Japan May License Bitmax To Begin Operation In Q3

Japanese Financial Service Agency (FSA) is currently considering the application of Line corporation to launch a cryptocurrency exchange. If events turn out positive, Bitmax, as the crypto exchange is called may be launched in Q3 of 2019.
Line Corporation is Japan’s most popular messaging app with a user base of around 80 million local users. According to a report from undisclosed persons in close connection with the corporation, the license may even be issued before the end of June. This will allow about 80 million people to exchange cryptocurrencies on Bitmax.
Japan’s Involvement In Blockchain
Japan has severally hit the headlines regarding issues related to blockchain and cryptocurrency developments. The nation took a decentralization turn as a way of improving its economy and attracted international investors from regions which are known to consistently ban cryptos.
Japan is one of the biggest crypto economies in the world and its regulations have encouraged the development of the blockchain generally. The nation is now home to many crypto exchanges which provide exchange services for bitcoin and a wide range of other digital currencies on an international level scale.
Also Read: ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?
More Development Inbound
As Line corporation pressed forward in their acquisition of a license of operation for their proposed cryptocurrency exchange(Bitmax), there happen to exist a long list of other platforms currently in the review process of the nation’s FSA. Among those already approved are Fisco cryptocurrency Exchange and SBI virtual currencies, both of which obtained their respective approvals Sept. 2018, Huobi Japan approved in Sept. 2018, and recently, both Rakuten Wallet and Coincheck obtained their licenses in Q1 of 2019.
Coinage, FXcoin, LastRoots and, Okcoin Japan are still on the waiting list of the country’s exchange platforms awaiting approvals.
Blockchain adoption versus regulations
According to a report, Japan’s Consumer Affairs Agency indicated a 170% increase in consumer inquiries about crypto investments within the last 18 months. As more people come to know about and adopt the use of cryptocurrencies in the country, there has also been an increase in issues relating to cyber attack and fraudulent activities.
Japan identified a need for cryptocurrency regulations and has put agencies and regulatory practices in place. Earlier this year, Zaif exchange, under its new management was asked by the country’s Financial Service Agency(FSA) to adhere to the agency’s financial regulations along the lines of business management, privacy control, and fund security after it suffered a hack which resulted in the loss of around $63 million in Bitcoin (BTC) Mona coin (MONA) and Bitcoin cash (BCH)
The post Japan May License Bitmax To Begin Operation In Q3 appeared first on Coingape.
Source: CoinGape

Ripple Ambitious, XRP Prices Break Out From A Bull Flag

Ripple (XRP) bullish after June 22nd price rally
Over the counter (OTC) XRP trading and non-disclosure agreement could be limiting bullish price action. 

Relative to BTC or ETH, XRP is lagging. Even though there is Libra and much hubbub about MoneyGram, bulls will begin to show their faces once again once there is a close above 50 cents.
Ripple Price Analysis
The cryptocurrency landscape can be overwhelming. Complex and multifaceted, the so-called “cryptosphere” is an amalgam of diverse fields. As a result, crypto and blockchain is a melting pot. Armed with clashing opinions, analysts are always at loggerheads.
Despite the diversity in the cryptocurrency asset class, most prefer investing in Bitcoin. However, XRP is breaking away from BTC’s influence. Acting as a base asset for most crypto-to-crypto trading pairs, BTC has a direct correlation with most digital assets. But, as mentioned, XRP is gradually pulling away.
Confined in a trading space for the first half of the year, XRP is ranging and likely undervalued. Even though recent events could catalyze participation by bulls, attracting investors to the third largest asset, most are skeptical.
Because Ripple controls most of XRP in circulation, there are claims of centralization — and even manipulation as some suggest Ripple tries to keep prices as low as possible. That and countless non-disclosures with partnering financial institutions buying XRP through over-the-counter exchanges, supply-demand statistics are not readily available.
It is only after Ripple’s decentralization strategy is fully implemented that market forces would satisfactorily price XRP.
Candlestick Arrangements

