Bitcoin’s network has recently completed one of the most significant improvements in four years. By hiding complex transactions, the Taproot upgrade will protect BTC blockchain privacy. Schnorr signatures, which were implemented as part of the update, will be a game-changer for smart contracts on the protocol. The Bitcoin network has recently received one of the most eagerly awaited updates. The first BTC upgrade in four years, Taproot, will enable smart contracts and enhance the utility of the world’s most popular cryptocurrency.
Chart provided by TradingView
Bitcoin (BTC)– The Bitcoin network has finally obtained one of the most highly anticipated updates. Taproot, the first BTC upgrade in four years, will facilitate efficient contracts and boost the utility of the leading cryptocurrency.
Taproot, the long-awaited Bitcoin update, was launched on November 14 at block 709,632. Developers will be able to implement new features into the BTC network, allowing for increased privacy, scalability, and security.
As 90% of miners backed the update, it was scheduled for release in Q2 of this year. Since the introduction of Segregated Witness in 2017, the update essentially launched the first massive improvement to the network’s code. In contrast to the 2017 update, which was plagued by a contentious ideological rift, Taproot has gained near-universal approval.
The implementation of Schnorr signatures, which allows for more sophisticated transactions on the Bitcoin network, is one of the primary features of the upgrade. Transactions from multi-signature wallets will now seem like any other transaction, boosting transaction privacy and security.
Considering smart contracts take up less space on the blockchain, the new improvement empowers them to be generally more affordable. Despite the retracement that began on November 11, the Bitcoin price is striving for a new all-time high. As BTC goes higher, the 100 four-hour Simple Moving Average (SMA) appears to give support for the leading cryptocurrency, maintaining its rally.
On the 4-hour chart, a symmetrical triangular pattern is verified, indicating a 13% climb from the upper border of the technical pattern. Whereas the price of Bitcoin plunged slightly after reaching an all-time high on November 10, the optimistic aim remained on the horizon.
Bitcoin’s current resistance is at the November 8 high of RM 276,855.00. BTC might set a new record high if it breaks over this level. A substantial breach below that threshold indicates the funnel’s failure. The corrective slide from record highs will then commence, exposing the November 6 lows of RM 250,100.00. The very next critical support level is RM 240,420.00, a low from October 28.
If selling momentum persists, Bitcoin price may drop to the four-hour SMA at RM 270,133.00 before falling further to the four-hour SMA at RM 267,512.00. Further support could be obtained around RM 267,3122.00, and RM 264,961.00, respectively, the highs of November 2 and October 22.
Ethereum (ETH)- Ethereum has become an oddity in the cryptocurrency market, as many other currencies have recently taken a pause following the recent bull run over the last few days. The price of ETH is an anomaly, as it stays rising, supported by wind conditions of widespread media coverage and public interest. However, the Relative Strength Index (RSI), which is approaching the overbought zone, does not appear to be a concern for investors at the time.
The price of Ethereum is edging out of the gloom imposed by Bitcoin as it gains attention from the media. Since September, when the ETH price bounced off the Simple Moving Average (SMA) at RM 11,208.00, Ethereum’s price has been on a solid and consistent climb. From then, a climbing trend line has driven prices of ETH on pace to RM 20,795.00. Even if the trend line were to break, Ethereum price has numerous support levels, all of which are very near to each other, which would prevent a precipitous decline.
The investment volume for ETH has skyrocketed in recent weeks as a result of increased media exposure, bringing more support from the general people wanting to pick up some Ethereum tokens for their investments and trades. The entry at RM 16,886.00 is the greatest example. The price rocketed through that level in the latter week of October, shattering the double top from September, only to drop and test the level for support before rocketing much higher.
Anticipate the rising trend line to retain its relevance for ETH price, and if it doesn’t, the level around RM 16,886.00 will do the work once more. It will be essential to observe next week is if bulls can drive price-action back up and break the RM 20,795.00 barrier, potentially causing a too big slump to recover from without making new all-time highs. If this is true, the positive media attention will become negative, pushing the price of ETH towards RM 12,552.00.
Chart provided by TradingView
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