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Bitcoin [BTC] prices share striking resemblance with China’s RMB futures

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Commodities such as Gold and Oil are some mainstream assets which have been outperformed by Bitcoin in 2019. The world’s largest cryptocurrency has had a good 2019, surging by 150% this year after surviving a troubling crypto-winter towards the end of 2018.

Bitcoin’s price corrections this year weren’t significant either as Bitcoin continued to consolidate its position, with many analysts predicting that the digital currency might reach its previous high of $20,000 soon/

However, a striking comparison was recently drawn between Bitcoin and the offshore RMB futures market.

According to the chart, it can be observed that the price mediation of Bitcoin and the offshore RMB futures market has had a trend similarity since late last year, even when both assets have been independent of each other’s trade.

In November 2018, during the Bitcoin Cash hard fork, the price of Bitcoin experienced a devaluation which was very much similar to the downtrend witnessed by the Renminbi market exactly a month later. When Bitcoin stepped out of the bear market and surged massively in April, it was again observed that the Renminbi market had corrected itself at the same time.

Many in the community have suggested that the massive resemblance implies that Bitcoin may have been involved indirectly in the offshore RMB market for that specific time period. According to the Bitcoinist.com,

“It could’ve been that the two markets had become intrinsically linked because the vast majority of investors in the RMB futures market, were also trading in the BTC market-which is quite possible given the popularity of Bitcoin across the Asian markets. “

The popularity of Bitcoin is unprecedented in Asian countries, despite the fact that it is not completely legal in the region. However, such market similarity raises interesting questions such as how much of these offshore trades react to the bullish sentiment of crypto-assets, especially Bitcoin.

Bitcoin’s price corrections this year weren’t significant either as Bitcoin continued to consolidate its position, with many analysts predicting that the digital currency might reach its previous high of $20,000 soon/

However, a striking comparison was recently drawn between Bitcoin and the offshore RMB futures market.

According to the chart, it can be observed that the price mediation of Bitcoin and the offshore RMB futures market has had a trend similarity since late last year, even when both assets have been independent of each other’s trade.

In November 2018, during the Bitcoin Cash hard fork, the price of Bitcoin experienced a devaluation which was very much similar to the downtrend witnessed by the Renminbi market exactly a month later. When Bitcoin stepped out of the bear market and surged massively in April, it was again observed that the Renminbi market had corrected itself at the same time.

Many in the community have suggested that the massive resemblance implies that Bitcoin may have been involved indirectly in the offshore RMB market for that specific time period. According to the Bitcoinist.com,

“It could’ve been that the two markets had become intrinsically linked because the vast majority of investors in the RMB futures market, were also trading in the BTC market-which is quite possible given the popularity of Bitcoin across the Asian markets. “

The popularity of Bitcoin is unprecedented in Asian countries, despite the fact that it is not completely legal in the region. However, such market similarity raises interesting questions such as how much of these offshore trades react to the bullish sentiment of crypto-assets, especially Bitcoin.

Source :ambcrypto

Bitcoin

Bitcoin price prediction: BTC/USD confluence detector shows lack of resistance and support levels

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  • The daily confluence detector shows one healthy support level at $10,075.
  • BTC/USD has gone down from $10,110 to $10,092.

The hourly BTC/USD price chart shows us that the price dropped from $10,130 to $9,815 this Thursday. The bulls then gathered momentum before it picked up to $10,190, meeting resistance. Since then, BTC/USD has been on a continuous downtrend and is currently trending around $10,092.

BTC/USD daily confluence detector

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The daily confluence detector shows only one prominent resistance and support level. The $10,500 resistance level has the 5-day simple moving average (SMA 5) curve. The $10,075 support level has the 1-month 23.6% Fibonacci retracement level, SMA 10, 1-hour Bollinger band middle curve and 4-hour previous low.

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Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound

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Yesterday, Bitcoin (BTC) suddenly slipped. After tapping $11,000 just days earlier, the cryptocurrency cratered, falling under $10,000 as bulls failed to step in.

This move was so dramatic that according to the Bitcoin Fear and Greed Index, this sudden reversal has resulted in a reading of five — the index’s lowest value in its history. This is crazy, especially considering that BTC is trading over 300% higher than its bottom price of $3,150.

Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound 1

While the index’s reading may seem entirely arbitrary — just look at the bullish momentum Bitcoin has experienced in the first half of 2019 — the index is backed by data.

The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.

Bitcoin Bounces Back

But, the Bitcoin price has managed to bounce back. After remaining under $10,000 for a number of hours, the cryptocurrency managed to reclaim five digits.

Per Bloomberg, the cryptocurrency “appears to be gaining momentum for a push higher”. The analyst recently claimed that as BTC recently dropped “below the lower limit of its GTI Vera Band Indicator, which measures up and down trends”, a spike to the upside may be ahead. The last four times the bottom band was breached, “it managed to quickly rally back into the range”.

According to Mike McGlone, an analyst at Bloomberg Intelligence, Bitcoin is currently setting itself up for a recovery. He explained in a note that its “unique attributes” (likely a reference to its classification as a digital store of value/digital version of gold) and tumult on the macroeconomic stage could help boost the value of Bitcoin. Indeed, many say that if trade wars continue to rage and if central banks continue to enlist unorthodox monetary policy, the need for a form of money that is decentralized, scarce, borderless, and public will only swell.

While McGlone is bullish for the medium term, he told Bloomberg TV in a recent interview that his short and long-term prospects on the cryptocurrency are mixed.

Per previous reports from Ethereum World News, McGlone argued that with there being key support at $8,000 and heavy resistance at $20,000, the cryptocurrency could be stuck in that range “endlessly”. He added that on-chain fundamentals — active addresses, number of daily transactions, fees, and so on and so forth — have begun to taper off like they did to trigger 2018’s bear market.

Altcoins Finally Gain Some Steam

Interestingly, throughout this short-term recovery, altcoins have bounced, actually outperforming Bitcoin for once.

According to CoinMarketCap, Bitcoin dominance has fallen to 68.5% from nearly 70%. Ethereum is up 3.5% on the day, while BTC is up a relatively mere 0.2%. It’s a similar story across the cryptocurrency rankings.

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Bitcoin Vs. Ripple: Amidst the Bearish Trend, The Coins Gave Some Brief Moment of Trading

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There is a close link between the movement of Bitcoin and Ripple. Both of them are strong coins with a dedicated community of users. At present, they are facing some negative sentiments, but this will wash off soon.

Current Statistics (On August 22 at UTC 08:38):

ParametersRipple (XRP)Bitcoin (BTC)
Price (USD)0.26329929.91
ROI4,401.02%7,270.70%
Market Rank3rd1st
Market Cap11,339,553,299 USD178,409,831,940 USD
24-Hour Volume1,033,612,299 USD18,408,249,735 USD
Circulating Supply42,890,708,341 XRP17,890,087 BTC
Price in BTC0.00002654NA

BTC Vs. XRP Price Analysis:

Both Bitcoin and Ripple started on a declining note. In the first hours of the day, Bitcoin price has declined by 6.15% and fell to the level of 10,125.86 USD. Similarly, Ripple declined by 4.15% and landed at $0.2628. After that, the declining trend has slowed a bit, and coins kept fluctuating up and down in the range of around 2%. However, during the early minutes of the second half, on the other day, came yet another dip where BTC price declined by 2.21% and Ethereum by 0.96%.

BTC - XRP Price Prediction

After the second intraday breakdown, the digital coins have shown some strengthening for the next couple of hours. In that period, BTC hiked by 1.75% and XRP by 1.5%. The next plunge that came in around midnight dragged Bitcoin price by 2.91% and took it below $10k mark again. Similarly, XRP declined by 2.02% and landed at the level of 0.26 USD. Lately, the cryptos have been hovering at those levels and showed some bounce back, which helped then to move toward their current position.

BTC vs XRP Prediction & Conclusion:

Making any prediction in this swinging market is a rigorous task. However, for now, Ripple faces immediate resistance at $0.274454 and support at $0.259335. For Bitcoin, the immediate resistance is at 10,636.95 USD and support level at $9,800.93.

The Ripple team has done a recent assessment of the blockchain and assured that they will work toward the narrowing of the skill gap. Further, they added that in order to address the issue, the team would seek the help of experts including academia, governments, and private organizations.

Source.cryptonewsz.

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