Key Highlights Ripple price is slowly declining and it is currently trading below the $0.3400 support against the US dollar. There is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may perhaps continue to correct lower and it could…
Ripple price is slowly declining and it is currently trading below the $0.3400 support against the US dollar.
There is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may perhaps continue to correct lower and it could test the $0.3200 support.
Ripple price is slightly under pressure against the US Dollar and Bitcoin. XRP/USD could revisit the $0.3200 support before climbing higher once again.
Ripple Price Decline
Yesterday, we discussed about a downside move below $0.3400 in Ripple price against the US Dollar. The XRP/USD pair declined slowly and steadily from the $0.3530 swing high. The decline was such that the price settled below the $0.3400 support and the 100 hourly simple moving average. Moreover, it recently broke the 61.8% Fib retracement level of the last upward move from the $0.3225 swing low to $0.3530 high.
It seems like the price may even trade below the $0.3300 support area in the near term. More importantly, there is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair. An initial support is near the $0.3290 level. It coincides with the 76.4% Fib retracement level of the last upward move from the $0.3225 swing low to $0.3530 high. Therefore, a break below $0.3290 is likely to open the gates for a push towards the last swing low at $0.3255.
Looking at the chart, ripple price is clearly under pressure below $0.3380 and the 100 hourly SMA. If the price succeeds in breaking the channel resistance and $0.3380, it could move back above $0.3400. On the other hand, a break below $0.3300 clears the path for more losses.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 45 level.
Bitcoin Price Key Highlights Bitcoin price continues to crawl higher and is moving closer to completing its double bottom. Once completed, price would need to break past the neckline at $8,400 to confirm a long-term uptrend. Corrections from the climb could find support at the short-term rising trend line that held since last month. Bitcoin…
Bitcoin price continues to crawl higher and is moving closer to completing its double bottom.
Once completed, price would need to break past the neckline at $8,400 to confirm a long-term uptrend.
Corrections from the climb could find support at the short-term rising trend line that held since last month.
Bitcoin price is slowly moving up to form a double bottom reversal pattern, and a neckline break could lead to more gains.
Technical Indicators Signals
The 100 SMA is also completing its bullish crossover from the 200 SMA to indicate that the path of least resistance is to the upside. This would mean that the rally is more likely to resume than to reverse. Price is also moving above a rising trend line connecting the lows since mid-August and the moving averages could serve as dynamic support close to this area.
However, RSI is pointing down after recently reaching overbought territory, which means that selling pressure might still return. Similarly stochastic is on the move down so bitcoin price could follow suit while bearish pressure is in play.
BTCUSD Chart from TradingView
Market Factors
In the absence of any major updates lately, bitcoin appears to be taking its cues from the improving sentiment in the industry. More and more analysts are renewing their bullish calls, with one group even predicting that it could reach $33,000 in 2019.
Furthermore, Satis ICO Advisory Research projects that bitcoin price could surge to $96,000 over the next five years then to $143,900 in 10 years. The firm is also bullish on Monero, predicting it will reach $18,000 over the next five years.
On the flip side, it is less optimistic about ethereum and litecoin while being bearish on Ripple, Bitcoin Cash, EOS. The report also wasn’t optimistic on utility tokens either, and this “weeding out” sentiment appears to be more favorable to bitcoin.
Prospects of ETH Futures might weight negatively on price but it won’t matter. The CFTC would after all have the final say and should they bin it then capital might end up on CME’s BTC futures. Nevertheless, Crypto Facilities of the UK are already offering similar services. All in all, ETH remains stable and accumulating/distributing…
Prospects of ETH Futures might weight negatively on price but it won’t matter. The CFTC would after all have the final say and should they bin it then capital might end up on CME’s BTC futures. Nevertheless, Crypto Facilities of the UK are already offering similar services. All in all, ETH remains stable and accumulating/distributing (depends on how you view it) but should there be a blast in either direction, we might see prices recovering positively to $400 or to the dungeons at $150.
