Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls bellow past $7,900 mark as LTC recoils

Bitcoin rallied past $8,000 last week and showed good resilience in maintaining its bullish momentum. Bitcoin was priced at $7,915.81 with a market cap of $140.18 billion and registered $23.46 billion in 24-hour trading volume.
Litecoin stood fifth in the list of top-10 cryptocurrencies with a market cap of $5.71 billion and $3.98 billion in 24-hour trading volume. The coin was priced at $92.46, at press time.
1-Day BTC
Source: TradingView
The one-day BTC chart showed that there was an uptrend from $4,008.79 to $8,195.17. The chart specified that the resistance lines stood at $7,307.15, $6,444.50 and $5,505.74 and there were two support lines at $3,755.01 and $3,171.51.
Moving Average Convergence Divergence [MACD] indicator pointed at a bullish crossover.
Parabolic SAR indicator displayed a bullish trend as the dotted markers were below the candles.
Relative Strength Indicator indicated a bullish trend as the market was in the overbought zone. However, a correction seemed to be in the offing.
1-Day LTC
Source: TradingView
The one-day chart of LTC showed two uptrends. The first was from $42.23 to $91.40 and the second was from $91.40 to $102.85. The resistance line stood at $102.52 and the supports were present at $60.58 and $32.06.
Bollinger Bands exhibited a high rate of volatility in the market.
The Awesome Oscillator indicated a bullish buying opportunity in the LTC market as the short-term momentum was greater than the long-term momentum.
Chaikin Money Flow chart was below the zero-line, indicating that money flowing out of the market.
Conclusion
Bitcoin and Litecoin seemed to be in a bullish market as forecast by the indicators.
The post Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls bellow past $7,900 mark as LTC recoils appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] Whale Alert: BTC worth over $38 million moved in two transactions

Bitcoin turned to the bulls once again on early May 19, exhibiting a rapid 7 percent hourly price gain, stoking the attention of several parties. One among them was the observant whales, which moved 5,000 BTCs in two separate transactions.
As reported by WhaleAlert, an online cryptocurrency-transaction tracker, a transaction of 3,000 BTC first, calculated at $23.68 million was the first movement. The transaction, as per the data aggregation website, occurred at 06:58:55 UTC on May 19.
The first transaction was between the addresses 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B and 3LAT8J4ywCXSceAJuncaztoL3FH1tNtqEx. The hash of the transaction in question was b31df7d81f774bf2f9623c96ab9cebddc8a76844.
Minutes later, alarms rung once again with 2,000 Bitcoins worth over $15.78 million transferred from an unknown wallet to the controversy-riddled exchange, Bitfinex. According to Whale Alert, the same sender i.e. 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B, like the above, was involved in this transaction as well.
According to Blockchain.com, the total input was $39.76 million, while the BTC transacted, based on the second transaction which involved Bitfinex was around $15.19 million. The tree chart from the same can be seen below:
Source: Blockchain.com
This movement comes at an opportunistic time for large profit-grabbers in the Bitcoin market, as May’s bullish swing turned their fortunes. In a chart by ProofofResearch, the Bitcoin whales capitalized on the massive 30 percent price incline of the top cryptocurrency since the beginning of the month.
However, the researcher added that the whales have since “exited” the market with their large profits.
Following last week’s pullback, the price of the top cryptocurrency has sparked once again, rising by mammoth proportions, albeit for a short stint, surging past $7,800 and then the $7,900 mark, and, at press time, Bitcoin was on the verge of breaking $8,000 for the second time in a week.
Bitcoin dropped below $8,000 and continued falling, but hovered about $7,000 following the pull-back, which many speculated was due to market correction, the post-Consensus bears and a significant transaction on Bitstamp. The Japanese cryptocurrency exchange, Bitstamp saw a 5,000 BTC sell order priced at $6,200, which, according to some, contributed to the pullback.
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Source: AMB Crypto

Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?

Bitcoin has made a come back following three days of depressive price movements that led to a 21.37 percent drop.
The world’s leading cryptocurrency started Sunday while trending in positive territory. The asset’s rate against the US dollar surged by circa 11 percent to settle a session high at $8,041 on Coinbase exchange. The move brought approximately $12 billion to the bitcoin market, with maximum influx coming from Tether’s stablecoin USDT. Nonetheless, the uptrend slowed down ahead of the European session, hinting that a downside correction might still be underway.
Bitcoin Price Revives Bullish Sentiment upon Retesting $8,000 | Image Credits: TradingView.com
Next Upside Target between $9,200-$11,000
Josh Rager, a prominent cryptocurrency analyst, saw the bitcoin price breaking a critical resistance level. The US-based market expert said the asset is looking to close above $8,216 in near-term to validate an extended bullish bias. He predicted that bitcoin would establish an upside target of $9,600 or more.
“Bitcoin certainly looks to be pumping, now over previous resistance,” said Rager. “Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9,600 [or beyond].”

