Bitcoin (BTC) ranging but up 4.4 percentAdoption depends on the level of BTC awarenessUnrelated, Justin Sun may clear any lingering doubt if he successfully convinces Warren Buffet to pour his billions into blockchain and crypto. It will be a momentous breakthrough. Justin will be lauded, perhaps immortalized. However, Bitcoin will be the biggest beneficiary, given its liquidity and popularity. Currently, it is up 4.4 percent and ranging with caps at $8,500.Bitcoin Price AnalysisFundamentalsCrypto, and Bitcoin, in particular, is unique. Founded by principles fronting independence and decentralization, the platform’s utility continues to manifest. Pulverized by poor leadership and general corruption, citizens in crippled economies are finding refuge in Bitcoin.Even so, not everyone is aware of Bitcoin’s true potential. If anything, the Oracle of Omaha, a veteran investor in Warren Buffet was slammed for belittling Bitcoin and crypto investing as rat poison. That’s in spite of the value for money and superior rate of investment on initial capital reaped by early adopters.Hopefully, Justin sun may convince him otherwise during the $4.6 million dinner he rightfully secured. Depending on influencers on his list, Warren may budge and even divert some of his billions towards blockchain development.All the same, the key to mainstream adoption is heavily reliant on public education. Improving awareness is a cog that will turn the adoption wheel to the better. Already, findings show that American young adults are likely to shift their funds to digital assets and invest in Bitcoin for the long haul.Complementing these are endorsing results that went a level deeper, revealing how the institutional interpretation of gold investing is changing. Trusted for eons, gold is better capitalized and is undoubtedly a banker’s favorite.Notwithstanding, they are bulky. Although scarce, gold may be after all infinite, subsequently affecting supply-demand dynamics and price by extension.Candlestick ArrangementsAt press time, the resilience of BTC buyers is evident. Oscillating above $8,000, it appears as if bulls are resolute. Despite this, previous BTC/USD trade plan is valid. Note that even if bulls are flowing back, supporting prices, it is vital that the accompanying demand thrust prices above $8,500.The level has persistently capped bulls’ effort, breached once in the last month. Most importantly, the rewinding of May 30th three-bar bear reversal pattern with an uptick of participation will set the foundation for a moon sling.If prices inch higher at the back of high trading volumes, blasting above $9,100 in a trend continuation phase, BTC will likely surge to $10,000 or $12,000.Technical IndicatorsFrom above-and as per previous assertions, May 30th candlestick is leading. Distinct with above-average trading volumes of 31k, break or close above $8,500 or $7,500 ought to be with similar or better participation confirming or nullifying buyers of April and May.Chart courtesy of Trading View. Image Courtesy of Shutterstock
Ripple (XRP) prices constantLuiz Antonio Sacco will lead Ripple’s ambitions in South AmericaAs part of their expansion plans in South America, Ripple is acquiring the services of Luiz Antonio Sacco. He will spearhead their initiative, implementing Ripple’s strategy. XRP is stable at press time, adding a paltry 1.4 percent in 24 hours.Ripple Price AnalysisFundamentalsEmploying XRP as a facilitator, xRapid does two things. First, it lowers transaction costs while simultaneously hastening settlement. Secondly, it eliminates intermediaries like banks.The reason for this is because of xRapid’s liaison with cryptocurrency exchanges. Bittrex and Bitstamp of the US, Coins.ph as well of Bitso of Mexico are pioneering exchanges.Encouragingly, unsubstantiated speculation has it that Binance will so join the ranks and effect crypto to fiat conversions. Considering Binance operations and their affinity for joining forces for the betterment of its ecosystem, that proposal would work.All that is needed is a confirmation from Changpeng. If he nods, then the only path of least resistance, for an asset that is mainly consolidating, would be up. Before then, Ripple’s drive and inclination to build networks in emerging economies saw them open an office in Brazil securing the services of Luiz Antonio Sacco.With a view of expanding across South America, their slot in Brazil is strategic as Eric van Miltenburg, Ripple’s SVP of Global