From a technical perspective, Bitcoin’s price action appears to be contained within an ascending parallel channel that developed since Oct. 4. Every time BTC has risen to this technical formation’s upper boundary since then, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.
Nevertheless, a decisive four-hour candlestick close below the $3,922 level could lead to a steeper correction. Ethereum could then dive to look for support around the 100 four-hour moving average at $3,700 or even test the 200 four-hour moving average at $3,400.
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While the platform has started accepting account registrations and deposits/withdrawals of cryptocurrencies, its services do not yet cover the entirety of the US market, as the following states have been excluded from its support as of the time of writing the review (September 19, 2019):
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
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Overall, it appears from these results that cryptocurrencies may experience short term intervals of co-movement, caused by sector wide news or cross market contagion, though correlation is likely to change dependent on the nature of the causal event and market environment. In the medium and longer term Bitcoin and Litecoin are strongly related; it is believed this is due to their similarity.
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Li, Q. L., J.-Y. Ma, and Y. X. Chang (2018), “Blockchain queue theory”, in International Conference on Computational Social Networks, 25–40. Springer.
Technically, it broke out of its descending triangle consolidation zone in the first week of November, followed by two important resistances at $62,500 and also at $63,500. This makes it bullish for the short term as well & these resistances will now act as support, above which one may enter long positions in BTC.
The factors leading to SafeMoon’s adoption by institutions and companies primarily are based on the following fundamentals of the latest news that certify SafeMoon a good investment:
HUH Token has not been released onto the cryptocurrency market as of yet. This of course means that speculation will have to be made regarding its market price and the potential profit that a $1000 investment could make you.
Even though many coins are on an uptrend, Bitrise is worth considering as thousands of Shiba Inu and Safemoon holders have joined since its release.
Under Brooks’ leadership, the OCC began allowing banks to provide cryptocurrency custody services and store cryptographic keys in July 2020. And this January, the OCC first permitted banks to use stablecoins for payments.
Safemoon investing will be made much more accessible if this happens, leading to more accurate price data. Time will tell whether this happens, but keep an eye out in the months ahead.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
Interpretation of visual scalograms is subjective so it is desirable to find a more quantifiable way to validate the strengthening of coherence in bubble regimes. Fig 6 shows the wavelet coherence over time for the different period bands, in the case of the “new authors” factor for Ethereum. Coherence values, plotted on the vertical axis, vary between zero and one. Time is plotted on the horizontal axis. The areas of the price time series that are recorded as bubble-like regimes using the GSADF test are shaded red.
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