$BTC – 1 Hour Chart
Bitcoin certainly looks to be pumping, now over previous resistance
Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior)
A close above $8200 on the daily/weekly would be very bullish and would target $9600+ pic.twitter.com/8S1qmjR56e
— Josh Rager (@Josh_Rager) May 19, 2019

Parabolic Trav, a cryptocurrency analyst, known for his graphic market narratives, too noted a strong bullish bias in the bitcoin market. The market expert treated bitcoin’s 2015 parabolic move as a guide for the asset’s ongoing price movements.
“There’s lots of play in the curvature, but this push we’ve had was earlier in the bottoming process than 2015 and pushed it up faster,” said Parabolic Trav.

Using 2015 channel formation as guide for 2019. Something similar? There's lots of play in the curvature, but this push we've had was earlier in the bottoming process than 2015 and pushes it up faster. pic.twitter.com/LTqyQw5wja
— ParabolicTrav (@parabolictrav) May 17, 2019

Crypto investment guru DonAlt predicted a similar future for bitcoin. The analyst noted that the asset was looking to close above a substantial resistance area, as shown in the chart below. Nevertheless, he said the bitcoin market would remain bullish as long as it holds above $6,400, a level with strong credentials as resistance during bitcoin’s uptrend sentiment.
Bitcoin Looking to Extend Bull Bias Towards $10K | Source: DonAlt
DonAlt predicted a bitcoin price rally beyond $9,200 (as far as $11,000, according to the chart above), which also marked as the next potential pullback for the asset. More likely, the analyst proposed upside targets that had earlier served as crucial resistance areas in the market. The ‘Major Resistance’ horizontal in the chart above signified its potential to cap bitcoin’s bullish attempts. The $11,000 price target had also capped similar market movements.
“As long as 6400 holds, I’ll be a better perma-bull than Parabolic Trav ever was. This still looks gorgeous to me, and I won’t touch the red button for quite a while,” said DonAlt.
Below $6,400
Event of bitcoin closing below $6,400 could push the price as low as $5,715, Rager said about the weekly support level. Nevertheless, the psychological support at $6,000 would keep providing a strong accumulation case, as seen between June 2018 and November 2018 price action.
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Bitcoin [BTC]: Whales collect significant profits since beginning of BTC bull run

Whales and bulls may not live in close proximity in the outside world, but in the cryptocurrency realm, they are the best of friends. Ever since the current Bitcoin [BTC] bull run surfaced, the whales have been buoyantly active and have amassed huge profits.
Charted out by CryptoMedication, better known as ProofofResearch on Twitter, the ZeroNonCense researcher laid out the lucrative gains of the whales since the Bitcoin ascendance began. Despite the large margins, he stated that he was “confident” in the research, but maintained that the “whales have already exited” after cashing in their quick, but large gains.
Bitcoin’s bulls rampaged the market in early April, when the king coin saw its highest daily gain in over a day on April 2, recording over 15 percent positive price swing. However, due to the lack of a concrete source, the pump was seen as a one-off, hence the bullish swings of May painted a more telling tale of the bull-run.
Source: Trading View
May began with Bitcoin above $5,000, breaking $6,000 on May 9 and $7,000 three days later. With $8,000 proving to be a test for the top cryptocurrency, breaking the ceiling and falling back down, triggering a pull-back, the current positive movements poise BTC for another $8,000 incline.
Given the rapid May rise, with the press time price 30 percent over the price at the beginning of the month, CryptoMedication, laid out the bottom at $5,462. In a matter of weeks, the whales managed to amass a 31.89 percent profit, if they managed to sell the top coin at $8,020.62, the price prior to the pullback last week.
On the flipside, the ceiling placed by CryptoMedication is $9,034, which many in the industry expected Bitcoin to surge past given the incline on which it was trading. In comparison to the aforementioned price, $8,020 is around 12.64 percent below the same.
Additionally, the Relative Strength Index [RSI] indicates that after a dip from the “overbought” zone above 70, the index is looking to move into the same once again, following the May 19 bullish action.
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Source: AMB Crypto

Bitcoin (BTC) Price Weekly Prediction: Indicators Suggest Rally To $9,000

There was a strong buying interest for bitcoin near the $6,800 support area against the US Dollar.
The price started a fresh increase and broke the $7,000 and $7,500 resistance levels.
There was a break above a major contracting triangle with resistance near $7,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is eyeing a strong rise and it could trade above $8,500 and $8,800 in the near term.

