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Bitcoin SV long-term Price Analysis: 24 October

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Bitcoin SV’s fortunes don’t seem to be getting any better as the year progresses. Its press time trading price was a far cry from its early-2020 valuation after it seemingly peaked in August. Following the same, BSV has continued to depreciate over the past few months. However, the question still remains – Can the cryptocurrency that once occupied a spot at the top salvage the rest of the year to return to form?

At press time, Bitcoin SV was being traded at $167 with a market cap of just over $3 billion. Interestingly, over the past week, a minor gain of 4.7 percent did see BSV rise on the charts.

Bitcoin SV 1-day Chart

Source: BSV/USD, TradingView

On observation of Bitcoin SV’s daily chart, it was evident how the coin has been on a steady downtrend since August, with its price action confined within a descending triangle formation. During this period, BSV’s price traded roughly around the $173 and $155-price levels. In the case of a descending triangle formation, the breakout is normally bullish, which would mean yet another recovery run for BSV. In such a scenario, the likely destination for BSV’s price is the resistance at $173.

However, given its price action and the fact that a breakout is still a little far away, the coming week is likely to see the coin remain within the formation and head towards the support at $155. If BSV’s fortunes take a turn for the worse, there is one more support that the coin can rely on at $147 that can help stabilize the coin’s price.

Source: BSV/USD, TradingView

Interestingly, the situation seemed a lot more promising as per BSV’s technical indicators. The MACD indicator had undergone a bullish crossover and if the bullish momentum prevails, the breakout may happen soon. The RSI echoed a similar sentiment as it had positioned itself closer to the overbought zone.

Source: CoinMetrics

Akin to a few other altcoins, BSV too has demonstrated that it is capable of price movements independent (To a certain degree) of Bitcoin. In fact, the past 3 months have reflected the same, with its correlation falling to 0.72, as per CoinMetrics’ chart.

Conclusion

Bitcoin SV’s price, after having been confined to a descending triangle formation, may attempt a breakout if the bullish sentiment prevails. This would take the coin to its immediate resistance at $173 in the coming week. However, if the coin’s price action remains within the formation, then a dip to $155 to $147-price levels cannot be discounted.

Source: https://eng.ambcrypto.com/bitcoin-sv-long-term-price-analysis-24-october

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ChainLink price: bulls eye breakout to $17.00

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ChainLink (LINK) price has rebounded to highs of $13.87 after trading as low as $13.08, with bulls targeting a short term breakout to $17.00

ChainLink’s price remains negative both on the daily and weekly time frames despite bulls’ latest efforts that include a jump to highs of $13.87. This follows the widespread sell-off in the crypto market that saw LINK/USD drop to $11.90 on 26 November.

At the time of writing, the LINK token is down 5.69% in the past 24 hours and has fallen 11.08% in the past seven days as bulls attempt to break above $14.00.

On the technical front, price charts suggest bulls might rally to $17.00 short term before running out of steam.

LINK/USD daily chart

As can be seen on the daily chart below, prices oscillated within an ascending parallel channel formed in October. The upper trendline of the channel now presents a hurdle around the $17.00 price level.

The chart nevertheless suggests a negative flip is possible if buying pressure dissipates before a breakout above the said resistance level. In this case, bears would eye $13.00 and then $11.00.

LINK/USD price daily chart. Source: TradingView

LINK/USD 4-hour

The 4-hour and hourly charts present an interesting set-up for both bulls and bears.

In both cases, LINK has recovered to trade just above the lower boundary of an ascending parallel channel. As such, bulls need a breakout towards the midline to signal a continuation of the bullish case seen over the past several hours.

Bears, on the other hand, will be eyeing a breakdown beneath the lower boundary to strengthen their case as they seek to strike another blow to bulls’ short term aspirations.

LINK/USD 4-hour chart. Source: TradingView

On the 4-hour chart, LINK price is near the lower boundary of the ascending parallel channel around $13.77 and the 20-EMA line at $13.68.

If bulls crack resistance at the middle line around $13.90, the next hurdle is $14.45. The price level features the 78.6% Fibonacci retracement level of the move from $15.87 high to $11.98 low.

A breakout above this hurdle on increased upside momentum could see bulls target the level around $17.00.

However, a bearish scenario will unfold and strengthen if LINK/USD retests the lower trendline and dips below $13.00

LINK/USD 1-hour chart

LINK/USD 1-hour price chart: Source: TradingView

On the 1-hour chart, the outlook is much the same. Bulls need to keep prices above the 20-EMA as they target the 61.8% Fibonacci level ($14.25).

A clear break above this level will signal the intention to attack the upper trendline near $15.30. If not, bears will remain in the picture.

Source: https://coinjournal.net/news/chainlink-price-bulls-eye-breakout-to-17-00/

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Yearn.finance price outlook suggests breakout to $30,000

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The technical outlook for yearn.finance (YFI) suggests a breakout to $30,000 if bulls break major resistance level

YFI price is up nearly 10% in the past 24 hours and over 21% in the past week to see its value against the US dollar rise above $28,000.

