Bitcoin price is consolidating and likely setting up for a fresh rise above $5,050 against the US Dollar.Ethereum, ripple, bitcoin cash and litecoin are trading with a positive bias above key supports.There is a major bullish trend line formed with support at $4,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair must clear the $5,050 and $5,100 resistance levels to start a fresh increase towards $5,300.Bitcoin (BTC) is trading with a bullish bias and it could rally above the $5,100 resistance. Altcoins like Ethereum, ripple, bitcoin cash, litecoin and cardano are trading above key supports and likely to trade higher.Bitcoin Price AnalysisRecently, we saw a decent downside correction from the $5,359 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,250 and $5,100 support levels to move into a short term bearish zone. The price traded as low as $4,754 and remained well above the 100 hourly simple moving average. Later, there was a fresh increase above the $4,900 level and the 23.6% Fib retracement level of the last drop from the $5,360 swing high to $4,754 low.The price recently traded above a connecting bearish trend line with resistance at $4,975 on the hourly chart. The price even traded above the $5,000 level, but it failed to gain momentum above the $5,050 resistance. There was also no convincing break above the 50% Fib retracement level of the last drop from the $5,360 swing high to $4,754 low. At present, the price is trading in a range above the $4,950 and $4,900 supports. There is also a major bullish trend line forming with support at $4,820 on the same chart.Therefore, there could be range moves in the short term before the price attempts to surpass the $5,050 and $5,100 resistance levels. Looking at altcoins, NANO and ZIL are currently gaining bullish momentum and are up more than 10%. Among the top 10 coins, Ethereum, ripple, bitcoin cash and litecoin are placed nicely above key supports and they are likely to follow bitcoin higher if it clears the $5,100 resistance.Looking at the chart, BTC price seems to be consolidating gains above the $4,800 support and the 100 hourly SMA. It is likely to climb above the $5,050 and $5,100 resistance levels. The next key resistance is near $5,250, above which the price is likely to revisit the $5,359 high. Conversely, a close below $4,800 and the 100 hourly SMA might push the price towards the $4,600 area.Technical indicators:Hourly MACD – The MACD is slowly moving back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat above the 50 level.Major Support Levels – $4,900 followed by $4,800.Major Resistance Levels – $5,050, $5,100 and $5,200.
Archives for April 5, 2019
The crypto markets have been able to maintain their upwards momentum today as they head towards the weekend, and many major cryptocurrencies have surged 2% or more. Ripple (XRP) has led the way today, surging nearly 10%.Today’s surge came about after Ripple (XRP) hit its weekly support level, and analysts expect the crypto to see further gains in the near future as the markets continue to climb.Ripple (XRP) Finds Support Around $0.33At the time of writing, Ripple is trading up just under 10% at its current price of $0.364. Over the past 24-hours, XRP recovered from lows of $0.33, which now appears to have become a support level.While looking at the cryptocurrency over a one-week trading period, it has climbed significantly, surging from lows of $0.30 towards its current price levels. During the recent market surge that was sparked by Bitcoin’s climb to above $5,000, XRP lagged behind its peers, but it was able to make up for this by climbing today.Mati Greenspan, the senior market analyst at eToro, spoke about XRP’s price action in a recent email, noting that today’s surge was first sparked as the Asian trading session began to kick into gear.“Since altseason began, many clients have been asking me about the lack of participation from XRP. Indeed, even though many altcoins had a turn to pump over the last few weeks, Ripple had been feeling kind of left out. Well, that seems to have changed this morning as XRP (blue line) has outperformed during the morning’s Asian session ramp,” Greenspan explained.XRP Likely to Continue Surging After Holding Above SupportXRP’s price jump today may be partially due to it finding buying pressure at its weekly support level.The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on XRP in a recent tweet, explaining that she expects the crypto to continue holding above its ascending weekly support level, so long as Bitcoin remains stable.“$XRP Respecting the strongly weekly support, as we currently bounced back within support! Added some upon the wick below. I do expect this to hold, unless btc does something drastic,” she explained.$XrpRespecting the strongly weekly support, as we currently bounced back within support!
