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When the sentiment in the market turns bearish, any negative news, no matter how small, pulls the price down as traders panic sell. It did so after China’s social media giant Weibo banned a number of crypto-related accounts and raised fears that broader crackdown could emerge.

In other news, a note from Goldman Sachs said that their meetings with 25 chief investment officers of long-only and hedge funds revealed Bitcoin (BTC) as the least preferred asset to invest in.

Daily view of crypto market data. Source: Coin360

While the news can be negative in the short term, it is unlikely to change Bitcoin’s long-term history. As the price corrects, several institutional investors are likely to consider crypto investments to hedge their portfolio against the potential surge in inflation in the US.

From the point of view of most traders, the current decline in Bitcoin continues to be a buying opportunity in the longer term.

Let’s analyze the charts of the top 5 cryptocurrencies that could outperform in the next few days.


Bitcoin slid off the 20-day exponential moving average ($ 39,127) on June 3, but is finding support near the triangle’s trendline. This shows that bulls buy on dips and bears sell on rallies.

BTC / USDT daily chart. Source: TradingView

The next trend move is likely to begin after price leaves the triangle. If the bulls push and hold the price above the resistance level, the BTC / USDT pair could rise to the 50-day simple moving average ($ 47,198) and then to the pattern target at $ 52,622.90.

On the contrary, when the price goes down and falls below the triangle’s trendline, it indicates that supply is exceeding demand. This could result in a drop into the $ 30,000-28,000 support zone.

If this zone breaks, sales could intensify as several traders who recently bought could abandon their positions. That could push the price down to $ 20,000.

BTC / USDT 4-hour chart. Source: TradingView

The 4-hour chart’s moving averages have flattened out and the relative strength index (RSI) is hovering around 40-60, indicating a balance between buyers and sellers.

However, this state of uncertainty is unlikely to last long and the price is likely to fall above or below the triangle in the next few days. If the price breaks out and holds above the triangle, it suggests that the setup was acting as a reversal pattern.

Conversely, if the price falls below the triangle, it suggests that the current consolidation was a temporary halt to a strong downtrend. It is difficult to predict the direction of the breakout, so traders can wait for the breakout to occur before considering new positions.


Ether (ETH) snapped off the 50-day SMA ($ 2.908) on June 4th and re-entered the symmetrical triangle. On the upside, however, the bulls haven’t given way much, indicating strong buying near $ 2,550.

ETH / USDT daily chart. Source: TradingView

If buyers push price above the resistance line of the triangle, the ETH / USDT pair could challenge the 50-day SMA again. A breakout and close above this resistance could open the way for a move to the 61.8% Fibonacci retracement level at $ 3,362.72.

Contrary to this assumption, if the price again deviates from the 50-day SMA, this suggests that the bears will be aggressively defending the resistance. A break below $ 2,550 could push the price below the triangle’s support line. A break below the triangle is the first sign that the bears are back in the driver’s seat.

ETH / USDT 4-hour chart. Source: TradingView

The 4 hour chart shows the formation of an ascending triangle pattern that completes on a breakout and closes above $ 2,906. If so, the pair could climb to $ 3,600 and then to the pattern target at $ 4,083.26.

This bullish view will be invalidated if price goes down and falls below the trend line of the triangle. The bears will then attempt to push the price down to $ 2,200 and then to the critical support at $ 1,728.74.


Cardano (ADA) has been stuck in a wide range between $ 1.94 and $ 1 for the past few days. The altcoin slid down from the resistance of the range on June 4th and fell to the moving averages.

ADA / USDT daily chart. Source: TradingView

The bulls are currently trying to defend the zone between the 20-day EMA ($ 1.66) and the 50-day SMA ($ 1.55). If the price rebounds from current levels, it suggests that sentiment will turn positive and traders will buy the dips to the moving averages.

A breakout and close above $ 1.94 (USD) will indicate the bulls are back in the driver’s seat. If the price holds above this level, the ADA / USDT pair could retest the all-time high at $ 2.47. A break above this resistance indicates the beginning of the next leg of the uptrend.