Operations said:“The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America.”Candlestick ArrangementHovering in a 14 cents trade range, XRP bulls are not dominant. Albeit hints of demand in smaller time frames, prices are constant and trading in tight ranges. Regardless, previous XRP/USD trade plans are valid as long as prices are above 30 cents and 34 cents.Going forward, it is exigent for buyers to maintain the same momentum. Upon breaking out from this trading range and closing above 50 cents, Fibonacci extension rules place the next feasible target at 60 cents.That is the 1.618 level assuming prices don’t cave in below 34 cents. Therefore, as low as volatility is, there is a window for accumulation. As such, aggressive traders can buy the dips in smaller time frames while aiming at 50 cents.Technical IndicatorWith dropping participation diverging with prices, May 14th bull candlestick anchors this trade plan. Because of that, any upsurge above 50 cents triggering XRP demand must be with high trading volumes ideally surpassing 187 million of May 14th. That will confirm this trade plan’s bias, setting in motion the next wave that will possibly lift XRP to 80 cents.Chart courtesy of Trading View. Image Courtesy of Shutterstock
Bitcoin has returned an equal amount of profits to retail investors than a cryptocurrency startup has delivered to its accredited investors in the past five years.The world’s largest cryptocurrency in early May closed above $5,000, which roughly brought its return-on-investment (ROI) up by 40,000 percent since early 2013. In the same time frame, Coinbase, one of the world’s leading cryptocurrency exchanges, swelled its Series A funding of $6.1 million to roughly $8 billion, also noting a 40,000 percent jump.Bitcoin Price Briefly Surged By Over 40,000% Between Early Q1 2013 and Early May | Image Credits: TradingView.comMarginalized Opportunities but Similar ReturnsThe only factor that differed investments into bitcoin from that into Coinbase was the opportunity. As a US-regulated entity, Coinbase could attract funding from only the elite investors, including investment banks and venture capitalists. On the other hand, Bitcoin, a decentralized payment protocol, remained a free market, where anyone could invest any amount of money.
The accessibility allowed Bitcoin to cross borders seamlessly, as it attracted support from hundreds of thousands of people across the world. Specifically, regions undergoing capital restrictions (Greece, China), demonetization (India), hyperinflation (Venezuela, Zimbabwe), or a remittance reform (Philippines, India) noted more bitcoin adoption among small scale industries. Furthermore, bitcoin’s underlying potential as a payment/store of value instrument allowed big investors to integrate the asset in their portfolios.
At the same time, Coinbase grew exponentially as a service-based startup, expanding into new territories every fiscal quarter and reportedly adding as much as 25,000 users per day. The period also witnessed a surge in the number of daily visitors to the Coinbase official website, indicating that more and more users showed interest in using the exchange. Recorded last in June, Coinbase was attracting about 1.14 million visitors every day.
Coinbase Growth Update:
– added ~5million users in the last 6 months, now have 25mil
– average of ~25,000 users/day is comparable to mid-2017
Data here: https://t.co/R9B63J2d6Q#bitcoin pic.twitter.com/MITLacwC5L
— Alistair Milne (@alistairmilne) October 3, 2018
Naturally, the returns Coinbase made in the said period went to only a group of investors, which include Barry Silbert’s Digital Currency Group and Fred Wilson’s Union Square Ventures. Meanwhile, the bitcoin market to date is accessible to all kind of investors: retail and accredited alike, with an approximately 60,000 percent ROI recorded at the time of publishing.
Altcoins Beat Coinbase, Bitcoin
Retail investors further received a fair share of ROI by investing in bitcoin’s alternatives: XRP and Ethereum.
XRP, a native asset of Ripple blockchain protocol, returned about 350,000 percent in profits since early 2013. At the same time, Ethereum, the world’s second largest decentralized blockchain project, earned its holders more than 450,000 percent in ROI. Both the assets visibly outperformed Coinbase and Bitcoin by wide margins, while allowing market access to all kinds of investors.
Coinbase is valued at $8B, up 40,000% since Series A in early 2013.
