Bitcoin Price (BTC/USD) Correcting Gains, Dips Remain Supported

• Bitcoin price climbed higher recently and broke the $10,000 resistance area against the US Dollar.
• The price retested the $10,200 resistance area and it is currently correcting lower.
• There was a break below a short term ascending channel with support near $10,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price is currently correcting lower, but dips remain supported near the $9,850 and $9,800 levels.

Recently, there was a nice upward move in bitcoin price above $10,000 against the US Dollar. BTC price retested the main $10,200 resistance level and it is currently correcting gains.

Bitcoin Price Analysis

Yesterday, we discussed the chances of more upsides in bitcoin price above $10,000 against the US Dollar. The BTC/USD pair did gain momentum above the $9,800 resistance and the 100 hourly simple moving average. Moreover, the pair broke the $10,000 resistance level and revisited the $10,200 resistance. A swing high was formed near $10,182 and the price is currently correcting lower.

It traded below $10,100 plus the 23% Fib retracement level of the recent rise from the $9,645 low to $10,182 high. Moreover, there was a break below a short term ascending channel with support near $10,020 on the hourly chart of the BTC/USD pair. The pair is now trading near the $10,000 level, with an immediate support near the $9,940 level. Additionally, the next key support is near $9,910 plus the 50% Fib retracement level of the recent rise from the $9,645 low to $10,182 high.

The main support is near the $9,850 level. If there is a downside break below the $9,850 support, the price could revisit the $9,650 level. The 100 hourly SMA is also waiting near the $9,640 level. Any further losses might push the price towards the $9,300 zone. It represents the 1.236 Fib extension level of the recent rise from the $9,645 low to $10,182 high.

On the upside, an immediate resistance is near the $10,050 level, above which the price is likely to retest the $10,200 resistance level. Therefore, the bulls need to gain strength above the $10,180 and $10,200 resistance levels in the near term for further gains.

Looking at the chart, bitcoin price is clearly trading with a positive bias above the $9,900 and $9,850 levels. Conversely, if there is a fresh decline, the bulls are likely to protect the $9,640 support level. On the upside, a clear break above $10,200 will most likely set the pace for a move towards $10,500.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining lower towards the 50 level.

Major Support Levels – $9,910 followed by $9,850.

Major Resistance Levels – $10,050, $10,200 and $10,500.

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Crypto Market Cap & Bitcoin Climbing Higher: BCH, Litecoin, ADA, TRX Analysis

• The total crypto market cap extended gains and broke the key $260.0B resistance area.
• Bitcoin price gained more than 3% and broke the $10,000 resistance area.
• Litecoin (LTC) price climbed higher and recently tested the $100.00 resistance area.
• BCH price is correcting gains and it could revisit the $315 support level.
• Tron (TRX) price is trading above the $0.0220 level and it could continue to rise in the near term.
• Cardano (ADA) price is struggling to settle above $0.0600 and it could retest the $0.0580 support.

The crypto market cap and bitcoin (BTC) are climbing higher steadily. Ethereum (ETH), LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB are likely to recover further.

Bitcoin Cash Price Analysis

Bitcoin cash price climbed higher recently above the $320 and $330 resistance levels against the US Dollar. BCH/USD traded close to the $340 resistance level and recently started a downside correction. It broke the $330 level and is now approaching the $320 support level.

On the downside, an initial support is near the $320 level. If there are more losses below $320, the price could revisit the $305 support level. An intermediate support is near the $315 level.

Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis

Litecoin price gained bullish momentum and climbed above the $92.00 and $95.00 resistance levels. LTC price even tested the $100.00 resistance and it is currently correcting gains. On the downside, the previous resistances near $95.00 and $92.00 are likely to act as strong supports in the near term.

Tron price managed to settle above the $0.0220 level and it is currently consolidating in a range. On the upside, there are many resistances near the $0.0250, $0.0280 and $0.0300. On the downside, a break below $0.0220 might push the price back towards the $0.0210 support

Cardano price struggled on many occasions to gain strength above $0.0600 and $0.0610. ADA price is currently below $0.0600 and it could test the $0.0580 support level. On the upside, a proper follow though above $0.0610 might push the price towards the $0.0650 level.

Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery above the $255.0B and $260.0B resistance levels. More importantly, the market cap climbed above a major bearish trend line near the $260.0B level. The next key resistance is near the $270.0B level, above which the market cap is likely to rise steadily towards the $290.0B and $300.0B resistance levels. On the downside, the main support is near the $248.0B level. Overall, it seems like there are chances of more gains in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the short term.

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Ripple Price (XRP) Primed For More Gains, BTC Signaling Uptrend

• Ripple price extended gains and traded above the $0.3220 resistance area against the US dollar.
• The price topped near the $0.3240 level and it is currently correcting gains.
• There is a short term bullish trend line forming with support near $0.3160 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The price is likely to bounce back as long as it is trading above the $0.3120 support area.

Ripple price is placed nicely in a bullish zone above $0.3100 against the US Dollar, and bitcoin rallied above $10K. XRP price could climb back above $0.3240 in the near term.

Ripple Price Analysis

In the past two sessions, there was a steady rise in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair climbed above the $0.3120 and $0.3150 resistance levels. Moreover, there was a close above the $0.3150 level and the 100 hourly simple moving average. Later, the price gained traction above the $0.3200 and $0.3220 resistance levels.

Finally, the price tested the $0.3240 level and recently started a downside correction. There was a break below the $0.3200 level plus the 23.6% Fib retracement level of the last upward move from the $0.3065 low to $0.3240 high. Besides, the price spiked below the $0.3160 level and tested the $0.3140 support area. The 50% Fib retracement level of the last upward move from the $0.3065 low to $0.3240 high also acted as a support.

At the outset, there is a short term bullish trend line forming with support near $0.3160 on the hourly chart of the XRP/USD pair. The pair might break the trend line and test the $0.3120 support level. Moreover, the 100 hourly SMA is also waiting near the $0.3132 level to act as a support. As long as there is no close below $0.3120, the price is likely to bounce back.

