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Bitcoin Market Technical Analysis: November 22, 2017

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Bitcoin continues its bullish run making new highs on five of the last six trading days.

Following the last significant price drop which ended on November 12, the Bitcoin “bulls” have been on a rampage fully recovering all the ground lost from the last downward price swing and setting new high after new high.

But as we in the trading community know, markets are not made up solely of new highs every day. At some point the euphoria of long positions gaining profit will turn into profit-taking, at which point sellers (supply) will overcome buyers (demand), and price will retrace until a temporary equilibrium is reached (consolidation).

Technical analysis is now pointing towards a downward price swing for Bitcoin.

Chart #1: Bitcoin Daily

In Chart #1 above there are a couple of technical analysis observations that traders should be aware of.

First, Bitcoin is currently trading at the upper edge of the uptrend-channel that has been forming since September 15, 2017 (displayed by the gray shaded area). The three other similar occurrences in the uptrend-channel where followed by price retracing to the lower edge of the channel before initiating a price upswing to make new highs in the uptrend. In the last occurrence, it even seemed as if Bitcoin broke-down below the lower trend line to signal a reversal, but it immediately returned to the channel and resumed the uptrend.

The second observation is the last five price upswing (shaded in blue). The first four are all very similar in terms of ratio of upbars to downbars over the course of the price upswing (noted below each shaded area). The price upswing that Bitcoin is currently in the midst of is exhibiting a very similar visual pattern in the chart to those before it, and is approaching comparable numbers of upbars to downbars. The combination of these two observations along with the fact that we are entering a major holiday week in the Unite Sates which will result in a short trading week (meaning less volume), indicates that traders should prepared for a likely price retracement in the upcoming days.

The aforementioned observations are by no means an indication that the Bitcoin bull run is coming to an end and we should all consider going short. Quite the contrary, after the last downward price swing and the impressive subsequent recovery, the Bitcoin uptrend is strong as ever. If price action for Bitcoin remains consistent and a retracement back the lower line of the uptrend-channel takes place, or anywhere near it, the savvy trader will consider entering the market long at this point. Traders that already have long positions that are in-the-money will consider adding to them. We will be watching closely.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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