brettzjacksonblog
Brett Jackson
CryptoCURRENCY Trading and Selling
48321 posts
Don't wanna be here? Send us removal request.
Last Seen Blogs
yourdailymag
Your Daily Mag
isibus-blog1
Sans titre
astroball-and-toasters-blog
Untitled
la-sera
Illustrator
protectiveglove
Personal Protection Equipment
Text
Peter Schiff’s 18-Year-Old Son Beat Gold Bug At Own Game By Buying Bitcoin
Bitcoin is often called digital gold, much to the dismay of gold bugs like Peter Schiff. Unfortunately for boomers like Schiff, millennials like his son Spencer, are increasingly opting for the cryptocurrency instead.
Schiff even recently slammed his son publicly on Twitter, insulting his purchase of BTC, and calling his investing ability into question compared to his own over 30 years experience. Two months later, Spencer Schiff’s investment into crypto is now worth 60% more, while the more experienced investor’s call would have resulted in a 2% loss.
Spencer Schiff Buys The Bitcoin Dip At $10,000 In September, Up 60% Since
Peter Schiff is about as outspoken as it gets about all things finance, but the subject perhaps he likes to touch on the most, is Bitcoin.
Schiff loves to hate on the cryptocurrency, using any chance he gets to drag it through the mud, and instead try to call attention to his favorite shiny metal.
Schiff runs several operations, including a Puerto Rican bank at the center of a global tax laundering sting, and a precious metals business called SchiffGold.
Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap
He’s clearly biased against Bitcoin, but that couldn’t stop his son Spencer from buying the BTC dip around $10,000 around September 8, 2020.
The same day, Papa Schiff attempted to publicly embarrass his own son for his investment decision.
“Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job,” Schiff queried.
Spencer Schiff's investment brought over 60% ROI, while goldbugs lost money | Source: BTCUSD on TradingView.com
Okay Boomer: Why Cryptocurrency Will Outpace Gold Henceforth
Turns out, that college kid focusing on finance like his dear Dad, ended up beating Pops at his own game. Peter Schiff’s more than 30 years of investing couldn’t outperform his own son’s two months’ worth of Bitcoin position.
Schiff, however, would never admit defeat, and would rather continue to smear his son’s namesake just to bash Bitcoin further.
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
But Boomers like Schiff are on the way out. The gold that they’ve held so dearly for decades, can’t hold a candle to cryptocurrencies in the digital age.
Aside from looking pretty, precious metals only have rarity and some utility in manufacturing. Cryptocurrencies like Bitcoin go so far beyond this, and the world is witnessing the slow deterioration of gold due to the emergence of the first-ever digital asset.
The start of Bitcoin’s outperformance over gold is only just beginning, and Boomers like Schiff will be left in the dust this time around while mistrusting millennial investors will pick math and code any day of the week.
Featured image from Deposit Photos, Charts from TradingView.com
from CryptoCracken SMFeed https://ift.tt/38IEjzI
via IFTTT
0 notes
Text
Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped
Bitcoin has undergone a strong 50% rally over the past 30 days. The leading cryptocurrency traded as high as $16,500 just hours ago, though has since retraced toward $16,200 as buying pressure has tapered off.
While Bitcoin remains above key support levels, not all analysts think the cryptocurrency has room to extend to the upside. A crypto-asset analyst says that Bitcoin may have topped and may thus face a drop in the days ahead. Many analysts think that Bitcoin is overbought, hence the expectations of a drop in the short to medium term. The drop will likely take the coin toward the $14,000 region, analysts say.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Could Soon Correct, Analyst Says
A leading cryptocurrency trader thinks that Bitcoin has topped in the medium term above $16,300. He shared the chart below just recently, which shows the cryptocurrency’s price action over the past few weeks.
According to the trader, it is unwise to be long on the cryptocurrency right now due to weakness in the prices of equities (S&P 500, Dow Jones, other indices) and a loss of bullish momentum in the Bitcoin market:
“Almost forgot my chart today, was a little busy IRL but a challenge is a challenge. I think going into the wknd you should be very cautious with getting caught long especially with equities being bearish. Don’t see much other than we might have topped. I am flat. I’m a bit groggy but topped on LFT, I would be skewed to taking majority shorts above 16.3k until we open and close monday above this level.”
