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Bitcoin bulls need to clear $ 9,000 to mitigate the downward pressure

The overall picture of the crypto market

The cryptocurrency market has a mixed picture on Wednesday. Bitcoin and all major Altcoins are trading in ranges with bearish bias against the backdrop of declining trading activity. The total market capitalization of cryptocurrencies dropped to $ 239 billion from $ 240 billion the previous day. Bitcoin’s market share dropped to 66.0%.

BTC is again at a crucial stage, with expectations from many traders for a rally at the end of 2019. But market players are also worried that the price may plummet again to 8,400. Altcoins have made unpredictable rallies since liquidity is restored for a smaller selection of coins and tokens.

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Bitcoin is still looking for a bottom

BTC/USD had a bearish start earlier today after the bullish Tuesday. So far this Wednesday, the price of the largest digital asset has dropped from $ 8,832 to $ 8,715.1.

At the time of writing, Bitcoin is trading lethargically above $ 8,700. But the $ 9,000 resistance must be broker in order the bulls to clear their way to the next $ 10,000 target. In the area of ​​$ 9,020 is the upper limit of Bollinger bands on the four-hour chart and 23.6% Fibo correction level from $ 10 329 to $ 8 636.4.

At the same time, the resistance trend line of the downward price channel since the end of June on a daily chart has been tested many times, but unsuccessfully so far. A clear break above this downside channel could finally put BTC on a recovery path towards $ 14,000.

On the downside, there are 3 support levels at $ 8,760, $ 8,675 and $ 8,540. The $ 8,760 area collects the average Bollinger Bands curve, the 10-day SMA of the hourly chart, and the bottom of the previous 4-hour candle. A clear break below this support area will lead the bears to test $ 8,675. If the bearish momentum extend, it is possible to see a test of $ 8,540, where is a 50% Fibo correction of the rally from 3,227 to the high of June 13,960.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Ethereum (ETH) Gaining Momentum, the $ 200 level seems inevitable

The major crypto currencies retreat

The cryptocurrency market on Wednesday is characterized by both red and green signals. Leading the retracement are the three major crypto currencies Bitcoin, Ethereum and Ripple.

Bitcoin stepped back, shifting the focus back to $ 9,000 after failing to break the $ 9,500 resistance yesterday.

Ethereum, on the other hand, first fell against the background of shrinking volatility. The price was struggling to keep above the $ 190 support, but the bears found a way to lower the price to $ 187 (current market value).

 

China encourages blockchain embracement

Earlier this week, the overall capitalization of the crypto market peaked at $ 257.76 billion on Monday. However, on Tuesday, the market capitalization of crypto currencies dropped again to below $ 250 billion before finding support. At the time of writing, total market capitalization is $ 251.85 billion.

While Bitcoin dominance has maintained steady levels of 67% since Monday’s pullback, trading volumes fell back to sub-$ 100 billion levels.

On the news front, reports from China that EOS and Tron coming out as top-ranked blockchain projects delivered strong support. The Ministry of Industry has published a chart that has garnered more attention than usual. Interest emerged following the recent support for blockchain technology by Chinese President Xi Jinping.

Other notable representatives in China’s top 10 blockchain include Ethereum ranked 3rd and Stellar’s Lumen ranked 10th. Bitcoin came in at number 11.

 

Ethereum continues trending in an upward channel against the dollar

Ethereum formed a double bottom in the support area of ​​$ 150-163, within the formation of a falling wedge. This double bottom model led to a strong jump in volumes, after which the price bounce and continued to fluctuate around $ 185.

Currently, the ETH/USD daily chart is moving in an upside price channel. This Wednesday, the price is trading near the high of $ 191 and will have to break the resistance at $ 193 to continue the positive momentum. This is a crucial area, as we see in the history of the chart. During the first part of 2019, the $ 185-190 area remained strong resistance before the breakthrough in May.

In the case of a broad-based crypto market rebound, Ethereum can test the second major resistance level at $ 203. The MACD indicator shows an increase in the upward momentum.

In the coming weeks and months, it will be crucial to see some continuation to the upside for more confirmation. However, it’s unlikely to expect a drop below the $ 155 area after the last rebound upwards.

Because Ether (ETH) is the largest altcoin, its chart shows a model identical to the movements in the overall market capitalization of the Altcoins. Therefore, note that Ethereum can also be described as a leading indicator of future movements of the Altcoins.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Does sales pressure mean a new downtrend for BTC/USD

Cryptocurrencies have come under fresh pressure

Bitcoin price struggled to hold over $ 8,000 during Wednesday’s Asian session. However, the bearish pressure, coupled with the increasing sales volume, outweighs the bulls. The entire cryptocurrency market is in the red territory, with most of the major coins registering losses at the beginning of the European session also.

Almost all of the top 20 coins show red candles on the charts. And Bitcoin SV (BSV) took the prize for the worst performing cryptocurrency of the day with a loss of 4.5%. Cosmos (ATOM) and Tezos (XTZ) followed closely, with losses of more than 3% each.

