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This Chart Makes It Clear: Bitcoin Is Bullish

When Bitcoin price action is sideways and directionless for the better part of a year, bulls and bears argue over which direction will be ultimately chosen.

However, considering macro conditions like rising interest rates, a sinking stock market, and mounting ting debt, bears aren’t ready to throw in the towel. But they might want to after seeing this chart.

Bitcoin Price Chooses A Direction: Up And Away

Bitcoin and other cryptocurrencies are normally notoriously volatile. But volatility has dwindled to next to nothing since the FTX collapse struck.

Few have been willing to take the risk on BTC and altcoins while macro conditions are this on the edge of collapse. It resulted in a big move off the bottom, but also more than six months of consolidation and confusion.

But after several months of sideways price action, Bitcoin appears to have chosen a direction and broke out to form a new trend. Bears, however, remain stubbornly short per market sentiment.

Bearish traders might want to reconsider their positioning after taking a look at the Directional Movement Index.

bitcoin btcusd btc BTCUSD_2023-10-30_11-17-05

Bullish Directional Movement Is Anything But Average

The Directional Movement Index is typically found bundled with the Average Directional Index, and consists of a negative and a positive directional indicator. The tool’s premise is simple: when DI+ (green) is above DI- (red) the asset is bullish and DI- is above DI+ when bearish.

This technical analysis indicator is currently showing the DI+ soaring, while the DI- is falling and below the 20 line. The 20 line is notable more for the ADX, which isn’t pictured. When the ADX rises above 20, the tool suggests a trend is active and strengthening.

Bitcoin isn’t above 20 on the weekly yet, but has begun to do so on lower timeframes. With how strong the recent move was, the ADX could confirm above 20 over the next week or two. At that point, bears might finally be forced to concede that a new bull trend has blossomed.

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Artificial Intelligence Crypto Boom: What’s Behind The Double-Digit Surge?

Artificial Intelligence crypto coins have recently experienced a significant surge in the market, drawing the attention of investors and enthusiasts alike. The sudden upward trajectory of these digital assets has raised questions about the underlying factors driving this extraordinary momentum. 

While the domain of artificial intelligence (AI) has rapidly expanded in recent times, its intersection with the world of cryptocurrencies has become a focal point of interest and speculation.

The surge in AI crypto coins, including Injective (INJ), The Graph (GRT), Render (RNDR), and Fetch.ai (FET), has been remarkable over the past 24 hours and the last seven days.

Notably, Fetch.ai (FET) has surged by an impressive 55.16%, followed closely by Injective (INJ) at 43.86%, Render (RNDR) at 28.19%, and The Graph (GRT) at 21.93%. 

These substantial gains indicate a growing trend in the market, reflecting an increasing demand for AI-focused digital assets. Investors are drawn to the potential of these tokens, recognizing the unique opportunities they present within the ever-evolving landscape of AI technology and blockchain integration.

The Artificial Intelligence Advantage In The Crypto Space

The recent surge in AI crypto coins can be attributed to various factors, including the rapidly expanding influence of AI technology across diverse sectors. The marriage of AI and cryptocurrencies presents a promising synergy, with AI’s capabilities enhancing the efficiency and security of various blockchain-based systems. Unlike traditional cryptocurrencies, AI crypto coins leverage advanced algorithms and data-driven insights to optimize performance and facilitate more robust decision-making processes.

Furthermore, the growing investment interest in AI startups by tech giants such as Google and Amazon has significantly fueled the momentum behind AI-focused digital assets. Google’s recent $2 billion investment in Anthropic, an AI startup, and Amazon’s substantial $4 billion investment in the same company in September have sent a clear signal to the market. These investments not only demonstrate the confidence of tech industry leaders in the potential of AI but also underscore the significance of AI’s integration with various technological domains, including the cryptocurrency space.

