85% Dogecoin rally shows Wall Street Bets aren’t done with DOGE yet

85% Dogecoin rally shows Wall Street Bets aren’t done with DOGE yet

85% Dogecoin rally shows Wall Street Bets aren’t done with DOGE yet

After gaining the spotlight due to a 980% pump on Jan. 28, Dogecoin (DOGE) briefly entered the top 10 ranking by market capitalization for the first time since 2015. Once the massive pump lost momentum and traders quickly took profits, it seemed that investors would move on past the meme-based cryptocurrency and find something else to invest in. 

The pump initially started when exchanges prevented retail traders from buying more GameStop and AMC stock on Jan. 28. Fueled by the Reddit discussion group r/Wallstreetbets, the army of investors turned their attention to silver and a selection of ‘cheap’ cryptocurrenceis.

On Jan.28, Twitter user “WSB Chairman” asked, “Has Doge ever been to a dollar?” to his 750,000 followers. That was enough to trigger the monster rally, despite Dogecoin having no protocol upgrades or developments since 2015.

DOGE/USDT 1-hour chart. Source: TradingView

The 68% retracement that followed the peak at $0.087 resembled Bitcoin’s (BTC) sharp drop after the December 2017 crash, except this time around, instead of 50 days, it took only 24 hours.

Multiple social media influencers and streamers expressed their discontent at buying the top, an indication that the momentary speculative frenzy had passed. After spending most of Jan. 30 and Jan. 31 hovering around $0.03, DOGE managed to produce another 80% pump in less than three hours.

It’s almost impossible to find the exact trigger for those events, as there are multiple social networks, including private Telegram groups and trading signal apps.

Reddit’s r/SatoshiStreetBets currently has 213,000 active users and following DOGE’s breakout a meme-post by user Woke_AF_Populist quickly climbed to its most upvoted list.

Wall Street Bets’ crypto sub-Reddit. Source: Reddit

There seems to be endless support from the Dogecoin fanbase, including Tesla’s CEO and founder Elon Musk. The lack of a concrete use case for the meme-coin certainly raises the question of whether members of r/WallStreetBets will jump ship from traditional markets and embrace the generally unregulated ethos of the cryptocurrency sector.

Dogecoin price vs 30 day average Tweet volume. Source: TheTie

Regardless of the outcome, from now on, measuring social activity will become a norm instead of an alternative indicator.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: 85% Dogecoin rally shows Wall Street Bets aren’t done with DOGE yet
Sourced From: cointelegraph.com/news/85-dogecoin-rally-shows-wall-street-bets-aren-t-done-with-doge-yet
Published Date: Mon, 01 Feb 2021 01:40:12 +0000

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85% Dogecoin rally shows Wall Street Bets aren’t done with DOGE yet

85% Dogecoin rally shows Wall Street Bets aren’t done with DOGE yet was originally published here https://allthetopnews.wordpress.com/2021/02/01/85-dogecoin-rally-shows-wall-street-bets-arent-done-with-doge-yet/

Top 5 cryptocurrencies to watch this week: BTC, ETH, UNI, ATOM, COMP

Top 5 cryptocurrencies to watch this week: BTC, ETH, UNI, ATOM, COMP

Top 5 cryptocurrencies to watch this week: BTC, ETH, UNI, ATOM, COMP

Over the past seven days, the crypto market saw an uptick in volatility as Bitcoin (BTC) and Dogecoin (DOGE) price rallied higher simply because of social media activity. In situations like these, traders who make their investment decisions based on emotions tend to incur heavy losses and this is exactly what happened last week.

Dogecoin’s (DOGE) recent pump and dump caused several new traders who bought due to FOMO to lose money within a short time and this scenario is likely to play out again as social media groups have decided that collective pumps of altcoins is a new method of investing.

A similar trend currently seems to be developing in Bitcoin (BTC), which has retraced a large portion of the up-move that was caused due to the “Elon pump” on Jan. 29. This shows that barring a few emotional buyers, most professional traders may have used the rally to lighten their long positions.

Crypto market data daily view. Source:Coin360

Stack Funds head of research Lennard Neo believes the Bitcoin miners are selling on rallies and that trend may continue as the Chinese New Year holiday approaches. Neo expects Bitcoin’s price to remain volatile in the near term.

Even as Bitcoin’s price consolidates, the decentralized finance tokens continue to surge, which suggests traders’ focus has shifted to the DeFi space. Let’s analyze the charts of the top-5 cryptocurrencies that could trend in the next few days.