The total market capitalization of cryptocurrencies dropped from $ 223.3 billion to $ 218.5 billion, with Bitcoin representing 66.3% of the total.

As for the fundamental news, Opera has announced that it now facilitate making payments with Bitcoin (BTC) directly inside the web browser. Opera detailed in a press release that its 350 million users can now send and receive BTC directly from the browser, as well as use the cryptocurrency to buy goods and services on e-commerce websites.

 

The bears pushed BTC/USD under $ 8,000

Over the past few weeks, Bitcoin has gone through a series of up and down movements. Now the level we need to keep a close eye on is the key support at $ 7,800. This region has been tested repeatedly without giving in. In addition, a rebound from this area resulted in significant movements above $ 8,000. For example, the most recent correction pulled the price over $ 8,300 before hitting $ 8,750.

On the upside $ 8,800 is the most significant resistance. The movement above that level has been unsuccessful in the last month. If BTC/USD manages to break through this resistance, the chances of raising above $ 9,000 will be huge.

From a longer-term perspective, BTC/USD has been moving within a narrowing range over the past 4 weeks, following the strong downside trend that played out between June and September. Technically, the price has formed a bearish flag on the daily chart. This makes the BTC/USD pair vulnerable to further potential downturns if current daily support recedes. A clear break below $ 7,800 can easily push Bitcoin to $ 6,400 (key support for the downtrend in 2018). Failure to hold above this level could open the door for a new wave of sell-offs to the next critical support at $ 5,000.

All indicators, including the Relative Strength Index (RSI), indicate that the trend is in the hands of the bears. The RSI plunged close to the oversold area while the Moving Average Convergence Divergence (MACD) is below the zero line.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Is XRP rewaking or will we see a downside correction first?

A mix of red and green among the major coins, with BTC remaining above $ 8,000

Bitcoin dropped 0.27% on Tuesday. Partially reversing the 4.37% rally on Monday, Bitcoin ended the day at $ 8 211.2. The other 10 major crypto currencies were trading mixed yesterday.

Ripple and Ethereum’s XRP grew, with gains of 0.54% and 0.29%, respectively. For the rest of the package, however, the day was red, with Bitcoin Cash ABC falling 1.33% to lead the way. Litecoin, EOS, Stellar’s Lumen, Bitcoin Cash SV and Binance Coin saw modest losses.

The moderate pullback came amid a particularly bullish start of the week, with EOS and Ripple leading with gains of 9.56% and 8.04% respectively.

During the day, the total market capitalization of crypto currencies fell from $ 225.01 billion to the bottom of $ 220.93 billion before finding support. At the time of my writing, total market capitalization is $ 222.60 billion. Bitcoin dominance remains at levels around 67%.

We have no big events on the news front, with the SEC deadline of 13th October on the Bitcoin ETF decision fast approaching.

 

XRP/USD with downside correction risk

The price of the XRP has been running higher for 5 consecutive sessions since the bulls are back on the market. XRP/USD has been trading at its highest levels for about 2 weeks.

Technically, however, there is a risk of a reversal in the short term, given the candlestick formation evening star on the daily chart. Wednesday’s candle was a bearish evening star, which is usually an indication of the sellers’ return.

The Relative Strength Index (RSI) continues to follow the pattern of lower highs. The abandonment of overbought territory gave the bears momentum to challenge the bulls. The support areas to look out for in the near term are $ 0.2550/33, $ 0.2500 and $ 0.2400.

Despite the correction, the slightly positive technical picture still shows the bulls’ ability to defend key support levels. And the increasing gap between 50 SMAs at $ 0.2751 and 100 SMAs at $ 0.2642 means that buyers have the energy to protect the tentative support at $ 0.27.

 

Here are five factors that can put XRP back on the map:

Ripple Signals Lowered Sales: Ripple Escrow releases 1 billion coins every month, but Ripple Inc. signals that it will not rush to sell the coins. There are still signs of relatively large sales, but XRP markets have absorbed that amount, probably coming from Jed McCaleb’s limited sales. The Ripple stash escrow will continue to issue coins until 2038.

Signs of the Altcoins Season: XRP is still one of the relatively low-priced altcoins, but it is also among the most liquid ones. Early signs of the Altcoins season, based on Bitcoin’s diminished dominance, mean that XRP may start moving first. The coin received a direct inflow from Tether (USDT), stimulating independent price discovery.

Profits in Satoshis: XRP is also very active in pairing with BTC. Technical indicators indicate a reversal of the trend in this pair, potentially leading to a rise in price for Satoshi.

CoinField Joins as Validator: The CoinField exchange indicates that it is becoming a validator to exploring further use cases for XRP. With this type of adoption, along with the addition of the asset to BitPay, XRP is seeing growing technological interest. The network is currently revealing 31 validators, of which Ripple controls seven.

Ripple Rebranding its Products: The RippleNet product will combine the features of xRapid and xCurrent. This means that banks, the main users of xCurrent, will also be able to use XRP. Some banks and entities have received significant funding from XRP and can use it to test the new, merged product.

In conclusion, there are already predictions that XRP can organize its own rally, gaining up to 300% from its current price.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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