Goal of Ethereum is to make all the money verbs open & permissionless

Goals

ETH: to increase in moneyness

: to all the money verbs open & permissionless

  • Transfer
  • Stabilize
  • Exchange
  • Lend
  • Fund
  • Pool
  • Stake
  • Save
  • Borrow
  • Bet
  • Long/Short

Ethereum has other aims yes. But these are its open finance goals

https://twitter.com/RyanSAdams/status/1162370064634568704?s=20

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Source: ethereum
Goal of Ethereum is to make all the money verbs open & permissionless

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Multiple Metrics Make the Bullish Case for Bitcoin – Cointelegraph

the Bullish Case for Bitcoin  CointelegraphBitcoin’s price steadily climbed from $9100 to $10900 over the past week. Is a move to $12000 and higher back in the cards?
Source: worldnewsoffice
Multiple Metrics Make the Bullish Case for Bitcoin – Cointelegraph

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Group Of Metrics Make A Bullish Case For Bitcoin (BTC)

group of metrics


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Bitcoin is in the green again as the latest cryptocurrency news show. The most dominant cryptocurrency is up and heading for $11,000 and it seems like a of is what created the bullish trend for BTC.

Over the past week, the investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. Even though last week’s market update made a case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s long term price action, the fall to $9,100 definitely shook the retail investors. Now, a group of metrics are looking to reverse the trend.

As shared by many best cryptocurrency news sites, the prior resistance levels that were obliterated throughout Bitcoin’s upward rise from $4,000 to $13,800 proved a weak support. Many investors expected BTC to drop to $8,500 or even to $7,500 before reversing course.

Still, investors noticed that Bitcoin formed a double bottom around $9,100 and the altcoin news showed that alts are following the same trend. This is what led many to believe that Bitcoin is further dropping. However, the analysts following the most important group of metrics noticed that since July 28, Bitcoin pulled off a low-volume upside move and the 19.6% gains are what brought the digital asset back to $10,800. Right now, $10,800 is a significant price point, aligning with the 38.3% Fibonacci retracement level and being a few hundred dollars away from the $11,200 resistance.

What’s even more important is obviously the group of metrics which are seen from a psychological and technical point of view. They show that a sustained move above $11,200 may place Bitcoin back into the rising wedge formation which originally carried BTC from $4,000 to its 2019 all time high which was a couple of hundred shy of $14,000.

The majority of the analysts in the media focused on the 21-EMA which was a good indicator that gauged the strength of the bullish and bearish momentum. Having this in mind, it is worth noting that the most recent surge brought BTC above this point.

What’s also important, aside from the crucial group of metrics for BTC, is that the majority of this week’s action occurred on low volume and more intuitive traders advised caution as Bitcoin could ascend to $11,200 or even $11,500, quickly retract, and again prove to be a bear trap.

The post Group Of Metrics Make A Bullish Case For Bitcoin (BTC) appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Group Of Metrics Make A Bullish Case For Bitcoin (BTC)

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Multiple Metrics Make the Bullish Case for Bitcoin

Bitcoin (BTC) remains bullish and a multitude of support this claim. 

Is this a trend reversal? 

Over the past week investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. While last week’s market update made the case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s predicted long-term price action, the fall from $13,800 to $9,100 did shake retail investors confidence for the short term. 

Prior resistance levels that were obliterated throughout Bitcoin’s ascension from $4,000 to $13,800 proved to be weak support and many investors expected Bitcoin to drop to $8,500–$7,500 before reversing course. 

Picture 1

Investors will have noticed that Bitcoin formed a double bottom around $9,100 and believe that the expectation that Bitcoin will drop to $7,500–$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000. 

Since July 28, Bitcoin pulled off a low-volume upside move and the 19.6% gain brings the digital asset back to $10,800. $10,800 is a significant price point as it aligns with the 38.3% Fibonacci retracement level and is a few hundred dollars away from the $11,200 resistance. 

Even more important from a psychological and technical point of view, a sustained move above the $11,200 resistance places Bitcion back into the rising wedge formation that carried Bitcoin from $4,000 to its 2019 all-time high. 

The majority of crypto-media analysts have focused on the 21-EMA being a good indicator for gauging the strength of bullish and bearish momentum. Keeping this in mind, it’s worth noting that the most recent surge brought Bitcoin above this point. 

One should also note that the majority of this week’s action occurred on low volume and more intuitive traders like Alessio Rastani advised caution as Bitcoin could ascend to $11,200–$11,500, quickly retract, and prove to be a bear trap. 

