Bitcoin (BTC) cool off, correction in the cards. Shapeshift’s Erik Voorhees says bubbles are normal. At the back of record transaction volumes and ultra-bullish news, Bitcoin (BTC) is one of the top performing assets. All the same, upside momentum is slowing, and BTC could slide back to $7,500, or $5,500.Bitcoin Price AnalysisFundamentalsBubbles are normal, says Erik Voorhees,the CEO of the crypto-to-crypto exchange ShapeShift. In a recent interview with Bloomberg TV, the crypto pioneer and one of the first entrepreneurs of Bitcoin notes that most analysts believe that the so-called winter is over. And as such, there are investors who are cautiously siphoning money back into crypto after last year’s deep plunge. He adds:“We’ve seen four or five of these bubbles at this point, so a lot of this is just cyclical. People wait until they feel the bottom is in, and when they feel like the bear market is over, then they feel comfortable moving back into crypto. That´s probably the biggest reason why this is happening, but often, these things are just a confluence of many individuals making their own decisions.”Despite what Bitcoin, cryptocurrency, and blockchain represent, asset prices are cyclical in nature. Bitcoin, the most valuable of all digital assets, is no different. After bottoming in the $3,200 range in mid-Dec 2018, BTC prices have surged 2.5 times. However, with supportive fundamentals and widespread use of the coin, analysts are convinced BTC is trading at a discount, even after 2019’s over 150% so far.Candlestick ArrangementAfter six weeks of near perpendicular upswings, Bitcoin (BTC) bulls are taking a breather. Prices are up 33.8 percent from last week’s close but printing lower lows in smaller time frames.Even so, the trend is up, and this is normal as prices do correct as accelerants cool off. Thus far, there is a double bar bear reversal pattern from $8,500. Everything else constant, this is a mark of bears and the best move it to exit longs.Meanwhile, aggressive traders can short with safe stops at $8,500 with first targets at $7,500. From candlestick arrangement, there is an overvaluation since four bars are above the upper BB, favoring bears as a result.Technical IndicatorsIn light of the above, our anchor bar is May-11, wide-ranging, high-volume bull bar—47k against 21k. It is a bull breakout bar. To align our trade plan with May-15 laid out conditions, any dip below May-11 lows will slow down buyers more so if the bar has high volumes exceeding 47k. That will also invalidate our long position as bears take the driving seat with targets of $5,600 in a bear trend continuation phase.Chart courtesy of Trading View
Ethereum (ETH) add 55 percent in the last weekCryptopia folding explains exchanges should be after verticals, not listing and trading feesAccording to Vijay Boyapati, exchanges are walking the wrong path of short-term profitability over future dominance better exemplified by Cryptopia decision to list as many as coins/tokens as possible before falling prey to hackers. Meanwhile, Ethereum (ETH) bulls are rampant, stepping on the gas pedal with targets at $300 and $400.Ethereum Price AnalysisFundamentalsBy design, blockchain and related businesses should function in a decentralized manner. That is, all operations are transparent with the end user as makers.However, that is not the case. The total crypto market valuation exceeds $130 billion, and aside from OTC players, the majority of crypto trading is from centralized crypto-to-crypto or crypto-to-fiat exchanges. Any form of coin or token deposit is a forfeiture of control–the epicenter of all problems.Learning from Cryptopia which is folding as a result of a damaging hack, a critic is now after the general operating model of crypto exchanges. While acknowledging that they play an essential role, providing liquidity for digital assets, their decision for short-term profits will harm them in the future.“Five years from now it will be widely recognized that the major financial players in the “cryptocurrency space” (mostly exchanges) made a strategic error in pursuing a horizontal business opportunity rather than a vertical one.”Adding that crypto-companies going for the vertical will, in the long-term, rake in big as industry leaders:“In the next few years, I believe it will become obvious that those companies that pursued the long-term strategy of financialization atop Bitcoin will be the strongest (perhaps only) players left in the space. They will become the JP Morgans of the 21st century.”Candlestick ArrangementUp 13.5 percent and 55 percent in the last day and week, Ethereum (ETH) expansion means it is the top performer in the top 10 cryptocurrencies, tying with Stellar Lumens (XLM).However, there’s more. Because of gains seen during the New York (American) and Asian, our targets have been hit as bulls take charge, thrusting prices to new 2019 highs. In a classical bull breakout pattern, all pointers point to further upsides.Fanning these streams of buyers are supportive fundamentals and favorable candlestick arrangement pumping ETH as momentum build up. As a result, every low above $190 will be another buying opportunity with targets at $300, $400 and $450 in line with our last ETH/USD trade plan.Technical IndicatorOur reference bar is May-15 bull bar. The bar is wide-ranging with high-volumes—537k. Therefore, any drop reversing and signaling a correction below $190 must be at the back of similar or better participation. If not, buyers would still be in control from an effort versus result point of view.Chart courtesy of Trading View.
