DOT traded at $4.43 at the time of writing. The level was an extension of its range formation ($4.0 – $4.55) since 18 August. However, the range formation coincide#d with a crucial long-term support and weekly bullish order block (OB). 

#crypto2023 #BTC #crypto #BinanceTournament #SinfinityWorx

What’s next after the consolidation?

The demand zone is a weekly bullish OB of $4.22 – $4.59 (cyan) and doubled up as January and December lows. The Q1 rally bounced from the above level, and a similar trend was observed during the June recovery. 

But another August retest was yet to record a solid corrective rebound from the demand zone. A price consolidation has extended for over a week without signs of a price reversal. 

However, the CMF fluctuated above zero, underscoring weak but positive capital inflows. The RSI also attempted to retreat from the oversold zone, demonstrating mild buying pressure, yet sellers had overall control. 

So, DOT could shoot to $5 or $5.2 in the next few days/weeks, especially if Bitcoin [BTC] surges above $26.8k and $27k. But the bulls must clear the $4.8 to gain an extra edge. 

Conversely, a breach below the demand zone will expose DOT to possible depreciation to the $4.0 level.

Longs discouraged

At the time of writing, long positions were discouraged. According to Coinglass’s liquidation data, over $55k longs were wrecked compared to >$20k shorts within 12 hours before publication time. 

The difference between short and long liquidations wasn’t too large, suggesting likely extended range formation. But BTC’s muted movement could delay a solid corrective rebound, so it’s worth tracking its price action.

$BTC $DOT

The core reason for #bitcoin ’s [#BTC ] recent freak price slump isn’t quite clear. However, the drop to $25k triggered a massive sell-off across the market, including #Litecoin [#LTC]. LTC dropped below $60 before partially recovering to $65 at the time of writing.

BTC reclaimed $26k at the time of writing but had breached key trendline support, reinforcing further weakening for the king coin. According to Coinglass, the #crypto slump led to over $1 billion worth of liquidations of positions over the last 24 hours before press time.

A Fibonacci retracement tool (yellow) was plotted between July high and the recent low. The lower long wick shows that sellers gained ground, but buyers came in to prevent a further drop. At the time of writing, LTC traded at $65, equivalent to March lows.

The On Balance Volume (OBV) edged lower, capturing the decline in demand for the asset. Similarly, the Relative Strength Index (RSI) was stuck in the oversold territory and showed no signs of imminent reversal.

So, LTC could consolidate the losses between $56 and $70 in the next couple of hours/days if BTC doesn’t record more losses.

Although a foray above $70 could show bullish intent, bulls could only gain an edge above $75. The $70 and $78.5 are key resistance levels, while $50.5 and $42 are key support levels.

Any quick impulse to collect LTC at discounted prices was highly discouraged. As per Coinglass’s liquidation data, over $300k long positions were wrecked in the last four hours before the time of writing.

Before that, a whopping +$16 million worth of longs suffered liquidations. The short-term bearish sentiment calls for bulls’ caution and tracking of BTC movement.

#crypto2023 #Binance #SinfinityWorx

$BTC $LTC

Filbfilb analyzes Bitcoin’s halving pattern to predict an explosive Q4 for #BTC price action.

#crypto #crypto2023 #SinfinityWorx

The familiar #bitcoin halving cycle has turned heads again, hinting at a significant shift in BTC price behavior as the final quarter of 2023 approaches. With industry experts closely monitoring the trend, many smart investors are taking advantage of the situation, positioning themselves for a notable surge in value.

Bitcoin’s price seems destined to remain rangebound until at least the fourth quarter of 2023, a prediction made by Filbfilb, an esteemed market analyst and co-founder of the crypto analytics platform Decentrader.

As revealed in a thread on X (previously known as Twitter), Filbfilb advised his followers that they should brace for stagnation in BTC price leading into the year’s end. This advice comes despite a bullish 70% gain for Bitcoin in Q1.

What does the Bitcoin halving cycle pattern tell us?

Bitcoin’s current situation isn’t raising much cheer among bulls. Yet, Filbfilb observes little change in Bitcoin’s price action during this halving cycle compared to previous ones.

