Bitcoin Faces Drop To $8K Following Bearish Reversal Signal

Bitcoin declined more than $1,500 in the past few days against the US Dollar. BTC is now facing a drop to $8,200 or $8,000 before a strong upward move in the coming days. After forming a short term top, bitcoin price dived below $9,000 and $8,800. The price is currently consolidating above $8,500, with a few bearish signals. There is a key declining channel forming with resistance near $8,660 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but it remains vulnerable to a drop towards $8,000. Bitcoin Could Dive Towards $8,000 This past week, bitcoin extended its decline below the $9,200 and $9,000 support levels against the US Dollar. BTC price even settled below $9,000 and the 100 simple moving average (4-hours). It traded to a new weekly low at $8,441 and recently started consolidating losses. There was a minor upside correction above the $8,550 and $8,700 levels. Besides, there was a break above the 23.6% Fib retracement level of the key decline from the $10,020 high to $8,441 low. However, the recent correction failed near the $8,950 and $9,000 levels. It seems like bitcoin bulls are struggling to gain momentum above the $8,800 level. There is also a key declining channel forming with resistance near $8,660 on the 4-hours chart of the BTC/USD pair. Bitcoin Price On the downside, the $8,500 and $8,450 levels are initial supports. If the bulls fail to defend the recent low of $8,441, there is a risk of a sharp decline. The next key supports on the downside are near the $8,200 and $8,000 levels, where the bulls are likely to take a strong stand (as discussed in one of the recent analyses using the daily chart). Upside Correction If there is a clear break above the channel resistance, bitcoin price could test the $8,820 resistance level. If the bulls manage to gain strength above $8,820, there are chances of a decent recovery towards the $9,200 resistance area. The key breakout zone is near the $9,200 and $9,300 levels. The 50% Fib retracement level of the key decline from the $10,020 high to $8,441 low is also near the $9,230 level to act as a hurdle. Therefore, upsides are likely to remain capped unless there is a solid rally above the $9,200 and $9,300 levels. Technical indicators 4 hours MACD – The MACD for BTC/USD is about to move back in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level. Major Support Level – $8,500 Major Resistance Level – $9,200

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Can Ethereum Bulls Overcome This Hurdle To Start Fresh Rally?

Ethereum decline to a new 3-week low at $208 against the US Dollar, similar to bitcoin. ETH price could correct higher in the short term, but upsides are likely to remain capped near $242. ETH price is currently showing a few recovery signs from the $208 low against the US Dollar. The price is now trading above the $220 level, but it is facing many hurdles. There is a major bearish trend line forming with resistance near $225 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to correct above $230, but the bulls could struggle near $242 and $243. Ethereum Price is Correcting Losses This past week, Ethereum declined steadily below the $250 support level against the US Dollar. ETH price even traded below the $242 support level and settled well below the 100 simple moving average (4-hours). It traded as low as $208 and recently started an upside correction. There was a break above the $215 and $220 resistance levels. The price even climbed above the 23.6% Fib retracement level of the key decline from the $278 swing high to $208 weekly low. However, Ethereum seems to be facing a couple of hurdles near the $230 zone. There is also a major bearish trend line forming with resistance near $225 on the 4-hours chart of ETH/USD. Ethereum Price If the bulls succeed in clearing the trend line resistance, the next stop for the bulls could be $236. The main hurdle on the upside is near the $242 and $243 levels. The 50% Fib retracement level of the key decline from the $278 swing high to $208 weekly low is also near the $243 level to act as a major resistance along with the 100 simple moving average (4-hours). Therefore, the bulls are likely to struggle near $242, $243, and the 100 simple moving average (4-hours). A successful close above the $243 level and the 100 SMA is needed to start a fresh increase towards the $270 level. $200 As an Important Support On the downside, an initial support is seen near the $215 level. The first key support for Ethereum is near the $208 and $205 levels. The main support is still near the $200 handle, below which there is a risk of a trend change from bullish to bearish in the medium term. Technical Indicators 4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone. 4 hours RSI – The RSI for ETH/USD is recovering and it is above the 40 level. Major Support Level – $205 Major Resistance Level – $242

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This Odd Factor Suggests Bitcoin’s Bull Case is Rapidly Building After 20% Drop

After Bitcoin started to tank earlier this week, analysts have been wondering at which point the cryptocurrency will bottom. While traders across the board are divided about the exact answer to this pressing question, there is a rapidly-building case that BTC will soon start to trend higher once again after the nearly 20% drop it has experienced this far. Litecoin Prints Signs of Bottom, Boding Well for Bitcoin Prominent cryptocurrency trader Big Cheds recently identified that Litecoin is seemingly “working on a potential triple bottom,” marked by consolidation around a central price point and divergences with the four-hour on-balance volume and relative strength index indicators. This confluence should see Litecoin start to break higher in the coming days as the divergence plays out. $LTC #Litecoin 4 hour – working on a potential triple bottom, with both OBV and RSI bull divergence pic.twitter.com/w0lOHExzfm — Big Cheds (@BigCheds) February 29, 2020 So why is this relevant for Bitcoin? Well, LTC has long acted as a pseudo-bellwether for the rest of the cryptocurrency market. The most memorable case of this was in the first half of 2019, which is when LTC started rallying dozens of percent higher week over week while Bitcoin flatlined around $4,000. For around two months, the asset rallied on its own, then was followed by BTC and the rest of this nascent asset class. Also, just earlier this month, Litecoin started rallying before Bitcoin did, as shown in the chart below and the subsequent price action. What if Litecoin is leading Bitcoin again, like it did last week? pic.twitter.com/mLoBj7VOax — Loma (@LomahCrypto) February 5, 2020 So, Litecoin’s ability to precede the rest of the market is important because it suggests that should LTC start bottom and rally from here, so too should Bitcoin. Related Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again Other Bullish Signs Josh Olszewicz of Brave New Coin has suggested over the past few months that surges in the VIX, the CBOE’s volatility index for the S&P 500, have correlated with Bitcoin bottoms. NewsBTC’s further analysis on the subject seemingly found this correlation to be true; we found that when the three times when the VIX passed 30 over the past five years, BTC was in close proximity to a bottom. For instance, the time the VIX passed 30 in August 2015 was when Bitcoin bottomed at $220 prior to skyrocketing to $20,000 — a gain of nearly 10,000% — in the coming 26 months. And the time after that was in February 2018, just when BTC bottomed at $6,500 after crashing from $20,000. This week, the VIX crossed 30 once again as the S&P 500 started to crash, falling by 10% within a week’s trading. Should history repeat itself, Bitcoin is very close to a bottom. .@CarpeNoctom suggested spikes in the VIX correlate (spurious?) with Bitcoin bottoms. He's not kidding. Times the VIX passed 30 in the past 5 years: Dec 23, 2018: a week after BTC fell to $3,150Feb 3, 2018: when BTC bottomed at $6,500Aug 22, 2015: when BTC bottomed at ~$220 pic.twitter.com/vS7E60rNJp — Nick Chong (@_Nick_Chong) February 27, 2020 That’s not all. Per previous reports from NewsBTC, Sawcruhteez — the trader who called Bitcoin’s price action for most of January — suggested that BTC has over the past few days printed a price pattern similar to that seen in December, meaning that there’s a likelihood Bitcoin is bottoming and may soon explode higher past $9,000. Featured Image from Shutterstock

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Why a Hedge Fund’s Attempt to Usurp Twitter CEO Jack Dorsey Could Hurt Crypto

Yesterday, it was revealed that an activist hedge fund has intentions to remove Twitter’s CEO, Jack Dorsey. Crypto, interestingly enough, could be negatively affected by this move. Hedge Fund Seeks To Oust Twitter CEO, Jack Dorsey While Jack Dorsey has made his love for Bitcoin and crypto a big part of his personal brand over the past few months, he is first and foremost the chief executive of both social media platform Twitter and leading fintech firm Square. Dorsey’s leadership position at Twitter may soon end — if a hedge fund has its way that is. According to a Bloomberg report citing “people familiar with the matter,” the pro-crypto executive may soon be replaced because of Elliot Management Corp, an activist hedge fund, taking a sizable stake in Twitter. The sources explained that this stake allows Elliot to nominate some of its people onto the board of directors, potentially giving them the capacity to move to replace Twitter’s incumbent CEO, which some have criticized in the past for simultaneously operating two companies. May Harm Crypto & Bitcoin As crazy as this may sound, this move could hurt Bitcoin’s and crypto’s prospects moving forward. BTSE’s marketing director Lina Seiche shared the below headlines on Saturday, showing that Elliot Management in 2018 described crypto assets as “one of the most brilliant scams in history.” Uh oh pic.twitter.com/sx9DIogHgC — Lina Seiche (@LinaSeiche) February 29, 2020 Indeed, as Business Insider reported on the matter, the fund told clients in a letter that “cryptocurrencies are nothing except the marketing power of inventors, financiers and others who love the idea of buying a black box.” They went on to bash crypto assets as not just a bubble” and “not just a fraud,” marking one of the most “brutal takedowns” of Bitcoin and its ilk from a Wall Street company. This is relevant to the potential removal of Dorsey from the office of Twitter’s CEO as the company has seemingly shown intent on implementing features that may revolve around Bitcoin. If Elliot Management, with its anti-crypto skew, manages to put someone else in the seat that Dorsey currently resides in, Twitter’s potential attempts at integrating crypto will likely be canceled. Dorsey Still Entrenched At Square While Dorsey’s position at Twitter is at risk, he seems to be perfectly entrenched as the CEO of Square, which just posted an “upbeat earnings forecast,” as MarketWatch put it. This is important because crypto, due to Dorsey’s support of the cryptocurrency and the surrounding ecosystem, has become core to Square’s operations; 50% of the company’s revenues (though only 2% or so of its profits) were derived from the sale of BTC through Square’s Cash App.  Also, the fintech company has its own crypto division, which just recently released its first product: The Lightning Development Kit that should make using the Lightning Network, a Bitcoin scaling solution, that much easier. Featured Image from Shutterstock

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Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again

