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Price Analysis 19/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Bitcoin is leading a recovery. Is this a bull trap or will it result in a new uptrend? Let’s analyze the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Crypto enthusiasts despise fiat currencies while central banks have largely been against cryptocurrencies, as they consider crypto assets to be a form of competition to their existence. However, a new analysis has found that mere existence of cryptocurrencies benefits both society and the government. 

Cryptocurrencies offer an opportunity for citizens to diversify their investments. They act as a competition to fiat and prevent central banks from debasing fiat currencies. Conversely, governments benefit by allowing and taxing crypto investments in the economy.

Though Facebook’s Libra project has hit rough waters, Binance has announced an open blockchain project dubbed “Venus” that will work with governments and various other corporations to launch localized stablecoins worldwide. Binance believes that the project will empower both developing and developed nations. It is banking on its existing compliance measures across various jurisdictions to help it gain the required regulatory approvals.

BTC/USD

Bitcoin (BTC) is picking up momentum as it moves higher. This is a positive sign as it shows that bulls are not waiting for lower prices to buy. However, is this a bull trap that will suck in buyers and then turn around and plummet? Let’s analyze the chart.

BTC/USD

Let’s look at the positives that point to a resumption of the rally on the chart. The BTC/USD pair has held and bounced sharply from its critical support of $9,080. This confirms that bulls jump in to buy when the price dips to the support as they expect it to hold. 

Both moving averages are flattening out and the RSI is close to 50, which points to a range-bound action in the near term. The boundaries of the range might be $9,080 on the downside and $12,000 on the upside. A consolidation near the highs is a positive sign as it increases the probability of a breakout to new highs. So, as long as the price remains above $9,080, the pair is on target to make new yearly highs.

Our assumption will be invalidated if the price turns down either from the current levels or from $12,000 and plummets below $9,080. Such a move will hurt sentiment and signal a deeper correction to $7,451.63. It will also delay the next leg of the up-move. Though we have a bullish tilt, the chart patterns are not offering a trade with an attractive risk-to-reward ratio. Hence, we are not suggesting any fresh positions in it. 

ETH/USD

The bears could not capitalize on the breakdown below $192.45, which shows strong demand at lower levels. The pullback has reached the 20-day EMA, which is a stiff resistance. Nonetheless, if the bulls scale this overhead resistance, Ether (ETH) can move up to the 50-day SMA, which is close to the horizontal resistance of $235.70.

ETH/USD

We anticipate a stiff resistance close to $235.70, because this level has stalled the rally on three previous occasions. If this level holds again, the ETH/USD pair might consolidate between $192.45 and $235.70 for a few days. 

On the other hand, if bulls push the price above $235.70, the pair might quickly rally to $320.84. We will watch the price action above the downtrend line for a few days and make a call. Our neutral-to-bullish view will be invalidated if the pair reverses direction from current levels or from the 50-day SMA and breaks below $174.461. 

XRP/USD

We had anticipated XRP to plunge after it broke to new yearly lows, but that did not happen. Cherry-picking by aggressive bulls has helped the price rise above the previous support-turned-resistance of $0.27795. After the first batch of buyers, the real test starts now. Will the demand sustain at higher levels or will it falter?

XRP/USD

The XRP/USD pair has not sustained above the 20-day EMA since breaking below it on June 27. Hence, this makes it a stiff resistance to overcome. If buyers push the price above the 20-day EMA, it will be the first sign that demand is not drying up at higher levels. The next level to watch will be the 50-day SMA and above it $0.34429.

However, if the bulls fail to scale the price above the 20-day EMA once again, we expect bears to sell aggressively and try to break down of the recent lows at $0.225. While it might look attractive to buy at these low levels, we do not have confirmation of a bottom yet, hence, initiating long positions might be a risky affair. We will wait for a new buy setup to form before recommending a trade in it.

BCH/USD

Bitcoin Cash (BCH) has formed a large head and shoulders (H&S) pattern, but bears have not been able to break below the neckline of the pattern. The bearish setup comes into play only after a breakdown and close (UTC time) below the neckline. 

BCH/USD

However, the rebound from the neckline has been encouraging. It has quickly moved up to the moving averages. If the bulls push the price above $360, we anticipate a move to $428.54 and above it to $515.35. Therefore, we might suggest long positions after watching the price action closer to $360.

Contrary to our assumption, if the bears defend the moving averages, the BCH/USD pair might again slide to the neckline. We expect it to break below it in the next retest. Though the target objective following the completion of the H&S pattern is much lower, we will take it one step at a time and keep an eye on $166.98. 

LTC/USD

Litecoin (LTC) held the 61.8% Fibonacci retracement level once again on Aug.18. This is a minor positive as it shows a lack of selling at lower levels. The price can now pull back to the 20-day EMA, which is likely to act as a resistance. If this level is crossed, a move to the 50-day SMA is probable.

LTC/USD

A breakout above the 50-day SMA will indicate that the downtrend is over. The first resistance is $105.676, above which, a retest of the recent highs at $145.6725 is probable.

