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TA: Bitcoin Dives To $40K, Why Recovery Could Be Capped

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Bitcoin price settled below $46,000 and declined heavily against the US Dollar. BTC even traded close to $40,000 before starting an upside correction.

  • Bitcoin is down over 10% and it broke the $45,000 and $43,000 support levels.
  • The price is now trading below $43,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could resume its decline if it fails to recover above the $43,000 zone.

Bitcoin Price Corrects Losses

Bitcoin price failed to stay above the $46,000 support zone. As a result, there was a sharp decline in BTC below the $45,000 level (as discussed yesterday).

The price broke many support zones near $44,000 and $43,000 to enter a bearish zone. The decline gained below $42,000 and the price settled below the 100 hourly simple moving average. It traded close to $40,000 and a low was formed near $40,200.

Bitcoin is now correcting higher and it broke the $41,500 level. The price was able to surpass the 50% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low.

An immediate resistance on the upside is near the $43,000 level. The first major resistance sits near the $43,100 level. There is also a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The trend line is close to the 76.4% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. To start a strong recovery, the price must clear the $43,100 resistance. The next major resistance is near the $44,000 zone, above which the price could revisit the $45,000 resistance.

More Losses In BTC?

If bitcoin fails to clear the $43,100 resistance zone, it could resume its decline. An immediate support on the downside is near the $42,200 level.

The next major support is near the $41,500 zone. A downside break below the $41,500 zone could trigger a fresh decline towards the $40,500 level or even $40,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level.

Major Support Levels – $41,500, followed by $40,500.

Major Resistance Levels – $43,000, $43,100 and $44,000.

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Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

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Panther and BUMPER Protocol announce partnership to provide seamless DeFi user experience

Jakarta, Indonesia, 24th October, 2021,

Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned assets to get maximum yield, has announced that it will be introducing the $GGG token on three of the leading IDO platforms in early November 2021.

After finalizing their seed funding round and a private round, valued at a combined $1.7 million, the team at Good Games Guild are pleased to confirm that they will be carrying out the Triple IDO on Seedify, Ignition, and MoonStarter.

Here are the details for the IDO event:

  • IDO Price: $0.30 per token
  • Total Fundraising Target: $360,000
  • Number of Tokens to be Sold during IDO: 1,200,000 $GGG
  • Initial Market Capitalization: $387,750 (Exclude Liquidity Provision — At IDO Price)
  • Official $GGG token contract address: TBA
  • Blockchain Tech Platform: Binance Smart Chain (BSC) & Solana Chain (SOL)

Here are the details for the Triple IDO:

  • Good Guild Games is launching its $GGG token on the following IDO Platforms:

— MoonStarter

MoonStarter is a decentralized, multi-chain IDO Launchpad that supports innovative crypto projects across all blockchains with a goal to become the single-stop multi-chain launchpad for selected projects.

Here are the details for the token sale:

  • Number of Tokens to be Sold on MoonStarter: 116,666 $GGG
  • IDO Allocation: $35,000
  • Date and Time: November 2nd, 2021
  • Place: https://app.moonstarter.net/
  • Whitelist and Lottery Details: TBA
  • Token Type: Binance Smart Chain (BSC)

— Ignition

Operating as a decentralized swapping protocol, Ignition allows blockchain-based token projects to offer their private and public auctions to participants, leveraging both PAID Network and Polkadot technology. Ignition places a strong emphasis on creating a loyal community, which will best serve both projects and investors in the long-term.

  • Number of Tokens to be Sold on Ignition: 416,666 $GGG
  • IDO Allocation: $125,000
  • IDO Details:
    • Lottery open: Tuesday, October 21st, 2021, 2 PM UTC.
    • Lottery close: Friday, October 29th, 4 AM UTC.
  • GGG IDO: Wednesday, November 3rd, 11 AM UTC.
  • Token Type: Binance Smart Chain (BSC)
  • How to join? Check links below:

— Seedify

Seedify is an incubator and launchpad for blockchain games and gamers. At Seedify, they provide curated Initial Game Offerings (IGOs) through their platform, supporting quality blockchain games with reaching crowdsourced funding, as well as helping projects with community building and marketing efforts; all while providing an avenue for the community to get the tokens of upcoming blockchain games before they get listed on exchanges.

About Good Games Guild

Good Games Guild is a Gaming Hub that aims to create the largest virtual world economy by sponsoring millions of play-to-earn gamers, investing in play-to-earn games and their in-game assets, and building tools that will enhance the future of gaming and the Metaverse.

Good Guild Games is also a decentralized autonomous organization (DAO) that focuses on non-fungible tokens (NFTs) that are frequently used in blockchain-based games & virtual products.