Another week, another round of Crypto Tidbits. Wow, what a past seven days for Bitcoin, cryptocurrencies, and global markets overall. Bitcoin saw a blood-red week, to say the least, falling from $10,000 on Sunday to a low of ~$8,480 within a few days’ time as buyers failed to keep the asset above the key $9,500 support. Altcoins saw an even worst performance, with Ethereum, XRP, Litecoin, amongst countless other top cryptocurrencies plunging 15% as they followed BTC lower. The crypto market carnage seen over the past week came as global markets, from stocks and commodities, started to crash across the board. The Dow Jones posted its worst point performance in history on Thursday, falling by over 1,000 points as American stocks came under a coronavirus crunch. Gold also fell under $1,600, plunging after reaching $1,700 as investors tried to leverage the asset as a safe haven. The fact that effectively all assets fell this week was a sign to some investors that Bitcoin and crypto’s weakness may be only temporary. Indeed, due to the potentially flagging U.S. economy caused by a decrease in consumption and industrial activity because of coronavirus fears, the Federal Reserve has hinted that it may cut interest rates in the near future, adding to Bitcoin’s bull case.  Aside from the tumultuous market, the underlying cryptocurrency industry saw an equally as tumultuous week, with there being a number of news stories showing the growth and adoption of these technologies, though others casting light on issues within this space. Related Reading: Crypto Tidbits: Bitcoin Plunges to $9,500, $45m BCH SIM Swap, IRS Focused on Cryptocurrency Bitcoin & Crypto Tidbits Top Bitcoin Exchange Bitfinex Hit With DDoS Attack Just a Day After OKEx: On Friday morning, leading crypto platform Bitfinex began “investigating what seems like a distributed denial-of-service” attack (DDoS) attack on its exchange. Data from the site showed that the site response time and data throughput started to vary dramatically at 6:40 am GMT, eventually reaching a point where the site crashed around 8:00 am GMT, spurring the exchange to respond. About an hour after it began investigating the attack, services for the exchange came back online. This came a day after OKEx, one of the largest Bitcoin exchanges in Asia, reported a DDoS attack that didn’t affect any users. OKEx’s CEO accused a “competitor” of launching the attack. Services on the Bitfinex platform have resumed. We implemented a stricter protection level as a result of our platform coming under a Distributed Denial-of-Service (DDoS) attack. All issues relating to the DDoS attack have now been resolved. — Bitfinex (@bitfinex) February 28, 2020 Warren Buffett Bashes Bitcoin & Crypto Yet Again, Even After Tron CEO’s Dinner: In an interview with CNBC, Berkshire Hathaway CEO Warren Buffett said that he will never own cryptocurrency, adding that digital assets, Bitcoin included, has no inherent value: “Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero.” This comment from Buffett regarding Bitcoin is reminiscent of his previous statements on the matter, such as when he called the cryptocurrency “rat poison squared” and saying that the asset has not much more value than a suit button. While Buffett’s words hold weight in public circles, not everyone in the crypto space is convinced that what he has to say about Bitcoin is relevant, despite him being a legendary investor. Industry investor Anthony Pompliano explained that “I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email.” Simpsons Talked About Crypto in Sunday’s Episode: On Sunday’s episode of The Simpsons — dubbed “Frinkcoin” because the episode’s A-plot centered around a cryptocurrency built by character Professor Frink — the show makers included a two-minute segment of a Simpsonified Jim Parsons, the actor behind The Big Bang Theory‘s Sheldon Cooper, discussing cryptocurrency. During Parsons’ explainer, a few key topics were mentioned: how blockchain underpins Bitcoin (and other crypto assets) and how the ledger works, including the distribution of nodes/ledgers and how blocks are added to the chain). This writer noticed some, say, shortcomings in the script, but he can give it a pass. G20 Advises Crypto Crackdown: According to an official G20 communique published this week, the finance ministers and central bankers of the group want member countries to implement the “recently adopted FATF standards on virtual assets and related providers.” The guideline suggests that all entities dealing with cryptocurrency should be actively collecting the customer information of those involved in transactions. The FATF advises the collection of data including the name of the transactor, their location, and the name of the beneficiary of the transaction. Ripple Secures Partnership: Announced in a blog post published Wednesday, Ripple’s partnership with Azimo will see the latter company use On-Demand Liquidity (ODL) as a “part of its remittance capabilities into The Philippines,” with plans to expand the use of the solution in the future. Featured Image from Shutterstock

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This Crypto Just Set All-Time Highs, and Analysts Don’t Expect It to Slow Down Anytime Soon

Chainlink’s price action throughout 2019 and 2020 has been unprecedented, with the crypto incurring intense upwards momentum in spite of the turbulent price action seen throughout the aggregated market. This firm uptrend has allowed the cryptocurrency to recently set fresh all-time highs against USD, with it just setting fresh all-time highs against its BTC trading pair yesterday. Analysts are now noting that this uptrend is showing no signs of slowing down anytime soon, as it was just able to flip a previous resistance level into support that could help usher in significantly further upside. Chainlink Blasts to Fresh All-Time Highs Against Bitcoin  At the time of writing, Chainlink is trading up over 4% at its current price of $4.20, which marks a notable climb from daily lows of $3.90. The crypto’s massive uptrend has come about in the face of immense bearishness within the aggregated market, with Bitcoin and most other major altcoins incurring intense downtrends over the past week. This strength has allowed LINK to set fresh all-time highs against its Bitcoin trading pair, with it currently trading at 0.00048 BTC – marking a notable climb from recent lows of 0.00044. Although the bullish crypto has been able to set fresh all-time highs against its BTC trading pair, it is still trading down slightly from its recently established USD highs of $4.77. Nonetheless, its recent rally against Bitcoin has generated buzz within the crypto industry. “LINK Daily – Fresh highs,” crypto analyst Big Cheds noted while pointing to a chart showing its tremendous rise against BTC. $LINK Daily – Fresh highs https://t.co/Q5ayhtdQTf pic.twitter.com/tV9bfNcsK9 — Big Cheds (@BigCheds) February 29, 2020 The Crypto’s Bullish Technical Situation Likely to Lead it Significantly Higher Importantly, the cryptocurrency’s recent rally against Bitcoin has also led it to flip a previous resistance level into a support level, which is something that could bolster it significantly in the days and weeks ahead. Crypto Michaël, another prominent cryptocurrency analyst on Twitter and a former trader at the Amsterdam Stock Exchange, spoke about this bullish occurrence in a recent tweet, insinuating that further gains could be imminent. “LINK: Perfect S/R flip on the previous highs for support and instant 36% bounce to ATH. Buy the dip,” he bullishly noted. $LINK #CHAINLINK Perfect S/R flip on the previous highs for support and instant 36% bounce to ATH. Buy the dip. pic.twitter.com/aKfH0umCMX — Crypto Michaël (@CryptoMichNL) February 29, 2020 Because Chainlink’s bears have failed to incur any notable strength throughout the course of its recent downtrend, with each dip being met with significant buying pressure, it is probable that its uptrend will extend further in the days and weeks ahead. Featured image from Shutterstock.

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“Striking” Fractal Shared by Accurate Analyst: Bitcoin to Soon Explode Past $9,000

After a brutal start to the week that saw Bitcoin crash from $10,000 to as low as $8,500, the crypto market has finally started to show signs of consolidation. According to a well-known crypto trader who has predicted recent price action quite well, this consolidation is a potential sign that Bitcoin will soon re-enter the $9,000s. Such a move, other analysts have said, will confirm that BTC will continue higher, likely moving past its local high at $10,500 prior to the halving. Meet the Trader Who Called Bitcoin’s January Price Action Bitcoin’s strong surge to kick off 2020 has caught many traders on the back foot. Case in point: each leg higher in the price of BTC has been marked by dozens of millions of dollars worth of short liquidations on margin trading platforms like BitMEX. While the majority seem to have been caught off guard, one trader called Bitcoin’s emerging uptrend: Financial Survivalism, also known as Sawcruhteez. Just a day after New Year’s Day, the prominent trader claimed that Bitcoin was starting to show signs it was forming a textbook Wyckoff Spring pattern. The pattern, Sawcruhteez suggested, implied BTC was going to hit $9,200 in the middle of January. And that it did. By January 17th and 18th, the leading cryptocurrency had passed above the key psychological and technical resistance of $9,000. Now, Sawcruhteez is hinting that BTC may soon return higher past $9,000 after this week’s retracement. Sawcruhteez is Leaning Bullish In an analysis shared on Saturday morning, Sawcruhteez remarked that the 30-minute Bitcoin chart of the price action over the past five days is “starting to show some striking similarities to what we saw on the four-hour chart in December.” For those who missed the memo, the price action in December saw Bitcoin bottom in a way depicted in the studies of technical analysis legend Richard Wyckoff (the aforementioned Wyckoff Spring). What Sawcruhteez is suggesting is that BTC has over the past few days printed a price pattern similar to that seen in December, meaning that there’s a likelihood Bitcoin is bottoming and may soon explode higher past $9,000. The 30m $BTC chart is starting to show some striking similarities to what we saw on the 4h chart in December. pic.twitter.com/0WTLcXx5el — Financial Survivalism (@Sawcruhteez) February 29, 2020 He isn’t the only one suggesting that Bitcoin has the potential to bottom around $8,500 to kick-start the next phase of the bull run. Per previous reports from NewsBTC, LightCrypto, a prominent cryptocurrency market commentator, laid out a case for why BTC may be bottoming at $8,500 to $8,600, near 20% from the $10,500 high. The case included the fact that Bitcoin has held up as gold has fallen under $1,600, the seeming impending rate cuts from the Federal Reserve and other central banks, the existence of the impending block reward halving in May 2020, and the fiscal policies being implemented by the world’s governments to respond to flagging economies. Featured Image from Shutterstock

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Ethereum Sees Dire Technical Breakdown as the Bear Case Builds

