Bitcoin price failed to climb above $8,800 and declined sharply below $8,400 against the US Dollar.The price failed to hold the key $8,250 support and it even spiked below the $8,000 support.There is a major bearish trend line forming with resistance near $8,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is currently correcting higher, but it is likely to face sellers near $8,200 and $8,350.Bitcoin price is currently trading in a bearish zone below $8,400 against the US Dollar. BTC could start a sharp upward move above the $8,800 and $8,850 resistance levels.Bitcoin Price AnalysisAfter a steady rise, bitcoin price faced sellers near the $8,800 level against the US Dollar. The BTC/USD pair failed to clear the $8,800 resistance and recently started a downward move. There was a sharp decline from the $8,578 swing high below the $8,400 support area. The price even settled below $8,220 and the 100 hourly simple moving average. The decline was such that the price even spiked below the $8,000 support area. A new weekly low was formed near $7,643 and the price is currently correcting higher.It is currently trading near $8,000 and above the 23.6% Fib retracement level of the recent decline from the $8,578 high to $7,643 low. On the upside, an initial resistance is near the $8,100 area. The 50% Fib retracement level of the recent decline from the $8,578 high to $7,643 low is also near the $8,110 level. If there is an upside break above the $8,110 level, the price may even recover above $8,200. The main hurdles on the upside are near $8,350 and $8,400. Moreover, there is a major bearish trend line forming with resistance near $8,440 on the hourly chart of the BTC/USD pair.The trend line coincides with the 76.4% Fib retracement level of the recent decline from the $8,578 high to $7,643 low. Moreover, the 100 hourly SMA is also near the $8,400 resistance area. Therefore, if the price corrects higher, it is likely to face a strong resistance near the $8,400 area.Looking at the chart, bitcoin price clearly moved into a bearish zone below $8,400 and $8,200. In the short term, there could be more losses and sellers are likely to remain active. Only a close below $8,400 might reverse the recent decline. On the downside, the main supports are near $7,650 and $7,440.Technical indicators:Hourly MACD – The MACD is currently gaining momentum in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined sharply below the 40 level, with a bearish angle.Major Support Levels – $7,650 followed by $7,440.Major Resistance Levels – $8,200, $8,400 and $8,500.
Archives for June 3, 2019
Ripple price failed to hold the key $0.4400 support area and declined recently against the US dollar.The price declined below the $0.4200 support area and even spiked below $0.4000.There was a break below a major ascending channel with support at $0.4380 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently near $0.4120, but there is a risk of more losses in the near term.Ripple price failed to continue higher and declined sharply against the US Dollar and bitcoin. XRP is currently under pressure and it seems like the bulls may struggle to hold $0.4000.Ripple Price AnalysisIn the past few days, there was a steady rise in ripple price above the $0.4200 and $0.4380 resistance against the US Dollar. The XRP/USD pair even broke the $0.4500 resistance and settled above 100 hourly simple moving average. Finally, there was a push above the $0.4610 level. However, the price failed to stay above the $0.4600 level and there was a major bearish reaction. The price declined heavily and broke the key $0.4500 and $0.4440 support levels.During the decline, there was a break below a major ascending channel with support at $0.4380 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4200 support area and the 100 hourly simple moving average. Finally, there was a spike below the $0.4000 level and the price traded as low as $0.3964. At the moment, the price is correcting above $0.4100 and the 23.6% Fib retracement level of the recent decline from the $0.4646 high to $0.3964 low. On the upside, there are many hurdles for the bulls near the $0.4300 level. The broken trend line support near $0.4320 and the 100 hourly SMA could prevent upsides.Moreover, the 50% Fib retracement level of the recent decline from the $0.4646 high to $0.3964 low is also near the $0.4305 level to act as a resistance. Therefore, if there is an upside correction, the price could struggle near the $0.4300 level. A successful close above $0.4320 and the 100 hourly SMA might start a fresh increase. If not, there is a risk of more losses below $0.4100 and $0.4000.Looking at the chart, ripple price clearly moved into a short term bearish zone below $0.4300. If the bulls continue to struggle near $0.4300, there might be another push below the $0.4000 level.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a negative angle.Major Support Levels – $0.4100, $0.4000 and $0.3920.Major Resistance Levels – $0.4250, $0.4300 and $0.4320.
Last week, NewsBTC put a spotlight on the increasing need for account security for crypto investors, due to an emerging trend of SIM-port hacks that have resulted in investors having their accounts completely drained by cyber criminals. These cyber criminals gain access to a crypto investor’s phone number with the goal of intercepting SMS-based authentication codes that will allow the hackers easy entry into the investor’s sensitive accounts, such as personal email accounts, or even direct access to crypto exchanges themselves where assets are held.