ROI for top crypto (peak ROI in parentheses)
*ETH (2014-): 83,000% (450,000%)
*XRP (Early 2013-): 40,000% (350,000%)
*BTC (Early 2013-): 16,000% (40,000%)
Smart crypto investments beat smart equity investments
— James Todaro (@JamesTodaroMD) June 12, 2019
Dr. James Todaro, the CEO of MedX Protocol, projected the difference in ROIs as proof of smart cryptocurrency investments beating smart equity investments. He added:
“In the real world, someone or some fund had to make a choice in 2013 whether to invest in Coinbase, bitcoin or altcoins Many institutions have to make that choice again now.”
The Marlin Protocol was conceptualized with the sole purpose of making blockchain technology scalable enough to introduce into industries with potential and existing high throughput and growth rates. Marlin’s solution is sleek and simple, so much so that Binance Labs and key industry leaders such as Rogelio Choy have embraced the concept and are supporting further development of the Marlin Protocol.How important is communication efficiency and mass scalability within public blockchains?According to Eaze’s Rogelio Choy, former CEO of BitTorrent, and the entire team at Binance Labs, it is critical.It is so critical, in fact, that Binance Labs has welcomed blockchain network provider Marlin into their fold. Binance Labs exists to financially support and mentor decentralized blockchain start-ups. Marlin has joined the likes of MobileCoin, Oasis Labs, and Pivot becoming a part of the Binance Labs portfolio.Marlin Protocol solves the issue of slow, ineffective network communication on the blockchain structure with its layer zero, high-performance networking solution. The company has developed an entirely new protocol for network interaction. It is called the Marlin Protocol.Founded and led by blockchain visionaries and entrepreneurs from the likes of Zilliqa, Microsoft, MIT, and Stanford, Marlin’s plan to transform the entire blockchain industry is no joke.The company describes itself as “a peer-to-peer superhighway for public blockchains bringing high-performance network infrastructure to modern decentralized networks. Founded by researchers at Stanford and MIT, Marlin facilitates orders of magnitude improvement in throughput in planet-scale decentralized networks and is currently collaborating with platforms like Holochain, Blockcloud, and several others.”Head of Binance Labs Ella Zhang commented about the strategic partnership “While we’ve seen many innovative consensus algorithms and off-chain techniques in the industry to solve the scalability issue, Marlin is a group of talented entrepreneurs who tackle the underlying network layers scalability through their node network design and cryptoeconomics.”“Their fast and decentralized network solution can potentially benefit all blockchains.”Growth of a powerful advisory boardRogelio Choy recently joined Marlin’s advisory board. Previously the CEO at BitTorrent, Choy brings a strong knowledge of blockchain start-ups and business leadership and development. He has participated in an advisory role in multiple IT business ventures.Many of these have seen great success, thanks to Choy’s business development acumen, specifically his understanding of the blockchain community and its unique, breakneck rates of speed. Top businesses such as cloudadmin.io, Tru Optik, and Mercari have all benefited from Choy’s expertise.At BitTorrent, Choy succeeded in growing revenue and re-establishing BitTorrent as a profitable business in the IT space. He accomplished this expertly enough to catch the attention of Tron, at the time the 10th largest blockchain in the world. Within a year of Choy’s leadership, Tron made the decision to acquire BitTorrent.Regarding his decision to join the Marlin advisory board, Choy offered a simple explanation. In short, he believes that solutions offered by the Marlin Protocol meet a core need within the blockchain community. The solution carries the potential to drive blockchain toward a place of widespread adoption and unparalleled functionality.