Ethereum (ETH) has been closely tracking Bitcoin over the past week, which has exposed it to significant downwards pressure that has erased nearly all of the massive upside it incurred throughout the early part of this month. This downside appears to have invalidated the highly bullish market structure that the cryptocurrency formed throughout the early part of the year, and many analysts are now noting that it could be positioned to see significantly further downside. One top analyst is now noting that an inability to break above key resistance is likely to lead it lower in the near-term, which comes as its technical strength begins degrading. Ethereum Stabilizes Around $225, But Technical Weakness Grows  At the time of writing, Ethereum is trading up marginally at its current price of $225, which marks a notable decline from its weekly highs of $275 that were set last Sunday around the time Bitcoin ran to $10,000. The firm rejection at this level, however, sparked an intense downturn that ultimately led the cryptocurrency to lows of $210, which is where it found strong support. Because ETH is currently trading in tandem with Bitcoin, it is highly probable that where the crypto goes next will be dependent on Bitcoin’s price action, which means a failure for BTC to break above $9,000 could lead ETH and other major altcoins to see further losses. Independent of BTC, however, Ethereum may also see some near-term downside, as it is currently trading within a so-called “bear flag” that could mean another leg down is imminent. Jacob Canflied, a prominent trader and analyst, spoke about this in a recent tweet, saying “Triangle gang. ETH looking heavy.” Triangle gang. $ETH looking heavy. pic.twitter.com/1ctdGbHhfg — Jacob Canfield (@JacobCanfield) February 29, 2020 Failure to Break This Key Level Could Spell Trouble for ETH In the near-term, analysts believe that ETH could also be exposed to further losses if bulls are unable to push it above $235, which appears to have turned into a strong resistance level. Crypto Michaël, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that a failure to garner enough momentum to break through this level could lead it down towards $190. “ETH: Not enjoying this one that much at this point. Couldn’t break back above $235 and flipped that level resistance. Might take the lows around $210 for bullish divergences before breaking up. If not, I aim $190/195 or flip $235,” he noted. $ETH #ETHEREUM Not enjoying this one that much at this point. Couldn't break back above $235 and flipped that level resistance. Might take the lows around $210 for bullish divergences before breaking up. If not, I aim $190/195 or flip $235. pic.twitter.com/X2brs2dLGz — Crypto Michaël (@CryptoMichNL) February 29, 2020 Assuming that Bitcoin continues ranging sideways or grinding lower, it is highly probable that Ethereum and other major altcoins will see further near-term downside. Featured image from Shutterstock.

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Bitcoin to See a “Golden” Short Opportunity if it Taps This Level

Bitcoin’s intense selloff has slowed over the past 24-hours, with bulls garnering some notable buying pressure within the lower-$8,000 region, subsequently leading BTC to enter a short-term bout of consolidation around $8,600. Although bulls have shown some signs of strength during this latest leg down, it is important to keep in mind that its price action over the past week has been bear-favoring, and its deep retrace from its yearly highs seems to suggest its bullish market structure may have been invalidated. Now, top analysts are noting that an incredibly strong resistance level that exists just a hair above BTC’s current price region may be enough to spark a major selloff. Bitcoin Consolidates as Analysts Eye Multiple Key Levels At the time of writing, Bitcoin is trading down nominally at its current price of $8,660, which is around where it has been trading at for the past 24-hours. The cryptocurrency’s ongoing selloff first began last Sunday when it ran to highs of $10,000 before facing a swift rejection at this level, with bull’s inability to recapture its position above this level being a grave sign for the crypto. Analysts are now noting that how BTC responds to this ongoing bout of sideways trading should offer insight into where the markets will trend next. Crypto Micahël, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that a break below Bitcoin’s current price level could lead it to drop as low as $7,500. “Bitcoin: At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I’d be pointing $7,500-7,700,” he noted. $BTC #BITCOIN At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I'd be pointing $7,500-7,700. pic.twitter.com/618qSHBQ1h — Crypto Michaël (@CryptoMichNL) February 29, 2020 BTC Could Provide a “Golden” Short Opportunity if it Taps This Level Teddy, another popular cryptocurrency analyst, believes that Bitcoin’s recent price action has firmly invalidated its bullish market structure for the time being, leading him to believe further downside is imminent. He also notes that a movement towards $9,150 could be a “golden” short opportunity for traders, with a rejection at this level sparking intense downside. “BTC: Brutal breakout, supports were annihilated – clear bear bias of price structure. Currently consolidating in a down channel, historically they break upwards – 9150’s rejection will be a golden short opportunity. Retest of previous support as resistance?” #BITCOIN | $BTC Brutal breakout, supports were annihilated – clear bear bias of price structure. Currently consolidating in a down channel, historically they break upwards – 9150's rejection will be a golden short opportunity. __ Retest of previous support as resistance? pic.twitter.com/nHzNAyV9Cj — TEDDY (₿) (@TeddyCleps) February 29, 2020 If Bitcoin fails to garner any upwards momentum, or faces another firm rejection, prior to its weekly close tomorrow, it could mean further downside is inbound. Featured image from Shutterstock.

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Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?

Chainlink’s native token LINK was among the biggest gainers as a majority of assets in the crypto market plunged deeply earlier this week. The eleventh-largest cryptocurrency beat the bearish odds to grow by more than 40 percent since February 26. It established a week-to-day high at $4.38 in early Saturday trading, hinting its inclination to behave as a hedge against Bitcoin, the top asset that plunged by circa 16 percent this week. #Chainlink is receiving tremendous exposure during this $BTC, $ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. $LINK — John Cioffoletti (@JohnCioffoletti) February 27, 2020 The safe-haven narrative was not in play during most of the February session. The LINK-to-USD exchange rate slipped almost in tandem with the rest of the crypto market after settling its year-to-date high of $4.90. It was down by up to 36 percent before it even attempted a pullback. But Chainlink validated its key supports, which other cryptocurrencies failed to maintain. The coin bounced back from its 50-day moving average, showing higher buying interest near the area. It was not the case with Bitcoin or XRP, which plunged below their short-term moving averages in massive sell-off rounds. Chainlink’s ability to maintain its crucial floors led to a decent recovery this week, opening up the possibilities of extended upside momentum in the next. “A bullish retest of the monthly close bought up recently,” said popular market analyst CryptoGainz. [There is now] zero resistance above. Absolute juggernaut. No reason to think [LINK] won’t outperform the field again next month.” Chainlink’s Upsides LINK’s gains also came against the backdrop of a new deal and spreading of Coronavirus in and outside China. Chainlink announced on Tuesday that it would be offering its decentralized oracle to Polkadot, a blockchain interoperability platform. The announcement read that Polkadot will use Chainlink to safe access “virtually any external, real-world resource” – via a so-called parachain technology which acts as a ‘LINK’ between different blockchains. One day after the announcement, the LINK-to-dollar exchange rate went up. LINK/USD booms against an otherwise gloomy crypto market | Source: TradingView.com, Binance But the growth also increased the chances of deeper retracements. In comparison to other assets, both in- and outside crypto, LINK is offering better profit-taking especially when traders are looking liquidate their positions for hard cash. Stocks, gold, cryptos are all going down owing to the same sentiment against Coronavirus risks. Technically, LINK could continue its near-term bull run towards circa $4.80 before it pullback to test a support level near $4.10. Or, traders could withdraw their positions pre-maturely and crash the price below the said support – towards $3.54.

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Bitcoin Falls Below Moving Averages that Made Super-Bullish Golden Cross

Bitcoin recently made a “Golden Cross” where the 50-day moving average closed above the 200-day moving average, a positive development for traders who see it as a very bullish indicator. However, the benchmark cryptocurrency fell sharply right after forming the bullish crossover. The bitcoin-to-dollar exchange rate slipped below both the 50- and 200-DMA earlier this week, going against the perceived upside sentiment that was led by the Golden Cross formation. The pair on Friday established a weekly low at $8,428.80. At its week-to-date high, it was trading at $10,030 on US crypto exchange Coinbase. BTC/USD slips below its bullish Golden Cross | Source: TradingView.com, Coinbase Bitcoin fell into a sell trap shortly after investors started losing faith in global stocks and commodities. Sitting atop attractive profits, the cryptocurrency became an attractive asset among people who were looking to generate cash. They sold anything for bid and ran under the safety of whatever they perceived was their haven. Even Gold, often treated as an outdated version of a digital bitcoin, slipped huge ahead of closing the week. Investors sold it for hard cash, similar to how they did during the 2008 financial crisis. Despite today's decline, the price of #gold is still up over 6.5% so far this year. Yet the GDX, an index of gold mining stocks is down almost 10%. Traders still don't get it. Gold is headed much higher, as are the earnings & reserve values of companies that mine it. Buy the dip! — Peter Schiff (@PeterSchiff) February 28, 2020 Little Predictive Power Bitcoin’s downside moves showed that investors, in general, did not treat the Golden Cross as a signal to enter the market. The trend also presented that the indicator has little predictive power against severe macroeconomic fundamentals. Sometimes, the prices go up, and sometimes, they go down. But taking cues from the Dow Jones, a US index that formed the Cross in 2019 for the first time in three years, one can notice that they tend to give consistently positive results after six months or so. The Dow had surged by more than 14 percent as of February 12, 2020, after making the Golden Cross on March 19 last year. DJI plunges below its moving averages as well | Source: TradingView.com The super-bullish technical indicator failed nevertheless, hit by the spreading of the Coronavirus in and outside China. Even the Dow fell below its own Golden Cross in the latest sell-off, showing how investors just wanted liquidity. Bitcoin, which had surged by more than 40 percent before the plunge, stood no chance. Hopeful Tomorrow for Bitcoin On Friday, the US Federal Reserve came to rescue the market by assuring investors that “the fundamentals of the US economy remain strong.” Nevertheless, the chairman Jerome Powell also said that they would “ act as appropriate to support the economy.” “The coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook,” he stated. The statements came at the time when the market clamored for the Fed to introduce fresh rate cuts. Unlike the European Central Bank, whose dovish policies have pushed the rates way below zero, the Fed still has scope to trim its own. They are currently 1.5 percent to 1.75 percent. Easy borrowing could give investors more money to support their portfolios. Some part of that cash could also reach bitcoin, leading it to continue the uptrend above the Golden Cross, especially in the wake of its own supply rate cut in May 2020.

