Ripple prices up 11.1 percent but technically bearishCrypto–Fiat bridges important for XRP and cryptoTransaction levels up, volumes lower than Jan 10 Despite upbeat prices, Ripple (XRP) is technically bearish and yet to breach the 35 cents mark. From our previous XRP/USD iterations, once bulls find momentum and pump prices above 35 cents risk-off traders can begin making projections with first targets at 60 cents.Ripple Price AnalysisFundamentalsCrypto may be risky for some governments, but things are beginning to change. As some view them as property, charging capital tax gains on profits, others are warming up to the idea of blockchain as the next inevitable change that despite headwinds will eventually permeate to the mainstream. Malta is one of the many jurisdictions, and now Binance–the world’s largest exchange by adjusted volumes have bases in that country.Besides being a go-to platform for investors, it is also one of the few exchanges where users can purchase crypto with their Visa credit or debit cards. While many will be attracted to this feature, some Redditors claim that fees depends on volumes and some credit card companies may treat credit card purchases as cash advances which attract additional fees:“What about any credit card fees? I’ve heard rumors that credit card companies charge it as a cash advance, resulting in additional fees. This drastically changes my position on using credit cards to buy. Unless you can use a Visa pre-paid, the additional fees could be a dealbreaker.”All the same, thing is, this is an excellent deal for XRP and other crypto users who may not have time to make wire transfer more so when there is an opportunity to capitalize price moving news.Candlestick ArrangementsAt the time of writing, XRP is up 11.1 percent and 3.2 percent in the last 24 hours. No specific XRP or Ripple related news is pumping prices. So, we reckon that XRP prices are up partly because of resurgent Bitcoin prices and new streams of supportive fundamentals.Although prices are up, our trade conditions are not yet valid, and prices are trading below 35 cents–the 50 percent Fibonacci retracement level of Dec 2018 high low.Unless otherwise there are price upswings that trigger risk-off positions, we recommend patience despite Feb 18 rally confirming the double bull reversal pattern of Feb 8. It’s only after when XRP bulls drive price above Jan 14 highs that risk-off traders can buy on dips with first targets at 40 cents and later 60 cents–Dec 2018 highs.Technical IndicatorsVolume is on the rise, and Feb 18 bar had high volumes–52 million, above those of Jan 30–49 million and even those of Feb 8–35 million. Technically, this is bullish, and in an effort versus result analysis, buyers may have the upper hand. However, it would be perfect if Feb 18 bar had high volumes above Jan 10–83 million.
Bitcoin prices up 8.3 percent in the last weekAdoption levels could be pumping pricesTransaction volumes on the rise Good news is bulls are back. Even with increasing prices, investors and traders have their eyes set on adoption trends. Encouragingly, adoption is on the rise, and now that our previous Bitcoin (BTC) trade plans are live, odds are the next wave of bulls will drive prices towards $6,000.Bitcoin Price AnalysisFundamentalsThere is an expansion. It seems like the precipitous rise and eventual fall of BTC prices did more good than bad. Yes, prices fell to record lows, and at some point, industry commentators, as well as traders, had strong fundamental reasons to believe that Bitcoin–will despite the fanfare drop, to $3,200 and sub-$2,000 levels.However, that has not been the case. It’s a recovery, and as prices bottom up, Bitcoin is surely and methodically matching towards its ultimate objective of being a global reserve currency. Skeptics may call this a pipe dream but when we factor in the cyclic nature of prices, the enormous strides made in the last decade and the ballooning fundamentals factors, there is a strong case to argue that Satoshi’s dream wasn’t narrow.Aside from price action, we note that regulators are thawing to the idea of BTC and the more open up their tax lines partnering with crypto payment processors as BitPay, demand for the coin will keep swelling. Add that to developments like Trading View shifting away from fiat and denominating their premium plans in BTC and Domino’s Pizza accepting BTC via the ever-growing Lightning Network, Bitcoin medium of exchange capability is revealed.Candlestick ArrangementCompared to other coins, BTC is under-performing. At spot rates, the currency is changing hands at $4050–data streams from BitFinex and up 8.3 percent in the last week. It may appear, but Bitcoin (BTC) price swings usually have a magnifier effect on altcoin prices.Because our trading plans as laid out in previous BTC/USD price analysis are now valid, and prices are trending above $3,800 minor resistance and buy trigger line at the back of decent, above average volumes, risk-off traders can fine-tune entries in lower time frames.That means every price dip is technically a buying opportunity with the first target at $4,500. On the other hand, risk-averse, conservative type of traders can wait for high-volume expansion above $4,500. From candlestick arrangements and Fibonacci rules, odds are any break above $4,500 could finally thrust prices to $4,500–$6,000 zone.Technical IndicatorsEndorsing our outlook is Feb 18 bull bar. Volumes backing this rally is above average at 37k exceeding those of Feb 8 and that of Jan 10.
