November 24th Cryptonaire Weekly Best Crypto Magazine Editor’s Letter
Are you looking for bitcoin, cryprocurrency updates? No worries. Check out our latest crypto news magazine here. Bitcoin is very close to a new all-time high. The sharp rally of the past two months has brought back the focus on cryptocurrencies. Crypto has again made it to the front pages of mainstream media, including The Wall Street Journal.
PayPal’s crypto adoption has been one of the major factors that started the current bull run. A report by crypto investment firm Pantera Capital highlights that PayPal has been buying about “70% of the new supply of bitcoins.” According to Pantera, the remaining 30% of the supply is being lapped up by Cash App. This has created a shortage, which could be one of the contributing factors to the recent rally.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:
WISE TOKEN ANNOUNCEMENT – UNPRECEDENTED COMMUNITY COMMITTED
OVER 14,200 ETH SO FAR!
HOW BUSINESSES CAN BENEFIT FROM UTILIZING THE ATROMG8 ECOSYSTEM?
INVESTMENT MANAGEMENT APPLICATIONS – QUIVERX INVESTMENT APP
We had suggested traders close their remaining position in the previous analysis because we expected $17,200 to act as a stiff resistance. However, that did not happen. The bulls easily pushed the price above the $17,200 mark on November 17. Bitcoin reached a high of $18,980 on November 21, just shy of the all-time high at $19,891.99.
The price formed a Doji candlestick pattern on November 21 and the bears attempted to start a correction on November 22, but the bulls aggressively purchased at lower levels. This suggests that bulls are accumulating on dips. However, the bears are defending the higher levels and that led to another Doji candlestick on November 23. This suggests indecision among the bulls and the bears about the next directional move.
The upsloping moving averages and the RSI in the overbought zone suggest that bulls are in control. Hence, if the bulls can propel the price above $19,000, a rally to $20,000 is possible. This level is likely to act as a psychological barrier but if the bulls can drive the price above it, the momentum is likely to pick up and the BTC/USD pair could form a blow-off top, which is usually followed by a sharp correction. On the other hand, if the bears sink the price below $17,610.77, it would indicate the start of a correction that could reach the 20-day EMA. If the price rebounds off this level, the bulls will again try to propel the price to new all-time highs.
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Latest Bitcoin Magazine Highlights
Featuring in this weeks Edition
– Atrom Network
Biden plans for former Fed Chair and noted Bitcoin bear to lead US Treasury
The Biden team looks to Janet Yellen to lead the next administration’s economic policy, which will have to navigate the wreckage left in the wake of the coronavirus.
Bitcoin Shortage is Real; PayPal & Cash App Buying More Than 100% of All Newly-Issued BTC
Ever since the Bitcoin halving on May 11, a mere 900 BTC have been generated every day, half of what has been mined before that day.
Ethereum 2.0 Deposit Contract Secures Enough Funds to Launch
The smart contract required for triggering the first phase of Ethereum 2.0 has enough funds to begin activation of Ethereum’s most ambitious upgrade yet, which will radically shift Ethereum’s economic model, resource usage and governance.