Day: July 22, 2018

Key Highlights

• Ripple price found support near the $0.4300 level and recovered a few points against the US dollar.
• There was a break above major connecting bearish trend line with resistance at $0.4500 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently attempting an upside break above $0.4620 the 100 hourly simple moving average.

Ripple price is trading with a positive bias against the US Dollar and Bitcoin. XRP/USD must break $0.4620 and $0.4650 to accelerate higher in the near term.

Ripple Price Resistance

This past week, there was a sharp decline in Ripple price from well above the $0.5000 level against the US Dollar. The XRP/USD pair declined and cleared the $0.4600 and $0.4500 support levels. There was also a close below the $0.4500 level and the 100 hourly simple moving average. The price traded as low as $0.4292 before buyers took a stand and protected more losses.

Later, the price started an upside move and traded above the $0.4400 level. There was also a break above a major connecting bearish trend line with resistance at $0.4500 on the hourly chart of the XRP/USD pair. The pair moved above the 23.6% Fib retracement level of the last decline from the $0.5204 high to $0.4292 low. However, the pair faced a strong resistance near $0.4620 and the 100 hourly SMA. Moreover, the 38.2% Fib retracement level of the last decline from the $0.5204 high to $0.4292 low also prevented upsides.

Looking at the chart, the price is currently trading in a range below the $0.4620 resistance. To recover further, the price has to break the $0.4620 resistance and the 100 hourly SMA. The next major hurdle is at $0.4650, above which the price is likely to move towards the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is positioned above the 50 level.

Major Support Level – $0.4500

Major Resistance Level – $0.4650

The post Ripple Price Analysis: XRP/USD Eyeing Upside Break above $0.4650 appeared first on NewsBTC.

G20 member countries are looking at an October deadline for reviewing and implementing a global AML standard on cryptocurrency assets.

Technicals suggest a test of the US$10,000 level within the next few weeks, followed by an extended consolidation period before the next bullish markup. Trend indicators on the daily timeframe have flipped from bearish to neutral, while momentum oscillators on the weekly timeframe have begun to flip from bearish to bullish. A BTC ETF decision by the SEC in the month of August could be the catalyst needed to immediately spark price action to the US$10,000 level.

CoinMarketCap has been recording the percentage market share of Bitcoin and other major cryptocurrencies, referred to as the dominance percentage, since mid-2013. According to this data, Bitcoin has always had the biggest market cap compared to all other cryptocurrencies by far but throughout time, its dominance percentage has been changing. The evolution of this reveals important trends in the crypto space, including the rise of decentralized apps and ICOs, and also suggests that a big Bitcoin rally might be beginning.

In 2013, Bitcoin had a dominance percentage of 90-96%, with Litecoin and Ripple comprising most of the rest of the total cryptocurrency market cap. The first big hit to Bitcoin’s dominance percentage occurred in December 2014 when it declined to 79% as Ripple rose to 14%. This coincided with the major rally that pushed Bitcoin’s price above USD 1,000 for the first time.

Bitcoin’s dominance percentage slowly recovered after this to 91% by the beginning of 2016, before sharply declining to 80% by March 2016 as Ethereum gained popularity. Ethereum’s dominance percentage peaked around 12% during this time. Ethereum became popular because it was the first widely-used platform to integrate blockchain smart contracts, which can be used to develop decentralized apps.

Bitcoin’s dominance percentage recovered a little from Ethereum’s initial burst of popularity and hit 86% in February 2017. At the same time, Ethereum’s dominance percentage was at 5%. Then, Ethereum’s popularity skyrocketed and by June 2017, Bitcoin’s dominance percentage dwindled to 38% while Ethereum’s dominance percentage rose to 32%. This was the closest any cryptocurrency had gotten to dethroning Bitcoin as the cryptocurrency with the largest market cap.

The biggest Bitcoin rally in history was underway by June 2017. Clearly, investors trying to get in at this time chose Bitcoin over other cryptocurrencies as Bitcoin’s dominance percentage increased to 65% in December 2017 while price climbed past USD 10,000. Simultaneously, Ethereum’s dominance percentage declined to 10%.

