Bitcoin Demand in Economically Volatile Countries Reaches Record Highs

Nothing drives up demand for Bitcoin more than economic and political uncertainty. Well maybe a large dose of China initiated FOMO, but fundamentally BTC acts as a solid hedge against failing fiat and economic policy. This year has not been one to remember for a number of nations, and that has clearly been reflected in their demand for digital assets.

Bitcoin Demand Surging

The economies and local currencies of two South American countries have been battered this year. According to reports, Venezuela lost almost a quarter of its gross domestic product (GDP) in the first three months of 2019. The oil sector, which is the source of over 90% of the country’s export earnings contracted 20% and continues to get hit by power shortages.

US economic sanctions and hyperinflation have resulted in extreme reforms including pegging the country’s currency to the crypto Petro and initiatives to further its adoption. Epic devaluation of the Bolivar has significantly increased the demand for Bitcoin in Venezuela this year.

While in Argentina political tensions have risen in the lead up to presidential transition. The local currency has also been massively devalued and extreme capital control measures have been introduced in an attempt to stem the outflow and restrict what people can do with their money. Likewise, Bitcoin demand on OTC trading has skyrocketed in Argentina.

Trader and analyst ‘CryptoWelson’ has been looking at the figures noting that demand has risen to record levels in these two, plus a number of other countries.

“Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.”

Demand for #Bitcoin in economically volatile regions reached record highs in 2019.

Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value. pic.twitter.com/atKadtWjb3

— CryptoWelson (@CryptoWelson) November 1, 2019

Hong Kong meanwhile has been gripped with the worst riots in recent history as protesters continue to fight for democracy as Beijing closes in. As banks shuttered their doors and infrastructure was damaged, demand for Bitcoin soared to record levels during the height of the violence.

Localbitcoins is a good measure of peer to peer trading volumes and the geographical charts tell the story. Chile is also undergoing a period of economic turmoil as riots rock the country. Protesters are up in arms over inequality in a movement which was sparked from a hike in metro fares. The demand for Bitcoin in Chile has also skyrocketed as a result this year.

In China banks are starting to feel the squeeze with four being bailed out already this year. Bitcoin demand has always been high but pressure on Chinese banks is likely to send it even higher. Despite a government crackdown, the Chinese have a number of ways to subvert the system and buy BTC.

The pattern is clear – economic and political turmoil leads to an increased demand in Bitcoin. With another global recession looming, it is unlikely that this demand will falter anytime soon as more countries are added to that list.

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Bitcoin (BTC) Price Trading Near Make-or-Break Levels

• Bitcoin price is declining and struggling to stay above the $9,000 support against the US Dollar.
• The price is could correct higher, but it might face resistance near the $9,200 and $9,300 levels.
• There is a declining channel forming with resistance near $9,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• Both Ethereum and ripple are showing a few bearish signs below $185 and $0.2950 respectively.

Bitcoin price is struggling to start a fresh increase above $9,400 against the US Dollar. Therefore, there is a risk of another drop below the $9,000 support in the near term.

Bitcoin Price Analysis

After struggling near the $9,500 resistance, bitcoin started a steady decline against the US Dollar. BTC traded below a couple of key supports near the $9,400 and $9,320 levels.

Moreover, there was a break below the $9,200 support and the 100 hourly simple moving average. The price even spiked below the $9,000 support area and traded to a new weekly low near the $8,951 level.

Recently, there was an upside correction above the $9,250 level. Besides, the price climbed above the $9,300 resistance, but it failed to gain momentum above $9,400. A high was formed near $9,452 and the price is currently declining.

There was a break below the $9,200 support, plus the 50% Fib retracement level of the upward move from the $8,951 low to $9,452 high. At the outset, bitcoin price is testing the $9,080 support area.

It seems like the 76.4% Fib retracement level of the upward move from the $8,951 low to $9,452 high is acting as a decent support. However, the main support is near the $9,000 level, below which there is a risk of an extended decline towards the $8,950 and $8,830 levels.

On the upside, there are many hurdles near the $9,200 and $9,300 levels. More importantly, the 100 hourly simple moving average is also near the $9,300 level to act as a hurdle.

Finally, there is a declining channel forming with resistance near $9,400 on the hourly chart of the BTC/USD pair. Therefore, the price must climb above $9,300 and $9,400 to start a strong rise in the near term.

Bitcoin Price

Looking at the chart, bitcoin is showing a few bearish signs below $9,200 and $9,300. It seems like there could be another bearish reaction below the $9,000 support. On the upside, the $9,300 level now holds the key for a fresh upward move.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher and it could climb to 50.

Major Support Levels – $9,000 followed by $8,830.

Major Resistance Levels – $9,200, $9,300 and $9,400.

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Ripple (XRP) Price Set For Downside Thrust Before Higher

• Ripple price is facing an increase in selling pressure below the $0.2980 resistance against the US dollar.
• The price is likely to decline below the $0.2880 support before it could start a fresh increase.
• There is a key bearish trend line forming with resistance near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
• Ethereum is also declining, but it might find a strong support near the $175 level.

Ripple price is slowly declining below key supports against the US Dollar and bitcoin. XRP price might revisit the $0.2820 support before it could bounce back.

Ripple Price Analysis

After struggling to stay above $0.3050 and $0.3000, ripple started a slow and steady decline. XRP traded below the key $0.2950 support area to move into a short term bearish zone.

Moreover, there was a close below the $0.2950 level and the 100 hourly simple moving average. It opened the doors for more downsides and the price spiked below the $0.2880 support area.

The $0.2850 area provided support and the price recovered above $0.2920 and $0.2950. However, the price failed to stay above the $0.2950 level and even struggled to surpass the 100 hourly simple moving average.

A high was formed near $0.2972 and ripple is currently declining. It is trading near the $0.2920 support. An immediate support is near $0.2910, plus the 50% Fib retracement level of the upward move from the $0.2852 low to $0.2972 high.