Even so, XRP demand is up at the time of writing. Changing hands at 46 cents and 16.1% higher from last week’s settlement price, bulls are vibrant. Regardless of liquidation of the last 24 hours, the path of least resistance is northwards. It is easy to see why.
First, notice that XRP is trading within a bull flag, within May 2019 trade range. However, before today’s stagnation, June 22nd breakout above the resistance trend line, at the back of high trading volumes, signal buyers.
In that case, risk off traders can buy the retracements while aiming at 60 cents. Meanwhile, if buyers build up momentum leading to a close above May high at 50 cents with equally high participation, conservative traders can buy the breakout. Targets will be at 80 cents and $1.40.
Technical Indicators
Anchoring this XRP/USD trade plan is June 22 bull candlestick. Reflecting its significance is participation at 113 million.
Therefore, any breakout above 50 cents or confirmation of the leading bar, thrusting prices over and above 43 cents ought to be with better trading volumes exceeding 113 million.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Ripple Ambitious, XRP Prices Break Out From A Bull Flag appeared first on NewsBTC.
Source: New feedNewsBTC.com

Justin Sun Bids ‘Goodbye Ethereum!’ to Celebrate Tron Independence Day – Find Out Why

The Tron Foundation led by Justin Sun is celebrating Tron Independence Day on 25th June as their first anniversary of introducing their native Tron blockchain. Before June 2018, Tron was operating as an ERC-20 token on the Ehtereum blockchain. Nevertheless, the protocol behind Tron remained still the same.
Justin Sun has scheduled a live stream to highlight the growth and development of Tron in the past year. He tweeted,

“Goodbye Ethereum! Happy TRON Independence Day! #TRX $TRX”

Tron will also highlight the plans of the community and their goals in the live address. He also tweeted,

“…Are you ready? #TRONIndependenceDay is there to celebrate. Let’s make the most of it!”

Ethereum is one of the first cryptocurrency platforms that has supported a plethora of coins in the beginning. Not only Tron but also Binance (BNB) coin was earlier developed on Ethereum platform. After the new chain is designed and fully developed, the cryptocurrencies are shifted from one blockchain to another; following the same protocol. The old ERC-20 are burned in equal amounts as transfers to the new chain.
Tron initiated its mainnet launch on 25th June 2018. Nearly 100 exchanges and wallets including OKEx, Huobi, Binance, Bittrex and so on have completed their token migration process. TRON Foundation processed all the ERC20 Tokens retrieved.
The token migration process is completed with more than 99.1% of the 100 billion TRX tokens already done. Binance also performed its token burn process recently by shifting BNB coins from ERC20 to BEP2 tokens.
Tron has often led Ethereum in the bid for transaction volume and scalability. However, Ethereum 2.0 development and it’s market dominance is an increasing threat to other smart contract platforms like Tron, EOS, and Cardano. The total market dominance of Ethereum is around 10% with total market capitalization at $32 billion while the total Mcap of Tron is only about $2.5 billion.
Do you think that Tron Foundations marketing attempts will lead to the growth of TRX in a competitive environment? Please share your views with us. 
The post Justin Sun Bids ‘Goodbye Ethereum!’ to Celebrate Tron Independence Day – Find Out Why appeared first on Coingape.
Source: CoinGape

StableUSD Becomes the First Stablecoin Listed On Binance DEX

StableUSD Becomes the First Stablecoin Listed On Binance DEX
StableUSD, a stablecoin created by Seattle-based venture-capital backed startup Stably, has just become the first stablecoin listed on Binance DEX.
StableUSD Becomes the First Stablecoin Listed On Binance DEX