BTC/USD

Bitcoin’s long wick on Jan. 29 shows the bears aggressively sold the rally above the downtrend line of the descending triangle. That was followed by a Doji candlestick pattern on Jan. 30, indicating indecision among the bulls and the bears.

BTC/USDT daily chart. Source: TradingView

The failure of the bulls to push the price above the downtrend line today has attracted further selling. The bears are currently trying to sustain the price below the 20-day exponential moving average ($33,395).

If they succeed, the BTC/USD pair may drop to the 50-day simple moving average ($30,631) and then to $28,850.

A breakdown and close below $28,850 will complete the bearish descending triangle pattern that has a target objective at $15,741. However, it is unlikely to be a straight fall because the bulls will try to arrest the decline at the 50% Fibonacci retracement level at $25,897.42 and again at the 61.8% retracement at $22,106.73.

This negative view will invalidate if the price turns up from the current level or rebounds off the $28,850 support and sustains above the downtrend line. Such a move will suggest strong accumulation at lower levels, which could result in a rise to $40,000.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the breakout above the downtrend line met with strong selling pressure and the price quickly retracted back into the triangle.

The failure of the bulls to push the price back above the downtrend line has attracted selling and the bears have pulled the price below the 20-EMA. The bulls are currently attempting to defend the 50-SMA but if this support also cracks, the pair may start its journey towards $28,850.

This negative view will invalidate if the price rebounds off the current level and rises above the downtrend line. Such a move could push the price to $38,519.63.

ETH/USD

Ether (ETH) broke above the $1,400 resistance on three previous occasions but the bulls could not sustain the breakout, which shows profit-booking at higher levels. However, the positive thing is that the bulls have not given up much ground in the past few days. This shows the bulls are accumulating on dips.

ETH/USDT daily chart. Source: TradingView

The ETH/USD pair had formed a Doji candlestick pattern on Jan. 30, indicating uncertainty. That indecision has resolved to the downside today and the pair may now drop to the 20-day EMA ($1,253), which is likely to act as strong support.

A bounce off the support will suggest the sentiment remains bullish and traders are buying on dips. The bulls will then try to resume the uptrend. If the bulls can drive the price above the $1,400 to $1,473.096 resistance zone, the pair could rally to $1,675 and then to $2,000.

This bullish view will invalidate if the bears sink the price below the 20-day EMA and the uptrend line. In such a case, the pair may drop to the 50-day SMA ($990).

ETH/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of an ascending triangle pattern, which will complete on a breakout and close above $1,440. This bullish setup has a target objective of $1,768.

However, the moving averages have flattened out and the relative strength index (RSI) is just below the midpoint, which suggests a balance between supply and demand.

If the bears sink the price below the support line of the triangle, it will invalidate the pattern. The next support on the downside is the uptrend line and then $1,050.

UNI/USD

Uniswap (UNI) is in a strong uptrend that has pushed the RSI deep into the overbought territory. While the RSI can remain overbought for an extended period, traders should be cautious as corrections from overbought levels can be swift and sharp.

UNI/USDT daily chart. Source: TradingView

The first support on the downside is the 38.2% Fibonacci retracement level at $15.3963. If the price rebounds off this level, it will suggest the bulls are aggressively buying the dips and are not waiting for a deeper correction to enter.

If the bulls can push the price above $20.5612, the UNI/USD pair could rally to $28 and then to $32. Both moving averages are rising and the RSI is above 79, indicating the bulls are in control.

However, if the correction deepens below $15.3963, the next support is at the 20-day EMA ($11.85), which is near the 61.8% Fibonacci retracement level at $12.2054. A deeper fall usually delays the start of the next leg of the uptrend.

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair has made a flag pattern. If the bulls can push the price above the flag, the uptrend could resume and the pair may rally to $22 and then to $25.

Another possibility is that the pair continues to correct and drop to the 20-EMA. If the price rebounds off this support, it will suggest the sentiment remains positive and the bulls are buying on minor dips.

During the current leg of the uptrend, the price has repeatedly taken support at the 20-EMA. Therefore, a break below the 20-EMA will suggest the bullish sentiment may be waning and could result in a drop to $15.3963 and then to the 50-SMA.

