This Crypto Could “Launch” Higher as it Forms Highly Bullish Technical Pattern
Throughout the past several months, Tezos has been one of the crypto market’s most bullish tokens, incurring some explosive momentum in late-October that ultimately resulted in a massive uptrend that led it to establish fresh all-time highs in mid-February.
The gains resulting from this parabolic uptrend have largely been erased throughout the past several days and weeks, primarily due to the downtrend seen throughout the aggregated crypto market.
It is possible that XTZ will soon find itself caught within a firm uptrend, however, as it is currently forming a bullish technical pattern that could allow it to surmount a key technical.
At the time of writing, Tezos is trading down over 6% at its current price of $1.90, which marks a notable decline from daily highs of $2.04 that were set yesterday when the crypto market rallied in tandem with Bitcoin’s climb past $7,000.
Today’s decline against its USD trading pair has also led it to underperform Bitcoin by nearly 2%, with it currently trading around a strong support level that has bolstered it on multiple occasions throughout the past week.
If bulls continue defending this level, it could catalyze some independent upwards momentum that allows XTZ to erase some of its recent losses.
The defense of this support also coincides closely with a loose bull pennant that the crypto has been forming, which is a technical pattern that could strengthen its price action in the days ahead.
Teddy, a popular cryptocurrency analyst on Twitter, spoke about this pattern in a recent tweet, questioning whether or not it will help allow the crypto to “continue its path to world domination.”
“Is XTZ going to continue its path to world domination?” He asked while pointing to the pattern on the below chart.
Is $XTZ going to continue its path to world domination? pic.twitter.com/DjYtUF6tYW
— Teddy (@TeddyCleps) April 13, 2020
If Tezos posts a confirmed breakout of this pattern, the crypto could be poised to see significantly further upwards momentum.
Jonny Moe – another well-respected cryptocurrency analyst and trader – explained that he believes 30,000 sats is a key level for Tezos to surmount, with a confirmed break above this level providing XTZ with a launchpad.
“XTZ break over 30k sats could be a launch,” he noted.
$XTZ break over 30k sats could be a launch. pic.twitter.com/6HWYveRLf3
— Jonny Moe (@JonnyMoeTrades) April 9, 2020
It is possible that Bitcoin’s near-term price action will guide that of XTZ and other cryptos, but the strong support around $1.90 and subtle signs of technical strength may be enough to send Tezos rallying higher in the days and weeks ahead.
Featured image from Unsplash.
Author: Cole Petersen
Grayscale Bitcoin Trust: have you paid attention to it? () | aktiencheck.de
Grayscale Bitcoin Trust is currently (at 11:32 p.m.) almost unchanged at $ 7.8 (0 percent).
We evaluated Grayscale Bitcoin Trust in an in-house analysis according to the 4 most important factors based on the current data. This results in a rating as "Buy", "Hold" or "Sell". These 4 different individual factors then lead to a consolidated overall assessment of the prospects for the share.
1. Relative Strength Index: If you want to assess the dynamics of a share price, you can use the prominent Relative Strength Index, the RSI. After this, the ratio of upward and downward movements to a distance of 0 to 100 is standardized for a period of 7 days (or for 25 days as RSI25). The Grayscale Bitcoin Trust-RSI with a value of 38.96 is the basis for the evaluation as a "hold". The RSI25 amounts to 62.59, which means that it is classified as a "hold" for 25 days. This overall picture leads to a "hold" rating.
2. Technical analysis: With a price of $ 7.8, the Grayscale Bitcoin Trust is now 17.71 percent away from the moving average of the past 50 days, the GD50. This leads to the short-term assessment "Sell". On the other hand, based on the past 200 days, the rating is "Sell" because the distance to the GD200 is -27.51 percent. In this respect, we estimate the share as a "sell" for the two periods from a technical point of view.
