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BTC, ETH, XRP, XMR, LUNA, SHIB, DOGE – Technical Analysis Oct 5

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BTC, ETH, XRP, XMR, LUNA, SHIB, DOGE – Technical Analysis Oct 5

Bitcoin (BTC) broke out from a descending resistance line and reclaimed the $47,800 resistance area afterwards. 

Ethereum (ETH) also broke out from a descending resistance line but is trading below the $3,650 resistance area.

XRP (XRP) is following a descending support line and trading below the $1.07 resistance area.

Monero (XMR) has yet to break out above its descending resistance line.

Terra (LUNA) reached a new all-time high on Oct 4.

SHIBA INU (SHIB) broke out from the $0.000009 resistance area and increased by 115% in two days.

Dogecoin (DOGE) is still decreasing alongside a descending resistance line.

BTC

On Oct 1, BTC broke out from a descending resistance line. This put an end to the downward movement that had been ongoing since Sept 4 (red icon). Therefore, it is possible that the downward trend has ended and BTC will now head upwards. 

On  Oct 3, BTC also broke out from the $47,800 area, further support this possibility. The next resistance area is at $56,200. 

Technical indicators also support the continuation of the upward movement. The MACD, which is created by multiple moving averages (MA), has crossed into positive territory. Also, its histogram is almost positive (blue icon), a sign that the short-term trend is accelerating faster than the long-term one. 

Furthermore, the RSI has moved above 50 (green icon). The RSI is a momentum indicator and its crossed above and below 50 can be seen as determinants of a bullish or bearish trend. 

The previous time the RSI crossed above 50 was on July 23, right after the current upward movement began.

Chart By TradingView

ETH

The movement of ETH is relatively similar to that of BTC. The token also broke out from a descending resistance line on Oct 1, putting an end to the previous downward movement. 

However, unlike BTC, it has yet to move above its closest resistance area of $3,650. Once it is able to do so, it would likely increase towards the Sept highs of $4,027.

The MACD and RSI readings are identical to those of BTC, supporting the continuation of the upward movement.

Chart By TradingView

XRP

XRP has been decreasing alongside a descending support line since Aug 13. Most recently, it bounced at the line on Sept 21 and initiated the current upward movement. 

While this can be seen as a sign of a bullish trend reversal, the token is still trading below horizontal resistance at $1.07. 

The MACD and RSI are providing readings similar to those of ETH and BTC. However, the MACD is still negative. This means that while the short-term MA is moving upwards at a faster rate than the long-term MA, it is still below it. Therefore, the trend cannot yet be considered bullish.

Chart By TradingView

XMR

XMR has been decreasing alongside a descending resistance line since Sept 24. The decrease culminated with a low of $212 on Sept 21. Afterwards, the token bounced (green icon) and has been moving upwards since. 

The bounce validated the $225 area as support, since an upward movement was initiated at the same level on Aug 4 (green icon). Therefore, as long as the token is trading above this area, the trend can be considered bullish and bounces are likely to occur is the area gets re-tested. 

However, XMR is still following a descending resistance line and facing resistance at $275. In order to move towards its Aug highs, it first has to clear this strong confluence of resistance levels.

Chart By TradingView

LUNA

LUNA has been moving upwards at an accelerated rate since Sept 29. when it validated the $33 level as support. Several days prior, it broke out from a descending resistance line and moved above the area for the first time. 

The fact that the token broke out from both a diagonal and horizontal resistance levels is a testament to the strength of the current trend. 

On Oct 4, the token reached a new all-time high price of $49.54.

If the upward movement continues, the next resistance area would be at $58. The resistance is created by the 1.61 external Fib retracement resistance level when measuring the previous drop. When coins are at an all-time high, external Fib retracements are often used due to a lack of overhead resistance.

For this reason, the upward movement could even become parabolic.

Chart By TradingView

SHIB

In the period from June 13 to Oct 4, SHIB consolidated below the $0.000009 horizontal resistance area. On Oct 4, it broke out amidst a massive bullish candlestick. 

The fact that the token consolidated for three months prior to breaking out is a sign that the ensuing upward movement could be very significant. 

In a span of only two days, the token has increased by 115%. 

However, it is approaching the first Fib retracement resistance level at $0.000022. Since the token has not retraced at all since the breakout, a rejection and short-term retracement would be a common occurrence. 

Afterwards, the next resistance area would be at $0.000027.

Chart By TradingView

DOGE

DOGE has been decreasing alongside a descending resistance line since Aug 16. The downward movement led to a low of $0.19 on Sept 29. A bounce followed afterwards.

The bounce is significant since it validated the $0.195 area as support. The same area was the catalyst for an upwadr movement on Aug 3. 

However, the trend cannot be considered bullish until DOGE breaks out from the descending resistance line.

Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’

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Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’

El Salvador’s leading ecologist Ricardo Navarro believes that mining bitcoin with a volcano, or geothermal energy, will “end in environmental disaster.” Navarro believes geothermal energy costs more than oil, and thinks El Salvador’s millennial president Nayib Bukele’s decision is questionable.

Salvadoran ecologist Ricardo Navarro Questions His Country’s Volcano-Powered Bitcoin City Venture

During the second week of June, El Salvador’s president Nayib Bukele told the public that the Latin American country planned to mine bitcoin (BTC) with energy stemming from volcanoes located in the country. At the end of September, Bukele shared a video of the initial construction of the Salvadoran volcano-powered bitcoin mining facility. Now the president and his government have been criticized by El Salvador’s leading ecologist Ricardo Navarro.