Both moving averages are sloping down and the RSI is in the negative zone, which shows that bears are in command. If the price turns down from the 20-day EMA or the 50-day SMA and breaks below $69.9227, it can fall to $49.3305, which is the 78.6% Fibonacci retracement level. We do not find any reliable buy setups at the current levels.

BNB/USD

Binance Coin (BNB) is trading inside a tight range of $26.202 to $32.50. The bulls are attempting to scale above the moving averages, which is a positive sign. The next stop is $32.50, above which we expect the digital currency to start a new uptrend. The first target on the upside is a retest of the lifetime highs and if it is crossed, the pair is likely to pick up momentum.

BNB/USD

On the other hand, if the BNB/USD pair turns down either from the 50-day SMA or from $32.50, it can remain range-bound for a few more days. A breakdown of $26.202 will be the first sign that bears are back in the game. The trend will turn decisively lower if the support at $24.1709 cracks. We suggest traders wait for the pair to break out of $32.50 before buying.

EOS/USD

EOS is attempting to bounce off the critical support at $3.30. Both moving averages are sloping down and the RSI is in the negative zone, which suggests that bears have the upper hand. If the cryptocurrency turns down from the 20-day EMA, bulls will try to sink it back below $3.30. A break below this level will be a huge negative that can drag the price to $2.20.

EOS/USD

However, if bulls can push the price above both moving averages, the EOS/USD pair can move up to $4.8719. A breakout of this level might start a new uptrend, but if the price turns down from $4.8719, it will remain range-bound for a few more days. We suggest traders wait for a new uptrend to start before initiating long positions.

BSV/USD

Bitcoin SV (BSV) might form a large trading range between $107 and $188.69. Both moving averages are gradually sloping down and the RSI is just below the midpoint, which shows that bears have a slight advantage.

BSV/USD

Currently, bulls are attempting to breakout of the 20-day EMA. If successful, the BSV/USD pair might face some resistance at the 50-day SMA, above which it can move up to $188.69.

Conversely, if the pair turns down from either moving average, it can again correct to $107. As the range is large, traders can attempt to buy closer to the support of the range and sell near the resistance. In between, we do not find any reliable buy pattern, as the price action is likely to remain volatile. A breakdown of the range will be a huge bearish move while a breakout can push the price toward lifetime highs.

XMR/USD

Monero (XMR) is range-bound between $72–$98.2939. Both moving averages are flattish and the RSI is close to the center. This suggests a balance between buyers and sellers. If bulls can propel the price above the moving averages, the cryptocurrency can rally to $98.2939.

XMR/USD

A breakout of the range can carry the price to $120. There is a minor resistance at $107, but we expect it to be crossed. Conversely, if the XMR/USD pair turns down from the current levels, it might dip back to the support of the range at $72. A break below the support will be a bearish sign that can drag the price to $60. The price action inside the range can be volatile, therefore, we remain neutral on the pair. The traders can turn positive above $98.2939.

XLM/USD

Stellar (XLM) broke below the critical support of $0.072545 on Aug. 14. Since then, the price has traded in a tight range. The bears have not been able to build on the breakdown and sink prices to new lows. Similarly, bulls have failed to push the price back above $0.072545.

XLM/USD

The best breakdowns continue to plunge without giving many opportunities to traders stuck at higher levels to get out. If there is hesitation after a breakdown, it shows a lack of urgency by sellers at lower levels.

If bulls fail to break out of the 20-day EMA within the next three to four days, we anticipate bears to make another attempt to resume the downtrend. Conversely, if the XLM/USD pair climbs and sustains above the 20-day EMA, it will suggest that the latest breakdown was a bear trap. With both moving averages sloping down and the RSI in negative territory, the advantage is still with the bears, hence, we suggest traders remain on the sidelines.

Market data is provided by the HitBTC exchange.

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Top-5 Crypto Performers: LINK, LEO, BCH, ETC, BSV, OKB*

Most top performers of the past seven days are consolidating in a range. At what levels do they become an attractive buy? Let’s look at the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Only a handful of hedge funds have invested large sums of money in the crypto universe. Digital Currency Group, likely the largest, has invested in over 130 crypto-related projects with an average seed round size of $3.24 million. Its subsidiary, Grayscale Investments, which invests directly in cryptocurrencies and digital assets, had $2.7 billion in assets under management according to its Q2 2019 financial report. 

According to the 2018 Preqin Global Hedge Fund Report, the size of the hedge fund industry was more than $3.2 trillion. This shows that hedge fund interest in cryptocurrencies is very low compared to other asset classes. Even if a fraction of this money starts to flow into cryptocurrencies, prices can surge.

The physically delivered futures platform Bakkt is scheduled to launch on Sept. 23. Its arrival  is expected to increase institutional flow into the asset class. It will be interesting to see whether the launch improves sentiment and provides a much-needed boost to start the next leg of the up-move.  

LINK/USD

Though Chain Link (Link) only closed marginally in the green, it turned out to be the best performer among major cryptocurrencies in the past seven days. Can it build on its gains if the market recovers or will it also succumb to selling pressure? Let’s analyze the chart.