Chart of BTC's price action over the past few weeks with an analysis by crypto trader Flood (@ThinkingUSD on Twitter). Source; BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Long-Term Trend Still Intact
Analysts say that Bitcoin’s long-term trend remains intact despite recent price weakness. An on-chain analyst recently said the following, indicating how Bitcoin is still early on in its cycle:
“1/ Relative Unrealized Profit/Loss indicator: Has now entered the ‘Greed’ zone on this latest push up by #bitcoin. Sounds bad but actually we can spend large parts of the bull cycle in this area. We are still early with plenty more room to the upside to go.”
The cryptocurrency seems to have room to extend to the upside as there are still few retail investors interested in the cryptocurrency.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped
from CryptoCracken SMFeed https://ift.tt/2UDRgTb
via IFTTT
0 notes
Text
Uniswap’s UNI is Looking “Quite Attractive” as It Rebounds from Key Support
Uniswap’s UNI token has faced some intense selling pressure throughout the past few weeks, with it being struck particularly hard by the recent downturn seen across the aggregated DeFi sector.
However, this weakness is beginning to transform into strength as buyers have sent the crypto rocketing nearly 100% from its recent lows.
The intensity of this recent uptrend indicates that bulls might be on the cusp of sparking a parabolic uptrend, with many of the so-called “blue-chip” DeFi assets all screaming higher as of late.
There’s one outstanding catalyst that could also bolster Uniswap’s UNI this week. The UNI reward LP pools that have been running for the past 57 days are about to run dry.
The selling pressure resulting from these LP incentives have been largely thought to have placed some immense downwards pressure on the cryptocurrency’s price.
Once they end, there will be less daily selling pressure placed on the token, giving it room to rally.
Uniswap’s UNI Rallies Alongside Aggregated DeFi Market
At the time of writing, Uniswap’s UNI token is trading up over 20% at its current price of $3.58.
This marks the highest price seen by the cryptocurrency in weeks and is nearly 100% above its sub-$2.00 lows set last week.
This uptrend’s intensity has come about in tandem with those seen by other benchmark DeFi assets, including Yearn.finance’s YFI token, which is also trading up nearly 20% at the time of writing.
The ongoing DeFi explosion has come about in the absence of any noticeable strength from Ethereum, which remains a backbone for the sector.
If ETH can rally higher and break past its $500 resistance, assets like Uniswap’s UNI may soon be able to climb in tandem.
Analyst: UNI Likely to Target $4.00 as Bulls Take Control
One analyst explained in a recent tweet that he is now watching for UNI’s price to rocket towards $4.00 in the near-term, noting that its chart is looking “quite attractive.”
“UNI – Beginning to look quite attractive for a long soon. Long the triangle break szn.”
Image Courtesy of UB. Source: UNIUSD on TradingView.
If the entire DeFi market continues flashing signs of strength, then UNI could be poised to see significantly further upside in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.
from CryptoCracken SMFeed https://ift.tt/36xaorn
via IFTTT
0 notes
Text
Analyst: Key Amazon Stock Fractal Is “Anti-FOMO” For Bitcoin
The recent bullish breakout in Bitcoin has caused a massive wave of FOMO as late to the game buyers attempt to get in before the cryptocurrency takes off to a new all-time high.
But one sharp-eyed crypto analyst has spotted a fractal in Amazon’s post-dot-com bubble crash recovery that closely matches the cryptocurrency’s recent price action. If the fractal plays out, and there could be merit behind the expectation thanks to a rare harmonic pattern, a sizable Bitcoin crash could be on the horizon.
Amazon Fractal Should Act As “Anti-FOMO” For Bitcoin Buyers, Analysts Warns
Cryptocurrencies have drawn regular comparisons to the early dot-com days, back when projects appeared by the dozen, all boasting about being the next big thing but instead failing to deliver on promises.
The air and capital eventually came rushing out of both bubbles, bringing valuations back to reality. From the ashes of the dot-com bubble rose today’s giants like Facebook, Microsoft, Google, and Amazon.
Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap
The same could be happening again in crypto, and after a bear market, future winners like Bitcoin and Ethereum are emerging strong.
But just like those days, when the winners did begin to stand out from the crowd, the leftover overly bullish sentiment was used to torment bull who thought a full-on recovery was in effect.