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Bitcoin Is Going Parabolic to the Downside: Why Crash to $6,400 May Be Nearing

Bitcoin is known for its parabolic movements to the upside; BTC’s infamous rally from $1,000 to $20,000 in 2017 was a clear parabola higher, marked by rapidly-increasing highs and an eventual blow-off top, which saw BTC correct 60% within weeks after the peak. Though, the cryptocurrency also trades parabolically to the downside. A prominent analyst recently touched on this, warning that the “downside parabolic structure” Bitcoin is currently forming suggests a stronger crash is nearing. Bitcoin Could Crash Further, Predicts Bearish Parabolic Structure Jacob Canfield, a CNBC-featured trader, shared the below chart on Friday morning, showing that Bitcoin is trading in an “aggressive” parabolic structure to the downside, marked by fresh lows being made faster and faster as time progresses. Accentuating the bearish nature of this, he wrote: “This recent structure has a much more aggressive slope to it than the post-china pump bleed out, which means sellers are more aggressive.” Canfield’s depiction of the parabola suggests that should Bitcoin fail to break above it, the asset will fall to $6,400 — the range low that has been formed over the past few months — by the second week of March, just 10 days away. For some context, BTC moving to $6,400 from the current price of $8,750 will mean the asset falls nearly 27%. There Are Some Positive Signs Although the parabola remains intact, there are signs the cryptocurrency may soon see some bid. Per previous reports from NewsBTC, analyst CryptoWolf thinks Bitcoin holding the 21-week exponential moving average (currently at $8,750)— a popular moving average used by analysts to determine an asset’s directionality — will imply the “start of a new parabolic advance.” Indeed, he shared the below chart, indicating that the previous bull run that took BTC from $1,000 to $20,000 was punctuated by consistent bounces off the 21-week EMA. BTC seems somewhat poised to hold this level on a weekly basis, now trading exactly where the moving average is. CryptoWolf’s tweet implies that if Bitcoin manages to hold the aforementioned moving average, it will be cleared to experience a strong recovery in the coming weeks. Not to mention, the crypto market’s fundamentals seemingly remain astronomically positive; just today, Jerome Powell, Chairman of the Federal Reserve, strongly suggested that the central bank may soon be cutting its policy interest rate yet again. Top analysts, both in traditional and crypto markets, think that easy monetary policy will be a massive catalyst for Bitcoin’s growth in the future. Featured Image from Shutterstock

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This One Headline Just Made Crypto Investors Astronomically Bullish on BTC

Bitcoin and the crypto market haven’t been the only assets falling over the past week or two. This week marked one of the stock markets and commodity market’s worst performances in history, with the S&P 500 and Dow Jones falling by around 12% from their all-time highs established just earlier this month. It was so bad that Thursday marked the Dow Jones’ worst performance in history, when it shed over 1,000 points in a single trading session. JUST IN: Over $6 trillion has been wiped off global stock-markets in the worst week since the Global Financial Crisis — The Spectator Index (@spectatorindex) February 28, 2020 The Federal Reserve, the United States’ central bank, has obviously been pushed to react to the potentially flagging economy. And analysts say that the potential response from the monetary authority will be astronomically bullish for Bitcoin and other crypto-assets moving forward. Federal Reserve Implies Rate Cuts, Adding to Bitcoin & Crypto’s Bull Case Over the past few weeks, as the coronavirus-caused disease COVID-19 has spread around the world, analysts (from crypto to fiat) have been fearing the worst for the economy; while a small portion of the world has been infected, dozens of millions have been affected in some way — travel bans, event cancellations, school closures, etc. — leading to data showing consumption is slowing. The Federal Reserve has obviously been pushed to respond to the growing fears. Chairman Jerome Powell said Friday: “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. […] We will use our tools and act as appropriate to support the economy.” Statement from Federal Reserve Chair Jerome H. Powell: https://t.co/IDTpinSICO pic.twitter.com/nJuYfVbujY — Federal Reserve (@federalreserve) February 28, 2020 Market participants, from those on Wall Street to those dabbling in crypto assets, immediately took this as a sign that the Federal Reserve is preparing to cut its already-historically-low policy interest rate. Indeed, the year-end futures for the Fed Funds rate just hit 0.63%, meaning investors expect the central bank to continue to cut rates into the end of 2020 to stimulate the economy. Crypto investors have taken this likely impending rate cut as proof of BTC’s long-term validity. Ikigai Asset Management’s Travis Kling accentuated that the Federal Reserve’s latest comment confirms that “radical monetary policy remains.” This is relevant to Bitcoin because Kling thinks the more “irresponsible” central banks and governments are with money, the more BTC makes sense, for the crypto asset is scarce, hard-capped, non-sovereign, global, immutable, decentralized, and a digital store of value — much unlike the fiat that dominates the world today. Here's the BRILLIANT trick the market is playing right now- Central bankers have *zero* choice. Global rate cuts & heavy QE ASAP. Market implying *96%* odds of 50bps cut in March. That was 0% yesterday. Corona ends up ok. Big GDP hiccup but ok. Radical monetary policy remains. — Travis Kling (@Travis_Kling) February 28, 2020 Featured Image from Shutterstock

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Top Analyst Explains Why He’s Buying Bitcoin At $8,500 After 18% Retracement

After Bitcoin’s crash early this week, the cryptocurrency has found itself trying to establish a base for the next move. While there are many analysts professing that BTC is “showing weakness” at current, a prominent trader recently gave an in-depth explanation as to why he is buying the asset around the $8,500 to $8,600 level, where it was trading just hours ago per data from TradingView. Related Reading: Why Bitcoin Holding This Crucial Level Will Set Stage for “Parabolic Advance” The Case for a Bullish Bitcoin Reversal From $8,500 LightCrypto, a prominent cryptocurrency market commentator, on Friday explained why he is a “buyer of BTC at the $8,500-$8,600 level, near 20% off the recent local high” of $10,500. In a Twitter thread outlining his stance on Bitcoin, he remarked that the asset has held up surprisingly well as gold has fallen off the face of the Earth, relatively speaking, plunging under $1,600 after nearing $1,700. Gold falling, “a further sign of an emotional and capitulatory macro environment,” as Bitcoin has effectively flatlined, Light implied, is a sign the cryptocurrency still has support from buyers. /3 Gold is down the most since 2013, possibly sold to cover margin calls – this is a further sign of an emotional and capitulatory macro environment. In all of this, Bitcoin has held, losing less on the day than gold(!). pic.twitter.com/EDcIYNNCyQ — light (@LightCrypto) February 28, 2020 Light further accentuated that BTC has bid-side demand when he wrote that while there have been “multi-million dollar market sells into a confluence of potential support levels,” Bitcoin has held, suggesting “latent buying interest”: “The tuned-in market observer has also seen tremendous absorption of chunky multi-million dollar market sells into a confluence of potential support levels. This sort of spasticated action with price not budging downwards is indicative of a large, patient latent buying interest.” This somewhat optimistic technical picture has been underscored by a growing tide of bullish fundamental factors for Bitcoin: Light wrote that the impending nature of the block reward halving in May 2020, the likely interest rate cuts from the world’s central banks, and the fiscal stimuli being promised by the world’s governments make “Bitcoin’s inherent tilt […] overwhelmingly bullish.” Not Only Optimist Light isn’t the only optimist in these frothy crypto markets. Yesterday, this writer shared the below chart on Twitter, building off a comment from Brave New Coin’s Josh Olszewicz that spikes in the stock market’s volatility have correlated with Bitcoin bottoms. This writer’s analysis found that every time the VIX, the CBOE’s volatility index derived from S&P 500 options data, passed 30 in the past five years, BTC has found itself at a macro or local bottom. Case in point, a case when the VIX hit 30 in 2015 marked the macro bottom at $220 that preceded the rally to $20,000. And more recently, the VIX passed 30 in December 2018, just a week after Bitcoin found a bottom around $3,150. .@CarpeNoctom suggested spikes in the VIX correlate (spurious?) with Bitcoin bottoms. He's not kidding. Times the VIX passed 30 in the past 5 years: Dec 23, 2018: a week after BTC fell to $3,150Feb 3, 2018: when BTC bottomed at $6,500Aug 22, 2015: when BTC bottomed at ~$220 pic.twitter.com/vS7E60rNJp — Nick Chong (@_Nick_Chong) February 27, 2020 Featured Image from Shutterstock

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Something “Huge” is Brewing in the Crypto Market; Factors to Watch

It’s no secret that the past couple of weeks have been quite negative for Bitcoin and the aggregated crypto market, with many major altcoins incurring intense downtrends that have erased a significant amount of gains incurred throughout the first couple of months in 2020. Most major cryptocurrencies, however, are now nearing critical support levels that could catalyze an intense relief rally. These levels also seem to coincide with a massive pennant that that total crypto market cap has been caught within, leading one analyst to note that the market could be preparing for “something huge.” Bitcoin and Crypto Market Near Key Support Levels That Could Spark Relief Rally  At the time of writing, Bitcoin is trading down marginally at its current price of $8,730, which marks a notable climb from daily lows of $8,400 that were set when bears attempted to catalyze an intense selloff overnight. Bulls were able to step up and absorb the majority of this selling pressure, subsequently allowing BTC to reclaim its key support level at $8,700. This BTC volatility led the aggregated crypto market to move in tandem, with many major altcoins posting decisive bounces from their daily lows. Crypto Michaël – a prominent cryptocurrency trader and former full-time trader at the Amsterdam Stock Exchange – spoke about the markets in a recent tweet, explaining that he is anticipating BTC and major altcoins to drop slightly further before they find intense support. “If the markets make one more further drop south (and we lose these levels), I’d be watching 190-195$ for $ETH and $7,500-7,700 for $BTC. Think we also should see some relief in the equities markets after such a terrific week,” he explained. If the markets make one more further drop south (and we lose these levels), I’d be watching 190-195$ for $ETH and $7,500-7,700 for $BTC. Think we also should see some relief in the equities markets after such a terrific week. — Crypto Michaël (@CryptoMichNL) February 28, 2020 Something Huge Could be Brewing in the Markets The notion that Bitcoin and the market will drop further before finding some significant uptrend-catalyzing support isn’t unique to Michaël, as Murad – another highly respected analyst – recently offered a very interesting chart showing the total crypto market capitalization. While looking at the chart, it does appear that the market is trading within a massive flag, with this potentially meaning “something huge” is looming on the horizon. “Very interesting dynamic on the TOTAL chart. There seems to be a generational pivot precisely at the intersection of the two most important diagonals on the entire chart dating back to the ATH. Could BTC be coiling in preparation for something huge?” Very interesting dynamic on the TOTAL chart. There seems to be a generational pivot precisely at the intersection of the two most important diagonals on the entire chart dating back to the ATH. Could BTC be coiling in preparation for something huge? pic.twitter.com/BNwuRs8Bo6 — Murad (@MustStopMurad) February 28, 2020 If the crypto market does dip lower before incurring some intense upwards momentum, it is possible that this formation will be validated, meaning that a massive movement is imminent. Featured image from Shutterstock.

