Chainlink price has been quietly plotting a bear flag pattern since the June 22 low, tempting investors to shop for LINK. Nevertheless, an opportunity below the flag’s lower line will trigger the pattern and introduce a renewal of the May-June correction.
Chainlink price so close, yet thus far from shining again
Chainlink price has presented investors with a corrective bounce following the 70% decline from the May 10 high of $52.99, putting the cryptocurrency above the descending May line . However, the rally has not been impulsive, and volume has been gradually decreasing because it advances. As a result, Chainlink price has formed a bear flag pattern.
Compounding the bearish LINK outlook is that the pattern is developing below the 50-week SMA. it’s the primary time below the moving average since March 2020 and should confirm a change within the larger uptrend of 2020 and 2021.
Additionally, Chainlink price triggered a bearish Death Cross pattern on June 30 when the 50-day SMA crossed below the 200-day SMA.
The measured move of the bear flag pattern is approximately 30%, projecting a final Chainlink price of $13.00. The decline would smash the support fortified by the May 23 and June 22 lows at $15.00 and potentially drive the daily Relative Strength Index (RSI) into an oversold condition, setting the inspiration for a more substantive rebound.
Chainlink Price Prediction
The trigger for the formation may be a decline below the flag’s lower line , currently at $18.20. Some support may materialize at May’s descending line , but the robustness of the formation should carry Chainlink price to the measured move target of $13.00.
Critical to the bear flag thesis is for the resistance vested within the 50-week SMA at $21.06 to carry on a closing basis. If the moving average fails, the bearish outlook would be invalidated, and set Chainlink price liberal to discover higher prices, including a test of the 50-day SMA at $23.45. A rally to the 200-day SMA at $27.20 remains a coffee probability event within the short term.
Bear flag patterns are deceptive because they run counter the downtrend suggesting that the cryptocurrency (in this case) has bottomed and is beginning a replacement, purposeful rally. However, as soon because it looks promising, the bears reappear, steal control and aggressively push the worth lower.
At this moment, Chainlink price is at an inflection point in its bear flag pattern. supported the present price structure, the possibilities are still tilted towards a bearish resolution, erasing the brief shining moment and returning LINK to the hard realities of a bottoming process that follows a rapid, 70% crash.
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What Is Crypto Trading and How It Works?
Cryptocurrency is a digital asset designed as a medium of exchange, which uses cryptography technology to secure its online transactions, to ensure the transfer of assets, and to control the creation of additional units.
Users rely on cryptocurrency instead of traditional currencies such as dollars and euros because cryptos are decentralized and don’t rely on central authorities to operate.
Cryptocurrencies are volatile, and they swing up and down rapidly in response to big events in the crypto community.
The price of Bitcoin, for example, has been volatile for decades, making it difficult for traders to predict when is the best time to buy and sell.
But crypto trading is simpler than it sounds, and anyone can learn to trade cryptos successfully by learning how to read charts and making smart trades.
How Does Crypto Trading Work?
Just like trading stocks, trading cryptos means buying and selling currencies to make a profit.
The idea behind crypto trading is simple; you buy low and sell high.
But how do you actually do it?
Crypto trading is very different from traditional trading. Cryptocurrencies are decentralized, so there’s no central exchange where you can place your buy and sell orders.
Instead, you need to open an account on an exchange where you can buy, sell and trade cryptocurrencies.
You also need to choose an asset to trade with. There are thousands of them, from Bitcoin to Ethereum and Litecoin.
Once you’ve opened an account, you can deposit money in that account, or you can trade existing currencies for something new.
Once you make your first trade, you can simply repeat the process over and over again to make money.
Crypto trading is not as complicated as it sounds. Anyone can learn how to do it, and you can make money doing it.
Crypto trading is a zero-sum game. For every winner, there’s a loser. And you need to be prepared to ride out losses with the knowledge that you’ll eventually win big.
Crypto trading is also rewarding, but since it’s a relatively new field, it’s not yet regulated.
This means that there are no strict rules or regulations in place that ensure the security of your money and prevent you from losing money.
