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A Serious Bitcoin Correction to Occur if BTC Drops to This Level: Top Trader – newsBTC

After a five percent increase overnight, the bitcoin price is vulnerable to a major correction. A prominent trader Peter Brandt warned that a fall below a key level may trigger a serious correction.

Brandt named the 18 displaced moving average (DMA) as the important level bitcoin has to defend to prevent a large pullback. Currently, as of January 27, the 18 DMA is at $8,540 on BitMEX.

If the bitcoin price drops below the 17 DMA at $8,540 and enters the downward wedge once again, it would mean that the correction from $13,000 at the 2019 yearly high would merely resume.

The bitcoin price is at a critical point (Source: Peter Brandt Twitter)

Throughout the past week, many technical analysts have pointed out that the current bitcoin price trend eerily resembles the BTC drop from $10,600 to $6,410.

One cryptocurrency trader noted that the altcoin market is particularly weak, and a correction by a major altcoin like Ethereum could fuel a BTC pullback.

The major issue I have is with ETH. I think it presents the cleanest top signal. If I expect ETH to challenge $145 I dont think its feasible to expect BTC to hold $8.1k. It would be unusual to not see any strong move down following this set up, but not impossible, said the trader.

Bitcoin is coming off a 43 percent upsurge since late December, 2019, within merely a month.

After a significant rally in the 40 to 50 percent range for bitcoin, a pullback often ensues.

Major altcoins like Ethereum and Bitcoin Cash increased by anywhere in between 40 to 60 percent in the past month, with Bitcoin Cash rising by 72 percent against the USD at one point.

Traders are generally anticipating the bitcoin price to break below $8,540 and experience a deeper correction as it moves back into the declining wedge.

But, top technical analyst Josh Rager emphasized that if the bitcoin price defends the $8,000 to $8,200 range well, it can maintain its momentum.

Previously, Rager said that the invalidation point for the current bitcoin extended rally is $7,700.

He explained on January 21:

Daily closed under 200 DMA after an 8%+ drop. Could potentially see a push up before continuation down and watching the support at $8000 to $8200 for a bounce. Break below $7700 would be bearish but not expecting it drop that low at this point in time

This week is considered to be the critical decisive moment for BTCs short to medium-term trend, especially approaching the monthly close on January 31.

A close below key levels such as $8,200 and $8,000 would indicate that the trend of the bitcoin market is too weak to maintain upwards momentum.

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Top Bitcoin Benefits Naysayers Need to Know – Bitcoinist

Anyone dealing with bitcoin or even reading this will have at some stage had to explain it to someone with no knowledge. It is not always easy, but keeping these major benefits in mind may convince the cynics.

Explaining the benefits of bitcoin can be a challenge as most people with little knowledge of it will be highly skeptical. The first thing they will doubt is how an entity without a physical presence can have a monetary value.

In a recent Medium, The Startup has explained the key benefits of bitcoin for the benefit of non-believers.

One major advantage bitcoin has over traditional finance is identity protection. Even moving small amounts of money these days involve demands for identification and proof of where funds came from.

As the world moves towards a cashless society, every single transaction made can be linked to your identity giving banks and corporations unprecedented amounts of data on your spending habits.

You may not have anything to hide but a little privacy is still a personal right. Bitcoin, and a number of other privacy-based cryptos, can offer anonymity and privacy beyond any traditional method of moving money.

Bitcoin works everywhere and at all times, that is failing a catastrophic collapse of the internet. Centralized platforms such as banks and credit cards can and do go offline with single points of failure. Bitcoin is a global network with 100% up-time.

Mobile payments are made simple and you dont need to understand cryptography to use bitcoin just like you dont need to know how TCP/IP works to send an email.

Banks and centralized payments platforms such as PayPal make billions in profits by charging their customers to manage and move their money. High fees and slow transaction times with SWIFT are commonplace and the system is archaic by todays standards.

Bitcoin can be sent anywhere for a fraction of the cost, regardless of the sum or destination, in a matter of minutes.

