There was a strong buying interest for bitcoin near the $6,800 support area against the US Dollar.The price started a fresh increase and broke the $7,000 and $7,500 resistance levels.There was a break above a major contracting triangle with resistance near $7,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair is eyeing a strong rise and it could trade above $8,500 and $8,800 in the near term.Bitcoin price is up more than 10% after a strong downside correction against the US Dollar. BTC is now eying further upsides and it could even test the $9,000 resistance area.Bitcoin Price Weekly Analysis (BTC)This past week, bitcoin price rallied significantly above the $7,000 resistance against the US Dollar. The BTC/USD pair broke many barriers near $7,000, $7,200 and $7,800. The pair even surged above the $8,000 level and traded to a new 219 high near the $8,360 level. Later, there was a sharp downside correction below the $8,000 support, but the price stayed well above the 100 simple moving average (4-hours). It broke the $7,200 support area, but found a strong buying interest near the $6,650 and $6,800 levels.A swing low was formed at $6,645 and the price recently recovered nicely. It climbed sharply above the $7,000 and $7,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downside correction from the $8,362 high to $6,645 low. More importantly, there was a break above a major contracting triangle with resistance near $7,300 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,700 resistance and the 61.8% Fib retracement level of the downside correction from the $8,362 high to $6,645 low.These all are positive signs and it seems like the price may continue to surge above the $8,000 barrier. The next key resistance above $8,000 is near the $8,350 level. If the bulls gains pace above $8,362 swing high, it will most likely open the doors for a sharp rally towards the $8,600 and $8,800 resistance levels.Looking at the chart, bitcoin price rebounded nicely after a strong decline towards $6,650. It is now up more than 10% and it seems like it could continue higher towards $8,200 and $8,500. The main target for the bulls in the coming sessions could be $8,800 or even $9,000. The key supports on the downside are near $7,500, $7,200 and $7,000.Technical indicators4 hours MACD – The MACD for BTC/USD is gaining pace in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above 50 and it could continue towards 70.Major Support Level – $7,200Major Resistance Level – $8,350
Archives for May 18, 2019
ETH price started a fresh increase after a sharp downside correction towards $225 against the US Dollar.The price is currently gaining traction and it broke the $240 and $245 resistance levels.There is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair is surging higher and it seems like there could be more gains towards the $275 and $285 levels.Ethereum price is once again gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is eyeing more gains and it seems like the price could revisit the $280 swing high.Ethereum Price Weekly AnalysisThis past week, Ethereum price gained a strong bullish momentum above the $250 resistance against the US Dollar. The ETH/USD pair rallied above the $260 and $270 resistance levels. The upward move was such that the price traded to a new 2019 high near $281. Later, there was a strong downside correction in both bitcoin and Ethereum. ETH price declined sharply below the $260 and $250 support levels. It traded close to the $225 level and stayed well above the 100 simple moving average (4-hours).A swing low was formed recently near $223 and a new support base was formed. Moreover, there is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD. As a result, the pair climbed higher and broke the $240 resistance. There was a break above the 23.6%% Fib retracement level of the last decline from the $281 swing high to $223 low. It opened the doors for more gains above the $250 level. The price is now testing the 50% Fib retracement level of the last decline from the $281 swing high to $223 low.A clear break above the $255 resistance is likely to set the pace for more gains. The next immediate resistance is near $258, above which the price will most likely retest the $281 swing high. The next important resistance is near the $288 and $292 levels. On the downside, the main support for the bulls are near $240 and $225.The above chart indicates that Ethereum is placed nicely above the key supports near $240 and $225. Therefore, there are high chances of a strong upward move was above the $255 and $260 resistance levels. The next target for the bulls could be $300.Technical Indicators4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.4 hours RSI – The RSI for ETH/USD is now well above the 50 level and it could climb towards 80.Major Support Level – $225Major Resistance Level – $280
By CCN: The bitcoin price stumbled toward the end of the week but it looks like the bulls have gotten it together. BTC is now moving higher by nearly 7% to approximately $7,800 at last check on CoinMarketCap. The price had fallen as low as approximately $7,000 on Friday, and some traders have been calling for the bottom to fall out. It seems as though that won’t happen, at least not today.
