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Litecoin (LTC) Price Analysis: Buying Dips Favored

Litecoin Price Analysis Chart

Litecoin price corrected lower
after trading as high as $62.04 against the US Dollar. LTC remains supported on
dips near the $57.00 and $55.80 levels in the near term.

Key Talking Points

  • Litecoin price extended gains above the $60.00
    level and traded as high as $62.04 (Data feed of Kraken) against the US Dollar.
  • There is a major contracting triangle in place with
    resistance at $59.60 on the 4-hour chart.
  • LTC price is likely to find a strong buying interest
    near the $57.00 or $55.80 support levels.

Litecoin Price Analysis (LTC)

After a decent upward move, there was a downside correction in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair traded as high as $62.04 and later declined below the $60.00 support level.

Litecoin Price Analysis Chart

Looking at the 4-hour chart, LTC price remained in an uptrend this week and traded above the $60.00 barrier. It traded as high as $62.04 and settled well above the 100 simple moving average (4-hour).

Later, there was a downside correction below the $60.00
support and the 23.6% Fib retracement level of the last wave from the $52.00
low to $62.04 high. The price even broke the $58.00 support level and tested
the key $57.00 support level.

Moreover, the 50% Fib retracement level of the last wave
from the $52.00 low to $62.04 high acted as a strong support. At the outset,
there is a major contracting triangle in place with resistance at $59.60 on the
4-hour chart.

If there is a break above the triangle resistance and the
$60.00 resistance, there could be more gains above the $62.00 level in the near
term. On the downside, there is a crucial support near the $57.00 level and the
100 simple moving average (4-hour).

The next support is near $55.80 and the 61.8% Fib
retracement level of the last wave from the $52.00 low to $62.04 high. Overall,
litecoin price remains supported on dips and it could climb higher once again
as long as LTC buyers continue to protect $57.00 and $55.80.

The market data is provided by TradingView.

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Bitfinex’s Bitcoin Markets Could Be Signalling a BTC Rally To $5,000

Bitcoin “Likely” To Break Higher

Over recent weeks, the cryptocurrency market has seemingly began to embark on a slow and steady recovery. While the asset class took a slight tumble on Thursday, with Bitcoin (BTC) falling by 1.33%, cryptocurrencies are still nearing their year-to-date highs. The simple fact has led some crypto analysts to begin touting bullish sentiment, as the technical and fundamentals tides have seemingly begun to turn in BTC’s favor.

Prominent trader Filb Filb joined in with his own optimism recently, issuing a number of charts accentuating his/her belief that digital assets, especially Bitcoin, are poised for a rally.

Filb explained that from a 12-month perspective, when Bitfinex’s BTC long-short (L/S) ratio rose above 1.5, returned to one or below, and then moved back above 1.25, Bitcoin moved by higher by approximately 25% to 50%. On the other hand, when the L/S ratio failed to break 1.25 after a move under one, BTC entered “very bearish territory,” resulting in fresh lows for crypto.

Currently, however, the L/S ratio has reached 1.5, fallen to one, and could potentially rebound to or past 1.25. And with that, Filb remarked that Bitcoin is “likely to break higher based on this metric alone,” drawing a hypothetical trading range of a 25% rally, which would bring BTC up to $5,000 for the first time in mid-November.

$5,000 BTC?

This isn’t the analyst’s first time mentioning $5,000, believe it or not. As reported by Ethereum World News previously, Filb remarked that a number of technical measures have started to turn in Bitcoin’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in BTC markets.

He adds that over recent days, Bitcoin has begun to test a “macro 14-month resistance” downtrend, and could break into higher lows if it surpasses that level, which would then turn into support. A move above this level, which would push BTC into a “huge void” of volume, meaning that rallies and drawdowns could be accentuated with little-to-zero volume, could indicate that Bitcoin could hit $5,000 by May.