On the upside, there are two key resistances forming near $0.3220 and $0.3240. If there is an upside break above the $0.3240 level, the price could rise sharply towards the $0.3300 and $0.3320 levels. The next key resistance is near the $0.3400 level.

Looking at the chart, ripple price is trading above a few important supports near $0.3140 and $0.3120. As long as there is no clear break below $0.3120, the price is likely to resume its upward move. The overall price action is positive and suggesting more gains above $0.3220 and $0.3240.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.3150, $0.3140 and $0.3120.

Major Resistance Levels – $0.3200, $0.3220 and $0.3240.

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Ethereum Price (ETH) Sighting More Upsides, Bitcoin Breaks $10K

• ETH price climbed higher steadily and broke the $215 resistance area against the US Dollar.
• The price topped near the $220 level and recently corrected below $215.
• There was a break below an ascending channel with support at $216 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains well bid on the downside near the $210 and $208 support levels.

Ethereum price is struggling to continue higher versus the US Dollar, while bitcoin broke $10,000. ETH price is likely to bounce back as long as it is above the $210 support.

Ethereum Price Analysis

In the past few hours, Ethereum price climbed higher steadily above $210 against the US Dollar. The ETH/USD pair broke the key $215 resistance level to post a new weekly high. Moreover, there was a close above the $210 level and the 100 hourly simple moving average. Finally, the price traded towards the $220 level, where sellers emerged and protected more gains.

More importantly, bitcoin price climbed higher and recently broke the $10,000 resistance level. After topping near the $220 level, ETH price corrected lower. It traded below the $215 support level to move away from the uptrend. Moreover, there was a break below an ascending channel with support at $216 on the hourly chart of ETH/USD. The pair tested the 50% Fib retracement level of the upward leg from the $204 low to $220 high.

However, the decline was protected by the $210 support level and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward leg from the $204 low to $220 high is also near the $210 level to provide support. Therefore, the $210 level might play an important role in the next move. As long as the price is above the $210 level, there could be a fresh upward move.

On the upside, the $220 level is an immediate resistance. If there is a clear break above the $220 resistance, the price could break the $225 level in the near term. Conversely, if there is a downside break below the $210 support, the price might revisit the $205 support area.

Looking at the chart, Ethereum price is showing positive signs above the $210 level. The price action suggests a fresh increase above the $215 and $218 levels. However, a clear break above the $220 level will most likely open the doors for a solid upward move above $225 and $230.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 level, but it could bounce back.

Major Support Level – $210

Major Resistance Level – $220

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Dow Jones Drops After Fed Rate Cut, What’s This Mean for Bitcoin?

July was yet another strong month for the stock markets despite looming threat of a coming economic recession, with the Dow, Nasdaq, and S&P 500 all close to beating out their average monthly gains for the calendar month. Bitcoin, however, has spent much of July locked in a downtrend.

This morning as the Fed monetary policy meeting met its deadline to cut rates, the Dow Jones Industrial Average dropped sharply over the news. Around the same time, Bitcoin spiked above its local lows and could be signaling a bullish reversal is around the corner. As the two markets respond to the news, what’s next for each?

Dow Jones Industrial Average Drops After Federal Rate Cut

Today, the Federal Open Market Committee lowered the lending rate by 25 basis points. Worried stock market investors had begun the selloff late Tuesday into Wednesday, resulting in as much as a 450 point drop for the Dow following the announcement from Federal Reserve Chairman Jerome Powell.

Related Reading | Bitcoin Rises as Markets Expect Decade’s First Fed Rate Cut

Powell called the cut a “mid-cycle adjustment to policy,” and says that it’s “not the beginning of a long series of rate cuts.” But stock market investors were shaken regardless, resulting in the steep decline.

United States President Donald Trump had called for a cut of 50 basis points, so despite the reaction, Powell’s cut is modest by comparison.

Looming concerns surrounding the US and China trade war has only further fueled investor anxiety fearing the rate cut is just another ingredient in a recipe for economic disaster. During economic downturns, investors often sell off their stocks in exchange for “safe haven” assets and could be what is driving the selloff in the stock market.

Does Dow Dropping Bode Well for Bitcoin?

While stock market investors de-risk and separate themselves from US-driven stocks and indices, the outflow of capital typically goes somewhere. In the past, as economic turmoil heats up, so does the price of gold, and safe-haven currencies such as the Swiss franc or Japanese yen.

Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset 

In recent weeks, gold has captured media attention for kickstarting what many believe to be a bull run for the precious metal and investment asset. Gold’s scarcity and longevity make it a top choice during economic downtrends as a way to hedge against further decline. Both Bitcoin and gold have been showing correlated price movements.

Bitcoin was designed in the wake of the 2009 financial crisis and just experienced the first-ever federal rate cut since it existed. How it reacts from here is anyone’s guess. The crypto asset recently left its bear market lows and has risen alongside gold. Bitcoin is pitched as the digital version of gold, sharing many similarities.

Bitcoin, in the face of economic downturn, may finally show its true potential as a digital replacement for gold, and as the economic hedge creator, Satoshi Nakamoto had designed it to be. And as capital flees falling stock markets, Bitcoin very well could continue on its bull run from here and become the global currency replacement for fiat that many envision it to be.

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Market Sentiment Swings as Bitcoin Taps $10,000, But Strong Resistance Remains Ahead

Bitcoin (BTC) and the aggregated crypto markets incurred a sudden influx of buying pressure yesterday that allowed them to climb significantly higher. This upwards momentum came about after a long period of downwards pressure that had jeopardized the upwards momentum that the markets had incurred throughout the first half of 2019.

Analysts are now noting that this latest movement that sent Bitcoin past $10,000 has led to a massive shift in market sentiment, which could prove to be a negative thing for the crypto markets that ultimately results in a continuation of the recently incurred sell off.

Bitcoin (BTC) Breaks Above $10k, But Further Losses May be Imminent

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $10,035 and is up significantly from daily lows of just over $9,500.

