Ripple (XRP) is Showing Early Signs of Fresh Rally, But $0.18 is the Key

Ripple is consolidating above the $0.1720 support zone against the US Dollar. XRP price seems to be preparing for a fresh rally, but it must surpass $0.1800 for a sustained upward move.

• Ripple is slowly rising and it is currently trading above $0.1750 against the US dollar.
• The price is likely to face hurdles near $0.1780, $0.1800, and the 100 hourly SMA.
• There is a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh rally if there is a successful close above the $0.1800 resistance.

Ripple Price Could Rally Above $0.1800

After a downward spike below the $0.1700 level, ripple found support above $0.1680. XRP price started an upside correction and recovered above the $0.1720 resistance level.

The bulls were able to push the price above the $0.1780 resistance, but they struggled to clear the $0.1800 level and the 100 hourly simple moving average. A swing high was formed near $0.1798 before the pair started correcting lower.

It traded below the $0.1760 level, plus the 23.6% Fib retracement level of the upward move from the $0.1689 low to $0.1798 high. It is currently holding the $0.1720 support level and showing positive signs.

The 50% Fib retracement level of the upward move from the $0.1689 low to $0.1798 high is also a strong support at $0.1745. On the upside, the price is likely to face hurdles near $0.1780, $0.1800, and the 100 hourly SMA.

Ripple price below $0.1800. Source: TradingView.com

There is also a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair. If the bulls clear the trend line resistance, the price could continue to rise towards the $0.1800 resistance.

A successful daily close above the $0.1800 level and the 100 hourly simple moving average could spark a fresh rally in the coming sessions.

More Losses in XRP?

If ripple price struggles to clear the $0.1780 and $0.1800 resistance levels, there is a risk of another decline. An initial support is near the $0.1740 level.

The main support is near the $0.1720 level, below which the price is likely to accelerate lower towards the $0.1680 and $0.1650 levels in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is approaching the 50 level.

Major Support Levels – $0.1740, $0.1720 and $0.1680.

Major Resistance Levels – $0.1780, $0.1800 and $0.1880.

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Bitcoin Flirts With Key Resistance: Here’s Why 100 SMA Could Spark New Rally

Bitcoin is consolidating above the $9,100 level against the US Dollar. BTC could start a strong increase towards $9,500 as long as it is above the 100 hourly SMA.

• Bitcoin is currently trading in a contracting range below the $9,300 resistance.
• The price is holding the $9,000 support and trading above the 100 hourly simple moving average.
• There is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could either rally above $9,200 or it might start a fresh decline below $9,000.

Bitcoin Price is Approaching Next Break

In the past few sessions, bitcoin remained well bid above the $9,000 support against the US Dollar. BTC also settled above the $9,100 level and the 100 hourly simple moving average.

However, the bulls are facing a few important hurdles near $9,200, $9,300 and $9,320. The recent high was formed near $9,225 before the price starting a downside correction. It broke the 23.6% Fib retracement level of the upward move from the $8,813 low to $9,225 swing high.

The decline was limited below the $9,100 level and the 100 hourly simple moving average. It seems like there is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair.

Bitcoin price holding 100 hourly SMA: Source: TradingView.com

If there is an upside break above the triangle resistance, the price could start a decent increase. An immediate resistance could be the $9,225 swing high. The main resistance is still near $9,300.

A proper close above the $9,300 and $9,320 resistance levels will most likely open the doors for a larger upward move in the coming sessions. The next crucial resistance is near the $9,500 and $9,550 levels.

Downside Break in BTC?

On the downside, the triangle support is at $9,100 and the 100 hourly simple moving average. If bitcoin breaks the 100 SMA, the bears are likely to gain momentum.

The next support is near the $9,000 level or the 50% Fib retracement level of the upward move from the $8,813 low to $9,225 swing high. A downside break below the $9,000 support may perhaps push the price towards the $8,800 support level.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is attempting a break above the 50 level.

Major Support Levels – $9,100, followed by $9,000.

Major Resistance Levels – $9,160, $9,225 and $9,300.

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Key Indicator Says Bitcoin’s Momentum Is Weakening: Where Will BTC Head?

Bitcoin has been stuck in the $9,000s for the past two months, trading between $8,500 and $10,000 for weeks on end.

While the cryptocurrency has maintained the $8,500 support level on multiple occasions, a key indicator shows that the bullish momentum is weakening.

Related Reading: Crypto Tidbits: BTC At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal

Bitcoin Has “Weakening” Bullish Momentum: Analyst

According to Brave New Coin analyst Josh Olszewicz, the Ichimoku Cloud indicator shows that Bitcoin has “weakening bullish momentum” due to the consolidation:

“Cloud still shows weakening bullish momentum. If you are bearish, you want an e2e to 7.1. If you are bullish, you want a TK cross recross above Cloud  with a $13k target.”

Olszewicz added that he thinks BTC is currently in an “awkward spot” that is disallowing him from taking “either position with conviction.”

One-day BTC price chart with Ichimoku Cloud. Chart from TradingView.com; chart made by Josh Olszewicz (@CarpeNoctum on Twitter).

Two Factors Could Upset the Bitcoin Bull Case

Olszewicz is indicating that per his technical analysis, Bitcoin is trapped in no man’s land. Fundamentals, instead, may give insight into which way the cryptocurrency will head next.

Although there has been increased “HODLing” by Bitcoin investors, there are three factors that threaten to send BTC lower:

• Selling by miners: On-chain analyst Cole Garner reported last week that miners have withdrawn a large amount of Bitcoin to exchanges. This implies that miners want to liquidate a portion of their holdings as soon as possible due to potential downside.
• Selling by PlusToken: Spencer Noon reported that more than $450 million worth of Ethereum, EOS, Bitcoin, and XRP have moved from PlusToken-owned addresses. Other analysts have reported that some of the funds are slowly being siphoned into exchanges, presumably to be liquidated.
• A dropping S&P 500: Finally, a retracement in the S&P 500 could lead to a retracement in the price of Bitcoin. This is due to a correlation that has formed between the asset classes, which has been observed by JPMorgan and Goldman Sachs analysts. Guggenheim Investments’ global CIO Scott Minerd and Jeremy Grantham are among the analysts expecting a strong move lower in the S&P 500.

Related Reading: Uber & Robinhood Angel Investor: 99% of Crypto Projects Are Garbage

CME Traders Bet on Downside

Importantly, institutional investors trading the CME’s Bitcoin futures expect a move to the downside.

