The support and resistance levels are an essential tool to play a part in every financial market. Here is where the bullish and bearish forces collide, offer and demand, and only the winner prevails. It is the market makers setting these levels according to a trend. In simple terms, these are the levels where the price stops and continues with a different movement. Support is the level at which the price slows its decline to rise again. Resistance is the level at which the price stops growing and begins its descent.
The more times the price has carried out this behavior at these levels, the easier it will be to predict the price movement in the future. That is added to the fact that support and resistance levels are considered psychological levels. That is, traders tend to buy or sell at those points, which helps to strengthen them. Traders must pick the best positions to place their support and resistance levels; otherwise, the chart can turn out to be impossible to read. Also, it is essential to learn how to draw supports and resistances correctly.
One of the main problems when analyzing support and resistance is identifying the moment of change or break. While there are some accepted percentages, there is not a consensus. Given the high volatility of the markets, this has to be considered together with other indicators. It’s important to use supports and resistances as a signal and assess all circumstances affecting the value.
We could name many advantages when we talk about using support and resistance levels. Let’s sum it up in three main ones. One, it’s easy to use; even if you’re a newbie in the world of trading, it will be easy to keep up with this. If you find yourself having difficulties, there are many online articles explaining how to work with it, such as this one. Second, well-defined resistance and support points can potentially save you from significant losses. And last but not least, adjusting objective purchase and sale prices and not being subject to news or rumors can help you remove the human error factor.
In the end, we can conclude that every tool that you can use in your favor will be an ally in your quest to accomplish your goals. Although, that is no guarantee that you’ll end up becoming a millionaire overnight. It would be best if you tried learning about all these tools and constantly read about the markets. Also, you should never go straight into trades. Try testing yourself and your strategies first with a demo account. This way, you’ll be able to identify and correct your mistakes without suffering losses.
As the number of dating apps skyrocketed in the last few years, so did the crypto scams linked to them. Nowadays, dating has become as easy as picking up the phone and clicking a few times here and there. Getting a date is not a hustle as it used to be; it’s never been easier than it is today. Long gone are the days where it was needed to go up and start talking to a random person to score a date. Now, even the most isolated loner knows how to use a phone. Anyone can download one of the thousands of dating apps, such as Tinder, and start swiping left and right. This is convenient for many users out there interested in crypto as well. Although buyers are careful, not all that glitters is gold.
In the first quarter of 2021, the worth of crypto scams went up to reach $1.2 billion, according to a report from a famous firm specialized in crypto security that studied the activity of scammers, thieves, and fraudsters. We can all recognize the tell-tale signs, the “giveaways” in social networks such as Twitter, Facebook, and Instagram. Identifying fake accounts can be relatively a piece of cake. Users pretending to be Elon Musk or Mark Zuckerberg are easily spotted by the username being misspelled and the account not having more than a few followers. And one of the most significant red flags to notice is the following: why would someone like Elon Musk give away money out of the blue? Although these signs might be pretty easy to spot, unfortunately, it seems that crypto scammers have upped their game.
According to recent info shared on Public Service Announcements of Reddit, a significant number of scammers moved their “business” to Tinder. The general MO of the scammers is to play the long game patiently. They use their charms to lure potential victims into a fake sense of security. Once they feel their target trusts them, they “conveniently” offer them an insider tip on an exchange, typically of some new crypto. This generous tip is the bait the scammers wish for the victim to bite.
It’s believed that only last month $60,000 was stolen by these exchanges. It’s evident that common sense or critical thinking is not used to avoid crypto scams. However, there are a few tips that could be of help. After deeper investigation, it was noticed that many Tinder users that were targeted reported being sent to buy a token called PCT at an exchange under the name “add-ex.io.” Based on the experiences of those Tinder users, the company RedMarlin put together a list of tips to avoid crypto scams.
Among the main ones are:
In this fast-changing world we live in, it is critical to avoid getting tricked. Not only to steer clear from the unpleasant experience of feeling double-crossed but also to avoid a potential strong hit to your finances. When it comes to love, crypto, and dating apps, it’s better to keep your eyes wide open. Although keeping an open mind is essential, dating apps might not be for everyone in the first place. Many people get scammed either way There are many ways you can get scammed, but this new method is blooming, and everyone using dating apps should be aware of it.