This price surge came about after a long period of selling pressure that was first started in late-June when Bitcoin failed to break above $13,800 and was perpetuated earlier this month when BTC rapidly surged to $11,000 before facing a swift rejection that sent it reeling down.

Analysts are now noting that this latest price surge has added some technical strength to the cryptocurrency, but they are also warning that there may be another minor pullback before BTC solidifies its position within the five-figure price region.

“$BTC update: [Target] hit. I’m still bullish but it makes a lot of sense to take some off here and wait for the daily to close at 10300+. If it doesn’t I’d close the trade anyway. Trading when sentiment shifts from one extreme to the other is my favorite way to trade,” DonAlt explained while referencing resistance on the below chart.

$BTC update:

hit

I'm still bullish but it makes a lot of sense to take some off here and wait for the daily to close at 10300+
If it doesn't I'd close the trade anyway.

Trading when sentiment shifts from one extreme to the other is my favorite way to trade. pic.twitter.com/uUxD66FEop

— DonAlt (@CryptoDonAlt) July 31, 2019

Shifting Market Sentiment May be a Trap, Claims Analyst 

Although the general market sentiment was fairly bearish before this movement, with many analysts anticipating a movement to $8,800, analysts are now noting that this newfound bullishness that came about after Bitcoin’s move above $10,000 could be a trap.

“With the longer trend in mind, the test of the upper range should be read as ‘bait and switches’. The get people bullish again [revival of FOMO] and then… the predictable. The psychology is one of anxiety,” Dave The Wave, a cryptocurrency analyst, warned in a recent tweet.

With the longer trend in mind, the test of the upper range should be read as 'bait and switches'. The get people bullish again [revival of FOMO] and then….. the predictable. The psychology is one of anxiety.

— dave the wave (@davthewave) July 31, 2019

As the week continues on and as analysts gain greater insight into whether or not this latest price surge is sustainable, it is highly probable that it will grow clearer as to whether or not Bitcoin will trade bullishly or bearishly in the near-future.

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First Physical Bitcoin Future Hits U.S. Market as Institutional Bakkt Hype Swells

Although the crypto industry has been closely watching to see when the highly anticipated physically settled Bitcoin (BTC) futures platform Bakkt officially launches, they have now been beaten by their competitor – LedgerX – who officially launched today.

The platform is open to all US-based investors with a government issued ID and is not limited to institutional clients or high-net-worth clients. Despite this, most analysts believe that the benefits that physically settled futures contracts will bring to the crypto markets come primarily from the institutions that will trade them.

LedgerX Wins Race to Be First to Launch Physically Settled Bitcoin Futures Contract 

Currently, there are three main platforms that are competing to gain the attention of investors who are interested in trading physically settled Bitcoin futures contracts, with LedgerX, the ICE-backed Bakkt, and the TD Ameritrade-backed ErisX, all launching similar products.

The primary benefit that a physically settled future contract brings is that it allows traders to deposit and collect Bitcoin in order to directly trade the contracts, without having to use USD or other fiat currencies as the trading pair, thus subverting the traditional banking system entirely.

This is a critical feature for a decentralized currency like Bitcoin, assuming that it will one day be utilized as a currency in its own right, and not one that is denominated and traded against fiat currencies.

Importantly, it does appear that there is significant interest in these contracts, as LedgerX has previously noted that multiple institutional investors have asked for these contracts in the past.

Will Institutional Demand for Physically Settled BTC Futures Contracts Propel the Markets?

Although retail interest in the crypto markets has been diving as of late, many analysts and investors alike are closely watching to see how interested institutions are in the nascent markets, as they may be the next source of major funding that propels Bitcoin (BTC) and the aggregated crypto markets.

Sam Doctor, a strategist at Fundstrat Global Advisors, recently explained that Bakkt – one of LedgerX’s competitors – could be a major catalyst for institutional demand for Bitcoin and other cryptocurrencies.

“We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE,” he said while referencing the talking points seen in the image below.

We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C

— Sam Doctor (@fundstratQuant) July 19, 2019

Although it still remains unclear as to how interested institutions truly are in the volatile crypto markets, interest in physically settled futures contracts could be a bullish sign, and these platforms will undoubtedly provide a gateway for a massive influx of fresh capital into the markets.

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UK Regulators: Beware of Crypto Assets, They Lack “Intrinsic Value”

The United Kingdom’s Financial Conduct Authority (FCA) has warned the public that is should beware of investing in crypto assets. The regulator states that digital currencies like Bitcoin and Ethereum have no intrinsic value and therefore offer a high level of risk.

The comments come as part of the FCA’s newly-published guidelines for companies operating in the space. The document aims to provide information to firms to assess their own compliance with the UK’s existing financial regulations.

FCA Guidelines to Help Crypto Firms Remain Compliant

As reported in Reuters today, the FCA has issued guidelines for firms working in the cryptocurrency and blockchain industry. In a statement accompanying the document, the regulators say:

“This will allow firms to have a better understanding of whether they need to be authorised and what they need to do to ensure they are compliant.”

The guidelines come as regulators around the world are speeding up their efforts to apply existing regulations to the industry, as well as mulling the possibility of new frameworks to govern the emerging asset class.

Consumers should be mindful of the absence of certain regulatory protections when considering purchasing unregulated cryptoassets. Unregulated #cryptoassets (e.g. Bitcoin, Ether, XRP etc.) are not covered by the Financial Services…https://t.co/CxsI7hjdrI https://t.co/dDncibUeYz

— FF (@KomandanteFrank) July 31, 2019

Many within the cryptocurrency industry argue that regulations penned in the twentieth century are poorly suited to the specific requirements of an entirely digital financial industry. They therefore state that new regulatory frameworks should be drawn up that consider the unique qualities of blockchain-based currencies.

Adding a real sense of urgency to the task of global regulators is the plans detailed by Facebook to launch its own digital currency last month. Libra, as it will be known, has faced such intense regulatory scrutiny already that the firm now has doubts over whether it will launch by 2020 as it previously stated.