If the pair turns down and breaks below the 50-day SMA, this positive view will be invalidated. The bears will then attempt to push the price into the USD 1.33 to USD 1.22 support zone.

ADA / USDT 4 hour chart. Source: TradingView

The 4 hour chart shows the formation of an ascending triangle pattern that completes on a breakout and closes above $ 1.94. This bullish setup has a target target of $ 2.88. However, it is unlikely to hit the target straight away as the bears could build stiff resistance at the current all-time high of $ 2.47.

The 20-EMA has started falling and the RSI is just below the midpoint, indicating a possible decline on the triangle’s trendline. Breaking below this support will void the bullish setup and this may cause it to fall to $ 1.36 and then to $ 1.


The bears are trying to stop Solana’s (SOL) relief rally at the 61.8% Fibonacci retracement level at $ 43.38. However, sellers were unable to bring the price below the 20-day EMA ($ 36.39), suggesting that sentiment has turned positive.

Cointelegraph Markets Pro’s VORTECS ™ data began to spot a bullish outlook for SOL on June 1 before the rally picked up pace.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, current price movements and Twitter activity.

VORTECS ™ Score (green) vs. SOL price. Source: Cointelegraph Markets Pro

As can be seen from the chart above, the VORTECS ™ Score for SOL turned green on June 1st when the price was close to $ 32.10.

The VORTECS ™ Score has remained consistently in the green since then and the price of SOL has risen to $ 43.33 today, up 35% in five days. This shows how the VORTECS ™ Score gave an early indication of a countertrend rally when other instruments would have been bearish.

SOL / USDT daily chart. Source: TradingView

The SOL / USDT pair rallied from the 20-day EMA on June 4th and has risen from the 50-day SMA ($ 39.42) today. This suggests the bulls are not waiting for a deeper correction to buy.

When buyers push the price above $ 43.38, it indicates that the downtrend is over. The pair could then climb to the 78.6% retracement level at $ 49.97 and then to the all-time high at $ 58.38. The 20-day EMA has started rising and the RSI is in positive territory, suggesting that buyers have the upper hand.

This positive view will be invalidated if the price turns down and falls below the trend line. The pair could then fall to $ 25.58 and then to $ 21 later.

SOL / USDT 4 hour chart. Source: TradingView

The 4 hour chart’s moving averages have risen and the RSI is trading in positive territory, suggesting that the bulls are making a comeback. The upside move could gain momentum if buyers lift the price above $ 43.38.

Conversely, if the price falls and breaks the 20 EMA, it suggests that supply is outstripping demand. The pair could then fall to the 50-SMA and then the trendline. A break below the trendline indicates that the bears are back in the game.


THETA trades on a descending channel. The bulls attempted to push and hold the price above the resistance line of the channel on June 4th and 5th but failed. This suggests that the bears are aggressively defending this resistance.

THETA / USDT daily chart. Source: TradingView

However, the 20-day EMA ($ 8.19) has started to move higher and the RSI is in positive territory, suggesting that the bulls have a slight advantage. If the THETA / USDT pair rebounds from the 20-day EMA, buyers will make another attempt to push the price above the channel.

If they are successful, it suggests that the downtrend may be over. The pair could then start an upward move to $ 13 and later to the all-time high of $ 15.88. This bullish view will be invalidated if the bears sink and hold the price below the 20-day EMA. Such a move could result in a drop to $ 6.

THETA / USDT 4-hour chart. Source: TradingView

The 4 hour chart shows that the pair has turned down twice from the resistance line of the channel. However, the bears have been unable to bring the price down and hold below the 20 EMA, suggesting lower demand.

If the pair recovers from current levels, the bulls will make another attempt to push the price above the channel. If they succeed, the next stage of the uptrend can begin.

However, if the price falls below the 20-EMA, the pair could slide to the 50-SMA. A break below this support indicates the beginning of a deeper correction.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every step of investing and trading involves risk, so you should do your own research when making a decision.