Ethereum prices up 21.6 percent in the last weekAfri Schoedon quits Ethereum after Polkadot, Serenity comparisonTransaction volumes picking up Compared to other coins in the top 10, Ethereum (ETH) is leading the bulls procession. Changing hands at around $150, we expect ETH bulls to gain ground ahead of Constantinople.Ethereum (ETH) Price AnalysisFundamentalsBlockchain-based projects are unique and special. A genuinely decentralized network will have a healthy mix of developers, investors, and speculators. All of them will contribute in one way or another. Everything else constant, the success or failure of a project depends on the number of dedicated developers. Afri Schoedon, the Ethereum core coder, was one of them. Due to online criticism, he announced his decision of stepping aside and in days ahead would “no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter and Reddit” directly to any member of public on technical questions or improvement requests regarding Ethereum.In a tweet, the quitting Ethereum servant said: “I did not quit social media, I quit Ethereum. I did not go dark, I just left the community. I am no longer coordinating hard-forks, building testnets, or contributing otherwise. I did not work on Polkadot, I never did, I worked on Ethereum. I did not hate Ethereum, I loved it.”Critics started pouring thanks in part to his honest comparison on Thursday last week between Polkadot, a multi-frame network that supports interoperability between wildly different blockchains and Serenity, a scaling solution proposed by Ethereum.Candlestick ArrangementAt the time of writing, ETH is up 21.6 percent in the last week. Despite Afri quitting, bulls are resilient, and prices are trending at new highs at the back of decent volumes. Although ETH is technically bearish unless of course prices breach the $170 ceiling, we shall retain a bullish outlook in days to come. It is easy to see why.Firstly, ETH is up above the $135 resistance level, and in a minor breakout pattern, these upswings did confirm bulls of Feb 8 which in turn validate price gains of mid-Dec 2018.Secondly, ETH found support at around the 78.6 percent Fibonacci retracement level, and as Fibonacci reversal rules dictate, ETH bulls will likely pump prices towards $170– a critical resistance level. Combined with fundamental reasons as Constantinople, we may see a situation where the march towards $170 will hasten.Technical IndicatorsThere is a remarkable shift of momentum and as aforementioned, confirming price swells of Feb 18 are high volumes–520k, exceeding those of Feb 8–519k. While bullish, market participation levels are lower than those of Jan 10–684k. Therefore, it is imperative that ETH bulls surge above $160 for a complete reversal of Jan 10 losses in a three-bar bull reversal pattern as prices bottom-up from $100 pits.
