- The US SEC decided to postpone a decision on approving an ETF to 2019
- The move sparked a fresh sell-off, with Bitcoin, Ethereum, reaching new lows.
- Here are the levels to watch according to our proprietary technical tool.
The US Securities and Exchange Commission (SEC) decided to delay, once again, its decision on a request for an Exchange Traded Fund (ETF) for Bitcoin. The request, made by SolidX Partners and asset manager Van Eck had a deadline of December 29th but was pushed back to around February.
A Bitcoin ETF would enable mainstream investors to jump into the world of cryptocurrencies. Delays have been key adverse drivers of prices of digital coins during 2018. Some other applications were rejected, but this specific high profile one suffered endless delays.
Bitcoin lost the previous trough seen on November 24th, Ehtereum fell below $100, and Ripple also suffered a downfall, albeit did not hit new yearly lows.
Here are the levels to watch on Bitcoin, Ethereum, and Ripple.
BTC/USD low point is below $3,000
The previous trough for Bitcoin was $3,456 and recorded in late November. It now turns into resistance as we see a cluster of not only the monthly lows but also the previous 4h-High, the Simple Moving Average 10-1h, the Pivot Point one-month Support 1, and the Bollinger Band 4h-Lower.
Some support awaits at around $3,295 where we see the PP one-day S1, the BB 15m-Lower, and the BB 1h-Lower.
There are several support lines spread out on the way down but the most significant level to watch is only at around $2,975 where we find last year’s low, followed by the Pivot Point one-week Support 2.
If BTC/USD overcomes $3,466, the next cap to watch is $3,580 which is the convergence of the SMA 5-4h, and the BB 1h-Middle.
ETH/USD targets $75 but has support beforehand
Ethereum has lost its second-place status and fell below $100. It faces quite a few hurdles before the round number.
$85.30 is the confluence of the Fibonacci 161.8% one-week, the SMA 5-15m, the SMA 10-15m, and it is followed closely by $86.16 where we see the PP one-day Support 3, the previous 1h-high, and the Bollinger Band 15m-Middle.
Further above, $87.93 features only one technical cap, but it is quite significant: the Pivot Point one-week Support 2.
Looking down, we see a cluster of support at around $81.20 where the Pivot Point one-day S2 and the Bolinger Band one-day Lower converge.
However, the target is much lower: at $75 we see the Pivot Point one-month Support 3.
The prospects for Vitalik Buterin’s brainchild do not look that great.
XRP/USD faces an uphill battle
Ripple has not reached the yearly lows just yet, but the digital coin faces more resistance than support.
At $0.3210 it faces a dense cluster of resistance lines including the BB 1h-Middle, the PP one-month S1, last month’s low, the SMA 5-4h, the Fibonacci 38.2% one-day, and others.
Before attempting a move on $0.3210, $0.31 is somewhat challenging as well. It includes the Bollinger Band 4h-Lower, the previous 4h-high, and the SMA 10-1h.
Looking down, $0.2929 is a support line featuring the Bollinger Band 15min-Lower, the previous 4h-Low, the Pivot Point one-day Support 1, and the BB one-day Lower.
The ultimate downside target is $0.2695 where we see the Pivot Point one-month Support 1.
Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Bullish higher lows or a dead cat bounce?
- Cryptocurrencies enjoyed stability and advanced gradually over the weekend.
- However, they then retreated, leaving open questions on each chart.
- The SEC delay and the NASDAQ plans echo in markets.
After the SEC delayed the decision on a Bitcoin Exchange Traded Fund (ETF) ahead of the weekend, digital coins tumbled down. However, the calm over the weekend allowed some stabilization and we have seen a cautious recovery. The new week already brings fresh falls, but not to new lows.
Does this mean that the recovery was just another “dead cat bounce”? The bullish view is that the fall is only a correction in an uptrend. The drop to higher lows confirms the correction. HODLers may have been disappointed by the SEC decision but can certainly be encouraged by the decision by NASDAQ to ramp up preparations for launching Bitcoin futures, joining other exchanges.
Elsewhere, Binance, one of the largest crypto-exchanges, is set to launch its Binance Blockchain shortly. Another exchange, ErisX, raised no less than $27.5 from institutional names such as NASDAQ, Fidelity, and others. At the margins of the crypto world,
Venezuelan President Nicolás Maduro decided to raise the value of the country’s crypto by 150%. Petro is now worth 9,000 bolivars against 3,600 beforehand. Inflation is rampant at the South American nation.
BTC/USD Technical Analysis – capped by downtrend resistance
BTC/USD is trading under downtrend resistance in the four-hour chart (thick black line on the graph). Both Momentum and the Relative Strength Index (RSI) do not point to any new moves. However, Bitcoin trades below the 50 Simple Moving Average, a bearish sign.
Immediate support awaits at $3,466 which was the trough on November 24th. The next line is the recent low point at $3,208 which was seen a few days ago. Lower, $3,000 is the obvious support line as a round number eyed by many.
Looking up, the recovery high of $3,640 is the first level to watch. Further up, $3,850 was a low point in late November and a resistance line in early December. The next line is $4,051, the initial low after losing $5,000.
XRP/USD Technical Analysis – Critical double-bottoms
Ripple is under pressure but trades above the annual lows seen several months ago. XRP/USD is capped by downtrend resistance that accompanies the price since it recovered to around $0.4060 in late November.
Momentum is balanced and the RSI is not indicating oversold conditions.
Support awaits at $0.3060 which was a recent support level. $0.2970 was a cushion over the weekend. It is followed by $0.2900, a round number and the cycle low. The next levels are from September: $0.2680 and $0.2510.