A bug in the DeFi (decentralized finance) protocol of pNetwork was exploited to steal crypto; this time, the theft amounted to $12.5 million. The hacker, who still hasn’t been identified, stole 277 wrapped Bitcoins. The info was disclosed on Sunday by pNetwork’s developer’s team. They informed through Twitter that the attack was made through a bug in the codebase of the protocol. The aforementioned bug was used to attack the tokens of pBTC, which are a wrapped Bitcoin version of pNetwork. The stored crypto was on BSC (Binance Smart Chain). They also let the users know that all the other funds in the network were safe.
One of the many decentralized finance applications on the market is wrapped assets. In the cryptocurrency industry, there is a growing ecosystem called DeFi. That ecosystem offers a lot of the same services that traditionally one could find in a bank or brokerage. The main difference is that there are no centralized institutions.
In the case of Bitcoin, the users have to lock it up on its original blockchain and issue a “wrapped version” that is possible to process on different networks. That version tracks the original asset’s price while being compatible with other blockchains.
On the website, pNetwork has around $190 million worth in different crypto, all locked in the cross-chain bridges of the protocol. Fortunately, most of the crypto in the network remained safe during the attack. Only the pBTC tokens on the Binance Smart Chain suffered from the hack. Not so long after they discovered what was going on, the group of developers declared that they had pinpointed the bug. The team also stated that they had already been working on a possible fix for it, and they were waiting for everyone to review it.
Meanwhile, the developers offered the hacker a “clear” bounty of $1.5 million to return the stolen funds. It isn’t clear at this point if their appeal to the better nature of the hacker paid off or not. It is not clear whether the attacker even responded to their offer if it got rejected or simply ignored. They tried to approach the situation through a statement on their Twitter account. The message was directed to the hacker, calling him “the black hat hacker,” They were offering a bounty as high as $1,500,000 if he returned the funds.
The team reassured the users that they were already working to fix the problem for those who were affected. Again, the only users who suffered from the attack were the holders of pBTC on the Binance Smart Chain. No further statements have been made regarding the subject so far, except the reassurance that they will keep working on the matter.
The token of Cardano, ADA, has exceeded other coins on top positions and just became the third-largest cryptocurrency worldwide. Now, developers of different networks aim to capitalize on the rise of DeFi that is taking the world by storm. At the moment, the currency is being traded on various exchange platforms. ADA challenged a big crash in price by a warning to jump into a historic high, going even above its previous record.
On Friday, August 20, the token’s rate went over $2.56, registering an increase of 154.54%. The culmination of a movement that had already begun on July 20. All of that despite expert’s opinions who warned about a fall in price. Now that the price of ADA skyrocketed by 50% only during last week, the trust in the advancements in new technologies has also grown.
The previous also boosts confidence that Cardano will enable payment systems on its platform earlier than expected. This improvement is known as the “Alonzo” upgrade, and its release has been officially scheduled for September 12. The investors of ADA keep driving the value of Cardano even higher in anticipation of said upgrade. The upgrade will present smart-contract functionality to the blockchain, which will allow Cardano to settle as a significant player in the DeFi universe.
Due to the low price, Cardano ADA has become one of the most sought-after currencies by traders. Now, with Cardano’s ability to work with smart contracts, the currency has been gaining consistently. On the other hand, its main competitor, Ethereum, dominates the $100,000 decentralized finance space.
These are also known as blockchain contracts and distinguish themselves for the methodology in which they ensure conformity between the parties involved in a transaction. These contracts are comparable to the standard traditional contracts. They function between two parties or more that don’t require the involvement of a third party to ensure the enforceability of the agreement.
Without traditional middlemen like banks, people who use DeFi can transfer financial functions straight onto digital ledgers. That allows them to lend cash or borrow it and collect interest in an account of savings.
The rises in crypto like Bitcoin, Ether, ADA, and others contributed to the market surpassing $2 trillion in total value last weekend. The first time it happened since the crash was in mid-May. And now, on September 12, all eyes will be on the Cardano ADA “Alonzo” upgrade. We’ll have to wait and see how this affects the whole crypto market. If it goes well, ADA could be considered a severe competitor for Ethereum, probably starting a new age in crypto history.
The industry of DeFi has been growing at a fast pace, which makes crypto theft more attractive for hackers. Just three years ago, the value of it was barely $800 million. By February 2021, the sum was up to $40 billion. No wonder why more people are trying to make money in this sector, just as others are trying to take advantage of it.
