Ethereum has been closely tracking Bitcoinâs price action throughout the past several days and weeks, which has led ETH to once again enter a bout of sideways trading within the mid-$130 region. Despite being able to post a strong rebound from its recent lows, it is important to note that analysts are widely anticipating ETH to see an intense downwards movement in the near-term. This also comes in tandem with some slight growth in the cryptocurrencyâs open interest on BitMEX, which may be a sign that the cryptoâs next move will be massive. Ethereum Faces Weak Technical Situation as Analysts Eye Near-Term Downside At the time of writing, Ethereum is trading up just under 1% at its current price of $133, which marks a slight decline from daily highs of over $135 but a notable rebound from lows of $125. These lows were set yesterday in tandem with Bitcoinâs decline to $5,800, with bullâs ardent defense of this level creating an upwards tailwind that has allowed virtually all major altcoins to rally. In the near-term, it does appear that the mid-$130 region has become resistance for ETH, and whether or not it moves past this level may be dependent on how Bitcoin trends. One trader said in a recent tweet that Ethereum is flashing signs of weakness against its BTC trading pair, noting that it is currently hovering directly between key support and key resistance. âEthereum: The same approach still on ETH / BTC. Iâm interested at 0.0172-0.0175 / 0.019-0.01925 areas for support or when we flip the 0.022 area. Right now itâs just hanging in between. Against USDT also not showing strength.â Image Courtesy of Crypto MichaĂ«l ETH Futures Sees Declining Volume, But Open Interest Begins Climbing Two interesting trends that may suggest the next movement will be large are the cryptoâs declining futures volume and climbing open interest on BitMEX. According to data from Skew, Ethereumâs futures volume across all major cryptocurrency exchanges has declined significantly in recent times, hitting a monthly low on March 29th before climbing slightly yesterday. In the past, low futures volume hasnât lasted for too long, with it climbing as the cryptoâs volatility picks up. This could mean that a big movement is imminent. Further supporting this notion is the fact that open interest on BitMEX is showing tempered signs of growth, which is also a historical indicator of imminent volatility. Featured image from Shutterstock.
Via https://www.newsbtc.com/2020/03/31/data-shows-ethereum-is-gearing-up-for-an-explosive-downside-movement/
XRP, the cryptocurrency asset often referred to as Ripple, has been among the worst-performing crypto assets and altcoins of the last two years. However, according to one crypto analyst who has spotted what they believe is a classical bottom signature on XRP price charts, expects the assetâs woes to soon change and potentially triple in value before the end of the year. XRPâs Recent Panic-Fueled Rollercoaster Ride XRP has gained a negative reputation across the cryptocurrency community. The number three crypto asset by market cap is often accused of being less decentralized that competition cryptocurrencies like Bitcoin and Ethereum, is demonized for its association and relationships with bankers, and has gained notoriety due to Ripple executives selling XRP holdings in order to fund operations. Related Reading | XRP Triggers Major Buy Signal As Crypto Asset Reaches Pivot Point The constant selling of assets each time XRP price rose at all, was in part responsible for the altcoinâs over two years of a bear market. After a breakout of downtrend resistance, all signs pointed to XRP being ready for liftoff, and the altcoin asset doubled in value during the first two months of the year. However, what momentum the crypto asset had, was destroyed in a catastrophic coronavirus-fueled panic selloff that crushed cryptocurrencies like Bitcoin, Ethereum, and XRP, alongside the stock market, gold, and many other traditional investments. The sell-off caused XRP price to plummet back down, setting a lower bear market low and taking the price of the asset to just over ten cents. Ripple Price to Triple By Q4 2020, If Classic Bottom Holds But as Ripple fell towards ten cents, it swept the lows of the previous reaccumulation cycle, taking place in early 2017, just before the crypto hype train took off and XRP rose to over $3 per token. One crypto analyst claims that this type of behavior is the signature of a âclassic bottomâ formation, suggesting that the downside for Ripple in the future is limited. $XRP Monthly is about to close. Looking at the SPF/2017 pre-final pump accumulation lows sweep and this capitulation volume, this looks like a classic bottom signature, or what one would expect it to look like. I am fairly sure Ripple is retesting 0.58 cents in 2020 (Q4) pic.twitter.com/ukY3LJfgut â iamBTC.D (@iam516tv) March 31, 2020 The analyst also says that based on the support holding, XRP could skyrocket to $0.58 cents per token, essentially causing Ripple to triple in value by the fourth quarter of 2020. An alternative, contrarian view would consider that price action forming a massive, multi-year descending triangle, which if breaks down would take Ripple back to under a penny per XRP token â prices that the asset traded at long before cryptocurrencies became a household name. Related Reading | XRP Fails To Reclaim Critical Long Term Support, Danger May Lie Ahead Descending triangles have repeatedly broken down on the price charts of cryptocurrencies in the past, suggesting that more downside for XRP is also a possibility. However, if Ripple does indeed break out from the current lows, the analystâs target of $0.58 cents is a reasonable near-term target for what will likely be a very explosive recovery once Ripple breaks free from downtrend resistance. Featured image from Shutterstock
Via https://www.newsbtc.com/2020/03/31/xrp-ripple-triple-value-crypto/ ![]() Originally from Bitcoinist.com https://ift.tt/2UNSyKM