Insights Into The Future Of AI Crypto Coins

The current surge in AI crypto coins highlights a broader shift in the market sentiment, emphasizing the increasing importance of AI’s role in shaping the future of digital finance. As AI technologies continue to evolve and permeate various industries, the demand for AI-driven solutions within the cryptocurrency realm is expected to grow exponentially. 

This trend signifies a fundamental transformation in the way investors perceive the value and potential of digital assets, as they increasingly recognize the power of AI in driving innovation, efficiency, and security within the crypto space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

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DOGE Breaks Free From Multi-year Descending Order, What’s Next?

Dogecoin has also benefited from the general crypto market rally, gaining over 7% in the past week. DOGE has settled at the $0.069 price range today, with its market cap above $9 billion, showing its massive adoption. Also, on the weekly chart, DOGE shows signs of a breakout pattern as more buyers continue to accumulate the tokens.

According to crypto analyst Ali Chart, Dogecoin has broken out of a multi-year descending triangle pattern on the weekly chart. The analyst believes this confirms a buy signal for the asset on the weekly timeframe, making its future outlook bullish. 

DOGE Breaks Out Of Descending Triangle Pattern

DOGE entered a descending triangle pattern from July 2023 as bearish conditions in the market forced a decline. However, the buyers forced a breakout from this pattern in October as the general market moved into an uptrend. 

Remarkably, DOGE flipped the $0.067 resistance level into support, rallying to the $0.071 resistance level. Furthermore, DOGE has formed two consecutive green candles on the weekly chart, confirming its break out of the descending triangle. 

Related Reading: Ethereum Resilient Above $1,800 Pre-FOMC Meeting – Details

Additionally, the Relative Strength Index (RSI) displays a value of 51.8 in the neutral zone and moving sideways. It implies that while the buyers are dominant, some traders are beginning to make a profit, leading to a slight decline. However, if the RSI moves to 55, the buyers will likely resume the accumulation phase. 

Also, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a buy signal on the weekly chart. Moreover, the green Histogram bars confirm that the buyers are not yet done with the accumulation of DOGE. If DOGE breaks above the $0.071 resistance level, it will likely continue on its rally in the coming weeks. 

DOGEUSD price chart

Whale Movement Aiding Dogecoin’s Price Gains

According to the crypto tracking platform Whale Alert, a dormant address holding over 5.39 million DOGE tokens valued at $372,461 has been reactivated. Notably, this address remained inactive for almost 10 years, with its last activity in 2013 when DOGE launched in the public market. 

Whale Alert confirmed that this whale transferred 392,000 DOGE to a new blockchain address. Also, a massive 350 million DOGE tokens were transferred to the crypto exchange Robinhood on October 27 from a whale address. 

These transfers are likely aiding Dogecoin’s rally in the past week due to increased on-chain activity. Also, the general price uptick in the crypto market led to a rally for meme coins. 

Furthermore, Dogecoin’s profile as one of the largest cryptocurrencies by market cap is aiding its price rally. Therefore, DOGE’s uptrend may continue in the coming weeks if the general market sentiment remains positive.

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19,197 BTC Makes Its Way Out Of Binance, Trigger For Bitcoin Recovery?

A massive amount of 19,197 BTC worth $652 million recently made its way out of Binance all at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting, as Bitcoin is currently trading in a range and is looking to break the $35,000 resistance level. 

The big question is whether the whale behind the transfer plans to hold or sell, but recent price action points to the former.

Massive Amount Of BTC Leaves Binance

Recent data has shown Bitcoin trading volume on crypto exchanges recently hit its highest point since March, as trading activity increased in the overall crypto market. Whale activity, in particular, has grown exponentially. 

Whale transaction tracker Whale Alerts has uncovered various large Bitcoin transactions coming into and going out of cryptocurrency exchanges. Most of these transactions have been BTC exodus into cold or unknown wallets.

According to a post on social media platform X by @WhaleChart, there was a recent significant withdrawal of 19,197 BTC from Binance, the largest cryptocurrency exchange. This massive movement of digital currency has led analysts to speculate about the implications.

