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Ethereum Price Weekly Forecast: ETH Remain Sell Until This Changes

ETH price declined heavily and broke the key $185 and $180 supports against the US Dollar.
The price is currently correcting higher and is trading near the $172 and $175 resistances.
There is a major bearish trend line forming with resistance near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
There could be a short term upside correction, but upsides are likely to be capped near $180.

Ethereum price is trading in a bearish zone against the US Dollar and bitcoin. ETH might correct higher in the short-term, but the bulls are likely to struggle near $180-$182.

Ethereum Price Weekly Analysis

This past week, there was a strong decline in bitcoin and ETH below $10,000 and $180 respectively against the US Dollar. Ether price even declined below the $175 support and the 100 simple moving average (4-hours). Moreover, there was a break below the $170 support and the price traded close to the $163 level. Recently, the price started an upside correction from the $163 swing low.

It climbed above the $170 level plus the 23.6% Fib retracement level of the recent drop from the $195 high to $163 swing low. However, there are many hurdles on the upside near the $178 and $180 levels. Moreover, there is a major bearish trend line forming with resistance near $180 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the $195 high to $163 swing low.

Above the trend line, the next major resistance is near the $184 level and the 100 SMA. The 61.8% Fib retracement level of the recent drop from the $195 high to $163 swing low is also waiting near the $182 zone to act as a resistance. Therefore, the price must climb above $180, $182 and $184 to move back into a positive zone in the near term.

On the downside, an immediate support is near the $165 level. If the price fails to stay above the $165 support area, there is a risk of more downsides in the near term. In the mentioned bearish case, the price could even decline below the $160 support level.

The above chart indicates that Ethereum price is clearly trading in a bearish zone below the $180 level. If there is an upside correction towards the $180 level, the bears are likely to defend further upsides.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently just above the 50 level, with a positive angle.

Major Support Level – $165

Major Resistance Level – $180

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Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery

There was a major downward move below the $10,000 support in bitcoin price against the US Dollar.
The price is currently correcting higher, but upsides remain capped near $9,800 and $10,000.
There is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
There could be a short term upside correction, but the bulls are likely to struggle near $10,000.

Bitcoin price is facing a lot of hurdles on the upside near $10,000 against the US Dollar. BTC remains sell on rallies as long as it is trading below the $10,000 resistance.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we discussed the possibilities of a downward move below $10,000 in bitcoin price against the US Dollar. The BTC/USD pair did move down and broke the key $10,000 and $9,800 support levels. Moreover, there was a close below the $10,000 pivot and the 100 simple moving average (4-hours). Finally, there was a break below the $9,800 and $9,500 supports as well.

A new monthly low was formed near $9,300 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $10,717 high to $9,308 low. However, there are many hurdles on the upside near the $9,800 and $9,900 levels. Additionally, there is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair.

Moreover, the 50% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also near the $10,010 level. Therefore, upsides are likely to remain capped near the $9,800 and $10,000 levels. Above the trend line, the 100 SMA is waiting near the $10,150 level. The 61.8% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also waiting near the $10,170 level.

On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price may continue to move down below the last swing low at $9,300. The next key supports are near the $9,100 and $9,000 levels.

Looking at the chart, bitcoin price is clearly trading in a downtrend below $10,000. In the short term, there could be an upside correction, but the $9,800 and $10,000 levels are likely to act as major sell zones in the coming sessions.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 50 level.

Major Support Level – $9,500

Major Resistance Level – $10,000

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Bitcoin Need Accentuated as Negative-Yielding Debt Hits $17 Trillion

If you told economists twenty years ago about Bitcoin (BTC) and negative-yielding debt, they would be shocked.

In the 1990s or even the 2000s, decentralized digital money and a bond that made your money disappear with time would have seemed abstract — quite abstract. Now, however, these two financial trends, which came to fruition mostly over the last decade, have become widely recognized.

Bitcoin Demand to Grow Amid Bond Crisis

Raoul Pal, the former head of Goldman Sachs’s hedge funds sales business, recently sat down with Bitcoin podcaster Stephen Livera to talk investments. The economist explained that as it stands, the most popular asset classes make no sense for millenials with ten- to 20-year outlooks.

Equities, he remarked, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. As Ray Dalio, a legendary hedge fund manager,explained earlier this year:

“There are a lot of parallels between now and the late 1930s. From 1929 to 1932 we had a debt crisis — interest rates hit zero. Then there was a lot of printing of money, and purchases of financial assets brought their prices higher.”

Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides.

Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs. Enter Bitcoin. Pal quipped:

“So what the hell does a millennial do to save for your future, when almost all assets have negative imputed returns for the next 20 years, 10 years? And the answer is well, you take the optionality of cryptocurrency and Bitcoin.”

He went on to explain the rationality of why buying Bitcoin as a millennial (and under) makes sense. Pal remarked that nothing like digital assets provide “that risk-reward profile where you can be wrong but you do it earlier on, you’ve still got plenty of time to accumulate wealth in other assets too.”

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Bitcoin is Fundamentally Healthier Than Ever, BTC Price Could Follow

Over the past week, Bitcoin (BTC) has shed 6.5%, falling to $9,500 from its former support of $10,000. Despite this downward price action, the fundamentals of the cryptocurrency continue to swell, pointing towards a potential rebound in the coming weeks and months.

Bitcoin Extremely Strong as a Network

According to data from CoinMetrics, Bitcoin remains strong as a network — price aside. In a recent tweet, Vortex, a prominent industry commentator, laid out three key metrics from CoinMetrics that only accentuates how price, on short-term time frames, shouldn’t be used as a way to gauge Bitcoin’s success.