Investors who purchased Litecoin during the significant November 2018 sell-off earned four times more returns than the investors who bought Bitcoin, highlighted Joe McCann.The financial expert, who serves as the head of systematic trading at crypto asset management firm, Passport Capital, calculated the returns made by the “silver cryptocurrency” from its three-month low to its three-month session high. He found that between November 14, 2018, and February 18, 2019, bitcoin price recovered up to 25.19 percent from its session low. On the other hand, Litecoin corrected as high as 118.67 percent within the same timeframe.Bitcoin vs. Litecoin | Source: Joe McCann Twitter Profile“Looking at how LTC had outperformed BTC since the epic selloff on November 14th, 2018, we can see that LTC has outperformed BTC by better than 4:1 from the current cycle low to the current session high,” McCann stated.Looking at how #LTC has outperformed #BTC since the epic selloff on November 14th 2018, we can see that LTC has outperformed BTC by better than 4:1 from current cycle low to current session high.As mentioned before, LTC has historically led BTC rallies… pic.twitter.com/AkAN6GPf8j— Joe McCann (@joemccann) February 18, 2019Altcoins Lead Bitcoin RallyMcCann also called attention to the correlation between Bitcoin and Litecoin over the years. He claimed that Litecoin historically led the Bitcoin rallies, hinting that the altcoin’s latest upside moves could prompt an extended bullish momentum in the BTC market.As of 0900 UTC, the BTC-to-USD exchange rate was trending near $3,944, which is its best since January 11. According to CoinMarketCap.com 24-hour price calculator, the pair has surged a little over 5 percent. On the other hand, Litecoin has jumped close to 8 percent within the same time.However, it cannot be said that Litecoin gains could benefit Bitcoin. It could have been possible when the altcoin was among the few projects that competed with bitcoin. But now, the altcoin market is overpopulated with cryptocurrencies that could allow traders to swap their LTC positions for coins other than BTC.Galaxy, a Twitter-based cryptocurrency analyst with 48.4k followers, said that it was the entire altcoin market that was leading the ongoing bitcoin rally. It predicted that BTC dominance rate would breakdown in 2019 while the market will enter a so-called altseason.1. Build up $BTC domination
4. Rinse and repeat.Furthermore, looks like the weaker the dominance uptrend the longer the altseason and so far this one is the weakest.Expecting dominance to fall under 30% and the longest altseason to date. #crypto pic.twitter.com/eabtk6rGG9— Galaxy (@galaxybtc) February 18, 2019So far, some of the top coins have indeed outperformed bitcoin in terms of a rebound. Ethereum, the world’s second largest cryptocurrency, posted a 90-day surge of 10 percent. Similarly, Tron’s TRX surged 81 percent, Binance’ BNB jumped 62.46 percent, and even Bitcoin SV’s BSV leaped 30 percent. At the same time, bitcoin’s 90-day performance was at a negated 13 percent.90-Day Crypto Performance | Source: OnChainFx.comWould Bitcoin Fall Behind?It is unlikely for altcoins to displace Bitcoin from its top position despite its weak dominance scenario. The world’s leading cryptocurrency is running ahead of its clone projects in terms of institutional adoption. Its fundamentals are the strongest for 2o19, thanks to regulators’ likelihood of approving its trading derivatives.BlockTower’s Ari Paul said that cryptocurrencies couldn’t match up to the supremacy of bitcoin by just adding features or with incrementally better transactional throughput.A.T. Kearney, a management consulting company, also claimed that bitcoin would reserve its dominance on the crypto market. In the firm’s opinion, the bitcoin dominance rate could even go up to 66% in the future.
For the first time in a blue moon, the crypto market underwent a notable rally. Since Ethereum (ETH) bulls began to show signs of life on Sunday, with the cryptocurrency rallying past $130, Bitcoin (BTC) and other digital assets have followed close behind.As of the time of writing, BTC has found itself at $3,920, approaching the ever-important level of technical and psychological resistance at $4,000. Ether has neared its $150 mark, as ETHDenver and the upcoming Constantinople hard fork have seemingly given the asset a slight boost. A majority of other cryptocurrencies have also posted notable gains, which comes after a ten-day lull in this budding market.Gains across the board, which were backed by a staggering $34 billion in daily nominal volume, have allowed the aggregate value of all cryptocurrencies to swell from $120 billion on Sunday morning to $133 billion currently — a gain of a jaw-dropping 10% in under 36 hours.Related Reading: Bitcoin Surges Nearly 10%, Analyst Claims BTC Likely to Target Mid-$4,100 Region NextWhile some optimists have called further short-term highs from here, analysts have remained cautious, predicting short-term pullbacks.Analysts Expect Bitcoin PullbackFinancial Survivalism, a