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Source: CoinSpeaker

Ethereum (ETH) Might Fall To New Yearly Lows In The Months Ahead

Ethereum (ETH) has run into trend line resistance at the top of a large rising wedge. The price has faced a strong rejection at the 161.8% fib retracement level and is now expected to begin its downtrend. If Bitcoin (BTC) ends up falling towards $8,500 we can expect Ethereum (ETH) to break below this rising wedge and fall towards the 61.8% fib retracement level at $168.55. This could be followed by a rally to the upside but the trend line support once broken will then become trend line resistance and the price will have a very hard time rising above it. Now, we have mentioned for a long time in our previous analyses that ETH/USD is likely to fall to a double digit price. However, now we have reason to believe that the price is actually going to fall further and end up forming a new yearly low.
First of all, let us take a look at the daily chart for ETH/USD once more and focus on the RSI. Some professional traders don’t like to lay too much emphasis on the RSI because it is a consequence of the price and they think the price action is more important to watch. However, for most retail traders, it is difficult to gather much insight from the price action so indicators are useful. If we look at the RSI, we can see that the fractal to the right of April 27 is beginning to replicate the fractal to the left of this mark. This means that the price could decline in the same manner that it rose up but doing that it will end up falling below $80 and therefore likely form a new yearly low. This Bitfinex/Tether fueled rally will end in a lot of blood. According to some surveys, the vast majority of cryptocurrency traders do not use control like a stop loss or take profit. So, if the price ends up crashing down, they either panic sell or hold the bags.

If we look at the daily chart for ETH/BTC, we can see that a big move is in the offing. The price will soon run out of room to trade within this descending triangle and will have to breakout. Descending triangles usually break to the downside and that coupled with the bleak outlook of altcoins might lead to ETH/BTC breaking a key support in the months ahead. This will then force Ethereum (ETH) to fall to a new yearly low against Bitcoin (BTC) as well.

Ethereum (ETH) is a promising blockchain project that had a good run from an investment standpoint but it is important not to confuse the tech with the price. The Ethereum (ETH) blockchain has experienced growth even during the bear market and it will continue to even as the price declines in the months ahead. However, it will see a decline in its market dominance as other competitors catch up. While Ethereum (ETH) saw splendid growth in the last bull run and is still up more than 54,519% since its ICO, it is unlikely to continue to grow at a similar pace.
Source: Crypto Daily

‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?

Bitcoin has gained more than 180% since the beginning of this year; the bullish run came at the wake of the bear market. The apprehensions about further downside grew deep in January and February. The cryptocurrency markets, however, reversed its momentum and has been on the rise since then. The total market capitalization of cryptocurrencies gained about 150% from YTD.
Bitcoin Price Chart Since the Beginning of the Year 2019 (TradingView)
This is a 15-month high in Bitcoin with maximum gains coming around in the last two months. Various reasons have been cited to explain the rise; rising institutional interest with Bakkt, Fidelity, and CME, increasing momentum with mining and adoption, and a general increase in education about Bitcoin.
According to Mati Greenspan, Senior Market Analyst at eToro mentioned in a mailer,
“A rally of this magnitude doesn’t usually happen based on one catalyst. It’s a general change in sentiment in a market with extremely limited supply.”
Moreover, the traders who were expecting a bear market hadn’t left the market but were waiting on the sidelines for the bullish confirmation. The idea prevalent in the market was buying back cheaper Bitcoins at the bottom. However, Bitcoin has surged through all significant bearish resistance levels at breaking above $11,000.
The transaction volume of Bitcoin has also been on the rise with the number of active addresses surpassing 1 million.
On-Chain Bitcoin Transaction Volume in USD (Source: Coinmetrics)
Bitcoin, an Emerging Global Asset
The economic unrest is also adding the value of a way opportunity cost than Gold if one invests in Bitcoin. This is primarily due to small market capitalization and innovation. Hence, if any investors are planning to hedge the investments in an uncorrelated ‘store of value,’ they might consider putting a slight percentage of it in Bitcoin as well.
Furthermore, the ‘hodlers‘ of Bitcoin have always been optimistic about its price due to its limited transparent supply and increasing adoption. Anthony Pompliano, the Co-Founder of Morgan Greek Capital, seemed to resonate the $100,000 Bitcoin prediction. His timeline came with a cautionary warning. Moreover, his personal beliefs have always been strongly inclined towards Bitcoin. He said,
“The price appreciation will be driven by a very simple idea — supply/demand economics remains a valid market price determinant.” He also said, “I believe that Bitcoin will reach a $100,000 price point before December 31, 2021. My current confidence level of this happening is around 70-75%.”
He also explained the market scenario in such a situation. At $100,000 per Bitcoin, the total market capitalization of Bitcoin will be around $2 trillion. This would require investments of large magnitude driven by regulatory adoption. The rise would also see massive volatility; Pomp expects “20-30% drawdowns” during the climb.
Hence, while the ominous bull characteristics are behind us, Whitney Tilson, founder of Empire Financial Research and a former hedge-fund manager is still apprehensive of the gains in Bitcoin [BTC]. Tilson told the media last week,
“Don’t get fooled by the dead-cat bounce this year, Mark my words: A year from now, it will be a lot lower. This is a techno-libertarian pump-and-dump scheme that will end in ruin.”
Do you think that Bitcoin will become the global asset its proponents believe? What will be the driving force for it? Please share your views with us. 
The post ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us? appeared first on Coingape.
Source: CoinGape