TOM/USD

Cosmos (ATOM) has formed a cup and handle pattern that will complete on a breakout and close above $8.877. If the bulls can propel the price above the $10.20 resistance, the uptrend could begin.

ATOM/USDT daily chart. Source: TradingView

The first target on the upside is $11.151 and the next level to watch out for is $13.554. The rising moving averages and the RSI’s bounce from the midpoint suggest the bulls have the upper hand.

If the bears sink the price below the 20-day EMA ($7.65), the ATOM/USD pair may remain range-bound between $6.603 and $8.877 for a few more days.

The bullish assumption will be negated if the bears sink and sustain the price below the 50-day SMA ($6.4). Such a move may pull the price down to $5.50 and then to $4.50.

ATOM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls have pushed the price above the downtrend line of the descending triangle. This has invalidated the bearish setup but the bulls are struggling to thrust the price above the $8.877 resistance.

The flat moving averages and the RSI near the midpoint suggest the pair may remain range-bound between $8.877 and $6.726 for some more time. If the bulls can propel the price above $8.877, the pair could rise to $10.20, while a break below $6.726 will suggest the bears are trying to make a comeback.

COMP/USD

Compound (COMP) completed a rounding bottom pattern on Jan. 29 when it broke and closed above the $272.61 resistance. This reversal setup has a target objective of $464.60.

COMP/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI near the overbought territory suggest bulls are in command. After the breakout from a pattern, the price usually retraces and retests the breakout level, but if the trend is very strong, it only consolidates or enters a minor correction before resuming the up-move.

If the COMP/USD pair rebounds off $272.61, it will suggest the bulls have flipped the previous resistance into support. That could then act as a launchpad for the next leg of the uptrend.

This positive view will invalidate if the bears sink and sustain the price below $272.61. Such a move will indicate profit-booking at higher levels and a lack of buying on dips.

COMP/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows traders booked profits near $340 but the correction was short-lived as the price turned up from $304.84. If the bulls can now drive the price above $340, the pair may rally to $405.

On the other hand, if the price again turns down from $340, the pair may drop to the 20-EMA. If the price rebounds off this support, the bulls will again try to resume the up-move, but if the bears sink the pair below the 20-day EMA, a drop to $272.61 will be on the cards.

Title: Top 5 cryptocurrencies to watch this week: BTC, ETH, UNI, ATOM, COMP
Sourced From: cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-eth-uni-atom-comp
Published Date: Sun, 31 Jan 2021 20:20:28 +0000

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Top 5 cryptocurrencies to watch this week: BTC, ETH, UNI, ATOM, COMP

Top 5 cryptocurrencies to watch this week: BTC, ETH, UNI, ATOM, COMP was originally published here https://allthetopnews.wordpress.com/2021/02/01/top-5-cryptocurrencies-to-watch-this-week-btc-eth-uni-atom-comp/

Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up. UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340. 

COMP/USDT 4-hour chart. Source: TradingView

In the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion on Jan. 2 to a new all-time high at $27.67 billion on Jan. 30.

Total value locked in DeFi. Source: Defi Pulse

The surge in COMP price follows the recent release of a new governance module and upgrade to the comp.vote interface which now allows community members to save on gas fees by voting by signature instead of on-chain transactions.

DeFi becomes more attractive after the Robinhood debacle

This week’s controversy surrounding investment brokerages halting the markets for GameStop and AMC stock has presented DeFi and crypto exchanges as a possible alternative to the centralized traditional finance sector.

In a tweet, Compound founder, Robert Leshner said the recent developments showed that “the long-term answer” to the time it takes for trades to settle with the Depository Trust & Clearing Corporation (DTCC), “is for markets to run on blockchains.”

Leshner said:

“Instant settlement would eliminate most of the complexity, cost, and capital requirements which plague T+2 settlement. Robinhood wouldn’t have credit obligations, or the need to turn against their own customers.”

Uniswap grants program launch backs UNI’s rally

Uniswap DEX 24-hour trading volume. Source: Uniswap

Uniswap’s grants program was unveiled on Jan. 20 as a way to help expand the exchange’s ecosystem.

Developers interested in participating now have a chance to submit a proposal and receive funding for the development of a project that adds value to the overall platform. According to Uniswap’s Twitter feed, there were “40 grant submissions to @uniswapgrants in the 14 days since applications opened up.”