The main supports are $0.2900, $0.2800, and the 61.8% Fib retracement level of the upward move from the $0.2852 low to $0.2972 high. If there is a downside break below the $0.2880 support, the price could revisit the $0.2850 and $0.2820 support levels.

On the upside, there are many hurdles near $0.2950 and $0.2980s. Additionally, there is a key bearish trend line forming with resistance near $0.2940 on the hourly chart of the XRP/USD pair. Therefore, an upside break above the $0.2950 level and the 100 hourly SMA is needed for a fresh upward move in the coming sessions.

Looking at the chart, ripple price is clearly declining below the key $0.2950 level. If the bulls fail to defend the $0.2880 support, there is a risk of more losses. The next key support is near $0.2820, below which the price may slide towards $0.2750. Conversely, a clear break above $0.2950 is needed for a decent recovery.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a bearish angle.

Major Support Levels – $0.2900, $0.2880 and $0.2850.

Major Resistance Levels – $0.2940, $0.2950 and $0.3000.

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Ethereum (ETH) Stuck In Range, Bitcoin Struggling Near $9K

• Ethereum price declined recently and traded below the $180 support area against the US Dollar.
• Bitcoin is under pressure and it seems to be struggling to stay above the $9,000 support.
• There is a new connecting bearish trend line forming with resistance near $183 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it breaks the $183 and $185 resistance levels.

Ethereum price is showing a few bearish signs versus the US Dollar, similar to bitcoin. However, ETH price is likely to find a strong support near the $175 level.

Ethereum Price Analysis

In the past few sessions, there was a steady decline in Ethereum below the $185 support area against the US Dollar. Moreover, there was a close below the $185 level and the 100 hourly simple moving average.

Finally, ETH spiked below the $180 support and traded to a new intraday low near $177. Recently, there was an upside correction above the $180 and $182 levels.

Ethereum price managed to move above the 23.6% Fib retracement level of the recent drop from the $194 high to $177 low. However, the previous support near the $185 area acted as a resistance and prevented an upside break.

Besides, the pair failed to test the 50% Fib retracement level of the recent drop from the $194 high to $177 low. More importantly, there is a new connecting bearish trend line forming with resistance near $183 on the hourly chart of ETH/USD.

The 100 hourly SMA is also near the $183 level. Therefore, an upside break above the $183 level might push the price above the $185 resistance. The next key resistance is near the $188 level, followed by $190.

On the downside, an immediate support is near the $178 level. The main support is near the $175 level, where the bulls are likely to take a stand. If there is a downside break below the $175 level, there are chances of more losses below the $172 and $170 levels.

Looking at the chart, Ethereum price is struggling to hold the $180 and $178 supports. It could either break the $185 resistance or extend losses below the $175 support. Having said that, a clear break below the $175 support won’t be easy in the coming sessions. Below $175, the next buy zone could be near the $165 area.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently decline and it is moving lower towards the 40 level.

Major Support Level – $175

Major Resistance Level – $185

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China Banking Run Could be a Blessing For Bitcoin

One of the reasons Bitcoin was envisaged was to provide freedom from the banking system, which is clearly in trouble. Banks literally hold their customers to ransom when services are pulled. This is exactly what is happening now in China as citizens rush to withdraw their savings.

China Bank Run Day Three

Banks are becoming the bane of people’s lives. Very few have good things to say about them these days as charges go up and service goes down. In Henan, China, savers have swarmed a rural bank for the third consecutive day in a rush to pull out their money.

According to the WSJ  the main branch of Henan Yichuan Rural Commercial Bank, just outside the city of Luoyang was swamped while banking executives attempted to quell the crowds with propaganda. The publicity stunt also included bank employees brandishing wads of cash before television cameras to demonstrate just how much cash, literally, the bank had. Bank managers have tried to convince customers not to withdraw by offering higher yielding products and supermarket gift cards.

The state backed Yichuan Bank is in trouble, it is the fourth lender that authorities have had to bail out this year. As of last year the bank had over a billion yuan in bad loans.  Speculation circulated on social media that the bank was on the verge of insolvency, and the crowds at bank branches ballooned.

In a typically Chinese response authorities detained two women whom they accused of spreading false rumors, which actually turned out to be true.

China’s banking system has been beleaguered by liquidity issues in recent months. Smaller regional banks which have expanded aggressively are top of that pile at the moment and the problem is likely to worsen.

Earlier this year it was Baoshang Bank, then it was Bank of Jinzhou, and just two months ago, China’s Heng Feng Bank failed. Yichuan Bank makes it four as bad loans have built up.

The report added that troubled banks account for 4% of total assets in China’s banking system, though the figure is likely to be much higher than that. China’s financial system appears to be one giant house of cards which is why safe haven assets such as Bitcoin could be the answer.

Bitcoin Fixes This

Bad news for banks is good news for Bitcoin which was designed to offer a way out from the flawed banking system. Industry observer ‘Rhythm Trader’ added;

“Bitcoin isn’t a get rich quick scheme, it’s a get free quick scheme.”

BREAKING: The 4th bank to fail this year in China is now flooded with citizens rushing to withdraw their savings as fast as they can.

They're being offered extra interest and even gift cards to stop withdraws.

Bitcoin isn't a get rich quick scheme, it's a get free quick scheme.

— Rhythm (@Rhythmtrader) October 31, 2019

When the dominoes start falling, as they already appear to have done, the run on banks across the country will be monumental. Money in a bank is the banks, not the customers, and they will do anything to keep hold of it in times of adversity.

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Ethereum May Be Gearing Up for Bullish Movement as On-Chain Volume Declines

Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past several days and weeks and was able to incur some bullish momentum this past Tuesday separate from Bitcoin, although this movement was short-lived and was closely followed by a retrace back towards its current price levels.