By CCN: China may have cracked down on cryptocurrency companies, but that’s not stopping the local population from pursuing bitcoin as an investment. Economist and trader Alex Kruger did the research and found that there may be some truth to the theory that China fueled much of the gains in the BTC price last month. June hasn’t been so kind, at least so far, with the bitcoin price down more than 7% in the last 24 hours. In May, however, bitcoin was a rock star as its value expanded by a whopping 60%.
In a series of tweets, Kruger explained how he scoured search trends on China’s Google – Baidu – looking for answers and connecting the dots. As it turns out,
“China’s bitcoin popularity has definitively been on the rise.”
The parallels between the bullish BTC price and Baidu search trends are likely not a coincidence. Chinese investors have reportedly been looking to offset fears of a crumbling yuan as a result of the U.S./China trade war by converting the local currency into USD or bitcoin. In fact, the value of the yuan shed 2% vs. USD on the heels of President Trump’s aggressive tariffs, according to Forbes. Primitive Ventures Dovey Wan observed the trend early on:
Spike in Bitcoin Interest
Kruger backed up his Baidu/bitcoin search suspicions further, pointing out that the rise in the number of Baidu bitcoin searches coincided with the cryptocurrency’s performance even in April. By May, the trend became clear as at critical points, such as when the BTC price reached $6,000 or when it muscled its way from $6,400 to $7,450 and eventually made a new 2019 peak at $8,350 amid a wave of FOMO. Kruger stated:
“Interest in bitcoin spiked either after price breakouts or during breakouts.”
He provided the following illustration:
China and the U.S. Agree on One Thing
China and Baidu shared a similar behavior with Google Trends. Kruger stated:
“Both interest in bitcoin in China (as measured by Baidu Trends) and in the World (as measured by Google Trends) increased similarly and on the same dates (note: dates adjusted by time zone).”
Kruger noted a “bearish divergence,” however, that took place starting in about mid-May.
At that time, bitcoin’s value continued to increase but searches on Baidu and Google weakened. Chinese interest in bitcoin is looking up once again, however, with Baidu searches back where they hovered at the key BTC $6,000 level. Meanwhile, “buy bitcoin” searches on Google Trends have fallen since May 31.
TRX up 22.3 percent from last week’s closeUS SEC flexibility will spur innovation and Tron set to benefitOverly, US SEC decision to support innovation could end up benefiting TRX. At the moment, bulls are back, wiping losses and confirming buyers of late May.Tron Price AnalysisFundamentalsJustin Sun is known for his aggressive marketing. However, considering that he is behind one of the most liquid coins in TRX that supporters claim is a utility; his approach is fodder for critics. On one end, the SEC may be relaxing their rules allowing for the sake of innovation.Through the Director of Corporation Finance William Hinman, the US SEC announced a leeway. He said projects that even pushed the agency’s boundaries could in a flip turn from being a security to a utility. But there is a catch. It is only applicable for projects that can demonstrate use case. Only then will the agency issue a no-action letter even if it is in progress.While this will be a relief for crypto projects fundraising via Tron or any other platform, whether TRX remains a security within the US is still a sticky topic. No doubt, comments from Justin do affect prices in one way or another. That’s on top of centralization questions and the general fractured market where regulators find themselves in a dilemma. The matter of balancing regulation without sacrificing technology and innovation will always be a tough nut for regulators.Candlestick ArrangementUp 22.2 percent week-to-date, 12Tron (TRX) bulls are in control. From the chart, TRX is trading within a bullish breakout pattern. In line with previous TRX/USD trade plans, the expansion over the weekend saw prices spike to 4 cents.Even so, it appears as if TRX is heating up and may cool off. Following yesterday’s inverted hammer, today’s drawdown is a temporary correction. However, it is an opportunity for traders to buy the dips with targets at 4 cents and later 6 cents.Should sellers press lower forcing liquidation, it is likely that TRX will fall back to the 3.1 cents mark in a retest before prices spring back to the primary trend. Ideally, the recovery as well as a breakout above 4 cents ought to be with high trading volumes revealing demand.Technical IndicatorIn light of recent developments, June 1 candlestick is our reference bar. It has high trading volumes of 31 million versus 14 million averages confirming the bullish breakout above 3.1 cents. Therefore, in an uptrend as this, any close above 4 cents ought to be with equally high trading volumes cementing this preview.Chart courtesy of Trading View. Image Courtesy of Shutterstock
Justin Sun, founder of Tron and CEO of peer-to-peer file sharing protocol BitTorrent revealed through tweet that he placed a record-breaking bid of $4.57 million to lunch with crypto-skeptic Warren Buffett as part of the “Oracle of Omaha’s” annual charity auction for the Glide Foundation.
The 28 year-old Sun will meet Buffett at Smith & Wollensky’s in Manhattan and has said he would invite seven crypto-industry leaders to join them.
