Accurate Crypto Sell Signal Issued For Two Top Performing Altcoins
A pair of altcoins have greatly overperformed Bitcoin in recent weeks, going on powerful rallies both on USD and BTC trading pairs. However, a devastatingly accurate sell signal has now triggered across both of these crypto assets, potentially pointing to a retracement that could wipe out most of the gains generated against the first-ever cryptocurrency.
And if these assets do pull back, where exactly are the levels of support to watch for a potential bounce to occur.
The altcoin trading under the XLM ticker has recently staged a massive recovery against Bitcoin, right under the noses of crypto investors who have since written off the lagging cryptocurrency. XLM, alongside its altcoin cousin XRP, has been among the worst performers of the entire bear market.
The crypto asset designed for borderless payments has fallen by over 90% from its all-time high to as low as $0.025 at the bottom of the recent Black Thursday panic selloff.
But following that low being put in, the altcoin has bounced by over 30% against Bitcoin and has grown over 150% on the USD pair. However, these gains could soon retrace, as an accurate sell signal – the TD 9 on the TD Sequential indicator – just triggered on the XLMUSD pair.
The tool has accurately predicting may tops and bottoms in crypto, including Bitcoin’s historic $20,000 peak.
It wasn’t just XLM that got some not-so-stellar news, Tezos also had the dangerous sell signal trigger not only on the XTZUSD price chart but XTZBTC as well. This indicates that a bigger crypto crash could be coming, one that takes Tezos down a few notches in both USD and BTC values.
Unlike XLM that has exploded right out from under the noses of crypto investors who have since forgotten about the asset since it lost its spot within the top ten crypto assets by market cap, the altcoin that replaced it – Tezos – has been the talk of the crypto market alongside Chainlink for much of the year thus far.
Before the big crash, the crypto token had grown well over 200% year-to-date, peaking at nearly $4 per XTZ token, only to fall to under $1. Now, after that low was set, the all-star altcoin is already up well over 175% once again. However, like XLM, the Tezos rally could soon be erased due to the accuracy of the TD 9 sell signal triggered with today’s daily open.
Typically, a new high is set with the 9 candle, perfecting the sell setup, so more upside cannot be ruled out.
Featured image from Pixabay
Author: Tony Spilotro
Top cryptocurrencies you can invest in now
Cryptocurrencies are the future of money. We all say it and we all believe in it. However, this does not make it easier for most people to use or invest in them. The fact that there are currently over 2,000 cryptocurrencies for trading and investment makes it even more difficult to choose the best of them and invest the money in them.
Investors and traders, especially new market participants, often have the question: “Which cryptocurrency to invest in?” This is because the market is changing and different cryptocurrencies are peaking for various reasons.
In this article, we’ll look at the top cryptocurrencies to invest in in spring 2020 and possibly later. These digital coins have solid foundations so they could improve their performance well before the end of this year.
2020 has been an exciting year for cryptocurrencies and the financial markets in general. The outbreak of the coronavirus (COVID-19) has so far been the main topic of discussion this year. And it has hit several economies around the world. In the cryptocurrency industry, the bear market is believed to be over as the BTC price has hovered around the $ 10,000 mark in recent weeks. Mining Bitcoin, which will be halved in May, is another highly anticipated event. As for the launch, cryptocurrencies have gained momentum worldwide.
The Indian Supreme Court recently lifted the Reserve Bank of India (RBI) ban on cryptocurrencies in 2018. That means cryptocurrencies will be available to millions of people in India.
The digital currencies (CBDCs) issued by the central bank were also heavily discussed in the mainstream media.
The US Federal Reserve is already investigating the use of blockchain technology and is advised to explore the possibility of developing a digital dollar.
Other countries that want to develop their CBDCs are Japan, Russia, England, China, Sweden, Ukraine, the Marshall Islands and others.
Facebook’s Libra project has also undergone several changes in recent months: companies such as Visa, Mastercard, Vodafone and a few others are leaving the project. However, it is still unclear whether the cryptocurrency will be introduced in the second half of the year.
With so many things currently affecting the cryptocurrency landscape, it will be harder to choose the best digital currencies to buy now.
Here is our list of the top cryptocurrencies to invest in in spring 2020.