BTC, ETH, XRP & LTC – Which Is Doing More For Adoption?

The financial and investment company founded in 1971, Weiss Ratings is something a lot of cryptocurrency enthusiasts use to get some insight on different digital currencies. Whereas not everyone will agree with what Weiss has to say on some currencies, they are well-respected for their ratings.
They base their ratings on objective computer models driven by complex algorithms with large volumes of data, excluding each analyst’s personal opinion from the process.
With this, the entities that are being rated are always treated with complete objectivity and fairness according to Weiss.
There are four things that cryptocurrency ratings are based on:


They typically give currencies a ‘grade’ from A to E.
Just for reference, A is excellent, B is good, C is fair, D is weak and E is very weak.
With this all in mind, today we’re going to have a look at some of the biggest cryptocurrencies in the space and have a look at Weiss’ insights on those digital assets in terms of adoption.
Before we start though, it’s worth saying that none of the cryptocurrencies were given an A, as an overall rating. Not even Bitcoin…
Speaking of Bitcoin, let’s take a look at the leading cryptocurrency first.
The flagship currency was graded with an overall B rating, whereas it was given an A for technology/adoption.
It probably won’t come as a surprise that Bitcoin came in first place with BTC being the original cryptocurrency, most established cryptocurrency and most trusted cryptocurrency.
There are a lot of firms looking into Bitcoin for currency means such as Microsoft, Subway, Virgin Galactic, Lamborghini and Expedia but mainstream adoption hasn’t yet been achieved.
Fiat-based exchanges also play a pretty big role in offering Bitcoin as a purchase option for investors.

Much like in its market cap, Ethereum is in second place on Weiss ratings in terms of its adoption. The Vitalik Buterin co-founded cryptocurrency also had an overall B rating but for adoption means, an A was graded to Ethereum. That being said, the second biggest cryptocurrency has a risk/reward rating of a D+. This is lower than Bitcoins grade of C-. Weiss justify this saying that its algorithms claim Bitcoin is a slightly safer investment than Ethereum when it comes to the risk/reward ratio.
Back to adoption though. Etherum is the first and most preferred dApp (decentralised application) development platform with more than 72,400 people using dApps based on Ethereum.
As reported by Hackernoon:

“Decentralized exchanges (DEX’s) make up more than half of the Ethereum DApp transaction volume with gambling DApps coming in second. Gamers are the most active Ethereum DApp users, making up over 40% of Ethereum’s daily DApp user base.”

Ripple’s XRP token comes flying in at third with an A for adoption and D+ for risk and reward. So in a nutshell, these are the same ratings that were given to Ethereum by Weiss.
XRP is as safe an investment as Ethereum according to the rating firm but slightly more risky than Bitcoin. With the digital asset shooting up more than 35,000 percent in 2017, XRP has proven to be very profitable for early investors.

“When it comes to adoption, Ripple $30 million worth of shares in MoneyGram, with the chance to buy another $20 million over the next two years. As part of the deal MoneyGram will use XRP through Ripples xRapid product to transfer money across the globe in seconds and at close to no cost.”

The new MoneyGram partnership deal is just one amongst 200 other banks, startups and payment companies which include the likes of Santander, HSBC and Barclays.
Sitting in fourth place is Litecoin which was given a B+ rating for technology and adoption and a C grade for risk and reward.
Originally being forked from the Bitcoin source code, Litecoin was built to offer faster transactions time and lower transaction costs than even the leading cryptocurrency itself.