Some believe transactions like these signal that whales see bullish things ahead for Bitcoin and want to hold their assets using their own private keys. 

Now, while the whale tracker didn’t provide the transaction address for an in-depth analysis, the transfer was probably into a cold wallet. This is most likely the case as on-chain data points to an ongoing intense buying pressure from the bulls to drive up Bitcoin’s price.

Trigger For Bitcoin Recovery?

When large amounts of BTC are moved off exchanges, it shows that investors are holding their coins long-term. At the time of writing, Bitcoin is trading at $34,611, and its price action is forming a flag in a 4-hour chart timeframe. 

Using the Fib indicator, a breakout above $35,000 puts the next target at $38,000. A more convincing breakout might bring the price of Bitcoin to $40,000. On the other hand, the creation of a lower low below $33,500 would render the flag invalid, and we’d most likely witness a retracement from that point to $31,000. 

However, ongoing buying pressure points to a bullish breakout rather than a bearish breakout. According to Santiment data shared no X by crypto analyst Ali Martinez, Bitcoin whales have purchased over 30,000 bitcoins worth nearly $1 billion within the last five days.

Also, historical data points to an average price jump of 43% in November for Bitcoin. A similar jump in the coming month would see Bitcoin increase to around $48,000.

Bitcoin price chart from Tradingview.com

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XRP Price Breakout Soon? Analyst Points To Bullish Structural Signs

In a detailed analysis shared on social media today, renowned crypto analyst Egrag points to several bullish indicators in the XRP price structure, suggesting the potential for an imminent breakout. Egrag evaluated various timeframes, identifying a series of technical patterns and formations that bolster the bullish outlook.

XRP Shows Strong Bullish Structural Signs

“Last week’s candle closed within the confines of the Yellow structural formation,” Egrag tweeted with regard to the weekly XRP/USD chart, emphasizing the significance of recent movements within the timeframe. This observation is instrumental in understanding the underlying market structures influencing the upcoming price action.

The implication? If another weekly candle were to affirm its position within this formation, the odds of a bullish trend continuation could significantly increase. “To confirm a bullish trend continuation, we need to see another weekly candle close with a full body inside this structure,” Egrag added.

XRP/USD weekly chart

Next, his insights extend further to the three-day chart, where he keenly observes, “In just 16 hours, XRP is poised to complete the second full body candle within the structural formation, signaling a strong bullish sentiment.” This near-term projection underscores a sense of momentum that appears to be building within the XRP market.

XRP/USD 3-day chart

The 1-day chart, too, garnered Egrag’s scrutiny. He highlighted the imminent completion of the seventh full-body candle within the current structure, stating this indicates an “extremely bullish trend.” This observation suggests that XRP’s bullish behavior isn’t just a fleeting phenomenon but has consistency across varying timeframes.

XRP/USD 1-day chart analysis

For traders with a penchant for shorter timeframes, Egrag’s insights into the 12-hour chart are particularly salient. While there have been multiple closures within the structural formation, he singled out the importance of the ongoing momentum: “The current candle and the next one are pivotal as they form a symmetrical triangle.”

He elaborated on the implications of this pattern, saying, “Typically, symmetrical triangle breakouts have a 50/50 chance, making this a decision point for XRP.”

XRP Price Targets

Circling back to a tweet from October 27, Egrag had demarcated significant price zones, highlighting the “$0.54 to $0.58” range as a make-or-break threshold. Beyond this, he indicated the “$0.63-$0.70” range as a pivotal indicator of market sentiment shifts.

For those with an eye on the psychological dimensions of trading, Egrag’s mention of the “0.93-$1” bracket is noteworthy. He cautioned traders about this zone, advising them to “Stick to your plan and resist the temptation to let emotions or impatience dictate your actions.”

In sum, Egrag’s comprehensive analysis blends technical data with trader sentiment and psychology, providing a nuanced and detailed perspective for those invested in XRP. The coming days are likely to be watched with bated breath as traders anticipate the next big move.

At press time, XRP traded at $0.5595.

XRP price