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TA: Bitcoin Starts Recovery, Why $38K Is The Key For Reversal

Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move. Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels. The price is now trading near $36,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Recovery Bitcoin price extended decline below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave. There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair. The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on TradingView.com The first major resistance is near the $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. An upside break above the $38,000 resistance could start a steady recovery wave towards $40,000. The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,000. Fresh Decline in BTC? If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,000 zone. The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $35,400, followed by $34,000. Major Resistance Levels – $37,000, $38,000 and $38,200.

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ICON to begin work on interchain NFT game platform ‘SPERA’ with 2bytes

South Korean blockchain corporation ICONLOOP, announced today it has signed a strategic partnership with the ICON Foundation and 2bytes to establish ‘SPERA’, a blockchain-based interchain NFT game platform, and has released a teaser site showcasing the new platform. ‘SPERA’, which is planned to be fully set up within the year, is an interchain NFT game […]

The post ICON to begin work on interchain NFT game platform ‘SPERA’ with 2bytes appeared first on CryptoNinjas.

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Bitcoin Miners In Kosovo Sell Mining Equipment Causing Panic After Federal Ban

Europe’s country Kosovo bans cryptocurrency and Bitcoin mining due to spiking energy prices and blackouts. Amid the crack-down against Bitcoin mining, miners within the country have started selling off their mining equipment. The country uses low-quality coal harvested in large quantities in Kosovo called “Lignite” to fuel over 90% of its local energy. In doing […]

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Russia’s Central Bank to Ban on Crypto Mining and Trading

Russia, one of the world’s most crypto influential nations, announced its intentions to regulate these digital currencies. The Russian Central Bank recently proposed a ban on crypto mining and trading within its borders. Citing threats that could affect financial stability and citizens’ wellbeing. The global cryptocurrency craze has gone too far. Governments are getting scared […]

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Timechain Introduces Farming & Liquidity Protocols On Its TimechainSwap DEX

Timechain Introduces Farming & Liquidity Protocols On Its TimechainSwap DEX

On its TimechainSwap DEX, Timechain, a decentralized exchange aggregator and permissionless lending and borrowing protocol, has added AMM liquidity pools, yield farming, and staking features. On the Fantom, Binance Smart Chain, and Ethereum blockchains, TimechainSwap is best recognized as a DEX aggregator that links to a variety of DEXs into a single platform, allowing users […]

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As Markets Break Down, Traders Favor Ethereum (ETH), Solana (SOL), and Two More Altcoins, According to Crypto Algorithm

An autonomous bot that’s been outperforming the crypto market by using data from weekly surveys of traders shows strong demand for Ethereum and three other altcoins. The Real Vision Bot was co-developed by quant analyst and hedge fund CEO Mortiz Seibert as a way to obtain signals and gauge trader sentiment from fans of the […]

The post As Markets Break Down, Traders Favor Ethereum (ETH), Solana (SOL), and Two More Altcoins, According to Crypto Algorithm appeared first on The Daily Hodl.

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De-Dollarization Drive: Russia Could Turn To Crypto For A Way Out Only Under These Conditions

De-Dollarization Drive: Russia Could Turn To Crypto For A Way Out Only Under These Conditions

Russia plans to stop all unregulated crypto activities within the country. But the CBR will accept compliant cryptocurrency investment in stablecoins that can be backed by gold reserves to compete against the US Dollar. Over $5 billion is still spent annually by Russian citizens on cryptocurrency investments, despite government warnings.  Russia has disclosed its plans […]

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$METAMUSK Token Debuts On P2PB2B Exchange

$METAMUSK Token Debuts On P2PB2B Exchange

$METAMUSK Token: What is it? The $METAMUSK Token seeks to revolutionize the financial system. Encrypting all cross-border transactions and establishing international monetary standards are two major components of the project. Its widespread adoption will lessen the fragmentation and inefficiencies connected with cross-border money transfers. As a free lifetime gift to the community that has invested […]

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Institutions Buying the Dip? Cardano (ADA), Solana (SOL) and Polkadot (DOT) See Minor Inflows As Markets Correct: CoinShares

Bitcoin (BTC) has seen a week of institutional investment inflows, breaking a five-week outflow trend, according to digital asset manager Coinshares. CoinShares says Cardano (ADA), Solana (SOL) and Polkadot (DOT) also enjoyed inflows on the week, suggesting that investors are anticipating a possible market turnaround on the horizon. “The inflows came later in the week […]

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