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Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Where next after the Coinbase-Barclays divorce, US-Sino detente – Confluence Detector

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  • Cryptocurrencies have been falling sharply amid falling safe-haven demand.
  • Digital coins face clear lines of resistance they must overcome to move higher.
  • Here are the next levels to watch according to the Confluence Detector.

Bitcoin is providing to be a safe-haven asset – and that can be painful for the cryptocurrency market when investors stop seeking refuge. The price of digital coins has dropped substantially after the US announced it would postpone some of the tariffs planned on China. President Donald Trump – “not a fan of Bitcoin” – has decided to spare US shoppers from new levies that would have bumped prices higher. And on the way, he sent Bitcoin lower.

And while the world’s largest economies are getting closer, one of the biggest banks may be distancing itself from a dominant crypto exchange. Barclays has reportedly cut ties with Coinbase – ending a relationship which began in March. Apart from the blow to the reputation of digital coins, Coinbase would lose access to the UK’s Faster Payments Scheme (FPS) – slowing sterling transactions. Some speculate that the major British bank wants to distance itself from cryptos.

The adverse news has sent Bitcoin below $11,00, Ethereum closer to $200, and XRP toward $0.2900. Where next? We will now examine the charts.

This is what the Crypto Confluence Detector shows in its latest update:

Bitcoin Ethereum Ripple August 14 2019 technical confluence

BTC/USD faces a challenge at $10,657

Bitcoin is licking its wounds from Tuesday’s downfall and faces resistance at $10,657 which is a dense cluster including the Simple Moving Average 2004h, the SMA 10-1h, the Fibonacci 38.2% one-month, the Bollinger Band 15min-Upper, and more.

Further above and with enough momentum, the granddaddy of cryptocurrencies may challenge $11,629, which is the Fibonacci 61.8% one-month, the Fibonacci 38.2% one-week, and the Pivot Point one-day Resistance 2.

BTC/USD has some support at $10,060, where the Fibonacci 23.6% one-month hits the price.

In case of a severe downfall, the king of cryptos could fall to $9,144, which is the confluence of the previous monthly low and the PP one-week Support 3.

ETH/USD capped at $208

Ethereum faces an immediate challenge at $208, where a minefield of technical lines awaits it. This includes the SMA 5-15m, the previous 4h-low, the SMA 5-4h, the SMA 10-15m, the BB 1h-Middle, the SMA 50-15m, the SMA 10-1h, the SMA 100-15m, and more.

If ETH/USD breaks higher, the next cap awaits it at 217 which is the convergence fo the SMA 50-4h, the BB 4h-Upper, the PP 1d-R2, the SMA 200-1h, and the Fibonacci 161.8% one-day.

A third hurdle is close by – $221 – where the PP 1d-R3, the Fibonacci 23.6% one-month, and the Fibonacci 38.2% one-week converge.

Looking down, noteworthy support awaits only at $191 – last month’s low. 

All in all, Vitalik Buterin’s brainchild is in a perilous technical state.

XRP/USD needs to break above $0.2959

Ripple is facing instant resistance at 0.2959 which is a dense cluster including the SMA 5-15m, the BB 1d-Lower, the SMA 10-15m, the BB 1h-Middle, the SMA 5-4h, the Fibonacci 38.2% one-day, the BB 15min-Middle, the SMA 5-1h, and the SMA 10-1h.

If XRP overcomes this hurdle, the next target is $0.3065, which is the confluence of the Fibonacci 38.2% one-week, the PP 1d-R2, and the Fibonacci 161.8% one-day. 

Below, weak support awaits at $0.2988, where we find the previous weekly low.

Next, somewhat more substantial support awaits at $0.2837, which is the meeting point of the previous monthly low and the PP 1d-S3.

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How Cryptocurrency Is Making An Impact On Pensions

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The investment firm Cambridge Associates is a privately held investment company based in the United States. The firm provides investment portfolio management and advisory services to foundations, private clients, pensions, institutional investors and more. The US-based firm has pensions and endowments consultant with more than $385 billion in assets under advisement, has stated institutional should start getting involved in the crypto industry.

The company have said:

“In looking across the investment landscape, we see an industry that is developing, not faltering. Although the crypto industry remains in its infancy, we think institutional investors should begin exploring it.”

They say that no more than 1 percent is invested either directly into cryptos like Bitcoin and Ethereum into ICOs or STOs or otherwise indirectly into crypto/blockchain firms.

“The vast majority of institutional investors have little to no cryptoasset exposure. We expect traditional venture capital funds to increase their investments in cryptoassets going forward, meaning institutional investor exposure is also likely to rise.”

