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Approximately 780K #Bitcoin, which accounts for about 4.6% of the total circulating supply, has been acquired at the current spot price of approximately $26,800.
The significant concentration of Bitcoin within this particular price range means that any movement, whether up or down, would result in a considerable number of coins shifting into positions of profit or loss. This emphasizes the heightened sensitivity of our current situation.
#Bitcoin is been pushed back to the strong resistance area and rejected hard from there and again approaching towards the strong support zone of $26,500 - $26,570. Already, mentioned its a Consolidation, and price to following it up only. Wait for a breakout 📈📉
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What is Fork in Crypto ?
a #Fork refers to a significant change or divergence in the protocol of a blockchain network. It is a term used to describe the splitting of a #blockchain into two separate paths, each following its own set of rules.
There are two main types of forks: hard forks and soft forks.
#Hard Fork: A hard fork involves a substantial change in the protocol that is not #backward-compatible. It creates a permanent #divergence in the blockchain, resulting in two separate chains. #Nodes or participants who do not upgrade to the new protocol will continue to follow the old chain, while those who adopt the changes will follow the new chain. Hard forks often lead to the creation of new #cryptocurrencies with their own separate blockchain.
#Soft Fork: A soft fork, on the other hand, is a backward-compatible upgrade to the #protocol. It introduces changes that are compatible with the #existing rules, allowing nodes that have not #upgraded to continue validating transactions on the updated blockchain. In a soft fork, the blockchain remains as a single unified #chain, but nodes that have upgraded will enforce additional rules.
#LINA Goes in our direction as predicted, short-sells working great, Position moving in 12.8% in profit, so do secure some positions. Price breaking below the strong support zone, and if Daily Candle Closed below it, then we can see price continue pushing down.
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Here's the Analysis of #ACH :
#ACH is been trending inside the Rising Wedge Pattern and Rejected from the Strong Resistance Zone of $0.0305 - $0.0311. Price Action looks very messy at the point, kinda formed the Consolidation Range. We need to wait for a breakout of the Strong Resistance area or Rising Wedge Pattern.
Under the present #market circumstances, Bitcoin miners continue to be profitable, earning a total revenue of $24.1 Million from block subsidies and transaction #fees. With an estimated production cost of $19.1 Million, they achieve a net profit of $5 Million.
With the Previous Data, #Miners Remains Profitable and Kinda Hodling the Coin, Which Eventually, reducing the Fresh Supply in the Market.
#BITCOIN Daily TF ANALYSIS :
#BITCOIN on Daily TF, creating the Falling Wedge Pattern and lying the support zone of $27,000. It quite creating a consolidation range above it, and a breakout is needed to next impulsive move in the market. As per market structure, its trending bearish, so a flip below will be the High Probable for it.
How to Trade Crypto Responsibly
Trading responsibly should be your top priority when buying or selling crypto. Much of trading responsibly comes from proper planning. Creating a trading plan can help keep you accountable for your actions later on.
No matter how much you’re trading, it’s best practice to make sure you’re doing so responsibly. With simple tips and methods, you can reduce unnecessary risks and make sure you’re only trading what you can afford to lose.
1. Create a trading plan
-> The best way to not let your emotions interfere with your trading is to create a plan and stick to it. This way, sudden gains, losses, rumors, or FUD can’t disrupt your decision-making
2. Use stop-limit orders
-> You can easily use stop-limit orders on Binance for greater control over your trading. You can’t always be at a screen 24/7, and with crypto being so volatile, you can be left with unexpected losses.
3. Diversify your portfolio
-> You should cover portfolio diversification to reduce your risk. Holding just one or two assets in your portfolio tends to be riskier. As such, you can diversify your holdings by investing in different assets across multiple asset classes.
#LINA gave a strong push above the resistance area but rejected hard. If you took aggresive entry then good for you. Eventually price break the zone and you can wait for a retest to happen back to zone as support for buys.
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Here's the Analysis of #LINA :
#LINA is been trending heavily bullish, with the other coins and flipped above the major zone around $0.0199 - $0.0203, which tested as major support. Currently, price formed a new range between the structural resistance $0.0245. Nothing as of now, until price drop till major support for flips above the Resistance area.
Based on this observation, we can see that spending by long-term holders (#LTHs) has been minimal in recent weeks but has slightly increased during this #correction. The indicator shows that out of 7 Days, 4 days indicated a net divestment by LTHs, which is comparable to the level seen during exit liquidity events earlier this year.
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#BTC rejected the zone very precisely and reached nearly the zone, which was anticipating. It now a big range to deal with, so structure is bearish, so overall probability will on sell-side or It can create a consolidation range here.
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#Trading Tip
Always, analyse the Market Sentiments or Price Action, not what You think or your instict says
What does that means ?
This means, you've to identify your potential of analysis that needs to be or S.O.P (Standard Operating Procedure) before just clicking Buy and Sell Button.
Market Sentiment may differ with Price Action, might differ with your opinion but you should always trust you Analysis and believe in what candlestick/ chart says.
Use stops and Take Profits at logically area, not on the basic on some Random/ Round Numbers or some magical number.
There's will be sometime, where its misses or not working and thats fine, as it's the part of the Trading but follow the plan
#FIL Rejected from the Major Resistance zone but still strong enough to consider it bullish. A Break below of the $4.60 in 4H TF (least) is required for short-sells.
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What is #DeFi ?
#DeFi, short for Decentralized Finance, refers to a category of financial applications and platforms built on #blockchain technology. It aims to recreate traditional financial systems and services, such as lending, borrowing, trading, and investing, in a #decentralized and permissionless manner, without the need for intermediaries like banks or #financial institutions.
