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#Bitcoin moving with fundamental news events and the breakout turns to be a fakeout now. Price fully reversed back to the resistance area and rejected again. #BTC back in range, so lets see where the breakout would be.
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less than 40 minutes left unitill $ADD finance listing on MEXC : https://twitter.com/mexc_global/status/1666087526392803331?s=46&t=jK5Mvlh3_rd_g-TONFL7KQ
as per official announcement from ADD finance team they are going to list on one of major exchange in upcoming weeks.
The recent downward movement of #Bitcoin, from $27,300 to $25,800 (-5.8%), has resulted in a decrease in the #percentage of supply in profit from 69% to 62.5% (-6.5%). As a result, an additional 1.26M #coins have fallen into a loss position.
This is Normal Impact on the market, in this Bear Market. If price recovers, everything will be fine.
In Past 24 Hours, a Massive Liquidation Happened, which was more than $300M.
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Here's the analysis of #OCEAN :
#OCEAN is been nearly rejected from the major resistance zone of $0.442 - $0.448 and currently rejecting the support area strongly around $0.337 - $0.343 with a trendline confluence. If daily candle form support, then we can look for buys after that. Short-sell will only after the break of the zone.
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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Here's the Analysis of #OP :
#OP is kinda rejected the support zone on Daily TF around $1.36 - $1.41 and is been testing the resistance zone of $1.50 - $1.53. We need to see a breakout either side, and a flip above resistance area, will be good room for scalping.
What is Stablecoin ?
#Stablecoin are a type of cryptocurrency that are designed to maintain a stable value, usually #pegged to a fiat currency like the #US dollar. Unlike other cryptocurrencies such as #Bitcoin or #Ethereum, which can experience significant price volatility, stablecoins aim to provide stability and minimize fluctuations in value. They achieve this by backing the value of each coin with #reserves of the pegged fiat currency or other assets.
Stablecoins offer several benefits in the crypto ecosystem. They can be used as a store of value, a medium of #exchange, or a unit of account, providing stability for users and facilitating everyday transactions. Additionally, stablecoins can enable #faster and cheaper #cross-border transactions compared to traditional #banking systems.
Different types of stablecoins exist, including #fiat-collateralized stablecoins, crypto-collateralized stablecoins, and algorithmic stablecoins. Each type has its own mechanism for maintaining price stability.
Overall, stablecoins play a crucial role in the cryptocurrency market, providing a reliable and stable digital #asset that combines the benefits of cryptocurrencies with the stability of traditional fiat currencies.
#LINK did gave any breakout over the channel pattern and rejected instead. Price Broke below the support zone turning it into resistance area around $6.24 - $6.30. A retest is back zone as resistance is expected for next down move 📉
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#Bitcoin dropped hard and broke out of the consolidation range and Strong support zone too around $25,880 - $26,040. Well thats a strong breakout, so a pullback is expected till strong resistance zone to continue pushing lower.
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🚀 Hello folks keep an eye on $ADD Finance Gem! It can be next big trend setter and game changer with Defi and AI and their amazing Dapps.
Upcoming Listing
LBank - 05/06/2023 15.00 UTC
MEXC - 06/06/2023 14.00 UTC
Become Early adopters now
👇BUY on Pancake swap
https://shorturl.at/pBOVY
🗣Official Announcement LBANK : https://support.lbank.site/hc/en-gb/articles/19259129831449
🗣Official Announcement MEXC : https://twitter.com/MEXC_Global/status/1665722904867139584?t=VjO-YcQdt7x82Lt5I92FJA&s=19
We can expect another major exchange listing in couple of days. Don't miss it out😊
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.