full-time crypto trader that recently called for BTC to bottom at $1,165, noted that the cryptocurrency peaking just shy of $4,000 was likely the end of yesterday’s run. The self-proclaimed “financial revolution prepper” explained that the four 15-minute and nine 15-minute exponential moving averages (EMAs) recently underwent a “bearish crossover,” leaving BTC below it.That might have been the end of today’s run. 4 & 9 EMA’s recently made bearish crossover with price below. $BTC is +8% in the last 24 hours. For the most part 8% – 10% is the most it likes to move in one day. I’m expecting pullback to $3,750 before retesting $4,100 – $4,200. pic.twitter.com/NhheoSu6XB— Financial Survivalism (@Sawcruhteez) February 18, 2019Considering Bitcoin’s propensity to undergo a 10% rally or drop in a day’s time, rather than anything more, coupled with the status of short-term EMAs, Survivalism concluded that a pullback to $3,750 could be a possibility to precede a rally past $4,100.David Puell, a lesser-known, yet well-respected trader, also remained skeptical in the very short-term. Puell noted that as it stands, BTC is currently trading in a bull trap pattern, and could be eventually pushed down by a declining trendline, along with the 30-week moving average.$BTC: If we get there, beware the bull trap, lads. Lots of work yet to be done. pic.twitter.com/R9jpiGMK02— David Puell (@kenoshaking) February 19, 2019Puell also noted that the fact that weekly volumes are in a downtrend should have investors worried, as this could indicate that there is little propping up the crypto market as is.Does This Crypto Rally Have Legs?While the aforementioned analysts seem to be convinced that a short-term pullback would be in order, some argue that Bitcoin still has legs to run on. The team at Bitcoin Bravado, a leading crypto-centric technical analysis outfit, recently divulged that due to the influx of volume seen Sunday and Monday, along with the fact BTC surpassed its 50-day EMA, this move could see further upside.After failing to retake the 50-day EMA for over 3 months, $BTC has blasted through with nearly double the daily volume of any other day in 2019.Based off the influx of volume, we think this move has a lot more legs. pic.twitter.com/kpAKtVnHMk— Bravado® (@BitcoinBravado) February 18, 2019Mati Greenspan, eToro’s in-house crypto researcher, echoed the idea that the notable levels of volume should have investors enthused. In a recent Twitter thread, Greenspan noted that a “very healthy sign” is that the recent market price action was catalyzed by “strong volume,” adding that this means this move is likely “more meaningful” than the sporadic pumps seen historically.Although some would claim that it’s too early to be bullish from a medium-term (or longer) standpoint, Monday’s move has already convinced some that bears are preparing for hibernation. Trader Mayne, a long-time cryptocurrency trader, noted that as there have been notable bullish moves over recent weeks, it wouldn’t be nonsensical to claim that the bear market could be over. He added that those stuck with bearish lenses, like Murad Mahmudov, Tone Vays, along with other short-term skeptics, could miss out.Some may be calling for an end to the bear market, but there remains a notable level that Bitcoin needs to breach confidently to confirm a longer-term bull trend. For those who missed the memo, this level is around $4,800, which Greenspan, Survivalism, and the Bravado team pointed out in recent tweets. In their eyes, the 200-day EMA, currently situated around the aforementioned price point, will continue to be an important level of resistance, as this measure supported Bitcoin throughout multiple times its 2017 rally.As traders say, old levels of support become new levels of resistance (or vice-versa).Featured Image from Shutterstock
It isn’t a secret that millions, if not billions of dollars fled the crypto asset markets in 2018. Blockchain projects liquidated hundreds of millions worth of Ethereum (ETH) from the initial coin offerings, while common Joes and Jills, many of who caught FOMO in late-2018, liquidated their Bitcoin (BTC) holdings in search for greener pastures for investing.Simultaneously, many have anecdotally said that little to no fiat has entered this space, creating an environment where solely sell-offs are the market’s M.O. But, one investor argues that while buying pressure has evidently eased, there remain billions worth of fiat waiting to enter positions in Bitcoin, contrary to popular belief and community sentiment.There’s $6 Billion Ready To Get Siphoned Into BitcoinBitcoin bull Su Zhu, the chief executive officer of the Singapore-based Three Arrows Capital, recently took to Twitter to remark why investors should be more optimistic when looking at the state of the cryptocurrency market.He stated that while there are billions of dollars sequestered away on the sidelines, such funds are poised to rush into the cryptocurrency space once the time is right. In fact, citing data from his sources, Su noted that crypto hedge funds and holding companies likely have $2 billion in fiat on-hand. If Tether is truly backed by U.S. dollar deposits, it, alongside its more centralized counterparts (regulated stablecoins), would be valued at $2.5 billion.Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature.This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.— Su Zhu (@zhusu) February 18, 2019Lastly, the industry researcher noted that outstanding exchange and crypto bank balances amount to yet another $2 billion, meaning that there is more than $6 billion in fiat that is “already onboarded.” Thus, Su determined:“This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.”Su didn’t make an explicit forecast as to when such money could find its way to physical cryptocurrencies, but his message was underscored with tacitly bullish tones.Related Reading: Tim Draper Paid $18 Million For His First Bitcoin Batch, What’s it Worth Now?Fiat To Crypto AmplifiersWhile some would argue that the math doesn’t add up, considering that the cryptocurrency market capitalization is hundreds of billions of dollars off its peak, many forget to take fiat amplifiers into account. As hinted at in a previous NewsBTC report, due to the shallow order books (low liquidity) that are a byproduct of nascent markets, U.S. dollars that enter this market have often had an amplified effect on the value of digital assets.Although this ecosystem has matured in recent months, with the growth in on-ramps, liquidity aggregators/providers, and other offerings, many argue that fiat amplifiers still play a large role in the cryptosphere.Per analysis compiled by Alex Kruger, a leading markets researcher, JP Morgan claims that for the crypto assets at large, a fiat amplifier of 117.5 is present, as a purported $2 billion in net inflow pushed Bitcoin’s market capitalization from $15 billion to $250 billion But, this isn’t the whole story. Citigroup purportedly estimated an amplifier of 50, while Chris Burniske of Placeholder Ventures calculated the figure out to somewhere between two and 25.And it would be near-impossibility to get an accurate reading of this figure, most analysts have come to a consensus that each dollar that gets siphoned into this space affects cryptocurrencies disproportionately to their nominal value.Thus, considering a low-end amplifier of 10 times, the ~$6.5 odd billion that Su speculates is sitting on the sidelines could propel the aggregate value of all BTC up by $65 billion, pushing the cryptocurrency to just shy of $8,000. This may be short of the Three Arrow Capital’s $10,000 pseudo-target, but the irrationality of markets may get to work where amplifiers slacked and fell short.Copious Upside PotentialBitcoin surmounting the $10,000 price point will evidently be a breath of fresh air for a majority of crypto investors, as 2018’s downturn put a sour taste in the mouth of many. Yet, some remain convinced that this is far from the end of Bitcoin’s story.Per a survey conducted by Bitwise Asset Management, 55% of investment advisors surveyed believed that BTC would appreciate in value in the next five years, with predictions averaging out to $17,570. Tom Lee, the head of research at Fundstrat Global Advisors, has also been optimistic, divulging to Fox Business that he believes $25,000 for Bitcoin is “fair.”But some have gone above and beyond the quintuple-digit range. Tim Draper, a prominent billionaire Bitcoin enthusiast, told TheStreet in September that he still believes that BTC will breach $250,000 a pop by 2022. Filb Filb, a leading crypto researcher, echoed the sentiment that copious upside is possible, using regression analysis, historical indicators, and hard numbers to explain that $333,000 for each BTC isn’t out of the realm of possibility.Long-term price predictions are evidently all across the map, but many have argued that Bitcoin’s upside potential easily outweighs how far it could fall. Morgan Creek’s Anthony Pompliano and Mark Yusko have even explained that cryptocurrencies are the epitome of an investment opportunity with an “asymmetric risk/return profile.”Featured Image from Shutterstock
In the past 3 weeks, the valuation of the crypto market has increased by more than $22 billion from $111 billion to $123 billion.Source: Coinmarketcap.comThere is no shortage of technical charts, indicators, analysts and observers trying to predict where crypto markets and Bitcoin will go next. They are far more volatile than traditional stock or forex markets so many of these indicators may not be applicable in the same way. A lot is just guesswork so a combination of fundamentals and technicals may give us a better idea of what is going on.A Fundamentally Strong Environment for CryptoWhile most analysts agree that from a technical standpoint the bear market is not over yet, fundamentally things could not be better for Bitcoin and crypto. Late 2018 and so far this year the news has all been pretty good for Bitcoin and its brethren despite the opposite happening to prices.Now that the US government has been switched back on, progress can be made at the SEC and CFTC on regulatory approval for a number of highly anticipated crypto investment products. Huge names including the Intercontinental Exchange (ICE) and Fidelity are in the holding pattern alongside others such as ErisX waiting to launch Ethereum futures. It is expected that one of these will be approved within the next month or two which could be a big driving factor for market momentum.I believe, a #Bitcoin #ETF serves the public interest via:
+ Increased liquidity using the ETF ecosystem
+ Lower counter-party risk
+ Better valuation & execution practices
+ Separation of duties: trading, custody, valuation
+ Transparent fees
+ Established compliance framework pic.twitter.com/OB0XUZeJ1O— Gabor Gurbacs (@gaborgurbacs) February 3, 2019Digital asset regulation is progressing in many nations in the Middle East and across Asia as doors slowly open to crypto. Two years ago the space was a daunting quagmire for many governments and only China seems to have slammed the door on it completely. Today more countries have welcomed the nascent industry than ever before.Big banks getting involved are unlikely to drive momentum for individual cryptos but things like the JPMCoin serve to increase overall awareness and acceptance of them. Digital currencies are here to stay and the fintech and internet giants need to be a part of it. Samsung’s next flagship smartphone, the Galaxy S10, will have crypto wallet functionality built in. Google and Facebook are actively recruiting blockchain teams and Rakuten, Japan’s equivalent of Amazon, is reportedly considering crypto payments.JPM coin isn’t supposed to compete with Bitcoin or SWIFT.Although it does nail the early use cases ripple pushed for (e.g. internal netting, pooling for corporates)Remember JPMC is a dominant global player in transaction banking. They can give huge value to existing clients— Simon Taylor (@sytaylor) February 18, 2019Lightning Network GrowthOn the technical side Bitcoin’s Lightning Network continues to grow in terms of unique channels which are now numbered at over 25,000. Ethereum is due for a network upgrade at the end of the month when Constantinople finally gets deployed and progress is being made with a lot of the major blockchain dApp platforms such as EOS, TRON, and NEO.Some crypto assets have already turned around and have started up trending since their lowest points of last year. Cryptos that have made over 100% since mid-December include Litecoin, EOS (on today’s rally), TRX, Binance Coin, and Ethereum is close with a recovery of 80%.Fundamentally things are looking good for the industry so if this current rally doesn’t last, don’t worry, the next one probably will.Image from Shutterstock
Following yesterday’s positive start to the week crypto markets have continued to rally adding another $8 billion to total market capitalization. Ethereum started the run but EOS is today’s moon shot as it surges 30%.EOS Top Performer in Top 100EOS has been a train over the past 24 hours pumping from $2.90 to an intraday high of $3.80 resulting in a 30% gain in a single day. It has since pulled back a little but is still the best performing altcoin in the top one hundred at the time of writing.Daily volume has also surged from $950 million to over $2.2 billion as fomo fervor grips day traders. It is the highest volume since June 2017 when the token traded at over $10. According to Coinmarketcap.com the Bit-Z exchange has had the most EOS trade with almost 20% of the total in BTC and USDT pairs.Today’s big pump pushes EOS to a 2019 high and the highest price it has traded at since late November when things started to dump hard across all crypto markets. Market cap for EOS is now around $3.3 billion which has allowed it to barrel past Litecoin and retake its place as the fourth largest cryptocurrency in the world. LTC has only managed to gain 7% which takes its market cap to $2.8 billion.FOMO RulezThe two day crypto rally was initiated yesterday by Ethereum which surged 12% outperforming all of the coins around it. Looking into the EOS Reddit there does not appear to be any major factor driving momentum at the moment aside from fomo. A whole bunch of comments there shines very little light on why EOS is outperforming the rest at the moment;“Seriously. Literally every coin in the top 50 from CMC is up except for the stablecoins. EOS going up has nothing to do with EOS,” added one poster.There is equally little on the Block.one twitter feed in terms of latest news or updates from the project that could be the cause of such a surge in price. The same can be said for the EOS.io Medium site. Looking at Dappradar shows both EOS and Tron dominating the top ten dApps by user volume which is a good sign of growth for both networks.The bigger question should be; can this rally be sustained and will it grow into a longer term uptrend for EOS and all crypto assets. Some analysts seem to think so but for now all we can do is enjoy it while it lasts.Image from Shutterstock