In a recent interview with BlockTV, Filb also expressed hope in regards to the crypto market’s short-term prospects. He explained that why he expects for BTC to “certainly rally” in the near future is due to the Bitcoin block reward reduction, adding that the emission reduction will make miners less incentivized to sell, therefore granting this market with a reason to move higher.

Moreover, he drew attention to the Lightning Network, especially in regards to the recent exposure that Jack Dorsey has given the scaling solution. Filb notes that this is a strong fundamental factor that could push Bitcoin higher.

Title Image Courtesy of Icons8 Team Via Unsplash

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Ethereum Price (ETH) Trading Near Crucial Juncture Versus Bitcoin (BTC)

Ethereum price failed to stay
above the 0.0355BTC resistance and recently declined against bitcoin. ETH/BTC is
now trading near a crucial support and preparing for the next break.

Key Talking Points

  • Ethereum price retreated from the 0.0357BTC
    level and declined below 0.0350BTC against bitcoin.
  • There is a major bullish trend line in place
    with support at 0.0342BTC on the 4-hours chart of the ETH/BTC pair (data feed
    from Poloniex).
  • The pair is likely preparing for the next break
    either above 0.0350BTC or towards 0.0334BTC.

Ethereum Price Chart Analysis

Recently, Ethereum price climbed higher above 0.0350BTC and 0.0355BTC. However, the price failed to hold gains above the 0.0355BTC level, formed a high near 0.0357BTC and later started a strong downward move.

Ethereum Price Analysis ETH BTC Chart

Looking at the chart, the price traded as high as 0.0357BTC and later traded below the 0.0355BTC and 0.0350BTC support levels. The decline was strong as the price even settled below the 0.0348BTC support and the 100 simple moving average (4-hours).

The price traded as low as
0.0341BTC and it is currently preparing for the next break. On the downside,
there is a major bullish trend line in place with support at 0.0342BTC on the
4-hours chart of the ETH/BTC pair.

Below the trend line support, the
next key support is at 0.0400BTC. If there is a bearish break, the price may
decline towards the 0.0334BTC or 0.0330BTC support level.

On the upside, there is a
connecting bearish trend line formed with resistance near 0.0345BTC on the same
chart. The 23.6% Fib retracement level of the recent decline from the 0.0357BTC
high to 0.0341BTC low is also near the trend line.

If there is an upside break above
0.0345BTC, the price may recover towards the 0.0350BTC level or the 50% Fib
retracement level of the recent decline from the 0.0357BTC high to 0.0341BTC low.
If the price gains traction, it could revisit the 0.0355BTC resistance level in
the near term.

Overall, Ethereum price is trading near a crucial support
above 0.0340BTC and it could rebound if ETH buyers gain pace above the
0.0345BTC resistance.

 The market data is provided by TradingView.

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Ripple (XRP) Price Could Bleed Further Versus Bitcoin (BTC)

Ripple Price Analysis Chart

Ripple price failed to stay
above the 0.0000808BTC support and extended declines against bitcoin. XRP to
BTC is currently under pressure and it could slide further below 0.0000780BTC.

Key Talking Points

  • Ripple price failed to break the 0.0000820BTC
    resistance and declined further against bitcoin.
  • Two bearish trend lines are in place with
    resistance at 0.0000780BTC and 0.0000792BTC on the 4-hours chart of XRP to BTC (Data
    feed via Binance).
  • The price may decline heavily once there is a
    break below the 0.0000780BTC support level.

Ripple Price Analysis

After a decent upward move, bitcoin, litecoin, Ethereum, EOS, ripple and BNB starred a downside correction versus the USD. However, XRP to BTC remained in a bearish zone and struggled to clear the 0.0000812BTC and 0.0000820BTC resistance levels.

Ripple Price Analysis Chart

Looking at the chart, the price spiked above the 0.0000820BTC resistance recently, but it failed to stay in the positive zone. It started a major decline and broke the 0.0000810BTC and 0.0000800BTC support levels to enter a bearish zone.