Analysts are now nothing that Ethereum may currently be positioned for a noteworthy bullish movement in the near-term, as it is currently trading just above a region with massive support.

Ethereum Finds Strong Support at $180

At the time of writing, Ethereum is trading up marginally at its current price of $183.85, which marks a slight climb from its recent lows of $180 that were set overnight.

ETH’s sharp bounce after visiting $180 signals that there is notable support in this region, which is further supported by the fact that it has been finding support around this level in the time since it incurred a massive rally that sent it up to highs of nearly $200 last week.

In the time following this rally, the cryptocurrency has found strong resistance around the lower-$190 region, which may signal that the crypto is currently caught within a relatively tight trading range between $180 and $190.

The formation of this tight trading range has come about amidst declining on-chain volume, which has dropped 11% over the past 24-hours, according to data from TokenAnalyst.

“4H #ETH Network Stats: Price: $185.19 (-0.9%). $ETH On-Chain Volume: $371M (-11.1%). Active Senders: 228K (-0.9%). Active Recipients: 96K (-4.4%),” they noted in a recent tweet.

24H #ETH Network Stats:

Price: $185.19 (-0.9%)
$ETH On-Chain Volume: $371M (-11.1%)
Active Senders: 228K (-0.9%)
Active Recipients: 96K (-4.4%)

Visit https://t.co/u90eafzR5J for more info

— TokenAnalyst (@thetokenanalyst) October 31, 2019

ETH May Be Positioned for Further Gains in Near-Term 

As for which direction ETH will move once it breaks free from this bout of consolidation, analysts are currently noting that the strong support region directly below Ethereum’s current price gives bulls an edge over bears.

Mayne, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is currently bullish on ETH based on its weekly chart while pointing to the significant support that lies directly below its current price.

“$BTC probably isn’t going to $16k today. But, looking at the weekly charts for it and $ETH I can’t help but be bullish. Still, a lot of salty bears under my posts. I’m going to redeem ICT’s name by catching the bottoms on both with order blocks,” he said while referencing the charts seen below.

$BTC probably isn't going to $16k today.

But, looking at the weekly charts for it and $ETH I can't help but be bullish. Still, a lot of salty bears under my posts.

I'm going to redeem ICT's name by catching the bottoms on both with order blocks.

Happy Halloween everyone! pic.twitter.com/C2FmCdXaeb

— Mayne (@Tradermayne) October 31, 2019

The coming few days will give traders and analysts alike significant insight into which direction Ethereum and the aggregated crypto markets will head next, and it is highly probable that this will be largely based on Bitcoin’s performance in the near-term.

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Bullish for Bitcoin? Analyst Warns of Growing Motives for Global De-Dollarisation

A group of “very powerful nations” is increasingly making moves to reduce their dependence on the US dollar according to a global security analyst. Traditionally a planetary store of value, will Bitcoin benefit from such a global exodus from the dollar?

Anne Korin of the Institute for the Analysis of Global Security identifies strong motives inspiring China, Russia, and Europe to ditch the dollar as the asset favoured for global trade. She describes the situation as “unsustainable”.

Could Nations Turning Away from the Dollar Benefit Bitcoin?

Korin, the co-director of the Institute for the Analysis of Global Security, appeared on CNBC’s “Squawk Box” segment yesterday to discuss what she described as “major movers” away from the dollar. For the analyst, one of the main motives driving countries to de-dollarise is potential censorship by Washington.

Korin argues that dollar dependence leaves nations wishing to do trade with those sanctioned by the US at risk of punishment by Washington. She mentioned the current US sanctions against Iran prohibiting big European companies from trading with the nation.

Through sheer convenience, most global trade is conducted in US dollars. However, dollar payments are cleared through US banks and are subject to the censorship of that bank (which is in turn behest to the Federal government). This means that transactions between entities that might have nothing to do with America are subject to US jurisdiction.

Of course, Bitcoin use is free from the kind of financial censorship that is seen in examples like Argentina’s recent dollar buying restrictions, payment networks terminating services to certain political groups around the world over the years, and the examples mentioned by Korin to CNBC. However, it still a huge leap to think that Bitcoin would suddenly be favoured by the planet’s most powerful nations.

That said, what Korin’s interview does highlight is that financial censorship isn’t just a matter for those living under authoritarian regimes or times of immense economic strife. Some of the most powerful nations on the planet are starting to kick back at Washington’s control over global finance.

One of the symptoms of this urge to de-dollarise is China’s own efforts to internationalise the yuan. The analyst cited the nation’s launch of yuan-denominated crude oil futures as evidence of this. Whilst admitting that 90 percent of oil trade is still done in dollars, Korin said:

“If you have a sort of a beginning to crumble away [at] the dominance of the dollar over oil trade, that’s a nudge in the direction of de-dollarisation.”

In terms of the future, Korin said that she didn’t know how the situation would play out and could only say that it was “unsustainable.”

 

Related Reading: Will a Surprise $7K Bitcoin Pump on Halloween Fulfill the Prophecy of Asuka?

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Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?

In the next few hours, Bitcoin will see its monthly candle for October close. As the cryptocurrency has been subject to immense volatility over recent weeks, this close will be immensely important for Bitcoin’s directionality for the next few months.

Related Reading: Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

So, with BTC seemingly poised to close October around $9,300, what are analysts saying?

Bitcoin Looking Relatively Strong

Stackin’ Bits posted the chart below recently, with the attached caption “yin/yang.” According to the chart, BTC remains above the red pivot line at around $8,700, presumably implying that it is still in the “yin” range, or bullish.

yin/yang… pic.twitter.com/yElzllJWNi

— Stackin' ฿its (@StackinBits) October 31, 2019

Crypto HornHairs echoed this seeming sentiment. He noted that there is a confluence of signs that imply Bitcoin is closing October bullish. This confluence is centered around the idea that BTC remains above the one-month bullish breaker, 0.618 Fibonacci Retracement, a yearly pivot, among other key levels. He thus claimed that he expects for the cryptocurrency to hit $14,000 before $7,000.

