DAILY CRYPTOCURRENCY NEWS

Despite Recent Downtrend, Bitcoin Net Flows Remain Largely Negative

According to Glassnode's latest weekly report, Bitcoin net flows have been mostly negative over the past few months, although the price has tended to decline over the period. A negative net flow indicates that Bitcoin exits from exchanges.

Two More German Banks Plan to Offer Cryptocurrency Services

Commerzbank and Volks- und Raiffeisenbank – a German universal bank and brand of cooperative banks, respectively – have started developing concepts to enable customers to buy and sell cryptocurrencies.

Tension in the Markets Before the Fed Decision

The US government plans to reduce the rate of adding new assets to its balance sheet and, possibly, leave the monetary stimulus. The price of Bitcoin has also fallen by more than 31 percent since its all-time high of $69,044 in November, and economic uncertainties have pushed down the prices of major U.S. stocks.

Avalanche Integrates Circle's USDC to Boost DeFi Adaptation

Circle has announced that it will provide local support for the USDC stablecoin pegged to the dollar in Avalanche. After integration, users will be able to use USDC directly on Avalanche. USDC is currently the most widely used fixed coin in Avalanche.

AccuWeather Chainlink Node Goes Live

AccuWeather's Chainlink node has gone live. The node will allow AccuWeather to provide weather data to smart contracts. Many other companies have gone to an agreement with Chainlink in recent months.

Another Lawsuit against Tether

A class-action lawsuit has been filed against Tether Holdings, the issuer of the USDT stablecoin, by a group of disgruntled investors. The legal complaint was filed in a New York court by US citizens Matthew Anderson and Shawn Dolifka. The plaintiffs represent other class members who have purchased USDT.

The Central Bank of Ukraine to Launch the Pilot of Digital Currency Using Stellar
The Stellar Development Foundation announced today that the Stellar blockchain would be used to pilot an electronic version of the hryvnia, the national currency of Ukraine. The pilot application was conducted by the FinTech firm Bitt and TASCOMBANK, with the encouragement of the Ministry of Digital Transformation and the country's central bank
will supervise it.

Three Arrow Capital Buys Ethereum Again

According to data from Etherscan, crypto hedge fund Three Arrows Capital (3AC) has made a $56 million purchase (about 14,833 ETH) on Ethereum following a market downturn.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 359564.56 TRY

Bitcoin lost a 0,10% value during morning hours; the current price is $48.235. According to Glassnode's latest weekly report, Bitcoin net flows have been mostly negative over the past few months, although the price has tended to decline over the period. A negative net flow indicates that Bitcoin exits from exchanges.

When we consider the BTC/ USDT pair technically, BTC, which continues to move below the downward trend as of November 10, found support at the level of $46.143 (Fibo '23.60) yesterday. However, a positive divergence appeared when the daily candle closed with a gain of about 3.5 percent. After yesterday's price movement and the intersection of the DEMAs (7 and 14-day), a buy signal has arrived. Although there have been several reversal signals, BTC is still in the gray zone. Therefore, risk factors deriving from news flow need to be followed up. It is impossible to speak of a clear rise without breaking the downtrend.

RESISTANCES 49.079 / 50.056 / 51.405
SUPPORTS 46.753 / 45.404 / 44.427

BITCOIN [BTC] 359564.56 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24649.42 TRY

Ethereum gained a 0,10% value during morning hours, and the current price is $3861. According to data from Etherscan, crypto hedge fund Three Arrows Capital (3AC) has made a $56 million purchase (about 14,833 ETH) on Ethereum following a market downturn.

When we consider the ETH/USDT pair technically, ETH, which broke the lower line of the short-term descending channel with a daily trading volume above the average two days ago, made its daily close below this support level. It retest the lower line along with the rise occurred yesterday. If the price movement starts within the channel again, the breakout of the downtrend will be tested in the 4-hour chart.

RESISTANCES 3927 / 4014 / 4138
SUPPORTS 3506 / 3593 / 3717

ETHEREUM [ETH] 24649.42 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 319.29 TRY

AVAX gained a 3,70% value during morning hours, and the current price is $90,17. Circle has announced that it will provide local support for the USDC stablecoin pegged to the dollar in Avalanche. After integration, users will be able to use USDC directly on Avalanche. USDC is currently the most widely used fixed coin in Avalanche.

When we consider the AVAX/USDT pair technically, AVAX, which broke its rising channel in the downward direction, continues to hold onto the support zone marked with blue. Despite the positive divergence in the RSI near the support zone, the 50MA resistance level should be followed to catch an uptrend. At the same time, it should be considered that there is pressure on risky assets due to the statements expected by Fed today.

RESISTANCES 96,56 / 101,94 / 112,06
SUPPORTS 65,56 / 70,94 / 81,06

AVALANCHE [AVAX] 319.29 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.72 TRY

Ripple gained a 0,15% value during morning hours, and the current price is $0,8106. When we consider the XRP/USDT pair technically, XRP, which continues to move below the current downward trend as of October 10, is holding onto its 50-MA. Yesterday, XRP had slight rises, but the technical outlook is still the same. There is falling wedge in the daily chart, but there is also bullish positive divergence. Despite the reversal signal near the support level is on the way, a breakout of the downtrend should be waited for resolving sales pressure.

RESISTANCES 0,8264 / 0,8467 / 0,8733
SUPPORTS 0,7326 / 0,7529 / 0,7795

RIPPLE [XRP] 8.72 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 988.84 TRY

LTC gained a 0,40% value during morning hours, and the current price is $151,0. When we consider the LTC/USDT pair technically, LTC has a sideways trend and continues price action below the $173 level (200MA). However, the volatility has decreased after the sharp fall. LTC, which recently retreated to the support zone marked with blue again, is seen as having found support from this zone yesterday. If the zone does not go down, a rise towards the downtrend can be awaited. The six-day close of the blue zone is expected to cause a pullback towards $130.

RESISTANCES 154,36 / 158,65 / 164,32
SUPPORTS 134,44 / 138,73 / 144,40

LITECOIN [LTC] 988.84 TRY +7.00 +0.03 VOL 21 LTC

LINK lost a 1,00% value during morning hours, and the current price is $18,20. AccuWeather's Chainlink node has gone live. The node will allow AccuWeather to provide weather data to smart contracts. Many other companies have gone to an agreement with Chainlink in recent months.

When we consider the LINK /USDT pair technically, LINK, which continues to move inside the ascending channel that exists as of July 2020, closed daily just below the channel lower line two days ago. However, it could return to the channel again. If LINK cannot create a buying zone and holds onto the channel lower line, it might retreat to the $15,30 level. For rises, the current downward trend must be broken in the upward direction.

RESISTANCES 18,71 / 19,22 / 19,82
SUPPORTS 16,49 / 16,99 / 17,60

BASIC ATTENTION TOKEN [BAT] 5.64 TRY

BAT lost 0,80% value during morning hours, and the current price is $1,0577. When we consider the BAT/USDT pair technically, BAT, which broke its current uptrend as of October 30 in the downward direction two days ago and closed the day below this support, started to price above this trend again yesterday. If the trend is maintained above the 50MA, rises to the level of $1.1547 are expected. And if the trend breaks down, the retreat towards the $0.88 level may deepen.

RESISTANCES 1,0859 / 1,1247 / 1,1690
SUPPORTS 0,9197 / 0,9585 / 1,0028

BASIC ATTENTION TOKEN [BAT] 5.64 TRY +7.00 +0.03 VOL 21 BAT

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