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LINK Bulls Activate With 12% Daily Increase But Can They Break $12.5 Resistance? (Chainlink Price Analysis)

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LINK/USD – Bulls Form Ascending Price Channel

Key Support Levels: $11.50, $11, $10.50.
Key Resistance Levels: $12.33, $13, $13.50.

LINK bounced higher from the support at $8.77 at the start of October. From there, it started to form an ascending price channel. The coin recently bounced higher from the lower boundary of this price channel as it reversed from the $9.80 support on Wednesday.

Yesterday, LINK pushed as high as $12.33, where it met resistance at a bearish .5 Fib Retracement combined with the channel’s upper boundary. LINK is now trading at $12 as it faces the $12.33 resistance.

linkusd-oct23
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the buyers can break the resistance at $12.33 and push above the channel’s upper boundary, the first level of resistance lies at $13. Above this, resistance is expected at $13.50 (bearish .618 Fib), $14, $14.72, and $15.20 (bearish .786 Fib).

On the other side, the first level of support lies at $11.50. Beneath this, additional support lies at $11, $10.50, $10, and $9.80 (lower boundary of price channel).

There is some bearish divergence that could potentially be forming between RSI and the price. It will be important to watch this divergence to see if it plays out over the next few days as it could potentially send LINK toward the lower boundary of the price channel again.

LINK/BTC – Buyers Battling To Reclaim 0.001 BTC.

Key Support Levels: 0.0009 BTC, 0.000868 BTC, 0.00082 BTC..
Key Resistance Levels: 0.00094 BTC, 0.001 BTC, 0.00108 BTC.

Against Bitcoin, LINK is currently trading at the 0.0094 BTC resistance level. The buyers attempted to break above 0.001 BTC earlier in the month but failed miserably. A bearish .382 Fib Retracement level provides the resistance here, and it caused LINK to roll over until support was found at 0.00082 BTC a few days ago.

Since reaching this support, LINK has rebounded higher and is now facing resistance at 0.00094 BTC before it can make another attempt at 0.001 BTC.

linkbtc-oct23
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, once the buyers break 0.00094 BTC, the first level of resistance lies at 0.001 BTC (bearish .382 Fib). This is followed by resistance at 0.00108 BTC (bearish .5 Fib), 0.00112 BTC, and 0.00116 BTC (bearish .618 Fib).

On the other side, the first level of support lies at 0.0009 BTC. This is followed by added support at 0.000868 BTC, the rising trend line, 0.0008 BTC, and 0.00075 BTC (downside 1.414 Fib extension – purple).

The Stocahstic RSI recently produced a bullish crossover signal that allowed LINk to rebound higher.

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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/link-bulls-activate-with-12-daily-increase-but-can-they-break-12-5-resistance-chainlink-price-analysis/

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$100 Million in Bitcoin From Bitfinex Hack Has Moved

The stolen funds—today worth over $2.3 billion—are slowly being moved around.

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In brief

  • The Bitfinex exchange was hacked in 2016.
  • Sometimes the Bitcoin stolen is moved around, and today nearly $100 million-worth was shifted.
  • It is still not known who hacked the exchange.

Nearly $100 million worth of Bitcoin stolen from the 2016 Bitfinex hack has just been moved from idle wallets. 

Over 5,000 Bitcoin was moved on Monday from 14 wallets. These 5045.48 coins—worth $98.3 million—hadn’t previously been moved since the 2016 hack. 

The Bitfinex exchange was hacked in 2016 following a problem with its multi-signature wallets. Today, the stolen Bitcoin is worth over $2.3 billion (yes, you read that right.) 

 

Today’s movement of the stolen funds isn’t the first time some of the Bitcoin pinched in the 2016 hack has been moved. Just in August, about $5.6 million in stolen coins was shifted

Moving Bitcoin from idle wallets keeps happening, too. Bitcoin that hadn’t previously moved for years is being transferred to other wallets—known as an “awakening”. 

The Bitcoin is often “Satoshi-era”—meaning the coins were mined when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was still communicating with the crypto world.

But the previously sleeping Bitcoin moved today has a sadder history behind it: The cryptocurrency stolen in the hack still hasn’t been recovered. Bitfinex has even offered up to $400 million as a reward for anyone who can put it in contact with the hackers.

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Litecoin Price Prediction: LTC/USD Aims to Make a Breakout Attempt Above $90 Level

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LTC Price Prediction – November 30

LTC/USD may continue to set a bullish run if the market can climb back above the $90 resistance level.

LTC/USD Market

Key Levels:

Resistance levels: $95, $100, $105

Support levels: $70, $65, $60

LTCUSD – Daily Chart

According to the daily chart, LTC/USD is currently showing a positive movement over the past few hours. The market is actually running a little retracement move towards $90 with price growth of 9.18%. Apart from today’s gain, Litecoin (LTC) is still maintaining an upward movement within the channel and traders can expect the price to continue to rise as soon as the bulls put more pressure on the market.

What to Expect from Litecoin (LTC)

If the price can keep respecting the upward movement, we can then expect a bullish continuation after testing the $75 support. As the technical indicator, RSI (14) crosses above the 9-day moving average; the potential resistance levels are located at $95, $100, and $105 in the long-term.

However, should in case the coin continues to maintain the rising channel pattern, traders may witness a more bullish trend. Meanwhile, looking at the price formation, a bearish breakout may likely play out for this market and this could roll the coin back to the long-term support at $70, $65, and $60 levels. Therefore, a continuous fall might further lead to a violent break below $55.

Against Bitcoin, the buyers are gradually stepping back into the market as the coin is trying to show some promising signs that could make higher highs should it continue to move above the 9-day and 21-day moving averages. From the upside, the nearest level of resistance lies at 4800 SAT and above this, higher resistance lies at 5000 SAT and 5200 SAT.

LTCBTC – Daily Chart

In other words, from the downside; the nearest support level is below the moving averages at 4100 SAT and beneath this, further support lies at 4000 SAT. If the price drops further to create additional low, lower support may be located at 3800 SAT and 3600 SAT. The RSI (14) has already crossed above the 50-level which shows that the bulls are building up.

Source: https://insidebitcoins.com/news/ltc-usd-market-33

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Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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