UNI/USDT 4-hour chart. Source: TradingView

Since the release of the grants program, the price of UNI has increased 160% from $7.10 on Jan. 21 to its current price of $18.51. Uniswaps rising TVL, daily transaction volume and investor’s excitement over the upcoming v3 launch are additional factors backing UNI’s surge to a new all-time high.

Title: Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B
Sourced From: cointelegraph.com/news/uniswap-uni-and-compound-comp-hit-new-highs-as-defi-tvl-reaches-27-6b
Published Date: Sun, 31 Jan 2021 03:18:19 +0000

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Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B was originally published here https://allthetopnews.wordpress.com/2021/01/31/uniswap-uni-and-compound-comp-hit-new-highs-as-defi-tvl-reaches-27-6b/

FTX Token (FTT) rallies 105% as interest in derivatives trading grows

FTX Token (FTT) rallies 105% as interest in derivatives trading grows

FTX Token (FTT) rallies 105% as interest in derivatives trading grows

FTX is a cryptocurrency derivatives exchange backed by Alameda Research, a quantitative trading firm and crypto liquidity provider. 

The exchange launched in April 2019 and offered the usual spot trading, inverse swaps and futures contracts that can be found at other major platforms. By early 2020, the exchange launched its daily and weekly binary BTC options markets.

FTT/USDT daily chart. Source: TradingView

FTT is the exchange’s native token and it’s issued on the Ethereum blockchain. FTT stakers are granted a trading fee discount based on a tiered system and other benefits include bonus votes in their polls and increased airdrop rewards.

The first airdrop took place in August 2020 when 500 million Serum (SRM) tokens were distributed to FTT holders. To differentiate itself from competitors, the users’ collateral is shared in one universal stablecoin wallet.

This means traders can reduce their margin requirements drastically. Numerous leveraged tokens mimicking leveraged ETF stocks have also been listed, including 3x Long Bitcoin and 3x Short Litecoin.

Leveraged tokens are derived from the exchange’s perpetual swap contracts and operate as tradeable ERC-20 tokens that can be withdrawn and traded. These innovative products have made the FTX a popular exchange among investors, as reflected by its rising futures contracts open interest.

Global markets aggregate open interest. Source: coinalyze.net

As shown above, the figure grew by 340% over the past six months, surpassing the $2 billion mark to vastly outperform more established exchanges.

In November 2020, the exchange ventured into tokenized equity trading, albeit not available for its U.S. citizens. Its partner CM-Equity custody the tokens redeemable for the underlying stocks. Interestingly, it’s allowed its users to buy less than one share, which is particularly useful for high-priced stocks like Amazon ($AMZN) and Google ($GOOG).

In December, FTX continued to innovate by launching pre-IPO futures contracts for AirBNB and Coinbase. These contracts allow traders to speculate on what price those companies will list on a stock exchange. The exchange also offers trading for thematic products, including a basket of cannabis-related listed stocks.

By creating multiple markets with enough liquidity provided by its market-making structure, the exchange was able to gather attention from a new client base. More recently, a Wall Street Bets index was launched, including GameStop ($GME), Dogecoin (DOGE), and iShares Silver Trust ($SLV).

Backed by these popular offerings, FTX Token (FTT) price has doubled since the beginning of 2021.

FTX Token (FTT) token price at Binance. Source: TradingView

To further incentivize holding the token, FTX repurchases and burns 33% of all fees generated from the exchange and 10% of its insurance fund net additions. This process will continue until half of the initial 350 million supply are destroyed.

While this may appear like a deflationary schedule, there are 31.25 million tokens allocated to the team, representing at least 17.8% of the targeted 175 million circulating supply. Regardless, considering the current $11.70 token price, its market capitalization after the burn process is completed surpasses $2 billion.

This number represents a 45% discount to Binance Coin’s (BNB) projected 2031 market capitalization, according to data from Messari. This is also roughly in line with the exchanges’ aggregate open interest $4.26 billion to $2.0 billion difference .

Interestingly, Binance has an undisclosed investment in FTX, and this may be creating fewer incentives for direct competition.

Currently, it seems that the market is pricing both tokens at the same valuation. Binance appears to be expanding its ecosystem via its Binance Smart Chain decentralized exchange, their blockchain projects incubator and a successful token launchpad platform.

FTX, on the other hand, is focused on being the market-leader of derivatives products innovation.