The guidelines specifically state that crypto assets, like Bitcoin, Litecoin, and Ether, are exempt from the United Kingdom’s existing regulators and therefore do not need to register with the FCA.

However, it did issue a familiar warning to investors in the UK:

“Consumers should be cautious when investing in such cryptoassets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”

Interestingly, the FCA does not issue a similar warning about pound sterling. Although the UK’s fiat currency is backed by a government, it is currently backed by a government that was not voted into power by the public. Boris Johnson, an incredibly unpopular candidate for the position of premier, recently took power from Teresa May after the latter was forced to step down after showing nothing but incompetence during the ongoing Brexit debates with the European Union.

As the October deadline for the UK’s departure from the EU looms and no progress towards a favourable trade deal with the nation’s former partners looks in sight, the pound is currently taking a nose dive versus the dollar and is falling versus an almost equally weak euro. This is causing UK citizens to explore alternative ways of preserving their wealth away from the sliding fiat currency.

Additionally, the FCA neglects to admit that Bitcoin is backed by something. It’s backed by computer science and cryptography. It’s also been reliably working for its users longer than almost any democratically-elected government on the planet. Although clearly a risky investment worth warning the public about, the FCA’s choice to use the words “intrinsic value” is interesting, particularly given the fact that they would apparently rather see the public’s money rapidly devalue at the hands of a prime minister they did not vote for, with savings sitting in pounds in a bank that is more likely than not to have played a part in the 2008 economic meltdown that inspired Bitcoin and other crypto assets’ very creation.

 

Related Reading: Bitcoin is Better! Aussie Bank Note Typo Highlights Inferiority of Fiat

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Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead?

Bitcoin price is at a critical junction, with either a major bull run ahead or a deeper correction that could mean the bear market hasn’t yet ended. A powerful indicator called the NVT ratio – designed by one of the crypto community’s best and brightest – has been used to time the tops and bottoms of Bitcoin bubbles, and is currently showing that Bitcoin has fallen from the highest levels it’s ever reached.

The last three times Bitcoin reached such high NVT levels, it feel on average 50%. Could a similar drop be ahead? The signal also never signalled a bottom was in back in December, which could suggest that if Bitcoin does drop it could fall further than many are expecting.

Bull Market? Using NVT Ratio and Signal to Determine if Bitcoin Has Topped

Bitcoin is a powerful financial technology. So powerful, it often borders on religion, and many evangelists work tirelessly to spread the word about the first-ever crypto asset to the masses. Others contribute in other ways, dedicating research, analysis or some other kind of educational contribution, but still work toward the same goal of Bitcoin understanding and awareness.

Few have contributed as much to the crypto community as analyst Willy Woo, who created the Bitcoin NVT Ratio, or the ratio of the value of Bitcoin’s network compared to the value of the transactions being broadcasted across the network. Woo’s description of the NVT ratio as the “Bitcoin-land” equivalent to the “price-earnings ratio” in stock markets. But since Bitcoin is not a company, and doesn’t have earnings, NVT ratio can be used as a “proxy” to company earnings.

Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble

The indicator successfully signaled the top of the 2017 rally, then almost immediately after signaled the sharp V-bottom structure in February 2018. The drop from peak to bottom was a nearly 70% drop, and ultimately, was not Bitcoin’s final bottom.

Later in 2018, NVT peaked again in July, resulting in a quick 27% fall that was quickly bought back up during the height of the ETF-approval speculation. Shortly after, NVT peaked again in August and stayed elevated until mid-November when Bitcoin plummeted to its eventual bear market “bottom.”

The drop in November to the December “bottom,” was a 58% fall. Averaging out the three major NVT ratio peaks to their eventual “bottoms” suggests that a nearly 52% drop could be in the cards for Bitcoin.

Chart created with TradingView

Bear Market? Indicator Never Signalled a Bottom Was In

It’s worth noting a few other factors that make the theory supporting NVT ratio as the best spot of tops and bottoms inconclusive.

For now, the indicator never signaled a bottom was in back in December 2018 the same way it did in February 2018. Either this means the indicator simply missed didn’t pick it up, or could mean that a bottom hasn’t actually been set.

Related Reading | Bubble Hasn’t Begun: Google Trends Shows Little Interest in $10,000 Bitcoin

Many analysts have used the NVT ratio in their trading strategies with great success. The eccentric and outspoken top TradingView author MagicPoopCannon has repeatedly cited NVT as an important indicator he uses for Bitcoin price action and setting targets.

Bitcoin's 50 day EMA is right at 10k. If we break below that, we could see a major fall. Also, the NVT is finally flashing a sell signal again. The 50 EMA is very important right now. I'm expecting it to act as tremendous initial support, but soemtimes BTC DGAF.

— MAGIC (@MagicPoopCannon) July 14, 2019

Currently, MagicPoopCannon is expecting more downside in Bitcoin’s future based on the NVT indicator, however, the creator of the indicator himself remains bullish. The signal’s creator, Willy Woo says that “stage 1” of Bitcoin’s bull run has laid the foundation for the full bull run to begin. This suggests that while the creator of the NVT signal expects a pullback, he isn’t putting any additional faith in its ability to stop tops and bottoms.

Stage 1 of the bull market is completing, once we bottom stage 2 begins promising the long sustainable bull drive that takes us through all of 2020 (if BTC continues its personality). Stage 1 was trader driven dominance squeezing us up and driving fomo. Fomo complete, stage set. https://t.co/zOHDHQBE9o

— Willy Woo (@woonomic) July 28, 2019

However, tops and bottoms are only that in hindsight, until enough time has passed, it’s difficult to say with any certainty that a bottom has been set. The perfect example of this was throughout the 2018 bear market when most analysts expected support at $6,000 to hold. For now, it’s advisable to consider that neither a top nor a bottom may be in for Bitcoin and to proceed with caution.

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Bitcoin Price Rejected From $10K, Or the Start of a Bullish Reversal?

This morning, July 31, 2019 Bitcoin price soared from lows around $9,500 to a local high of $10K before the leading crypto asset by market cap took a short pause.