Even though the sudden reversal came suddenly and seemingly disrupted some weekend plans, nobody on Crypto Twitter was complaining.
BTC on the move again.
— Mati Greenspan (@MatiGreenspan) May 19, 2019
Morgan Creek Capital Management CEO Mark Yusko points out that “bitcoin never sleeps,” which certainly paves the way for the rally.
— Mark W. Yusko (@MarkYusko) May 19, 2019
BOE Official Suggests Bitcoin Could Replace Cash
There is a thread making the rounds on Reddit about a UK central banker coming to terms with the rise of bitcoin. According to the Reddit thread, Bank of England Chief Economist Andrew G. Haldane spoke to college students on May 17 and the topic of bitcoin came up. He was refreshingly open-minded. The Reddit member explained:
“One person asked what he thought of cryptocurrency and his response surprised me. He said it could replace cash; he even joked about us likely having bitcoin in our wallets. He said he didn’t think it’d replace cash tomorrow, but he was quite open to the idea 20 or 30 years down the line. He was also quite familiar with cryptocurrencies and joked that there were now thousands of them.”
It’s no secret that digital payments are usurping cash. But for the BOE official to recognize bitcoin as the digital currency that will eventually replace cash – even if it’s in two or three decades – is a strong display of confidence in the peer-to-peer currency. Even the cryptocurrency ecosystem knows that it is a marathon and not a sprint, so Haldane’s forecast probably resonated with many people. Some industry leaders such as BitMEX’s Arthur Hayes has previously suggested that bitcoin could replace cash a lot faster than that. But the fact that a central banker and the CEO of a bitcoin exchange are in the conversation is certainly a bullish sign for bitcoin.
60 Minutes Effect
The bitcoin pioneer tweeted:
“This Sunday 60 Minutes will air its first bitcoin episode ever. I really enjoyed explaining why crypto is important to Anderson Cooper and what its future holds!”
— Charlie Shrem (@CharlieShrem) May 18, 2019
2019 is proving to be the year of resilience for bitcoin. Whoever decides to be against the No. 1 cryptocurrency is going to be in for a long ride.
Don’t bet against Bitcoin, and don’t bet against B…
— CZ Binance (@cz_binance) May 13, 2019
Despite briefly dropping below $7,000 earlier this week after incurring a sudden influx of selling pressure, Bitcoin has been able to hold steady above $7,000 and has since tepidly advanced higher.Although many analysts and traders alike believe that the upwards momentum Bitcoin has incurred over the past several weeks was put into jeopardy by the recent drawback, one prominent analyst believes that Bitcoin is still bullish, so long as it holds above $6,400.Bitcoin (BTC) Climbs Back Towards $7,400At the time of writing, Bitcoin is trading up 3% at its current price of $7,380, up slightly from its daily lows of roughly $7,000.Over a one week period, Bitcoin is down from highs of nearly $8,400 which were set this past Wednesday. Although this price was a fresh year-to-date high for the cryptocurrency, its bulls were not able to extend the cryptocurrency’s upwards momentum, which has since slowed significantly.Despite this, the recent pullback may actually be bullish for BTC, as it may allow the crypto to garner greater levels of buying pressure that could ultimately allow it to continue surging higher as it continues recovering from its 2018 lows of $3,200.Fawad Razaqzada, an analyst at Forex.com, recently spoke to MarketWatch about Bitcoin’s recent price action, noting that the latest pullback actually constitutes “healthy” price action.“In fact, bitcoin is looking extremely ‘overbought’ in the short-term. So, for the sake of healthy price action, bitcoin will either need to correct itself or, ideally for the bulls, consolidate for a while before it makes further gains,” he said just prior to the recent drop.Analyst: BTC Still Bullish as Long as It Holds Above $6,400 The recent drop has led many analysts to have conflicting opinions as to whether or not the latest rally is emblematic of the early stages of a long-term bull run, or if it is simply a fleeting bull trap.Don Alt, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, noting that he will be bullish on the crypto as long as it holds above $6,400.“$BTC weekly update: Resistance rejects, support supports. And people say TA doesn’t work. As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was. This still looks gorgeous to me and I won’t touch the red button for quite a while,” he noted.$BTC weekly update:Resistance rejects, support supports.