The decline was strong as the
price even broke the 0.0000792BTC swing low and settled well below the 100
simple moving average (4-hours). There was a close below 0.0000792BTC and the
price traded to a new monthly low at 0.0000782BTC.

At the moment, the price is
trading just above the 0.0000782BTC low and it remains at a risk of more
losses. On the upside, there are two bearish trend lines are in place with
resistance at 0.0000780BTC and 0.0000792BTC on the 4-hours chart of XRP to BTC.

The second trend line coincides
with the 23.6% Fib retracement level of the recent slide from the 0.0000809BTC
high to 0.0000782BTC low. If there is a break above both trend lines, the price
could rebound towards the 0.0000800BTC resistance.

An intermediate resistance is
near 0.0000796BTC and the 50% Fib retracement level of the recent slide from
the 0.0000809BTC high to 0.0000782BTC low. Clearly, ripple is trading in a
strong downtrend below 0.0000800BTC and it could decline sharply below the
0.0000782BTC low before XRP buyers could take a stand near 0.0000765TC or
0.0000750BTC.

The market data is provided by
TradingView.

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EOS Price Primed For More Upsides Versus USD, BTC and ETH

EOS price climbed higher after
forming support near the $3.25 level against the US Dollar. EOS is currently
placed nicely in a positive zone and it could extend upsides versus USD, BTC
and ETH.

Key Talking Points

  • EOS price traded higher and broke the $3.60
    resistance level (Data feed of Kraken) against the US Dollar.
  • There is a crucial bullish trend line in place
    with support at $3.62 on the 4-hours chart.
  • The price remains supported on dips and it could
    climb higher towards $3.82 and $4.00.

EOS Price Analysis

Recently, there were strong bullish moves in bitcoin, ripple, EOS, litecoin, binance coin and other cryptocurrencies against the US Dollar. Later, most of them corrected lower and EOS price too corrected a few points from the $3.80 resistance, but it remains supported on dips.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a solid support near the $3.25 level and later started a strong upward move. It broke the $3.50 and $3.60 resistance levels to move into a positive zone.

There was also a break above a key bearish trend line with
resistance at $3.60 on the 4-hours chart. It opened the doors for more gains
above $3.70 and the price settled above 100 simple moving average (4-hours).

The price climbed towards the $3.82-.3.85 resistance area,
where sellers appeared. A high was formed near the $3.81 level before the price
started a downside correction. It declined below the 23.6% Fib retracement level
of the recent wave from the $3.284 low to $3.881 high.

However, there are many supports on the downside above the
$3.60 level. There is also a crucial bullish trend line in place with support
at $3.62 on the same chart. Besides, the 100 SMA is positioned near the $3.60
level.

If EOS price breaks the $3.60 support, it could test $3.55
and the 50% Fib retracement level of the recent wave from the $3.284 low to $3.881
high. The overall price structure is positive and it seems like there could be more
gains above $3.75. $3.80 and $3.85 as long as the price stays above the $3.50
pivot level.

The market data is provided by TradingView.

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Crypto is Breaking Out, But Bitcoin (BTC) Still Needs To Surmount $4,400

Crypto Breaks 1Yr+ Downtrend

Over recent weeks, the crypto market has embarked on a stellar rally. While some have described the price action as a “bull trap” or something of a similar nature, some evidence is pointing towards the fact that this market may be on the verge of a long-term rally, or at least a long bout of sideways movement underscored by a bullish trendline. The fact that Bitcoin (BTC) recently surpassed $4,000 has only somewhat cemented this theory.

Nik Patel, a popular content creator in this space, recently took to Twitter to lay out his thoughts on the market. Citing the recent movement seen in the value of all digital assets, he noted that this sum has finally broken out of a 15-month downtrend resistance line, and is holding well above a short-term uptrend.

