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Crypto Market: First Signs of Weakness (Bitcoin Price Analysis)

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From yesterday’s open at around $123,7B, the evaluation of the cryptocurrency market cap has been decreasing and has reached $120,244,000,00 at its lowest point yesterday. Since, the evaluation has started recovering and is now close to the yesterday’s opening levels as its currently sitting at $122,220,000,000. The evaluation did go further up today and reached $123,2 at its highest point.

  • Market Cap: $122,220,041,615
  • 24h Vol: $16,638,410,734
  • BTC Dominance: 52.3%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation has broken out from the previous downtrends resistance, and has now pulled back slightly in order to retest the previous resistance level for support

Bitcoin’s market dominance has been hovering around the same levels following the evaluation of the cryptocurrency market cap’s range but has been mostly decreasing slightly since it came from 52.62% at its highest point today to 52.25% at its lowest and is currently around 52.41%.

Consequently, the market is showing a mixed color with an average percentage of change in the last 24 hours among top 100 coins ranging from 0.6%-4%. Both biggest losers and biggest gainers are in double digits. The biggest losers are:  Dentacoin with a decrease of over 22% and Chainlink with a decrease of over 10%. Out of those who are in green the biggest gainers are Zilliqa with an increase of 11.7%, Augur with 21.73%, Stratis 18%.

BTC/USD

Contents [show]

From yesterday’s open at $3761 the price of Bitcoin fell at first to $3640 close to the end of the day, from where it started trending upwards again and was $3654 at today’s open from where the price increased further and came up to $3720 and even spiking up further, but as encountered strong resistance it was rejected instantly and has been in a downward trajectory since, searching for support.

On the hourly chart, you can see that the price fell below the 0.382 Fibonacci level yesterday, but has managed to come up above it, although not as fast as it fell down as has already started struggling to keep up the upward momentum which is the first sign of weakness. Since today’s high the price retraced back to the 0.382 Fibonacci level and has interacted with it once again in a lookout for support, and judging by the wick from the upside, the buyers are willing to support the price.

Would they push the price higher or would this sellers pressure be strong enough? Since the price fell further down than I was expecting it, it only confirmed my Elliott Wave count as it found support on the ending point of the 1st wave. The 5th wave has started and it could, in theory, push the price further up to the 0.618 Fibonacci level, but judging by the current price action I don’t believe that it’s going past the 0.5 Fibonacci level since it served as strong resistance and the previous strong momentum to the upside indicated by the large green candle wasn’t enough to break it, so I don’t believe that this minor one would.

After the rejection, I would be expecting further downside for the price of Bitcoin potentially below the 0.236 Fibonacci level, as this Minuette upward impulse move was most likely a correction to the upside from this last downtrend, so I could be considered as the second wave X. This means that the final wave Z is to be expected so, for this reason, I believe that the price is heading further down after this Minuette increase has ended.

Market sentiment 

Bitcoin’s hourly chart technicals are signaling a sell.

Pivot point

S3 2759.4
S2 3310.8
S1 3506.4
P 3862.2
R1 4057.8
R2 4413.6
R3 4965.0

Conclusion

The cryptocurrency market has been in a sideways correction for quite some time now, and as the correction looks like it’s going to end soon, we are definitely going to see some further recovery for the prices but that can’t happen unless the impulsive buying activated and it will most likely activate on a lower price level than the current one.

Source:cryptoking

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Binance DEX will not have access to your coins, unless you disobey rules

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Twitter user @ImShillGates has brought to the attention the fine print on the upcoming Binance Decentralized Exchange (DEX) which states that your funds can in fact be taken from you by Binance.

In a recent tweet by @ImShillGates, the users posts an image with the fine print of the Binance DEX. The terms clearly state that “your wallet is not accessible by Binance, and Binance will not keep your Keystore files, passwords, mnemonic phrases and/or private keys”

However, on the same page the terms and conditions go on to explain what prohibit uses are not allowed on the DEX, followed by a conclusion paragraph stating that Binance has the right to “confiscation of any digital tokens obtained in any prohibited use”. The paragraph also states that “Binance may, at its sole and absolute discretion, seize and hand over your property to law enforcement or other authorities where circumstances warrant”.

The main concern for users of Binance DEX will be surrounding how decentralized the new exchange really is. While the wording appears to be targeting users who attempt to defraud or scam other users or sell stolen tokens, the potential to start seizing funds for other reasons remains a possibility based on the discretion of Binance. While the Binance DEX maybe an attempt to be decentralized, perhaps the DEX is not really decentralized at all.

Source:chepicap

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XRP Price Needs a Small Miracle to Stay Above $0.3

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As the Bitcoin price continues its slightly unexpected negative trend, the alternative markets are scrambling to make up lost ground. That is much easier said than done, as none of the top markets is able to contain the losses right now. The XRP price is going down a very slippery slope, as a drop below $0.3 seems very plausible all of a sudden.

XRP Price Starts to go Downhill Fast

In the volatile world of cryptocurrencies, tokens, and digital assets, there are always specific market trends which might not make too much sense. Even though Bitcoin is currently down by a few percent, the alternative markets easily lose 5% or more. Even XRP is facing tremendous pressure right now, which is not necessarily something people had expected.

To be more specific, the XRP price has lost 6.86% as it now sits barely above $0.3. This is very different from the $0.325 level which was still in place until a few hours ago. Combined with the extra 4.52% loss in XRP/BTC, it quickly becomes evident things are not looking good. At this rate, XRP will easily drop below 5,000 Satoshi in the near future, which isn’t necessarily a promising development.

As the price woes continue to keep a lot of people engaged, the Twitterverse is looking at things from a different angle. Dsavino would love to see XRP supported by ErisX, although the company has not indicated such plans at this time. This unified platform for spot and CFTC-regulated futures products is worth keeping an eye on, even if it doesn’t support Ripple’s native asset.

There is another interesting observation brought to the masses by Mr. B XRP. He would like to remind people how RippleNet has been evolving as of late and how popular this technology has become in Japan lately. It is certainly a global expansion, although there is always more work to be done to improve upon the existing infrastructure.

It will be interesting to see where XRP’s price will end up at in a few hours from now. A dip below $0.3 is not dramatic by any means, although it will undoubtedly trigger some mild panic. The XRP/BTC ratio, on the other hand, continues to take potshots every single day, regardless of the overall industry trend.

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Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

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Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.

 

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