LINK/USD

The LINK/USD pair has been consolidating between $2.0531 and $2.8498 for the past four weeks. This shows that buyers step in to defend $2.0531 and sellers stall the up-move at $2.8498. Trading inside such a tight range can build up energy, which will be released either on a breakout or a breakdown from the range. However, it is difficult to predict which way prices will escape.

If bulls push the price above $2.8498, the pair can retest the lifetime highs. Traders can ride this rally by initiating long positions on a breakout and close (UTC time) above $2.8498. The stop loss for this trade can be kept at $1.95.

Conversely, if the tight range resolves to the downside, bulls might try to hold the price above 20-week EMA, but if this support cracks, the next stop will be at $1.3139, which is the 78.6% Fibonacci retracement of the rally. 

LEO/USD

UNUS SED LEO (LEO) is the second-best performer of the past seven days. According to its plan to buy and burn LEO tokens using 27% of all accrued margin trading fees, Bitfinex tweeted that it had completed burning of 1750,570 tokens. Can it move up, building on this week’s performance? Let’s find out.

LEO/USD

Due to a short trading history, we will analyze the daily chart on the LEO/USD pair. The bears broke below the support of $1.20 on Aug. 16, but could not capitalize on it. Buying at lower levels propelled the price back above $1.20 on Aug. 17. This is a positive sign as it shows that the sentiment is to buy on dips.

The 20-day EMA is flattening out and the RSI has risen to the center, which suggests a balance between buyers and sellers. If bulls can breakout of $1.40, it will increase the probability of a new uptrend that can carry the price to $2. Therefore, traders can initiate long positions on a breakout and close (UTC time) above $1.40 with stops placed at $1.15.

BCH/USD

Bitcoin Cash (BCH) turned out to be the third-best performer of the past seven days. Can it build on its strong performance? How does its future look? Let’s analyze the chart.

BCH/USD

The BCH/USD pair has been trading inside an ascending channel. The bulls have defended the support line of the channel twice within the past five weeks. This shows that buyers are accumulating the cryptocurrency on dips.

However, if the price fails to sustain the rebound from the support line, it will show a lack of demand at higher levels. The bears will then reverse direction and attempt a breakdown of the neckline of the developing head and shoulders pattern. If the price closes (UTC time) below the neckline, it will complete the bearish pattern, which will be a huge negative. 

On the other hand, if bulls push the price above $360, a rally to the resistance line of the channel is likely. Aggressive traders can attempt a trade by initiating a long position if the price sustains above $360 for a day. The first target is $515.35, above which, the pair is likely to pick up momentum. The stop loss for this trade can be kept at $250. As the risk-to-reward ratio is not very attractive, keep the position size at 40% of usual.

ETC/USD

Ethereum Classic Labs’ Stevan Lohja believes that if Ethereum Classic (ETC) removes “Ethereum” from its name, it can “rekt” many cryptocurrencies with top market capitalization.  Ethereum Classic Labs has started Studio, a program that will support and launch new projects to strengthen the ETC ecosystem.

ETC/USD

The ETC/USD pair has been consolidating in a large range of $3.40 to $10 for the past ten months. Both moving averages are trending down marginally and the price has been trading below it for the past five weeks. The RSI has also dipped into the negative zone, which suggests that bears have the advantage in the near term. This increases the possibility of a fall to $3.40. 

However, such a consolidation can sometimes be a sign of accumulation by strong hands. Therefore, traders can buy after the price bounces off the support at $3.40. This provides a low-risk buying opportunity that can offer great returns if the pair breaks out of $10. The first target on a break above $10 is $15 and above it $20. Contrary to our expectation, if bears sink the pair below $3.40, it will start a new downtrend, which will be a bearish sign. 

BSV/USD

Bitcoin SV (BSV) blockchain developer synfonaut has launched a consulting service called Office Hours, which provides an opportunity to connect with experienced Bitcoin SV developers for help on Bitcoin SV projects.    

BSV/USD

The Bitcoin SV pair has been giving up ground in the past few weeks. The bulls are struggling to sustain the bounce, which shows lack of demand at higher levels. The pair has dipped below the 20-week EMA, which has flattened out and the RSI is also close to the midpoint. This suggests a range-bound action for the next few weeks. Support for the range is at $107 while resistance is at $188.69.

If bears sink the cryptocurrency below $107, the pair will become negative and can drop to $92.933, which is the 78.6% Fibonacci retracement level of the rally. On the other hand, a breakout of $188.69 can propel it toward lifetime highs. 

The best place to buy in a range-bound market is close to the support of the range or on a breakout of the range. Until then, we suggest traders remain neutral on the digital currency.

OKB/USD*

OKB, the native token of the world-leading exchange OKEx has been on a stellar run in 2019. Its rally from lows of $0.5718 to highs of $4.18 has offered a handsome return of 631% to its investors. That has easily outperformed Bitcoin’s 331.8% rally. 

OKB’s performance has been supported by strong fundamentals. Hence, the pullbacks have been shallow, which show that investors are not willing to dump their positions and fresh investment enters even on minor dips. This outperformance has taken place even when the altcoin sentiment has been hugely negative. 

The OKB Buy-Back & Burn Program is an attractive incentive for the long-term holders of the token. Migration of the token from the ERC-20 protocol to the OKChain mainnet in the future will also be a huge positive.