Currently all of these projects are producing value for token holders and with the burn schedule and rising popularity among derivatives exchanges it’s possible that FTT will continue to see further price appreciation.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: FTX Token (FTT) rallies 105% as interest in derivatives trading grows
Sourced From: cointelegraph.com/news/ftx-token-ftt-rallies-105-as-interest-in-derivatives-trading-grows
Published Date: Sat, 30 Jan 2021 21:45:01 +0000

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FTX Token (FTT) rallies 105% as interest in derivatives trading grows

FTX Token (FTT) rallies 105% as interest in derivatives trading grows was originally published here https://allthetopnews.wordpress.com/2021/01/31/ftx-token-ftt-rallies-105-as-interest-in-derivatives-trading-grows/

XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price underwent a strong 86% breakout in the early trading hours on Jan. 30 as the fourth-ranked cryptocurrency by market cap became the new coin of focus in the r/Wallstreetbets cryptocurrency-focused off-shoot r/Satoshistreetbets. 

Data from Cointelegraph Markets and TradingView shows that XRP rose from $0.28 to a peak at $0.51 before profit selling pulled the price back to $0.41.

XRP/USDT 15 minute chart. Source: TradingView

It appears that the antics of the past week which saw r/Wallstreetbets pump GameStop, AMC and Dogecoin (DOGE), have carried over into the weekend as Stellar (XLM) also saw its price pump in tandem with XRP.

After rallying more than 800%, DOGE price is now down 71% from its recent all-time high of $0.078 on Jan. 29. Data from TheTIE also shows that the rally in XRP price coincided with a drastic jump in tweet volume.

XRP price vs. Tweet volume. Source: TheTIE

Stellar (XLM) has also received some attention from r/Satoshistreetbets, resulting in a price spike of 64% on Jan. 27 which saw the price of XLM reach as high as $0.38 before correcting to its current value of $0.318.

XRP’s legal woes may place a damper on the rally

In the past few months, XRP price has been hard hit due to a lawsuit filed against Ripple by the U.S. Securities Exchange Commission (SEC). The SEC alleges that the company is conducting an ongoing illegal securities offering as Ripple still periodically sells XRP tokens out of the treasury.

Ripple recently filed a Freedom of Information Act request with the SEC seeking documents pertaining to Ethereum co-founders.

The company is demanding to know why Ether (ETH) isn’t considered a security and said that the government body “clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether.”

Title: XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’
Sourced From: cointelegraph.com/news/xrp-price-gains-86-after-wall-street-bets-crypto-wing-says-pump-it
Published Date: Sat, 30 Jan 2021 19:44:48 +0000

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XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’ was originally published here https://allthetopnews.wordpress.com/2021/01/31/xrp-price-gains-86-after-wall-street-bets-crypto-wing-says-pump-it/

GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

Title: GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30
Sourced From: cointelegraph.com/magazine/2021/01/30/gamestop-wont-stop-robinhood-cheats-musk-tweets-hodlers012430
Published Date: Sat, 30 Jan 2021 20:27:04 +0000

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GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30 was originally published here https://allthetopnews.wordpress.com/2021/01/31/gamestop-mayhem-robinhood-scandal-musk-tweets-doge-explodes-hodlers-digest-jan-24-30/

Bitcoin price chart shows ‘Elon Musk’ pump was an outlier — So what happens now?

Bitcoin price chart shows ‘Elon Musk’ pump was an outlier — So what happens now?

Bitcoin price chart shows ‘Elon Musk’ pump was an outlier — So what happens now?

Bitcoin (BTC) has seen a very volatile week, as the price of Bitcoin jumped around from $32,000 to $38,500 and back toward $33,000 in a matter of 24 hours. 

The initial spike to $38,500 happened in minutes after Elon Musk added #Bitcoin to his Twitter profile.

However, no follow-up of that price movement was seen on the charts as Bitcoin dropped substantially in the following hours. Currently, the $34,500 area is a significant resistance zone to break through if the market wants to sustain the bullish momentum.

Failure to break $38,000 causing dropdown

XBT/USD 4-hour chart. Source: TradingView

The levels that are critical to watch are highlighted in the chart above. Simply put, $38,000 must break for the rally to continue. Flipping this level for support opens the door to new all-time highs.

However, the surge couldn’t be sustained yesterday. After the $38,000 level’s failure, the $34,000 level couldn’t provide the heavily needed support for further upward momentum.

Therefore, the “Elon Musk pump” can be considered an outlier, and the general trend continues. This is a downtrend since the peak high at $42,000 that most likely will continue unless Bitcoin’s price can break through $34,500 and flip it into support.

