Bitcoin price corrected lower recently below the $3,640 and $3,580 supports against the US Dollar.There is a contracting triangle forming with resistance near $3,625 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price could either climb above the $3,625 resistance or extend the correction below $3,560.Bitcoin price declined recently below the $3,580 support against the US Dollar. BTC found support near $3,550 and it seems like the market is preparing for the next move in the near term.Bitcoin Price AnalysisAfter trading above the $3,700 resistance, bitcoin price started a downside correction against the US Dollar. The BTC/USD pair topped at $3,745 and later corrected below $3,700 and $3,640. There was a break below the 23.6% Fib retracement level of the last leg from the $3,340 swing low to $3,745 high. More importantly, there was a break below the $3,600 and $3,580 support levels. The price traded close to the $3,550 support area, where buyers emerged.There was a complete test of the 50% Fib retracement level of the last leg from the $3,340 swing low to $3,745 high. Besides, the 100 hourly simple moving average acted as a strong support and prevented additional losses below $3,540. The price bounced back, but the previous supports at $3,580 and $3,600 are acting as resistances. More importantly, there is a contracting triangle forming with resistance near $3,625 on the hourly chart of the BTC/USD pair. A successful break above the $3,600 and $3,620 resistances could set the pace for more gains in the near term. The next key resistances are $3,700 and $3,750. On the other hand, a close below $3,550 might open the doors for a drop to $3,500 or $3,440.Looking at the chart, bitcoin price is likely preparing for the next break either above $3,625 or below $3,550. It seems like buyers could gain control as long as the price is above $3,550 and the 100 hourly SMA.Technical indicatorsHourly MACD – The MACD is about to move back in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level, which is a negative sign.Major Support Level – $3,550Major Resistance Level – $3,625
Archives for February 11, 2019
The prospect of a Bitcoin ETF is ‘virtually certain’ according to finance manager Ric Edelman, who is confident that either VanEck or Bitwise will satisfy the demands of the SEC.
The founder of Edelman Financial Engines told CNBC’s Bob Pisani on Monday’s ETF Edge:
“It’s virtually certain. The only question is when. And I don’t know how soon it will the happen; the SEC has several legitimate thoughtful concerns that the industry has to overcome, and I’m confident that they will, and eventually we will see a bitcoin ETF. And it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”
CBOE, VanECK ETF Certain?
The dramatic pendulum that is the ETF saga swung dramatically in the past few weeks. First CBOE withdrew its ETF application due to the government shutdown, then barely a week later re-filed the application with the SEC – with little fanfare from the crypto community.
Given that new applications are subject to a 240-day deadline; and given the SEC’s tendency to make full use of that deadline, the general feeling was that there would be no ETF until the far end of 2019.
However, opinion in the crypto space is nothing if not varied, and Edelman believes that the SEC’s demands will be met, ‘in short order’. He said:
“We’ve got some serious players. Fidelity has made a major announcement in the custody issue. We’ve got Kingdom Trust and a number of other very serious players on the custody side, and I’m confident that in very short order, VanEck or Bitwise will satisfy the custody concern of the SEC.”
When asked by Pisani how the ETF would be viewed in light of price manipulation, particularly from overseas traders, Edelman compared the digital asset class to that of gold and oil, saying:
“Another thing is manipulation: I put Bitcoin in the same category as oil and gold – globally traded assets beyond the control of the SEC; and the SEC is just going to have to shrug and say ‘that’s the way it is’.”
Demand Among Investors
Also interviewed was ETF analyst Tom Lydon, who said he has personally witnessed a simmering demand for a Bitcoin ETF among financial advisors. Lydon said:
“There is pent-up demand. We interview advisors all the time. Seventy-four percent say they’ve talked to clients about their interests in bitcoin so they need to step up when this happens because that money is going to go elsewhere.”
CNBC’s coverage of the interview ended with a poll asking readers if they would invest in an approved Bitcoin ETF. The answer was 70% in the positive (from an admittedly small sample size).
General Motors Financial, the financing arm of the automaking giant, said Monday that it is partnering with blockchain startup Spring Labs on solutions for identity verification.
The startup – which counts former Trump economic advisor Gary Cohn on its board of advisors – said that GM is exploring the acquisition of a stake alongside other use cases. A spokesperson for GM Financial declined to comment on the possibility of GM or its subsidiary becoming a Spring Labs shareholder.
“We are actively exploring the development of auto finance and GM specific use cases, in addition to the identity verification products being developed,” co-founder and CEO Adam Jiwan said via a spokesperson. He added that the blockchain network Spring Labs a working on at the moment will be available in private beta for the partners inQ3, and the live network is scheduled to launch in early 2020.