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Ethereum’s Intense Correction is Being Fueled By Miners, Data Suggests

Ethereum (ETH) has been subjected to the heavy selling pressure that Bitcoin and other major altcoins have been facing over the past couple of days, with the intense market-wide downturn leading many analysts to flip bearish on the markets. In the near-term, it is highly probable that ETH will see some further downside, which could be further perpetuated by miner’s currently being in the process of offloading their holdings, potentially placing significant pressure on the cryptocurrency. This selling pressure from miners also comes as the cryptocurrency’s technical situation begins degrading, with the culmination of these factors potentially opening the gates for significantly further losses. Ethereum Shows Intense Signs of Bearishness as Bulls Struggle to Build Strength  At the time of writing, Ethereum is trading down over 5% at its current price of $223, which marks a notable decline from daily highs of $235 that were set yesterday when bulls attempted to catalyze some upwards momentum. This rally was met with significant selling pressure, however, which led to a notable rejection that has further confirmed the cryptocurrency’s firm downtrend. In the near-term, it is probable that the aggregated crypto market will see further losses as Bitcoin continues trading sideways beneath its key support at $8,700. Escobar, a prominent cryptocurrency analyst on Twitter, spoke about Ethereum in a recent tweet, noting that a “red pill could happen” while referencing a bear-favoring scenario where ETH dips below $200. “ETH – Bounce is looking weak, Red pill could happen,” he explained. $ETH – Bounce is looking weak, Red pill could happen. pic.twitter.com/jMFEXiWE54 — ESCO₿AR (@TraderEscobar) February 28, 2020 ETH Miners Begin Offloading Their Holdings A lack of technical strength isn’t the only thing currently counting against ETH’s bulls, as Spencer Noon – the head of crypto investments at DTC Capital – explained in a recent tweet that Ethereum miners are in the process of offloading a significant amount of their recently acquired holdings. “Ethereum miners have stopped accumulating for the time being. – Since February 9th, ETH miners have offloaded more than 30,000 ETH, seemingly in unison with Ethereum’s short-term market conditions and its ongoing correction,” he explained. 6/10. #Ethereum miners have stopped accumulating for the time being. – Since February 9th, $ETH miners have offloaded more than 30,000 ETH, seemingly in unison with Ethereum’s short-term market conditions and its ongoing correction. pic.twitter.com/LKviUc1gRH — Spencer Noon (@spencernoon) February 28, 2020 While keeping in mind that Ethereum appears to be both technically and fundamentally weak, it does seem as though it may see further near-term losses before it is able to garner any significant upwards momentum. Featured image from Shutterstock.

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Negative Interests Rates Becoming the Norm; Bitcoin Doesn’t Punish Savers

A relatively new economic stimulus intended to promote growth is fast becoming the norm around the world. The proliferation of negative interest rates at central banks in Europe and Japan makes an increasingly strong case for Bitcoin. Negative interest rates are supposed to provide incentives to invest and by extension to encourage economic growth. However, the policy also functions as a direct attack on savers. Bitcoin Doesn’t Charge You to Hold… Negative interest rates have been gradually becoming more prolific worldwide since Sweden’s central bank first introduced them in 2009. The seemingly nonsensical policy is a drastic step to encourage borrowing, and therefore spending, in an economy. When a central bank charges negative rates, holding money at the institution becomes costly. The idea is that market particpants will put their capital to work in the economy, promoting growth. Yet local banks often pass their own increased costs on to their users. The policy effectively becomes a tax on the cautious, whilst benefiting those more reckless. As highlighted in the following tweet by popular Twitter-based Bitcoin market analyst PlanB, the entire yield curve in Germany is now negative. The cryptocurrency proponent says banks in the nation are already charging users to hold onto their money. Where I live the entire yieldcurve is negative: 1Y interest rate, 5Y, 10Y, 30Y all below zero. Soon in US too. This is a problem because banks already charge negative rates on savings accounts. Also, pension funds have trouble making enough return. #Bitcoin could be the solution. pic.twitter.com/C3tbozEG0n — PlanB (@100trillionUSD) February 28, 2020 Up until now, it is mostly banks in Europe that have experimented with negative interest rates. The Bank of Japan also adopted the controversial policy in 2016. According to PlanB, the US will be soon implement negative rates too. President Trump has been wrestling with the Federal Reserve on the issue for months now. In November 2019, he once again encouraged the central bank to lower interest rates. According to a report in CNBC, he added that the US stock market would be performing even better if, like Europe, the US could risk squeezing every last drop from the economy. NewsBTC has reported on the back and forth between the US president and Federal Reserve previously. Federal Reserve chair, Jerome H. Powell, has also hinted that previous cuts to rates may not have been deep enough. He said: “There may come a time when the economy weakens and we would then have to cut more aggressively.” A Different Money? As a direct attack on savers, negative interests could well drive Bitcoin adoption. No one likes it when they feel like the government has taken more than its fair slice and those worse off from the policy are much more likely to explore alternatives. As PlanB mentions to one of the replies to the above tweet, Germany has a relatively large number of Bitcoin users and nodes, as well as a fully-negative yield curve. For the analyst this is no coincidence. I am not surprised at all that there are many bitcoiners (and btc nodes!) in Germany and The Netherlands. It is IMO directly related to the negative yield curve. — PlanB (@100trillionUSD) February 28, 2020   Related Reading: Bitcoin is in for a “Severe Correction” as Open Interest Skyrockets Featured Image from Shutterstock.

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This “Juggernaut” Crypto May Set Fresh All-Time Highs Today as Bullishness Grows

The crypto market’s intense uptrend seen throughout 2020 has come to a grinding halt over the past week, with most major cryptocurrencies reeling lower as Bitcoin struggles to find any notable support. In spite of this, Chainlink has been able to buck this trend and incur intense independent momentum, with its recent bounce at a key level leading some analysts to call it an “absolute juggernaut.” This intense momentum is likely to lead Chainlink significantly higher, with one prominent trader noting that it could set fresh all-time highs by the end of the day as it continues smashing through key resistance levels. This Crypto’s Intense Uptrend is Showing No Signs of Slowing Down At the time of writing, Chainlink is trading up roughly 7% at its current price of $4.05, with today’s climb marking an extension of the momentum that LINK incurred on Tuesday when it began bouncing at lows of $3.35. The climb from these lows has certainly been a bullish sign for the cryptocurrency, especially while considering that it has been surging in the face of market-wide bearishness. Currently, Bitcoin is trading down 2% at its current price of $8,660, which marks a notable decline from its weekly highs of $10,000 that were set this past Sunday. BTC’s decline has sent shockwaves throughout the aggregated market, leading most major altcoins to plummet. LINK’s bullish performance against this backdrop of bearishness has led some analysts to deem it as the archetypal example of a “buy the dip opportunity,” as it has been able to maintain a steady multi-month uptrend without showing any signs of notable weakness. “LINK The example of ‘buy the dip,’” Crypto Michaël, a popular analyst, said in a recent tweet. $LINK. The example of ‘buy the dip’. — Crypto Michaël (@CryptoMichNL) February 28, 2020 Chainlink is Bound to Set All-Time Highs in Coming Hours, Claims Top Trader CryptoGainz, a highly prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes a monthly close at fresh all-time highs is imminent in the coming few hours due to a lack of any significant resistance. “LINK – bullish retest of monthly support bought up aggressively. Monthly close at a new all time high incoming at the end of today. Zero resistance above. Absolute juggernaut. No reason to think it won’t outperform the field again next month,” he explained. $link – bullish retest of monthly support bought up aggressively. Monthly close at a new all time high incoming at the end of today. Zero resistance above. Absolute juggernaut. No reason to think it won't outperform the field again next month. pic.twitter.com/qZbA2XZ4Q0 — CryptoGainz (@CryptoGainz1) February 28, 2020 Because the highly bullish crypto has been able to incur a full-fledged bull trend in the face of bearish market conditions, it suggests that investors are funneling a significant amount of money into the crypto, which may mean further upside is imminent. Featured image from Shutterstock.

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Gold Tanks Hard: Is Store of Value Narrative at Threat Like Bitcoin?

Gold has joined the proverbial blood bath both traditional and crypto markets have faced over the last few days. The sudden drop is reminiscent of the volatility seen in Bitcoin markets, but we’re still waiting for the likes of Peter Schiff to dismiss the yellow metal’s “store of value” qualities. The markets seem to be reacting to the worsening situation regarding the coronavirus. The increasing numbers of cases around the world appear to have investors well and truly spooked. Gold Price Drops Suddenly, Can it Really be a Store of Value? After spending much of 2020 growing in value, the price of gold has suddenly tanked hard. At the time of writing a single ounce of the yellow metal will set you back around $1,580. The precious metal traded for around $1,640 per ounce yesterday. This represents a more than 3.6 percent dip in a matter of hours. Such moves might be common in crypto asset markets but for gold, the move represents the biggest one-day plummet in more than three years. Gold has joined other markets in tanking. As reported in the New York Times, stock markets around the world are reeling from the uncertainty surrounding the coronavirus pandemic, as are Bitcoin and crypto markets. After some even more spectacular gains over the opening six or so weeks of 2020, Bitcoin has been declining for the last days of February. The leading crypto asset traded above $10,000 on the 20th, then above $9,000 until the 25th. The price has since tanked again to around $8,650. With the sudden drops, many called into question the narrative that BTC functions well as a store of value. NewsBTC reported as such this week. Naturally, the likes of Peter Schiff and other prominent Bitcoin naysayers rejoiced at the plummeting BTC price. With other assets already dropping, Schiff proudly tweeted that gold prices were holding up well yesterday: Gold is living up to its reputation as a store of value, as a safe haven. Money continues to flock into gold as a result of what's happening. https://t.co/mWp2XABudB — Peter Schiff (@PeterSchiff) February 27, 2020 Given today’s heavy drop in gold, it only seemed fair to many Bitcoiners to take the dropping price as an opportunity to return the favour to Schiff: Is $GOLD a much safer store of value? @PeterSchiff – Think again! – Buy #Bitcoin pic.twitter.com/wBgIWbb6O1 — CryptoBit (@bitcoin_whales) February 28, 2020 Someone check on @PeterSchiff …. His precious rocks are falling in value FAST!#MustNotBeASafeHavenAsset pic.twitter.com/VYl5DZ9jdc — Pomp (@APompliano) February 28, 2020 Neither Bitcoin, Gold, or Anything Else is an Infallible Store of Value Of course, it’s entirely ridiculous to write off gold as a store of value, even after a relatively major price dip. The precious metal still offers a level of scarcity currently impossible in fiat currency. Nothing has changed about gold over the past 24-hours apart from investors’ opinions. Similarly, nothing has changed about Bitcoin since it started dropping either. Realistically, it’s pretty foolish to think that any asset will either perpetually increase or stay at the same fiat dollar value. The term store of value really just means that the asset in question possesses qualities that make it better suited to retain value than a other assets. National currencies are routinely subject to inflationary pressure at the whim of central bankers and gold is not. Gold represents a harder money, and, therefore, a better store of value than fiat. Bitcoin, with its much more limited end supply, represents a better store of value on paper than gold. Its divisibility and programmability, as well as ease of storage and transportation, make it a much more fitting store of value for the twenty first century too.   Related Reading: While The Rest of the Market Tanks, One Cryptocurrency Is Above All-Time High Featured Image from Shutterstock.