As reported by NewsBTC previously, CME futures data shows that institutions have cumulatively been building a net short position. One trader shared the image below, which shows that accounts with the tag “institutional traders” are cumulatively shorting 2,038 of the CME’s BTC futures contracts.

BTC price chart with CME's Commitment of Traders report data. Chart from TradingView.com; made by Byzantine General (@Byzgeneral on Twitter).

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University of California Falls Prey to $1.15M Crypto Ransom Scam

It’s no secret that the crypto industry is rife with scams, hacks, and other nefarious activities, with the decentralized and private nature of many digital assets being conducive to these types of undertakings.

The latest group to fall victim to one of these scams is a school within the University of California system, who paid an online gang $1.14 million to gain access to files that were encrypted due to malware that spread throughout their computer system.

UC San Francisco Pays Cyber Gang $1.15 Million in Crypto 

According to a recent report from BBC – who followed the conversation between the two parties thanks to an anonymous source – the Netwalker criminal gang extorted over $1 million in Bitcoin from the University of California, San Francisco (UCSF) earlier this month.

Shortly after the malware had infected the university’s computer system, the IT department was directed to a page on the dark web the resembled a standard customer service page.

Netwalker's website. Image courtesy of BBC News

They then engaged the criminals in a conversation on the site, who instructed that they pay $3 million in crypto to have access to their files and computers restored. Otherwise, they threatened, the files would all be wiped clean.

The University offered to pay $780,000, but the hackers claimed that this is not enough considering that the university makes “billions per year” and demanded they pay $1.5 million in crypto.

The university eventually offered a total of $1,140,895, which was accepted by the hackers.

The next day, 116.4 Bitcoin was transferred into the gang’s crypto wallets.

These actions run counter to recommendations from most law enforcement agencies across the globe, who argue against making contact or sending payment to any of these digital ransom rings.

Despite this, the university claims that it was imperative to send the crypto due to the locked files being valuable to “serving the public good.”

“The data that was encrypted is important to some of the academic work we pursue as a university serving the public good. We therefore made the difficult decision to pay some portion of the ransom, approximately $1.14 million, to the individuals behind the malware attack…”

Here’s Why Law Enforcement Argues Against Sending Crypto to Ransom Hackers

Ransom schemes are becoming commonplace, and law enforcement officials remain ardent in their stance against victims sending Bitcoin or any other crypto to these criminals.

Jan Op Gen Oorth – a Europol agent – stated that paying the ransom just encourages more of it to take place.

“Victims should not pay the ransom, as this finances criminals and encourages them to continue their illegal activities.”

Because crypto-assets like Bitcoin can easily be sent through a “mixer” that makes it incredibly difficult to track, it is unlikely that victims who pay these organizations will ever be able to recover the stolen funds.

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Only 27% of Circulating Bitcoin has Moved in 2020; Why This Matters

Bitcoin’s ongoing bout of sideways trading has offered little insight into its mid-term outlook.

New data now shows that Bitcoin’s price action throughout 2020 has been driven by a significantly limited number of market participants, which may explain why the crypto has been ranging between $9,000 and $10,000 for over six weeks.

According to one analytics firm, only 27% of BTC’s circulating supply has moved in 2020. This means that the remaining 73% has remained dormant, with active traders utilizing margin, futures, and options likely being the source of all of its volatility.

This comes as data shows that the benchmark cryptocurrency’s fundamental health is starting to grow, potentially opening the gates for it to see further upside in the weeks and months ahead.

Bitcoin’s Underlying Health Grows as On and Off-Chain Data Flashes Bullish Signs 

Bitcoin’s multi-week bout of consolidation has struck a blow to investor sentiment, leading many to forecast that the cryptocurrency will soon breakdown and start a new downtrend.

There are factors that support this notion, including the triple top at $10,500 that is currently in play, the consecutive rejections it has posted at $10,000, and the lower highs it has been establishing.

There is one indicator that shows Bitcoin has been incurring growing fundamental health throughout this consolidation period, suggesting that its next movement could favor buyers.

Glassnode’s Compass – an indicator made by the research firm – shows that the crypto has been slowly transitioning into bull territory over the past several months.

“For the fifth week in a row, the compass is in Regime 1, representing a bullish state for the market and for on-chain activity. GNI and bitcoin’s price trend both slipped slightly from the previous week, but still remain firmly in the green zone,” they explained while pointing to the graphic seen below.

They further go on to explain that Bitcoin’s stable position within the green zone is a good sign for its mid-term outlook.

“This continued stability, both on-chain and off-chain, is a good sign for BTC… While this bullish sentiment will not necessarily translate to immediate gains for the price of BTC, the long-term outlook is optimistic.”

BTC Price Action Being Driven by a Small Group of Market Participants 

According to other data from Glassnode, only 27% of Bitcoin’s circulating supply has been moved in 2020. The rest has remained dormant.

This means that the market is currently being driven by a small percentage of market participants, as likely only a fraction of this 27% is being moved as a result of active trading.

Rafael Schiltze-Kraft – the CTO of Glassnode – spoke about this in a recent tweet, saying:

“Only 27% of the circulating #Bitcoin supply has moved in 2020. That’s right, 73% of all bitcoins in existence (~13.5M $BTC) have been dormant since 2019 and before.”

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Crypto “Reserve Currency,” Tether (USDT) Hits a $10 Billion Market Cap

Weeks ago, NewsBTC reported that the market capitalization of leading crypto stablecoin Tether (USDT) was on track to $10 billion. This week, after a large minting of coins, the milestone was reached.

Related Reading: A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App

Crypto’s “Reserve Currency” Hits $10 Billion Market Cap

According to Messari analyst Ryan Watkins, the market capitalization of USDT passed 10 billion on June 30th. It is the third cryptocurrency currently in this 10-figure range.”

At the start of the year, the market capitalization of the asset was closer to $4.5 billion. And at the start of 2019, the figure was well under $3 billion.

Chart of USDT's market capitalization shared by Messari analyst Ryan Watkins, a former investment banker.

Some see USDT’s market cap growth as a sign of increasing interest in cryptocurrency.

Because USDT can be easily transacted into Bitcoin, Ethereum, and others, firms/large traders can theoretically mint the asset via Tether. After that, they can send the coins to exchanges to be traded for the asset.

Though, this goes the other way: Paolo Ardoino said in a podcast that during March, traders that couldn’t liquidate their coins into fiat opted for USDT instead. Ardonio is the CTO of Tether and Bitfinex.

