Oktober 2020 archive

Analysis of Bitcoin Whale Clusters points to three key levels for BTC rallying to continue

New Whalemap data reveals three groups of whales worth about US$12,000 that are expected to act as areas of support and resistance for the price of Bitcoin in the short term.

According to Whalemap, there are three large clusters of Bitcoin whales (BTC) in the short term that can serve as important technical levels. The levels of US$ 11,857, US$ 12,256 and US$ 12,868 would likely act as important areas of support and resistance.

In previous cycles, whale activity coincided with significant price movements at crucial technical levels. For example, Cointelegraph published that a whale was sold for US$ 12,000 after „HODLing“ for years. In the following weeks, BTC fell to less than US$ 10,000.

What are clusters of whales and why are they important?

Clusters of whales form when whales buy Bitcoin and do not move their BTC properties. This indicates that whales are accumulating BTC in the areas where the clusters materialize.

The largest cluster of Bitcoin whales was formed for $11,857, with the previous clusters ranging from $11,288 to $11,465. In the short term, this means that the US$11,857 is considered a large support area for whales.

Now, Bitcoin would have to stay above US$11,857 or consolidate above to see a broader recovery. The ideal technical framework for the continuation of a rally would be to stabilize at US$11,900.

After a big bump, some consolidation to neutralize the future market could make the ongoing upward trend healthier.

Since October 2, in just over three weeks, the price of Bitcoin has risen 24% against the US dollar. In the same period, gold rose slightly by 0.2%, with the BTC outperforming most risk assets and safe havens.

During most of the hike, the futures market showed negative or neutral financing rates. As such, the rally itself was not very overcrowded and is not at risk of a major setback.

Still, a corrective price movement after a month of consistent recovery can further stabilize the upward movement.

Why are whales accumulating BTC in these price bands?

Whales may have bought from the beginning of US$ 11,000 to US$ 12,000 because of the current rally context.

Technically, Bitcoin has surpassed the three-year mark, with the daily chart confirming the highest price point since January 2018. As the Cointelegraph published, Bitcoin’s daily sail has never closed above $12,900 in the last three years.

In addition to technical reasons, the perception of Bitcoin as a potential competitor against gold is also strengthening along with the fundamentals of the network. As a result, institutional demand for Bitcoin Aussie System has increased considerably, as seen by the rise of the WEC’s Bitcoin futures market.

Meanwhile, researchers at Santiment, a networked market analysis firm, point out that BTC appears to be detaching itself from other markets. Throughout the historical bullish cycles, when BTC demonstrated independent price movements, momentum was strengthened. They said:

„The BTC $ has prospered historically when its dependence on world markets, and other asset classes and industries, is minimal, and trading can operate independently without interference from non-cryptographic events such as distractions.

The confluence of BTC’s resilience above $11,900, a major whale cluster, as well as several favorable technical factors can help BTC/USD overcome several short-term bearish signals to maintain the current rally.

Singapore’s largest bank plans to launch cryptocurrency exchange

DBS, the largest bank in Singapore and even Southeast Asia in terms of assets, is planning to launch its own cryptocurrency exchange. The platform is still awaiting approval, but a lot of information has already been leaked.

Yesterday, the Singapore bank DBS accidentally revealed the home page of a platform for exchange of cryptomonnaies the DBS Digital Exchange . A lot of information was then leaked, although the exchange was not quite ready.

A spokesperson for the DBS quickly communicated on the subject, specifying:

“DBS’s plans for a digital stock exchange are still under development and have not received regulatory approval. Until the approvals are in place, no further announcements will be made. “

However, the page dedicated to the platform remained online long enough for our colleagues from The Block to retrieve all the information about it.

Singapore dollar, US dollar, Hong Kong dollar and Japanese yen will be the currencies initially supported. On the cryptocurrency side , the bank is planning markets for Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and XRP .

User assets will not be in the custody of the platform itself. DBS envisages the creation of an institutional quality depository to fulfill this mission, called DBS Digital Custody .

This new platform will also offer tokenization services, in particular by allowing companies to raise funds by issuing security tokens .

A platform that deviates from standards

Rather surprisingly for the cryptocurrency market which is normally open 24 hours a day, trading on the DBS Digital Exchange will be disabled on weekends .

In the same vein as the stock markets, the platform will limit trading hours from 9 a.m. to 4 p.m. on weekdays.

The DBS Digital Exchange will be directly accessible to institutional investors , market makers and even financial institutions.

For retail investors, they will be able to access the platform through a DBS member body, such as DBS Vickers Securities and DBS Private Bank.

