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Crypto Price Analysis & Overview October 23rd: Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash

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Bitcoin

Bitcoin saw a very strong 13% price increase over the past seven days which allowed it to break above the $13,000 handle. At the start of October, Bitcoin managed to penetrate above a symmetrical triangle pattern which was the first sign that a bull run was about to form.

After the breakout, it managed to push as high as $11,600 before stalling. Last Friday, Bitcoin was trading at around $11,200 as it rebounded and started to push higher. It quickly reached the $12,000 level and broke above here on Wednesday. The coin continued upward until resistance was met at $13,000 – where it currently trades.

Looking ahead, once the buyers break $13,000, the first level of resistance lies at $13,200. Above this, resistance lies at $13,416 (1.414 Fib Extension), $13,500, $13,600, $13,815, and $14,000.

On the other side, the first level of support lies at $12,550 (.236 Fib Retracement). Beneath this, support lies at $12,400, $12,125 (.382 Fib Retracement), $12,000, and $11,800 (.5 Fib Retracement).

btcusd-oct23
BTC/USD Daily Chart. Source: TradingView

Ethereum

Ethereum witnessed a strong 10.5% price increase this week as it climbed above $400 to reach $418 today. Last Friday, Ethereum rebounded from the 2019 high at $264 and pushed higher into the short term falling trend line.

Ethereum went on to break this trend line on Wednesday as it surged higher to reach $400. Yesterday, the buyers pushed beyond $400 to spike into the resistance at $421.50 (1.414 Fib Extension). Unfortunately, it was unable to close the daily candle above the lower resistance at $416 (bearish .618 Fib Retracement).

Moving forward, if the buyers break the resistance at $421.50, higher resistance lies at $434 (1.618 FIb Extension), $439 (August 2018 Highs), and $445 (bearish .786 Fib Retracement). Beyond $450, added resistance lies at $462 (bearish .886 Fib Retracement), and $476.

On the other side, the first level of support lies at $410. This is followed by support at $400, $389 (.382 Fib), $377 (.5 Fib), and $364 (2019 High).

ethusd-oct23
ETH/USD Daily Chart. Source: TradingView

Against Bitcoin, Ethereum has struggled this week. On Tuesday, the coin dropped beneath a symmetrical triangle pattern as it fell beneath the 100-days EMA. It continued lower during the week until reaching support at 0.0305 BTC on Wednesday.

It managed to rebound from the support at 0.0305 BTC as it reached 0.0321 BTC today (100-days EMA).

Looking ahead, if the bulls push higher, the first level of resistance lies at 0.0327 BTC (bearish .236 Fib). Above this, resistance lies at 0.0337 BTC (March 2019 Support), 0.0341 BTC (bearish .382 Fib), 0.035 BTC, and 0.0353 (bearish .5 Fib).

On the other side, support lies at 0.032 BTC, 0.0311 BTC, 0.031 BTC, and 0.0305 BTC. Added support is found at 0.03 BTC and 0.0295 BTC (200-days EMA).

ethbtc-oct23
ETH/BTC Daily Chart. Source: TradingView

Ripple

Ripple saw a smaller 4.7% price increase this week as it trades at $0.0257. The coin managed to break above a symmetrical triangle pattern during the week but failed to close a daily candle above the $0.261 resistance (bearish .5 Fib Retracement). The buyers must close above this resistance for XRP to start a short term bullish trend.

Moving forward, if the bulls manage to close above $0.261, higher resistance lies at $0.271 (bearish .618 Fib), $0.28, $0.286 (bearish .786 Fib), and $0.295 (bearish .886 Fib).

On the other side, support is first expected at $0.25. This is followed by support at $0.245 (200-days EMA), $0.24, and $0.237 (200-days EMA).

xrpusd-oct23
XRP/USD Daily Chart. Source: TradingView

The situation is quite dire for XRP against Bitcoin. The coin dropped from above 2100 SAT at the start of the week as it headed lower to break beneath 2000 SAT and spike as low as 1915 SAT.

The bulls managed to defend the support at 1960 SAT, where the daily candle closed and allowed it to rebound to the current 1983 SAT level.

Looking ahead, if the bulls climb above 2000 SAT, resistance lies at 2035 SAT, 2130 SAT, 2200 SAT, and 2260 SAT.