“Marlin is addressing a material issue that every blockchain project needs to address – the speed of decentralized transactions at scale. Adoption of the Marlin Protocol can meaningfully drive the long vision of blockchain, mass-market adoption of decentralized apps and services,” says Choy.A solution instead of a stopgapWithin most blockchains, the current state can only be described as not scalable. Second layer solutions such as Zilliqa’s sharding, Bitcoin’s FIBRE, and relay network Falcon do exist and are currently in use to improve scalability. BloXroute Labs provides a censorship-resistant Block Delivery Network by encrypting blocks, yet another partial solution for today’s market.However, none of these technologies has seen the kind of adoption needed to provide mass adoption of blockchain technology.More importantly, for some blockchain users, none of the existing solutions can be described as legitimately decentralized. This is a big problem for many distributed ledger proponents.Decentralization is part of the original foundation of cryptocurrency. Most, if not all subsequent blockchain ventures have embraced decentralization conceptually, if not practically.Marlin is a big change from the one-to-many networking model embraced by most blockchains. Otherwise known as the Gossip Protocol, block producers send blocks to their closest neighbors, who behave likewise, until the entire network is privy to the information within the block.Clearly, this model can be slow, even within a low throughput environment. Increased throughput only slows things down.Marlin’s layer zero protocol transforms network communications at the core. With the Marlin Protocol, there is no need to develop additional layers of scaling functionality. Scalability is built into the original concept. As an open-source project, Marlin is ready to disrupt.Image by Pete Linforth from Pixabay
Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.And as a result, many have looked to Bitcoin and its brethren — other digital assets — as a much-needed escape hatch from fiat and government overreach. Indeed, BTC was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.Related Reading: Will Post-Brexit London See Crypto Replace the Pound? These Game Designers Think It MightWhile the Great Recession in and of itself was enough to drive many to Bitcoin, the geopolitical and macroeconomic stage has presented an array of new reasons why BTC has a viable value proposition over recent weeks. Let’s take a closer look.So much happening in the world right now.– Hong Kong’s autonomy in question
– Italy looking to tax savings
– German 10-Year Bund trading @ -0.24%
– US + China trade war rages on
– Fed about to cut ratesCan you see the wave of capital flowing into BTC too?— Marty Bent (@MartyBent) June 12, 2019Hong Kong Sees Massive Protests; Fintech Ousted For CashThis week, Hong Kong, a special administrative region of China, has experienced massive protests. On Sunday, one million individuals, over 15% of the island city’s population, took to the streets to protest the implementation of an extradition bill.While extradition is a legal strategy often used for serious criminals, governments have begun to utilize this as a way to target political dissidents — Jullian Assange being the latest notable individual targeted.Hongkongers fear that the bill can be used to extradite those critical of Beijing’s policies and send them to mainland Chinese courts, where they can then be tried and potentially face a harsher sentence than if they were to remain in Hong Kong. You see, universal freedoms are meant to be upheld in the island city, not the mainland.Chief executive of Hong Kong Carrie Lam, however, didn’t budge, proceeding to double-down on the proposed legislation. And as a result, protests continued into Wednesday. This time, the demonstration wasn’t as well received by local police authorities, making many fear a crackdown.In mainland cash is almost obsolete, most of economic activities are associated real identities : both Alipay and wechat are under real name system + bio metrics.many important figures/celebs use others’ payment accounts all the time to keep names untraceable in the system https://t.co/66eWY473X8— Dovey Wan 🗝 🦖 (@DoveyWan) June 13, 2019Due to this, as observed by many on Twitter, the protesters, many of which were university-age students, have adopted cash instead of their fintech accessories. The most notable case of this occurring is the group’s hesitance to use the Octopus Card, a debit-esque card used in the metro (and at 7-11, Mcdonald’s, etc.) to stem fears that the government is looking over their shoulder.Of course, crypto ties right into this, having the ability to be a replacement both for cash and current fintech systems.If implemented correctly and if the proper protocols are in place, Bitcoin can allow for a private financial experience that is impossible with something like PayPal, Visa, or even the Octopus system utilized in Hong Kong. As Arthur Hayes of BitMEX once explained:“Sooner than you think, cash will not be an option for privacy, or for anything else. And private citizens will come to appreciate the inherent value of Bitcoin, as their ability to discreetly hold and transfer value evaporates once cash goes the way of the dodo.”Trade War & CryptoIn a similar string of news, the trade war between China and the United States has only flared over recent weeks. While analysts have proven that the correlation between the start of the political dispute was not correlated with early-April’s Bitcoin boom or the subsequent rally, some believe that as a result of the conflict, those in Asia are looking to stock up on BTC.TL;DR. Interest in BTC only coincided with the Trade War and Yuan since the 6K breakout. The Trade War was long underway by then, with various peak interest prior episodes. It’s possible the BTC – Trade War narrative was driven by media and resulted in a self-fulfilling prophecy.