Day: October 8, 2020

TA: Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $10.2K

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Bitcoin price is currently correcting higher from the $10,550 support against the US Dollar. BTC is currently facing hurdles and it is likely to resume its decline below $10,550. Bitcoin is showing many bearish signs below the $10,800 resistance zone. The price is now trading below the $10,675 resistance and the 100 hourly simple moving average. There is a rising channel or a bearish flag pattern forming with support near $10,625 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of…

Bitcoin’s Price Not Accurately Reflecting Fundamental Strength

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Bitcoin’s price action as of late has done little to offer investors with insight into its mid-term outlook. BTC has been trading squarely between the lower and upper boundaries of its long-held trading range between $10,200 and $11,200. Its lack of momentum has struck a serious blow to investor sentiment, causing many investors and analysts to expect its consolidation to end in a sharp move lower. Despite this perceived bearishness, one analyst explained that the cryptocurrency couldn’t be stronger from a fundamental perspective, adding that he believes its price is…

Trader Warns Of “Capitulation Volume” And “Heavy Downside” Across DeFi

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The DeFi space rose to incredible heights all throughout 2020 but could have come to a roaring peak over the summer months. Assets like Yearn.Finance (YFI), Uniswap (UNI), or Aave (LEND) are all on the ropes, and related Ethereum-based decentralized finance tokens have fallen 60% across the board. But despite the drawdown already, one sharp-eyed trader is warning that DeFi tokens lack “capitulation volume” that would signal a bottom is in. Here’s what to watch for and if that trader’s theory has validity. Trader Calls Attention To Lack Of “Capitulation…

Analyst Who Predicted Yearn.finance (YFI) Drop to $14k Expects $12k

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It’s been a tough past few weeks for the DeFi market, especially for coins like Yearn.finance’s YFI token and the Curve DAO Token. Since setting its all-time high price of $44,000, YFI has corrected by 70%, falling as low as $14,000 earlier today. An analyst that predicted the latest leg of the correction fears that the Ethereum-based crypto asset is primed to move even lower. The market seems to be bullish, though, with the YFI futures markets of Binance, FTX, and other exchanges operating on positive funding rates. Related Reading:…

Analyst Claims Chainlink Could Plummet Below $7.00 as Selling Pressure Ramps Up

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Chainlink, despite being the darling of the crypto market since 2017 for altcoin traders, is now facing some immense turbulence – the likes of which haven’t been seen in years. The cryptocurrency gained notoriety for its ability to consistently set fresh highs while the rest of the market was reeling lower in the wake of the early-2018 crash. This strength ultimately led it to reach all-time highs of $20.00 and secure a spot as the fifth largest digital asset by market cap. After reaching these highs, however, its price began…