Bitcoin also gives you full control of your money. Much of South America and a lot of Asian countries have strict capital flow controls restricting what people can do with their own money. As economic woes escalate these restrictions are likely to spread and people will have less control over their own finances.

Authoritarian regimes and banking systems restrict freedom but bitcoin gives it back. You can send and receive it anywhere in the world without any state meddling or surveillance.

Central banks also manipulate their currency flows and value in order to perpetuate a massive credit bubble and galloping debts. Bitcoin cannot be manipulated in terms of inflation or supply, it is finite, unlike the US dollar for example which has been flying off the printers in recent months.

These are just a few of the advantages that bitcoin has over traditional finance. It is a revolutionary technology that gives financial freedom back to whoever holds it.

What other benefits does bitcoin have? Add your comments below.

Image via Shutterstock

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Tokyo Bitcoin theft duo arrested by police – Yahoo Finance

Two men, both in their twenties, have been arrested by Tokyo police on computer fraud charges related to the theft of $700,000 (78 million yen) worth of Bitcoin.

According to the Japan Times, Yuto Onitsuka and his accomplice Takuma Sasaki have been charged with siphoning-off funds from a Tokyo-based crypto management firm that Onitsuka previously worked for.

Sasaki allegedly used Onitsukas credentials to access the companys Bitcoin wallets and transferred the BTC to his own accounts.

In total, just over $700,000 worth of Bitcoin was stolen, with some of the money being transferred to Sasakis bank directly which he then reportedly spent on travel and other personal items.

Allegedly, the two suspects had never met in person and had become known to each other through an online forum dedicated to digital currencies.

It is unclear how Sasaki convinced Onitsuka to give him the wallet details or to what extent Onitsuka benefited financially from the theft if at all.

Onitsuka had commented on the forum that he wanted to bankrupt the digital asset company he was working for as he was dissatisfied with his role in the company and disagreed with its management policies.

The Tokyo Metropolitan Police Departments cybercrime unit shared that the Bitcoin had been taken in one lump sum from the companys accounts on October 29 2018 which the suspects then allegedly cashed out via both Japanese and foreign exchanges.

The name of the crypto company involved in the theft has not been officially released.

Japanese authorities clamped down on crypto cases last year, and the countrys government still has a sceptical view of cryptocurrency as a whole.

As Coin Rivet reported in March 2019, a Japanese teenager was prosecuted for his role in the theft of 15 million worth of Bitcoin, around $134,000 at the time, which he stole from a crypto storage website called Monappy.

Likewise, in April last year, Japan tightened regulation on cryptocurrencies, officially making crypto assets legal property under the payment services act.

Earlier this month, Japans financial watchdog, the Financial Services Agency, announced that it would be cutting leverage on cryptocurrency trading products to just two times the traders margin amount in a bid to prevent losses.

You can read more about Japanese crypto news here.

The post Tokyo Bitcoin theft duo arrested by police appeared first on Coin Rivet.

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Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Wont Crash at $8,500 – newsBTC

Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.

Per previous reports from NewsBTC, long-time Bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff said in a tweet that the price of the leading cryptocurrency could dump to $1,000 to complete a chart pattern.

And even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.

But, according to a prominent crypto analyst who called BTCs decline to the $6,000s, the idea that BTC is extremely bearish right now is somewhat irrational.

Legendary analyst Dave the Wave recently laid out four reasons why he is surprised at the bearish sentiment he is seeing on Crypto Twitter:

Dave isnt the only analyst expecting for Bitcoin to start to form an uptrend once again.

Willy Woo partner at Bitcoin fund Adaptive Capital said in December that per his analysis of on-chain data, he believes the macro price bottom was established in the low-$6,000s. Woo did say, however, that there is an opportunity for a drop below that bottom, but noted that it would just be a blip in the grand scheme of things.

Also, analyst Cryptokearecently noted that the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019 at 10.

The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.

He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

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Your Bitcoin (BTC) Should Be Seized to Pay for ‘Climate Reparations,’ Says Security Consultant – U.Today

Bitcoin uses a gargantuan amount of electric power, which rubs climate activists the wrong way. Someof them want to go to extreme lengths and confiscate your coins to pay for the alleged damage that has been done to the environment.