Bitcoin price is up more than 10% after a strong downside correction against the US Dollar. BTC is now eying further upsides and it could even test the $9,000 resistance area.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price rallied significantly above the $7,000 resistance against the US Dollar. The BTC/USD pair broke many barriers near $7,000, $7,200 and $7,800. The pair even surged above the $8,000 level and traded to a new 219 high near the $8,360 level. Later, there was a sharp downside correction below the $8,000 support, but the price stayed well above the 100 simple moving average (4-hours). It broke the $7,200 support area, but found a strong buying interest near the $6,650 and $6,800 levels.
A swing low was formed at $6,645 and the price recently recovered nicely. It climbed sharply above the $7,000 and $7,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downside correction from the $8,362 high to $6,645 low. More importantly, there was a break above a major contracting triangle with resistance near $7,300 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,700 resistance and the 61.8% Fib retracement level of the downside correction from the $8,362 high to $6,645 low.
These all are positive signs and it seems like the price may continue to surge above the $8,000 barrier. The next key resistance above $8,000 is near the $8,350 level. If the bulls gains pace above $8,362 swing high, it will most likely open the doors for a sharp rally towards the $8,600 and $8,800 resistance levels.

Looking at the chart, bitcoin price rebounded nicely after a strong decline towards $6,650. It is now up more than 10% and it seems like it could continue higher towards $8,200 and $8,500. The main target for the bulls in the coming sessions could be $8,800 or even $9,000. The key supports on the downside are near $7,500, $7,200 and $7,000.
Technical indicators
4 hours MACD – The MACD for BTC/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above 50 and it could continue towards 70.
Major Support Level – $7,200
Major Resistance Level – $8,350
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Ethereum (ETH) Price Surging: Bulls Eyeing Fresh 2019 High

ETH price started a fresh increase after a sharp downside correction towards $225 against the US Dollar.
The price is currently gaining traction and it broke the $240 and $245 resistance levels.
There is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is surging higher and it seems like there could be more gains towards the $275 and $285 levels.

Ethereum price is once again gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is eyeing more gains and it seems like the price could revisit the $280 swing high.
Ethereum Price Weekly Analysis
This past week, Ethereum price gained a strong bullish momentum above the $250 resistance against the US Dollar. The ETH/USD pair rallied above the $260 and $270 resistance levels. The upward move was such that the price traded to a new 2019 high near $281. Later, there was a strong downside correction in both bitcoin and Ethereum. ETH price declined sharply below the $260 and $250 support levels. It traded close to the $225 level and stayed well above the 100 simple moving average (4-hours).
A swing low was formed recently near $223 and a new support base was formed. Moreover, there is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD. As a result, the pair climbed higher and broke the $240 resistance. There was a break above the 23.6%% Fib retracement level of the last decline from the $281 swing high to $223 low. It opened the doors for more gains above the $250 level. The price is now testing the 50% Fib retracement level of the last decline from the $281 swing high to $223 low.
A clear break above the $255 resistance is likely to set the pace for more gains. The next immediate resistance is near $258, above which the price will most likely retest the $281 swing high. The next important resistance is near the $288 and $292 levels. On the downside, the main support for the bulls are near $240 and $225.

The above chart indicates that Ethereum is placed nicely above the key supports near $240 and $225. Therefore, there are high chances of a strong upward move was above the $255 and $260 resistance levels. The next target for the bulls could be $300.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 50 level and it could climb towards 80.
Major Support Level – $225
Major Resistance Level – $280
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Ethereum [ETH] vs Tron [TRX] Price Analysis: Bulls moving with sluggish steps

Ethereum prices were hiking even after the Bitcoin crash as the bulls raced past the $244.57 mark and was trading at $239.81. Ethereum fell by 0.42% over the past 24 hours. The market cap of Ethereum was $25.44 billion, with $13.58 billion in 24-hour trading volume.
Tron endeavours towards building a user-centric system wherein the users have authority over centralized organisations. Tron gained momentum in the market with the launch of it’s latest security feature – zk-Snarks- to up its privacy settings. Tron was priced at $0.0271 with a market cap of $1.8125 billion, at press time. Tron stood at the eleventh position on the top cryptocurrencies list around the globe, with $812 million in trading volume.
1-Day ETH
ETH saw an uptrend from $136.39 to $255.60. There were two resistance lines at $247.74 and $195.83. Support lines were drawn at $99.44 and $86.37.
Source: TradingView
Bollinger Bands indicated a high rate of volatility in the ETH market.
Awesome Oscillator indicated a bullish buying opportunity as the long-term momentum was inferior to short-term momentum.
Chaikin Money Flow indicator pictured the indicator line above the zero-line. The money flowing into the market was exceeding the money flowing out of the market.
1-Day TRX
Source: TradingView
TRX saw two uptrends, first from $0.0153 to $0.0287 and second from $0.0262 to $0.0307. Resistance lines stood at $0.0307 and $0.0267, and the support line was positioned at $0.0126.
Bollinger Bands depicted an increased rate of volatility in the TRX market.
Awesome Oscillator showed a bullish buying opportunity as it was evident from the graph that the short-term momentum was greater than the long-term momentum.
Chaikin Money Oscillator showcased the indicator line falling, but above  zero. This indicated that money flowing into the market was higher the money flowing out of the market.
Conclusion
ETH and TRX were showing signs of a bullish trend as the market.
The post Ethereum [ETH] vs Tron [TRX] Price Analysis: Bulls moving with sluggish steps appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Market Testing Crucial Support: Bitcoin Cash, Litecoin, EOS, XLM Analysis

