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Sally Ho's Technical Analysis 21 February 2020 BTC ETH

Sally Ho's Technical Analysis 21 February 2020 BTC ETH

Bitcoin (BTC/USD) oscillated early in today’s Asian session as the pair orbited the 9500 area one day after suffering one of its largest hourly declines in history.  Bears pushed the pair from the 10315.00 level to the 9290.98 area in less than two hours, triggering a cascade of Stops along the way.  During periods of price consolidation such as the current phase of price activity, longer-term and broader trading ranges take on greater importance and may provide some guidance.  One such range that traders continue to monitor is the depreciation from 13202.63 to 6430.00.  Price activity has recently been traded above and below the 9816.32 area, representing the 50% retracement of this range, and the next upside retracement level in this range is the 10615.49 area, an area that traders were unable to push the pair above during its recent climb above the psychologically-important 10000 figure.

Traders are monitoring another very important range, namely the appreciation from 3128.89 to 13868.44.  Some Stops were reached above the 9765.93 area, representing the 38.2% retracement of this range.  Additionally, another very important range that traders continue to monitor is the depreciation from 19891.99 to 3128.89, an extremely broad range originating with the pair’s all-time high.    Price activity recently moved above the 9532.39 area, representing the 38.2% retracement of this range, and the next upside retracement level in this range is the 11510.44 area, representing the 50% retracementBelow current market activity, traders anticipate bids around the 9322.05, 9169.41, 8911.79, and 8739.96 areas.

Price activity is nearest the 200-bar MA (4-hourly) at 9391.16 and the 100-bar MA (Hourly) at 9844.77.

Technical Support is expected around 9370.10/ 9121.40/ 8760.28 with Stops expected below.

Technical Resistance is expected around 10534.04/ 10652.04/ 10698.24 with Stops expected above.  

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

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

 

Ethereum (ETH/USD) extended recent losses early in today’s Asian session as the pair continued to circle the psychologically-important 250.00 figure after trading as high as the 287.13 level during Wednesday’s North American session.  The markets continue to move away from its recent high around the 290.00 level and during this current consolidation phase, traders are closely monitoring the pair’s longer-term and broader price ranges.  As the market continues to retrace lower, traders are monitoring levels where buying demand could emerge, such as the 217.43 area that represents the 50% retracement of the move from 318.60 to 116.25.  Just below that area, traders will pay close attention to the 210.37 level, representing the 76.4% retracement of the move from 239.35 to 116.25

A broader range that traders are watching is the depreciation from 364.49 to 116.25, and the 211.08 area represents the 38.2% retracement of this move.  Notably, the 240.37 area is the next upside retracement level in this range, and traders will pay close attention to potential technical support around this area.  A broader range that traders are monitoring is the move from 547.57 to 80.60, and the 190.94 level represents the 23.6% retracement of this range.  The next upside retracement level in this range is the 259.09 area, and the pair recently traded below this area during the pullback lower. Below current market activity, traders are anticipating possible technical support around the 234, 230, 220, and 216 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 241.50 and the 100-bar MA (Hourly) at 265.51.

Technical Support is expected around 230.27/ 226.38/ 222.73 with Stops expected below.

Technical Resistance is expected around 296.15/ 304.10/ 312.93 with Stops expected above.

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

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

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

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

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

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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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

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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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

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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