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During a heated Twitter debate, security researcherEleanor Saitta came up with a wild idea to seize the holdings of everyone who works with Bitcoin in 2020. In fact, she is convinced that all your assets, including historical earnings, should be confiscated to pay for "climate reparations."

Her tweet has faced severe backlash. Sarah Jamie Lewis, executive director of OpenPrivacy, slammed the "creeping trend" of resorting to authoritarianism to solve the climate crisis.

Others were quick to point out that other disruptive technologies (such as machine learning) also require a lot of power.

The tweet posted bySaitta serves as a prime example of why our society needs a permissionless digital currency that cannot be seized at a whim.

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While Bitcoindoes consume as much energy as Austria, it makes the network more secure and protects it from 51 percent attacks. Thisis true for all PoW-based cryptocurrencies.

That said, Bitcoin mining has a silver lining for the climate. As reported by U.Today, a Texas-based company uses excessive gas forpowering Bitcoin miners, thus preventing flaring.

Moreover, 74 percent of Bitcoin (BTC) mining is actually powered by renewable energy, which flies in the face of environmental activists who like to slander it.

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Nothing Special Bitcoin Slumps 6% on Coronavirus, Chinese New Year – Cointelegraph

Bitcoin (BTC) has shed 6% in a week thanks mainly to Chinese New Year and uncertainty over coronavirus, commentators are suggesting.

Analyzing Bitcoin price data along with Chinese stocks performance on Jan. 24, social media resource Light said a slump in performance had spread to cryptocurrency.

Cryptocurrency market daily overview. Source: Coin360

Over the past several days, it notes, Bitcoin has in fact broadly correlated with stocks. Such behavior is reminiscent of what many perceived as a reaction to another global event the Iran crisis earlier this month.

China coronavirus-driven risk-off blanketing Chinese equities and Bitcoin. Iran correlation, now Chinese equities, Light commented.

The analysis summarized:

If there was ever a statement to the effect, Bitcoin has now made it to the global stage.

Bitcoin vs. Chinese equities. Source: Light/ Twitter

Coronavirus continues to spread beyond China, despite authorities attempts to contain it by imposing travel bans and boosting healthcare provision.

BTC/USD has lost just over 6% in the past seven days and at press time trading at $8,300. The virus factor comes at a sensitive time historically, data reveals, with Chinese New Year traditionally creating sell pressure for Bitcoin.

Compiled by trader and analyst Alex Krueger, figures circulating on Twitter show that in the run-up to the celebrations, Bitcoin returns often turn out negative.

In 2019, they averaged around -0.2% losses for the week prior, but Krueger himself appeared unperturbed by the results.

Nothing special, he summarized on Jan. 22.

As Cointelegraph reported, critics have protested against the theory that Bitcoin price action is directly influenced by geopolitical or other world events.

Nonetheless, issues involving China tend to impact the market conspicuously, against the backdrop of a blanket crypto trading ban imposed by Beijing in 2017. The country still accounts for the majority of Bitcoin mining activity.

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Elon Musk Reveals His True Opinion on Bitcoin and Crypto – Cointelegraph

After a long and cryptic series of tweets on Bitcoin (BTC), SpaceX and Tesla CEO Elon Musk elaborated his stance on cryptocurrencies in a Jan. 20 podcast. Noting that hes neither here nor there on Bitcoin, Musk focused on its use for illegal transactions.

The billionaire has recently been in the spotlight for several short and cryptic tweets related to cryptocurrency. On Jan. 10 he published a tweet saying Bitcoin is *not* my safe word.

This follows an equally cryptic tweet from April 2019, saying Cryptocurrency is my safe word.

But while they were generally considered to be jokes, especially in light of previous tweets where he pledged to take Tesla private at $420, Musks early history is deeply tied to the financial technology industry.

In 1999, Elon Musk founded, an online bank that through later mergers became PayPal. He mentioned the company in the podcast, noting:

If PayPal had executed the plan that I wanted to execute on, I think it would probably be the most valuable company in the world.