Patel, much like many other crypto traders, then touched on the volume profile, explaining that the steadily rising increase has him slightly enthused. And with that, he concluded that more likely than not, bears are currently in a stage of disbelief, potentially setting a precedent for a further move to the upside. He adds that this ticker’s daily chart “does look bullish for the market.”

But, it isn’t exactly that cut and dried. Firstly, the cryptocurrency market capitalization (CMC) still remains under its 200-day moving average, which has acted as a pseudo-resistance in this bear market and a pseudo-support in 2017’s rally. To surmount this level, CMC would need to surpass ~$145 billion or so, currently 10% above current levels.

In a separate tweet, Patel touches on this, explaining that yes, we won’t be seeing all-time highs soon and that this budding market remains rangebound despite the casual trendline break.

Bitcoin Needs $4,400

In his most recent blog post, he touched on Bitcoin specifically, explaining what levels traders of the flagship cryptocurrency should watch in the near future. He notes that while there was a “bullish continuation” of last week’s positive-leaning momentum, and that BTC is holding above some key short-term supports, traders would be remiss to call for the moon.

Patel explains that Bitcoin needs to close above $4,400 on solid volume to confirm that it is not rangebound, setting the stage for a further move to the upside. But, considering that BTC topped out its last rally at around $4,200 or $4,300, there may be some key resistance levels in the region to move past.

Filb Filb, a preeminent trader, made a comment of a similar nature just recently. He explained that above $4,400 has a huge void in volume, and Bitcoin could thus move drastically higher from there if that auspicious level is reached.

Title Image Courtesy of Descryptive.com Via Unsplash

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Bitcoin Won’t Be $3,000 Cheap Again, Crypto To Trend Higher In April

Analyst Awaits Bitcoin Breakout

Each and every day, the cryptocurrency market trades. More often than not, it seems to move in a random manner, with Bitcoin (BTC), Ethereum, or whatever other flavors of the week posting gains or losses without as much of an indication. But in the eyes of a prominent analyst, BTC moves more like clockwork than anything else.

Galaxy, a trader who sports tens of thousands of followers on Twitter, recently laid out why he believes that Bitcoin could begin a jaw-dropping rally in the coming months, citing historical trends to back his point.

The optimistic remarked that in 2013-2015’s market cycle, BTC tried to break out of a downtrending resistance three times, but was rejected each and every time. Following the second rejection saw a multi-month period of accumulation and consolidation, where the crypto asset found a relatively sturdy base and traded within it. Once the long-term resistance was about to depress BTC to new lows, the asset broke out, pushing new highs just a year or two later.

Interestingly, the same exact pattern seems to be playing out in the ongoing market cycle, as BTC has already failed to breakout three times, and could thus be in a zone of accumulation as it stands.

And with that, Galaxy remarked that if this pattern is observed, April 2019 will be the last month of $3,000 BTC… ever, as the cryptocurrency could begin its next cycle to head into 2020’s halving in that month.

Doused In Hopium?

While some claimed that Galaxy’s noticings were just filled to the brim with so-called “hopium,” with one noting that following this trend would be “too easy,” other prominent commentators agreed with the analysis.

Rhythm Trader, also known as Alec Ziupsnys on Crypto Twitter, drew attention to a chart he laid out that compared Bitcoin’s previous cycle to the one seen today. Like Galaxy, Ziupsnys made it clear that if trends are followed, BTC could very well be nearing a bottom as it readies for an eventual move past its $20,000 all-time high.

One commentator going by KALEO touched on trends too, explaining that as BTC has bottomed on parabolic support, which dates back to 2011 and has been cited by individuals like Cane Island Crypto (NVT creator). KALEO adds that considering the block reward reduction, which has historically propelled Bitcoin into monumental rallies, a new all-time high could come as soon as early-2021, meaning that now is the time to accumulate.