Stellar Lumens (XLM) rally, add 55.6 percentThe network failed for two hours on May-15Stellar’s validator nodes “trust” the SDF nodes. Because of that, there was a failure, and the system couldn’t reach consensus for two hours on May-15. At the moment, XLM is under pressure but up 18.8 percent in the last day.Stellar Lumens (XLM) Price AnalysisFundamentalsIn the words of Yorke Rhodes, development around blockchain feels like it is back to 1995. Then, the internet had little interest to the average consumer. Fast forward, 19 years later, and Web-1 is indispensable. Everyone can be a publisher in this decentralized web where communication is seamless.Now, it’s blockchain’s turn, and as the world readies for “investment,” Stellar is laying down the infrastructure. The native currency, XLM, fulfills the same functions as XRP, a coin that is embroiled in controversies, struggling to clear the centralization and security tag. However, it is XLM that is under investor’s radar.Aside from influential partners in IBM, Coinbase is airdropping the coin increasing demand for the asset. At the same time, XLM did draw some momentum from the “Coinbase effect” following its listing at the American exchange.All the same, XLM did crumble for some hours today following a freeze in the network. For two hours on May-15, the platform couldn’t reach consensus meaning no transactions were validated, because, one Redditor said “most validators on the network, if not all of them, trust SDF nodes. So that means that SDF validators are needed for the network to reach consensus.” In his explanation, Jed McCaleb, co-founder of Stellar, said:“Over the last months, we have worked to get people to not depend on the SDF nodes. As of maybe a month or so ago the SDF nodes could safely go down and the network would continue. However, this also means that the network can halt even if the SDF nodes are still running. Unfortunately, this is what happened.”Candlestick ArrangementWith a pin-bar and zero-support, Stellar (XLM) is melting. Even so, it is up 18.8 percent in the last 24 hours and a massive 55.6 percent from last week’s close. At the back of this is a humongous bull bar marking the entry of buyers, thrusting above a 5-month resistance level at 13 cents.Because of yesterday’s event and volumes behind the breakout bar, every low dip should be a buying opportunity with the first target at 18 cents. That will be a retest of Q2 2018 lows. Nonetheless, any blast above 20 cents could see XLM rally to 30 cents.On the flip side, should today’s overvaluation spur a sell-off below 11 cents and 8 cents with high participation, our bullish outlook would be null.Technical IndicatorFrom the chart, prices were mostly ranging with caps at 13 cents and floors at 8 cents. After May 15th’s bull bar — 5 million versus 1 million, any bar cementing buyers above 13 cents ought to be with equally high volumes above 5 million.Chart courtesy of Trading View.
