Despite being caught in a bout of sideways trading yesterday, Bitcoin has been able to maintain its upwards momentum and has now surged above the $5,600 level. This upwards momentum has so far been relatively isolated to BTC, as most other cryptocurrencies have not yet surged.Although Bitcoin may be in the process of gearing up for a big move to $6,000, one prominent analyst believes that BTC’s strongest level of resistance exists between $5,800 and $6,000, which may prove to be an arduous task for the cryptocurrency to break above.Bitcoin (BTC) Rapidly Surges to $5,600At the time of writing, Bitcoin is trading up nearly 5% at its current price of just above $5,600 and is up from its daily lows of just above $5,300.Today’s upwards surge marks a continuation of the upwards momentum Bitcoin first built earlier this month when BTC surged from the low-$4,000 region to highs of $5,400 – where the crypto found a significant amount of selling pressure that pushed it back down to roughly $5,000.Since then, Bitcoin has been tepidly advancing higher, and is now nearing its next key battle zone that exists between $5,800 and $6,000, which may act as a strong level of resistance.360Trader, a popular cryptocurrency analyst on Twitter, spoke about the strength of this resistance zone in a recent tweet, explaining that it may be a “beast of a resistance” that will require a significant amount of buying pressure to be broken above.“The real $BTC battle should be the $5800-$6000 marker. Back in the day it was a beast of a support … let’s see if it’s a beast of resistance,” he explained.The real $BTC battle should be the $5800-$6000 markerBack in the day it was a beast of a support … let’s see if it’s a beast of resistance.I’m gonna laugh my butt off if it’s conquered quickly tho. After all, this is #crypto yo.$BTC $ETH $BCH $LTC $XRP— 360Trader (@360_trader) April 23, 2019One possible factor that could help the cryptocurrency surge above this price level could be the tailwinds of the recent golden cross that Bitcoin formed – which many analysts believe could signal the reversal of the persisting bear trend.“The technical picture for [bitcoin] is looking increasingly bullish on the daily charts with the fabled bullish ‘golden cross’ slowly coming into play,” said Lukman Otunuga, a research analyst, while speaking to MarketWatch.BTC’s RSI Signals That Long-Term Bottom Has Formed From a technical perspective, it is not unreasonable to assume that Bitcoin has truly formed a long-term bottom that will allow it to continue surging higher, as its relative strength index is currently signaling that a bull run may be imminent.Mr. Anderson, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that BTC may see one more “healthy retracement” before the next bull run commences.“$BTC Bottom? Relative Strength say’s YES! In $BTC’s history, a Daily scale RSI near 85 has never occurred in the midst of a Bear Cycle. History shows RSI hitting these levels is always followed by a healthy retracement & the next Bull run,” he noted.$BTC Bottom?Relative Strength say’s YES!In $BTC‘s history, a Daily scale RSI near 85 has never occurred in the midst of a Bear CycleHistory shows RSI hitting these levels is always followed by a healthy retracement & the next Bull run pic.twitter.com/fPmd6RBci4— Mr. Anderson (@TrueCrypto28) April 23, 2019Although things are certainly looking up for the crypto markets, how Bitcoin responds to its next strong resistance region will likely signal whether or not the markets are ready for a bull run, or if further consolidation is needed.Featured image from Shutterstock.
