Bitcoin Starts 2020 With Bearish Bias But Downsides Remain Limited

Bitcoin price is slowly declining and recently tested $7,100 against the US Dollar. The price is currently recovering, but likely to face hurdles near $7,280 and $7,320. There was a break above a major bearish trend line with resistance near $7,185 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might slide further towards $7,000 unless there is a break above the $7,320 resistance. Bitcoin price is struggling to hold key supports against the US Dollar. BTC remains at a risk of more downsides towards $7,000 and $6,880 before a decent upward move. Bitcoin Price Analysis In the past few sessions, there was a steady decline in bitcoin price below the $7,320 support against the US Dollar. Moreover, BTC settled below $7,320 and the 100 hourly simple moving average. The recent decline was such that the price even traded below the $7,200 and $7,150 support levels. A new weekly low is formed near $7,109 and the price is currently correcting higher above $7,150. Besides, there was a break above a major bearish trend line with resistance near $7,185 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading near the 23.6% Fib retracement level of the downward move from the $7,531 high to $7,109 low. It seems like there is a short term ascending channel forming with resistance near $7,250. The first key resistance is near the $7,275 level and the 100 hourly simple moving average. The next major resistance is near the $7,320 level. Additionally, the 50% Fib retracement level of the downward move from the $7,531 high to $7,109 low is near the $7,320 resistance area. A successful close above the $7,320 resistance might set the pace for a strong upward move. In the mentioned case, the price might continue to rise towards the $7,400 and $7,500 resistance levels. On the other hand, the price might fail to continue higher above $7,275 and $7,320. In this bearish case, the price might extend its decline below $7,150. An immediate support is near the $7,100 area, below which there is a risk of a breakdown below $7,000. Bitcoin Price Looking at the chart, bitcoin price is showing bearish signs below the $7,320 level and the 100 hourly SMA. Therefore, there are chances of more losses this week unless the bulls push the price above $7,320. Technical indicators: Hourly MACD – The MACD is currently moving in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level. Major Support Levels – $7,100 followed by $7,000. Major Resistance Levels – $7,275, $7,320 and $7,500. The post appeared first on NewsBTC.

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Ethereum (ETH) Price Downside Thrust Possible Before 2020 Reversal

Ethereum is slowly moving lower towards the $125 support area against the US Dollar. The price is likely to extend losses as long as it is below the $132 resistance. There is a key declining channel forming with resistance near $131 on the hourly chart of ETH/USD (data feed via Kraken). ETH could decline in the near term before it starts a strong rally towards $150 and $175. Ethereum price is correcting lower versus the US Dollar, while bitcoin is consolidating. ETH price must stay above $120 this week to start a fresh increase. Ethereum Price Analysis After forming a top near the $138 level, Ethereum price started a downside correction against the US Dollar. ETH price broke the $135 and $132 support levels to enter a short term bearish zone. Moreover, there was a close below $132 and the 100 hourly simple moving average. Recently, there was a break below the $130 support and the price traded close to the $128 support. A low is formed near $128 and the price is currently recovering. It is trading near the $130 level and the 100 hourly simple moving average. Besides, it is testing the 23.6% Fib retracement level of the downward move from the $138 high to $128 low. On the upside, there are two key hurdles forming near $131 and $132. Additionally, there is a key declining channel forming with resistance near $131 on the hourly chart of ETH/USD. The main hurdle for a trend change is near the $132 resistance. It is close to the 50% Fib retracement level of the downward move from the $138 high to $128 low. Therefore, clear break above the $132 resistance might start a decent upward move towards the $135 and $138 levels. If the bulls gain momentum, Ethereum might rise steady towards the $150 resistance area. On the other hand, there are chances of more downsides below the $128 support area. The next major support is near the $125 level, below which there is a risk of a sharp decline towards $120 or $115. Ethereum Price Looking at the chart, Ethereum price is slowly moving lower towards the $125 support area. The main support is near the $120 level, below which the price is likely to remain in a sustained downtrend in the coming days. Conversely, a clear break above $132 and $135 could start a strong rally. ETH Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently just below the 50 level. Major Support Level – $125 Major Resistance Level – $132 The post appeared first on NewsBTC.

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Fractal Signals Bitcoin to Drop to $6,600 in Near-Term; Will the Downtrend End There?

Bitcoin’s recent series of rejection within the mid-to-upper $7,000 region has resulted in BTC’s bears gaining an edge over bulls, as the cryptocurrency is now retreating down to its key $7,000 support level, which appears to be growing increasingly weak. Importantly, one analyst is now noting that Bitcoin could be on the verge of seeing significantly further near-term losses that could send it reeling back towards its multi-month lows, but this drop may be followed by a large upwards movement. Bitcoin’s Current Downtrend May Extend Further, But What Comes After Favors Bulls At the time of writing, Bitcoin is trading down 2% at its current price of $7,190, which marks a notable decline from its daily highs of $7,400 that were set during a fleeting rally earlier this morning. It is important to note that this morning’s rejection at $7,400 marked the latest in a series of rejections that BTC has faced over the past several months, signaling that the upper-$7,000 region is currently an insurmountable level that could continue suppressing its price. One analyst is now noting that a fractal signals that the ongoing downtrend may extend until Bitcoin reaches $6,600, which could be followed by a significant rally. Financial Survivalism, a popular trader, spoke about this in a recent tweet, explaining that a fractal and Wyckoff Accumulation pattern both point to the possibility that BTC will dip as low as $6,600 before it reaches a level that could help spark the next uptrend. “$BTC 12h fractal points to a $6,600 retest in the first week of January, which would match up very nicely with the Wyckoff Accumulation pattern that is starting to form,” he said while pointing to the chart seen below. $BTC 12h fractal points to a $6,600 retest in the first week of January, which would match up very nicely with the Wyckoff Accumulation pattern that is starting to form. pic.twitter.com/VdBLQmGBRN — Financial Survivalism (@Sawcruhteez) December 31, 2019 How Bitcoin responds to its support at $7,000 in the near-term will likely offer significant insight into whether or not this fractal is valid, or if it will continue consolidating around its current price levels before climbing higher. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Ethereum’s Price Action is Similar to Bitcoin’s at $3,000: An Insane Rally is Imminent

After reclaiming the $130 level earlier this past week, Ethereum (ETH) is currently struggling to hold above this level as bears attempt to take full control of the aggregated cryptocurrency markets. It is important to note that ETH’s current bearishness could cut deeper in the near-term, but analysts are noting that the cryptocurrency’s current price action looks strikingly similar to that seen by Bitcoin when it was trading within the lower-$3,000 region in late-2018 and early-2019. If this similarity is valid, Ethereum could be on the verge of incurring a significant amount of upwards momentum that potentially leads the crypto into a multi-month bull market throughout the early part of 2020. Ethereum’s Bulls Struggle to Hold ETH Above $130 as Selling Pressure Ramps Up  At the time of writing, Ethereum is trading down marginally at its current price of $131, which marks a notable decline from its multi-day highs of over $137 that were set this past weekend. It is important to note that although the cryptocurrency was rejected in the upper-$130 region concurrently with Bitcoin’s rejection at $7,500, ETH is still trading up significantly from its weekly lows of $125. The $120 to $125 area is a key support region for the cryptocurrency, as $120 is where it bounced during its recent capitulatory sell off, and $125 is a level that bulls ardently defended for the past couple of weeks. HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes today’s slight ETH sell-off may be fleeting, as it swept its range lows and was able to post a bounce at this level. “$ETH short update: May have gotten shaken out here, more setups to come. Closed for the same reason as the BTC short. The correlation with BTC and ETH led me to believe we’d push up after Monday’s low getting swept on BTC. +1.24R (before fees),” he explained while pointing to the chart below. $ETH short update May have gotten shaken out here, more setups to come. Closed for the same reason as the BTC short. The correlation with BTC and ETH led me to believe we'd push up after Monday's low getting swept on BTC. +1.24R (before fees) pic.twitter.com/d6E3LplBSl — HornHairs (@CryptoHornHairs) December 31, 2019 Could ETH Be Bound for a Massive Multi-Month Rally? Gat, a popular crypto analyst on Twitter, explained in a recent tweet that he believes Ethereum’s price action over the past couple of months looks strikingly similar to that seen by Bitcoin in late-2018 and early-2019 when it was trading in the lower-$3,000 region. “As much as I hate $ETH, it is giving $BTC 3k kinda vibes,” he explained while pointing to the two charts seen below. As much as I hate $ETH, it is giving $BTC 3k kinda vibes. pic.twitter.com/K7O3nT1UnY — Gat ALIBABA WHALE (@TheGemClub) December 31, 2019 If this correlation does prove to be valid, Ethereum could see some strong upwards momentum in the early part of 2020, potentially allowing it to post massive gains. Featured image from Shutterstock. The post appeared first on NewsBTC.