The Compound Effect on Tether

USDT’s market capitalization may also be benefiting from growth in decentralized finance, specifically the Compound protocol.

Compound is an Ethereum-based money-market protocol that allows investors to borrow and make money by lending out cryptocurrencies. The platform supports assets from Ethereum and Basic Attention Token to stablecoins like DAI and USDT.

Due to a number of variables, USDT has quickly become one of the most popular coins on the platform.

At one time last week, Compound reported that there was more than $150 million worth of USDT deposited in the protocol.

This is but a fraction of the total supply cap. But the increase in demand for the stablecoin may have spurred investors enough to send money to Tether and receive USDT in return.

Importance to Crypto Industry Grows

With USDT’s market capitalization surmounting $10 billion, its importance to this industry becomes even more pronounced.

Qiao Wang,  an ex-Messari executive and analyst in the space, recently said the following:

“3 companies that, if something catastrophic happened to them today, would cause a tsunami in these markets: Silvergate, crypto banking; Tether, reserve currency of crypto; and Genesis, primary venue of liquidity for crypto loans.”

Its market capitalization may only be around 4-5% of the entire crypto market. Yet USDT accounts for a large portion of the volume and on-chain value, with more and more exchanges and other service providers adopting it.

Related Reading: Uber & Robinhood Angel Investor: 99% of Altcoin Projects Are Garbage

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Crypto "Reserve Currency," Tether (USDT) Hits $10 Billion Market Capitalization

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Why This Major Crypto Could Soon Crater to Early-2017 Lows

Litecoin is one of many crypto tokens that has been struggling to garner any upwards momentum in recent times.

LTC has formed an incredibly close correlation to Bitcoin as of late, which has caused it to enter a long-held bout of sideways trading. Like BTC, it is currently trading at the lower boundary of this range and is beginning to flash some overt signs of weakness.

Analysts believe that its next big movement could prove to be dire for bulls, as it may plummet to levels not seen since early-2017.

There is one fractal pattern signaling that this next drop could be followed by a significant upside movement.

Its imminent decline, however, may be a symptom of the weakness that the cryptocurrency has seen relative to the rest of the markets in 2020. One trader is pointing out that it has been woefully underperforming many of its peers.

Litecoin Forms Close Correlation to Bitcoin But Severely Underperforms Crypto Market in 2020

At the time of writing, Litecoin is trading down just over 1% at its current price of $41. This is around the price level at which it has been hovering around for the past couple of days.

LTC’s over-month-long trading range has been established between $40 and $50, with the crypto only breaking above and below these boundaries on a few brief occasions.

This trading range has been formed in tandem with Bitcoin forming its range between $9,000 and $10,000.

Because Bitcoin and Litecoin have grown incredibly correlated as of late, it does appear that whether or not LTC breaks below $40 will depend on if the benchmark crypto is able to maintain above $9,000.

From a macro perspective, 2020 hasn’t been too great for Litecoin, as it is trading down nominally from where it started the year.

One analyst spoke about this in a recent tweet, explaining that LTC, Bitcoin Cash, and XRP have all been quite lethargic as of late, being unable to see “V-shaped” recoveries since the mid-March meltdown.

“Now if we look at the performance of the ‘Majors’ we’ve only really had ADA with a stronger return. Huge markup and the only one to have exceeded the Feb high. Weakness in recovery for BCH, LTC and XRP. Reduced % returns, rounding off and a huge distance from the Feb highs.”

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

LTC Likely to Decline to Early-2017 Lows Against Bitcoin

One analyst recently explained that he expects this underperformance to continue strong in the weeks ahead, potentially leading the crypto down to BTC price levels not seen since early-2017.

“LTCBTC: Can’t rule out another leg down. Would be a decent area to accumulate from,” he explained.

The same analyst also notes that this could form a similar fractal pattern to one seen a few years ago, signaling that this next decline could be just what is needed to kick off a parabolic uptrend.

Image Courtesy of TraderXO. Chart via TradingView.

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Crucial Factors to Consider Before Bitcoin Closes Its Monthly Candle

June has been a rather uninteresting month for Bitcoin. The cryptocurrency largely ranged between $9,000 and $10,000, with each break above or below this range being fleeting.

One interesting trend seen throughout the past four weeks has been BTC’s propensity to set lower highs, as it has been slowly grinding down to the lower end of its well-established trading range.

This seems to indicate that it will close its monthly candle in the coming few hours on a low note, disappointing bulls who were hoping to see a close at, or above, $10,000.

There are now a few factors that analysts are closely observing for insight into where the benchmark cryptocurrency may trend following its upcoming monthly candle close.

It does appear that July is positioned to be a volatile month for BTC, as its June candle is set to be one of the smallest seen in over a year – pointing to the strength of its recent consolidation phase.

Some top traders expect this volatility to favor the crypto’s buyers.

Bitcoin’s Monthly Candle Close Shows Just How Intense Recent Consolidation Has Been

Between May 31st and June 1st, Bitcoin’s price rallied from lows of $9,400 to highs of nearly $10,400.

This marked the highest price levels the cryptocurrency saw this month, as its price began sliding lower in the time since.

It is important to note that the decline from these highs was gradual and can largely be categorized as a slow grind lower due to it entering multiple consolidation phases along the way.

Bitcoin is now trading within the lower end of its well-established trading range between $9,000 and $10,000.

At the time of writing, Bitcoin is trading down less than 1% at its current price of $9,150. This marks a slight rebound from recent lows of $8,900 that were set late last week.

The price action seen throughout the past month is about to cause BTC to post the tightest monthly candle it has seen in over a year. This signals that volatility may be imminent.

“BTC – the monthly candle closes tomorrow, looks like Bitcoin will have its tightest candle body in over a year,” one analyst explained.

Image Courtesy of Big Chonis. Chart via TradingView.

BTC Remains Well-Positioned to Rally Towards $13,000

As NewsBTC reported yesterday, Bitcoin currently has a major liquidity pool sitting around $10,500. These levels tend to be visited by assets at some point, and one analyst believes it will help spark a BTC rally up to $13,000.

“Macro BTC context: still think we’re heading towards $13K mid term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later,” one respected pseudonymous trader explained.

Image Courtesy of SalsaTekila. Chart via TradingView.

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The Crypto Market’s Most Accurate Tool Says New Bitcoin Uptrend Is Here

The crypto market is at a pivotal moment. A new uptrend in Bitcoin was starting prior to the Black Thursday selloff, and now prices are consolidating below a critical level.