Added some upon the wick below. I do expect this to hold, unless btc does something drastic pic.twitter.com/G4FcOm4ZRY— The Cryptomist (@TheCryptomist) April 5, 2019Cryptosarah, another cryptocurrency analyst on Twitter, pointed out that XRP is currently caught in a triangle formation, which could ultimately lead to a good long position entry if the triangle is broken above.“Good day Cryptoland. I’m looking at $xrp today. Looks to be in wave 4 at the moment. Keeping an eye on the break of this triangle for a possible long,” she explained.Good day Cryptoland. I’m looking at $xrp today. Looks to be in wave 4 at the moment. Keeping an eye on the break of this triangle for a possible long pic.twitter.com/DgzTdoxtjX— Cryptosarah (@Cryptosarah2) April 5, 2019As the markets head into the weekend, traders and analysts will likely gain a greater idea of whether or not the major cryptos will be able to maintain their upwards momentum, or if further losses are imminent.Featured image from Shutterstock.
The CFTC chief delivered more than an earful about the way some outsiders really feel about bitcoin. J. Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission (CFTC), is nearing retirement when his term ends later this month. Known as Crypto Dad to the SEC’s Crypto Mom Hester Peirce, Giancarlo might deserve the title as Crypto Hero, instead, considering the heat he has had to endure for refusing to stifle blockchain innovation.
Crypto Dad Defends CFTC’s Blockchain Stance Against Bitcoin Skeptics
In a speech at the Eurofi Financial Forum in Bucharest, Romania, Giancarlo was generous with his opinions, citing Romanian poet Ion Luca Cariagiale who once said:
“Opinions are free, but not mandatory.”
Giancarlo might think he used the platform to “put forth a few free opinions,” but he also dropped a bomb with details of his experience as a regulator in the crypto space. While he didn’t squeal on anyone, the CFTC chief said enough. Crypto Dad made it clear that while the CFTC’s approach has been to nurture “the development of new derivatives products on crypto-assets like bitcoin,” not everyone he comes across feels the same.
“We have resisted calls to use our legal powers to suppress the development of crypto-assets and the underlying technologies that support them. Instead, we have favored close monitoring of market developments while not hindering the introduction of new products like bitcoin futures, which have proven invaluable in letting market forces determine the appropriate value of the bitcoin.”
This resistance Crypto Dad refers to has been a hurdle not only to innovation but also to the adoption of blockchain technology by businesses across jurisdictions.
CFTC’s Crypto Openness Bittersweet for Bitcoin Speculators
Giancarlo referenced an economic letter by the Federal Reserve Bank of San Francisco. In the letter, economists argued that the advent of bitcoin futures had created more of a balance in speculative demand among optimists and pessimists, the latter of whom were handed a way to bet on the decline in the bitcoin price.
Regardless how bitcoin bulls feel about BTC futures, if it weren’t for Giancarlo’s open mind, this institutional product would never have seen the light of day. While the commodities regulator wasn’t responsible for approving the product, they did give the green light to the Chicago derivatives exchanges to launch their respective contracts. That has paved the way for exchanges such as Bakkt, which is poised to “pay out” its bitcoin futures contracts in crypto and is viewed as a catalyst for the crypto market in 2019.
Now that Giancarlo is nearing the end of his term, the crypto community will not be without an advocate in regulatory circles. U.S. SEC Commissioner Hester Peirce has embraced her role as Crypto Mom and seems prepared to carry the torch for both of them.
CryptoDad gave a great speech: “While markets are not always perfect, they have proven time and again to be the most effective means humans have to drive economic productivity and prosperity.” https://t.co/mltC6tliWi https://t.co/TxGE7yjMn9
— Hester Peirce (@HesterPeirce) March 7, 2019
Nonetheless, Giancarlo’s light-touch regulatory approach to regulation will be missed. He crafted the Project KISS initiative with the overarching goal to simplify CFTC rules and regulations. What the crypto community will miss most, however, is most likely his candor, including a second Ion Luca Cariagiale quote, which should resonate with blockchain folks:
“Do you want to get to know things? Look at them closely. Do you want to like them? Look at them from afar.”
