mercredi 31 juillet 2019

Ripple Price (XRP) Primed For More Gains, BTC Signaling Uptrend

  • Ripple price extended gains and traded above the $0.3220 resistance area against the US dollar.
  • The price topped near the $0.3240 level and it is currently correcting gains.
  • There is a short term bullish trend line forming with support near $0.3160 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to bounce back as long as it is trading above the $0.3120 support area.

Ripple price is placed nicely in a bullish zone above $0.3100 against the US Dollar, and bitcoin rallied above $10K. XRP price could climb back above $0.3240 in the near term.

Ripple Price Analysis

In the past two sessions, there was a steady rise in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair climbed above the $0.3120 and $0.3150 resistance levels. Moreover, there was a close above the $0.3150 level and the 100 hourly simple moving average. Later, the price gained traction above the $0.3200 and $0.3220 resistance levels.

Finally, the price tested the $0.3240 level and recently started a downside correction. There was a break below the $0.3200 level plus the 23.6% Fib retracement level of the last upward move from the $0.3065 low to $0.3240 high. Besides, the price spiked below the $0.3160 level and tested the $0.3140 support area. The 50% Fib retracement level of the last upward move from the $0.3065 low to $0.3240 high also acted as a support.

At the outset, there is a short term bullish trend line forming with support near $0.3160 on the hourly chart of the XRP/USD pair. The pair might break the trend line and test the $0.3120 support level. Moreover, the 100 hourly SMA is also waiting near the $0.3132 level to act as a support. As long as there is no close below $0.3120, the price is likely to bounce back.

On the upside, there are two key resistances forming near $0.3220 and $0.3240. If there is an upside break above the $0.3240 level, the price could rise sharply towards the $0.3300 and $0.3320 levels. The next key resistance is near the $0.3400 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading above a few important supports near $0.3140 and $0.3120. As long as there is no clear break below $0.3120, the price is likely to resume its upward move. The overall price action is positive and suggesting more gains above $0.3220 and $0.3240.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.3150, $0.3140 and $0.3120.

Major Resistance Levels – $0.3200, $0.3220 and $0.3240.

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Ethereum Price (ETH) Sighting More Upsides, Bitcoin Breaks $10K

  • ETH price climbed higher steadily and broke the $215 resistance area against the US Dollar.
  • The price topped near the $220 level and recently corrected below $215.
  • There was a break below an ascending channel with support at $216 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains well bid on the downside near the $210 and $208 support levels.

Ethereum price is struggling to continue higher versus the US Dollar, while bitcoin broke $10,000. ETH price is likely to bounce back as long as it is above the $210 support.

Ethereum Price Analysis

In the past few hours, Ethereum price climbed higher steadily above $210 against the US Dollar. The ETH/USD pair broke the key $215 resistance level to post a new weekly high. Moreover, there was a close above the $210 level and the 100 hourly simple moving average. Finally, the price traded towards the $220 level, where sellers emerged and protected more gains.

More importantly, bitcoin price climbed higher and recently broke the $10,000 resistance level. After topping near the $220 level, ETH price corrected lower. It traded below the $215 support level to move away from the uptrend. Moreover, there was a break below an ascending channel with support at $216 on the hourly chart of ETH/USD. The pair tested the 50% Fib retracement level of the upward leg from the $204 low to $220 high.

However, the decline was protected by the $210 support level and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward leg from the $204 low to $220 high is also near the $210 level to provide support. Therefore, the $210 level might play an important role in the next move. As long as the price is above the $210 level, there could be a fresh upward move.

On the upside, the $220 level is an immediate resistance. If there is a clear break above the $220 resistance, the price could break the $225 level in the near term. Conversely, if there is a downside break below the $210 support, the price might revisit the $205 support area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing positive signs above the $210 level. The price action suggests a fresh increase above the $215 and $218 levels. However, a clear break above the $220 level will most likely open the doors for a solid upward move above $225 and $230.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI The RSI for ETH/USD is currently below the 50 level, but it could bounce back.

Major Support Level – $210

Major Resistance Level – $220

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Dow Jones Drops After Fed Rate Cut, What’s This Mean for Bitcoin?

