Another week filled with bullish action is coming to an end. Let’s first look at what has happened in the markets and then dive into developments here at NewsCrypto.
Looking at the Bitcoin chart, we can see that the price managed to crush through the 60k resistance level, as the price soared all the way to $62,825. Having peaked the price retraced slightly, but managed to stay above the $60,000 level. The weekly candle closing above that area, which seems very likely, could be confirmation of a breakout into a new macro uptrend.
On the one hand, the recent rally could be attributed to some macro factors, such as the USA increasing its debt limit by $480 billion to pay off its obligations until early December, inflationary pressure by unending stimulus and the Build back better plan as we get closer to its passing, etc. On the other hand, the latest spike is most probably a result of news that regulators had green-lit two ETF applications after years of failed applications.
When it comes to news from the crypto sphere, there have been quite a few, but let’s focus solely on the most important. Firstly, there was a report on Tuesday that Venezuelan international airports will start accepting cryptocurrencies like Bitcoin as payments for tickets and other services. Friday’s $830 million options expiry was largely impacted by the 20% price rally starting with the beginning of the previous week, which most likely eliminated 92% of the put (sell) options. As China’s crackdown on Bitcoin continues, the mining centers move from China to the USA, which further mitigates any bearish effect that it could have. Additionally, there were some crypto bullish comments by multiple billionaires, pointing out that they are buying BTC or ETH to hedge against the upcoming inflation.
As for development here at NewsCrypto, we’ve released a new tool on our Platform called Backtesting Bot. This cutting-edge tool empowers you with the ability to test different strategies without extensive programming knowledge or wasting your precious time by doing the backtesting by hand. Additionally, it also eliminates any bias that could affect your decision-making and automatically detects the most important patterns on the price charts of top cryptocurrencies. But that isn’t all, since it also calculates the technical price target and looks at how many of the patterns hit it, giving you a percent success rate. You get to see the historical success rates for different patterns and trading pairs.
Our team also successfully carried out a Platform Giveaway. I’d like to thank all active members of the community that participated and shared their setups and of course congratulate all winners. It was a pleasure to get to know each and everyone that took part in the giveaway slightly. Our team loves to reward the most active members of the community so don’t forget to also engage in the other giveaways, one of them being Newsco Quiz.
Newsco Quiz is the newest giveaway our team has implemented in order to give back to the community. This week we’ve held the second one so far and Newsco confirmed it was great fun, not to mention the prize pool of 200 NWC tokens that gets distributed to the most knowledgeable participants. Our team is constantly preparing numerous giveaways so stay tuned for more.
In hopes that a positive trend won’t come to an end any time soon, I wish you an enjoyable reminder of the weekend. I’ll update you on our developments and action in the markets at the end of the next week.