Yesterdayâs Bitcoin rally has led the cryptocurrency into the mid-$6,000 region, with the mounting resistance at $6,500 proving to be too much for BTCâs bulls to surmount. This has led to yet another bout of consolidation around this level. One analyst is noting that Bitcoinâs bulls are currently being âput to the testâ after losing a key technical level that was previously bolstering its price action. If bulls want to further extend their newfound momentum and propel the crypto higher, it is imperative that buyers are able to defend the crypto from dropping below $6,350. Bitcoin Loses Key Technical Level After Entering Bout of Consolidation At the time of writing, Bitcoin is trading up just under 3% at its current price of $6,490, which is around where it has been trading at over the past day. BTCâs rally up to these highs came about following its recent decline to lows of $5,800, which is the point at which bulls stepped up and catalyzed some decent momentum. The fact that this short-term uptrend has stalled at its first key resistance level seems to elucidate some underlying weakness, suggesting that the crypto could be poised to face a rejection at this level. Big Cheds â a popular cryptocurrency analyst on Twitter â explained in a recent tweet that BTC recently lost its EMA 8, with this ongoing bout of sideways trading marking a test for bulls. âBitcoin: 1 hour â Bulls being put to the test after losing EMA 8, lower BB dip and rally,â he explained while pointing to the below chart. $BTC #Bitcoin 1 hour â Bulls being put to the test after losing EMA 8, lower BB dip and rally pic.twitter.com/OytdTaK1hz â Big Cheds (@BigCheds) March 31, 2020 BTCâs Key Support Sits at $6,350, and a Break Below This Level Could Be Dire MichaĂ«l van de Poppe, another popular cryptocurrency analyst, explained in a recent tweet that Bitcoinâs current trading range exists between $6,350 and roughly $6,500, with this lower boundary being BTCâs key near-term support. âBitcoin: Mostly range-bound, but itâs interesting that this monthly/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -> targeting $7,100/7,300,â he noted. $BTC #BITCOIN Mostly range-bound, but it's interesting that this monthly/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -> targeting $7,100/7,300. pic.twitter.com/MXpx6pq2GI â Crypto MichaĂ«l (@CryptoMichNL) March 31, 2020 If Bitcoin breaks below its near-term support, it is highly likely that it will continue declining until it retests the support that has been established at $5,800, with a decline below this level potentially leading BTC to see a free fall. Featured image from Shutterstock.
Via https://www.newsbtc.com/2020/03/31/bitcoin-bulls-are-being-put-to-the-test-as-bears-begin-stacking-sell-orders/
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A roll call for all true believers! An Introduction to Toilet PaperThe evolution of modern day toilet paper has come a long way. Before the invention of the soft, double, even triple-ply squares human civilizations used a wide range of objects that could be sharp and even dangerous to the human anatomy. Throughout the years, humans used rocks, corn cobs and pieces of wood, while softer man-made solutions like communal sponges were used by the ancient Romans. The wealthy preferred fabrics like wool or lace that posed less of a threat to the bodyâs vulnerable parts. The modern-day concept of toilet paper was conceived in China in the 6th century, and when paper became mass produced, newspapers then became widely distributed and were reused as toilet paper. Commercial toilet paper made a splash on the scene in 1857. Marketed as a medical product that prevented hemorrhoids, they were priced at a modern equivalent of $12 for 500 sheets. Although modern industrialization has been able to successfully produce toilet paper for decades, the alarms sounded by the COVID-19 pandemic have made toilet paper a commodity of extremely high demand â so high, in fact, that it was out of stock in stores worldwide and caused societal unrest among customers. In November 2019, toilet paper consumption was at about 10 billion rolls per month worldwide, with an average of two rolls purchased per month for personal use. Due to corona, rates have increased by one roll per person on average (monthly), with quarantine and stay at home notices by the government that subsequently have forced citizens to purchase more toilet paper for home use. By late February 2020, roll usage skyrocketed to 15 billion rolls globally. ![]() Why Tokenize Toilet Paper as a Digital Asset?Toilet PaperToken: 3 UtilitiesTPT utilizes âsmut contractsâ to keep track of the total number of rolls that users (hereafter referred to as wipers) have purchased, and also maintains a record of how many rolls you are guaranteed. With TPT, users can purchase toilet paper online to avoid increased exposure to âRona and take advantage of the Ply Count algorithm that calculates how much toilet paper each household is entitled to receive. The implication of this system is no more hoarding or grocery store fights for the last set of rolls. Should stores run out of stock, TPT holders will be the first customers to be notified of restocking the preferred customers to receive supplies. Holding TPT ensures wiper integrity and the fair distribution of toilet paper worldwide, which ultimately contributes to TPTâs mission: saving humanity from regressing downwards to the first two levels of Maslowâs needs hierarchy. Our dignified roll is to maintain our position at our rarefied spot at the âturd level,â where love and belonging abounds. ![]() TPT AirplopIn order to buy TPT, interested wipers must register and take the Ply Count Quiz, which will determine the amount of TPT they are entitled to purchase through the use of the Ply Count algorithm. The quiz questions will range from the number of members of your household to the existence of preexisting gastrointestinal issues. Once you get your allocation of TPT, you can redeem the tokens for toilet paper. When you have used all of your tokens, our patented Ply Count algorithm will allocate the amount of tokens you are able to purchase to restock. TPT Initial Scattering OfferingToken Tissuance1 TPT = USD $1.64 Market crap: $85,583,000,000 Total supply: 8 billion Scattering supply: Dynamically issued in response to changing levels of demand (out of stock) Volume: 41,758,500,000 Buying TPTThe Toilet Paper Token will go on sale April 1st, 2020 on Shitake Exchange. All wipers must take the Ply Count quiz, which mathematically determines the correct number of TPT that wipers can purchase on a monthly basis. Once tokens are sent to the company, they are burned to prevent companies from holding large amounts of TPT and gaining a monopoly on the TPT supply. Redeeming