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BTC/USD Tests 13492.45 Technical Resistance on Recovery: Sally Ho's Technical Analysis 29 October 2020 BTC

BTC/USD Tests 13492.45 Technical Resistance on Recovery: Sally Ho's Technical Analysis 29 October 2020 BTC

Bitcoin (BTC/USD) moved higher early in today’s North American session as the pair appreciated to the 13255.10 level after trading as low as the 12976.29 area earlier in the North American session, below the 13039.61 area that represents the 76.4% retracement of the appreciating range from 12785.00 to 13863.87.  Traders lifted BTC/USD to test the 50-hour simple moving average during the North American session, and then tested the 61.8% retracement of the recent depreciating range from 13863.87 to 12891.57.  Notably, BTC/USD recently tested the 13868.44 area, a previous relative high from June 2019.  As expected, the pair also recently encountered technical resistance ahead of some upside price objectives between 13875.45 and 13884.29, levels related to buying pressure that emerged much lower around the 3135.90 and 6636.46 areas.  Stops were elected below the 13609.26, 13451.74, 13224.44, and 13197.13 levels during the recent pullback, levels related to the recent appreciating range from 12785.00 to 13863.87Buying pressure recently emerged around the 12865 area, just below the 12872.93 area that represents the 61.8% retracement of the recent appreciating range from 12670.67 to 13200.  Another appreciating range that traders are monitoring is the ascent from 12698.02 to 13200.00.  A couple of additional appreciating ranges that chartists are watching include the climb from 11201 to 13250.04, and the run-up from 11416.04 to 13250.04

The 12766.47 and 12817.22 areas are significant potential areas of short-term technical support related to those appreciating ranges.  Following the pair’s recent ascent, traders are paying close attention to potential areas of technical support during pullbacks and these include the 12925.89, 12817.22, 12766.47, 12611.92, 12549.45, 12514.94, 12438.90, 12060.18, 11937.09, 11692.63, and 11531.52 areas.  Stops were recently elected above many additional upside price objectives including the 11120, 11179.90, 11272.86, 11378.11, 11409.40, 11489.10, 11857.25, 11915.92, and 12023.45 levels. Another important technical level includes the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89, as well as the 10200.39, 10139.11, and 10082.97 areas. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 13101.21 and the 40-bar MA (Hourly) at 13419.68.

Technical Support is expected around 12976.29/ 12772.83/ 12563.28 with Stops expected below.

Technical Resistance is expected around 13863.87/ 14000.81/ 14052.39 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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Ripple could be forced to burn it’s XRP token supply by validators

Ripple could be forced to burn it’s XRP token supply by validators

Quick Take

1 minute read

  • David Schwartz has recently said that the company could be forced by validators to burn it’s 48 billion XRP tokens no matter what decision the company actually comes to.
  • Currently, the company owns and controls around half of the tokens overall supply and as a result of this, there has been a lot of backlash from the community for selling off tokens in the past. 

David Schwartz, the chief technical officer at the San Francisco-based blockchain initiative ripple has recently said that the company could be forced by validators to burn its 48 billion XRP tokens no matter what decision the company actually comes to.

Currently, the company owns and controls around half of the tokens overall supply and as a result of this, there has been a lot of backlash from the community for selling off tokens in the past. Despite this, the company has many times denied the allegations that they are manipulating the token price.

Speaking on Twitter, the CTO confirmed that the community could vote for the company to burn the whole overall supply of the tokens adding that they are very democratic to the blockchain.

He said:

On top of this, amendments to the XRP ledger would require an 80% approval rating from validators of the ledger and if they are activated, it could stay above the level for a fortnight.

The comments from the CTO come after something that happened in November last year in which the company was revealed to be able to unilaterally decide to burn billions in excess supply.

“Too bad XRP is decentralized or someone could just burn half the supply and raise the price to 29 cents.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Nigel Farage turns to crypto buff - believes bitcoin is the best anti-lockdown investment

Nigel Farage turns to crypto buff - believes bitcoin is the best anti-lockdown investment

Quick take

1 minute read

  • Nigel Farage may be a controversial figure in the world of politics from the United Kingdom but has recently said that he has gone “full crypto“.
  • Farage discussed all things related to the world of cryptocurrency with Sam Volkering, an editor at Southbank investment research.

Nigel Farage may be a controversial figure in the world of politics from the United Kingdom but has recently said that he has gone “full crypto“.

At the end of last week, Farage took part in a video interview where he discussed all things related to the world of cryptocurrency with Sam Volkering, an editor at Southbank investment research.

Speaking in an interview, Nigel said that the Government's “funny money“ is being printed in the UK at a rapid pace in order to keep up with the economic crisis that has occurred throughout the world due to coronavirus. 

Furthermore, the two talked about the basics of cryptocurrency and answered numerous questions on the basics of crypto-assets such as bitcoin such as how to buy bitcoin and where the money goes when you invest.

He concluded that because Fiat currency is failing throughout the world, including the United States, this is important to understand what crypto is and how to use it as payment.

Interestingly, he referred to bitcoin as the best “anti-lockdown investment“.

Farage recently launched his Reform UK party in the country to oppose the other major political parties including the Conservatives and Labour.

For a long time now, journalists and experts have predicted that Farage would be 12 turn to crypto one way or another.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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3 Ways Kenyans Use Bitcoin in 2020

3 Ways Kenyans Use Bitcoin in 2020

Bitcoin peer-to-peer (P2P) trading volume in Africa reached an all-time high in August, according to publicly accessible peer-to-peer exchange details. The introduction of the M-Pesa in Kenya has also accelerated Kenyans investing in bitcoin because of the easy bitcoin to MPESA conversion facility.