It also means that using unregulated exchanges isn’t a good idea, since there’s no guarantee that your money will be safe.
There are a lot of scam artists in the crypto community, and you need to be careful about who you trust with your money and your information.
Getting started is easy, but you need to do your homework and research the market before you invest any money in cryptos.
7 Essential Tips To Protect Yourself When Trading Cryptocurrencies
Cryptocurrencies are exciting, volatile, and you can’t stop hearing about them today. But what exactly are cryptocurrencies?
Cryptocurrencies are digital assets like bitcoin that can be exchanged online without the need of a central authority or issuer.
These assets are traded on dedicated cryptocurrency exchanges, or through peer-to-peer transactions.
Cryptocurrencies have skyrocketed in popularity over the past few years. And with good reason.
The value of Bitcoin and other cryptocurrency assets has increased dramatically over the last few years, making them very popular with investors.
Today, there are over 1,300 cryptocurrencies on the market. With so many cryptocurrency options, how can you choose which ones to invest in? How can you protect your finances and avoid losing money?
Here are a few tips to consider when investing in cryptocurrencies:
1. Knowledge is Your Power
Knowledge is power; this old adage couldn’t be truer than when it comes to investing. If you want to trade successfully, you need to have knowledge on your side.
Knowledge gives you an edge. As an investor, it can help you predict market movements and spot opportunities in the market.
Knowledge also lets you learn faster. It increases your learning curve and lets you make more accurate predictions and decisions.
But before you can reap the benefits of knowledge, you need to invest time and effort in understanding how it all works – especially market psychology and behavior.
Learn as much as you can about market conditions and the various factors that affect the market before you invest any money in cryptocurrencies.
The fastest way to learn trading is through people who already do it for a living. But if you’re not ready to pay someone to teach you the ropes, don’t worry – there are plenty of free resources online that you can use to learn to trade effectively.
I would recommend some crypto trading courses from the Wealthy Education E-learning platform. They offer high-quality education on trading, and they have a free blog to help keep you updated with the latest trading strategies.
You can either take the crypto courses on their website or on Mashable here for an extra discount.
2. Choose A Solid Cryptocurrency To Invest In
Before you start investing, it’s important to do your homework and to pick a reliable cryptocurrency to invest your money in.
Most cryptocurrencies are volatile, with the value of a single unit changing rapidly over a short period of time.
Before investing, it’s important to do thorough research on the history of each cryptocurrency and its performance over time.
This will give insights into how frequently the cryptocurrency has been traded, its volatility, its price fluctuations and more.
One of the most popular cryptocurrency investors is Michael Saylor. Adding to their popularity, however, is the fact that cryptocurrencies have very little downside risk.
This means that you can lose a small amount of money with each trade, but if you invest wisely, you can increase your profits significantly over time.
3. Don’t Invest More Than You Can Afford To Lose
When you’re first starting to invest in cryptocurrencies, it’s easy to get carried away and to invest more money than you can afford to lose.
But that’s a bad idea. Remember, cryptocurrencies are volatile and there’s no guarantee that you’ll make money with each trade.
If you’re new to trading cryptocurrencies, it’s best to invest a small amount of money so you can become familiar with how the cryptocurrency market works.
Not only will that help you avoid making costly mistakes, but it will also help you avoid losing a lot of money in the process.
4. Always Keep Your Emotions Out of The Equation
Emotions are the enemy of successful trading. When you’re trading cryptocurrencies, it’s easy to get emotional.
After all, the value of each asset can change dramatically depending on what you hear in the news or through other resources.
But the key to successful cryptocurrency trading is to keep your emotions out of the equation.
Instead, you need to rely on clear trading strategies and cold logic to gain an edge over other traders.
This can be difficult, especially if you’re investing in cryptocurrencies for the first time, but it’s critical if you want to be a successful cryptocurrency trader in the long run.
5. Take Smaller Profits
This is definitely one of the most common mistakes new traders make. Instead of taking small profits when they occur, they wait for bigger profits and try to double their profits on every trade.