A breakout all but guarantees a new bull market for cryptocurrencies. And now, one of the most accurate tools used in crypto technical analysis is signaling that a new uptrend is here.

A New Cryptocurrency Bull Market May Finally Be Here

Bitcoin price continues to trade sideways, following a V-shaped recovery from the Black Thursday bottom below $4,000.

Prior to that catastrophic collapse a new indicator developed by Bitcoin expert Willy Woo, shows that the crypto asset was ready for a new bull market.

Related Reading | Bitcoin Bull Run Was Here, But White Swan Pandemic Put It On Lockdown

What he calls a “white swan” event by way of the pandemic, got in the way and set the cryptocurrency back a couple of months.

However, another indicator that’s been used with regular success across the cryptocurrency market for spotting important reversals, is now pointing to a new, long-term uptrend.

BTCUSD 6-Month Price Chart: TD Sequential Signals New Uptrend In Bitcoin

The TD Sequential indicator is a technical analysis tool created by market timing expert Thomas Demark. The tool is used for trend recognition, as well as for watching for a sequence of candles that could result in a reversal.

The TD Sequential was popularized in the crypto industry by controversial internet personality Tone Vays. Love him or hate him, the TD Sequential has been extremely accurate.

It called Bitcoin’s top at $20,000, and again at $14,000, and in February 2020 ahead of Black Thursday. It also signaled a reversal just ahead of the asset bottoming the last two Decembers.  It has also worked well with altcoins, like Ethereum, Chainlink, and more.

Related Reading | Bitcoin Holds Bullish On Key Technical Indicator, But Trend May Be Turning

Reversals are likely when the tool reaches a 9 or 13 on a specific candle sequence. If the sequence is broken before the countdown has finished, the count starts all over again.

Given its accuracy, crypto traders have come to give it a lot of weight when making decisions or planning a trading strategy. But the tool can also be used for trend recognition.

Brave New Coin Bitcoin Liquid Index 6M Price Chart | Source: TradingView

A green 1 candle signals the start of a new upward trend. This green 1 signal has now appeared on the 6-month timeframe on BTCUSD price charts.

Higher timeframes hold the most significance in technical analysis, but such long timeframes aren’t often looked at.

If Bitcoin price can hold at current levels for the next few hours, the 6M candle will close and the green 1 will confirm. If it does, it could be the start of another long-term uptrend in Bitcoin and crypto.

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Bitcoin Monthly Shows Indecision, Data Reveals The Shocking Aftermath of Past Doji

Bitcoin price has traded sideways for the entire month of June. The lack of conviction by both bears and bulls has resulted in a doji currently on the monthly timeframe on BTCUSD charts.

If the cryptocurrency closes tonight around current levels, the doji will be confirmed. However, past data suggests that this isn’t a bad thing for Bitcoin, and could precede a powerfully bullish move.

Market Cycles, Repeating Patterns, And More: Crypto Analysts Rely on Historical Data For Decision Making

Bitcoin is a relatively young asset in the financial world at just over a decade old. Due to this, analysts only have a small sample size in which to compare current price action against historically.

Things may not play out exactly the same way a second or third time in the land of cryptocurrency. However, markets are cyclical, and history often repeats.

Fractals, or repeating price patterns, exist for those very reasons and appear with much frequency.

Other repeating chart patterns, such as triangles and wedges, can tip traders off as to what the next move may be. Japanese candlesticks also serve this purpose, making them popular with traders performing technical analysis.

Related Reading | This Trend Measuring Tool Says Bitcoin Drop Is Only Just Getting Started

These candlesticks also form patterns or can act as signals all by themselves. Doji are just one type of singular Japanese candlestick that can provide powerful clues as to what comes next.

Doji show indecision in markets, and either act as a prelude to a reversal, or strong continuation. Occasionally, doji will form in a cluster, dragging out indecision until an explosive breakout occurs.

One of these indecision candles will form on monthly BTCUSD price charts if the cryptocurrency continues to trade at current levels.

Bitcoin Monthly Doji More Likely To Result In Continuation To Upside, Data Shows

Doji candles and indecision aren’t always a bad thing. They often come at the top or bottom of a trend just as that previous trend reverses. Doji can act as an important signal for traders to pay attention and watch for a breakout.

But if that breakout is in the direction of the prior trend, doji can be a prelude to strong continuation in the primary direction.

Bitcoin price has been trending up since the Black Thursday bottom in mid-March. Highlighting the importance of monthly candle closes, the following month in April closed as a bullish engulfing.

Bullish engulfing candles signal a short-term trend reversal. What comes after is what turns things from short to long term. May closed green, and now June’s consolidation and indecision are resulting in a doji.

But data from past doji candles within a 3.5% or less range, have resulted in a breakout to the upside ore than 50% of the time. Bitcoin is working on its tenth ever doji on monthly timeframes within a 3.5% or less range.

Bitcoin BTCUSD Monthly | Source: TradingView

Five of the prior nine times have resulted in a long-term move to the upside. Two of the instances, resulted in a massive move to the upside, followed by a bearish reversal.

The final two times, occurred shortly after a new peak was set, and resulted in a long-term downtrend.

Related Reading | Bitcoin Holds Bullish On Key Technical Indicator, But Trend May Be Turning

Thus far, all negative performing doji have resulted in a break to the upside. If Bitcoin closes at current prices below $9,200, the monthly close will fall into that negative category.

Things could change within the next several hours before the monthly close occurs, however, what comes following the close is what matters most.

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CEO: Crypto Staking on Matic Network Goes Live, Yield Reaches 150%

Mainnet crypto staking on the Matic network went live on June 29, 2020. Delegators need a minimum of one Matic token to participate, and with a current price of just under two cents, the barrier to entry is low.

Matic’s co-founder and CEO, Sandeep Nailwal took to Twitter to give an update on how the rollout is progressing. He Said that 7% of the circulating MATIC supply has already been staked during this period.

What’s more, Nailwal also mentioned that crypto staking rewards are currently coming out at an impressive 150% per annum.

In few hours @maticnetwork community has staked around 6.68% of circulating supply of Matic. The current annual yield stands at around ~150%
Happy staking guys !! pic.twitter.com/X9yErope3E

— Sandeep Nailwal-Matic Network (@sandeepnailwal) June 29, 2020

As more users come on board, this rate of return is expected to fall in line with the industry average of around 5-10%.

In recent times, staking has been seen as a viable method of earning passive income from crypto. And with Matic’s initial rate of return being so high, it’s easy to see why sentiment is turning this way.