July was yet another strong month for the stock markets despite looming threat of a coming economic recession, with the Dow, Nasdaq, and S&P 500 all close to beating out their average monthly gains for the calendar month. Bitcoin, however, has spent much of July locked in a downtrend.

This morning as the Fed monetary policy meeting met its deadline to cut rates, the Dow Jones Industrial Average dropped sharply over the news. Around the same time, Bitcoin spiked above its local lows and could be signaling a bullish reversal is around the corner. As the two markets respond to the news, what’s next for each?

Dow Jones Industrial Average Drops After Federal Rate Cut

Today, the Federal Open Market Committee lowered the lending rate by 25 basis points. Worried stock market investors had begun the selloff late Tuesday into Wednesday, resulting in as much as a 450 point drop for the Dow following the announcement from Federal Reserve Chairman Jerome Powell.

Related Reading | Bitcoin Rises as Markets Expect Decade’s First Fed Rate Cut

Powell called the cut a “mid-cycle adjustment to policy,” and says that it’s “not the beginning of a long series of rate cuts.” But stock market investors were shaken regardless, resulting in the steep decline.

United States President Donald Trump had called for a cut of 50 basis points, so despite the reaction, Powell’s cut is modest by comparison.

Looming concerns surrounding the US and China trade war has only further fueled investor anxiety fearing the rate cut is just another ingredient in a recipe for economic disaster. During economic downturns, investors often sell off their stocks in exchange for “safe haven” assets and could be what is driving the selloff in the stock market.

Does Dow Dropping Bode Well for Bitcoin?

While stock market investors de-risk and separate themselves from US-driven stocks and indices, the outflow of capital typically goes somewhere. In the past, as economic turmoil heats up, so does the price of gold, and safe-haven currencies such as the Swiss franc or Japanese yen.

Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset 

In recent weeks, gold has captured media attention for kickstarting what many believe to be a bull run for the precious metal and investment asset. Gold’s scarcity and longevity make it a top choice during economic downtrends as a way to hedge against further decline. Both Bitcoin and gold have been showing correlated price movements.

Bitcoin was designed in the wake of the 2009 financial crisis and just experienced the first-ever federal rate cut since it existed. How it reacts from here is anyone’s guess. The crypto asset recently left its bear market lows and has risen alongside gold. Bitcoin is pitched as the digital version of gold, sharing many similarities.

Bitcoin, in the face of economic downturn, may finally show its true potential as a digital replacement for gold, and as the economic hedge creator, Satoshi Nakamoto had designed it to be. And as capital flees falling stock markets, Bitcoin very well could continue on its bull run from here and become the global currency replacement for fiat that many envision it to be.

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Market Sentiment Swings as Bitcoin Taps $10,000, But Strong Resistance Remains Ahead

Bitcoin (BTC) and the aggregated crypto markets incurred a sudden influx of buying pressure yesterday that allowed them to climb significantly higher. This upwards momentum came about after a long period of downwards pressure that had jeopardized the upwards momentum that the markets had incurred throughout the first half of 2019.

Analysts are now noting that this latest movement that sent Bitcoin past $10,000 has led to a massive shift in market sentiment, which could prove to be a negative thing for the crypto markets that ultimately results in a continuation of the recently incurred sell off.

Bitcoin (BTC) Breaks Above $10k, But Further Losses May be Imminent

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $10,035 and is up significantly from daily lows of just over $9,500.

This price surge came about after a long period of selling pressure that was first started in late-June when Bitcoin failed to break above $13,800 and was perpetuated earlier this month when BTC rapidly surged to $11,000 before facing a swift rejection that sent it reeling down.

Analysts are now noting that this latest price surge has added some technical strength to the cryptocurrency, but they are also warning that there may be another minor pullback before BTC solidifies its position within the five-figure price region.

“$BTC update: [Target] hit. I’m still bullish but it makes a lot of sense to take some off here and wait for the daily to close at 10300+. If it doesn’t I’d close the trade anyway. Trading when sentiment shifts from one extreme to the other is my favorite way to trade,” DonAlt explained while referencing resistance on the below chart.

Shifting Market Sentiment May be a Trap, Claims Analyst 

Although the general market sentiment was fairly bearish before this movement, with many analysts anticipating a movement to $8,800, analysts are now noting that this newfound bullishness that came about after Bitcoin’s move above $10,000 could be a trap.