Bitcoin ha appena segnato il nuovo massimo del 2020, ma questo indicatore segnala la correzione in entrata (analisi dei prezzi BTC)

Partendo da un quadro più ampio, il prezzo di Bitcoin ha fatto una corsa notevole dall’inizio di ottobre, guadagnando quasi $ 3000 al suo valore.

Guardando il seguente grafico settimanale a lungo termine, possiamo vedere la candela verdastra di questa settimana che verrà chiusa più tardi oggi

Da un punto di vista tecnico, fintanto che il prezzo di chiusura della candela è al di sopra dell’area di $ 12,500 (massimo precedente), possiamo tranquillamente dire che BTC è su un trend rialzista sano.

Solo poche ore fa, il prezzo di Bitcoin ha registrato un nuovo massimo del 2020 vicino a $ 13.400 (su Binance Futures); tuttavia, la criptovaluta primaria non poteva reggere, e rapidamente crollò a $ 12.700 nel giro di un’ora.

Guardando il grafico a breve termine, quello a 4 ore, possiamo identificare una divergenza ribassista sull’RSI . Questo è un modello ribassista e potrebbe indicare che il potere d’acquisto sta svanendo.

Ciò accade quando il prezzo passa attraverso un massimo più alto, ma l’indicatore RSI sta facendo l’opposto e sta attraversando un massimo più basso.

Un altro segno preoccupante è il volume degli scambi. Dal suo picco di volume il 20-21 ottobre, quattro giorni fa, il volume degli scambi è diminuito anche se il prezzo di BTC era effettivamente aumentato.

Supporto BTC e livelli di resistenza da tenere d’occhio

Come accennato in precedenza, se BTC dovesse correggere, il primo importante livello di supporto si trova ai livelli attuali intorno a $ 12,9 – $ 13K. Se Bitcoin si rompe qui, il primo livello significativo si trova a $ 12.700, seguito dal precedente massimo del 2020 da agosto a $ 12.400 – $ 12.500.

Dal lato rialzista, se Bitcoin detiene i $ 13.000, i primi livelli di resistenza si trovano a $ 13.200, seguiti dal massimo di oggi intorno a $ 13.400. Bitcoin cercherà di rompere il massimo del 2019 da giugno, a circa $ 13.880.

Bitcoin Difficulty Ribbon Could Indicate Dreigend Prijsverhoging

Er zijn verschillende on-chain metrieken die gebruikt kunnen worden om de toekomstige prijsactie van Bitcoin te voorspellen door te analyseren wat er in het verleden is gebeurd. Een daarvan heet het moeilijkheidslint, en het is net voor het eerst sinds maart uit de groene koopzone gebroken in termen van compressie.

De metriek werd gerapporteerd door analytics provider Glassnode, die er aan toevoegde dat deze historisch gezien gekenmerkt werden door een positief momentum dat duidt op aanzienlijke prijsstijgingen. Crypto Cash Difficulty Ribbon Compression is trending up en brak voor het eerst sinds maart uit de groene koopzone.

Historisch gezien worden deze periodes gekenmerkt door een positief momentum dat wijst op significante prijsstijgingen van $BTC.

Historisch Bitcoin-koopsignaal

Het Bitcoin-moeilijkheidslint is gemaakt door chartiste Willy Woo. Het bestaat uit eenvoudige bewegende gemiddelden van de moeilijkheidsgraad van het netwerk, waardoor de snelheid van de verandering van de moeilijkheidsgraad gemakkelijk te zien is. Periodes van hoge lintcompressie, zoals de huidige situatie, zijn historisch gezien goede koopmomenten geweest.

Er zijn verschillende significante prijsstijgingen geweest gedurende de levensduur van Bitcoin die volgden op het uit de groene zone breken van deze lintcompressie. De meest recente was rond april 2019 toen de BTC-prijzen stegen van minder dan $5.000 tot meer dan $13.000, slechts drie maanden later.

Er werd ook vastgesteld dat er een enorme divergentie was in de moeilijkheidsgraad van de lintcompressie en de Bitcoin-prijs in de afgelopen zes jaar. De grafiek heeft echter een logaritmische prijsgrafiek gebruikt, die deze anomalie kan hebben veroorzaakt.

Bitcoin’s hasjlint is een vergelijkbare metriek, en CryptoPotato meldde dat het koopsignaal al in juli knipperde. In de vijf weken daarna schommelde de BTC-prijs met 34% om in 2020 hoog te worden.

BTC Prijsactie-update

Kijkend naar de kortere termijn, heeft Bitcoin’s prijsgrafiek zojuist weer een ‚Bart Simpson‘ patroon afgedrukt met een scherpe daling van 2,3% in iets meer dan een uur, waardoor de winst van maandag wordt weggeveegd.

