ETHEREUM EYES KEY UPSIDE BREAK‚ WHY BULLS COULD AIM LARGER RALLY

ETHEREUM EYES KEY UPSIDE BREAK‚ WHY BULLS COULD AIM LARGER RALLY

Monday, 18 October, 2021 at 05:33 GMT

Ethereum was able to clear the $3,800 resistance zone against the US Dollar. However, ETH price failed to gain strength above $3,900 and it is now consolidating gains.

Ethereum started a fresh increase above the $3,750 and $3,800 resistance levels.
The price is now trading above $3,800 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it stays above the $3,800 support zone.

Ethereum Price Gains Traction


Ethereum settled above the $3,650 level to move into a positive zone. ETH started a fresh rally above the $3,750 resistance zone and the 100 hourly simple moving average, similar to bitcoin.

The upward move was such that the price cleared the $3,800 resistance. Ether traded as high as $3,968 before there was a downside correction. The price corrected lower below the $3,800 level. However, the bulls were active near the $3,650 zone.

A low was formed near $3,640 and the price started a fresh increase. The price cleared the $3,800 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low.

Besides, there was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD. The pair is now trading above $3,800 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $3,890 level. It is near the 76.4% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low. The next major resistance is near the $3,910 level, above which the price might start a fresh surge.

In the stated case, the price could climb towards the $3,980 level. Any more gains could set the pace for a move towards the $4,120 level in the near term.

Dips Supported in ETH?


If ethereum fails to continue higher above the $3,890 and $3,910 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,820 level.

The first key support is now forming near the $3,800 level and the 100 hourly SMA. If there is a downside break below the $3,800 support, the price could decline further. The next key support is near $3,720.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,800
Major Resistance Level – $3,910...

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BITCOIN GEARING FOR LIFTOFF TO $65‚000‚ RALLY ISN′T OVER YET

BITCOIN GEARING FOR LIFTOFF TO $65‚000‚ RALLY ISN′T OVER YET

Monday, 18 October, 2021 at 05:08 GMT

Bitcoin is gaining pace above the $60,000 zone against the US Dollar. BTC could accelerate higher towards the $65,000 resistance zone in the near term.

Bitcoin started a fresh increase and it broke the $60,000 level.
The price is now trading above $62,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue higher towards the $63,500 level in the near term.

Bitcoin Price Gains Momentum


Bitcoin price settled above the $60,000 zone to move further into a bullish territory. BTC even broke the $61,500 and $62,000 resistance levels.

A high was formed near the $62,887. Recently, there was a minor downside correction below the $62,000 pivot zone. The price declined below the $60,000 support level and the 100 hourly simple moving average.

However, downsides were limited below the $58,800 level. A low was formed near $58,888 before the price started a fresh increase. There was a clear break above the $60,000 level and the 100 hourly SMA. The price surpassed the 50% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.

There was also a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above the 76.5% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.

On the upside, an initial resistance is near the $62,500 level. The first key resistance is near the $62,850 level. A clear break above the $62,850 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.

Dips Limited In BTC?


If bitcoin fails to clear the $62,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $60,000 level (the recent breakout zone) and the 100 hourly SMA. A downside break below the $60,000 level could spark a larger correction.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $60,000.
Major Resistance Levels – $62,500, $62,850 and $63,500....

BANK OF ENGLAND WILL SCRAMBLE TO BUY BTC BEFORE IT HITS $1 MILLION

BANK OF ENGLAND WILL SCRAMBLE TO BUY BTC BEFORE IT HITS $1 MILLION

Sunday, 17 October, 2021 at 17:06 GMT

Bitcoin expert Max Keiser has said that the Bank of England (BoE) will scramble to buy Bitcoin before the digital asset trades at $1 million.

His comments come after Bank of England’s deputy governor for financial stability, Jon Cunliffe, warned that cryptocurrencies could spark a global financial crisis unless tough regulations are introduced. Although regulators in many countries have started putting policies in place to manage the rapid growth of cryptocurrencies, Cunliffe said this must be pursued as a matter of urgency.

Bank of England Warns Against Crypto


The deputy Bank of England governor has called for strict regulations on Bitcoin and other cryptocurrencies. According to the Guardian, Cunliffe has played a central role in monitoring cryptocurrencies over recent years as an adviser to the G20’s financial stability board and the central banks’ overarching advisory body, the Geneva-based Bank of International Settlements.

In a speech on Wednesday, October 13, Cunliffe compared the growth rate of the crypto market, from $16 billion five years ago to $2.3 trillion today, to the $1.2 trillion subprime mortgage market before the 2008 financial crash. He said there was a probability that financial markets could be rocked in a few years by an event of similar magnitude.

“When something in the financial system is growing very fast and growing in largely unregulated space, financial stability authorities have to sit up and take notice,” he said.

He also spoke about the majority of crypto-assets having no intrinsic value and could be worthless overnight. He stated emphatically how the crypto world is beginning to connect to the traditional financial system even though the space is still largely unregulated.

The banking chief added that there were “Financial stability risks currently are relatively limited, but they could grow very rapidly if, as I expect, this area continues to develop and expand at pace. How large those risks could grow will depend in no small part on the nature and on the speed of the response by regulatory and supervisory authorities.”

