Bitcoin analysis for 26/10/2018
October 26, 2018 7:21 amVideo
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- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
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- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
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- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
In the official Tether post, the publisher of USDT stablecoin, he said he “bought a large number of” tokens in circulation, and that he would destroy 500 million USDT from the Tether treasury.
According to the company, this will leave $ 446 million in the company’s vault, in preparation for future USDT issues – which means that those purchased and burnt tokens account for 52.8 percent of the total previous supply. The Tether announcement requires the public to read the “conceptual” outlines of the issue process and buy a token, as described in his white paper, where the company states that: any tether emitted or purchased, as recorded on the public Bitcoin Blockchain, will correspond to the payment or withdrawal of funds from the [company’s] bank account. As the White Paper points out, for the cryptographic side of accounting processes, the transparent nature of the Bitcoin public chain – on which Tether tokens are issued by the Omni Layer protocol – ensures that tokens transactions can be verified and tracked. Omni Explorer further indicates that the current Tether token reserves are 466,678,763.48.
Today’s buy-out and destruction on a large scale caused a heated discussion on Twitter, especially since Tether recently – if only for a moment – lost anchoring in the US dollar. It was worth $ 0.91, which led some to accuse the company of manipulating the market through redemption at low cost and liquidation after rebounding the market. Others suggest that the company is unable to support tokens with adequate reserves, which refers to both the troublesome history of Tether in terms of transparency and the prolonged bear market.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market is still trading inside of the consolidation zone, but the bearish pressure is starting to grow slowly. The price has tested the technical support again this night, but so far bounced from the level of $6,322. Any violation of this level will immediately open the road towards the level of $6,310 and $6,287. Below those two supports, there is only one more important support at the level of $6,110, so the breakout lower might have important repercussions. Please notice the volatility is limited for now, but the outburst can occur any time now.
The material has been provided by InstaForex Company – www.instaforex.com
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