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Bitcoin Bearish Sell Pressure Is Waning Despite Aggressive Selloff

Bitcoin may appear to be on the brink of total collapse as coronavirus fears shake up markets, but trading volume tells a very different story. According to the volume profiles of each the greater bear market and the recent downtrend from the June 2019 top, selling pressure has been subsiding and it could signal “good times” ahead for the crypto market. Bitcoin Sell Pressure Dwindling As Time Progresses Most people first heard about Bitcoin and cryptocurrencies during the meteoric rise of 2017 that turned into a full block bubble once retail investors caught wind of the astronomic riches being generated by early investors in the emerging asset class. Valuations of Bitcoin and altcoins like Ethereum, XRP, Litecoin, and many others skyrocketed. But retail FOMO caused the bubble to expand to epic proportions and eventually the bubble popped. Related Reading | Bitcoin Bounces Off Buy Zone, Accurate Crypto Analyst Says Its Time to Hold  Those that showed up late to the party go left holding heavy bags. Altcoins are still down by over 80% or more in most cases. Bitcoin itself fell to as low as $3,000 before going on another strong rally, but failed to set a new high and ultimately fell back into another downtrend. However, both the greater extended bear market and the more recent downtrend following the June 2019 top, have begun to wane in sell pressure, according to one crypto analyst’s take on a reduction in sell volume throughout the last two years. Red volume bars are shrinking in size over time, and the analyst claims that this is a single that “good times are almost upon us.” $btc Sell pressure on both longer term and current bearish cycle is subsiding. The good times are almost upon us. pic.twitter.com/Ps70jHHUP6 — Mr Parabolic (@iLiquidatebots) February 28, 2020 The Great Times That Once Were in the Crypto Market Those good times that the analyst is speaking of, would be another bull market, much like what happened in 2017. Back then, crypto investors were making money hand over fist, with altcoins popping off and going on thousand percent rallies. Bitcoin went from under $1,000 to over $20,000 in a year’s time. Cryptocurrencies were put on the map in a big way, and the world hasn’t been able to forget about them since. Related Reading | Bitcoin Bull Market Hangs in the Balance of Just One Line  Since then, the landscape has changed, from a once hidden underbelly of the internet, used for purchasing drugs and weapons on the dark web, to major tech companies like Facebook considering building a cryptocurrency of their own. Although markets are indeed cyclical and history often repeats, his time will likely be very different. Crypto is much more widely known now and could result in a far larger bubble than the last time around. Alternatively, the fact that so many got burned in the last bubble, it could result in a less powerful bull run. Featured image from Shutterstock

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Bitcoin is in for a “Severe Correction” as Open Interest Skyrockets

Bitcoin’s intense downtrend appears to be far from being over, as the benchmark cryptocurrency’s bulls were unable to support BTC above a critical support level that was ardently defended throughout yesterday. It now appears that the break below this level has put the crypto in precarious territory, potentially opening the gates for significantly further near-term downside. This comes as the market’s open interest on margin trading platforms balloons past $1 billion, which is a bearish sign that is historically followed by intense downwards momentum. Bitcoin Struggles to Find Support as Bears Continue Pushing It Lower At the time of writing, Bitcoin is trading down just over 2% at its current price of $8,620, which marks a notable decline from daily highs of just under $9,000 that were set yesterday when bulls attempted to recapture its position within the $9,000 region. The firm rejection at this level, however, led the crypto to continue inching lower, leading it to drop as low as $8,400 overnight. The crypto was able to find some strong support at this level, although it has yet to decisively recapture its position above $8,700 – which was a key support level for BTC prior to its sharp overnight downtrend. One factor that could spell trouble for Bitcoin is the fact that its open interest on BitMEX is once again over $1 billion, which is typically an occurrence that is followed by significant selloffs. Mac, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, concisely saying “welcome back” while referencing a chart showing the growth of Bitcoin’s OI. Welcome back pic.twitter.com/UkMaSXuW9W — Mac (CEO of $OGN the next $MATIC) (@MacnBTC) February 28, 2020 BTC Just Lost a Key Support Level, Signaling a Severe Correction is Inbound  Prior to the overnight selloff, Teddy, a popular cryptocurrency analyst on Twitter, explained in a tweet that $8,700 was an incredibly important level for bulls to hold the crypto above, with the recent break below this level opening the gates for a “severe correction.” “BTC: Still no bounce from this level. This old resistance now ‘support’ is clearly a significant level as price wicked below a few times – but always closed above! Lose it and correction will be a lot more severe,” he noted. #BITCOIN | $BTC Still no bounce from this level This old resistance now 'support' is clearly a significant level as price wicked below a few times – but always closed above! __ Lose it and correction will be a lot more severe pic.twitter.com/zYmSyiIcGj — TEDDY (₿) (@TeddyCleps) February 27, 2020 If bulls are unable to recapture this level and catalyze some short-term momentum, it is likely that the ongoing downtrend is still in its early phases, and that significantly further downside is imminent. Featured image from Shutterstock.

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While The Rest of the Market Tanks, One Cryptocurrency Is Above All-Time High

Cryptocurrency investors are seeing red this week, as are investors in the stock market and just about any financial market due to widespread fears over the coronavirus. But there’s one cryptocurrency that is defying all odds and market conditions and has just reached above its previous all-time high daily close. Chainlink Eyes New All-Time High Even Admist Coronavirus Market Crash Chainlink is the cryptocurrency industry stand out of the last year. It was a top performer during 2019, even while other assets were falling, the altcoin kept on rising. The cryptocurrency asset is showing its resiliency regardless of market conditions once again and is defying all odds to potentially set a new all-time high even during one of the most extreme market selloffs the world has seen in years. Not only has Chainlink held up particularly well, even rising amidst the economic turmoil, it is well on its way to setting a new all-time high against Bitcoin on the LINK/BTC trading pair. $LINK While the market is in disarray, this is above it's all time high daily close. I don't know how it does it! pic.twitter.com/ut6XsMv7XQ — Crypto Moriarity (@MoriarityCrypto) February 28, 2020 The current all-time high rests at 48750 sats, however, the highest daily candle close tops out at 46500 sats. Right now, Chainlink is trading at 47000 sats, and if the daily candle can close at this level, it will be a new record for the asset’s highest ever daily close. Such a strong showing by Chainlink even despite a widespread selloff is nothing short of amazing, and breaking a record for highest daily close during this steep collapse will likely cause it to set a new all-time high and close above the former level. Chainlink’s all-time high on USD price charts currently rests above $4.80. The unstoppable altcoin is currently trading at just $4, after reaching as low as $3.25 cents in the recent crypto market crash. This Cryptocurrency May Be Unstoppable in the Next Bull Run The altcoin is overperforming against Bitcoin and the rest of the crypto space, but still has ways to go before setting another new all-time high. However, give the fact that there’s no major overhead resistance, breaching above the level is likely to send the asset into price discover mode, where investors push the price of the asset to new heights before psychological resistance levels are reached and set. Cryptocurrency asset valuations are primarily based on speculation and hype, and with the incredible potential that Chainlink offers, it is easily among the most hyped altcoins of the current crypto market cycle. Analysts expect the likes of Chainlink, Tezos, and other, shiny new altcoins to outperform the altcoins of the last bubble, as holders of those assets will need to sell on the way up to break even, where these new altcoins have nothing but upside in their future.

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S&P 500 Crash Resembles Illiquid Altcoin Crypto Whale Dump

Fears over the possible implications of the coronavirus pandemic have caused the stock market to crash with one of the sharpest one-week declines in the history of the S&P 500, making its chart look like that of an illiquid altcoin. How does the comparison stack up? And why are investors in the stock market so shaken up that the selloff so closely matches that of a crypto asset with low liquidity altcoin? Stock Market and Crypto Investors Remain Spooked By the Coronavirus Panic over the impact the rapidly spreading virus may have on the global economy, ranging from its shutting down of manufacturing facilities to it limiting travel to parts of the world that are particular hotspots for potential infection. The death toll is rising, and health officials are struggling to prevent the spread of the virus. Related Reading | Has the Coronavirus Put an End To the Bitcoin Safe Haven Narrative?  The spread has also reached the world of stocks, cryptocurrencies and more. Financial markets have been a complete and utter bloodbath over the last week, as fears over the coronavirus reaching the point of peak pandemic mounts. Even the S&P 500, a major barometer of the overall health of the largest companies in the United States has dropped nearly 300 points over the last month. The steep fall over the last week has caused the otherwise stable stock index to resemble the price chart of an illiquid altcoin, that a random crypto whale decided to dump their holdings on in with massive market sell. S&P 500 Price Chart Resembles Illiquid Altcoin Dump In fact, the chart looks very similar to that of an IEO token, Matic, when viewed on different timeframes. Matic gained notoriety a few months ago when the altcoin experienced a massive pump and dump. When comparing the two charts, the price action appears to be similar. Given what happened to Matic in the trading sessions following, the dump in the S&P may be far from over. Despite the stock market sinking across most major indexes, the Dow Jones Industrial Average – another major US stock index – just triggered a TD 9 buy signal on daily timeframes. Related Reading | Altcoin Market Trading Volume Reaches New Crypto All-Time High  Other major stocks and their indexes are also ready to print a perfect TD 9 buy setup on daily timeframes, including Apple, and the S&P 500 itself. With how sharply these normally reliable assets have fallen, they could very well rebound with surprising strength. However, if the coronavirus isn’t better contained in the days ahead, the S&P 500 could continue to look like an illiquid altcoin price chart due to an increase in panic selling an already overextended stock market.