And people say TA doesn’t work.
As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was.This still looks gorgeous to me and I won’t touch the red button for quite a while. pic.twitter.com/hVRmD40vjJ— DonAlt (@CryptoDonAlt) May 18, 2019As the weekend continues on and Bitcoin’s price action continues to unfold, analysts will likely garner greater insight into how significant this recent price surge will be in the long-term.Featured image from Shutterstock.
Save for Friday’s sudden selloff, Bitcoin (BTC) has been on an absolute tear over the past few weeks. Since early-April, the asset has moved from $4,200 to a recent peak of $8,350 — effectively a gain of 100% — and is seemingly preparing itself for another leg higher.While many believe that this move comes off the back of booming on-chain statistics and strong fundamental developments, one Wall Street firm argues that this isn’t the case.Related Reading: Binance and Coinbase Traffic Spikes as Bitcoin Price Surges 81% YTDBitcoin Diverging From Intrinsic ValueIn a recent research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that Bitcoin is trading above its “intrinsic value”. The note (seen below) suggests that the cryptocurrency’s “intrinsic value” is the estimated cost of production per unit or mining costs. In fact, JP Morgan’s estimates show that BTC is currently (as of May ~15th) trading above its breakeven mining cost by two times.#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com/DImDoSMv8L— Holger Zschaepitz (@Schuldensuehner) May 17, 2019Zschaepitz adds that JP Morgan notes that this current rally “carries echoes of late-2017”, which was when BTC spectacularly rallied and decoupled from any fundamentals on the back of hype.Related Reading: XRP Holds Strong After JP Morgan ‘Slaps’ Ripple With Bank-Centric CryptoIndeed, Fundstrat’s Tom Lee claims that Bitcoin historically trades at around two times its intrinsic value, especially in bull markets.It is important to note that JP Morgan has been historically bearish on Bitcoin. As NewsBTC reported previously, analysts from the American bank suggested that Bitcoin may only be a good hedge in a “dystopian scenario”, not a digital gold as some expect. They go on to state that BTC could plunge to $1,260 eventually. And, of course, JP Morgan’s impassioned chief executive, Jamie Dimon, has been enamored with calling BTC a “fraud” and a similar ilk of insults.Yet Fundamentals Are BetterIs JP Morgan right in its assumption that Bitcoin is trading too far above its intrinsic value?Well, maybe not. As Dan Held, the co-founder of Interchange, recently pointed out, the ecosystem’s fundamentals and infrastructure are much stronger now than in 2017 or 2018, sans mining costs.Case in point, the industry has some of the biggest names in finance and technology delving in. Square, through its Cash App and chief executive Jack Dorsey; Fidelity Investments; E*Trade, Bakkt, and ErisX are among the developments in the space that make this rally entirely different than anything before it. Thus, some deem it logical that warnings of a large market correction can be deemed moot.Featured Image from Shutterstock
By CCN: In a new interview with Newsweek, John McAfee surfaced to discuss living abroad and what he’s learned about the global perception of Americans. After recently going dark, he told Newsweek “we’re hated universally.” According to him, the reason most American tourists don’t pick up on this fact is that they’re a source of income for the people and places they visit.
