Bitcoins are defined as a crypto currency, which is a digital currency or a currency that is virtual. You can also say that it is an online version of cash that can be used to buy goods and services. But one thing, Bitcoins are not accepted at every shop. Many countries have banned them altogether, even social media agency Dubai has also marketed the bitcoins because of its enormous favorable benefits. In actual, the bitcoins we usually see in images, are innovative. If the secret code will not be printed inside them, then they would be considered as worthless.
Let’s get deep into the workings of Bitcoins for your awareness and understanding and to answer your wished thoughts and questions.
What does Bitcoin work?
Every single Bitcoin is a computer file that is stored in a digit wallet app on a smartphone or computer. One can send you those Bitcoins from their wallets, and you can send them to others likewise. Every transaction of yours is then get saved in the public list called a block chain. It helps to get people traced and restrict them from spending extra if they are spending coins they do not own or making duplicates or undoing transactions.
How to get Bitcoins?
There are three key ways to get Bitcoins:
You can get Bitcoins by giving real cash.
You can sell things in replace to buy Bitcoins.
They can be bent through the computer system.
Creation of Bitcoins?
For the Bitcoin system works, people can make their computer method transactions for one and all. Computers can perform complicated sums. The owner can be rewarded for the Bitcoins occasionally as well. Many people used to set up powerful machines to get and try Bitcoins, which is also called mining.
Are they valuable?
In our everyday life, many things are considered valuable for transaction purposes, just like gold, diamonds other than money. Similarly, the Aztecs have given the worth to cocoa beans as money! Equally, Bitcoins are also valued because they can be easily exchanged for real goods and services even against cash.
Are Bitcoins right for online Business?
Bitcoins is one of the emerging markets for customers who already have bitcoins and want to spend them.They are one of the safest ways to handle online payments of businesses. Introducing Bitcoins in your online markets give new exposure to your customers and make them unique. It also provides some new visibility to your Business. Accepting the latest payment methods represents one of the cleverer practices adopted by online businesses.
Easy to send online payments across borders
To send payments across borders is far easy through bitcoins. No bank hurdles, which could spend your time for days to wait for the processing of the payments. No extra fees for international payment transfers. Even there is not any limitation on the amount of money you can send. Using them allows a high level of transparency because you can provide evidence to authenticate balances and transactions through the blockchain. Like, non-profit organizations can permit the community to see how much they have in donations.
Security of Bitcoins
Every transaction of yours is recorded publicly, so it’s tough to duplicate them. And to make fake copies or to spend the ones you don’t own. Numerous consulting companies offer staff augmentation servicesto keep a record of the bitcoins and keep a check on their flow. In case, if you lose your wallet or get them deleted, you may lose them forever. If your Bitcoins are being theft through the website, then you can let them stored remotely. Their value keeps on fluctuating every next day, like many used to consider it the safest medium, whereas others used to feel unsafe to turn real money into Bitcoins.
The interest of people towards Bitcoins
Many Bitcoin users liked the fact that state laws or banks are not controlling them. One can spend the bitcoins reasonably anonymously. Even though all transactions are chronicled, nobody would be aware that ‘account number’ was yours unless you shared them.
Bitcoin has come to transactional popularity so quickly. Many companies around the world have started using it with high satisfaction and reputation. Whereas many consider it invaluable or unsafe as well. People in third world countries are finding Bitcoins as the most reliable source of giving and taking money.
Bitcoins are taking hype day by day, and will shortly rule the world in case of business transactions as the safest medium.
Do you own Bitcoin? Do you buy with it, trade it, perhaps gamble with it?
The oldest, biggest, sturdiest cryptocurrency still rules over the crypto world however even the digital giant felt something when the COVID-19 pandemic began in March 2020. Charts swayed and some of the biggest Bitcoin enthusiasts were filled with doubt but don’t fear, Bitcoin is well.
For those of you who are considered experts in the Bitcoin community and everyone following Bitcoin’s price fluctuations for the sake of your own coin’s future, you probably already know at least some of the information pictured below. To get a better grasp of what was going on with Bitcoin during the pandemic and where Bitcoin is now, see the following infographic, courtesy of Gamblineers: Bitcoin vs. Covid-19 – Bitcoin’s journey through the COVID-19 pandemic.
Cryptocurrency has become a global phenomenon, and it is a form of payment widely accepted today by many online and offline merchants. Two decades ago, this was not the story; cryptocurrency was initially written off as a scam project or something that would not stand the test of time.
