It has been a remarkable day for all of the cryptocurrencies, tokens, and assets on the market. Bitcoin’s surprising sudden uptrend has caused a lot of shifts to take note of. Perhaps the biggest development is how the Binance Coin price successfully claimed a new all-time high for the second time in three days. One has to wonder how long this momentum can remain in place, though.
A New Binance Coin All-time High
Prior to 2019, the BNB all-time high sat well below $25. That record was reached during the 2017 bull run which triggered a lot of excitement, yet also subsequent losses shortly after. Now that 2019 seems to be the year of price recovery, the Binance Coin price has reached several new all-time highs. The most recent one comes in the form of a temporary push to $30.14, albeit that level could not be sustained as of yet.
BNB/BTC Technical Analysis
Unlike most of the alternative markets, Binance Coin successfully managed to gain some value over Bitcoin. A very steep uptrend materialized yesterday afternoon, resulting in a peak near 0.004 BTC per BNB. As was somewhat to be expected, Bitcoin’s sudden bullish momentum near the same time trigger an equally steep BNB/BTC retrace to more normal levels.
Since that dip, there have been a few attempts at pushing the ratio higher again. Successful attempts saw a value of 0.0037 BTC, 00375 BTC, and 003725 BTC being reached without too many problems. Unfortunately for traders, every push upward has resulted in an equal retrace, for the most part. However, there are some positive developments to take note of as well, assuming this uptrend doesn’t collapse entirely.
A new “buy zone” has been created between 0.0034698 BTC and 0.0035991 BTC. Any price between those levels would confirm the uptrend is potentially reversing, although it could also serve as a juicy entry point for future gains. Other key support levels can be found at 0.0034698 and 0.0033451 BTC. Even the 0.0032998 BTC level can play a key role moving forward. Any of the price levels below those values are up for grabs all the way down to 0.0030094 BTC.
BNB/USD Technical Analysis
For those traders who prefer a BNB/USD pair, things are looking virtually identical. This massive outbreak in value has allowed the Binance Coin price to reach a peak of $32.32, although this was triggered by a wick with very little trading volume behind it. The more realistic top is closer to $30.04, or even $29.07 depending on how one values the uptrend which is currently in place.
Right now it would appear the $30.04 level will act as a strong resistance, as new attempts to break it have all been rejected so far. The price seems more keen to retest support at $28.01, although there is a chance the $29.01 level will become the new “bounce” over the next few hours. Further confirmation is needed to draw any real conclusions in this regard.
If the $28.018 level would not hold, further support can be found near $26.79 and $26.31. If things were to really collapse, the $25.49 level can come into play fairly soon. As the Bollinger bands show signs of tightening, the market can easily break out in either direction. Traders need to keep in mind this current uptrend may look very different tomorrow when most of the “normal trading” resumes.
Conflicting MACD Signals
It is not entirely uncommon for the MACD to indicate how a trend will look in a few hours. For Binance Coin, the MACD for BNB/USD shows signs of reserving rather hard. This uptrend has yielded an overbought territory which sits well above the more normal values. However, that doesn’t mean a bearish period will commence. There may be a minor dip to one of the other support levels as identified above.
Things are a bit different when it comes to the BNB/BTC ratio. It would appear the market shows signs of potentially retesting levels above 0.003794 Bitcoin in the coming hours. A healthy MACD bounce is often promising, albeit such trends can always be short-lived. For now, there are plenty of green candles on the daily chart, but one never knows what the remainder of today will bring.
Cryptocurrencies price prediction: Bitcoin, Bitcoin Cash, Ethereum
Bitcoin price analysis: BTC/USD completes first leg up to $10,700
Bitcoin has finally made a gigantic leap out of the range of uncertainty. The battle between the bears and the bulls at $10,200 – $10,435 had reached a stalemate during the weekend sessions. The momentum without a sense of direction while the bears stamped down their control limiting gains above $10,600.
At press time, we see Bitcoin having extended the gains above both the 50 Simple Moving Average (SMA) and the 50 SMA. The break above the hurdle at $10,700 finally completed the leg from $10,200. While the upside has stalled, the buyers are getting ready for the second leg above $11,000 and later $10,200.
Bitcoin Cash failure to break above $360 during the trading sessions last week. This left a gap that the bears wasted no time exploring. BCH/USD bearish action trimmed the gains first below the moving averages. The tentative support around the 38.2% Fib retracement level taken between the last drop from a high of $358.16 to a low of $267.35 close to $300.