In a press statement, Mike Kanarios, chief strategy officer for GM Financial, said that “today’s announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program.”
The Spring Founding Industry Partners (“SFIP”) Program is aimed at creating a regulatory compliant solution for ID verification and identity fraud prevention. Spring Labs has recently announced signing up a number of fintech firms to the program, such as SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox and Better Mortgage.
“Ultimately, this network is designed to transform how information and data are shared globally,” GM’s press release explained.
Founded in 2017 by the team and board of the lending platform Avant, Spring Labs is working on a blockchain-based network that would allow lenders, banks, and data providers to exchange information without sharing underlying source data, the startup says, with a special focus on identity information.
Last March, Spring Labs secured $14.75 million in a seed funding round led by August Capital.
General Motors logo image via Shutterstock
Ripple price started a downside correction and traded below the $0.3050 support against the US dollar.There is a major declining channel in place with resistance near $0.3040 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is under pressure and it seems to be approaching the key $0.2915 support area.Ripple price corrected most its gains against the US Dollar and Bitcoin. XRP/USD settled below $0.3050 and it could extend the current correction towards the $0.2915 support area.Ripple Price AnalysisRecently, ripple price started a downside correction after trading as high as $0.3200 against the US Dollar. The XRP/USD pair traded below the $0.3100 and $0.3050 support levels. Sellers pushed the price below the $0.3000 support and the 100 hourly simple moving average. Besides, there was a break below the 61.8% Fib retracement level of the last leg from the $0.2865 low to $0.3200 high. It seems like the price trimmed most of its recent gains and it could extend the decline to $0.2915 in the near term.It traded as low as $0.2939 recently and it is currently correcting higher. An initial resistance is near the $0.3000 level and the 100 hourly SMA. Besides, the 50% Fib retracement level of the recent drop from the $0.3077 high to $0.2939 low is also near $0.3000. Above this, the price could struggle near the $0.3025 level. The main resistance is near $0.3050 and the 76.4% Fib retracement level of the recent drop from the $0.3077 high to $0.2939 low. Finally, there is a major declining channel in place with resistance near $0.3040 on the hourly chart of the XRP/USD pair.Looking at the chart, ripple price is clearly following a declining pattern from the $0.3200 swing high. The price could remain under pressure and it may even slide towards the $0.2915 support. To recover, the price must break the $0.3000 and $0.3050 resistance levels.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently placed in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved below the 40 level, with a bearish angle.Major Support Level – $0.2915Major Resistance Level – $0.3050
ETH price remained in a range and consolidated above the $114 and $116 supports against the US Dollar.There was a break below a short term contracting triangle with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).The pair might continue to consolidate and it could even test the $114 support area in the near term.Ethereum price is showing signs of extended consolidation against the US Dollar and bitcoin. ETH/USD could decline towards the $114 support before the next upward move.Ethereum Price AnalysisRecently, we saw a decent upward move in ETH price above the $122 level against the US Dollar. The ETH/USD pair tested the $125 resistance zone and later corrected lower. It declined below the $124 and $122 levels to start a short term downside correction. There was a break below the 50% Fib retracement level of the last leg from the $115 swing low to $125 high. The price even traded below the $120 level, but it stayed above the 100 hourly simple moving average.Moreover, there was a break below a short term contracting triangle with support at $119 on the hourly chart of ETH/USD. The pair tested the $117 level, where buyers emerged. Besides, it traded close to the 76.4% Fib retracement level of the last leg from the $115 swing low to $125 high. The pair is currently trading above the $116 support, with a few bearish signs. To climb higher, the price must break the $122 and $123 resistance levels. On the other hand, if it fails to move past $122, ETH sellers may push the price towards the $114 support.Looking at the chart, ETH price is placed nicely above the $114 support and the 100 hourly SMA. Going forward, there could be range moves above $114 before the price makes the next move. It could either break the $122 resistance or extend the downside correction below $114.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD moved back in the bearish zone.Hourly RSI – The RSI for ETH/USD is currently moving higher towards the 50 level, with a bullish angle.Major Support Level – $116Major Resistance Level – $122
Listen, noob. A $200 price retracing is far from the end of a bear market for Bitcoin. Comparing historical charts, there are times in recent memory where we’d call that “stability.” In a recent newsletter by eToro’s Mati Greenspan, the veteran analyst points out that China was on holiday recently. Coming back to the crypto markets, they seem to be in a “buying mood.”
