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Cardano (ADA) Just Formed This Textbook Bullish Reversal Against Bitcoin

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Since the highs that were seen in July, Cardano (ADA) has seen a strong retracement against Bitcoin. The altcoin has collapsed by dozens of percent against the leading cryptocurrency, crushed despite a rally in many other crypto assets.

Cardano may soon be able to outpace Bitcoin, though, according to a popular technical indicator that predicts reversals in the trend of an asset.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

Cardano Could Soon Reverse Higher Against Bitcoin

Cardano is poised to reverse against Bitcoin to the upside according to the Tom Demark Sequential. The sequential is a time-based indicator that prints “9” and “13” candles when an asset is poised to find an inflection point in its trend.

In the case of ADA, a “buy 9” candle has formed, suggesting it will soon see upside against Bitcoin.

Chart of ADA's price action against Bitcoin since the middle of May with the Tom Demark Sequential. Chart from a Telegram channel tracking instances of the Tom Demark Sequntial "9" and "13" candles. Chart from TradingView.com

Not everyone is convinced that this scenario will play out, though.

One analyst noted that ADA is likely on the verge of “falling off a cliff,” pointing to how each of the recent rallies has been weaker as evidenced by the declining buying volume:

“Just took a look at a random major $ADA. Notice how each rally is weaker, with a smaller impulse and declining volume. There’s red flags everywhere to me. Yes there’s no confirmation but we really can see some pullbacks deeper than you expect. This looks ready to fall off a cliff.”

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Chart of ADA's price action against the dollar with analysis by Pentoshi (@pentosh1 on Twitter), the head technical analyst of Blockfyre. Chart from TradingView.com

This was echoed by another trader, who noted that Cardano’s price action looks exactly like it did at the start of 2019 after a parabolic rally.

Related Reading: Is BTC Really In a Bull Market? Here’s Why Analysts Think BTC Isn’t

All Eyes on Bitcoin

Volatility in the Bitcoin market, though, could suppress the price action of altcoins like Cardano.

Analysts say that in periods of low volatility, BTC has the potential to outperform altcoins. Mohit Sorout of Bitazu Capital told NewsBTC:

“Most (altcoin) cycles in crypto are centered around bitcoin volatility. When it dries up, no one wants to trade btc which becomes evident from the volume as well. This leads to a large uptick in speculation on alts, driving their prices up – typically alts with strong narratives & large scale memetic behavior get the most volumes.”

Whether or not Bitcoin sees a spike of volatility, though, is not clear.

Related Reading: DeFi Giant Compound (COMP) Dives 9%: What’s Next for the Ethereum Token?
Featured Image from Shutterstock
Price tags: adausd, adabtc
Charts from TradingView.com
Cardano (ADA) Just Formed This Textbook Bullish Reversal Against Bitcoin

Source: https://www.newsbtc.com/2020/08/21/cardano-ada-just-formed-this-textbook-bullish-reversal-against-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-ada-just-formed-this-textbook-bullish-reversal-against-bitcoin

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Major YouTuber Invests $100,000 Into Bitcoin, Ethereum

A popular content creator with nearly a million subscribers has already doubled his initial crypto investment amid the ongoing price rally.

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In brief

  • Popular YouTuber Andrei Jikh has revealed his $100,000 investment in Bitcoin and Ethereum.
  • Instead of just holding, Jikh is using crypto lending platforms to earn interest on his coins.
  • The YouTuber has already more than doubled his initial investment amid the current bull run.

Andrei Jikh, host of a popular YouTube channel primarily focused on personal finance and investments, has bought $100,000 worth of Bitcoin (BTC) and Ethereum (ETH), he revealed to his 977,000 subscribers in a video published last Friday.

Jikh revealed that he currently has 7.5 BTC (around $145,000 today) and 120 ETH (about $72,000). His crypto cache was worth around $192,000 when he published the video. 

Both Bitcoin and Ethereum have gone up since Friday, so his stash has presumably increased to roughly $217,000. This means that Jikh has likely already earned over 100% in profit since his initial $100,000 investment was made (Jikh also invested an additional $10,000 after his initial buy-in). Some of this, however, has come from interest on his holdings.

The YouTuber explained that he used Winklevoss-backed crypto exchange Gemini to buy his coins because he has “been using them forever and because they keep 95% of their currencies in cold storage and they are regulated by the book.”

Gemini is a New York-based crypto exchange. Image: Shutterstock.

But instead of just holding them, Jikh sends his coin to BlockFi, a crypto lending platform that allows its customers to earn up to 8.6% in annual percentage yields.

“I also use BlockFi because they are backed by some of the biggest players in the industry, like Winklevoss Capital and Coinbase,” Jikh noted.

Among the events that prompted him to buy crypto, Jikh cited Decrypt’s article about MicroStrategy’s $425 million Bitcoin investment that helped pave the way for institutional adoption of crypto. The YouTuber also mentioned Grayscale’s announcement that it has over $10 billion worth of BTC and crypto under its management.

Other positive news for Bitcoin adoption, according to Jikh, included Ricardo Salinas Pliego, Mexico’s second-richest man, investing 10% of his liquid portfolio into BTC, and endorsements of crypto from mainstream celebrities such as Maisie Williams.

It’s almost too much news to fit in a YouTube video.

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Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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