The interviewers then asked what Musk thought about Bitcoin and cryptocurrencies, given their spiritual similarity to Musk replied that hes neither here nor there on Bitcoin.

While referring to Satoshis white paper as pretty clever, he prefaced by saying that his stance on cryptocurrencies gets the crypto people angry. He continued:

There are transactions that are not within the bounds of the law there are obviously many laws in different countries and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.

Musk noted that cash is increasingly harder to use, but any alternative would have to be usable for both legal and illegal purposes, as it doesnt count otherwise.

Even though he may not be entirely sold on cryptocurrencies, Musk sees a clear purpose for them:

You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].

Despite the negative connotation from being used for illegal purposes, he emphasized that hes not being judgmental about crypto. In Musks view, the governments overreach in certain aspects:

I think there's a lot of things that are illegal that shouldn't be illegal. I think that sometimes governments just have too many laws about the missions that they should have, and shouldn't have so many things that are illegal.

While not a full endorsement, Musk is not exactly opposite to cryptocurrencies. In an earlier part of the interview, he said that banks are in trouble though he primarily referred to competitors such as Stripe.

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Free Bitcoins: The Possibility to Waste Your Time and… – Coinspeaker

Many of the people who are not related to cryptocurrencies are lurking on the web in a search for free Bitcoins. Numerous casinos, betting clubs, cryptocurrency hedge funds, and other websites lure people in. How do you know that the casino is working well? Where will you gather precise information about a faucet or a lottery website that promises to send you a ton of coins?

Do you know one precious asset that is not gold, not fiat money, not cryptocurrency, and not a bond, obligation, or a stock? This asset is very rare, and if you lose a piece of it, youll never regain. Correct we are talking about time. Be extremely aware that even respectful corporations can advertise scammers.

Many of the industry participants will try to use you to enrich themselves. If you look for a job in the crypto company, make sure that you spent at least 1 month reading the news pieces and reports about the CEO and the company itself. Check the Glassdoor and Trustpilot reviews. See their forums pages and what the others are writing about the company. Find as much information as you can, and if something looks fishy, consider what you can do with it and act accordingly. And dont waste your time on faucets, ad platforms, different retweet services. They promise free Bitcoins, pay you satoshis for doing absolute nonsense and sometimes drop malware, miners or viruses onto your PC.

The main component of cryptocurrency fraud is that all the payments in such systems are irreversible. You wont be able to chargeback the scumbag in two months after the credit card payment. My colleague bought a knife over the Internet and the knife wasnt as good as he expected. So he made a chargeback.

In cryptocurrencies, you wont be able to call the bank to charge it back. The money you send will vanish forever. You will only have one chance to spend your crypto coins, and its better to be a good chance.

Some people who use Bitcoin like usual money, lose some benefits. Its cool to pay for VPN services or mobile subscriptions with Bitcoin or Ethereum. But also, it is crucial to remember that those coins will never get back to you like the paper fiat bills could do.

So if your VPN subscription plan costs 0.03 BTC, consider saving the coins to a separate wallet. If you still want the VPN subscription, simply pay with a bank card. Fiat money is worthless and its not bad if you spend them across the Web instead of spending precious coins.

Photo: QuoteInspector

Just look at what the American Google puts in the ads section for the bitcoin or cryptocurrency keywords. The search giant who knows everything about the tricky field puts out advertisements for obvious scams.

The inexperienced users are getting lured into shady projects like OneCoinorKaratbars. They think that they are participating in the crypto revolution. That they are cyberpunks and hodlers. And that banks are in the stove. While in reality, they are just sitting all day near PC and stare at the shitcoin prices. At the same time, someone else is spending their bitcoins (given in exchange for shitcoins during an ICO round).

Google can post the advertising for a company that says: If you send us 0.1 BTC, we would double the coins in 24 hours! Or, they can write something claiming thatsadvice from a famous Hollywood star. Then, this company is stealing your coins and not giving any returns, and the cops cannot help.