Bitcoin (BTC) prices up but in tight rangesThe US SEC delays their decision on Bitwise Bitcoin ETFAfter their decision on Bitwise Bitcoin ETF, all eyes are on the US SEC and whether they will finally approve any of the many applications. Even so, buyers are in charge with prices soaring 70 percent after breaching $4,500 resistance, now support.Bitcoin Price AnalysisFundamentalsOver and above Satoshi’s objective of creating a global payment platform, Bitcoin is disruptive. The technology underpinning its success is likely to cause a paradigm shift accommodating fluid projects. Thus far, there is resistance—but for good reasons.Bitcoin and all blockchain applications are global and mostly unregulated. That is why there is reluctance from institutional grade investors to sink funds into a sphere where asset price manipulation is so rampant that Jay Clayton of the SEC said the agency wouldn’t approve any crypto derivatives until there is proper monitoring in place.As agencies and start-ups, lay down rails in compliance, Bitcoin benefits are seeping through barriers. While all eyes are on the SEC and whether they will give the green lights, other jurisdictions are reaping benefits from correctly classifying and assuring investors through capital tax gains. Malta is the lead, and Japan is setting the foundation while there are rumors that Russia is amassing Bitcoin and Gold as a cushion in case there is another sanction.Meanwhile, Bakkt, Fidelity and traditional brokers are offering avenues for investment, meaning the future is all but bright for early entrants.Candlestick ArrangementPrice wise and Bitcoin (BTC) buyers are slowing down. After six weeks of stellar performance that saw BTC prices soar 70 percent—or more once bulls tore $4,500, the foundation is firm. Presently, BTC prices are under sell pressure. With yesterday’s long upper wick hinting of liquidation in lower time frames, today’s trade range is inside May-14 highs despite a near perpendicular expansion.All the same, there is a high likelihood that buyers will forge forward. However, if there is a retracement from spot levels in a correction of May-14 over-valuation—a whole bull bar is above the upper BB, then prices would likely slide to $7,500 in a retest phase.Nonetheless, from candlestick arrangement, buyers are firm and risk off traders should ramp up on dips, albeit with stops at around $7,600.Technical IndicatorIn light of this slow down and expectation of a retracement, our anchor bar is May-11’s. The candlestick is wide-ranging and with above average volumes—47k. For trend continuation, any breach of $8,500 or drop below $7,500 must be with high participation. These volumes must exceed averages of 24k and 47k confirming or nullifying our trade position.Chart courtesy of Trading View
Ethereum (ETH) up 16.8 percentCryptopia liquidates after Jan 2019 lossBehind today’s 16.8 percent surge of Ethereum (ETH) prices are supportive fundamentals. Sources indicate that the CFTC is warming up to the idea of ETH derivatives and heavyweights are gravitating towards Ethereum. That is supporting prices, countering sell pressure emanating from Cryptopia liquidation.Ethereum Price AnalysisFundamentalsIt’s over for Cryptopia, the New Zealand cryptocurrency exchange that was hacked, losing an estimated $16 million. Most of those lost coins were Ethereum (ETH) and related ERC tokens. With no haircuts, investors, as well as the exchange’s stakeholders, had to count losses severely affecting the liquidity position of the once vibrant exchange.Unfortunately for traders and investors, the repercussions took a heavy toll, and the crypto exchange is now in liquidation. Grant Thornton New Zealand, the official liquidator, made the announcement which was subsequently confirmed by Cryptopia, a few hours after the exchange went for unscheduled maintenance.David Ruscoe representing the liquidator, said:“We realize Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders, including management and shareholders, to find the solution that is in the best interests of customers and stakeholders.”Candlestick ArrangementHowever, price action points at a different picture. Reflecting resilience–and an on-demand asset, the second most valuable coin is 40.3 percent in the last week. It’s up a massive 16.8 percent in the past 24 hours, matching the performance of Ripple (XRP) which is also on a solid