His comments are similar to those of Bank of England Governor Andrew Bailey. In May, Bailey called crypto dangerous and warned that investors should be prepared to lose all their money due to the digital assets’ lack of intrinsic value.

Bitcoin Expert’s Response


Bitcoin expert Max Keiser responded to the Bank of England’s deputy governor’s recent warning about cryptocurrencies in a statement to Express.co.uk.

He said, “Bitcoin is designed to trigger a meltdown of the current fiat money banking system. This is a mathematically guaranteed outcome.”

Keiser implies that the BoE is grieving because Bitcoin killed central banks. “Bitcoin killed central banks. The Bank of England is in the second stage of the five stages of grief, the anger phase.”


He further pronounces that the Bank of England will eventually consider adopting Bitcoin.

“The bargaining phase will be their central bank digital currency stage and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin,” Keiser says....

STRIKE LAUNCHES NEW FEATURE TO ALLOW USERS CONVERT SALARIES TO BITCOIN

STRIKE LAUNCHES NEW FEATURE TO ALLOW USERS CONVERT SALARIES TO BITCOIN

Saturday, 16 October, 2021 at 05:00 GMT

Payments processor Strike has announced the launch of a new feature that will allow users to convert their paychecks to bitcoin. This feature brings workers one step closer to collecting their paychecks in bitcoin. Instead of the employer paying out wages and salaries in BTC, employees can take the paychecks they receive and convert them to cryptocurrency in one easy step.

Receiving Paychecks In Bitcoin


Strike is enabling users to convert all or some of their paychecks into BTC. Instead of cashing into fiat and then having to change back to BTC, users can directly convert to BTC using the paycheck that they receive. The feature is known as “Pay Me in Bitcoin” was announced on Thursday and is one of Strike’s efforts to make BTC readily available to its users.

Strike is best known for helping El Salvador in their journey to bitcoin adoption, but they are also a bitcoin-focused payments processor that allows users to receive and pay in BTC. And with the new feature, get paid in BTC with no hassles.

Strike completely bypasses the need for employers to adopt and start paying their employees in cryptocurrencies. Instead giving employees the power to decide if they would rather convert their paychecks to fiat currency or cryptocurrencies. This also means that employees are not limited by the payments options their employers use. It doesn’t matter the company individuals work for, they can choose to have their paychecks deposited in bitcoin.

Following The Lead Of Coinbase


Strike’s announcement of the “Pay Me in Bitcoin” feature comes only a few weeks after Coinbase launched a similar feature. In the announcement post, Coinbase shared that customers were now able to deposit their paychecks directly to cryptocurrencies to ease their trading activities and just like Strike, streamline the process of users converting their money to cryptocurrencies.

The feature has been welcome in the crypto space as investors can now decide to deposit their full paycheck or a portion of it into their cryptocurrency tradings accounts. Customers could also choose to deposit their paychecks directly to U.S. dollars on Coinbase, which they can then use to carry out their trading activities on the platform.

Similar to Coinbase, Strike announced that the feature will initially be available to users in the United States. Roll-outs for other countries may be in the works but there has been no confirmation of these. Although users can only convert their paycheck to bitcoin on Strike, Coinbase offers users a wider variety as they can convert their paychecks to the over 100 cryptocurrencies currently listed on the exchange....

BITCOIN NEARS OUTER SPACE AS IT CROSSES $60‚000

BITCOIN NEARS OUTER SPACE AS IT CROSSES $60‚000

Saturday, 16 October, 2021 at 04:06 GMT

Almost all bitcoin holders are currently in profit for the first time since bitcoin overtook the previous long standing all time high of $20,000.

According to blockchain analytics startup Glassnode, 99.02% of all BTC supply is now in profit with that last 0.98% potentially joining soon as bitcoin nears its final resistance at $64,000.

The crypto jumped today as Shanghai woke up with it further rising currently as Los Angeles awakes.

Chinese stocks were further down slightly today as a $1.4 billion property deal with state backers fell through for Evergrande.

 Their central bank has gone out to try and assure the market the bond crisis won’t spread, but an official default may be due as soon as next Saturday.

  Chinese investors therefore are piling up on bitcoin, as a hedge or to diversify, while Americans are hyping up a potential new bitcoin fiat futures ETF that may open some new markets while raising concerns about Grayscale.

The primary price driver however is probably a change in sentiment that may intensify if bitcoin takes the final resistance at $64,000.

Afterwards, bitcoin enters thin air in outer space where there is no longer much of a price anchor and resistance or support gaps move from hundreds of dollars to thousands.

The only anchor then would be support and resistance in eth, until that too takes $4,400 in which case all can be floating without gravity pulling down.

Moreover as pretty much all would be in profit, they may be more inclined to let it ride, causing a supply shock as sell side liquidity dries up.

Previously in these sorts of situations we’d enter a no mans land during a four week period of wow. However, that’s when everyone is drunk. Currently we’re more in the first glass in a turn from sober to a bit lighter up with sensibilities still somewhat intact.

Soon it may be time to start light dance perhaps in Decentraland parties where one is expected to go on for four days.

Or we may be completely wrong but there’s a sense of excitement which itself could drive a supply crisis as bitcoin nears a new all time high....



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