Firstly, Bitcoin’s realized market capitalization, which is calculated by multiplying the price of each Bitcoin when it was last transacted by the transaction size, has passed the $100 billion milestone for the first time ever, cementing the cryptocurrency as a bonafide asset.

#Bitcoin is extremely healthy right now:

-Surpassed $100b realized market cap
-Mining revenue surpassing $14b
-Mining Hashpower hitting new ATHs

Source: @coinmetrics pic.twitter.com/tGfBp8NAyK

— Vortex (@theonevortex) August 31, 2019

Secondly, Bitcoin miners’ aggregate revenue has surpassed $14 billion, meaning that over the crypto’s lifetime, its miners have made some $14 billion just for securing the network.

And lastly, mining hashpower has continued to set fresh all-time highs, in spite of the recent drawdown in the markets.

As reported by NewsBTC previously, the fact that miners continue to siphon capital and effort to secure the network shows that they are “extremely bullish”, especially with a halving in block rewards expected to activate in mid-2020.

Bounce Off $9,000 Could End Bitcoin Price Correction; Here’s Why

While selling pressure has undoubtedly dissipated, the Bitcoin (BTC) price is still struggling. As of the time of writing this article, the cryptocurrency is trading for $9,550, which is 6.5% lower than BTC was at one week earlier.

Bitcoin Price May Soon Bounce

While Bitcoin’s price action seems sporadic, the asset follows distinct trends and patterns. One of these patterns is Bitcoin falling to retest the 21-week exponential moving average (EMA) in bull markets to confirm the uptrend.

As analyst Crypto Michael, a full-time trader at the Amsterdam Stock Exchange, points out, this key moving average acted as support throughout the last bull market after Bitcoin tested it January 2016.

Indeed, as he depicts in his chart below, Bitcoin had a tendency to fall by 33% to 39% to hit the moving average, then rocket back to fresh all-time highs in the coming weeks.

Right now, Bitcoin is around $500 away from the moving average, which is currently 37% lower than BTC local peak of $14,000. History repeating would see BTC fall to flirt with $9,000, then rebound into the end of 2020 and the subsequent block reward reduction.

$BTC #BITCOIN

The two levels to watch;
$9,000 (around) for the 21EMA bounce, which provided support all bullmarket (and first tested in January 2016).
If not, then the 100 Weekly MA -> also a test happened there.

If either of these provide support -> fun times. pic.twitter.com/u6jMJgFOod

— Crypto Michaël (@CryptoMichNL) August 31, 2019

This isn’t the only evidence indicating that Bitcoin’s downtrend may soon end.

In a recent tweet, Willy Woo, a partner at Adaptive Capital, argued that Bitcoin is currently not as bearish as some may expect, pointing out that it has just rebounded off its 128-day moving average, which sits at $9,350.

Kissing the 128d MA is a very good sign. It was overheated till this. People familiar with BTC’s historic personality know that the 128d line needs to be touched many times during a bull market to stay grounded. They present good buying opportunities. pic.twitter.com/1QBo3QjtgD

— Willy Woo (@woonomic) August 29, 2019

While the prominent analyst did admit that the cryptocurrency has been “overheated” over the past few weeks, he notes that its part of BTC’s “historical personality” for it to flirt with the aforementioned moving average “many times during a bull market to stay grounded”.

Bitcoin Bull Jack Dorsey’s Twitter Hack Is Painful Reminder For Crypto Security

Yesterday, the CEO of Twitter and Square Inc., and staunch Bitcoin and crypto supporter, Jack Dorsey, had his personal Twitter account hacked by the way of a SIM-swap attack and SMS-based backdoor.

The hack demonstrates that even the CEO can have his own company’s highly-valuable personal account compromised, and is a painful reminder that if it can happen to someone as high profile as Dorsey, it could happen to you too.

Bitcoin Bull Jack Dorsey Falls Victim to Sim-Swap Hack, Twitter Account Compromised

Yesterday, the Twitter account of the social media platform’s CEO – used often as an important bulletin board the company and soapbox for the outspoken executive – was hacked by a group of hackers calling themselves ChucklingSquad. The hackers had accessed the Twitter account and posted nonsensical notes, racial slurs, and “hello world” style messages to prove that their cybercriminal prowess was able to achieve such a feat.

And while Bitcoin wasn’t directly involved, Dorsey’s account was comprised due to having been the victim of a SIM-card swap attack – a relatively new type of hack that has been increasingly targeting cryptocurrency holders. Jack Dorsey is among the world’s most renowned Bitcoin bulls, using his Square Cash app to bring Bitcoin buying to the mainstream public and suggests that one day the crypto-asset would become the world’s single global currency for the internet.

As is the case with some high profile crypto investors, the hackers were able to assign Dorsey’s phone number to a dummy phone. However, unique to this case, the number was then used to text message Twitter’s text-to-tweet service to send the offensive tweets.

Others haven’t been so lucky. In the past, angel investor Michael Terpin was the victim of a SIM-swap attack that resulted in $24 million in crypto being stolen. Later, Terpin filed a lawsuit against his mobile service carrier at the time – AT&T – for their negligence and was awarded a $75.8 million victory in the case. AT&T is also Dorsey’s service provider, showing that there could be a connection somehow.