Blockchain, the innovative distributed data storage method backing almost all of the more than 2,000 crypto assets existing today, has been often touted as a way to drastically improve the efficiency of traditional banking. However, according to the Head of Digital Market Assets at Credit Suisse, the uptake of the technology has been slower than many might have expected due to the “culture” surrounding banking.Decades after the internet revolutionised how we as a species share information, the current state of banking looks tragically dated in 2019. With the very real threat to traditional banking posed by crypto assets growing each year, Emmanuel Aidoo, of Credit Suisse, believes that 2019 will see an uptake of financial institutions using blockchain technology to improve their services.Emmanuel Aidoo: Banks Not Exactly Rushing Into BlockchainAccording to a report in Business Insider, Emmanuel Aidoo, the head of digital market assets at Credit Suisse, has stated it is banking culture that has so far slowed the adoption of blockchain technology in the financial industry. He said:“What is preventing the banking industry from rushing into it? I think it’s mostly culture… I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why.”Reading between the lines slightly, it appears that Aidoo is referencing a widespread acceptance of the status quo within banking circles. For an industry that faces direct competition from mobile bank-like services, such as Square and Venmo, as well as the rise of crypto assets like Bitcoin and Ether, not moving with the times in such a way could prove very dangerous indeed.Naturally, banking struggles to innovate at anywhere near the same pace as the digital asset industry. Being entirely centralised, ways to increase banking efficiency must come from above. The sheer number of developers working on Bitcoin, Ethereum, and other decentralised payment platforms around the world make for potential innovation that cannot be matched by these financial institutions. This concept is illustrated in the following rather lengthy video by Bitcoin evangelist Andreas Antonopoulos:Aidoo continued to highlight the current stagnation in the banking industry and how it risked being left being by financial innovation occurring in less traditional avenues such as crypto:“That is really important for companies to have people who challenge themselves to ask questions about the status quo… These are people who focus on change, not change for change’s sake, but an honest reflection for why we do things — can we do things better.”The Credit Suisse head did go on to state that he believes that 2019 will be the year that blockchain technology finally makes it into the banking industry in a big way. Already initiatives such a JPM Coin – a permissioned blockchain-based system that offers almost none of the true innovation of Bitcoin and other crypto assets – highlights that the industry is starting to explore the technology. However, very few real-world examples are actually live according to Aidoo.Ultimately, the slow movement of the banking industry could be a massive boon for crypto. If banks continue to fall behind in terms of the service they can offer versus leading cryptocurrencies, the market will eventually render them obsolete by choosing to favouring these non-traditional value transfer services over more traditional banking ones. Related Reading: Could JPM Coin Be the Negative Force Behind Ripple’s Recent Price Action?Featured Image from Shutterstock.
The world’s most popular cryptocurrency exchange, Binance, has been on a hot streak in 2019, delivering a deluge of positive news to the crypto community and Binance Coin (BNB) investors who have incurred massive gains in the past several months.Today, the exchange announced the official launch of both their highly anticipated decentralized exchange – aptly named Binance DEX – in addition to their Singapore exchange that offers users an easy-to-use fiat onramp.Binance Continues Pushing Ahead with Flurry of Positive DevelopmentsEarlier this month, the crypto industry was abuzz with news regarding the launch of the Binance Chain mainnet, which is widely viewed as a competitor to Ethereum in that many cryptocurrencies can be built on top of it. Shortly after its launch, Binance migrated their BNB token supply away from the Ethereum blockchain and onto Binance Chain.This news, which led Binance Coin’s price to skyrocket, is one part of a multi-faceted approach the company is taking in an effort to secure their position as one of the leading cryptocurrency exchanges in the world, and to further diversify the use-cases for BNB.Today, the exchange announced that their highly-anticipated decentralized exchange has gone live with limited functionality.Changpeng Zhao (CZ), the CEO of the cryptocurrency exchange, spoke about the launch of the platform in a recent statement, affirming that the goal of the platform is to offer users far greater control over their funds and assets than traditional, centralized, exchanges offer.“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem,” he explained.Moreover, the exchange also announced the release of their Singapore exchange that will allow users to utilize a fiat onramp to easily purchase cryptocurrencies.Binance Coin (BNB) Drops Despite Recent AnnouncementsAlthough these announcements are certainly positive for the cryptocurrency exchange, BNB has dropped today, and is currently trading down over 2% at its current price of $23.90.It is important to note that the cryptocurrency is currently trading just a hair below its all-time-highs of roughly $25.00, which was first set during the parabolic bull run the crypto markets experienced in late-2017, and then revisited just a few days ago.While looking at the crypto’s year-to-date performance, BNB is currently trading up significantly from its 2019 lows of $5.75 that were set in mid-January.Although BNB appears to be having some trouble decisively breaking above its all-time-highs, the recent flurry of positive developments, coupled with the improving market conditions, will likely allow BNB to set fresh all-time-highs at some point in 2019.Featured image from Shutterstock.
