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#Bitcoin going as it predicted and rejected the strong resistance area. Currently, price falling lower and might make a new lower low by this weekend. The other possibility can be a new consolidation will be created as we have some high volatile news this week.
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What is Hashed TimeLock Contract (HTLC) ?
The term Hashed TimeLock Contract (HTLC) refers to a special feature that is used to create smart contracts that are able to modify payment channels. Technically, the HTLC feature enables the implementation of time-bound transactions between two users. In practice, the recipient of a HTLC transaction has to acknowledge the payment by submitting a cryptographic proof within a specified timeframe (number of blocks). If the recipient forfeits or fails to claim the payment, the funds will be returned to the original sender.
The HTLC feature is applied in both bidirectional and routed payment channels to allow the secure transfers of funds over various channels, without requiring trust on any of the intermediaries.
There are two key elements which distinguish HTLC from standard cryptocurrency transactions, which are:
—> Hashlock: a function that restricts the spending of funds until a certain piece of data is publicly disclosed (as a cryptographic proof). Such proof may also be referred to as the pre-image of the hashlock. The pre-image is simply the piece of information that is used to generate the hashlock, and to later unlock its funds.
—> Timelock: is a function that restricts the spending of funds until a specific time (or block height) in the future. It can be achieved in Bitcoin, for example, using functions like CheckLockTimeVerify or CheckSequenceVerify.
The Bitcoin Lightning Network is among the most popular use cases of Hashed Timelocked Contracts. By implementing HTLC into payment channels, funds can be transacted from user to user through interconnected payment channels, without requiring any level of trust. This process is known as network routing. It allows Alice to exchange funds with Carol even if they are not directly connected through a payment channel. HTLC’s enable Alice to send her funds to Carol through other participants of the network (e.g., Bob) - and the hashlock and timelock features ensure that Bob cannot intercept the funds.
Besides being used on the Lightning Network, HTLCs can also be useful in other contexts, such as cross-chain atomic swaps, financial smart contracts and escrow, and much more.
#TOTAL MARKETCAP ANALYSIS :
#TOTAL MARKETCAP gave a fakeout of the zone major resistance area but fall back below the zone. Index forming the Head and Shoulder patterns, where breakout is pending, the range is very tight, so have an strict eye on the break of $1.122T Mark.
Here's the Analysis of #DYDX :
#DYDX is been rejected from the major resistance zone of $2.219 - $2.239 and also slides below the strong level of $2.03 - $20.3, which will act as strong resistance. Price has the higher probability to mover lower till major support zone of $1.80 -$1.82.
What is Beacon Chain ?
The Beacon Chain is Ethereum’s proof-of-stake (PoS) layer where consensus is reached. It controls and coordinates the network of Ethereum stakers who help validate and secure the network in exchange for staking rewards.
The Beacon Chain went live on December, 2020 and is the first in a series of major upgrades (previously collectively known as Ethereum 2.0) to increase Ethereum’s ability to handle transaction loads more sustainably.
Although the Beacon Chain (previously known as Eth2) is an independent layer that runs parallel to Ethereum’s execution layer (previously known as Eth1), it will soon be connected to the Ethereum mainnet in an event known as The Merge.
Post-merge, Ethereum’s consensus mechanism will permanently shift from proof-of-work (PoW) to PoS. If you are interested in validating the Beacon Chain, you can do so by staking your ether (ETH). As a validator securing the network, you will be in charge of storing data, processing transactions, and adding new blocks to the blockchain.
The ecosystem moving away from mining new blocks means Ethereum miners will eventually become obsolete. Additionally, tokens will no longer be issued in the form of mining rewards, leading to a projected net reduction in ETH issuance of almost 90%.
The Beacon Chain has set the stage for the following scaling solutions: The Merge, The Surge, The Verge, The Purge, and The Splurge. This set of solutions is designed to tackle the Scalability Trilemma proposed by Ethereum founder Vitalik Buterin.
The trilemma suggests that a blockchain can satisfy only two out of three of its fundamental principles — security, scalability, and decentralization. A series of upgrades has been postulated to help Ethereum support a larger transaction load by increasing transaction throughput without compromising security or decentralization.
#OP is been breakout of the resistance area and go as expected. If you followed the plan then trade peaked around 9% in profits. Price is retesting the zone as support zone and might bounce from here. Well, we might see a final push till Strong Resistance Zone.
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Here's the Analysis of #CAKE :
#CAKE is been for a long symmetrical triangle pattern after a heavy crash. Price is kinda consolidating failed to breakout of the pattern and move towards the apex. Well, wait for a breakout to happen to see, and price already rejected the area and fall lower.
the divergence within the whale cohort, we can observe changes in the supply owned by each sub-cohort over the last 30-days:
🔴 Whales with >100K BTC have seen a balance increase of +6,600 #BTC.
🔵 Whales with 10,000 -100,000 #BTC have reduced their balance by -49,000 #BTC.
🟢 1k-10k Whales have seen a balance increase of around +33,800 #BTC.
#Bitcoin Sustaining above the $29,000 level mark and is been ranging below the resistance. Well, that's kinda accumulation and a breakout will decide the next move in the market. Weekly, candle closed strong bearish, so you the probability in favor.
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Here's the Analysis of #STROJ :
#STORJ is been ranging over the strong support zone of $0.268 - $0.283 and Build-up a resistance around $0.317 - $0.326. Well, market is kinda choppy and after the huge rally up so market is in bit indecision. Wait for a breakout of the mentioned zone, so we'll look for opportunities.