$BTC Monthly confluence

+1M bullish breaker
+.618 retracement
+Volume Profile HVN/PoC
+Yearly Pivot
+Inside bar fakeout

I like the chances we hit $14,000 before $7,000. pic.twitter.com/0l1VlDAmA0

— HornHairs (@CryptoHornHairs) October 31, 2019

Bearish Continuation Possible

While Bitcoin’s monthly candle doesn’t look bad in and of itself, it could be viewed as a sign of impending bearish continuation when placed into context.

Related Reading: Bitcoin Whitepaper: Eleven Years On And Still Going Strong

Below is an image outlining the “Three Black Crows” technical analysis pattern. As NewsBTC reported in an earlier report, Bitcoin’s chart printed this pattern after September’s close, which many say is a sign of an extremely strong trend reversal, especially on long-term time frames like the monthly.

While some have argued that the Three Black Crows were invalidated by Bitcoin’s massive 25%+ surge over the past week, some textbook examples of the pattern, like the one above, show one green recovery candle, before further losses in following trading sessions. This, of course, could play out with Bitcoin heading into the end of 2019.

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Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.

Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.

Bitcoin Bounces from Daily Lows as Bulls Ardently Defend $9,000

At the time of writing Bitcoin is trading up just under 2% at its current price of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC’s price had been hovering for the past couple of days.

It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.

Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.

In the near-term, BTC’s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

“$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.”

$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support pic.twitter.com/HkNuzeELYZ

— Big Cheds (@BigCheds) October 31, 2019

BTC Bulls Defend Against Significant Selling Pressure 

Bitcoin’s bulls have been showing some weakness ever since Bitcoin peaked around $10,600 during its recently rally, which was closely followed by a drop to its current price levels.

Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that bulls may be stronger than they seem, however, as this latest movement up came about in the face of significant selling pressure.

“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000. At least short term. Nice bounce from $BTC to tap $9400,” he explained.

Aggressive selling being held up by the heavier hand was showing the bigger player didn't want price to drop from $9000

At least short term

Nice bounce from $BTC to tap $9400 https://t.co/5ZhUYDwaO9

— Josh Rager (@Josh_Rager) October 31, 2019

If bulls are able to extend this momentum in the near-term, it may be emblematic of the possibility that significantly further gains are in store for the cryptocurrency in the coming days and weeks.

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Bitcoin Mining Firm Study Shows How Clueless People are About Money

A study by Bitcoin mining firm Genesis Mining has shown that a startling number of US citizens have no idea about how their financial system works. A whopping 29 percent of respondents said they thought the US dollar is still backed entirely by gold.

The study’s findings highlight just how little is really known by the general public about the nature of modern banking. If education about finance proliferates, the value of Bitcoin as these hardest form of money in history might become apparent to more individuals.

Is Lack of Knowledge About Modern Banking Holding back Bitcoin Adoption?

The study, conducted by Genesis Mining, is titled “Perceptions of Money and Banking in the United States 2019.” It sought to discover just how much the general public knows about the way the Federal Reserve and wider banking system operates. The 1,000 respondents were asked a series of 23 questions about US banking on September 19 this year.

Knowledge of key details of the operation of central banks is sorely missing.

The study, detailed in a press release published earlier today, states that a massive 29 percent of individuals believe that the US dollar is still backed by gold reserves as it was in the early 20th century. This is not the only huge misconception many of those asked held about the US financial system though.

More than half (54 percent) said that they believed that Federal Reserve Banks were owned exclusively by the US government, 26 percent said that they thought that banks held 100 percent of customer funds deposited with them as reserves, and 24 percent said that it was the Fed’s job to secure gold reserves.

As well as how well the respondents understand the system itself, the study asked about their spending habits. It found that more than two-thirds preferred some form of electronic payment (debit or credit cards mostly) over cash payments. However, somewhat conversely, a massive 76 percent said that they were against the idea of the US government replacing paper money with a purely digital currency.

Evidently, knowledge about how central banks in the US and beyond operate is lacking, at least in the US. With scant understanding of how the system really works, it is hardly surprising that many are yet to see the value in Bitcoin.

Bitcoin relies on no potentially misunderstood central entities for its issuance or overall monetary policy. This is the complete opposite of modern banking. Meanwhile, banks like the Federal Reserve are not public resources, as many people think, but private businesses. Rather than their customers’ interests, they are primarily drive by profits. If the public was aware of just how easily modern financial systems can crash or even collapse, perhaps a more decentralised, free system, such as Bitcoin, would become more appealing to the masses a lot quicker.

 

Related Reading: Gold, Not Bitcoin, is Making Most Out of Ongoing Economic Crisis

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Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost

Bitcoin markets are on fire once again, following a massive price spike last weekend on the heels of news Chinese President Xi Jinping spoke out in support of the blockchain technology Bitcoin is built on.

The rally, which set a record for the third-largest 24-hour gain in the asset’s 11-year history, is now in jeopardy of being almost completely erased if the crypto asset cannot maintain support at current levels, according to one crypto investor and trader.

Bitcoin Price Resting on “Must Bounce” Level Or At Risk of Further Fall 

All throughout the summer months, Bitcoin price bounced back and forth between peaks and troughs, forming a descending triangle that ultimately broke down. The triangle pattern support at $9,200 eventually gave way, and Bitcoin price dropped to the low $7,000 range.

Related Reading | As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching 

But last weekend’s powerful rally following news that China would support the development of blockchain technology within the country’s borders took Bitcoin price skyrocketing from lows around $7,400 to as high at $10,500 before finding support in the mid-$9,000 range – where Bitcoin previously found support within the triangle.

