BitMart’s Halloween “trick or treat”- win up to 10,000 BMX

Trick or Treat! Halloween is around the corner. To celebrate the upcoming Halloween, from 10:00 AM October 18th to 10:00 AM November 1st, BitMart is hosting a limited time Halloween photo contest, happy haunting. Participants shall take a Halloween photo including any BitMart/BMX elements – costumes, makeup, or even your decorated house and post them […]
The post BitMart’s Halloween “trick or treat”- win up to 10,000 BMX appeared first on AMBCrypto.
Source: AMB Crypto

BitMart’s Halloween splash – 50% reward to buy coins using USD

It is official. To celebrate the upcoming Halloween, from 10:00 AM October 18th to 10:00 AM November 1st, BitMart is launching a limited time offer with 50% USD cash reward for users who’s buying BTC or ETH via its fiat channel – Quick Exchange. Come and claim your special “treat”. How to participate? Go to […]
The post BitMart’s Halloween splash – 50% reward to buy coins using USD appeared first on AMBCrypto.
Source: AMB Crypto

Wrapped Token Allowing Zcash to Join Ethereum DeFi Ecosystem 

Plans for developing a ZEC token that can function on the Ethereum blockchain are being made by the Zcash community. This would result in partaking in the network’s decentralised finance (DeFi) ecosystem. 
The VP of marketing and business development at the Electronic Coin Company, Josh Swihart has said that the developers at Zcash are hoping to release a wrapped token within the next six months. The VP made the comments to CoinDesk at the Devcon developer conference which was held last week in Osaka, Japan. 

Following the integration onto the DeFi platform, there is hope that the privacy-focused ZEC token will have the capability to provide anonymous, automated loans and transactions through the Ethereum network. Developers on Zcash have also been hinting at the possibility of the interoperability which would allow the privacy features of ZEC to be applied to smart contracts. 
ECC is allegedly targeting Ethereum interoperability and DeFi as a way to boost ZEC usage and purchase on exchanges. Sources familiar with the coin’s exchange performance say ZEC has stalling in popularity over the past 12 months, despite the resurgence in the crptyo markets throughout 2019.
The VP explained that ECC wants to make Zcash widely available for DeFi applications. 

“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with zcash as well. … Ultimately, we want zcash shielded [addresses] to be usable in ethereum smart contracts.”

So whereas ECC may be looking at Ethereum interoperability as a path forward for Zcash, developers say the looming 2.0 network update could potentially disrupt any cross-chain applications. This would more than likely result in the partnership being just short-lived.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

Poloniex splits from Circle; finds new backing ‘led by’ Tron’s Justin

Cryptocurrency exchange Poloniex published a blog post stating that they would be separating from parent company Circle, rebranding as Polo Digital Assets and ending support for US customers on the exchange. They also said that they would be backed by a major Asian investment group, but did not mention any names, though reports suggest the […]
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Source: AMB Crypto

Bitcoin Price May Buck Bull Trend & Fall by 75% to $2,000, Peter Schiff Warns

It isn’t a secret that Bitcoin (BTC) hasn’t been doing too well as of late. While the cryptocurrency is up 100% on the year, it is down some 45% from the year-to-date high of $14,000.
Related Reading: Bitcoin Now the World’s Eleventh Largest Money Supply
This dramatic drawdown from $14,000 to as low as $7,700 has led many optimists to claim that Bitcoin will soon restart its surge to fresh all-time highs. Yet, a prominent cryptocurrency skeptic claims that BTC’s chart is “look[ing] horrible,” citing technical analysis indicators. Ouch.
Bitcoin Price Chart “Horrible”
If you’ve followed cryptocurrency on Twitter at all over the past few years, you’ve likely noticed the cynics, the haters of Bitcoin and its ilk.
One of the most prominent members of these groups is Peter Schiff, a prominent libertarian economist and investor whose father vehemently taxation. While some may see him as an archetypal cryptocurrency holder and lover of decentralized digital money, he isn’t. In fact, Schiff owns less than one coin — which was obtained through donations and gifts — and has long bashed Bitcoin, calling it something with little inherent value and purpose over gold.
The libertarian continued to tout this line on Friday night, when he took to Twitter remarking that Bitcoin’s price chart “looks horrible.” He remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000,” which would imply a 25% drop from current levels if this move pans out.