$0.3230 is a significant line of resistance after it limited the recovery in recent days. $0.3420 provided support in late November and $0.3540 was a support line at the turn of the month.
ETH/USD Technical Analysis – Looking better
Ethereum is under pressure after falling to double-digits. After the slump, also ETH/USD saw some stability and a bounce. Vitalik Buterin’s currency, commonly used in ICO’s, is trading below the 50 SMA, similar to its peers. Also here, the RSI is stable and Momentum is slight to the upside.
Support awaits at $90.83 which provided some support recently and over the weekend. The round level of $85 was a swing low over the weekend. Lower, $82 is the trough in the recent fall. The round number of $80 is next down the line.
Looking up, there is no obvious resistance line until $100 which was also a recent swing high and trough in late November. Further up, the next level to watch is at $105.90 which provided support early in December. $114 capped Ether early in the month and is a high target.
Crypto News: EOS Surges and Ripple Exec Says He isn’t Phased by Bull Market
In today’s edition of crypto news, we’ll cover why EOS is surging and the details behind why a Ripple executive isn’t phased by the current crypto bear market.
EOS Surges as Other Coins Fall
EOS is currently leading the top 40 cryptocurrencies for total market gains this weekend. The world’s seventh-largest cryptocurrency project has received a wave of criticism as of late for its lack of decentralization. This weekend, EOS jumped up more than 16%.
At this time, it remains unclear why the coin surged so much.
Coinbase is exploring the addition of 30+ new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. https://t.co/Hl2zbVodLl
— Coinbase (@coinbase) December 7, 2018
Three days ago, Coinbase announced that it was looking into supporting 30+ digital assets, and EOS was a part of the list. However, the other 29 coins listed in the press release haven’t seen any substantial surges. According to CoinMarketCap, EOS is currently trading at $2.01 a coin, up 5.13%, in 24 hours. Bitcoin (BTC) is currently trading just below the $3,550 mark, and Ethereum (ETH) is trading just below $100.
Ripple Exec “Isn’t Phased” by Current Bear Market
Crypto news has been slow the past week, as digital currencies have hit year-lows. Early last week, the market started to correct and trend upward—only to crash again days later. Many analysts are dumbfounded with the sharp corrections that have taken place recently and high volatility. Has the market really matured?
Still, not everyone is freaking out about the current crypto bull market. This past week, Asheesh Birla, Senior BP of Ripple Product Management, spoke with PCMAg media and said he isn’t phased by the current crash.
“This is my third crash now in the crypto-market, and I am not phased by it. The flip side is that sometimes you crash and take out all the folks who are not focused on solving real problems and real use cases. And, I think you are going to see some really interesting companies come out of this next downturn.”
Many of these blockchain founders aren’t focused on their coin’s day-to-day volatility because they are focused on the execution of the project’s bigger vision. When the vision is running, and in investors’ hands, its coins price should reflect its usefulness.
Source: Crypto Currency News .
Tron’s Justin Sun Predicts The TRX Surge of 500% in Dapp Activities on the Network
Over the latter months of 2018, it’s been the collective effort within the investment world to get rid of the downwards trend that cryptocurrencies have been enduring. The problem is that this bearish market continues to push ahead with attempts to ease and stop it proving more than a challenge. And while it’s been a broader initiative by investors, there’s no such thing as a coin that hasn’t, in some way, been impacted.
This downward trend, or what we could regard as a drastic bearish swipe, has impacted a large number of coins, including the most prominent ones such as Ethereum (ETH), Ripple(XRP), Monero (XMR) and TRON (TRX). While these have all been undergoing some serious declines, compared to its larger cousins, TRON has proven itself highly adaptive, as well as having the potential to recover very quickly when compared to other coins.
The CEO and founder of the TRON foundation, Justin Sun, has stated that he wants to keep eyes fixed on the continued evolution of its network, in spite of any downwards trends in the market. In order to redress this point, Sun announced one of the proposed plans dubbed ‘Proposal Seven’ during late November. This initiative has its aim at increasing the energy limit within the network, as well as improving the level of support given to developers.
While introduced very recently, Proposal Seven has since undergone the approval of more than 28 of the networks judging bodies: the Super Representatives, and has faced no recorded opposition from SR’s. Among those that voted in approval are: BitGuild, dAppHouse, TheLastMe, TronSpark, TronAllianc, Alle-Exchange, Lianjinshu, JustinSunTron among a large number of other Super Representatives yet to declare.
In the wake of recieving these votes, Justin Sun made the following statement through his Twitter account:
“Proposal 7 is approved by #TRON community. We will expect 500% increase of #DApp activities after the activation of Proposal 7. #TRX $TRX”
The Super Representatives themselves have a firm reputation within the Tron network due to the crucial role they play as processors of transactions and information, but also as representatives for their voters. Those that hold any number of TRX, the token native to the network, are able to vote for the candidates that they prefer. Whoever wins sufficient votes will be able to play the role of validator within the network and govern the ecosystem . to some degree.
These same Super Representatives are then entrusted with the duty of initiating the elements of the Tron Virtual Machine (TVM). To being, each of these representatives is required to make proposals for the activation of particular features. After doing so, other Representatives will then be able to confirm the proposal based on a number of different factors.
From there, this feature will go on to be activated on the Virtual Machine, but this will only happen once it’s been passed by a 2/3rds majority of the SRs and within a time span of three days. Should the proposal is passed by less than this number, then it will be considered to be as invalid, and the feature will then have to wait longer until it can be activated or is proposed by another representative.
Nopumpnodump, a Twitterati said:
“Thats how other developers should do even in the bear market.”
Adam, another Twitterati said:
“This will bring some well deserved ovrr due organic grownth imo! #TRX”