The digital currency is proving doubters wrong, as more people gravitate towards cryptocurrency use and trading. In the year 2018, only about 21% of adults in the U.S had no idea what cryptocurrency is. As the cryptocurrency wave continues to sweep through the globe, even businesses are beginning to see how important it is to incorporate it into their payment system.
Cryptocurrency and Bitcoin: Do They Mean the Same Thing?
A 2019 Yahoo report states that there are approximately 2,957 cryptocurrencies available as digital currencies. While most of these currencies are not known to many, a digital currency like Bitcoin is probably the first thing anyone with interest in the crypto world would come across. Some people even find out about Bitcoin before understanding that it is just one of the many cryptocurrencies.
As the first cryptocurrency to hit the blockchain technology, Bitcoin accounted for over 66% of cryptocurrency value as at the end of 2019, and its acceptance all over the world continues to rise. Ryan Radloff, using data from Coinmap shows a 702% increase in worldwide acceptance of Bitcoin and key statistics reflect that there is over 17 million Bitcoin circulating in the digital currency market.
These statistics are astonishing, but what most people really want to know is “where is Bitcoin currently accepted?” and “who is currently accepting Bitcoin?’’
Who Accepts Bitcoin Today?
An increasing number of countries are beginning to embrace the acceptance of Bitcoin, as more than 11 currently allow it as a means of conducting business transactions. Almost all types of industries accept the digital currency in their business transactions today.
Worthy of mention are:
Online stores are not left out of this new trend, too, Bitcoin.Travel, Pink Cow in Tokyo, Zynga, vendors of Etsy, Jefferson Store, MIT Coop Store, Shopify, and many others are among stores that accept the virtual currency.
Some years ago, Bitcoin was seen as just a form of investment. Today, it is way more than that. Businesses that incorporate the use of Bitcoin in their day-to-day transactions have increased their customer base considerably, as a lot of people are more comfortable making payments with the cryptocurrency.
This preference is mostly by consumers who are aware of the digital currency’s purchasing power and are cautious of cyber-attacks. Though Bitcoin still has a lot of ground to cover (in regard to its acceptance), its adoption is growing daily, and it is just a matter of time before it is accepted everywhere on the globe.
Bitcoin price struggled to break the USD 4,000 resistance and declined recently.
Ethereum is down 10% and ripple price broke the key USD 0.350 support.
HOT and NPXS trimmed yesterday’s gains and declined more than 15% today.
There was a yet another failure to break the USD 4,000 resistance, resulting in bearish moves in bitcoin. BTC/USD declined recently and broke the USD 3,925, USD 3,850 and USD 3,800 support levels to enter a short term bearish zone. More importantly, there was a sharp decline in ethereum below the USD 145 and 140 support levels. Similarly, ripple price failed to surpass the USD 0.365 and USD 0.370 resistance levels. XRP/USD declined below the USD 0.355 and USD 0.350 supports, signaling an increase in selling pressure.
Total market capitalization
Reasons for the drop
“Many have been asking about the sudden drop in the crypto markets this morning. In my view, there doesn’t seem to be any real reason for this drop, neither technical nor fundamental. The one interesting thing about this movement is that it seems to be an exact reversal of the surge that happened on Sunday afternoon. At this point, the gains made since the start of the year have now been reversed and we’re back to a neutral 2019,” according to Mati Greenspan, Senior Market Analyst at eToro, a social trading platform.
Meanwhile, David Thomas, Co-Founder of London based cryptocurrency broker GlobalBlock, said that a few drivers “are rumoured to be behind the crypto sell off in the last 24 hours.”
“Firstly, there was a 51% attack on Ethereum Classic which resulted in the apparent double-spend of USD 1.1m of ETC. Naturally occurrences such as these can tend to cause some fear in the market surrounding overall security and confidence surrounding both cryptocurrencies and blockchain technology itself. Secondly, there was also talk today of a ‘whale’ moving ETH 319,000 (USD 68m) onto an exchange today which may well have spooked the market to further sell-offs. Thirdly, ETH has risen off its lows before Christmas by some 80% and any weakness can often lead to a trigger of profit taking from those that managed to catch the lows around USD 82 in December,” Thomas said.