— Alex Krüger (@krugermacro) June 4, 2019As BitMEX’s chief executive explained in a recent newsletter to his followers:“The key number is 7.00 [Yuan-to-U.S. dollars]. If the PBOC allows the Yuan to break this level, ordinary Zhou’s will scramble to get their hands on Bitcoin and other cryptos. Similar to 2015, a sharp and sudden Yuan depreciation could lead to the beginning of another epic bull market.”Indeed, by putting their money in an up-and-coming store of value like Bitcoin, investors can hedge their risk against turmoil. With BTC purportedly continuing to act as a non-correlated asset to the S&P 500, some are sure that allocating capital to the cryptocurrency, especially during this volatile trade war, is only logical.In fact, Delphi Digital, a markets research and analysis firm, recently proposed that BTC is the crème de la crème of assets for its ability to outperform amid global tumult. In fact, Bitcoin is absolutely lapping every other asset class, even the more risky, high-return blue chips and the venture-backed Silicon Valley darlings that have begun to trade on public markets.Bitcoin, The Safe HavenRecently, Italy’s deputy prime minister has proposed a tax on citizens’ savings. Per a report from Reuters, the regulator, Matteo Salvini, told a late-night television program that he had been informed the safety deposit boxes across the European nation hold assets worth hundreds of billions.As a result of this “substantially hidden money”, Salvini, who evidently is a powerful man in Italy, proposes a 15% tax on those that declare their deposit-box holdings. It isn’t clear whether this will be put in place, but many see this as an evident sign that traditional finance is flawed.Indeed, European island nation Cyprus mandated banks to “bail-in” themselves, taking a haircut on accounts with a certain amount of money. As a result, Bitcoin surged, rallying as Cyprus citizens rushed to put their money in something they could control.Some expect for the same to go down here, except on a much bigger scale. Italy is, after all, the country with the eighth largest gross domestic product on Earth. As prominent analyst Alex Krüger kindly puts it, “Italy could end up being the best thing to ever happen to bitcoin.”This is bullish for bitcoin 🚀Italy could end up being the best thing to ever happen to bitcoin.H/t @Ray94609549 https://t.co/TmkS7FZICl— Alex Krüger (@krugermacro) June 12, 2019What’s even more important is that this comes as Italy’s banks are on thin ice. As crypto investor Cane Island Crypto notes, the so-called “FTSE Italia All Share Banks Index” is down 40% in the past year, looking as bad as Deutsche Bank’s shares.Teetering Macroeconomic ScalesAll this comes as central banks have begun to struggle with encroaching storm clouds. In fact, the Federal Reserve, according to a recent Reuters poll of global economists, is seeing a “dramatic increase” in its chances to hike interest rates.While a low-inflation rate environment would drive investors to (current) risk-on assets like Bitcoin, some commentators, like Ikigai’s Travis Kling, see this fiscal strategy as a way to validate crypto in the long run and kill central banks. As Kling explained:“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row… Central banks and governments are proving the profound need [for Bitcoin].”Featured Image from Shutterstock