A group of hackers stole about $600m in cryptocurrency last week from Poly Network. The blockchain site said they took advantage of one of the vulnerabilities between contract calls in the system, which allowed them to take thousands of tokens like Ether. A few hours later, the hackers restored the funds, first in small amounts, then in millions. The site also declared that the sum of money hacked was one of the biggest in the history of decentralized finance. Among the currencies taken were $267m of Ether, $252m Binance coins, and $85m in USD Coins.
Poly Network allows the users to make token transfers that are tied to a blockchain in a different network as decentralized finance. Binance’s chief executive, Changpeng Zhao, said the group was cooperating with all the security partners to help the situation since his firm was aware of what was happening. When analyzing the multiple hacks, the main vulnerabilities in the DeFi sector can be identified.
Usually, the attacker studies the project’s business model and the third-party services implemented. Mistakes in the business model and the third-party services are two of the main issues hackers take advantage of. Despite the simplicity of smart contracts, they’re still a new concept in the technology universe, and it requires a different paradigm of development. Commonly the developers in charge don’t have the skills for coding necessary for the task and end up making big mistakes. It’ll most likely end up in huge losses for the regular users. Security audits are implemented to eliminate part of the risk, but they can only help so much.
Whatever was the reason for the breach, the Network was lucky enough to get back almost all that was taken this time. Although, this will represent significant losses for the company since its security was breached and the trust of the users. We also have to keep in mind that it is always up to the user to decide if the risk of getting involved is worth it or not. Whenever choosing a platform, you should be conscient that there’s always a risk. Nobody can guarantee 100% safety of your assets, but some have better security methods implemented than others. Make sure you research enough through your options to make the decision you feel most comfortable with.
If you’re willing to dive into the world of day trading, there are some important tips to follow to achieve your goals. It all comes down to setting the right software and equipment. Also, how much you need to start, what to trade, when to do it, risk management, and building an effective strategy.
The first thing to choose is the market where you want to trade. It would be best to keep in mind that one market is not better than another; it’s all about what operations you choose. For example, the market of forex requires the least amount of capital for Day Trading. Although you can start with only a few hundred dollars, it is recommended to reach at least $500. Stocks require at least a couple of thousand dollars a day, making them the most intensive option. Requiring more capital doesn’t mean that a market is better or worse than another, your decisions should depend on your capabilities.
There are some essential tools needed for Day Trading, including a computer or laptop. Although it is preferable to have two monitors, it’s not mandatory, but you must have a computer with enough memory and a fast processor to run the trading programs. A reliable and fast internet connection is also needed and a trading platform adapted to the market and style of transactions.
Your strategies as a trader must be focused on consistency to act simultaneously during the day. It is common in Day Trading to find sessions of two or three hours a day. The best hours for stocks are the first after opening and the last before closing. Trading occurs 24 hours a day for the currency market, but the highest volatility occurs between 6:00 and 17:00 GMT.
Knowing a strategy does not translate into a successful implementation since no two days are the same in the market. It takes the practice of at least three months before accessing real capital. After meeting at least those three months with a good demo performance, it is advisable to switch to live trading. The focus should be on a single strategy, and you only trade in the market you chose for as long as you have decided.
In the last few years, technology has taken a significant role in our lives, cryptocurrency is part of it. Affecting and, most of the time, improving the way we deal with problems. The main advantage is that it offers new and fresh opportunities to make a living.
We’ve all heard about this industry that has grown tremendously, especially in recent years. But how did it all begin? Well, since 2009, when Bitcoin was launched, the whole industry skyrocketed. All of this, naturally followed by the flourishing of blockchain technology, resulted in the creation of thousands of projects. Also, different varieties of blockchain, and specifications.
Becoming a developer can be relatively easy if you’re a tech-savvy person. If that’s the case, you could get easily involved in constructing decentralized applications or helping the development of blockchain. Even improving the specifications of assets since multiple areas can be of interest to developers.
In many ways, trading crypto is very similar to trading stocks. The industry offers many different digital assets that change in price. The goal of cryptocurrency trading is to buy and sell a specific asset to obtain a profit at the end of the deal. This is also affected by the news; that way, they can decide based on expectations or hype. To better succeed in the cryptocurrency market, traders use price charts, follow patterns and indicators of price. Naturally, the main tool they use is technical analysis. Trading cryptocurrency may overlap the niche of the developers. Traders might like to get involved in building bots, chart indicators, or tools that could potentially improve their experience in the market.