“With the longer trend in mind, the test of the upper range should be read as ‘bait and switches’. The get people bullish again [revival of FOMO] and then… the predictable. The psychology is one of anxiety,” Dave The Wave, a cryptocurrency analyst, warned in a recent tweet.

As the week continues on and as analysts gain greater insight into whether or not this latest price surge is sustainable, it is highly probable that it will grow clearer as to whether or not Bitcoin will trade bullishly or bearishly in the near-future.

Featured image from Shutterstock.

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mardi 30 juillet 2019

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Bitcoin Price (BTC/USD) Signaling Bullish Continuation To $10,200

  • Bitcoin price formed a solid support near the $9,200 level and recently recovered against the US Dollar.
  • The price is trading nicely above $9,500 and it recently tested the $9,770 level.
  • There is a short term contracting triangle forming with resistance near $9,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher once it clears the $9,750 and $9,800 resistance levels.

In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.

Bitcoin Price Analysis

Yesterday, we saw a solid support forming for bitcoin price near the $9,150 and $9,200 levels against the US Dollar. As a result, the BTC/USD pair started a decent upside correction above the $9,300 and $9,320 resistance levels. Moreover, there was a successful break above the $9,500 resistance level and the 100 hourly simple moving average. Besides, there were positives moves in Ethereum and ripple as well.

During the rise, BTC price climbed above yesterday’s highlighted connecting bearish trend line with resistance near $9,470 on the hourly chart. It opened the doors for more gains above $9,500 and $9,600. Finally, the price broke the $9,700 level and a new intraday high was formed at $9,767. Recently, the price corrected gains below the $9,600 level plus the 50% Fib retracement level of the upward move from the $9,182 low to $9,767 high.

However, the decline was protected by the $9,525 area and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward move from the $9,182 low to $9,767 high acted as a support. At the outset, there is a short term contracting triangle forming with resistance near $9,750 on the same chart. If bitcoin price climbs above the $9,750 and $9,770 levels, there could be more gains above $9,800.

The next immediate resistance is near the $9,940 level, above which the price is likely to surpass $10,000. The main resistance on the upside is near the $10,200 level. Conversely, if there is a downside break below the $9,525 support and the 100 hourly SMA, the price could retest the $9,200 support area.

In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.

Looking at the chart, bitcoin price is showing a few positive signs above the $9,500 level. However, the bulls might struggle to clear the $9,770 and $9,800 level. If they succeed, the price could revisit the $10,200 resistance.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher and is well above 55.

Major Support Levels – $9,525 followed by $9,400.

Major Resistance Levels – $9,770, $9,940 and $10,200.

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Bitcoin & Crypto Market Cap Approaching Resistance: LTC, BNB, BCH, TRX Analysis

  • The total crypto market cap is correcting higher towards the key $265.0B resistance area.
  • Bitcoin price corrected more than 2%, but it facing hurdles near $9,700 and $9,800.
  • Binance coin (BNB) price is correcting higher towards the $28.00 and $28.50 resistance levels.
  • Litecoin (LTC) price is likely to face a strong resistance near the $95.00 level.
  • BCH price gained more than 5% and it broke the main $320 resistance area.
  • Tron (TRX) price stayed above the $0.0210 support and recently corrected above the $0.0220 level.

The crypto market cap and bitcoin (BTC) are currently approaching key resistances. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS might struggle to continue higher.

Bitcoin Cash Price Analysis

After a successful close above the $300 pivot level, BCH price started a decent upward move against the US Dollar. The BCH/USD pair broke the key $315 and $320 resistance levels to move into a positive zone. It is now up more than 5% and is trading above the $325 level.

If it continues to rise, the next major resistance is near the $340 level. Conversely, if there is a downside correction, the previous resistances near $320 and $315 are likely to provide supports in the near term.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price stayed above the $25.00 and $25.20 support levels. BNB price is currently correcting higher above the $27.00 resistance level. On the upside, the main resistances are $28.00 and $28.50, where the bulls are likely to face a strong resistance.

Litecoin price found support near the $88.00 level and recently corrected above the $90.00 level. LTC price is now approaching the $92.00 resistance, above which the price could test the main $95.00 resistance area.