uptrend.In line with our last ETH/USD trade plan and development of the previous 24 hours, traders should fine-tune their positions in lower time frames as momentum build up. Already, hinting of underlying demand, bars are banding along the upper BB as it diverges from the 20-day MA.Concurrently, ETH bulls are cementing their position above $200, and in a bull breakout pattern, it is likely that prices will expand towards $250, our first target and later $300. However, our ultimate aim stands at $450 or Q2 2018 lows.Technical IndicatorAffirming our stance is increasing participation levels. From late Apr-2019, transaction volumes have more than doubled from around 100k to 242k of May-14. That is an express indication of demand, the perfect building blocks that will feed the next wave of higher highs first towards $250, $300 and later $450.Chart courtesy of Trading View
Ripple (XRP) rally, add 44.2 percentAn Ethereum (ETH)—Ripple (XRP) flip could happen in days
After a six-month consolidation, the stage is ready for Ripple (XRP). Up 44.2 percent at the time of press, XRP is closing in on Ethereum (ETH) and could flip the asset if there is a ballpark 25 percent price increment. At this pace, bulls should set their targets at 80 cents and even $1.40.Ripple Price AnalysisFundamentalsBefore May-14, Ripple (XRP) performance had been lackluster. Underperforming Bitcoin (BTC) and other top-10 liquid assets, observers said the XRP was decoupling to the delight of Brad Garlinghouse, the CEO of Ripple Inc. In his view, the final decoupling from Bitcoin would be mainly because of the “investor rationale.” That will be when investors would appreciate what each project brings to the table. While talking to CNBC, the crypto leader said:“There’s a very high correlation between the price of XRP and the price of Bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that.”He further adds that most crypto assets will “disappear” in a decade because the sphere “is still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases.”However, with CoinBase Pro decision to support XRP trading in the stringent, compliance demanding state of New York is a big boost for the asset. To some extent, it does clear XRP of the “security” tag, allowing for unbridled investment in the world’s third most liquid asset.Candlestick Arrangement At spot rates, XRP is trading above 40 cents with a market cap of $18,076million,up 44.2 percent in the last week and closing on the ETH gap. Besides the injection of buy pressure, what’s worth noting is that prices are now trading above two critical resistance levels at the back of high participation levels.Because of this sharp spike, all our XRP/USD trade conditions are right. As a result, the best course of action is to fine-tune entries in smaller time frames with the first modest target at 60 cents and later 80 cents.On the flip side, in case there is a correction, ideal buy zones will be anywhere between 35 cents and 40 cents in a retest trade.Technical IndicatorsSince Sep 2018 bulls are back—analysis from an effort versus result point of view, supportive of buyers as prices are still consolidating inside Sep 2018 high low. Anchoring our trade is May-14 wide-ranging, bull bar with 187 million against 35 million. In a trend continuation, we expect XRP to close higher with equally high volumes ideally above 100 million.Chart courtesy of Trading View
Binance Coin (BNB) up 5.8 percentBinance and eBay could link upThere is no official confirmation, but rumor has it that eBay could announce their support of Binance Coin (BNB). The platform is one of the largest in the world, and that resulting demand could thrust BNB towards $42.Binance Coin Price AnalysisFundamentalsAt spot rates, Binance Coin is trading above $20, up 5.8 percent from last week’s close. Well, if anything this is bullish and an indicator of how Binance Coin (BNB) bulls are resilient even after a reputation-damaging hack.As the native coin of the Binance Chain and facilitator of Binance, it was natural for BNB to retrace in light of the $40-million heist. However, the recovery is impressive, and as the Changpeng Zhao updates the community on progress or system overhauls, BNB is printing higher. Withdrawals and deposits resume today:“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.”Even so, what could further lift BNB is if eBay offers support for the asset. With 179 