This particular subject has attracted a lot of attention, creating controversy. This has become an area of focus as the industry keeps growing and developing for years since it first started. The classifications for many cryptocurrency assets have not been clear. For example, Ethereum and Bitcoin are seen as commodities, but many other cryptocurrencies don’t have any specific classification that makes their regulation a legal limbo. The role of social media has been key to the crypto industry. As a result, a door for people to share with the world their experiences and thoughts. They are making it all easier for anyone to understand and learn about the subject.
When it comes to both the crypto and other markets, the terms bulls and bears or “bearish” and “bullish” are used a lot. However, the use of it usually depends on the experience. They indicate the tendency to go high or low of a certain asset or market.
These terms are used to describe the general sentiment. When we talk about a bullish tendency, it means the rise in the price of an asset is expected. On the other hand, the term bearish points to negative expectations of the price.
One theory is based on the way both animals approach their prey; while bulls attack by throwing their horns in an ascending movement, bears attack on the way down, starting from a higher position. Although, where these expressions come from is not clear.
Usually, traders care more about being able to do trading in both directions than whether an asset or market is optimistic or pessimistic, which indicates that neither concept is good or bad. It is more important for traders to make sure they are right in their assumption of something being bearish or bullish in order to profit on their trades. They base their conclusions on the hype, news or other factors. Traders might be assuming that the prices on a certain asset or market will go up or down to decide the position they’ll take to accomplish their goals and eventually sell it while obtaining a profit.
Many factors can influence a person’s view, such as opinions, events, and timeframes, still in the end each one must come to their own conclusion regarding what they think, and what’s most important, to have clear that the goal is not to have a bullish or bearish approach, but to make sure that whichever, it’s aligned with our goals.
As we all know, there are no absolute winners in the game of trading. You win some, and you lose some. And it seems like company giant Tesla finds itself on the losing side for a change. According to reports, Tesla will probably have to list its Bitcoin (BTC) holdings at a loss. And we have the scoop on this Tesla loss.
And just back in February, Tesla announced its $1,5 billion investment in this so-called “digital gold” coin. Bitcoin was worth around 38,000 dollars at the time. It’s also worth mentioning that the Securities and Exchange Commission (SEC) states that BTC (and other intangible assets) has to be listed as an impairment charge if BTC falls under the value it was bought at.
Seeing how Bitcoin price keeps falling and is around $31,000 at the moment, hitting levels last seen in January, this Tesla loss may mean the company will be facing an impairment charge. In other words, it has to report the drawdown in a disclosure to the SEC.
Some analysts say that anonymous yet reliable sources claim that the impairment charge can lead to a loss between $25 million and $100 million for Tesla on paper. Also, Tesla can’t mark up the Bitcoin price it holds until the position occurs as a sale.
The question on everyone’s minds in the crypto world is: did the electric car company sell any BTC in the quarter to cover some of the losses? We know that Tesla sold 10% of its BTC holdings in Q1 2021, but Chief Executive Officer Elon Musk claimed they did that to prove that BTC is liquid enough to replace holding cash on balance sheets.
Musk has been dividing crypto lovers for a while now. Is he an ally or just another opportunistic capitalist billionaire? Tesla’s interest in Bitcoin investing helped push the coin into record-high levels in never-seen-before rallies.
But then the company did somewhat of a 180 and suspended Bitcoin payments, claiming it was concerned about the environmental impact the famed crypto has due to its tasking mining operations. Moreover, Musk continued to lobby for the Twitter-based Dogecoin, earning the scorn of many crypto enthusiasts.
Adding fuel to the fire, on July 7th, a Reddit user u/StablecoinsFraud started a thread claiming they got a now-deleted screenshot from Musk’s Twitter account. They claim that the eccentric billionaire posted a picture and quickly deleted it. The problem? The picture may have been posted to pump up Bitcoin prices. Coincidence or conspiracy?
As we have mentioned, Bitcoin had quite the roller coaster in recent months. The second quarter of 2021 proved to be the toughest one yet for the cryptocurrency. It fell from record-high levels of more than $63,000 to record-lows of $30,000.
In Q1, Bitcoin saw fantastic returns of 102%, but Q2 brought that number to a meager -40%. Many larger companies began adopting Bitcoin as a payment method amid its surge, so they won’t be pleased with the news. Besides Tesla, other big names that have jumped on the bandwagon were PayPal, Visa, and many more.
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