Counter Argument: Why Bitcoin is Unlikely to Record Large Upside Movement in Near-Term

The recent crypto rally has reignited hopes of a larger trend reversal and a melting of the ice from the crypto winter. Price predictions from technical analysis and industry observers are all  to go on and several are of the opinion that Bitcoin is about to pull back.
Fibonacci Levels Critical For Bitcoin
Over the past five days, Bitcoin has bounced off resistance at $4,000 several times since it rallied on Monday.
It has surpassed it a couple of times hitting around $4,020 but dropped back equally as quick to below this crucial level. At the time of writing BTC is trading at $3,970, a price it has hung around since Tuesday.
After hitting a daily volume level of $10 billion, the highest it has been for over nine months, it has slowly fallen back to around $7.5 billion indicating a cooling off has started.
Bitcoin price and volume over past 7 days from Coinmarketcap.com
The longer BTC behaves like this the less likely an upside breakout will occur.
Technical analyst and crypto proponent ‘filbfilb’ has posted his expectations that Bitcoin will fall back to Fibonacci levels first. In the short term this means BTC may drop to around $3,700 by the end of the month;

BTCUSD: 1 Day outlook – #BTCUSD chart https://t.co/dvXj5746U3
— fil₿fil₿ (@filbfilb) February 21, 2019

The next predicted movement is another rally back up to current levels during the first week of March. This point will be crucial, if Bitcoin can break out of the pennant on the second top then further momentum is expected as it pushes through the long standing $4,000 barrier.
The opposite will see it bounce off resistance again, falling back to the bottom of the symmetrical triangle at around $3,550 by late March.
This point will also be crucial as a lower break could see BTC drop to new lows and pull the rest of the market down with it.
200MA Coming Into Play?
Other analysts have predicted the current momentum to continue with an upwards limit of $4,200 before a correction occurs. This is where it hits the 200 moving average which has been the key resistance point for much of the bear market.
CNBC, which has been famous for wrongly predicting things, recently posted this which generated quite a response;

Bitcoin trading within inches of the $4,000 mark, but @jimiuorio says there could be a breakdown ahead pic.twitter.com/WRdoqnTwdk
— CNBC Futures Now (@CNBCFuturesNow) February 21, 2019

The general consensus is that a correction is coming and that is being reflected at the moment as cryptocurrencies are falling into the red again during the day’s Asian trading session.
Short term predictions such as these may be good for short term profit taking or avoiding losses but in the long term all the analysts and observers are in agreement and the only way is up.
Image from Shutterstock
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Crypto Market Wrap: What Caused VeChain to Make a Comeback as Markets Cool?

Crypto markets slowly starting to correct; VeChain and BNB going strong, Stellar, ADA and NEO dropping fastest.
Market Wrap
Yesterday’s minor movement did not last and crypto markets have fallen back a little as we end the week. The week-long rally looks like it is about to run out of steam as resistance is hit for the big cap cryptos. Total market capitalization has held though and is still above $134 billion for the time being.
Total market cap, 24 hours.
Yet again Bitcoin hit resistance at $4,000 and failed to break through. The longer this happens the less likely there will be a break to the upside. BTC is trading down marginally on yesterday’s levels but it still holding around $3,970 at the moment, volume is slowly shrinking however.
Ethereum is holding $147 for now but it too has failed to break resistance at $150 so further losses could be on the cards. XRP is falling back and has lost 2% on the day dropping it to $0.322. This has widened the gap between it and ETH to $2.1 billion.
The top ten is all red during Friday’s Asian trading session aside from Binance Coin which is back up again while others are falling. BNB has made over 3% on the day taking it to $10.90. The biggest drop in the top ten is Stellar losing 3% but remaining above Tron for now.
The top twenty is awash with red at the time of writing. Cardano and NEO are dropping the most with 4% losses each. The rest are dumping between 1 and 3 percent as markets correct from three days of buying pressure.
QASH has surged back into the top one hundred with a fomo pump of 33% but today’s surprise mover is VeChain which has made 12% over the past 24 hours. Daily volume has almost quadrupled from $5.7 million to almost $20 million, over half of it traded on Binance. The recent blockchain integration with Amazon Web Services appears to be driving momentum;

AWS services enable one-click VeChainThor Blockchain deployment for enterprises.
Original: https://t.co/qIWZVS9mbR
English: https://t.co/lBtB6T5vCZ
— VeChain Foundation (@vechainofficial) February 18, 2019

Total market capitalization has cooled off and settled at $134 billion, down 1.5% from yesterday’s levels. Daily volume continues to dwindle and is now $10 billion less that it was a couple of days ago at $25 billion. It has been a strong week for crypto markets which are still up 10% on the same time last week.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”

To call the current bear market a simple “correction” is quite a bold statement and one that would be met with counterpoints from numerous scorn crypto investors who bought in at the top of the recent Bitcoin (BTC) bubble. However, according to one crypto analyst, Bitcoin is still in a “ongoing bull market” and that the leading crypto by market cap is in nothing more than a correction, and that investors should accumulate at current prices.
The analyst also supplies his rationale behind the hypothesis, which is based heavily on the monthly Moving Average Convergence Divergence oscillator (MACD) – a trend-following momentum indicator that’s used by traders to signal important trend changes.
Crypto Analyst: What Bear Market? Bitcoin’s in a “Secular Bull” Market
Popular cryptocurrency analyst Dave the Wave has been heavily focusing his analysis on the Monthly MACD. His previous analysis suggested that the monthly MACD was signaling the bottom of the current bear market, and even correctly called Bitcoin’s recent “bounce” off the 200-week moving average – yet another indicator traders use to predict price fluctuations in various assets.
Related Reading | Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation
In his most recent charts, the analyst again is looking to the monthly MACD to gain invaluable insight into where we are in the current bear market, to determine when a bottom is in, and when Bitcoin price may rally to new highs once again.

Just to put this 'bear market' in perspective – the MACD on the monthly chart may not even go into bear territory on this correction. pic.twitter.com/qgVlu1f2UN
— dave the wave (@davthewave) February 21, 2019

The analyst’s take on the monthly MACD is that it has never even reached “bear territory,” by falling below the center line of the chart. During the 2014 to 2015 BTC bear market, the monthly MACD only briefly dipped below the center line and immediately bounced upward, forming a V-shaped bottom on the chart.

To clarify – technically something is bullish when the MACD is above the center line, and bearish when below the center line.
— dave the wave (@davthewave) February 21, 2019

While this could also signal that the current downtrend still has much more room to fall into bearish territory, Dave the Wave believes that while the momentum itself is “bearish on the monthly,” the MACD “is still in bull territory” and that BTC is simply in a “correction.”
Crypto Analyst: Bitcoin’s Bearish Correction Could Be “Turning” Back to Bull
He further suggests that the monthly MACD’s histogram could possibly “turn around” and if it does, it “could very well signify the end of the correction” Bitcoin is currently experiencing. Dave the Wave further explains that the lagging indicator is like a “massive supertanker” and once the momentum turns, there’s “no stopping it,” it’s all “one way.”
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
When pressed by his Twitter followers on what his interpretation of the analysis means, he discouraged shorting this “correction,” and says that investors “want to be accumulating” for when the correction ends and the bullish trend we’re currently in resumes.

That BTC is in a secular bull, that this is just a correction, that you do not want to be shorting it, and that you want to be accumulating.
— dave the wave (@davthewave) February 21, 2019

Of course, he could be wrong about the monthly MACD, and the bearish momentum could drag Bitcoin price down further. Either way, the monthly MACD is a valuable tool for any traders hoping to profit off of trend changes and could help predict the elusive Bitcoin price bottom. 
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Don’t Underestimate Samsung Galaxy S10’s Crypto Offering, Millions Will Be Exposed To Bitcoin

It’s official, Samsung, one of the most preeminent powerhouses in the technology sector, has formally delved into the crypto space. While the company, headquartered in Seoul, South Korea, has hinted at its involvement with blockchain historically — backing CryptoKitties, experimenting with ASICs, and trialing blockchain — it has yet to release a cryptocurrency product built for the masses. Until now, that is.
Meet Samsung’s Blockchain Keystore
On Wednesday, at the most important date on the Samsung calendar — Unpacked 2019 — the technology giant unveiled its latest flagship products, the Galaxy S10 lineup. Introduced this year was the S10E, S10, and S10+, which promise to be answers to Apple’s controversial X lineup.
While the announcement was the same old, same old, with a flashy keynote, extremely extensive media coverage, and marginal (yet visible) improvements over last year’s phone, something caught the eye of crypto industry participants across the board. According to a press release issued as Unpacked trended on Twitter, the entire S10 lineup will have a blockchain- and crypto-centric feature. The release reads as follows:
“Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”
Although the words “crypto” and “wallet” weren’t mentioned, it is believed that this facet of the press release indicates that Samsung likely has a (semblance of a) wallet or private key solution offering ready to ship for S10 users. In fact, according to a South Korean crypto source, a pre-release S10 had a tutorial video outlining a wallet that held Ethereum and Bitcoin.

– Samsung now priming their phones with Blockchain tutorials. The wallet integration on the Galaxy S10 has been confirmed… even after they denied it. Trying to keep Apple on their toes? pic.twitter.com/wAd7EaPzKw
— Korean Cryptocurrency & Blockchain News (@BlockchainROK) February 21, 2019

This confirmation that the so-called “Blockchain KeyStore” exists comes after technology news outlet SamMobile revealed that the company filed for crypto-related trademarks in December, and insiders took to Twitter to leak images of a beta version of a cryptocurrency wallet on a pre-release S10.
While this is monumental news in and of itself, what’s interesting is the way in which Samsung may be securing “blockchain-enabled mobile services.” For those who missed the loop, all S10 devices outside of the U.S. proper will utilize the Exynos 9 Series (9820) system-on-chip (SOC). According to information garnered from a company website, the Samsung-built chip will offer “rock-solid security.” How so?
Well, the newfangled Exynos SOC utilizes a technology called “physically unclonable function,” abbreviated to PUF, to safely secure and manage data in “perfect isolation.” It wasn’t explicitly stated whether Samsung KeyStore will enlist the use of PUF. But, more likely than not, the blockchain key storage system activated on the to-be-shipped flagship smartphones will feature PUF and secure elements/secure enclaves, used to keep pertinent information sequestered away from cyber-threats, in some capacity.
NewsBTC’s Joseph Young even noted that this pro-security offering could be “next level,” quipping that “Apple has a lot of work to do now” in this field.

Apple has a lot of work to do now. Some next level stuff by Samsung including crypto private key storage.
— Joseph Young (@iamjosephyoung) February 21, 2019

How Big Could This Crypto Offering Be?
That’s the question that has been on crypto pundits’ minds since this news broke. In the eyes of Lord of Crypto, a lesser-known trader, this could potentially be the “most bullish news of 2019,” explaining that Samsung, the world’s largest smartphone provider with ~20% market share, will spark notable levels of adoption. Lord even claimed that pundits have “underestimated” the magnitude of this announcement.