Then again, some were quite wary of Galaxy’s bit. What most cynics of this theory took issue with was the timeframe, as some explained that just by virtue of there being more money in these markets, cycles should be longer in theory.

Others touched on the Hyperwave theory, which states that BTC could revisit its previous all-time high at $1,200 before moving higher eventually.

Title Image Courtesy of Tim Mossholder Via Unsplash

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Litecoin (LTC) Price Breaks $60, Can There Be More Upsides?

Litecoin price finally broke the
key $60.00 resistance area against the US dollar. LTC is currently consolidating
above $60.00 and it could continue to move higher.

Key Talking Points

  • Litecoin price climbed higher and broke the
    $58.00 and $60.00 resistances (Data feed of Kraken) against the US Dollar.
  • There was a break above a major contracting triangle
    with resistance at $60.55 on the hourly chart.
  • LTC price remains supported on dips near $60.00
    and it may rise above the $62.00 level.

Litecoin Price Analysis (LTC)

In the past few analysis, we discussed the chances of an upside break above $60.00 in litecoin price against the US Dollar. The LTC/USD pair did gain traction along with bitcoin, Ethereum, EOS and ripple to clear the $58.00 and $60.00 resistance levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even
broke the $61.00 level and settled well above the 100 hourly simple moving
average. A new monthly high was formed near $62.04 and later the price
corrected lower. It declined below the $61.00 level to start a short term
correction.

There was a break below the 23.6% Fib retracement level of
the last wave from the $55.73 low to $62.04 high. However, the $59.00 level
(the previous resistance) acted as a support and protected more losses.

The price also found support near the 50% Fib retracement
level of the last wave from the $55.73 low to $62.04 high. Finally, there was a
fresh upside break above the $60.00 and $60.50 levels.

There was also a break above a major contracting triangle with
resistance at $60.55 on the hourly chart. It opened the doors for more gains,
but the price once again failed near the $62.00 level. In the short term, there
could be a few swing moves above $60.00 before the price makes the next move.

Litecoin price will most likely extend gains above the
$62.00 level. The next key resistance levels are $64.00 and $65.00. However, if
there is a downside break below $60.00, LTC price may revisit the $58.50
support and the 100 hourly SMA.

The market data is provided by TradingView.

The post Litecoin (LTC) Price Breaks $60, Can There Be More Upsides? appeared first on Ethereum World News.

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Bitcoin Cynic, Who Shorted The $20,000 BTC Top, Questions Wall Street Narative

Bitcoin Skeptic Doubles Down

Per previous reports from Ethereum World News, Mark Dow, a skilled chartist who heads mainstream finance hedge funds, has long been a skeptic of Bitcoin. In late-2017, he opened a BTC short, closing the profitable position just recently.

Days after he closed his short, he went on to draw a harrowing picture for the cryptocurrency’s chart, noting that if BTC fails to surmount $5,000 or $6,000 in the near future, “even the HODLers need to GTFO.” Dow, who currently manages a family office in Southern California, doubled-down on this cynicism towards Bitcoin in a recent tweet.

Dow remarked that as he held his position open, he saw “the liquidity get worse every time.” He goes on to draw attention to the fact that the CBOE, one of the world’s largest derivatives exchanges, has plans to put its BTC futures contract on the backburner for an undisclosed reason.

Many believe that the American exchange is doing this as a result of waning volume figures, which is likely what he was referring to. And with that, Dow added that it’s hard for him to buy “the story about broadening institutional adoption.”

Interestingly, Dow wasn’t the only one questioning the institutional narrative that optimists claim would wrest Bitcoin from its deep slumber. Joe Weisenthal, a crypto-friendly Bloomberg TV anchor and reporter, took to Twitter just recently, issuing the statement seen below.

Like the aforementioned short-seller, Weisenthal also draws attention to the recent CBOE news, citing the development to accentuate that “‘institutional money’” isn’t coming in.

But Aren’t They Coming For Our Crypto?