Amazon stock shares' post-dot-com recovery had one last rug pull | Source: AMZN on TradingView.com
When Amazon set its first higher high following a higher low, investor enthusiasm picked up too fast, too soon, and a final correction made guessing if a bull market was back even more difficult.
In the chart above, AMZN shares plummed by more than 66% following a parabolic rise that brought the stock price to its first higher high after the dot-com bubble burst.
One crypto analyst sees several similarities between AMZN stock shares back then, and Bitcoin now, according to the chart they shared below.
A pseudonymous crypto analyst sees similarities in crypto charts | Source: BTCUSD on TradingView.com
Could A Bearish Gartley Harmonic Pattern Bring The Crypto Market One Last Crash?
A 66% collapse would take Bitcoin price back to $5,550, and would certainly put a real scare in crypto bulls convinced the asset will soon rise beyond $20,000.
There’s also no denying how bullish Bitcoin’s high timeframe chart currently looks, and there is next to no BTC available on exchanges that can even be sold into the market. So what then could cause the sudden change?
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
The stock market toppling from secular bull market highs could be a trigger. But it also could be purely market dynamics at work, depicted by a massive bearish Gartley formation that has formed on high timeframe BTC charts.
A bearish Gartley harmonic pattern could be the culprit that causes a crash | Source: BTCUSD on TradingView.com
A bearish Gartley is a rare harmonic pattern, that must follow certain measurements in price and time to become valid. While it’s not a perfectly formed Gartley, the latest high, if Bitcoin stops here, could be the pattern that sends the cryptocurrency back to test much lower.
Gartley targets typically follow Fibonacci retracement levels, much like the measurements in the pattern do. Typical targets for such a pattern often reside at the 0.618 retracement level, or what would equal a roughly 40% crash.
Bitcoin bull market corrections often reach a severity of between 30-40% according to previous cycles, which would take Bitcoin around the mid-$8,000 range.
Featured image from Deposit Photos, Charts from TradingView.com via HornHairs on Twitter
from CryptoCracken SMFeed https://ift.tt/3lynUkL
via IFTTT
0 notes
Text
Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion
Bitcoin’s price is climbing for the third straight day as more of the cryptocurrency is locked into the Ethereum network.
from CryptoCracken SMFeed https://ift.tt/38Myhhv
via IFTTT
0 notes
Text
Polychain Now Owns 1.6% of the Yearn.finance (YFI) Supply as Uptrend Holds
Yearn.finance’s YFI governance token has seen some massive momentum today, with the cryptocurrency’s price rocketing higher as buyers take control of its mid-term trend.
The crypto is in the process of trying to break above its crucial near-term resistance, which sits at roughly $18,000. It has made a few breaks above this level, but each time it is met with inflows of selling pressure.
Where it trends in the near-term may depend largely on whether or not this level can be easily surmounted in the days and weeks ahead. If buyers struggle to shatter the selling pressure that sits here, it could be a grave sign that indicates downside is imminent.
The broader DeFi sector has been seeing some immense strength throughout the past few days.
This has come about as yields start increasing for the yVaults and on liquidity pairs on multiple platforms.
This will undoubtedly bolster the price action seen by yield aggregator assets, including Yearn.finance.
For it to rally higher, Ethereum must remain strong, as ETH is the DeFi ecosystem’s backbone.
Yearn.finance’s YFI Token Soars to Key Resistance
At the time of writing, Yearn.finance’s YFI token is trading up over 15% at its current price of $18,000. This marks a massive upswing from daily lows of $15,990 set just a handful of days ago.
Last week, when the cryptocurrency’s price plunged to lows of $7,500, the buying pressure here sparked a nearly instant buying frenzy that caused it to rally as high as $18,000.
The resistance here was intense and held strong ever since, but it is now showing signs of strength as bulls try to break above this key level.
This Major Fund Has Been Loading up on YFI
Polychain – a major crypto venture fund – has been loading up on Yearn.finance’s YFI token throughout the course of its recent selloff, now holding 1.6% of the total supply.
Analytics firm Santiment spoke about this in a recent tweet, explaining that some large sellers have also closed short positions on the token.