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XRP to Remain a Cautionary Crypto Investment in 2020; Here’s Why

Ripple blockchain’s native token XRP registered one of its worst performances in 2019. And it is likely to extend its losses in 2020. The XRP-to-dollar exchange rate is down by circa 49 percent on a year-to-scale. At the same time, the token’s price against the benchmark cryptocurrency bitcoin has plunged by more than 72 percent within the same timeframe. The performance alone shows that investors are leaving the XRP market en masse. Ripple’s native asset spent 10 out of 12 months in red territory | Source: TradingView.com Latest Ripple-Related “FUD” XRP’s downside moves came amidst a series of scandalous so-called “Fear, Uncertainty, and Doubt” (FUD) that has plagued its issuer Ripple Labs. The San Fransisco-based cross border payment company uses XRP as a settlement token. It originally issued 100 billion XRP units and sold a portion of them to obtain funds for the development of its blockchain platform. However, Ripple Labs retained control over 61 percent of XRP tokens, which brought them on the driving seat of pricing the token. An exchange called Coinmotion called out Ripple Labs for holding a monopoly over the XRP supply in a report published in February 2019. The exchange said: “XRP isn’t mined like typical cryptocurrencies. All 100 billion ripple coins have already been created. Ripple plans to release about half of them on to the markets while keeping the other half. Currently there are about 39% of ripple in the open markets, while 61% are kept by Ripple Labs.” The latter half of 2019 saw what Coinmotion had envisioned. Ripple Labs released a financial report wherein it declared that it had sold about $1.2 billion worth of XRP tokens to fund its operations. The move created hysteria among the existing XRP holders. Many of them even launched a petition on Change.org, requesting the Ripple team to stop dumping the token. Dwindling Investor Confidence in XRP Senior executives of Ripple Labs have continuously posted clarifications. Lately, the company’s CTO David Schwartz confirmed that by selling XRP, they were not pocketing the forward. He added that Ripple had the backing of venture capitalists to support the development of their project. “We started selling XRP only after there was a market price and for negligible amounts compared to our other funding,” wrote Mr. Schwartz. You will not find any individual who bought XRP because they wanted Ripple to have money to do stuff to enrich them. We were financed by VC. There was no ICO. — David Schwartz (@JoelKatz) December 27, 2019 The clarification did not land well with the community. Many respondents expressed their bewilderment, stating that Ripple had always claimed that they sold the tokens to “enhance the ecosystem.” There’s several arguments you could of made defending Ripple unloading XRP (ie needed money to invest back into community for long term benefit) but yours is just a fucking lie. This is a big red flag among many others. — NB | KillSwitch (@KillswitchNb) December 30, 2019 With the year for Ripple ending on a more confusing note, it is likely to hurt investors’ confidence in the token in 2020. [Disclaimer: The author holds XRP in his portfolio.] Featured Image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin’s Drop to $7,000 Will Be Short Lasting Due to This Key Indicator

The aftermath of Bitcoin’s recent rally up to highs of $7,500 – and subsequent rejection – has been grave for bulls, as BTC has been caught within a strong downtrend that is leading the cryptocurrency down to its key support region that exists around $7,000. It is important to note that one key factor is currently showing signs that this current sell-off may be weaker than it appears, which may mean that it will be short lived and followed by a bounce that leads the crypto back up to its resistance within the mid-to-upper $7,000 region. Bitcoin’s Bears Roar as They Spark an Intraday Sell Off At the time of writing, Bitcoin is trading down just under 1% at its current price of $7,270, which marks a notable decline from its daily highs of $7,400 that were set during an early morning rally attempt that resulted in it dropping to its current levels. This latest rejection comes closely on the heels of the one seen last week, when BTC surged to highs of over $7,500 before facing insurmountable resistance that sparked the ongoing downtrend. It is important to note that Bitcoin’s bulls have made many attempts to rally over the past several weeks, with each attempt resulting in strong and swift rejections that lead the cryptocurrency back to its support within the lower-$7,000 region. HornHairs, a popular crypto analyst on Twitter, explained in a tweet from earlier this morning that the buying pressure the crypto has found despite its recent break below its swing high signals that it may soon see further upwards momentum. “$BTC short: Flipped short upon a break back below the swing high, already bouncing hard and back above Monday’s low, might flip long again,” he explained while pointing to the chart seen below. $BTC short Flipped short upon a break back below the swing high, already bouncing hard and back above Monday's low, might flip long again pic.twitter.com/TfdhFXaPwN — HornHairs (@CryptoHornHairs) December 31, 2019 This Key Factor Signals That the Current Sell-Off May Be Short Lived Cantering Clark, another popular crypto analyst on Twitter, explained that active and passive sellers are not currently working cohesively, which means that shorts will be caught off guard if BTC’s bulls ardently defend this level. “Cumulative Volume Delta showing heavier selling into this low, yet less follow through than previously around 7200. Wouldn’t be surprised to see shorts caught offside right here temporarily. Active and Passive not working together right now,” he explained while pointing to the chart seen below. Cumulative Volume Delta showing heavier selling into this low, yet less follow through than previously around 7200. Wouldn't be surprised to see shorts caught offside right here temporarily. Active and Passive not working together right now.$BTC pic.twitter.com/WEuzAepdXA — Cantering Clark (@CanteringClark) December 31, 2019 As BTC inches lower to its key support level at $7,000, how buyers respond to this level will be imperative for determining which direction the crypto will trend in the first days and weeks of the new year. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Dr Doom Laments Bitcoin ‘Bubble’ on Taylor Swift Mashup

You probably already know that Nouriel “Dr Doom” Roubini is no fan of Bitcoin. The professor and economist has frequently sounded off against the crypto asset space in recent years. What you might not know is that Roubini also has something of a musical side. His most recent offering sees him take on and rework Taylor Swift’s hit “I Knew You Were Trouble”. Well, kind of… Dr Doom’s Most Memorable Anti-Bitcoin Rants Immortalised on Hilarious New Tune New York University economics professor and all round Bitcoin hater Nouriel Roubini has become the star of an auto-tune cover of Taylor Swift’s 2012 hit single “I Knew You Were Trouble”. Titled simply “Bubble”, the track is the work of the blockchain startup Harmony. Watch famed Bitcoin sceptic @Nouriel take on Taylor Swift as he predicts more 'trouble' for the blockchain industry! But is there a surprise ending?#Crypto #YearInReview https://t.co/l444djWvIJ pic.twitter.com/XDHwnEQvHU — Harmony (@harmonyprotocol) December 31, 2019 NewsBTC has reported on Roubini’s Bitcoin hating numerous times over the last twelve months. The economist has used just about every common critique to bash the digital currency. These include its apparent lack of scalability and decentralisation, as well as its supposed use for criminal activity. Harmony’s tune, posted to YouTube earlier today, looks back at some of Roubini’s most infamous rants against Bitcoin. Those behind it have autotuned Dr Doom’s outbursts and set them, rather hilariously, to the Taylor Swift chart topper. Standout lyrics include a particularly foul mouthed appraisal of the digital currency industry, as well as the track’s pull-no-punches refrain: “Cos I like shouting ‘bubble’ when I’m on TV. So shame on me now. Tell me the facts, I will disagree. Cos I’m old and out of touch.” Somewhat bizarrely, the lyrics also have Roubini declaring himself to be the creator of Bitcoin, Satoshi Nakamoto. However, after apparently working on the protocol more than a decade ago, he has since started cooperating with the US Securities and Exchange Commission to bring down the digital currency. Whilst this seems about as plausible as some other claims on the title of Bitcoin inventor, it would make for serious plot twist in the story of the most popular digital currency if it turned out to be true! The video concludes with Roubini coming to terms with the fact that he is probably missing out on the greatest transfer of wealth in human history since he isn’t invested in any digital asset. Presumably, he no longer has access to the coins he claims to have mined shortly after Bitcoin’s creation: “But the reality of it, I’m not gonna make a penny. Because I don’t hold any coins. Not Bitcoin, Ethereum, or XRP”   Related Reading: Bitcoin Bulls Not Out of Woods, Wait For Break Above $7.5K Featured Image from Shutterstock. The post appeared first on NewsBTC.

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The Biggest FUD and FOMO Moments in Crypto 2019

The crypto industry, Bitcoin, blockchain, and any of its varieties is driven primarily by hype and speculation as the emerging technologies underlying each asset are often too new or unproven to yet provide a realistic valuation. Due to this, the constant ebb and flow of FUD and FOMO often dictate market movements and turn major losers into top market gainers almost overnight. Here’s a look at the past year’s biggest FUD and FOMO-driving moments. Crypto and Bitcoin’s Biggest FUD and FOMO Moments of 2019 FUD is an acronym for fear, uncertainty, and doubt. FOMO is an acronym for the fear of missing out. The two factors regularly provide the push or pull pressure on the market that causes crypto asset prices to fluctuate. Some events, cause a widespread occurrence of panic-buying, where investors stack up on an asset without any regard for risk or potential loss, much like was seen at the height of the crypto hype bubble.  Others, cause panic-selling, where investors dump their crypto fearing a devastating crash where as much as 99% of an asset’s value is wiped out. Both are common occurrences that take place often throughout crypto, and here are some of the year’s most impactful of those moments. China Endorses Blockchain Just as Bitcoin had fallen to new local lows, confirming that Bitcoin’s uptrend was kaput, Chinese President Xi Jinping spoke out in support of blockchain technology, telling his citizens his country needed to remain on the forefront of developing the future of the budding technology. Crypto whales saw this as an opportunity to cause a splash in Bitcoin and cause a short squeeze of epic proportions. However, the resulting FOMO from China’s support of “crypto” caused Bitcoin to set a record for its third-largest single-day gain in the asset’s young history. No other moment in 2019 caused more extreme and abrupt FOMO. Facebook Libra Launch Facebook Libra is a story of FOMO turned FUD. The year kicked off to rumors swirling that Facebook was hard at work developing a cryptocurrency of its own, under Mark Zuckerberg’s order. However, once the social media giant made the big reveal, the entire political world turned on the corporation and feared the complete monopoly over privacy it could one day have if it gains access to user’s transaction data, in addition to all of the behavioral patterns the company already secretly captures. Trump Tweets About Bitcoin Following the controversy that Facebook Libra kicked up, United States President Donald Trump tweeted about Bitcoin, Facebook Libra, and crypto as a whole, suggesting that they were used for illicit crimes. And while there’s no denying the leader of the free world talking about crypto is important, it’s not wise to ignore that it was said in a negative tone. In fact, Trump’s tweet almost perfectly coincided with Bitcoin’s recent rally top. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. — Donald J. Trump (@realDonaldTrump) July 12, 2019 Binance Blocks US Users From Flagship When Binance announced it would be blocking US-based investors from trading using its flagship platform, fear, uncertainty, and doubt took over the altcoin market, causing a massive selloff and widespread capitulation. With crypto regulation suddenly a hot topic, and with industry leaders shutting out their biggest customer base without much explanation, things indeed got scary. Everything turned out okay, with the company launching its own US platform that is growing each day, but for a while there, the crypto market was certainly spooked and asset prices reflected this. Bakkt Launch Hype and Failure No story was more hyped in 2019 but resulted in more of a dud, then Bakkt. The Bitcoin futures trading platform from the parent company of NASDAQ was a hot button issue dating back to 2018 when it was first announced, and most of the crypto market expected the sudden influx of institutional investors it would create would be enough to cause Bitcoin to immediately embark on a new bull run. However, Bakkt launched to abysmal trading volume, and the day it launched Bitcoin fell by nearly $2,000 in a single day, showing that even the biggest FOMO moments can quickly turn into FUD. Is your favorite moment missing from the list? Comment below! The post appeared first on NewsBTC.