Popular movie and series streaming platform Netflix has just released the second series of its original show, The OA, and surprisingly, it features the use of the native crypto asset on the Ethereum blockchain, Ether (ETH). The science-fiction mystery drama revolves around a fictional online puzzle game (presumably an Ethereum-based decentralised application) called Q Symphony.One of the characters in the show has won a substantial amount of Ether playing Q Symphony. Besides being Ethereum that takes centre stage, what’s interestingly is that the inclusion has little to do with either the Dark Web, trading, or money laundering.Ethereum on Netflix: A Boon for Crypto AdoptionThe second most popular crypto by market capitalisation has been featured prominently in the second series of a Netflix original show, The OA. The first episode introduces Ether as the currency used to reward players on a fictional online puzzle game called Symphony Q.Fittingly, given its crypto content, the second series of The OA, titled “Part II” is based in tech-hub San Francisco. Whilst we are not going to give any spoilers here, the show is heavily influenced by both science-fiction and the supernatural . The story begins with a girl going missing who has made a substantial sum of Ether playing Symphony Q. Prior to her disappearance, she had sent all her earnings to her grandmother.As you can see from the screenshot below, the series was shot prior to the recent bear market desecrating prices. No doubt many watching the first episode, titled “Chapter 1: Homecoming”, will have cursed the directors for not using a more up-to-date price:Seemingly, The OA is set in a reality in which prices across the entire crypto market did not spend most of 2018 plunging downwards. This is somewhat forgivable since the action is set across multiple dimensions.Although cryptocurrency has been used to drive plots in popular culture several times in recent years, what distinguishes this latest mention is the fact that The OA’s narrative does not focus around the dark web (as is the case in the movie Unfriended: Dark Web, which came out last year), computer hackers (like in an episode of The Blacklist, also a Netflix show), or exclusively on trading (as in an episode of Billions aired last year).Ledger Nano S featured in the last episode of @SHO_Billions (Billions S03E07) “one million dollars straight in crypto, in cold storage”. It was a great suprise for us! Getting more and more mainstream. pic.twitter.com/KYrprYAMSJ— Ledger (@Ledger) May 7, 2018By contrast, the Ether in The OA has been awarded for playing a video game, presumably similar – at face value, at least – to the many decentralised games in development around the world today. Crypto as a payment method seems to have been largely accepted without question as a legitimate means of value transfer for the show’s characters too.It is also interesting to see Ethereum take centre stage over the obviously more recognisable Bitcoin. Evidently, the show’s writing department is crypto-savvy enough to differentiate between the potential future use cases of both digital assets. Related Reading: Cryptocurrencies Represented in Pop Culture: Marvel, Silicon Valley, and BillionsFeatured Image from Shutterstock.
Following the recent bout of volatility that the crypto markets have experienced, Bitcoin (BTC) has been able to maintain stability around the $5,000 level, which is proving to be a level of relative support for the cryptocurrency.Now, one prominent analyst and notable Bitcoin bear is flipping bullish on BTC, explaining that he would not be surprised if the cryptocurrency began a parabolic ascent similar to that seen in late-2017.Bitcoin (BTC) Stable Around $5,000 LevelAt the time of writing, Bitcoin is trading down marginally at its current price of $4,990, down slightly from its daily highs of $5,040. BTC has, however, recovered from a drop it experienced late yesterday, where it fell to lows of $4,830 before garnering greater buying pressure that sent it to its current price levels.Bitcoin’s recent price surge first began on Monday, April 1st, when BTC surged from $4,100 to highs of $5,300, before settling back to its current price levels.This price action sent the crypto skyrocketing through multiple levels of resistance that had previously held strong and led the overall crypto markets to buzz with a quiet excitement as investors and traders alike considered the possibility that the persisting bear trend has truly ended.Although the recent price action does appear to be overwhelmingly bullish, Chonis Trading, a popular crypto analyst, noted in a recent tweet that Bitcoin is currently caught in an ascending wedge on a shorter time frame, which could be a bearish signal.“$BTC – ranging up into this rising wedge on the 1hr #bitcoin chart,” he noted.$BTC – ranging up into this rising wedge on the 1hr #bitcoin chart… pic.twitter.com/VB5OcfGopH— Chonis Trading (Crypto Mentor) (@BigChonis) April 5, 2019Notable BTC Bears are Turning BullishMuch to the surprise of the crypto community, Peter Brandt – a highly regard analyst who has a history of being bearish on Bitcoin and other cryptocurrencies, explained in a recent tweet that he wouldn’t be surprised if BTC enters a new parabolic phase.“Either from Dec ’18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase,” he explained in a recent tweet.Either from Dec ’18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase. $btcusd pic.twitter.com/XV89Qz7P4n— Peter Brandt (@PeterLBrandt) April 5, 2019Brandt isn’t alone in his assessment of Bitcoin’s price action, as Inmortal Technique, a popular crypto analyst on Twitter, recently shared a similar chart that alludes to a fresh parabolic phase being a strong possibility.Let me show you something. $BTC pic.twitter.com/BsgrzhSghO— Inmortal technique (@inmortalcrypto) April 4, 2019It is important to note that in both Brandt and Technique’s charts, Bitcoin does still have room to fall, which could mean that the next drop will be a great entry point for traders looking to get in on Bitcoin’s potential future gains.As the crypto markets enter the weekend, and trading volume experiences a slight decline, analysts and traders alike will hopefully garner more insight into where the markets are heading next.Featured image from Shutterstock.