TPTThere will be a lock-up period for private investors for a period of five minutes. Holders of TPT token will receive their toilet paper as a delivery. If quarantine controls in your state or country allow freedom of movement, holders can also redeem their tokens for toilet rolls at participating stores. Corn-sensus AlgorithmToilet Paper Token leverages multi-blockchains to buttress its data fidelity. Our Know-Your-Colon (KYC) process works with our bog-standard proof-of-wipe chain, facilitating each userâs KYC check that they are able to wipe by themselves, as users that donât fall into this category are unable to participate in the token sale. Our research has shown that the early age of entry is 3-years-old. The KYC will also entail the installation of an intravenous IoT plug-in as a suppository to monitor the fibre content in oneâs stomach, which will then feed data into the TPT smut contract to ensure that tokens are minted dynamically according to the needs of the general populace. TPTâs proof-of-ply blockchain will ensure the immutability of the ply count of the toilet paper rolls that have been purchased with ToiletPaperTokens. The proof-of-ply blockchain is connected to the patented Ply Count algorithm, recording how many tokens have used, and thus how many rolls you have left. Proof-of-flush keeps track of how many toilet paper rolls each TPT wiper has used in order to prevent going over the allotted quota. This will be functionally similar to how some projects burn or destroy tokens. ![]() Meet the Team!![]() Founder Mary Ploppins used to ply her trade in the paper towel industry before she discovered the possibilities of working directly in toilet paper. With a masterâs degree in textile design, she utilized her creative background and long experience in paper products to come up with a unique solution to the toilet paper crisis that rocked the world during the COVID-19 pandemic. ![]() Rick Roller Peter Peuop comes to TPT after toiling his trade as an account manager and support representative for several years at an ecologically-friendly composting startup. Eager to enter the crypto field, Peuop also worked in traditional finance at a custodian bank in the early 2000s. He now spends most of his days rick-rolling unsuspecting victims. ![]() Backend engineer John Splashington got his start in toilet paper from a young age, pioneering the innovative idea to have the toilet roll face out, instead of in, making it easier to grab onto. Heâs also known for being a real hardliner if he catches someone not replacing the toilet roll and leaving just an almost empty roll with a little bit of toilet paper hanging on that is useless for the next person who needs to go. The post Toilet Paper Token Wipe Paper appeared first on CoinMarketCap Blog.
The total cryptocurrency market cap can oftentimes provide clues as to where Bitcoin and altcoins could be headed in the short-term. The latest price action is exhibiting a pattern that looks structurally similar to a head and shoulders, which if valid and confirmed would suggest Bitcoin and the rest of the crypto market will make another retest of lows. Cryptocurrency Market Chart Forms Head and Shoulders Reversal The coronavirus hasnât just killed thousands, frozen humanity, and devastated the economy, itâs also sent financial markets into a tailspin, including the world of cryptocurrencies like Bitcoin, Ethereum, and the hundreds upon hundreds of altcoins that make up the market. Related Reading | Fool Me Twice: Will Bitcoin Rally on April Foolsâ Day Once Again? As fears over the rapidly spreading pandemic peaked, markets suffered a catastrophic collapse. The Dow Jones Industrial Average saw the worst losses since 1987, and the total cryptocurrency market cap was set back by over $150 billion during the last month alone. The fall in cryptocurrencies wiped out more than half of the total marketâs overall value and market capitalization, but the asset class has since recovered over 50 billion in losses and is ranging above the recent lows. However, if an ominous pattern on the total cryptocurrency market cap chart plays out, a retest of the lows is likely in the cards. On the total crypto market cap, a potential head and shoulders pattern can be seen forming on 4H timeframes. Chart Pattern Target Would Signal Retest of Lows Near $130 Billion Head and shoulders are typically reversal patterns found at the top of a trend. This suggests that the recent recovery is over, and the target of the pattern would take the total cryptocurrency market cap back to retest lows around $130 billion. The target of the structure would stop short of setting a new, lower low below $109 billion where the market fell to just weeks prior. Related Reading | Crypto Market Reaches Longest Stretch of Extreme Fear In Over A Year Chart patterns arenât valid until confirmed in hindsight. However, declining volume as the pattern continues to form are signs that confirmation is probable. According to the pattern, the price of cryptocurrencies should fall leading into todayâs monthly close, forming the second half of the right shoulder and taking prices back down to neckline support. If that support gives in, and the total cryptocurrency market falls below the neckline, the pattern is valid and the target comes into play. However, if bulls manage to use the right shoulder to push the price of cryptocurrencies higher, it could lead to a short squeeze that propels the total crypto market cap back to highs not seen since February or January â long before the coronavirus spilled into the market and caused a catastrophic collapse. Featured image from Shutterstock
Via https://www.newsbtc.com/2020/03/31/head-and-shoulders-on-cryptocurrency-market-cap-foretells-retest-of-lows/
Bitcoin is set to close its one of the most roller-coaster fiscal quarters in a negative area. But the cryptocurrencyâs biggest test now lies in the 2020âs second quarter as it arrives in the middle of two very distinctive market catalysts: Halving and Coronavirus. Halving is bullish, at least according to a plethora of bitcoin maximalists and analysts that see the May 2020 event as an upside price driver for the cryptocurrency. They believe that bitcoinâs daily supply cut from 1,800 BTC to 900 BTC would appeal to investors looking to park their capital in scarce assets. The #Bitcoin halving is coming in less than 50 days.