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Bullish Avalanche (AVAX) Will Hit $71 Soon?

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Bullish Avalanche (AVAX) Will Hit $71 Soon?
  • Avalanche’s first desktop wallet launched version 2.0.
  • AVAX price will also hit its strong resistance level of $71 soon.
  •  we can also expect AVAX price may regain its lost position.

A layer one blockchain that functions as a platform for decentralized applications (dApps) and custom blockchain networks is Avalanche. Recently, Avalanche’s first desktop wallet launched version 2.0. The new features in version 2.0 are quite compatible with all the DApp on Avalanche blockchain. With this new update, Avalanche (AVAX) could climb up to its peak in the forthcoming days. Avalanche’s (AVAX) price will also hit its strong resistance level of $71 soon.

Accordingly, in the time of mid-may, the AVAX price experienced a huge crash after this now the asset went parabolic. After witnessing the ups and downs, AVAX has shown a bullish sign and surge over $60. Eventually, with the latest drop and corrections, the AVAX price chart has formed the w-shaped pattern and broke the resistance level, and moved upwards.

Furthermore, since the mid of August, the AVAX platform has undergone an immense surge of volume, which has given huge confidence and a boost to the price. After the recent up and downs from $60 to nearly $50 and also reached the resistance level. Therefore, as forementioned, AVAX formed a w-shape. Henceforth, with a recent gain in AVAX price, the asset broke the next resistance level and moved towards a strong resistance level at $71. If it breaks the resistance level then we can expect a new all-time high (ATH) soon.

AVAX Current Market Status 

As per CoinMarketCap, AVAX’s price has been trading at $66.73 with a 24-hour trading volume of $539,966,583. AT press time, in the last 24 hours, AVAX price has increased by over 1.90%. The circulating supply of AVAx is 220,286,577.21 AVAX. It can be traded in top crypto exchanges such as Binance, Coinbase, Huobi Global, Bitfinex, Gate.io, Kucoin, and more.

More so, currently, the chart displays an ascending channel pattern, if this trend continues then the levels at 1.4 FIB levels at $126 could be an achievable target. And we can also expect Avalanche’s (AVAX) price may regain its lost position and reach more heights will the new ATH.

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JPMorgan Says, Worries About Inflation Drive-Up Bitcoin’s Price

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  • The initial hype with BITO could fade after a week.
  • Gold used to be an effective tool to hedge against inflation.
  • The second bitcoin futures ETF in the U.S. launched Friday.

As opposed to investment opportunities in newly created futures trading exchange-traded funds. According to the global investment firm JPMorgan, inflation fears are driving bitcoin prices to record highs (ETFs). “The flow shift continues intact, supporting a bullish prognosis for bitcoins through year-end.” The business said, noting that investors are shifting their money away from gold ETFs and towards bitcoin funds.

A research note issued this week by JPMorgan Chase analysts led by Nikolaos Panigirtzoglou explained that inflation. Instead, the excitement surrounding the first U.S. futures trading exchange-traded fund has already been driving up. The price of bitcoin to all-time highs (ETF).

After just one day of trading, the Proshares Bitcoin Strategy ETF (ticker: BITO) has garnered almost $1 billion in assets under management. On Friday, the second bitcoin derivatives exchange-traded fund (ETF) in the United States opened.

They go on to say that “by itself. The introduction of BITO is unlikely to ignite a new phase of considerably. Additional fresh money into bitcoin,” and they provide the following explanation:

Our research indicates that bitcoin is perceived as an improved inflation hedge than gold. This perception, in turn, has prompted a transition away from gold ETFs and into bitcoin funds, which has occurred since September.

As the experts pointed out, “the initial excitement surrounding BITO may dissipate within a week or two.”

Earlier today, according to information from Bitcoin.com Markets. The price of bitcoin reached an all-time high of $66,899, a new all-time high. It is currently valued at around $61,249 at the time of writing. 

This index has climbed by roughly 40 percent. It is since the start of the month and by more than 90 percent since January 1, 2015. When the market expected the authorization of a bitcoin futures exchange-traded fund (ETF) by the Securities & Exchange Board of the United States. The bitcoin price significantly increased in value (SEC).

Not only have JPMorgan analysts clarified that the real driver behind bitcoin’s price increase has been starting to grow inflationary concerns.

But they’ve also mentioned that this has prompted investors to look at investments that, can act as a hedge against this risk, such as gold as well as bitcoin.

The gold standard was formerly seen as an effective inflationary buffer. However, it has been unable to respond effectively over the last week to growing concerns about rising cost pressures on the company.

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