Potentially most bullish news of 2019 is happening in 10 minutes:
Samsung (top selling phones in the world) unveiling new Galaxy S10 It is said to have a native Crypto Wallet built into it
Underestimated how big this will be for adoption. Other phones will follow suit
— (@Lord_of_Crypto) February 20, 2019

From a cold, hard numbers point of view, this could just be true. Samsung didn’t divulge whether KeyStore or company-branded blockchain offerings of similar caliber would come pre-installed on devices, but millions are still likely to be exposed to the crypto ecosystem in some capacity.
Per statistics gathered by Satoshi Flipper, a real estate developer by trade but Bitcoin lover by night, Samsung shipped 70 million units in Q4 2018 alone. All the devices shipped likely weren’t flagships. But, considering the popularity of Galaxy devices, it wouldn’t be nonsensical to claim that a minimum of 25 million individuals will pick up S10 smartphones over the course of the coming year.

FACTS:
– Twitter has 326 million active monthly users– Samsung shipped 70 million units In Q4 2018 alonehttps://t.co/D76Bl99PSD and the new Galaxy smartphones will do more for bitcoin adoption than @Bakkt and all the ETF's in the pipeline combined.https://t.co/LJZH7y9waz
— Satoshi, MBA (@SatoshiFlipper) February 20, 2019

Thus, Satoshi Flipper noted that KeyStore & Co., along with a Lightning Network application that NewsBTC reported on previously, could do more for Bitcoin adoption than “Bakkt and all the ETF’s in the pipeline combined.”
Related Reading: Researcher: Bitcoin Lightning On Square Could Be Bigger Than Crypto ETF, Bakkt Combined
Even if this offering isn’t actively used by common Joes and Jills with S10s in their pockets, White Rabbit, a long-time Bitcoin miner, remarked that custody (security) remains one of the largest problems facing this space today. And as such, he determined that the introduction of proper security solutions, like KeyStore, could be “interesting” to watch in the coming months and years.
Alec Ziupsnys, better known as RhythmTrader on Twitter, noted that Samsung’s latest move in the blockchain realm should spark competition from Apple and Google, thus catalyzing adoption even further.
Featured Image from Shutterstock
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Crypto Investor Who Shorted Ethereum at $700: Bottom is Far From Over, Here’s Why

It has been difficult not to get hopes up when crypto markets surge by over 20% in a couple of weeks. What should be remembered though is that the asset class is still in the midst of a bear market that has lasted for over a year.
One hedge fund partner, who has been known for shorting, still thinks there is further to go before markets hit the bottom.
Ethereum Momentum Slow, Devs Jumping Ship
Alex Sunnarborg, founding partner of Tetras Capital, a New York City based cryptocurrency hedge fund, spoke to Forbes recently about the firm’s investment strategies and where he sees markets going next.
The company is estimated to have $30 million in assets under management. It shorted Ethereum in May when it was trading at around $700, which Sunnarborg admits was the firm’s biggest win for 2018.
Total market cap – 6 months
When asked where the bottom is for Ether he replied that fundamentals do not have that much impact because the assets trade so much relative to each other. Basically, Ethereum will follow what Bitcoin does, a pattern which we have all seen play out over the past couple of years.
He added that the ConsenSys downsizing news was bad for ETH as it is an integral piece of the Ethereum ecosystem. “There’s this massive disconnect between how much money is still tied up in these projects and how much people actually use them,” he added.
Ethereum dApps have had minimal uptake and rival platforms EOS and Tron are now getting the lion’s share of users. This will cause developers to jump ship to other platforms which would cause a ‘drop in momentum and steam’.
Not Confident on Bitcoin Yet
When asked the crucial question on whether Bitcoin has bottomed yet Sunnarborg replied;
“I don’t think so, and I think calling that is very difficult. That’s part of the reason I’m really thankful that we’re in the position we are right now. We can hedge ourselves, remain more neutral and not have to call that exact price or timing bottom. I’m not confident right now.”
The interviewer asked about what the firm was bullish and supportive of. Aside from being a Bitcoin proponent, he added that Mimblewimble and Grin are interesting along with Zcash and Monero.
Obviously, not a fan of EOS and alluding to its centralization he added; “The one-year long, $4 billion-dollar ICO seems a little excessive to me. The whole governance system, with 21 block producers that can essentially make, vote, or deny everything, is a weird concept to me.”
Back to the bottoms, he said that bad news is needed to cause the landslide and this is likely to come from the US SEC. Once all the bad actors and dodgy ICOs get washed out, the volume and price manipulation is quashed, and a few big name products get launched then the only way is up.
Noted crypto analysts are also of the opinion that this rally won’t last.

This is a suckers rally which will lead to more downside $btc
— fil₿fil₿ (@filbfilb) February 20, 2019

The $25 billion rally has been enjoyed by many, however, to put things into perspective, markets are still half of what they were worth on August 1 when market cap was $270 billion and falling.
Image from Shutterstock
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Litecoin Outperforms Top Crypto Assets Again, What Could Breakout of Crucial $50 Level Lead to?

Litecoin has become the darling of the cryptocurrencies again as it out performs the majority of the top coins including its big brother, Bitcoin. Breaking a psychological resistance level of $50 a few hours ago, Litecoin is one of the day’s best performing crypto assets once again. The question is, how far can it go this time?
Litecoin Lifted During Asian Trading
Over the past 24 hours, LTC volume has surpassed $1.5 billion which is over double that of XRP two places ahead of it in the market cap charts. The momentum has taken its price from below $48 to just over $51 where it currently trades. This represents a 6.5% gain on the day which has taken Litecoin market cap back over $3 billion.
Source: Coinmarketcap.com
Since its mid-December low of $23, Litecoin has made a staggering 120% recovery to its current level. In comparison Bitcoin has only managed 24% recovery, but Ethereum has done better with around 75%. This is quite remarkable for an altcoin that everyone gave up one when creator, Charlie Lee, sold his stash at the peak. Granted, LTC is still a long way down from those lofty heights but a recovery of 120% in just two months is staggering for any crypto asset in the depths of a bear market.
Litecoin, often dubbed the ‘sliver’ to Bitcoin’s ‘gold’, has been a stalwart of the crypto world having hung around since its inception in 2011 when it was forked from Bitcoin to provide a ‘lighter’, faster version of the digital currency.  In 2017 Litecoin broke and stayed above $50 for around three months before it lifted off and surged 250% in just two weeks in December. Lee, as usual, has been talking it up;

