Minggu, 30 Juni 2019

Bitcoin Forming Double Bottom: Can Bulls Gain Momentum?

  • There was another rejection near the $12,200 resistance in bitcoin price against the US Dollar.
  • The price revisited the main $10,500 support area and it is currently correcting higher.
  • There is a key connecting bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair seems to be forming a double bottom pattern near the $10,400 and $10,500 support levels.

Bitcoin price is holding the main $10,400 support area against the US Dollar. BTC price might start a strong increase if it clears the $11,400 resistance area.

Bitcoin Price Analysis

Recently, there was a decent recovery in bitcoin price above the $11,500 level against the US Dollar. The BTC/USD pair even traded above the $12,000 level and the 100 hourly simple moving average. However, the pair struggled to clear the $12,200 resistance area and it recently declined below $12,000 and $11,500. There was even a spike below the $11,000 level and the price settled below the 100 hourly SMA.

However, the main $10,400 and $10,500 support levels acted as a strong hurdle for sellers. Bitcoin remained above the $10,400 support and it seems to be forming a double bottom pattern. It is currently correcting higher above $11,000 plus the 23.6% Fib retracement level of the last decline from the $12,305 high to $10,616 low. On the upside, there is a major resistance forming near the $11,400 level.

Moreover, there is a key connecting bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair. The 50% Fib retracement level of the last decline from the $12,305 high to $10,616 low is also near the $10,460 level to act as a resistance. Finally, the 100 hourly simple moving average is near the $11,650 level to act as a strong resistance.

Once there is a close above the trend line and the 100 hourly SMA, the price could revisit the $12,200 level. On the downside, an initial support is near the $11,000 level, below which there is a risk of a drop towards the $10,600 level. The main support is near the $10,400 level, below which the price could accelerate losses.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is likely forming a double bottom pattern near the $10,400 and $10,500 support levels. As long as it stays above the $10,400 level, there could be a fresh increase above the $11,500 and $11,650 levels.

Technical indicators:

Hourly MACD – The MACD is likely to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 40 level, with a positive angle.

Major Support Levels – $10,600 followed by $10,400.

Major Resistance Levels – $11,400, $11,650 and $12,200.

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Bitcoin And Crypto Market Cap Testing Support: BCH, XLM, EOS, TRX Analysis

  • The total crypto market cap declined recently, but stayed above the $280.0B support area.
  • Bitcoin price is down more than 8% and it recently tested the $10,800-11,000 support area.
  • BCH price is trading above the $400 support area and is facing hurdles near $425 and $430.
  • EOS price is struggling to settle above the key $6.000 and $6.100 resistance levels.
  • Stellar (XLM) price is trading well below the $0.1150 pivot level.
  • Tron (TRX) price stayed above the main $0.0320 support area.

The crypto market cap and bitcoin (BTC) are trading above key supports. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently consolidating losses.

Bitcoin Cash Price Analysis

There were strong bearish moves in bitcoin cash price after it broke the key $450 support area against the US Dollar. The BCH/USD pair even spiked below the main $400 support area before correcting higher. It is currently consolidating above $400, but there are many hurdles on the upside.

An initial resistance is near the $425 level, above which there are chances of more gains above the $430 level. On the downside, the main supports are near $400 and $395.

Stellar (XLM), EOS and Tron (TRX) Price Analysis

EOS price declined heavily below the $6.100 and $6.000 support levels. It even traded close the $5.500 support and is correcting higher. However, the same supports near $6.000 and $6.100 are acting as hurdles for the bulls. On the downside, an initial support is near $5.800, followed by $5.600.

Stellar price somehow managed to stay above the $0.1000 support area, but it settled below the $0.1100 level. On the upside, the $0.1100 and $0.1110 levels are acting as resistances. If there is an upside break above $0.1120, the price could recover towards the $0.1200 level.

Tron price also declined heavily and tested the $0.0320 support area. TRX price is currently trading above $0.0330, but it facing many hurdles near $0.0335 and $0.0340. A successful close above the $0.0340 level might push the price towards the $0.0350 level.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $335.0B and $325.0B support levels. However, the market cap managed to stay above the $275.0B and $280.0B support levels. At the outset, there is a breakout pattern forming on the same chart, with support near the $292.0B level. If there is a downside break below $290.0B, the market cap could revisit the $275.0B support area. Conversely, it must climb above the $315.0B and $320.0B levels to start a fresh increase. Overall, there could be more range moves in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins before the next move.

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Bitcoin Slides While Ripple Price (XRP) Likely Forming Bottom

  • Ripple price retested the main $0.3900 support area and climbed higher against the US dollar.
  • The price is likely forming a decent support base above $0.3900 and it might rise in the near term.
  • There was a break above a major bearish trend line with resistance near $0.4000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum price is holding the key $290 support, but it seems to be facing many hurdles near $305-310.

Ripple price is likely forming a strong support base near $0.3900 against the US Dollar, while bitcoin declined heavily. XRP price could continue to rise if it clears the $0.4275 resistance.

Ripple Price Analysis

In the past few hours, bitcoin price declined more than 8% below $11,500, but ripple price was stable against the US Dollar. Earlier, the XRP/USD pair declined towards the main $0.3900 support area and settled below the 100 hourly simple moving average. However, the $0.3900 zone acted as a strong barrier for sellers and the price stayed above $0.3900.