Salvadoran Ecologist Claims Nayib Bukele's Volcano-Powered Bitcoin Mine Will 'End in Environmental Disaster'
El Salvador’s leading ecologist Ricardo Navarro, an environmentalist who believes Salvadoran president Nayib Bukele’s recent bitcoin concepts are questionable.

The Salvadoran ecologist explained to Telegraph contributor Simeon Tegel that developing a ‘Bitcoin City’ next to a volcano doesn’t make sense. “Talking about building this city beside a volcano is like thinking you are rich because you live next to a bank,” Navarro said. Navarro also detailed that geothermal energy is still a costly endeavor and won’t be much better than using petroleum sources. Navarro insists:

​​Geothermal still costs more than oil, otherwise we would already be using more of it. What will end up happening is that we will just be buying more oil.

Navarro Insists ‘Bukele Doesn’t Really Understand What Is Going on With the Energy Situation’

Navarro is concerned about the consequences of the world’s so-called climate crisis. The ecologist runs a non-governmental organization CESTA (Salvadoran Center for Appropriate Technology) and he recently discussed the subject with Politico’s contributing author, Bjarke Smith-Meyer, on November 10.

Salvadoran Ecologist Claims Nayib Bukele's Volcano-Powered Bitcoin Mine Will 'End in Environmental Disaster'
An aerial view of the volcano-powered bitcoin mining facility located in El Salvador.

At that time, Navarro dismissed the volcano-powered bitcoin mining facility idea as he wholeheartedly believes the facility will require more energy resources than just geothermal power. “I am under the impression that Bukele doesn’t really understand what is going on [with] the energy situation,” Navarro told the reporter. “That is certainly going to complicate… demand.”

Navarro also claims that the digital currency environment in El Salvador could attract drug lords. The Salvadoran ecologist says that the bitcoin tender law was rushed and implemented without debate. “If you have something good to promote, you propose it, you discuss it, and then you put your arguments. But that was not the case with bitcoin,” Navarro stressed to Smith-Meyer.

What do you think about the Salvadoran ecologist’s opinion concerning the volcano-powered bitcoin mining facility in El Salvador? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards

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Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards

press release

PRESS RELEASE. Bitcoin of America has been named a silver winner in the Company of the Year – Midwest category in Best in Biz Awards, the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, their customer support makes them the best in the industry.

Bitcoin of America has demonstrated rapid growth. In June of this year, Bitcoin of America’s Chief Financial Officer reported record company growth. In January, the company had a total of 630 Bitcoin ATMs. To date, they have seen a 138.095% increase in their number of locations. They even hit a major achievement of 1500 plus BTMs. Bitcoin of America has also seen enormous growth in their number of employees. In just one year their team grew over 32 percent.

Bitcoin of America also added new products, services, and even updates to their BTMS. In May, they announced the launch of their new universal kiosk. The kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM. The universal kiosk is known to offer 3 different functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy bitcoin or other cryptocurrencies with cash. The last is that customers can sell crypto in return for cash. This is huge for business owners. These universal kiosks are bringing stores additional revenue streams, while also saving floor space. They also announced that Ethereum would be available for customers to purchase from any of their locations.

Besides offering cryptocurrency services to customers, Bitcoin of America has helped hundreds of businesses across the United States. Bitcoin of America offers a host program for store owners who are interested in cryptocurrency or are just looking to earn extra income. They take care of their host locations by providing them with passive income, increased foot traffic, and marketing. They even handle customer support and any maintenance/installation services.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitmart Loses $200 Million in Hack Performed by Unknown Attackers

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Bitmart Loses $200 Million in Hack Performed by Unknown Attackers

Bitmart, a cryptocurrency exchange, suffered an attack yesterday that exploited some security vulnerabilities in order to gain access to the funds of the exchange. The attack targeted the hot wallets of the platform, specifically the Ethereum and Binance Smart Chain-based wallets. The hackers managed to take almost $200 million in tokens from the platform.

Bitmart Hot Wallets Exploited

Bitmart has lost more than $200 million in a hack that involved its hot wallets yesterday. The issue was first identified by Peckshield, a blockchain security and auditing company, that raised the alarm about a possible hot wallet vulnerability on social media. The involved wallets were those that held ETH and BSC-based tokens.

Bitmart representatives estimated the losses at $150 million initially, but PeckShield did an investigation of the funds taken, saying losses were around $200 million. The hack took significant amounts of SHIB, SAFEMOON, SAND, and MANA, among others. The event affected the price of some tokens with low liquidity listed on the exchange, due to the liquidation of large amounts of these on decentralized exchanges.

Bitmart acknowledged the situation and at the time stated that the losses due to the attack accounted for a small part of the exchange holdings. An announcement from the company stated:

The affected ETH hot wallet and BSC hot wallet carries a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress.

Tornado-Washed Funds

The exploiters moved the funds to other platforms quickly, with the intention of mixing the cryptocurrency taken. According to Peckshield, all of the Binance Smart Chain and Ethereum tokens were exchanged for ethereum using 1inch, a decentralized exchange platform, and then were sent to Tornado.cash, an obfuscation protocol that allows users to make transactions less susceptible to tracing.

This is one of the more devastating attacks on a centralized exchange this year, with much of the risk for exploits having moved to decentralized finance (defi) platforms. As a result of this situation, the exchange has suspended withdrawals for all assets until it conducts an investigation and a new security review of the platform and its vulnerabilities.

What do you think about this $200 million Bitmart exchange hack? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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