“Lastly, it is worth noting that today’s move yet again highlights how volatile digital assets can be and we can expect them to remain volatile, at least until there’s further institutional involvement in the space,” he added.
Buyers struggled to push bitcoin price above the USD 4,000 barrier on a couple of occasions. As a result, sellers took control and pushed BTC below the USD 3,925, USD 3,850, USD 3,800 and USD 3,780 support levels. The price is down around 5% (UTC 08:00 AM) and an immediate support is positioned near USD 3,750. If there is a break below the USD 3,750 support, the price may slide towards the USD 3,660 support. On the upside, the previous supports at USD 3,800 and USD 3,850 are likely to act as hurdles for buyers in the coming sessions.
Ethereum price faced a strong selling interest below the USD 150 resistance. ETH/USD declined more than 10% and broke the USD 145, USD 140 and USD 138 support levels. The price is currently trading near the USD 135 support, below which sellers could aim the next major support at 128. On the upside, an initial resistance is at USD 140, followed by USD 142.
Bitcoin cash, eos and ripple price
Bitcoin cash price also declined close to 10% and broke the USD 150 and USD 148 support levels. BCH/USD is currently testing the USD 140 support. If there are further losses, the price will most likely retest the key USD 125 support. The main resistances are USD 145 and USD 148. EOS trimmed most its gains and declined below the USD 2.80 and USD 2.70 support levels. The price is currently trading near USD 2.65, with an immediate support at USD 2.62 and USD 2.60. Ripple price failed to clear the USD 0.365 and USD 0.370 resistances, resulting in a drop below USD 0.355. XRP/USD even broke the USD 0.350 support and it may now trade towards the USD 0.342 support.
Other altcoins market today
Small cap altcoins also followed bitcoin and many coins declined more than 10%, including NPXS, HOT, BCZERO, STRAT, IOST, NEO, PPT, RVN, BNB, WTC and DCN. Out of these, NPSX declined more than 18% and HOT is down around 16%.
Overall, bitcoin failed to retain strength above USD 3,900. The recent bearish moves in BTC/USD below USD 3,850 are signaling an increase in selling pressure. If sellers remain in action and the price drops below USD 3,720, bitcoin and many altcoins could extend slides in the coming sessions. Moreover, a new triangle-shaped chart pattern may signal lower prices ahead, analyst Jesse Colombo at Clarity Financial, Houston-based registered investment advisor firm, warns.
Bitcoin price gained bids and recovered above USD 3,800.
Ethereum and ripple are slowly moving higher towards USD 155 and USD 0.365 respectively.
HOT and NPXS gained more than 15% today.
Yesterday, there was a short term downside correction in bitcoin below the USD 3,950 support. Later, BTC/USD recovered and traded above the USD 3,950, USD 3,975 and USD 4,000 levels. However, buyers failed to gain traction and later the price started trading in a range above USD 3,800. Ethereum also recovered a few points and tested the USD 150 resistance, with a bullish angle. Ripple price is slowly grinding higher and it seems like the price may rise towards the USD 0.365 resistance. The current bias is slightly bullish and there are chances of more upsides in bitcoin price above USD 4,000.
Total market capitalization
After recovering above the USD 4,000 level bitcoin price corrected a few points. However, BTC/USD stayed above the USD 3,950 support and it is currently trading in a range. On the upside, an initial resistance is near USD 4,000, above which the price may climb towards the USD 4,050 and USD 4,100 resistance levels. On the downside, an initial support is at USD 3,950, which will most likely act as a pivot area. A close below USD 3,950 could spark bearish moves towards USD 3,925 and USD 3,880 in the near term.
Ethereum price recovered from the USD 145 support and traded above USD 148. ETH/USD is currently up close to 2% and it seems like it could break the USD 150 and USD 153 resistance levels. The main resistance is at USD 155, above which the price may climb to USD 160. On the downside, an initial support is at USD 145, followed by USD 142 and USD 140.
Bitcoin cash, eos and ripple price
Bitcoin cash price is trading flat near the USD 155 level. A proper break above USD 160 is needed for a decent upward move. If BCH/USD fails to gain traction, it could correct lower towards the USD 150 and USD 148 supports. EOS seems to facing a solid resistance near the USD 2.80 and USD 2.82 levels, above which the price may perhaps test the USD 3.00 resistance. The main supports are USD 2.72 and USD 2.68. Ripple price is slowly moving higher and it recently broke the USD 0.360 resistance. If XRP/USD breaks the USD 0.365 and USD 0.370 resistances, there could be more gains.