After March, when most countries started enforcing lockdowns, Bitcoin has become more resilient and has risen by more than 18 trillion over the last year, according to Paxful. This digital platform allows consumers to create deals and ask for a competitive price for Bitcoin.

There has been a significant surge in bitcoin trading volumes worldwide, fuelled primarily by coronavirus-induced lockdowns since many people operate from home.

Demand for Bitcoin has mostly been seen across significant emerging and border markets, with Sub-Saharan Africa seeing the fastest growth. On the Paxful marketplace, Nigeria and Kenya have emerged as the leading countries with the most massive volumes, followed closely by Ghana.

For example, in August, Kenyans exchanged Bitcoins worth $8,104 million on Paxful, and the number is much higher when you add data from other exchanges.

 A sense of uncertainty surrounding cryptocurrency keeps Kenyans back from engaging in the current broad distribution of capital. Ten years after its introduction in 2007, bitcoin and cryptocurrency are no doubt a fleeting fad.

More than $200 billion in value has been generated in only the beginning of a transparent alternative finance framework. Much as anybody would download a mobile app and link to the internet without waiting for permission.

You can purchase, sell, swap, keep, and store cryptocurrencies in Kenya today as long as you do not violate any current rules.

Getting acquainted with cryptocurrency

Paxful Breaks Ground On Fourth School at 100 School Project Five Years On, Bitcoin Marketplace Generating Wealth for 'Tiny Guys.'

For instance, you need a blockchain wallet, an app that lets you store, email, and receive digital assets. There are hundreds of choices to pick from online, android, and apple stores such as bitcoin, mycelium, and coinomi.

If you download and install one, the next move is to protect your wallet if you forget your password or lose your computer. Any citizens who overlooked backups as a protection measure fell victim to sophisticated hacks. Attach a solid pin and back up your 12-word password to help you bring your bitcoin back in the worst-case situations.

One way is for representatives of the Blockchain Association of Kenya to broker bitcoin and crypto-assets locally. Another choice is to head over to an anonymous peer-to-peer platform where you can trade daily cash for digital properties.

How are Kenyans utilizing Bitcoin?

Using Bitcoin as a tool for investment

Many people see bitcoin as a potential bet. With its small supply cap of 21 million coins (expected to be hit in 2140) and the current low bitcoin price, there are plenty of ways to make a fast profit from trading in bitcoin.

There are many other options to utilize bitcoin as an investing tool. Investing in bitcoin should be part of a long-term strategy, rather than an effort to create fast gains and losses. Bitcoin is only at the relatively early stage of growth, having been around for just six years. There is also a long way to teach people about bitcoin, which provides an investing potential on its own.

Using Bitcoin for educational expertise

Bitcoin's fundamental aim has always been to teach people about the value of the blockchain. And how to reclaim complete ownership of their lives, not just from a financial viewpoint, but also through the way people utilize utilities, networks, technologies, and most fundamentally, how they look at the planet.

Bitcoin's educational expertise reaches beyond finance and technology. The promise of blockchain technologies and bitcoin 2.0 is far-reaching. If you grasp the functionality of bitcoin and blockchain, dear reader, you would also learn regarding its potential in other areas of daily life.

Consider for a second, for example, if a plurality decision might be reached, perhaps without depending on the equation's human factor. Digital voting, negotiating and amending contracts, signing and saving papers, and revamping peer-to-peer transfers are only a few indicators of bitcoin's educational opportunities by unlocking the blockchain's potential.

Spending bitcoin to fulfill basic needs

Bitcoin is an automated means of payment, one of the main explanations that so many people are drawn to this virtual currency. Over the last two years, more and more locations have begun to embrace bitcoin payments as an alternate payment method due to cheaper rates, instant transfers, and little chance of theft or chargebacks.

As a result, bitcoin is becoming a feasible method of payment, both digitally and in-store, at different locations across the world. The bitcoin ecosystem is often used to transfer funds across the globe, which ensures that trading is vital in holding the ecosystem alive.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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ETH/USD Bulls Eyeing 668.87 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 ETH

ETH/USD Bulls Eyeing 668.87 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 ETH

Ethereum (ETH/USD) extended its recent strong price activity as traders continue to eye the psychologically-important 650 level following the pair’s ongoing gains.  Notably, ETH/USD has appreciated approximately 77% since the beginning of October, and has appreciated approximately 64% since the beginning of November.  The pair has recently traded around its recently-established multi-year high around at the 636.53 level, an area that was reached after Stops were elected above another recent relative multi-year high around the 623.22 area.  This recent multi-year high also represented a test of the 637.79 level, an upside price objective related to buying pressure that emerged earlier this year around the 135.12 area.  Additional upside price objectives include the 668.87, 679.78, and 698.88 areas, levels that relate to buying pressure that emerged earlier this year around the 125.52, 122.15, and 116.25 areas.

Following the move to a recent multi-year high, traders are paying close attention to recent areas of upside buying pressure, including the 370.50, 423.00, 439.77, and 480.08 areas.  Some important retracement levels related to these ranges include 561.37, 534.91, 514.93, 503.52, and 472.12Below current price activity, additional areas of technical support include the 507.55, 474.77, 406.48, and 395.87 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 567.55 and the 50-bar MA (Hourly) at 596.14.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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