“Are we seeing the return of the DeFi darling, YearnFinance? Over the past week, the segment has dominated crypto return leaderboards. A whale has actually closed his short after Crypto Twitter went short hunting – attempting to force liquidate the whale. Meanwhile PolyChain has brought their total holdings to 470 YFI ($8m or 1.6% of the total supply).”
Image Courtesy of Santiment.
Where Yearn.finance’s YFI trends next will likely guide the entire DeFi sector, making it vital that bulls take control.
Featured image from Unsplash. Charts from TradingView.
from CryptoCracken SMFeed https://ift.tt/2IBRxmu
via IFTTT
0 notes
Text
PayPal Rolls Out Crypto for All US Customers
Crypto Twitter reacts to the announcement and answers the question: Just how big a deal is this?
from CryptoCracken SMFeed https://ift.tt/3kuIj94
via IFTTT
0 notes
Text
Analyst: Amazon Stock Fractal Is “Anti-FOMO” For Bitcoin
The recent bullish breakout in Bitcoin has caused a massive wave of FOMO as late to the game buyers attempt to get in before the cryptocurrency takes off to a new all-time high.
But one sharp-eyed crypto analyst has spotted a fractal in Amazon’s post-dot-com bubble crash recovery that closely matches the cryptocurrency’s recent price action. If the fractal plays out, and there could be merit behind the expectation thanks to a rare harmonic pattern, a sizable Bitcoin crash could be on the horizon.
Amazon Fractal Should Act As “Anti-FOMO” For Bitcoin Buyers, Analysts Warns
Cryptocurrencies have drawn regular comparisons to the early dot-com days, back when projects appeared by the dozen, all boasting about being the next big thing but instead failing to deliver on promises.
The air and capital eventually came rushing out of both bubbles, bringing valuations back to reality. From the ashes of the dot-com bubble rose today’s giants like Facebook, Microsoft, Google, and Amazon.
Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap
The same could be happening again in crypto, and after a bear market, future winners like Bitcoin and Ethereum are emerging strong.
But just like those days, when the winners did begin to stand out from the crowd, the leftover overly bullish sentiment was used to torment bull who thought a full-on recovery was in effect.
Amazon stock shares' post-dot-com recovery had one last rug pull | Source: AMZN on TradingView.com
When Amazon set its first higher high following a higher low, investor enthusiasm picked up too fast, too soon, and a final correction made guessing if a bull market was back even more difficult.
In the chart above, AMZN shares plummed by more than 66% following a parabolic rise that brought the stock price to its first higher high after the dot-com bubble burst.
One crypto analyst sees several similarities between AMZN stock shares back then, and Bitcoin now, according to the chart they shared below.
A pseudonymous crypto analyst sees similarities in crypto charts | Source: BTCUSD on TradingView.com
Could A Bearish Gartley Harmonic Pattern Bring The Crypto Market One Last Crash?
A 66% collapse would take Bitcoin price back to $5,550, and would certainly put a real scare in crypto bulls convinced the asset will soon rise beyond $20,000.
There’s also no denying how bullish Bitcoin’s high timeframe chart currently looks, and there is next to no BTC available on exchanges that can even be sold into the market. So what then could cause the sudden change?
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
The stock market toppling from secular bull market highs could be a trigger. But it also could be purely market dynamics at work, depicted by a massive bearish Gartley formation that has formed on high timeframe BTC charts.
A bearish Gartley harmonic pattern could be the culprit that causes a crash | Source: BTCUSD on TradingView.com
A bearish Gartley is a rare harmonic pattern, that must follow certain measurements in price and time to become valid. While it’s not a perfectly formed Gartley, the latest high, if Bitcoin stops here, could be the pattern that sends the cryptocurrency back to test much lower.
Gartley targets typically follow Fibonacci retracement levels, much like the measurements in the pattern do. Typical targets for such a pattern often reside at the 0.618 retracement level, or what would equal a roughly 40% crash.
Bitcoin bull market corrections often reach a severity of between 30-40% according to previous cycles, which would take Bitcoin around the mid-$8,000 range.