It seems like a solid support base is forming near $0.3900. Recently, the price started an upward move and broke the $0.4000 resistance. Moreover, the price surpassed the 50% Fib retracement level of the last decline from the $0.4269 high to $0.3896 low. More importantly, there was a break above a major bearish trend line with resistance near $0.4000 on the hourly chart of the XRP/USD pair.

Ripple price is now trading near the $0.4110 level. It tested the $0.4200 resistance and the 100 hourly SMA. Moreover, the 76.4% Fib retracement level of the last decline from the $0.4269 high to $0.3896 low is also acting as a resistance. If there is an upside break above the $0.4200 resistance, the price could test the $0.4275 resistance.

If there are more gains above $0.4275, there are chances of an upside break above the $0.4300 level. The next main hurdles are near $0.4450 and $0.4500. Conversely, if the price fails to clear the $0.4275 resistance, it could decline once again. An initial support is near the $0.4000 level.

Ripple Price Analysis XRP Charta

Looking at the chart, ripple price is clearly forming a strong support near the $0.3900 level. As long as the price is above $0.3900 and $0.4000, there are chances of a fresh increase above the $0.4275 resistance. If there is a downside break below $0.3900, the price could slide towards $0.3500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher and it is above the 50 level.

Major Support Levels – $0.4000, $0.3900 and $0.3500.

Major Resistance Levels – $0.4200, $0.4275 and $0.4400.

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Ethereum (ETH) Price Holding Support But Facing Many Hurdles

  • ETH price failed to break the $322 resistance area and declined again against the US Dollar.
  • The price broke the $310 support area and even tested the $290 support level.
  • There was a break below a major ascending channel with support near $303 on the hourly chart of ETH/USD (data feed via Kraken).
  • Similarly, there were losses noted in bitcoin, ripple, BCH, EOS and a few others.

Ethereum price struggled to remain above the $310 and $315 levels versus the US Dollar, and declined vs bitcoin. ETH price is currently holding $290, but facing many hurdles.

Ethereum Price Analysis

After testing the $275 support area, Ethereum price started an upside correction above $300 against the US Dollar. The ETH/USD pair broke the $310 resistance and the 100 hourly simple moving average. It even surpassed the $320 level, but it seems like the $322-323 zone acted as a major hurdle. A swing high was formed near $323 and recently the price started a fresh decline.

It traded below the key $315 and $310 support levels. During the decline, there was a break below a major ascending channel with support near $303 on the hourly chart of ETH/USD. Moreover, there was a break below the 76.4% Fib retracement level of the upward move from the $291 low to $323 high. The price is currently trading near the last swing low at $291 and is holding the $290 support level.

If there are more losses, the price could test the $284 support area. It represents the 1.236 Fib extension level of the upward move from the $291 low to $323 high. If there are more losses, the price may even revisit the key $275 support area in the near term.

On the upside, there are many hurdles near the $300 and $305 levels. The main resistance is near the $305 level and the 100 hourly SMA. A successful close above the 100 hourly SMA might start a decent recovery above $310. The next main hurdle for the bulls is near the $320 and $323 levels. If the price climbs above the last swing high at $323, it may perhaps rise towards the $350 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly holding a couple of important supports, similar to bitcoin (above $10,500). However, on the upside, there are many resistances near $305, $310 and $320. As long as the price is below the mentioned levels, it could decline towards $275.

ETH Technical Indicators

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

Hourly RSI The RSI for ETH/USD is recovering from 30 and it is currently near 45.

Major Support Level – $284

Major Resistance Level – $305

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Ethereum Transactions Surge as Analysts Predict an Imminent “52-Day Bull Run”

Ethereum and the aggregated crypto markets surged yesterday just prior to Bitcoin incurring a sudden influx of selling pressure that sent the markets reeling down. Despite this, ETH is still in a clear uptrend, and improving fundamental conditions could help it surge higher.

Additionally, Ethereum’s transaction volume is surging as of late, which may be one improving fundamental aspect of the cryptocurrency that could help incubate a possible “52-day bull market” that one analyst is anticipating.

Ethereum Drops Below $300, But Bulls Are Still in Control 

At the time of writing, Ethereum is trading down just less than 3% at its current price of $298.8, which is down from its daily highs of $320 that were set yesterday.

Although Ethereum’s recent drop is by no means marginal, it is important to remember that the cryptocurrency is still up from its one-month lows of $230 and is up significantly from its three-month lows of $140.

ETH is now approaching $280, which is a price point at which it previously found support after falling from its weekly highs of $360 that were set earlier this week.

Importantly, through the course of Ethereum’s recent bull run, its transaction volume has climbed significantly, running from February lows of 380,000 to highs of over 1,000,000 this past Friday.

The increasing transaction volume does appear to be emblematic of improving fundamental conditions, which may signal that the cryptocurrency’s price action in the foreseeable future which reflect this.

Could ETH Soon Have a 52-Day Bull Run?

Assuming that the improving fundamental conditions do actually translate into positive price action in the near-future, analysts are now noting that Ethereum may soon incur a multi-month bull run.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that a bullish technical formation that is likely to form in the coming week could spark a massive rally.

“Gann pivot for $ETH (BTC) this week. – Could potentially have a 52 day bull run,” he noted.

Furthermore, Kaku also explained that this formation will likely be formed sometime in the first week of July.

“A little explanation to those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. Maybe 7/5-7/7,” he explained.

Although Bitcoin’s near-term price action will likely guide the markets, the culmination of bullish fundamentals and bullish technicals could help lead ETH significantly higher in the coming days and weeks.

Featured image from Shutterstock.

