health, and wealth!
CRYPTOCAP:TOTALLong
by peacefuljustin
2
Bitcoin (BTC) Things Are Getting Spicy $50,000 Incoming!The market euphoria is starting to heat up once again. The market sentiment is changing fast and we are now back to "Greed" on the Fear & Greed Index. Even the main stream media's tone is starting to change once again. I'd even go on to say Bitcoin may now be Elon Musk resistant. China mining crackdowns will also start to become be a narrative that will no longer have a FUD inducing effect on the market. We have strong resistance at $46,784 right at the 0.5 Fibonacci level. Expect a pullback to the $42k Levels or even lower $40k levels. Once we break past this resistance level I do believe Bitcoin will work its way up to retesting $50,000 as long as this positive momentum continues to grow strong. We may possibly be in the next extension of this overall bull trend for Bitcoin and the Crypto market in the coming months. * On the weekly time frame we're starting to approach bullish divergence on the MACD . * The hash rate is growing fast. * Clean Green energy for Bitcoin mining is becoming a positive mainstream media talking point. * A stronger Cryptocurrency influence and advocates will become stronger in Washington D.C. as a result of the botched crypto-infrastructure bill. * Global Multi-Trillion dollar economic rescue packages will continue to expand the global money supply. * NFT's, Ethereum , Gaming Tokens, and DeFi mania will continue to grow. * On the daily timeframe we're currently retesting the 200 Day Moving Average. Much peace, love, health, and wealth!
COINBASE:BTCUSDLong
by peacefuljustin
1
Passive Wealth AccumulationI am going to introduce a controversial topic… investing. This is an important topic considering this is a finance blog. Why is it controversial you may ask? It is controversial because many people do not partake in it, therefore by logical reasoning, it is controversial. The original purpose of my starting this blog was to encourage people to invest. In this article, I am going to dive into the fundamental reasons you are losing out by not investing. The easiest way for me to do this would be to link to sources from reputable individuals like authors, hedge fund founders, billionaires, etc. However, that would be too easy and you could do that on your own. I will base my thesis on three fundamental components; historical returns, inflation opportunity costs, and asset appreciation. So let’s start this deep dive with the S&P 500. If you don’t know what the S&P 500 is it is simply a basket of the 500 largest companies in the US. Let’s talk about some historical events that caused massive sell-offs in an index. I will use approximations of the S&P500 price for simplicity. -Market Crash of 1929 Peak: $30 Trough: $5 Percent: -83% -Market Crash of 1987 Peak: $330 Trough: $220 Percent: -33% -Dotcom Bubble Crash of 2000 Peak: $1500 Trough: $800 Percent: -47% -Financial Crisis of 2008 Peak: $1560 Trough: $670 Percent: -57% -COVID Crash of 2020 Peak: $3350 Trough: $2310 Percent: -31% -July 9, 2021 - $4360 Relative return from 2020 Trough - 89% Relative return from 2008 Trough - 551% Relative return from 2000 Trough - 445% Relative return from 1987 Trough - 1882% Relative return from 1929 Trough - 87,100% Let’s visualize this if your great-grandparents would have invested $100 at the trough of the market crash in the 1920s. That would have bought you 20 shares, which in today’s market is equivalent to $87,100. Alternatively, if they left those same $100 in a deposit box, well you would have $100. Quite the antonym if I do say so myself. The idea of inflation is vague to some people but the reality is that the money in your pocket today will have more practical utility than any time in the future. I can almost guarantee it. The FED (US Central bank) has two mandates, stable prices, and maximum employment. So, as we recover from the COVID induces economic slowdown, the FED used all of its tools to stimulate the economy, including the federal funds rate to 0% (FED loan rate) and quantitative easing (increase the money supply). Essentially, these two tools, while useful, in the short term create drastic inflation as seen in recent Consumer Price Index (CPI) data. Some year-over-year prints have seen as high as 4.2%, almost double the (2%) baseline level. All in all, inflation will persist and inflation is the enemy of savings as it deteriorates its buying power. My third and final point toward my trifecta-investment thesis is that assets appreciate faster than wages growth. Personally, this is the biggest reason I invest. The proof is in the pudding. Think about the richest people on earth, how did they accumulate their wealth? It certainly wasn’t from working a 9-5. They own their respective companies and as the asset grows so does their wealth. In my personal belief, this is the reason for the tremendous wealth inequality we are currently experiencing. While a handful has billions in assets, others live paycheck to paycheck. To put this in perspective, the S&P rises on average 6-8% a year, while wages often increase less than 2% in the same time frame. That’s a 3-4x better return on something completely passive. In essence, work smarter not harder. My best investment advice is and will always be to buy the S&P500. For many years I refrained from using buying the S&P500 because it was always making record new highs. I thought that I will buy it after the next big sell-off, yet every time that sell-off comes I think there will be another leg down essentially a self-defeating prophecy. Interestingly, if you have ever bought the S&P and held you have made money because as of July 9th, 2021 close it made another all-time high. Will it persist? If history is any indication of the future, it will. If nothing else, by investing in the S&P500 you are betting on the prosperity US economy. That is a bet I am willing to make.