The Rise of Staking

When it comes to generating an income from crypto, staking stands out as an easy and low-risk solution. By simply holding tokens and delegating, investors can earn staking rewards.

Just as important as earning, staking also provides the framework for community participation and cohesion.

“Proof of Stake and staking opens up more avenues for anyone wishing to participate in the consensus and governance of blockchains.”

Through incentivization, as well as having a governance framework, Proof-of-Stake (PoS) consensus mechanisms solve many of the problems related to running a cryptocurrency.

Ethereum’s scramble to implement PoS is a testament to the advantages of PoS. But Matic, and many others, are at a huge advantage in being built from the ground up as a PoS system.

The First Iteration of Crypto Staking on Matic is Live

Matic’s staking solution will come in phases of release. Yesterday marked the launch of the first iteration of staking. This relates to delegators pledging their tokens to nodes controlled by the Matic Foundation.

The second iteration will implement staking to external third-party validators. A number of big names have already been touted, including IT consultants Infosys.

To run the staking program, Matic has set aside 1.2 billion tokens. This number represents 12% of the total supply. However, over time and with community engagement, Matic expects this to rise to as high as 80% in the coming year.

A look at the top staking projects has Tezos ranked first in terms of total supply staked, with 80%. Part of the reason for this is custodial staking functionality via exchanges.

Crypto exchanges account for 18% of the Tezos’ staked supply, with Coinbase being the most significant player in this respect.

Source: bitcoinexchangeguide.com

And while Matic did offer a custodial pre-staking service via Korean exchange Coinone, staking does not include crypto exchanges.

Without collaboration from the likes of Coinbase, Binance, and Kraken, it’s difficult to imagine Matic being able to match Tezos’ staking participation rate.

All the same, Nailwal, and his team, deserve credit for following through with their vision.

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Fund Manager: If Black Thursday Didn’t Shake Out Bitcoin Holders, Nothing Will

Markets are still reeling from the impact of the pandemic and the resulting Black Thursday selloff. However, one fund manager says the powerful shakeout demonstrated the strong will of Bitcoin investors.

If that violent selloff driven by panic and fear didn’t cause holders to sell, what might it take?

Remembering The Most Violent Shakeout In Crypto History

At the start of 2020, Bitcoin and the rest of the cryptocurrency market went on a tear. Bitcoin had exploded out of consolidation from the previous winter, and the decentralized finance movement brought renewed interest to the space.

Ethereum closed a record seven weeks bullish in a row, while Bitcoin retested and even held above $10,000. Altcoins like Chainlink set a new all-time high. Meanwhile, the stock market was also setting records of its own.

All of this came to a screeching halt, and a historic crash followed once the world learned of the gravity of the pandemic. The stock market went from setting record highs, to closing the worst quarterly loss in history.

Related Reading | Bitcoin Bull Run Was Here, But White Swan Pandemic Put It On Lockdown

Bitcoin, which was poised to finally break out into a new bull run, experienced a severe drop of over 50% in 48 hours. Days prior, Bitcoin was trading above $10,000. By the time the dust settled, the cryptocurrency traded below $4,000 briefly before a bounce occurred.

A cascade of liquidations of high leverage traders on the margin trading platform BitMEX further fueled the violent drop. The entire crypto industry watched in shock, fearing that Bitcoin may actually hit zero as pundits and naysayers had claimed.

Turning off BitMEX saved the day, and the asset has been on a steady, V-shaped recovery since. But the memory of that day will always stand out to any market participants that lived through it.

If Black Thursday Didn’t Break Bitcoin Holders, What Will It Take?

Clearly, it took plenty of selling to drive prices that low. However, wallets holding BTC are rising to the highest levels ever.

Data shows that crypto investors holding for a year or more has reached a new all-time high of 62%. The last time such levels were achieved, was prior to the greatest bull run in crypto history.

Related Reading | The Amount of Bitcoin That Hasn’t Moved In a Year Hits an All-Time High

The steady increase in the metric has prompted a well-known crypto fund manager to pose a “serious question.” They ask, “if a round trip to $4,000 and back in March” did nothing to break the strong hands of crypto holders, then “what will?”

Serious question (for the bears, naysayers, etc.)…

… if a round trip to $4000 and back in March did nothing to trigger HODL'er start selling, what will? https://t.co/JFakZ6rmq5

— Alistair Milne (@alistairmilne) June 30, 2020

The fund manager may be right. After withstanding such a sharp decline in a single day, there may not be anything that could cause crypto holders to fold.

As far as what may do so, the clear answer is a lower low. The current $3,200 bottom has been untested since early 2019. Although the Black Thursday selloff came close to returning to that level, it fell short, stopping at $3,800.

Bitcoin returning to $3,200, or possibly breaking below that number, would strike fear into the hearts of any crypto investors – new or old.

Hyperwave theory and other price action concepts suggest Bitcoin needs to retest its former top at just above $1,000 in order to have bottomed. There is untested support in this area, making it a prime target for a retest.

Reaching any of these zones could be the only thing to cause a shakeout at this point. But that also may never happen, and those holding now will be handsomely rewarded.

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Ethereum’s Booming Usage Could Spark ETH Drop: Here’s Why

Ethereum has undergone a consolidation period for over the past month. Since the beginning of June, the second-largest cryptocurrency by market cap has mostly traded between the $217 support and the $250 resistance level. Such a narrow trading range has made it nearly impossible to determine what the future holds for Ether.

Nonetheless, the TD sequential index recently signaled that ETH was bound for a bearish impulse based on its 1-week chart. Data reveals that each time this technical index has provided a sell signal in the form of a green nine candlestick for over the past year, Ether takes a massive nosedive.

TD Index Presents Sell Signal On ETH's 1-Week Chart. (Source: TradingView)

Thus far, Ethereum has gone down roughly 12% since the TD setup turned bearish, but different on-chain metrics suggest more losses to come.

High Levels of Network Activity

Ever since the perpetrators of the PlusToken Ponzi transferred 790,000 ETH to an address associated with mixer deposits, the network activity of this altcoin exploded. The number of addresses holding 1,000,000 to 10,000,000 ETH surged by 20% on June 24. Meanwhile, roughly 6,000 new addresses with 100 to 1,000 ETH joined the network on that day alone.

Larry Cermak, Director of Research at The Block, believes that such an impressive increase in the number of addresses holding Ether is not related to increasing adoption, but in fact, it has to do with PlusToken.

