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Traders use this classic trading pattern to determine when to ‘buy the dip’
Traders use various technical analysis tools to identify emerging trends and profitably trade that direction. One popular trend-defining pattern that traders often rely on is called the price channel. An ‘ascending channel’ or a “bullish price channel” is formed by drawing parallel lines between the perceived support and resistance levels that an asset trades between on candlestick charts. Ascending channel basics An ascending channel is formed when the price action can be contained within two upward sloping parallel lines. First, the main trendline is drawn by joining the two reaction lows. Then a parallel line is drawn by connecting two reaction highs. This line is called the channel line. The main trendline is the support area from where the price rebounds and the channel line act...
Traders identify $51K as the key level for Bitcoin to overcome in the short term
The crypto market is back in high spirits on Sept. 2 after Bitcoin price briefly tapped the $50,000 level in the early morning trading session. The move above the key resistance level came as industry insiders hinted that major companies and institutional investors hinted that recent Bitcoin purchases would soon be disclosed in public documents. Additional bullish news came after Vast Bank announced that it had become the first U.S. bank to allow customers to buy, sell and hold Bitcoin (BTC) directly in their checking accounts. BTC/USDT 1-day chart. Source: TradingView Here’s what traders and analysts are saying about what to expect next from Bitcoin now that it is trading near the psychologically important $50,000 level. Bitcoin finally broke out of resistance This latest move from Bitcoi...
Twitter to allow users to add BTC and ETH addresses to profiles: Screenshots
Twitter appears to be developing functionality that enables users to add Bitcoin and Ethereum addresses to their profiles. The latest update is believed to be a part of Twitter’s Tip Jar feature — which was introduced in May this year — and adds to reports which surfaced earlier this week that the firm would enable Bitcoin (BTC) tipping for content creators. Italian mobile developer and self-described “leaker” Alessandro Paluzzi tweeted screenshots on Sept. 3 which showed BTC and Ethereum (ETH) wallet address options in the settings toolbar of the app version of Twitter. #Twitter is working to allow you to add your #Bitcoin and #Ethereum address to your profile to receive tips via the Tip Jar feature ℹ️ It is not necessary to link a Strike account to add them to your profile....
More than 25 deaths after Ida remnants slam Northeast
In New York City, Deborah Torres said water rapidly filled her first-floor Queens apartment to her knees as her landlord frantically urged her neighbors below — who included a baby — to get out, she said. But the water was rushing in so strongly that she surmised they weren’t able to open the door. The three residents died. “I have no words,” she said. “How can something like this happen?” Ida’s remnants lost most of the storm’s winds but kept its soggy core, then merged with a more traditional storm front and dropped an onslaught of rain on the Interstate 95 corridor, meteorologists said. The situation has followed hurricanes before, but experts said it was slightly exacerbated by climate change — warmer air holds more rain — and urban settings, where expansive pavement prevents water fro...
XRP price chart ‘bull flag’ puts the next bullish target at $1.50
The price of XRP edged higher on Sept. 2 as traders assessed Ripple Labs gaining an edge over the United States Securities and Exchange Commission in an ongoing courtroom battle. The XRP/USD exchange rate surged 4.74% to reach $1.296 for the first time since Aug. 23. The pair’s climb appeared alongside a spike in trading volume on the four-hour chart, confirming traders’ intent to support the upside move in the coming sessions. XRP has shot to go higher this week, reflecting a similar bullish move in other top digital assets. CrediBULL Crypto, an independent market analyst, noted that the Ripple blockchain token could reach $1.50 to $1.60 next, citing impulse buying sentiment near the bottoms of almost every major cryptocurrency, including Bitcoin (BTC). $XR...
ShapeShift open-sources its upcoming version 2 platform code
As part of its ongoing decentralization efforts, non-custodial cryptocurrency exchange ShapeShift announced Thursday that it has open-sourced the code of its upcoming version two platform, giving developers the opportunity to contribute to the iteration process. ShapeShift’s v2 code repository is now available on Github, making it easier for developers to download it to their local drives. “This is a great step in our ongoing efforts to open source and involve the community in iterating on the first comprehensive, multichain, community-built interface,” said Josh Foreman, engineering workstream lead for ShapeShift DAO. The company also announced that open-source developers can attend biweekly community calls held on ShapeShift’s Discord channel. The meetings will feature demos and di...