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Bitcoin Price Yearly Candle Shows Failed Rally, Longest Wick on Record

Today’s mid-week daily close in Bitcoin price charts carries significantly more weight than usual, as New Year’s Eve marks the last day of the calendar year, and the crypto asset’s yearly candle close. If the leading crypto asset by market cap closes today at current prices around $7,250, the yearly candle will close with the largest wick on record, clearly showing the failed parabolic rally that occurred around mid-year 2019. Bitcoin Price Chart: Yearly Candle Closes Tonight Bitcoin price charts can be viewed across multiple timeframes, with the most significant being given to the largest and longest timeframes. Crypto traders and analysts often pay particularly close attention to daily, weekly, or monthly price charts in order to get a better grasp on the market and the trend underway. Related Reading | Past Performance Shows Bitcoin Historic High Could Serve As True Bear Market Bottom And while yearly price charts aren’t as oft used as the other, longer timeframes, they can be helpful in looking at the bigger overall picture. One crypto analyst has shared a yearly Bitcoin price chart on Twitter and invited others from the community to do what they do best and speculate on what the yearly candle close means for the crypto asset, and what is expected for the following year’s close. The yearly candle is closing pretty soon and this is how we're currently sitting… Not the prettiest thing, that's for sure. If you had to guess, which color would the next yearly candle be? pic.twitter.com/G5pRoierq4 — TraderKoz (@TraderKoz) December 30, 2019 The candle itself while green does show a failed rally in the form of a massive wick that stopped at prior yearly resistance. The wick is also the largest ever recorded in Bitcoin price on yearly candles, as even 2017’s peak has a $6,000 range from wick peak to candle body close, whereas this year’s reaches from the current price of $7,250 all the way to $14,000 – representing a $6,750 long wick. What Does This Year’s Candle Close Tell Crypto Analysts? Analysts responding to the thread suggest that because this year’s candle is closing at under 50% of 2017’s candle, 2020’s yearly close is expected to be red. What makes me think red: -that colossal upper wick-yearly close lower than 50% of the 2017 candle's body-2019 candle closes in lower/middle third of the range What makes me think green: -near-equal lows for 2018 & 2019 So my guess is….. red — Jamie Holmes (@Holmes1991Jamie) December 30, 2019 For 2020 to close red, Bitcoin price would need to end next year lower than whatever the price closes at when the clock strikes 7PM ET tonight. Another year of sideways or downtrend would likely be too much for many crypto investors who have been holding through two full years of a bear market already. Poor bulls and bears. I hope they are prepared for this. We will lose so many traders in the next year. pic.twitter.com/weW5Vpy0tV — Sean Nance (@TheSeanNance) December 30, 2019 Others, however, say that the next year’s candle will close green, filling out the wick of 2019 with continued price action until Bitcoin eventually sets a new high. Related Reading | Here’s What $100 in Bitcoin Would Have Made Next To The Decade’s Best Investments  While many crypto investors are already thinking about 2020, Bitcoin price still needs to close the daily candle tonight to put 2019 in the history books for good, and set its sights on a new year or trading. Featured image from Shutterstock The post appeared first on NewsBTC.

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Why Prominent Crypto Analyst Believes XRP’s Trajectory is Positive

XRP hasn’t done too well in the past 12 months, plunging by 47% since Jan. 1st, 2019. For some perspective, Bitcoin has gained a jaw-dropping 90%, surging on the back of a confluence of factors, which includes a capital flow from altcoins to the market leader BTC. Tis the season to feast on the tears of shitcoiners. YTD: BTC +82%ETH -18%XRP -47% — Jimmy Song (송재준) (@jimmysong) December 28, 2019 Although some are sure that the Bitcoin-centric trend in the cryptocurrency markets will continue due to institutional involvement and market cycles, a prominent analyst has suggested that XRP’s long-term trajectory is positive for a number of reasons. Related Reading: Ethereum, XRP, and BCH: Why Traders are Optimistic on Altcoin Market Why XRP Has Positive Path Mati Greenspan, the former senior analyst at financial asset exchange eToro and current founder of Quantum Economics, recently began outlining a number of reasons why he’s bullish on XRP in the long run. The prominent cryptocurrency analyst first remarked that he believes XRP is providing good technology, backed by a strong team at Ripple. For instance, Ripple has On-Demand Liquidity, which adopting companies say has allowed their clients to pay upwards of 80% less in fees for remittance payments and other financial processes that require inter-bank, international data and money transfer. Good tech. Strong team. Probably the only crypto project regularly closing deals with financial institutions. https://t.co/x338RGGAlC — Mati Greenspan [not trading advice] (@MatiGreenspan) December 30, 2019 He added that due to Ripple and XRP’s focus on collaborating with Wall Street and other financial institutions across the world, the asset, compared to Bitcoin, is “better positioned to integrate itself with the existing banking system,” boding well for potential adoption. Greenspan concluded by drawing attention to the fact that Ripple is the “only crypto project regularly closing deals with financial institutions,” presumably citing the fintech upstart’s deals/collaborations with American Express, Santander, and other financial institutions both big and small. Related Reading: Intense Altcoin Sell-Off May Mean a Bitcoin Pullback is Imminent Other Commentators Agree Other commentators agree with this lofty sentiment. Jeffery Tucker of the American Institute of Economic Research, the value of XRP and the aforementioned company is to improve on the shortcoming of the “antique SWIFT system.” Tucker said in an interview with Russia Today that XRP is an “extremely important technology,” before adding that the “legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche.” In terms of price specifically, there have been a few positive analysts floated. Per previous reports from NewsBTC, Dave the Wave, a prominent technical analyst that months ago called the decline to the $6,000s in the price of Bitcoin, wrote that XRP is showing a number of signs that it is bottoming on a macro basis and is thus poised to explode higher. There’s also Michael Van De Poppe, who claimed that as long as the $0.14 to $0.17 range is held by the popular altcoin, there will be a base for a strong rally to take place in 2020. The strong rally, the trader said, could take XRP to $0.473, which is currently 175% higher than the market price of the altcoin. Related Reading: These Five Altcoins Crushed Bitcoin’s 2019 Returns Featured Image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin Price Poised to Jump 40% Towards $10,000; Here’s Why

While Bitcoin saw a strong rejection at $7,500, with the price of the leading cryptocurrency rapidly plunging to $7,200, leading some to suggest that an extended bearish reversal was possible, analysts remain bullish on BTC. A prominent cryptocurrency trader recently remarked that his analysis of Bitcoin’s chart over the past few months shows that a key bullish divergence is forming, which implies that the price of the asset could surge by 40% in the coming weeks. Related Reading: Bitcoin Price to Soon Go Parabolic? Analysts Say It’s Possible Bitcoin Ready to Hit $10,000? Full-time trader Cold Blooded Shiller recently posted the below analysis of Bitcoin’s Renko candle chart, which shows the price action over the past three years. While there is little on the chart, the trader drew attention to two previous bouts of price action in BTC’s history, during which the price rallied by 32% and 40%, respectively, after a bullish divergence was formed between his indicator and the price. The same divergence is forming yet again, implying that BTC could soon rally by up to 40%, which would mean the price of the asset would take $10,000. Do with this chart whatever you please $BTC bulls. pic.twitter.com/5hADWZJb5B — Cold Blooded Shiller (@ColdBloodShill) December 31, 2019 It isn’t only this divergence pointed out by Cold Blooded Shiller that suggests Bitcoin is on the verge of bursting higher by 40%. Earlier this year, Filb Filb posted the below chart, showing that he expected for BTC to jump by dozens of percent to near $10,000, then collapse to the low-$6,000s to interact with the “miners bottom range.” While some laughed this off as pure bearish sentiment at the time, FilbFilb’s prediction was proven to be nearly 100% accurate, with Bitcoin surging past $10,000 in a temporary relief rally, then crashing the mid-$6,000s just earlier this month. The chart now predicts that Bitcoin will form an Adam & Eve-esque bottom in the $7,000s, prior to breaking to the upside, rallying to $10,000 (40% above current levels) by the time of the halving in May 2020. Related Reading: Four Signals Suggesting Bitcoin Price On Verge of Bull Trend Downtrend Not Over Yet? Although Cold Blooded Shiller’s analysis seemingly implies a bounce is on the horizon, it may not be a bounce that will take Bitcoin out of the bear trend formed after the $14,000 peak established in June. The trader noted that as it stands, Bitcoin is in a “markdown from distribution” near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run. When the top of the channel is hit, sellers dump their coins; when the bottom of the channel is touched, buyers step in, pushing the price back towards the middle of the channel. I'll cover this off in a thread as I've been tagged in two threads asking for thoughts on $BTC Wyckoff schematics at this stage. Let's explore it, I'll give you some education, things to look for and determine if we may be at a bottom. pic.twitter.com/a5FxQrkD00 — Cold Blooded Shiller (@ColdBloodShill) December 7, 2019 As it stands, Bitcoin at $7,200 is in the middle of the channel, seemingly in no man’s land, thus not close to a bottom. “From a volume perspective, there is nothing to me that screams “THIS IS THE BOTTOM.” For both markdowns and markups we typically expect to see “climactic” volume,” Shiller wrote, trying to accentuate that there are no concrete signs the bottom is in for the Bitcoin market. He later remarked that for him to conclude that the bottom is in, BTC will have to rapidly move out of the abovementioned descending channel on a large influx of volume, implying a selling climax, to fall into support, bounce, then continue sideways in preparation for the next macro move. Related Reading: Why a Top Analyst Believes XRP Price Bottomed and Will Burst Higher Featured Image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin Bulls Not Out of Woods, Wait For Break Above $7.5K