![]() ![]() Via https://www.newsbtc.com/2020/03/31/halving-battles-coronavirus-as-bitcoin-enters-its-provably-bullish-quarter/
After Bitcoin price fell from $10,000 to under $4,000 in one short month, the ultra bearish, panic-induced price action has finally settled into a neutral state. However, if bulls can break above this key level and hold it as support, the price action will flip bullish and likely go on to target $7,800. Neutral Price Action Ready to Flip Bullish With Break Above $6,600 Bearish Bitcoin traders have been having a field day after the leading cryptocurrency by market cap failed to produce a significant and sustainable rally after breaking above $10,000. Not only did the surge in price fail to spark FOMO amongst retail investors, some of the largest Bitcoin holders finally cashed out ahead of a potential recession, and caused a catastrophic and historic selloff. Related Reading | Fool Me Twice: Will Bitcoin Rally on April Foolsâ Day Once Again? In less than one monthâs time, Bitcoin price fell from over $10,000 to under $4,000. At the low, the price of the cryptocurrency bounced off $3,800 and quickly grew by over 80% to nearly $7,000 before falling back down again. Since then, the asset has been ranging, causing the price action to turn neutral until a breakout to the up or downside occurs and caused traders to take positions and ride the wave to the next trading range. A break below the previous low would be enough to cause Bitcoin price to turn back to ultra bearish, potentially hinting at lows much below as targets. However, if bulls can reclaim $6,600, it could cause spark a surge of buyers and a push of Bitcoin price to above $7,800. Neutral here Crack monthly vwap at 6630 and I'd target 7.8 though$BTC pic.twitter.com/J7ZFjsvzs0 â CryptoTrooper (@CryptoTrooper_) March 31, 2020 Whatâs a VWAP and Why Would Breaking It Take Bitcoin Price to $7,800? $6,600 is a particularly critical level for bulls to reclaim, as itâs the monthly VWAP â or volume-weighted average price. The volume-weighted average price is a benchmark traders use to give price action an average across the day thatâs based on both price and volume together. Not only does this ensure that traders are taking positions that make sense according to trading volume, but it is a tool said to reduce transaction costs by minimizing market impact. Related Reading | Bitcoin Price Monthly Close Above $8,000 Forms Bullish âHammerâ Reversal When price passes above or below the VWAP, itâs a signal that the trend behind the price movement is particularly strong, and could result in continuation. This tells traders not only when to take a position but increases the likelihood of a successful trade. Given how effective the tool can be used in understanding the strength of an underlying trend, itâs clear to see why the level is particularly important for Bitcoin price. The VWAP is currently at roughly $6,600. If bulls reclaim that level, it could be a signal that Bitcoin price will stage a strong recovery after a month of devastating price action. Featured image from Shutterstock
Via https://www.newsbtc.com/2020/03/31/neutral-bitcoin-price-action-vwap/
The Credits project, a worldwide company engaged in the development of solutions based on blockchain technologies, has recently announced the release of a new line of products. The new developments will be released over the course of 2020 and will help in popularizing blockchain technologies. The decentralized, distributed ledger capabilities of blockchain technologies are increasingly gaining popularity across the world in a variety of industries. However, multiple economy sectors that can take advantage of the solutions offered by blockchain-based products are still reluctant to start the process of adoption, or are slow in making headway. Despite the slump in global economy forecasts, blockchain-based fintech products are proving to be the most important trend of 2020. The Credits platform is fully committed to the development of fintech products for catering to a variety of sectors operating with monetary transfers. The main products being developed by the Credits project for the fintech industry include the following: 1) The Credits Wallet is a convenient and all-in-one solution with an integrated delegation and staking functions. The given features allow users to stake their native CS coins and earn passive income, while the delegation feature allows them to delegate their funds. The wallet boasts a convenient interface and is designed for the B2C market, as well as private users. 2) The Bonoox platform is a specialized instrument that allows users of the Credits infrastructure to release and issue their own loyalty programs. The platform caters to businesses of any size and offers instant payouts, as well as exchange of bonus points. 3) Credits also issues Cards that can be used for payments worldwide in a variety of fiat and cryptocurrencies. The cards issued by Credits can be topped up using both debit or credit cards from anywhere in the world. 4) The Credits Stablecoin is a digital asset with its value pegged to the US Dollar at a 1:1 ratio in the companyâs bank account. The asset can be used for global remittances and allows fast transfers, as well as easy conversion to fiat. âI am confident that products issued by Credits have a great future. The fast-growing e-commerce, fintech and blockchain markets are certain to be successful,â as stated by Igor Chugunov, the CEO of Credits. The full line of products offered by the company are available at updated website. The development team is confident that the introduction of its new line of products will have a favorable impact on the fintech industry and will contribute to the adoption of blockchain technologies worldwide
Via https://www.newsbtc.com/2020/03/31/credits-blockchain-startup-announces-new-company-development-directions/ ![]() Originally from Bitcoinist.com https://ift.tt/3atnHtA
Following a brief selloff that led Bitcoin down to lows of $5,800 overnight, the crypto has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region. It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead. Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead it to rally up towards $7,700. Bitcoin Sees Massive Rebound as Bulls Post Ardent Defense of $5,800 At the time of writing, Bitcoin is trading up just under 10% at its current price of $6,490, which marks a notable climb from daily lows of $5,800 that were set overnight following the cryptoâs break below $6,000. It now appears that the benchmark cryptocurrency is pushing up against key resistance at $6,500, with a break above this level potentially opening the gates for significant near-term upside. As for what could push BTC above this resistance, Big Cheds â a popular cryptocurrency analyst on Twitter â explained in a recent tweet that he believes it is flexing a âpotential 8/34 EMA bull crossâ on its 4-hour chart. âBitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,â he noted while pointing to the chart seen below. $BTC #Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross pic.twitter.com/J6nJldbVUe â Big Cheds (@BigCheds) March 30, 2020 This formation could significantly bolster the cryptoâs near-term price action if it is confirmed in the coming several hours. BTC Pushes Past Key Resistance Level; Opening the Gates for a Move to $7,700 As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700. Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route. âLooks like BTC picked the green way,â he said while pointing to the below chart. Looks like $BTC picked the green way pic.twitter.com/JZHUdaFII1 â Teddy (@TeddyCleps) March 30, 2020 The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at. Featured image from Shutterstock.