Market WrapCrypto markets still rallying; EOS and BCH running away with it, Cardano, Dash and ETC performing well.The big crypto rally which began with Ethereum yesterday has continued today where a different top performer has emerged. Total market capitalization reached a high of $134 billion as a further $9 billion was added to yesterday’s pump.Daily volume has not been over $34 billion since late April 2018 according to Coinmarketcap. This marks a huge 9 month milestone in crypto trading volumes and some analysts have predicted the beginning of what they term as ‘altcoin season’ where market cap for them alone reaches a pivotal resistance point on the long down trend line.Bitcoin has approached key resistance at $4,000 before pulling back to current levels around $3,920. This represents a 5% gain on yesterday’s levels where BTC reached $3,750. Bitcoin has run out of steam in previous recent two-day rallies so it is not expected to break resistance.Ethereum has extended its lead over XRP by adding another 7% on the day to reach $147. The gap between the two is now just over $2 billion as Ripple’s token faces possible competition from JP Morgan’s new stablecoin. XRP added 5% on the day to reach $0.324.Today’s top ten champion is EOS which surged 30% before pulling back to current levels around $3.60. It has raced past Litecoin and retaken fourth place with a clear margin of nearly $400 million. EOS volume pumped to over $2.3 billion pushing the token to a three month high. Bitcoin Cash is also performing well during the day’s Asian trading session as it adds double digits and approaches $150.The top twenty is showing a more balanced round of gains with Cardano, Dash and Ethereum Classic leading the group here making over 8% since the same time yesterday. The rest are showing solid improvements from low levels over the past 30 days.Aside from EOS and BCH, big fomo is also going to Mixin at the moment pumping 17%. Holo is also getting a big hit with a 15% jump on the day. EOS is the top one hundred’s top performer though. Predictably yesterday’s pump is dumping today as WAX sheds 16% and Quant is not far behind dropping 9%.Total crypto market capitalization has increased by 6.4% on the day and is currently just below $133 billion. The $8 billion injection is significant but the increase in daily volume to a nine month high of $34 billion could be signs of a continuation of this rally and possible trend reversal.Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
Bitcoin price surged and broke the $3,720 and $3,880 resistance levels against the US Dollar.The price traded close to the $4,000 resistance level and a new weekly high was formed at $3,955.There is a connecting bullish trend line formed with support at $3,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair corrected lower, but dips remain well supported above $3,800 and $3,720.Bitcoin price rallied above the key $3,800 resistance against the US Dollar. BTC could move into a medium term uptrend if there is a successful daily close above $4,000 and $4,200.Bitcoin Price AnalysisIn the last couple of analysis, we discussed the chances of bitcoin price hitting the $4,000 level against the US Dollar. The BTC/USD pair did gain bullish momentum recently and broke the $3,650 and $3,720 resistance levels. There was a clear bullish break noted above the $3,800 resistance and the 100 hourly simple moving average. The main driving force was Ethereum, which rallied recently towards the $150 resistance level. It helped BTC to climb towards the $4,000 resistance area. A high was formed at $3,955 and later the price started a downside correction.It declined below the $3,900 support and the 23.6% Fib retracement level of the last wave from the $3,553 low to $3,732 high. Sellers pushed the price towards the $3,840 level (the previous swing low), where buyers emerged. On the downside, there are many supports near the $3,800 level. More importantly, there is a connecting bullish trend line formed with support at $3,800 on the hourly chart of the BTC/USD pair. Besides, the 50% Fib retracement level of the last wave from the $3,553 low to $3,732 high is near the $3,819 level.If there is a downside break below the $3,800 support, the price could test the $3,720 support level. An intermediate support is $3,750 and the 76.4% Fib retracement level of the last wave from the $3,553 low to $3,732 high. Therefore, dips remain well supported as long as the price stays above the $3,720 pivot level.Looking at the chart, bitcoin price is placed nicely in an uptrend above $3,800. On the upside, an initial resistance is at $3,950 and $4,000. However, the main resistance is at $4,200, where sellers could emerge. On the positive note, if there is a successful daily close above $4,000 and $4,200, the price is likely to start a medium term uptrend.Technical indicatorsHourly MACD – The MACD is slowly gaining pace in the bearish zone, but with limited strength.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD corrected lower, but it is still above the 60 level.Major Support Level – $3,820 followed by $3,800.Major Resistance Level – $3,950 and 4,000.