The total crypto market cap declined sharply and tested an important support near $210.0B.
Bitcoin price is showing signs of a decent recovery above the $7,200 support level.
Litecoin (LTC) price failed to stay above the $100 level and recently declined below $90.
Bitcoin cash price is down more than $90 from the recent high and broke the $380 support.
EOS price is once again below the key $6.20 and $6.00 support levels.
Stellar (XLM) price is gaining traction and it is up more than 7% to $0.1310.

The crypto market cap is currently holding a crucial support, with range moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as LTC, ripple, bitcoin cash, EOS, TRX, and stellar slowly recovering.
Bitcoin Cash Price Analysis
Bitcoin cash price surged towards the $450 level and recently declined heavily against the US Dollar. The BCH/USD pair broke the $400 and $385 support levels to enter a bearish zone. The recent decline was such that the price even broke the $365 support and tested the $350 support level.
The price is currently consolidating above the $350 support and it could correct higher in the short term. An immediate resistance is at $375, above which the price may test the $385 level.
Litecoin (LTC), EOS and Stellar (XLM) Price Analysis
Litecoin price failed to stay above the $100 level and topped near the $107 level. LTC price is down sharply and it recently traded below the $100, $95 and $92 support levels. The price even broke $90 and tested the $85 support level.
EOS price recently traded below the key $6.40 and $6.20 support levels. More importantly, it broke the $6.00 support level and the price test the $5.85 support. It could recover in the short term and might test $6.00 or $6.20.
Stellar price is performing well and remained well bid above the $0.1150 support level. XLM price is up more than 7% and it recently broke the $0.1250 and $0.1300 resistance levels. The next key hurdles are $0.1350 and $0.1380, where sellers may emerge.

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp bearish reaction from well above the $250.0B level. The market cap declined more than $40.0B and tested the $210.0B support area. It seems like there is a strong support forming near the $210.0B level and a connecting bullish trend line on the same chart. Therefore, as long as the market cap is above the trend line and $210.0B, there could be upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions. If not, there could be a downside extension towards the $200.0B support area.
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Bank of England’s Chief Economist Thinks Bitcoin Could Replace Cash

It took bitcoin an 85 percent crash followed by a 135 percent recovery to convince a prominent financial expert about its underlying potential.
Andrew G Haldane, the chief economist of the Bank of England, said bitcoin is on its way to replace cash, according to an eyewitness’s account. The 51-year academic made the statement when he was interacting with an audience of students. One of them asked Haldane about his thoughts on the future of cryptocurrencies. Haldane replied that he believed bitcoin, in particular, would become as relevant as cash in the next 20-30 years.
“Mr. Haldane said it [bitcoin] could replace cash, he even joked about us likely having Bitcoin in our wallets,” the witness shared on Reddit. “He said he didn’t think it’d replace cash tomorrow, but he was quite open to the idea 20 or 30 years down the line. He was also quite familiar with cryptocurrencies and joked that there were now thousands of them.”
The Bitcoin Price Recovery
Haldane’s statement appeared in contrast with Haldane’s earlier take on bitcoin. The economist in March 2018 had issued a warning to investors about the dangers of investing in cryptocurrencies. At the same time, he had stated that bitcoin was not a threat to the existing banking system, arguing that the cryptocurrency was not scalable and did not even make 1 percent of the global wealth.
Bitcoin Recovering from a Massive 85% Drop Since December 2018 | Image Credits: TradingView.com
Haldane’s anti-bitcoin statement also came at the time of mass crypto panic. The market was correcting violently to the downside after establishing an overbought peak at $813.87 billion. The bitcoin price, too, dropped by more than 70 percent between January and March 2018 trading session to settle a Q1/2018 low towards $5,873. The rate eventually went as low as $3,100 on December 15, 2018. Nevertheless, it recovered by 135 percent as of May 18, 2019, 1220 UTC.
The 2018’s crash brought the cryptocurrency market on the verge of extinction. Firms fired employees and closed their shutters down permanently, scammers disappeared with massive investments, speculators and investors moved away to focus on the mainstream asset classes, and analysts turned mum on failed bitcoin price predictions. Only true believers continued building and improving the Bitcoin protocol, and attracting mainstream investors. The efforts renewed buying sentiment in the bitcoin market. The result was an astounding price recovery.
The Shifting Sentiments
The bitcoin price rebound helped a few bitcoin skeptics like Haldane realize its long-term potential. The Australian Financial Review reported on March 6, 2019, that a renowned economic historian, Niall Ferguson, turned from a bitcoin agnostic to a bitcoin believer.
“I was very wrong. Wrong to think there was no use for a form of currency based on blockchain technology,” Ferguson told AFR.