More influential figures known for their involvement in crypto and Bitcoin have been the targets of similar attacks. Recently, a prominent eSports player was targeted and shared the incident on his YouTube channel. The incidences are only increasing as cybercriminals continue to target crypto holders.

ATTENTION: If the CEO of Twitter can get his account hacked on his own platform, I promise your bitcoin is likely MUCH more vulnerable.

Use two-factor authentication where ever possible.

Get your bitcoin off exchanges.

— Rhythm (@Rhythmtrader) August 30, 2019

It’s important for crypto investors to use additional security protections such as two-factor authentication using Google Authenticator and to avoid SMS-based 2FA for this very reason. Always remember to back up your 2FA codes on paper for safekeeping.

Other tips include keeping assets like Bitcoin off exchanges and in cold storage. Also never disclose that you hold any crypto to anyone ever, and use unique usernames and passwords whenever possible. Running malware protection software like MalwareBytes, and being cautious about installing browser add-ons and the like is also recommended.

Dorsey likely has taken all of the steps above and more, yet still, hackers were able to obtain access to his account. The situation proves that no one can ever be 100% safe at all times, however, these steps can certainly aid in keeping one’s assets safe.

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Crypto Tidbits: Bakkt Bitcoin Custody, China’s Cryptocurrency On the Horizon, XRP In Hot Water

Another week, another of Crypto Tidbits. Bitcoin saw yet another tumultuous week in terms of price action. It fell by over 8% in one day, as bears managed to take control of the market. But, despite this downward price movement, this industry continued to trudge forward.

bitcoin conspiracy theory

Bitcoin & Crypto Tidbits

Bakkt To Start Custodying Bitcoin Next Week: According to a recent Twitter announcement, Bakkt, the New York Stock Exchange-backed crypto startup, will soon start taking custody of Bitcoin (BTC) through Bakkt Trust Company. The long-awaited exchange will activate this product on September 6th — a Friday. Custody is being launched two weeks out from the activation of Bakkt’s Bitcoin Daily and Monthly Futures contracts. This news comes shortly after the firm revealed that it had received the “greenlight from the CFTC through the self-certification process and user acceptance testing has begun.” Analysts bill the launch of Bakkt as “arguably the most bullish event for institutional investors in the history of Bitcoin”.

On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23

These contracts will enable physical delivery of bitcoin with end-to-end regulated markets and custody

— Bakkt (@Bakkt) August 28, 2019

Telegram May Soon Launch Blockchain And Crypto: According to an anonymous investor in Telegram’s Open Network blockchain (TON), the social media giant will begin publicly testing its chain on September 1st. A Russian outlet claims that the launch of beta testing will coincide with a release of TON’s node software and certain technical documentation. TON raised a purported $1.8 billion over the past year or two, with there being much hype around how the blockchain and cryptocurrency can be deployed to Telegram’s 200 million users.
Aircraft Manufacturing Giant Boeing Joins Consortium Pushing Blockchain-esque Technology: CoinDesk has found that Boeing, the world’s largest aircraft manufacturer, is making a foray into blockchain, well, Hedera Hashgraph to be more specific. Their sources tell them that the aerospace giant is the 10th member of Hedera’s governing council, which hosts other big names in finance and technology like Nomura Holdings and the blockchain-friendly IBM. It isn’t clear how Boeing will be participating in Hedera’s ecosystem just yet.
Forbes Drops Bombshell Report About China’s Crypto: Forbes’s crypto editor, Michael del Castillo, recently came out with an extensive report on the People’s Bank of China (PBOC) soon-to-launch cryptocurrency. In it, it was stated that according to Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, seven institutions — massive names in the China corporate and political scene — will be the first to receive access to the digital asset. Schulte purportedly singled out the world’s two largest banks — the Industrial and Commercial Bank of China and Bank of China, respectively — the Agricultural Bank of China; China Construction Bank; Alibaba and Tencent; and Union Pay, a banking consortium in the Asian nation. Another source speaking to Forbes echoed this, stating that those seven and an eight are likely to get access to the cryptocurrency, which he/she/they says is dubbed DC/EP.
Samsung Galaxy S10 Now Supports Bitcoin, Stablecoins: This year, the cryptocurrency industry was shocked when Samsung unveiled its Galaxy S10 lineup of smartphones, as the firm mentioned blockchain in press statements on the phone. According to U.today, Samsung’s internal cryptocurrency wallet now supports stablecoins — TrueUSD and USD Coin (USDC) — briefly after adding support for Bitcoin and launching with native support for Ethereum.
Brad Garlinghouse Quashes XRP Fud: Brad Garlinghouse, the chief executive of Ripple, recently came out to debunk “questionable sources spreading FUD” about XRP in an impassioned Twitter thread. In the scathing message, the industry executive wrote that XRP should not be classified as a digital security. Garlinghouse cited comments from the United Kingdom’s Financial Conduct Authority and “others” on the cryptocurrency to back his point. Garlinghouse also addressed a response to an article from Bloomberg about the sale of XRP tokens by Ripple. In that article, the outlet cited countless cryptocurrency industry executives and investors, most of which expressed skepticism towards Ripple’s decision to dump hundreds of millions of dollars worth of XRP on the open market. In his response tweet, the CEO wrote that these sales help expand the utility of XRP, not just the size of Ripple’s coffers.
UN Official Bashes Crypto in Scathing Interview: In an interview with the Australian Broadcasting Corporation, a leading official of the United Nations, Neil Walsh, pushed anti-crypto rhetoric, alleging that these digital assets can be used in criminal activity. Walsh, the leading authority on anti-money laundering and cybercrime at the UN, asserted that cryptocurrencies are “another layer” to the “nightmare” that is criminal activity. He specifically called out child exploitation networks, which he opines benefit from digital asset technology. He brought up one case where digital content in which a child was abused could be accessed with a fee paid in cryptocurrency. Walsh also claimed that the fight against cybercriminals, nuclear weapon proliferation, terrorist financing, and money laundering is being hampered by the propagation of cryptocurrencies.
Institution Looks To Create $1 Billion Crypto Venture: According to a recent report from the Financial Times, Elwood Asset Management, an institution that manages British billionaire investor Alan Howard, is looking to launch a crypto venture worth $1 billion. Speaking in an interview with FT, Bin Ren, the chief executive of Elwood Asset Management, said that his firm is working on a platform that would assign institutional investors diverse, vetted crypto portfolios. As it stands, there are countless “crypto hedge funds” that aren’t suitable for institutional investment. By sifting through the good and the bad, Elwood hopes to create relatively safe crypto portfolios for institutional investors.
SEC Slaps Crypto Firm & Founders WIth $10 Million Fine: The U.S. Securities and Exchange Commission has just settled a massive $10 million case with an unregistered cryptocurrency platform. Announced in a press release published on Thursday, the SEC has settled charges with Bitqyck, a Dallas-based cryptocurrency exchange, and its founders for offering security-like cryptocurrencies and making false statements about its product.