If you ask the question: “Which cryptocurrency is investing in?” Bitcoin comes to mind immediately. BTC is the first cryptographic currency developed that remains the largest by market cap. Bitcoin also remains the first cryptocurrency to look at when venturing into the crypto industry.
Bitcoin halving is the main cryptocurrency event this year. The mining premium, currently at 12.5 BTC, will be reduced to 6.25 BTC by May. This will be the third bitcoin halving since the cryptocurrency started 11 years ago.
Historically, the halving was followed by a bull market, and 2020 doesn’t seem to be an exception. Investors are optimistic that a bull rally will take place this year and are holding the cryptocurrency. You can see from our dealer mood that there are over 90% buyers and less than 10% sellers. This means that more people are trying to buy the cryptocurrency before halving it. This makes Bitcoin one of the top cryptocurrencies in which you can invest in spring 2020.
Ethereum has been playing the second violin for a long time. It is the second largest cryptocurrency by market cap and perhaps the most widely used altcoin. Due to the upcoming changes to the Ethereum network, ETH is joining this exclusive list. So far, the ETH price has risen similarly to other cryptocurrencies this year. However, the price could rise even higher in the coming months. Ethereum is now trying to move away from the Proof of Work (PoW) blockchain to become a Proof of Stake (PoS) network. This means that the cryptocurrency is not mined, but staked out.
The move will make Ethereum the safest cryptocurrency in the world. There could be other benefits. Vitalik Buterin, the co-founder and inventor of Ethereum, is already leading the transition to the new network. The change is expected this year, and it could lead to a massive price hike in the cryptocurrency.
One of the cryptocurrencies that could benefit from the COVID-19 outbreak is Dash. The World Health Organization (WHO) recently announced to the general public that the virus could be transmitted through the exchange of paper money.
In the crypto industry, Dash is still one of the best cryptocurrencies suitable for instant payments. It is already used by thousands of traders around the world because it is easy, fast and cheap to send and receive money with this cryptocurrency.
XRP is another cryptocurrency that, thanks to the various technologies from Ripple, is widely used. More and more traditional banks around the world are using XRP and its technologies for faster, cheaper and easier cross-border transactions.
In addition, financial institutions such as MoneyGram, Azimo, Hanpass, WireBarley and others are already using XRP and Ripple technologies. The number of large organizations that use the coin for their operations will increase this year. With the increasing use of cryptocurrency, the price could rise in the coming months. Our merchant sentiment also shows that there are many more people now investing in cryptocurrency; buy the cryptocurrency instead of selling it.
Tron has long been one of the most exciting cryptocurrencies. The founder, Justin Sun, ensures that his project is one of the leading cryptocurrencies and continues to take steps that could help strengthen the network.
Tron recently acquired Steemit, the blockchain-based social media platform.
This happened only a few weeks after Steemit developed her dApp in the Tron network. Tron has faced some challenges since taking over the Steemit network, but no one can deny that the move benefits the Tron network and its cryptocurrency TRX.
This latest acquisition means that Tron now controls BitTorrent and Steemit, two platforms with a large fan base. Thus, TRX is an exciting cryptocurrency that can be considered for investments.
Is it worth investing in cryptocurrency? The cryptocurrency market has started the year positively, and is expected to stay that way for a while.
The upcoming halving of the Bitcoin mining premium is causing excitement in the crypto industry.
Most analysts are optimistic and believe that halving will likely lead to a bull rally. As was the case in the past, there are usually massive rallies in other cryptocurrencies in a Bitcoin bull rally.
Does that mean the top five cryptocurrencies will hit new record highs?
Do you want to invest in cryptocurrency? Follow Capital.com to stay up to date with market developments and trends.
Are you ready?
Capital.com Research Team
Can Bitcoin Be Shut Down? A Naysayer’s Guide to BTC
- Bitcoin has been running 24/7 without any incident for more than ten years straight.
- There are more than 10,000 Bitcoin nodes scattered all across the globe.
- Governments can prohibit Bitcoin, but they can’t kill it.
Bitcoin has been dealing with skeptics and naysayers for more than a decade.
When Satoshi Nakamoto first shared his life’s work publicly, it was met with little enthusiasm. Instead, the feedback was mostly critical and listed all the ways the idea would fail.
Since then, the protocol has improved, and hundreds if not thousands of companies have been built on Bitcoin. Still, the criticism remains a constant.