The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019

That’s far from the end of it. He continued that not only did Bitcoin fall out of a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”
Of course, Bitcoin bulls haven’t taken kindly to Schiff’s latest analysis. Anthony Pompliano, a former Facebook team member that has since become a cryptocurrency investor and tacit industry spokesperson, accentuated in rebuttal to the critic Bitcoin’s scarcity, relative lack of penetration, amongst other facets of the cryptocurrency that may see it appreciate in the years to come.

Only ~ 1% of the world's population (~ 70M) owns Bitcoin, a more scare asset than Gold.
You understand supply and demand economics
— Pomp (@APompliano) October 19, 2019

Yet, Schiff stuck to his guns. In response to Pompliano’s assertion that Bitcoin is the best-performing asset of the past decade, he wrote that “What goes up, must come down. You’re looking in the rearview mirror at what already happened… Bitcoin went up because everyone already bought. It’s a crowded trade. As the crowd sells the price will collapse.”
Related Reading: Bitcoin Price “Death Cross” 10 Days Out as BTC Stagnates at $8,000
Long-Term Bull Trend
Schiff’s technical analysis may be showing that it is only a matter of time before Bitcoin sinks to fresh lows, but for now, indicators suggest that the cryptocurrency market is in a macro bull trend.
The three-day Bitcoin chart on Bitstamp printed a “golden cross” back in early-August.  What’s notable about this is the last time this technical event played out was early-2016, February 2016. What followed this last golden cross was the rally from $500 to $20,000 — a jaw-dropping 4,000% move — in under 24 months, of course. Should history repeat from here, Bitcoin could reach $400,000 by mid-2021.
Also, the one-month Ichimoku Cloud has seen its first lead line has crossed above its second, flipping green for the first time in months.
Related Reading: “Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions
Featured Image from Shutterstock
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Ripple Q3 report: Bots caused 179% increase in XRP FUD

Recently, Ripple published their XRP Markets report for Q3, 2019 to update the community on the state of the market and its performance over the period. In the report, Ripple says there has been a decrease in XRP sales, a trend consistent with the messaging shared in their Q2 report. Last quarter, Ripple had announced […]
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Source: AMB Crypto

Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally

Mere hours ago (as of the time of publishing this), the 18 millionth Bitcoin (BTC) was mined.
As revealed by Statoshi.Info, a recent block brought the 18th million coin into existence, leaving three million BTC remaining out of the hard-capped 21 million coin supply.
While this milestone may seem irrelevant to those not involved in the cryptocurrency industry, the Bitcoin community has been celebrating this event, filling the Twitter feeds of cryptocurrency investors the world over.

This Friday the 18th million Bitcoin will be mined
There are only #3MillionLeft
Our mission is to make it easy for everyone to be a part of this once in a species revolution
— farbood (@farbood) October 16, 2019

This is for good reason: Bitcoin’s strict algorithmically-enforced scarcity, which many say is what gives the cryptocurrency such an advantage over fiat monies and other cryptocurrencies, is believed to imbue the asset with much of its value.
Related Reading: Bitcoin Price “Death Cross” 10 Days Out as BTC Stagnates at $8,000
Scarcity to Drive Bitcoin Price Sky High: Model
Munich-based financial institution Bayerische Landesbank (BayernLB) has predicted that the block reward halving — a key event in Bitcoin’s scarcity narrative — will give Bitcoin to fuel to jet past its previous all-time highs.
In an extensive paper authored by senior analyst Manuel Andersch, it was explained that due to its characteristics and similarities to gold, Bitcoin’s price might be able to be fairly predicted by a stock-to-flow (new yearly supply over above-ground supply of a commodity) model. The model says that once Bitcoin’s block reward reduction is cut in half next year, the cryptocurrency will have a fair valuation of $90,000 per coin.
BayernLB’s model was derived from one made by PlanB, a pseudonymous quantitative analyst working at a European financial institution.
PlanB recently determined that the stock-to-flow model is cointegrated with the Bitcoin price, implying that there is a rather high likelihood that BTC will rocket higher in the wake of the halving.
The analyst also found that his model fit Bitcoin’s price action to a 95% R2, a statistical metric used to represent the accuracy of a model (100% is perfect, 0% is absolutely inaccurate).
Related Reading: “Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions
Increasing the Supply Cap? 
While Bitcoin’s supply cap will likely be enforced by HODlers at all costs, there has been some talk of an eventual supply cap increase.
As reported by NewsBTC previously, at the Satoshi Roundtable earlier this year, discussion arose regarding the abolishment of the strict 21 million BTC supply limit.
Attendee Matt Luongo, the founder of Fold and the product lead at Keep, released a thread on the subject matter after the event, explaining why more than 21 million BTC could make sense eventually.
Luongo explained that while it would be unfair to assume what will happen with Bitcoin’s transaction fee market in the long-term, a waning number of miners could pose a threat to the blockchain.

I was the guy that said we might have to one day raise the Bitcoin supply cap. Fight me. https://t.co/ysqHHdcggf
— Matt Luongo (@mhluongo) February 4, 2019

The crypto builder commented that as more halvings take place, miners’ revenue will begin to dwindle. Luongo explained that such a series of events would be a “huge change in the business model and core economics of the network.”
Considering the worst-case scenario, Luongo noted that when block rewards become scant, the Bitcoin economy could become “top heavy.” He stated that as transactions on Bitcoin’s main layer, not the Lightning Network or other layers (Liquid), become few and far between, the chain will be susceptible to block reorganizations, as seen with Ethereum Classic and ZenCash.
He thus concluded that a potential solution would be to curb the long-standing supply limit of BTC to “allow some emission for chain security, at the expense of all holders.”
Related Reading: Bitcoin Now the World’s Eleventh Largest Money Supply
Featured Image from Shutterstock
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Source: New feedNewsBTC.com

Sally Ho's Technical Analysis 19 October 2019

Bitcoin
Bitcoin (BTC/USD) drifted lower early in today’s Asian session as traders pushed the pair to the 7921.05 area after the pair traded as high as the 7989.72 area during yesterday’s North American session.  Prior to that, the pair tumbled from the 8117.77 level early in yesterday’s Asian session and traded as low as the 7814.08 area before mounting a comeback. The pair continues to orbit the 7966.50 area, representing the 76.4% retracement of the move from 7701.00 – 8826.00.
Weakness in BTC/USD continues to linger as evidenced by its inability to move back above the 50-bar MA (hourly) following its move lower yesterday and early today. Price activity also continues to trade below its 50-bar MA (4-hourly) and 100-bar MA (4-hourly), further evidence of negative market sentiment. Below current market activity, the 7712.45 and 7344.90 areas represent downside price targets. Chartists anticipate some potential buying pressure between the 7147 and 7235 levels. Below those levels, the 6865.68 area and 6540.23 areas represent potential technical Support.
Price activity is nearest the 100-bar MA (4-hourly) at 8,210.34 and the 50-bar MA (Hourly) at 7,994.06.
Technical Support is expected around 7,712.45/ 7,508.77/ 7,223.25 with Stops expected below.
Technical Resistance is expected around 8560.50 /9,071.00/ 9,651.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
 
Ethereum
Ethereum (ETH/USD) extended recent losses early in today’s Asian session as the pair came off to the 171.66 area after trading as high as the 175.70 area during yesterday’s North American session.  Prior to this, the pair traded as low as the 168.34 area during yesterday’s European session after Stops were elected below the 169.63 area, representing the 61.8% retracement of the move from 152.11 to 197.97.  ETH/USD has generally been pressured lower after trading as high as the 179.71 area during Thursday’s European session.
Chartists are observing a convergence of the 50-bar MA (4-hourly) and 100-bar MA (4-hourly) and note that the pair continues to trade below the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).  Likewise, the pair continues to trade below the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly).  Technicians are looking to see if the pair can remain above the 171.15 area, representing the 61.8% retracement of the move from 168.34 to 175.70.  Some buying pressure emerged around the 172.02 area early in today’s Asian session, representing the 50% retracement of the same range.
Price activity is nearest the 100-bar MA (4-hourly) at 179.68 and the 50-bar MA (Hourly) at 174.56.
Technical Support is expected around 168.34/ 165.25/ 162.93 with Stops expected below.
Technical Resistance is expected around 170.08 /179.84/ 183.33 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Source: Crypto Daily

Ethereum May Drop Towards $140 Before Falling Wedge Sparks Next Run

Ethereum has plummeted lower today concurrently with Bitcoin’s drop below $8,000, which points to an underlying bearishness for the aggregated crypto market and may mean that significantly further losses are in store for ETH before it is able to find support and climb higher.
One analyst is now noting that Ethereum is caught in a technical formation that may lead it as low as $140 in the near-term, but is also noting this price level may spark the next bull run that sends it surging higher.
Ethereum Plummets Towards $170 as Bears Take Control of Crypto Markets 
At the time of writing, Ethereum is trading down nearly 3% at its current price of $172.5, which marks a notable drop from its daily highs of nearly $180 that were set yesterday.
It is important to note that ETH did find some support around $170 overnight, but the lack of follow through on its subsequent bounce may signal that bulls do not have any notable strength at the moment.
Importantly, Ethereum does currently have strong fundamentals in spite of its current bearishness, as Spencer Noon – a popular figure within the crypto industry – recently noted that a significant amount of ETH is currently locked up in DeFi, meaning that the DeFi trend is leading to a lower circulating Ethereum supply.
“$ETH: price vs. fundamentals,” he concisely noted while pointing to the below charts.

$ETH: price vs. fundamentals pic.twitter.com/ExfbVZ9zGl
— Spencer Noon (@spencernoon) October 17, 2019

Assuming the DeFi trend continues to garner widespread support and utilization, it is probable that even more ETH will be temporarily removed from circulation, thus reducing the circulating supply and creating supply side pressure.
ETH May Dip Lower Before Next Uptrend Begins
The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum appears to be caught in a large falling wedge, which may mean that it will drop as low as $140 in the near-term before it breaks above the upper boundary of this wedge and surges higher.
“That mini-falling wedge played out on $ETH, looks like a larger one may be forming now. Unclear yet if we get another “big drop” across the board, but if we do, I’m eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I’ll long to new highs,” he explained.

That mini-falling wedge played out on $ETH, looks like a larger one may be forming now.
Unclear yet if we get another "big drop" across the board, but if we do, I'm eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I'll long to new highs. pic.twitter.com/dybaIHAbee
— The Crypto Dog (@TheCryptoDog) October 17, 2019

The coming few hours and days will likely elucidate whether or not the aforementioned technical formation will play out, or if it will be able to surge higher based on strengthening fundamentals.
Featured image from Shutterstock.
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Bitcoin Startup Takes to the Swiss Streets With Tram-Side BTC Marketing Effort

Footage posted by a Swiss crypto startup earlier today shows a tram emblazoned with the word “Bitcoin” and the firm’s branding travelling through the Zurich streets. The company behind the marketing campaign offers a range of crypto financial services including custody, trading, and lending.
Such large scale public marketing efforts have been conducted previously by companies. Although paid promotion by the companies behind them, the proliferation of these types of campaigns will likely do a lot towards normalising BTC in popular culture, eventually.
Bitcoin Tram Pushes Crypto in the Streets
Bitcoin has hit the streets of Zurich, Switzerland today in impressive fashion. As seen in the video below, at least one of the city’s trams have become a billboard for one of the many cryptocurrency startups of the nation. The massive Bitcoin Suisse motif spreads across all five carriages of the inner city transport option.

Ahem…failed…? pic.twitter.com/K6oLYYCz5h
— Bitcoin Suisse (@BitcoinSuisseAG) October 18, 2019

Bitcoin Suisse, the company behind the marketing campaign, is a nationally regulated financial intermediary and crypto services provider. It is based in Zug, Switzerland, an area that has attracted many Bitcoin startups thanks to its favourable regulations.
Although clearly a marketing effort to attract new users to the crypto services platform (a Reddit post with the video says that the tram was spotted in the financial district of Zurich), thrusting Bitcoin into the public’s face in such a way is definitely a positive for the industry on the whole. After all, many people still think of BTC as a tool for money laundering or drug dealing thanks to early negative coverage.
Granted, spotting a prominent crypto company’s branding on a tram isn’t going to make someone immediately forget their ill-conceived judgements about the digital asset space but repeated exposure in a myriad of ways will eventually normalise the still-difficult-to-accept digital asset. Mentions of Bitcoin in popular culture, seeing “Bitcoin accepted here” at retailers (both online and in the real world), and even street art inspired by the cryptocurrency will all help erode the misconceptions people have about the breakthrough technology.
Previously, NewsBTC has reported on this slow road to the normalisation of the number one crypto by market capitalisation in reference to many topics. Examples include the Bitcoin monument in erected in Slovenia and the Grayscale “Drop Gold” campaign.
There is even something to be said for controversial Bitcoin payment processors in this regard. Although household names like AT&T aren’t ready to accept Bitcoin properly, customers can still pay for products using crypto via a payment processor. This is powerful in terms of BTC normalisation since users, whether interested in crypto or not, will still see the Bitcoin logo when they arrive at the checkout for whatever it might be that they’re purchasing.
 
Related Reading: Hong Kong Free Press Fires BitPay Over Bitcoin Payment Delays

Featured Image from Shutterstock.
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DeFi Derivatives Volume At All Time High , Over $70 M USD Contributed To Ethereum Mcap

Decentralized Finance (DeFi) derivatives record all-time high volume of 400,000 ETH in the past 24 hours.
DeFi applications contributed a record high of 3 million ETH on Ethereum blockchain.

According to data by DeFi Pulse, the TVL of crypto derivatives soared by 7000% during the year to record a daily trading volume of $70 million USD, as of October 18. Notwithstanding, the total value locked in lending platforms stands at $421 million USD, representing over 120% increase in volumes in the past year.
The total value locked (TVL) for decentralized finance derivatives reaches all-time high in both USD and Ethereum valuation.
DeFi derivatives at all-time high volumes
According to DeFi Pulse, over 400,000 ETH is locked in DeFi derivatives following a massive pump in the past 30 days. As of September 20, the total volume locked in the exotic assets stood at almost 250,000 ETH and volume has since exploded by 61% since then to record its highest TVL to date. In dollar terms, DeFi derivatives also surpassed their all-time high volume – breaking the $70 million USD barrier – with $71.8 million locked.
Source: DeFi Pulse
However, the impressive soaring volume is heavily influenced by Synthetix, a crypto based synthetic asset, which holds 96.6% of the total DeFi derivatives volume. The platform provides on-chain exposure to real world currencies, commodities, futures, options and cryptocurrencies. Nexus Mutual and Augur, a distant second and third respectively, locked a total of $1.8 million (2.5%) and 575,000 USD (0.7%) of the total value of derivatives locked.
DeFi applications transact over 3 million ETH
In the past 90 days, lending DeFi apps have been on the rise as total value locked in ETH soared above the 3 million mark. On Oct. 12, Coingape reported DeFi applications contributed close to 2.3 million ETH in the last quarter with Maker and Nest leading the standings.
Total value locked in DeFi applications in the last 90 days (Source: DeFi Pulse)
Of the total 3 million ETH, Maker, the creator of DAI stablecoin, contributed over half of the total volume with 51.48% dominance despite the slight 0.3% drop in the past 24 hours. Compound, a blockchain based lending platform using digital assets as collateral, is second with 665,000 ETH locked. InstaDapp and dYdX, both lending apps, completed the top five list of DeFi apps with largest volumes in the past 90 days – 176,000 and 142,000 ETH respectively.
The post DeFi Derivatives Volume At All Time High , Over $70 M USD Contributed To Ethereum Mcap appeared first on Coingape.
Source: CoinGape

Analysts Target $6,200 as Bitcoin Faces Bearish Technicals

After a short period of upwards momentum earlier this week that appeared to be bull’s attempt to bolster Bitcoin’s price action, bears have once again gained the upper hand and have now pushed BTC’s price decisively below $8,000.
One prominent technical analyst is now noting that he believes this latest movement downwards points to the possibility that a movement towards the lower-$6,000 region is imminent, which may be further validated by multiple bearish technical formations that crypto is currently expressing.
Bitcoin Plummets Below $8,000 as Bears Roar
At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,960, which marks a notable retrace from its daily highs of nearly $8,200 that were set yesterday.
Although BTC had long found noteworthy support around the lower-$8,000 region, its inability to garner any upwards momentum during its time in this region was a bearish sign that elucidated that bulls were incurring were losing their strength.
In the near-term, it is important to note that Bitcoin is highly likely to incur further bearishness as it faces weak technical strength.
Josh Olszewicz, a popular crypto analyst on Twitter, explained in a tweet that the latest drop was sparked when it was denied at its 200-day EMA, and that a daily death cross is close to forming.
“4h $BTC – still in 3+ week range – straight down since denial at 200DEMA – daily death cross soon – daily bbands tight & rdy to expand down – unconfirmed bull div here,” he said.

4h $BTC
– still in 3+ week range– straight down since denial at 200DEMA– daily death cross soon– daily bbands tight & rdy to expand down– unconfirmed bull div here pic.twitter.com/liNAIVflv0
— Josh Olszewicz (@CarpeNoctom) October 18, 2019

Analyst: BTC May Target $6,200 Next
The bearishness that Bitcoin has incurred during its recent bout of sideways trading and subsequent drop below $8,000 may extend significantly further, as Olszewicz is further noting that an accurate fractal pattern may signal that a movement to $6,200 is imminent.
“12h $BTC: alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick). TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag,” he said while pointing to the chart seen in the below tweet.

12h $BTC
alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick)
TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag pic.twitter.com/VmoCadPtBN
— Josh Olszewicz (@CarpeNoctom) October 18, 2019

Assuming that Bitcoin does drop lower in the near term and forms the death cross that is currently looming over the horizon, then it may drop significantly further before it finds enough momentum to spark the next multi-month uptrend.
Featured image from Shutterstock.
The post Analysts Target $6,200 as Bitcoin Faces Bearish Technicals appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ethereum (ETH) Near Term Outlook Remains Bullish Despite Recent Crash

Ethereum (ETH) has just declined to the 21 EMA on the daily chart for ETH/BTC. This level also coincides with the 38.2% fib retracement level from a recent top. So, what does this mean? It means that the recent crash has not changed the bullish outlook of Ethereum (ETH) near term. If the pair ends up closing the day above the 21 day EMA, this would be a very bullish event leading to a major move to the upside in the days ahead. I think the market makers have deliberately instilled fear in the market recently to get every all bearish just before a big move to the upside. It is no surprise to me that many traders and analysts that are known to be hardcore bulls are currently bearish on the market.

The daily chart for ETH/BTC further highlights the probability of a sharp move to the upside to the 200 day EMA coinciding with the 61.8% fib retracement level if we see a daily close above the 21 day EMA. This would be a very bullish development, one that would inflict a lot of pain on reckless traders that follow sentiment of the general market. The thing is, if you think what everyone else is thinking then you are going to get the same results as everyone else and I assure you, “everyone else” does not have a very good track record in this market or any market. The reason most people lose money trading is because they listen to popular opinions. Remember, someone has to lose money for others to make money in this business. That won’t work if everyone is right, so pay no mind to what everyone thinks.

The 1H chart for ETH/USD shows us that the price has now declined to the bottom of an ascending channel which also forms part of a major bear flag. It is thus very easy to think here that we might be close to seeing a sharp decline below this ascending channel. However, the real question to ask yourself is, are you the only one waiting for a decline like this? If you look at some of the top posts on Tradingview, you would see most traders talking about a decline from current levels.
Some people do not like popular posts on Twitter or Tradingview. I like such posts and I follow them a lot. It tells me what the average investor is thinking because to me psychology is everything in this market. In order for me to understand the game plan of the market makers, it is important that I first understand what the average trader is thinking at this point. Based on my analysis, the average trader is either too scared to be bullish or complacently bearish on the market at this point. This is why even if you are not bullish, it would be a good idea to at least wait it out instead of shorting the market here because the price could shoot up a lot more aggressively than it has declined in the event of a massive short squeeze.  
Source: Crypto Daily