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Federal Debt Relief Laws – How To Take Advantage Of New Laws To Eliminate Bad Debt

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Due to increasing rate of interest on the debts, paying back the installments on time has become out of the reach of a person. Credit card debts are making the financial state of many families worse. Last year, economic recession came and affected the common people more than the big companies and the extra rich people. This recession caused companies to reduce their expenses by either firing people or reducing their salaries. Many companies increased prices of their products in order to keep their business running. These circumstances created a flood and most of the families and individuals were affected severely. They were not able to pay the debts of their creditors and as a result, the credit card companies also suffered from extreme financial crises. Many people started filing the petition for bankruptcy. This was a sever blow to the credit card companies.

To handle this situation, U.S’s president, Obama passed a bill regarding the debt relief and bankruptcy laws. There are two types of bankruptcy cases. Chapter 7 of bankruptcy was used by different people as a tool to get rid of the debts. So, the government devised the laws to help out the credit card companies. Chapter 7 of bankruptcy was made almost impossible. Many other amendments in the laws were also made. To help out the credit card holders, creditors are being prohibited from increasing interest rates without telling the customers. They can charge new interest rates on the previous debts. The Company will apply more interest rate first and less interest rate after that.

These changes were really helpful in getting your debts eliminated to almost half. You can hire a company for the settlement services because they know how to use laws to protect your rights and get a good settlement. It you are suffering from the same problem then debt settlement can assist you in this hour of need.

You can get legal documentation of these laws from the official websites of the government. There are many rules that you may not understand so, consulting a legal attorney can lead you towards proper solutions after careful reading of these laws.

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TA: Ethereum Turns Red, What Could Trigger Steady Recovery

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Ethereum

Ethereum extended decline below the $2,400 support zone against the US Dollar. ETH price is recovering, but it must clear $2,550 for a steady upward move.

  • Ethereum extended decline below the $2,500 and $2,400 support levels.
  • The price is trading below $2,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend losses if it fails to recover above $2,500 and $2,550.

Ethereum Price Keeps Struggling

Ethereum started a major decline after there was a close below the $3,000 level. ETH traded below the key $2,500 support zone to move into a bearish zone.

The price even traded below the $2,400 level and settled below the 100 hourly simple moving average. Finally, it traded as low as $2,160 and currently correcting higher. There was a move above the $2,300 and $2,350 levels.

Ether price climbed above the 50% Fib retracement level of the recent decline from the $2,547 swing high to $2,160 low. An initial resistance on the upside is near the $2,420 zone. There is also a key bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD.

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $2,547 swing high to $2,160 low. The first major resistance is near the $2,500 level. The main resistance sits near the $2,550 level.

Source: ETHUSD on TradingView.com

If there is an upside break above $2,550 resistance, zone, the price could start a decent recovery wave. The next major resistance is near the $2,750 level.

More Losses in ETH?

If ethereum fails to start a recovery wave above the $2,550 level, it could continue to move down. An initial support on the downside is near the $2,320 level.

The first key support is now forming near the $2,250 level. A downside break below the $2,250 level might start another strong decline. The next major support for the bulls may perhaps be near the $2,150 zone. Any more losses could push the price towards the $2,000 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now near the 50 level.

Major Support Level – $2,150

Major Resistance Level – $2,550

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TA: Bitcoin Starts Recovery, Why $38K Is The Key For Reversal

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Bitcoin

Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move.

  • Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels.
  • The price is now trading near $36,500 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a major increase if there is a clear move above the $38,000 resistance.

Bitcoin Price Eyes Recovery

Bitcoin price extended decline below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave.

There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair.

The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,000 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. An upside break above the $38,000 resistance could start a steady recovery wave towards $40,000. The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,000.

Fresh Decline in BTC?

If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,000 zone.

The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $35,400, followed by $34,000.

Major Resistance Levels – $37,000, $38,000 and $38,200.

