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#BITCOIN WEEKLY UPDATE :
Now its worth noting that, #BTC started pushing lower, and Weekly Candle creating Lower lows. Mid-term view will be, price reaching towards the support zone of $24,600 - $24.150. So, Daily is also bearish, so looking for the down move till there.
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#KAVA is been on the support zone and formed the Bear Flag formation. Price already gave a breakout of the zone pattern and did a retest of it. Anticipating. price to continue pushing lower and break-below the Daily Support.
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#BTC still moving inside that area and kinda resistance zone standing strong around $26,000. Price is very corrective in nature, so continuous rejection is still expected. A breakout of $26,000 or $25,500 is need to see any Impulse move.
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Here's the Analysis of #TOMO :
#TOMO is been trending higher high irrespective of market conditions and get a solid rejection over the strong resistance area of $1.749 - $1.789 and $2.511 - $2.603. Price is hodling above the structural support at $1.225 and Strong resistance too. Its likely to wait for the price to reach any level to take setups.
#Bitcoin holders continue to accumulate coins, undeterred by challenges. They are acquiring around 37,400 #BTC per month, showing their strong commitment to long-term investment.
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#BTC took a retest back to the resistance zone around $26,000. Price tapped and rejected but also kinda ranging in between. Well, we can see similar thing happened in the past and need to see strong breakout.
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What is 51% Attack ?
A 51% attack is a cybersecurity threat that can occur in blockchain networks. It involves an individual or a group gaining control over more than 50% of the total mining power in the network. With majority control, the attacker can manipulate the blockchain by creating an alternative chain of blocks. This allows them to engage in activities like double spending, where they can spend the same cryptocurrency multiple times. By creating a longer private chain, the attacker can invalidate previously confirmed transactions and disrupt the network's normal functioning.
During a 51% attack, the attacker can also manipulate consensus rules by modifying or excluding transactions from blocks. They can prioritize their own transactions, censor specific transactions, or even create new transactions that were never originally made. This can lead to network disruptions, loss of trust, and financial losses for participants relying on the blockchain.
However, conducting a 51% attack is not easy. It requires significant computational power and resources, making it more feasible in smaller or less secure blockchain networks. Well-established networks with a large number of participants and a high level of decentralization, like Bitcoin, are more resistant to such attacks.
While a 51% attack remains a known vulnerability, it is important to note that they are relatively rare and are primarily associated with smaller cryptocurrencies or less secure networks. The broader cryptocurrency ecosystem continues to evolve and implement measures to enhance security and mitigate the risks of such attacks.
#BTC smashed down after the long consolidation and given a break-below of the support. Meanwhile Daily Candle isn't closed yet, so it might reject the structural support zone. Overall, anticipating the a retest back to $26,000 for continue pushing lower.
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What are the Disadvantages of Using CEX ?
1. Centralized Control: CEX platforms are operated by centralized entities that have control over user funds and trading activities. This means users must trust the exchange to handle their assets securely and fairly. Centralized control can make CEX platforms vulnerable to hacking, theft, or internal malpractices.
2. Privacy Concerns: When using a CEX, users are often required to provide personal information and complete Know Your Customer (KYC) procedures. This can raise privacy concerns as users' personal data is stored and potentially shared with third parties, making them susceptible to surveillance or identity theft.
3. Counterparty Risk: CEX platforms act as intermediaries in trades, matching buyers and sellers. This introduces counterparty risk, as users must rely on the exchange to execute trades and process withdrawals. If the exchange faces technical issues, financial difficulties, or becomes insolvent, users' funds could be at risk.
4. Limited Control Over Private Keys: In most CEX platforms, users do not have direct control over their private keys, which are essential for accessing and managing their cryptocurrencies. This lack of control means users are dependent on the exchange's security measures and may face challenges in recovering their funds if the exchange experiences issues.
5. Limited Transparency: CEX platforms operate under their own rules and policies, which may not always be transparent to users. Price manipulation, trading restrictions, or sudden policy changes can occur without prior notice, potentially impacting users' trading strategies or investments.
6. Market Manipulation: Due to the centralized nature of CEX platforms, they can be susceptible to market manipulation. This includes practices such as fake volume reporting or insider trading, which can distort market prices and harm unsuspecting traders.
