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As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here

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As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here

The history of the Bitcoin netflow indictor may suggest that the current market is ready for the next major price swing up as the crypto makes a new ATH.

Bitcoin Netflow Has Historically Approached Zero Before Major Price Upswings

As explained by an analyst in a CryptoQuant post, there seems to be a relationship between BTC netflows and price swings upward.

The Bitcoin netflow indictor is defined as the difference between the inflows and the outflows, and it shows the net amount of the crypto entering or exiting centralized exchanges.

When the metric takes on negative values, it means there are more investors withdrawing their coins compared to those depositing. Sustained such a trend can be bullish for BTC as holders usually take their crypto off exchanges for hodling or selling through OTC deals.

On the other hand, when more coins are flowing into exchanges than those flowing out, the netflow shows positive values, which may be bearish as it implies investors are sending their Bitcoin to exchanges for withdrawing to fiat or for buying altcoins.

Now, here is a chart that shows the trend in the value of the indicator over the last year:

The relation between BTC price and the netflows | Source: CryptoQuant

In the above graph, the analyst has marked the behavior of the indicator compared with the Bitcoin price. As is apparent, the netflow always touched the zero mark right before a big price move up.

A netflow value of zero means the investors taking out their coins from exchanges are balanced by those putting them in.

Related Reading | Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One

This trend seems to have been followed during the bull run earlier in the year, and so far the current rally has also followed it.

Right now, the netflow is right at zero, which makes the current point suitable for making another big move up. And it seems to have already begun as…

BTC Price Makes New All-Time High!

Bitcoin has reached a new ATH today as the crypto trades at $66k at the time of writing. The below chart shows the trend in the price of BTC over the last 24 hours.

Related Reading | Ethereum Breaks $4,000, All-Time High Unavoidable?

Bitcoin Price Chart

BTC breaks past $65k to make a new ATH | Source: BTCUSD on TradingView

Bitcoin is now heading into unknown territories as every move up now will result in a new ATH to be reached. Knowledge of past bull runs hints that the volatility will probably shoot up now and the crypto will experience wilder price swings. And if the netflows are anything to go by, BTC looks ready to explode from this point.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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The NFT – Faith Connexion

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NFTs

Over the years, Faith Connexion has been a trendsetter in fashion, creating thousands of street-wear garments seen on a number of A-List celebrities. With a style described as chic rock, edgy glamour or street couture, the brand’s clothing is sought by celebrities and trendsetters alike. This is because Faith Connexion stands out from the mainstream, representing an eclectic yet practical wardrobe for people who seek to showcase their individuality.

It was only a matter of time that a brand as innovative and creative as Faith Connexion launches its own NFT, under the name Faith Tribe. Iconic brands like Louis Vuitton and Balenciaga have jumped onto the NFT hype over the past year. But why the hype and what even is an NFT? NFTs are non-fungible tokens of digital content linked to the blockchain. To get one, you need a cryptocurrency wallet, through which you can purchase NFTs on an NFT marketplace. Since NFTs are non-fungible, they are exclusive and not mutually exchangeable, unlike fungible assets (such as Bitcoin). A brand can either release exclusive NFTs, where there is only one copy of the digital work or an exclusive NFT with multiple copies.

At the Art Basel Fair in Miami Beach, Faith Tribe launched its very own NFT initiative and token. However, its NFT release will come with a special spin, unseen from any other brand. Faith Tribe will be launching ten NFT collectibles that will be paired with the brand’s most iconic garments. The garments will be displayed and then sold in Faith Tribe’s showroom during the Art Basel Fair, with the garments embedded with NFT tags that prove ownership upon scanning.

Faith Tribes’ NFTs at Art Basel were complemented with designer sketches and related media. The brand will also potentially invite NFT owners to exclusive virtual and live events. So buyers of Faith Tribe’s NFTs at the Art Basel Fair will not only be purchasing an iconic garment from the brand but will also be purchasing the garment’s story, with the sketches revealing how the garment came to life. They’ll be purchasing a part of Faith Connexion’s history, as the NFTs will be the first of likely many that the brand will introduce. They will also be buying access to the brand’s future, through exclusive invitations to brand events. We want in on this and you should too. Buying one of Faith Tribe’s NFTs doesn’t just mean ownership of a piece of digital work. It means an exclusive, multifaceted and memorable experience, and that’s what the brand’s about. Individuality, excitement and uniqueness.