Tron price declined heavily and even traded close to the $0.0210 support area. TRX price is currently correcting higher and is trading above the $0.0220 level. On the upside, the bulls might struggle to surpass the $0.0230 and $0.0232 resistance levels in the near term.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a decent support base formed near the $248.0B level. The market cap is currently correcting higher towards the key $265.0B and $270.0B resistance levels. There is also a major bearish trend line forming near the $265.0B level and the 100 SMA. A successful close above the $270.0B level and the 100 SMA is needed for more gains. If the market cap fails to break the $270.0B resistance, there could be a fresh bearish wave in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the coming sessions.

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China Publishes New Rankings of 37 Crypto Projects

China Publishes New Rankings of 37 Crypto Projects

China’s Center for Information and Industry Development has published its latest crypto rankings. Thirty-seven projects have been evaluated and ranked overall as well as in three separate categories. Some favorites have changed and two projects have been added to the previous list of projects ranked.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

The 13th Update of Crypto Rankings

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 13th update of its crypto project rankings Tuesday. The total number of projects ranked has grown to 37, with two projects added since the last rankings in May.

In addition to the overall ranking, the CCID evaluated all 37 projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then TRON. The center started ranking TRON in February, debuting it at number two overall. However, in the latest ranking, TRON dropped to third place, replaced by Ethereum. BTC now ranks 11th, up one place from May. BCH has also improved, currently occupying the 26th spot overall, up from the 29th place previously.

China Publishes New Rankings of 37 Crypto Projects

Two Projects Added

Two other public chains have been added to the previous list of projects ranked — Cosmos and Zilliqa. The former is “an ecosystem of blockchains that can scale and interoperate with each other,” the project’s website details. “Before Cosmos, blockchains were siloed and unable to communicate with each other. They were hard to build and could only handle a small amount of transactions per second. Cosmos solves these problems with a new technical vision.” Cosmos debuts at number 10 in the overall CCID ranking, just below STEEM and above Bitcoin.

The latter proposes “Transaction sharding to improve transaction performance,” the CCID described. “In addition, Zilliqa uses the new smart contract language Scilla to prevent security vulnerabilities that often occur in Solidity, making it easier to perform formal verification.” This project debuts at number 24 in the CCID overall ranking, just below Stratis and above Tezos.

China Publishes New Rankings of 37 Crypto Projects

Evaluation Model

The CCID explained Tuesday that the evaluation model used has not changed and the projects are still being evaluated overall as well as in three other areas: Basic Technology, Applicability and Creativity.

The first sub-index, Basic Technology, mainly evaluates the technical realization level of the public chain, the center detailed, adding that it mainly inspects areas such as function, performance, safety and decentralization of the public chain. This sub-index accounts for 65% of the total index. “The average of the overall underlying technology index has slightly decreased from the previous period,” the CCID revealed.

The second sub-index, Applicability, mainly evaluates the comprehensive level of public chain support for practical applications, the center described, adding that this sub-index accounts for 20% of the total index. Four key aspects are examined for this assessment: “node deployment, wallet application, development support and application implementation.” The center noted that “Compared with the previous list, the top five of the applied indicators list did not change.”

China Publishes New Rankings of 37 Crypto Projects

The third sub-index, Creativity, mainly examines the continuous innovation of the public chain. According to the center, for this index, the projects were evaluated based on factors such as the number of developers, how recently and often the code is updated, and which other projects have influenced the code. This sub-index accounts for 15% of the total index.

How China Started Crypto Rankings

The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.”

The first crypto ranking was published in May last year. A week before its release, on May 11, the center held a symposium on public blockchain technology assessment in Beijing and unveiled the latest progress of the crypto project assessment work carried out by the CCID (Qingdao) blockchain research institute, an entity established by the center. It added that the crypto ranking and evaluation work was done in collaboration with multiple parties such as the CCID think tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the center clarified.

China Publishes New Rankings of 37 Crypto Projects

When the first ranking was unveiled to the public, Quartz wrote: “Today (May 17), the China Center for Information Industry Development (CCID), a research unit under the country’s industrial ministry, officially launched its monthly ratings index on 28 crypto coins and the blockchains behind them.” The publication elaborated, “The CCID announced the initiative last week, citing the lack of an independent analysis of crypto and blockchain as a guide for governments, enterprises, and research institutes around the world.”