Trading back above $5,000, more eyes are on the world’s largest cryptocurrency, bitcoin, than have been in nearly 19 weeks, a fact affirmed as worldwide Google searches for “bitcoin” currently hover at levels not seen since Nov. 20.
Google Trend data reveals the spike in searches was single-handedly achieved on April 2 when the price of the cryptocurrency surged nearly 20 percent in a single hour to clock $4,961, its highest price since Nov. 19, according to CoinDesk’s price data.
While Google Trends does not provide the exact number of searches, it is apparent the amount of worldwide “bitcoin” searches reached 90 percent of what it was on Nov. 20, as is shown below.
Indeed, “bitcoin” searches sky-rocketed on Tuesday as investors, traders and the media alike were searching for reasons as to why bitcoin’s price surged.
Interestingly, most searches came from countries that may not seem to be the most likely of origins.
Google’s data further reveals the largest amount of searches on April 2-3 were from St. Helena, Netherlands, South Africa, Nigeria and Austria in that order. The U.S., Canada, and the U.K. did not crack the top 10 of most “bitcoin” searchers, ranking in at 11, 12 and 17 respectively.
The significance of a spike in bitcoin searches may seem trivial at face value, but studies have shown there is a connection between the price of the cryptocurrency and its search interest. The core findings suggest periods of low search volume tend to precede large markups in price that coincide with bitcoin’s famous, or perhaps infamously wild market cycles.
Disclosure: The author holds several cryptocurrencies, please see Sam’s author profile for more information.
Google image via Shutterstock
A South African crypto exchange has partnered with an international blockchain-based payment processing firm. The merger between DoshEx and PundiX will allow early cryptocurrency adopters to spend their holdings in real-world locations in South Africa.With millions of South Africans living without access to banking facilities, the merger could help drive digital asset adoption in the nation.Crypto Firms Target South Africa’s Early Adopters, the Unbanked, and Everyone in Between with XPOS SystemAccording to South African technology publication IT Online, local exchange platform DoshEX will work with global blockchain payments firm PundiX to introduce the latter’s XPOS point-of-sale devices into retail locations. South African crypto users will soon be able to top up PundiX’s XPASS cards with various digital currencies and spend them in real-world shops.Cryptos supported by PundiX’s XPOS devices will include Bitcoin, Ether, and Binance Coin, amongst others. The goal, according to the start-ups website, is to install a minimum of 100,000 of these point-of-sale units by February 2021.The system is ideal for those lacking banking services since it allows digital payments without needing a traditional account. However, the two start-ups are obviously hoping to appeal to more than just those living in South Africa without banking facilities. The service works using a familiar credit-card sized payment card, which requires tapping on the terminal to make a payment. This decision to make the process the same as making a contactless bank card payment has been intended to appeal to those already familiar with such payment methods, whilst still being accessible to those who are not.The CEO of PundiX Labs, Zac Cheah, commented on the merger:“XPOS is the easy, affordable access point into crypto for mainstream retailers and consumers… Now, an XPASS card loaded with crypto enables ordinary people to embrace the crypto-future, including millions of unbanked South Africans.”He went on to state that the decision to partner with the established DoshEX exchange platform should encourage early adopters already familiar with the trading venue to try the service too.Alex de Bruyn, the CEO of DoshEX, added:“It was essential to roll out trusted and proven technology as our objective is to rapidly build South Africa’s first point-of-sale cryptocurrency network. This is why we partnered with PundiX.”Cryptocurrency Continues to Sneak into More Real-World LocationsThe announcement by DoshEX and PundiX to introduce crypto point-of-sale devices in South Africa is the latest example of digital assets moving more into real-world usage. Previously, NewsBTC has reported on French tobacco shops introducing digital currency buying services over-the-counter. More recently still was the announcement by exchange giant Binance launching real-world crypto trading services to Australian newsagents.Whilst such examples do not guarantee adoption, they certainly help cement the place of Bitcoin and other popular digital assets in the public psyche. It is particularly encouraging to see such services focus on emerging markets such as South Africa since it is the unbanked of the world who are often claimed to have the most to gain from the democratising monetary revolution crypto could usher in.Below is a video of Bitcoin evangelist Andreas Antonopoulos explaining the benefits Bitcoin and other decentralised digital assets could bring to poorer parts of the world – a topic he is extremely passionate about: Related Reading: Is Largely Unbanked Africa Primed for Bitcoin Adoption?Featured Image from Shutterstock.