million users across the globe, the platform is one of the largest marketplaces in the world. Therefore, its support would no doubt aid in driving adoption, increasing demand for the coin as BNB surge higher.Candlestick ArrangementsCurrently, Binance Coin (BNB) is stable in the last 24 hours but trading within a bullish breakout pattern. Despite the retracement in the first week of the month, bulls are back correcting the under-valuation of May-10 in a bull trend resumption phase. Because of this, every dip is another loading opportunity for traders aiming at BNB’s all-time-highs at $26.Furthermore, note that prices are reacting from the 61.8 percent Fibonacci retracement level of the coin’s recent leg up. From this supportive price action and bullish fundamentals, it is likely that BNB will edge higher in days ahead.However, it is after prices edge past May-13 highs of $26 that risk-averse traders can load up with targets at $40 or the 161.8 percent Fibonacci extension level anchored on BNB’s all-time high-lows.Technical IndicatorOur reference bar is Mar-5 bull bar. It is wide-ranging and breaks above the main resistance line at around $12. For upswings toward $42, then any break above $26 must be with high transaction volumes exceeding 4.88 million of Mar-5.Chart courtesy of Trading View
Bitcoin (BTC) surge 40.8 percentAfter Bill and Warren, Kevin now says Bitcoin is uselessKevin O’Leary, the millionaire Shark Tank Host says Bitcoin is a useless currency with no use. Nonetheless, Bitcoin is a platform that is already disrupting traditional setups. After tomorrow, Bitcoin (BTC) could surge above $8,500.Bitcoin Price AnalysisFundamentalsIt’s a sea of green and spearheading this recovery is the king, Bitcoin. After retesting a 10-month high of $8,335, price is up 40.8 percent from last week’s close but stable in the previous day, adding a measly 43.9 percent.However, it is not about price anymore, it is what’s at stake, and the level of interest the world’s most valuable asset is drawing. Although supporters and critics agree that Bitcoin, despite blurry regulation in some jurisdiction is a worthy investment with the underpinning technology revolutionary, others are Kevin O’Leary insists that Bitcoin is “garbage.”The Canadian millionaire and the founder of the company, SoftKey that draws $29 million in revenue per year, assert that Bitcoin is “useless currency” simply because investors use it to hedge against volatility.“But everyone says, yes, you can. But, what happens is the receiver wants some guarantee. Let’s say you want to buy a piece of real estate for $10 million in Switzerland. […] They want a guarantee that the value comes back to you as currency at ten, you have to somehow hedge the risk of Bitcoin. That means it’s not a real currency.”Candlestick ArrangementAt press time, Bitcoin (BTC) bulls are slowing down as prices correct after a parabolic rise. At spot rates, there is selling pressure, $250 off the second target at $8,500. With a long upper wick indicating liquidation, traders should avoid loading up at spot rates.Note that today’s bar will likely close above the upper BB meaning there is an element of over-valuation. By extension that also hints to an impending dip.Instead, the best approach is to wait for pullbacks ideally towards $7,500. In a retest phase, risk-off traders will fine-tune entries with the first target at $8,500 in a trend resumption stage.Technical IndicatorBecause of that, our anchor bar is May-11, high-volume bull bar. With 47k against 21k, it is wide-ranging. Therefore, for trend continuation, prices must react and snap back to trend or fall and nullify our stance at $7,500 with equally high participation rates exceeding averages or more precisely 47k.Chart courtesy of Trading View