Featured image from Deposit Photos, Charts from TradingView.com via HornHairs on Twitter
from CryptoCracken SMFeed https://ift.tt/3lynUkL
via IFTTT
0 notes
Text
Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack
Some token projects say they're left holding the bag following a hack that drained the KuCoin crypto exchange of $280 million.
from CryptoCracken SMFeed https://ift.tt/3kvqRkT
via IFTTT
0 notes
Text
Payza Founders Sentenced in $250M Money Laundering Case
Canadian brothers Firoz and Ferhan Patel are headed to prison after admitting their payments company had broken the law.
from CryptoCracken SMFeed https://ift.tt/2Iy9qmI
via IFTTT
0 notes
Text
DYP.Finance: A Unique Yield Farming Platform
The cryptocurrency industry has experienced a rapid growth in the past decade since the advent of Bitcoin. The first cryptocurrency opened the financial world to a world of possibilities using decentralized ledger technology (blockchain).
This development has given rise to a new sector of finance that has experienced a massive boom in 2020 named decentralized finance (DeFi). As of 2019, there was only $275 million worth of total locked-in value of crypto assets in the DeFi economy. 2020 gave rise to the massive adoption of DeFi with the total locked-in value rising multiple folds to its current value of $11 billion+.
However, it is important that you understand the core values of DeFi as several platforms have sprung up in recent months. Decentralized finance platforms operate decentralized governance based on blockchain technology and decentralized information feeds which determine interest rates and currency values.
Since there are tons of DeFi projects in the market, it is easy to get lost looking for the right protocol with potential. DYP.Finance is one of the few that operates based on the right ideals and follows excellent financial protocols to govern its platform.
Built on Ethereum Smart Contract
Smart contracts are the major driving force behind DeFi and DYP is built on one of the best smart contracts protocols available, ‘’Ethereum’’. The Ethereum smart contract network provides immutability and security for the DeFi protocol.
Ethereum is the industry leader in the DeFi industry and the DYP team has vast experience on the blockchain and has been mining Ethereum since 2017. The DeFi platform was built using popular programming languages including HTML5, CSS3, Bootstrap and Ethereum Solidity protocol.
Ethereum has the biggest DeFi market in the blockchain industry and provides DYP with a massive community of DeFi enthusiasts. Using Ethereum technology, DYP has been able to build a DeFi protocol that enables anyone to get involved with yield farming.
You can easily provide liquidity on the DYP platform and get rewards for the first time in ETH. DYP takes care of the complex details by maintaining token price stability and providing other features for DeFi end users.
Also, DYP has taken steps to audit the smart contracts and codes used on its protocol to ensure maximum security for users. This is an important factor in the DeFi industry as the presence of bugs in smart contracts poses a risk for DeFi platforms. Yam finance is a major example that saw its value drop by 99% after a bug in its smart contract prevented a governance vote from occurring.
DYP has no problems with codes properly audited and features in place to prevent such occurrence on its protocol.
A truly decentralized protocol
DeFi Yield protocol aims to change the way decentralized finance is perceived by ensuring equity in the control of funds on its platform.
A major concern by DeFi critics is that whales have the power to take control of a DeFi network with the recent controversy of SushiSwap a major example.
DYP takes care of this concern by integrating a DYP anti-manipulation feature that ensures that the rewards from supported tokens (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL) are automatically converted from DYP to ETH at 00.00 UTC.
In addition, rewards are automatically distributed to liquidity providers on the platform in a fair and transparent manner. Thus ensuring that no whale would be able to manipulate the price of DYP to their advantage. This after all is the major purpose of decentralized finance.
Also if the price of DYP is affected by more than -2.5 then the maximum DYP amount that does not affect the price will be swapped to ETH, with the remaining amount distributed in the next day rewards. After seven days, if they are still undistributed DYP rewards, a governance vote will be held on whether the remaining DYP are distributed to token holders or burnt.
Unique Token for Yield Farming and Mining Pools
DYP Finance offers a utility token that enables users to interact with the features on the DYP smart contract. Ethereum miners can join the DYP mining pool and get rewarded monthly with a 10% bonus from the ETH monthly income earned by the pool.
Also, five million DYP will be distributed to miners as an incentive to join the pool and grow the DYP platform over a period of time. Users can also stake their crypto assets to earn DYP via an automated yield farming contract.
The automated Earn Vault will distribute 75% of profits to liquidity providers while the 25% left will be used to buy back their protocol token to add liquidity and maintain token price stability. DYP was able to sell 570,000 DYP tokens worth 2,821.71 ETH during the Whitelisting & Presale round which shows the interest within the DeFi circle.