Bitcoin price is currently consolidating above the $7,200 and $7,150 support levels against the US Dollar. The price is likely to climb higher again unless there is a daily close below $7,000. There is a key bearish trend line forming with resistance near $7,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair will most likely break $7,240 and $7,300 to start a fresh increase heading into 2020. Bitcoin price is showing signs of a renewed upward move against the US Dollar. BTC must stay above $7,150 to prepare for another push towards the $7,500 barrier. Bitcoin Price Analysis After forming a new weekly high near $7,531, bitcoin price started a downside correction against the US Dollar. The price declined below the $7,400 and $7,300 support levels. Moreover, there was a close below $7,300 and the 100 hourly simple moving average. Finally, the price dived below the $7,200 support level, but it stayed above the $7,150 support area. A low is formed near $7,179 and the price is currently consolidating losses above the $7,200 level. An immediate resistance is near the $7,240 level. Besides, there is a key bearish trend line forming with resistance near $7,240 on the hourly chart of the BTC/USD pair. The next resistance is near the 23.6% Fib retracement level of the recent slide from the $7,531 high to $7,179 low. However, the first major hurdle is near $7,300 and the 100 hourly simple moving average. A successful break above the $7,300 barrier might push bitcoin price towards the $7,400 resistance level. An intermediate resistance could be $7,355 or the 50% Fib retracement level of the recent slide from the $7,531 high to $7,179 low. Finally, a follow through above the $7,400 resistance might set the tone for a larger upward move towards the $7,500 and $7,600 resistance levels. Any further upsides may perhaps call for a push towards the $8,000 level. Conversely, the price might struggle to climb above the $7,300 resistance area and the 100 hourly SMA. In the mentioned case, there is a risk of a bearish breakdown below the $7,200 and $7,150 support levels. Bitcoin Price Looking at the chart, bitcoin price seems to be preparing for an upside break above the $7,240 and $7,300 resistance levels. A successful close above the $7,300 level will most likely lead the price towards $7,400 and $7,500. Technical indicators: Hourly MACD – The MACD is moving back into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now climbing towards the 50 level. Major Support Levels – $7,200 followed by $7,150. Major Resistance Levels – $7,240, $7,300 and $7,500. The post appeared first on NewsBTC.

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Bitcoin And Crypto Market Eyeing Fresh Increase: BCH, BNB, EOS, TRX Analysis

The total crypto market cap is holding an important support area near the $185.0B level. Bitcoin price is struggling to continue higher and trading close to the $7,200 support. EOS price is down 2% and it is now trading near the $2.600 support area. Binance Coin (BNB) is down 3% and it failed to stay above the key $14.00 support. BCH price is declining towards the $205 and $200 support levels. Tron (TRX) price is facing a strong resistance near the $0.0136 and $0.0138 levels. The crypto market cap and bitcoin (BTC) are holding important supports. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are struggling to continue higher. Bitcoin Cash Price Analysis After a fresh increase above the $205 resistance, bitcoin cash price found resistance near $215 against the US Dollar. The BCH/USD pair failed to continue higher and started a downside correction below $210. It is now moving closer towards the $205 support area, below which it might test the $200 support. Any further losses could restart downtrend and the price might slide towards the $185 support level. Binance Coin (BNB), EOS, Tron (TRX) Price Analysis EOS price climbed higher recently above $2.600, but it faced resistance near the $2.700 level. A high was formed near $2.700 and the price started a downside correction. The price is now trading near the $2.600 support, below which it may perhaps test the $2.500 support area. Tron price is struggling to gain momentum above the $0.0136 and $0.0138 resistance levels. The main resistance is still near $0.0140, above which the price might continue to rise in the near term. On the downside, the key support is near $0.0130, below which the price could decline heavily. Binance coin (BNB) struggled to climb above the $14.40 area. As a result, BNB price started a fresh decline and broke the $14.20 and $14.00 support levels. The price is now approaching the $13.75 support level, below which it might even test the $13.50 area. Crypto Market Cap Looking at the total cryptocurrency market cap 4-hours chart, there was a downside correction from the $195.0B resistance area. The crypto market cap declined below the $190.0B support. However, the $185.0B level and a connecting bullish trend line are providing support. Therefore, there are chances of a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term unless the market cap slides below $180.0B. The post appeared first on NewsBTC.

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Ethereum (ETH) Could Dive If Bitcoin Continues To Struggle

Ethereum is down around 4% from the $138 high and tested the $130 support against the US Dollar. The price is currently consolidating above the $130 support, with a few bearish signs. There is a connecting bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin failed to stay above $7,300 and it is now trading near the $7,240 support area. Ethereum price is facing an increase in selling versus the US Dollar due to a steady decline in bitcoin. ETH price could dive below the $128 level, if bitcoin slides below $7,200. Ethereum Price Analysis After a strong upward move above $135, Ethereum price faced resistance near the $138 zone against the US Dollar. ETH price topped near the $138 level and recently corrected below $135. Moreover, there was a break below the $132 support, plus the 61.8% Fib retracement level of the latest rally from the $127 low to $138 high. The price tested the $130 support and the 100 hourly simple moving average. It seems like Ethereum is currently consolidating near $130 and the 100 hourly simple moving average. An initial resistance is near the $132 level. Besides, the 23.6% Fib retracement level of the recent decline from the $138 high to $130 low is also near $132. More importantly, there is a connecting bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD. Therefore, a clear break above the $132 resistance might start a strong increase towards the $135 and $138 resistance levels. An intermediate resistance could be $134 or the 50% Fib retracement level of the recent decline from the $138 high to $130 low. Conversely, Ethereum might struggle to gain momentum above the $132 and $133 levels. In the mentioned bearish case, the price could struggle to stay above $130 and the 100 hourly SMA. If there is a close below $130 and the 100 hourly SMA, the bears are likely to gain traction and the price may perhaps slide towards the $125 support area. Ethereum Price Looking at the chart, Ethereum price is back to the main $130 support area. If bitcoin slides below the $7,200 support area, there is a risk of a sharp decline in ETH in the near term. If not, it might start a fresh increase towards $135 and $138 in the coming sessions. ETH Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently moving higher towards the 50 level. Major Support Level – $130 Major Resistance Level – $132 The post appeared first on NewsBTC.

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This Cryptocurrency Plunges 14% With Rumors That Big Investors are Dumping

Blockchain startup Hedera Hashgraph (HBAR) are facing flak on Twitter. Some reports have claimed nodes have been dropped and there are accusations of bullying its community into not using the Hedera logo. This article has been updated based on a brief correspondence with Hedera’s SVP of Communication.  Hedera Says Its Nodes Aren’t Offline This morning it was reported by Twitter user @Scams_alarms that 4 out of 13 of Hedera’s council nodes went offline without any explanation. 4 out of 10 council nodes of @hashgraph went offline without any explanation Team is bullying community and not allowing the use of the logo. Dictatorship of a centralized shitcoin.@chasker Christian hasker SAFT 1 purchaser sending millions to binance to dump $hbar $ftm pic.twitter.com/kmxrP9JY5M — Scam Alarm (@Scams_alarms) December 30, 2019 This comes just as 500 million HBAR are to be unlocked tomorrow, December 31. Hedera offers big promises — including a blockchain that is capable of handling 10,000 transactions per second (according to Forbes) — and the fact that these four nodes are reportedly offline comes as a shock. Zenobia Godschalk, Senior Vice President of Communications, refuted the claims that nodes were offline speaking to NewsBTC, saying: “It is not true that four of the nodes malfunctioned. We have seen third party reporting sites reporting various things, but it also appears some folks are on vacation, so it’s hard to say when they’re accurate.” Centralized Blockchains Problems have also arose related to the firm’s Simple Agreement for Future Tokens (SAFT), investment contracts offered by cryptocurrency developers to investors. @Scams_alarms reports that due to disproportionate pricing in SAFT 1, 2, 3a, & 3b, the price per token is hugely inflated. In relation, it warned users that SAFT 1 purchasers are likely sending millions to Binance to dump. Update: Godschalk provided NewsBTC with two blogs from Hedera CEO and Co-founder Mance Harmon, from December 23 and December 28, in attempts to address SAFT and employee coins. Another noteworthy point is that the Hedera Governing Council — who control and secure the network — consists of industry heavyweights like Boeing and Deutsche Telekom, reported Forbes. Because of this, there appears to be concerns of a lack of true decentralization at the benefit of scalability and security. The team is also facing accusations of “bullying” the community and not allowing the use of the Hedera logo. For Bitcoin enthusiasts, denying the community use of the logo highlights the necessity of a truly decentralized cryptocurrency platform. As per @Scams_alarms, @chasker, who according to his Twitter bio “work[s] for Hedera,” asked the community to not use the official Hedera logo: (Source: @Scams_alerts). Godschalk provided NewsBTC with the following statement regarding Hedera logo usage: “Regarding logo usage, it is correct that the logo cannot be used for non-Hedera channels. This is to prevent people from being scammed into thinking that those channels are providing information from Hedera.” HBAR Down, Despite Promises The Texas-headquartered Hedera Hashgraph launched its blockchain in September after a long test run. According to the company, the blockchain is capable of handling 10,000 transactions per second, compared to 15 transactions per second for Ethereum and 2.8 for Bitcoin’s blockchain. Last year, the company raised over $124 million in three rounds of token sale open only to accredited investors; the company began distributing its tokens last September and allocated more than 1.4 million HBAR to investors. Some, like author and gold/silver enthusiast Michael Maloney (@mike_maloney) have been advocates of the Hedera project according to Twitter, but for others some of that interest seems to have peaked and waned: (Source: @CryptoGamerClub)   In the past 24-hours, HBAR is down almost 14% to $0.0114 USD. (Source: TradingView). The post appeared first on NewsBTC.

