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Bitcoin (BTC): wave count suggests a cap is near

admin, · Kategorien: Bitcoin

Bitcoin’s price is in a long-term wave 3 cycle.

A plausible target for the movement cap would be between $ 41,000 and $ 46,000.

BTC is likely in a final bullish push ahead of a size correction

The price of Bitcoin (BTC) has increased significantly since the beginning of September.

While it seems certain that Bitcoin is nearing the peak of its upward movement, the wave count over a reduced period is unclear. This creates uncertainty as to the length and depth of a potential correction.

Due to the shape of the price movement, however, it seems certain that BTC is in a wave 3 cycle (in red below). It completed wave 1 and wave 2 cycles following its low of 3,122 in December 2018 and began wave cycle 3 in March 2020.

If this is correct, BTC is in wave 5 (in white) of its cyclical wave. A plausible target for the top of the move is between $ 40,602 and $ 44,127. These objectives are obtained as follows:

By comparing the time it takes to complete the Wave 1 cycle, it can be assumed that price will likely peak around January 19th. This would mean that wave 3 cycle took 1.61 times the time it took to complete wave 1 cycle.

The only problem with this count seems to be the fact that waves 2 and 4 (in white) are relatively small. However, they have sufficient alternation for it to be a valid count.

The sub-wave count for wave 5, in orange, indicates that BTC is in sub-wave 5.

Using these subwaves, we get a target of $ 46,384

Cryptocurrency trader @TheTradingHubb presented two possible BTC counts: a bullish one, and a second even more bullish.

BeInCrypto has underlined the first below, while the second is shown in the following image.

The difference between these counts being that in the second, BTC would be in wave 3 of wave 3 cycle, rather than wave 5 of wave 3 cycle.

In this case, the ensuing correction would likely be smaller, before BTC hits another high above $ 50,000. Then, as a result, the cycle of wave 5 could go even higher.

What seems wrong with this count, though, is the huge magnitude gap between waves 1 and 3. Also, the longer the current upward movement continues without a substantial correction, the less plausible this count will be.

Bitcoin drops but manages to stay above $ 30,000

admin, · Kategorien: Bitcoin

Bitcoin has created a bearish candlestick pattern.

BTC is probably moving within a descending triangle.

There is resistance at $ 32,800.

After hitting a new all-time high on January 3, Bitcoin News Trader fell the next day, creating two bearish daily candlesticks in a row.

Bitcoin is expected to descend below its near-term figure and decline towards the support areas shown below.

Bitcoin rally runs out of steam

After hitting a record high of $ 34,789 on January 3, BTC price stagnated the next day, falling to a low of $ 28,130. That said, it did manage to create a long top wick (indicated by a green arrow below) before closing at $ 31,988.

While the top wick is a bullish sign, the candlestick is not. So far, BTC has created two bearish candlesticks: a shooting star on January 3, and a hangman figure on January 4. These are two patterns normally seen as signs of a bearish reversal.

Despite the bearish candlesticks, technical indicators do not yet confirm the bearish reversal. The MACD generated a lower volume bar in today’s data but has yet to hit a close. Additionally, the Stochastic Oscillator has yet to form a bearish cross, and the RSI has also not moved below 70.

If a downward move occurs, the three closest support levels would be at $ 25,230, $ 22,290 and $ 19,340 (fibonacci retracement levels 0.382, 0.5 and 0.618). In addition to matching fibonacci levels, the areas at $ 22,290 and $ 19,340 also provide horizontal support.

The two hour chart also provides a somewhat bearish outlook

First of all, we can see that BTC is possibly moving within a descending triangle, which is considered a bullish reversal pattern.

Next, BTC appears to have passed that pattern overnight on January 4, but suffered a rejection from resistance at $ 32,800 (red arrow). The previous advance would therefore have been only a deviation.

So as long as BTC fails to break through and then regain minor resistance at $ 32,800, the trend is considered to be down and expected to descend.

A decline that would cross the entire height of the figure would bring the BTC down to $ 25,240, close to the Fibonacci level 0.382 in the previous section.

L’operazione mineraria canadese Bitcoin raccoglie 20 milioni di dollari CAD dagli investitori statunitensi

admin, · Kategorien: Bitcoin

BitFarms, un’operazione mineraria Bitcoin quotata in borsa in Canada, ha raccolto fondi per 20 milioni di dollari CAD da investitori istituzionali statunitensi nel suo ultimo ciclo di investimenti.

Secondo un comunicato stampa condiviso con AMB Crypto, la società ha stipulato accordi di sottoscrizione con alcuni investitori istituzionali attraverso un collocamento privato composto da 8.888.889 azioni ordinarie, insieme a warrant per l’acquisto di un aggregato fino a 8.888.889 azioni ordinarie ad un prezzo di acquisto di 2,25 dollari CAD per azione ordinaria e warrant associato.

Bitfarms ha anche rivelato che i proventi dei fondi acquisiti sarebbero stati utilizzati dalla società per acquisire ulteriori minatori, espandere le infrastrutture e migliorare la sua posizione di capitale circolante.

Emiliano Grodzki, CEO di Bitfarms, ha accolto con favore il suddetto sviluppo, commentando,

„Siamo lieti di dare il benvenuto a questi investitori in Bitfarms, mentre continuiamo a far crescere il nostro numero di minatori. Non c’è mai stato un momento più emozionante per far parte dell’industria mineraria di criptovaluta. Siamo molto lieti di aver stabilito una presenza istituzionale negli Stati Uniti“.

La suddetta espansione arriva in un momento unico per il settore, soprattutto perché la Bitcoin ha raggiunto ripetutamente nuovi massimi storici nelle ultime settimane, con il risultato che i minatori della criptovaluta hanno prosperato.

Infatti, a partire dalla scorsa settimana, Crypto Code ha riferito che i minatori Bitcoin guadagnano fino a 1 milione di dollari l’ora, una cifra che rappresenta un aumento di oltre il 180% rispetto al dimezzamento del maggio 2020.

Il dimezzamento, che ha dimezzato le ricompense che i minatori Bitcoin guadagnano per le transazioni di lavorazione, ha sollevato preoccupazioni su quanto più a lungo l’estrazione dei Bitcoin rimarrà redditizia. Tuttavia, l’encierro che ne è seguito ha fatto sì che questo settore rimanesse estremamente redditizio, con il trading di valuta crittografica leader del mercato a circa 31.000 dollari, al momento della stesura della presente relazione.

Secondo Glassnode, il fatturato totale per i minatori Bitcoin è di circa 13 miliardi di dollari, e rimane chiaramente un’industria attraente all’interno del criptospazio.

BitFarms punta alla crescita e all’espansione per fornire 3 Exahash di potenza di calcolo entro la fine del 2021, sviluppi che continueranno a contribuire alla rapida crescita dell’economia finanziaria globale e decentralizzata.