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Long-Term Indicator Suggests Bitcoin Price May Be Nearing Bottom

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  • Bitcoin’s weekly MACD has diverged in choose of the bulls. The indicator carved out the next low in December, although bitcoin’s worth slipped to $3,100, signaling waning bearish pressures 17 months sooner than the mining praise halving. Bitcoin witnessed a equivalent MACD divergence 17 months sooner than the former halving in September 2016.
  • The bullish MACD divergence signifies the cryptocurrency may well be nearing a long-term backside or could have carved out one close to $3,100 in December. That mentioned, a transfer above the 21-month exponential transferring moderate (EMA), these days at $5,334, is had to ascertain a long-term bullish reversal.
  • Bitcoin may just upward push above $4,000 if the inverse head-and-shoulders neckline, these days at $3,735, is breached. A drawback spoil of the wedge trend noticed within the 4-hour chart may just yield a re-test of $3,400.

An extended-term worth indicator validates a rising consensus amongst buyers that bitcoin (BTC) is as regards to bottoming out.

BTC fell underneath $6,000 on Nov. 14, rushing hopes of a long-term bullish reversal from that long-held mental toughen.

The next sell-off got here to a halt close to $3,100 in December – 18 months forward of the mining praise halving – triggering hypothesis that the cryptocurrency may just backside out in 2019. It is value noting that BTC created a long-term backside in January 2015 sooner than present process a praise halving in September 2016.

While buyers are betting that historical past will repeat itself, bitcoin’s corrective rally from December lows is suffering to pick out up the tempo.

That, on the other hand, may just alternate within the close to long term, because the bitcoin’s transferring moderate convergence divergence (MACD) – a momentum indicator based totally upon worth transferring averages – is signaling waning bearish pressures.

The MACD  most often strikes within the route of the fee pattern and signifies the energy of a transfer.

Bitcoin’s weekly MACD, on the other hand, has diverged from the main bearish pattern, i.e. the fee hit a decrease low close to $3,100 in December, whilst the MACD carved out the next low. A bullish divergence is extensively regarded as an indication of dealer exhaustion and is steadily adopted by means of pattern reversal.

As of writing, BTC is converting palms at $3,570 on Bitstamp, having hit highs above $3,700 closing week.

Weekly chart

On the weekly chart, the MACD has produced the next low in choose of the bulls. It is value noting {that a} equivalent bullish divergence used to be charted over the 5 months main as much as January 2015, when BTC bottomed out close to $150.

So, there’s a reason why to consider the cryptocurrency is nearing, or has already reached, a significant backside.

As a consequence, the chance of BTC witnessing a bullish reversal in the following few months is excessive. A resounding transfer above the 21-month exponential transferring moderate (EMA) – a degree which acted as sturdy toughen closing 12 months – would ascertain a long-term bearish-to-bullish pattern alternate. As of writing, that moderate is situated at $5,334.

Meanwhile, the potentialities of a non permanent rally to $4,000 would make stronger if BTC clears the resistance at $3,735.

4-hour chart

BTC has carved out a falling wedge trend – a bullish continuation trend – at the 4-hour chart. A transfer above $3,585 would ascertain a wedge breakout and may just yield a rally to $3,735, which is the neckline of the inverse head-and-shoulders bullish reversal trend. A contravention there would open up upside towards $4,100 (goal as according to the measured transfer way).

A wedge breakdown, on the other hand, would weaken the bullish case put forward by means of closing Friday’s high-volume bullish breakout and shift possibility in choose of a drop to $3,400.

Disclosure: The writer holds no cryptocurrency property on the time of writing.

Bitcoin symbol by means of Shutterstock; charts by means of Trading View

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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