America: Hated Universally
“I have traveled around the world. Everybody hates America. Do they show it? No. If you’re a tourist, you’re never going to see it. Why? If you’re a tourist you are a source of income for that country. You’re never going to see the truth. Well, I’ve lived in these countries, and I’ve seen the f***ing truth. We’re hated universally. We interfere in affairs that we do not understand for our own benefit….”
McAfee, who is wanted by the U.S. government for tax fraud, is currently running for president. The software mogul invited this attention from federal authorities when he openly flaunted his tax evasion just after the new year. Later that month, federal authorities issued an indictment. While felons are legally allowed to run for president, it’s unclear if McAfee would be able to assume the office with a standing warrant hanging over his head.
Can a Fugitive Even Run for President?
Since 2000, the Justice Department has abided by the opinion that it cannot prosecute someone in the highest office.
This past week, rumors spread on Twitter that authorities captured McAfee.
BREAKING: John McAfee is currently either in the custody of US Federal Agents or on the run in or near the Bahamas.
He was last seen leaving a prominent crypto persons home via boat. He is separated from his wife at the moment. Sources are claiming that he is in federal custody. https://t.co/Wr7v28DeVu
— Mike Dudas (@mdudas) May 16, 2019
The @officialmcafee account has since dispelled these rumors:
Those who read “go dark” as “incarcerated” shouldn’t play lotto this week. Here’s @officialmcafee & @theemrsmcafee safe and sound in their new backyard as defiant, joyful and free as ever. Stay tuned… pic.twitter.com/e3T8wirhge
— John McAfee (@officialmcafee) May 17, 2019
McAfee isn’t losing sleep over his situation with U.S. authorities and has no idea what it will take for him to return home.
“I don’t have a clue. I haven’t thought about it yet. I don’t address problems until I’m ready to actually do something. First of all, get a bunch of lawyers. Secondly, come back, I don’t know.”
McAfee’s Brashness as an Asset
McAfee wants you to know that he doesn’t care what you think of him. This is unusual for someone with political aspirations but certainly not new. McAfee draws the line at what is written about him, saying:
“I’m just being me. I’m not going to change me to be untrue or rather false or restricted while I’m trying to make you be unrestricted. That makes no sense. No, we should all be unrestricted. We should all give a shit nothing about what people think or say about us. We should give a shit about what’s written about us. We give a shit about our impact on the world, if we do something, which is absolutely us. No. I could care less about that, sir. I’m not creating a brand, I’m not creating an image.”
The security mogul says he has untold numbers of people working on his campaign in the U.S. and hundreds of people working in foreign countries for him. The multi-millionaire, for all his “not giving a sh*t,” is a Twitter celebrity. He likely wields little impact beyond that for the majority of the voting public.
Might as Well Vote for Satoshi Nakamoto
A serious proponent of Bitcoin and blockchain technologies, McAfee throws off very little actual expertise on the subject. Here is his recent assessment of Ethereum, the second-most valuable cryptocurrency and the most-used platform for smart contracts:
Folks asking my opinion of Ethereum:
Well . . .. Frankly, I prefer one syllable coins and am not fond of Ethereum’s spelling. Additionally, many of my friends who hold Ethereum dress oddly. And, of course, Buterin looks underfed to me. But do not take this as investment advice.
— John McAfee (@officialmcafee) May 15, 2019
McAfee also seems to believe he knows the identities of Satoshi Nakamoto. He previously said he would reveal Satoshi’s true identity to prove that Craig S. Wright is lying. However, on apparent legal advice, he chose not to disclose the identity, believing that it would further complicate his problems with the U.S. government.
Raw, gifted, and eccentric, John McAfee could be the type of leader who’d sufficiently “drain the swamp” because he holds no allegiance to any part of it. Unfortunately for him, his prospects are even less likely than those of virtually all Democrats currently running campaigns.
