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Bitcoin: Brave bulls can try longs again at 31100/30000

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Bitcoin – if you have followed me on social media since 11th May you will know that I predicted the crypto crash, after spotting a 2-month head & shoulders reversal pattern, which completed on the 17th May for a clear sell signal.

I also suggested longs at 31100/30000 yesterday. We bottomed exactly at & shot higher to first resistance at 37000/38000 for an easy 7000 ticks profit.

Ripple XRP crashed to a very important 6-month trend line & 200-day moving average support at 0.7040-0.6558. We wrote: This is the best chance of an end to the crash.

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What a call!! Prices bottomed at 6510 & shot higher to strong resistance at 0.9200/9450. However, we continued higher to important 38.2% Fibonacci & short-term moving average resistance at 1.0515/45.

Ethereum we wrote: has collapsed to retest the 14 month 61.8% Fibonacci support at 1728. In fact, as I write we bottomed exactly at 1731.

This is the last line of defence for bulls with a potential double bottom buy signal – If you have been waiting for an excellent buying opportunity then this is worth a gamble.

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What a call! Prices bottomed exactly here & shot higher to beat strong resistance at 2300/2400 for a buy signal targeting 2600 & 2750/2800. We topped exactly here.

Daily analysis

Bitcoin shot higher to first resistance at 37000/38000 & is the main challenge for bulls today. However, we also have strong resistance at 39500/40500. So it is only above 41500 that bulls are fully back in control, initially targeting 42000/42500 & head & shoulders neckline at 43750/44000.

Failure to beat the 37500/40500 resistance area keeps bears in control. Remember we are in a 2 month bear trend & this could be just the start. Below 37000 risks a slide to 35500 & a retest of strong support at 31100/30000, just above my ultimate target for the head & shoulders sell signal at 27500/27000.

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Brave bulls can try longs again at 31100/30000 but be aware that my ultimate target for the crash was 27500/27000. So save some funds to add to longs here. However, longs need stops below 25500. A break lower signals significant further losses are likely.

Ripple tests important 38.2% Fibonacci & short-term moving average resistance at 1.0515/1.0545. Shorts need stops above 1.1400. A break higher is a buy signal targeting 1.1700/1.1800, perhaps as far as 1.3000/1.3500.

Shorts at strong resistance at 1.0515/1.0545 target 0.9000/0.8970, perhaps as far as 0.8050/30. Again expect very important 6-month trend line & 200-day moving average support at 0.7040-0.6558 to hold the downside. Brave bulls or longer-term investors can try longs with stops below 0.6400. If prices hold below here then all is lost for the bulls & a further significant correction to the downside looks likely. Initially we can target 0.5100 – 0.4800.

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Ethereum longs at the 1730 area worked perfectly on the 1000 tick (or 58%) rally to strong resistance at 2750/2800. This the main challenge for bulls today. Shorts need stops above 2850. A break higher is another buy signal targeting first resistance at 3050/3100, perhaps as far as strong resistance at 3300/3400. Shorts need stops above 3500.

Shorts at 2750/2800 target first support at 2400/2350. A low for the day is certainly possible here but longs need stops below 2300. A break lower to targets 2140/30 before a retest of important 61.8% Fibonacci support at 1728. Brave bulls can try longs here again & can also average down, buying a little more at the 200 day moving average at 1600. It is entirely possible that this will be the low for the crash. Longs MUST stop below 1500. A break lower to kills the recovery hopes & risks a slide to 1300/1250. Although the decline may pause here I do not see this as a strong support level & longs would be extremely risky.

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Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

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Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

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Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

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Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

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That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

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Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

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Surprise, surprise.”

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Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

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In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

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Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

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Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

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Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

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Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

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He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

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