Bears have been in control ever since Bitcoin price was rejected from $13,800, and has struggled to maintain the bullish momentum it has had behind it since the early April rally first began. But Bitcoin price is also not going down without a fight from bulls, who may now be turning the tide if the push above $10K can be maintained.

Bitcoin Price at $10K: Bearish Continuation or Bullish Reversal?

Over the month of July, Bitcoin price has fallen steadily from its June highs near $14K. After a powerfully violent rejection that resulted in a flash crash that knocked out most exchanges, Bitcoin has struggled to revisit highs and continues to set higher lows and lower highs – the exact definition of a downtrend.

Related Reading | Bitcoin Historical Monthly Performance Could Shed Light on What’s Next for Crypto 

But as the first-ever crypto-asset appears to be on the ropes and flirting with further downside, bulls have begun to show signs of strength once again, and the push to $10K may be the beginning of a full-blown bullish reversal.

Weekly support at $9,400 may have proven too strong for bears to break through, and have given bulls the slight upper hand in recent days. However, Bitcoin will need to break and close above weekly resistance around $10,200 in order for the reversal to have the momentum that bulls will need to set a higher high and resume Bitcoin’s uptrend.

Pivotal Moment for The Short-Term Future of BTC and Crypto

Bitcoin price is clearly at a pivotal point. During the last bull market, corrections rarely exceeded a 30% drop, and each 30% drop resulted in roughly a 150% increase from each correction. With the current correction slightly over 30%, if Bitcoin sets a new high from here, it’s almost certain that a new bull run is confirmed and the price per BTC could reach a new all-time high in a matter of weeks to months.

The bearish scenario would have seen this small rejection at $10K to be the final blow to bulls who are floundering from the recent downtrend and sell pressure.

Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime 

Sell pressure has only picked up in recent days, following the massive rejection at $13,800. Since then, the United States government has come out in full force, making threats, negative statements, and rolling out stiff regulation across the crypto industry. The fear, uncertainty, and doubt have caused altcoins to capitulate, Bitcoin price to drop, and the entire market to come to a standstill as can be seen in trading volume dwindling.

Where Bitcoin price goes in the next week or so could define its trend for the remainder of the year. Will we see a new all-time high after the important FOMO trigger at $10K is breached again, or is that FOMO trigger now resistance and this was the last stand for worn-out bulls? only time will tell.

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Bitcoin Reclaims $10,000 in Sudden Surge: Can Bulls Keep the Pace?

Well then. Bitcoin (BTC) has just reclaimed $10,000 in a sudden surge to the upside. As of the time of writing, the cryptocurrency sits just shy of $10,000, finding itself up 4% in the past 24 hours.

Related Reading: Bitcoin and Crypto Shouldn’t & Can’t Be Banned, Say Politicians: Why?

Interestingly, altcoins have underperformed the market leader, accentuating the trend of BTC outperforming its ilk during sudden moves higher.

Bitcoin Moves Past $10,000 After Lull

After over a week of a price action lull, BTC managed to break out on Tuesday. After failing to break past $9,700 multiple times, Bitcoin ticked higher on Tuesday morning, moving past a key resistance level at $9,800. Then, at around 1:00 pm (UTC), bulls managed to take control of the market, pushing the price of BTC quickly to $10,000.

This move caught many traders with their pants down, as there has been a multitude of calls for lower lows pushed over recent days. Also, there were no positive news stories about the cryptocurrency industry released during this time, making this Bitcoin surge that much more confusing.

While it isn’t clear if there is any correlation here, this writer noticed that the publishing of an article from CoinDesk about the first “physical” Bitcoin futures lined up with the move from $9,850 to $10,000. Notably, the article was published at 1:00 pm (UTC), which, as aforementioned, is when the aforementioned movement began.

What Are Analysts Saying? 

What are analysts saying right now?

Interestingly, it’s a bit of a mixed bag, despite the fact that Bitcoin reclaiming the auspicious $10,000 price point is quite notable.

Through his Telegram channel, Joe McCann recently wrote that BTC is looking slightly overextended on the five-minute chart, later adding that he is looking to ride a short to $9,830.

However, he adds that from a medium-term time frame, things are looking a bit better. He noted that Bitcoin is starting to exhibit a move towards a Moving Average Convergence Divergence (MACD) crossover on the one-day chart, which last occurred prior to BTC’s 60% move from $8,500 to $14,000.

So, the conclusion that can be drawn from this is as follows: BTC is likely overextended in the short term. But, should bulls manage to hold key levels, Bitcoin could print a bullish technical crossover, creating a catalyst for yet another strong move higher.

Many analysts are still coping with this move. But over the next hours, sentiment on this surprising move to retake $10,000 should become clear.

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Ethereum Stablecoins Post Better Quarterly Growths than Venmo

Stablecoins launched atop the Ethereum blockchain are growing better than Venmo, according to blockchain research firm TradeBlock.

The New York company measured and combined the volumes of five Ethereum-based stablecoins – Dai, Gemini Dollar, Paxos, USD Coin, and Tether – between Q1/2018 and Q1/2019. The first fiscal quarters showed slight growths in their net transactions. But in Q4/2018 and Q1/2019, the volume surged exponentially compared to previous recordings.

Transaction Counts of Ethereum-based Stablecoins | Image Credits: TradeBlock, Mihailo Djelic

TradeBlock pitted the stablecoins’ data against that of Venmo, a mobile payment service. The researcher found that the transactional growth of Ethereum’s dollar-pegged coins was more than that of the PayPal subsidiary. Venmo processed circa $21 billion worth of transactions in Q1/2019, while stablecoins did just about $9 billion in the same timespan. Two quarters ago, Venmo had posted circa $17 billion in volume, while its Ethereum counterparts were near $3 billion.

TradeBlock Expects Stablecoins to Surpass Venmo’s Volume | Image Credits: TradeBlock

The massive leap of stablecoins allowed TradeBlock to predict a similar scenario in Q2/2019. It predicted that the quarter would see those Ethereum tokens surpassing Venmo. The data, nevertheless, was not available at the time of this press.

