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Bitcoin Sets a New Yearly Low, Looks Set to Test $3,000 Very Soon

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Bitcoin is down 10 percent in the past 24 hours and has set a new low for the year. The currency has been struggling to stay above $4,000, but it looks like the bears have the upper hand, at least in the short term. The currency slumped below $3,400 on most markets overnight and has since then looked increasingly likely to head to $3,000. At press time, Bitcoin was trading at $3,377 on BitMEX, Coinbase Pro and Kraken.

The rest of the market has also been heavily battered, with Ethereum trading at $86, Stellar down 17 percent to $0.11 and EOS bleeding heavily to trade at $1.7. For the second day in a row, Bitcoin SV and Tether are the only cryptos in the green in the top 20, with SV climbing to clinch the fifth place.

$3,000 an Increasing Possibility 

Just three weeks ago, Bitcoin was trading at $6,400 and was enjoying one of its best runs in terms of volatility. This all changed just before the Bitcoin Cash hard fork, and nothing has been the same since. The currency has since then lost close to half its value and the agony looks set to continue for investors

At press time, the currency had lost 10 percent of its value in the past 24 hours to trade at $3,434. On some markets, the $3,400 level had been well beaten. These include BitMEX, Kraken, Bitstamp, Coinsbank and Coinbit where it was trading below $3,380.

Despite the unimaginable losses, it’s still not clear why the market is crashing. Some have attributed the losses to a spill-over effect of the Bitcoin Cash fork, but that in itself doesn’t seem enough to crash the entire market. Bitcoin SV, the result of that fork, has been on a great run recently which has seen it overtake Bitcoin Cash and EOS, further undermining this reason.

There are those who are of the conviction that all this is orchestrated by well-funded crypto traders who are tanking the market to make profits

Dear noobs,
Bitcoin is NOT naturally going down. It is being pushed down via whales placing spoofy sell orders on exchanges to make noobs and risk managers sell to “buy back lower”. They are stealing your bags and will make you buy back at a higher price.

While there’s no doubt in many people’s mind that Bitcoin will bounce back in 2019, there are indications that it could go even lower this year. With the sell-off being at its highest since mid-year, the currency could test the $3,000 level before the month ends. This could be the ultimate test for Bitcoin as falling below this level could greatly impair its ability to bounce back.

Crypto Startups Begin Sinking

The bear market has seen many crypto and blockchain startups either shrink their operations or sink altogether. Most of these startups raised funding through ICOs and have held most of it in Bitcoin and Ethereum. With the prices being 80 percent lower, they have been faced by lack of funds.

One of these is the Ethereum-based blockchain incubator, Consensys which recently revealed that it will reduce its workforce by 13 percent. The New York-based firm has been one of the most successful in the blockchain space and its downsizing shows just how much of an effect the bear market is having on most startups

Bloomberg also revealed that ETCDEV is closing down after lacking enough funds to operate. The startup is behind the successful Ethereum Classic which is a fork of Ethereum. According to its founder Igor Artamonov, the firm’s employees have had to seek employment in rival firms. He explained:

Source:nullt

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Bitcoin Technical Analysis: BTC/USD danger remains at large, $3000 eyed

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  • Bitcoin price on Monday nursing minor losses of some 1.4% into the second half of the day. 
  • Vulnerabilities continue to lurk for BTC/USD, at danger of retesting the $3000 mark to the downside, where some call it the bottom. 
  • Bobby Lee, forecasts $333K for Bitcoin. Saying,  “If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019. And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.”

BTC/USD 15-minute chart

 

Spot rate:                  3474.38

Relative change:      -1.60%

High:                         3589.36

Low:                          3443.91

Trend:                        Bearish

Support 1:                  3466.00, near-term ascending trend line.

Support 2:                  3392.70, daily pivot point support.

Support 3:                  3252.53, psychological support.

Resistance 1:             3516.95, 15-minute resistance.

Resistance 2:             3655.36, daily pivot point resistance.

Resistance 3:             3777.85, daily pivot point resistance.

BTC/USD 4-hour chart

  • Price action is depressed, moving within a range-block, ahead of further potential moves to the deep south, $3K remains eyed. 

