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BTC/USD dips after touching $19,628

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The Bitcoin price prediction shows that the Bitcoin is rising in the early hours of the day, but it was rejected due to the range of the market.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – 19,476 dollars
  • Bitcoin Market Cap – $373.5 billion
  • Bitcoin circulating supply – 19.1 million
  • Total Bitcoin Supply – 19.1 Million
  • Bitcoin Coinmarketcap Ranking – No. 1

BTC/USD Long-Term Trend: Range (Daily Chart)

Main levels:

Resistance levels: $22,500, $24,500, $26,500

Support Levels: $17,500, $15,500, $13,500

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The BTC/USD pair may start tracking downward movement if the bears force the cryptocurrency to bend in front of fresh losses. At the time of writing this report, Bitcoin / US Dollar Hands are trading at $19,476 after adjusting from the $19,628 resistance level and the intraday high. Moreover, the bitcoin price may be subject to losses if the price crosses below the 21-day moving average.

Bitcoin Price Prediction: Bitcoin (BTC) Bears Might Reappear

The Bitcoin price From a technical angle, it reveals that the market price may follow the downtrend or continue to move sideways because the upward movement is not visible now. However, the RSI of the technical indicator (14) may confirm the bearish movement as the signal line drops below the 50 level.

Moreover, the bulls are currently relying on the 21-day moving average to ensure that despite the reversal, the price of bitcoin remains above the moving averages. Any downside move below the 21-day moving average could pull the coin towards the lower boundary of the channel and could cause the coin to reach critical support levels at $17,500, $15,500 and $13,500. After the upward move, if the coin crosses above the upper boundary of the channel, it may reach the nearest resistance levels at $22,500, $24,500 and $26,500, respectively.

Medium Term Trend for BTC/USD: Range (4 hour chart)

As the 4 hour chart shows, Bitcoin price is likely to break below the lower boundary of the channel, and the bears are likely to return to the market where the bulls can defend the $19,419 support. If not, the support level at $19,000 and below could be activated if it focuses on the downside move.

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BTCUSD 4 Hour Chart

Moreover, buyers may need to regroup and head to the upside, and once that happens, traders may expect a move above the upper boundary of the channel, which could push the royal coin to the $20,000 resistance level and above. At the same time, the RSI (14) is likely to drop below the 40 level, which indicates the continuation of the bearish movement.

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Blockchain

Ethereum developers target March 2023 for Shanghai hard fork

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according to Discussion At the 151st Ethereum Core Developers meeting on December 8, core programmers set an initial March 2023 deadline for Ethereum’s Shanghai hard fork. Additionally, developers will aim in May or June 2023 to release Ethereum Improvement Protocol (EIP) upgrade 4844 that will provide initial network participation.

Although the long-awaited Proof-of-Stake merger upgrade was completed on September 15, Ether (stETH) is currently in the works. Locked on the Ethereum Beacon Signal Chain. The token was created by decentralized finance protocol Lido, with approximately 3.5 million stETH ($4.48 billion) in circulation. After the Shanghai upgrade, stETH users can withdraw their funds along with any applicable staking rewards to validate network transactions. The Ethereum Foundation said it organized the upgrades in this way to “simplify and increase focus on a successful transition to Proof of Stake.”

After the hard fork, the EIP-4844 upgrade is designed to introduce a new binary data transaction prototype previously invented by the developers on February 21, 2022. Currently, Layer 2 technologies such as Optimistic Rollups can move Ethereum computation and network storage off-chain to improve scalability 10x to 100x . The developers expect that offering large mobile packages that can hold cheaper data in Ethereum transactions could improve pooling capacity by up to 100x. However, while the upgrade will lower transaction fees on Layer 2 solutions, it will not affect Ethereum gas fees.

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Last December, Ethereum co-founder Vitalik Buterin shared just that game over It is for the blockchain to function as a simple base layer, with “the complete convenience of users storing their assets in ZK.” [zero knowledge]Verify full EVM operation [Ethereum Virtual Machine]. Buterin also warned that hash sampling and data availability are “complex techniques” that will take years of scrutiny and improvement to implement.