What Pumped Ethereum Stablecoins

One could notice that Q4/2018 and Q1/2019 saw the launch of new stablecoins: USD Coin and TrueUSD. While USD Coin received backing from US-based regulated cryptocurrency exchanges Coinbase and Circle, TrueUSD was supported by TrustToken asset tokenization platform. Both coins brought considerable volumes atop the Ethereum blockchain.

Meanwhile, the demand for stablecoins, especially Tether, started surging during late Q1 2019. That coincided with a bitcoin price rally which began on April 2 and continued until June 26. In between, the supply of Tether increased from 2.52 billion to 2.82 billion.

Tether Supply Chart YTD | Image Credits: Coin Metrics

Traders use stablecoin to eliminate the necessity of converting their cryptocurrencies to fiat money every time they exit a trade. Stablecoin mirrors the US dollar on cryptocurrency exchanges, which explains why their volume went up during a wild upside swing in the bitcoin market. Traders entered and exited market rapidly during the price rally.

Worth a Comparison?

Venmo and Ethereum stablecoins are two different species altogether. While the former is a peer-to-peer payment service, the latter is a wannabe in the same regards.

US exchange Coinbase in May announced that businesses could accept USD Coin via its Coinbase Commerce app, promising no transaction fees, no chargebacks, and full control over funds. As of that time, the merchant app had exceeded $50 million in transactions since its launch in February 2018.

It appears that stablecoins backed by regulated firms are trying to acquire hard the payment market mousetrapped by big financial companies, including Venmo. But USDC remains an idiosyncratic effort. In reality, all the stablecoins mainly serves as a hedge against cryptocurrencies’ inherent price volatility.

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Optimism Dwindles as Indian Finance Minister Evasive on Crypto Ban Bill

The crypto industry in India is still in limbo this week while politicians acknowledge the proposed ban bill but remain evasive. The shift from regulation to blanket ban has sent shock waves through the nascent industry in the world’s second most populous country.

Finance Minister Responds to Crypto Bill

According to a new report examining the time line of the proposed blanket ban, it was a last minute decision. The storm started brewing in late 2017 when the Inter-ministerial Committee (IMC) concluded that banning the use of cryptocurrencies would be challenging to implement and would likely drive some operators underground.

A second meeting in early 2018 took a harsher stance stressing that the government would not consider crypto assets as legal tender and was taking measures to eliminate them. In recent meetings with two options of regulation or prohibition, lawmakers at the IMC favored the latter.

India’s finance and corporate affairs minister, Nirmala Sitharaman, spoke about the latest efforts to purge the crypto industry in a recent interview with the Economic Times. The ‘Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019’, was made public on July 22.

When asked when she proposed taking the legislation to cabinet, she responded rather vaguely focusing more on the content of the report;

“They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought-out report. I have not spent time on it after the presentation. Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on,”

The Reserve Bank of India (RBI) has been against cryptocurrency from the start and appears to be pulling the strings here. A number of petitions filed last year against bank’s restrictions on using fiat accounts for crypto trading remain without response.

Finance Minister Uninformed

Blockchain Lawyer founder, Varun Sethi, told Bitcoin.com that the FM had not stated anything negative though it does appear that the bill is not a high priority for her. He added;

“There is surely no doubt that Indian report is rather comprehensive however she has reserved her comments about her thoughts post the issuance of report, thereby the reactions by the community are yet to be captured.”

CEO of local crypto exchange Wazirx, tweeted that the FM was misinformed and that the report was flawed;

“Misinformation about Crypto has reached our FM due to the Flawed Crypto Report. Ban is never a futuristic solution to anything. Report does not even classify crypto correctly”

The resistance to the proposed crypto blockade is growing in India. Yesterday the National Association of Software and Services Companies (NASSCOM), an Indian IT trade association, stated that regulation was a preferred solution over an outright ban.

We believe that banning #cryptocurrencies is not the solution, a risk based framework must be developed to regulate and monitor cryptocurrencies and tokens.#Cryptocurrency @debjani_ghosh_ @keshav_murugesh pic.twitter.com/S9LbcWk8eX

— NASSCOM (@nasscom) July 30, 2019

Until the politicians share this view the optimism in India for a crypto future continues to dwindle.

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New Research Reveals Crypto Girls Are On The Rise

Diversity among crypto holders is increasing according to a new survey of European cryptocurrency investors and traders. The number of women in crypto is increasing as the industry shakes off is male dominated past.

The survey was carried out across three waves of research in 2018, sampling almost 120,000 unique internet users aged 16 to 64 in 17 countries across Europe.

Crypto Girls at 20 Percent

Vienna based fintech firm Bitpanda has partnered with GlobalWebIndex to produce an in-depth survey of cryptocurrency holders across Europe and Russia. According to the research paper, the goal was to determine what sets crypto investors apart from average investors.

One of the key findings was that the stereotypes are shifting which is leading to greater diversification. One in five crypto holders and investors are women, a figure that is on the rise from the estimated 5 percent in early 2018. Jason Mander, Chief Research Officer at GlobalWebIndex, commented;

“When it comes to attitudes, there’s very little difference between men and women. The slight differences pale when we compare cryptocurrency holders to the general public.”

Although the study did not go into the number of women in professional positions in the crypto industry, that number is also on the rise with prominent influencers such as Meltem Demirors, Amber Baldet, Connie Gallippi, and Joyce Kim leading the way in what has traditionally been a male dominated arena.

According to Coin Dance there are still very few women, around ten percent, engaged in the crypto community. However, this could be down to the nature of how things are conducted on Twitter and Reddit with little accountability and a lot of mudslinging.

Not all Millennials

The research made some other interesting findings that crypto is not all about the millennials. Around 40 percent of crypto investors are over the age of 35 according to the study. However, in line with current stereotypes it did add that most cryptocurrency holders tend to be young, highly educated, high-income males working in European financial centers in IT, engineering or finance.