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Bitcoin Mathematics: Why 21 Million BTC May Have Been Chosen

Everything about Bitcoin is heavily steeped in mathematics – defined as the study of quantity, structure, space, and change. Quantity has always been of particular interest to crypto investors and traders – in increasing the quantity of one’s own holdings, and the impact the hard-capped quantity of BTC has on its long-term value.

Recently, a Twitter thread questioned the reasoning behind why the first-ever cryptocurrency’s creator, Satoshi Nakamoto, selected 21 million BTC as the total supply and not another arbitrary number. The answer, like everything else surrounding Bitcoin, can be found in very simple math.

The Not Secret Anymore Formula For Bitcoin’s Hard-Capped Supply

Bitcoin’s hard-capped supply provides it with unique attributes. It gives it a layer of scarcity fiat currencies don’t have, but safe-haven assets like gold are lauded for. It also prevents inflation by never increasing the BTC supply. We can all see why it’s important to Bitcoin’s value, but still – why 21 million BTC?

In a detailed and thought-provoking Twitter thread started by Sasha Fleyshman, the trader at Arca – an asset management firm focusing on cryptocurrencies and blockchain – inquires into why Bitcoin’s creator chose 21 million BTC as the total amount of Bitcoin to ever exist. Like most things related to Satoshi, the reason has always remained unknown.

After much discussion, Fleyshman gathered the collective thoughts and based on a simple mathematical formula, may have discovered the reason behind the 21 million BTC supply.

This is offset by what is called a "Difficulty Adjustment", where the 'hash'(random generated number) that is required to solve the block is adjusted – this occurs every 2016 blocks (14 days). So, for all related purposes, 6 blocks/hour is a safe metric to use. pic.twitter.com/4DoS3Uev0f

— Sasha Fleyshman (@ArcaChemist) August 30, 2019

The theory is based on time, mostly. The variables used were hours per day, days per year, years per cycle, and blocks per hour.

Also, hardcoded into Bitcoin, is the fact that it takes roughly ten minutes for each new block to be added to the blockchain. Fleyshman points out that this varies by a few seconds, but is ultimately offset at each “difficulty adjustment” occurring every 14 days.

When you break down four years worth of blocks at six blocks per hour, there are approximately 210,000 total blocks per halving cycle.

At Bitcoin’s next halving, its supply will be cut from 12.5 BTC to 6.25 BTC. Prior to this, the block reward was 25 BTC, and before that, 50 BTC. The sum of all block reward sizes is 100.

When you multiply 100 with the 210,000 total blocks per halving cycle, you get 21 million BTC. At least that’s according to Fleyshman’s theory, which makes logical sense.

While all the math lines up, it could also just be a coincidence, and the true answer will likely never be known, as Satoshi Nakamoto’s true identity may never be revealed. Until that ever happens, this theory is among the most convincing yet.

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Altcoin Season on the Horizon? Bitcoin Dominance Hits Historical Reversal Point

Despite the drawdown in the price of Bitcoin — which some analysts say would result in a change of tides for altcoins — BTC dominance continues to tick higher. As of the time of writing this, the key market metric is approaching 70% for the first time in years, implying that once again, almost all cryptocurrency inflows are making their way into Bitcoin.

Bitcoin Dominance Hits Key Mark

In March 2017, the world was shown the power of “altseason” when thousands of what were then little-known crypto assets exploded. If you were to peruse a site like CoinMarketCap during that time — no, era — you would see countless seemingly random digital assets posting 50%+ or even 100%+ days. This occurred for big caps, not just small no-name cryptocurrencies.

In 2017’s mania, Ethereum, for instance, rallied from $10 to $1,400, making many cryptocurrency investors fortunes.

At the start of the altseason, Bitcoin dominance was around 70%.

According to a recent tweet from Bitcoin Birch, a founder at crypto startup Lunar, the last time this key metric flirted with this round level, the biggest altseason in history was kicked off shortly after, when BTC fell off a cliff relative to altcoins.