LEO surges, up 32 percentFOMO likely accelerating LEO demandThe tokenization of BitFinex through the sale of LEO tokens was an opportunity for investors to draw maximum benefits from a liquid exchange. At the time of writing, LEO is up 32 percent week-to-date.LEO Price AnalysisFundamentalsDesperate times call for desperate measures. That’s the adage that BitFinex’s owners, iFinex Limited, heeded, quite literally. Faced with insurmountable pressure upon the damaging revelation that the exchange used part of Tether Limited’s fund to fix a deluge, the management settled for an Initial Exchange Offering (IEO).The objective was quite clear and brazen: crowdfund $1 billion in USDT from private investors. That meant tokenizing the exchange through the Unus Sed LEO tokens. Hardly surprising, Justin Sun was said to be among one of those who had made applications for consideration.However, reports had it that he pulled out, it was apparent that opportunity seeking billionaires couldn’t leave this lying. Of the many investors who kept decided to keep it low key, the outspoken “china’s BTC billionaire” Zhao Dong, notified the community of BitFinex’s plans:“Leo tokens are intended to be the utility token at the heart of the iFinex ecosystem. Token holder will experience immediate benefits across iFinex trading platforms, products, and services including LEO holders’ taker fees will be reduced by 15 percent overall crypto-to-crypto pairs (including crypto to Stablecoin. Taker fees…reduced by an additional 10 percent overall crypto pairs. For traders with an average >$5,000 USDT in LEO tokens in their account during the previous month…etc.”Candlestick ArrangementConsidering the benefits, it was highly anticipated that the coin sold out in minutes, gifting BitFinex the much-needed liquidity. However, for investors, LEO prices sunk. Upon listing on May 20th, LEO prices dropped from $2.49 to $1.025 before closing at $1.07.Even though it was seven percent in the green, investors were shaken. Presently, LEO on a recovery path, adding 96 percent and changing hands at $1.96 against the greenback. As a result of this, LEO’s market cap is $ $1,959 million surging 32 from week-to-date.Technically, hype alone will shore LEO as investors don’t want to miss another BNB moment. Therefore, even though prices could react at $2.15 or the 78.6 percent Fibonacci retracement, bulls will likely prevail in the long term. Thus, for the savvy trader, every dip is another buying opportunity. Stop limits at $1.55 could be the safety net just against there is an unexpected liquidation.Technical IndicatorsNoteworthy, trading volumes are increasing. That is buoying bulls, which is positive. Breaks above May 20th high at $2.15 should ideally be with high trading volumes exceeding 3.95 million of June 10th.Chart courtesy of Trading View. Image Courtesy of Shutterstock
Bitcoin price broke to the upside and cleared the $7,950 and $8,000 barriers against the US Dollar.The price even broke the $8,200 resistance area and it is currently correcting lower.There is another major breakout pattern forming with resistance near $8,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is currently trading with a positive bias above the $8,100 and $8,000 support levels.Bitcoin price started a strong rise after it broke the $8,000 barrier against the US Dollar. BTC is back in a positive zone and it might continue to rise towards the $8,400 level.Bitcoin Price AnalysisRecently, bitcoin price formed a support base above the $7,700 level against the US Dollar. The BTC/USD pair started a steady rise and broke the $7,800 and $7,850 resistance levels. As a result, the bulls gained strength above the $7,900 level and the 100 hourly simple moving average. It opened the doors for more gains above the main $7,950 and $8,000 resistance levels.The price even surpassed yesterday’s breakout pattern with resistance near $7,950 on the hourly chart. The bulls managed to push the price to a new weekly high above the $8,100 level. Finally, there was a break above the $8,200 level and a new swing high was formed near $8,284.Recently, bitcoin price started a downside correction below $8,200. It broke the 23.6% Fib retracement level of the recent wave from the $7,902 swing low to $8,284 high. On the downside, there are many supports near the $8,100 and $8,080 levels. Moreover, there is another major breakout pattern forming with resistance near $8,200 on the hourly chart of the BTC/USD pair.The 50% Fib retracement level of the recent wave from the $7,902 swing low to $8,284 high is also near the $8,090 level to act as a support. It seems like there could be a downside spike towards the $8,080 or $8,050 support levels before the price starts a fresh increase. On the upside, a break above the $8,200 level could open the doors for more gains in the near term.Looking at the chart, bitcoin price is showing positive signs above the $8,000 and $8,100 support levels. In the short term, there could be a few swing moves, but the price is likely to hold the $8,000 support. As long as BTC is above $8,000, it could continue to grind higher.Technical indicators:Hourly MACD – The MACD is slowly moving in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level and is correcting lower.Major Support Levels – $8,100 followed by $8,000.Major Resistance Levels – $8,200, $8,300 and $8,380.