It also stated that European crypto holders had a higher technical knowledge, more disposable income and were less averse to risk taking. They pursue novelty, are open to risk and have a strong sense of economic empowerment, it continued. Bitpanda CEO, Eric Demuth, stated;

“We wanted to demystify the people that shape the cryptocurrency industry. I’m hoping this report will help everyone to better understand who these people are, what their attitudes are, as well as their lifestyle, finance & investment behaviours,”

The new study challenges others that have reported female portion of the crypto pie at less than ten percent.

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Bitcoin Rises as Markets Expect Decade’s First Fed Rate Cut

The bitcoin price was higher on Wednesday morning as investors prepared themselves for the outcome of the Federal Reserve’s meeting later in the afternoon.

At around 07:00 UTC, the BTC/USD instrument established a local high of $9,814.61, up close to 3 percent in the previous 24 hours. Futures on CME were also up by 2.31 percent. Bitcoin’s upside also influenced other cryptocurrencies to follow suit, with Ethereum, XRP, Litecoin, and Binance Coin surging in the range of 2-3 percent. Bitcoin Cash, meanwhile, registered profits of more than 5.5 percent, the highest in the top ten crypto index.

Bitcoin Price Up 3 Percent in the Last 24 Hours | Image Credits: Coinbase, TradingView.com

Rate Cut

The US central bank expects to cut interest rates for the first time in a decade. It will likely announce its decision at 14:00 ET with chairman Jerome Powell cataloged to hold a press conference at 14:30 ET. Market expectations indicate a quarter-point rate cut.

The proposed move from the Fed has sent the US stock index futures higher in tandem with bitcoin. Nevertheless, issues arising from the US-China trade war is capping the profits, at least of the US stocks. President Donald Trump said in a string of tweets that China is not keeping its promise to purchase US agricultural products. On the other hand, China denied the accusation, saying it is making those purchases.

China is doing very badly, worst year in 27 – was supposed to start buying our agricultural product now – no signs that they are doing so. That is the problem with China, they just don’t come through. Our Economy has become MUCH larger than the Chinese Economy is last 3 years….

— Donald J. Trump (@realDonaldTrump) July 30, 2019

US and China agreed to restart their discussions on the trade war late June. The two nations have slapped billions of dollars worth of tariffs of each others’ imports.

Bitcoin, which so far has profited from an inconclusive trade deal between the two superpowers, is battling its own troubles – in terms of regulations. While an interministerial committee in India has proposed a complete ban on cryptocurrencies, matters in the US are also bleak ever since the Treasury Secretary Steven Mnuchin called bitcoin a national security threat during a White House press briefing.

“This is indeed a national security issue,” he told reporters at a press conference on July 15. “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.”

"I can assure you I will personally not be loaded up on bitcoin" in 10 years, says Treasury Secretary Mnuchin #bitcoin pic.twitter.com/0J5acWQwRO

— Squawk Box (@SquawkCNBC) July 24, 2019

Investors’ Call

Fed’s dovish cycles have typically resulted in higher annualized returns for the benchmark S&P 500 Index. Strategas noted that the market returned a 20 percent average profits between the first Fed rate cut and the next hike. Investment sentiment didn’t fight the Fed but supported it thanks to cheaper lending at banking levels.

S&P 500 Through the Fed Rate Cycles | Image Credits: Strategas, CNBC

Bitcoin, which is gaining momentum in the mainstream owing to spot and derivative products introduced by Bakkt, Fidelity Investments, TD Ameritrade, and whatnot, expects to become one of the investment choices.

Anthony Pompliano, the co-founder & partner at Morgan Creek Digital Assets, said last week that US economy was declining on a quarter-to-quarter basis. He added that the Fed’s decision to cut rates or to increase the money supply means investors would hedge into non-correlated assets.

“They don’t realize that they’re giving Bitcoin the rocket fuel it was built to consume,” Pompliano stated. “Long Bitcoin, Short the Bankers!”

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Bitcoin and Crypto Shouldn’t & Can’t Be Banned, Say Politicians: Why?

Bitcoin and crypto are finally entering the mainstream political discourse. The launch of Facebook’s Libra lit somewhat a fire under the rear of politicians the world over, mandating them, along with other economic and social commentators, to address the issues that the Silicon Valley-backed cryptocurrency could bring.

Related Reading: Peter Schiff Reveals if Receiving Bitcoin Donations has Converted to Crypto

Anti-Crypto Stance

If you have perused financial news or industry headlines over recent weeks, you would know of the anti-crypto stance that some of the world’s most powerful people have struck.

American President Donald Trump, for instance, explained that he believes that cryptocurrencies have no inherent value, calling these nascent markets “thin air”. He went on to touch on the volatility of assets like Bitcoin, along with the fact that they can be used to facilitate illicit activities like money laundering, tax evasion, and terrorist financing.

U.S. Treasury Secretary Steven Mnuchin echoed Trump’s concerns in his own comment. Mnuchin, who claimed that he doesn’t believe that USD isn’t an asset for criminals, remarked that cryptocurrencies should be subject to more stringent regulations to deter illicit activity.

While many Congressmen and Senators followed suit, repeating those concerns in hearings on the matter of digital assets, a select few have started to come out in support of Bitcoin.

Bitcoin, The Unstoppable Force

Most recently, Senate Banking Committee Chairman Mike Crapo, a Senior Senator from Idaho, claimed that he is coming under the impression that “these technologies and other digital innovations are inevitable”.

It seems to me that digital technology innovations are inevitable, could be beneficial, and I believe that the U.S. should lead in developing these innovations and what the rules of the road should be. https://t.co/5PIAmKRUQt

— Senator Mike Crapo (@MikeCrapo) July 30, 2019

He added that if the United States was to try and ban Bitcoin and other cryptocurrencies, “we couldn’t succeed in doing that because this is a global innovation”. Continuing the tacitly pro-crypto narrative, Crapo went on to note that the U.S. would be unwise to crackdown on the industry, as they could be “beneficial” to many facets of the economy and society.