Recent Bullish Signs From China

There have been some positive developments out of China lately regarding cryptocurrency. According to local media, Hangzhou Internet Court has recognized bitcoin as a commodity in what the publication described as the first case of bitcoin property infringement dispute. “On July 18, this court confirmed the ‘virtual property’ attribute of bitcoin, which is the first time that Chinese courts have determined the virtual property attribute of digital currencies,” according to the news outlet.

In addition, Bank of China, one of the largest state-owned commercial banks in the country, published an infographic on July 26 about bitcoin, how it works, and why the price is going up. The cryptosphere views this move as bullish.

What do you think of the latest CCID ranking update? Let us know in the comments section below.


Images courtesy of Shutterstock and the CCID.


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Ripple Price (XRP) Showing Positive Signs, Bitcoin Up 3%

  • Ripple price is forming a solid support above the $0.3050 level against the US dollar.
  • The price is currently climbing higher and it recently tested the $0.3220 resistance area.
  • There is a connecting bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains well supported on dips above $0.3100 and it could continue to rise above $0.3200.

Ripple price is showing positive signs above $0.3140 against the US Dollar, and bitcoin gained around 3%. XRP price might continue to rise if it clears the $0.3220 resistance.

Ripple Price Analysis

After forming a support base, there was a decent recovery in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair remained well bid above the $0.3050 level and it recently climbed higher. There was a break above the $0.3080 and $0.3100 resistance levels. Moreover, the price managed to climb above yesterday’s drawn connecting bearish trend line on the hourly chart.

Finally, the price broke the key $0.3140 resistance and the 100 hourly simple moving average. It even broke the $0.3200 resistance and tested the $0.3220 resistance. A swing high was formed near $0.3219 and the price is currently correcting gains. It tested the 23.6% Fib retracement level of the recent wave from the $0.3066 low to $0.3219 high.

On the downside, there are many supports forming near the $0.3150 and $0.3140 levels. Additionally, there is a connecting bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.3066 low to $0.3219 high is also near the $0.3142 level to act as a strong support.

Therefore, any dip towards the $0.3150 and $0.3140 levels is likely to find strong bids. If there is a downside break below the $0.3140 level, the price might move back in a bearish zone. On the upside, the resistances are near $0.3200 and $0.3220. A successful close above the $0.3220 resistance could start a decent upward move in the coming sessions towards the $0.3320 and $0.3350 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading with a positive bias above the $0.3140 support level. The overall price action is positive and suggests more gains above the $0.3220 level. Only a close below the $0.3140 support and the 100 hourly SMA might negate the current bullish view.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.

Major Support Levels – $0.3150, $0.3140 and $0.3120.

Major Resistance Levels – $0.3200, $0.3220 and $0.3320.

The post Ripple Price (XRP) Showing Positive Signs, Bitcoin Up 3% appeared first on NewsBTC.



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Ethereum Price (ETH) Signaling Fresh Increase Above $215 & $220

  • ETH price remained well bid above the $205 support and recently climbed higher against the US Dollar.
  • The price tested the $215 resistance and it is currently correcting gains.
  • There was a break above a major bearish trend line with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $215 and $220 resistance levels in the near term.

Ethereum price is showing positive signs above $205 versus the US Dollar, and bitcoin recovered above $9,700. ETH price could accelerate higher once it breaks the $215 resistance.

Ethereum Price Analysis

After forming a decent support above $205, Ethereum price recovered a few points against the US Dollar. The ETH/USD pair formed a swing low near $204 and jumped above the $208 and $210 resistance levels. Later, there was a close above the $210 resistance level and the 100 hourly simple moving average. Similarly, there were positive moves in bitcoin price above the $9,500 and $9,600 levels.

During the rise, there was a break above a major bearish trend line with resistance near $208 on the hourly chart of ETH/USD. The pair tested the $215 resistance and recently corrected lower. It broke the $212 level plus the 23.6% Fib retracement level of the recent upward move from the $204 low to $215 high. However, the bulls were able to protect the $208 support area.