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Chinese Police Arrest 1,100 People for Money Laundering With Cryptocurrencies



Authorities in China escalated their campaign against cryptocurrencies and arrested more than 1,100 people suspected of using the digital assets to launder illegal funds and order the closure of mines in one of the western provinces.

In a nosedive over 23 provinces, regions and cities, Chinese police arrested more than 170 criminal groups engaged in cryptocurrency trading to launder money received through phone and online fraud, the Ministry of Public Security said in a statement . The suspects had repeatedly converted the assets from one cryptocurrency to another in order to cover their tracks, it said.

The illegal activities “caused severe social damage,” added the ministry.

The arrests came after a powerful Chinese superregulator promised last month that it would “crack down on Bitcoin mining and trading behavior” as part of a broader effort to protect against financial risk and reduce energy consumption in the country. Regulatory crackdown concerns contributed to a sharp sell-off in Bitcoin and other cryptocurrencies.

Bitcoin is still struggling to recover from its recent trading range. It traded near $ 36,755.77 on Thursday after trading at $ 64,802 apiece in mid-April.

Many proponents of cryptocurrencies had dismissed China’s recent warnings as a repetition of previous bans. However, there are signs that after months of volatile trading and mounting concerns about their carbon footprint, Chinese authorities are now more serious about curbing crypto-related activity.

“China has always had a very strong stance on cryptocurrencies. Now they are stepping up part of their narrative, ”said Naeem Aslam, chief market analyst in London at brokerage AvaTrade.

Several cryptocurrency mining platforms have started blocking internet addresses in mainland China from accessing services in the past few weeks.

On Thursday internet searches were for several major crypto exchanges such as Binance, Huobi and OKEx on Baidu. empty Inc.’s

popular search engine and Weibo, a Twitter-like microblogging service. The exchanges have been a popular choice for people in mainland China to trade virtual currencies in what is known as the over-the-counter market. The accounts of several Weibo users known for posting about cryptocurrencies were also suspended last week.

The huge appetite for cryptocurrency mining, an energy-intensive process where computers compete to solve complex mathematical puzzles to unlock new bitcoins, runs counter to Beijing’s energy goals. President Xi Jinping is determined to make China the climate champion and has set ambitious goals to reduce coal consumption.

Regional governments have recently stepped up their anti-mining campaigns. In late May, authorities in the coal-rich Inner Mongolia region published detailed draft rules against the deal.

The government in western Qinghai Province has also announced a ban on cryptocurrency mining, state news agency Xinhua Finance reported on Thursday. Authorities were said to be investigating mining operations that allegedly operate as big data or supercomputing centers.

While China has tried to contain cryptocurrency miners, others are trying to woo them. El Salvador’s President Nayib Bukele said Wednesday that he had directed the country’s state-run geothermal electricity company to come up with a plan to provide Bitcoin mining facilities using cheap, renewable energy from the country’s volcanoes. The announcement came hours after the small Central American country first introduced Bitcoin as legal tender.

Some of the pressure on Bitcoin from measures taken by China could ease, said Joel Kruger, strategist at LMAX Digital cryptocurrency exchange. The spread of cryptocurrency mining to more countries, leading to a decentralization from its current concentration in China, has fueled optimism, as has the prospect of greener energy sources than coal used by some Chinese miners.

“This is positive in that it forces mining to become more prevalent and forcing the narrative to shift to more environmentally friendly ways of mining,” said Mr Kruger.

Bitcoin, Dogecoin, Ethereum: cryptocurrency markets

Chinese bitcoin miners have long dominated the global computing power that powers the bitcoin network with sophisticated equipment and access to cheap electricity. But now a group of US miners with deep pockets are looking to capture a bigger share of the industry. Photo: Adam Chapman for The Wall Street Journal (video dated 2/17/21)

Write to Elaine Yu at and Caitlin Ostroff at

Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the print edition of June 11, 2021 as “China Cracks Down on Crypto Laundering”.