Crapo’s comment comes hot on the heels of a near-identical one from Patrick McHenry, who basically said the exact same thing as Crapo did in a Congressional hearing regarding Libra and a segment of CNBC “Squawk Box” with the Bitcoin-friendly Joe Kernen. McHenry of North Carolina called Bitcoin and the ecosystem that surrounds it is an “unstoppable force”.

Why is Bitcoin Unstoppable?

Alright, this may leave some of you wondering, why is crypto unstoppable?

Well, as prominent economist and industry analyst Alex Kruger wrote in an extensive thread, Trump’s and Mnuchin’s comments on Bitcoin and other cryptocurrencies suggest a close-to-zero chance that a ban is on the horizon.

He laid out a number of reasons for this: code is unstoppable, an executive order from Trump banning Bitcoin could be “easily overturned by Congress or Courts, banning cryptocurrency may not be a prudent political move.

Even if a ban was to occur, it would likely not work.

Take historical precedent from China, for instance. After Bitcoin began to strongly rally into 2017, which coincided with it becoming increasingly used as a medium for capital flight out of China, Chinese authorities cracked down hard.

Related Reading: Prominent Investor on Why Bitcoin Can Hit $20,000 by Year’s End

Although the ownership of Bitcoin was never banned, the nation’s central bank bashed cryptocurrencies; exchanges were banned, as were industry events, media outlets, transactions made through WeChat Pay involving crypto, and online forums; and there was once even talk of a ban of digital asset mining.

Just one year and change later, some powerful Chinese entities have started to laud Bitcoin publicly, implying that the authorities’ crackdown efforts were mostly unsuccessful. Case in point, an Hangzhou court ruled that Bitcoin is legally protected as “digital property”, and the Bank of China recently came out to explain the 5 W’s of Bitcoin for an audience of millions.

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Bitcoin Price (BTC/USD) Signaling Bullish Continuation To $10,200

• Bitcoin price formed a solid support near the $9,200 level and recently recovered against the US Dollar.
• The price is trading nicely above $9,500 and it recently tested the $9,770 level.
• There is a short term contracting triangle forming with resistance near $9,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price is likely to continue higher once it clears the $9,750 and $9,800 resistance levels.

In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.

Bitcoin Price Analysis

Yesterday, we saw a solid support forming for bitcoin price near the $9,150 and $9,200 levels against the US Dollar. As a result, the BTC/USD pair started a decent upside correction above the $9,300 and $9,320 resistance levels. Moreover, there was a successful break above the $9,500 resistance level and the 100 hourly simple moving average. Besides, there were positives moves in Ethereum and ripple as well.

During the rise, BTC price climbed above yesterday’s highlighted connecting bearish trend line with resistance near $9,470 on the hourly chart. It opened the doors for more gains above $9,500 and $9,600. Finally, the price broke the $9,700 level and a new intraday high was formed at $9,767. Recently, the price corrected gains below the $9,600 level plus the 50% Fib retracement level of the upward move from the $9,182 low to $9,767 high.

However, the decline was protected by the $9,525 area and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward move from the $9,182 low to $9,767 high acted as a support. At the outset, there is a short term contracting triangle forming with resistance near $9,750 on the same chart. If bitcoin price climbs above the $9,750 and $9,770 levels, there could be more gains above $9,800.

The next immediate resistance is near the $9,940 level, above which the price is likely to surpass $10,000. The main resistance on the upside is near the $10,200 level. Conversely, if there is a downside break below the $9,525 support and the 100 hourly SMA, the price could retest the $9,200 support area.

In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.

Looking at the chart, bitcoin price is showing a few positive signs above the $9,500 level. However, the bulls might struggle to clear the $9,770 and $9,800 level. If they succeed, the price could revisit the $10,200 resistance.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher and is well above 55.

Major Support Levels – $9,525 followed by $9,400.

Major Resistance Levels – $9,770, $9,940 and $10,200.

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Bitcoin & Crypto Market Cap Approaching Resistance: LTC, BNB, BCH, TRX Analysis

• The total crypto market cap is correcting higher towards the key $265.0B resistance area.
• Bitcoin price corrected more than 2%, but it facing hurdles near $9,700 and $9,800.
• Binance coin (BNB) price is correcting higher towards the $28.00 and $28.50 resistance levels.
• Litecoin (LTC) price is likely to face a strong resistance near the $95.00 level.
• BCH price gained more than 5% and it broke the main $320 resistance area.
• Tron (TRX) price stayed above the $0.0210 support and recently corrected above the $0.0220 level.

The crypto market cap and bitcoin (BTC) are currently approaching key resistances. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS might struggle to continue higher.

Bitcoin Cash Price Analysis

After a successful close above the $300 pivot level, BCH price started a decent upward move against the US Dollar. The BCH/USD pair broke the key $315 and $320 resistance levels to move into a positive zone. It is now up more than 5% and is trading above the $325 level.

If it continues to rise, the next major resistance is near the $340 level. Conversely, if there is a downside correction, the previous resistances near $320 and $315 are likely to provide supports in the near term.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price stayed above the $25.00 and $25.20 support levels. BNB price is currently correcting higher above the $27.00 resistance level. On the upside, the main resistances are $28.00 and $28.50, where the bulls are likely to face a strong resistance.

Litecoin price found support near the $88.00 level and recently corrected above the $90.00 level. LTC price is now approaching the $92.00 resistance, above which the price could test the main $95.00 resistance area.

Tron price declined heavily and even traded close to the $0.0210 support area. TRX price is currently correcting higher and is trading above the $0.0220 level. On the upside, the bulls might struggle to surpass the $0.0230 and $0.0232 resistance levels in the near term.

Looking at the total cryptocurrency market cap 4-hours chart, there was a decent support base formed near the $248.0B level. The market cap is currently correcting higher towards the key $265.0B and $270.0B resistance levels. There is also a major bearish trend line forming near the $265.0B level and the 100 SMA. A successful close above the $270.0B level and the 100 SMA is needed for more gains. If the market cap fails to break the $270.0B resistance, there could be a fresh bearish wave in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the coming sessions.

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