Via https://www.newsbtc.com/2020/03/30/bitcoins-rally-past-6500-is-forming-a-bull-cross-analysts-targeting-a-move-to-7700/
In the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC). Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, according to data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. According to him, this means âbulls [are] getting levered up here,â potentially setting the stage for a long squeeze in the future. Analysts are currently divided over what this means for the cryptocurrency; just 24 hours ago, many were charting a move to the low-$5,000s, citing the fact that it slipped below a number of supports as if it was a hot knife going through butter. According to prominent crypto trader Flood, who called the recent move from $6,800 $6,200, Bitcoin is likely to retest $8,000 in the near future. We shorted, now we long to 8k pic.twitter.com/zmYQm2psQZ â Flood [BitMEX] (@ThinkingUSD) March 28, 2020 Featured Image from Shutterstock
Via https://www.newsbtc.com/2020/03/30/bitcoin-just-surged-to-6500-after-over-10-weekend-crash/
Throughout 2020 thus far, Bitcoin has been showing a tight correlation with major stock indexes like the Dow Jones and the S&P 500. If this continues, and a âfractal of doomâ plays out on the Dow Jones, it could spell complete and utter disaster for Bitcoin and the rest of the crypto market as well, potentially causing BTC to drop to nearly $1,000. The Coronavirus and the Coming Recession Cause Massive Panic Sell0ff While the cryptocurrency asset class was once often pointed at as an uncorrelated asset class for traditional equities investors to diversify their portfolio with, throughout the year so far, Bitcoin has shown its closest correlation with the stock market yet. Once the coronavirus was officially dubbed a pandemic by the World Health Organization and the Center for Disease Control and began to spread across the globe, a massive liquidity crisis unfolded as investors scurried to cash out any assets they hold to prepare for the coming storm. The highly contagious and deadly virus has already shut down travel, businesses, schools, and much more, and essentially frozen the economy in place. The coming recession, as a result, has investors fleeing their holdings for safer havens like cash or gold. The stock market took an absolute beating, causing the largest drop since 1987. With Bitcoin and cryptocurrencies showing such correlation, they also suffered a record-breaking drop. And if a potential fractal on the Dow Jones plays out, Bitcoin and the rest of the crypto market could be in serious trouble. The Dow Jones Fractal of Doom Could Take Bitcoin to $1,000 Markets and even economies are cyclical. Just as financial markets cycle through bear and bull, economies cycle through periods of prosperity and recession. According to some of the most iconic market cycle theorists, economies reset every 90 years or so. The last major economic setback was the Great Depression, which started with a massive stock market collapse in 1929, and lasted all throughout the 1930s. Itâs now 90 years later, and the Dow Jones is exhibiting the early signs of a pattern that took place back then, triggering the worst economic depression the world has witnessed. Dow monthly: Fractal of Doom. Is the sky falling? pic.twitter.com/6HtWwJ5qTY â Nunya Bizniz (@Pladizow) March 30, 2020 And if this fractal of doom confirms in the Dow, and Bitcoin continues to follow, the first-ever cryptocurrency could be in for a world of hurt. The Dow Jones would be in for a nearly 80% decline from current levels. A similar drop for Bitcoin would take the price of the cryptocurrency back to just over $1,000 â which eerily coincides with the previous bull marketâs cycle top from 2014. Related Reading | Historic Recurrence: Will Bitcoin Bottom At Its Previous All-Time High? Many theories point to Bitcoin retracing to that previous top to confirm resistance as support from many years ago. However, such a move would be devastating for crypto investors who already have held through an over two years of a bear market, only to have the asset plummet in value further. But this is all depending on both Bitcoin staying correlated to the Dow, and for this fractal of doom to confirm.
Via https://www.newsbtc.com/2020/03/30/how-the-dows-fractal-of-doom-could-take-bitcoin-to-1000/
Bitcoinâs decline to lows of $5,800 overnight was met with significant buying pressure that subsequently allowed the cryptocurrency to climb higher, with BTC bulls now attempting to reclaim the cryptoâs previous position within the upper-$6,000 region. This early morning rebound came about after a short bout of intense selling pressure, and buyerâs ability to absorb this and defend against further downside is certainly a bullish sign. Despite this, one trader is now noting that he believes Bitcoin is firmly in bearâs control as long as it trades below one key level that has yet to be surmounted. Bitcoin Garners Tempered Momentum as Analysts Watch Key Technical Formations At the time of writing, Bitcoin is trading up just under 4% at its current price of $6,350, which marks a notable climb from daily lows of $5,800 that were set at the bottom of the overnight selloff. Bulls did post an ardent defense of this level, however, which is what catalyzed the momentum that has led the crypto up to its current price levels. In the near-term, whether or not Bitcoin is able to climb higher or not may depend on if it is able to close its monthly candle above $6,425, a level that one analyst thinks is of the utmost importance. âBTC monthly close above 6425 would be solid bullish SFP to make April-May brighter. For now, it needs to unfold this symmetrical triangle, contracting consolidation. Safest non-scalp swing trades on breakout (or breakdown) retest.â Image Courtesy of CryptoBirb BTC Faces Heightened Bearishness Below Mid-$6,000 Region Even if BTC is able to close its monthly candle above $6,425, it still faces some intense resistance between roughly $6,450 and $6,550. George, a popular cryptocurrency trader on Twitter, spoke about the resistance that exists around this level in a recent tweet, explaining to his nearly 20k followers that he believes Bitcoin is in firm bear territory until it is able to firmly break above this region. âBTC: As long as we stay below green and close the daily below Sun[day] high we should be good for continued downside imo,â he noted while referencing the below chart. $BTC As long as we stay below green and close the daily below Sun high we should be good for continued downside imo⊠pic.twitter.com/DFIemLyQk7 â George (@George1Trader) March 30, 2020 Because there is just over 24-hours left until Bitcoinâs monthly close, how it trends in this relatively short time frame will be critical for determining which direction the aggregated market will head throughout April. Featured image from Shutterstock.