On the other side, support lies at 1960 SAT, 1915 SAT, 1865 SAT, and 1800 SAT.

xrpbtc-oct23
XRP/USD Daily Chart. Source: TradingView

Bitcoin Cash

Bitcoin Cash saw a 4% price hike this week as it reached the $278 (bearish .382 Fib) resistance today. The coin pushed higher from $240 during the week which allowed it to create a fresh October high at $278 today.

Looking ahead, if the buyers continued above $278, resistance lies at $285 (1.272 Fib Extension), $294 (1.414 Fib Extension), $300, and $307.

On the other side, support is first expected at $270. Beneath this, support lies at $265, $260, $250, and $240.

bchusd-oct23
BCH/USD Daily Chart. Source: TradingView

Against Bitcoin, BCH dropped from 0.022 BTC to reach the September support at 0.02 BTC during the week. From there, it rebounded higher to trade at the current 0.021 BTC level.

Moving forward, if the buyers push beyond 0.021 BTC, resistance lies at 0.022 BTC and 0.023 BTC. Additional resistance is then expected at 0.0241 BTC (bearish .236 Fib), 0.025 BTC, and 0.026 BTC.

On the other side, the first level of support lies at 0.02 BTC. Beneath this, support is located at 0.0191 BTC (downside 1.272 Fib), 0.019 BTC, and 0.0181 BTC.

bchbtc-oct23
BCH/BTC Daily Chart. Source: TradingView

Litecoin

Litecoin saw a serious 12% price increase over the past week as it reached the resistance at $56 today – provided by a bearish .5 Fib Retracement. The coin had found support last week at the $46.83 level and rebounded from here on Wednesday to reach the current resistance.

If the buyers manage to break the resistance at $56 (bearish .5 Fib), higher resistance is located at $57.86, $59 (bearish .618 Fib), $60.27 (1.272 Fib Extension), $61.91 (1.414 Fib Extension), and $63.

On the other side, the first level of support lies at $55. Beneath this, added support is found at $54, $52, $50, and $49.

ltusd-oct23
LTC/USD Daily Chart. Source: TradingView

Against Bitcoin, Litecoin dropped to a fresh 2020 price low this week as it hit the support at 0.00391 BTC. From there, the bulls fashioned a rebound higher to reach the current resistance at 0.0043 BTC (bearish .236 Fib Retracement).

Looking ahead, if the buyers can break 0.00343 BTC, resistance first lies at 0.004547 BTC (October Highs). This is followed by resistance at 0.00455 BTC, 0.00476 BTC, 0.00488 BTC, and 0.005 BTC.

On the other side, support is first expected at 0.0042 BTC. This is followed by support at 0.0041 BTC, 0.004 BTC, and 0.00391 BTC. Additional support lies at 0.0039 BTC and 0.00363 BTC.

ltcbtc-oct23
LTC/BTC Daily Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-october-23rd-bitcoin-ethereum-ripple-litecoin-and-bitcoin-cash/

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BTC Slips Below $17,000 As Bitcoin Whales Are Ready for the Dump

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Bitcoin bulls should take a moment of caution as this might not be the right time for accumulation. As per the latest reports, Bitcoin Whales have accelerated depositing of their BTC holdings to exchanges. Meaning, we can possibly see heaving selling, and dumping in the short term.

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Bitcoin is already facing selling pressure as the BTC price corrects another 5% slipping below $17,000. At press time, Bitcoin is trading at a price of $16,886 with a market cap of $313 billion. Cryptocurrency on-chain analyst and CryptoQuant CEO, Ki-Young Ju, has given a red alert.

As per the data from Glassnode, the number of Bitcoin Whales (investors holding over 1000 BTC) has reached an all-time high. The total number of Bitcoin whales worldwide is over 2000 as per the Glassnode data.

There’s been a steady rise in the number of Bitcoin Whales over the last few years, and more so in 2020. It looks like when the BTC price tanked during the March 2020 correction, whales accumulated in big numbers. Note that despite sizeable institutional participation this year, Bitcoin whales still dominate the BTC ownership and price movement as of date.

Bitcoin Heading for $14,000 And Possibly Even Lower

Just before Wednesday’s market crash, CNBC’s Brian Kelly had already warned of possible correction and Bitcoin going all the way to $12,000. Kelly noted that massive movement in the altcoin space has triggered the FOMO and attracted speculative investors.