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Sorry Bulls, Bitcoin to Remain in Firm Downtrend Until This Key Event Occurs

Bitcoin has continued trading sideways within the lower-$7,000, with this latest bout of consolidation coming about after a failed attempt by BTC’s bulls to spark a rally yesterday. Bull’s inability to sustain any significant upwards momentum points to underlying weakness amongst buyers and may signal that further losses are imminent. It is important to note that Bitcoin still remains caught within a firm downtrend, and one analyst is noting that this trend is unlikely to change until BTC breaks above a key resistance level. Bitcoin Stuck at $7,300 as Bulls and Bears Remain at an Impasse  At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,300, which marks a slight retrace from its daily highs of over $7,500 that were set yesterday at the height of the fleeting rally. It is important to note that Bitcoin’s buyers have attempted on multiple occasions over the past several days and weeks to generate some upwards momentum, with each attempt being swiftly halted by the insurmountable resistance that exists within the mid-to-upper $7,000 region. In the near-term, analysts are noting that yesterday’s rally simply marked a lower high, and that the crypto won’t be able to generate any sustainable momentum until it breaks above $7,800. Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that this current price action could simply mark an accumulation phase. “$BTC Needs to break above $7800s and close above for me to feel bullish about a possible trend reversal. Until then, price continues to range with possible accumulation (over five weeks in this range). So far, price possibly just made another lower-high today,” he explained. Bear Market Remains Firm Until BTC Breaks Above This Key Level Although $7,800 may be one key level that bulls need to push Bitcoin above in the near-term, it is important to note that the crypto remains stuck within a descending channel, which will keep BTC in a firm downtrend until bulls push it above the upper channel boundary. TraderXO, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying that the bottom likely isn’t in until this upper boundary is firmly broken above. “$BTC – Apparently they say the lows are in after a few weeks of consolidation… Might want to zoom out a little, break the channel and reclaim 8k first,” he explained while pointing to the charts seen below. $BTC – Apparently they say the lows are in after a few weeks of consolidation… Might want to zoom out a little, break the channel and reclaim 8k first. pic.twitter.com/0f2oTLx82T — TraderXO (@TraderX0X0) December 30, 2019   The coming days and weeks may offer insight into the strength of this descending channel, as it could potentially spark significantly further losses if it continues holding strong into the new year. Featured image from Shutterstock. The post appeared first on NewsBTC.

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If Bitcoin Doesn’t Hold This Level, Price Could Plunge to $1,000

If you’ve been on Crypto Twitter at all over the past few weeks, you’ve likely seen Peter Schiff claim that Bitcoin (BTC) is on the verge of returning to irrelevancy. More specifically, he wrote in a tweet published in November that per his analysis of the charts, there’s a possibility that the leading cryptocurrency could plunge to $1,000. Related Reading: Analyst Who Called Bitcoin’s Crash to $6,000 Says Ethereum Bottom In This assertion has been echoed by a prominent trader. Per previous reports from NewsBTC, the cryptocurrency commentator, who has made a number of accurate calls in the past, wrote that he expects for Bitcoin to go “to the $1,000 range,” citing the sentiment that it would be “good for crypto” as it would “destroy investors and projects.” According to a recent technical analysis, this prediction isn’t as crazy as it seems. Here’s why. Bitcoin Needs to Hold 200-Week Moving Average Over the past few weeks, a number of prominent analysts have called for Bitcoin to return to the $5,000s, 20% lower than current prices. Trader CryptoBirb, for instance, remarked that BTC has the potential to see one final dump to $5,400-$5,600 — 23% lower than the current price of $7,150 — due to that level being the long-term 0.786 Fibonacci Retracement level. Former Wall Street trader Tone Vays and full-time cryptocurrency analyst Jacob Canfield have echoed this exact thought in their own analyses. According to a trader who called the decline to the $6,000s when Bitcoin was trading in the $8,000s, Bitcoin needs to hold its 100-week moving average, currently at around $7,000. He claims that if this level is lost on a macro basis and drops to the $5,000s as the aforementioned traders expect, it will confirm “we have lost momentum to the upside,” confirming an Elliot C-Wave that will bring the asset to $1,000. "Traders" that are hoping for $BTC to go to the 200MA level and think it will rally from there are either really dumb or are tricking you. Holding 100MA is crucial!!!! If price drops to the 200MA, means we lost momentum to the upside (Confirms Elliot C-Wave) https://t.co/PancTBUSfM — 𝓥𝓮𝓵𝓿𝓮𝓽 丝绒 (@888Velvet) December 30, 2019 Related Reading: Ouch: BitMEX Bitcoin Liquidations Neared $20 Billion In 2019 Will Bulls Hold the Level? With this in mind, you might be wondering if bulls can hold this key price level? According to a number of analyses, Bitcoin will hold the level. Dave the Wave, a prominent cryptocurrency chartist who called the decline to the $6,000s weeks ago, said that Bitcoin’s one-week Moving Average Convergence Divergence (MACD) is likely going to see a crossover early next year after trending lower for the next two months: “Weekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle,” the popular trader wrote. Bullish MACD readings on Bitcoin’s one-week chart marked the start of previous bull runs, including the miniaturized one seen from March of this year to July. This was followed by Willy Woo, partner at Adaptive Capital and noted on-chain analyst, opining in a tweet that his blockchain metrics indicators suggest  BTC is in the midst of a “re-accumulation” phase of bull markets that always precede the parabolic rally. He added in another tweet that any move below $6,500 will only be a “wick in the macro view.” Related Reading: Why the Bitcoin’s Bearish MACD Cross May Not Plunge Price Featured Image from Shutterstock The post appeared first on NewsBTC.

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This Indicator Signals the Ethereum Bear Market is Over, But Will an Insane Rally Follow?

Despite the lackluster price action seen by Bitcoin over the past several days, Ethereum (ETH) has been able to climb back above its previous resistance level at $130 and find some decent buying pressure at this price region, which has come about after an extended period of trading sideways just above its key support level at $125. Analysts are now noting that the Ethereum bear market could be firmly in the past, although this may not mean that a massive rally is imminent. Ethereum’s Bear Market is Over, According to This Indicator At the time of writing, Ethereum is trading down just over 1% at its current price of $132, which marks a slight decline from its daily highs of $137 that were set at the peak of yesterday’s rally. This rally came about concurrently with the one seen by Bitcoin, which led BTC as high as $7,500 before it met significant resistance that led it to retrace nearly all of its gains. Ethereum has been able to find better support amongst its buyers than Bitcoin has, as it has been able to hold on to the majority of the gains that were incurred during its latest uptrend, which allowed ETH to surge from lows of $126. Dave the Wave, a popular cryptocurrency analyst on Twitter, explained in a tweet that Ethereum’s recent price action may point to the possibility that the crypto’s bear market is officially over, potentially meaning further upside is imminent in the new year. “Freebie from my alts page. And that ladies and gentlemen may have been the bottom in ETH. May it be a happy and prosperous new year,” he explained while pointing to the chart seen below. Freebie from my alts page. And that ladies and gentlemen may have been the bottom in ETH. May it be a happy and prosperous new year. pic.twitter.com/TJZW4SNbLe — dave the wave (@davthewave) December 30, 2019 Will the End of ETH’s Bear Market Instantly Lead to a Bull Run? It is important to note that the end of the long-lasting Ethereum bear market will most likely not lead the cryptocurrency to instantly enter bull territory, as analysts are noting that ETH could still see some near-term downside. HornHairs, another popular cryptocurrency analyst on Twitter, spoke about the possibility that the crypto will soon see some further downside in a tweet, noting that he is targeting a drop towards $116. “$ETH short update: Unless this time is different, price reaching for new lows after a sweep at HTF resistance would be par for the course. Still holding for now. Funding remains in favor of shorts,” he said while pointing to the chart seen below. $ETH short update Unless this time is different, price reaching for new lows after a sweep at HTF resistance would be par for the course. Still holding for now. Funding remains in favor of shorts. pic.twitter.com/Z2J5PKKHKf — HornHairs (@CryptoHornHairs) December 30, 2019 Bitcoin will likely continue to hold some sway over Ethereum in the near-term, but it is possible that the crypto will begin breaking its close correlation to BTC and incur independent upwards momentum, assuming that its bear market is truly over. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Lack of Bitcoin Investment by Professionals “Odd” Given Stock Market Trends

For years now, Bitcoin investors have been saying that once the money managers and institutional investors of the world take up positions in in the crypto asset, the price will soar to levels currently unthinkable. However, such an influx of capital is yet to occur. For at least one digital currency analyst, this is “odd”, particularly given how different stocks perform for investors. Meltem Demirors says that investments should be made based on people’s perception of the future and that Bitcoin will central to the future of finance. Since Most Most Stocks Are Poor Investments, Why Don’t Money Managers Take a Chance on Bitcoin? In a Twitter thread posted earlier today, CoinShares Group Chief Strategy Officer said that she found the lack of risk taking by investment professionals “odd”. Demirors pointed out that stock in less than one percent of companies drives more than three quarters of the entire stock market’s returns. Meanwhile, a large number of investments simply lose money. 1/ people have such odd views on investing! less than 1% of stocks drive more than 75% of stock market returns. over half of all stocks underperform the risk-free rate (US treasuries), and many lose money. the top 10 co's account for >50% of wealth created in the last 10 years. — Meltem Demirors (@Melt_Dem) December 30, 2019 Demirors pointed out that picking individual stocks is tough, leading to an approach that favours investing in sectors rather than specific companies. Even those sectors performing spectacularly well over the last decade, such as tech or financials, only managed between 400 and 600 percent over the ten year period. Given the apparent lack of investment opportunity, the CoinShares CSO said that she finds the lack of capital allocation to Bitcoin and cryptocurrency from investment professionals puzzling. For her, investors should be basing decisions on their perspective of the future. She added: “I believe Bitcoin is a massively important part of the future.” However, being an entirely new asset class, investing in Bitcoin still appears to be much too risky even for the tiny percentage allocation Demirors alludes to in her thread. Investment professionals are not only in the business of making money for clients, they are also keen not to be seen to be losing money too. Professional money managers would still rather play it safe than become known as “the company that lost all that money on Bitcoin”. There are plenty of risks still associated with the Bitcoin and cryptocurrency industry. Chief amongst these is, of course, volatility. However, there is also still a risk associated with custody of digital assets, and the changing regulatory landscape. High profile examples of exchanges being hacked and customers losing funds, coupled with a general lack of understanding of the asset, exacerbate the perceived risk, further reducing the desire for a money manager to stick their head over the proverbial precipice. Similarly, the hostility expressed by key members of the US and other governments towards the industry will also put money managers off. That said, we’re sure that next year will “be the year the institutional investors enter the market”. Who knows, perhaps this time it will be.   Related Reading: Bitcoin Price to Soon Go Parabolic? Analysts Say It’s Possible Featured Image from Shutterstock. The post appeared first on NewsBTC.