Following a new plan for OKB supporters, trading fees for VIP users will be determined only by trading volume, unlike the normal user for whom fees will be based on trading volume and OKB holdings.

Currently, OKB’s 24-hour volume is just over $92 million. Will the rally in the token continue or is it ripe for a correction? Let’s analyze the chart to find out.

OKB/USD

OKB has formed a higher highs and higher lows pattern since the start of the year, which confirms that it is in an uptrend. When the uptrend is strong, pullbacks are shallow. During its latest pullback, it found support at $2.605, which is just below the 50% retracement of the latest leg of the rally from $1.2616 to $4.18. This is a positive sign and shows strong demand on dips. 

The 20-week EMA is sloping up and the 50-week SMA has also started to turn up, which is a positive sign. A breakout of $4.18 will extend the uptrend and can carry the price to the lifetime highs of $6.68. 

However, if the bears defend the overhead resistance at $4.18, the cryptocurrency can remain range-bound for a few weeks. It will lose momentum only if it drops and sustains below $2.3764, which is the 61.8% Fibonacci retracement of the recent rally.

*Disclaimer: OKB is a featured cryptocurrency from one of Cointelegraph’s sponsors, and its inclusion did not affect this price analysis.

Market data is provided by the HitBTC exchange.

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A Different Look at Crypto Market and Top Assets, How Dominated Is It?

The 25 largest crypto markets comprise roughly 94.40% of the capitalization of the combined market cap.

With Bitcoin regaining market dominance of over two-thirds of the entire combined cryptocurrency capitalization, discussions regarding market share of prominent altcoins have largely left the dominant cryptocurrency discourse. Here is a different outlook on the market and on how the top cryptocurrencies stack up with the rest.

Market dominance flows from alts to BTC since 2018

Market dominance between the top cryptocurrencies by market capitalization has changed over the last year. As of Aug. 19, 2018, as seen in the chart below, the three largest coins comprised 71.95% of the combined cryptocurrency market — an 8% difference to the figures seen now. Meanwhile, the top 15 cryptocurrencies of 2019 are still seeing more dominance than the top 20 of 2018, which represented 90.53%, and the top 25, which came to 91.53%.

Top crypto dominance over the rest of the market

One year ago, the 18 largest markets, comprising 1% of the 1,770 cryptocurrencies that were then-listed on CoinMarketCap, represented 89.85% of existing cryptocurrency wealth, while the remaining 99% comprised 10.15% — an 80% greater share than the 5.60% represented by 99% of the digital currency markets today. Compared with 12 months ago, the crypto markets show a redistribution of market dominance from altcoins back to Bitcoin (BTC), with the four largest altcoins among crypto assets posting the largest decline in market dominance. 

Currently, the four largest altcoins comprise 15.7% of the combined crypto market cap, a 42% drop from the 27.07% represented by the top four altcoins in August 2018. Additionally, the market share represented by the fifth- to the 14th-largest alternative cryptocurrencies has slipped from 9.85% of the total crypto value to 8.03%, while the 15th- to 24th-largest altcoins has fallen from 2.97% to 2.26%

BTC, ETH and XRP comprise 80% of combined crypto market cap

Bitcoin currently boasts a capitalization of roughly $179.55 billion, comprising 68.41% of the combined crypto capitalization of $262.45 billion. BTC’s market cap is up by 60% from $112,03 billion 12 months ago, with market dominance gaining by roughly one-third from 51.64%.

Roughly $21 billion worth of BTC changed hands during the previous 24 hours, comprising 33.02% of the combined cryptocurrency trade volume and ranking it as the second most traded crypto asset. 

Ether (ETH) is the second-largest market by capitalization, currently representing 7.55% of the combined crypto market cap with $19.80 billion. Ethereum’s market cap has fallen by 35% from $30.51 billion alongside a 46% drop in market dominance from 14.07%. During the last 24 hours, $7.88 billion worth of ETH was traded, ranking it as the third most traded cryptocurrency at 12.12% of all trades.

The third-largest market by capitalization, XRP, comprises 4.26% of the total combined capitalization, with a market cap of $11.18 billion. Year-over-year, XRP has posted a 17% drop in capitalization from $13.54 billion, and a 32% loss in market dominance from 6.24%.

Approximately $1.11 billion worth of XRP changed hands during the past 24 hours, representing 1.72% of all cryptocurrency trades and ranking XRP as the seventh most traded crypto asset. XRP is currently trading for roughly $0.26. 

The five largest altcoins represent 17% of total crypto value

Bitcoin Cash (BCH) is the fourth-largest crypto asset by capitalization, comprising 2.10% of the combined crypto market cap with $5.25 billion. In one year, BCH has shed 44% of its capitalization from $9,86 billion, while also posting a 54% drop in market dominance from 4.54%. In the last 24 hours, $1.81 billion worth of BCH changed hands, representing 2.74% of all trades and ranking it as the fifth most traded cryptocurrency. 