Bitcoin Bulls Break More China
“[I]n order to say definitively that the bear market is over, we would need a strong break above the key psychological barrier of $5,000. In any case, even though the technical indicators remain bearish, the fundamentals continue to grow stronger. Volume across crypto exchanges over the last 24 hours have reached a fresh high of $25 billion on Friday and have sustained well above the baseline of $15 billion since.”
There is also the issue of a lot of new people entering the space. This is undeniable given the way the market has gone up overall. The money isn’t exiting other cryptos and injecting into Bitcoin or Litecoin. Instead, it’s coming in through the main entrance, fiat.
Every Bitcoin price rise has a thousand bots ready to sell. So sustained bull runs are notable by the way up, somewhat down, way up pattern we often see. Bitcoin bear markets are far less predictable. If you truly believe we’re in a bull run already, it wouldn’t be advisable to have any longs out beyond $4,000 for awhile yet.
— avinashrulz (@naashonomics) February 11, 2019
Lack of Liquidity Partly to Thank for Recent Crypto Gains
“Ever since the price peak we have had lower highs and lower lows, which is a signature of a bear market. From the silver analog we expect the final wave of desperation to take us to the mid-to-high $2000’s before the market starts the recovery. We could be wrong, of course, and until the 2018 low is taken out (it has not been revisited yet), there is a possibility that the selloff is done.”
The newsletter also talks about the current non-liquid nature of crypto markets right now. To whit:
“As a result, prices stay in a tight range for days, only to gap 200-300 points in either direction. That’s exactly what one would expect when an entity needs to either buy or sell any significant volume in a thinly-traded marketplace.”
The above reminds us of the market a few years ago, rather than a 15 months ago.
Whether the bottom is in for Bitcoin is a question requiring a crystal ball. We’d need to know what will happen 30 and 60 days from now. A Bitcoin ETF is likely to bring a ton of new money into the market, but where will the price of Bitcoin stand by that point? Wherever it is, many expect to see a true Bitcoin bull run – to the tune of 1,000-percents gains – after that point.
Featured Image from Shutterstock. Price Charts from TradingView.
Last Friday the crypto markets experienced an incredibly positive trading session that led Bitcoin, and many other cryptocurrencies, to surge 10% or more. This market move was led by Litecoin (LTC), which surged over 30% to erase several weeks of losses.Although Litecoin was the best performing crypto last week, it has led today’s market drop, and if it is unable to garner a significant amount of buying pressure in the near-term, it could lead the entire crypto markets to drop as the week goes on.Litecoin Drops 8%, Still Up Significantly from Weekly LowsAt the time of writing, Litecoin (LTC) is trading down nearly 8% at its current price of $42.90. On Sunday, LTC began climbing and reached highs of $47 before swiftly being rejected at this price and falling down towards its current price levels. It is likely that in the near-term $47 will be a level of relative resistance for LTC.Last Friday, Litecoin skyrocketed from lows of $33 to highs of over $45, a major price move that led the entire crypto markets to follow suit and climb as well. Today’s drop, however, brings up an obvious question regarding whether or not LTC’s current drop will cause the entire crypto markets to begin dropping as well.Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, noting that LTC’s latest pullback could give insight into where the entire crypto markets are heading next. He further added that if Litecoin is able to maintain its upwards momentum and climb higher, a large correction will likely follow.“$LTC – one of the strongest #alts charts has been leading the way. Could also show the way on the pullback as well. If #litecoin has the strength to grow higher a more notable correction would be needed,” Chonis explained.$LTC – one of the strongest #alts charts has been leading the way. Could also show the way on the pullback as well. If #litecoin has the strength to grow higher a more notable correction would be needed. pic.twitter.com/m2ZktputNX— Chonis Trading (@BigChonis) February 11, 2019Entire Crypto Markets Drop, Ethereum Climbs SlightlyAlthough it is currently unclear as to whether the notion of Litecoin leading the crypto markets has any merit, most cryptocurrencies have dropped slightly today, with Ethereum being an exception.Most cryptocurrencies have dropped slightly today, with Ethereum being one of the few exceptions.At the time of writing, Ethereum (ETH) is trading up over 2% at its current price of $121.5. Yesterday, Ethereum surged from $118 to $125 before quickly falling to its current price levels. ETH is trading up significantly from its weekly lows of $103 and has treated the low-$100 region as a strong level of support.Gat, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the ETH/BTC trading pair currently has some significant similarities to that of LTC/BTC’s prior to last week’s surge, which could mean that Ethereum is gearing up for a move up to the $200 region.“If $ETH BTC pair were to act like $LTC, this is my opinion and it would put us around 200-240 USD depending on $BTC price movement,” Gat explained.If $ETH BTC pair were to act like $LTC, this is my opinion and it would put us around 200-240 USD depending on $BTC price movement. pic.twitter.com/Ieso2QdvKT— Gat (@TheGemClub) February 10, 2019The validity of this theory hinges on market stability, as any large BTC price moves will make it very difficult for any other cryptocurrencies to break the market trend and move individually.Featured image from Shutterstock.