Dollar showing strength is bad news for Bitcoin

U.S. Dollar Currency Index 1-day chart. Source: TradingView

One of the primary arguments for more Bitcoin downside would be the recovering U.S. Dollar Currency Index (DXY). This index shows a potential bottoming formation as a bullish divergence is seen at the significant 90-point level.

After this, the bullish divergence will be confirmed through a higher low, indicating that more upside is likely. 

Remarkably, the previous relief rally on the DXY Index in September caused a 20% correction for Bitcoin. However, since that relief rally, the DXY Index has shown massive weakness, one of the significant variables for the enormous increase of Bitcoin’s price to $42,000.

However, February isn’t the best month for equities. The same can be concluded about Bitcoin, as February 2018 was when Bitcoin crashed to $6,000 after hitting its previous all-time high.

Therefore, a rebounding DXY could add to the bearish sentiment for Bitcoin in February as well.

Bitcoin Dominance Index eyes relief rally

BTC Dominance 1-week chart. Source: TradingView

Historical charts show previous market behavior with many patterns being cyclical. 

When Bitcoin’s dominance topped out in December, massive surges were seen across the altcoin market. However, after such an enormous rally, a healthy correction would not come as a surprise to test previous resistance levels.

Those tests would mean a bounce for Bitcoin dominance in February, which may open the door for a huge run for the entire crypto market from March onwards.

Critical levels to watch for Bitcoin

XBT/USD 3-hour chart. Source: TradingView

The critical levels to watch are easy to see in the chart above. First, Bitcoin’s price has to reclaim the $34,500 level as support to sustain bullish momentum. If that happens, the level at $38,000 will be retested. Most likely, that test will result in a breakout above $38,000 toward the all-time high. 

However, if Bitcoin’s price can’t break through $34,500, further downward momentum is likely, as the chart shows. In that perspective, the critical level to watch is the $30,000 region. If that fails to sustain support (after numerous tests already), I expect a drop toward $25,000 and the 21-Week MA.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: Bitcoin price chart shows ‘Elon Musk’ pump was an outlier — So what happens now?
Sourced From: cointelegraph.com/news/bitcoin-price-chart-shows-elon-musk-pump-was-an-outlier-so-what-happens-now
Published Date: Sat, 30 Jan 2021 15:07:35 +0000

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Bitcoin price chart shows ‘Elon Musk’ pump was an outlier — So what happens now?

Bitcoin price chart shows ‘Elon Musk’ pump was an outlier — So what happens now? was originally published here https://allthetopnews.wordpress.com/2021/01/30/bitcoin-price-chart-shows-elon-musk-pump-was-an-outlier-so-what-happens-now/

World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

Bitcoin (BTC) has been correcting since the peak high at $42,000. However, this correction might have ended as a significant momentum shift occurred in recent days. 

The GameStop debacle raised many questions about big parties’ trustworthiness and exchanges, after which more and more people started to claim that decentralization is the future.

Among these people is Elon Musk who is worth nearly $183 billion, according to Forbes making him the world’s richest person. The Tesla CEO included #Bitcoin in his Twitter profile and also wrote “in retrospect, it was inevitable.” A very cryptic message to his 44 million followers, which some may interpret as Musk investing in Bitcoin.

In retrospect, it was inevitable

— Elon Musk (@elonmusk) January 29, 2021

However, this tweet and profile change from Elon Musk prompted a new rally on Jan. 29 with price surging from $32,500 to $38,000 in a matter of minutes. The primary questions now are: does this mean the bull market is continuing and will BTC see new all-time highs?

Bitcoin holds key $30,000 level

XBT/USD 2-hour chart. Source: TradingView

The 2-hour chart shows a clear bullish breakout after holding the significant support zone at $30,000.

The critical breaker for bullish continuation was to find support at $30,000, which happened in recent days. Since then, the next step for bullish continuation would be a breakout above the $34,000 resistance zone.

As the chart shows, and largely thanks to Elon Musk’s tweet, the breakout was confirmed, and Bitcoin started to accelerate heavily. The next level to break is $37,600-38,000 as that’s the next area of significant liquidity.

Currently, Bitcoin’s price is trying to crack that level of resistance at $38,000. If this area flips for support, a further bullish continuation toward the all-time highs will likely occur, and $50,000 comes into play. 