NFT projects and high yield opportunities back Zilliqa’s strong rebound
One of the most important factors in the long-term success of a blockchain platform is having an active community of supporters and developers that work to showcase the capabilities of the network by creating new products and interacting with projects on the protocol. Zilliqa (ZIL) is one project that saw its price surge throughout August as developers built out its ecosystem and made improvements to the protocol. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.05 on July 20, the price of ZIL proceeded to rally 145% to an swing high at $0.1244 on Aug. 24 ZIL/USDT 4-hour chart. Source: TradingView Three reasons for the bullish momentum seen in ZIL include a rapidly growing ecosystem that is attracting new participants, the launch of nonfungible...
Cryptocurrencies now legally recognized under commercial law in Texas
Two bills aimed at furthering the adoption of cryptocurrencies and blockchain are now law in the state of Texas. Texas House Bills 4474 and 1576, passed by both chambers in the state legislature in May and signed into law by Governor Greg Abbott in June, officially took effect on Sept. 1. H.B. 1576 establishes a blockchain working group in Texas, while H.B. 4474 amends the state’s Uniform Commercial Code to recognize cryptocurrencies under commercial law. Lee Bratcher, president of the Texas Blockchain Council, said in a July interview that H.B. 1576 could “set out a road map” for Texas to invest in and take advantage of blockchain technology, while the other bill better defines the security interests for Bitcoin (BTC) and other cryptocurrencies so “institutions can feel more comfort...
The Deals: Primary Wave Acquires Gin Blossoms Catalog; WMG Licenses to Kuaishou
Warner Music Group has signed a licensing deal with China-based short-form video platform Kuaishou. Under the agreement, WMG will make its artists’ music available on all of Kuaishou’s overseas products, including the apps Kwai and SnackVideo. According to a release, Kuaishou boasts over one billion users worldwide, a milestone it hit in June. Outside of China, it has more than 180 million active users in territories including Latin America and MENA (Kwai) and South and Southeast Asia (SnackVideo). The platform encourages its “global community to share their activities, habits, and more with the core mission to ‘embrace all lifestyles.’” Oana Ruxandra, chief digital officer & executive vp of business development at WMG, said, “We’re excited to bring our diverse music ...
At least 8 deaths as Hurricane Ida’s remnants hit Northeast
Other videos showed vehicles submerged up to their windows on major roadways in and around the city and garbage bobbing down the streets. “We’re enduring an historic weather event tonight with record breaking rain across the city, brutal flooding and dangerous conditions on our roads,” New York Mayor Bill de Blasio said while declaring a state of emergency in New York City late Wednesday. Gov. Kathy Hochul also declared a state of emergency for New York state. Firefighters rescued a man from a car stuck in deep floodwaters in New York City. Video shot by New York TV station WABC-TV showed firefighters carry a man from his vehicle to dry ground. The man’s SUV was one of a number of vehicles stuck in the water on the Bronx River Parkway. The National Weather Service office in New York declar...
SEC Chairman shares crypto regulation recommendations with EU Parliament
The SEC Chair pointed out that crypto and fintech have the potential to be as big as the internet in the 1990s United States Security and Exchange Commission (SEC) Chairman Gary Gensler stated that the $2 trillion cryptocurrency market was too large to exist on its own and must be incorporated within regulatory frameworks for its survival. Appearing before the European Union Parliament’s Committee on Economic and Monetary Affairs, Gensler emphasised how crypto and fintech are playing a role in globalising economic flows, stating that the technologies might be as big as the internet in the 1990s. The former professor of Blockchain Technology at the Massachusetts Institute of Technology explained that cryptocurrency was a truly global asset, pointing out that “It has no borders or boundaries...
Twitter could roll out a Bitcoin tipping service soon
Jack Dorsey has been heavily involved in the Bitcoin ecosystem in recent years and could be set to launch another feature soon Social media giant Twitter is reportedly working on a new feature that would make it easier for people to tip using BTC. The tipping feature is designed to make it easier for people to make micropayments via the social media platform. According to a report by MacRumors, Twitter’s beta update suggests that the social media giant is testing the feature. However, Twitter is yet to make any public announcement regarding the service or how it intends it to work. Popular developer Alessandro Paluzzi posted a picture of how the Bitcoin tipping feature will look. The report explained that the Bitcoin tipping service would use the Lightning Network (LN) to carry out sm...