Moreover, the 50% Fib retracement level of the recent upward move from the $204 low to $215 high also acted as a support. More importantly, there is a connecting bullish trend line forming with support near $210 on the same chart. At the moment, the price is trading with a positive bias above the $210 level. On the upside, the main resistance is near the $215 level, above which it could start a solid increase.

The next important resistance is near the $220 level, above which the price could revisit the $225 resistance. On the downside, if there is a break below the trend line, the $208 level might act as a support. If there are more losses, the price could retest the $202 support level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price could continue to recover if there is a proper close above the $215 resistance. Conversely, if the price fails to continue higher, there could be a downside reaction below $210 and $208 support levels in the near term.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI The RSI for ETH/USD is currently correcting lower after testing the 60 level.

Major Support Level – $205

Major Resistance Level – $215

The post Ethereum Price (ETH) Signaling Fresh Increase Above $215 & $220 appeared first on NewsBTC.



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Zilliqa smart contracts will utilize Chainlink decentralized oracle network

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Zilliqa, the high-throughput public blockchain platform, has now announced it is integrating with Chainlink, a decentralized oracle network that connects smart contracts with real-world data, to enable an ecosystem of data-driven smart contracts. The collaboration will allow Zilliqa smart contracts to easily retrieve and query external data feeds through a custom Chainlink adapter, enabling access […]

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Ripple Sides With US Regulators on Crypto Controversy and Facebook Libra

Crypto was designed to eventually serve as a complete replacement for fiat currencies like the US dollar as the entire world moves into a fully digital age, so money itself can more easily and quickly be managed without the requirement of a third-party intermediary.

But it wasn’t until Facebook, one of the largest and most powerful corporations in the entire world, announced their plans to launch a crypto asset called Libra that was designed as a 1:1 replacement for the dollar and other fiat currencies that US regulators began to take a defensive and potentially reactive stance against crypto, Bitcoin, and Facebook Libra itself. And now, as that controversy heats up, Ripple is siding with US regulators, saying that a “new fiat currency” isn’t needed and that the dollar is perfectly suitable – an even makes negative comments towards Bitcoin and Ethereum in an attempt to distance his company from the rest of the crypto space and divert the attention towards the competition.

Ripple CEO Makes Splash Condemning Crypto Competitors, Saves Face with Regulators

Following weeks of controversy surrounding Facebook Libra, fears over the corporation becoming too powerful when privacy is an issue, and concerns over what it could mean for the US dollar, the once bullish crypto market has begun to take caution that stiff regulation may be ahead.

Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto 

During a recent conversation on Bloomberg TV regarding the much-discussed, hot-button financial and technology topic, Ripple CEO Brad Garlinghouse lashed out at Facebook Libra, Bitcoin, and Ethereum, and took every step possible to align with chief financial regulators in the US and divert negative attention away from his company’s native crypto token, XRP.

Garlinghouse first claims that while Facebook’s efforts are “ambitious,” but also “arrogant” for trying to replace fiat currency. “We don’t need a new fiat currency,” he added.

“Financial regulation matters. Know your customer and anti-money laundering, and anti-terrorist financing… these are important foundational pieces of our financial system, and we need to make sure that the future constructs keep that in mind,” Garlinghouse told Bloomberg.

He worries that “legitimate projects working on taking advantage of crypto to solve real problems get caught in the” US government versus Facebook crossfire, and says President Donald Trump’s blanket statement that all cryptocurrencies are bad is akin to not liking an internet company in 1997, suggesting that the industry is young, will mature and change, and many of the early, hype-driven projects will fizzle out long before crypto is widely adopted.

Garlinghouse hoping to play nice with financial regulators in their home country of the United States, makes perfect sense, especially in response to Libra being major competition for the brand. The segment host even comments on how Facebook’s Libra crypto asset is in opposition to XRP, Ripple’s native token.

Related Reading | SWIFT Approaching Ripple (XRP) Speeds In Latest Cross-Border Payment Trial

Rather than stopping with Libra, the Ripple CEO also took jabs at Bitcoin and Ethereum, and strategically pushing buttons of US regulators that may be watching. He says that Ripple is working “with banks, with regulators,” unlike Bitcoin and Ethereum that are “controlled by Chinese miners.”

