The Psychedelic Paintings of Yu Maeda

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The psychedelic work of Yu Maeda mix creatures, shifting views, and touches of the artist’s expertise in graphic design. Born in Kumamoto, Japan, and at the moment based mostly in Southern California, the artist combines influences from the entire fields he’s touched, together with animation. A few of his extra symmetrical works resemble Tibetan Buddhist mandalas, whereas others tackle a extra portrait-style have a look at his monsters. Extra Supply hyperlink from WordPress https://ift.tt/2OkGLyn via IFTTT
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Bitcoin Price Faces Minor Drop After Failure to Pass Key Resistance

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Bitcoin price is vulnerable to modest slippage as the persistent failure to beat a key moving average hurdle may embolden the bears.

The leading cryptocurrency has been in a narrow sideways drift in recent days. More importantly, the sideways moving 50-day exponential moving average (EMA) has proved a tough nut to crack since Saturday.

BTC’s inability to cross the 50-day EMA for four straight trading days indicates that the bullish move from the Sept. 19 low of $6,100 has likely lost momentum.

As a result, the door is open for the bears to make their presence felt in the next 24 hours by pushing prices down to $6,300.

As of writing, BTC is changing hands at $6,580 on Bitfinex, having faced rejection at the 50-day EMA hurdle of $6,649 earlier today.

Daily chart

As seen on the daily chart, the 50-day EMA is capping the upside in BTC. It is worth noting that BTC is trading below all three major moving averages – 50-day, 100-day, and 200-day EMA – and that could be considered a bearish sign.

However, these averages are flatlined, which indicates that BTC has lacked a clear directional bias for far too long. As a result, a big move in either direction is overdue.

4-hour chart

Over on the 4-hour chart, BTC is trading just below the lower edge of the ascending triangle, meaning the bull failure at the 50-day EMA is beginning to prove costly.

The relative strength index (RSI) has fallen back below 50.00 in bearish territory.

A downside break would be confirmed if the current or the next 4-hour candle closes below the triangle support. In that case, BTC could fall quickly to $6,328 (Sept. 28 low).

View

  • BTC’s persistent failure to move past the 50-day EMA could end up yielding an ascending triangle breakdown on the 4-hour chart.
  • Ascending triangle breakdown, if confirmed, would open up downside towards the immediate support of $6,328 (Sept. 28 low). A violation there would expose next support lined up at $6,100.
  • On the higher side, acceptance above the 50-day EMA of $6,649 would put the bulls back in a commanding position.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; Charts by Trading View

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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