$BTC dominance about to break 70%

The last time it did that was March 2017, right before it fell off a cliff and the biggest ALT season in history kicked off…

— Bitcoin Birch (@BitcoinBirch) August 30, 2019

Indeed, in March began a sharp downtrend in Bitcoin dominance, which ended when the figure hit some 32% in early-2018. Youch.

There’s no saying that the same will happen again. But, there are other signs pointing towards an impending resurgence for altcoins — or at least a lull in the bloodbath.

As reported by NewsBTC previously, Adaptive Capital partner and analyst Willy Woo believes that altcoins may soon find some support against Bitcoin. He posted the below image on Twitter, which shows that the altcoin capitalization-to-Bitcoin capitalization ratio and the altcoin market volume-to-Bitcoin market volume indicators are currently “heading into a region of support.”

Indeed, as the Bitcoin-centric Adaptive Capital partner chart depicts, the two aforementioned indicators are currently poised to encounter two key lines of historical support. Should history repeat itself, altcoins should bounce in the coming months, potentially to kick off what crypto traders call an “altseason”.

Also, last week the TD Sequential indicator flashed a sell nine candle for the one-week Bitcoin dominance chart.

Will There Really be An Altseason?

While these indicators are pointing towards an altseason, NewsBTC would be remiss not to talk about the other side of the story.

Responding to an inquiry about altcoins, Anthony “Pomp” Pompliano, a partner of Morgan Creek Digital, wrote that he believes “almost every single one will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.”

When will my altcoins skyrocket Pomp ??

— Stallion (@RyanBelcherDMP) August 24, 2019

Indeed, over recent months, exchanges begin a mass process to purge lower-quality/non-popular crypto assets. Bittrex, for instance, has delisted some 50 altcoins for U.S. clients this year; the SEC has ramped up its attacks on this sector; and Binance’s flagship platform, which supports a swath of cryptocurrencies, has decided to pull out of the U.S.

Also, data shows that the altcoin market remains very illiquid. Arcane Crypto found that if you measured a cryptocurrency’s dominance by weighting the market capitalization of all cryptocurrencies against their trading volume, “Bitcoin’s market dominance is pushed well above 90%.”

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Jumat, 30 Agustus 2019

Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect

Bitcoin price is at risk of falling from the current trading range and is hanging by a thread at $9,600 after repeated attempts to hold above $10,000 failed.

And while a rebound from here cannot be ruled out, Bitcoin price was rejected by high timeframe resistance dating back to the previous crypto market bull run, when Bitcoin reached $20,000 and eventually began to crash.

2017’s Bull Run Support Is Rejecting Bitcoin Price Almost Two Years Later

After Bitcoin price met its all-time high price in late December 2017 at the tail end of the crypto hype bubble, the original crypto-asset all others were designed after fell below key price levels that later acted as resistance. Only one of those price levels has yet to be broken and is the last stop before the bear market is behind us for good.

But even now, almost two years later, Bitcoin price is still being rejected from these critical high timeframe resistances, first at $13,800, sending Bitcoin back down to $10,000, and now again at $10,000 itself.

One crypto analyst has shared a chart depicting what has historically happened when price action interacted with the resistance level.

$BTC – Bitcoin is currently getting rejected by a significant HTF Resistance.

In the screenshots below, you can see past interactions with $9589.5 on the Daily Chart.

Typically with a high volume break, Bitcoin stalls for a few days before continuing in the same direction. pic.twitter.com/3KtDCboHke

— UB (@CryptoUB) August 30, 2019

The chart clearly shows that back in January 2018, falling below this resistance swatted Bitcoin price down extremely violently, causing the v-shaped February 2018 bottom. The momentum from that bounce as enough to cause BTC to break above the resistance level and make two attempts higher, forming an M-shaped double top.

The next time Bitcoin price met that resistance on the way down, it was once again used as fuel for bears to push the price lower, causing the April 2018 bottom, but still leaving hope in the market that an Adam and Eve bottom pattern was forming. But due to the same resistance level, the bottom formation never confirmed, and instead, it was rejected once again, causing the bear market to pick up in severity.

After that rejection, Bitcoin price didn’t again reach that level until June 2019, when it broke through and turned $10,000 from resistance back into support. But that support is now broken, and Bitcoin is at risk of the resistance level being used to violently push the price of the crypto asset back down into the bear market below.

$10,000 was often cited as a price point that would cause serious FOMO, but the price came and went and crypto investors didn’t react as they did the first time Bitcoin breached the important resistance. Instead, Google Trends barely showed a blip, and buy pressure couldn’t be sustained.

$10,000 is also 50% of the Bitcoin’s all-time high, which often plays both a strong resistance and support if the asset approaches the price level.

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Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support

Few crypto tokens or altcoins have been affected by the crypto bear market than XRP, also known as Ripple. Even though Bitcoin and many others have regained much of their lost all-time high value, XRP is still down over 93% from its $3.84 price record.

Investors have grown increasingly bearish on XRP, and many expect the asset to continue to fall into oblivion. however, one crypto analyst says that “fireworks” are “incoming” for XRP, as the asset’s price hit historic support stemming all the way back to 2014.

Fireworks Incoming If XRP Historic Support Holds

Altcoins are regularly valued in both USD and BTC. XRP is down by 93% from its all-time high in USD value and is now resting on support on the XRP/BTC trading pair that dates all the way back to 2014 on crypto exchange Poloniex, according to one crypto analyst.

The analyst claims that support at this level will hold, the trader’s sentiment has flipped bullish after long being bearish on the crypto asset, and expects that “fireworks” will occur in the coming days now that XRP has hit that significant support level.

