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Price Analysis 6/5: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ

Price Analysis 6/5: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ

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Many cryptocurrencies are showing strength by hovering close to their recent highs even as gold is selling off.

The U.S. equity markets are on a tear as the traders cheer the largest jobs gain ever. This report has improved sentiment as it suggests that the blip in the economy due to the pandemic was temporary. 

Many traders who had been sitting on the sidelines are likely to jump into stocks due to fear of missing out on what could be the early stages of a strong rally. This shift into stocks has resulted in a drop in gold price, which is considered as a safe haven against market volatility.

However, it is important to note that the crypto markets were not impacted as negatively and are holding up quite well. This shows that traders are not shifting out of cryptocurrencies as they expect prices to rise further. After the euphoria in the stock markets reduces, traders are likely to shift their focus back to cryptocurrencies. 

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

While the short-term looks uncertain, a report by Bloomberg states that Bitcoin (BTC) will retest it's all-time high and might even reach a new high of $28,000 this year. The report points to the pick up in demand from the institutional investors as indicated by the rise in the assets under management at Grayscale Bitcoin Trust.

The top-ranked cryptocurrency on CoinMarketCap is close to a critical resistance. Will it breakout or turn down from here? Let’s study the charts to find out the path of least resistance. 

BTC/USD

Bitcoin (BTC) has been trading between the resistance line of the symmetrical triangle and the 20-day exponential moving average ($9,441) for the past two days. This suggests a tussle between the bulls and the bears for supremacy.

BTC/USD daily chart

BTC/USD daily chart. Source: Tradingview

A breakout of the triangle will be the first indication that bulls have overpowered the bears. Above the triangle, a rally to $10,500 is likely. This level would be the acid test for bulls because if $10,500 is scaled, the next leg of the uptrend is likely to begin.

Conversely, if the BTC/USD pair turns down from the current levels and drops below the 20-day EMA, a decline to the support line of the triangle is possible. The 50-day simple moving average ($8,322) is just below the triangle, hence, the bulls are likely to aggressively defend this support zone.

Nevertheless, if the pair slips below the 50-day SMA, a drop to $8,130.58 and below it to $6,752 is likely.

ETH/USD

For the past two days, Ether (ETH) has been stuck inside the large intraday range formed on June 2. If the bulls can propel the price above $253.556, the biggest altcoin could rally to the resistance of the ascending channel at $270. 

ETH/USD daily chart

ETH/USD daily chart. Source: Tradingview

The upsloping moving averages and the RSI above 60 indicates that bulls have the upper hand. However, if the second-ranked cryptocurrency on CoinMarketCap turns around from the current levels and plummets below the 20-day EMA ($224) the bullish momentum will weaken. 

The bears will gain the upper hand after the ETH/USD pair dips below the 20-day SMA. Below this level a drop to the 50-day SMA (205) and then to $176.112 is possible.

XRP/USD

XRP has been trading close to the moving averages for the past two days. The failure of the bulls to achieve a strong rebound off this support indicates a lack of demand at these levels.

XRP/USD daily chart

XRP/USD daily chart. Source: Tradingview

If the bears sink the third-ranked cryptocurrency on CoinMarketCap below the moving averages, a drop to $0.19 and then to $0.17372 is possible. A breakdown below this support will complete a bearish descending triangle pattern, which will be a huge negative.

On the other hand, if the XRP/USD pair picks up momentum and breaks out of the downtrend line, the bulls will attempt to carry the price to the $0.23612–$0.24770 resistance zone.

The bears are likely to defend this zone aggressively, therefore, traders can book profits when the price nears it. Currently, the stops can be retained at $0.19 but can be trailed higher after the pair sustains above the downtrend line.

BCH/USD

The bulls have once again pushed the price of Bitcoin Cash (BCH) above the overhead resistance of $255.46. If the bulls can sustain this level, the altcoin is likely to rise to the critical resistance of $280.47. 

BCH/USD daily chart

BCH/USD daily chart. Source: Tradingview

A breakout of $280.47 could start a new uptrend that can carry the fifth-ranked cryptocurrency on CoinMarketCap to $350. The traders can buy on a close (UTC time) above $280.47 with a stop below $235.

However, if the BCH/USD pair turns down from the current levels and slides below the moving averages, a drop to $217.55 and then to $200 is likely. The next leg of the down move could start if $200 gives way.