It’s no secret that cryptocurrencies are not looked upon favorably by most major central banks across the world. Some crypto enthusiasts believe that central banks fear that the nascent technology could pose threats to existing monetary systems, while others believe that central banks will begin adopting the technology in the future.Despite this, a recently released report from the European Central Bank offers a far more bearish assessment of the markets, largely writing off their utility and largely approaching them with what can be defined as a cavalier attitude.Report: Crypto Does Not Fulfill the Functions of MoneyOne key aspect of cryptocurrencies that many enthusiast point towards when offering a bullish assessment of the future of cryptocurrency is the fact that in many ways they could fully replace fiat currency, while simultaneously offering users a plethora of benefits.Despite this, the European Central Bank dismissed this notion in their recently released report, explaining that in their current state, cryptocurrencies pose no tangible impact to the “real economy” and should not sway monetary policy.“Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy. The very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting,” they explained.Despite this negative sentiment, cryptocurrencies have actually been incurring a massive amount of adoption as of late, and major companies (including the likes of Facebook and possibly Amazon) are looking to implement their own cryptocurrencies in addition to their existing payment infrastructures in an effort to shore up additional profits and to bolster the efficiency of their platform’s infrastructure.Any Central Bank Digital Currency Must Be Analyzed Separately from Normal CryptocurrenciesInterestingly, in a section of the report titled “the case for central bank digital currency in the European Union,” the report’s authors do not entirely dismiss the possibility of the central bank launching their own cryptocurrency for internal use.“The relentless digitalisation of the economy has raised questions as to the suitability of existing forms of money for meeting the new and emerging needs of economic actors. The advent of crypto-assets has fuelled this debate, and it has been suggested that the technology underlying crypto-assets should prompt central banks to issue their own ‘digital currencies’” the report said.Moreover, the report lays out the criteria for how a cryptocurrency being used by the central bank should be structured, noting that any central bank digital currency (CBDC) should be “designed as a user-friendly risk-free asset that meets the public’s demand for an economy that is both digitalised and safe.”Although the report concludes that further research and consideration is necessary prior to making any conclusive decisions regarding a CBDC, their openness to the concept, despite their apparent bearishness on cryptocurrencies in general, may prove to be bullish for the technologies in the long-term.Featured image from Shutterstock.
If you value the Oscars, you may believe he could pull this off considering Mudbound managed to get a nomination from the Academy Awards.
Using the Twitter handle Common Enemy, he threw out the idea on social media. Kyle Tekiela is named as a “five-time Emmy award winner and co-founder of Common Enemy” on the company’s website.
If I wanted to make a (real) movie with ONLY Bitcoin/Litecoin/Ethereum donations, and share all profits with those that donated, would you support me?
— COMMON ENEMY (@CommonEnemyInc) May 17, 2019
Fellow enthusiasts yearn for a movie that does the space justice, unlike “Crypto”. The Kurt Russell-starring movie was widely criticized for being produced by people who didn’t get bitcoin. With his passion for crypto, especially bitcoin, Ethereum, and Litecoin, @CommonEnemyInc could pull off a flick that outdoes the others.
Who’s Down With Enemy?
Common Enemy’s tweet immediately drew a response from at least one significant player – Defrost – who wants in.
Oh shit we got our first movie star attached!! https://t.co/COP3Ro3LSA
— COMMON ENEMY (@CommonEnemyInc) May 17, 2019
What would the movie be about (crypto related or unrelated)? Great idea.
Both of my room mates work in the movie industry in ATL, pre & post production.
— Defrost🥶 (@defrost94) May 17, 2019
While the idea of another bitcoin movie drew applause, not everyone was on board.
Hopefully not crypto, some terrible crypto related movies have been made. I’d much rather watch @btcandfriends. Just don’t see how this would be worth an investment. Better off just buying crypto straight up.
— Dr. Rob D.eez Nutz (@BoilingPointLTC) May 18, 2019
Put Your Money Where Your Mouth Is
Common Enemy couched his crypto movie idea in a call for donations. Many may support the idea but they may be reluctant to donate.