XRP has held support at roughly 2500 satoshi – the lowest unit of measurement in BTC. The analyst expects a strong move up to 4000 sats, which would represent a 60% increase in value relative to Bitcoin.

As bad as the outlook has been for XRP against its USD trading pair, bleeding out all throughout 2018, against the BTC ratio is where the real destruction has occurred in 2019. Bitcoin’s parabolic rally sucked all the capital out of altcoins, causing BTC dominance to grow to levels not seen since before the last bull run.

$XRP I'm ready to stop being bearish. Bias has changed. Notes on chart. Historical level dating back to 2014 on Polo chart. Sellers losing momentum. Targeting 4k. Fireworks incoming pic.twitter.com/0vTe43tXeu

— Pentoshi (@Pentoshiswallet) August 29, 2019

Even the founders of altcoin projects admit that most tokens in the market lack utility, however, XRP has real-world use cases and is already in use by many financial institutions. Ripple is among the few crypto assets to remain high up within the top ten cryptocurrencies by market cap since the list existed, while most other altcoins have not only struggled to maintain the positions, they’ve often struggled to remain relevant at all.

XRP’s sell pressure has largely been driven by its own executive team, however, with that set to stop, and with retail investor sell pressure finally beginning to exhaust, the current support XRP is resting on very well could hold, and those fireworks could soon be for Ripple bag holders to celebrate an eventual move to the upside.

If the support doesn’t hold, though, another massive drop may be in the cards, and XRP could reach lows not seen in over five years.

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Bears Beware: Bitcoin Price Might Range For Another Month

Bears are rejoicing now that Bitcoin price is back below $10,000 and at risk of falling further to retest former lows as support.

But while recent Bitcoin price action may suggest that bears have resumed control over the short-term trend, bulls haven’t given up the fight. The game of tug-of-war may continue to go on for another month before exhausting this trading range and moving along to another.

Max Pain Scenario: Another Month of Sideways Bitcoin Price Action

Bitcoin price has been trading between decreasingly lower highs and support at $9,300 over the last two or so months, forming what appears to be a descending triangle chart pattern. These chart patterns are typically bearish and suggest a break to the downside is imminent.

Bears know this, are already euphoric now that Bitcoin price is below $10,000, and are expecting a far deeper correction from here where they can buy Bitcoin for cheaper prices.

But bears need to beware that bulls could once again support Bitcoin price at current levels and push price back up to the top of the triangle. A fast, powerful move back toward $10,000 could surprise bears and squeeze late shorters, propelling Bitcoin price back upward towards $11,000 – which coincides with the triangle’s descending resistance.

One crypto analyst believes that not only is this scenario likely, but it could also continue to repeat throughout the rest of the month, ranging inside the descending triangle.

Can we break down? Yes.

Good to be aware that there is still al ot of room not to tho.

Maybe it will range for another month pic.twitter.com/SIPigc3E4n

— Lord Catoshi (@LordCatoshi) August 30, 2019

Crypto traders like to talk about which scenario – up or down – would be the “max pain scenario,” however, what might be the most painful for investors and traders, isn’t a break to the downside or upside, it is more choppy, sideways trading.

When finanical assets like Bitcoin trade sideways for an extended period of time, market participants grow tired of trading the chop. The tightening range also becomes less and less profitable, so trading volume diminishes. Traders, in this case, will either exit all positions, or simple set stops and let the trend choose the eventual direction.

This often results in an extremely powerful move, once the final direction is chosen, as trader’s stops are hit and sidelined traders begin to take positions quickly in reaction to the trend change or continuation.

Previously, another analyst predicted sideways trading for the remainder of the year, not just another month. Should this occur, interest in BTC will wane significantly until the mid-term trend direction is chosen. A break to the upside at that point would almost certainly cause serious FOMO – enough for Bitcoin price to retest its previous all-time high at $20,000.

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Indicator Gives First Bullish Signal Since Bitcoin Price Bottom

Bitcoin price may have fallen over the last two days, but the overall trend over the year thus far has been up, and an end to the correction could soon be here.

One crypto analyst has spotted an extremely bullish signal on a Bitcoin price indicator that hasn’t given such a signal since the first-ever crypto asset bottomed out in the low $3,000 range.

OBV Indicator Shows Bullish Divergence, Bitcoin Price Could Spike As a Result

Bitcoin price is amidst a longer and deeper than most crypto investors expected, after witnessing just how fast the crypto asset rose to $20,000 in 2017 and during this recent parabolic rally from the $3,000 range where Bitcoin set its bear market bottom.

The correction first began in late June and is now over two months long in duration. During that time, Bitcoin price has fallen over 30% from $13,800 where it was rejected by the resistance level where the bear market all began.

But that level may soon be broken, as one crypto analyst has discovered a powerfully bullish signal on a USD/BTC chart indicator that hasn’t occurred since Bitcoin rocketed out from the deepest depths of the bear market – never looking back.

Im Long $btc.

First OBV bull div on the 4hour since $3350.

Live by the sword, die by the sword. pic.twitter.com/6V4nHLDvXh

— fil₿fil₿ (@filbfilb) August 30, 2019

Crypto analyst filbfilb, an analyst who nailed various calls throughout Bitcoin’s parabolic rally, says that the OBV indicator is showing the first bullish divergence since the first-ever crypto asset was at its bottom. The last time this signal was seen, Bitcoin price saw over 300% growth from there in a matter of six months.