Faith Tribe’s initiative at Art Basel will be the prelude to the launch of its own token, and its own online marketplace and open-source creative platform, “Faith Tribe”. Faith Tribe will enable users to select a clothing template from more than 10,000 Faith Connexion garments in its archive as a base for their own garment design. Users can then upload their own designs and even set prices, auctions and royalty fees. Faith Tribe’s exclusive token will be used to mint the NFT, with designers and users being able to sell and buy designs on the Faith Tribe marketplace. Designs can be bought and sold with their token. Behind the idea of Faith Tribe, is Faith Connexion’s innate desire to democratize fashion and enable everyone to showcase and profit from their talent, true to its modus operandi of thinking outside of the box.

The Art Basel Fair in Miami will take place in early December for those — rightfully — seeking to get their hands on Faith Tribe’s NFTs.

For more information please visit: Website | Twitter | Instagram | Telegram

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Ethereum Lacks Momentum Above $4,200, But Dips Likely To Be Limited

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Ethereum

Ethereum is facing resistance near the $4,250 zone against the US Dollar. ETH must stay above $4,000 to start a steady increase in the near term.

  • Ethereum started a recovery wave after a major drop below $4,000.
  • The price is now trading below $4,250 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if there is a clear break above $4,250 and the 100 hourly SMA.

Ethereum Price Recovers Losses

Ethereum started a major decline after it broke the $4,250 support. ETH broke the $4,000 and $3,800 support levels. It traded as low as $3,327 and recently started an upside correction.

There was a break above the $3,800 and $4,000 resistance levels. Ether price even climbed above the 50% Fib retracement level of the recent drop from the $4,662 swing high to $3,327 low. However, it is still trading below $4,250 and the 100 hourly simple moving average.

Besides, there is a key bullish trend line forming with support near $4,150 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,200 level. The first major resistance is near the $4,250 level.

The next major hurdle is near the $4,350 level. It is near the 76.4% Fib retracement level of the recent drop from the $4,662 swing high to $3,327 low.

Source: ETHUSD on TradingView.com

A clear move above the $4,250 and $4,350 levels could send the price further higher. The next major resistance is near the $4,500 level. Any more gains could lift the price towards the $4,650 resistance zone in the near term.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,250 level, it could start another decline. An initial support on the downside is near the $4,150 level and the trend line.

A downside break below the $4,150 support zone might start a steady decline. In the stated case, the price may perhaps decline towards the $4,000 level. The next major breakdown support is $3,820, below which the price could decline towards $3,650.

Technical Indicators

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

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

Major Support Level – $4,150

Major Resistance Level – $4,250

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TA: Bitcoin Settles Below $50K, What Could Initiate A Fresh Rally

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Bitcoin

Bitcoin declined heavily and it even spiked towards $40K against the US Dollar. BTC is recovering, but it must clear $50K for a steady increase in the near term.

  • Bitcoin is attempting a recovery wave above the $47,000 and $47,500 levels.
  • The price is now trading below $50,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $48,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent upward move if there is a clear break above $50,000.

Bitcoin Price is Recovering Losses

Bitcoin price failed to stay above the $52,000 and $50,000 support levels. BTC declined heavily and broke many important supports near the $48,000 level.

It even dived below the $45,000 level and traded close to the $40,000 level. A low was formed near $40,150 and the price is now recovering losses. It climbed above the $45,000 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $57,688 swing high to $40,150 low.

It is now trading below $50,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $48,600 on the hourly chart of the BTC/USD pair.

An immediate resistance on the upside is near the $49,600 level. The first major resistance is near the $60,000 level. The next major resistance is near $50,900. It is close to the 61.8% Fib retracement level of the recent decline from the $57,688 swing high to $40,150 low.

Source: BTCUSD on TradingView.com

A clear break above the $50,900 resistance zone could open the doors for more upsides. The next key resistance is near the $52,500 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $53,500 level.

More Losses In BTC?

If bitcoin fails to clear the $50,000 resistance zone, it could extend losses. An immediate support on the downside is near the $48,500 level.

The first major support is now forming near the $47,500 level. A downside break below the $47,500 support may perhaps start a sharp decline. The next stop for the bears might be $55,000.

Technical indicators:

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

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

Major Support Levels – $48,500, followed by $45,000.

Major Resistance Levels – $50,000, $50,900 and $52,500.

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