Litecoin trying its best to lead all of cryptocurrencies out of this bear market. #UFC #MammothFilm #ConfidentialTransaction #MimbleWimble #LightningNetwork #Flappening pic.twitter.com/B4h6L2rsgl
— Charlie Lee [LTC] (@SatoshiLite) February 8, 2019

Where Next For Litecoin
This shows that Litecoin still has monumental potential when the fomo train gets going again. This time, however, is likely to be different though as investment will be slow and steady but $100 LTC this year does not seem that incredulous any longer considering its recent performance.
Traders, analysts and crypto tweeters have been observing the stellar performance of LTC recently;

Wow litecoin is breaking out! #ltc #litecoin #bitcoin #btc
FOMO time
We brok the 200ma, we broke 48 now it’s time to hit 50-75@tradingroomapp pic.twitter.com/pS4HBrfUw0
— Bitcoin Litecoin Master (@xtdisnkfe) February 18, 2019

Just like Bitcoin, Litecoin will also be halving and it will be happening much sooner, August 19 according to this counter. This reduces the block reward from 25 to 12.5 LTC and decreases the inflation rate by over half and reinforces its scarcity. This is an extremely bullish event for a cryptocurrency and according to Chinese media a local crypto mining pool called Poolin.com has found a WeChat group named “Litecoin Halving Warm-up” to attract LTC investors and miners. Cheap Litecoin has been hard to resist for those that have known it for the past 8 years.
Image from Shutterstock
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Crypto Market Wrap: EOS Spikes 16% in 48 Hours as Digital Assets Regain Momentum

Crypto markets marching upwards again; EOS and Litecoin leading the charge, BNB cools off. EOS up 16% from $3.3 to $3.83 in 48 hours.
Market Wrap
Momentum is gaining once again on crypto markets following a little cooling off yesterday. Most cryptocurrencies are in the green at the moment and total market capitalization has topped $135 billion for the first time in six weeks.
Bitcoin hit resistance again at $4,000 twice in the past day but it has not fallen back and is holding there at the time of writing. It is currently up 1.3% from yesterday’s minor correction but has failed to break this crucial level. The next move for BTC is likely to be a big one.
Ethereum has regained momentum and has moved up a further 3% on the day to reach $148. ETH remains well supported and the next resistance level is at $150. The gap to XRP is almost $2 billion again as the Ripple token makes minimal progress today.
The top ten is green once again and EOS is the day’s leader with a gain of 8% taking it to $3.90. Litecoin has also had a very strong few hours with 7% added increasing its market cap over $3 billion and breaking through a crucial psychological resistance level of $50. Stellar has also shifted gear today with a 6% rise as it pulls away from Tron.
EOS Surges 16%, Source: TradingView
The top twenty is equally buoyant during Asian trading today with everything bar Binance Coin in the green. Maker is yet again the top performer in this section with another 5.5% added on the day. Most other coins here are making 2-3 percent as the rally pushes slowly higher.
REPO and Crypto.com’s MCO token are getting a dose of FOMO at the moment as they both have risen by 20%. There are no big dumps currently but Revain is currently the top one hundred’s worst performer losing almost 5% on the day.
Source: Coinmarketcap.com
Total crypto market capitalization is still moving up and has retained momentum. It is currently 2.2% higher on the day as it pushes through a six week high of $136 billion. Daily volume has fallen back below $30 billion though but it has maintained strong levels. Since last Thursday markets have made over 12% and hopes are that this will continue.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Crypto Sphere Believes Galaxy S10, JPM Coin Behind Bitcoin Rally, But Is Really a Return to Mean

The crypto market lit up with green over the last 48 hours following a powerful rally led by Litecoin, Ethereum, and EOS, which also helped propel Bitcoin toward important psychological resistance at $4K. Should the first-ever cryptocurrency break through the resistance, a major blow will be dealt to bears and could signal that a bottom is already in.
Battered and beaten bulls are tirelessly trying to find correlations to news that may be driving the rally, however, the move is likely a return to mean following extremely oversold conditions.
Crypto Community Searches For News Correlations Behind Bitcoin Rally
Reading through various crypto community discussion groups, members are filtering through recent crypto news hoping to discover the reason behind Bitcoin’s sudden boom. Over at Reddit in both r/bitcoinmarkets and r/cryptocurrency the common speculation on what’s fueling the recent rally points to today’s reveal of the Samsung Galaxy S10.
Announcements from the tech world rarely cause any movement in crypto markets, however, Samsung’s rumored inclusion of a crypto wallet has enormous implications, potentially exposing crypto to millions and millions of the South Korean tech giant’s customer base.
Related Reading | Samsung Galaxy S10 Could Expose Crypto to Millions of Tech Savvy Users
Elsewhere, even Bloomberg is suggesting the recent rally is being driven by news. In a tweet, the media powerhouse claims Bitcoin is having a “delayed boost” thanks to the announcement of JPM Coin, the new “cryptocurrency” announced this week by banking beast JP Morgan this past week.

Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to speed up payments between corporate customers https://t.co/L9eQ5YBxZ2 pic.twitter.com/mAvqXj8ZQe
— Bloomberg Crypto (@crypto) February 19, 2019

However, in recent weeks, the market has barely responded to news – good or bad. For example, the ongoing QuadrigaCX imbroglio that resulted in millions in crypto being lost due to the exchange founder’s passing, would have caused a massive sell-off had it occurred in mid-2018.
Bitcoin and Crypto Markets Return to Mean After Oversold Conditions
The reality in current crypto markets is that Bitcoin and its altcoins brethren are posting gains following sustained downward movements and extremely oversold conditions. Such oversold conditions on assets can cause markets to mean revert, according to prominent trader and Bitcoin.live panel member Peter Brandt.