The leading crypto asset by market cap is currently trading at just above $9,200 after repeated attempts to push the price of the asset lower, however, unless Bitcoin can sustain a bounce higher and confirm the current support as such, crypto analyst and venture capitalist Zhi Ko says that Bitcoin may be in “trouble.”

$BTC Make it or Break it Time

– Currently on the must bounce level
– The daily still looks like we are in trouble which is why I won't be over exposed in BTC
– I expect one more bounce off this level to 9600 before further drop pic.twitter.com/5hSwiUJP78

— NekoZ (@CryptoNekoZ) October 30, 2019

The analyst expects Bitcoin to make one final attempt at $9,600, fail, and ultimately drop back down to the mid-range of the recent bear flag, which resides in the low $8,000 range.

A fall from current highs back down to lows after such a historic and powerful rally, could deal a fatal blow to crypto bulls whose confidence was only just revived, only to be crushed once again by bears.

Was Last Weekend’s Rally a Bearish Retest Or The Start Of A Rebound?

Such a move would confirm that the recent spike was merely a powerful, but bearish retest of former resistance turned support, which would now be confirmed as such and caused Bitcoin to descend further into a downtrend.

Related Reading | Will Bitcoin Price Benefit From The Halloween Effect?

Clearly, the crypto asset is indeed at a make or break it moment, as the trader suggests, and the days ahead are especially important in determining the trend for the remainder of the calendar year.

On the bright side, assets like stocks and cryptocurrencies typically perform better from November through May than they do in the other half of the year, and with Bitcoin’s halving coming this May 2020, this next six month time period could be among the first-ever cryptocurrency’s most profitable yet.

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Will a Surprise $7K Bitcoin Pump on Halloween Fulfill the Prophecy of Asuka?

The “Prophecy of Asuka” has earned meme-status across the cryptocurrency community, with many calling it a farce, while others put a lot of weight in its validity. After Bitcoin’s recent bearish trend, the crypto community had all but given up on the “prophecy.”

But last weekend’s massive green candle and historic price surge in Bitcoin, has revived hope that the prophecy will continue to ring true. Will another surprise Bitcoin price spike take the asset to $16,000 before Halloween is over, and keep the prophecy going?

The Prophecy of Asuka and the Prediction of $16,000 Bitcoin in October 2019

Bitcoin and other cryptocurrencies are volatile assets, that often rise and fall by a large percentage on any given day. Take last week, for example, Bitcoin set its third-largest 24-hour gain with a spike from $7,400 to $10,500.

Related Reading | Will Bitcoin Price Benefit From The Halloween Effect?

Prior to that, the crypto community had all but given up on the “Prophecy of Asuka,” which claims that Bitcoin price would reach $16,000 in October 2019, after bottoming in December 2018.

The so-called prophecy originates from an anonymous poster on 4Chan, who on January 21, 2019, outlined different price points the asset would reach ranging from Bitcoin’s bear market bottom in December 2018, all the way through November 2020, when the original poster claims the asset would reach a price of $87,000 per BTC.

What gives the outlandish theory more credence, is the fact that the anonymous 4Chan poster was able to accurately call each price level leading up until now.

The prophecy called for $5,300 Bitcoin in April 2019. April was when Bitcoin broke up out of its accumulation range and began its parabolic bull rally. The next major call was for Bitcoin to reach $9,200 in July 2019. While Bitcoin also touched over $12,000 in July, the asset did fall to $9,200 at one point during the month before rallying higher once again.

Everything appeared to be on track, and the 4Chan poster began to look like a real prophet until Bitcoin came crashing down in late September following the disappointing launch of Bakkt – a crypto platform for institutional investors that was said to ignite the next bull market.

The next call the 4Chan poster made, was for $16,000 BTC in October 2019. This would require a $7,000 green candle push from bulls before the close of the day today. While such a move is unlikely, after last week’s historic price surge, it’s difficult to rule out the possibility completely.

There’s also a theory called The Halloween Effect, that claims that assets perform much better starting on Halloween through May. The Halloween Effect could be a trigger to take Bitcoin much higher to close out the month and keep the prophecy intact.

In the off chance this occurs, the next dates and levels to watch in the “Prophecy of Asuka” would be February 2020, when Bitcoin would hit $29,000 per BTC; July 2020, where the asset could reach $56,000; and then November 2020, where the asset assuringly tops out at $87,000 – as no further predictions are made after that.

Related Reading | Bitcoin Trending On Google Next To Call of Duty, Kanye West, and Rudy Giuliani

Is there any validity to the “Prophecy of Asuka” or is this yet another wild theory cooked up by crypto hopefuls wanting to see a new Bitcoin all-time high?

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Meet the Startup That Wants to Connect Linux to the Blockchain

The scalability challenge has become one of the biggest debates in the blockchain space. However, very few people recognize that many current blockchain projects are a variation of Bitcoin and Ethereum, neither of which was designed with scalability in mind.

Satoshi Nakamoto deliberately engineered full consensus into the Bitcoin protocol. It creates a vast amount of redundancy when transactions and storage are replicated across the entire network. Vitalik Buterin conceived Ethereum as the next iteration of blockchain beyond cryptocurrencies, one that would allow smart contract programming.

Only once the potential of the technology became apparent, scalability started to become a demand. Developers have attempted to address the scalability challenge through a variety of methods. Layer 1 solutions have seen a slew of new blockchains based on consensus models such as delegated proof-of-stake or solutions such as sharding. Layer 2 solutions like Ethereum’s Plasma or the Bitcoin Lightning Network have also tried to solve the problem with off-chain computations.

It seems that the scalability challenge has occupied so much bandwidth that many developers have put little focus on other critical barriers to adoption, such as usability and connection to the real world.

Programmers need to learn new coding languages to make the leap into blockchain. There’s no easy way for them to transfer their dApps between different blockchains to reach new audiences. There’s no familiar interface for everyday users.