Via https://www.newsbtc.com/2020/03/30/bitcoin-poised-for-continued-downside-as-bulls-struggle-to-surmount-critical-level/
After facing an intense selloff yesterday that led Bitcoin, Ethereum, and virtually all other major altcoins to post some intense losses, the aggregated market has been able to recover slightly today, being led higher by BTC. This upwards momentum has led ETH to rapidly approach a key resistance level that bulls may struggle to surmount in the near-term. Multiple analysts are now noting that it is a strong possibility that the crypto sees a violent rejection at this level, which could lead it to see a capitulatory decline towards the support that has been established around $100. Ethereum Rallies Past $130 as Market Rebounds, But Key Resistance Fast Approaches At the time of writing, Ethereum is trading up just over 2% at its current price of $132, which marks a notable climb from daily lows of $125 that were set yesterday in tandem with Bitcoinâs decline to $5,800. From this point, ETH has been able to garner some decent upwards momentum, although this has shown some signs of stalling after it touched its daily highs of $133 just a few hours ago. TraderXO â a popular cryptocurrency trader on Twitter â explained in a recent tweet that he believes Ethereum will climb higher in the hours ahead if Bitcoin is able to push up towards $6,600, although he believes this movement will be followed by a strong retrace down towards $106. âETHUSD: If btc kicks on to 65s â 66s then expecting ethusd to follow. Run some local highs, enter on the rejection, blue arrows,â he explained. $ETHUSD If btc kicks on to 65s â 66s then expecting ethusd to follow. Run some local highs, enter on the rejection, blue arrows pic.twitter.com/jSS6UuuyMM â TraderXO (@TraderX0X0) March 30, 2020 Analysts Agree: A Rejection at Resistance Will Be Dire for ETH Other traders have offered a similar sentiment to TraderXO, with one noting that $136-138 is the key level that bulls must surmount if they want to catalyze a movement up towards $159. He further notes that a rejection here, however, will likely lead the crypto towards $100. âETH: On the BTC pair: Nothing changed, still in between levels. Flipping 0.022 would make me somewhat bullish. On the USD pair: approaching resistance. Breaking and flipping $136-138 and we can target $159. Rejecting -> Targeting $103-105.â Image Courtesy of Crypto MichaĂ«l It does appear that where major altcoins like Ethereum trend in the near-term will be partially dependent on Bitcoinâs price action, but it still remains unclear as to whether the resistance ETH faces in the upper-$130 will be insurmountable. Featured image from Shutterstock.
Via https://www.newsbtc.com/2020/03/30/ethereum-is-nearing-a-make-or-break-level-rejection-here-could-be-dire/
Bitcoin and the rest of the crypto market has since staged a strong recovery following the massive, record-breaking crash caused by coronavirus fears spilling into financial markets earlier this month. But despite crypto prices continuing to climb, the Fear and Greed Index shows that sentiment is still in the gutter. In fact, the sentiment measuring index has now reached the longest stretch of extreme fear in the cryptocurrency market since the tool was first launched. Extreme Fear Continues to Crush Markets Amidst Coronavirus Outbreak In early March, as the coronavirus was officially dubbed a pandemic and first began to shut down the global economy, the stock market, precious metals, and cryptocurrencies all suffered an extreme selloff. The stock market saw the largest losses since 1987, silver had its value set back decades, and Bitcoin and other cryptocurrencies all fell by 40% or more. Related Reading | How Fear and Greed in the Crypto Market Can Lead To Incredible Profit The entire world fell into a state of panic almost overnight, and the prices of assets everywhere reflected the fearful sentiment. Following the selloff, the cryptocurrency market Fear and Greed Index, fell to lows, indicating that investor sentiment was in extreme fear. Many old adages and quotes reminder investors that when things get scariest, itâs often the time to buy. Baron Rothschild and the Oracle of Omaha himself, Warren Buffett have coined such phrases. Itâs clear someone out there was buying the extreme fear in the market â blood in the streets â as Bitcoin price rallied from a low of $3,800 to over $7,000 before a pullback. But the first-ever crypto-asset nearly doubling in price following the recent catastrophic collapse has done very little to ease the minds of crypto investors who are still in a state of panic. Crypto Fear and Greed Index Reaches Longest Stretch of Extreme Sentiment Yet According to the Crypto Fear and Greed Index, not only is the market still in extreme fear, but itâs now spent the longest stretch of time at such peak emotion. Related Reading | Despite Cryptocurrency Market Recovery, Sentiment Is Still Extremely Fearful Data shows that although the market reached a level of fear lower than current levels back in August 2019, the fear was short-lived and sentiment bounced right back to greed. The current bout of extreme fear has now lasted nearly three full weeks, and with the coronavirus and coming recession causing the market more fear than ever before, thereâs a chance that the extreme fear may linger for the foreseeable future. The fear is even more extreme than the period of time when Bitcoin traded between $3,000 and $4,000 at the end of 2018. During that time, fear hung around longer than whatâs taken place this time around, however, fear didnât get as extreme as it is right now, and the current wave of fear has only truly just begun. Featured image from Shutterstock
Via https://www.newsbtc.com/2020/03/30/crypto-market-reaches-longest-stretch-of-extreme-fear-in-over-a-year/