Niall Ferguson Says Bitcoin Is "An Option On Digital Gold" https://t.co/cnD0teZCL1
— zerohedge (@zerohedge) February 15, 2019

Nevertheless, there are also many who refused to change their perspective about bitcoin despite its survival as a technology and an asset for over a decade. Legendary investor Warren Buffett thinks Bitcoin is a Ponzi scheme while Nobel prize winner Joseph Stiglitz believes it should be made illegal globally. At the same time, the economist who predicted the 2008 economic crisis, Nouriel Roubini, calls bitcoin “a mother and a father of all scams.”
But the skepticism did not deviate major Wall Street firms to explore bitcoin. Fidelity Investments, a Boston-based asset management firm, announced that it would introduce bitcoin trading services to its institutional clients. TD Ameritrade, another US firm, proposed to trial a similar service, further indicating that investors are willing to explore the vastly unexplored opportunities in the cryptocurrency industry.
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Bitcoin (BTC) Price Near Inflection Point: Fresh Increase Likely

Bitcoin price declined heavily yesterday and traded close to the $6,650 support against the US Dollar.
The price traded as low as $6,645 and it is currently recovering towards the $7,400 level.
There is a key bearish trend line forming with resistance at $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair needs to clear the $7,400 and $7,512 resistance levels to start a strong upward move.

Bitcoin price seems to be forming a new support base above $7,000 against the US Dollar. BTC is likely forming a decent bottom and it could climb higher above $7,400 and $7,500.
Bitcoin Price Analysis
Yesterday, we saw a significant downside correction in bitcoin price below the $8,000 and $7,500 supports against the US Dollar. The BTC/USD pair declined heavily and even broke the $7,000 support and 100 hourly simple moving average. Finally, there was a spike towards the $6,650 support area, where buyers emerged. A swing low was formed at $6,645 and the price recently started an upside correction. It traded above the $7,000 and $7,050 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $8,050 swing high to $6,645 low.
At the moment, the price is trading above $7,200, but it is facing a strong resistance near $7,400. There is also a key bearish trend line forming with resistance at $7,400 on the hourly chart of the BTC/USD pair. Moreover, the price is struggling near the 50% Fib retracement level of the recent decline from the $8,050 swing high to $6,645 low. If there is a proper break above the trend line and $7,420, the price could trade further higher.
An important hurdle is near the $7,512 level and the 61.8% Fib retracement level of the recent decline from the $8,050 swing high to $6,645 low. A successful follow through above $7,512 is likely to set the pace for more gains in the near term. The next key resistances are near the $7,720 and $7,800 levels. On the downside, an initial support is near the $7,200 level. If there are further declines, the price could retest the $7,000 support.

Looking at the chart, bitcoin price is currently trading with a positive bias above the $7,000 support. Therefore, there are high chances of a fresh increase above the $7,400 and $7,500 levels. Only a close below $7,000 could increase bearish pressure in the near term.
Technical indicators:
Hourly MACD – The MACD is back in the bullish zone, with a positive bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher and is currently above the 50 level.
Major Support Levels – $7,200 followed by $7,000.
Major Resistance Levels – $7,400, $7,512 and $7,720.
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XRP marks strong green candles against Bitcoin [BTC] for the first time in 2019