OBV stands for on-balance volume and according to Investopedia is a “technical trading momentum indicator that uses volume” to predict changes in the price of an asset – in this case, Bitcoin. A bullish divergence occurs when prices reach a new low, while the indicator fails to do so and sets a higher low.

Crypto analysts and traders use these tools to help them predict where the market direction is going. The bullish divergence on the OBV indicator can be seen on the 4-hour chart. Signals on higher timeframes provide the most weight in any technical analysis.

Another 300% rise from $10,000 would take Bitcoin to double its previous all-time high at $20,000, and set a new all-time high at $40,000. The last time Bitcoin price grew by 300%, it only took six or so months. The leading crypto by market cap at $40,000 six months from now would follow along with the predicted trajectory of Plan B’s stock-to-flow model, which suggests that Bitcoin price will reach $55,000 by May 2020, when Bitcoin’s halving occurs.

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Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown

This week, the “altcoin annihilation” really ramped up, despite already causing such devastation to crypto investors. The selling pressure and negative sentiment were enough to also drag Bitcoin price down as well.

While altcoins are free-falling, one crypto analyst says that although altcoins are currently causing “turbulence” for Bitcoin, it will resume “moon mode” as soon as the alt selloff begins to cool down.

Altcoins May Drag Down Bitcoin, But They Won’t Stop the Bull Run

This week, EOS, Ethereum, and Litecoin massively dumping their USD values dragged Bitcoin price down under $10,000, shocking bullish crypto investors that assumed $10,000 would be unbreakable.

It’s long been said that the negativity and fear surrounding altcoins could be enough to cause Bitcoin to collapse, despite others being confident that Bitcoin has already embarked on a bull run, and that it’ll slowly grind up at support and eventually set new highs. The former is proving to be true, and Bitcoin price is struggling to reclaim $10,000.

Despite altcoins leaving Bitcoin on the ropes, one prominent and often-cited crypto analyst, Plan B – known for his stock-to-flow model that helps apply Bitcoin’s hard-coded scarcity to future price projections – says that the current “altcoin annihilation” is causing some “turbulence” on Bitcoin’s moon mission, and is just refueling its jets in order to resume its bull run once “skies are clear” and the altcoin selloff finally starts to stall.

Altcoin annihilation is causing some #bitcoin turbulence. Please remain seated. We will resume moon mode when skies are clear. pic.twitter.com/qFaSsiEj3o

— PlanB (@100trillionUSD) August 30, 2019

Previously, the analyst shared a chart that demonstrates how Bitcoin’s relative strength index shows similarities to the mid-2016 when Bitcoin’s highly-publicized bull run started to build a foundation.

The same is said to be happening now throughout the crypto market, with Bitcoin’s recent correction building support in which will act as the foundation for the next bull run.

Plan B’s stock-to-flow model is widely believed by highly respected financial industry figures. In the model, data suggests that Bitcoin price could reach $55,000 by May 2020 – when Bitcoin’s next halving occurs.

Each halving cuts the BTC block reward miners receive in half, throwing off the supply of Bitcoin and causing the price to rise. With crypto investors knowing this, the halving is expected to be front-run by investors buying up the digitally scarce Bitcoin in anticipation of its value rising significantly.

Bitcoin is the best-performing asset ever, easily beating the ROI of stock, gold, and much more. Altcoins, however, are still down significantly from their all-time highs and may never again achieve such values, even if Bitcoin were to reach $100,000 per BTC.

With the outlook so bleak for alts, the theory that Bitcoin might range for some time could be valid, as it may take a while for the “altcoin annihilation” and related “turbulence” to subside.

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Bitcoin Price At Risk of Closing Second Consecutive Monthly Red Candle

Throughout all of 2019, Bitcoin price has been on a steady ascent. For the greater portion of the year, Bitcoin appeared to be unstoppable and broke through resistance after resistance, even as the altcoin market bled out.

But last Sunday, Bitcoin price closed two consecutive weekly red candles for the first time since the bull rally began, and if tomorrow night’s daily closes below $10,100, it’ll also be the first time that Bitcoin closed two consecutive monthly candles in all of 2019. But what does that mean for the first-ever crypto asset and its current bull trend?

Bitcoin Price Could Close Second Monthly Red Candle in a Row

During times of such critical price action, daily closes on Bitcoin price charts become extremely significant, as higher time frames often dictate trend changes and help analysts predict future price movements.

The higher the timeframe gets, the more significant. Last Sunday night, Bitcoin price closed its second consecutive weekly red candle, marking the first time it has done so since Bitcoin first began to climb in February 2019 after bouncing off the 200-week moving average – an important long-term trend indicator.

Now, tomorrow night is the monthly close and at current prices, Bitcoin is at risk of closing its second monthly red candle in a row. If it does so, it’s the first time this has happened in all of 2019. however, it’s not yet clear what this means for Bitcoin price and its short term trend.

In Case of Trend Change: Bullish and Bearish Scenarios

Two monthly candle closes in a row could be significant. In 2018, two consecutive red monthly in a row is what really kicked the bear market up a notch. Following two months of red, Bitcoin price closed the next month green, followed by an unprecedented six monthly candle closes in a row, taking the crypto asset down to its eventual bottom in December 2018.

If the current two red closes indicate a reversal back into the bear market, a November 2018 style drop may actually become a reality.

However, there’s hope for bulls yet. During the last bull run, the only time Bitcoin price closed two monthly red candles in a row, was in July and August of 2016. After BTC bounced from there, it went on to never again close two monthly red again, until the aforementioned 2018 bear market starting point.