De prijzen waren op het moment van schrijven hersteld tot $10.725 en het sentiment lijkt voor BTC bullish te zijn, volgens een recente opiniepeiling door analist en handelaar Josh Rager.

Wat voor soort prijzen zien we volgens u deze week met Bitcoin en de beurs?

Bitcoin handelt momenteel op het 50-dagen voortschrijdend gemiddelde, dat op dit moment als verzet fungeert. De volgende stap daarboven is een pauze boven de $11k, terwijl aan de lage kant er sterke steun is op het $10k niveau. Analist ‚CryptoHamster‘ toegevoegd:

„Na de uitbraak werd de weerstandslijn steun. Nu wordt het getest. Als het houdt, zou het een heel mooi teken zijn. Maar het moet houden, anders is de hele groei slechts een korte knijpbeweging.“

Korte termijn grafieken suggereren dat de prijs beide kanten op zou kunnen gaan, maar langere termijn on-chain analytics, zoals het moeilijkheidslint, zijn meer bullish.

Big Tech in monopoly tactics research. How will this affect Bitcoin?

The U.S. Congress is targeting large technology companies for their business practices, while Bitcoin is looking at the possible consequences.

A 450-page report for the U.S. House of Representatives notes that Amazon, Apple, Facebook and Google all use anti-competitive tactics in their respective businesses. The research mentions monopolistic practices by the most important Bitcoin Revolution of the moment. And this could incite regulators to take action. The report is relevant, because this document in the hands of a Democratic-controlled House of Representatives could lead to new laws.

Democrats vs. Big Tech?

We well know that most employees of large technology companies tend to vote for the left. California is a predominantly Democratic state. And San Francisco in particular is a quintessential liberal city. The progressive vote overwhelmingly predominates over the conservative vote among Silicon Valley residents. In fact, Silicon Valley’s leaders are among the largest donors to the Democratic Party.

 

For many, Silicon Valley’s affinity with the Democratic Party may seem strange, because Silicon Valley’s business culture may lead one to believe that the Republican Party would be a better choice. But it’s not that simple. In fact, Silicon Valley (Big Tech in general) is a combination of different currents that does not find an exact representation in the traditional political spectrum, neither in the Democratic Party, nor in the Republican Party, nor in the Libertarian Party.

It could be said that we are before a group of „hippies“, pro-immigration, pro-capitalism, pro-business, and pro-science (millennials in their majority), who believe in competitiveness and innovation, but with the intervention and collaboration of the Government. They believe in globalization, free trade and open borders, but they are also pro-Obamacare. They believe in meritocracy, in individual creativity, but also in the common good. In general terms, this group believes that the Government should invest in its citizens (education, health, social security). But, at the same time, it must support free enterprise.

The problem with this political stance is that it still has no label. But it has found a „provisional“ home in sectors of the center-left of the Democratic Party. They are too liberal for the Republican Party and too conservative for the radical left. They cannot stand the intolerance and anti-science of the Right. But they are too pro-capitalist and individualistic to accept the radical left. Joe Biden for being a moderate is an acceptable middle ground. That’s why he finds support in Silicon Valley. Donald Trump and Bernie Sanders, on the other hand, are too radical for this group.

Of course, this group is contradictory to the three big camps. Libertarians label them pro-government progressives. Conservatives call them liberals. And the left presents them as unbridled capitalists. In other words, lacking a defined label or platform, the fate of this group is one of misunderstanding and political dislocation. Attacked by liberals, Republicans and Democrats for not having a place in the traditional political spectrum. For the moment, lacking a better option, this group is leaning toward the Democratic center.

Now, Silicon Valley will vote for the Democrats, but will the Democrats be good for Silicon Valley? Trump hasn’t been particularly good for Silicon Valley. Whenever possible, Trump has presented Big Tech as the villains of the film. Friction between Amazon and Trump has generated several headlines. But it’s all been kept to the rhetoric. The Republicans have not taken any forceful action against Big Tech. In general, Republicans avoid corporate regulation.

Here’s the great irony of it all. Because Democrats do look at regulation in a positive light. If the Democrats win Congress, we’re likely to see regulation for Big Tech. Is this good or bad? Well, it all depends on the type of regulation. There’s inadequate regulation and there’s proper regulation. But no one wants regulation designed by radicals.

The radical right defends the lack of regulation, and that has led to chaos. That is, the Big Tech do whatever they want. And that’s not good either. But, on the other hand, the radical left in its resentment can