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With Altcoins on the Rise, do Analysts Expect For Bitcoin (BTC) to Outperform?

Ever since Bitcoin (BTC) began to rally in April, altcoins fell out of favor with most in the crypto community. No longer were people looking for the next winner, they were instead trying to determine where the leading crypto asset would top out.

And top Bitcoin did earlier this week. After rallying by 20% in a single day — a daily gain not seen since early-April — BTC collapsed by over $3,000 in the following 36 hours, showing an uncharacteristic bout of weakness amid a wider uptrend.

Related Reading: Analyst: Bitcoin Could Target $8,200 Next Despite Recent Stability; Is the Bull Run Over?

With this move, altcoins, for some reason, have become the talk of the town once again. In fact, as popular cryptocurrency trader Nik Patel has pointed out, worldwide “search interest” (as defined by Google) for the term “altcoins” is expected to reach 12-month highs this week.

It isn’t clear why exactly this is the case, but it could mark a migration of Bitcoin profits into smaller digital assets, many of which have suffered greatly as BTC has found itself up week-over-week. But, do analysts expect for altcoins to outperform the market leader?

Will Bitcoin be Outperformed by Altcoins? 

Well, to answer the aforementioned question, yes and no. Yes in that some altcoins will likely outperform Bitcoin; no in that many are likely to underperform BTC, and may even be wiped off the face of the cryptocurrency market.

What this writer is referring to is the bifurcation between “good” altcoins and “bad” altcoins. Over 2016 and 2017’s crazy bull run, which saw Bitcoin appreciate by 2,000%, but altcoins simultaneously gain tens of thousands of percent, there were countless digital assets created.

Related Reading: Space Holds The Key to The Bitcoin (BTC) Moon Mission: Flipping Gold

Each startup tried to fit a cryptocurrency into their business model, even if the viability of the asset or blockchain wasn’t there. Despite the array of uninspired coins, most rallied anyway, catalyzed off good marketing, social media manipulation tactics, and what is best known as “The Fear of Missing Out”, FOMO.

But, with the crypto asset market now maturing, especially in terms of institutional involvement, most analysts expect for a large rift to grow between those projects deemed promising and those deemed horrid.

For instance, in a recent interview with BlockTV, a Binance executive explained that in the coming market cycle, investors will start to determine the good assets from the bad, hence why many cryptocurrencies are performing differently.

Bitcoin, for instance, is up over 200% from the bottom; Litecoin, some 600%; Binance Coin, at least 400%. And at the same time, many assets have dwindled, losing traction for some reason or another. This bifurcation may continue according to notable commodities analyst Peter Brandt.

He says that the uptrend in Bitcoin dominance could continue, quipping that “crypto maniacs” who believe altcoins will “benefit from bull runs in Bitcoin… may be very disappointed.”

Backing his point, Brandt likens the previous bull run to the Nasdaq’s Dotcom boom and bust, but this surge to the subsequent rally, during which “altcoms” died out and “dotcoms with real value exploded.”

Featured Image from Shutterstock

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Bitcoin Must Break Above $12,444 Or Else Price Breakdown May Occur, Claims Prominent Analyst

Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past several days and weeks, with BTC oscillating between the $10,000 and $12,000 region, making relatively large moves between each of these two price regions.

Now, the prominent analyst who predicted Bitcoin’s recent bull run is warning investors that Bitcoin may be forming a dangerous chart pattern that historically results in price breakdowns across different markets, and that a surge is needed to invalidate this possibility.

Bitcoin Plummets Below $11,000… Again… 

At the time of writing, Bitcoin is trading down nearly 8% at its current price of $10,960, which is down significantly from its daily highs of $12,200 that were set yesterday.

While looking at Bitcoin’s weekly price action, it is clear that BTC is once again nearing a region of historical support that must hold, as it previously found strong buying pressure in the low-$10,000 region.

Additionally, BTC will be closing out its weekly candle today, which means that bulls must step up the buying pressure over the course of the next several hours or else the downwards pressure could continue to extend due to technical weakness.

Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the importance of tonight’s weekly close in a recent tweet, explaining that he believes the next downside target exists at $9,500.

“$BTC – price just broke below $11,500. Want to see Bitcoin regain momentum and close above this level by weekly close tonight. Monthly close is looking good, strong month of June but BTC still has ability to retrace to $9500 in coming weeks. Keep an eye on this area,” he explained in a recent tweet.

Prominent Analyst: BTC May Break Down Due to Historically Bearish Technical Formation

Peter Brandt, a prominent analyst who predicted Bitcoin’s recent bull run, recently told his nearly 300k Twitter followers that Bitcoin is currently forming a historically bearish technical formation that has result in downwards breaks in other markets.

“The analogue concept is a foundational premise of chart analysis — that forms tend to repeat, even in different time frames. Nasdaq 100 in 1999-2000 vs. BTC currently. Advance above 12444 violates possible analogue $BTC Forewarned = fore-ready,” he explained in a recent tweet while referencing the below chart.

As the weekend wraps up and a fresh week of trading kicks off, it is highly likely that this aforementioned chart pattern will either be validated or invalidated, so how BTC responds to its current downwards pressure in the near-term is critical for its near-term price action.

Featured image from Shutterstock.

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Why Bitcoin (BTC) Hitting $100,000 is Possible According to a Binance Exec

By many measures, the recent Bitcoin (BTC) bull run has just started. Despite being early on in this market cycle though, crypto investors have already begun to look ahead, speculating as to where certain digital assets will top out.