While this strategy might work once, it’s not sustainable, and it can lead to significant losses in the long run if you’re not careful.
Instead, you want to focus on making small profits on a regular basis and close out your trades before they become unprofitable.
This helps you limit your losses and helps you generate consistent returns over time.
6. Take Losses
Losses are inevitable in the crypto market. To limit your losses, you want to learn how to take losses without panicking or stressing out.
If you lose a trade, stay calm and don’t try to double your profits by doubling down on the same position. This will just lead to more losses and bigger losses than if you hadn’t taken the initial loss in the first place.
Instead, you want to let your losses run and cut your loss instead of doubling down on your position.
This helps you limit your losses and helps you focus on the bigger picture instead of trying to double your profits and losing more money in the process.
7. Manage Your Risk
Risk management and controlling your emotions are two of the most important aspects of becoming a successful trader.
When you’re trading, you need to limit your risk and focus on the bigger picture rather than trying to double your profits on every trade and hoping you’ll come out a winner in the end.
Seasoned traders know that you can’t win every single trade. Instead, they focus on taking small profits on a regular basis and limiting their risk on every trade so that they don’t lose too much money in the process.
Successful traders also don’t panic when they lose money. Instead, they stay calm and keep their trades open while monitoring and assessing the market before making any decisions.
Finally, successful traders also know how to manage their emotions. They don’t let their emotions get the best of them, and they don’t let their emotions affect their investment decisions.
There are a number of ways that you can protect your finances and avoid losing money when trading cryptocurrencies.
While it’s hard to avoid making mistakes along the way, these tips should help you take control of your trades and minimize your losses over time.
Trading in the crypto market takes some practice. If you don’t have any experience, you may want to start small and avoid investing too much at first.
You can open a brokerage account and start trading with virtual money until you develop the necessary experience to become a successful trader.
Remember, trading cryptos is a risky endeavor, and beginners often lose money before they learn how to control their trades and make the most out of their trades.
The crypto market is unpredictable, so it’s almost impossible to make an accurate prediction about future market moves.
Will Crypto Platform Coinbase Avoid Its Multiple Lawsuits?
Coinbase is often thought of as a trustworthy crypto platform – at least relatively speaking. However, Coinbase has been hit with two lawsuits that question the crypto platform’s competency in preventing frauds on its exchange and avoiding making misleading statements in its own offers.
Currently, Coinbase seems desperate to prevent these lawsuits from reaching the courtroom and is appealing to the U.S. Supreme Court to order these cases to go to arbitration instead.
This move may be motivated by Coinbase’s desire to avoid further harm to its reputation and prevent the kind of awards claimants may receive in a lawsuit. Will Coinbase succeed in persuading the Supreme Court to settle these cases out of court?
A Tale of Two Lawsuits
The two lawsuits Coinbase wants to play down involve frauds operating on the exchange as well as accusations that the exchange itself was not being forthright with customers.
The first case, Bielski V. Coinbase 22A91, concerns a customer who lost $31,000 to someone who pretended to be from Paypal and gained access to his Coinbase account. Bielski claims that Coinbase failed to protect him on the exchange or make any effort to assist him in recovering his funds, in violation of the Electronic Funds Transfer Act.
Suski V. Coinbase, the second case, deals with a $1.2 million sweepstakes offered to all Coinbase account holders. The wording of the promotion, according to the claimants, implied that participation in the sweepstakes was open only to people who bought or sold $100 worth of dogecoin when in fact the offer was open to non-dogecoin holders.
Coinbase is taking the bold step of urging the Supreme Court to allow the cases to go to arbitration. At the very least the crypto platform seeks a delay in the lawsuits while they encourage the San Francisco 9th Circuit Court of Appeals to accept its appeal.
Crypto Exchanges Can No Longer Hide from Customer Complaints
It’s uncertain whether the Supreme Court will accept Coinbase’s request for arbitration in its multiple lawsuits or not, but one thing is certain – Coinbase and other crypto exchanges now understand the power of customer complaints.