In #DeFi, smart contracts are used to automate and execute financial transactions, allowing users to interact directly with the protocol using their digital assets. This eliminates the need for traditional intermediaries, reduces costs, and provides greater accessibility and financial inclusivity.
Key characteristics of #DeFi include open and transparent protocols, #permissionless access, composability (the ability to combine different #DeFi protocols and services), and the use of cryptocurrency or digital assets as #collateral or means of exchange.
#DeFi has gained significant popularity and growth in recent years, offering users opportunities to earn passive income, participate in #yield farming, access decentralized exchanges, and engage in other #innovative financial activities within the cryptocurrency #ecosystem.
#BTC.D (#Bitcoin Dominance) trending lower with the #Bitcoin down-move, which compensated the Altcoin movement. Index Rejected from the Major Resistance Area around 48.65% and might reach the support around 47% and lower. We can see Altcoin short-term movement, if #BTC sustain above the $27,600 Support.
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Here's the Analysis of #LINK :
#LINK is been in a consolidation Range like a month now, and moving inside the channel pattern. The Support Zone is at $6.243 - $6.302 and Resistance is at $6.757 - $6.817. Nothing Fancy Now, wait for a Breakout of the range, or either test the Resistance for Shorts.
SAND is been given a Daily Candle Close above the Channel Pattern but Breakout was not so strong. Buyers confidence looks good, We need to see a flip above a resistance around $0.587 for long positions.
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#BITCOIN WEEKLY UPDATE :
#BITCOIN on Weekly TF closed the Candle Bullish and Nearly gone to our mentioned level. Price Rejected from there and Kinda closing with Strong Bearish Volume. Price still hodling above the support zone from Daily TF. A closing within the Zone will continue the range and a breakout is needed to be seen, for the next potential move.
What is Double Spending ?
Double spending is a term used in the context of cryptocurrencies, particularly Bitcoin, to describe a fraudulent action where the same digital currency is spent more than once. In a decentralized and distributed network like Bitcoin, transactions are validated and added to the blockchain through a process called mining. Double spending occurs when someone successfully spends the same Bitcoin or cryptocurrency token in multiple transactions, effectively creating counterfeit money.
To prevent double spending, cryptocurrencies employ consensus mechanisms like Proof of Work or Proof of Stake, which require miners or validators to solve complex mathematical problems or stake their own cryptocurrency as collateral. These mechanisms ensure that transactions are verified and recorded in a secure and immutable manner, making it extremely difficult for someone to spend the same funds twice.
Double spending is a serious concern in digital currencies, and the robustness of the underlying consensus mechanism is crucial in preventing such fraudulent activities and maintaining the integrity of the cryptocurrency network.
#LINA is been is trying to break- below of the major support area and price doesn't give any reaction for buys too. Now, if Daily Candle trying to close back inside it, and can be, the potential opportunity for shorts.
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Here's the analysis of #SAND :
#SAND is been trading inside the large downtrend channel pattern and currently testing the resistance line of that channel. Also, price trading above the support zone of $0.512 - $0.527, so potential buy setup will form after break of the channel and a flip below will open the short-sell opportunity.
We can see that the #Investor Price model was briefly intersected during the March 2020 #sell-off, and is currently trading at $17.65k. With Investor Capital #MVRV currently at 1.58, it falls within a very similar #equilibrium range to the 2019-20 mini-market cycle.
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#Bitcoin rejected the support zone again, making it more stronger and high liquidity area. Price now created a consolidation ranger tested the 4H Resistance and resistance around $27,340.
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What is Patoshi and Patoshi Miner ?
#Patoshi is a term used to refer to the early #Bitcoin mining activity that is believed to be conducted by #Satoshi #Nakamoto, the mysterious creator of #Bitcoin. It is named after the combination of "Satoshi" and "Patoshi pattern." The Patoshi Miner, on the other hand, specifically refers to the entity or entities responsible for this early mining.
The #Patoshi Miner is believed to be Satoshi Nakamoto or a closely associated entity, based on the analysis of the mining patterns observed in the early blocks of the Bitcoin blockchain. #Researchers have discovered a distinct pattern in the #nonces (a number used only once) used by this miner, indicating their #unique mining behavior.
The Patoshi #Miner is significant because they are presumed to have accumulated a substantial #number of bitcoins during the early stages of #Bitcoin's existence. Their mining activities have provided insights into the distribution of early Bitcoin blocks and have been the subject of analysis and speculation within the cryptocurrency community.
However, it is important to note that the true identity of the Patoshi Miner and Satoshi Nakamoto remains #unknown. The attribution of mining activity to Satoshi Nakamoto is based on #pattern analysis and circumstantial evidence, and the mystery surrounding their identity continues to captivate the #crypto world.
#ICP gave a break below of the zone which was the potential setup for us. If you took short-sells then trade peaked nearly 6% in profits. Make the position Breakeven as major support is yet to be broken and might reject it.
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Here's the Analysis of #MAGIC :
#MAGIC is been broken the support zone turning it into resistance around $0.9444 - $0.957. Price is expected to reject this area and fell lower, nearby Trendline or lower. Use can use this opportunity with small/low risk.
Before reaching the all-time high (#ATH), long-term holders undergo a period of re-accumulation, with a relatively stable or slightly increasing #supply held. When the market surpasses the previous #ATH, there is a #strong motivation to spend, leading to a sharp #decrease in long-term holder supply as #coins are transferred to new buyers at higher prices.
This pattern has been observed during the 2022 #bear market, highlighting the resilience of #BTC holders in the face of significant #volatility.
#Bitcoin didn't formed any Support and Daily TF and Started pushing lower. Price break below the support area, and kinda making messy price action, just moving back and forth of the area,. This might turned it into the fake-out and test the lower support around $26,570.
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