In the end, the CEO is protecting his brand, product, and investors by attacking Bitcoin and Ethereum, and fueling additional concerns around Libra, Garlinghouse will need to be careful not to drag the entire crypto industry through the mud while he does so, or risk tarnishing his own brand in the process.

The post Ripple Sides With US Regulators on Crypto Controversy and Facebook Libra appeared first on NewsBTC.



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Bitcoin Price Nears Key Decision Point as Hashrate Surges to Fresh All-Time-Highs

Bitcoin and the aggregated crypto markets have been facing a bout of choppy trading as of late that has led BTC’s price into a key trading range that will likely set the tone for which direction the crypto trends in the coming days and weeks.

At the same time, it is also important to note that Bitcoin’s fundamentals appear to be building strength, as the cryptocurrency’s hashrate has now reached a fresh all-time-high, which may correlate with positive price action in the immediate future.

Bitcoin Forms Tight Trading Range as Decision Time Nears

At the time of writing, Bitcoin is trading up just over 1% at its current price of $9,670, which is up significantly from its daily lows of $9,400 that were set yesterday.

While zooming out and looking at Bitcoin’s weekly price action, it appears that is has formed a wide trading range between roughly $10,200 and $9,200, with resistance at the former price and support at the latter.

Over a shorter time frame, BTC has been trading between $9,400 and $9,700, which appears to be a critical price range that will likely determine the future of where BTC heads next.

DonAlt, a popular cryptocurrency analyst on Twitter, spoke about the importance of where Bitcoin goes next, noting that he does believe it is more likely that BTC moves higher in the near-future, with an upwards target existing around $10,000.

“$BTC: The current range won’t hold for much longer. Once it breaks, I expect violence. Place your bets & stops carefully and enjoy the ride. I’m personally betting on a break upwards because longs offer better R:R at support but I could see this go either way,” he explained.

BTC’s Fundamentals Strengthen as Hashrate Surges

Many analysts and investors look towards Bitcoin’s hashrate as a sign of its fundamental strength, as it is a convenient way to comprehensively understand how much BTC is being utilized.

Hodlonaut, a popular figure within the cryptocurrency industry, spoke about the fact that Bitcoin’s hashrate has set a fresh all-time-high in a recent tweet, saying:

“Sorry for being a broken record. But Bitcoin did set yet another hashrate ATH yesterday.”

Although it is unclear presently as to whether or not this bullish fundamental factor will be enough to propel Bitcoin’s price higher, whether or not its price breaks upwards or downwards in the near-future will likely determine how the crypto markets trend in the near-future.

Featured image from Shutterstock.

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lundi 29 juillet 2019

Asian stocks up ahead of Bank of Japan decision, trade talks

Asian stocks traded modestly higher Tuesday. Investors are waiting for clues on several key events, including rate decisions from the Bank of Japan and the Federal Reserve, as well as progress on US-China trade talks in Shanghai.

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Gold Investor Peter Schiff Claims Bitcoin Bottom Won’t Hold

Outspoken gold bug and Bitcoin naysayer Peter Schiff claims that the first-ever crypto asset’s “2019 low will not hold” due to the lack of volume during the recent bull run.

With Bitcoin price skyrocketing from 2019 lows in the $3,000 to $4,000 range to a local high of $13,800, and its now struggling to sustain above $10,000  – a price level that was supposed to incite widespread FOMO – Schiff’s theory could potentially be put to the test in the months ahead.

Peter Schiff: Bitcoin Price 2019 Low Won’t Hold

Over the last few months, Peter Schiff has been on a crypto commentary rollercoaster. One minute he’s bashing Bitcoin, calling its recent rise a sucker’s rally, and then the next he’s polling users on how to spend his own Bitcoin and inviting crypto industry influencers onto a YouTube livestream to debate the financial technology and asset class.

It had appeared Schiff had been warming up to the idea that Bitcoin could become the digital counterpart to gold – an asset he’s heavily invested in, owning precious metal investments firm SchiffGold.

Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally

However, he’s right back to talking doom and gloom about Bitcoin and crypto. In a new tweet, he blasts the low volume noted during Bitcoin’s recent rally in comparison to the 2017 bull run.