In a somewhat detailed statement, they explain that the different cryptocurrency investment strategies have potential, highlighting institutional investors aren’t able to invest more htan 20 percent in a non0qualifying investment. The firm says that “the industry is nascent and an allocation of more than 1% of a portfolio on a look-through basis does not appear prudent, even for those comfortable assuming the very high risks involved.”

The US-based firm was founded in 1973 by James Bailey and Hunter Lewis and now has a workforce of over 1,300 employees. They have changed their tune after the firm told institutional investors to stay away from cryptos at the height of the 2017 bull run.

In November 2017, Cambridge Associates said, “in our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and ‘fintech’ (financial technology) more broadly than holding cryptocurrencies directly.”

The company is now implicitly making recommendations to diverse from cryptos of no more than 1 percent of holdings after they made research into the crypto space.

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Are Ethereum, Ripple and Litecoin About To Start a Reversal Against Bitcoin?

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The cryptocurrency markets have seen a sweet rebound over the past couple of days, which has led many to believe that the previous bearish pressure may be about to conclude. Against Bitcoin BTC, 3.14%, the altcoins are starting to show signs that they may finally start to climb. If they can continue to do this, we can expect these altcoins to also continue increasing in terms of USD value in the coming weeks.

Ethereum

Ethereum price₿0.0187
Key ETH resistance levels₿0.0190, ₿0.0200, ₿0.0210, ₿0.0218
Key ETH support levels₿0.0185, ₿0.01790

Ethereum ETH, 2.18% has seen a 3.62% price increase over the past 24 hours, which has seen the price for the coin rise to the $200 level again. Ethereum has suffered a 14% price fall over the past 30 days as the cryptocurrency remains in 2nd place with a market cap value of $21.5 billion.

Buy/Sell Ethereum (ETH)

ETH/USD chart, 1-day candles

Taking a quick look at the ETH/USD chart above, we can see that Ethereum had dropped beneath $200 and continued lower to find support at the 6 month old rising support trend line. 

After reaching this support, we can see that Ethereum has rebounded as it is now on the path to head higher. The next level of strong resistance lies at $202 and $220 (200-day EMA).

ETH/BTC chart, 1-day candles

What has been going on?

Against BTC, we can see that Ethereum has been trapped within a steep descending price channel for the previous 2 months of trading. Price action remained within the price channel until reaching a low of around ₿0.01767, where a rebound had occurred. 

We can see that in yesterday’s trading session, ETH/BTC managed to break above this descending price channel, a strong sign that the downtrend may be concluding. If ETH can continue to rise and remain away from the price channel, we can expect some very strong gains to be experienced for ETH.

Where can we go from here?

If the bulls continue to climb further higher, we can expect immediate resistance to be located at ₿0.019 and ₿0.01937 – this is then followed with more strong resistance at ₿0.02. Above ₿0.02, we can expect higher resistance at ₿0.02042, ₿0.021, ₿0.02183, ₿0.022, ₿0.0225, ₿0.02390 and ₿0.02452.

Alternatively, if the sellers start to push the market lower once again we can expect immediate support beneath the market to be located at ₿0.0185. This is then followed up with some more support at the ₿0.01790 and ₿0.01767 levels.

What are the technical indicators showing?

The RSI is currently involved in a battle at the 50 level which indicates indecision within the market. However, if the RSI can climb above the 50 level (which will be for the first time since early June) we can expect the bullish pressure to ignite.


Ripple (XRP)

Ripple price2,637 SAT
Key XRP resistance levels2,800 SAT, 2,846 SAT, 3,000 SAT
Key XRP support levels2,455 SAT

Ripple XRP, -2.23% has seen a small 1.3% price increase over the past 24 hours, bringing the price for the cryptocurrency up to $0.2840. XRP has suffered a steep 30% price drop over the past 90 days as XRP now holds the 3rd position with a market cap value of $12.18 billion.

XRP/USD chart, 1-day candles

Looking at the XRP/USD chart above, we can see that at the start of August, XRP had been hit hard, with the coin falling beneath the year-long strong support at $0.30. XRP continued to travel lower until finding support at the $0.2584 level, where a rebound higher was seen.

XRP is now trading at the $0.2842 level as the bulls in the market attempt to grind their way back toward $0.30.

XRP/BTC, 1-day candles

What has been going on?

Looking at the XRPBTC chart above, we can see that XRP had slid beneath a rising trend line during early August, which had seen XRP fall beneath 3,000 SAT and continue further lower. We can see that XRP fell much further until finding support at the 2,455 SAT level, where the rebound had occurred.

However, during this rebound, XRP has now been able to overcome the resistance at 2,800 SAT and is bound by the range between here at 2,455 SAT.

Where can we go from here?