Related Reading: Economist Flips From Bitcoin Skeptic to Savant, Acknowledges Crypto’s Staying Power

Due to Bitcoin’s hegemony, most have focused their sights on the leading cryptocurrency, because as some see it, where BTC tops is where altcoins will. And according to a Binance executive, Bitcoin still has lots of room to run, upwards of 750%.

Bitcoin Could See Six Digits

In a recent fireside chat with trade news outlet BlockTV, Gin Chao, the Strategy Officer of crypto giant Binance, was asked about his thoughts on the potential of Bitcoin.

While noting that the value of BTC or Binance Coin (BNB) even doesn’t affect Binance’s strategy, Chao did note that historical trends hint that the cryptocurrency market has a large amount of upside potential.

In fact, he states that if you take previous cycles into account, of which there were at least three, Bitcoin could find itself in the $50,000 to $100,000 range — around four to eight times higher than the current price of $12,000, respectively.

As to why this will occur, he looks to the fact that there’s likely to be a “turning point” in the adoption of digital assets. And with investors starting to bifurcate the good digital assets from the bad, with Bitcoin obviously falling into the former category, a move to such a level could be had.

Gao isn’t the only industry analyst or executive to have looked to the high five-digit region as where Bitcoin may top in the coming years. For instance,

Think Markets U.K.’s Naeem Aslam recently remarked that as long as BTC stays above the 242-day moving average, which is somewhat unorthodox compared to the traditional 50 or 200-day, a correction is unlikely.

In fact, he quips that in the short term, $20,000 is likely; and in the long run, Bitcoin could foray into the $60,000 to $100,000 range — just around five to eight times higher than current levels. Crazy, eh?

This number isn’t baseless. As reported by NewsBTC previously, Level’s Josh Rager notes that over Bitcoin’s three completed cycles, the trough to peak gains decreased by around 80% each time, which is a concept defined by the law of diminishing returns.

As Rager notes, 2011’s rally saw a return of 320,000%; 2014, 58,500%; and 2017, 12,000%. Thus, if history is followed to a tee, BTC will rally by 2,400% off its bottom, giving it a potential high of just shy of $80,000, $78,500.

Some have been even more optimistic. But anyhow, the consensus seems to be that in the long run, barring that the Bitcoin network fails, BTC will see growth far beyond what was seen in previous cycles.

Featured Image from Shutterstock

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Binance Coin (BNB) At Risk, May List Libra But Prices Are Down 12.1%

  • Binance Coin (BNB) down 12.1 percent
  • Libra coin may be available at Binance upon launch in 2020

The exit of US clients will shave Binance’s trading volumes. To counter that, they may end up listing Facebook’s Libra upon roll out.  Talks are in a preliminary stage. Meanwhile, BNB is down 12.1 percent from last week’s close.

Binance Coin Price Analysis

Fundamentals

It may be the largest exchange by trading volumes, but that title is under threat. With the SEC firm on their interpretation of what a security is, the exit of US clients will negatively impact Binance trading volumes.

One thing is highly likely, like Huobi, Binance Coin (BNB) would not be available for trading in the US. It’s only a matter of months before that becomes a reality. The impact could be moving for BNB holders with the only path of least resistance being southwards.

On the chart, fractures are beginning to form as BNB prices stagnate below $40. Their plans of listing Facebook’s Libra could reinvigorate interest in the exchange token, temporarily buoying prices. At least that is a business decision Binance as a for-profit firm won’t want to miss on.

According to Binance strategy officer Gin Chao, in an interview with the Finance Magnates, during the FinTech Junction Conference in Tel Aviv, their discussion with the social media giant is at a preliminary stage:

“We have had an official dialogue with Facebook. With regarding listings specifically, right now they are going to be on a so-called “private chain.” So that means they won’t be looking for external liquidity.  However, from what we understand the potential to be, that would lead [Facebook] to wanting a secondary market [for Libra coin]. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”

Candlestick Arrangements

Binance Coin BNB

Price wise, BNB is trading 12.1 percent lower from last week’s close at the time of writing. Under pressure, bears could step up in days ahead. Visibly, bull momentum is waning after six months of impressive gains. Thus far, it is imperative that bulls maintain BNB prices above the main support line at $30.

Ideally, any rally above $43 or June 2019 peaks could see prices more than double. However, any liquidation with high trading volumes surpassing those of June 14 could confirm the bearish divergence pattern. After that, the first stop could be $25 and later $17 as laid out in previous BNB/USD trade plan.

Technical Indicators

With flimsy bulls and shrinking participation, there is a bearish divergence. All the is needed is a surge above $43 or a drop below $30 complete with high trading volumes exceeding 4.9 million of June 14 canceling or affirming bulls of the first half of the year.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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The Bitcoin (BTC) Trade-off, Price Could Tumble To $9,500

  • Bitcoin (BTC) down 6.8 percent
  • Systemically stable, BTC prices will continue to fluctuate thanks to Nakamoto trade-off

Price fluctuation is synonymous with Bitcoin. Drastic rise and falls of the tail end of this week differentiated the world’s most valuable asset from fiat. All the same, it is gradually morphing into a store of value and a settlement layer making it invaluable.  Even so, prices are susceptible and could slide to $9,500 or lower in days ahead.

Bitcoin Price Analysis

Fundamentals

Cryptocurrencies and Bitcoin, in particular, are counter products of the current financial systems. Systemically, fiat currencies are unstable. Factoring the damage of the Great Financial Crisis, Satoshi Nakamoto created an alternative coin.