The price of Bitcoin then crashed to as low as USD 6,000 in January 2018, and Bitcoin’s dominance percentage declined sharply as well to 33%. Ethereum’s dominance percentage increased back up to 20%, but the more important trend was that other alternative cryptocurrencies reached an all-time high dominance percentage of 25%. This rise probably represents the explosive growth of initial coin offerings (ICOs).

Bitcoin’s dominance percentage recovered to 45% by April 2018, and then declined to 36% during the rally from USD 6,800 to nearly USD 10,000 that peaked in early May. Since then, Bitcoin’s dominance percentage has been slowly rising and is back to 45% as of this writing on 22 July 2018. Ethereum’s dominance percentage has been oscillating between 15% and 20% during 2018 so far, with other cryptocurrencies hovering between 20-25%.

The recent Bitcoin rally from USD 6,200 to USD 7,500 has corresponded with a steady rise in dominance percentage while Ethereum’s and other cryptocurrencies’ dominance percentages have declined to 17% and 22% respectively. This suggests that fresh crypto investment is favoring Bitcoin, and might suggest that it is coming from institutional investors, since Bitcoin has the most liquidity and is, therefore, the best option for the large trades institutional investors require.

Based on the data from the 2017 rally, an increasing Bitcoin dominance percentage, combined with increasing Bitcoin price like we are seeing in July 2018, is a favorable setup for a major Bitcoin rally. The rally in April 2018 was not favorable because Bitcoin’s dominance percentage was declining, indicating the rally was led by other cryptocurrencies associated with ICOs.

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The post Bitcoin Dominance Percentage Illustrates Crypto Trends, Suggests Rally Looming appeared first on BitcoinNews.com.

What can a blockchain startup do when it runs out of its own tokens? According to U Network, buy back tokens from its ICO investors.

Key Highlights

• ETH price is consolidating in a range with a crucial resistance at $470 against the US Dollar.
• There was a break above a key bearish trend line with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must break the $470 resistance to continue higher towards $490 and $500 in the near term.

Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD is currently facing a strong resistance near the $470 level.

Ethereum Price Upside Hurdle

After a continuous decline, there was a decent support formed near $438-440 in ETH price against the US Dollar. The ETH/USD pair started an upside move and traded above the $445 and $450 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $517 high to $439 low. The price settled above the $450 level, which is a positive sign.

Moreover, there was a break above a key bearish trend line with resistance near $452 on the hourly chart of ETH/USD. However, the pair faced a strong resistance near the $470 level and the 100 hourly simple moving average. It seems like the 38.2% Fib retracement level of the last decline from the $517 high to $439 low is preventing gains. A break the $470 and $475 resistance levels is needed for more gains in the near term. The next key resistance above $475 is waiting near the $487 level.

Looking at the chart, the price is currently consolidating above $450 and close to the 100 hourly SMA. If it continues to struggle near $470, there could be a downside reaction. On the downside, supports are seen near the $458 and $452 levels, followed by the $450 level.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI is currently placed nicely with a positive angle above the 50 level.

Major Support Level – $452

Major Resistance Level – $470

The post Ethereum Price Analysis: ETH/USD Facing Key Resistance at $470 appeared first on NewsBTC.

NEO Price Key Highlights

• NEO has formed lower highs and higher lows to trade inside a symmetrical triangle formation on its 4-hour chart.
• Price is currently testing support and might be due for another bounce to the top at $38.
• A breakout in either direction could lead to a rally or a selloff that’s the same height as the triangle pattern.

NEO price is consolidating inside a symmetrical triangle on its 4-hour chart and is currently testing support.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. However, the gap is narrow enough to signal that a bearish crossover is also a possibility.

A break below support around $34 could be enough to draw selling pressure in and lead to a selloff that’s the same height as the chart pattern. The moving averages appear to be holding as dynamic resistance as well.