If the upside holds short term, amid the positive sentiment from recent news, yearn.finance could rally to $30,500.

YFI/USD 4-hour chart

As seen on the 4-hour chart, bulls are largely in control. The last few sessions have included a recovery above the midline of an ascending parallel channel to suggest a continuation of the upside momentum could see YFI price hit a new high for the first time since 20 November.

At the time of writing, bulls are eyeing another higher high after printing consecutive green candles between $25,950 and $28,435.

If the uptrend sustains, a break to the upper boundary of the ascending channel will take YFI/USD to $29,500. The next target above this upside barrier is the 161.8% Fibonacci retracement level of the move from $29,956 high to $19,279 low. Should buying pressure push YFI price to the resistance line, YFI/USD will retest the $30,550 level.

Although bulls are likely to target the top of the parallel channel, the middle trendline is even more crucial to their near term objectives.

YFI/USD price 4-hour chart. Source: TradingView

If profit booking near or around $28,000 increases downward pressure, the initial dip might take prices to the 78.6% Fibonacci retracement level ($27,330). If the downturn picks momentum, bulls might have to seek support at the 20-day exponential moving average at $25,925.

The downward action could turn into a bearish breakout if bulls fail to hold onto recent gains above the 20-EMA line, a scenario likely to see the digital asset retreat to lows of $24,000.

YFI/USD 1-hour chart

YFI/USD 1-hour chart. Source: TradingView

The hourly chart seems to support the above bearish outlook. As seen on the chart above, the TD Sequential indicator suggests YFI/USD is on the verge of posting a sell signal. The hourly outlook features a green ‘8’ candle whose validation will signal the possibility of increased downward pressure.

If the sell signal validates within the next few hours, yearn.finance price could decline to $27,049 (20-EMA on the hourly chart). From here bears could be looking at pushing prices down to $25,925.

However, an invalidation of the sell signal and a breakout above $28,000 would indicate a bullish outlook. In this case, YFI price could target 20 November highs near $29,900.

Source: https://coinjournal.net/news/yearn-finance-price-outlook-suggests-breakout-to-30000/

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U.S. DoJ Extradites Key Member of Crypto Ponzi Scheme From Panama

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The U.S. Department of Justice (DoJ) has extradited a principal member of a fraudulent cryptocurrency mining and trading platform from Panama to the United States.

AirBit Club Co-founder to Face Criminal Charges in the U.S.

According to an announcement by the acting U.S. attorney for the Southern District of New York, Audrey Strauss, U.S. authorities were able to extradite Gutemberg Dos Santos, co-founder of crypto Ponzi scheme AirBit Club.

Dos Santos, who holds dual citizenship from Brazil and the United States, was extradited to the U.S. from Panama on Nov. 23, 2020. According to Strauss, Dos Santos’ repatriation was possible with the help of the Homeland Security Investigations (HSI).

As reported by CryptoPotato back in August, the U.S. authorities arrested five individuals who were involved in the AirBit Club scheme that fleeced unsuspecting victims of $20 million. Operators of the crypto Ponzi scheme ran false advertisements that promised users hyperbolic rewards from Bitcoin trading and mining.

However, the DoJ at the time alleged that the group only sought to live flamboyant lifestyles of victims’ funds. While spending money on luxury homes and cars, they reportedly made more moves to recruit more victims across the U.S and different other countries.

A statement from the DoJ document reads:

“The extradition of Dos Santos reflects the determination of agents from HSI New York’s El Dorado Financial Crimes Task Force to dismantle global criminal organizations, wherever the investigation takes us. Utilizing our broad authorities and network of law enforcement partners, HSI will continue to hunt those who allegedly prey upon innocent citizens for financial gain.”

Also, if Dos Santos is found guilty of the charges levied against him, the AirtBit Club co-founder could face between 20-30 years in prison.

Law Enforcement Fighting Crypto Crimes

Regulatory authorities globally continue to warn investors about fake crypto-related schemes that promise high returns. According to a recent report by CryptoPotato, Chinese authorities confiscated $4 billion worth of crypto tokens from PlusToken scammers.

PlusToken, which is one of the biggest cryptocurrency Ponzi schemes, promised users high returns, similar to other crypto fraudulent projects. The Chinese law enforcement began investigating the project after it shut down in 2019. In July, the police arrested 27 key members of the scam project, along with 82 other members.

Another major fraudulent crypto scheme, OneCoin, reportedly stole $4 billion from investors with its founder Ruja Ignatova also known as “Crypto Queen,” still at large. Meanwhile, Ruja’s brother Konstantin Ignatov has been arrested by the U.S. authorities since 2019 and could face a 90-year prison sentence.

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Source: https://cryptopotato.com/u-s-doj-extradites-key-member-of-crypto-ponzi-scheme-from-panama/

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