A firm working to bring traditional financial services to those invested in crypto assets has lowered the minimum Bitcoin account balance required to receive interest payments. The move is reportedly in response to public pressure to make the service more accessible.Naturally, those wishing to use BlockFi’s interest accounts should be aware that such custodian services carry far greater risk to Bitcoin investors than if they were to take responsibility for their own private keys. High profile exchange hacks highlight the danger to those choosing to store their crypto with large centralised services such as BlockFi.BlockFi Brings Traditional Financial Services to Bitcoin InvestorsLess than one month after it originally launched its crypto interest accounts, BlockFi has updated its terms of service to lower the minimum account balance needed to receive payments. Previously, users would need to hold a full Bitcoin – worth over $5,600 at the time of writing. This has now been lowered to 0.5 BTC.The news broke via a BlockFi monthly update, posted to its blog earlier today. According to the post, the move has been influenced by large numbers of public requests:“After launching BIA, a lot of users reached out to our team asking that we drop our minimum eligible balance to earn interest. We’re excited to let our community know that BTC balances of 0.5 BTC and up will now begin earning interest on their deposits. “The change will take affect on May 1. What’s more, it will be applied retroactively, meaning all those that held balances of over 0.5 Bitcoin with BlockFi since April 1 will be paid interest on their balances too.Also detailed in the post is a change to BlockFi’s terms regarding its Ether interest accounts. Previously, the firm offered to pay interest on any Ether accounts with a balance of greater than 25 ETH. However, market conditions have apparently forced BlockFi to up this minimum threshold to 250 ETH – around $43,250 at today’s prices.Finally, the firm has also announced that it will open its services to Indian crypto investors too. Again, this has been influenced by sheer demand for the service. This brings the total number of countries eligible to use BlockFi to 65.BlockFi Making its Potential Honeypot More Appealing to InvestorsAlthough many Bitcoin investors will no doubt be delighted by the lowering of the minimum account balance required by BlockFi to take advantage of its interest account, those wishing to should do so with caution. Centralised companies offering such services that require crypto deposits have been targeted many times by hackers.The blog post proudly details the total amount held by BlockFi, which has exploded so far during 2019. From just over $10 million this February, the firm now boasts an impressive (and ultimately alluring) $53 million of client funds. No doubt, this will only increase with the latest announcement and no doubt there are teams of cyber criminals working round the clock to compromise the Bitcoin and crypto financial services company for their own gain. Related Reading: Cryptocurrency Exchange Hacking Jumped 250% YTD, Says ReportFeatured Image from Shutterstock.
Overnight last night, Bitcoin price made another strong bullish advance through resistance at $5,400, following a massive crypto rally earlier in the month that set the bullish tone for the rest of the month’s price action.While Bitcoin is more bullish than it’s been since its all-time high of $20,000 back in December 2017, altcoins, which had been experiencing massive gains in price over the last few months, have suddenly turned extremely bearish.
Bitcoin prices buy momentum strong, add 10.1 percentPrices ought to expand 10X in the next bull wave for BTC’s market cap to surge past $1 trillionAt spot rates, Bitcoin’s overall valuation is far from $1 trillion Chris Burniske projects. While we don’t have the time frames, prices must increase 10X to hit those levels. Even so, this will happen in lock-steps with next targets at $6,000.Bitcoin Price AnalysisFundamentalsIf historical prices are anything to go by, then Bitcoin (BTC) market cap is on its way to $1 trillion. That is according to an analysis by Chris Burniske, a crypto venture capitalist and partner at Placeholder. Basing his observations on past prices, Chris is of the view that in every bull leg, Bitcoin (BTC) market cap increase ten folds.The first wave in 2016 took its overall valuation to $10 billion, and in 2018, Bitcoin’s market cap peaked at around $100 billion. Since prices are printing series of higher highs bolstered by an upbeat market, the next leg up would, therefore, propel the market cap of the most valuable coin to $1 trillion. At that valuation, BTC would change hands at $50,000.At spot rates, that is a 10X increment, an attractive proposition for investors who had to contend with a 75 percent drop during last year’s winter. However, for Bitcoin to reach these astronomic valuations, Jeff Sprecher, the chairman of NYSE, believes that the coin must evolve into a perfect store of value with robust infrastructure and a good market structure that can handle a surge in demand:“Bitcoin does not have a good market structure. Even for Bitcoin, different markets are posting lots of different prices. And you can pay an up to 6 percent spread to exchange dollars for Bitcoin, meaning Bitcoin needs to rise by as much 6 percent before you break even.”Candlestick ArrangementUp 10.1 percent in the last week adding 4.8 percent in the previous day, Bitcoin (BTC) only lags Binance coin (BNB) up 24.8 percent from last week’s close.Because of this exemplary performance, BTC buyers are back and firm above $5,500 meaning risk-averse traders can load up on undervaluation with targets at $6,000 as mentioned in our last BTC/USD trade plans.Besides price, the underlying buy momentum is strong now that BTC did find support at the 38.2 percent Fibonacci retracement level of the week ending Apr 6. As a result, every retest is another buying opportunity confirming buyers of Apr-2.Technical IndicatorsBy reversing losses of Apr-11, the double bar bear reversal pattern of Apr 10-11 no longer holds. As a result, bulls are in control thanks to today’s uptick in participation. As aforementioned, every dip would be another buying opportunity as long as prices are above the $5,300-400 zone.Chart courtesy of Trading View