Litecoin (LTC) is currently ranked fifth by capitalization with $4.70 billion, comprising 1.62% of the total market cap of all cryptocurrencies. LTC’s market cap has increased by 40% from $3.36 billion over 12 months, alongside a roughly 4.50% increase in market share from 1.44%. Litecoin is the fourth most traded crypto asset, with a 24-hour trade volume of $3.18 billion, and with LTC pairings representing 4.92% of all cryptocurrency trades. 

Binance Coin (BNB) has a market cap of $4.25 billion, representing 1.62% of the total value of all cryptocurrencies and ranking it as the sixth-largest crypto asset. Among the top-15 crypto assets of by market cap, BNB is the strongest-gaining market of the past 12 months, ascending 11 rankings amid a 338% increase in capitalization from $970 million and a 260% gain in dominance from 0.45%. BNB is the 13th most traded market, with $294 million worth of Binance Coin changing hands during the past 24 hours, representing 0.45% of all crypto trades. 

BTC-USDT pairings account for 67% of all crypto trades

Tether (USDT) currently represents 1.55% of the combined cryptocurrency market cap, with a capitalization of $4.07 billion. Tether has gained one rank — from eighth to seventh — in the last 12 months, due to a 49% increase in market cap from $2.73 billion and a 24% increase in dominance from 1.25%. USDT is the most traded crypto asset, with a 24-hour volume of $21.6 billion. As such, USDT pairings represent 33.71% of cryptocurrency trades.

EOS is the eighth-largest cryptocurrency, representing 1.25% of the combined crypto market cap with a capitalization of roughly $3.29 billion. In 12 months, EOS has slipped three places from the fifth-ranked crypto asset amid a 31% drop in market cap from $4.81 billion alongside a 44% fall in dominance from 2.22%. 

Bitcoin SV (BSV) is the ninth-largest crypto asset with a market cap of $2.41 billion, comprising 0.92% of all cryptocurrency value. BSV is the 12th most traded cryptocurrency, representing 0.51% of all trades and with $330 million worth of BSV changing hands during the last 24 hours. 

Monero (XMR) currently ranks 10th by market cap, with a capitalization of $1.37 billion, comprising 0.52% of the combined cryptocurrency market cap. XMR has retained its ranking from 2018 despite a 15% drop in capitalization from $1.61 billion and a 30% drop in market dominance. 

Some altcoins have lost market share since 2018

Stellar’s Lumen (XLM) is the 11th-ranked crypto asset by market cap, representing 0.51% of cryptocurrency value with a capitalization of roughly $1.35 billion. In one year, XLM has fallen five places from sixth amid a 68% drop in market cap from $4,18 billion and a 73% loss of market share from 1.92%. 

Utility token Unus Sed Leo (LEO) comprises the 12th-largest crypto asset with a capitalization of roughly $1.21 billion. It was just launched in May 2019, equating to 0.46% of the combined cryptocurrency market cap. 

Cardano’s ADA currently posts a market cap of $1.18 billion, representing 0.45% of the combined cryptocurrency capitalization and ranking ADA as the 13th-largest digital asset. In 12 months, ADA has fallen four places from the ninth-largest crypto asset alongside a 56% drop in market cap from $2.66 billion and a 63% drop in dominance from 1.22%.

Tron’s TRX is the 14th-largest market, representing 0.43% of the combined cryptocurrency capitalization with a market cap of $1.13 billion. TRX has slid two places since ranking 12th one year ago amid a 23% drop in capitalization from $1.46 billion. TRX has also posted a 36% drop in market share from 0.67%. TRX is the 10th most traded crypto asset, with TRX pairings equalling $481.63 million in 24-hour trade volume.

Dash (DASH) comprises the 15th-largest crypto asset, representing 0.32% of the total crypto capitalization with a market cap of nearly $842.36 million. In 12 months, Dash has slipped one position, while posting a 34% drop from 1.28 billion and a 46% reduction in market dominance from 0.59%. Dash pairings equate 0.26% of all cryptocurrency trades, with a 24-hour trade volume of roughly $170.28 million.

BNB and LINK post strongest 12-month performance among top cryptos

Chainlink (LINK) is the 16th-largest crypto asset with a capitalization of $809.02 million, representing 0.31% of the combined cryptocurrency market cap. Of the top 25 cryptocurrencies by capitalization, Chainlink has posted the strongest performance since August 2018, gaining roughly 665% in market cap from $105.79 million alongside a 532% gain in dominance from nearly 0.05%.

The 17th-ranked cryptocurrency by market cap, Tezos (XTZ), represents 0.30% of cryptocurrency value with a capitalization of $780.90 million. Tezos has gained one rank in 12 months despite a 6% loss in market cap from $833.02 million and a 21% reduction in dominance from 0.38%. 

Neo (NEO) has a market dominance of 0.26%, ranking as the 18th-largest cryptocurrency with a capitalization of approximately $682.52 million. In one year, Neo has fallen three ranks from 15th to post a 46% drop in market cap from $1.27 billion and a 55% reduction in dominance from 0.58%. NEO is the 14th most-traded crypto asset, with Neo’s 24-hour trade volume of $294.80 million accounting for 0.44% of all cryptocurrency trades.