It's important for users to carefully research and choose reputable CEX platforms that prioritize security, transparency, and user protection. Additionally, individuals who prioritize self-custody and control over their assets may consider using decentralized exchanges (DEX) as an alternative option.
#LINA continues to push lower and lower, made a low of $0.0118, which is 37.8% in profits. Price reached the support area on Daily TF, which might might result in pullback. It better to close the position.
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#BITCOIN Daily TF UPDATE :
#BITCOIN on Daily TF, flipped below the zone as mentioned and price sustaining below it too. Still, price moving inside the falling wedge pattern and needed a strong breakout. As of now, #BTC below $26,700 (~$27,000) can be seen as bearish
What are the Benefits of Using CEX ?
There are several benefits to using Centralized Exchanges (#CEX) in the cryptocurrency space:
1. Liquidity: #CEX platforms typically have higher #liquidity compared to decentralized exchanges. This means there is a larger #pool of buyers and sellers, making it easier to execute trades quickly and at desired prices.
2. User-friendly Interface: #CEX platforms are often designed with a #user-friendly interface, making them more accessible to newcomers in the cryptocurrency space. They provide intuitive trading features, #charts, and order books that are easy to understand and navigate.
3. Security Measures: #CEX platforms implement various security measures, such as two-factor authentication (#2FA), encryption, and #cold storage for user funds. This helps protect against hacking and theft, giving users peace of mind when storing their assets.
4. Wide Range of Cryptocurrencies: CEX platforms typically offer a wide selection of #cryptocurrencies for trading. They list popular coins as well as newly launched tokens, giving users a broader range of #investment options.
5. Fiat-to-Crypto Support: Many CEX platforms support fiat currency #deposits and withdrawals, allowing users to easily convert between #cryptocurrencies and traditional currencies like #USD, #EUR, or #GBP. This makes it convenient for users to enter or exit the crypto market using their local currency.
6. Customer Support: CEX platforms often provide customer support #services to assist users with any issues or inquiries they may have. This can include live chat, email support, or dedicated support #tickets to address user concerns promptly.
It's important to note that while CEX platforms offer advantages in terms of liquidity, user-friendliness, and security, they also require users to trust a centralized entity with their funds. Decentralized exchanges (#DEX) provide an alternative option for those who prioritize self-custody and control over their assets.
Recent #stablecoins capital outflows are driven primarily by the second (#USDC), and third (#BUSD) largest assets, seeing supplies fall in 2023 by -$15.7B and $-11.5B, respectively. #USDT has absorbed a significant proportion of these flows, pushing to a new #ATH supply of $83.1B.
It is likely that this reflects a geographical divergence, with #US regulated entities historically having expressed a preference for #USDC over #USDT.
#BTC got into low volume now, after getting rejected from the resistance zone. Price reaching the support area as usual, a part of the consolidation. Price kinda moving in a tight channel pattern and gave a break. Nothing can be done here, unless price breakout of the range.
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Here's the Analysis of #MATIC :
#MATIC is been dropped hard with the other altcoins and reached the support zone of $0.520 - $0.534 and currently, is being on correction phrase. Price formed the resistance on 4H TF and might continue to push down. For shorts, it better to wait for the price to break below $0.613. For buys, it would be risky at this point, but it will be above $0.656.
Benefits of Using #DEX
Using a decentralized exchange (DEX) offers several benefits:
1. Control: DEXs allow users to retain full control of their funds and private keys. There is no need to trust a centralized entity with custody of your assets, reducing the risk of hacks or theft.
2. Security: DEXs are built on blockchain technology, which provides a high level of security through cryptographic protocols. Transactions on DEXs are typically executed directly on the blockchain, reducing the risk of manipulation or fraudulent activities.
3. Privacy: DEXs often prioritize user privacy by not requiring personal information or conducting extensive KYC (Know Your Customer) procedures. Users can trade and interact with the DEX platform while maintaining their anonymity.
4. Transparency: DEXs operate on public blockchains, allowing users to verify and audit transactions independently. All transactions and smart contract operations are recorded on the blockchain, providing transparent and tamper-proof information.
