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Bitcoin Faced First Major Correction In Current Bull Run: The Crypto Weekly Market Update

This week was very intensive in the cryptocurrency market. It’s perhaps safe to say that it was among the most tumultuous ones we’ve had in the last few months.

Everything started calmly, and during the weekend, the price hit an all-time high value of $42,000. The excitement was short-lived, as immediately after that, bitcoin went in the opposite direction and started to decline. It wasn’t until Monday, however, when things took a turn for the worst.

Bitcoin’s price lost around $12,000 in what seems to be the first major correction in the ongoing bull run. The decline of around 27% came in a few brutal four-hour red candles and led to the liquidations of $2.87 billion worth of both long and short positions, indicating once again how over-leveraged the market is.

From there, the price took uphill and even reached $40,000 again on Thursday. Bears, however, weren’t done as what followed was another handful of red candles that brought the price to its current trading level of about $35,000.

With this said, the entire cryptocurrency market took a hit as the capitalization has dropped below $1 trillion. Meanwhile, Bitcoin’s dominance is also suffering, as it’s down to 67.7% during this week from its high of around 70.3%. This shows that despite the blood on the streets, altcoins have managed to take the upper hand and claim a larger portion of the market.

Meanwhile, two other projects made headlines over the past few days, mainly thanks to their incredible price performance. Despite this brutal correction, Polkadot’s DOT token is up 40% over the last seven days, while LINK is up 22%. The latter even charted a new all-time high today.

In any case, the week was particularly exciting, and even though this time it was the bears who had the upper hand, it’s very interesting to see how the next few days will shape up. Is this the beginning of a larger correction, or is it just a step back in preparation for an even bigger rally? We have yet to see.

Market Data

Market Cap: $964B | 24H Vol: 144B | BTC Dominance: 67.7%

BTC: $35,442 (-14.6%) | ETH: $1,141 (-7.5%) | XRP: $0.276 (-12.9%)

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know. Today is an important date for the entire cryptocurrency industry as it marks a serious deadline on the iFinex v. NYAG case. Here is everything you need to know about it and what to expect.

FinCEN Extends Comment Window on Proposed Crypto Regulations. After receiving thousands of responses and serious criticism from industry participants, the Financial Crimes Enforcement Network (FinCEN) has decided to extend the comment window on the proposed cryptocurrency regulations.

Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public. Cameron and Tyler Winklevoss are reportedly exploring the option of taking their cryptocurrency exchange, Gemini, public. This means that they could follow in the footsteps of other cryptocurrency-related companies with similar intentions – namely, Coinbase and Bakkt.

Greenlight: Anchorage Secures Crypto Banking Charter from the OCC. The United States Office of the Comptroller of the Currency (OCC) has granted a cryptocurrency custodial service company a national trust charter. This puts the firm in the position to claim the mantle of a US-based national crypto bank.

4 Possible Reasons for Bitcoin’s $12K Correction After Reaching $42,000 All-Time High. Bitcoin went through its first major correction this week, sliding by more than 27% in just a few four-hour red candles. Here are some of the potential reasons for which this happened.

Crypto Market Cap Reclaims $1 Trillion as Bitcoin Sets Sights on $40K. The cryptocurrency market sees no boring days. Just a couple of days back, it was on its way back up, recovering from a major correction, and even claimed $1 trillion in market cap again. Unfortunately, today things took a turn for the worst again.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Cardano – click here for the full price analysis.

Title: Bitcoin Faced First Major Correction In Current Bull Run: The Crypto Weekly Market Update
Sourced From: cryptopotato.com/bitcoin-faced-first-major-correction-in-current-bull-run-the-crypto-weekly-market-update/
Published Date: Fri, 15 Jan 2021 15:00:43 +0000

$1.5 Trillion stimulus bundle– will Bitcoin advantage?

As Joe Biden prepares to take office this coming week, he has lost no time in putting together a stimulus package in order to succour the ravaged US economy. It could be said that the $1.5 trillion package might well further boost Bitcoin, which is already hovering near its all-time highs.

A recent Reuters report gave an insight into the reasons for yet another large stimulus package. A sorely needed “jumpstart” of the economy being the primary reason, and to also provide funding for the roll-out of the Coronavirus vaccine.

The report goes on to say that Biden will announce the stimulus package this coming Thursday, although given the recent furore over Donald Trump’s fresh impeachment trial, even such a large package could well take a back seat on the political news front.

The package is thought to contain $1400 in stimulus cheques for citizens, while a “significant portion” will be aimed at minority communities, who, according to the incoming administration, have been “underserved”.

More fuel for the Bitcoin fire?

The last few weeks have seen a meteoric ascent for Bitcoin. After powering past its 2017 all-time high of $20,000, the number one cryptocurrency continued its inexorable rise and recently hit a new, all-time high of nearly $42,000 – more than double the 2017 price in only 4 short weeks.

During this time the altcoin market has also increased in value. Ethereum, the number 2 ranked cryptocurrency has had its own rapid ascent, rising from $700 to over $1300 in only 2 weeks – half the time of Bitcoin. It’s currently sitting at around $1200 but may look to challenge its own all-time high of $1400 in the near future.

Other altcoins are also rising which has led the entire Crypto Market Cap to increase in value to just over $1 trillion. 

The last time stimulus cheques were handed out, back in March of 2020, Bitcoin was at a low of $4000, as a result of the stock market crash, and the Coronavirus crisis. It could well be argued that some of that stimulus found its way into Bitcoin and other cryptocurrencies, helping to initiate the great crypto recovery.