Iota’s MIOTA is the 19th-largest cryptocurrency, representing 0.25% of the combined crypto capitalization with a market cap of nearly $663,83 million. Since August 2018, MIOTA has fallen eight positions from the 11th-largest crypto asset amid a 56% slide in capitalization from $1.50 billion and a 64% drop in dominance from 0.69%. MIOTA is the 77th most traded cryptocurrency, with Iota’s 24-hour trade volume of $6.13 million.

Ethereum Classic (ETC) is the 20th-ranked crypto asset by market cap with a capitalization of $622.12 million, comprising 0.24% of the total value of the combined cryptocurrency markets. ETC has fallen seven positions from 13th alongside a 55% drop in capitalization from $1.39 billion and a 62.5% reduction in market share from 0.64%. ETC pairings represent 0.75% of all cryptocurrency trades, with ETC ranking as the ninth most traded digital asset with a 24-hour trade volume of $479.51 million.

The cryptocurrencies that are ranked 20-25 in the list (ATOM, XEM, MKR, USDC and CRO) represent 0.9% of the total cryptocurrency market value with a capitalization of just over $2,339 million. Their 24-hour trade volumes come to around $320 million.

Over 2,425 crypto markets represent less than 6% of total cap 

Of the 2,450 cryptocurrencies currently listed on CoinMarketCap, the 25 largest cryptocurrencies, comprising 1% of the total number of crypto assets, represent 94.40% of the combined value manifest in the total combined digital currency markets. As such, the remaining 99% of all crypto assets comprise just 5.60% of the total value currently manifested in the cryptocurrency markets.

One year ago, 99% of altcoins comprised over 10% of the entire crypto capitalization, signalling that many alternative cryptocurrencies have struggled to regain strength following the 2018 bear market. Further, the 10 largest altcoins have given approximately one-third of their market share back to BTC, dropping from 34% of the combined crypto capitalization to roughly 22% today.

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Price Analysis 17/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Is the fall in Bitcoin over and should investors buy now, or will it plunge below $9,000? Let’s analyze the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The global amount of debt with negative yields ballooned up to $15 trillion, according to Deutsche Bank. Though yields in the United States are still in the green, President Donald Trump has been pressing the Fed to cut rates aggressively. If the US also joins the negative yield bandwagon, cryptocurrencies are likely to surge

Coinbase CEO Brian Armstrong said that institutional investors are taking a great interest in cryptocurrencies. According to him, $200–$400 million in crypto deposits are made every week. This is only a very small portion of the institutional money, but if global geopolitical issues and currency wars escalate, we expect a greater inflow down the line. 

Fundstrat Global Advisors’ Tom Lee believes that Bitcoin (BTC) “is just resting,” and potentially could make a dash toward new highs by the end of 2019. Bitcoin’s uncorrelated nature to equities and bonds nature makes it an attractive bet for anyone who wants to hedge their portfolio. So, should traders buy the current dip or will prices fall further? Let’s analyze the charts.

BTC/USD

Bitcoin (BTC) bounced back from $9,517.57 on Aug. 15, which is a positive sign. It shows that bulls are keen to buy on dips closer to strong support. While aggressive bulls might have purchased the first dip, it would be interesting to see whether the rebound withstands or fizzles out.

BTC/USD

If the BTC/USD pair does not scale above both moving averages within the next couple of days, we might see another dip to $9,080. Repeated dips to a support level weaken it. If this level cracks, the next level to watch on the downside is $7,451.63. Such a move will dampen sentiment and might delay the next leg of the upward movement.

However, if the next dip to $9,080 will be aggressively bought, we might suggest long positions once again because it will offer a low-risk buying opportunity. The first target on the upside is $12,000, above which a retest of the yearly high is likely to happen, but if bulls fail to scale above $12,000, the cryptocurrency might remain range-bound for a few days. Both moving averages are flat and RSI is just below 50, which suggests a balance between buyers and sellers. Hence, we are currently neutral on the pair.

ETH/USD

Ether (ETH) broke below the critical support of $192.945 on Aug. 14. This is a bearish sign because it opens the door for a fall to the next support at $164. Both moving averages have turned down, and RSI is close to oversold levels, which suggests that bears are in command.

ETH/USD

Currently, bulls are attempting to propel the ETH/USD pair back above $192.945. An attempt to recover will face resistance at 20-day EMA and later at 50-day SMA. If both of these resistances are crossed, the pair can move up to $320.84. We will watch the price action for the next few days and recommend a long position if we find that buyers are back in action.

XRP/USD

XRP plummeted below the critical support of $0.27795 on Aug. 14 and fell to a new yearly low of $0.225 on Aug. 15, which is a bearish sign. This shows that bulls anticipate even lower levels in the future, hence, they are not buying aggressively.

XRP/USD

Both moving averages are trending down, and RSI is in oversold territory, which shows that bears are firmly in command. However, after breaking down a major level, we usually see a pullback rally. If bulls can quickly push the price back above $0.27795, it will indicate that the current breakdown was a bear trap and it might offer a buying opportunity. Nonetheless, if the XRP/USD pair turns down from $0.27795, it is likely to resume its downward movement toward its target objective of $0.19. 