The negative volatility surged sending Bitcoin Cash briefly under $270. A low established at $267.35 allowed the rebound above $300. The battle to break the resistance at $330 is yet to be won. Instead, Bitcoin Cash is trading sideways in a narrow range between the confluence created by the 50% Fib level and the 50 Simple Moving Average (SMA) and $330 hurdle.
Ethereum hovers above $200 following a new week’s price action. The weekend session was particularly bullish for ETH. The bulls managed to escape the bear range between $180 and $190. This price action set the ground for the breakout above $200 on Monday.
At the time of writing, Ethereum bulls have control over the price. However, the momentum has stalled $202.43 following a 3.15% rise on the day. The 50 Simple Moving Average one-hour is expanding the gap above the 100 SMA one-hour as a key indicator that the buyers will win the confrontation with a break above $205 (seller congestion zone).
Cardano Price Analysis: ADA Price Has Gained 1.31% in the Last 24 Hours
Cardano has been able to yield a slight growth of 1.31% over the last 24 hours. With four major price variations, Cardano price touched as high as 0.047540 USD in this period. The coin is likely to follow a recovery path soon. By the end of 2019, ADA coin may experience a price rally. Let us discuss the current data of the coin now.
Current Statistics of Cardano
|Cardano (ADA)||17th August 03:18 UTC|
|ROI (Return on Investment)||116.38%|
|Coin Circulation||25,927,070,538 ADA|
|Market Cap||1,216,627,881 USD|
|Value in USD||0.046817 USD|
|Value in BTC||0.00000453 BTC|
|24h Volume||44,193,984 USD|
ADA to USD Price Comparison
Today, at the beginning of the day, Cardano price was trading at 0.0473 USD and it started weakening after that. By 05:50 UTC, it was being traded near 0.04447 USD, with a fall of 6.04%. It was, however, followed by a hike of 6.93%, which took the ADA coin to the highest point of the day at 0.047540 USD in just 9 hours and 17 minutes. This growth could not be sustained, and Cardano fell by 2.96% in the next seven and a half hours from 15:08 UTC. The last swing was a marginal recovery of 1.81%, and this took the Cardano price to 0.046964 USD
Cardano Price Prediction
ADA coin’s recent growth hints at the initiation of price recovery by the coin. However, the next couple of weeks may see marginal growth or stagnation. The details of the resistance and support levels are given below:
|Cardano||Resistance & Support Levels|
|1st Resistance||0.047964667 USD|
|2nd Resistance||0.049088333 USD|
|3rd Resistance||0.050640667 USD|
|1st Support Level||0.045288667 USD|
|2nd Support Level||0.043736333 USD|
|3rd Support Level||0.042612667 USD|
Banks like Citi, JP Morgan, Goldman Sachs, BNP, HSBC will come to Bitcoin community for a bail out, claims Max Keiser
Bitcoin’s falling prices for the past few days has alarmed the “recent introduced” masses across the globe, while tempting hodlers who believe “it’s never a bad time to invest in Bitcoin.” One such prominent Bitcoin advocate, Max Keiser, featured in a recent interview with Trade U to discuss the depreciating value of fiat and Bitcoin’s position to fill the void. Hinting at ongoing interest cuts and related market manipulations, Keiser stated,
“If you want to escape money, you only have two choices: One is gold, the other being Bitcoin.”
In this regard, he also highlighted every government’s race to acquire large reserves of gold, which also suggests the depreciating value of traditional currency. Moreover, the investor suggested that Bitcoin market will “stabilize” and eventually “transform from store of value to a medium of exchange.” What may come as a shock to the wider community, Keiser claimed,
“Altcoin market is never coming back. There’s nothing any of these coins can do that Bitcoin can’t do or won’t be able to do shortly.”
Although “no real use case” argument was put up against the altcoin ecosystem, Keiser banks on Bitcoin’s “unstoppable” nature to experience complete dominance during the next financial crash. Envisioning this future, he warned the traditional market and government agencies,
“Those banks like Citi Group, JP Morgan, Goldman Sachs, BNP or HSBC will come to the, Bitcoin community for a bail out. The Bitcoin community will consider it, but of course it would be done on our terms.”
Keiser also highlighted India’s ongoing crypto-ban notion as a “regretful” decision, while contrasting it with New Zealand’s move to allow crypto for tax and payments purposes. Based on the unknown number of Bitcoin reserves held by various nationalities, it is highly speculated that crypto’s mainstream adoption may redefine global power status for every country. As a result, officials have to soon embark a “now or never” situation that will embark a civilization that uses fiat currency as a vintage collection item.