Although the aforementioned two seem to be making an argument that cryptocurrencies are current beneficiaries of Wall Street’s cash, the news cycle may indicate otherwise.

The University of Michigan’s endowment, which has $12 billion in assets, recently announced its intentions to siphon more of its funds into crypto-centric funds in the near future. Per a Board of Regents agenda, the institution has its eyes on a “cryptonetwork technology” (they likely mean blockchain technology) fund managed by the world-renowned Andreessen Horowitz. More specifically “CNK Fund I,” as the vehicle in question has been dubbed by the Menlo Park, California-based venture group that backs it, is currently in the University of Michigan’s scopes. According to Kevin Hegarty, the chief financial officer at the state-run educational institution, CNK invests in “cryptonetwork technology companies across the spectrum of seed, venture and growth stage opportunities.”

American pension funds, two from Fairfax County, Virginia to be specific, have also started to “get off zero,” as Anthony Pompliano of Morgan Creek Digital would say. The state’s police force and government employee pension plans recently led a fundraising round for Morgan Creek’s latest venture, a $40 million fund centered around garnering equity in leading upstarts, like Bakkt, Coinbase, and Harbor, and allocations in physical cryptocurrencies.

And Fidelity Investments recently unveiled that it has soft-launched its Bitcoin custody product, and potentially its trade execution service too.

Photo by Roberto Júnior on Unsplash

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Could Booming Bitcoin Volume Set A Precedent For A Crypto Rally?

Bitcoin Trading Volumes Boom

Over recent weeks, it has become more and more apparent that life has returned to Bitcoin (BTC), and the broader digital asset ecosystem by extension. Independent cryptocurrency researcher Kevin Rooke recently drew attention to data that would corroborate this sentiment on Twitter.

Rooke notes that per statistics from Nic Carter’s CoinMetrics, Bitcoin trading volume on all exchanges combined is up by 150% or so over the last five months, all while BTC fell from $6,000 to $4,000. He adds that the average daily volume sum for the cryptocurrency hasn’t been this high since January 2018, when BTC was falling off its $20,000 peak in a surprising, rapid turn of events.

And to put the cherry on top of the proverbial cryptocurrency cake, Rooke adds that while a mere nine days in the last 12 months have posted $10 billion in Bitcoin volume, five of those days have been in the past two weeks.

Could This Set A Positive Precedent For Crypto?

While there are other catalysts that could drive this market, volume readings are seen as a key way to interpret market interest in an asset, meaning that the recent influx of both buying and selling pressure could mean that investors (or traders at the minimum) are starting to see some money-making potential. Many believe that this newfound speculation could fuel a bounce.

Financial Survivalism, for instance, noted that from a top-down perspective, trading volumes are the highest this industry has seen since the last week of 2017, a time when everyone and their dog were investing their savings into altcoins in dreams of striking it rich. The insurance agent turned Bitcoin traders adds that this nascent space hasn’t ever seen “four straight weekly bars with [this] much buying volume,” leading him to the conclusion that a short-term bounce to precede a move to under $2,000 is in Bitcoin’s cards.

But, there’s a nuance or two. Crypto Integrity, a blockchain-centric research division that specializes in market manipulation and fraud, claims that up to 88% of all volume figures could be entirely fraudulent. Integrity’s data science team specifically draws attention to OkEX, Bit-Z, Huobi, HitBTC, among a handful of other mostly unregulated exchanges as perpetrators or accessories in potential wash trading schemes.

Speaking to Decrypt, a team member from the research group explained how it gathered this information:

“[We built] a system that collects low-level market data from exchanges (order books as well as trades). It allows us identify what no one is able to find on charts or by the analysis of trades & volumes.”

If this is accurate, this revelation would be a drastic blow to analysts who believe that cryptocurrencies are slated to move higher on the back of volumes.

Photo by Thought Catalog on Unsplash

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