“I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy” wrote Sun in a Medium post.
Before launching Tron in 2017, with an ICO that raised about $70 million, Sun was an early investor in Tesla and bitcoin while obtaining a Master’s degree at the University of Pennsylvania in 2013. His latest venture, Peiwo, is a foray into social media with a Vine-like app that connects users through 10-second audio samples.
“As some of you might know, the CEO of Berkshire Hathaway has said publicly he sees no ‘unique value’ in Bitcoin, the world’s largest cryptocurrency,” Sun continued, “Yet, he has pointed to the potential in blockchain, the underlying technology behind all cryptocurrency. I look at the upcoming lunch with Buffett as an opportunity to seek mutual understanding and growth.”
Buffett has slammed cryptocurrency in the past — calling it at one point “rat poison squared” — and most recently at his annual shareholder’s meeting saying, wagering on bitcoin is like betting on zero or double-zero on a Las Vegas roulette wheel.
Though in a statement provided by his assistant, Buffett said “I’m delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends. We are going to have a good time and Glide will use his contribution to help many thousands of people.”
The billionaire CEO of Berkshire Hathaway has hosted this auction since 2000, and has raised over $32 million for the Glide Foundation, which serves the homeless population and those battling addiction in San Francisco.
Last year’s winning bid was $3.3 million.
Image via Coindesk Archives
By CCN: Most enterprise blockchains have been mistargeted. They will need replacing in a couple of years. Gartner did a study that found up to 90% of the blockchains in use today will need to be replaced in just a couple short years.
“By 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to Gartner, Inc.”
Impact to Business: $200 Billion
The report isn’t all doom and gloom, though.
It also points out that the value blockchains add to regular enterprises will be nearly $200 billion by 2025. Aside from the speculative market for cryptocurrencies generally, this is real money that will be flowing over blockchains. Consider that its impact is only a fraction of that today. We can see that prices by then might be very different than they are today.
Gartner’s Adrian Lee believes that multiple blockchains will persist. Industries have not answered the nascent rumblings of the technology with a unified demand around the products that should come about. As a result, numerous products remain available, often with overlapping features. Increased demand for enterprise blockchain solutions leads to an even greater variety of products. Lee believes that a clear winner is unlikely to emerge.
Traditional enterprise and finance are increasingly interested in blockchain. The technology offers numerous advantages when employed correctly. While some believe it can only be useful for securing and transferring money, others have long seen possibilities beyond a simple ledger. Indeed, there’s not much in society’s functions that it wouldn’t help with, but it’s often not the best choice.
When Is It Not Ideal?
Blockchains require numerous resources, no matter how they’re secured, and their centralized counterparts are often faster. In some cases, the decentralized blockchain model can deliver faster. But for the most part, speed and efficiency aren’t the reason to look at it.
Presumably, most of the systems studied by Gartner will still be in place after 2021. If they need to be upgraded, that’s part of the package.
Many companies want to be fluent in blockchain before the technology is everywhere. That’s where Gartner comes in, hoping to advise its massive client base on how to navigate the next blockchain wave best.
The crypto markets have incurred some downwards pressure today after Bitcoin (BTC) was once again unable to climb into the upper-$8,000 region without incurring any significant selling pressure.The bitcoin price has shown high volatility in the past week in a tight range (source: coinmarketcap.com)Bitcoin’s inability to gain a foothold within the upper-$8,000 region appears to have put the entire market’s upwards momentum at risk, and analysts are now noting that it is critical that BTC holds above $8,200 in the near-term, or else significantly further losses may be imminent.Bitcoin (BTC) Drops After Nearing $8,800 At the time of writing, Bitcoin is trading down over 2% at its current price of $8,500 and is down from recent highs of just below $8,800.Although it is abundantly clear that $9,000 is a strong resistance level that will require a significant amount of buying pressure to be broken through, in the meanwhile it also appears that BTC has formed $8,800 as another level of resistance, as it has been struggling to surge past this price for the past several days.UB, a popular crypto analyst on Twitter, recently expressed what can be deemed as a bearish sentiment, noting that he is looking to short BTC’s next bounce, or a break below $8,200, which appears to be a key support level that the crypto must hold above.“$BTC – Looking to short the next bounce or a break below $8200. $8200 is a key HTF support to hold. A Daily Close below there would be a short signal. Argument invalid if the Trading Range EQ (~$8600) is reestablished as support,” he explained in a recent tweet.Assuming that Bitcoin’s inability to surge past $8,800 does lead to an increase in selling pressure that pushes its price below $8,200, there is a possibility that significantly further losses could be imminent.Analysts Concur That $8,200 is a Key Support Level for BTC UB is not alone in his assessment that $8,200 is a key support level for Bitcoin, as Josh Rager, another popular analyst on Twitter, also echoed a similar sentiment in a recent tweet, explaining that although Bitcoin is currently holding above one of its recently established trend lines, a further drop could spell trouble for the crypto.“$BTC: A Tale of Two Trendlines. Two trendlines below, we’re either at bottom of trendline or BTC already broke through the prior support. Trendlines are highly subjective but can work as R/S but they are meant to be broken and only last so long. Regardless, $8200 must hold,” he explained, further affirming that $8,200 is a key support level that must be held above.$BTC: A Tale of Two TrendlinesTwo trendlines below, we’re either at bottom of trendline or BTC already broke through the prior supportTrendlines are highly subjective but can work as R/S but they are meant to be broken and only last so longRegardless, $8200 must hold pic.twitter.com/9FTRIY59I9— Josh Rager 📈 (@Josh_Rager) June 3, 2019As the fresh week kicks off and Bitcoin’s price action continues to unfold, investors and analysts alike will be closely watching to see how the cryptocurrency responds to its recent instability, as the rally that has been experienced in recent times may soon come to an unfortunate end.Featured image from Shutterstock.