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Momentum Within Altcoin Market Could Spark Massive XRP Rally, But Will it Be Sustainable?

Yesterday proved to be a positive day for many cryptocurrencies, as Bitcoin’s fleeting rally allowed most major altcoins to post gains of 3% or more. XRP, which has been struggling to gain momentum over the past few days, attempted to break back into the $0.20 region, although the resistance at this level proved to be insurmountable. Analysts are now noting that XRP could once again test this level and see some decent gains against its Bitcoin trading pair, but the lack of investor excitement surrounding XRP could hinder any attempts to rally. Analysts Believe XRP May See Some Near-Term Momentum At the time of writing, XRP is trading down just under 2% at its current price of $0.193, which marks a slight decline from its daily highs of roughly $0.20 that were set at the peak of yesterday’s market-wide rally. This rally led some altcoins like Ethereum and Bitcoin Cash to surge over 3%, although this momentum slowed after Bitcoin faced a strong rejection at $7,500. Analysts are noting that XRP may be able to further extend this upwards momentum in the near-term, with Loma, a popular cryptocurrency analyst on Twitter, recently offering his followers a chart that shows he anticipates it to surge over 10% against its Bitcoin trading pair in the coming days. $XRP pic.twitter.com/9dtI4YVJ7T — Loma (@LomahCrypto) December 29, 2019 DonAlt, another popular crypto analyst on Twitter, explained that he recently bought a handful of different altcoins – including XRP – in anticipation of them seeing some near-term upside against USD. “Buying some alts against USD today and tomorrow. Namely BCH, LTC, ETH and I might even throw in some XRP if I particularly feel like losing money while pressing buttons. Current prices for reference: $BCH – $208 $LTC – $42.70 $ETH – $129 $XRP – $0.194,” he explained. Buying some alts against USD today and tomorrow.Namely BCH, LTC, ETH and I might even throw in some XRP if I particularly feel like losing money while pressing buttons. Current prices for reference:$BCH – $208$LTC – $42.70$ETH – $129$XRP – $0.194 — DonAlt (@CryptoDonAlt) December 29, 2019 Will the Token’s Next Rally be Sustainable? It is important to note that XRP has struggled to garner any sustainable upwards momentum throughout 2019, which comes even as the cryptocurrency’s utility continues to grow due to initiatives from fintech company Ripple. As for why this could be the case, Jeffery Tucker, a prominent American economist, recently explained to Russia Today that the cryptocurrency is a very unique technology that is uninteresting to investors despite its potential ability to alter the legacy financial system. Because investors remain largely uninterested in XRP, it is unlikely that any near-term rally will translate into any sort of major trend shift, and the crypto could continue to remain caught within its macro downturn. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Bitcoin to Benefit More from Trade War in 2020 than Halving

A misguided euphoria rising from the “phase one deal” between the US and China could help bitcoin becoming one of the most profitable investments in 2020. The offbeat asset has been pursuing a flat trajectory ever since Washington and Beijing reached an initial agreement. It spent its entire December in a tight range defined by $7,000 and $7,600, barring a short-term dump-and-pump action that took the price below $6,500. Price has been fluctuating in an 8% range all December | Source: TradingView.com The bitcoin’s price sideways action came against the backdrop of a cheerful equity market. Global stocks hit their historic highs on the news of a positive mini-deal – with the US benchmark S&P 500 reaching its highest level since 2013. The initial agreement between the US and China appeared modest, for Beijing promised to address two of the major concerns raised by President Donald Trump. First, they increased imports of certain US goods, including energy and agricultural products; and second, they agreed to take a tougher stance on intellectual property rights. In return, Washington suspended December tariffs on Chinese goods. It decorated the deal further with a partial rollback of the September tariffs. The huge upside moves in the equity market that followed the phase one deal showed investors’ faith in a long-term positive outlook. But so it appears, the agreement between the two global superpowers is no less than a “soft landing.” Not so Positive Deal Gregory Draco, the chief US economist at Oxford Economics, believes that both the US and China’s efforts cannot compensate for the damages that have been done to the economy in the past 18 months. He wrote that removing US tariffs on Chinese goods would boost growth only by small margins – anywhere between 0.2 percent to 0.4 percent. The thinktank further noted that China’s decision to avoid extra stimulus programs will limit its growth rate to about 6 percent. Financial trend reader Nordea Markets also iterated the same in its latest analysis, noting that the phase one deal could – at best – minimize downside risks. Excerpts from their investor note: “The most important outcome of the deal is that both sides promised not to raise tariffs further, as was initially planned. This clearly removes one downside risk in the global economy for 2020, although China’s unwillingness to move forward with structural reforms implies that its challenges with trade relations will continue.” The risks attached with a positively perceived mini-deal was also visible in the recent gains of a so-called benchmark haven. Gold surprised traders in the past weeks after rising in tandem with equity markets. According to RBC Wealth Management managing director George Gero, the yellow metal’s surge is a reminder of investors’ huge appetite for hedging assets. “You had creeping up interest rates, record stock markets and the dollar index trading close to 97. When gold is not responding to the usual headwinds, it is a positive sign for the price,” Gero told Kitko News. “It’s a hedge against a possibility of surprising negative news. By ignoring negativity in technicals, gold has turned somewhat positive.” A Small Piece for Bitcoin The phase one deal has not minimized prevalent market risks. That means bitcoin could still gain a small piece as capital starts shifting from overbought equities to hedging assets like Gold. The money does not have to come from institutional investors. Speculation within the industry alone could drive money into the bitcoin markets. That includes capital coming from neighboring, overhyped alternative cryptocurrencies (or altcoins). Left: Dead altcoin never to be revived again. Whales abandoned it after they were probably given a contract to hit a certain price level (Name left off on purpose.) Right: Multi-pump altcoin where whales accumulate, pump, distribute. Rinse and repeat. (Name left off on purpose) pic.twitter.com/KWNL917aqZ — Jacob Canfield (@JacobCanfield) December 29, 2019 The bitcoin’s 200 percent price rally during the 2019’s second quarter has shown the cryptocurrency’s capability as an asset that can behave as a hedge against the trade war. And it is not ending soon, as long as the US and China fight with each other for the top global positioning in the economy, politics, and technology. Overall, it is one of the best recipes for making bitcoin more bullish. Even halving cannot promise that. The post appeared first on NewsBTC.

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Analyst: XRP Price Will Struggle For These Two Reasons

Analyst, Mati Greenspan sees the XRP price continuing to struggle in the short term due to Ripple sell-offs, and the fact that financial institutions don’t need the token to access the benefits of the Ripple network. Yes. XRP tokenomics is a bit funny that way. The two main issues… 1. Ripple holding a large portion of tokens and selling into the rallies. 2. Usage of the network does not necessarily require XRP tokens. Banks can use Ripplenet w/o ever touching the token. https://t.co/oDM2dO1vhV — Mati Greenspan [not trading advice] (@MatiGreenspan) December 29, 2019 2019 Has Been A Tough Year For XRP Token Holders In a tweet aimed at addressing concerns over price, analyst, Mati Greenspan laid out his opinion on why positive news seemingly drops the token price. The question is a valid one, especially considering that XRP has arguably the strongest use case and a significant number of partnerships. The quantity and quality of which tower above that of other projects. At last count, Ripple partners spanned the categories of banks (which make up the majority at 118), remittance firms, foreign exchange companies, cryptocurrency exchanges, payment providers, software companies, and miscellaneous entities, which total 168 in number. But 2019 has been a disastrous year for XRP, being the worst performing of the top 10. And many stalwart holders of the crypto token are questioning whether things will get any better. The Problem With Ripple And according to Greenspan, in the short term, at least, the answer is no. That’s because he sees “XRP dumping” as a major source of revenue for Ripple and something that will continue as it profits the company. Indeed, Ripple’s latest market report showed that during Q2 2019, the company sold $251.5 million worth of XRP. And the next quarter also saw a sell-off to the tune of $66.2 million. However, the report made mention of the accusations leveled at Ripple. It cited the deliberate spreading of misinformation by representatives of rival cryptocurrencies. And most of all, it set to assure token holders by saying the company has a vested interest in the success of the token. As such, downplaying any notion of the project being a pump and dump scheme. “XRP exists independently of Ripple. The XRP Ledger is a free, open-source, decentralized technology. Others can and do develop on it and use it. If Ripple went away tomorrow, the Ledger would continue to exist and XRP would continue to trade.” In addition, many senior executives, including Brad Garlinghouse himself, have come out to address “XRP dumping” directly. Only yesterday, Ripple CTO, David Schwartz said the effects of selling were negligible. On top of this, selling the token isn’t even the primary source of income for Ripple. Nobody buys XRP to give Ripple money to do things. We were vc/angel funded and were going to build regardless. We started selling XRP only after there was a market price and for negligible amounts compared to our other funding. — David Schwartz (@JoelKatz) December 29, 2019 Is XRP A Security? Having said that, Ripple partners can still benefit from using Ripple products without having to buy XRP. That being so, why would anyone bother? The most popular product, xCurrent, is an international real-time settlement system. It enables users to send messages to clear and settle cross border transactions. All with the advantage of greater speed over SWIFT, which typically takes days to settle. In this messaging system, XRP is an optional add-on, which allows for cheaper and faster settlements over fiat-to-fiat pairings. However, settlement can still occur without using XRP. And the main problem here is that typically conservative banks are reluctant to get involved with XRP when the SEC has still not ruled on whether it is a security, or not. Should the ruling go against Ripple, the fallout would be dire for XRP. As the taxation and legal implications of trading securities would wipe out any benefit of using XRP in the first place. Ripple would also likely face severe financial penalties for selling an unregistered security. While no-one can predict what the SEC will rule, data specialist, Arjun Govind has analyzed XRP in accordance with the Howey test and concludes that XRP is indeed a security. “The Howey test indicates that since capital gains would be the direct consequence of an identifiable third-party (Ripple, in this case), it must be classified as a security.” As such, Greenspan is right to point out that companies can benefit from Ripple products without using XRP. But the underlying issue is much deeper, and one that deadlocks the token until a ruling is made either way. The post appeared first on NewsBTC.