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Are We In A Bear Market? Glassnode Analyses The Latest Bitcoin Crash

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Are We In A Bear Market? Glassnode Analyses The Latest Bitcoin Crash

Let’s cut to the chase: Glassnode thinks we’re in a bear market. In their latest “The Week On-Chain” newsletter, the company tries to “establish the likelihood that a prolonged bear market is in play” by “using historical investor behaviour, and profitability patterns as our guide.” One thing’s for sure, the recent crash was severe, and “such a heavy drawdown is likely to change investor perceptions and sentiment at a macro scale.”

Related Reading | Bitcoin Leads As Markets Sees Record Outflows. Bear Market Incoming?

How severe was it? According to Glassnode, “this is now the second worst sell-off since the 2018-20 bear market, eclipsed only by July 2021, where the market fell -54% from the highs set in April.” Apart from the price, investors “capitulated over $2.5 Billion in net realised value on-chain this week.” Who were those paper hand investors? “The lion’s share of these losses are attributed to Short-Term Holders.” Of course.

Glassnode Points Out The Bear Market Indicators

  • The first indicator Glassnode goes for is “The Net Unrealised Profit/Loss (NUPL) metric.” Which measures “the overall market profitability as a proportion of market cap.” How is Bitcoin doing on that front? “NUPL is currently trading at 0.325 which indicates that an equivalent to 32.5% of the Bitcoin market cap is held as an unrealised profit.”
BTC Price Drawdown from ATH | Source: Glassnode

How does this point to a bear market? “Considering previous cycles, such low profitability is typical in the early to mid phase of a bear market (orange). One could also reasonably argue that a bear market started in May 2021 based on this observation.” This is not enough, though. But Glassnode has more.

  • The second indicator the company hit us with is “The MVRV Ratio.” This one “is calculated as the market cap, divided by the realised cap; and is a useful tool for identifying periods of high, and poor investor profitability.”

How does this point to a bear market? “With a current MVRV-Z reading of 0.85,  the market is well within territory visited in bearish markets, and a bearish divergence is noted, similar to the NUPL metric above.” Is this enough? No way. But Glassnode has an ace up its sleeve.

  • The third indicator is “the Realised-to-Liveliness Ratio (RTLR).” They use “the Realised Price using Liveliness in the denominator” to calculate this one. 

How does this point to a bear market? “The market is now trading below the RTLR price of $39.2k, but above the Realised price of $24.2k. Again, this is often observed during early to mid stage bear markets.”

Who Sold And Who Is Still Holding Strong?

There’s no surprise here. The “Short-Term Holders (STH)” are selling. How does Glassnode define STHs, though? By the age of their coins. “Coins are considered to be owned by STHs when they are younger than ~155-days, and are statistically more likely to be spent in the face of volatility.” No surprise there either.

It’s worth pointing out that the STH’s coins are “currently held at a loss.” In fact, “as of this week, almost the entire STH supply is underwater.” That could be scary for newcomers, so those coins are at risk of being sold. At a loss. These people are going to regret their emotional decisions for life, but that’s a topic for another article.

BTCUSD price chart for 01/24/2022 - TradingView

BTC price chart for 01/24/2022 on Oanda | Source: BTC/USD on TradingView.com

The other question here is, who’s holding strong? According to Glassnode, “Interestingly, STH supply remains near multi-year lows, which is indicative of their counter-part, the Long-Term Holders (LTHs), who appear impressively unfazed by such a severe drawdown.” Of course. People who already understood the game are not easy to shake.

How are the LTH’s coins doing? “Over 59.3% of the circulating supply has now been dormant for over 1yr, increasing by 5.8% of circulating supply in the last three months.” This sounds bullish, but Glassnode finds a way to rain on the LTH’s parade. “Whilst a rising, and large proportion of mature coins is generally considered constructive, it once again bears similarities to a bear market, a time when only the HODLers and patient accumulators remain.”

Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

Conclusions And Hopium

According to Glassnode, one could argue that the “bear market started in May 2021.” Does it feel like a bear market, though? No, it doesn’t. It doesn’t feel like a bull market, either. We may be in a new phase and the Bitcoin cycle is dead. Or maybe we’re just in a bear market as Glassnode tried to prove. Either way, LTHs are not selling.

Featured Image by mana5280 on Unsplash  | Charts by Glassnode and TradingView
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