Other altcoins market today
During the past few hours, many small cap altcoins gained more than 10%, including HOT, NPXS, LINK, NEO, VET, IOST, ZIL, CRO and AOA. Out of these, HOT rallied more than 24% and NPXS is up around 16%.
Clearly, the price action is positive for bitcoin above the USD 3,925 and USD 3,950 support levels. Still, a successful close and follow through above USD 4,000 is must for BTC/USD buyers to gain momentum. Similarly, if ethereum gains strength above USD 155, ETH/USD may rally towards the USD 165 and USD 170 levels. _____
Bitcoin price corrected lower and settled below USD 4,000.
Ethereum and ripple started a short term downside correction.
DEX and ELA declined more than 12% today.
After a decent upward move above USD 4,000, bitcoin price started a downside correction. BTC/USD declined below USD 4,000 and USD 3,980 supports levels. The price is currently (UTC 08:30 AM) consolidating above USD 3,900 and USD 3,920 support and it could soon resume uptrend. Similarly, ethereum declined below the USD 150 support and it may correct further towards the USD 140 support. Ripple price struggled to hold gains above the USD 0.370 support and later corrected below the USD 0.362 and USD 0.360 supports. The current price action is slightly bearish, but dips in bitcoin and altcoins remain supported.
Total market capitalization
There is no successful close above the USD 4,000 level in bitcoin price . BTC/USD started a downside correction below USD 4,000 and declined below the USD 3,980 support. The price tested the USD 3,925 support and it is currently consolidating losses. To bounce back, the price must break the USD 3,980 and USD 4,000 resistance levels. On the downside, an initial support is at USD 3,925, below which the price may decline further towards the USD 3,900 or USD 3,875 support level.
Ethereum price started a downside correction below the USD 155 support. ETH/USD is down more than 4% and it is currently trading near the USD 146 support. If the price declines further, it could test the USD 142 and USD 140 support levels. On the upside, an initial resistance is at USD 150 (the previous support), above which the price may move back in a positive zone towards USD 160.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined recently below the USD 160 support. BCH/USD is down more than 4% and it may continue to move down towards the USD 152 and USD 150 support levels. On the upside, the main resistance is at USD 160, above which it could test USD 165. EOS declined below the USD 2.75 support recently. It must stay above the USD 2.60 support to start a decent recovery. Resistances are seen at USD 2.75 and USD 2.82. Ripple price failed to stay above the USD 0.370 support and declined below USD 0.365. The next major support is at USD 0.350, which could produce a short term bounce in XRP.
Other altcoins market today
During the past few hours, a few small cap altcoins declined more than 10%, including DEX, ELA, WAVES, WTC and LINK. Out of these, DEX dived more than 16% and ELA is down close to 12%. Meanwhile, Ethereum Classic is down by 7% after it has suffered a serious attack on its network.
Overall, bitcoin price is currently consolidating above the USD 3,900 support. As long as BTC/USD is above USD 3,900 and USD 3,850, it could bounce back and move past USD 4,000. If not, there is a risk of a downside move in bitcoin and altcoins in the coming days.
The #1 cryptocurrency could soon overtake Mastercard’s daily transfer volume, judging by the official numbers released by Mastercard. This means Bitcoin is becoming a serious rival of the leading traditional money transfer system.
According to company’s public records, Mastercard has a daily volume of $11 billion, while Bitcoin on the other hand, transfers around $8 billion per day, meaning that it moves 73% of Mastercard’s volume. While Bitcoin daily transfer is especially noteable given the current situation in the crypto markets, it may seem that the cryptocurrency is already moving amount comparable to those handled by Mastercard.
Mastercardreports that it has processed transactions worth a incredible $4.4trillion since the beginning of the year. Although there’s no such statistic accessible for Bitcoin, it’s possible to accumulate it’s daily transfers. Supposably $8 billion daily transfer volume would mean Bitcoin could have an annual volume of $3 trillion, which is a incredible number for any transfer system, especially a cryptocurrency.
Ethereum, which transfers the second-highest daily volume, processed around $600 million in the 24-hour span. That would mean it equals approximately $0.25 trillion annualy. Moreover, Litecoin and Bitcoin Cash are also having a noteable amount of daily transfers, approximately $170 million and $120 million, respectively.
