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Bitcoin Breakout Imminent? Analyst Reveals Historical Pattern That Could Send Prices Soaring!
An analyst predicts Bitcoin is on the verge of a major breakout based on its historical cycle patterns, suggesting the next few days could be critical for the cryptocurrency.
Steven Walgenbach
September 24, 2024
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Breaking Crypto Stories
Here are the top stories today:
Bitcoin on the Brink of Breakout as Historical Cycles Align, Analyst Says
Court Challenges SEC's "Vacuous" Denial of Coinbase’s Crypto Rulemaking Petition
Doctors Argue Neurodivergence Hindered Sam Bankman-Fried’s Trial Performance in Appeal Brief
Question of the Day
Will BTC rally in Q4 this year?!
💪Bitcoin on the Brink of Breakout as Historical Cycles Align, Analyst Says
An analyst suggests Bitcoin could soon break out from its reaccumulation phase, based on historical market cycles, with its halving timeline aligning with previous bullish patterns.
Analyst Rekt Capital highlights Bitcoin's historical breakout timelines following halvings, suggesting the next breakout is imminent based on previous cycle data.
Bitcoin has surged 9% this September, marking its best-ever performance for the month and surpassing historical averages.
October has historically been a strong month for Bitcoin, with nine of the past eleven Octobers showing positive returns, and significant gains during bull markets.
🧑⚖️Court Challenges SEC's "Vacuous" Denial of Coinbase’s Crypto Rulemaking Petition
The U.S. Court of Appeals has questioned the SEC’s insufficient explanation for denying Coinbase’s request for crypto rulemaking, calling the regulator’s reasoning "close to vacuous."
Coinbase petitioned the SEC to establish clear crypto regulations, but the SEC issued a brief two-page denial, prompting the court to scrutinize the lack of reasoning behind the decision.
Judges expressed frustration with the SEC's focus on enforcement over rulemaking, suggesting that clearer guidance is needed for the evolving crypto industry.
Coinbase argued the SEC’s denial was arbitrary, especially given the ongoing enforcement actions against crypto firms, and called for reasonable regulatory clarity.
💊Doctors Argue Neurodivergence Hindered Sam Bankman-Fried’s Trial Performance in Appeal Brief
A group of doctors claims that Sam Bankman-Fried’s autism and ADHD led to communication difficulties and lack of proper medication, negatively affecting his defense during his criminal trial.
Doctors assert that Bankman-Fried’s autism spectrum disorder (ASD) and ADHD caused long-winded answers, leading to court frustrations and impacted his trial performance.
The brief argues that the absence of ADHD medication and key FTX documents further handicapped his ability to provide clear, focused testimony.
Bankman-Fried’s brief, clipped answers before the jury may have been misinterpreted as arrogance, contributing to a negative perception of his defense.
Meme of the Day
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Celestia (TIA)
Price Movements: TIA has been in a consolidation phase, with prices moving from $5.763 to a recent peak of $6.649 before correcting to $6.321. The price has faced resistance near the $6.497 level, with the momentum slowing down in the short term. Despite this, the overall trend remains slightly bullish as the price attempts to stabilize within this range.
Key Levels To Watch: Resistance levels are positioned at $6.418 and $6.497, which could be tough to break without stronger momentum. On the support side, the $6.267 and $6.087 levels are critical, as a break below these could signal further bearish action. These levels will determine whether TIA remains in consolidation or trends in either direction.
Trade Strategies: For long traders, potential entry points could be around $6.267, aiming for a move toward the resistance near $6.418 or $6.497. Short traders may want to enter around $6.418 or higher, anticipating a pullback to the $6.267 support. Setting stop losses just above resistance and below support can help manage risk in this volatile environment.
First Neiro On Ethereum (NEIRO)
Price Movements: NEIRO has experienced a period of consolidation in recent hours, with the price hovering around $0.00116054. The price has shown mixed signals, with bullish momentum slowing down as suggested by indicators like the MACD, which indicates a weakening upward trend. The price is testing both key resistance and support levels, leaving traders on alert for a potential breakout in either direction.
Key Levels To Watch: The immediate resistance level to watch is at $0.00120115. If the price breaks above this, it could push toward the next resistance zones at $0.00125816 and $0.00127181. On the downside, the key support levels are $0.00090971, $0.0008709, and the critical low at $0.00086492. A break below these support zones could indicate further bearish movement.
Trade Strategies: For bullish traders, an entry could be considered if NEIRO breaks above $0.00120115, with targets set for the higher resistance levels. On the other hand, short traders should look for a break below $0.00090971, with targets aimed toward the lower support zones. Stops should be placed just outside these key levels to manage risk effectively.
Notcoin (NOT)
Price Movements: Notcoin (NOTUSDT) has shown some consolidation recently, with prices closing around $0.007519 after a brief push to $0.00765. The price action suggests indecision in the market as it moves between support and resistance levels, reflecting a lack of strong momentum either way. Despite recent gains, bearish signals from the moving averages hint at possible downward pressure in the near term, while the RSI hovers around neutral, indicating no clear direction for the asset.
Key Levels to Watch: The immediate resistance level for Notcoin sits at $0.00762, which has been a challenge for the bulls to break. Further up, $0.00769 and $0.00786 are critical resistance points that could signal a bullish breakout if breached. On the downside, $0.0075 acts as a significant support level, with $0.00742 and $0.00733 providing additional layers of support if selling pressure intensifies. The market could pivot around these levels, with any sustained movement above or below signaling a possible trend shift.
Trade Strategies: For traders looking to enter long positions, bounces off the $0.0075 or $0.00742 support levels could offer attractive entry points, with potential upside targets at $0.00762 and $0.00769. Conversely, for those eyeing short positions, a breakdown below $0.0075 might provide opportunities, with targets set at $0.00742 or lower. The mixed signals from technical indicators suggest caution, with traders needing to keep a close watch on price action near these key levels before committing to trades.
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