“In regards to adoption, Litecoin has partnered with Travala.com, a blockchain based hotel booking platform. As part of the deal, users can reduce their hotel booking costs by 40% if they pay with Litecoin. Seeing as Travala boasts a portfolio of nearly 600,000 properties in hundreds of countries, this partnership could have a considerable impact on Litecoin’s adoption.”

On top of this, Litecoin’s adoption has probably been boosted thanks to its Atomic Swap technology.
Source: Crypto Daily

Bitcoin SV Soars To All-Time-Highs, But Is This Down To Manipulation By Whales?

News has emerged that the overwhelming majority of Bitcoin SV volume comes from just 100 transactions. In comparison, the equivalent figure for Bitcoin is less than 10%. As such, this raises doubts over the legitimacy of the BSV network and its standing as a top 10 coin.

86.4% of all Bitcoin SV volume yesterday came from 100 transactions. The BSV network is a total ghost town.
Despite that, network value is now $4.5 billion, up 300% in the last 45 days.
Totally insane. pic.twitter.com/5xS2qvNsJc
— Kevin Rooke (@kerooke) June 23, 2019

Bitcoin SV Fights Back From Binance Delisting
BSV has had a roller coaster ride this year. After being delisted from Binance, many assumed it would be game over for the project. But, in the face of industry-wide condemnation against the founder, Craig Wright, and his claim of being Satoshi Nakamoto, it has done well to recover.

Indeed, the past month has seen a steady upward trajectory, which coincided with the fake news of a Binance relisting. Nonetheless, when Binance CEO, ChangPeng Zhao publically refuted the story, the bitcoin SV market did not dump as expected, and it has continued on an upward trend ever since. The BSV price peaked yesterday at $243, an all-time high for the much-belied project.
It would seem as though BSV investors are confident in Wright, and the developments that are taking place at the project. Talking to BSV mouthpiece, Coingeek, at the recent Coingeek Toronto Conference, Wright gave an update on MetaNet, an incentivized internet which Wright believes will be a Google killer. He said:
“And we will have documents and blogs and training materials starting to come out from nChain, so that people can start building and developing the incentivized version to replace the internet. The new way of doing things. Not a system based on popularity, like Google, where it’s really about selling advertising, so you don’t care about the value of what you’re selling. You care about how many hits. We want people to get value for their money. So, they don’t go to the site because lots of people do; they go there because it has the best information.”

Median Transaction Value Shows Low Value Transactions On The BSV Network
All the same, when the top 100 transactions make up 86% of bitcoin SV volume, accusations of simulated activity cannot be ignored. One Twitter user, XRP_Tooch, was quick to point out that that this can happen during exchange re-arrangements, and that the data in isolation is meaningless:
“I dont want to call you out too hard for misrepresenting the data since Im not a BSV supporter. But this happens often when an exchange re-arranges their funds. You get a few massive transactions. This stat is misleading without more data about the addresses and their owners.”
At the time, this possible explanation, as noted by another Twitter user, still points to a situation where value is created by big centralized players with vested interests, and not the users of the network.

That still means that only exchanges are doing volume, not users.
— 𝖋𝖗𝖊𝖊𝖉𝖔𝖒 ᴏꜰ S̶i̶l̶e̶n̶c̶e̶ (@FreedomOfSilenc) June 24, 2019

Additionally, when comparing the wide spread between average transaction value and median transaction value, things do seems amiss. For example, in June BSV MTV ranged from $6.52 to as low as $2.09.

Whereas its average transaction values ranged from $14.7k to $4.2k for the same period.

One Reddit user put this down to BSV whales manipulating the market. They wrote:
“What both BCH and BSV tried to do was the big holders started moving without exaggeration 40% of the total supply each and every day (a huge outlier from other chains) to jack up the “mean” value and make it look like the chain is used (like the spam are real transactions with actual value). Of course they still are not fooling the “median” value calculation.”
The post Bitcoin SV Soars To All-Time-Highs, But Is This Down To Manipulation By Whales? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Is A New Age Of BTC On The Way?