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Ripple’s XRP Risks Plunge after Making a Weird Golden Cross

Ripple’s native token XRP triggered a bullish crossover signal on Wednesday that many traders perceived as an opportunity to score short-term gains. The chart pattern, known as Golden Cross, typically appears when a short-term moving average jumps above the longer-term moving average. Many technical analysts use the crossover as a sign to place new bullish positions. That allows the underlying asset’s price to move upward. But that was not the case with XRP. The third-largest cryptocurrency fell below both its crucial moving averages right after it formed the Golden Cross – by up to 11.20 percent below the said crossover. The irrational move downhill showed traders’ lack of focus on 50- and 200-daily MA as their support targets; it was a freefall. XRP/USD eyes more losses below Golden Cross | Source: TradingView.com Joe Saz, the market analyst at BlockTV, said XRP’s move below its Golden Cross has more to do with external narratives than technical data. He particularly highlighted a US Federal District Court’s latest decision to allow a class-action lawsuit against Ripple Labs, the San Francisco blockchain payment firm that backs XRP. “XRP might not be on the top ten list for too long,” added Mr. Saz. “Who knows this thing might get shut down.” On the other hand, some analysts found technical explanations in XRP’s illogical price drop. Full-time trader Bleeding Crypto said in a tweet Wednesday that the crypto was simply filling the gaps its derivatives contracts left in the futures market. The Twitterati also noted that the price could fall to as low as $0.20 – a level that coincides with one of the gaps. XRP Support Levels Ahead The Ripple token now finds itself inside a short-term descending channel (greened) that allows traders to identify ideal entry and exit positions. XRP/USD inside falling channel | Source: TradingView.com As of now, the XRP-to-dollar exchange rate could retest $0.22 as its interim support to attempt a pullback towards the Channel Resistance. But given the pair’s prevailing downside sentiment, it could very well break below the $0.22-support and extend its bearish target to $0.20, followed by $0.18 (both of them are historical support levels). Given the XRP traders wake up to realize that their market has just formed a Golden Cross, the price could even break above the Channel Resistance. But it would still be facing stiff price ceilings in the 50- and 200-DMA. Only a close above the Golden Cross can validate the bullish crossover for the medium-term. That doesn’t take away the fact that XRP remains one of the weirdest bullish crypto assets.

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KuCoin’s New Instant Exchange Service Supports Near Instant Crypto Transactions

KuCoin, the leading global cryptocurrency exchange backed by IDG Capital has now launched its Instant Exchange service that allows users to exchange some of the top crypto assets like BTC, ETH, LTC, XRP, BCHABC and USDT within seconds. Created by KuCoin in collaboration with a top quantitative market maker of the Chicago Mercantile Exchange (CME),  the Instant Exchange service offers a huge advantage over traditional crypto-to-crypto trading solutions when it comes to order completion and settlement. Whenever users submit an order on Instant Exchange, KuCoin and its partner will find the optimal exchange rate in the global market and execute immediate settlement. The transaction on the platform will be completed in as less as one second. The Instant Exchange feature is designed to support orders of any size, and the rate of order execution ensures that there is no large price fluctuation in KuCoin’s spot market due to huge, partially executed orders. Also, the final transaction price for any order will be the same as what’s shown on the service page at the time of placing the order as the platform doesn’t charge any transaction fees. It will greatly reduce transaction costs while improving transaction efficiency. Johnny Lyu, the co-founder of KuCoin, said: “As ‘The People’s Exchange’, KuCoin has been committed to providing users with secure, simple and convenient trading experience, so that more people can embrace the blockchain and crypto world. The Instant Exchange service is a bold attempt for KuCoin, which can help users complete the optimal transaction in the shortest time”. Since its launch in 2017, KuCoin has grown into one of the most popular crypto exchanges, and it currently provides a series of financial services like fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 5 million users spread across 207 countries and regions around the world. One out of four crypto holders worldwide is with KuCoin.  

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Bitcoin Fractal Indicates a Massive Price Crash to Below $3,000

Bitcoin is at the risk of crashing below $3,000 as a historically accurate bearish indicator screams ‘sell’ for the first time since July 2019. Bitcoin eyeing deeper bearish correction after Death Cross formation | Source: CryptoHamster The benchmark cryptocurrency’s 50-weekly moving indicator slipped below its 20-weekly moving indicator on Thursday, leading to the formation of a Death Cross. Popular market analyst CryptoHamster noted that its formation last year prompted bitcoin to fall by 53 percent. In another instance from July 2015, traders had crashed the price by circa 67 percent. “Only twice in the whole history of bitcoin, there were bearish crossovers,” CryptoHamster said. “[The] first time after that there was a drop by ~67% and the second time – by ~53%. The third crossover has been printed [Thursday].” Floors and Ceilings The statements came at the time when bitcoin is undergoing a lengthy bearish retracement from its overarching uptrend. As of 1139 UTC Friday, the cryptocurrency was down by 18.5 percent from its year-to-date high of circa $10,522. Most analysts agree that it fell in tandem with global stock markets – against the fast-spreading Coronavirus panic. The downside sentiment, meanwhile, received backlash from bulls who believe bitcoin could grow as it sets to undergo a 50 percent supply rate cut this May. So it appears, the cryptocurrency – indeed – was trading near its important support levels while waiting for traders to “buy the dip.” NewsBTC covered one of such key floors in an analysis. As shown in the chart below, the risk of bitcoin falling below $4,000 is higher if it breaks below the 50 WMA. Again, what’s supporting the prediction are fractals from the past. BTC/USD testing blacked and bolded 50-WMA for a rebound | Source: TradingView.com, Coinbase Meanwhile, Bitcoin’s Relative Strength Indicator (RSI) broke below a key support level as well. As the chart shows, traders’ bearish bias remains higher if the RSI stays below 53. Conversely, a jump above 53 shows a likelihood of improving upside sentiment. A pullback accompanied by higher volume from here could mean bitcoin is attempting to evade the bearish sentiment. That could overall negate CryptoHamster’s brutal crash prediction. Bitcoin 2020 Scenario Investors will be hoping that central banks introduce cushion policies to offset the impact of Coronavirus on global stock markets. That would mean more cash injection, cheaper loans, and intensive repo programs. Such moves could allow traders to use the new money to enter the bitcoin market. As of now, traders need higher liquidity. It explains why even a globally perceived safe-haven Gold is falling this week. Hedge funds and other big players are merely balancing out their portfolios after facing extreme losses in the stock market. Bitcoin does not stand a chance against such a gloomy environment. The cryptocurrency is still up by 23.57 percent on a year-to-date timeframe.

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The Importance of Passive Income in Today’s Economy and How Cryptocurrencies Can Help

The current state of the economy has made it hard for people to rely on just the regular source of income to manage their finances. In order to have financial security it is very important to have supplemental income to take care of all the financial obligations and still maintain healthy savings. It may not be practical for everyone to work multiple jobs or make capital heavy investments that can earn a steady source of income in the near future. This is where cryptocurrencies come into the picture by providing a flexible alternative investment route for a passive income stream. Lennix Lai, Financial Markets Director of OKEx, offered insights into the possibility of cryptocurrencies acting as a source of financial stability for the masses during the recently concluded Blockchain Economy 2020 event in Turkey. As a keynote speaker at the highest-standard blockchain summit in MENA and Eurasia, Lai said, “Cryptocurrencies could be an ideal alternative to earn passive income while negative interest rate becomes the new norm globally. At OKEx, we strive to bring crypto inclusion and is constantly working towards a frictionless economy, regardless of how the traditional markets perform,” He further added,  “Savings, staking, as well as DeFi lending, these are new avenues that can provide crypto interest income to users on a regular basis, which also benefit to the traditional financial system, and hence bringing billions of users the advantage of obtaining passive income in crypto.” The concept of negative interest rates is not new to many European nations. Unlike the standard practice where savings in a bank account generate interest, the negative interest rate regime rewards borrowing in order to boost spending and revive the economy. However, this practice also penalizes the practice of savings by charging an interest on it, which in the long run could turn detrimental for people as their savings dwindle and in case of any emergency, they will be forced to arrange for funds through other means. However, a bit farther away from conventional banking practices, cryptocurrencies have displayed their potential to help people collect a steady stream of revenues through multiple ways. Staking cryptocurrencies is becoming a norm these days, as they offer a low-risk cryptocurrency investment option. During staking, investors will receive rewards in the form of dividends by buying and depositing cryptocurrencies in e-wallets or staking pools for a certain duration. In simpler words, staking is quite similar to time deposit in traditional banks where the holder will earn interest or profits for maintaining the funds for longer durations in their respective accounts. However, there are subtle differences in how the profit is generated, and the rate of interest with staking tends to be much higher than traditional banking. Staking is gradually becoming popular among the crypto community as more people start staking their tokens for profit. The interest rates on staking have also seen a considerable increase, which stands at the highest on OKEx Pool with an average of 5.2%. OKEx Pool is a comprehensive mining pool created by OKEx, the leading crypto asset exchange and trading platform. It supports mining of a range of PoW, PoS and PoS-variant assets, including major ones like BTC, BSV, ETH, LTC, EOS, ATOM, XTZ, DAI and more. The highest interest rate for staking on OKEx Pool is currently garnered by EOS, XTZ, DAI, VSYS, ATOM, YOU, ISOT and CRO, with the maximum being 15%. EOS was the earliest token made available for staking on OKEx Pool at interest rates up to 5.12% — highest in the industry. The platform also offers additional advantages for EOS staking, which includes: conversion of profits to OKB for settlement where users can also gain additional benefit from the increase in OKB market value as OKEx’ native token continues to perform strongly in the secondary market. added diversity and flexibility of staking period with 4-tiered staking period one-click staking by transferring EOS to the Mining Account direct credit of daily income from staking OKEx shares a strong working relationship with the EOS community, which has helped OKEx Pool secure top EOS Block Producer ranking on August 13, 2019, within one month of launch. OKEx has also launched the EOS Block Producer Pursuit during the same month to recognize and reward earlier Block Producers with over 100 million votes. Staking is just one of the ways of generating passive income in the cryptocurrency ecosystem, there are also other trading products (most of which are offered by OKEx as well) that could help in achieving one’s financial goals when utilized prudently.