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Crypto Comeback: After Two Years of Bear Market, Bitcoin And Ethereum May Be Ready To Rebound

It was December 17, 2017, when Bitcoin hit its all-time high, and nearly a month later on January 12, 2018, Ethereum peaked at $1,400 per crypto token. After that, it’s been two full years of a bloodbath, with sheer carnage across the entire crypto market. But just as we close in on the second full anniversary of when the bear market first began, the crypto market appears to finally be ready to rebound and go on an uptrend once again. Crypto Market Enters The Second Year of Bear Market Bitcoin’s meteoric rise and Ethereum’s ICO-fueled rally helped put cryptocurrencies and blockchain technology on the radar of the entire world. The once relatively unheard of technologies soon were being discussed as industry disrupters and a possible replacement for the dollar. Related Reading | Here’s What $100 in Bitcoin Would Have Made Next To The Decade’s Best Investments  Early investors became filthy rich overnight, and the buzz caused retail investors to FOMO into these emerging crypto assets hoping to fuel their dreams of Lamborghinis and mansions. Approaching 2 years of straight up pain for the crypto market. Will 2020 bring a 3rd straight year? — Cobra Crypto (@CobraCrypto) December 29, 2019 And like any over-inflated bubble, the crypto market popped, and after that, a two-year-long bear market has resulted. Bitcoin had a short-lived bear market rally offering investors in the first-ever cryptocurrency a sigh of relief, however, a new all-time high couldn’t be reached, and it later fell back into a downtrend it is still struggling to break out of. Meanwhile, the entire altcoin market has continued to bleed and bleed, with most calling it an outright “apocalypse” for the asset class. Ethereum Bottom May Be In, Bitcoin Is Ready To Rise Once Again However, there are long-term signs beginning to signal that the tides are starting to turn for the world of crypto, and soon the bear market will finally be over, and the asset class very well could rebound into another powerful uptrend over the course of the next few years. Related Reading | The Most Lucrative Signal in Bitcoin History Just Flipped Buy According to one industry analyst who focuses on long-term chart analysis, Ethereum’s MACD histogram on longer-timeframes has just started to show positive growth after reaching a “bottom.” Freebie from my alts page. And that ladies and gentlemen may have been the bottom in ETH. May it be a happy and prosperous new year. pic.twitter.com/TJZW4SNbLe — dave the wave (@davthewave) December 30, 2019 Ethereum is often a leading indicator for the entire altcoin market, suggesting that if Ethereum’s bottom is in, the rest of the altcoin market’s bottom could also be near or even in at this point. Thinking the likeliest scenario in the short term is for price to continue sideways in the horizontal channel here forming something of a reverse H&S next month. This would bring price down for a final retest of the 6K range followed by a breakout of the channel to a higher high. pic.twitter.com/1PVz3qoaGD — dave the wave (@davthewave) December 30, 2019 Bitcoin is also close to bottoming in its current downtrend, according to the same analyst, who is expecting the crypto asset to trade sideways in the current range before it begins to reattempt recent highs once again, giving bulls the confidence necessary to set the bottom and send bitcoin back into an uptrend once again. Crypto has spent the last two years in a downtrend, and if the analyst’s theories are accurate, the carnage will soon conclude. The post appeared first on NewsBTC.

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Analyst Who Called Bitcoin’s Crash to $6,000 Says Ethereum Bottom In

Take one look at Bitcoin’s chart and you would assume that Ethereum, XRP, and all the rest have had a great 2019 too, but you would be sorely mistaken in saying that. Per previous reports from NewsBTC, since earlier this month, the price of ETH is actually down in 2019, which comes in stark contrast to Bitcoin’s 95% year-to-date gains. This harrowing price trend has been attributed to a confluence of factors, one such being that the PlusToken Wallet scam that brutalized many in the industry has a large portion of ETH that is being or will be liquidated, making investors price that potential sell-off in. Related Reading: Crypto Tidbits: Youtube’s Bitcoin Ban, Ethereum Co-Founder Sells Stash, China’s Digital Currency Nears Whatever the case, a prominent cryptocurrency analyst that has a solid track record has said that the technicals suggest Ethereum has found a bottom, potentially setting the stage for a return to a bull trend. Ethereum Has Bottomed? Really? According to a recent tweet from technical analyst Dave the Wave, Ethereum may have just put in a bottom in terms of its price against the U.S. dollar, looking to the chart below to prove his point. In the chart, the popular Twitter analyst noted that ETH recently bounced off the 0.786 Fibonacci Retracement level of the price action from the 2018 bottom to the 2019 bottom, while the Moving Average Convergence Divergence (MACD) has shown signs of a reversal on a medium-term basis, boding well for bulls. Freebie from my alts page. And that ladies and gentlemen may have been the bottom in ETH. May it be a happy and prosperous new year. pic.twitter.com/TJZW4SNbLe — dave the wave (@davthewave) December 30, 2019 So what are Dave’s credentials? Why should we listen to a Twitter analyst whose avatar is the famous Japanese painting of a tsunami? Well, this trader is the one that called for rationality to return to the crypto markets when BTC was trading above $10,000, claiming the move was a clear overextension of BTC’s long-term growth curve and standards. He went as far as to say that Bitcoin was poised to return to $6,700 — this was months ago. Related Reading: Math Shows That 2020 Could Be a Great Year for Ethereum Bulls; Here’s Why Not All Is Fine and Dandy Not all is well and good for Ethereum though. Google recently removed the Ethereum interface application MetaMask’s application from the Google Play Store, citing concerns about violations of the company’s financial services policies, meaning that access to the blockchain may be restricted. Coinbase may follow suit with its own decentralized application interface. Along with bearish fundamental developments, there are also some harrowing analyses in terms of the ETH charts. Per previous reports from NewsBTC, a trader going by Mac wrote that he expects both altcoins as a class and Ethereum to fall by 20% against Bitcoin, noting that the ETH/BTC pair is currently far above any semblance of support. This came shortly after another analyst, Velvet, said that Bitcoin’s dominance metric is likely to hit 78% — some 10% higher than current levels — by March, just four-odd months away. He attributed this expectation to the fact that BTC is showing signs it is about to begin its next leg higher — one that will bring it to BTC — meaning that capital flows towards altcoins is likely going to slow at a dramatic pace. Yes, ETH/BTC could fall buy ETH/USD could rise in dissonance. The point is that not analysts are decisively bullish on the second-largest cryptocurrency. Featured Image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin Price to Soon Go Parabolic? Analysts Say It’s Possible

Bitcoin (BTC) hasn’t done too hot over the past few months, plunging some 50% since the June top of $14,000. The selling has stopped over the past few weeks, with the price of the leading cryptocurrency flatlining in the low-$7,000s. Related Reading: Bitcoin Fixes This: Top Bank Chief Says Monetary Policy is Failing Considering the price action that has transpired, it should come as no surprise that sentiment has been rather bearish, with a confluence of prominent technical analysts recently remarking that they expect the price of Bitcoin to tumble by 20% over the next few weeks. Though, some investors are keeping their heads up, not letting sentiment sully their mood. A commentator going by Carl posted the below tweet late last week, which quickly blew up on Crypto Twitter. In it, the Bitcoin proponent remarked that the PlusToken Wallet scammers are likely going to run out of BTC to liquidate shortly as the halving approaches, setting the stage for a supply-demand dynamic that will cause price rises and to potentially “go parabolic.” The PlusToken Ponzi guys will soon run out of BTC to dump on us. Bitcoin miners will soon have less BTC to sell every day. If demand stays steady, the price will rise. When price rises, demand increases. BTC is going parabolic soon. Can anyone else feel it coming? — Carl.btc (@BitcoinCarl_) December 27, 2019 Carl’s optimistic comment comes shortly after Hodlonaut, a prominent Bitcoin proponent and commentator, noted that the sentiment existing in the industry is the perfect place, by traditional industry standards, for Bitcoin to “start a rip your face off rally.” The thing is, while it may sound like their tweets are infused with irrational hope, there is evidence suggesting that Bitcoin is on the verge of entering its next bull run, one that may bring it past its all-time high of $20,000 established in December of 2017. Related Reading: Ouch: BitMEX Bitcoin Liquidations Neared $20 Billion In 2019 Not Irrational, Bitcoin Analyses Indicate Scott Melker, also known as the Wolf of All Streets, recently observed another positive sign on Bitcoin’s weekly chart. The sign was a “massive bullish divergence in oversold territory on Stochastic Relative Strength Index.” What’s notable about this is that this same divergence was seen prior to the 330% rally from $3,500 to $14,000 seen earlier this year, and prior to the bear market price recovery to the $8,000s just weeks ago. That’s not to mention that according to digital asset manager Charles Edwards, who has popularized the talk around Bitcoin miner capitulation over recent months, a “buy” is rapidly forming on the Hash Ribbons indicator just a few days after “recovery” was signaled. A Buy signal is forming on the Hash Ribbons indicator. pic.twitter.com/DBLkec46S4 — Charles Edwards (@caprioleio) December 27, 2019 This is notable. Previous “buy” signals by the Hash Ribbons came shortly after macro bottoms, followed by fully-fledged bullish reversals. Case in point, the Hash Ribbons printed a “buy” in the middle of January of this year. On the fundamental side of things, Willy Woo, partner at Adaptive Capital, recently asserted that BTC is in the midst of a “re-accumulation” phase of bull markets that always proceeds the blow-off top rally, one that brings Bitcoin an order of magnitude or two higher than where it started. Related Reading: Why the Bitcoin’s Bearish MACD Cross May Not Plunge Price Featured Image from Shutterstock The post appeared first on NewsBTC.