“This is literally just a massive bump from PlusToken splitting up one address into thousands of addresses. Some will be also from the DeFi growth, but compared to [PlusToken] very little. If you want to use this chart to prove that the adoption is increasing it needs to be heavily caveated,” said Cermak.

The Number of Ethereum Addresses Explodes. (Source: Santiment)

A similar spike was registered in the number of daily addresses on the Ethereum network, according to Santimet. The behavior analytics platform said that ETH daily active addresses rose to levels not seen since 2018.

“The number of daily addresses interacting with ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum’s address activity was this high was on May 5th, 2018,” said Santiment.

Daily Active Ethereum Addresses Skyrocket To Levels Not Seen in Two Years. (Source: Santiment)

Based on historical data, spikes in daily active addresses have lined up with market tops. And given the significant number of tokens the individuals behind the PlusToken scam are off-loading, the probabilities of a steep correction increase exponentially.

Key Support Level to Watch Out

For this reason, investors must watch out for the $217 support level. Moving past this barrier could trigger a sell-off that sees Ethereum fall to $200 since there is not any significant barrier in-between based on IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model.

Weak Support Ahead of Ethereum. (Source: IntoTheBlock)

Holders within the $200 price range would likely try to remain profitable in their long positions preventing ETH from further losses.

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Bitcoin Risks Breaking $9K as JP Morgan Warns $170B Stock Market Sell-off

• Bitcoin price risks breaking to the downside as strategists warn of a correction in the U.S. stocks.
• Analysts at JP Morgan & Chase predicted that pensions funds would most likely dump $170 billion worth of their equity positions at the end of the second quarter.
• It would leave Bitcoin under similar bearish spell owing to its growing positive correlation with the S&P 500 index.

Bitcoin may witness sharp downside moves heading into the third quarter of 2020.

The bearish sentiment emerges from the risks of a massive capital shift from the stock market to safer bonds.  Analysts at JP Morgan said in a note published last week that they expect pension funds to dump about $175 billion worth of equities as a part of their quarterly portfolio rebalancing strategy.

Scaling Back

Pension Funds aims to maintain a diversified portfolio of stocks, bonds, and other assets. They tend to restructure their holdings at the end of each quarter. Nevertheless, the March 2020 sell-off led both bonds and stocks lower.

The S&P 500, the Dow Jones, and the Nasdaq Composite indices logged an impressive recovery rally from their March 23 nadirs. On the other hand, the Federal Reserve’s decision to cut interest rates to near-zero made sent bonds yields lower, making them an unattractive safe-haven.

JP Morgan analysts estimated that pensions funds increased their exposure in the stock market during its euphoric uptrend between March and June. It is now possible for them to scale back their exposure as the second quarter ends.

Trouble for Bitcoin

The question is whether or not a sell-off in the stock market would hurt Bitcoin. The latest data favors a bearish bias.

Bitcoin since March has moved in tandem with the S&P 500. Moreover, its positive correlation with the U.S. benchmark has grown higher ahead of the second quarter’s close. It indicates that the cryptocurrency would most likely tail the S&P 500, even towards its losses.

Bitcoin price chart showing its correlation with the S&P 500. Source: TradingView.com

As S&P 500 slips owing to quarter-end rebalancing or other reasons, it could lead Bitcoin to retest its support level near $9,000. If the U.S. index extends its breakdown further – especially if investors remain cautious about the resurgence of COVID infections – then bitcoin could, too, extend its fall towards $8,600.

Prominent cryptocurrency analyst Scott Melker believes otherwise. In a statement made on Tuesday, he called Bitcoin an uncorrelated asset. Moreover, he noted that traders should focus more on the cryptocurrency’s negative correlation with the U.S. dollar, instead of the S&P 500.

“Historically, if looking to trade correlation, Bitcoin’s inverse correlation with the dollar ($DXY) is far more compelling than a temporary correlation with SPX,” he explained.

The U.S. dollar index was trading 2.20 percent higher from its June 10 lows.

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Charles Hoskinson Admits Cardano Incentivized Testnet Voting Process Wasn’t Ideal

With Cardano’s Shelley mainnet on track for rollout on July 29th, 2020, the incentivized testnet (ITN), which ran from November 2019 to June 2020, has served its purpose.

IOHK CEO, Charles Hoskinson put forward his case to retain the ITN as a parallel chain. He suggested the ITN infrastructure could become a rapid testing environment for Cardano.

However, this then creates additional problems such as how to incentivize ITN stake pool operators to keep going, as well as concerns over it competing with the main chain.

The community would decide by way of a community ballot. IOHK laid out the process in a forum post by saying, “one vote to create the possibility, a second to decide.”

In the first instance, ITN stake pool operators and testnet participants will be asked if they wish to extend the incentivized testnet rewards into July while a second vote, for ADA holders, will take place in July.

“we are inviting our existing ITN stake pool operators to vote to confirm that they wish to see the continuation of an incentivized network.”

But poor execution of the process meant the weekend vote failed to trigger the set participation threshold of 30%.

The vote has ended at 7:13pm UTC.

Thanks to all the participants, even if it seems that we didn’t reach the necessary participation threshold of 30% of the ITN active stake (short by 2%)

We all learned a lot from this first community consultation#Cardano https://t.co/HucY1dyx49

— Romain Pellerin (@rom1_pellerin) June 28, 2020

Not only that, but the fallout has left many in the Cardano community confused about their participation in the process.

As things stand, those who did vote, voted “Yes” to retain the ITN. But without the necessary minimum 30% participation rate, it looks as if the second vote is canceled and the ITN will cease to exist.

“So, if this first vote delivers a ‘Yes’ then – and only then – a second stage will kick in. A second, separate validation vote we plan to hold in early July.”

Source: cardano.org

Cardano Vote Plagued by Confusion

Following the initial vote, many in the Cardano community have come forward to voice their concerns with the voting process.

Complaints relate to poor communication, lack of clear explanation, as well as the short time frame involved.

One user raised the point that he thought stake pool operators only would vote in the first instance. But it wasn’t until close to the deadline that he became aware that the vote also included test ADA holders as well.

“I thought the CLI voting was meant for stake pool operators only. I did not see any communication to indicate that the app “jorvote” was available for ITN delegators to use. I was able to vote merely 4 minutes before epoch 197 ended.”

Another user stated he was uncomfortable with entering his private keys into a website to vote. Considering the extent of scamming in the crypto space, this was a significant oversight by the Cardano team.