According to analysts, Bitcoin is loop-sided and seeking to address one pressing need that is not inbuilt in traditional financial systems. Always maneuvering and creating anti-dotes to resolve arising concerns addressing risks of fluctuating demand for cash, fiat systems are stable from the pricing point of view. That is why currencies as the USD and even the Euro are reserve currencies because of their limited price fluctuations.

Enter Bitcoin. Governed by mathematics, the world’s most valuable digital asset is impervious to third-party breaches. Secure and attractive because of the increasing awareness amongst the masses and unrivaled levels of decentralization, the Bitcoin network is an overwhelming success.

However, it appeared as if Satoshi’s architecture prioritized a stable underlying network over the state of the asset prices. It was a trade-off, and it will continue as long as Bitcoin as a system is without a central authority.

Emerging coins as Facebook’s Libra, on the other hand, introduces price stability. Vital as they are, they are susceptible to the systemic flaws to fiat systems thanks to their pegging.

Candlestick Arrangements

Bitcoin BTC

Overly, BTC prices are all over the place. Cooling off and retracing from this week’s high, bears could force liquidation in days ahead. Unattractive at it may seem, this correction is necessary and to some degree inevitable. It is easy to see why.

BTC has been on a roll. Evident from the chart are peaking prices where bulls are still in control. As a result of this overview, $11,200 is reliable support. All that is needed is a firm slide and close below this mark as a correction of the over-extension of June 26.

Any firm close with high trading volumes confirms the double bar bear reversal pattern of June 26-27 setting the pace for $9,500 and even $7,500 assuming the retracement is deep.

Technical Indicator

Leading this trade plan is June 27 bear bar. Accompanying trade volumes are light at 77k versus 82k of June 26. Therefore, for trend bull trend resumption, upswings above June 26 high must be with high participation ideally exceeding 82k.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Litecoin Surged 400% The Month Before Last Halving, Will it Repeat This Time?

All eyes have been on Bitcoin since its peak on Thursday. Many have been expecting a wider correction which so far has failed to materialize. As BTC consolidates today, some of its siblings have started taking off and Litecoin is leading the pack during weekend trading.

Litecoin Surges 15% on Sunday

Weekend trading has been pretty weak for most of the altcoins. Very few of them have made more than a couple of percent back from their double digit dumps on Friday. When the Bitcoin flash crash shaved $55 billion off crypto markets, Litecoin dumped back to $110. The correction resulted in a 24 percent slide from its recent high of $145.

Bitcoin’s correction was a similar 25 percent from $13,800 to a low of $10,300 before it started to recover again. At the moment BTC is back over $12,000 but Litecoin has pumped today reaching $135 again before starting to consolidate.

Litecoin

LTC price 24 hours. Coinmarketcap.com

Daily volume for LTC has cranked up to $5.7 billion which has pushed market capitalization back above $8 billion allowing it to regain fourth spot from Bitcoin Cash which has not moved much in comparison. Litecoin has now recovered almost all losses from the recent mini-pullback. On the year LTC has made an epic 333 percent gain, outperforming even Bitcoin.

Halving Only 36 Days Away – 400% Surge Last Time Around

The Litecoin halving is now almost a month away, slated for August 5. Now that LTC has shown resilience and recovered all losses while the altcoins around it are still weakened, further gains are likely regardless of what Bitcoin does in the coming days.

The next major resistance level for LTC is around $180, with a higher one at $225. When Litecoin moves, it does not hang around. In early December 2017, LTC was priced similarly to today, however over the next week or so it pumped to $370 adding almost 175 percent in just a few days. This was purely speculative FOMO with no technical or fundamental indicators such as a halving event.

Litecoin’s last halving was in August 2015. The month before this happened, LTC surged a mind blowing 400 percent from $1.70 to $8.50 so a similar pump this time around may not be out of the question.

Other altcoins have been asleep comparatively. Bitcoin Cash has lost its fourth spot to LTC despite adding 5 percent today to reach $440. EOS has been very lackluster clawing back just a few percent from its recent double digit dump, and Binance Coin is also pretty quiet today.

A few of the alts besides Litecoin are back on track this Sunday however. Chainlink is still cranking on the recent Coinbase Pro listing as LINK surges 23 percent to top $4. BAT is also going well with 12 percent gained and BitTorrent Token is up 10 percent as the BT file system testnet is about to go live in a couple of days.

Image from Shutterstock

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Sabtu, 29 Juni 2019

Bitcoin Rebounds Nicely, BTC Bulls Sighting Next Crucial Break

  • After a nasty upward move, bitcoin price corrected below $12,000 against the US Dollar.
  • The price towards the $10,400 support and recently started a fresh increase above $11,500.
  • There is a major contracting triangle forming with resistance near $12,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to break to the upside above the $12,400, $12,500 and $12,800 resistance levels.

Bitcoin price is showing a lot of positive signs above $11,600 against the US Dollar. BTC could continue to gain momentum once it clears the key $12,500 resistance area.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price traded higher sharply above the $11,000 and $12,000 resistances against the US Dollar. The BTC/USD pair even gained strength above the $13,000 level and traded close to the $14,000 level. A new 2019 high was formed near $13,875 and later the price started a sharp downside correction. There was a sharp dip below the $12,000 and $11,000 level.

Moreover, the price traded close to the $10,000 level and the 100 simple moving average (4-hours). Finally, the $10,400 level acted as a strong support and the price stayed well above the 100 SMA. A swing low was formed near $10,310 and the price recently started a fresh increase. It traded above the 50% Fib retracement level of the recent decline from the $13,875 high to $10,310 low.