Source: fxstreet

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Ripple’s XRP Follows the Market Leader and Trades at a Key Level

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Ripple’s XRP has been following the movements of market leader Bitcoin. Both dropped significantly in price leading up to Friday last week but underwent a small recovery over the weekend.

XRP now trades at the key $0.3 level. The market drop on Friday which brought market leader Bitcoin to a 2018 low around $2800 saw XRP drop to $0.285. It had since recovered back above $0.3 over the weekend and currently trades around this point.

With the market back to declining today, it is likely that XRP will drop and potentially stay below $0.3. The 2018 low for XRP is around $0.25, so a return to bearish movements may bring XRP price to this level. The momentum is on the side of sellers with both the MACD and RSI decreasing to the downside.

XRP Daily Chart – Source: Tradingview.com

The market leader Bitcoin which represents over 55% of the entire cryptocurrency market cap has been recording similar movements. A recovery over the weekend brought the price briefly above $3600. Price has started declining since and this has likely resulted in a lower high being formed in both Bitcoin and XRP.

$3000 is the next key level to monitor for Bitcoin, and a drop to this level may bring the entire cryptocurrency market cap below $100 Billion. A drop below either of these may spark another sever sell-off across the market.

Bitcoin Daily Chart – Source: Tradingview.com
Cryptocurrency Market Cap

Key Takeaways:

  • Bitcoin and XRP recovered over the weekend after a bearish week but have since returned to depreciating.
  • The recovery over the weekend was likely a lower high forming, and the next significant downside move may result in new 2018 lows forming.
  • The key level to monitor for XRP is $0.25 and the key level to monitor for Bitcoin is $3000. A drop to these levels would likely result in the entire cryptocurrency market dropping below $100 Billion and this may spark a severe sell-off.

Source:blokt

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Tron Price Dips in the Red Following Fresh Bearish Momentum

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All cryptocurrencies will seemingly be subjected to a fresh round of bearish momentum in the coming hours and days. The hourly charts have looked relatively weak all morning, and it seems most of yesterday’s gains will be wiped out fairly soon. The Tron price is one of the first to budge, as its losses in USD and BTC value are already piling up rather quickly.

Tron Price Starts to Slide Again

Although yesterday was a very promising day for Bitcoin, digital assets, and alternative currencies, Mondays usually offer something entirely different. There has been plenty of bearish momentum during the first day of the week for most of 2018, and this week will not necessarily be any different. If the Tron price is any real indication, things will go from positive to negative fairly quickly. That is an unfortunate trend, but it was also to be expecdOver the past 24 hours, the value per TRX has dropped by 1.5% in USD value and 2.5% in BTC value. This is a very big setback, considering the Tron price was looking rather healthy just a few hours ago. More market pressure for Bitcoin usually results in altcoins losing value. This trend has been in place for months now, and it seems nothing has changed in this department either.

When looking across Twitter, it would seem some interesting TRX-related discussions are taking place. First of all, Justin Sun acknowledges there needs to be a vast improvement in how cryptocurrency can be bought. This is not a problem unique to Tron, though, as purchasing Bitcoin remains an ongoing struggle for a lot of people as well. Especially when it comes to the elderly, getting involved in cryptocurrencies is extremely complicated.

While that discussion is taking place, a completely different tone can be found in the tweet by Analysing Crypto. It seems this account doesn’t like Tron all that much, primarily because of the “bragging, noobs fav coin, and announcements of announcements” approach this altcoin is well-known for. An interesting view, although there will be plenty of people who disagree with these statements first and foremost.Regardless of how people feel about Tron as a cryptocurrency, there are still those who tend to favor the altcoin for what it can offer in terms of trading profits. TheCryptoViking is one of the people looking at this altcoin as a way to diversify the current portfolio, and also pocket some profits over the coming weeks. It is always a good idea to effectively look into different currencies and assets at all times.Although Tron is the first major altcoin to go in the red, there is no indication a lot of damage will be done in the process. The entire year 2018 has seen sufficient bearish momentum to keep markets in the red, albeit ever so slightly. As such, there is a chance the Tron price will rebound fairly quickly, but for now, the minor losses will need to be endured.

Source:nulltx.

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