Bitcoin price has been more volatile than ever lately after the asset plummeted from $10,000 to under $4,000 in just over a monthâs time. After such a collapse, the leading cryptocurrency by market cap has since bounced and is trading above $6,300 following a successful weekend defense of $5,800 â an important line that according to one crypto analyst says could determine the fate of Bitcoinâs long-term trend. Recapping The Rollercoaster Ride of 2020 So Far Bitcoin price has had a rollercoaster of a year thus far, and more so than the cryptocurrency is typically known for. While the asset class is notorious for its extreme volatility and violent price swings, not even cryptocurrency investors and traders were prepared for the massive price swings 2020 has provided thus far. Related Reading | Economist: Government Overspending Amidst Crisis is Bullish for Bitcoin At the close of 2019, Bitcoin price found support at what the market had then thought was a bottom at $6,400. Starting in early 2020, the first-ever cryptocurrency went on an over 60% rally to well above $10,000. Ethereum and other altcoins during this time also saw explosive rallies of 100% or more in many cases. All signs were pointing toward a new bull run for Bitcoin ahead of the upcoming halving. But then the unthinkable happened. A black swan event arrived via a rapidly spreading pandemic, that caused Bitcoin price to tank to $4,000 in a record-breaking decline. $5,800 is Bulls Last Stand Or Bitcoin Price Could Fall to New Lows The particularly extreme move caused panic across the cryptocurrency market, and many long-term trendlines and growth curves were violated by the price action. However, Bitcoin price was very quick to reclaim $5,800 â a key level that was just well defended over the weekend and ahead of the monthly close. Related Reading | Recent Bitcoin Price Action Isnât Radical According to Serious Valuation Models But why is $5,800 so important? According to one crypto analyst, $5,800 is the last stand for bulls, who must defend the level for Bitcoinâs long-term bullish trend to remain intact. Why 5.8k matters $BTC zoom out. I bought some spot back. Bulls have to hold as it was the last HL prior to the move up. Below it invalidated the trend that had formed on the LTFâs and would confirm continuation to the downside. This is the last stand imo pic.twitter.com/DM7uKD7XsF â Pentoshi (@Pentosh1) March 30, 2020 $5,800 was the support level that Bitcoin fell to in February 2018, then again and again throughout the bear market. It also acted as a launchpad when Bitcoin broke above it the last time around in early 2019 and is currently holding once again even after this weekendâs violent selloff. Over the weekend, Bitcoin price fell from $6,700 to as low as $5,800, but already bulls have managed to push the price of the first-ever cryptocurrency back above $6,000 and to $6,300 at the time of this writing. If bulls can continue to defend $5,800, the leading cryptocurrency by market cap will have set a higher low on the highest timeframes. But with the coronavirus still very much out of control, bears could eventually get the upper hand once again. Featured image from Shutterstock
Via https://www.newsbtc.com/2020/03/30/bulls-last-stand-why-bitcoins-trend-depends-on-the-defense-of-5800/ ![]() Originally from Bitcoinist.com https://ift.tt/3avzNm2
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Itâs been a minute, CoinMarketCap-ers! Glad to see you back here again for another weekâs edition of âWhat You Saidâ! Time to check out some interesting responses we received over the week from our polls! Before we begin, hereâs a reminder to subscribe to the CoinMarketCap daily newsletter. Join a 60,000-strong community that receives the latest crypto news hot off the press, and get to participate in our daily entertaining polls! Your responses may even end up in the upcoming weekly âWhat You Saidâ. Todayâs PollWhat You Said in Last Weekâs PollsHere are some interesting responses from last weekâs polls
The average response to the above question was 5.2.
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The average response to the above question was 4.8.
The average response to the above question was 7.7.
Like what you see? For more daily polls, subscribe to the CoinMarketCap daily newsletter for a concise summary of daily crypto market performance and top news! The post âWhat You Saidâ (Mar. 30), a Weekly Round-Up of Sentiments From the Community appeared first on CoinMarketCap Blog. ![]() ![]() ![]() ![]() Originally from Bitcoinist.com https://ift.tt/2JtCGHW
If youâve been on Crypto Twitter at all over the past few months, youâve likely noticed multiple tweets like the one seen below; stablecoin companies, from Tether to Circle and Paxos, are issuing tens of millions of dollars worth of these digital assets day after day.
![]() ![]() ![]() Via https://www.newsbtc.com/2020/03/30/this-key-metric-suggests-the-crypto-markets-downturn-will-be-shortlived/
Bitcoin hasnât done too well over the past few hours. As reported by this outlet previously, the cryptocurrency just tumbled under $6,000 just hours ago, falling under this key psychological level for the first time in a week. Related Reading: Crypto Tidbits: Bitcoin Holds $6,000s, Federal Reserve To Do âQE Infinity,â U.S. Digital Dollar Proposed The cryptocurrency seems poised to close its ongoing daily and weekly candles under this level, which would mark a slight blow to bulls. Indeed, many traders expect the asset to continue to trend lower over the coming days. Bitcoinâs Outlook Isnât Too Hot Filb Filb, the crypto trader who accurately predicted Bitcoinâs Q4 2019 and January 2020 price action to a T, recently shared the below chart in the wake of the drop below $6,000. The chart shows a number of Bitcoin charts (from short time frames to long time frames). His indicator is advising him to stay âshortâ across seven out of eight time frames, indicating that more downside for the cryptocurrency market is a possibility. The same indicator advised traders to be short or at least in cash heading into March 12thâs brutal drawdown, during which Bitcoin fell from $7,700 to a price as low as $3,800. Adding to the bearish narrative, a top crypto trader recently remarked Bitcoinâs daily chart is flashing three harrowing signs at the moment: The Tom Demark Sequential, which called Bitcoinâs 2019 top at $14,000 and the bottom at $6,400, recently flashed a green â9â candle, suggesting a reversal is imminent. The Stochastic RSI has seen a bearish crossover, suggesting downside remains. The MACD histogram is currently declining and looks poised to turn negative within the next few days. Furthermore, trader DonAlt, a pseudonymous analyst who called much of the recent downturn, recently shared that the price action feels âfamiliar,â referencing his sentiment that the current price action is mirroring that seen prior to the capitulation event on March 12th. Featured Image from Shutterstock
Via https://www.newsbtc.com/2020/03/29/why-bitcoins-tumble-under-6000-could-be-the-start-of-something-worse/