It’s clear that Coinbase is desperate in this case to minimize negative publicity and to try to get a lower payout for customers. The regulators, law enforcement and the courts are increasingly listening to consumers who have lost money to cryptocurrency frauds or because of misleading statements made by crypto platforms.
In this environment, it’s clear that, if you have a crypto complaint, your voice is likely to be heard. MyChargeBack empowers consumers to file complaints and provide the authorities with investigative reports that can pinpoint the location of their funds and the identities of the people who took them.
MyChargeBack Will Investigate Your Crypto Case
If you have lost money on the blockchain through unregulated brokers, bitcoin wallet hacking or fake merchants, talk to the MyChargeBack team. Our crypto investigations will provide evidence to bolster your claim.
MyChargeBack has developed working relationships with law enforcement agencies worldwide, have extensive knowledge and experience with crypto tracking and can improve your prospects of getting your funds back.
Why Australia is perfect for crypto trading?
Crypto trading is buying and selling cryptocurrencies, usually through an online exchange. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units.
Crypto trading can be profitable in Australia, as the country has several exchanges that offer good liquidity and a variety of coins to trade. The Australian Securities and Investments Commission (ASIC) has also recently released guidance on regulating crypto exchanges, which should provide some clarity and certainty for traders.
However, there are some risks associated with crypto trading, such as market volatility and the potential for fraud or hacks. It would be best to do research and only trade with reputable exchanges. Overall, though, crypto trading can be a profitable activity for those willing to take on the risks.
There are several exchanges with good liquidity
Many exchanges offer good liquidity and a variety of coins to trade, making Australia an attractive destination for crypto trading.
Some of the most popular exchanges in Australia include Coinbase, Binance, Kucoin. For more cryptocurrencies available for purchase, you can check out Saxo. These exchanges offer a variety of coins to trade, including Bitcoin, Ethereum, Litecoin, and XRP. They also have good liquidity, which means that you should be able to buy and sell coins without too much difficulty.
ASIC has released guidance on regulating crypto exchanges
ASIC has recently released guidance regulating crypto exchanges. The guidance covers several licensing requirements, anti-money laundering compliance, and consumer protection.
This guidance is positive news for the crypto industry in Australia, as it shows that the regulator is taking steps to provide some clarity and certainty for traders.
Crypto trading can be profitable
Crypto trading can be profitable as long as you are willing to take on the risks. There is always the likelihood of loss when trading any asset, but you can minimise your risk by doing your research and only trading with reputable exchanges.
There is a variety of coins to trade
There are many different coins that you can trade on crypto exchanges, which allows you to profit from various assets. Some of the most favoured coins include Bitcoin, Ethereum, Litecoin, and XRP.
It’s a young and exciting industry
The crypto industry is still new, meaning there is a lot of growth potential. It can make it an exciting industry to be involved in, and there are many opportunities for those prepared to take on the risks.
You can trade 24/7
Crypto exchanges never close, which means that you can trade 24/7. It can be beneficial to take advantage of market movements or news events that occur outside of regular trading hours.
Some exchanges offer leverage
Some crypto exchanges offer leverage, which allows you to trade with more money than you have in your account. It can amplify your profits (or losses), but it also comes with a higher level of risk.
You can short sell
Short selling is when you sell an asset in the hope that it will fall in value so that you can repurchase it at a lower price and make a profit. It is different from traditional investing, where you would only make money if the asset increased.
What are the risks involved with crypto trading in Australia?
The cryptocurrency market is known for its volatility, which can be good and bad for a trader. On the one hand, volatile markets can lead to significant profits if you make the right trades. However, it can also lead to considerable losses if you don’t know what you’re doing.
Lack of regulation
The crypto industry is currently unregulated in Australia, meaning there is no government oversight of the industry, which could lead to fraud or scams. It is important to only trade with reputable exchanges and to do your research before investing.
Potential for hacks or theft
Cases of hacks and theft in the crypto industry are widespread. Therefore, it is vital to only trade with coins you are willing to lose and keep them stored in a secure wallet.
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