Finally
It’s not too late to join DYP finance as the DeFi platform is currently offering a Public Crowdsale offering. You can visit the sales page at https://crowdsale.dyp.finance and make an application to purchase DYP tokens. The minimum amount to participate in DYP is 0.5 ETH and the maximum contribution is 100 ETH.
DYP tokens can be withdrawn to supported wallets which includes MetaMask and TrustWallet
from CryptoCracken SMFeed https://ift.tt/38HI9sO
via IFTTT
0 notes
Text
Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More
The top stories in bitcoin, crypto and more – all in one place.
from CryptoCracken SMFeed https://ift.tt/3lv4vBj
via IFTTT
0 notes
Text
Developers Debate Disclosure Protocols After ‘Accidental’ Ethereum Hard Fork
Ethereum’s largest client Geth hard-forked after a bug was tripped Wednesday. Developers are now weighing the merits of security disclosures methods.
from CryptoCracken SMFeed https://ift.tt/2ICuI2q
via IFTTT
0 notes
Text
Money Reimagined: The US’s Kodak Moment
China's moves on digital currency have potential to rock the global economy. The U.S. risks getting left behind, like Kodak and digital photos.
from CryptoCracken SMFeed https://ift.tt/2IxccbK
via IFTTT
0 notes
Text
Money Reimagined: The US’ Kodak Moment
China's moves on digital currency have potential to rock the global economy. The U.S. risks getting left behind, like Kodak.
from CryptoCracken SMFeed https://ift.tt/2IxccbK
via IFTTT
0 notes
Text
Mike Novogratz’s Galaxy Digital Nets $44.3M in Q3
Galaxy Digital was trading slightly higher on the news.
from CryptoCracken SMFeed https://ift.tt/3kudeCj
via IFTTT
0 notes
Text
Ethereum May Soon Help Altcoins to Rocket Higher; Here’s How
Ethereum and the aggregated cryptocurrency market have been consolidating for the past few days, with Bitcoin’s recent swing past $16,000 helping to provide a base of support for ETH and other altcoins.
The crypto market’s ongoing uptrend is driven almost entirely by Bitcoin, but ETH and most other major altcoins are still woefully underperforming the benchmark digital asset.
There have been some early signs of a capital rotation event away from BTC and into altcoins, with a few DeFi tokens, in particular, seeing immense momentum throughout the past several days.
Some of these tokens were able to post gains clocking in at 100% or more in a mere matter of hours, signaling that they had previously been oversold.
That being said, where they trend next – and whether they can mark their recent lows as a long-term bottom – will depend almost entirely on Ethereum.
While speaking about ETH, one trader explained that he believes it could soon help altcoins rocket higher. For this to happen, ETH/BTC will have to print some large green candles in the near-term, or else further downside could be imminent.
Ethereum Holds Steady Around $470 as Buyers Absorb Selling Pressure
At the time of writing, Ethereum is trading up just under 2% at its current price of $470. Earlier this morning, its price plunged to lows of $466 in a sharp downwards movement, but buyers rapidly stepped up and reverted this decline.
$470 appears to be an important level for ETH, and a high time frame close above it could help open the gates for it to see further upside.
If it can post a weekly candle close above this level, it could soon see some major momentum that sends it past $500.
Analyst Claims Altcoins Could Rally if ETH/BTC Can Climb
One trader explained in a recent tweet that altcoins could extend their recent momentum and further confirm their recent lows as a long-term bottom if ETH/BTC can rally.
He notes that Bitcoin seeing some slowing momentum while Ethereum rallies will provide an ideal backdrop for higher risk tokens to grow upon.
“The only explanation I have for alts pumping with BTC is that BTC will stall here and ETH / BTC is prepping another scam candle. In other words, number go up. All numbers go up.”
Image Courtesy of Mac. Source: ETHBTC on TradingView.
The coming few days should provide some serious insight into where the altcoin market will trend toward the end of the year.
It may all depend on where Ethereum’s Bitcoin pair trends.
Featured image from Unsplash. Charts from TradingView.
from CryptoCracken SMFeed https://ift.tt/2GZ9qvb
via IFTTT
0 notes