The total crypto market cap found support near $236.0B and jumped sharply above $245.0B.Bitcoin price broke the key $8,000 resistance level to move into a positive zone.EOS price broke the $6.40 and $6.50 resistance levels to start a decent recovery.Binance Coin (BNB) is up more than 5% and it recently broke the $35.00 resistance.Bitcoin cash price is above to break the $400 barrier to move into a bullish area.Tron (TRX) price gained nearly 6% and it recently broke the key $0.0320 resistance.The crypto market cap gained more than $10B, with positive moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, tron (TRX), ripple, litecoin and EOS are currently gaining momentum.Bitcoin Cash Price AnalysisAfter a major downside correction, bitcoin cash price found support above $360 against the US Dollar. The BCH/USD pair started a steady recovery and recently broke the $380 and $390 resistance levels. The pair is currently trading near $400, above which the bulls are likely to take control in the near term.The next key resistances are near $410 and $420. If there is a downside move, the price might find bids near the $390 or $385.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price remained stable above the $6.20 level and it recently recovered higher. The price broke the $6.25 and $6.32 resistance levels. Moreover, there was a break above the $6.45 and $6.50 resistance levels. The next stop for the bulls could be $6.60 or $6.65.Tron price is gaining bullish momentum and it is currently trading up more than 5%. TRX price broke the $0.0300 and $0.0320 resistance levels. It is currently trading above the $0.0330 level and the next stop could be $0.0340. The main resistance for the bulls is near the $0.0350 level in the coming sessions.Binance coin (BNB) is up more than 5% and it recently cleared the $34.00 and $35.00 resistance levels. BNB price is now consolidating above the $35.00 level, with an immediate resistance near the $35.40 and $35.50 levels. The main hurdle is near the $36.20 level.Looking at the total cryptocurrency market cap 4-hours chart, there was a major upside break above the $236.0B and $240.0B resistance levels. The market cap broke the $246.0B resistance and tested the next important resistance near the $252.0B level. At the moment, the market cap is confined in a range and it might surpass the $252.0B resistance area. The next major resistance could be $258.0B or $260.0B. If there is a downside correction, the $244.0B or $242.0B level might act as a support. Overall, there are chances of more gains in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.
ETH price started a strong upward move after it broke the key $250 resistance against the US Dollar.The price even broke the $255 and $260 resistance levels to move into a positive zone.There is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).The pair is correcting lower, but dips remain supported near the $255 and $252 levels.Ethereum price rallied recently with a positive momentum versus the US Dollar, similar to bitcoin. ETH price is now trading with a bullish bias and dips remain supported on the downside near $255.Ethereum Price AnalysisAfter forming a support base near the $240 level, Ethereum price broke the $245 resistance against the US Dollar. The ETH/USD pair gained bullish momentum after it broke the $250 resistance and the 100 hourly simple moving average. The bulls took control and pushed the price above the $255 and $260 resistance levels.As a result, the price traded to a new weekly high above the $260 level at $264. The price traded close to the $265 level and it is currently correcting lower. At the moment, the price is correcting lower below $260 and the 23.6% Fib retracement level of the recent wave from the $246 low to $264 high. On the downside, there are many support near the $255 and $252 levels.An initial support is at $255 and the 50% Fib retracement level of the recent wave from the $246 low to $264 high. Moreover, there is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $246 low to $264 high.Therefore, if the price corrects lower, it is likely to find a strong buying interest near the $255 and $252 levels. A break below the trend line might push the price back towards the $250 pivot level. On the upside, an initial resistance is near the $262 and $264 levels. A clear break above the $265 level might call for a test of $275.Looking at the chart, Ethereum price is clearly trading with a positive bias above the $255 and $250 support levels. As long as there is no close below $250, the price is likely to grind higher in the coming sessions.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently moving in the bullish zone, with a few negative signs.Hourly RSI – The RSI for ETH/USD is currently well above the 60 level and is correcting lower.Major Support Level – $255Major Resistance Level – $265
Upon any visit to crypto Twitter or any online cryptocurrency community for that matter, and you’ll be hard pressed to avoid over the top shilling of the recent IEO tokens, notably the Binance Launchpad-born tokens, Harmony One, Celr, Fetch, BitTorrent Token, and the Coinbase Ventures-backed Matic.