Despite having a far lower capacity in transactions per second, it could be speculated that all cryptocurrencies put together could rival Mastercard’s daily transfers. While Mastercards volume mostly stems from small purchases, cryptocurrency transaction could be worth millions. Although Mastercard’s main rival is Visa, which is handling 65.000 transactions per second, processes around $30 billion daily volume, that equals roughly $11 trillion a year. Given that Bitcoin supports 7 tx/s on-chain, it would equal only 0.01% of Visa’s transaction capacity, the premier cryptocurrency still transfers around 25% of the value processed by Visa.
In the course of last fourteen days, Bitcoin and the crypto market has taken a pummeling, as we seen major price drops, which caused Bitcoin holders to experience losses up to $2.600 per coin.
The price of Bitcoin has dropped below $4.000 for the first time since September of last year, trading to an average price of $3.970, falling 40% in last 10 days, or staggering 80% of its all time high $20,000 back in December. The price downturn of #1 cryptocurrency also reflected on the global crypto market, experiencing losses of 18 billion U.S. Dollars, with total market cap of 132 bil., at the press time.
But Bitcoin is not the only one taking a beating, as Ethereum (ETH) and Litecoin (LTC) also reached lows of 2018 with price of $111 and $29, respectively. Other altcoins in TOP10 category have lost from 10-15% according to Coinmarketcap, with Bitcoin Cash (BCH), Stellar (XLM), Monero (XMR) and Cardano (ADA) being the worst performers.
The price drop could be due to several reasons, one of them being the discovery of price manipulation of Tether. Researchers have found out that the company have been printing Tether (USDT), cryptocurrency backed by 1 USD per coin, without any backing. This could be done to drive up market prices, so the U.S. Justice Department launched an investigation. One of the possible reasons for the downturn could be the SEC (Security and Exchange Commission) issuing its judgements on two ICOs; they had to return up to $27 million to investors, and paying $250.000 fines in addition to other penalties.
“We have made it clear that companies that issue securities through ICOs are required to comply with existing statues and rules governing the registration of securities,” said Stephanie Avakian, Co-Director of the SEC Enforcement Division.
Analysts are also mentioning another reason, that is Bitcoin Cash hard fork. The lack of consensus between Roger Ver and Craig Wright caused the coin to fork, splitting BCH community. While all this could be the reason for downturn, it might be none of the above. The market could just be correcting itself due to extreme volatility and a profusion of people investing in it.
On 31st of October Bitcoin became 10 years old and the currency has much to show in this decade. In 2008 Satoshi Nakamoto, »the father of bitcoin«, authored the Bitcoin white paper, simply called ‘Bitcoin: A Peer-to-Peer Electronic Cash System.’ The publication was then sent to selected cryptographic experts, who were among the first to get to know and develop the digital currency as we know today.
There are many mysteries surrounding mr. Nakamoto and his true identity, which to this date, still isn’t known. There were some theories, that the name Satoshi is combined from companies like Samsung (SA), Toshiba (TOS) and Hitachi (HI), but there is no official proof that this may be true. However, Satoshi Nakamoto, the mysterious creator of bitcoin »dissappeared« in 2011 with a simple message: ‘I have moved on to other things’.
Looking back to the beginning, a short amount of people actually knew about Bitcoin, most of them probably didn’t even know it could change the financial system we knew, forever. Very first transactions were made to test the network, soon after, in March 2010 the first Bitcoin exchange emerged, simply called BitcoinMarkets.
One of the most famous Bitcoin transactions also happened in 2010, with a guy named Laszlo Hanyecz, who started a thread on a bitcoin forum in which he offered 10.000 bitcoins to someone willing to offer a couple of large pizzas. Back then, he would get 41 U.S. Dollars if he’d traded his Bitcoins on an exchange. For comparison – these 10.000 BTC are now worth more than 63.5 million dollars.
More infamous transactions were done on back-then-popular Silk Road, webpage with illegal things they were selling their users, which were paying with BTC. An astounding sum of $1 billion worth of cryptocurrencies were transferred through that website. At that time, Bitcoin »jumped« from 100 U.S. Dollars to $1.200, with the most noteable bull runs in history. The trend ended with two events that shocked the crypto community; in 2013, the People’s Bank of China (PboC) banned Chinese banks from using Bitcoin, and even more, when Mt Gox was hacked. Then the largest bitcoin exchange in the world, had lost 740.000 bitcoins (6% of all bitcoins in circulation). Mt Gox never recovered and the money (at least the most of it) was never been found.