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Kelly noted that the surge in newly created BTC addresses is also a sign of caution. He said: “Whenever you get that big of an address growth implied, that is a caution sign”. Another popular market analyst Peter Brandt said that a 37% correction from the top is on the cards.

One of the major factors preventing BTC to cross its all-time high of $20,000 is that post that level, Bitcoin will enter a price discovery mode. Above $20,000, there’s no historical data to suggest how BTC will show its movement. Analysts think that after crossing its ATH, Bitcoin can settle anywhere between $25,000 and $100K. Thus, BTC bears and sellers are aggressively defending their position and interest while not letting it move past $20,000.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/btc-slips-17000-bitcoin-whales-ready-dump/

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To Chainlink? That’s the DeFi Question: Exploring the Recent Compound Liquidations

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On Thursday, November 26th, the price of the Dai stablecoin (ordinarily ~$1 USD) exploded up to $1.30 on Coinbase as traders tried to snag up funds en masse to pay back, and thus keep afloat, their DeFi lending positions.

Yet this Dai price spike, combined with an acutely falling ETH price, pushed some Dai positions on DeFi lending protocol Compound into being undercollateralized and thus capable of being liquidated.

This dynamic played out because Compound’s Dai markets centrally rely on Coinbase’s Dai price feed, which skewed upward compared to other exchanges during this episode because many of Coinbase’s users were uniquely piling into Dai all at once.

This sequence of events led to more than $100 million worth of liquidations on Compound, which in turn led to considerable debate around the Ethereum ecosystem as to whether Compound messed up by overly relying on a single oracle of if the whole incident was just an unfortunate possibility panning out in the young DeFi arena.

Manipulation or Not?

In the wake of the Compound liquidations, people quickly started started positing that the underlying Dai price spike on Coinbase was the result of manipulation, i.e. a price oracle manipulation attack.

However, it’s not clear at all that an attack was the culprit. Evidence suggests that organic trading and liquidation activity led to the Compound liquidations, as some Ethereum users pointed out on social media.

Strength in Numbers?

Much of the complains levelled at Compound over the last 24 hours have to do with the fact that the DeFi protocol was overly reliant on a singular price feed, Coinbase’s.

Yet this isn’t exactly the case: Compound’s price oracle also incorporates time-weighted average prices (TWAPs), i.e. price oracles, from leading decentralized exchange for further assurances. As Uniswap creator Hayden Adams commented on Thursday:

“From what I’ve heard, the compound liquidations would have been much worse without the addition of [Uniswap] TWAPs to the Compound oracle … While the Coinbase oracle price spiked, Uniswap TWAPs did not increase much, causing the most extreme prices to be rejected.”

This is certainly validating for Uniswap’s TWAPs, but it also highlights that Compound’s price oracle performance was further strengthened by such multi-dimensionality. And for the folks who critiqued Compound for its latest major liquidations, that was the crux of the matter: that Compound would have been even better served by using many price oracles rather than less than few.

Chainlink’s Nazarov Chimes In

Chainlink is the premier decentralized oracle solution in DeFi today, and its price feeds already power an impressive range of DeFi projects. That includes lending protocol to Aave, which generally works somewhat similarly to Compound but relies instead on Chainlink’s decentralized oracles.

Aave’s worth highlighting here, then, because its Chainlink-powered Dai markets didn’t experience a raft of liquidations like Compound’s did. That’s on account of Chainlink bundling a range of price feeds rather than just relying on one.

On the news, Blockonomi reached out to Chainlink co-founder Sergey Nazarov to see what he thought the latetst Compound liquidation episode represented for DeFi. In a statement shared with Blockonomi, Nazarov noted:

“We predicted this exact exploit more than a year ago, spoke publicly about this attack vector at multiple conferences, and issued a public advisory for the wider developer community. During this specific exploit, the Chainlink network performed as expected thanks to its extensive decentralization at both the node and data source levels, returning an accurate global price for these assets. Throughout this exploit, combined with high gas prices, DeFi smart contracts consuming data from the Chainlink network remained unaffected and accurate in the proper operation of their protocols.”

In the very least, then, this Compound incident should have more than a few DeFi projects doubling down on defense by exploring how to integrate with Chainlink’s oracle tech.

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Source: https://blockonomi.com/chainlink-compound-liquidations/

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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