WARNING : Wrapped Bitcoin $WBTC Will Be DEPEGGED on October 8th!**** BINANCE:WBTC WILL BE DEPEGGED ON OCTOBER 8TH ****
BitGo has entered into a controversial partnership with Justin Sun. Anything Justin Sun has touched, has gone to ZERO. On October 8th, Justin Sun will have control/custody over Wrapped Bitcoin. When Justin Sun took over Huobi BTC, it depegged immediately. The same thing will happen to Wrapped Bitcoin on October 8th. If you have BINANCE:WBTC , you have a very limited time window to take a measure and protect your capital. BINANCE:WBTC will not be 1:1 backed by BTC starting October 8th.
Trade ideas
WBTCUSD - Bullish Opportunity Harmonic Pattern FormationWBTCUSD is currently forming a Harmonic Pattern (XABCD) on the 4-hour timeframe. This pattern, characterized by distinct price swings, is indicative of potential trend reversals or continuations. The completion of this pattern at Point D suggests a probable bullish momentum.
Trendline Confirmation:
Additionally, the price action is in alignment with a trendline, further reinforcing the bullish sentiment. The convergence of the Harmonic Pattern and the trendline adds strength to the potential upward movement.
Key Support Level at Point D:
Point D of the Harmonic Pattern coincides with a significant support level, increasing the probability of a bullish reversal from this point. This confluence of factors enhances the reliability of our analysis.
Trade Setup:
Entry: 64216
Stop Loss: 59513
Take Profit Targets:
TP-1: 68786
TP-2: 73522
Rationale:
The entry point aligns with the anticipated bullish momentum from Point D of the Harmonic Pattern and the key support level. The stop loss is strategically placed to limit potential losses in case of an unexpected market reversal.
Conclusion:
Considering the Harmonic Pattern formation, trendline confirmation, and support level dynamics, we anticipate a bullish movement in WBTCUSD with favorable risk-reward ratios. However, traders should monitor price action closely and adjust their positions accordingly to mitigate risks and capitalize on potential opportunities.
5 Steps: The Secret Crypto No One Is Talking About#1 - Crypto Currencies Are The Worst Pairs To Profit From
If you want to make profit from crypto currencies selecting random pairs wont help you at all, unless you decide to take technical analysis serious.
#2 -Do Not Commit These Crypto Mistakes
Crypto ,mistakes are when you decide to buy a crypto because its all in the news, and you want to make money quickly.
#3 -Crypto Traders Say This Is Not A Good Strategy
If you are buying into the hype of social media or trading community chat rooms then you are in danger of falling victim of a pump and dump scam.
#4 -Everything I Learned About Crypto I Learned While Losing Trades
Learning to trade crypto can be a huige challenge especially if you are just starting out in this industry of technical analysis
#5 -You Are Missing Out On Crypto Profits
If you learn technical analysis then you will understand the best cryptos to buy or sell, notice the chart above, tell me what do you see? Write 2 indicators that you can see.
Disclaimer: This is not financial advise do your own research before you trade
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Important bps spread on WBTC/BTCI was looking into the WBTC/BTC spreads fully expecting to see BTC trade at a premium over WBTC. Yes, WBTC is a well-known product with serious custodians (Anchorage) and audited but still, there is risk there. When you buy WBTC, you buy a liability. There should be a discount. Right?
Well, not really no. The WBTC/BTC arbitrage play is crowded enough that as the timeframe (1W, 1D, 3H, 1H, 30min, etc.) expands the spread is smoothed out by arbitrageurs doing their jobs. Thank you arbitrageurs! But what stands out to me, is that the only time the WBTC/BTC to dollar spreads are positive (BTC premias) is following large spot moves.
WBTC is useful.
BTC Throne Challenge 😱(WBTC beat BTC to over $200,000 in a Day)Like And Subscribe (Thanks for the support😊).
"BTC is King" I have heard this countless times without number but what happens when BTC backed brother stands a better chance of over throning BTC?
Before You say "Oh Makaveli that is so impossible🙄 ",
Wait! first let me introduce you to the younger coin brother that stand the chance to out run BTC faster any time BTC Lifts a leg up to make any Move because of the Usability of this younger coin brother.
This is no other coin than Wrapped BTC.
Everything changed for BTC Younger coin brother also Called WRAPPED BTC (WBTC) on the 10/01/2021,
Kindly Take a good look at the price action Performance of WBTC on 10 January 2021 on the Binance exchange
But first let's Understand What Is WBTC....
What is Wrapped Bitcoin ?
WBTC stands for Wrapped Bitcoin and is simply an ERC20 token that represents Bitcoin. One WBTC equals one BTC.
simply meaning that BTC can be converted into WBTC and vice-versa.
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain.
Wrapped Bitcoin was first announced on October 26, 2018, and officially launched on January 31, 2019.
According to CoinMarketCap,WBTC is also backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians,
ensuring that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner.
WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges,
crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications.
The goal is to bring Bitcoin’s price value into play and combine it with Ethereum’s programmability, Therefore the major Key advantage of WBTC is its integration into the world of Ethereum wallets, dapps, and smart contracts.
The concept of WBTC emerged in a bid to improve Bitcoin’s functionality and usability. Consequently, these tokens help provide more sophisticated financial services to traditional BTC holders.
Who Founded WBTC?
According to CoinMarketCap,the Wrapped Tokens project, of which WBTC is a part, wasn’t founded by individuals but is rather a joint project of three organizations: BitGo, Kyber Network and Ren.
You may now be wondering, “ but why would I want to convert my BTC over to wBTC ?”
well,Wrapped Bitcoin users can even gain access to DeFi lending and borrowing networks without actually giving up or trading their Bitcoin directly.
But How about Safety Makaveli, how safe is WBTC ?
I have No doubt that whenever you involve third-party custodians that custody large amounts of Money (Bitcoin in this aspect), mint new tokens, and monitor the value of the Bitcoin collateral, you have a market ripe for a concentration of power and power can change anyone or any organization. So yes, I will state it clearly that the concept of WBTC is fairly safe in the sense that the technology itself is sound.
However, there are still some risks that you should be aware of before you decide to convert your BTC over to WBTC or invest into WBTC for long term. One of my main concerns arises from the trust-based models of early WBTC platforms.
in the sense that In this scenario, there is always a risk that the platform could somehow unlock the real BTC and leave token holders with fake wBTC.
So please do your own diligent research before getting yourself into WBTC as this Post is by no means a financial advice.
What is my near future target of WBTC?
The current All Time High(ATH) on WBTC binance is currently around $200,700 zone which was hit on the 10 January 2021. As a result of the Demand and liquidity growth of WBTC at the current stage,
we could see a rise to above $100,000 ones more before the end of 2021.
Wrapped Bitcoin (WBTCUSD) could pump another 27%Perhaps WBTC will break off from the trend of other coins and get another pump upwards, with there being room on the Relative Strength Index (RSI) for more price increase before it goes into over-bought conditions.
Wrapped bitcoin price difference?I thought WBTC price was tied to bitcoins? This chart says different. $113000 spike? Maybe it’s the tip when to take profits at the end of the bullrun!?