Also in 2013, another milestone in cryptocurrency world emerged. A company by the name Mastercoin (now Omnilayer) became one of the first projects to build on top of Bitcoin Blockchain. First ever ICO (Initial Coin Offerings) project, raised around 5.000 BTC, what was then worth 500.000 U.S. Dollars and was a very successful ICO at the time. By 2014, Mastercoin reached 100 multiples of it’s ICO price. The ICO model burst with growth from $62.6 million raised in 2016, to $2.2 billion in the next year.
Following years, 2014, 2015 and 2016 were significant for Bitcoin and all cryptocurrencies. Few major companies started to involve, with Overstock.com, becoming first online retailer to accept Bitcoin payments. Famous rapper 50 cent sold his albums for bitcoin though collaboration with BitPay, encouraging others and impacting on understanding and acceptance of cryptocurrencies. Many retailers followed Overstock through those years, with most noteable mentions is Dell, who became highest valued retailer (revenue of $57 billion) and is still accepting Bitcoin payments for their products. Third major company to enable BTC payments was Microsoft, allowing users to use Bitcoin to buy Xbox games. In 2016, Steam, a gaming platform also started accepting Bitcoin payments.
The impressive growth exploded in 2017, with Bitcoin price boost from $1.000 in start of the year and ended being traded close to 20.000 U.S. Dollars on the end of 2017. In 2018, history was made in 4th biggest city in Slovenia – unveiling the world’s first public Bitcoin monument. A Bitcoin roundabout was financed by Bitstamp, cryptocurrency exchange that used to be based in Slovenia.
While the market was growing extremely fast, it crashed in 2018. Numerous countries have implemented bans and regulations, ICOs started to fade and some currencies dropped for astonishing 90% of their price. Crypto currencies were, and are still being criticized in the course to these years, but the community is expecting a price recovery in the coming months. Looking back, Bitcoin achieved a lot in this decade as there are thousands of virtual currencies in the market and being used by multiple companies across the globe.
The BTC/USD pair yesterday established a new intraday low at 6131-fiat, a level that attracted buyers waiting to buy the dip, and has gained as much as 7% value ever since. The early Asian trading hours today witnessed a weak upside momentum, due to which price dropped towards 6181-fiat. However, in the mid-European session, the BTC/USD formed a bull flag following a sudden influx of buying orders. The pair gained 6 percent during the upside rally.
But, if one notices, the correction is as volatile as the fall was. We are still forming a baby ascending line at this moment that could fail to extend its stay – we are still in a downward trajectory. Let’s have a look at it in our technical analysis section.
BTCUSD Technical Analysis
As long holders, we decided to look into bear trajectory formation, indicating that the downside momentum is not decreasing, but intensifying. We are once again close to testing it and realizing a pattern of bulls leaving their long position near the trajectory resistance. If it breaks, the BTC/USD can push itself towards the 61.8% Fibonacci retracement level at 6780-fiat. This could be also where bulls exit their long positions and cause a pullback.
As far as moving averages are concerned, the BTC/USD pair is still below its 50H, 100H, and 200H ones. The RSI and Stochastic, in the meantime, are in the selling area, awaiting further upside correction.
Overall, we are still in a strong bearish bias.
BTCUSD Intraday Analysis
We switched to a 15-minute timeframe for today’s analysis following the previous drop. Anyway, we were able to squeeze out a decent profit from our short position towards 6280-fiat. However, we also had to bear a small loss when our stop loss executed on a failed short position towards 6086-fiat. The bias reversed way before testing it as our primary downside.
As for today, we now have a new range defined by 6551-fiat as interim resistance and 6181-fiat as interim support. We are now consolidating sideways after finding a temporary base near 6419-fiat. If one notices, this consolidation is also a formation of a bullish pennant after the previous pole. With that said, we are first waiting for the price to break above the bear trajectory (explained above), which also coincides with our interim resistance. This would allow us to put a long towards 6630-fiat, our primary upside target.
A stop-loss two-pips below the entry point, in the meantime, will help us minimize our losses in case the price falls back inside the bear trajectory.
Looking south, we will put a short position towards 6181-fiat upon breaking below 6419-fiat. In this position, a stop-loss 2-pips above the entry point will define our risk.
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