Yoroi and Daedalus Wallets should have voting capability built in to wallet. JorVote was not properly communicated and many felt uneasy putting in wallet keys. Been invested since 2017 and for the 1st time this was a downer for me @IOHK_Charles

— J₳son Bluezy Sw₳rtz (@Bluezy01) June 29, 2020

Charles Hoskinson Responds

Without a doubt, the poor publicity and overly complicated wording on posts were significant factors to the low turnout.

With that, Hoskinson took to YouTube to address these concerns, attributing the voting fiasco to cryptocurrencies in general by saying, while they are consistent, they lack clout when it comes to rapid decision making.

“where they are weak is rapid decision making, when you have to make a decision in a week or two. A or b, x or y, because the [inaudible] coordination of that is enormous.

While this may seem like an unsatisfactory explanation to many, Hoskinson conceded that the initial vote was lacking in a number of areas.

“If we get to that second vote, the burden then on us, as a community, to have good tools and good explanations of why will this produce value.”

But as an experiment, the lessons learned will be used to improve the process going forward.

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Ethereum Options Market Soaring to Bitcoin’s 2018 Levels Hints at Bull Market

• The size of the Ethereum options market on Friday equaled the size of the Bitcoin options market in December 2018, according to data provided by Skew.
• Ethereum’s growth in the derivatives market pointed to its increasing institutionalization like Bitcoin.
• It further hinted at a breakout price rally ahead for the second-largest cryptocurrency.

Ethereum is tailing Bitcoin in terms of institutional adoption.

The second-largest cryptocurrency by market capitalization achieved new mettle in its derivatives market. According to data fetched by Skew, the size of the Ethereum options market on Friday touched levels that Bitcoin reached back in December 2018.

Ethereum open interest across multiple derivatives exchanged touched Bitcoin's 2018 levels. Source: Skew

The Skew chart showed the total number of outstanding options contracts nearing $150 million-mark, its highest since its launch. Meanwhile, the current open interest in Bitcoin options was about six times larger than that of Etheruem – at around $1 billion.

Capital Injection Grows

In retrospect, outstanding contracts represent unsettled deals in the derivatives market. They equal the total number of purchased and sold cryptocurrency options. An increasing number of open interest means more money is coming into the options market – and vice versa.

Nevertheless, the capital that enters the market could be for both bearish and bullish contracts. Therefore, the only way to gauge investors’ sentiment is to measure the total number of “put” options (bearish) against “call” options (bullish).

If the so-called Put/Call ratio is above 1, then it means a majority of investors expect the options contracts to fall. Nevertheless, the rate is prone to fluctuating as the new contracts with polar-opposite bias get opened or closed regularly.

Ethereum Put/Call ratio recorded until Monday. Source: Skew

That said, an increasing open interest does not confirm a spot price trend. But it represents a growing interest of prominent traders and institutional investors in the underlying asset. Therefore, Ethereum is visibly winning in terms of its options market growth.

Taking Cues from Bitcoin

Part of the reason why Ethereum is looking at a rising institutional interest is its involvement in a string of growth-based projects. The cryptocurrency’s underlying blockchain network supports the world’s leading stablecoins (USDT, USDX, PAX, etc.) and decentralized finance projects (Maker, Sythentix, dYdX, Compound).

While not the same, but a similar set of fundamentals helped grow Bitcoin in the conscience of larger institutions. The cryptocurrency crashed to near $3,100 in December 2018 but rose back at the heights of the U.S.-China trade war, yuan devaluation, and Facebook’s foray into the digital currency space with Libra.

That partially helped institutional traders to start exposing their portfolios to the Bitcoin derivatives market, including both options and futures. Just recently, billionaire hedge fund manager Paul Tudor Jones invested an undisclosed sum into bitcoin futures.

Ethereum price chart showings it recovering from March 2020 crash. Source: TradingView.com

Ethereum is looking at similar opportunities due to its technological growth. The cryptocurrency could witness its derivatives market swell in size as more and more institutions look for higher-yield alternatives. As a result, its open interest may keep rising while helping its spot sentiment grew bullish as well.

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Despite Brutal Rejection at $10.5k, Bitcoin Uptrend Has “Strength”: Analyst

At the start of June, Bitcoin suddenly surged towards and past $10,000. The cryptocurrency rallied so far and so fast that $123 million worth of short positions on BitMEX were liquidated within an hour.

Investors were understandably bullish. One Wall Street veteran shared a chart expressing his sentiment. It showed that BTC had broken past a technical downtrend that formed after the $20,000 all-time high. Others shared in the sentiment, saying that the move was the start of a big bull run.

Yet as fast as the cryptocurrency rallied, it crashed, rapidly falling under $10,000 just a day later.

Despite the rejection, analysts remain bullish. One trader has said that from a macro perspective, Bitcoin is still in a strengthening uptrend.

Related Reading: An Infamous Bitcoin Whale Just Resurfaced — and He’s Got a Bone to Pick

Bitcoin In a Strengthening Uptrend? Analyst Weighs In

It’s been easy to flip bearish after Bitcoin’s rejection at $10,500 earlier this month.

That price level has marked a number of crucial highs over the past year for the leading cryptocurrency.

The “Xi Pump” in October of 2019 topped at nearly that exact level, leading to a multi-month correction to $6,400. Also, the early-2020 rally that ended in February also abruptly ended at $10,500.

Yet Eric “Parabolic” Thies is arguing that Bitcoin remains in a macro uptrend.

He shared the chart below on June 29th. It shows BTC’s one-month price action with so-called Heikin-Ashi candles, which are normally used to observe trends.

Per Thies, with June about to close with a wick higher than May’s, Bitcoin is signaling “trend strength.”

He added that should “July open green, traditional Heikin Ashi-based trend reading suggests the third candle to be trend confirmation and strong continuation to the upside.”

BTC price chart shared by Eric “Parabolic” Thies, a crypto analyst. Chart from TradingView.com 

Thies’ latest analysis comes shortly after he noted that two long-term bullish technical signals are imminent.

He noted that the one-month Chaikin Money Flow and Stochastic RSI indicators suggest that “your time to buy Bitcoin below $10k is limited.” The indicators last looked as they did now prior to the 2016-2017 bull run that took BTC from the hundreds to $20,000.

Bitcoin price chart shared by Eric “Parabolic” Thies, a crypto analyst. Chart from TradingView.com 

Fending Off the PlusToken & Miner Threat

Bitcoin will have to fend off two big pools of selling pressure, though, if it is to head higher.