Trump’s $900 billion relief package has finally been signed off and $600 is on the way to all Americans. Add to this the impending $1400 from the incoming Biden’s administration, and you have an extremely good reason for new money to flood into the cryptocurrency market.

With the Bitcoin bull market still in its early stages, it can only be imagined how much further this asset can go. Some commentators have estimated from $200,000 to $500,000 and higher, while the most conservative estimates see $100,000 as a top.

With a weak and sliding dollar, and most other major asset classes falling in value, it could be said that this is the time for Bitcoin to shine. Incoming stimulus and more packages envisaged for the future could certainly add to what might be an unstoppable growth.

Disclaimer: 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.

Title: $1.5 Trillion stimulus package – will Bitcoin benefit?
Sourced From: cryptodaily.co.uk/2021/01/one-point-five-trillion-stimulus-bitcoin-benefit
Published Date: Fri, 15 Jan 2021 15:00:31 +0000

Did you miss our previous article…
https://naminco.ca/38773-02-becomes-btc-usd-resistance-prior-to-pullback-sally-hos-technical-analysis-15-january-2021-btc/

38773.02 Becomes BTC/USD Resistance Prior To Pullback: Sally Ho’s Technical Analysis 15 January 2021 BTC

Bitcoin (BTC/USD) moved lower early in today’s North American session as the pair depreciated to the 37146.46 area after trading as high as the 39697.00 level during the Asian session, with the intraday high stopping short of testing psychological resistance around the 40000 figure, and technical resistance around the 40436.48 area.  During the pullback of BTC/USD, traders tested the 37115.61 area, representing the 61.8% retracement of the depreciating range from 41452.12 to 30100.00.  If the intraday depreciation continues, possible areas of short-term technical support include the 36991.5036849.9736767.9736604.5136485.1436248.0136075.89, and 35951.08 levels.  Following the pair’s recent new lifetime high around the 41986.37 area, selling pressureintensified around the 41452.12 and 40164.67 areas.  Stops were elected below a variety of downside retracement levels during the recent acute pullback, including the 38159.9137249.2536226.4735900.7935784.7335454.7532988.0732663.1432135.9831948.12, and 31414.00 levels. Following this ongoing depreciation, additional areas of potential technical support include the 29783.1929093.1928847.3128148.19, and 27421.33 levels. 

During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.8040667.7640991.444120041267.10, and 41489.74 levelsStops were recently elected above the 35943.7336480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 1758016200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation.   If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 42309.0142701.9142803.5343447.48, and 43617.07 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 above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 37620.01 and the 200-bar MA (Hourly) at 37621.22.

Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.

Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 with Stops expected above.  

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

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

 

Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Title: 38773.02 Emerges as BTC/USD Resistance Before Pullback: Sally Ho’s Technical Analysis 15 January 2021 BTC
Sourced From: cryptodaily.co.uk/2021/01/38773-emerges-as-btc-usd-resistance-before-pullback-sally-ho-technical-analysis-15-january-2021-btc-bitcoin
Published Date: Fri, 15 Jan 2021 15:00:29 +0000

ETH/USD Tests 1255.46 Technical Resistance: Sally Ho’s Technical Analysis 15 January 2021 ETH

Ethereum (ETH/USD) drifted lower early in today’s North American session as the pair came off to the 1193.55 area after trading as high as the 1255.59 level during the Asian session, with the intraday high representing a test of the 78.6% retracement of the recent depreciating range from 1350.88 to 905.00.  Traders drove ETH/USD as low as the 1174.06 area during the European session, with that intraday low representing a test of the 50% retracement of the recent appreciating range from 1058.32 to 1291.94.  An important technical level that chartists are watching is the 37249.25 area, representing the 23.6% retracement of a broader appreciating range from 21913.84 to 41986.37.  If ETH/USD is able to extend its recent comeback further, some immediate area of potential technical resistance include the 1381.031439.981582.86, and 1665.31 areas.  If ETH/USD weakens and returns to its pullback lowerdownside retracement areas and additional levels of potential technical support include the 976.37954.16941.22917.03915.48902.24895.33869.22860.69856.83844.44831.94828.97812.73783.02770.03763.66750.28745.01, and 723.97 areas. 

During ETH/USD’s recent move higher to multi-year highsStops were recently elected above the 1072.781133.441163.931176.281225.30, and 1230.73 areas, and selling pressure intensified below these areas during the pullback.  Notably, these levels represented technically significantupside price objectives related to historical buying pressure around the 215.16625.01370.50480.08530.32, and 310.79 areas.   Strong Stops were also recently elected above the 819.23877.81, and 879.23 levels during the sharp climbupside price objectives also related to previous buying activity around the 625.01 and 530.32 areas, and traders are curious to see how price activity reacts around these 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 bearishly indicating below the 200-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 1170.00 and the 200-bar MA (Hourly) at 1170.62.

Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.

Technical Resistance is expected around 1381.04/ 1419.96/ 1439.98 with Stops expected above.

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

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

                                                                                                                                                                     

Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Title: ETH/USD Tests 1255.46 Technical Resistance: Sally Ho’s Technical Analysis 15 January 2021 ETH
Sourced From: cryptodaily.co.uk/2021/01/eth-usd-tests-1255-technical-resistance-sally-ho-technical-analysis-15-january-2021-eth-ethereum
Published Date: Fri, 15 Jan 2021 15:00:26 +0000

Did you miss our previous article…
https://naminco.ca/gemini-to-introduce-charge-card-with-crypto-back-rewards-following-blockrize-acquisition/

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