However, there is now a project that claims it is building a usable bridge between the existing blockchain landscape and the real world, solving the scalability challenge to boot. Cartesi is developing a solution that uses a decentralized Linux infrastructure to enable scalable blockchain applications.

How Cartesi Works

Cartesi operates based on the entirely pragmatic principle that achieving full consensus over every computation within all applications is at odds with achieving true scalability. Therefore, it’s a layer 2 solution that enables intensive computations to take place off-chain, in Cartesi nodes. These nodes are general, self-contained Linux systems, running on a deterministic RISC-V architecture.

Smart contracts from any blockchain can request off-chain computations to be performed on off-chain data by a Cartesi node. Because the computations are happening off-chain, this enables Cartesi nodes to run vastly more complex dApps than existing blockchains can manage. Developers can request that the nodes submit the results of the off-chain computations, or dispute the results provided by others.

If there is a dispute over a particular computation, it can be put through the main chain as required. However, undisputed transactions put virtually no load onto the blockchain network whatsoever, which vastly enhances scalability. It means decentralized applications can operate at the same speed and with the same storage capabilities as their decentralized counterparts.

Scaling Blockchain Development With Linux

By using Linux as a bridge between blockchain and the real world, Cartesi is bringing exponentially more benefits than pure scalability. Whereas currently, dApp developers have to learn new programming languages, with Linux they can use the languages, tools, libraries, software, and services they already know.

Most programmers come across Linux at some point, meaning that Cartesi is opening up blockchain development to a vast, global pool of programming talent. The company will implement an SDK to help accelerate adoption by developers.

Furthermore, Linux is one of the most used operating systems in the world. Not in its desktop form, where it still falls far behind Windows and MacOS. However, Android surpassed Windows as the operating system with the most users all the way back in 2017. Now, developers everywhere will be able to build complex dApps for Android phones, bringing all the benefits of blockchain to a global audience of around 2.5 billion users.

 

Thinking Outside the Box

The project was founded by Augusto Teixeira, who is now the Chief Scientific Officer. Teixeira is an expert in probability and graph theory, along with game theory. He was introduced to the blockchain space by his colleague Sergei Popov, who is one of the co-founders of IOTA and now also serves as an adviser to Cartesi.

Teixeira started the project as a decentralized data science and machine learning marketplace. Having decided he needed a deterministic off-chain compute infrastructure, he engaged Diego Nehab. Now CTO, Nehab has extensive expertise in visual computation and massive parallelism.

After a change of direction in 2018, the company set the vision of building Cartesi into a decentralized Linux infrastructure for scalable blockchain applications. Since publishing the white paper, the team has developed working prototypes for reproducibility and verifiability of computation. Before the end of the year, the first dApp will launch. In 2020, we can expect to see the SDK and mining launch on the testnet.

Although the scalability challenge is a critical one, perhaps the focus has been excessive, in that it’s created a blinkered approach to the other barriers to blockchain adoption. With blockchain struggling to build a developer pipeline, we need more projects that are addressing these big-picture challenges. By using Linux as a bridge to the real world, perhaps blockchain-based dApps now have a real opportunity to reach the mainstream.

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Bitcoin to See Colossal Golden Cross in 2019, Could Precede Price Boom

Last week, Bitcoin (BTC) suddenly shot higher, surging from $7,300 to $10,500 in under 24 hours’ time in a monumental move. One minute, the cryptocurrency was down in the doldrums; the next, it was trading sky-high in a move that the optimists said would lead to a rally to $20,000 and beyond.

Despite the lofty sentiment, Bitcoin has cooled since then. As of the time of writing this article, the cryptocurrency is trading at $9,000 — some 15% lower than the recent high — and seems poised to break down further over the next couple of days.

One analyst has gone as far as to say that unless BTC clears the $10,300 region, which is an important historical level, there is no need to get too excited. In fact, he went as far as to say that the recent move is “just a bearish retest,” and that “new local lows” are still on the table.

But a key technical pattern that may indicate that the long-term Bitcoin bull case is back on is poised to form in the coming weeks, something that may fuel investors leaning long on digital assets.

Related Reading: A Chinese Blockchain Day? October 24 Proposed as Day to Celebrate Tech Behind Bitcoin

Impending Bitcoin Signal Implies Long-Term Uptrend Forming

Trader and CoinTelegraph contributor FilbFilb recently noted that while analysts are making much ado about a death cross, investors should not be worried about Bitcoin’s prospects.

He argued in a recent Twitter thread that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses. As Filb’s chart below depicts, the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out. Historical precedence would suggest the same is about to happen… again.

Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant. pic.twitter.com/ifGWguAtd5

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

Related Reading: As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching

Are There Long-Term Bear Signals?

While there are numerous tidbits of evidence backing the sentiment that Bitcoin is likely to enter its next long-term round of exponential growth in the coming months, it is fair to ask if there are some bearish signals.

Interestingly, there are a few. One of the most notable bearish signals is an analysis by Velvet, who found that Bitcoin’s next all-time high may be years away. Per previous reports from NewsBTC, the analyst believes that Bitcoin’s establishment of new all-time highs can be predicted using Fibonacci numbers. According to the trader, it took Bitcoin 625 days to break above the all-time high of the 2011 bull market peak. Then it took another 1250 days to break above the all-time high set during the 2013 bull run.

Fibonacci sequence would then suggest that the current all-time high of $20,000 will not be broken until 2500 days have passed, or not until October 24, 2024.

Related Reading: Why Bitcoin? Bank of America Services Down Across U.S.

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Blockchain and Cryptocurrencies: A Godsend for the Online Gambling Industry

Cryptocurrency usage is extensive in the online gambling segment, making it the driving force behind the adoption of cryptos. People have started to prefer crypto gambling and sportsbook options over conventional offerings due to its various underlying benefits, attractive discounts in the form of deposit bonuses, bonus codes, etc., and virtually nil transaction and processing fees offered by these platforms.  In this article, we will briefly discuss the adoption of cryptocurrency and blockchain in online gaming and their benefits.