From the News
Perhaps it because of the bad memories associated with Bitcoin Futures. By all measures, this was a product which was touted to “revolutionize” if not propel Bitcoin prices towards $100,000–further pushing prices to mega valuation in a then super charged rally that saw prices of Bitcoin rise from $1,000 to $20,000 within months.
Though it had the backing of traditional exchanges as the Chicago Mercantile Exchange (CME) and the CBoE, it flopped terribly because for one, the markets were now accessible to speculators keen on turning a profit. Secondly, those who were not confident on the rally—and who could see through the smokescreen of Tether induced pump—could hold shorts and longs at the same time.
Seeing this play out last year, Tom Lee the head of Research at Fundstrat Global Advisors say the introduction of Ethereum Futures would trigger an inevitable price collapse this time round in an already deep bear trend. Though sources conversant are confident that the product will launch as early as end of Q4 2018, the CFTC is yet to give the confirming nod. Once they do, these CME Ethereum Contract futures would depend on the Gemini’s underlying market relieving the pressure off BTC. As highlighted in our last Bitcoin analysis, BTC is grappling with short positions and sellers hungry to see it drop to $3,000 or worse.
In the midst of strong ETH sellers, bulls are nevertheless closing higher. At current prices, ETH is up four percent but still trending within week ending Aug 19 high low with week ending Aug 12 candlestick obviously overshadowing any bullish attempts.
Because of technical candlestick formations, we shall hold a negative stance on ETH and unlike BTC, there might be an undervaluation in ETH considering their positive correlation and the general effect of BTC as a leading market.
However, while most expect higher highs all thanks to last week tight ranged bull candlestick, traders should trend with caution initiating longs only when prices breach above $330 or week ending Aug 19 highs. Before then, holding a neutral position might turn out to be prudent.
Of all coins, ETH might after all be the most undervalued digital asset in the top 10. Fact is, the rate of expansion is lower than those with deeper liquidity and traditionally slow as LTC for example. Nonetheless, the recovery in BTC might provide the necessary impetus for the $330 to be broken. If not and as emphasized above, taking a neutral stand with eyes on $150 could sync well with the general market trend.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
At press time, the coin that has often been called the “Chinese Ethereum” is up to about $22. This is about two dollars more than when we last covered NEO, which suggests that the currency is experiencing bullish momentum along with bitcoin. As the 15th-largest coin in the crypto space, one source claims that the […]
At press time, the coin that has often been called the “Chinese Ethereum” is up to about $22. This is about two dollars more than when we last covered NEO, which suggests that the currency is experiencing bullish momentum along with bitcoin.
As the 15th-largest coin in the crypto space, one source claims that the currency was trading for over $23 during the weekend, which would mean it’s lost some of its value. Presently, it has a market value of nearly $1.5 billion, while its daily trading volume averages at $80 million. Unfortunately, like Ethereum before it, NEO appears to be the subject of a massive sell-off, and growing trading volumes during a bear run is never a good sign.
Last August was one of the coin’s worst months in the history of crypto. Overall, NEO lost as much as 40 percent of its total value. The fall was allegedly triggered by the Securities and Exchange Commission’s (SEC’s) rejection of numerous crypto-based ETFs, and it’s believed that NEO was amongst the “biggest losers.”
At the same time, however, NEO Global Development (NGD) published its monthly report on the NEO Blockchain Game Development Competition. It is estimated that over 200 developers across the globe submitted approximately 39 games.
Analysts claim that for NEO to experience any further momentum, it will need to break the $23 mark. Once this occurs, it’s possible NEO will swing up to $25. Overall, the currency has been trading for less than $25 since early August. Support is presently situated at just over $20.
One of the other big reasons behind NEO’s drop is the crackdown of its founding country on crypto-based applications and currencies. China has ultimately put a stop to initial coin offerings (ICOs) and digital exchanges alike, saying that such trading activities are untrustworthy, and are thereby banned. Furthermore, it has put a stop to all cryptocurrency promotional activities.
