Bitcoin staged a strong rally as it popped up to a high of $9,500 before showing signs of a pullback. Applying the Fibonacci retracement tool shows where buyers might be waiting.
The 61.8% retracement level lines up with the rising trend line connecting the lows since mid-March. This is also in line with a short-term area of interest and the 100 SMA dynamic support, which is above the 200 SMA to confirm that the path of least resistance is to the upside.
In other words, the uptrend is more likely to resume than to reverse, and support areas are likely to hold. The gap between the moving averages is widening to reflect stronger bullish momentum. With that, a shallow pullback to the 38.2% Fib at $8,400 or the 50% level at $8,100 might be enough to draw bullish momentum back in. If any of the Fibs hold, bitcoin could resume the climb to the swing high or higher.
Volume is elevated to reflect strong market interest that could carry on and sustain the uptrend. Stochastic is turning lower after reaching the overbought zone, though, so a return in bearish pressure might be observed in the meantime. ADX is still above 50 to confirm that the trend could keep gaining traction.
Bitcoin popped higher as more bulls joined in on expectations of a long-term rally on account of the halving of mining rewards. Based on previous instances, this has the potential to result to twice as much value of the coin in a few months or years.
Apart from that, risk-taking has been observed in financial markets as traders are hopeful that more economies could reopen and resume close-to-normal operations, thereby lifting business and consumer activity. Bitcoin is also taking advantage of dollar weakness, which has been spurred by weak employment data and downbeat growth figures.
Images courtesy of TradingView
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SATs Market Watch: Bitcoin Price Unable to Break $11,000 as Uniswap (UNI) Token Surges
Bitcoin took another swing at $11,000 but got rejected, and trades just shy of the coveted level. Most alts are retracing slightly, while UNI continues to attract attention, and its price has increased to $7.
Bitcoin Stopped At $11K
After yesterday’s relatively calm price performance, the primary cryptocurrency initiated another leg up towards $11,000. The move began from about $10,900, and in just a few hours, BTC topped at $11,020 (on Binance).
However, the bears intercepted it and drove the asset towards its daily low of $10,800. Following this loss of $200 in a relatively short time, BTC has recovered some ground and currently trades at $10,950.
The psychological $11,000 remains as the most critical resistance in Bitcoin’s way upwards. Should the cryptocurrency break above it decisively, it could head towards the next ones at $11,200, $11,340, $11,500, and $11,760.
In case of another rejection, BTC can rely on $10,900, followed by $10,500, $10,430, and $10,330 as support.
It’s worth noting that Bitcoin’s intraday performance resembled that of gold once more. The precious metal also increased from a low of $1,945/oz to its daily high of $1,960. However, a rejection followed at that point and drove its price to where it closed the Friday trading session – $1,950.
UNI Continues Surging, As Most Alts Slightly In Red
Most alts, especially the larger-cap ones, have taken a beating in the past 24 hours. Ethereum is down by over 2% to below $380. Ripple also dips beneath $0.25 after a 1.5% decrease.
Chainlink has lost the most value from the top 10 coins as it plummeted by 8%. As such, LINK is fighting to stay above $10.
Polkadot retraced by 2.5%, Binance Coin by 3%, and Litecoin by 1.3%. Further below, Tezos continues with its recent adverse trend after another 5.5% price dip to $2.35.
The double-digit price increase club has several representatives. Those include Celsius (20%), NEM (16%), DxChain Token (15%), ABBC Coin (12%), and Hedge Trade (10%). However, one token trumps them all – the recently launched governance coin of the popular DEX platform Uniswap.
Released a few days ago, UNI has attracted lots of attention to itself. Most Uniswap users that received 400 UNI as airdrops sold their tokens almost immediately. However, data from Santiment reveals that those who displayed patience, and didn’t sell right away, have been awarded. The UNI price is significantly higher than when it was during the most substantial sell-off stage.