During that time there was a blitz of retail-driven buying following media frenzy surrounding the mystique of emergence of a new digital currency that had mad early adopters wealthy beyond their wildest imagination.

Worse yet, Schiff claims that the “2019 low will not hold,” suggesting that the bear market may not be over and the bottom not set.

On Hold For Gold: Can BTC Stay in the Economic Hedge Conversation?

While suggesting the bottom isn’t in after a $10,000 rise from 2019 lows does sound unrealistic, Bitcoin price is suddenly struggling with $10,000 which isn’t a sign of strength or the intense buying that was supposed to occur once the crypto asset returned to these levels.

Related Reading | Bitcoin Price Rejected Above $10,000, Will $9,000 Break Or Bounce?

Most of the crypto industry, including bull Tom Lee and crypto exchange co-founder Cameron Winklevoss both expected $10,000 to take Bitcoin much higher. And while it did manage to rise a fair amount over $10,000 to $13,800, it wasn’t the catalyst for a new all-time high the crypto world had hoped… yet.

New lows may also not be impossible, but bulls still have plenty chance to turn around the recent downtrend if Bitcoin is on a longer-term uptrend. Corrections are healthy, and support built here could mean Bitcoin never returns to four-digits.

Early on in Bitcoin’s recent parabolic rally, Schiff called it a “sucker’s rally.” Should Bitcoin fall and breach to new lows, and as he suspects – gold will move into a bull market – the crypto asset’s consideration as an economic hedge may be in jeopardy.

Desite BTC being unable to turn gold bugs like Schiff into crypto enthusiasts, more crypto investors have recently turned to gold, with eToro and PrimeXBT offering trading of the precious metal in additon to its digital counterpart.

Featured image from Shutterstock

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Bitcoin Establishes Firm Trading Range as Volatility Abounds; Factors & Trends

Bitcoin and the aggregated crypto markets have once again incurred an influx of volatility that has extended the instability that was first incurred just over one week ago when BTC sharply moved towards $11,000 but failed to sustain this movement.

Now, analysts are noting that Bitcoin’s recent trading action has allowed it to form a firm trading range that is likely to persist for the near-future, which may give traders insight into where the volatile crypto is heading next.

Bitcoin Faces Choppy Trading Session Between Tight Trading Range 

At the time of writing, Bitcoin is trading up nominally at its current price of $9,560, which is up slightly from its daily lows of $9,200 and is down slightly from its daily highs of nearly $9,700.

Over a one-week period, BTC has found itself in a wide range between $9,200 and $10,400, forming multiple “bart” patterns through this time period. Importantly, it does appear that Bitcoin has found strong support around $9,200.

This volatile week has marked an extension of the downwards pressure that Bitcoin first incurred in late-June when BTC sharply moved to $13,800, which has significantly bolstered bears and has jeopardized the upwards momentum that Bitcoin has faced since earlier this year.

Additionally, this choppy price action over the past several weeks has allowed BTC to establish a new price range between roughly $9,350 and $9,650, which is likely to persist for the near-future.

“$BTC tapping 9350 & 9650 in same 15 minute candle. Tough to say whether the case extension is outright bullish or bearish,” Luke Martin, a popular cryptocurrency analyst, noted in a recent tweet, referencing the ongoing Bitfinex court case as one possible factor behind the recent volatility.

BTC Monthly Must Close Bullish or Else Drop to $7k Could be Imminent 

In only a few days, Bitcoin will be closing its monthly candle, which is highly likely to elucidate whether or not the markets will face further downwards pressure in the near-future.

DonAlt, a popular cryptocurrency analyst on Twitter, spoke about the importance of this monthly close in a recent tweet, explaining that a close below $10k could spell trouble for the cryptocurrency.

“$BTC monthly: Bulls have 3 days to push BTC above 10k to make this monthly look godlike. I’ll be bullish due to the weekly being at support as long as the monthly closes above resistance. If it doesn’t I’ll assume 7.7k is in play, if it does, there is only free air above us,” he explained.

As the week kicks off and the month wraps up, it is highly probable that analysts and traders alike will soon gain better insight into which direction the markets are heading next.

Featured image from Shutterstock.

The post Bitcoin Establishes Firm Trading Range as Volatility Abounds; Factors & Trends appeared first on NewsBTC.



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