Connect with us

Bitcoin

Ethereum (ETH) is ready for a fall in the coming days

Published

on

Ethereum (ETH) is ready for a fall in the next few days. The 4H chart for ETH/USDpoints to only one possibility and that possibility is a fall in the near future. During the past few weeks, Ethereum (ETH) has faced rejection at multiple fronts. First it got rejected at the long term trend line that extends all the way back to when Ethereum (ETH) broke below its market structure. Second, it had to struggle against the 21 EMA resistance. When it failed to break past that, it declined well below it to settle at the bottom of a symmetrical triangle. As we have seen in the past, such symmetrical triangles have a history of being continuation patterns.

If the price is falling before entering the symmetrical triangle, there is a strong probability that it will continue to fall after exiting that symmetrical triangle. As we can see on the ETH/USD chart, the price has been falling since the beginning of this month before it entered the symmetrical triangle. This goes on to show that the price action might have been contained within a triangle for now but this is just to cool off technical indicators in order to prepare Ethereum (ETH) for the fall that it could not take in one go. The trading volume has started to decline once again as it does whenever Ethereum (ETH) reaches the full extent of its movement inside such a triangle.

As the trading volume decreases, it means that it is easy for a few big hands to swing the price either way especially around the weekend when trading activity is low. As long as Ethereum (ETH) tries to stall a fall below $80 to retest yearly lows, the bulls are not going to step in and the bears are going to keep looking for further downside. This kind of a situation benefits neither the bears nor the bulls and eventually the price makes a move in a definitive direction. Right now, that direction seems to be to the downside. Ethereum (ETH) is all set to drop below $80 during the next few days. The price is likely to retest the previous low before it can drop further or begin a trend reversal.

Ethereum (ETH) has plenty of room for a fall against the US Dollar (USD) same as the rest of the cryptocurrency market. However, there is also room for a decline against Bitcoin (BTC). ETH/BTC is yet to test lows of 2017The price does not have to fall significantly to test that level. It may not seem like a big deal but this is exactly what the bulls and bears need right now to settle the fate of Ethereum (ETH). If the price tests this level and rebounds strongly off it, it will convince the bears that there is no further room for additional downside. It will also convince the bulls to step in to pave way for the long anticipated trend reversal.

source:coindesk

Bitcoin

Bakkt Futures to Launch in the Current Quarter

Published

on

Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter.

According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes:

“THERE APPEARS TO BE A CRITICAL MASS OF ADOPTERS READY TO COME ON BOARD ON DAY 1 OF THE BAKKT LAUNCH, WITH THE SALES TEAM GAINING TRACTION AMONG BROKERS, MARKET MAKERS, PROP TRADING DESKS AND LIQUIDITY PROVIDERS.”

During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous.

According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition.

Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them. 

As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.

News Source

Continue Reading

Bitcoin

Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns

Published

on

Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns

Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.

Market visualization

Market visualization courtesy of Coin360

Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.

Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself. 

Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”

“THESE ARE CONCERNS THAT SHOULD BE THOROUGHLY AND PUBLICLY ADDRESSED.”

At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

The drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets. 

Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more.

Ether (ETH), the largest altcoin, lost a similar amount to Bitcoin, hitting $272 and firmly losing support at $300 once again.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Among the worst performers were Bitcoin SV (BSV), which lost 17.2%, and EOS (EOS), which was down 20.2%.KEEP TRACK OF TOP CRYPTO MARKETS IN REAL TIME HERE

Source

Continue Reading

Bitcoin

Bitcoin Approaches $11,000 With All Top 20 in Green

Published

on

Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.

Market visualization from Coin360

After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.

Ether 7-day price chart. Source: Coin360

Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.

Ripple 7-day price chart. Source: Coin360

Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.

As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.

The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.

Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.

by https://cointelegraph.com

Continue Reading
Open

Close