Mirroring previous upswings, Bitcoin’s [BTC] bullish rise isn’t looking to slow down anytime soon. Notably, some coins have failed to join the party. The most significant coin among them, XRP.
In 2019, the second largest altcoin in the market saw a slump against the price of Bitcoin, owing to the growing dominance and price push of the king coin.
For the first time in 2019, the XRP/BTC chart showed positive signs as the altcoin took the baton from the king coin to spearhead the latest market surge. As can be seen from the below chart, XRP took off on 14 May, following seven consecutive red-marred candles.
Owing to the announcement by Coinbase regarding XRP trading for New Yorkers, coinciding with the forever-bullish Consensus conference, XRP saw a massive +30 percent rise, even seeing a mammoth 6 percent hourly price gain on 15 May.
Source: Trading View
However, despite current trends showing positive returns for the Ripple-controlled virtual currency, its performance against Bitcoin is contrary to previous years.
As a recent report from Longhash pointed out, XRP has “lost nearly half of its bitcoin-denominated value,” in 2019 alone. Citing Trading View, the crypto-analytics firm stated that XRP rose by a whopping 1600 percent against the king coin in 2017, despite BTC nearing $20,000 later in the year.
The next two years were not so fruitful for the altcoin though. In 2018, the price of XRP, in terms of BTC, dropped by 14.5 percent and with just five months into 2019, XRP has already plummeted by 46.6 percent.
Since Coinbase reigned in the XRP bulls thanks to an overdue listing on the exchange, the XRP market has been fairly quiet. Longhash stated that since the Coinbase listing, the price of XRP against BTC has “plummeted.”
The Nasdaq XRP Liquid Index announcement in partnership with Brave New Coin is the only other standout announcement that has blessed XRP markets.
Longhash added,
“Additionally, investors may have finally realized that many of the banking partnerships announced by Ripple Labs weren’t related to the use of XRP or involved payments from Ripple to these institutions to incentivize them to try out the fintech company’s products.”
In 2017, the report concluded, the rush towards buying XRP over Bitcoin and other highly priced cryptocurrencies was because of “Unit Bias,” where investors were scared off due to the sheer price of Bitcoin, which at the time was in five-digits.
With XRP and XLM largely left out of the Bitcoin-induced bull run, bank coins are changing course and finally heading into the green, with both coins seeing over 9 percent daily gains. XRP’s turnover against Bitcoin is also down to the BTC bulls backing off over the past few hours. However, to get back to winning ways, consecutive green candlesticks will hold XRP in good stead.
The post XRP marks strong green candles against Bitcoin [BTC] for the first time in 2019 appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC] bought at $100k on Binance when coin was trading at $90

Litecoin [LTC], popularly known as the silver coin of cryptoverse, rose in the market along with Bitcoin [BTC]. Amid the rise of the market, the fifth largest cryptocurrency stole the spotlight as someone made a buy order at around $100k on Binance, one of the largest exchanges in terms of trade volume. The order was executed at around 08:15 UTC on 14th May 2019, with the coin being pegged against PAX, a stablecoin.
According to the data present on Trading View, the coin’s opening price during that particular timeframe was $90.48 and the closing price was $90.04, indicating that this price shift lasted for a brief moment.
Source: Trading View

From LTC/PAX pic.twitter.com/kUCQj5UMMc
— Nick Rose (@imnotdonewritin) May 14, 2019

The Great Batsby said on Twitter,
“Someone just paid $100,000 for LTC, seriously, $100k….yes….what the fuck….someone is having a bad night.”
Joshua Davis, a Twitter user said,
“Fat fingers and thin order books cause cascading fills. These exchanges don’t have safeguards against user errors and enable SFYL”
Bitsplainer, another Twitter user said,
“Ha well the person on the other side of that trade is probably feeling pretty pleased”
This was not the first time that a cryptocurrency was sold/ bought a price that was more/less than the actual price. This trading error was witnessed in both Bitcoin [BTC] and Ethereum [ETH]. Notably, this was the second time for this to occur for Litecoin/ PAX. Earlier this month, Litecoin’s price against the stablecoin peaked around $106, when the coin’s aggregated market value was around $70.
In December 2018, when the entire cryptocurrency market was taking a deep dive into the bear’s realm, Ethereum price plunged on Coinbase Pro for a brief moment as someone sold their holding for $13 on Coinbase Pro, when the coin’s aggregated value was around $100.
According to CoinMarketCap, at press time, Litecoin was trading at $88.69 with a market cap of around $5 billion. The coin’s trading volume was recorded to be over $4 billion and the coin has dropped by 2 percent in the last 24-hours.
The post Litecoin [LTC] bought at $100k on Binance when coin was trading at $90 appeared first on AMBCrypto.
Source: AMB Crypto

Is Ongoing Bitcoin Price Boom a Pump-and-Dump Action?