Where China remains open, however, is in the distribution and application of blockchain technology, which it isn’t outlawing firsthand. The country has invested nearly $4 billion in blockchain since 2016, making it one of the most generous nations in the world towards the technology.
According to China-based NEO blockchain development team member Miryam Amsili, it’s not unusual for most people in China to have at least one or two people in their lives – either friends or family – directly or indirectly involved with blockchain technology thanks to its growing popularity. Furthermore, several local Chinese governments – including that of Hangzhou, home to tech giant Alibaba – have made investments in blockchain ventures.
Ethereum’s developers have decided to lower mining block rewards to 2 Ether, from the current reward of 3 Ether or a 33% reduction. This was decided during a 31 August developer meeting and will be implemented when the Constantinople hard fork takes effect. The hard fork is designed to smooth the transition from proof of work …
Ethereum’s developers have decided to lower mining block rewards to 2 Ether, from the current reward of 3 Ether or a 33% reduction. This was decided during a 31 August developer meeting and will be implemented when the Constantinople hard fork takes effect. The hard fork is designed to smooth the transition from proof of work to proof of stake and when that happens Ethereum mining will become a thing of the past.
Ethereum mining was already quite unprofitable before this decision. Ether’s price has declined from a peak near USD 1,400 in January 2018 to less than USD 300 in August and continuing into September. Simultaneously, Ethereum’s mining difficulty has generally been increasing. The combination of drastically decreased price and increased difficulty is a recipe for Ethereum miners to go out of business, since it costs more electricity than the revenue produced from mining. Ethereum miners have been liquidating their rigs on peer-to-peer trading apps like LetGo.
The decision to cut Ethereum’s block reward at such a time would be welcomed by investors and indeed, price is up nearly 10% since this decision was made. Miners may have been made unhappy, however.
When Ethereum implements the Constantinople hard fork, miners will have the choice to keep mining the older version of Ethereum and this is likely to happen to some extent. It is unknown how many miners will split off and choose not to upgrade when the Constantinople hard fork occurs. The developers are quite explicit with their intentions, which is to eventually get rid of proof of work mining. This would be the time for Ethereum miners to make their stand.
Ethereum is also planning a hard fork every eight months and is guaranteeing this by programming a difficulty bomb into their code. After 12 months, its difficulty will begin to rapidly increase, leading to an ‘ice age’ where no more Ethereum blocks are mined. This forces the Ethereum developers and community to produce another hard fork before that happens.
CCNMajor Cryptocurrencies Fall But Bitcoin Price Crucially Secures $7200; Future TrendsCCNOver the past 24 hours, major cryptocurrencies like Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin have fallen by 1 to 4 percent while bitcoin price remained a…
Major Cryptocurrencies Fall But Bitcoin Price Crucially Secures $7200; Future Trends CCN Over the past 24 hours, major cryptocurrencies like Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin have fallen by 1 to 4 percent while bitcoin price remained above $7,200. The stability of Bitcoin in the $7,200 range despite the price drop of major …
newsBTCTrader: Bitcoin Break Out Imminent as Weekly Chart Turns Bullish, $8000 Next?newsBTCLast month, Masayuki Tashiro, a prominent Japanese market analyst, said in an interview with Bitcoin.com that the price of Bitcoin will easily achieve $9,000 by …
Trader: Bitcoin Break Out Imminent as Weekly Chart Turns Bullish, $8000 Next? newsBTC Last month, Masayuki Tashiro, a prominent Japanese market analyst, said in an interview with Bitcoin.com that the price of Bitcoin will easily achieve $9,000 by the end of October. Tashiro alluded to the possible trend reversal of Bitcoin and positive …
Over the past 24 hours, many well-recognized traders in the cryptocurrency market have expressed their optimism toward the stabilization of Bitcoin and its positive weekly moving average convergence divergence (MACD). Popular cryptocurrency traders and analysts including Crypto Rand have placed heavy emphasis on the weekly MACD indicator of Bitcoin, which has demonstrated a reverse in…
Over the past 24 hours, many well-recognized traders in the cryptocurrency market have expressed their optimism toward the stabilization of Bitcoin and its positive weekly moving average convergence divergence (MACD).