Considering 2018 saw Bitcoin at a loss, the fact that the leading cryptocurrency has just hit five figures has seen a lot of crypto enthusiasts’ jaws hit the floor.
Bitcoin’s new peak – and its highest price point since the last quarter of 2018 – is nothing short of phenomenal. New Google Trends data indicates that the phrase ‘Bitcoin to the Moon’, could be well on its way.
Bitcoin set a new milestone back in May when it hit its highest interest levels on Google since February last year. This was a key point in the market as this was a time when Bitcoin’s year-long decline started.
By June this year, Bitcoin had proven to become more popular than the Kardashians or the President of the US. This surge in popularity could’ve have been what pushed Google to update its algorithm and cause other crypto sites like CCN shut down, even if it was a bit of a premature announcement.

That being said the interest rate for Bitcoin is allegedly rated at 12 out of a hundred. This is a big difference from the rating it had achieved in 2017 when it reached the heights of $20,000. Nearly every economy across the globe had gone into a state of shock and instantly turned their attention to the biggest cryptocurrency.
The loss in price that followed, saw a lot of people leave the industry as the ‘bubble’ had burst. Essentially, Bitcoin’s five minutes of fame were over.
The comments made by Grayscale backs this up as they said:

“Institutional investors comprised the highest percentage of total demand for grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%). As we have mentioned in previous reports, many institutional investors may view the current drawdown as an attractive entry point to add to their core positions in digital assets.”

Retail investors were what pushed the price up last time. It could be the same investors pushing it up this time too, even though it isn’t on the same scale or speed, the price surges are there.
Source: Crypto Daily

SendFriend Launches XRP-based Cross-border Payments in New Jersey

SendFriend Launches XRP-based Cross-border Payments in New Jersey
SendFriend incorporates Ripple’s xRapid software to enable Filipinos in the US to cut costs while sending money back to the Philippines in seconds instead of days.
SendFriend Launches XRP-based Cross-border Payments in New Jersey

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Source: CoinSpeaker

Tron Independence Day: What Will Justin Sun Unveil During Livestream Today

Tron Independence Day: What Will Justin Sun Unveil During Livestream Today
To celebrate TRON Independence Day, Justin Sun will hold livestream to summarize the achievements of the year and to reveal the plans for the future.
Tron Independence Day: What Will Justin Sun Unveil During Livestream Today

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Source: CoinSpeaker

Bitcoin Steady at $10,800, Why do Analysts Think BTC is Still on Thin Ice?

Unlike previous weekends in this uptrend, Bitcoin (BTC) was rather mild on Saturday night and Sunday. As of the time of writing this, BTC has found itself trading for $10,800 — down 5% from year-to-date highs, but up 1% in the past 24 hours. Simultaneously, altcoins have begun to slip, selling off against the market leader as investors flood to large caps.
Related Reading: Bitcoin Price Stabilizes Around $10,700, But Analysts Believe a Surge Towards $11,500 is Imminent
With this lack of immediate bullish continuation, some analysts have begun to fear that Bitcoin may, at least for the time being, be susceptible to a rapid drawdown. This is reminiscent of when BTC hit $9,100 in late-May, which was a move that sparked concerns of a retracement.
Bitcoin is on Thin Ice
Bitcoin has had a stellar week. After wallowing under $9,000 for weeks on end, the cryptocurrency began rallying, pushing past key resistances in a steady grind upward. By Friday night, BTC was poised to test $10,000 — a level which commentators, like Fundstrat’s Tom Lee, believe is of utmost importance.
After steady itself under $9,900 for a couple of hours, Bitcoin shot up, releasing a pent up burst of energy that catapulted it to and past $10,000. And from there, BTC continued higher, to $10,800 where it stands on Monday morning.

Despite this bullish price action, which analysts claim is a confirmation of a significant uptrend, a retracement is purportedly not off the table. On Sunday, NewsBTC reported that Saturday was BitMEX’s largest trading session ever.
Spotted first by analyst Joe McCann, Saturday’s session saw the derivatives exchange register over $8 billion worth of trades — accounting for 10% of all volumes registered on Coin Market Cap. While this tacitly confirmed that cryptocurrency is back, BitMEX saw an unintended consequence from this historical flood of trading activity.
The Bitcoin-to-USD synthetic pair saw its funding rate (meaning how much holders of the contract need to pay) hit 0.2965% for every eight hours of trading. High funding rates for longs incentivize those holding their positions to sell, thus moving the price of BTC on BitMEX, which should affect the broader cryptocurrency market.