TVC:SPXLong
by howdydany
Ethereum a New Evolution Brewing Still Time to Own At Least One!I know people are starting to sleep on cryptocurrency. Not too much heavy buying and not too much heavy selling. The state of the market is in limbo but these times present great opportunities. If you don't own at least one Ethereum now will be the time to seriously consider making it a goal. If you're trying to build wealth in cryptocurrency with the least amount of risk Ethereum is essential to your journey. I have new Fibonacci levels starting from the swing high of $4395 on May 12th to the swing low of $1695 on June 26nd. Ethereum has been trading between $1695 and $2300. I'd say that Ethereum under $2000 is a steal. Of course these prices can all change depending on Bitcoins mood. If Bitcoin drops to the lower 20ks as many people suggest then Ethereum can easily come down below $1,000. So be cautious as the market sentiment is still extremely fearful. However, the upside potential is extremely strong considering the developments taking place within Ethereum . Post EIP-1559 ( Ethereum becomes deflationary), continued DeFi expansion, and the NFT innovation are some of the catalyst that will have a major positive impact on Ethereum . Even Fox news channel and CNN are invested and experimenting in NFTs which is shocking to me. I believe we will have stagnant price action until there's a decisive move in the market to the upside or further downside. We have been moving sideways for some time which can indicate we're in a heavy accumulation phase in the market. Looking at on chain metrics from Santiment the whale supply held by top addresses have been increasing at an alarming rate since May 22nd. Smart money knows wassup. Ethereum is still very undervalued. Cheers much peace, love, health, and wealth as always! Keep building that crypto wealth for you and your family!
COINBASE:ETHUSDLong
by peacefuljustin
The current ETH situation | ETHUSD | BULLISH OR BEARISH?ETH has been on quite a run lately based on fundamentals moving from $1700 up to the price of $2400 in the past 10 days, however the price has been consolidating within the current price for the past few days. This is never bad as the price needs some time to create more support and to rest so it is not seen as overextended leading to a sudden drop off top. In the following paragraphs I shall be discussing my honest opinion on the current ETH market, however, everything I state in this article is based on my own opinion and should not be taken as a signal to buy or sell your ETH. in order to understand what is going on in the chart analysis above ill start with the pennant formation marked in yellow. As you can see this formation broke to the downside, which theoretically is how these formations play out, as they are continuation patterns and the origin (flagpole) is from a bearish movement. The price bottomed out after the breakout at the $1700 level. Another formation was created there after which is also a continuation pattern. The megaphone formation: The name derives from the fact that it looks like a megaphone which is fairly obvious. These formations generally are a strong confluence among other confluences that the price is going to move a certain direction. As the formation is a continuation pattern the pattern theoretically breaks out according to that, which it did. The target point (TP) of this formation will put ETH at around $2500, which is very convenient and almost to obvious, as the long term 50% fib retracement level sits within a few dollars from the TP adding further confluence to my prediction. Therefore it could be strongly argued until proven by price that we are within a consolidation phase, just as most of the market is. The range in which we are consolidating seems to be between the $1700 level and the 50% fib retracement ($2523), However the Golden pocket will also play a key role and keeping the price back before it reaches these levels of support and resistance. The MacD is almost slowly beginning to turn to the bearish momentum which will line up perfectly with the TP being reached and the retracement to the Golden pocket being a reasonably valid prediction, if the price plays out the way the technicals indicate. Therefore for the short term at least I remain neutral on the price of ETH. This area of consolidation can be seen as a great buy in area for those who are in for the long term, but for those who are trying to make a quick trade, I advise you wait for a move out of the range of consolidation before you place a short term trade, as the market is very tricky lately. Don't forget to leave a like if you agree or disagree with this article and if so leave a comment explaining why you disagree, am always open to different perspectives. Happy trading and thank you! #notfinancialadvice
BINANCE:ETHUSD.P
by Crisp_Flow
