BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.
Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel
WAVES Rallies Considerably but Gets Rejected Near $3
The Waves (WAVES) price is trading at a crucial resistance level, a breakout above which would go a long way in supporting the possibility of a bullish trend. However, technical indicators are neutral, and the wave count suggests that the price is more likely to decline in the short-term. Trading Range The WAVES price has […]
The post WAVES Rallies Considerably but Gets Rejected Near $3 appeared first on BeInCrypto.
The Waves (WAVES) price is trading at a crucial resistance level, a breakout above which would go a long way in supporting the possibility of a bullish trend.
However, technical indicators are neutral, and the wave count suggests that the price is more likely to decline in the short-term.
The WAVES price has been moving downwards since it reached a high of $5.02 on Aug 17. The decline continued until a low of $2.07 was reached on Sept 21, and the current bounce began.
Currently, we can say that WAVES is trading in a range between $2.15 and $3.90, currently sitting in the middle of the range at $3.05.
While the price moved above this level on Oct 17, it created a long upper wick and then fell. The fact that the price has not yet reached the 0.5 Fib level of the entire fall makes it likely that the current movement is corrective.
Cryptocurrency trader @altcoinsherpa outlined a Waves price chart, stating that while the price action looks bullish, the $3.05 area holds immense importance for the future trend’s direction.
Since the area represents the middle of the range, whether the price trades above or below is crucial in determining the future trend. Currently, the price is trading inside this area and has not yet confirmed it as either support or resistance.
The importance of this level is also accentuated by the weekly time-frame, which shows that it acted as resistance between Feb and Apr 2019.
Technical indicators on the daily time-frame are bullish. Both the RSI and the Stochastic Oscillator are increasing, the latter having made a bullish cross. Furthermore, the MACD has crossed into positive territory. The previous time this occurred, a very significant upward move followed.
Therefore, these readings suggest that WAVES should rally towards the next resistance area at $3.90.
However, shorter-term technical indicators are bearish. Both the RSI and the MACD have formed bearish divergence and are falling.
Therefore, a drop towards the closest support area at $2.72 is likely (also 0.5 Fib level) before the price possibly resumes its upward move.
Since the previous Sept 21 low, the WAVES price seems to have completed an A-B-C corrective structure (shown in orange below). The structure gains more validity since the A:C wave ratio is 1:1.61 (common), and five subdivisions are clear (red) inside the C wave.
If correct, what should follow is a price decline, fitting with the readings from short-term technical indicators.
Therefore, WAVES is expected to fall towards $2.75 in the short-term. If the price manages to bounce at that level, it will allow for the possibility of another breakout attempt. However, until the price successfully breaks out above $3.05 and confirms the area as support, we cannot consider the trend bullish.
To conclude, the WAVES price is likely to fall towards $2.75.
For BeinCrypto’s Bitcoin analysis, click here.
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
Bitcoin Rallies While Stocks Stumble: Is The Correlation Decoupling Finally Here?
Bitcoin price has rallied more than $300 intraday, meanwhile, the S&P 500 has fallen almost ten basis points in the same time period. Is this the fabled stock market crypto “decoupling” that analysts claimed was coming, or is this just an anomaly before a return to the ongoing correlation between the vastly two different markets this year?
Bitcoin Blasts Higher While The S&P 500 Stumbles Lower, What Gives?
The leading cryptocurrency by market cap has had an explosive day. The cryptocurrency began the day bullish late last night after Sunday night’s weekly close.
The relatively neutral finish closed as green as bulls pushed Bitcoin price up higher over the weekend from late Friday lows. As the Monday morning weekday trading sessions began, however, Bitcoin began to really soar.
In a flash, Bitcoin reclaimed $11,500 and made another $300 push higher, topping out thus far at just over $11,800. Continuation above and beyond this point would take Bitcoin price back to the $12,000 range.
Related Reading | How Three Crypto Unicorns Going Public In 2021 Could Boost Bitcoin
What’s also notable about Bitcoin’s intraday performance, is that it is taking place all while the stock market sees a considerable setback.
The coming election and the potential end of a secular bull market hang in the balance of the remainder of the year. 2020 has already been one for the record books, both in terms of the challenges, the year has presented, but also in terms of how tightly the stock market and crypto have been correlated.
This correlation, however, appears to have ended as you can see in the chart below.
S&P 500 Versus Bitcoin 2020 Correlation Chart | Source: BTCUSD on TradingView.com
Crypto And Stock Market Decoupling Afoot? Or Is This Yet Another Correlation Anomaly?
Bitcoin’s latest pump has pushed prices higher, while stocks have fallen, has analysts who called for a decoupling handing out high-fives and cheering about their victory.
But it may be too soon for celebrating, as this isn’t the first time the correlation deviated briefly. In the zoomed-out chart below, there’s no denying how tight the correlation has been throughout the year so far.
S&P 500 Versus Bitcoin 2020 Correlation Chart | Source: SPX on TradingView.com
However, just as clear, are two divergences between the two asset’s price action. Both times, had Bitcoin climbing higher for roughly forty days before stocks followed suit.
Could the current divergence be nothing more than another anomaly in what has otherwise been a nearly exact correlation, or is this the decoupling underway?
Related Reading | Trader Warns: “Be Scared” Going To Bed Without Spot Bitcoin Exposure
Analysts behind the theory believe that Bitcoin fundamentals and network growth will soon send prices higher, regardless of what the stock market or S&P 500 is doing.
Featured image from Deposit Photos, Charts from TradingView.com
Here’s Why Ethereum Has the “Best TA Structure” in the Crypto Market
- Ethereum is currently in the process of breaking back above its crucial $380 resistance level
- This level has significant historical importance, as breaks above and below it have marked turning points for the cryptocurrency’s previous trends
- Whether or not the crypto can push higher in the near-term may depend somewhat on Bitcoin
- The benchmark crypto has been seeing a slight uptrend over the past day, but it remains below its $11,600 resistance
- One analyst is noting that ETH’s market structure is ultra-bullish
- He even notes that it is one of the “best TA structures” seen throughout the entire crypto market
Ethereum has been slowly pushing up towards $380 again following its recent break below this level.
For this level to catalyze an upswing, it must be both surmounted and confirmed as support. A rejection here, however, would be grave for its short-term trend.
Where ETH trends next may depend largely on Bitcoin – which has been guiding the aggregated market.
That being said, one analyst is noting that ETH has one of the best market structures seen throughout the market, which may boost its price action in the weeks and months ahead.
Ethereum Moves Towards $380 Resistance
At the time of writing, Ethereum is trading up marginally at its current price of $379. This is around where it has been trading throughout the morning, with bulls aiming for $380.
Not only does $380 need to be surmounted for the cryptocurrency to rally higher, but it also has to be confirmed as support.
Just a couple of weeks ago, an attempt to confirm this level as support failed, and ETH reeled down below $370.
Analyst: ETH One of the Strongest Crypto’s from a Technical Perspective
While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that there’s a decent chance that upside is imminent.
He pointed towards the crypto’s technical structure, noting that it is one of the strongest throughout the entire market.
“ETH / USD: I would consider ETH the best TA structure in crypto… I would consider ETH to have the best FA in crypto… I would be buying some Ethereum…”
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
From a fundamental perspective, one catalyst that could boost its price action is the rollout of phase 0 of ETH 2.0, which is set to take place this week.
Featured image from Unsplash. Charts from TradingView.
Blockchain4 weeks ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
Blockchain1 month ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
Blockchain2 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
Ethereum: Is the HODLing in yet?
Blockchain1 month ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
Blockchain1 month ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
Blockchain3 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics