Bitcoin (BTC) Price Targets Additional Gains: Dips Remain Supported

Bitcoin price started a fresh increase after forming a support base above $6,900 against the US Dollar.
The price gained bullish momentum above $7,400 and settled above the key $7,650 pivot level.
There is a major bullish trend line forming with support near $7,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains well supported on the downside above $7,600 and it could soon break $8,200.

Bitcoin price is positioned nicely in the positive zone above $7,600 against the US Dollar. BTC could correct in the short term, but dips remain supported near $7,760 and $7,650.
Bitcoin Price Analysis
Recently, bitcoin price formed a strong support near the $7,250 level against the US Dollar. The BTC/USD pair started a strong rise from the $7,230 swing low and climbed above the $7,400 resistance level. The recent upward move was such that the price even climbed above the $7,500 resistance and the 100 hourly simple moving average. Finally, there was a clear break above the $8,000 resistance level. The price tagged the main $8,280 resistance level and recently corrected below the $8,150 level.
There was a break below the 23.6% Fib retracement level of the last wave from the $7,230 low to $8,288 swing high. However, the $7,800 level is acting as a strong buy zone. Moreover, the 50% Fib retracement level of the last wave from the $7,230 low to $8,288 swing high is also near the $7,764 level to provide support. More importantly, there is a major bullish trend line forming with support near $7,610 on the hourly chart of the BTC/USD pair. It seems like there is a strong support forming near $7,610 and the 100 hourly SMA.
Besides, the 61.8% Fib retracement level of the last wave from the $7,230 low to $8,288 swing high is also near the $7,640 level. Therefore, if the price corrects lower from the current levels, the $7,760 and $7,650 levels are likely to act as strong supports. If there is a downside break below the $7,600 support zone, the price might move back in a bearish zone.

Looking at the chart, bitcoin price is currently trading with a positive bias above the $7,650 support. As long as the price is above $7,600, it is likely to continue higher towards $8,200 and $8,300. A clear break above the $8,300 resistance may perhaps clear the path for more gains above $8,400.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower, but it is well above the 50 level.
Major Support Levels – $7,760 followed by $7,650.
Major Resistance Levels – $8,150, $8,200 and $8,300.
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Crypto Market Following Strong Uptrend: Bitcoin Cash, XLM, EOS, TRX Analysis

The total crypto market cap recovered sharply after testing the key $210.0B support area.
Bitcoin price jumped back above the $7,800 and $8,000 resistance levels.
Bitcoin cash price is up more than 5% and it recently broke the key $400 resistance.
EOS price is now trading above the $6.00 and $6.15 support levels, with a positive bias.
Stellar (XLM) price is currently consolidating gains above the $0.1300 and $0.1320 levels.
Tron (TRX) price is slowly moving higher towards the key $0.0300 resistance level.

The crypto market cap is gaining momentum, with positive moves in bitcoin (BTC) and Ethereum (ETH). Besides, BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are likely to accelerate higher.
Bitcoin Cash Price Analysis
Bitcoin cash price declined heavily this past week and broke the $385 and $365 support levels against the US Dollar. The BCH/USD pair tested the $350-355 support area and recently bounced back sharply. It broke the $385 and $400 resistance levels to move back in a positive zone.
The current price action is positive above $405, with an immediate resistance near the $425 level. A clear break above the $425 resistance may push the price towards the $430 and $440 levels.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price climbed back above the $6.00 pivot level after a strong downside correction. The price is now trading well above the $6.20 support level and it seems like it could even make an attempt to surpass the key $6.50 resistance level in the near term.
Stellar price remained stable after it surged above the $0.1100 and $0.1200 resistance levels. XLM price is now trading nicely above the $0.1350 level and it could soon trade above $0.1400 and $0.1420. On the downside, the main supports are $0.1320 and $0.1300.
Tron price failed to stay above the $0.0300 level for a long time. TRX price declined towards the $0.0265 support level and it is currently correcting higher. On the upside, there are many hurdles near the $0.0295 and $0.0300 levels.

Looking at the total cryptocurrency market cap hourly chart, there was a sharp upward move above the $220.0B and $230.0B resistance levels. The trend line and support near $210.00 and $215.0B proved significant, resulting in a strong upward move. The market cap is now above the $235.0B level and it recently tested the $247.0B level. In the short term, there could be a downside correction, but the $230.0B level is likely to act as a strong support. On the upside, there are many hurdles near $248.0B and $250.0B, above which the market cap could rally to $260.0B. Overall, there could be more upsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
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SEC Commissioner ‘Optimistic’ About Bitcoin ETF, But Delay of VanEck Proposal Most Likely

A Bitcoin ETF (Exchange Traded Fund) approval would enable the US market to predict and trade on Bitcoin prices without actually having to buy and sell Bitcoin [BTC]. The fund would track the price of the underlying asset, which can be Bitcoin alone or a basket of assets including other cryptocurrencies or other equities, bonds or commodities as well.
The Securities Exchange Commission is the regulatory authority that approves or denies a specific request to launch a new ETF on the market. There are more than nine Bitcoin ETF applications pending with the SEC. Moreover, the SEC also received a new crypto-basked (Bitcoin and Ethereum) based ETF application.
Reportedly, the total capital of the US ETF market is about $5 trillion. Even if 1% of the trading moves to Bitcoin, it will effectively increase the market capitalization of Bitcoin alone by $50 billion.
Industry Experts Weigh SEC Options
Jake Chervinsky, an Attorney at Kobe and Kim LLP. had noted on May 17, 2019, that,
“The SEC delayed the Bitwise bitcoin ETF two days ago but still hasn’t made a decision on VanEck. This is unusual: the SEC would normally handle both ETFs at once. The VanEck deadline is next Tuesday. I still think the delay is overwhelmingly likely, but the timing has me curious.”
Also Read: SEC is not Against Crypto ETF – Bitwise Explains
The comments are likely to get the hopes high for any Bitcoin bull. However, according to the filing dates, the deadline for Bitwise was on 16th May, while the deadline for the re-applied Van Eck proposal in 21st May.
The VanEck proposal was withdrawn and re-submitted by the firm itself on 20 February 2019. The deadline for which was a 45-day period which ends on 21st May 2019.
Furthermore, in a recent interview with Ran Neuner from CNBC fast money, Hector Pirce, the SEC Commissioner hinted at a further delay. She said,
“I am still optimistic. Don’t hold your breath. Market manipulation are issues that get a lots of attention at the SEC.”
Hence, the positive outcome for bulls would be a delay in the approval over a complete rejection.
Jake Chervinsky also predicted that there is a 75% probability that the proposal will be delayed and 0.1% probability of an approval. He said in a recent tweet,
“In the past, the SEC has typically bundled together all of its decisions on pending bitcoin ETFs & announced them on the same day… To be fair, the fact that the SEC delayed Bitwise & stayed silent on VanEck could mean nothing at all. He went on to say that, “Bitcoin has been very volatile recently & investigations related to fraud & manipulation have ramped up (like NYAG & Bitfinex). The SEC has no reason or incentive to come out in favor of bitcoin in this environment.”
Also Read: SEC Delays Bitcoin ETF Yet Again, Will It Hinder the Expected Bull Run?
The Bitcoin ETF proposal has been pending the markets for six years since its first application. The SEC has denied and delayed, and all of them until now. Nevertheless, a denial or delay is unlikely to dampen market spirits.
What are the chances of approval according to you? Please share your views with us. 
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Source: CoinGape

Charlie Shrem claims Mt.Gox was the first to create ‘token as debt’, not Bitfinex

The cryptocurrency market has seen quite a few scandals and Mt. Gox was among the most infamous of them all. Charlie Shrem, a Bitcoin entrepreneur discussed the story of Mt. Gox with J Maurice, a Bitcoin Miner, on his podcast ‘Untold Stories’.
According to Maurice and Shrem, Mt. GoX acquired almost “70-80% market share of all Bitcoin trading globally” which was quite a large share for one decentralized exchange to have. However, according to Shrem’s lens Mt. Gox was the “largest and most central company to the Bitcoin eco-system”. He also explained how in 2013-14, the largest Bitcoin exchange was an important factor for anyone trading Bitcoin.
However, Mt. Gox faced an unforeseen hindrance when 850k BTC went missing [or stolen] from Bitcoin circulation. According to the Wiz, the days before Mt. Gox shut were “really painful” as people couldn’t trust them anymore.
Shrem highlighted that there were two Bitcoin options available on the exchange at that point; one was the original Bitcoin [BTC] and other was Mt.Gox’s Bitcoin, which “were these fake Bitcoins that you could trade in Mt.Gox’s system”. This led to the formation of a secondary market buying Gox BTC, which was “essentially Bitcoin which couldn’t be removed from Mt.Gox before it imploded”.
However, Shrem claimed that even though Mt.Gox imploded, the market created its own token as debt, even as Bitfinex claimed to have created the first token as debt. Wiz noted that Josh Jones, a creditor at Mt.Gox, created a system to exchange this Mt.Gox BTC for real BTC. Wiz noted:
“Mt.Gox had this feature where you could internally transfer Bitcoins between Mt.Gox accounts and Josh Jones had created this system on top of that so that you can send your balance to his accounts and then that would be your os that will be your Bitcoin builder exchange balance, you would have Gox BTC at that time which you could trade for real BTC.”
The crypto users at the time could trade this Gox BTC for real BTC at a discounted rate and get out of the mess which was left behind following the hack.
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Source: AMB Crypto

Bitcoin’s [BTC] future: Prominent traders expect 30-40% correction in price, followed by a bull rally

CNBC’s Ran NeuNer spoke to a few prominent Bitcoin enthusiasts at the Consensus 2019 and explored how Bitcoin would perform in the upcoming weeks.
Tone Vays said that he was skeptical about the recent rally and that he needed a few confirmations to believe that the recent surge was the start of a bull run. He said:
“… I’m looking for correction between 33.3% to 40%… I’m still a little skeptical. I need to witness a pullback and a new swing high; I’m a big believer that the markets move with higher lows and higher highs. We are working at a higher high but we have not had a pullback.”
He further added that the pullback would be healthy if it was between 30-40% and that it would also be a good start to the bull run. If the pullback did not stop, it would make a new low where a lot of accumulation would occur. It would also signify strength and a possible start of the Bitcoin run, Vays added.
Peter Brandt said that the parabolic rally was underway as there were resistances at $6,600 and $6,800. He added:
“I really thought that we could go to $6,700, $6,8000 and hiccup at that level and possibly retest but we haven’t. So does that mean, we, at some point, go into congestion area and retest $5,700 and $6,000 level? Or do we go parabolic? “
In addition, he opined that Bitcoin wouldn’t go parabolic from here and that this parabolic move would make “dumb money chase it”. He also added that he had taken off light profits at the peak.
At press time, Bitcoin had surged by 10% over the day and was retesting the $8,000 level. However, the king coin has not broken through that range yet. Bitcoin, at press time, was priced at $7,970, with a market cap of $140 billion.
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Source: AMB Crypto

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.
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Source: AMB Crypto

Bitcoin [BTC] breaches $8k; gets ready for the bullish ride

The world’s largest cryptocurrency, Bitcoin [BTC] breached another immediate resistance at $8k and was valued at $8,084.49, at press time. BTC had been pumping for the past few weeks, pulling the coin from a slump and probably towards a new bull run. On May 19, the coin started rallying from $7252.58 and peaked at $8,102.
Source: Trading view
According to the trading view chart of BTC, it was being traded at $8,102. The market cap of the coin was noted to be $143.17 billion as the 24-hour trading volume reached $23.64 billion. In the past seven days, BTC pumped by 11.99% and it continued to rise by 10.64% in a day. The coin noted a growth of 1.56% in an hour.
BTC spiked by a staggering 12% over 10 hours taking the price of the coin from $7,252 to $8,155. The next resistance was marked at $8,300, after which $9k becomes an imminent target. In terms of trading volume, Bitcoin was highly traded on BitMEX exchange with VBT/USD pair and a volume of $4.22 billion was reported. The second place was noted by BW.com with BTC/USDT pair with a volume of $780 million. BitMart followed the exchanges as it noted a trading volume of $750 million with BTC/USDT pair.
As the demand for the coin rises in the crypto market, the searches on the Internet increased too. A report by Cryptoglobe noted that Google search for ‘Bitcoin’ as a keyword hit a high, yet again in 14 months. This surge was previously reported in February 2018 when the coin was trading between $8k and $11k.
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Source: AMB Crypto

Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than most traders would have predicted from its historic prices. Moreover, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted,
“BTC on the move again… Asian market certainly doing their bit today.”
This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
The other four performing coins
Opening Price: $6968
Closing Price: $8109
The weekly gains: 16.3%
Weekly High/Low: $8390/$6178
Binance [BNB] Coin
Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain.
BNB/USD 1-Day Chart on TradingView
Opening Price: $20
Closing Price: $29.5
The weekly gains: 47.6%
Weekly High/Low: $32.2/$19.9
Stellar [XLM]
Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC.
XLM/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $0.10
Closing Price: $0.14
The weekly gains: 40%
Weekly High/Low: $0.16/$0.117
Ethereum [ETH]
Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets.
Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run
ETH/USD 1-Day Chat on Coinbase (TradingView)
Opening Price: $188
Closing Price: $259
The weekly gains: 38%
Weekly High/Low: $281/$185
Tezos [XTZ]
Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform.
It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2.
XTZ/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $1.24
Closing Price: $1.77
The weekly gains: 43.4%
Weekly High/Low: $1.833/$1.23
XRP, Dash, IOTA, and Cosmos [ATOM]
The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains.
The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 19th May 2019. 
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Source: CoinGape

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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Bitcoin Cash, Ethereum, and other altcoins follow Bitcoin’s lead and pump by more than 6% in under 2 hours

Although the price of each cryptocurrency should matter on its own status and developments in its own ecosystem, it doesn’t. The price of altcoins is largely correlated to Bitcoin’s, which explains this pump in altcoins.
The second largest cryptocurrency, Ethereum, pumped by more than 7% in less than 2 hours, which was the same case for Bitcoin Cash. The price of Ethereum, at press time, was $249 and had a market cap of $26 billion.
Source: TradingView
Bitcoin Cash, the fourth largest cryptocurrency, pumped by 8% in under two hours. The price reached $385 and the market cap hit $6.7 billion.
Source: TradingView
The amount of Bitcoin Cash transferred in 24-hours was almost equivalent to its market cap, which is massive, and in simple terms, explains how Bitcoin Cash is better than Bitcoin in terms of scaling and transaction settling.
Other altcoins followed Bitcoin’s lead as they pumped; XRP, EOS, Litecoin, and Stellar Lumens surged by approximately 6% in less than 2 hours. However, Binance Coin didn’t react to the pump in Bitcoin’s prices.
The post Bitcoin Cash, Ethereum, and other altcoins follow Bitcoin’s lead and pump by more than 6% in under 2 hours appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.
The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.
Source: TradingView
The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.
A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

let's see whether we can break out the above neckline pic.twitter.com/ZNSSy5qKON
— Dovey Wan (@DoveyWan) May 19, 2019

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:

Close your shorts.CNBC kindergarten chartist won't nail this pattern. https://t.co/BcvN6LNxRt
— The Crypto Monk (@thecryptomonk) May 19, 2019

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Source: AMB Crypto

Analyst: As Long as Bitcoin Holds Above $6,400 The Case for BTC Bulls is Strong

Despite briefly dropping below $7,000 earlier this week after incurring a sudden influx of selling pressure, Bitcoin has been able to hold steady above $7,000 and has since tepidly advanced higher.
Although many analysts and traders alike believe that the upwards momentum Bitcoin has incurred over the past several weeks was put into jeopardy by the recent drawback, one prominent analyst believes that Bitcoin is still bullish, so long as it holds above $6,400.
Bitcoin (BTC) Climbs Back Towards $7,400
At the time of writing, Bitcoin is trading up 3% at its current price of $7,380, up slightly from its daily lows of roughly $7,000.
Over a one week period, Bitcoin is down from highs of nearly $8,400 which were set this past Wednesday. Although this price was a fresh year-to-date high for the cryptocurrency, its bulls were not able to extend the cryptocurrency’s upwards momentum, which has since slowed significantly.
Despite this, the recent pullback may actually be bullish for BTC, as it may allow the crypto to garner greater levels of buying pressure that could ultimately allow it to continue surging higher as it continues recovering from its 2018 lows of $3,200.
Fawad Razaqzada, an analyst at Forex.com, recently spoke to MarketWatch about Bitcoin’s recent price action, noting that the latest pullback actually constitutes “healthy” price action.
“In fact, bitcoin is looking extremely ‘overbought’ in the short-term. So, for the sake of healthy price action, bitcoin will either need to correct itself or, ideally for the bulls, consolidate for a while before it makes further gains,” he said just prior to the recent drop.
Analyst: BTC Still Bullish as Long as It Holds Above $6,400 
The recent drop has led many analysts to have conflicting opinions as to whether or not the latest rally is emblematic of the early stages of a long-term bull run, or if it is simply a fleeting bull trap.
Don Alt, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, noting that he will be bullish on the crypto as long as it holds above $6,400.
“$BTC weekly update: Resistance rejects, support supports. And people say TA doesn’t work. As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was. This still looks gorgeous to me and I won’t touch the red button for quite a while,” he noted.

$BTC weekly update:
Resistance rejects, support supports.And people say TA doesn't work.As long as 6400 holds I'll be a better perm-bull than Parabolic Trav ever was.
This still looks gorgeous to me and I won't touch the red button for quite a while. pic.twitter.com/hVRmD40vjJ
— DonAlt (@CryptoDonAlt) May 18, 2019

As the weekend continues on and Bitcoin’s price action continues to unfold, analysts will likely garner greater insight into how significant this recent price surge will be in the long-term.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

European Central Bank: Crypto Currently Has No Significant Implications for Monetary Policy

It’s no secret that cryptocurrencies are not looked upon favorably by most major central banks across the world. Some crypto enthusiasts believe that central banks fear that the nascent technology could pose threats to existing monetary systems, while others believe that central banks will begin adopting the technology in the future.
Despite this, a recently released report from the European Central Bank offers a far more bearish assessment of the markets, largely writing off their utility and largely approaching them with what can be defined as a cavalier attitude.
Report: Crypto Does Not Fulfill the Functions of Money
One key aspect of cryptocurrencies that many enthusiast point towards when offering a bullish assessment of the future of cryptocurrency is the fact that in many ways they could fully replace fiat currency, while simultaneously offering users a plethora of benefits.
Despite this, the European Central Bank dismissed this notion in their recently released report, explaining that in their current state, cryptocurrencies pose no tangible impact to the “real economy” and should not sway monetary policy.
“Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy. The very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting,” they explained.
Despite this negative sentiment, cryptocurrencies have actually been incurring a massive amount of adoption as of late, and major companies (including the likes of Facebook and possibly Amazon) are looking to implement their own cryptocurrencies in addition to their existing payment infrastructures in an effort to shore up additional profits and to bolster the efficiency of their platform’s infrastructure.
Any Central Bank Digital Currency Must Be Analyzed Separately from Normal Cryptocurrencies
Interestingly, in a section of the report titled “the case for central bank digital currency in the European Union,” the report’s authors do not entirely dismiss the possibility of the central bank launching their own cryptocurrency for internal use.
“The relentless digitalisation of the economy has raised questions as to the suitability of existing forms of money for meeting the new and emerging needs of economic actors. The advent of crypto-assets has fuelled this debate, and it has been suggested that the technology underlying crypto-assets should prompt central banks to issue their own ‘digital currencies’” the report said.
Moreover, the report lays out the criteria for how a cryptocurrency being used by the central bank should be structured, noting that any central bank digital currency (CBDC) should be “designed as a user-friendly risk-free asset that meets the public’s demand for an economy that is both digitalised and safe.”
Although the report concludes that further research and consideration is necessary prior to making any conclusive decisions regarding a CBDC, their openness to the concept, despite their apparent bearishness on cryptocurrencies in general, may prove to be bullish for the technologies in the long-term.
Featured image from Shutterstock.
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Bitcoin (BTC) Range Bound but will be Money in 20-30 Years

Bitcoin (BTC) bears slow down
In 20-30 years Bitcoin will be money says a BoE Chief Economist

Andrew G. Haldane, the Chief Economist of the Bank of England, believes Bitcoin will be money in the next two to three decades. Presently, BTC is trending within a $30 range as bears attempt to press lower.
Bitcoin Price Analysis
Fundamental
Well, it has been a see-saw for Bitcoin and most cryptocurrencies because of their direct correlation with the king. Although some skeptics as Roubini and traditional market influencers as Kevin O’Leary of Shark Tank have their doubts, Bitcoin performance over the last decade is impressive. Designed to counter bankers and decentralize control, Bitcoin is now a global phenomenon. It is the basis of research and a blend of various disciplines, including Economics and Cryptography.
According to Andrew G. Haldane, the Chief Economist of the Bank of England, the peer-to-peer electronic cash will be money in the next two to three decades. While addressing students, an eyewitness said:
“Mr. Haldane said it [Bitcoin] could replace cash. He even joked about us likely having Bitcoin in our wallets. 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.”
Candlestick Arrangement

Meanwhile, bears are tapering and bear momentum slowing down. Bitcoin (BTC), although up 2.1 percent at the time of press, is correcting, printing lower lows albeit in tight trade ranges. Simply because of this, our last BTC/USD trade plan is valid.
Despite yesterday’s long lower wick hinting of support in smaller time frames, the fact that prices are trending in a $60 range just above the middle BB is a hint of underlying demand. Even so, the failure of buyers to print higher and prevent liquidation as volumes shrink is an indicator of sell pressure.
Pasting a simple Fibonacci retracement tool on May high-low reveals that yesterday’s prices retested the 78.6 level. However, typical of Bitcoin corrections and even with today’s pull-back, we expect a retest of the $6,300 mark before Bitcoin snap back to the primary trend.
Technical Indicator
In general, average participation is high. By yesterday’s close, mean volumes stood at 31k against 21k of May 13th. Even so, volumes are a tad bit lower at 37k against 47k of May 13th.
Therefore, for trend continuation or nullification, any bar closing above $8,500 or $5,600 ought to be with high volumes exceeding 47k.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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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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