Picture 2

Currently, Bitcoin is tightening as the weekly chart shows the digital asset setting higher lows. A more convincing move would be the achievement of a weekly close at or above $11,150. A sharp increase in bull volume would also provide some confirmation of a trend change. 

indicators show Bitcoin is well-situated for additional gains

As Bitcoin reversed from the $9,100 double bottom, the daily RSI also leapt out of the descending wedge and back above 50 which has served as a reliable oversold bounce point since the rally from $4,000 began.

Picture 3

The daily MACD also crossed over the signal line and the histogram is positive again, which is a bullish signal.

Picture 4

Over the past few weeks traders have also pointed to the astonishing number of USDT minted since June and the lagging impact of this on Bitcoin’s price action. 

Picture 5

Tether printed more than $750 million USDT since June and careful observation of the following chart shows that Bitcoin’s market cap tends to follow Tether’s. One can see that Bitcoin’s market cap has yet to catch up with Tether’s increases. 

Regulatory rumors empower Bitcoin 

Over the past few months Bitcoin’s dominance rate has also been on a steady rise. Facebook’s Libra reveal quickly drew the ire of United States lawmakers and U.S. Treasury Secretary Steven Mnuchin went out of his way to say that strong regulations will be placed on Bitcoin. 

These statements may have impacted investor confidence, but other events impacting altcoins have helped Bitcoin maintain a dominance rate above 66, which above Bitcoin’s November 2017 dominance rate. Travis Kling of Ikigai Asset Management attributes the rise in Bitcon dominance to: 

“BTC is separating itself from the rest of the crypto asset landscape in terms of institutional investability.”

A recent report from Coin Metrics also pointed out the absolute culling that altcoins have taken and the analytics firm concluded that a continued onslaught of regulatory, macro-economic and geopolitical pressures are negatively impacting altcoins.

Picture 6Coin Metrics cites recent actions from Binance, Poloniex and Bittrex. Each exchange implemented new policies restricting U.S.-based traders from derivative instruments and a range of digital assets. The Commodities Futures Trading Commission also has opened an inquiry of BitMex over allegations that the exchange permitted U.S. residents to trade on the platform. 

As crypto analyst Alex Kruger points out, altcoin to BTC pairings and altcoin to U.S. dollar pairings tend to perform poorly when FUD is in full effect. It’s clear that investors jump into Bitcoin and the top stablecoins during these times, hence Bitcoins growing dominance rate.

Picture 7

Taking a look at the monthly chart, regardless of whether one factors in the blow-off tops or ignores them, 2019’s all-time high is not too far away from Bitcoin’s 2017 high. 

Picture 8

While not discussed as much by those obsessed with price action, Bitcoin’s hash rate continued to explode to new highs month after month. This is significant as it shows the growing strength of the Bitcoin network. A higher hash increases network security and increases the difficulty of launching a 51% attack. 

Picture 9

Bitcoin transactions are also on the rise and in May the transaction count surpassed 450,000 per day. During 2017’s mega rally transactions reached 490,000. 

Earlier this week Adamant Capital founding partner Tuur Demeester retweeted a post from Nic Carter pointing out that Bitcoin is closing in fast on its billionith dollar charged in transaction fees. 

Picture 10

Demeester added that increasing transactions are a “measure of success as a settlement layer.”

Exciting times await investors

As one can see, an assortment of metrics and technical analysis tools a strong bullish case for Bitcoin. Unexpected sharp 20% to 40% corrections will continue to happen, and they will be scary. 

There are other metrics to consider, like, increasing monthly trade volume across exchanges, growth in unique Bitcoin addresses and increases in Bitcoin’s volatility. 

Swing traders are going to swing and day traders will continue to pour over the 1, 3 and 5 minute charts. 

As a note of encouragement for those of us who are wage slaves until the next moon event, dollar cost averaging into Bitcoin is a tried a true method to take advantage of Bitcoin’s volatility without having to monitor charts all day.

It was not too long ago that Fundstrat Head of Research Tom Lee tweeted that Bitcoin historically generates the bulk of its annual gains in just 10 days. 

Picture 11

The views and opinions expressed here are solely those of the 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.

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https://cointelegraph.com/news/multiple-metrics-make-the-bullish-case-for-bitcoin


Source: cryptoassethome
Multiple Metrics Make the Bullish Case for Bitcoin

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Multiple Metrics Make the Bullish Case for Bitcoin

suggest Bitcoin is back on the path to a new all-time high


Source: cointelegraph
Multiple Metrics Make the Bullish Case for Bitcoin

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Multiple Metrics Make the Bullish Case for Bitcoin

Multiple Metrics Make the Bullish Case for Bitcoin

This article was originally posted on Cointelegraph – an independent publication covering cryptocurrency, the blockchain, decentralized applications, the internet of finance and the next gen […]
Source: cryptonewsmonitor
Multiple Metrics Make the Bullish Case for Bitcoin

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