In addition, bitcoin price managed to settle above the $12,000 level. More importantly, there is a major contracting triangle forming with resistance near $12,300 on the 4-hours chart of the BTC/USD pair. The 61.8% Fib retracement level of the recent decline from the $13,875 high to $10,310 low is near the $12,500 level. Therefore, an upside break above the $12,400 and $12,500 levels is needed for more gains.

Once there is a close above the $12,500 level, the price may accelerate above the $12,800 and $13,000 levels. The next key resistance is near the $13,300 level, followed by $13,650.

On the downside, there is a strong support forming near the $12,000 level. If the price fails to break the $12,500 resistance, it could correct lower. An immediate support is near the $11,600 level, below which bitcoin could trade towards the $11,200 support.

Bitcoin Price Weekly Analysis (BTC)

Looking at the chart, bitcoin price is clearly preparing for the next break either above $12,500 or below $12,000. There are high chances of an upside break above $12,500. If not, the price could retest $11,200 before a fresh increase.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.

Major Support Level – $12,000

Major Resistance Level – $12,500

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Ethereum Price Weekly Forecast: ETH Eyes Fresh Increase Above $340

  • ETH price completed a downside correction near the key $275 support area against the US Dollar.
  • Bitcoin price is back above the $12,000 level and is signaling a strong bullish momentum.
  • There is a key ascending channel in place with support near $310 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher and it could even surpass the main $340 resistance area.

Ethereum price is slowly moving back in a positive zone against the US Dollar, similar to bitcoin. ETH is likely to accelerate once it clears the $330 and $340 resistance levels.

Ethereum Price Weekly Analysis

This past week, Ethereum price started a major downside correction from the $363 high against the US Dollar. The ETH/USD pair traded below a couple of important supports near the $340 and $320 levels. The price even declined below the $300 support and tested the main $275 support area. A swing low was formed near $274 and the price recently started a fresh increase. It is now trading above the $300 level and the 100 simple moving average (4-hours).

Moreover, there was a break above the 23.6% Fib retracement level of the recent drop from the $363 high to $274 low. The current price action is positive and the price is now trading nicely above $310. Additionally, there is a key ascending channel in place with support near $310 on the 4-hours chart of ETH/USD. At the moment, the price is just above the 50% Fib retracement level of the recent drop from the $363 high to $274 low.

If there is an upside break above the $330 resistance, the price could accelerate higher. The next important resistance is near the 340 level. Moreover, the 76.4% Fib retracement level of the recent drop from the $363 high to $274 low is also near $342. Once there is a break above $340 and $342, the price could accelerate towards the $363 high or even $375.

On the downside, there is a strong support forming near the $310 level. If there is a downside break below the channel support, the price might decline towards the $300 support.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum price likely completed a downside correction and is currently moving higher. If there is a successful break above $330 and $340, there could be strong gains in the coming sessions.

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is currently well above the 750 level, with a positive momentum and angle.

Major Support Level – $310

Major Resistance Level – $340

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Crypto Hardware Review: Meet The Sleek Gray Corazon Titanium

A week or two back, I got an unsolicited message on Twitter, Crypto Twitter if you will. When the private message opened, I was greeted by a note from GRAY®, a Singapore-based company focused on luxury-centric hardware.

To my surprise, their chief executive, Kevin Wu, was offering to send me one of their latest products — The Corazon Titanium, their play on cryptocurrency hardware that took heavy inspiration from the Trezor Model T, one of the top security solutions for Bitcoin “HODLers”. As I explained to my editor at NewsBTC, “the Corazon is pretty much a specced out Trezor T”.

In fact, the Titanium and others in the Corazon lineup were purportedly created in collaboration with Trezor, a well-known, long-standing crypto upstart.

By the time I took a look at GRAY®’s website, my curiosity piqued, so I accepted the kind gift, and here I am reviewing it a few weeks later. Let’s take a look, shall we?

Unboxing The Crypto Device

The very nonchalant, simple unboxing experiences that the ShapeShift KeepKey, Ledger Nano S or Nano X, the normal Trezor Model T, and other hardware crypto wallets provide weren’t present with GRAY®’s device.

First off, the box itself, which is sealed by two ‘government-issued’ tamper-proof stickers, is quite clean. The design is minimalistic — my favorite — and the branding is subtle. Plus, everything is in black and white.

The silky design carries over into the box’s contents. As seen below (image from GRAY®), upon sliding the Corazon-festooned cover off the box, you’re met with a matte black block of foam in which the device is encased.

Under the foam piece is a hefty stack of crypto-related documentation, including a recovery seed card for those extremely conscious about backing up their keys. I know, the same old, same old, but important to have nonetheless.

And under that is the lengthy USBC-to-USB cord, which, I must say, looks a lot better than the Amazon Basics ones I order on occasion, or even the one that Ledger includes with its devices.

Overall, the unboxing experience is quite exciting really, just what you would expect from a company whose existence is built on stellar aesthetics and knock-your-socks-off product design. Fun, eh?

Ladies and Gentlemen, the Corazon Titanium

Although I normally don’t allocate a whole review section to the device’s physicality, the Corazon Titanium has to be an exception. The device is simply a beast. No joke.

While the Nano S is light, this device is heavy. It could easily double as a really, really conspicuous paperweight if you wanted to. I don’t own a scale, but I would assume the Titanium weighs a solid 150 grams, not much less than the smartphone you are presumably reading this review on. This may not sound like a lot, but if you were carrying this in your pocket, you’d easily notice.