BCH/USD

The failure to break out of $345.8 on Aug. 14 attracted sellers, and Bitcoin Cash (BCH) fell to the neckline of the head and shoulders (H&S) pattern, triggering out suggested stop loss. Though bulls defended the neckline, failure to push the price above 20-day EMA might attract another round of selling. The next drop to the neckline is likely to break it.

BCH/USD

If the BCH/USD pair breaks down and closes (UTC time) below the neckline, it will complete the H&S pattern. Though the target objective of this bearish pattern is much lower, we expect some buying close to $166.98. Contrary to our assumption, if the pair breaks out of $360, it is likely to move up to $428.54 and above it — to $500. We would wait for the cryptocurrency to sustain itself above $360 before recommending the long positions again.

LTC/USD

Litecoin (LTC) broke below the critical support of $76.7143 on Aug. 14. Though it held 61.8% Fibonacci retracement level of the rally, bulls have not been able to push it back above $76.7143, which is a bearish sign.

LTC/USD

Both moving averages are trending down, and RSI is close to oversold territory, which shows that the path of least resistance is to the downside. On a drop below $69.9227, the LTC/USD pair can slide to $58. 

Our bearish view will be negated if the pair reverses direction from current levels and breaks out of 20-day EMA. That will be the first sign that levels have become attractive for buyers again. 

BNB/USD

Binance Coin (BNB) has entered into a consolidation in an uptrend. Though it is below both moving averages, the bears could not break it below the minor support of $26.202, which is a positive sign. This shows that investors are not dumping their positions yet.

BNB/USD

However, if the BNB/USD pair breaks down of $26.202, it can dip to $24.1709, which is a strong support. If this support gives way, some traders might dump their positions. The next support on the downside is at $18.3.

On the other hand, if the pair bounces off $26.202 or from $24.1709, it can rally to $32. We will turn positive if bulls propel the price above $32.5. We will wait for the uptrend to resume before recommending a long position in it.

EOS/USD

EOS is consolidating in a downtrend. The bulls purchased the dip to the critical support of $3.3 on Aug. 15, which is a positive sign. However, unless the price quickly bounces above 20-day EMA, we anticipate bears to make another attempt to break below the support. The downsloping moving averages and RSI close to oversold zone show that bears are in the driver’s seat. If the support at $3.3 cracks, the downtrend can extend to $2.2.

EOS/USD

Contrary to our assumption, if bulls defend the support at $3.3, the EOS/USD pair might move up to 20-day EMA and above it to the top of the range at $4.8719. We will turn positive if the price breaks out and sustains above $4.8719 as it will indicate the start of a new uptrend. Until then, we remain neutral on the cryptocurrency.

BSV/USD

Bitcoin SV (BSV) broke below the support of $136.89 on Aug. 14, but bears have not been able to sink the price to $107 as we had anticipated. The bulls purchased the dip to $123.67 and are attempting to push the price above $136.89.

BSV/USD

If successful, the BSV/USD pair might remain range-bound between $136.89 and $160.35 for the next few days. A breakout of $160.35 can carry the price to $188.69. On the other hand, if the price turns down either from $136.89 or from 20-day EMA, it can slide to the critical support of $107. We suggest traders wait for the trend to turn bullish before buying.

XMR/USD

Monero (XMR) broke below the ascending channel and plunged close to the next support of $72 on Aug. 15, thus triggering our recommended stop loss of $77.  The previous support line of the channel is now likely to act as a resistance. 

XMR/USD

If bulls fail to re-enter the channel within the next couple of days, the XMR/USD pair will again decline to $72. If this support breaks, the next level to watch on the downside is $60. Both moving averages have started to slope down and RSI has also dipped into the negative zone, which suggests that bears have the upper hand.

Conversely, if support at $83 holds, the pair might remain range-bound for the next few days. On the upside, a breakout of the moving averages can carry the price to $98.2939. We will wait for a new buy setup to form before proposing a long position in it once again.

XLM/USD

Stellar (XLM) has broken down from the critical support at $0.072545. Both moving averages are sloping down and RSI is in the oversold zone, which shows that bears are in command.

If the price sustains below $0.072545, the digital currency will start a new downtrend that can extend the slide to $0.05. 

XLM/USD

Our bearish view will be invalidated if the XLM/USD pair quickly turns around and climbs above $0.072545, which will indicate buying at lower levels. In a downtrend, though the price might look attractive, it is difficult to predict where the bottom will form. Usually, downtrends don’t end without panic selling. Therefore, we suggest traders wait for the decline to end before turning positive.

Market data is provided by the HitBTC exchange.

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Celsius Network Incorporates Bitcoin.com Platform to Streamline Services

A new partnership between crypto lending platform Celsius Network and Bitcoin.com aims to streamline digital currency-related services for crypto owners.

A new partnership between crypto lending and borrowing platform Celsius Network and fintech-focused media outlet Bitcoin.com aims to streamline digital currency-related services for crypto owners using the Celsius App.

Per a press release published on Aug. 15, Celsius has integrated Bitcoin.com’s trading platform into its Celsius App to simplify cryptocurrency holders’ access to financial services. Users can now purchase a range of major cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) through Celsius App using Bitcoin.com’s crypto trading platform.