SoftBank has a lot of faith in a startup called Nuro that wants to use autonomous vehicles to disrupt the grocery delivery space. Nuro just banked almost $1 billion from the multinational holding conglomerate to make that happen.
Major Uber Shareholder Throws $940 Million at Autonomous Vehicle Creator
The Japan-based SoftBank — best known as Uber’s largest shareholder — is investing $940 million into the robotic-delivery vehicle startup. The investment pushes the Mountain View, Calif.-based company’s valuation to $2.7 billion.
According to Reuters, SoftBank’s funding came through its $100 billion Vision Fund, which usually picks up big stakes in fast-growing technology companies.
The Nuro is a head turner. It’s about half as wide as a compact sedan and shorter than most compact cars, notes the Wall Street Journal. It doesn’t have windows, and there are no seats.
Inside are compartments for groceries, and it’s controlled by Nuro’s software — not a human driver. The vehicle navigates the roads using the company’s software along with sensors and lasers. Shoppers call up orders through the firm’s smartphone app, and a robot delivers them.
When the Nuro vehicle arrives, shoppers verify their identities by using a password to retrieve their items.
From Google To Nuro
Nuro is the brainchild of Dave Ferguson and Jiajun Zhu. Their idea for Nuro came to fruition in 2016. Earlier this year, Ferguson bragged about the startup on Reddit.
He said he’d been working in robotics for two decades. He stated:
“[F]rom a Dalek-inspired trash can in undergrad, to the self-driving project at Google, and now with Nuro, a company I co-founded with Jiajun Zhu. We are on a mission to accelerate the benefits of robotics for everyday life — starting with how you get your groceries, in Arizona. AMA.”
Ferguson and Zhu have grown the company to have about 200 employees and 100 contract workers.
SoftBank’s Master Class on How to Spend $ 1 Billion in One Announcement Flat
Nuro is working on a pilot program with Kroger to move goods between shoppers and a few of the grocery giant’s 2,800 stores in 35 states. The SoftBank investment will help its efforts to redefine the grocery customer experience through the use of fully autonomous vehicles.
Kroger announced its partnership with Nuro last year. A Kroger-owned Fry’s Foods store in Phoenix began using the company’s technology in December.
In a statement about the partnership, Ferguson said:
“Unmanned delivery will be a game-changer for local commerce.”
Nuro Faces Stiff Competition
Already carving out shares of the grocery delivery space are Amazon, Walmart, Kroger, and Publix. Amazon delivers its own groceries through its Amazon Fresh offering.
Amazon grocery competitors Walmart, Kroger, and Publix, on the other hand, are using delivery services, such as Instacart.
In the fall, Yahoo Finance reported that Walmart seemed to be succeeding with its delivery strategy, with 42% of shoppers indicating their last click-and-collect order was from Walmart. The publication cited findings from Packaged Facts.
Kroger and Walgreens are partnering to expand their one-stop shopping options, too. Some grocers are even trying to increase their market share through the use of blockchain.
Featured Image from Andrew Brown / The Kroger Co. via AP
Cory Johnson is out at distributed ledger startup Ripple as its chief market strategist, CoinDesk has learned.
Tom Channick, a Ripple spokesperson, confirmed the move to CoinDesk after it emerged on social media that references to Ripple and Johnson’s role at the company appeared to have been scrubbed from his Twitter account.
Channick sent the following statement to CoinDesk:
“Cory’s last year at Ripple was a success in representing the company to investors, press and regulators. Cory helped Ripple with strategy internally and overall industry education. But due to changes in market conditions, we’ve chosen to eliminate the role of Chief Market Strategist.”
Joining Ripple in early 2018 after eight years at Bloomberg TV, Johnson explained at the time to CNBC that his role would be “to try and explain, listen and set strategies to make it easy for Wall Street and the world of finance to understand what we’re doing.” Indeed, Johnson served as a key spokesperson for the company, making appearances on mainstream media platforms and evangelizing Ripple’s offerings.
Johnson could not be immediately reached for comment.
Ripple logo on keyboard image via Shutterstock