The company that is called The Russian Google Yandex is posting the advertising of scam companies in Russia. Unbelievable, the search engines earn billions on personal data, the e-mail users, their actions. However, if you read Telegram channels such asVklader, it appears that Rusian Google gives as many scammer ads as the original Google. So, it is not some kind of virus that sits in one company. No, this is a very old disease called avidity which we see here eating the successful collectives across the globe.

Sometimes, you are sitting in the crypto-related Telegram chat, and someone pretending to be the Admin of the chat offers you free bitcoins. The offer may be different, but the essence of it is always the same you can gain lots of cash in no time. But you need to send out some Bitcoin or Ethereum first. They always need some trusted deposit or starting payment, with the cheaters using social engineering to target your naivety.

The main strategy is to seduce you to send out the payment by playing on the greed. The fraudulent offer often looks too legit and too shiny. They have an official website, and there are over 15K Twitter followers. Their YouTube channel is full of vids of beautiful, smart people in offices. Everybody in the office keeps an active and happy mood as if theyre working on a drug baron.

How could this be a scam? However, the experienced cryptocurrency journalists are falling victims to fraudsters and crooks of different sizes. The authors of pieces like this one, despite writing many articles describing shady financial schemes, are getting into different shitty stories in their life too. Even the man who can spot ICO shitcoiner with his eyes closed could fail in a simple talk with bazaars gypsy merchant.

The issue here is that many people have to spend years studying cryptography before they start understanding why posting your keys and even the addresses on the public is a bad idea. So, the main part of any cryptocurrency wallet is the private keys storage. The wallet must encrypt the wallet file with the users password or by using some math technique. Private keys are living within the wallet file and generate the public addresses. The private key allows you to spend Bitcoins (or altcoins) from a corresponding address.

A crypto wallet is a key-chain. You have multiple keys from multiple crypto addresses. Each time the user receives coins on one of the addresses, he can spend them using the private key. The special SEED mnemonic phrase of 12 or 24 English words is generating all the keys.

Some of the online experts advise using online resources to check the private keys from addresses. People check the privkeys and facilitate online derivation tools to obtain freshly backed fork coins. Sometimes, after a hardfork of a coin, the new coins are born. If the coin within your portfolio gives birth to a fork coin, then you can get richer by doing nothing. Never use online websites to check anything related to your coins.

If you post the private key online, theres a chance that some hackers gain access to it. Furthermore, when you post your public key somewhere, if the hackers will find several of your addresses, they will be able to mathematically generate some of the private keys based on your addresses and public keys.

If you dont understand what the hell this all means, just remember that you should not post any address related keys or other information online. The only thing you can post safely is the Transaction hash or the ID. It is useful for proving that the transaction takes place. Folks use ID to identify the TX in online blockchain explorers.

Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears – Coingape

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.

The daily high logged on spot exchanges is $8677.The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.

According to leading analysts, $8650 marks an important area for bullish continuation. Derivatives and crypto trader, TraderXO, tweeted,

Coming into resistance at the weekly mid range of 88s Im currently short from 8640s 1/3rd size filled further asks higher up Targeting low 82s 8150s Clear invalidation level for me is closing above the weekly mid

Not only TraderXO, but also other prominent traders like George and SalsaTekila are in anticipation of resistance at $8650. George tweeted,

If we dont reject around 8650 and close the day strong, Ill close shorts and flip bull. Lets see.

Moreover, the 200-Day Moving Average at $8915 continues to act as the last big hurdles for bulls.

Nevertheless, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.

The weekly close in the price was above $8500 at $8590. The price look strong above the 50-period moving average at $8000.

Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.

Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.

Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us.


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Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears


Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.


Nivesh Rustgi

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Renowned analysts comment on Bitcoin, Ethereum, and XRP as the uptrend resumes – CryptoSlate

The cryptocurrency market appears to have started the week on a positive posture as the top cryptos by market cap are already posting significant gains. Now, some of the most prominent technical analysts in the industry have laid out their perspectives about Bitcoin, Ethereum, and XRP. The following technical analysis evaluates what these chartist have to say.

In a recent tweet, 45-year trading veteran Peter Brandt pointed out that there are many reasons to believe that the uptrend Bitcoin entered since the beginning of the year could continue unfolding.

