Skip to main content

Bitcoin Close To $28,000 On March 2023

 

Charts of the Week

Bitcoin in Trajectory to Aim Higher But One Warning Sign Remains

  • Bitcoin price has projected a saucer bottom pattern on the 3-day chart, an indication that is usually in favor of the bulls. If it manages to slice above the breakout line at $28,486, BTC could target bigger aspirations.
  • From a technical perspective, analysts have also noted that the market should stay cautious, as the Relative Strength Index (RSI) displays a decline in strength – indicating a bearish divergence. Should the bearish scenario take place, Bitcoin would test the first level of support at the 78,6% Fibonacci retracement level at $26,077, then at the 61.8% Fibonacci retracement level at $23,800.
  • Only if the aforementioned footholds fail to act as a line of defense for BTC, then additional support may appear at $20,601, where the 50 and 100 three-day Simple Moving Averages (SMAs) converge.

    Options Traders Sentiment

    • By analyzing the volume of call (buy) options versus put (sell) options, traders are able to assess the overall market sentiment. Usually, bullish strategies tend to involve call options, while bearish trading strategies typically involve put options.
    • From the week starting on March 20, the put-to-call ratio indicated bullish market sentiment till March 25, on which it displayed a ratio of 1.14 suggesting traders are more inclined towards put options before finally closing the week with a ratio of 0.50 on March 26 indicating traders favor call options.

Comments

Post a Comment

Popular posts from this blog

Difference between AES and DES

  AES (Advanced Encryption Standard) and DES (Data Encryption Standard) are both symmetric key encryption algorithms, which means they use the same key for both encryption and decryption. However, they differ in several key ways: Key size: AES supports key sizes of 128, 192, or 256 bits, while DES only supports a key size of 56 bits. This makes AES much more secure against brute-force attacks. Block size: AES uses a block size of 128 bits, while DES uses a block size of 64 bits. This means that AES can encrypt larger amounts of data at once, and is more efficient for modern computing architectures. Algorithm complexity: AES is a more complex algorithm than DES, which means that it is generally more difficult to attack. DES has been shown to be vulnerable to certain types of attacks, particularly those that exploit its relatively small key size. Security: AES is generally considered to be more secure than DES, and is currently recommended by security experts as the preferred encryp...
Post a Comment
Read more

crypto

  Crypto, short for "cryptocurrency," refers to a digital or virtual currency that uses cryptography to secure and verify transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not controlled by a central authority like a government or bank. Instead, they rely on a distributed ledger technology called blockchain, which allows for secure, transparent, and immutable record-keeping. The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. Since then, thousands of other cryptocurrencies, often referred to as "altcoins," have been created, each with their own unique features and use cases. Cryptocurrencies can be used for a variety of purposes, including as a medium of exchange, a store of value, and a speculative investment. Some people also view cryptocurrencies as a way to protect against inflation or as a means of financial freedom,...
Post a Comment
Read more

“How To” Start Trading The Forex Market? (part 3)

 10 REASONS TO START TRADING FOREX! More and more well informed investor and entrepreneurs are diversifying their traditional investments like stocks, bonds & commodities with foreign currency because of the following reasons: 1) FOREX is the largest financial market in the world. With a daily trading volume of over $1.5 trillion, the spot FOREX market can absorb trading sizes that dwarf the capacity of any other market. In fact, when compared with the $50 billion daily market for equities or the $30 billion futures market, it becomes quickly apparent this gives you, and millions of other FOREX traders, almost infinite trading liquidity and flexibility. 2) FOREX is a True 24-hour market. The FOREX Market never sleeps.  Trading positions can be entered and exited at any moment around the globe, around the clock, 5.5 days a week. There is no waiting for an opening bell as in the case of trading stocks. It is a 24- hour, continuous electronic (ONLINE) currency exchange that n...
Post a Comment
Read more