Those are the ~$450 million recently moved by the PlusToken scam operators and Bitcoin miners.

DTC Capital’s Spencer Noon reported that the operators of the scam are moving coins, with some moving to mixers and exchanges to presumably be sold:

“This week the following #PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC ($203m USD) – 789k ETH ($183m) – 26m EOS ($68m) – 20m XRP ($4m). The big question: can the crypto markets absorb this volume or are we headed lower?”

Blockchain analytics firm Glassnode has also reported that miners are withdrawing more coins to exchanges than they have in a year.

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Despite Brutal Rejection at $10.5k, Bitcoin Uptrend Has "Strength": Analyst

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Ethereum Could Narrowly Avoid Another Decline If It Closes Above $230

Ethereum is slowly recovering and trading above the $225 level against the US Dollar. ETH is likely to rise sharply if it clears the $228 and $230 resistance levels.

• Ethereum is showing positive signs above the $224 and $225 support levels.
• The price is still struggling to clear the $228 and $230 resistance levels.
• There is a crucial ascending channel forming with support near $224 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could either rally above $230 or it might decline below the channel support to start another decline.

Ethereum Price is Rising Steadily

In the past few sessions, Ethereum price started a steady rise above the $220 level against the US Dollar. ETH price managed to recover above the $225 resistance level and the 100 hourly simple moving average.

However, the price failed to gain momentum above the $228 and $230 resistance levels. A high is formed near $230 and ether is currently correcting lower. It traded below the $228 level and the 100 hourly SMA.

An immediate support could be $225 since it is close to the 50% Fib retracement level of the recent wave from the $221 low to $230 high. There is also a crucial ascending channel forming with support near $224 on the hourly chart of ETH/USD.

Ethereum price trades below $230. Source: TradingView.com

The channel support is close to the 61.8% Fib retracement level of the recent wave from the $221 low to $230 high. On the upside, the price is clearly struggling to clear the $228 and $230 resistance levels.

If ether price settles above the $230 resistance level, there are high chances of a sustained upward move. The next major resistance is near the $235 level, above which it could revisit the $250 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $228 and $230 resistance levels, it is likely to start a fresh drop. The channel support is near the $224 level, below which the price might gain traction below $222.

A downside break below the $222 and $220 support levels may perhaps open the doors for another decline towards the $215 level. The next key support is near the $205 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a positive bias.

Major Support Level – $224

Major Resistance Level – $230

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Bitcoin Cash Reaches Crucial Juncture: Here’s Why It Could Restart Decline

Bitcoin cash price started an upside correction from the $205 support against the US Dollar. BCH is now facing a strong resistance near the $225 and $230 levels.

• Bitcoin cash price is currently correcting higher from the $205 swing low against the US Dollar.
• The price is trading above $220, but the bulls are facing hurdles near $225 and $228.
• There is a crucial bearish trend line forming with resistance near $230 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair must clear the $230 resistance zone to start a fresh increase in the near term.

Bitcoin Cash Price Could Reverse Gains

This past week, bitcoin cash price broke the main $225 support level to start a sharp decline. BCH even traded below the $215 support level and settled well below the 100 simple moving average (4-hours).

It tested the $205 support and remained well bid above the $200 handle. As a result, the price started an upside correction above the $215 and $220 levels. It is now trading near a major resistance at $225 (the recent breakdown zone).

The 50% Fib retracement level of the downward move from the $245 swing high to $205 low is also acting as a resistance near $225. More importantly, there is a crucial bearish trend line forming with resistance near $230 on the 4-hours chart of the BCH/USD pair.

Bitcoin cash price trading near $225: Source: TradingView.com

The trend line is close to the 100 simple moving average (4-hours) and the 61.8% Fib retracement level of the downward move from the $245 swing high to $205 low. Therefore, the bulls need to clear the $225 and $230 resistance levels to start a steady increase.

If they succeed and the price settles above $230, there could be a decent upward move towards the $245 resistance level in the coming sessions.

Fresh Bearish Wave in BCH?

If bitcoin cash price fails to break the trend line hurdle, $230, and the 100 simple moving average (4-hours), there is a risk of a fresh bearish wave.

An initial support is near the $220 level, below which the price could restart its decline. The main support is near the $205 and $200 levels, where the bulls are likely to take a stand.

Technical indicators

Hourly MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently close to the 50 level, with a bearish angle.

Key Support Levels – $220 and $205.

Key Resistance Levels – $225 and $230.

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Bitcoin Could Recover Significantly And Only 1 Thing Is Holding It Back

Bitcoin is slowly moving higher and trading above the $9,100 level against the US Dollar. BTC could start a strong upward move if it clears the $9,300 and $9,340 resistance levels.

• Bitcoin is showing a few positive signs above the $9,000 and $9,100 levels.
• The price is trading above the 100 hourly simple moving average, but it is still well below $9,300.
• There was a break above a crucial bearish trend line with resistance near $9,170 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is lacking bullish momentum and it could dive again unless it breaks the $9,300 resistance.

Bitcoin Price is Showing Recovery Signs

Yesterday, bitcoin started a decent recovery wave from the $8,813 swing low against the US Dollar. BTC climbed above the $9,000 pivot level to move into a short term positive zone.

The recovery wave such that the price was able to settle above $9,100 and the 100 hourly simple moving average. Moreover, there was a break above a crucial bearish trend line with resistance near $9,170 on the hourly chart of the BTC/USD pair.

However, the price is lacking momentum above the $9,200 resistance level. It is currently consolidating near the broken trend line at $9,170. An initial support is near the 23.6% Fib retracement level of the upward move from the $8,813 low to $9,226 high.

Bitcoin price breaks $9,200: Source: TradingView.com

The main support is now forming near the $9,000 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $8,813 low to $9,226 high.

On the upside, the price must surpass the main $9,300 and $9,340 resistance levels to move into a positive zone. If the bulls succeed, there could be a sharp upward move towards the $9,500 and $9,550 resistance levels.

Bearish Reaction in BTC?

If bitcoin struggles to continue higher above $9,200 or $9,300, there is a risk of a bearish reaction. On the downside, the $9,000 support and the 100 hourly SMA hold the key.

A successful close below the $9,000 support level could negate the chances of an upside break. In the stated case, the price will most likely resume its decline towards $8,800 or even $8,650 in the coming sessions.

Technical indicators:

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

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

Major Support Levels – $9,100, followed by $9,000.

Major Resistance Levels – $9,220, $9,300 and $9,340.

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