Popular cryptocurrency traders and analysts including Crypto Rand have placed heavy emphasis on the weekly MACD indicator of Bitcoin, which has demonstrated a reverse in trend for the first time since July.
When the weekly MACD showed a major reversal in late July, the Bitcoin price increased from the low $6,000 region to $8,400, initiating a major rally to the upside.
Where is the Next Target?
Last month, Masayuki Tashiro, a prominent Japanese market analyst, said in an interview with Bitcoin.com that the price of Bitcoin will easily achieve $9,000 by the end of October. Tashiro alluded to the possible trend reversal of Bitcoin and positive regulation-related developments that have been made in Japan and South Korea.
Throughout the past three months, Japan and South Korea, which remain as the second and third largest cryptocurrency exchange markets behind the US, have focused on implementing new regulatory frameworks that can facilitate the growth of their local cryptocurrency and blockchain industries.
South Korea in particular has drafted a new cryptocurrency and blockchain legislation, which is expected to be passed by Congress by the end of 2018. Once passed, cryptocurrency exchanges and blockchain projects will be acknowledged as regulated financial institutions and legitimate projects in the fourth industrial revolution, with the backing of the government.
“Strengthening the rules is a good move. People will be able to invest with peace in their mind as the poor quality crypto vendors will exit and a strong anti-money laundering system will be put in place internally within each exchange. Furthermore, last year BTC price rose by more than 40% twice. this is the same figure as the Nikkei average during the Lehman shock,” said Tashiro.
Given the previous movements of Bitcoin throughout this year, Tashiro reaffirmed his $9,000 target by the end of October.
The reversal in the weekly MACD indicator of Bitcoin can be considered as a stepping stone towards a potential mid-term rally that may continue throughout September and October. But, it is important for the market to move by small margins in a consistent manner to avoid an abrupt decline in value that may drastically change the trend.
Tashiro added:
“Personally I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range.”
Optimistic Outlook
So far, with Bitcoin demonstrating stability in a low price range, a mid-term rally is highly likely and since July, the market has performed similar to the expectation of Tashiro.
If the MACD reversal can be sustained and the volume of the market can be maintained, Bitcoin will be able to test major resistance levels at $7,500 and potentially, $8,000.
Eminem surprised rap fans this week by dropping his new album ‘Kamikaze’. For cryptocurrency enthusiasts there was an extra point of interest in the new album, since one of the tracks, “Not Alike”, namechecks Bitcoin. If awareness is the first step in driving adoption then Bitcoin can do a lot worse than a shout out […]
Eminem surprised rap fans this week by dropping his new album ‘Kamikaze’. For cryptocurrency enthusiasts there was an extra point of interest in the new album, since one of the tracks, “Not Alike”, namechecks Bitcoin. If awareness is the first step in driving adoption then Bitcoin can do a lot worse than a shout out on the real Slim Shady’s latest opus. He’s by no means the first artist to reference Bitcoin though as the following playlist shows.
Pop Stars and Cryptocurrency Make Strange Bedfellows
Kim Kardashian
Pop stars and cryptocurrency have had a mixed relationship. While A-listers like Kanye, Kim Kardashian, and Katy Perry have all made mention of Bitcoin, others have dabbled with more dubious cryptos; think of the DJ Khaled-backed Centra, whose founders faced the full force of the SEC. Meanwhile, Akon plans to build a whole city in Senegal which only accepts his own crypto – Akoin. While the business acumen of popular musicians is often dubious, popular culture is a great driver of awareness. The following tracks all mention cryptocurrency, some overtly and others in passing. They provide a snapshot of pop culture and demonstrate the strides that Bitcoin has made in infiltrating mainstream society.