The next few months should determine if Bitcoin price is still locked in a bear market, or if this was that reaccumulation phase before the bull run really begins, and Bitcoin reaches and sets a new all-time high.

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Here’s Why Ethereum (ETH) Could Rise Substantially

Ethereum could start rallying to the upside in the coming days, according to a textbook technical indicator.

Prominent market analyst Jonny Moe noted Ethereum trending inside a Falling Wedge pattern, confirmed by converging trend lines, forming lower highs and lower lows. The ETH/USD instrument is about to reach the apex of Wedge which, according to the pattern’s typical behavior, could result in a breakout to the upside.

“But if you were going to take a long term ETH long position, here’s the spot,” wrote Moe while referring to the chart as shown below:

Ethereum price looking to break out from the ‘Falling Wedge’ pattern | Image credits: Jonny Moe

Ethereum to $90

The statement followed a deeper downside correction in the Ethereum spot market from its year-to-date high of $364.59. The altcoin yesterday extended its drop by as much as 55 percent, sparking fears among speculators about a further wild downswing. A similar sentiment in the bitcoin market swelled the bearish bias of the altcoin market, given the latter typically tails the former’s trend.

American broadcaster Max Keiser on Thursday spoke on a different line. He indicated that bitcoin would eat a considerable share of the cryptocurrency market, leaving altcoins like Ethereum to look for leftovers. Excerpts from his tweet:

“New ATH for Bitcoin hashrate as [altcoins] dies and players position themselves strategically ahead of BTC’s move back to 85% dominance. BCH and BSV are particularly vulnerable. ETH heading back to $90.”

Next target for ETH, $90.

— Max Keiser, tweet poet. (@maxkeiser) August 29, 2019

Upside Targets

Going by Moe’s analysis, Ethereum is looking towards a strong rebound, with an upside breakout target lurking around the $288-300 area.

Bullish confirmation of the Falling Wedge pattern would come once the price breaks above the resistance trendline with an expansion of volume. Thereon, Ethereum would retest the lower high formations on the Moe’s charts, which coincides with $187.92, $193.60, $225.26, $239.92, and eventually the $288-300 area as mentioned above.

Moe also supported bitcoin’s growing dominance as among the only factors disproving an Ethereum rebound. The analyst said the price could attempt a breakdown instead of a breakout, which means the continuance of the ongoing downtrend.

However given the $BTC situation, I'd lean more falling wedge breakdown than anything on $ETH

— Jonny Moe (@JonnyMoeTrades) August 30, 2019

Should an extended downside occurs, Ethereum would be targetting next supports near $146, $130.22, and $100, before it finally breaks down towards the Keiser’s pullback target of $90.

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Billionaire Investor Alan Howard’s Firm to Launch $1bn Crypto Fund

A firm backed by billionaire investor Alan Howard is planning to start a crypto fund worth a billion dollars.

Financial Times reported that London-based Elwood Asset Management is working on a venture that would design cryptocurrency portfolios for institutional investors. The financial news service cited Elwood’s chief executive Bin Ren who said their platform would ensure high-quality operations, a thing that typically goes missing in a risky crypto hedge funding industry.

Institutionalization

Cryptocurrencies have been one of the best-performing assets this year. Hedge funds that list them in their portfolio are now sitting atop around 60 percent gains, according to data group HFR. All the focus has shifted on bitcoin, the benchmark cryptocurrency, which has surged by more than 170 percent in 2019. Meanwhile, other assets, including Litecoin, Ethereum, and Bitcoin Cash, have also posted less but modest gains.

The upside follows a massive bust. Cryptocurrencies in 2018 went through one of their most depressive periods, falling collectively by more than 85 percent. In 2017, on the other hand, the market rose by quadruple-digit percentages thanks to boom brought by the then-trending ICO industry. Crypto funds accordingly returned gains and losses. In 2017, they were collectively up 2,900 percent on average. But in 2018, they lost about 70 percent.

Ren believes such volatility makes crypto funds less attractive to investors willing to inject larger capitals, which is why having a veteran like Howard, a celebrated hedge fund manager himself, could help them filter-in the most trustworthy crypto funds.

“Losing traditional assets in the real world is hard. In the digital world, it’s straightforward to lose assets — put in the wrong address for a bitcoin transfer and it’s gone forever,” said Ren, adding the Elwood is currently screening hundreds of crypto funds and, so far, has shortlisted about 70.

Unrisking

Hedge funds solely focused on cryptocurrencies have outperformed their traditional counterparts with the revival of bitcoin this year. But there’s plenty of reasons for institutions to remain doubtful.

Investopedia reports that most crypto funds are smaller in size – they hold assets whose combined worth is less than $10 million. Collectively, they manage a $20 billion market. At the same time, the world’s largest hedge fund managers have AUM worth $100 billion. Therefore, liquidity remains a big problem for the majority of crypto funds.

Then, there are constant threats concerning potential price manipulation and similar frauds. FT reports that three-fourth of crypto hedge funds do not even have independent directors, which jitters potential investors who fear lousy corporate governance standards and potential conflict of interest.

Alan Howard’s $1 billion crypto fund attempts to solve some of those issues. By handpicking only reliable hedge fund managers, the yet-to-name platform would present investors a less hazardous environment. FT believes the platform would allow Elwood clients to decide on input factors, such as the risks they can digest, their expected returns, the liquidity terms of their choice, while also weighing the potential correlation with other assets they own.

“I see this as a very big growth opportunity,” said Ren.

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