Total market cap makes a new all-time high

Total cryptocurrency market cap 1-week candle chart. Source: TradingView

The total cryptocurrency market capitalization has reached new all-time highs in the past 24 hours, accelerating to the $1.13 billion level.

However, the total market capitalization and the price of Bitcoin are still far away from the 21-Week MA. That 21-Week MA often sees a support test before continuing upward.

Therefore, the levels to watch for the total market cap are still the same as before. If the market can’t continue going up from here, $730 billion will be the focus as that would grant a perfect support/resistance flip from the previous all-time high.

BTC/USD 1-week chart. Source: TradingView

The weekly chart shows an apparent bullish cycle and a big gap between the 21-Week MA and the current price. These two often come back to each other to get the markets back to the “mean” of the price movement.

Thus, such a correction would bring the price of Bitcoin to the $25,000 region in the coming weeks. In the end, as long as Bitcoin remains above the 21-Week MA, the continuation of this bull market is very likely.

Critical levels to watch for Bitcoin

XBT/USD 3-hour chart. Source: TradingView

Currently, the price of Bitcoin is trying to break through the resistance at $38,000. If that breaks, a continuation toward a new all-time highs seems inevitable, as $40,500 is the only level to watch after $38,000.

In that perspective, even price targets of $45,000 and $50,000 are on the table. However, if Bitcoin’s price can’t break through the $38,000 area, a renewed retest of the $34,000 zone should be expected.

If that doesn’t hold for support, a sharp fall toward the lows may occur along with more range-bound price action. Nevertheless, this would not be unhealthy for the market from a wider perspective.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?
Sourced From: cointelegraph.com/news/world-s-richest-man-elon-musk-boosts-bitcoin-price-by-20-is-40k-back-in-play
Published Date: Fri, 29 Jan 2021 14:43:51 +0000

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World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play? was originally published here https://allthetopnews.wordpress.com/2021/01/30/worlds-richest-man-elon-musk-boosts-bitcoin-price-by-20-is-40k-back-in-play/

Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Bitcoin (BTC) surged by over $5,000 in minutes on Jan. 29 after the world’s richest man added its symbol to his Twitter page.

BTC/USD 1-hour candle chart. Source: Tradingview

BTC price hits $38K highs

Data from Cointelegraph Markets and Tradingview showed BTC/USD spiking to $38,000 as users began to notice that Elon Musk was now publicly advertising Bitcoin.

The move comes amid major anticipation from investors that BTC will be the next asset to receive a boost, either from a figure like Musk or from lay consumers affiliated with the now notorious Reddit group r/Wallstreetbets.

As Cointelegraph reported, Musk had previously singlehandedly pumped the price of several cryptoassets notably meme-based Dogecoin (DOGE), with just one or a handful of tweets.

DOGE, along with stocks GameSpot and AMC, meanwhile all surged thanks to Reddit this month, with the ensuing regulatory retaliation causing uproar and increasing cryptocurrency’s reputation as an independent investment.

“This should be your wake up call to get your #Bitcoin off exchanges,” popular Twitter account Documenting Bitcoin summarized as $GME trading was shut down.

Musk leaves Twitter still speculating

For Musk, who at one time had “former Dogecoin CEO” in his bio, no explanation of the move towards Bitcoin had been made public at the time of writing, with only a characteristically cryptic tweet coming afterward.

“In retrospect, it was inevitable,” he wrote.

Musk has a chequered history when it comes to Bitcoin, with previous tweets making it impossible to tell if he owned or even liked the largest cryptocurrency.

Tweet volume for “BTC” and “DOGE.” Source: TheTIE

On Friday, however, BTC/USD had yet to match $GME or others, reversing at $37,000 to trade slightly lower and still within an established corridor. As proponents noticed his update, messages of support came rolling in fast.

“Got em,” Robert Breedlove, author of “Thank God for Bitcoin,” responded.

Abra CEO Bill Barhydt added:

“Elon has discovered interplanetary money. Buckle up.”Title: Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’
Sourced From: cointelegraph.com/news/bitcoin-price-soars-5k-in-minutes-after-elon-musk-gives-btc-the-dogecoin-treatment
Published Date: Fri, 29 Jan 2021 09:30:07 +0000

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Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’ was originally published here https://allthetopnews.wordpress.com/2021/01/29/bitcoin-soars-by-5k-in-minutes-btc-hits-38k-after-elon-musks-dogecoin-treatment/