The bitcoin price on Tuesday clocked a new 2019 high of $8,350 on Coinbase, its highest since July 2018.
The surge came as a part of an extended bullish action that picked momentum particularly after April 2, 2019. The BTC/USD instrument, on the day, rose up to 23 percent, which started a series of similar buying actions throughout April and first half of May. The strengthening bullish bias assisted bitcoin in breaking above crucial resistance areas, such as the ones lurking near $6,000, $6,400, and $7,500. As a result, the world’s leading cryptocurrency had brought its net bottom-to-up recovery to 162 percent by the time of this publication.
Bitcoin Price Rose 101 Percent Since April 2 | Image Credits: TradingView.com
Artificial Pump?
The speed with which bitcoin rose prompted many to call the move “manipulated.” Crypto skeptic David Gerard wrote in his blog on Monday called the bitcoin price a “proxy for margin trading,” adding that one can make more money by manipulating the cryptocurrency’s “thin and ill-regulated market to burn the margin traders.”
Preston Byrne, partners at New York-based Byrne & Storm, built up to the scenario laid by Gerard, questioning why every bitcoin price boom coincided with a significant exchange(s) having “banking, withdrawal, and possibly solvency problems.” To him, the ongoing BitFinex was in a spot of trouble owing to its management of $850 million of customers’ funds. An event of such scale could have driven the bitcoin market down. But instead, the reverse happened due to potential price manipulation.
“This was the case with, e.g., Mt. Gox in 2013, and some have argued was also the case with long-suffering crypto exchange Bitfinex in 2017 […] If you’re a trader or investor, tread carefully. It is possible that the current price of a Bitcoin bears some relation to, and is uniquely vulnerable to, regulatory developments,” said Byrne.

Everyone seems to forget that when Bitfinex received CFTC subpoenas the price went up 40% in two days, ultimately the price of Bitcoin doubled before crashing.
It wasn't good news.
— Bitfinex’ed (@Bitfinexed) May 10, 2019

Tether Pumping Bitcoin
Gerard iterated that he didn’t believe institutional investors were behind the bitcoin price explosion. Instead, it was the Bitfinex’s additional 800 million USDT supply – each acting as a US dollar – that was piling into the bitcoin market. Excerpts from Gerard’s article:
“Tethers are dollar-substitute tokens — each a $1 liability on the books of Tether, Inc., hypothetically redeemable on demand for an actual dollar. The idea is that these are pretty-much-dollars — compare Eurodollars in the real financial markets — but move at the speed of crypto. Tether is owned and run by the same people as crypto exchange Bitfinex.
“There is the minor detail that nobody has ever verifiably confirmed being able to redeem a Tether for a dollar.”
The Other Bitcoin Case

The last time Bitcoin broke $8,000:
Microsoft wasn't building on it.
Congress wasn't fighting it.
Bakkt wasn't launching with it.
Square wasn't selling it.
Fidelity wasn't storing it.
TD Ameritrade wasn't trading it.
Whole Foods wasn't accepting it.
— The Rhythm Trader (@Rhythmtrader) May 13, 2019

The bitcoin price rise closely followed disturbance prompted by the US-China trade war in the global markets. The move also came after mainstream financial companies like Fidelity Investments, E*Trade Financials, and TD Ameritrade announced new bitcoin trading services for institutional investors. Fidelity’s digital asset services head Tom Jessop told the Block that institutional interest in the bitcoin market had grown in the past 12 months.
“We just completed a survey of about 450 institutions,” said Jessop, “so everything from family offices to registered investment advisors to hedge funds. It’s interesting, I think about 20% indicated that they currently allocate to digital assets with an intention to grow that.”
The post Is Ongoing Bitcoin Price Boom a Pump-and-Dump Action? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Awaits Big Bull Run as China Hits U.S. Back with New Tariffs

The bitcoin price surged 10 percent in the 24 hours and the sentiments are switching back to the buying side as tensions in the global markets escalate.
The Chinese Finance Ministry announced Monday that it plans to raise tariffs on $60 billion worth of US imports. Beijing said they would increase duty tax on U.S. goods from 10 percent to 25 percent as it battled a similar action from Washington in the ongoing US-China trade war.

I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!
— Donald J. Trump (@realDonaldTrump) May 13, 2019