Despite the 10 percent plunge that the flagship cryptocurrency suffered recently, Brandt maintains that there is a significant level of support around $8,400. This price hurdle is defined by the upper boundary of a descending parallel channel, the 18-day moving average, and the 3-day trailing stop rule, according to the analyst.

If this support level fails to contain the price of BTC, then Brandt expects that a more serious correction could take place.

The moving averages on BTCs 1-day chart tell a similar story. Bitcoin is sitting at a pivotal point as it continues to trade within the 200 and 150-day moving averages. The pioneer cryptocurrency has been contained within this trading range since Jan. 13. As a result, it can be considered that a daily candlestick close above or below this area could likely determine where it is heading next.

On the upside, a spike in demand could take Bitcoin to break above the 200-day moving average. Turning this significant resistance level into support could be one of the strongest signals that BTC is about to enter a major bull rally.

Conversely, if the selling pressure increases and BTC breaks below the 150-day moving average it could try to test the next level of support provided by the 50-day moving average. This price barrier sits at $7,750.

Michal van de Poppe, a full time trader based in Amsterdam, believes that an interesting week is coming up for Ethereum. According to the chartist, Ether is looking way better than Bitcoin due to the recent support and resistance flip.

The fact that ETH was able to bounce off the $155 support level strongly, leads Poppe to believe that it could now be heading to the next level of resistance that sits around $194.60.

Such an optimistic scenario, as the one presented by Poppe, seems extremely possible. The recent correction took Ethereum down to test the middle Bollinger band. Since this support level was able to prevent ETH from dropping further, a rebound to the upper Bollinger band could be expected.

Additionally, the TD sequential indicator presented a buy signal the moment the current green two candlestick began trading above the preceding green one candle. This bullish formation could be estimating that the correction is over and now ETH is bound for another upswing. At the moment, the risk like sits at $194, which coincides with Poppes bullish target.

IntoTheBlocks In/Out Money model estimates that if Ethereum indeed continues its uptrend, the next major point of resistance sits at approximately $190. This technical tool considers the distribution of Ether throughout individual wallets based on the current price.

Under this premise, there are 3.43 million addresses with balances between $180 and $205 containing 8.56 million ETH, which could serve as resistance. However, if the bullish impulse is strong enough to break through this barrier, the next significant level of resistance sits around $205 and $253. There are over 4 million addresses carrying nearly 11.7 million ETH around this price level.

On the downside, there is an important level of support between $143.50 and $163.60, since 2.7 million addresses are holding 16.81 million ETH.

CryptoBull maintains that XRP is preparing for a parabolic advance. The analyst explained that the moving average convergence divergence (MACD) is printing the same sequence as it usually does before this crypto enters a bull trend, based on the 1-week chart. Now, he is waiting for the 50 and 100-week moving averages to form a golden cross, which could serve as the last piece of information needed to confirm a potential rally.

Despite CryptoBulls bullish outlook, the TD sequential indicator is currently presenting a sell signal on XRPs 3-day chart. The bearish formation is a green nine candlestick that transitioned into a red one candle. This technical index estimates that a spike in sell orders could trigger a one to four candlestick correction or the beginning of a new bearish countdown.

Due to the ambiguity that XRP presents, the trading range between $0.218 and $0.245 is a reasonable no-trade zone. Breaking above or below this consolidation area could determine where XRP is heading next.

If the buying pressure behind this cryptocurrency increases allowing it to breakout of the no-trade zone in an upward direction, the next significant level of resistance to consider sits at $0.30. Nonetheless, an increase in the selling pressure behind XRP could take it to test the $0.20 support level.

Based on the point of view of the analysts mentioned above, it seems like the top three cryptocurrencies by market cap are about to resume their uptrend. If their respective support levels are able to hold, then they could be about to go through an interesting week as Michal van de Poppe stated. Nevertheless, it remains to be seen whether a spike in volume would allow XRP to invalidate the bearish outlook presented by the TD sequential indicator allowing it to surge as it is expected for the rest of the market.

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