Funding for longs is incredibly high right now
Without continuing positive price action, a 100x long's margin is gone within a single day at current funding rates
I think alts provide a long opportunity if Bitcoin corrects pic.twitter.com/wo9vyn94SM
— Bitcoin 𝕵ack (@BTC_JackSparrow) June 23, 2019

Although the Bitcoin funding rate has already begun to decline for longs, falling by a smidgen above 50% to 0.14%/eight hours, historical precedent suggests a downturn for BTC may be in its cards.
McCann explained that the last time the funding rate was above around 0.3%/eight hours was on May 27th, almost exactly where the bullish trend temporarily reversed for the cryptocurrency market.
In fact, the astute analyst points out that after May 27th, a Doji candle (marked by long wicks, skinny body, and a similar open/close price) formed on the daily chart. Dojis, of course, often precede trend reversals, and the case seen in late-May was no different.
As you presumably remember, Bitcoin peaked around the 27th, just when the funding rate hit the 0.3%/eight hours range, and then corrected from eight days straight. During that move lower, which some cynics suggested was going to bring BTC back down to $6,000 and lower, Bitcoin fell by 17%, all the way to $7,434.

4/ A Doji candle formed on the daily timeframe and reversed hard after that before rallying again.
The high on May 27th was $8964 at the peak of the funding rate daily session and then subsequently corrected for 8 days dropping as low as $7434, or a 17% drop. pic.twitter.com/iEHwZA2q3o
— Joe McCann (@joemccann) June 23, 2019

There is no guarantee that the same will come to fruition today, but a 17% drop from current levels would bring the cryptocurrency down to $9,000, which acted as key resistance during late-May and early-June.
This isn’t the only harrowing sign that has materialized in the Bitcoin market. When the CME opened its futures on Sunday afternoon (in North America), a large gap was opened, as BTC rallied on Friday and Saturday when traditional markets were closed.
Over the past few months, a number of these gaps have been opened, seemingly as a result of Bitcoin’s unexplainable propensity to rally on weekends rather than weekdays. The first two large gaps we saw, which formed in May, have been filled by large sell-offs.
Although some traders suggest that CME gaps don’t always need to fill, there remain two gaps — $9,900 to $10,800 and $8,400 to $9,000. There remains a chance that BTC could spike down to that level, even briefly, to fill those gaps that remain unspoken for.
It is important to note, however, that there have often been multiple days between the opening of the gap and the closing of said gap.

Back to back gaps.
Will they get filled? pic.twitter.com/BbzKzHCfy9
— Nunya Bizniz (@Pladizow) June 23, 2019

Decidedly in an Uptrend
Regardless of what exactly comes to fruition on the short-term charts, more and more indicators suggest that Bitcoin is decidedly in a long-term uptrend. Just recently, Financial Survivalism noted that the Ichimoku Cloud on Bitcoin’s weekly chart has turned “fully bullish”, as made extremely evident by a close above the red region of the indicator.
You’ve also seen the Moving Average Convergence Divergence (MACD) on Bitcoin’s one-month chart move ever closer to the green, a signal that was last seen prior to BTC’s rally from $300 to $20,000.

The weekly $BTC cloud is now fully bullish pic.twitter.com/ZQvmiKW6CI
— Financial Survivalism (@Sawcruhteez) June 24, 2019

But seemingly most convincingly, analyst Josh Rager notes that the Super Guppy, an all-encompassing technical indicator that predicts trends, has flipped from red to green on Bitcoin’s three-day and one-week charts. Once this occurred during the last market cycle, BTC rallied for over 15 months straight, shooting past new highs seemingly month in, month out.
Featured Image from Shutterstock. Charts Courtesy of TradingView.com
The post Bitcoin Steady at $10,800, Why do Analysts Think BTC is Still on Thin Ice? appeared first on NewsBTC.
Source: New feedNewsBTC.com