Regarding RSI, Stochastic, MACD et al. Markets can remain overbought far longer than many bears have the ability to pay up for a losing short position. OB/OS measures good for trading range mkts. Severely OS mkts tend to mean revert.
— Peter Brandt (@PeterLBrandt) February 19, 2019

When any asset reaches extremely oversold or even overbought conditions, the market tends to correct and returns toward its mean. The scenario played out perfectly when Bitcoin’s parabolic advance was broken in late December 2017, and the inverse occurred after Bitcoin fell through support at $6K.
Related Reading | Crypto Market At Critical Resistance, Is Altcoin Season Right Around the Corner?
The powerful downward movement took Bitcoin and other crypto far below their mean, and the market is now correcting upward toward its mean value.

A commonly shared chart on bubble cycles put together by Dr. Jean-Paul Rodrigue of the Department of Global Studies and Geography at Hofstra University, demonstrates what is happening now during the “blow off phase.” The chart shows that an asset can crash so low, it’s below its mean value and eventually returns as faith is restored in the market.
Feature image from ShutterStock
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Drastic Shift in Sentiment in Crypto After Bitcoin Surges: Technical Indicators Point Toward a Rally

Since Bitcoin (BTC) embarked on a bear market rally on Sunday, pushing past $3,600, $3,700, and $3,800 in rapid succession, the waters of the nascent crypto market have quieted. As of the time of writing, Ethereum, EOS, among other leading crypto assets have posted single-digit percentage losses — nothing to write home about.
And while some would say that the lack of continued buy-side pressure could warrant a short-term pullback, notable traders have become convinced that from a fundamental and technical perspective, BTC still has a lot going for it.
Bitcoin Could Push Higher In The Coming Days
DonAlt, a leading analyst, recently claimed on Twitter that he’s bullish until Bitcoin finds itself around $4,400. In his message’s sub-tweets, the trader somewhat jokingly added that it would be even possible for BTC to find itself at $4,700 if this market plays its proverbial cards right.

I'm bullish till $4400 but I like saying this stuff after green candles – not during red ones.Don't overexpose, risk what you can afford to lose, remember to take profits at your target areas and don't get overly hyped. pic.twitter.com/1GbX2YH8J3
— DonAlt (@CryptoDonAlt) February 19, 2019

An analyst going by the moniker “Flood” also expressed optimism. Noting that he has a long order open at $3,800 to catch a “sharp bounce,” due to the fact that there likely remain “large players” who missed Bitcoin’s recent spike to the upside, and are thus clamoring to open long positions in a bid to counteract shorts.
Crypto Rand recently broke down why analysts are touting sentiment. The prominent industry commentator claimed that BTC’s recent move allowed it to break out of its short-term falling wedge and bull flag, along with a longer-term “major bear pennant” —  an evidently positive sign. Rand added that from volume readings should also spark some form of optimism, noting that this measure has entered and uptrend, indicating buying pressure and market popularity.

#Bitcoin daily scenario looking better:
– Falling Wedge + Bull Flag success.– Major Bear Pennant breaking upwards.– Volume downtrend ended.– Volume starting an uptrend.– Highest daily volume of 2019 on daily. pic.twitter.com/HmWRplpdTL
— Crypto Rand (@crypto_rand) February 19, 2019

Related Reading: Could Bitcoin ETN’s Large Premium to BTC be a Sign of Institutional Buying?
Even a trader that appeared on CNBC’s “Futures Now” segment remarked that Bitcoin is looking a tad better than it was prior to Monday’s rally. Jeff Kilburg, a trader at the CME, noted that “Bitcoin has the ability to rebound,” adding that the approval of an ETF or another “robust confirmation” that the cryptocurrency will survive should confirm such a bullish move.
Long-Term Crypto Bulls Still Star-Struck
From a longer-term perspective, an array of analysts and researchers have remained bullish too. Bitcoin Jack, an analyst for crypto trading unit Bravado, recently posted a chart that accentuated that in the coming years, BTC could embark on a monumental rebound heading into and past the impending block reward reduction. The chart, which was sourced from crypto investor Brian “The Rational Investor” Beamish, depicted that “we are within the time range for a bottom around the four-year MA cyclic support.”

D I S B E L I E F
Shoutout to @CRInvestor for his 1W MACD Cross tweet, it had to be merged with this Bitcoin cycle analysis.
The 2019 accumulation will produce many millionaires.
pic.twitter.com/Uet6kawkIh
— Bitcoin Jack (@BTC_JackSparrow) February 19, 2019

PlanB, also known as 100TrillionUSD on Twitter, has also expressed that Bitcoin should swell into the coming years. Citing his stock-to-flow (amount of BTC in existence over issuance rate) analysis, he noted that BTC is fairly valued at $6,250. While this isn’t much higher than the asset’s current valuation, in separate tweets, he has remarked that BTC could reach $10,000 by the next Bitcoin issuance shift, slated to activate in May of next year.
Once the so-called “halvening” goes live, PlanB has claimed that considering the stock-to-flow ratios of other precious metals, like gold, silver, platinum, among others, BTC at $3,500 will be 10 times to 100 times undervalued. So, if PlanB’s thesis is correct, a fair valuation for post-halvening Bitcoin could be between $34,000 and $340,000.

Crypto trader Filb Filb has only touched on the fabled $300,000 range, recently explaining his thesis behind a $333,000 prediction he made in December 2018. Through the use of regression and statistical analysis, taking the swelling worldwide debt sum of $274 trillion and combining it with BTC’s current level of adoption, Filb determined that a fair valuation for Bitcoin is ~$74 billion.  While this indicates that BTC is currently in a logical valuation zone, Filb added that the crypto asset will continue to see its use swell in the years to come. In fact, harnessing data from the Internet industry’s cycles, it was revealed that if all pans out for Bitcoin, $333,000 could just be in the cards.
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Short The Bankers: Another Major Bank Ordered Closed for Money Laundering

Danske Bank has been ordered to close up in Estonia following another money laundering scandal. It is not the first time a major bank has been involved in money laundering and it will not be the last, which is all good news for crypto.
One of the most commonly spouted reasons that crypto is bad is that criminals use it for money laundering. But the bottom line is the US dollar is still the currency of choice for washing money, and banks are the vehicle. As more bank scams get unraveled it gives them less legitimacy and more to crypto, the decentralized way to conduct finance.
Danske Bank Ordered to Close

According to the BBC the Tallinn branch of Danske Bank has been ordered to close by October 19. The bank is under investigation in Denmark, Estonia, Britain and the US over around 200 billion Euros in spurious payments from Russia, ex-Soviet states and other countries. A large portion of this funny money has been found flowing through the Estonian branch.
Interim chief executive Jesper Nielsen said that the bank would comply and close branches in other countries as well;
“We acknowledge that the serious case of possible money-laundering in Estonia has had a negative impact on Estonian society and finds it best that Danske Bank discontinues its Estonian banking activities,”
Estonia’s financial regulator demanded Danske close its local branch and repay customer deposits within eight months. Head of the regulatory body, Kilvar Kessler, added;
“We have every right to put an end, once and for all, to this, as large-scale violations of the local rules have been committed, and this has dealt a serious blow to the reputation of the Estonian financial market.”
Thomas Borgen, CEO of Danske Bank, resigned in September last year following allegations of money laundering involving sums larger than the entire crypto market capitalization at the time. It is not the only high profile bank to be accused of something that crypto adversaries keep reiterating. Last month Fortune reported that Deutsche Bank was facing increasing scrutiny in the US over money laundering concerns. Morgan Stanley was also fined recently for failing to properly detect money laundering.
Short The Bankers
The news is bad for banks, good for crypto. Respected industry personality and founder and partner at Morgan Creek Digital Assets, Anthony Pompliano, agreed with the sentiment tweeting ‘short the bankers’ yesterday;

Estonia just ordered the Danske Bank branch to close that was involved in one of the largest money laundering schemes in history.
The majority of criminals aren’t using Bitcoin to launder money, they’re using US dollars.
Long Bitcoin, Short the Bankers!
— Pomp (@APompliano) February 19, 2019

Banks are the undisputed heavyweight champions of laundering money. So much so that Bloomberg went to the effort of creating an infographic earlier this month to highlight the estimated $2 trillion that gets washed through banks every year;

Money laundering transactions are still as high as $2 trillion a year https://t.co/QQ6lAKlUDL
— Bloomberg (@business) February 3, 2019

This just makes any accusation about crypto being a vehicle for money laundering with its paltry $130 billion market cap simply ridiculous.
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Binance Coin Controversy: Love it or Hate it BNB Keeps Climbing

As expected when a two day rally occurs on crypto markets there is the inevitable correction. Total market capitalization and daily volume has fallen back as day traders take profits and top performing crypto assets start to cool off and fall back. There are a couple however that are defying this much repeated market movement and continuing to climb at the moment.
Binance Coin Crushing the Competition
The crypto asset holding above the rest and continuing to surge at the time of writing is Binance Coin. In less than a week BNB has made and held an epic 30% climbing from less than $8.50 last week to $11 before dropping a little to today’s price just below it. On the day BNB is up 13.5% as it outshines every other altcoin in the top fifty.

Binance Coin: Which bear market?
New ATH while everybody else is scraping the bottom. Have to say I missed on this one, mostly because I was listening too much FUD. $BNB pic.twitter.com/eG5rEGzEWF
— johnyqi (@JohnyQi) February 19, 2019

Daily volume has surged from $80 million to over $134 million, most of that over the past 12 hours. With Binance being the top exchange it stands to reason that BNB would possibly act like a stablecoin when traders are taking profits. If their trades are taken in BNB pairs, its volume and price will increase when they’re pulling out of other coins, which is what has been happening over the past few hours. Some have tried to decipher the controversy surrounding BNB with lengthy tweets;

0/ There has been a lot of controversy and confusion around $BNB (Binance Coin) recently. This isn't unwarranted considering it doesn't look like traditional tokens/financial instruments. In this thread, I will attempt to elucidate
— Andrew Kang (@Rewkang) February 17, 2019

Not all are convinced about Binance Coin though with some observers calling it a ‘manipulated Ponzi scheme controlled by one man’ on twitter. Others are equally critical of BNB labeling it as a centralized security token;

Reminder that BNB is a centralized security token for an exchange that is actively breaking US laws. You also have to trust that binance is reporting their financials accurately.
BNB could become worthless without warning due to gov action, exit scam, fraud, or theft.
— Matt Odell (@matt_odell) February 13, 2019

Either way Binance Coin is one of today’s top performers and since the beginning of the year has made a staggering 83% gain.
Stellar Flips Tron Showing Small Gains
Stellar has been losing momentum for quite a while now as it slipped down the market cap charts. Today however it has regained a place, flipping Tron for eighth spot at the time of writing.

With a further 5% gained on the day XLM has reached $0.088 with a market cap of around $1.68 billion, enough to pass TRX which is currently on $1.65 billion as it loses 1.5% in the correction. Tron has enjoyed a lot of momentum recently and has been one of the top performing altcoins this year with a gain of over 30% since January first. Stellar on the other had has been in decline, losing 22% in the same period. Stellar has a strong dev team with a lot of project updates so the lack of momentum recently is a little perplexing.
Maker is the other crypto asset that has shown impressive gains in recent weeks, climbing a further 10% on the day and 23% since the same time last week.
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Crypto Market Wrap: A Few Survivors As Markets Correct

Market Wrap
Crypto markets starting to pullback; BNB, Maker and Stellar are keeping in the green, BCH, and Ethereum starting to slide.
Crypto markets have started to correct as expected after a two day buying bonanza. Volume and market capitalization has pulled back a little as traders start taking profits. The next few days will be crucial in determining if recent gains can hold.
Bitcoin hit resistance in an intraday high at $4,010 a few hours ago and, as predicted, pulled back to $3,940 where it currently trades. This is pretty much where BTC was yesterday after testing the same resistance level indicating further losses could be coming soon.
Ethereum, after a very strong rally, has dropped 3% on the day as it corrects. ETH is currently trading at $142 and the gap to third has decreased back to $1.6 billion. XRP has remained stable on the day and is still at $0.323.
In the top ten, Binance Coin is running away with it as a further 12% is added on the day. BNB touched $11 before falling back to $10.80 where it currently trades. The only other altcoin defying the pullback is Stellar which has made 4% enabling XLM to flip Tron for eighth place. The rest are in decline with Bitcoin Cash dropping the most at 4%, back to just above $140.
Most altcoins are also correcting in the top twenty during today’s Asian trading session. One making an opposite move is Maker which has had a lot of positive momentum lately. MKR has added a further 8% on the day moving ahead of NEO in sixteenth to trade at $620. Everything else is dropping a percent or two.
Storj has entered the top one hundred with a fomo driven pump of 15% at the time of writing. WAX is up and down like a yoyo, today pumping again with 13%. Binance Coin is the other top performer at the moment. There is only one double digit dump with REPO dropping 11% at the messy end of the table. ODEM is also having a bad day with a 9% dump.

Total crypto market capitalization is holding above $130 billion but falling back slowly. After hitting a peak of $136 billion markets are now in decline as volume shrinks back to $30 billion during the selloff. Since last Wednesday markets have made 9% but the big question now is will these gains hold or is a big dump about to start again.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Crypto Markets Continue Climbing as Bitcoin and XRP Transaction Volumes Surge

The crypto markets have continued to climb higher after seeing two days of large and widespread gains across nearly all major cryptocurrencies. Today’s price climb has led many investors and analysts to believe that the markets have already established a long-term bottom.
Despite there being a bullish sentiment that is currently spreading through most cryptocurrency communities, analysts are now pointing to the importance of transaction volumes as an indicator of where the markets are heading next.
Bitcoin and XRP See Sustained Rise in Transaction Volume
Although there may not be a fundamental reason behind the recent crypto market surge, one factor that may be contributing is an increasing amount of transaction volume that may have an impact on various cryptocurrencies prices.
Naeem Aslam, the chief market analyst at Think Markets U.K., recently told MarketWatch that he believes that Bitcoin will see increased fundamental strength in the coming months, which could help contribute to positive price action.
“The cryptocurrency king is on track to secure its first positive month since July 2018… With the wind of change blowing, the fundamentals are likely to improve in the coming months for the cryptocurrency space. The hopes are pinned on the improvement of the transaction volume for on-chain transactions. This will attract growth because of a larger number of industries becoming part of this infrastructure,” he said.
Mati Greenspan, the senior market analyst at eToro, shared a similar sentiment to Aslam, and also noted that Bitcoin’s recent price ascent occurred at the same time its transaction volume began to increase.
“We can see this period of low transaction rate in the purple rectangle below… The green line is $BTC,” Greenspan noted while referencing a chart that shows the volatility BTC saw during a period of low transaction volume.

We can see this period of low transaction rate in the purple rectangle below.
The green line is $BTC. pic.twitter.com/ksmdSfBHNp
— Mati Greenspan (@MatiGreenspan) February 19, 2019

Greenspan also noted that XRP has seen an influx of transactions in late-January after XRP’s transactions dropped off a cliff on December 11th, which is about the time that XRP fell back towards its 2018 lows in the mid-$0.20 region.
“Transactions in XRP went quiet from December 11th but came back with a vengeance on January 26th,” he said.
Crypto Markets May Not be Out of the Woods Yet
Although the recent market surge that has sent many cryptocurrencies up 10% or more is certainly positive for investors and traders alike, Greenspan warns that a tight correlation between major cryptos and Bitcoin could signal that bear market is not yet over.
“Despite recent optimism, crypto correlations remain strong… Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high… Yet another sign the [bear] market might not be over just yet,” he warned.

Despite recent optimism, crypto correlations remain strong.
Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high.
Yet another sign the market might not be over just yet.
Chart from @coinmetrics pic.twitter.com/ycdvA0dStb
— Mati Greenspan (@MatiGreenspan) February 19, 2019

At the time of writing virtually all major cryptocurrencies are trading up, with Ethereum, XRP, EOS, trading up 1.2%, 3.2%, and 5.1%, respectively.
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Bitcoin Price Skyrockets, But BTC Faces Growing Resistance Around $4,000

Bitcoin has been able to maintain its upwards momentum that it incurred a few days ago and BTC has now pushed up to $4,000. This upwards price move has been fueled by a surge in trading volume, but one analyst is now importantly noting that trading volume over high-time-frames must improve in order for an upwards price move to be sustained long-term.
Other analysts are also importantly noting that Bitcoin is now beginning to establish $4,000 as a level of resistance, which could prove to be a critical level that must be broken through in order for further gains to ensue.
Bitcoin (BTC) Continues Climbing, But Faces Resistance at $4,000
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $3,985. Bitcoin began its recent push on February 17th, when its price dipped to $3,600 before surging to its current price levels.
Following this move, BTC traded sideways for less than a day before continuing to climb until it hit approximately $4,000, which has proven to be a level of resistance.
Lucid TA, a popular cryptocurrency analyst, spoke about this resistance level in a recent tweet, noting that he believes BTC will rest around its current price levels before continuing climb.
“$BTC is hitting the first significant resistance since the breakout, I think we’re likely to rest a little while here.”

$BTC is hitting the first significant resistance since the breakout, I think we're likely to rest a little while here. pic.twitter.com/xa8O0Yn3mZ
— Lucid TA (@Lucid_TA) February 19, 2019

Hsaka, another popular analyst, shared a similar sentiment in a recent tweet, telling his followers that he will begin looking to short Bitcoin when its price reaches the low-$4,000 region.
“$BTC Not looking to short until the demarcated zone. Meanwhile, here’s an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters.”

$BTC
Not looking to short until the demarcated zone.
Meanwhile, here's an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters. pic.twitter.com/luYP1fgwS2
— Hsaka (@HsakaTrades) February 19, 2019

Because Bitcoin and the entire cryptocurrency markets are fresh off of a large price surge, it is likely that they will range sideways, or drop slightly, before garnering enough buying pressure to propel them higher.
Analyst: Bitcoin Trading Volume Must Increase in Order for Price to Surge Higher
One notable feature of this latest BTC price surge is that its 24-hour trading volume has climbed significantly, surging from weekly lows of under $6 billion to its current levels of roughly $10.5 billion.
Josh Rager – another popular analyst – explained that over a longer time frame, Bitcoin’s trading volume is down significantly and an inability to continue increasing may lead BTC’s price back down to its support levels in the low-$3,000 region.
“$BTC Chart: Bitcoin currently at resistance level with a break and close above $4100 is bullish… But… Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish. If the volume doesn’t pick up, I foresee $BTC price dropping back to support,” he explained.

$BTC Chart
Bitcoin currently at resistance level with a break and close above $4100 is bullish
But…
Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish
If the volume doesn't pick up, I foresee $BTC price dropping back to support pic.twitter.com/e5C18MEDTu
— Josh Rager (@Josh_Rager) February 19, 2019

As Bitcoin begins picking up steam and recovering much of its recent losses, analysts will likely gain further insight into whether or not this is a sustained movement, or if a drop back to its strong support level of $3,000 is inevitable.
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Bitcoin Surges Nearly 10%, Analyst Claims BTC Likely to Target Mid-$4,100 Region Next

Following an extended period of sideways trading for Bitcoin (BTC), it finally made a large upwards move and is now facing some levels of resistance around its current price. Bitcoin’s upwards swing today has allowed the entire cryptocurrency market to surge and represents the market’s second upwards price swing in the past couple of weeks.
Now, analysts believe that Bitcoin will continue its ascent until it reaches roughly $4,100, where it may find increased levels of resistance.
Bitcoin (BTC) Surges Towards $4,000
At the time of writing, Bitcoin is trading up over 8% at its current price of $3,930. Yesterday, BTC drifted towards $3,600 before surging to its current levels. In addition to its price climbing, Bitcoin’s daily trading volume has surged to its current levels of approximately $10 billion, up significantly from its weekly lows of just under $6 billion.
Luke Martin, a popular cryptocurrency analyst on Twitter, discussed BTC’s upwards price swing earlier today, noting that he is currently expecting $4,120 to be its next level of notable resistance.
“Next $BTC daily resistance that I’m targeting is the 4120 area. This is previous range resistance from the area we traded in for most of Dec-January,” Martin explained.

Next $BTC daily resistance that I'm targeting is the 4120 area. This is previous range resistance from the area we traded in for most of Dec-January. pic.twitter.com/SBfCyr2k5R
— Luke Martin (@VentureCoinist) February 18, 2019

Mr. Chief, another popular cryptocurrency analyst, shared a similarly bullish sentiment to Martin’s, noting that BTC holding above $3,900 for the rest of the day could lead it to “fly.”
“If BTC can close above 3900, it will fly. Currently at channel trend resistance. I expect it to cool off here in the short term.”

$BTC #bitcoin
If BTC can close above 3900, it will fly. Currently at channel trend resistance. I expect it to cool off here in the short term pic.twitter.com/MWHZ2W33tO
— Mr Chief (@HaloCrypto) February 18, 2019

Following the upwards move BTC experienced on February 8th, many analysts expected the cryptocurrency to form what is commonly referred to as a “Bart” formation, where Bitcoin – or any cryptocurrency – surges, trades sideways, and then goes right back down to its previous price levels.
Despite this, Bitcoin’s ability to climb after its previous surge may signal that is has found a long-term bottom in the low-$3,000 region.
Could the Bear Market Be Coming Towards an End? 
Although today’s upwards move is relatively small, and there still remains a long way before Bitcoin is even close to returning to its all-time-highs, its ability to hold the low-$3,000 region as a strong level of support is certainly positive from a technical perspective.
Mayne, another popular analyst, spoke about the possibility of the markets beginning to climb from here on out in a recent tweet, importantly noting that technical biases can change rapidly.
“We’ve had some bullish moves on $ETH, $BTC, and $alts over the last 2 weeks… Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”

We've had some bullish moves on $ETH, $BTC, and $alts over the last 2 weeks.
Is the bear market over? Maybe, the fact of the matter is we are going up
Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out
— Mayne (@Tradermayne) February 17, 2019

If the markets continue to climb over the coming week, traders and investors alike may gain greater insight into whether or not the low-$3,000 level is truly a long-term bottom.
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