5. Liquidity: Many DEXs leverage liquidity pools and automated market-making algorithms, which can enhance liquidity and enable efficient trading without relying on traditional order books.
6. Global Accessibility: DEXs are accessible to anyone with an internet connection, regardless of geographical location. Users from different countries can participate in decentralized trading and benefit from a more inclusive financial ecosystem.
7. Reduced Fees: DEXs often have lower fees compared to centralized exchanges since they eliminate intermediaries and associated costs. Users can save on trading fees and enjoy more cost-effective transactions.
Over the past week, there has been a notable movement of #Bitcoin coins from #Miners to Exchanges, with the largest amount reaching $70.8M.
This represents the third largest $inflow in history, falling $30.2M short of the highest recorded inflow of $101M observed during the main bull market of 2021.
Binance Margin Will Delist the BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD & STRAX/BUSD Isolated Margin Pairs
https://www.binance.com/en/support/announcement/binance-margin-will-delist-the-bnt-busd-cvx-btc-pols-busd-powr-busd-stpt-busd-strax-busd-isolated-margin-pairs-cd599a0f00004f399b03b8077788e39c
What is #DEX ?
A #DEX, short for Decentralized Exchange, is a type of cryptocurrency exchange that operates on a #decentralized network, such as a blockchain. Unlike traditional centralized exchanges that rely on a central #authority to facilitate transactions, DEXs enable peer-to-peer trading directly between users. They typically utilize smart contracts and decentralized #protocols to execute trades in a secure and transparent manner.
#DEXs offer several advantages over centralized exchanges, including increased #privacy, reduced reliance on intermediaries, and greater control over one's funds. Since transactions occur directly between #users, there is no need for a centralized party to hold and manage user funds. This enhances security and eliminates the risk of #hacking or theft associated with #centralized exchanges.
DEXs also promote the principles of decentralization and censorship resistance, aligning with the ethos of cryptocurrencies. By leveraging blockchain technology, DEXs enable users to trade digital assets while maintaining ownership and control over their private keys.
Examples of popular DEXs include #Uniswap, #SushiSwap, and #PancakeSwap, each operating on different blockchain networks such as #Ethereum and #Binance Smart Chain.
Thats massive sell-off in #ALGO, price did retraced and continued push lower as mentioned. Price nearly tapped into the zone and dropped hard. There's no further data back in different exchanges so better wait for the potential short, rather than buys.
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Here is the analysis of #EOS:
Price broke the descending triangle with the big red candle. There may be a possible retest of the $0.817-$0.833 level and this is the zone for short selling. Wait for some time for better opportunities.
#KAVA did gone according our plan, Price gave a close below of the zone and made a low of $0.763, making around$17.3% in profits. Price reached the bottom of the zone area and best time to sure maximum position here. If daily candle close below, it then we'll try to potential scale-in.
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Here's the Analysis of #KAVA :
#KAVA took a solid rejection over the major resistance zone of $1.195 - $1.275 and kinda ranging the zones. The strong support level is around $0.423 - $0.512 and there's a in-between support level zone of $0.759 -$0.826. Currently, price doesn't looks good enough too buys, and for impulsive shorts, below $0.923 looks good.
#Binance continues to experience #Bitcoin net outflows following the news of #SEC charges, recording the 8th largest net #outflow on record of -14,000 #BTC.
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#Binance US suspended #USD Deposit due to conflict with #SEC
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Here's the Analysis of #ALGO :
#ALGO is been dropping hard like nothing and broke below the Major level around $0.12. Currently, price is retracing back to the zone as major resistance to continue to push lower. No sign of bulls taking control over here, so buys would be risky until price flips over the level.
#LINK made a retest back to the potential retest area and followed. Price strongly reacted over there and made a low of $5.82, which is 6.6% in profits. Move stoploss to BE or Take partial if you need. Anticipating another lower low nearby $6.00.
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Mexc Will List ADD Finance (ADD) in the Innovation Zone.
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Here's the Analysis of #APE :
#APE is been strongly reacted from the major support zone of $2.79 -$2.89 and rejected from the resistance line too. Price is again the major level and could bounced again but as per market condition it might break below it. Potential shorts below the zone, buy are risky at this point.