He seemed to get that and stressed that he would not convert crypto donations into fiat:
“Everyone would be paid in crypto. A total crypto ecosystem from top to bottom. This has never been done before.”
Outdoing “Crypto” Movie Could Be A Breeze
Released in April, “Crypto” was pretty much a cryptocurrency-bashing flick. The clear ignorance of bitcoin further aggravated it being seen as legit.
Crypto was about how people find ways to exploit the system and the global economy. Their tools of choice include crypto. That’s about the only thing the movie gets right.
Hopefully not crypto, some terrible crypto related movies have been made. I’d much rather watch @btcandfriends. Just don’t see how this would be worth an investment. Better off just buying crypto straight up.
— Dr. Rob D.eez Nutz (@BoilingPointLTC) May 18, 2019
CCN reported on some of the ripping comments made about the movie.
- “Hollywood makes crypto movies that insult crypto, I noticed. This is all so inaccurate.”
- “Great, they are making a movie about crypto, but in the worst way possible.”
- “LMAO Hollywood trying to scare people away from crypto!!!”
- “Russia bad. Crypto bad. Thanks Hollywood, for yet another original plot.”
- “Nice social programming. They used to make better propaganda material back in the day.”
We’ll keep you updated about how Common Enemy’s efforts to create a better crypto movie fare.
Another week, another round of Crypto Tidbits. Over the past week, Bitcoin (BTC) has traded in a crazy range, moving between $6,000 and $8,350 in a fashion that seems very reminiscent of 2017. This came as a slew of positive news graced the cryptocurrency and blockchain market.Throughout the past seven days, a startup was revealed to be bringing crypto asset adoption mainstream, Facebook moved one step closer to launching its own blockchain-friendly network, and the financialization of the industry continues to occur.Related Reading: Crypto Tidbits: Binance Bitcoin Hack, Buffett Hates Cryptocurrency, Ethereum Futures InboundCrypto TidbitsFacebook Crypto On The Horizon, Company Opens Blockchain Firm In Switzerland: Quietly discovered by Reuters on Friday, technology giant Facebook has recently established a new company in Switzerland. The new firm is purportedly centered around blockchain and payments, likely pertaining to the company’s rumored “Libra” project. This has only been corroborated by the fact that the new company is registered as “Libra Networks”, and was registered weeks ago to “provide financial and technology services and develop related hardware and software”. Just last week, we reported that Libra was revealed to be a cryptocurrency payments ecosystem meant to curb fees, and that Facebook was staffing up (22 roles open on its career portal) for that division. And after that news broke, Facebook was revealed to have begun to roll back its ban against crypto- and blockchain-related advertisement content.Bitstamp Selloff Results In Bitcoin Plunge To $6,100: On Friday, Bitcoin slipped from $7,800 to $6,100 on Bitstamp. Evidence is mounting that a single actor, or group of entities, catalyzed this move with mere clicks of their mouses. As recently noted by Adamant Capital’s Tuur Demeester, the rapid collapse was led by serious sell orders on Bitstamp. Some have suggested that this was in a bid to manipulate the value of the BitMEX’s perpetual swap for Bitcoin, specifically in an attempt to liquidate the millions of dollars of shorts racking up over recent days and weeks. As Three Arrows Capital’s Su Zhu suggests, someone tried to exploit BitMEX’s mark price by placing a large sell order on Bitstamp, which the former exchange draws data from to determine its index. Order book history seemingly corroborates this theory, as an entity placed a massive 2,000 BTC sell order at $6,500 on Bitstamp, seemingly in a bid to depress the price for a short period of time.Coinbase May Soon Acquire Xapo’s Bitcoin Custodian: In an impeccable sign of the times, sources tell The Block that Coinbase may soon acquire Xapo, one of the first and most startups in the cryptocurrency space. The San Francisco-based cryptocurrency giant is “in advanced talks” to purchase Xapo, a Zurich-headquartered custodian that purportedly owns at least 5% of all BTC in circulation. Sources, who are “people