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Cryptocurrency charts by TradingView.
Australian Dodges Prison After Using A Supercomputer At Work To Mine Crypto
A former employee of CSIRO – the Australian Commonwealth Scientific and Industrial Research Organisation, has avoided prison after being caught using a supercomputer at work for mining cryptocurrencies. Jonathan Khoo, 34, worked as a contractor at the federal government’s scientific research agency.
Generating $6,897 Worth Of Ethereum and Monero
As per a recent news report, between January and February 2018, Khoo has managed to use two supercomputers at his workplace for the purpose of mining cryptocurrency. According to the publication, he used the devices for his financial gain. He also managed to mine crypto worth A$9,420 (US$6,897), and deposit them into his Ethereum and Monero wallets.
This was discovered in February 2018, after which Khoo was dismissed from CSIRO. The following month The Australian Federal Police looked into the matter and Khoo faced an official charge the next year.
Reportedly, Khoo’s cryptomining daredevil stunt had cost his company an estimated A$76,668 (US$56,133) worth of computer power and other resources.
“This man’s activities diverted these supercomputer resources away from performing significant scientific research for the nation, including pulsar data array analysis, medical research and climate modelling work,” said Federal Police cybercrime operations commander Chris Goldsmid after the sentence.
The defendant’s lawyer emphasized before the local court that Khoo had zero previous offenses, he had admitted his crime before the police, and felt remorseful for his actions.
Dodging Prison By A Thread
As per the report, magistrate Erin Kennedy sentenced Khoo to a 15-month intensive corrections order to deliver 300 hours of community service and to continue counseling. This way, he won’t be spending actual prison time but will be serving out his custodial sentence in the community.
The maximum penalty for offenses of the kind, as per the Australian law, is 10 years in prison.
According to Goldsmid, “malicious cyber activity, including by people on the inside of organizations, was increasing in scale and severity. Authorities urge companies and all government agencies to keep up a strong culture of cybersecurity in order to strengthen their ability to detect possible breaches.”
Litecoin short-term Price Analysis: 19 September
Litecoin’s price has had to endure a period of consolidation over the past week. On 12 September, the cryptocurrency’s price fell by close to 8 percent from $51 to close to $47 and since then, Litecoin has been struggling to recover its losses. However, while LTC might be gaining some positive momentum, it may note a minor dip over the coming few days before pushing north again.
At press time, Litecoin was being traded for $48.2 with a market capitalization of $3.1 billion. At the time, it was occupying the 10th spot on CoinMarketCap’s list, while registering a minor fall of 0.5 percent over the past 24-hours.
Litecoin 2-hour chart
According to Litecoin’s 2-hour chart, ever since the aforementioned price drop, LTC’s price has been confined to a descending triangle formation. The past week saw it register a downtrend as the crypto registered lower highs. Over the same period, LTC has gained considerable support from the $47-price level and if bearish pressure were to see an increase, the cryptocurrency may also have to rely on the support level at $46.
The $49-mark remains a significant point of resistance in the way of Litecoin, with respect to a complete recovery on the charts. In the next few days, the coin is likely to remain within the descending triangle formation and is likely to test its first support once again, before rekindling the possibility of a price break out.
At press time, the MACD indicator had undergone a bearish crossover and was showing the slight possibility of a reversal as the MACD line was inching closer to the Signal line. Further, the RSI, after having languished in the oversold zone, was holding fort in the neutral zone.
Interestingly, over the past 3 months, Litecoin has seen its ability to move on the price charts independently increase. This may be because the correlation between Litecoin and the word’s largest cryptocurrency has fallen from 0.86 to 0.80.
Litecoin’s price has been part of a descending triangle channel formation for close to a week now and in the coming days, the cryptocurrency’s price is likely to remain within the formation. This would include a minor dip for the coin’s price as it is likely to test the support at $47, before gaining enough momentum to initiate a breakout and head towards its immediate resistance.
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