BSV/USD

Bitcoin SV (BSV) has been clinging to the moving averages for the past two days. This suggests that neither the bulls nor the bears are showing any interest in trading the altcoin at the current levels.

BSV/USD daily chart

BSV/USD daily chart. Source: Tradingview

As the trading range has been in place for more than two months, a strong momentum is needed to start the next trending move. 

Traders can keep an eye on the $227 level as a close (UTC time) above it will signal the possible start of a new uptrend. Such a breakout can offer a buying opportunity to the traders with a target objective of $326.80.

On the other hand, if the sixth-ranked cryptocurrency on CoinMarketCap plummets below $170, a new downtrend is likely to begin. 

LTC/USD

Although Litecoin (LTC) has bounced off the moving averages, the bulls are struggling to reach the resistance of the range at $50.7864–$52.2803. This suggests a lack of conviction among the buyers.

LTC/USD daily chart

LTC/USD daily chart. Source: Tradingview

Without a pickup in momentum, the bulls will find it difficult to scale above the overhead resistance. This indicates that the seventh-ranked cryptocurrency on CoinMarketCap could extend its stay inside the range for a few more days.

The bullish scenario would come into play if the LTC/USD pair breaks out and closes (UTC time) above $52.2803. Such a move can offer a buying opportunity to the traders as suggested in the previous analysis.

Conversely, the trend will turn in favor of the bears on a break below the support of the range at $39.

BNB/USD

Binance Coin (BNB) continues to trade between the 20-day EMA ($17) and the overhead resistance of $18.1377 for the past few days. This is a positive sign as it shows that the bulls are not allowing the price to slip below the 20-day EMA.

BNB/USD daily chart

BNB/USD daily chart. Source: Tradingview

A breakout and close (UTC time) above $18.1377 is likely to start the next leg of the recovery that can carry the eighth-ranked crypto-asset on CoinMarketCap to $21.50. Therefore, traders can buy on a close (UTC time) above $18.1377.

This bullish view will be negated if the bears sink the BNB/USD pair below the moving averages. Below this support, a drop to $15.80 and then to $13.65 is possible.

EOS/USD

After two days of tepid trading action, EOS is showing promise today. The altcoin has reached the overhead resistance at $2.8319. If the bulls can push the price above this resistance, a rally to $3.1104 is likely.

EOS/USD daily chart

EOS/USD daily chart. Source: Tradingview

The ninth-ranked cryptocurrency on CoinMarketCap is likely to pick up momentum on a  break above $3.1104. A close (UTC time) above this resistance can offer a buying opportunity to the traders. The target objective to watch out for is $3.8811.

This bullish scenario will be invalidated if the EOS/USD pair turns down from the current levels and breaks below the moving averages. Below this support, a drop to $2.3314 is likely.

ADA/USD

Cardano (ADA) is in a strong uptrend. The altcoin resumed its up move on June 4 after it broke above the immediate resistance of $0.0865169. The next target objective is a rally to the $0.1–$0.10652 overhead resistance zone. 

ADA/USD daily chart

ADA/USD daily chart. Source: Tradingview

Although the trend is up, the relative strength index is in the overbought zone. This suggests that the 10th-ranked cryptocurrency on CoinMarketCap could correct for one to three days. This dip can offer a buying opportunity to the traders.

On the upside, $0.1–$0.10652 is likely to be a tough hurdle to cross, hence, profits can be booked in this zone.

This bullish momentum will be invalidated if the bears drag the ADA/USD pair to $0.072. Such a sharp pullback will indicate profit-booking by traders.

XTZ/USD

The bulls nudged Tezos (XTZ) above $3.074 on June 4 but they could not hold on to the higher levels. This suggests that bears are aggressively defending this resistance.

XTZ/USD daily chart

XTZ/USD daily chart. Source: Tradingview

If the bears sink the 11th-ranked cryptocurrency on CoinMarketCap below the 20-day EMA ($2.83), a drop to the 50-day SMA ($2.68) is possible. The trend is likely to turn in favor of the bears on a break below $2.24. 

Conversely, if the XTZ/USD pair turns around from the current levels or bounces off the uptrend line, the bulls will make another attempt to carry the price above $3.073–$3.1384 resistance zone. 

If successful, the pair is likely to start its journey towards its target objective of $3.3367 and then $3.80. Traders can trail the stop-loss on the long positions below the 50-day SMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Government

Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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Spread & Containment

The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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