A Backstory

Over a decade has passed since the introduction of the very first cryptocurrency – Bitcoin and since then, the sector has witnessed unprecedented growth in terms of the number of cryptocurrencies, adoption rate as well as the uses of cryptocurrencies and their underlying technologies. When Bitcoin was launched, it was hailed as a democratized, decentralized universal store of value that can be used by anyone, anywhere in the world, without having to depend on banks and governments. While the mainstream financial sector as well as the governments were disturbed by this new development and started considering it as a threat to the very economical as well as governance structures the nations are built on, something amazing happened. It was soon discovered that the cryptocurrency’s underlying blockchain technology has a huge potential to solve various real-world issues across multiple industry segments.

Since then, the use of blockchain technology sans cryptocurrency is being explored by various industries including the mainstream financial sector. However, one industry stands apart from the rest, and that is the online gambling segment. Online gaming platforms are probably the only ones to have not only adopted blockchain technology but also cryptocurrencies as a mode of payment. According to reports, the online gambling industry has been instrumental in promoting the use of cryptocurrency as it adds to the convenience, privacy as well as security for both the users as well as platforms.

Why the Gambling Industry?

Gambling-related activities are regulated by the governments across a majority of jurisdictions, which had forced the online gambling platforms to limit their geographical reach to specific jurisdictions while ensuring compliance with all applicable laws of the land. At the same time, many countries have made gambling illegal and those residing in such geographies were left with no alternative. That is until Bitcoin came along. The decentralized and peer-to-peer nature of cryptocurrencies made them the perfect solution to the global gambling industry’s woes.

Online gambling platforms started offering cryptocurrencies as one of the payment options, allowing anybody with access to internet and bitcoin to create an account on the platform, irrespective of the jurisdiction and start playing. Without a need for payment processors and banking channels, all transactions could be managed and settled over the crypto blockchain, keeping everyone happy in the process. Also, the direct and verifiable nature of transactions dramatically reduced the deposit and withdrawal times for users from what used to be few days or a couple of weeks to a matter of few hours or less.

With a huge problem solved by cryptocurrencies, the industry decided to take it a step further by using blockchain to bring in more transparency into the gambling process by creating provably fair games. Few projects have also created decentralized casino platforms on blockchain that combines all the goodness of the crypto revolution and overcome the jurisdiction hassles as well.

Why Use Crypto-Supported Casinos and Sportsbooks?

As explained earlier, cryptocurrencies offer a range of benefits over fiat transactions. For starters, users don’t have to share personal or banking information in order to initiate such transactions. Also, they can make near-instant deposits and start playing their game of choice on such platforms. In the event of winning a wager and want to make a withdrawal, platforms generally process cryptocurrency withdrawals within 24-48 hours and the funds will appear in the user’s wallet. The lack of geographical restrictions for crypto-transactions also allows gambling enthusiasts to pick from a long list of platforms, and many of them have minimal or no-KYC for faster onboarding.

However, it is not advisable to pick the first crypto casino or sportsbook one comes across. The users will have to conduct their due diligence to ensure that the platform they wish to create an account on, is legitimate. There are plenty of reviews of such platforms available on the internet to make the job easier. It is also advisable to focus on transparency and provable fairness (provably fair) which choosing the platform. Many online crypto-gambling platforms also have attractive bonuses and promotional offers in place for first-time users or otherwise. Users can check for such offers and bonus codes (E.g. bet365 bonus codes) on the internet or by visiting the casino/sportsbooks’ webpages.

At the end, a couple of points to remember:

• Do your due diligence to choose the right platform that suits your needs.
• Transparent and Provably fair platforms are always a better choice.
• DO NOT wager more than you can spare.

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Bitcoin Whitepaper: Eleven Years On And Still Going Strong

Halloween is not just a festival for warding off spirits. Anyone with an interest in crypto assets and blockchain technology will also know that October 31 marks the day that the visionary Satoshi Nakamoto released the Bitcoin whitepaper. BTC has come a long way over the past 11 years.

Down With The Banks

On October 31, 2008 one Satoshi Nakamoto filed a paper to the cryptography mailing list stating;

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

The nine page paper outlined the design and justification for a digital currency with the intention of doing what no other attempt could do before: create an anonymous, trustless, decentralized currency.

The proof-of-work protocol was developed from Dai Wei’s B-money in order to enforce a ‘one CPU one vote’ policy as outlined by Nakamoto in his now famous paper. Unlike traditional fiat, Bitcoin was also designed to be a deflationary currency, meaning that there will only be a limited amount of them that will ever exist, specifically 21 million, 18 million of which have already been mined.

The cypherpunk movement that spawned Bitcoin was largely catalyzed from deep disdain of the banking system and a greater advocacy of privacy through cryptography.

Satoshi had a particular beef with fractional-reserve banking whereby a bank accepts deposits, makes loans or investments, but is required to hold reserves equal to only a fraction of its deposit liabilities. Such a system was the ultimate firing pin which caused the 2008 global financial crisis – banks over lending to cover their own mistakes.

On 31/10/2008 Satoshi gave us the #Bitcoin whitepaper.
Just 2 weeks after GFC bails outs & 6 weeks post Lehmann Brothers collapsed.
I've often wondered if the name Satoshi Nakamoto was a warning related to years of monetary policy by the Bank Of Japan. That's now spread globally? https://t.co/UzRkajr0KL

— Alex Saunders (@AlexSaundersAU) October 31, 2019

This All Hallows’ Eve marks eleven years since that iconic paper was publicized and Bitcoin has come a very long way in that time. It is also ironic that the FED has just cut interest rates for the third time this year and the global economy is teetering on the edge of another crisis again.