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Bitfinex Hit With Likely DDoS Attack as Bitcoin Falls Under $8,600: Weird Coincidence?

Unfortunately, not even Bitcoin exchanges aren’t safe from the crypto carnage that has transpired over the past few days. Not too long ago, Bitfinex began “investigating what seems like a distributed denial-of-service” attack (DDoS) attack on its exchange. This came as a number of users began reporting they couldn’t access their BTC trades. We are investigating what seems like a distributed denial-of-service (DDoS) attack. We will keep everyone updated on here and our status page https://t.co/u3pYCVVGQq as we know more. — Bitfinex (@bitfinex) February 28, 2020 Indeed, data from Bitfinex’s status page shows that site response time and data throughput started to vary dramatically at 6:40 am GMT, eventually reaching a point where the site crashed around 8:00 am GMT, spurring the exchange to respond. With Bitfinex hosting some of the most prominent cryptocurrency traders (like J0E007), many immediately wondered how the unexpected temporary closure of the exchange was affecting the Bitcoin market. Although no strict correlation has been determined, our analysis found that BTC began showing signs of weakness once the DDoS attack started. Bitcoin Seemingly Reacts Negatively to Bitfinex News Below is an extremely short-term chart of Bitcoin’s price created by NewsBTC showing trends before, during, and after the DDoS attack. The first horizontal line (blue) is when Bitfinex started to report issues, with the site lagging and data throughput decreasing. In the minute after Bitfinex’s status page reported this, BTC fell by $20. The second horizontal line (more transparent blue) was when the seeming DDoS attack succeeded, marked by Bitfinex’s site response time hitting zero and data throughput flatlining. This seemingly marked the start of a steep decline that brought BTC from $8,740 to $8,560 — a drop of 2% — as of the time of writing this. It isn’t clear if this is a spurious correlation, though Bitcoin falling on a top exchange reporting issues isn’t exactly unprecedented or baseless. The crypto market is one based on emotion, where news events can cause dramatic moves in the market. The leading exchange suddenly falling to a potential cyberattack may have been seen as a sign of weakness, resulting in traders selling their Bitcoin stashes. Also, as this writer explained in a tweet regarding the situation, Bitcoin has historically moved on the maintenance of a top exchange; in August of 2018, BTC surged $300 within a minutes’ time after BitMEX began a scheduled maintenance session, then returned to normal as the effects of the brief shutdown wore off. Importantly, Bitcoin moving on the maintenance/shutdown of a top Bitcoin exchange isn't unprecedented: In August of 2018, BTC surged $300 — then 5% — once BitMEX began a rare maintenance session. — Nick Chong (@_Nick_Chong) February 28, 2020 These things considered, it isn’t out of the realm of possibility that BTC’s 2% drop from $8,740 to $8,560, which was explained earlier, was triggered by this Bitfinex news. Featured Image from Shutterstock

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Why Bitcoin Holding This Crucial Level Will Set Stage for “Parabolic Advance”

The past few days haven’t been too kind to Bitcoin, to say the least; the leading cryptocurrency has retraced (some have called it more of a crash) from $10,000 to as low as $8,520 in a dramatic fashion, liquidating millions of dollars worth of BitMEX positions.  Despite this, analysts remain optimistic. In fact, one top analyst, who has been calling the recent twists and turns of digital asset prices rather well, recently suggested BTC could be on the verge of a “new parabolic advance.” The catch? Bitcoin will need to hold a key level. Bitcoin Needs to Hold This Key Level to Confirm Parabolic Rally While Bitcoin seemingly moves without rhyme or reason, the cryptocurrency has long-term trends it seemingly confirms time and time again. One such trend is BTC holding the 21-week exponential moving average — a popular moving average used by analysts to determine an asset’s directionality. According to CryptoWolf, Bitcoin holding this level (currently at $8,750) in the coming weeks will be crucial for the asset moving forward: “Bitcoin holding the 21WEMA, or this EMA ribbon if you prefer, would mean the start of a new parabolic advance.” Indeed, he shared the below chart, indicating that the previous bull run that took BTC from $1,000 to $20,000 was punctuated by consistent bounces off the 21-week EMA. There are reasons to believe Bitcoin will hold $8,750 and wherever the moving average moves to in the coming weeks. One such reason is the below analysis from this writer, which shows that when the VIX (the CBOE’s volatility index derived from S&P 500 options data) passes 30, BTC has found itself near a bottom (both local and macro bottom) on at least three occasions. .@CarpeNoctom suggested spikes in the VIX correlate (spurious?) with Bitcoin bottoms. He's not kidding. Times the VIX passed 30 in the past 5 years: Dec 23, 2018: a week after BTC fell to $3,150Feb 3, 2018: when BTC bottomed at $6,500Aug 22, 2015: when BTC bottomed at ~$220 pic.twitter.com/vS7E60rNJp — Nick Chong (@_Nick_Chong) February 27, 2020 Where Will the Crypto Market Trend To? While the jury is still out on where exactly the next parabolic bull run will take BTC, the consensus is a fresh all-time high of at least $50,000. The stock-to-flow model, created by an institutional quantitative analyst, equates Bitcoin’s scarcity, derived from the above-ground supply divided by the rolling issuance of the coin, to the asset’s market cap. It determined, to a 95% R squared, that after the BTC block reward reduction in May 2020, a coin will have a fair value of anywhere between $55,000 to $100,000. GeertJancap, a Twitter user interested in disruptive technologies, noted that according to a transfer function model Bitcoin’s price action, BTC’s price will catch up to the fair value suggested by the model a year after the halving in the middle of 2021. There’s also been some talk of even greater prices than $50,000. For instance, Tim Draper — a legendary venture capitalist known for his bets on Bitcoin, Tesla, Coinbase, SpaceX, and other plays — recently told CNBC he expects for BTC to hit $250,000 by late-2022 or early-2023, just 36 months away. Featured Image from Shutterstock

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Bitcoin is Recovering, But This Key Data Shows Bears Are Still Well in Control

Bitcoin is currently recovering from the $8,512 weekly low against the US Dollar. However, BTC price is still facing many key hurdles near $9,000 and it could resume its decline. Bitcoin is showing signs of a short term upside correction from $8,512 against the US Dollar. The bears are still in control unless there is a clear break above $9,000 and $9,200. There is likely a bearish flag forming with support near $8,735 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline below the $8,735 and $8,600 levels in the near term. Bitcoin Is Facing Key Hurdles This week, we saw a strong downward move in bitcoin below $9,000 and $8,800 against the US Dollar. BTC price even traded below the $8,680 support level and settled well below the 100 hourly simple moving average. A new weekly low is formed near $8,512 and the price is currently correcting losses. It surpassed the $8,700 resistance level, and the 23.6% Fib retracement level of the downward move from the $9,281 high to $8,512 low. On the upside, there are many resistances forming near the $9,000 and $9,200 levels. More importantly, there is likely a bearish flag forming with support near $8,735 on the hourly chart of the BTC/USD pair. Bitcoin Price Bitcoin is currently struggling near the 50% Fib retracement level of the downward move from the $9,281 high to $8,512 low. The first key resistance is near the flag resistance at $9,000. If the bulls gain strength above $9,000, the next important breakout zone is visible near the $9,200 level and the 100 hourly SMA. Therefore, the price must climb above the $9,000 and $9,200 levels to start a fresh increase in the coming sessions. Fresh Drop If bitcoin fails to correct above the $9,000 and $9,200 resistance levels, it is likely to resume its decline. An initial support is near the flag trend line at $8,735. A successful break below the flag support could open the doors for a fresh decline below $8,700 and $8,600. In the mentioned case, the price could even decline below the $8,512 swing low. The next major support and buy zone is near the $8,200 level (as discussed yesterday using the daily chart). In the medium term, bitcoin price is likely to bounce back as long as there is no daily close below $8,000. Technical indicators: Hourly MACD – The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just below the 50 level. Major Support Levels – $8,735 followed by $8,500. Major Resistance Levels – $9,000, $9,200 and $9,280.

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Ripple (XRP) Above This Crucial Breakout Zone Could Spark Massive Rally

Ripple started an upside correction from the $0.2220 support area against the US Dollar. XRP price is now testing $0.2450 and it must surpass $0.2500 for a fresh rally to $0.3000. Ripple price is currently recovering above the $0.2320 and $0.2400 levels against the US dollar. The price is now facing a couple of key resistances near $0.2450 and $0.2500. There is a major bearish trend line forming with resistance near $0.2430 on the hourly chart of the XRP/USD pair (data source from Kraken). The price could either start a massive rally towards $0.3000 or fail near $0.2500 for a fresh decline. Ripple Price Facing Key Resistance Yesterday, we saw a strong decline in ripple below the $0.2350 support area and the 100 hourly simple moving average. XRP price even traded below the $0.2250 support level and formed a new weekly low at $0.2229. It is currently correcting higher above the $0.2300 and $0.2350 resistance levels. The price also climbed above the 23.6% Fib retracement level of the downward move from the $0.2860 high to $0.2229 swing low. The current price action is positive, but ripple seems to be facing a couple of key hurdles near the $0.2450 and $0.2500 levels. There is also a major bearish trend line forming with resistance near $0.2430 on the hourly chart of the XRP/USD pair. Ripple Price Above the trend line, the main resistance is near the $0.2500 area and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $0.2860 high to $0.2229 swing low is near the $0.2540 level to act as a significant resistance. Therefore, a clear break above the trend line and then a follow up move above the $0.2500 resistance is must to start a strong rally. If ripple settles above the $0.2500 area and the 100 hourly SMA, the price could rise steadily towards $0.2850 and $0.3000 in the coming days. Another Failure? If ripple fails to climb above the $0.2450 and $0.2500 resistance levels, there are chances of another downward move. An initial support is near the $0.2350 level. A successful close below the $0.2350 support level may perhaps restart downtrend. The next key supports on the downside are visible near the $0.2250 and $0.2220 levels. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level, with a positive bias. Major Support Levels – $0.2350, $0.2250 and $0.2220. Major Resistance Levels – $0.2450, $0.2500 and $0.2540.

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