The digital currency finds itself 1200 days after the last halving, during which it typically consolidates. By examining various comparative charts, Filbfilb predicts miners will likely start to push prices higher as the Bitcoin halving approaches – which has historically occurred around 1,276 days after each preceding halving.

Miners are motivated to secure prices that exceed marginal costs leading up to the halving. Regardless of whether they actively collude, they share a collective drive to boost prices before their marginal revenue is cut in half. Filbfilb added that this effect, in combination with intelligent investors keen on seizing opportunities around the potential positive price impact of Bitcoin halving, has previously bolstered the market.

This calculation leads to early November as a prospective deadline for these behaviors to manifest.

From a chronological standpoint, Filbfilb suggests that the fourth quarter appears vital for Bitcoin. During this time, he expects a constrained supply and an influx of new capital driven by speculation.

Concluding his analysis, Filbfilb anticipates an explosive Q4 for Bitcoin. During this period, the interplay between historical patterns and contemporary market dynamics could set the stage for a riveting close to the year. The savvy investors and Bitcoin enthusiasts who heed these signals may find themselves well-positioned to capitalize on what could be a transformative moment in the cryptocurrency market.

While Filbfilb’s analysis provides an insightful perspective on Bitcoin’s potential price trajectory, it’s essential to recognize the inherent volatility and unpredictability of the cryptocurrency market. Users should always perform their own due diligence, research, and risk assessment before making investments.

$BTC

Litecoin price could recover with these two bullish catalysts

Grayscale, a digital asset management company, landed a historic win against the US Securities & Exchange Commission (SEC), acting as a catalyst for altcoins in the #crypto ecosystem.

The asset manager’s victory in the spot Bitcoin exchange-traded fund (ETF) case fueled #bullish sentiment among investors in the crypto ecosystem with top-ten assets yielding gains for holders overnight.

Grayscale’s win is, therefore, likely to act as a catalyst for #Litecoin’s recovery. #LTC ranks 15th in terms of market capitalization among cryptos. 

IntoTheBlock, an on-chain data intelligence tracker, observed that nearly 5 million addresses have held #Litecoin for over a year. This is double the count from last year’s 2.55 million and signals rising confidence among LTC holders. 

Litecoin addresses by time held as seen on IntoTheBlock

Alongside confidence from long-term holders, there has been a notable increase in LTC transactions, according to crypto payment processor BitPay. Litecoin has seen a 50% increase in the percentage of use on BitPay, between spring and summer. 

The above developments are likely to catalyze a recovery in the altcoin. At the time of writing, Litecoin price is $67.77, and the asset has yielded 21.548% gains for holders over the past year.

#BinanceTournament #Binance #crypto2023 #SinfinityWorx

$LTC

In the dreaded universe, 20 diverse alien humanoid species form a collective known as the "Dreadlock Nations." Using their unique abilities and a deep understanding of cryptotechnology, they've forged a society that thrives on the concept of interconnectedness and wealth creation. They've developed a crypto-based economy that allows them to travel across galaxies, accumulating resources and knowledge from various worlds.

The Dreadlock Nations discover Earth, a fragmented and ravaged planet, and they see the potential for rebirth. Purchasing scattered real estate using their crypto assets, they collaborate to restore Earth's ecosystems, cleanse its waters, and rebuild its civilizations. Their intention is to create a utopian haven that brings together the best of their individual species' attributes.

Amidst their efforts, they face challenges from corporations and governments seeking to exploit Earth's resources. A band of rebels from different human factions joins forces with the Dreadlock Nations to protect the planet's restoration. Together, they confront moral dilemmas, political intrigue, and battles against those who oppose their vision.

This epic tale is captured in a series books, focusing on the alien humanoid species and their contributions to Earth's restoration. The books explore themes of unity, environmental stewardship, social harmony, and the balance between technology and nature. As the series progresses, alliances are forged, secrets are revealed, and the fate of Earth hangs in the balance as the disparate species work toward a common goal of rejuvenation and lasting peace.

#crypto2023 #crypto #BNB #NFT #SinfinityWorx

DROP TO BE ANNOUNCED SOON