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UAE: Who will own your cryptocurrency after you die? – News



Experts reveal everything you need to know about digital asset sharing and inheritance.

In the past two years, the global user base of cryptocurrencies as measured by trading volume has grown by almost 190 percent. A survey by Statista of consumers in 55 countries ranks consumers in the United Arab Emirates 19th with the highest probability of owning cryptocurrencies such as Bitcoin in 2020.

But unlike “fiat currencies” like the dollar or the dirham, which can easily be passed on, exchanged or used for transactions, we still need to understand what will happen to the digital currency when its owner dies. We know cases where assets were lost forever – in 2019, a crypto exchange lost $ 145 million after its CEO suddenly died and no one had access to the digital wallet’s password.

Keeping passwords secure is important, and it is just as important to let your loved ones know about them. “I’ve been thinking about this question for some time. I have investments worth $ 100,000 in various cryptocurrencies. I bought this through a broker and not directly through the stock exchange, which means that I can name a beneficiary. So I suspect if my wife wants access to it when I’m gone, she should be able to. But I’m not sure how to proceed. I still have to keep my cryptocurrencies in a digital wallet; For now, they’re only in my account, which I know can be vulnerable to cyberattacks. I plan to do more research and make my cryptos more secure and also to inform my better half about it, ”says Bawa K., who has been investing in digital currencies since 2017.

How are cryptos bought?

Cryptocurrencies can be bought “peer to peer” by people, directly from organizations “over the counter” that offer their own tokens for sale, or from public exchanges such as Coinbase, Bittrex, Binance, Bithumb, Huobi etc.

“These are the channels for most people to buy and sell cryptocurrencies. And there are many other ways to get digital assets, such as transferring C2C (customer to customer) that are not normally used much, ”says Ola Lind, Director, SoBitX.

How are they saved?

The cryptocurrencies are based on blockchain technology and are stored in a so-called wallet. Each wallet corresponds to a key pair, a public key and a private key. The public key is used as the address to receive coins and the private key is used to identify the owner.

“Every owner should keep the private key safe. Anyone with this private key can access the assets in this wallet, ”says Lind.

“In terms of storage, cryptocurrencies are stored in digital wallets. A person has a number of options in this regard, including holding their digital assets in wallets for exchange, in software wallets such as Metamask, or in hardware wallets such as Trezor or Ledger. In any case, individuals must make their own judgment about security and accessibility, ”said Blaise Carroz, vice president, global acquisition, Idoneus.

United Arab Emirates Digital Currency and Wills Act

“While legally the answer is yes, like any other type of asset, loved ones can claim digital assets, and if your passwords, passphrases, and key locations die with you, it is unlikely to happen. Without these things, your crypto assets are inaccessible, ”said Carroz when asked whether families could inherit the cryptocurrencies of their loved ones after their death.

Currently, under UAE federal laws, the status of crypto is not clear enough to be sure of adding crypto to your will. “However, a UAE resident can use a DIFC will to cover all of their global assets, including crypto assets. This is possible because DIFC applies the laws of England and Wales that recognize crypto assets as property. DIFC Wills also has a provision for including a “sealed” document so that a private key can potentially be left for the beneficiary and used to retrieve the cryptocurrency, ”advises Carroz.

“As with all things of this nature, because of the complexity involved, it is best to consult a professional law firm for advice on creating wills with cryptocomponents,” adds Carroz.

When including digitally held assets in an estate planning tool, Century Maxim recommends that you outline the following in an estate planning tool:

a. A clear list of the assets held digitally

b. Information from the digital wallet (s)

c. A memorandum to record the passwords and PINs

d. A step-by-step guide that explains how beneficiaries can access these assets when executing the estate planning tool

“Without access to the identifiers to access the exchange or wallet, it would be nearly impossible to access the assets, regardless of whether they are briefly mentioned in an estate planning tool. In such a case, it is likely that the digitally held assets are on a highly secure and encrypted network – a function that investors in currencies such as Bitcoin, Ethereum or, more recently, Dogecoin choose because it is so difficult to intercept ”, says Farhat Ali Khan, Managing Partner of Century Maxim International, an Abu Dhabi licensed legal advisory firm.