The wallet has a nice finish, sporting a nice space grey color scheme and a brushed texture. And the GRAY® and Trezor branding are minimal, actually kind of complementing the device instead of sticking out like sore thumbs.

What’s most important though is the material used to build the Titanium. If you haven’t guessed it already, this piece of crypto hardware is built using titanium, “aerospace grade” titanium to be exact.

Due to some unfortunate logistical mishaps, I was unable to shoot, burn, or freeze the device to test its durability. But, considering the attributes of titanium, I wouldn’t be surprised if it was much more durable than the classic Trezor Model T, especially in terms of temperature resistance and corrosion.

So make no mistake, unlike your phone, the Titanium is unlikely to easily scratch.

Using it to Store Crypto

Despite its flashy appearance, using the device was simple and sleek. In fact, using the GRAY® device is just how one would use a normal, plastic-clad Trezor Model T.

To start the process of storing your cryptocurrency bags, you plug in the device to your computer. The USBC side goes into the Titanium and the USB side goes into your computer. If you messed that up, I don’t know what to tell you.

Upon plugging in the device, your computer should register that something was plugged in and the Titanium itself should turn on, greeting you with a- digitally enthusiastic “Welcome!”.

The Corazon Titanium. Don’t mind my dusty keyboard.

As prompted, you are then supposed to visit Trezor.io/start, which will trigger a backup process, during which you will need to take your handy recovery seed card, then fill it out. From there, you can then use Trezor’s software, namely a program called Bridge, to store an array of assets.

These include but aren’t limited to Bitcoin, Ethereum, Ripple’s XRP, Litecoin, Tether, Stellar, Monero, Tezos, ZCash, all ERC-20 tokens, and Cardano. The specced out Trezor can also “secure your digital identity”, as it does sport a password manager.

‘Too Long, Didn’t Read’ Conclusion

If you don’t want to read my whole review, here’s a short spiel.

Overall, the Corazon Titanium is a solid, nice-looking device that comes shipped in a nice package. The device itself could easily take a beating, seeing that it is, after all, built out of one of the earth’s rarest and hardest metals.

As a crypto asset hardware wallet, it serves its purpose well, harnessing the technologies and portal built by Trezor (Satoshi Labs) to allow for storage of Bitcoin, Ethereum, other crypto assets, and even keys for non-blockchain applications.

However, with the device clocking in at $959 Singaporean Dollars, which is just shy of $710 for American readers, it may be out of reach for normal consumers. If you’re a cryptocurrency HODLer, have a bit of money to spend, and want to stand out a bit in a crowd of plastic Trezor Model Ts, this device would be perfect for you.

Or, if you have a tad more to spend, the Corazon Titanium’s older brother, the Corazon Gold, has your name written all over it. That runs for over US$1,500 though.

My overall score for the Corazon Titanium: 8.0/10

Disclaimer: GRAY®’s chief executive, Kevin Wu, reached out to me via Twitter & LinkedIn, asking if he could send me the device for a potential review. I agreed. No financial transactions were made, but I did receive the device at no cost. Regardless This review is entirely objective, made from the perspective of a (relatively) small crypto asset holder that cares about security and privacy. Readers and investors should always do their due diligence before purchasing any device or cryptocurrency mentioning in this article. 

Featured Image from Shutterstock. Some Review Photos Courtesy of GRAY.

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Ethereum: Despite Recent Volatility, Analysts Believe ETH Could Soon Test $363

Despite Bitcoin being in a firm uptrend over the past few months, the aggregated crypto markets have largely experienced lackluster price action, but Ethereum (ETH) may be one of the few exceptions as it has been closely tracking BTC as of late.

Because ETH has been closely tracking BTC, it has experienced large volatility over the past week, setting fresh year-to-date highs before quickly plummeting lower. Now, analysts believe Ethereum is ready to continue its upwards ascent, which may mean that it will target $363 next.

Ethereum Finds Support at $300 as Volatility Ramps Up

At the time of writing, Ethereum is trading up nominally at its current price of $307, up slightly from its daily lows of $295.

Over a one-month period, it becomes clear as to just how volatile ETH has been as of late, surging from lows of $230 to highs of $360, at which point it incurred a massive influx of selling pressure that sent it reeling down to lows of $285.

In the time since, Ethereum appears to have been forming a pattern of consolidation between $295 and $310, which may turn out to be a fresh trading range that will persist while Bitcoin experiences a bout of sideways trading.

The Cryptomist, a popular crypto analyst on Twitter, spoke about ETH in a recent tweet, noting that it has between now and August to hold above its RSI support, which means that it could be another month before it makes a decisive move in one direction or another.

“$Eth My loyal followers would remember when I posted that long term btc support that had to break ..remember? Well Eth has the same one! This RSI support has now till August to break – Support test approaching: one more bounce? 304 holding as past resistance,” she explained.

Will ETH Target $363 Next? One Analyst Believe So

Although The Cryptomist believes it could be another month before Ethereum makes a big movement, Harald Weygand, another popular analyst, recently explained that he believes ETH is currently gearing up for a move back towards its recently established highs.

“#Ethereum Sell Off is over, I expect a re-attack of the pricemark at 363 USD,” he concisely noted while referencing the below chart.

As the weekend continues on, it is probable that Ethereum’s near-term price action will be largely based on that of Bitcoin, which may mean that it is in for a bout of sideways trading.

Featured image from Shutterstock.