Eminem – Not Alike
Following the poor reception of his last LP, “Revival”, Eminem is back, mad as hell and at his lyrical best. The reference to bitcoin in “Not Alike” is clear but metaphorical, especially when you consider that track collaborator Royce Da 59, who drops the line, is often referred to as Nickel Nine.
‘Member everybody used to bite Nickel
Now everybody doin’ bitcoin
Remy – Bitcoin Billionaire
Possibly one of the funniest songs ever released about cryptocurrency, “Bitcoin Billionaire” by Reason TV sums it all up with the immortal lines:
A money like my last girl
Completely virtual
In the end Remy’s billionaire ends up broke after a solar flare kills his bitcoin savings. It’s happened to us all.
Coindaddy – Alt Season
Unlike many of the artists on this list, Coindaddy (aka Arya Bahmanyar) actually makes a regular living from cryptocurrency. Coindaddy is therefore the real deal when it comes to cryptocurrency. When it comes to music however, that status is more debatable.
Imma go and short some bitcoin
Every day and every night
Cos it’s a bearish market
And there ain’t nothin in sight
Ytcracker – Bitcoin Baron
Ytracker brings us the most electronic track on this list with some free-flowing rhymes and a great beat. This one is a tune.
I’m a bitcoin baron, I’m scaring the status quo
Got that crypto dough in that dat file to blow
And the algorithm gon’ get em until prism
Send us all to prison and that’s a nerdy living
The Bitcoin Dip – We Miss You
The Bitcoin Dip’s “We Miss You” is a cover of Puff Daddy’s “I’ll Be Missing You” which is a cover of The Police’s “I’ll Be Watching You”. Got that? It’s a musical number which has been forked almost as many times as bitcoin itself.
Lil Windex – Bitcoin Ca$h
Possibly the most popular rapper named after a cleaning product, Lil Windex is a Canadian wordsmith particularly infatuated with Bitcoin Cash.
Cryptocurrency Girls – The Moon and Cryptocurrency and Me
Trust Japan to take things one step beyond. The Cryptocurrency Girls are an 8-strong girl group where each member takes on the persona of a particular cryptocurrency. It’s very Japanese.
Laura Saggers – 10,000 Bitcoins
A Bitcoin song that wants to be Regina Spektor but sounds more like Chas n’ Dave, “10,00 Bitcoins” by Laura Saggers isn’t the strongest of efforts, but earns inclusion as an antidote to all the testosterone-charged tracks on this playlist.
Mayday & Murs – Bitcoin Beezy
“I got 50 bitcoin worth about a hundred grand,” sings Mayday & Murs. If they had the presence of mind to hodl, those 50 BTC are now worth a cool $360,000.
Ricegum – Bitcoin
Youtube star Ricegum has also thrown his hat into the Bitcoin ring. You may not have heard of Ricegum, but the star has over 10 million subscribers, so he’s doing something right. The less said about the song the better.
On this evidence, Bitcoin songs are unlikely to be topping the charts anytime soon. Still, fans of the cryptocurrency can take solace from the fact that on the only chart that matters – the Top 100 by Market Cap – Bitcoin’s been number one for nine years straight.
What other songs can you think of that reference Bitcoin? Let us know in the comments section below.
Images courtesy of Shutterstock.