Ripple (XRP) surge, up 36.1 percentBörse Stuttgart lists Ripple and Litecoin ETNsVolatility is back, and Ripple (XRP) bulls are in the driving seat. It may be because of Börse Stuttgart listing Ripple (XRP) and Litecoin (LTC) ETNs. However, what is evident is that behind today’s rally is interest thanks to a spike in participation levels. At this rate, it is likely that Ripple (XRP) will close above 40 cents as bulls aim at 80 cents.Ripple Price AnalysisFundamentalsAfter five months of consolidation, Ripple (XRP) bulls are back—and with force. Trailing Bitcoin (BTC), XRP is the second top performing asset in the top-10, adding a massive 36.1 percent in the last week. However, the increasing volatility is timely for traders because it appears that Bitcoin—and most assets, are slowing down after six weeks of enormous gains. Behind today’s price spike is first, XRP changing hands cheaply. While Bitcoin and ETH are up upwards of 70 percent, XRP has been stable, tepid and ranging within 4 cents.Additionally, the listing of Ripple (XRP) ETNs at Börse Stuttgart, the second largest regulated exchange in Germany and the ninth largest in Europe is noteworthy. Here’s what Jürgen Dietrich, Head of Trading at the exchange said:“Interest in cryptocurrencies is still high. With the ETNs, investors in Germany can now for the first time through exchange-traded securities share in the performance of the major cryptocurrencies Litecoin and Ripple (XRP).”However, there is more. There is a likelihood that the increasing tension between the US and China could see Wall Street sink channel funds to Ripple (XRP). The IMF has lauded the platform. Besides, Ripple Inc says they have a direct connection with the Trump administration, and they keep striking deals with banks.Candlestick ArrangementsPrice wise, Ripple (XRP) is up 25.7 percent in 24 hours, and because of that, bulls are back.Not only is there is wide-ranging bull bar confirming buyers of Apr-26, but prices are trading above 34 cents complete with above average volumes meaning our XRP/USD trade plans are valid.In that case, every dip, or retest of 34 cents, is but another buying opportunity with ideal targets at 40 cents, 60 cents and 80 cents as per our iterations.Technical IndicatorsFrom the chart, all our trade conditions are now correct. With today’s bar driving prices above 34 cents, triggering the first lot of XRP bulls complete with high volumes exceeding averages, bulls are in control and should load up on dips with targets as above.Chart courtesy of Trading View
Bitcoin (BTC) surge, up 34 percentMati Greenspan confident that Bitcoin prices will surge to new highs as momentum builds upPrices may correct, that’s a possibility. However, unlike the deep correction of 2018, there is increasing awareness around Bitcoin and cryptocurrency in general. That is perhaps the reason why Mati Greenspan of Etoro is confident that BTC is in the early stages of a humongous bull rally in waiting.Bitcoin Price AnalysisFundamentalsIt’s all about price and ROI, and if that is the metric for gauging success, then Bitcoin investors are on a roll. After a deep and bruising crypto winter when Bitcoin prices dropped, hauling altcoins to their Dec 2018 dredges, asset prices are now bouncing back to the elation of the community.In five short weeks, Bitcoin is up, more than doubling after bottoming up from $3,200 in mid-Dec 2018. Spurred by improving fundamentals, regulation and the change in sentiment, the crypto space is vibrant. Even so, according to Mati Greenspan, a vocal Market Analyst at Etoro, he believes that the crypto market is at the early stage of an impending bull cycle. To him, it is true that Bitcoin has been building momentum, but this is “in the early part of its cycle” adding that “right now we’re coming off that huge retracement and are only seeing a small rise.”If his overview is correct than odds are not only will Bitcoin prices surge above $20,000, but accompanying volumes will explode, surpassing those of May-11 when Bitcoin-related volumes soared to new highs. All this points to a shift, a wave that is cementing Bitcoin’s position as a market leader whose underlying technology is poised to disrupt and positively impact processes.Candlestick ArrangementAt the time of press, Bitcoin (BTC) is up 34 percent from last week’s close—and the trend is clear. Bulls are in control, if not marauding, shooting down bears. Prices are volatile, wide ranging and with volumes behind it, the resulting blast-off mean prices are trending above $7,500, our immediate resistance. If anything, every low should be a buying opportunity with targets at $8,500.Technical IndicatorIn light of the above, our anchor bar is May-11 wide-ranging bull bar—37k against 15k averages. Any bear bar reversing recent gains must be at the back of high volumes exceeding 41k of May-12. If not then it must exceed 37k of May-11. Conversely, trend confirmation above $8,500 must be with equally high participation levels.Chart courtesy of Trading View