Bitcoin has once again fallen beneath $8,000 amid a sharp sell-off that saw prices drop to as low as $7,900 according to Coindesk data.
At 23:00 UTC late Monday evening, the world’s largest cryptocurrency by market cap began to fall sharply, enduring over a $700 loss in value on the back of strong volume.
For several days now BTC has failed to rise above and firmly closeout $8,800 leading to a retest of prior supports as it struggled to pick up a bid.
Down 8.26 percent, bitcoin is struggling find a footing just beneath the $8,000 psychological price tag as the intensity in the pullback continues on high volatility.
Notably, the sell-off was also accompanied by a large uptick in 24-hour trading volumes to a 24-hour high of $21.5 billion, according to data from CoinMarketCap.
However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $21 billion, according to Messari.io.
Meanwhile, other highly ranked cryptocurrencies like ETH, BCH, LTC, and BNB have dropped 5 to 12 percent each on a 24-hour basis, while EOS suffered the largest drawdown in the top 10, dropping 12.4 percent according to data at CoinMarketCap.
What’s more, the total market capitalization has fallen to a total of $16 billion, while the market capitalization of altcoins is down $7 billion, a sign that investors are becoming wary of overbought prices.
Disclosure: The author holds no cryptocurrency at the time of writing.
At long last, Bitcoin (BTC) has begun to slip after trending in the mid-$8,000s for days on end. In a move expected by a number of analysts, BTC has dropped to $8,100 on most major crypto exchanges.In the past 24 hours (according to Coin Market Cap), the cryptocurrency is down 5.80%, as a number of altcoins, save for Bitcoin Satoshi’s Vision, Cosmos’s ATOM, Crypto.com, have posted similar or worse losses. Despite the rapid spike lower though, there’s purportedly still hope for bulls, barring that a specific level can be held in the coming minutes.Bitcoin Needs to Reclaim $8,200According to most analysts, Bitcoin needs to reclaim the key $8,200 price level in the coming hours, as that is where BTC topped out multiple times last month. Per a recent tweet from analyst Josh Rager, bulls need to reclaim $8,203 to close the daily candle, or else “continual downward price action [to] the high $7,000s” could be seen in the coming days.$BTC Bulls need to push back and close above $8203This is a nasty candle on the daily chartClosing below $8200 will likely lead to continual downward price action in the high $7ks for now pic.twitter.com/AE9zAgzoZK— Josh Rager 📈 (@Josh_Rager) June 3, 2019Indeed, as others have explained earlier on Monday, $8,200 has acted as a key resistance not only during Bitcoin’s recent swing higher but during mid-2018, which was when the cryptocurrency tried to break from the vise of bears.If $8,200 is not held, however, analysts expect crypto’s short-term prospects to get messy real quick. Per previous reports from NewsBTC, Josh Olszewciz of Brave New Coin postulated that when the pullback arrives, it will be serious and harsh. He recently noted that Bitcoin is currently trading in a rising wedge pattern, which, if not broken above, can act as a catalyst for a bearish trend reversal.What’s more, Olszewciz points out that there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower.No matter where Bitcoin heads in the coming weeks, the crypto market is still decidedly in a bull trend. Rager recently claimed that the Super Guppy, an indicator that singles out overarching trends, has flipped from red to grey on Bitcoin’s one-week chart, just as the same technical signal flipped from grey to green on Bitcoin’s three-day chart.This occurred when BTC pushed past $7,000 just weeks ago. While the one-week Super Guppy isn’t green yet, signaling a clear uptrend, Rager notes that Guppys are “lagging indicator”, meaning that the change from red to interim grey makes for a “strong confirmation” of a bull trend.Featured Image from Shutterstock. Charts Courtesy of TradingView.com