familiar with the matter”, tell the outlet that Coinbase has an offer of $50 million and added contingent “earn-outs” on the table, but that Xapo has yet to shake on the proposed deal. They add that Coinbase and Fidelity’s resident crypto division, Digital Assets, have been duking it out over this deal, which is massive in and of itself. So far, as hinted at, Coinbase has the lead and was quicker on the draw, as the budding startup looks to bolster its embryonic custody business in a renewed drive to appeal to institutional players.Coinbase Sees Massive Custody Interest: In a similar string of news, Brian Armstrong, the technologist-turned-chief executive of Coinbase, revealed that his firm’s custodian crossed $1 billion worth of assets under management (AUM) this week, which was sourced from 70 institutions. Armstrong adds that this sum continues to grow by $150 million, signaling immense interest from the non-retail audience. And in a Q&A session held on Wednesday night, the entrepreneur noted that Coinbase Pro’s volume is now 60% institutional.Cryptocurrency Cynic Flips Bullish, Acknowledges BTC’s Value: During a recent Bloomberg podcast, which Forbes cited, Mark Mobius, the 80-something-year-old founder of Mobius Capital Partners, divulged some things that some would have never expected him to say. Mobius, who once dubbed Bitcoin a “real fraud” in a Jamie Dimon-esque fashion, stated that BTC is likely to be “alive and well”, uh, well into the future. The investor, deemed “legendary” and “veteran”, by his peers, then added that he knows there is a need, even a desire for global individuals to have a way to transact and transfer value “easily and confidentially”.
Ethereum (ETH) up 37.9 percent, a retest of $200 likelyBarry Silbert of Digital Currency Group (DCG) is confident that prices will snap back to trend.With supportive technical and fundamental factors, Barry Silbert is positive that asset prices will shake off sellers. Meanwhile, Ethereum (ETH) is stable and up 37.9 percent in the last week.Ethereum Price AnalysisFundamentalThere is an element of resiliency in the ongoing correction. At the back of increasing awareness, an inclination towards data privacy and control, volatility and infrastructure development, today’s dip is markedly different from previous corrections.Taking note is Barry Silbert, the founder, and CEO of Digital Currency Group (DCG), who told Bloomberg that fundamental and technical factors are supportive of price:“Sentiment, the technicals look great. An 80 percent draw-down happened three or four times, and every time that’s happened [it hit] record highs. So as soon as you get the price going back up and animal instincts come back, [the market recovers].”Adding that:“But the difference between this increase in price and the bubble in 2017 is the infrastructure much different. You have custodians now. You have trading software, you have compliance software, and people are educated about the asset class, so this time is different.”Candlestick ArrangementsWhat we have in the daily chart is a clear double bar bear reversal pattern. Even though prices are up 1.3 percent and 37.9 percent from last week and day, sellers have the upper hand. It is easy to see why.First, note that May 16th and 17th bars did close above the upper BB (Bollinger Bands). From candlestick arrangement and BB rules, that is an over-extension that is usually followed by a correction — which is in progress.Secondly, May 17th bear bar has high participation levels with sellers liquidating their positions triggering a fall. Bear momentum spilled over to today, and in confirmation, risk-off traders can begin unloading Ethereum (ETH) with targets at $190 in line with our last ETH/USD trade plan.Apart from the two reasons, note that there is a lower low between May 11th and today’s close from BB analysis. If anything, that is bearish. On the other hand, any spike above May 16th highs will signal trend continuation, canceling out sellers.Technical IndicatorsTypical of ETH retracement and breakouts, it is likely that prices will drop back towards the 78.6 percent ($200) or April highs in a retest. Ideally, what would mark out sellers is a high volume—exceeding 537k — close below May 16th.Chart courtesy of Trading View. Image Courtesy of Shutterstock