3. Investors: A look at the discussion in social media shows the following picture: In the past few days, market participants have generally been largely positive about Grayscale Bitcoin Trust. There were a total of six positive and five negative days. There was no clear direction in three days. The latest news from the past one or two days about the company is also mostly positive. Based on our sentiment analysis, Grayscale Bitcoin Trust receives a "buy" rating. Overall, Grayscale Bitcoin Trust receives a "Buy" rating from the editors for investor sentiment.
Bitcoin Options on Binance, Litecoin’s Horror Adventure, Ripple in Thailand + More News
Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Binance has launched Bitcoin (BTC) options on the Binance Futures trading platform. Users can purchase BTC call and put options with expiry between 10 minutes to 1 day at market prices, the company said. (Learn more: How to Bet on Bitcoin Volatility Using Bitcoin Options)
- A major Venezuelan exchange recently announced that it has “suspended” all petro (PTR) transactions, although it stopped short of explaining the reasons why. In a tweet from March 31, the Viente crypto trading platform stated that “withdrawals, deposits and exchanges” would be put on hold “until further notice.” Only seven exchanges in the country are believed to still be allowing customers to make petro-related transactions – although Caracas is thought to be as keen as ever to push ahead with pro-crypto policies.
- Digital money transfer service Azimo, in partnership with Thailand’s Siam Commercial bank (SCB), is launching cross-border payments from Europe to Thailand, through RippleNet, Ripple’s global payments network. The news follows Azimo’s launch of RippleNet’s On-Demand Liquidity (ODL) service, as part of their remittance capabilities into the Philippines.
- Crypto trading platform Oobit has announced the launch of its gateway solution for the crypto sector. According to the press release, users will gain access to multiple features, including comparing prices and offerings across different exchanges, called Oobit Hunter, and a single KYC passport for use on multiple trading platforms, called Oobit Pass.
- Ledger, a major manufacturer of hardware wallets, has started accepting Crypto.com Pay as an additional payment method on ledger.com. The announcement says that this enables paying with new crypto assets, these being litecoin (LTC) and crypto.com coin (CRO), and it includes a cashback program of 10% provided by crypto platform Crypto.com.
- Lukka, a blockchain-native software and data services company, has been selected by RSM US LLP, a provider of audit, tax and accounting services focused on the middle market, to provide crypto tax software solutions to the firm’s tax clients. Per the press release, Lukka will supply RSM’s tax practitioners with its LukkaTax for Professionals and Lukka Crypto Office products to support the tax preparation and compliance needs of RSM’s individual and enterprise clients, respectively.
- The Seoul Metropolitan City government will expand its use of blockchain technology for welfare and support payments – and is set to allow thousands of jobseekers residents to apply for city-issued grants using a new platform. Per Decenter, unemployed people aged between 19 and 34 will be able to submit documents and application forms via the new blockchain-powered platform when they apply for benefits payments.
- The volumes of privacy service Whirlpool, offered by Bitcoin wallet Samourai, have tripled in a month, from February to March. According to the data and charts provided by Bitcoin privacy advocate Matt Odell, Whirlpool volume went up from BTC 529 (USD 3.5 million) to BTC 1,523 (USD 10.2 million) from February to March.
- A South Korean appeals court has added additional fines worth USD 8.2 million to the CEO of Block Cell’s sentence, reports media outlet Newsis. The 63-year-old CEO, named by the courts only by his surname Choi, was handed a nine-year prison term last year for running a bogus crypto exchange. The court added that many of the victims of the Block Cell scam, which accrued “tens of billions of Korean won,” had left scores of victims facing “bankruptcy,” without a realistic hope of receiving refunds.
- Novosibirsk-based Bank of Russia officials say they have banned what they term as “crypto scam” websites originating from the UK that have been designed to target Russian investors. Per Precedent TV, Novosibirsk’s central bank branch has discovered that the site is operated by a company named Svenska Net LP, whose Russian-language pages claim its offices are based in Azerbaijan. However, the Russian authorities have pointed out that the company appears to have been set up in Douglas, Scotland, in 2014, by individuals with Russian names, according to official British records. The central bank says that the company is violating Russian securities laws.
Author: By Sead FadilpašićTim Alper