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btc today newsBitcoin, the leading cryptocurrency, has failed to hold above the $16,900 support level, which has now become a major resistance. While Ethereum, the second-most valuable cryptocurrency, has also breached a major support level of $1,240, extended by an upward channel. Given this, BTC and ETH are likely to trade on the bearish side. Major cryptocurrencies traded unevenly early on December 8, as the global crypto market capitalization fell 1.87 percent in the previous day to $839.72 billion. Over the last 24 hours, overall crypto market volume grew 2.40 percent to $36.85 billion. Let's take a look at the top 24-hour altcoin gainers and losers.Top Altcoin Gainers and Losers Nexo (NEXO), EOS (EOS), and Synthetix (SNX) are three of the top 100 coins that have gained value in the last 24 hours. NEXO's price has risen nearly 3.50% to $0.6675; EOS's price has risen more than 2% to $0.9795; SNX's price has risen nearly 2.6%. Axie Infinity (AXS), ImmutableX (IMX), and Dash (DASH) are three of the top 100 coins that have lost value in the last 24 hours. Whereas AXS price has lost about 8.5% to trade at $8.15, IMX is down nearly 8% to trade at $0.4375. At the same time, the DASH price is down over 8% to trade at $43.75.Celsius Customers to Get $44M in Crypto From Bankruptcy The funds consist of cryptocurrency previously housed in earn accounts but have since been moved to a custody account on Celsius. A federal judge has mandated that Celsius, a cryptocurrency lending platform, refund $44 million worth of cryptocurrency to users of its custody program. Bloomberg reports that United States Bankruptcy Judge Martin Glenn issued the directive orally on December 7 during a hearing, saying: “I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.” According to a Bloomberg report from December 5, Celsius is looking to sell $18 million of stablecoins held in these accounts to fund its reorganization, with Glenn set to address the issue of fund ownership on December 12. Celsius has argued that users who deposited funds within its earn accounts gave up ownership of the funds when they agreed to the company's terms of service. US Unemployment Claims in Focus Later today, the investors' focus will remain on the US jobless claims, which are due to come out during the US session. In the week ending November 26, the number of people applying for unemployment benefits fell to 225,000. The Labor Department reported on December 1, down 16,000 from the week before when there were 241,000 applications. The average number of claims over four weeks has gone up by 1,750 to 227,000, canceling out weekly swings. Initial unemployment claims fell to 225K from an anticipated 235K for the week—signs of higher-than-expected initial claims for unemployment insurance in the United States. The number of people seeking unemployment benefits is a surrogate measure of job losses. In light of these findings, it is clear that American workers still have exceptional job security despite the obvious economic weaknesses. Bitcoin Price Bitcoin's current price is $16,825, and the 24-hour trading volume is $19 billion. The BTC/USD pair has lost nearly 1% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $323 billion, down from $357 billion yesterday. Due to the strength of the US dollar, the BTC/USD pair has broken below the $16,900 support level, which is now acting as resistance. BTC could fall to the next support level of $16,500 or even $16,000 in this scenario. A bullish breakout above $16,900, on the other hand, could expose the BTC price to $17,200 or $17,350.Ethereum Price The current price of Ethereum is $1,229, with a $5 billion 24-hour trading volume. Ethereum has lost nearly 2% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $150 billion. On the 4-hour chart, Ethereum has broken through the upward channel that had been supporting the coin at $1,238. Closing candles below this level indicate the possibility of a downtrend continuation. On the downside, Ethereum's immediate support is around $1,200, and it can fall as low as $1,180 or $1,150. On the plus side, Ethereum's resistance remains between $1,240 and $1,280.IMPT Presale Ends in 4 Days IMPT is a new Ethereum-based network that will reward users for doing business with environmentally conscious companies. IMPT has raised more than $15.6 million since its initial public offering in October, with 1 IMPT currently trading at $0.023. IMPT.io, a groundbreaking platform for carbon offsetting and carbon credits trading, will end its token presale on December 11th due to its extraordinary success. Visit IMPT NowFind The Best Price to Buy/Sell Cryptocurrency
by Tayyab1211
How to trade Breakout/Breakdown from consolidation pattern?1) What is a consolidation? Consolidation means when the price of a stock or security moves sideways within a range. In this pattern the price makes the same highs and/or same lows. The highs form a resistance level, and lows form a support level. The longer the consolidation is, the stronger the breakout/breakdown will be. When the price is moving within the range you can not really predict if it will go up or down, you always have to wait for the breakout/down to enter the trade. Once the channel is broken it usually leads to a stronger up/downtrend. Breakout We are talking about Breakout pattern when the price that has been moving within the range of the consolidation pattern breaks above the previous resistance line. At this momentum, when we have a confirmation candle, there is a high probability that it can be a start of a new uptrend, and we can enter the trade. Breakdown In case of a Breakdown, the price is moving downwards, and not only hit but breaks out of the support level. We need a confirmation candle to ensure that there is a high probability that bearish momentum will trigger the start of a new downtrend and it is a good time to enter short. 2) What are the valid consolidation patterns? Consolidation pattern does not mean in every case that the price must make the same highs and the same lows at the same time. For a Breakout pattern from the consolidation we want to see a strong, flat top resistance line that is tested three times or more. The price can either make the same lows or higher lows. On the other hand, when we are talking about a Breakdown from the consolidation, we are always looking for a strong support line that is tested at least three times before. In this case, the consolidation pattern can be either making same highs or lower highs. 3) How to identify a Breakout/Breakdown momentum and which indicators to use? We only want to enter the trade on a breakout/breakdown with a high probability of succeeding and for that we always want to see a confirmation candle after the price breaks above or below the range to avoid false breakouts. For a Breakout, the candle must be bullish and open and close above the resistance level and it must be near the 20EMA. In case of a Breakdown the bearish candle body must open and close below the support line and the breakout candle must be near or touching the 20EMA. Indicators (examples) Force Index (13) measures the strength of the volume. When the Force Index is above the zero line, that tells you that the market is bullish. If the price goes under the line, the price is bearish. So, when we want to go long, make sure that the Force Index is above the signal line and it’s rising. When we want to sell, then the Force Index should be under the signal line and falling. or MACD (12,26,9) When the MACD line is above the signal line, it means that the momentum is bullish (good if you want to go long) if it goes under the signal line, means the market is bearish (great time to enter short).
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by vf_investment
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