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Why a Top Analyst Believes XRP Price Bottomed and Will Burst Higher

It is not a secret that altcoins, such as XRP,  haven’t done too well in 2019. While Bitcoin (BTC) is up over 90%, starting the year in the $3,000s and now trading at $7,200, a number of leading cryptocurrencies have actually posted losses on the year. Although nearly all asset classes from precious metals to equities have posted record gains in 2019, Ethereum has lost 18% and XRP has collapsed by 47%, according to Bitcoin educator Jimmy Song. Tis the season to feast on the tears of shitcoiners. YTD: BTC +82%ETH -18%XRP -47% — Jimmy Song (송재준) (@jimmysong) December 28, 2019 Harrowing trend aside, a number of analysts have claimed that altcoins are on the verge of breaking higher. XRP Shows Signs of Bottoming And Impending Breakout Dave the Wave, a prominent technical analyst that months ago called the decline to the $6,000s in the price of Bitcoin, recently posted the below chart to Twitter, in which he shows that the XRP/USD chart is showing signs of bottoming. Depicted in the chart is XRP’s entire price history, with the price action over the last two years being what is notable. He notes that XRP is in a clear falling wedge pattern, which itself is situated in a larger descending triangle, before drawing attention to the fact that the Moving Average Convergence Divergence (MACD) is looking as it did prior to 2017’s jaw-dropping XRP price spike by thousands of percent. The implication of the chart: XRP is on the verge of breaking out of the aforementioned triangles in a violent move in the upward direction. pic.twitter.com/aBs1lFGxnW — dave the wave (@davthewave) December 30, 2019 It isn’t only Dave who has observed positive signs appearing on the XRP/USD chart. Per previous reports from NewsBTC, analyst Michael Van De Poppe, a trader at the Amsterdam Stock Exchange, recently suggested that the cryptocurrency is poised to break higher by 175% in 2020. Unlike Dave, Van De Poppe ignored the technicals, but instead looked to price action trends in search of fractals, or repeating patterns on the charts. He found that XRP’s price action over the past few months is eerily reminiscent of a bottoming pattern put in by the cryptocurrency in late-2015 and early-2016, which was followed by a strong 125% bounce to pre-crash levels. This price action playing out on the current charts will mean that by the middle of 2020, each XRP could be trading for $0.473 — 175% higher than current prices. Related Reading: Could Ripple CEO’s Own 2020 Prediction Spell Trouble for XRP? Ripple Sees Positive News Cycle; Could Help the Crypto Dave the Wave’s observation that XRP is showing signs of bottoming comes amid a flurry of positive developments for Ripple Labs, the San Francisco-based fintech company closely affiliated with the cryptocurrency. For those who missed the memo, the company earlier this month secured a large investment from an array of firms. SBI Group — a Japanese financial giant — and two other companies contributed a collective $200 million to Ripple’s Series C round, which valued the fintech upstart at $10 billion, higher than WeWork’s $8 billion. Ripple is likely going to use those funds to expand its operations and help promote the adoption of its services, some of which utilize XRP. Related Reading: Ethereum, XRP, and BCH: Why Traders are Optimistic on Altcoin Market Featured Image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin Traders are Exiting Bullish Positions En Masse, Data Shows

The number of traders who had bullish positions on bitcoin is declining. And it could be significant in determining the cryptocurrency’s next big move. Charts on the Bitfinex exchange earlier showed an almost parabolic rise in long positions, showing that investors expected to profit from a rise in the bitcoin price. Between November 23 and December 23, the number of Bitcoin’s long positions surged from 24,839 to 47,720 – or by circa 92 percent. The same period saw its spot rate rising just by 0.39 percent to close at $7,347.40. In the midst, the bitcoin price dipped below $6,500, only to pull back later above the $7,000 level to calm the bearish bias. Since then, the cryptocurrency is trending sideways within a strict trading zone. Long positions plunge after hitting its all-time high | Source: TradingView.com, Coinbase The first dip in the overbought Long signals on Bitfinex came on December 24. The next four days saw the plunge expanding further. It showed that lack of momentum in bitcoin spot markets might have prompted traders to exit their bullish positions – to avoid a huge potential loss. Long Squeeze Prominent market analyst Carl in his YouTube crypto broadcast predicted a collapse in Bitcoin long positions on BitFinex. “The downside in long positions is not looking like it is going to stop,” said Carl. “So we are getting a Long Squeeze. Traders will have to cover their longs by selling, which means there will be an increased selling pressure [in the bitcoin spot market].” The prediction coincided with a breakout sentiment arising from bitcoin’s low trade volumes. Since the first Long breakout on BitFinex, the cryptocurrency is fluctuating in a circa 5 percent price range – defined by $7,426-resistance and $7,053-support. Bitcoin looking to plunge as it enters 2020 | Source: TradingView.com, Coinbase Additionally, bitcoin’s upside attempts are capped by the 50-daily moving average. As long as the price stays below the orange curve in the chart above, its likelihood of plunging towards the redded area would be higher. That further raises the possibility of a Long Squeeze in the market, as Carl predicted. The Bullish Take Some analysts believe long/short metrics are meaningless in a hugely-speculative bitcoin market. Especially, since BitFinex offers low leveraging services unlike its rival BitMEX, the possibility of a Long Squeeze – or any other type of liquidation – causing spot prices to crash is less likely. Moreover, the $6,000-6,500 area continues to serve as strong support for bitcoin as NewsBTC covered earlier. That being said, even a Long Squeeze-induced drop would take the cryptocurrency into an ideal accumulation zone, where other traders can purchase it at a cheaper rate. The post appeared first on NewsBTC.

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Bitcoin Rally Pauses But Not Likely Over, Bulls Aim $8K

Bitcoin price rallied recently above $7,300 before it ran into $7,500 against the US Dollar. The price is showing positive signs it seems like the bulls aim another test of $7,500. There is a major bullish trend line forming with support near $7,325 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is sighting an upside break above the $7,420 and $7,500 resistance levels. Bitcoin price is gaining bullish momentum against the US Dollar. BTC is likely to accelerate higher once again as long as it is above the $7,200 level. Bitcoin Price Analysis After forming a strong support near the $7,120, bitcoin price started a nice upward move against the US Dollar. The price rallied above the $7,300 and $7,400 resistance levels. Moreover, there was a close above $7,300 and the 100 hourly simple moving average. Finally, the price spiked above the $7,500 level, but it failed to continue higher. A high was formed near $7,531 before the price declined heavily. Bitcoin trimmed most gains and declined below the $7,400 level. Additionally, the price traded towards the $7,300 level and a low is formed near $7,305. The price is currently moving higher and trading above $7,340. Besides, it is near the 23.6% Fib retracement level of the recent decline from the $7,531 high to $7,305 low. On the upside, there are many hurdles starting with the $7,400 level. More importantly, the 50% Fib retracement level of the recent decline from the $7,531 high to $7,305 low is near the $7,420 level to stop the upward move. The main resistance is still near the $7,500 level, above which bitcoin price is likely to accelerate higher. In the mentioned case, the next stop for the bulls could be near the $7,680 and $7,700 levels. Conversely, the price might continue to struggle near $7,400 and $7,420. On the downside, an initial support is near the $7,325 level. There is also a major bullish trend line forming with support near $7,325 on the hourly chart of the BTC/USD pair. Bitcoin Price Looking at the chart, bitcoin price is showing a lot of positive signs above the $7,300 level. Therefore, the price is likely to continue higher towards $7,500 and $7,700 unless the bears are able to push the price below the $7,200 support. Technical indicators: Hourly MACD – The MACD is slowly reducing its bearish slope. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, with positive signs. Major Support Levels – $7,325 followed by $7,200. Major Resistance Levels – $7,400, $7,420 and $7,500. The post appeared first on NewsBTC.

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Bitcoin & Crypto Market Showing Bullish Signs: LTC, BNB, BCH, TRX Analysis

The total crypto market cap is slowly rising and it is now above the $185.0B support. Bitcoin price rallied recently, but it failed to climb above the $7,500 resistance. Binance coin (BNB) price is up more than 5% and it broke the $14.20 resistance area. Litecoin (LTC) price is slowly recovering and it is now trading above $42.50. BCH price surged above the $205 and $210 resistance levels. Tron (TRX) price is climbing and it could soon test the $0.0140 resistance area. Bitcoin (BTC) and the crypto market cap are showing bullish signs. Ethereum (ETH), litecoin, ripple, BCH, XLM, TRX, BNB, and EOS are likely to climb higher steadily. Bitcoin Cash Price Analysis After consolidating above the $185 support, bitcoin cash price started a decent upward move against the US Dollar. BCH price gained more than 5% and it broke the $200 and $205 resistance levels. The price is now trading above $210 and it seems like the bulls are aiming a test of the $225 barrier. Any further gains might set the pace for more upsides towards the $250 level in the near term. Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis Binance coin (BNB) is recovering and it recently managed to break the $14.00 resistance level. BNB price is up around 5% and it is now trading above the $14.20 level. The next major resistance is near $14.50, above which the price will most likely test the $15.00 resistance area. Litecoin price formed a nice support base near the $40.00 level. LTC price started a steady rise and broke the $41.20 and $42.50 resistance levels. It is now trading above $43.00 and facing a major hurdle near the $44.20 and $45.00 levels. On the downside, the $41.20 level may now act as a support. Tron price is holding the $0.0130 support area and it is currently recovering. TRX price is trading above $0.0135 and it could make an attempt to surpass the $0.0140 resistance. A close above $0.0140 might lead the price towards the $0.0150 level. Crypto Market Cap Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery above the $182.0B and $185.0B resistance levels. The crypto market cap even rallied above $190.0B and tested the $195.0B resistance. It is currently consolidating near the $190.0B levels, with supports near $185.0B. On the upside, a clear break above $200.0B is likely to spark strong gains in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term. The post appeared first on NewsBTC.

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