After a day-long period of consolidation within the lower-$6,000 region, bulls have once again lost their footing, with bears catalyzing a break below the support that had been established at $6,000. This has led analysts to note that Bitcoin is fast approaching a âbounce or dieâ level that buyers must defend, or else the benchmark cryptocurrency could once again find itself caught within a capitulatory downturn that leads it to decline back towards its recently established lows. This potential selloff comes as Bitcoinâs weekly close fast approaches, and a failure to bounce prior to this close could prove to be dire for the cryptocurrency. Bitcoin Faces Massive Selloff as Buying Pressure Begins Evaporating At the time of writing, Bitcoin is trading down over 5% at its current price of $5,900, which marks a notable decline from daily highs of $6,300 that were set yesterday when bulls attempted to garner some upwards momentum. The failure for bulls to sustain this momentum led to a rejection at this level, with the subsequent downtrend marking a significant extension of that which was first incurred when the cryptoâs strong rally from $3,800 stalled at $6,900. In the near-term, it is imperative that buyers defend against a drop below $5,900 â as this is where a significant amount of support has been established. This volatility also comes just a couple of hours before BTC posts its weekly candle close, with a bearish close likely bolstering bears, leading the crypto to decline further in the week ahead. BTC Reaches âBounce or Dieâ Level as Bulls Falter This plunge has led Bitcoin to what appears to be a âbounce or dieâ support level. Teddy â a prominent cryptocurrency analyst on Twitter â mused this possibility in a recent tweet, offering a chart showing that the crypto is currently resting on a key multi-week support level. Image Courtesy of Teddy If this level is shattered, the next key level marked on the chart above sits at $5,450. Any potential near-term weakness could also be further perpetuated by the bearish economic backdrop that Bitcoin is currently trading against. If the stock marketâs rebound seen throughout this past week shows signs of faltering, its next downturn could drag BTC down with it. The futures marketâs imminent open, coupled with Bitcoinâs upcoming weekly close, should offer investors with significant insights into where the crypto market is heading in the week to come. Featured image from Shutterstock.
Via https://www.newsbtc.com/2020/03/29/bitcoin-reaches-a-bounce-or-die-level-as-bulls-lose-their-footing/ Binance is the worldâs leading cryptocurrency exchange. While that may be the case, its recent business decision is annoying a lot of users, and is seemingly driven by greed first and foremost. There are hundreds of trading pairs on the Binance exchange. Binance Takes the Easy way outSome of those markets pertain to leveraged tokens. It now appears that the company will remove the leveraged markets altogether. This decision is made public three days before the delisting will effectively occur. Affected markets include BEAR, BULL, ETHBULL, EOSBEAR, XRPBULL, and BNBBEAR, among others. The value of these tokens has collapsed entirely since the recent market crash. Surprisingly, none of them seem to be recovering. According to Binance, this is primarily due to people ânot understanding these marketsâ. That is very shortsighted, and should prompt the company to educate people on these matters, rather than removing the option altogether. Moreover, the company will not be reinstating users affected by the horrible performance of these tokens. It would be relatively easy for Binance to roll back their internal database of these tokens prior to the crash. By removing all traces of the market, the company is seemingly fueled by greed, instead of doing the right thing.. Rest assured that this decision will not go over well with people who are now missing out on thousands of dollars because Binance doesnât want to explain these markets to its customers properly. Image(s): Shutterstock.com The post Binance Costs Users Potentially Millions by Removing Leveraged Tokens appeared first on NullTX. via NullTX https://ift.tt/3atCaG0
For the first time in just under a week, Bitcoin has tumbled under $6,000, extending Friday morningâs losses of 10%. As of the time of writing this, the cryptocurrency trades for $5,930, having hit $5,895 just minutes ago as of the time of this articleâs writing. While this price action just transpired, many analysts believe itâs time to pay close attention to the charts. Key Bitcoin Level To Watch is $5,800 The key level to watch for Bitcoin moving forward is $5,800, approximately where the 200-week moving average sits as of the time of this articleâs writing. As explained in a previous NewsBTC post, this specific simple moving average has immense importance to traders, for it marked Bitcoinâs exact bottom in December of 2018 and also coincided with bottoms in 2015. As Chris Burniske of Placeholder capital once wrote: âAs someone recently reminded me, in a 2018 interview with CNBC I stated the real capitulation starts if we break the 200 week MA. We did not break the 200 week MA in 2018 / 2019 â it provided the perfect bounce for Bitcoin. But now that we broke and closed last week below $5500, what was once support becomes resistance.â The cryptocurrency posting a weekly close (four hours as of the time of this articleâs publishing) under this key support may suggest that there is more pain to come for the Bitcoin price. Bearish Factors Persist Unfortunately for bulls, there are a number of bearish factors that could increase the chances Bitcoin closes its ongoing weekly candle under the aforementioned key support. A top crypto trader recently remarked Bitcoinâs daily chart is flashing three harrowing signs at the moment: The Tom Demark Sequential, which called Bitcoinâs 2019 top at $14,000 and the bottom at $6,400, recently flashed a green â9â candle, suggesting a reversal is imminent. The Stochastic RSI has seen a bearish crossover, suggesting downside remains. The MACD histogram is currently declining and looks poised to turn negative within the next few days. Furthermore, trader DonAlt, a pseudonymous analyst who called much of the recent downturn, recently shared that the price action feels âfamiliar,â referencing his sentiment that the current price action is mirroring that seen prior to the capitulation event on March 12th. Why does this feel so familiar pic.twitter.com/8mSWsDucA5 â DonAlt (@CryptoDonAlt) March 27, 2020 If Bitcoin is to follow the historical price action to a T, it will make one more attempt at surmounting $7,000s in the coming days, then fall dramatically, potentially towards the local lows at $3,800. Featured Image from Shutterstock
Via https://www.newsbtc.com/2020/03/29/bitcoin-tumbles-under-6000-heres-what-analysts-think-comes-next/ |
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