The move increased global investors’ risk exposure in the market, with almost all the significant futures’ indexes posting losses. The S&P 500 Futures, for instance, was down 1.98 percent to 2,829 points as of 1325 UTC. At the same time, Dow Futures dropped to 25,428.5 points after falling 2.06 percent, while Nasdaq futures plunged 2.45 percent towards 7,431 points.
Global Markets Fall as US-China Trade War Escalates | Image Credits: Holger Zschaepitz
Holger Zschaepitz, the financial editor at Germany-based Welt news service, believed the growing positive correlation between the trade war and the global stock market would benefit safe haven assets like gold and bitcoin. He stated ahead of China’s tariff increase:
“Global markets start in Risk-Off mode to the week. Stocks fell along with Yuan & Treasury yields amid US-China trade war escalation. Investors awaited details on possible China counter-measures. US 10 year yields drop to 2.44%, Yen and Bitcoin strengthen on haven bids.”
Bitcoin Surge Continues
The bitcoin price today appreciated up to 10 percent against the US dollar since the market open. The cryptocurrency settled a lower high towards $8,000, suggesting that it may still be inside a bearish correction phase from its 2019 peak. However, Alex Krüger, a prominent cryptocurrency analyst, said the bitcoin price is looking to extend its gains in the long run.
“Sanity reigned in over BTC overnight, correcting 11% lower,” he stated. “Yesterday’s move above $7000 had started making many, including me, doubt that a strong correction would ensue anytime soon.”
Krüger added that there were no hints of bitcoin buying at the retail level, arguing that the size of the asset’s appreciation is too big to back by small investors. Nevertheless, the analyst credited positive market fundamentals surrounding Fidelity Investments, TL Ameritrade, and E*Trade Financial. The US companies either announced or hinted that they would launch bitcoin trading services.

What drove $BTC up this week?
A handful of large players, that started buying in waves. Systematic buying.
Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.
Not retail driven.
— Alex Krüger (@krugermacro) May 12, 2019

Gold, Yen Up Too
The bitcoin price recovery Monday mirrored market biases in the haven assets, Gold and the Japanese Yen. The XAU/USD spot rate today rose up to 1.08 percent to 1299.738, while the JPY/USD surged as high as 0.64 percent to settle an intraday high towards 0.009171.
“The overall reaction by currencies has been limited, however, as there are also factors that support hopes for an eventual settlement, such as the possibility of the US and China presidents meeting at the G20,” said Masafumi Yamamoto, chief forex strategist at Tokyo-based Mizuho Securities.
The post Bitcoin Awaits Big Bull Run as China Hits U.S. Back with New Tariffs appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin’s [BTC] parabolic price rally was buoyed by Consensus 2019, claims Fundstrat’s Lee

Bitcoin [BTC] is riding a bull wave unlike anything else, already recording a 10-month high. With the upswing not looking to slow down anytime soon, several factors have contributed to this rise. If these factors sustain themselves, the king coin could be in the green for a long time.
One factor that is speculated to have contributed to this rise is the ongoing Consensus 2019 Conference in New York. This was suggested so by Fundstrat’s Head of Research, Tom Lee. Given the exhaustive nature of this catalyst, can one conference attended by the who’s who of cryptocurrency and blockchain have such a buoyant effect on the price of Bitcoin and the collective market?
Lee tweeted,
“Definitely think @coindesk #consensus2019 is a major factor (not only) for recent parabolic bitcoin move, especially considering higher overall quality of attendees at the largest crypto conference”
Source: Trading View
Consensus 2019 began on May 13 at exactly 0700 ET, when Bitcoin was trading at just under $7,100. However, in just 10 hours, the price shot up by 13.77 percent to reach $8,045. The latter price point was realized at 1900 ET, just one hour after the conclusion of Day 1. Interestingly, after Day 1 was wrapped up, Bitcoin dropped to $7,700. However, it has since recovered to go above $8,000, at press time.
Based on the price chart, there is truth to Lee’s speculation. However, causation cannot be implied by looking at just one isolated case. Hence, it is deemed necessary to chart Bitcoin price correlation to previous Consensus conferences.
Consensus 2018:
Source: Trading View
The Coindesk conference for 2018 was held between May 14 and 16, while the market was reeling under the bears of the early-crypto winter. Despite the decline from well over $15,000 to below $8,300 at the beginning of May, Consensus did play its bullish role in 2018 as well. On May 14, Bitcoin rose from $8,413 to $8,855 within less than 8 hours, sustaining $8,500 till the close of the conference. However, come the end of the week, Bitcoin almost fell below $8,000 owing to correction.
Consensus 2017:
Source: CoinMarketCap
Going back to 2017 prior to the $20,000 peak and the lack of mobilization of the cryptocurrency market, the price effect remains the same. Consensus 2017 was held on May 22-24 and a week prior to the same, Bitcoin began to pump, just as it did last week.
On May 13, BTC price was $1,700 and rose by a whopping 58 percent to reach $2,700 by May 24. However, a price cliff was seen soon after, with Bitcoin dropping below $2,000 a day after the conference.
In both cases, the price rose before and during the Consensus conference, but experienced a non-drastic correction immediately after. Given how the market has rallied prior to the recent conference, a sustained rise is on the cards for the past two days, followed by a correction. Although, market conditions during the past conferences have all been starkly different, some correlation can be gathered. However, a single threat of causation cannot be inferred.
The post Bitcoin’s [BTC] parabolic price rally was buoyed by Consensus 2019, claims Fundstrat’s Lee appeared first on AMBCrypto.
Source: AMB Crypto