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TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone.

  • Bitcoin started a fresh increase and it broke the $58,500 level.
  • The price is now trading above $58,000 and the 100 hourly simple moving average.
  • There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue higher towards the $60,000 level in the near term.

Bitcoin Price Remains In Uptrend

Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase.

The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair.

The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

Source: BTCUSD on TradingView.com

A clear break above the $59,650 resistance could open the doors for more upsides. The next major resistance sits near the $60,000 level, above which the price might surge towards the $62,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $59,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,200 level.

The first major support is now forming near the $58,000 level (the recent breakout zone). A downside break below the $58,000 level could spark a larger decline. The next major support is now near the $56,800 level and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.

Major Support Levels – $58,200, followed by $58,000.

Major Resistance Levels – $59,650, $60,000 and $62,000.

Is using a developer key alone secure enough to protect a REST API?

I’d like to implement a RESTful API service over HTTP that developers can call from their server side environments. I intend to use a cryptographically secure pseudo-random number generator (CSPRNG) to generate keys and then convert the bits to a text-friendly encoding format (say base58). e.g. a random 256-bit number of say 0xbcd612439baf13189ee65469306651c341212cfea9b887fd0ce0bb2d4e95e97a would be::Listen

I’d like to implement a RESTful API service over HTTP that developers can call from their server side environments.

I intend to use a cryptographically secure pseudo-random number generator (CSPRNG) to generate keys and then convert the bits to a text-friendly encoding format (say base58). e.g. a random 256-bit number of say 0xbcd612439baf13189ee65469306651c341212cfea9b887fd0ce0bb2d4e95e97a would be base58 encoded to Di8yS3NxymgwuaD6Ft4B7Yi6GdW5hbmLdWYJm22YBZRj.

My API endpoint would be use HTTP with TLS (e.g. https://example.com/api/v1). The HTTP request header would be used to send the developer key in the following way:

Authorization: Bearer Di8yS3NxymgwuaD6Ft4B7Yi6GdW5hbmLdWYJm22YBZRj

I aim to store the SHA256 hash of the developer key in an SQL database server-side. I plan uses a constant time comparison to compare the calculated hash to the corresponding hash from the database.

Is the above scenario "secure enough" (from the perspective that I’ve done my part as an engineer to mitigate issues)?

If not, why and what should I learn to make it better?

Any other tips or advice welcome please.

TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

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