Bitcoin Why is Everybody Extremely Fearful? It's been clear we've been in a slow steady downtrend. We've been producing lower highs, and slightly lower lows which of course isn't a good sign for positive price action. To be honest we will be at these levels for weeks to come or even another couple months. This entire market has had a serious cooldown. The charts indicate we're pretty much on a steady path to make candle closes below the crucial support level of $30,000. It's been very remarkable that Bitcoin has been holding strong above $30,000 despite the Tsunami of fear, uncertainty, and doubt that continues to plague the market. Originally I said we were overly bearish but chart doesn't lie. The good news is that Bitcoin has been extremely fearful for over a month on the Fear & Greed Index. Eventually when sentiment is so fearful we eventually slowly work our way back to being greedy again overtime. The last time we we're this fearful was during March 2020 Global COVID-19 shutdown. The reasons then were quite obvious because nobody knew outcomes of the shutdown as then entire globe went into hysteria. The reasons why people are extremely fearful of Bitcoin today is pretty confusing: Tesla no longer accepting Bitcoin, Elon Musk's troll tweets, clean energy concerns, China's renewed crypto crackdowns, and the exodus of miners out of China relocating to more crypto friendly mining jurisdictions around the world.... Are these reasons to be extremely fearful? In my opinion no.... This is all good for the Bitcoin network long-term. But cryptocurrency is hyper volatile which is another way to say hyper emotional. It's difficult to say were we go from here. The best case scenario is we continue to hold above $30,000 and move sideways for a while until the bulls come back. Worse case scenario is we slowly continue down on this descending wedge into the mid $20,000 range and $30k becomes resistance. There still may be more maximum pain and I know it hurts to see. You can only use so much Technical Analysis before you have to balance it with the fundamentals. Market sentiment and buyer / seller emotion is what ultimately drives price. The charts indicate down in the short term but the long term fundamentals and macro environment for Bitcoin point up. Especially as Governments continue to print historic record trillion dollar packages and stimuluses around the world. Hyperinflation is coming if its not already here. Like I said before we are going to have a rough choppy summer until we can have a better overall market sentiment. We will get through this cloudy period in cryptocurrency. There's way too much innovation and adoption not to be bullish long term. Bitcoin will be a multi-trillion dollar asset. As always much peace, love, health, and wealth. Bitcoin = Freedom.
COINBASE:BTCUSDLong
by peacefuljustin
9
Kusama (KSM) Looking Strong Good UpsideI know the market sentiment has been "extremely bearish." And we are in a bear trend, I wouldn't consider this a bear market officially just yet. Now is the time to really start thinking which projects will perform when we inevitably overcome the cloudy summer season of FUD storms and on to sunnier days in cryptocurrency. Kusama is looking strong and will most likely be at the forefront of the next DeFi Mania wave along with Polkadot (DOT) of course as these projects are going to be key cryptocurrencies in the expansion of DeFi. The Kusuama parachain auctions have have started and will be live for the next couple of weeks. With this recent Bitcoin dip there was a massive sell off as many people are getting out of their Alt coin positions. We formed a nice and important bounce for Kusama starting to form a new level of support after this capitulation . Of course if Bitcoin experiences another massive plunge bringing it deeper in $20ks then we could see this support easily broken bringing down below the $100 range. Only 10 million coins already 89% through its circulating supply. Keep Kusama on your radar.
Long
by peacefuljustin
4
Bitcoin (BTC) Going to $20,000? Big $40,000 Resistance Many people believe we're heading back towards $20,000 but I see it differently. Bitcoin has spent less than 12 days trading under $25,000 after breaking its all time high of $20k on December 16th 2020. Compared to the 148 days of Bitcoin being recognized trading above $30,000. There's just not much support at those levels. Sure we can still drop below $30,000 but if we did it has become clear to me that Bitcoin trading below $30k has been aggressively accumulated. If companies such as Ark Invest and MicroStrategy publicly announced they've purchased more Bitcoin in between $30k -$40k I'm inclined to believe they'll go drunk off buying below $25k and all the other institutions swimming with them. We've hit heavy a heavy psychological resistance at $40,000 and we could be trading sideways between $30k -$40k for a period of time as we aim to get back above the 200 day moving average. I do not believe this is the start of a bear market but I do believe this will be another phase of accumulation at these levels. Much peace, love, health, and wealth.
COINBASE:BTCUSDLong
by peacefuljustin
Bitcoin Support at $30,000 & $47,000Interesting how we come right down to the 1.618 Fibonacci level at $30,000 during this current Bitcoin crash. If we continue further to the downside we'll be going back to lower $30,000 levels. If we regain momentum back to the upside Bitcoin will probably go right back up to the 2.618 level around $47,000. We're trading dead in between two critical Fibonacci levels. I don't believe we will be trading in between the 1.618 and 2.618 levels for too long. Just my personal opinion. There's tons of volatility right now and the market is very spicy. Another Elon Musk Fear, Uncertainty, and Doubt tweet could easily send us further down. I'm personally not too fond of people that spread negativity and pretend they're going to sell Bitcoin but continue to buy it. I tend not to trust people that exhibit those qualities. Much peace, love, health, and wealth.
COINBASE:BTCUSDLong
by peacefuljustin