High-profile economists, bankers, investment fund managers – everyone except the Queen of England really – have voiced their opinions and prophesized Bitcoin’s inevitable demise.
One decade, 115 exahashes of hash rate per second, and roughly $150 billion in market capitalization later, and it can be said that such critics stand corrected.
Bitcoin is alive and well – and it can even be argued that it’s more reliable than ever.
Any effort to control or destroy an open-source, decentralized, and distributed computing network such as BTC requires a global operation, choreographed and executed by multiple countries simultaneously.
Though such coordination is possible, today’s geopolitical climate is far too disjointed to lance such an operation. Still, this possibility is not zero, and there are a few strategies that could be used to kill Bitcoin.
One strategy is the so-called 51% attack, where a malicious entity gains control over the majority of a network’s hash rate and effectively takes over the system. 51% attacks are one of the most legitimate threats to BTC.
Jimmy Song, a long-time Bitcoin developer, wrote:
“The [centralized] manufacturing of [mining] equipment can lead to some bad outcomes, but the more dangerous scenario is one where there is a concentration of hash power. Specifically, one company may control more than half of the hash power on the network.”
Consider the cost of executing such an operation.
At the time of writing, it costs more than half a million US dollars per hour to sustain a 51% attack on BTC. This figure only considers pure computing power too. It is much harder to estimate the extra money needed to grease the wheels and convince large mining farms and pools to join.
Additionally, one would need to fraudulently mine Bitcoin for much longer than an hour to be profitable. The $556,000 per hour figure is indeed the lowest possible estimate.
The attacker would also need to coordinate all of these features without anyone noticing. With over 10,000 BTC nodes operating around the world, it would be near impossible to sneak a 51% attack by so many observers.
Once the alarms had been rung around social media, many users would begin selling their holdings. Recovering the $556,000 spent on attacking the network thus becomes difficult once the market starts crashing.
Bitcoin Core developers may also fork the protocol around the attackers before this scenario ran its full course
Concluding, it becomes quickly becomes clear that this is a reasonably ineffective venture – assuming that the attacker wants to overtake the network for profit.
What if they have no ulterior motive except to destroy BTC?
A 51% attack still wouldn’t be the way to go. Even though BTC’s price will undoubtedly suffer damage in the short run, Bitcoin’s network can easily mitigate such threats and continue to operate with minimal incident.
Sure it can.
There’s nothing stopping regulators in any country in the world from prohibiting the use of Bitcoin. In case there are any constitutional considerations — regulators can still find ways to make BTC as cumbersome and unappealing to use as possible.
But can a regulatory ban destroy Bitcoin? No, not really.
It would undoubtedly have some short term price implications, but the network and the protocol would remain intact.
Some experts in the field, like the author of The Bitcoin Standard, Saifedean Ammous, have even argued that banning the top cryptocurrency could have a positive effect on adoption (a social phenomenon known as the Streisand effect).
Attempting to hide, ban, or cover something up, inadvertently draws more attention and interest from onlookers.
Theoretically possible, but highly unlikely.
Bitcoin’s appeal doesn’t originate from its technical superiority over cryptocurrencies on the market. Many would argue that the BTC isn’t technically superior and that other cryptocurrencies have better features, including faster transactions and greater flexibility.
BTC’s value proposition lies somewhere else entirely.
Bitcoin is the scarcest, most widely adopted, and most secure cryptocurrency on the market. Having enjoyed first-mover advantage, its network effects are now the strongest, which gives it an almost insurmountable edge over the competition.
In other words, the only way for the top crypto to be destroyed is to be made obsolete — and the only way to do that is to make obsolete its monetary features or properties. For that to happen, governments would have to move from the current fiat currency standard to a new, digital sound-money standard. At current, Bitcoin is the soundest money on the market, fiat included.
For a quick understanding of sound money and how this theory applies to BTC, check out Crypto Briefing’s guide on the stock-to-flow (S2F) model.
Bitcoin has many layers of redundancy, and it is resistant to many types of attacks It cannot be shut down, hacked, regulated out of existence, or compromised in any way.
For BTC to die, it would have to be of more natural causes.
People would have to stop using it because there are better, more secure, or more practical options for storing value on the market.
As for now, with ~64% market dominance, Bitcoin is king.
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Author: by Stefan Stankovic