Nobody has been harder on bitcoin than the mainstream financial media, particularly during the crypto winter. Now that the market is showing signs of strength, bitcoin is back on their radar, but some continue to miss the point. Among them, CNBC’s Becky Quick probably got bitcoin the most wrong.
CNBC’s Becky Quick Ridicules Bitcoin
Becky Quick’s disdain of bitcoin began to seep through in a television interview with Fundstrat’s Tom Lee on Squawk Box. At first, the CNBC anchor’s concerns were reasonable enough surrounding how Lee came about a fair value price for bitcoin. Tensions quickly escalated, however, at least for the audience, when Quick called his recommendation for investors to make a 1%-2% allocation to bitcoin “crazy.”
She continued her tirade on Twitter after follower Eric Weiss, the founder of hedge fund Blockchain Investment Group, called her out on the “crazy” remark, in response to which Quick quipped,
“Are we talking bitcoin? Or lottery tickets?
Are we talking Bitcoin? Or lottery tickets? https://t.co/3F7cOvIbpq
— Becky Quick (@BeckyQuick) April 5, 2019
Not a Get-Rich Scheme
To be fair, Quick has been entrenched in the mainstream financial media for pretty much her entire career. Prior to joining CNBC, she worked for The Wall Street Journal. While not an excuse considering the blockchain space is comprised of plenty of Wall Street veterans, it does explain some of it.
What’s disappointing is that she came across not only cynical but also shortsighted, possibly even insincere. That is unless she really doesn’t get that unlike the lottery, crypto is much more than a get-rich scheme. Bitcoin was born out of the trenches of the Financial Crisis when people’s faith in the economy was shattered, not to mention the size of their retirement accounts. Shame on her for dismissing a movement whose origins harken back to the very sub-prime banking failures that Quick and the business network had a front seat in.
Weiss got it, replying to Quick:
“Pithy reply but, disingenuous. You think BTC and the digital asset class has a 1 in 300million shot at being valued in the trillions? How many university endowment funds are buying lottery tickets? How many I-banks have lottery trading desks and lottery ticket custody?”
Yes, bitcoin has a price attached to it, the value of which reflects what people are willing to pay for it. How is fiat money, which is also not backed by anything other than the government’s word, any different?
Besides, if Quick’s concern is investors allocating their retirement funds toward a risky asset such as bitcoin, shouldn’t she be equally outraged that they might invest in a high-yield junk bond or complex forex instrument? Stocks were an emerging asset class once, too.
Further still, the New York Stock Exchange-backed ICE is launching bitcoin futures exchange, Bakkt. If bitcoin is good enough for the NYSE, whose modest beginning was in 1792 under a Buttonwood tree, why isn’t it good enough for investors?
Fox Business Shows How to Critique Bitcoin
Not all financial journalists are afraid of bitcoin. Fox Business’ Maria Bartiromo, who incidentally is a CNBC alum, welcomed Gemini Co-Founders Tyler and Cameron Winklevoss onto the set at year-end 2017.
She covered the launch of bitcoin futures, pointing out that at the time the BTC price spiked more than $1,000 in response. It’s not that Bartiromo didn’t push back – she did, questioning them about a market that is the “height of speculation.” But she gave them a chance to explain the heavily regulated nature of Gemini exchange.
And for those who are convinced that bitcoin is a fraud, her response? Then short it. Maybe CNBC’s Quick should take a page out of her rival’s book and educate her audience about bitcoin rather than scaring them.
This week, Bitcoin broke through key overhead resistance at $4,200 and rallied nearly $1,000 in a matter of an hour to over $5,000. The powerful rally may have signaled the end of the bear market that has been plaguing Bitcoin and altcoins for over a year, setting a higher high and capturing the attention of crypto supporters and pundits alike.
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- Buying pressure continues as the bitcoin market holds above the macro, bearish trendline and the monthly resistance level.
- There was a small amount of selling pressure but it was absorbed by eager bulls. The selling pressure seems to be profit taking as we continue to establish a low time frame uptrend of higher lows and higher highs.
- On a macro scale, we are sitting in between support and resistance levels and it seems very likely we will continue upward until we encounter the $5,500 toto $5,800 zone.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.