Tron (TRX) prices stable at 2.5 centsCritics claim Tron cannot scale and SUN side chains is a cover for that deficiencyBy default, Tron claims to be scalable with high throughput. However, critics are back arguing that the SUN Network is a cover for the network’s inability to scale and handle BitTorrent’s requirements. In the meantime, Tron (TRX) prices are ranging and down 5.7 percent from last week’s close.Tron Price AnalysisFundamentalsThere is Blockchain trilemma, and here developers are struggling between striking a balance between decentralization, security, and scalability. Of the three, Tron supporters are confident that the network is secure and scalable.Of decentralization, the adoption of DPoS consensus algorithm means 27 super representatives do validate and secure the multi-million-dollar network. Like EOS, Tron architects did prioritize scalability and speed over decentralization. However, there are also concerns because even in a high throughput network, security is not a guarantee.Besides, a high TPS platform calls into question the level of centralization of which Vitalik caps saying all high TPS network are in essence “centralized piles of thrash.” Regardless, Tron is developing, and as a scalable network, Justin Sun is planning on side-chains in a bid to improve the platform’s capacity.Even so, is Tron trying to cover the inadequacy of the platform by introducing SUN networks after finally realizing that their “DPOS AWS chain can’t scale, so you add another DPOS chain on top of it?”When you finally realize your DPOS AWS chain can’t scale so you add another DPOS chain on top of it https://t.co/Ps6msDVSvh— James Spediacci ⟠ (@JamesSpediacci) April 3, 2019Here’s what Simon Morris, a former executive of BitTorrent had to say:“I suspect that what they’re really going to do is they’ll do it on some central server, they’ll wave their hands and say, ‘Oh, it’s a Lightning Network for TRON,’ or something, and pretend it’s TRON-based, but it’s not really TRON-based.”Candlestick ArrangementAt the time of press, Tron (TRX) is down 5.7 percent and in red territory. By all measures, the coin is underperforming and out of the top-10 by market cap. Nonetheless, candlestick arrangement points to bulls.As visible from the chart, Tron (TRX) is finding support off the 50 percent Fibonacci retracement level of Dec-Jan high low. Coincidentally, the level is also our previous resistance now support, at 2.5 cents. Moving on and in line with our last TRX/USD trade plan, aggressive traders should wait for a complete reversal of Apr-21 losses.After that, assuming the reversal is at the back of above average transaction levels, then can initiate buys on dips with targets at 4 cents. Meanwhile, conservative traders should ramp up once TRX edge past Apr-8 highs of 3.1 cents.Technical IndicatorsIn the short-term, Apr-21 bear bar anchors our trade plan. With high volumes—5.2 million, bulls need to reverse these losses with equally high volumes for trend continuation as buyers of Mar-23 to Apr-2 flow back.Chart courtesy of Trading View
The bitcoin price has surged up to 4.85 percent this Tuesday, but there is still a strong case of an imminent pullback.According to Crypto Michaël, an Amsterdam-based cryptocurrency analyst, bitcoin lacked adequate follow-up volume that could sustain the ongoing upside price action. The bearish interpretation followed the textbook volume-price relationship, in which a price move up on a declining trading activity signals a selling sentiment.Michaël said if the bitcoin price hangs near its newly established higher high for far too long, it could result in a pullback scenario, as shown below.Bitcoin Price Inside a Rising Wedge | Source: Crypto MichaëlMichaël showcased the bitcoin price trending inside a rising wedge pattern. Technically, it is a bearish pattern that begins wide at the bottom but starts contracting as the asset price moves upward. As the trading range narrows, the volume also starts declining. And, at the apex, the asset price breaks to the downside accompanied by a sudden surge in volumes. Michaël highlighted similar rising wedge formations via bitcoin’s recent price behaviors (boxes).“The longer we keep on hanging here, the more meh it’s going to be,” the analyst stated. “I [really] want to see follow up volume. However, we’re making some [bear divergences] on higher timeframes already + hanging in resistance + altcoins bleeding hard. I’m remaining very cautious.”$BTC #BITCOINThe longer we keep on hanging here, the more meh it’s going to be.I really want to see follow up volume, however we’re making some beardivs on higher timeframes already + hanging in resistance + altcoins bleeding hard.I’m still remaining very cautious. pic.twitter.com/rdb0bhK6vO— Crypto Michaël (@CryptoMichNL) April 23, 2019Bull TrapMichaël also envisioned a bull trap scenario, in which the bitcoin price breaks above the rising wedge pattern, but may soon reverse direction. A potential bearish divergence indicator somewhat supported the bearish scenario. Technically, the bitcoin’s daily Relative Strength Index was moving downwards while its price was trending upward. Such a pattern typically ends up in a downward action for the asset.Nevertheless, Michaël clarified that there were crucial resistance areas that could invalidate the entire bearish theory, as shown in the chart below.Bitcoin Bull Trap | Source: Crypto Michaël“I’m still neutral and not much changed overall,” he stated. “Pushing through orange block = [very good] sign.”Double Bottom – Long Term BullSource: Stock ChartsMichaël said he was expending the bitcoin price to perform a complete reversal and restest its bottom in May/June. Technically, it will be a double bottom scenario, which is a textbook bullish reversal pattern. In such a case, bitcoin would pullback to the upside to retest the previous peak, accompanied by high volume, and followed by a breakout to turn the said peak resistance into new support.“Personally, I’d sign for this: 1) Slight upwards/sideways continuation of BTC till the end of April; 2) First altseason; 3) May/June BTC downwards to bottom; 4) July – September sideways & major 5) After September beginning of uptrend bull market BTC,” said Michaël. “But, that’s me.”