Suneeti Ahuja Kohli

Suneeti Ahuja-Kohli has been in Dubai long enough to call it her spiritual home. She loves to travel but plans to settle in Koi Samui, Thailand to spend her sunset years by the sea. Right now she writes a lot on personal finance, retirement planning, business news and features, health, and just about anything her editor has assigned. Her stays can be followed on Instagram (suneetiahujakohli), messages and views on Twitter @suneetiahuja, and there is a Facebook account for the rest.

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What Is Chainlink and Why Is It Important in the World of Cryptocurrency?



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Blockchain has seen a huge surge in popularity since the introduction of Bitcoin, the first cryptocurrency in 2010. Blockchain has a number of advantages, including decentralization and security. The demand for a decentralized currency has catapulted Bitcoin and other cryptocurrencies to worldwide popularity.

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But blockchain has its limits. These systems are inherently isolated from the rest of the world, which is good for security and integrity, but also limits the input data they can accept.

Therefore, there is a need for some kind of bridge that can help these systems to see what is happening in the outside world. However, for the system to work, the input cannot come from a single source. Why? Because it would then have to rely on a centralized data source, which contradicts the nature of the blockchain.

More: What is a Non-Fungible Token and Why Are They Booming?

That is exactly what Chainlink can solve, as we will find out.

What is chain link?

Chainlink is a decentralized oracle network that will play an important role in the real implementation of blockchain technologies. The purpose of this network is to provide input to a variety of external data sources.

While the blockchain is great at what it does – providing a decentralized, secure ledger for digital transactions – it’s not that good at taking input for things that happen outside of the blockchain. There are many “off-chain” forces influencing the markets, including fiat currencies, credit cards, and even weather and sports scores. As a decentralized oracle, Chainlink can provide input for so-called smart contracts.

Find Out: Why Some Money Experts Believe In Bitcoin And Others Don’t

These smart contracts help the system respond to a variety of inputs (if X, do Y). As the first cryptocurrency, Bitcoin and the associated blockchain can only process a small part of this input. But newer blockchains like Ethereum have a wider reach. This includes support for programmable smart contracts.

The story goes on

With this in mind, Chainlink was launched on the Ethereum blockchain in 2019, but is said to be agnostic. Therefore, it can also work with other blockchains.

Read: Bitcoin Cash (BCH): How Is It Different From Bitcoin And What Is It Worth?

What is LINK and what is it worth?

LINK is Chainlink’s native token. The token is intended to help fund the project’s growth and is similar to Bitcoin (BTC) and Ethereum (ETH). Both cryptocurrencies work on their respective blockchains. Just like BTC and ETH act as incentives for users to mine, LINK does the same thing.

Dogecoin (DOGE): Should You Invest?

The LINK token was launched in 2017 with a price below 20 cents and stayed below USD 1 through 2019. In 2020 the price began to rise steeply. In fact, the price soared from under $ 2 in early 2020 to a high of $ 36 on February 20, 2021.

Despite LINK’s meteoric surge, it has since fallen from its high of $ 36 and has not yet returned to that level. In fact, the price fell nearly $ 10 by March 1, 2021.

Should you invest in LINK?

As you may have seen from the above, LINK’s value has remained volatile despite its huge gains since early 2020. Hence, it may be best to only invest in LINK to support the underlying technology. Otherwise, the high volatility can become too much for most investors.

Read: How Does Cryptocurrency Work – And Is It Safe?

Still, Chainlink appears to be an important technology as cryptocurrencies move forward. Having an oracle like Chainlink will be key to the long-term stability and viability of cryptocurrency in general. Hence, LINK can be a solid investment if you believe Chainlink will become the industry standard as the most widely deployed, decentralized oracle network.

This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.

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Last updated: April 1, 2021

This article originally appeared on What is Chainlink and why is it important in the cryptocurrency world?

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