RSI is heading slightly higher after dipping into oversold territory, indicating that buyers are taking over while sellers are taking a break. Stochastic is also on the move up but is crossing down halfway through, signaling that sellers might be trying to return.

NEOUSD Chart from TradingView

Market Factors

This week could make or break rallies among cryptocurrencies, as the industry has had a good start for the quarter before gains were returned the following week. The previous week was another positive one, though, as headlines on institutional interest drew more buying pressure for fear of missing out on the surge.

Another round of headlines like those in the previous week could be enough to sustain gains, but negative updates such as hacks or regulatory troubles could dent confidence in the industry once more. Apart from that, dollar strength is another factor to watch out for since this is also strongly affected by sentiment.

The post NEO Price Watch: Another Long-Term Chart Formation appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price has been on a tear lately but has yet to break past another key resistance on its move higher.
• Price has been trading inside a descending triangle on the daily chart and is just testing the top.
• A move past this level could encounter one more dynamic resistance before setting its longer-term climb.

Bitcoin price has broken one upside barrier after another and is testing another major one on its move higher.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume from here. The shorter-term moving average also lines up with the triangle top at $7,600 to add to its strength as a ceiling.

A break past this level could take bitcoin price up to the next dynamic resistance at the 200 SMA near $9,000. Note that the triangle pattern spans $6,500 to $12,500 so the resulting rally could be of the same height.

RSI is already indicating overbought conditions and turning lower could bring sellers back in. If that happens, bitcoin price could make another dip to nearby support zones or all the way down to the triangle support. Similarly stochastic is also indicating overbought conditions.

BTCUSD Chart from TradingView

Market Factors

Bitcoin and its peers have had a strong run last week and bulls hope that this could be sustained this time. Note, however, that the earlier positive performance in the first week of the month led to gains being returned on negative rhetoric the following week.

Still, some dollar weakness on trade tensions and Trump’s remarks have turned out positive for bitcoin price. After all, traditional markets like stocks and commodities are more sensitive to these developments compared to cryptocurrencies that are currently being buoyed by increased institutional interest.

The post Bitcoin (BTC) Price Watch: Another Upside Break in Sight? appeared first on NewsBTC.

Not to be left behind in the wake of this year’s World Cup by the likes of Lionel Messi an James Rodríguez, Brazilian soccer legend Ronaldinho has also gone crypto.

Often regarded by many as one of the greatest of all time, Ronaldinho won two FIFA World Player of the Year awards and a Ballon d’Or. According to Wikipedia, Ronaldinho has had endorsements with many companies, including Nike, Pepsi, Coca-Cola, EA Sports, Gatorade and Danone.

He now has another to add to his collection; this time it’s his own cryptocurrency, as he announces his own esports strategy and the Ronaldinho Soccer Coin (RSC). Through the NEO blockchain platform project, the ex- Barcelona and Brazilian national team star hopes to come up with an ambitious plan to create his own football academy.

The idea is to host amateur and league matches from around the world through the academy and subsequently even set up a virtual reality stadium network and an online betting platform. He’s partnered a Malta-based startup ‘World Soccer Coin’ with 350 million of the Ronaldinho coins now up for sale.

About his new innovation Ronaldinho said: “Ever since I thought of retiring, I started to think about my life after retirement. I wish to contribute to the world as much as I can.”

Ronaldinho clearly has no intention of standing still after his illustrious career, which has seen him endorse multinationals such as Coca-Cola (and get fired for drinking Pepsi at a news conference) followed by his work with young people through the UN’s HIV/AIDS programme.

Following both the Messi and Rodriguez crypto endorsements earlier this year, football is once back in the news now that newly-promoted English Premier League football team Wolverhampton Wanderers has signed a deal with cryptocurrency exchange platform, CoinDeal. This just in time for the for the new Premier League season which starts next month, when the team will advertise the platform on team shirts throughout the 2018/19 season.

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Bitcoin continues to hold ground amid market sell-off with growing momentum to take out its next target of $8,000.