Ripple (XRP) range bound, 34 cents immediate resistanceIBM Hyperledger Fabric and World Wire offer stiff competitionAll in all, Ripple Inc haven been prosperous in their promotions. Banks in the Middle East, SE Asia, and India are using their solutions. Despite that, Ripple (XRP) prices are stagnant and stuck within a 4 cents range.Ripple Price AnalysisFundamentalsIt may be seven years down the line and with more than 200 banks leveraging Ripple Inc’s solutions, the blockchain start-up is successful. With Banco Santander, SBI Group, Federal Bank, Western Union and a foothold in the Middle East and Asia, investors are eager for more.If anything, a measure of success would be on how financial institutions and processors respond to xRapid and XRP. The latter is the enabler that facilitates near instant payment settlement which Inter Ledger and a couple of other payment apps seek to achieve. Of the three solutions, xCurrent—an option that allows end-to-end tracking of transactions is popular.However, if there is a regulatory clarification on XRP and the US SEC comes forth, declaring the asset as a utility with no central point of control, then we expect processors and even banks to jump in the fray, enjoy security, transparency, and cost-cutting that XRP and xRapid tags along.Nevertheless, the sphere is heating up, and IBM’s World Wire, JP Morgan’s JPM Coin designed for institutions as well as its Hyperledger Fabric—in use by firms featured in Forbes Blockchain 50 List promise to slow down progress as clients do have options.Candlestick ArrangementPrice wise and Ripple (XRP) is bouncing off the 30 cents support. Even so, prices are ranging within a 4 cents zone and yet to break off above the 34 cents buy trigger line.In line with our previous XRP/USD trade plan, the coin’s performance is mostly dependent on how prices react at this level—flashing with the 61.8 percent Fibonacci retracement level of Dec 2018 high low.If buyers build up enough momentum and break off from this zone at the back of high transaction volumes, then from an effort versus result point of view, we expect the momentum of Jan 30 to continue as XRP surge past 34 cents towards 40 cents.Technical IndicatorsAs aforementioned, buyers are in control despite the headwinds of Apr-11. Nonetheless, it is imperative that XRP prices edge past 34 cents and feeding this momentum should be an influx of buyers reversing Apr-11 losses with high volumes exceeding 32 million and recent averages of 15 million.Chart courtesy of Trading View
Abra has long been a household name in the crypto industry, providing consumers worldwide with financial services and investment opportunities that are centered around Bitcoin (BTC) and other digital assets. NewsBTC sat down with Abra’s chief executive and founder, Bill Barhydt, last month to talk about the future of this industry, his firm, and enterprise blockchain applications.Bill Barhydt, for those unaware, has worked with the CIA, NASA, Goldman Sachs, and Netscape throughout his career. He believes that his expanse of prior stints have helped him come to the conclusion that cryptocurrencies are the future.How’s Abra Been Faring In Crypto Winter?NewsBTC: Charlie Lee argued that the downturn in the cryptocurrency market has allowed him and the Litecoin Foundation to build out their product and vision. But how has the so-called “crypto winter” affected Abra specifically?Bill Barhydt: Well, it hasn’t. People that are in crypto, are in crypto. Abra tends to deal with less of the trader, and more with the investor. The trader is someone who is doing lots of transactions each and every day or week. Abra users tend to come in and out over a few week timespan. So it’s a different type of user. If you compare Abra to a trading site (exchange), our user base tends to grow reasonably steady. [The exchanges’ user base] go up and down, up and down. Not to mention that half the trades, if not more, are bullshit. Look what’s on the crypto-to-crypto sites, and you can’t trust 85% of what’s happening. With Abra, every transaction is on-chain. You can’t spoof that because I’m paying mining fees. Our business model is very different. They’re getting pennies per trade, but we’re getting percentage points per trade on reasonably steady, growing volume figure.