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New Study Highlights the Many Positives of Bitcoin Mining Bitcoin News (press release) It’s become fashionable in public circles to bash Bitcoin on account of its energy consumption. Virtually every week, mainstream media (MSM) attacks bitcoin mining, painting alarmist pictures of a planet burning due to the ‘wasteful’ design of Proof of …
New Study Highlights the Many Positives of Bitcoin Mining Bitcoin News (press release) It's become fashionable in public circles to bash Bitcoin on account of its energy consumption. Virtually every week, mainstream media (MSM) attacks bitcoin mining, painting alarmist pictures of a planet burning due to the 'wasteful' design of Proof of …
Bitcoin Price Hits Monthly Breaching $7300: Google Experts Weigh In Hacked Bitcoin’s growth has been less stable if not spectacular over the last twenty-four hours, and at around 10:00 UTC September 2nd BTC peaked above $7,300 for the first time since August 4th. That’s twenty-nine days to be exact, and means that Bitcoin is …
Bitcoin Price Hits Monthly Breaching $7300: Google Experts Weigh In Hacked Bitcoin's growth has been less stable if not spectacular over the last twenty-four hours, and at around 10:00 UTC September 2nd BTC peaked above $7,300 for the first time since August 4th. That's twenty-nine days to be exact, and means that Bitcoin is …
The cryptocurrency world has seen many projects come and go. Not every bright idea can be turned into a realistic product or service in the end. The following projects, ranked by reverse date of conception, got people excited at first before ultimately coming up way short. It is difficult to describe all of these projects […]
The cryptocurrency world has seen many projects come and go. Not every bright idea can be turned into a realistic product or service in the end. The following projects, ranked by reverse date of conception, got people excited at first before ultimately coming up way short. It is difficult to describe all of these projects as scams, even though some ventures clearly turned out to be just that.
#4 MCXNow
In the early stages of cryptocurrency trading, there were very few exchanges to choose from. When MCXNow was first conceived, there were no talks about Coinbase, Kraken, GDAX, or Gemini. Instead, the top exchanges were Cryptsy – eventually turned into a scam – as well as MintPal – suffering from the Ryan Kennedy problem – as well as the infamous Mt. Gox. The MCXNow platform was operated by a respected community member, even though he also succeeded in making a fair few enemies along the way.
The MCXNow exchange was one of the first to offer speed, keeping its database offline, and not requiring KYC. Its trading pairs were limited, as currencies such as Worldcoin, Devcoin, and Feathercoin were all of the hype at that time. It was also one of the first platforms to sell tokens to users, giving them access to a share of interest gathered from all deposits every six hours. The platform eventually met its demise in November of 2014.
#3 PayCoin
The infamous Josh Garza and some of his close relatives are responsible for the debacle that Paycoin eventually became. Its promise was fairly simple, as it offered a new cryptocurrency as well as a mining scheme a lot of people could get behind. Unfortunately, it was never designed to become a long-term project, and eventually cost a lot of people millions of dollars.
Things really got out of hand when its creator claimed PayCoin would maintain a $20 price floor. Such a trend was unheard of, and the link to GAW Mining become all the more apparent. Both projects were eventually shut down in 2015 under pressure from federal authorities. Despite attempts to revamp Paycoin by the community, efforts have gone to waste as no one trusts this project.
#2 Gems
In the year 2018, social messaging apps and cryptocurrencies almost go hand in hand. Four years ago, that situation was very different. Gems, an Israeli concept also known as GetGems, aimed to become a social networking platform for cryptocurrencies. A failed crowdsale – similar to an ICO in this day and age – raised very little money. It was not sufficient to turn Gems into a powerhouse, even though the platform still appears to be somewhat operational. Perhaps it will be kickstarted someday.
#1 Spacebit
Big were people’s expectations when Spacebit was first announced in late 2014. An ambitious project to bring cryptocurrency to space was unheard of at that time. Spacebit aimed to become the world’s first and only decentralized space company, but eventually shelved those dreams back in early 2015. With no prototype or effective plan of action, the project was simply not meant to be.
Eminem surprised rap fans this week by dropping his new album ‘Kamikaze’. For cryptocurrency enthusiasts there was an extra point of interest in the new album, since one of the tracks, “Not Alike”, namechecks Bitcoin. If awareness is the first step in driving adoption then Bitcoin can do a lot worse than a shout out […]