Bitcoin has been called many things recently including rat poison, a fraud, tulip mania, immoral and even a turd. Most of these Bitcoin insults have come from dinosaur billionaires that have already made their wealth and, no surprise, bankers.

The seething hatred has intensified as the digital asset surged and dumped over the past couple of years. According mainstream media, which also spouts way too much FUD, Bitcoin has died 377 times so far.

In terms of price BTC is trading 44% higher than it was on Halloween 2018. From its 2019 low of $3,400 in February it surged to $13,800 before retracing to current levels just over $9,000. To say Bitcoin has had a tumultuous year would be an understatement but this volatility is unlikely to change for a while.

In terms of network power BTC hash rate continues to hit new highs, strengthening network security. The latest peak was just last week as reported by NewsBTC. Transfer of wealth and mining revenue continues to increase as does the number of Bitcoin wallets and the fundamentals look set to continue.

Satoshi Nakamoto, we salute you – happy birthday Bitcoin whitepaper!

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Bitcoin (BTC) Price Likely Positioned For Next Rally

• Bitcoin price is holding the key $9,000 support area against the US Dollar.
• The price is facing a couple of short term resistances near the $9,200 and $9,400 levels.
• This week’s followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price is likely to rally if it breaks the $9,200 resistance and the $9,320 pivot level.

Bitcoin price is showing a lot of positive signs above $9,000 against the US Dollar. Overall, BTC is likely rally once again above the $9,200 and $9,320 resistances.

Bitcoin Price Analysis

Recently, there were mostly range moves above the $9,000 support area against the US Dollar. BTC corrected lower below the $9,150 level and settled below the 100 hourly simple moving average.

The recent low was formed near the $9,013 and the price is currently holding the $9,000 support area. It is climbing higher and trading above the $9,100 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,534 high to $9,013 low.

However, the price seems to be facing resistance near $9,200 and the 100 hourly simple moving average.  Additionally, this week’s followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair.

Above the trend line, the 50% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is near the $9,275 area. Therefore, the price could start a solid rise if there is a break above the $9,200 and $9,275 resistances.

An immediate resistance is near the $9,320 level and the 100 hourly simple moving average. Besides, the 76.4% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is also near the $9,400 area.

A successful close above the $9,400 level is must for bitcoin to move into a positive zone. On the downside, there is a strong support forming near the $9,000 area. If there is a bearish break below $9,000, the price could start a strong decline towards $8,800 or $8,700.

Looking at the chart, bitcoin is clearly trading nicely above the $9,000 support area, which holds the key. An upside break above the $9,200 and $9,320 levels is must for a fresh increase. If not, there could be a bearish wave below $9,000.

Technical indicators:

Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is facing hurdles near the 45 and 50 levels.

Major Support Levels – $9,000 followed by $8,800.

Major Resistance Levels – $9,200, $9,320 and $9,400.

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BTC Bears Are Back, Bitcoin Slowly Weakens as Altcoins Beat a Retreat

Bitcoin has managed to hold on above $9,000 for another day but it is slowly weakening and likely to drop below that support level by the weekend. The altcoins meanwhile are already sliding further and may well dump all recent gains.

Bitcoin Support Weakening

The pattern is pretty clear when looking at the Tradingview charts. A down trend has formed on the week and Bitcoin is slowly losing ground as it slides back towards $9k this Halloween day. The highest it could manage over the past day is $9,250 and a couple of hours ago BTC dropped to its intraday low of $9,050 for the second time.

BTC price 1 hour – Tradingview.com

Lower highs and lower lows indicate a continuation of this trend in the short term. Trader and analyst ‘Big Chonis’ has been doing the TA …

“Yesterday’s daily candle had a nice bounce reaction to the MA200, today’s current bitcoin follow up looks to retest again, RSI drifting into mid 50’s, MACD with another lower high with volume continuing to decline, so far nothing says $9K is strong support just yet …”

$BTC – yesterdays daily candle had a nice bounce reaction to the MA200, today’s current #bitcoin follow up looks to retest again, RSI drifting into mid 50’s, MACD with another lower high with volume continuing to decline, so far nothing says $9K is strong support just yet … pic.twitter.com/aDXx6WNBxS

— Big ChonisFlux Trading Group (@BigChonis) October 31, 2019

The bearish sentiment is starting to return to crypto twitter as analysts start to agree that down is more likely than up. ‘Credible Crypto’ added that a fall back to the low $8,000 level is likely.

“Either way I expect 8600-8800 to be hit sooner or later and if we clear the lows now I ultimately expect 8000-8200 to be met.”

Current thoughts on $BTC IF the lows at $8917 (circled) are cleared. If we bounce before that, plan B comes into play. Either way I expect 8600-8800 to be hit sooner or later and if we clear the lows now I ultimately expect 8000-8200 to be met. pic.twitter.com/tkwytUlrdS

— Credible Crypto (@CredibleCrypto) October 31, 2019

China fever is waning and it is back to business on Bitcoin markets which were heading downwards before the huge weekend boost.

Altcoins in Pain Again

Ethereum has declined by 2.5% over the past 24 hours as it drops back to $185. ETH really needs to keep hold of these gains to prevent an eventual collapse to $150. There has been no indication that it is ready to break free from the shadows of its big brother though.

XRP just can’t break over $0.30 and has fallen back below it again today as the Ripple token loses 2%. Bitcoin Cash has also dropped 2% but it has been very bullish over the past week holding on to most of its gains. BCH is currently trading just below $290 but is primed to fall if BTC does.

Litecoin and Binance Coin are flat, hovering around $60 and $20 respectively while EOS is dumping again in another 3% fall. Following its Samsung induced pump yesterday, Tron is dumping today as a 7% slide drops TRX back to $0.020.

Around $5 billion has exited crypto markets over the past 24 hours as total capitalization falls to $245 billion. Markets are still up $40 billion on the same time last week but the bears are slowly returning and those gains are starting to erode.

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