By excluding Exchanges from the data, we focus on transactions solely between Whale entities and exchanges. The chart illustrates that the total balance of Whales has decreased by 255,000 #BTC since 30th May.
This decline marks the most significant monthly decrease ever recorded, amounting to -148,000 #BTC Per month. It suggests notable changes are occurring within the #Bitcoin Whale group, warranting further investigation.
#BITCOIN WEEKLY UPDATE :
#BITCOIN on Weekly, goes on the same direction as expected and falling. Well, We'll have clean traffic to the left move, and we already told that market show some bearishness. Well, Today is Weekly Candle closing, and keep an eye on it as closing below $29,500 will lead in further drop.
Guys our posting bot malfunctioned in today's Kucoin signal and was not able to send our coin link in all our telegram and discord groups which heavly effected our volume and gains in today's call.
We deeply apologize for this inconvenience and in return, you can be assured that the next pump will be dedicated for our members. you can be sure the next pump we do will have much greater results, and that every single person in our group will be able to make a good amount of profit, Stay tuned for the official announcement.
Hold on tight, we’re about to go much higher!!
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The coin we have picked for today's Mega Pump Signal is: VERSE
https://trade.kucoin.com/VERSE-USDT
Buy and hold for massive profits
#ETH Analysis :
#ETH is been rejected hard from the major resistance zone of $1999 - $2019 and bouncing off the strong support zone of $1816 - $1828, where it cloud continues to play off. There's a top resistance line, which will decide the next direction. Eyes on Breakout only
During the recent rally, whale inflow volumes to exchanges picked up quite significantly, hitting +16,300 #BTC Per day. This is a whale dominance of 41% of all exchange inflows, which is comparable to both the #LUNA crash (39%) and the failure of #FTX (33%).
Whenever there's a huge inflow, we can see some huge moved in the market.
#Bitcoin made a pullback a bit deeper back to the strong resistance zone and kinda getting rejected. Well, its a decisional point but probability for going lower is high at this point.
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Since the aggregate balance change is relatively flat, yet there are significant changes taking place both internally and via exchange flows, it is highly possible that these whale entities are moving funds internally. We will refer to this as ‘Whale Reshuffling.’
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And We Predicted it right, #Bitcoin gave a break below of the zone few hours back and might continue pushing lower after a retest back to the zone. Overall, expectation is price to reach around the support zone of $28,160 -$28,200.
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What is Atomic Swap ?
An atomic swap is a cryptographic technology that enables the direct exchange of one cryptocurrency for another without the need for an intermediary, such as a centralized exchange. It allows users to swap assets between different blockchain networks securely and trustlessly.
In a traditional cryptocurrency exchange, users must send their funds to the exchange's wallet and trust the exchange to hold and manage their assets during the trading process. Atomic swaps, on the other hand, use smart contracts and time-locked transactions to ensure that both parties involved in the swap fulfill their obligations simultaneously.
The process of an atomic swap typically involves the following steps:
1. Initialization: Two parties agree to perform a swap and create a multi-signature smart contract that locks their respective funds.
2. Verification: Each party verifies the transaction details and ensures that the contract adheres to the agreed-upon terms.
3. Execution: The swap is executed by revealing the necessary secrets or private keys, enabling both parties to claim the funds from the smart contract.
4. Completion: Once the swap is successful, both parties receive their newly acquired cryptocurrencies without the need for a centralized intermediary.
Atomic swaps are often used for cross-chain swaps, allowing users to exchange different cryptocurrencies that exist on separate blockchain networks. This technology enhances the decentralization and privacy of cryptocurrency trading, as it eliminates the need to trust third-party exchanges with user funds.
#BTC.D (#Bitcoin Dominance) Nearly Rejected from the resistance area nd getting back to the major support zone around 48.65% - 48.85%. In this scenario, alts needs to fly but #BTC also came down with it. Now, altcoins looking not good until #BTC breaks and Dominance needs to break below the major support too.
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Curve Finance Pool Exploited
Several pools using the Vyper compiler have been drained
More than $24 Million has disappeared so far
The Cup and Handle pattern is a bullish technical formation. It is recognized as a continuation pattern, signaling a potential upward trend after a temporary consolidation phase.
The pattern consists of two main components: the cup and the handle. The cup is formed by a gradual price decline followed by a rounded bottom, resembling a cup or bowl shape on the chart. This represents a period of accumulation and a shift from selling to buying pressure.
After the cup is formed, a shallower price correction occurs, known as the handle. The handle is a short-term consolidation period, indicating a pause in the price action before a potential breakout.
Once the handle is complete, and the price breaks above the handle's resistance level, it signals a potential uptrend, and traders often interpret it as a bullish signal to enter a long position. It target is estimated by measuring distance from the cup's bottom to the handle's resistance and projecting it upward from the breakout point.
#OP is trying to break out of the zone and plan will remain the same as mentioned. Wait for a closing above the zone, but market is weakening so risk it accordingly.
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Here's the Analysis of #XLM :
#XLM is been took a multiple rejection from the major resistance zone of $0.1666 - $0.172 and made a symmetrical triangle pattern. Price broke the pattern and but still getting rejected from it. So, its better to wait for the price to flip above the zone or a aggressive sells from $0.155 is good.
5 minutes left! Remember to have your trading pin ready if you have to input one. The next message will be the coin to buy
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