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Economist Flips From Bitcoin Skeptic to Savant, Acknowledges Crypto’s Staying Power

To most in the Bitcoin (BTC) and crypto community, mainstream media is viewed with intense skepticism. Case in point, the leading cryptocurrency has been declared dead over 360 times according to 99Bitcoins.

Most of these attacks come from mainstream outlets, from CNBC and Forbes to the New York Post and Bloomberg. For instance, one Bloomberg op-ed headline published in January 2018 reads: “Sorry, Bitcoin Fans. Digital Currency Is Still a Dream.”

Related Reading: FUD Storm: Mainstream Media Back Bashing Bitcoin the Moment Markets Move

But, just recently, as BTC has surged past $10,000, one Bloomberg economist and column writer has flipped bullish on the cryptocurrency, acknowledging its value in this ever-changing world. Here’s a short synopsis of his story, aided by a Twitter thread from cryptocurrency commentator and writer Tony Sheng.

From Bitcoin Cynic to Believer

Since 2013, Tyler Cowen, a Bloomberg Opinion writer and economist, has been somewhat skeptical of Bitcoin’s value proposition. In 2013, he seemingly poked fun at the volatility of the cryptocurrency market, joking that volatility could be a redeeming factor of Bitcoin. He wrote at the time:

“Imagine you hold a currency which, over the next period will either double or halve in value. […] What a good deal that is!”

Cowen later published a piece in which he wrote “how and why Bitcoin will plummet in price”, noting that the digital asset market may get to a point where the equilibrium price of cryptocurrencies is the cost of marketing. Sounds confusing, we know, but the writer made the assumptions that all digital assets are one and the same.

A few years later, the writer noted that he wasn’t convinced that Bitcoin was doing to be a “big deal”. Sheng, the aforementioned compiler of these historical texts called this Cowen’s “skeptic ” phase, as the economist was trying to ground claims in the reality of economics.

Related Reading: Space Holds The Key to The Bitcoin (BTC) Moon Mission: Flipping Gold

But by 2017, things started to change. He wrote that BTC may actually be a good way for risk-averse individuals to store their wealth, even likening the seemingly nascent cryptocurrency to gold, just as firms like Grayscale have done time and time again.

Cowen’s journey to believer finished just recently, however, with his latest article for Bloomberg on this newfangled asset. Titled “Bitcoin is (Probably) Here to Stay”, Cowen gave a number of reasons why the cryptocurrency has a viable value proposition.

  1. The U.S.-China trade war, which pushes Chinese investors to find their way into safe havens.
  2. A left-leaning (economics-wise) political climate in the U.S., which may lead investors to store their value away from authorities (IRS).
  3. The launch of Libra, which Cowen believes increases the survivability of cryptocurrency.
  4. Hedge against uncertainty.

This journey is very similar to those of other market commentators on mainstream media outlets, many of which have started to acknowledge the value of Bitcoin in today’s macroeconomic climate. For instance, a Deutsche Bank analyst recently claimed that BTC may see use as a safe haven as central banks continue to push pro-inflationary policies.

Featured Image from Shutterstock

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Analyst: Bitcoin Could Target $8,200 Next Despite Recent Stability; Is the Bull Run Over?

Bitcoin has been experiencing some incredibly positive price action over the past few months, but what started out at consistent, steady gains quickly changed into massive volatility after BTC began moving parabolically, which ultimately resulted in the crypto losing its momentum and plummeting from its recent highs.

Now, it appears that Bitcoin has entered a period of consolidation, bouncing between the upper $10,000 region and the lower $12,000 region. Importantly, one analyst believes BTC’s current consolidation trend could result in a plummet to $8,200.

Bitcoin Holds Above Support, But Fails to Move Higher

At the time of writing, Bitcoin is trading up marginally at its current price of $11,950 and is up slightly from daily lows of $11,500.

Bitcoin’s volatility first began earlier this week when BTC’s upwards momentum turned parabolic, leading it from weekly lows of $10,500 to highs of $13,800.

Despite this, the upwards momentum didn’t last long, as the cryptocurrency quickly plummeted after hitting this level, erasing the majority of its parabolic gains when it subsequently dropped to lows of $10,600.

In the time since this price movement occurred, Bitcoin has found some stability between roughly $11,500 and $12,500, which appears to be a fresh trading range that may persist for the foreseeable future.

In the near-term, it is important that BTC closes above the bottom of this aforementioned trading range, or else a drop into the $9,000 region could be imminent.

Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, also explaining that a close above this level could lead the cryptocurrency back into the upper-$13,000 region.

“$BTC – watching for a weekly close above $11,510. Confluence at that level, if closed below then real opportunity for price to retest at $9532 (0.382 fib). Close above could lead to higher probability to retest local highs at $13800s,” Rager noted.

Analyst: Despite Uptrend, BTC May Target $8,200 Next 

Although today’s daily close will likely determine which direction Bitcoin is heading next, recently established technical formations may point to the possibility that it will target $8,200 next.

Mitoshi Kaku, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, noting that a break above $13,200 would invalidate this theory.

“I’d like to wait a little bit more to share this, as I’m testing new and more complex formulas right now and I need more confirmations/data. But, this is the scenario I have for the next move, as long as we don’t break AND close above 13.2K (Invalidation),” he explained while referencing the below chart.

After an incredibly volatile week, it is unclear as to whether or not this volatility will carry over into the weekend, or if BTC will begin consolidating and face a bout of sideways trading for the next couple of days.

Featured image from Shutterstock.

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