BITCOIN BIG MONEY DOUBLES DOWN! ETHEREUM EXPLODING! WHEN WILL THE PRICE MOVE? Crypto News 2020

BITCOIN BIG MONEY DOUBLES DOWN! ETHEREUM EXPLODING! WHEN WILL THE PRICE MOVE? Crypto News 2020

BACKGROUND ART BY Josie Bellini

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Source: cryptolearningvideos.com

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Sell Setup Perfected With Chainlink’s Latest Pump To A New Record High

Sell Setup Perfected With Chainlink’s Latest Pump To A New Record High

Although Bitcoin still can’t break above $10,000, nor can Ethereum overtake $250, Chainlink continues to set new record high after high. Even today, the crypto asset keeps raising the stakes on its all-time high.

But as new highs are set, the price action has not only triggered but perfected a sell setup on monthly timeframes. Could this latest high be the last for the superstar altcoin for a while?

Cryptocurrencies remain stagnant, unable to break above long-term resistance nor have any new lows been set. The only highs and lows Bitcoin is setting currently, are for record-high stability and low volatility.

Meanwhile, Chainlink, a seemingly unstoppable altcoin just set yet another new all-time high. The asset was also the best performing crypto asset last year, and investors fully expect a similar performance this year.

Thus far, they’ve been right. Chainlink sets new record after record, both on the LINKUSD and LINKBTC trading pairs.

In 2020 alone, LINKUSD has surged over 200%. On the LINKBTC trading pair, Chainlink is up over 140% against Bitcoin in 2020, showing strong overperformance.

The rest of the altcoin space has bled out against Bitcoin, but Chainlink has held strong. However, that may soon be coming to an end, just as other altcoins break out from downtrend resistance.

linkbtc chainlink bitcoin crypto

Chainlink Monthly TD 9 Sell Setup | Source: TradingView

Just as LINKUSD set a new all-time high this month at $5.70, LINKBTC also set a new all-time high at 61000 satoshis. However, the high isn’t all high fives and celebrations – it could kick start profit-taking in the altcoin.

The TD Sequential indicator was created by Thomas Demark. The tool is used for market timing, and follows a specific sequence of candles until either a 9 or a 13 count is reached. At that point, depending on the direction of the price action, a buy or sell setup is issued.

The latest pump in Chainlink has perfected a TD 9 sell setup on the LINKBTC trading pair on monthly timeframes. The highest timeframes are given the most weight when it comes to signals.

These signals are considered “perfected” when the 9 candle achieves a higher high or lower low than the previous four candles. Rocketing to a new all-time high makes the signal all the more likely to confirm.

What the indicator doesn’t provide, is what level to sell at. Chainlink is in full price discovery mode and could soar far higher before the month-long sell setup should be taken.

When the final high is reached, however, extended downside against Bitcoin is highly probable given how accurate the TD Sequential indicator has been on cryptocurrencies.

It’s worth noting, however, that the previous TD 9 sell setup on the monthly was followed by an over 200% rally in the month following. Anything is possible in cryptocurrencies when there’s no resistance to stop them.

Source: www.newsbtc.com

Author: Tony Spilotro


Lex Sokolin: Weed Out the Ponzi Scheme Eating Ethereum

Lex Sokolin: Weed Out the Ponzi Scheme Eating Ethereum

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White hat hackers should come together to protect their users against naked pyramid schemes. If we don’t, there may never be real money in the system.

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Disclosure

Source: www.bit-cointalk.com


8 Ethereum Miners Wield ‘Overwhelming Influence’ Over the Network

8 Ethereum Miners Wield ‘Overwhelming Influence’ Over the Network

The Ethereum (ETH) network is dominated by just over 50 powerful mining pools – with an inner cabal of eight maintaining the lion’s share of the blockchain, according to the findings of a new report.

The ConsenSys-produced “The Ethereum Proof of Work” report concluded that as recently as Q2 of FY2020, just two mining pools had a majority of “just over 51%” of the network’s hashrate – only the second time in history this has occurred on the network.

The two pools in question are Ethermine and Spark Pool.

Last time this occurred was back in Q2 of 2017, when Ethermine and F2Pool accounted for nearly 60% of the network’s total hashrate for the quarter.

However, although the report’s authors believe that the Q2 dominance coincided with “skyrocketing” ethereum (ETH) prices “perhaps suggesting that mining rigs were rushing to contribute,” they seem less certain of what lies behind the latest Ethermine and Spark Pool “centralization” trend.

Instead, the authors noted that the movement “has been the result of a gradual upward trend since Q1 2018,” and is a “gradual increase” that should be “a greater warning signal to the Ethereum community.”

They wrote,

“Gradual power concentration over the last two years (compared to sudden power concentration in Q2 2017) also means that a +51% dominance might be harder to mediate.”

The authors wrote that they identified “notable mining ‘whale’ outliers such as Ethermine, Spark Pool, F2Pool and Nanopool,” but added that “for the last two years, at most 56 mining pools have been responsible for over 90% of the block production and block rewards, and over 80% of the hashrate on Ethereum.”

And they went on to add:

“Since the launch of the network in 2015, through significant on- and off-chain events, we have seen power and influence concentrate in the hands not just of mining pools, but of a very select few mining pools. It can assuredly be said that the majority of activity on the Ethereum blockchain is maintained by at most 56 miners, and is overwhelmingly influenced by fewer than eight.”

However, as Ethereum aims to move from the Proof of Work consensus mechanism to the Proof of Stake (PoS), this might change.

“With reduced barriers to entry and the elimination of concerns about minimizing electricity costs, PoS networks are significantly more decentralized at the node level than PoW networks,” ConenSys argued.

The Ethereum network is the closest challenger to the superpower Bitcoin (BTC) network, whose own mining pool stats also make interesting reading.

Although over 36% of miners are unknown in origin, F2Pool is the largest single, identifiable mining pool, with almost 9% of the hasrate, marginally ahead of AntPool’s almost 8%.

From there, it is a significant drop down to two pools on just over 5%: SlushPool and BTC Guild, with nobody else mustering more than just over 3.5%.

Source: millennialcrypto.com


BITCOIN BIG MONEY DOUBLES DOWN! ETHEREUM EXPLODING! WHEN WILL THE PRICE MOVE? Crypto News 2020


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