If the bulls can continue with the ascension higher, we can expect immediate resistance to be located at 2,800 SAT, 2,846 SAT and 3,000 SAT. Then, we can expect higher resistance to be located at 3,200 SAT, 3,400 SAT, 3,600 SAT and 3,800 SAT. The resistance at 3,800 SAT is further bolstered by the 100-day EMA – if the bulls can break above, the next level of resistance above is located at 4000 SAT. 

What are the technical indicators showing?

The RSI is trading along with the 50 level, which shows that the bulls are attempting to gain control over the market momentum. If the RSI can climb away from the 50 level, we can expect XRP heading towards 3,800 SAT pretty soon.


Litecoin

Litecoin price฿0.00720
Key LTC resistance levels₿0.00741, ₿0.00800, ₿0.00824
Key LTC support levels₿0.00709, ₿0.00688, ₿0.00638

Litecoin LTC, -1.62% has seen a 2% increase over the past 24 hours, bringing the Litecoin price to $77.92. The cryptocurrency has seen a price drop of about 20% over the past 30 days Litecoin is ranked in the 5th position with a total market cap value of $4.90 billion.

LTC/USD chart, 1-day candles

Looking at the LTC/USD chart above, we can see that Litecoin dropped beneath a symmetrical triangle (and the 200 day EMA) at the start of August which had caused Litecoin to continue to keep slipping until finding support at the $70.82 level. Litecoin has rebounded from this level of support to trade at $77.92.

LTC/BTC chart, 1-day candles

What has been going on?

Looking at the daily chart above, we can see that Litecoin has also been tumbling during the initial stages of June. Litecoin had dropped from a high above ₿0.00978 and had continued to fall until finding support at ₿0.007097. Litecoin has returned to this level of support recently and looks to be in the weakest position against BTC amongst the coins on this list. 

Where can we go from here?

If the sellers continue to push the market lower, we can expect immediate support to be located at ₿0.007097. Beneath this, further support is then to be expected at ₿0.006889, ₿0.006380 and ₿0.006268.

Alternatively, if the bulls can push the market above the current resistance at ₿0.007418, we can expect further higher resistance to be located at ₿0.008. Above this, higher resistance is then found at ₿0.008244, ₿0.0090, ₿0.009415 and ₿0.01.

What are the technical indicators showing?

The RSI is still well below the 50 level, which shows that the bears remain in control of the market momentum. If we would like to see LTC/BTC climb higher, we would need to see the RSI break above the 50 level.

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Teen sentenced to 20 months in prison for hacking services in exchange for cryptocurrency

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Elliot Gunton, a 19-year old teenager from Mounteney Close in Norwich was sentenced to a 20-month prison sentence on 16th August. Gunton was also asked to pay back  £400,000 for hacking services he offered in exchange for cryptocurrencies. A Norwich Crown Court on Friday sentenced him for his crimes after he pleaded guilty in earlier hearings.

Gunton was caught when the police visited his house in June 2016 to see whether he was complying with the Sexual Harm Prevention Order for a previous offense. Police authorities seized Gunton’s laptop in April 2018 after they found software which he used for committing cybercrimes.

Further investigations revealed that Gunton was involved in mining sensitive personal data of individuals, which he sold to others who could have used it for illegal activities like intercepting calls. Police found out that Gunton had put out advertisements about selling compromised sensitive data in exchange of $3000 in Bitcoin.

Preventive measures taken by Gunton was not enough

Gunton did everything in his capacity to avoid falling under the radar of authorities, he dealt in cryptocurrencies instead of hard cash, deleted his activities online, but still left certain clues that led to his conviction. One important piece of evidence came from his online conversation with potential clients where he discussed illegal business. These conversations led authorities to seize  £275,000 worth of cryptocurrencies and Gunton’s conviction.

One of his twitter conversations read,

“having lots of money is cool….but having lots of money without people knowing is cooler”.

The charges framed against Gunton included breaching sexual Harm Prevention Order, hacking offenses and money laundering. Gunton pleaded guilty to the charges levied against him and was sentenced to 20-months in prison; however, he was immediately released as he had already served the sentence time during his remand. Apart from the jail-sentence and the fine, Gunton was also issued with a three and a half year community order with certain preventions like not using Internet at the workplace or supervised locations, or delete the Internet history or use and store any kind of cryptocurrency.

Sergeant Mark Stratford, the detective on the case said,

“This was a complex investigation which relied on the expertise of officers and staff from the Norfolk and Suffolk Cybercrime Unit. This emerging type of criminality requires police investigators to be at the forefront of technological advancements in order to effectively combat the ever-growing paradigm of cybercrime.”

Source:ambcrypto

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