The release also hints that the companies expect further collaborative projects. Commenting on the partnership, CEO of Celsius Network, Alex Mashinsky said:

“Allowing our community to access Bitcoin.com’s platform through the Celsius app is a major step toward simplifying the cryptocurrency onboarding process and undoubtedly will help bring the next 100 million people into cryptocurrency. We look forward to cultivating our partnership with Bitcoin.com to provide even greater rewards for our communities.”

Last September, news broke that Celsius Network was planning to manage the Sustainable Development Goals Impact Fund within the United Nations’ Sustainable Development Goals initiative. Within the partnership with Fifth Element, Celsius Network was reportedly looking to “bring power back to the people” by providing banking services typically reserved for top tier asset owners.

As of the beginning of August 2019, Celsius Network had topped $300 million in coin deposits in the course of the preceding 12 months and had completed over $2 billion in coin loan origination. The company said: 

“Celsius paid more in earned BTC and ETH than anyone returning up to 80% of its revenue to depositors, compared with Binance BNB returning 20% of profit as buyback and Nexo distributing 30% as a dividend.”

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Price Analysis 14/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Bitcoin has broken down of a tight range. Will it weaken sentiment and drag a few major altcoins to new yearly lows? Let’s analyze the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Nicholas Colas, co-founder of DataTrek Research, believes that the performance of Bitcoin in the past few days shows that it is working like a geopolitical turmoil indicator. He points out that Bitcoin predicted Hong Kong protests and some capital flight out of Hong Kong and China. 

Both in Argentina and Hong Kong, investors paid a premium for Bitcoin to protect their capital during periods of crisis, but as trade war tensions between the United States and China abated, Bitcoin prices cooled off. However, Murad Mahmudov, chief information officer at cryptocurrency hedge fund Adaptive Capital, believes that investors should think big. He expects Bitcoin to hit $100,000 in the future. 

Bitcoin did not react to the SEC’s decision of postponing its ruling on three Bitcoin exchange-traded fund proposals, which shows that crypto markets have matured. Is the current weakness in the crypto space a buying opportunity? Let’s find out.

BTC/USD

Bitcoin (BTC) has dipped back below the downtrend line and the moving averages. This has triggered our recommended stop loss on the long position. The failure of bulls to build up on the gains following a breakout of the downtrend line is a bearish sign as it shows profit booking at higher levels. With no major support in sight, a drop to the critical support of $9,080 looks likely. 

The support at $9,080 has held twice earlier, hence, we anticipate bulls to defend it once again. A bounce from the support will face resistance at the downtrend line and the moving averages. We expect the BTC/USD pair to pick up momentum above $12,000. 

On the other hand, if the pair breaks down of $9,080, it will become weak and can drop to $7,451.63. Considering the weakness in the short term, we suggest traders wait before buying again.

ETH/USD

Ether (ETH) turned down from the uptrend line on Aug. 12, which is a bearish sign. The failure of bulls to push the price above the uptrend line and the 20-day EMA shows a lack of buyers at higher levels. 

The bears will now try to sink the ETH/USD pair below the critical support of $192.945. If this support breaks down, the next stop is at $164, but if that support also gives way, the decline can extend to $150. Both moving averages are trending down and the RSI has dipped into the negative zone, which shows that bears have the upper hand.

Our bearish view will be negated if the pair bounces sharply from $192.945. A breakout of the 20-day EMA will increase the probability of a range bound action with resistance at $235.70. We will wait for the price to break out and sustain above $235.70 before recommending a trade in it.

XRP/USD

XRP is again correcting toward the critical support of $0.27795. Repeated retests of a support level weaken it. Both moving averages are sloping down and the RSI is in negative territory, which shows that bears are in command. If $0.27795 cracks and the price sustains below it for three days, it will signal the start of a new downtrend. The next support to watch on the downside is $0.19.

Our assumption will be invalidated if the XRP/USD pair bounces sharply from $0.27795 and rises above the 20-day EMA. If the price sustains above the 20-day EMA, it will attempt to move up to the 50-day SMA. A breakout of $0.34229 will increase the probability of a move to $0.45. We suggest traders wait for the digital currency to show signs of a revival before attempting to buy it. Until then, it is best to remain on the sidelines.

BCH/USD

Bitcoin Cash (BCH) broke above the overhead resistance of $345.80, but it turned down from the 50-day SMA. A failure to scale the 50-day SMA has attracted selling that has dragged the price back below the 20-day EMA. The next drop towards $300 is likely to break it and challenge the neckline of the head and shoulders pattern.

Conversely, if the BCH/USD pair bounces off current levels and breaks above the 50-day SMA, it can move up to $428.54. Above this level, the rally can extend to $500. Therefore, we suggest traders keep the stop loss on the long position at $300. We will raise this in the next analysis because the 20-day EMA is flat and the RSI is just below 50, which suggests a balance between buyers and sellers. Let’s reduce the risk when sentiment across the asset class is not very positive.

LTC/USD

Litecoin (LTC) has plummeted below the immediate support of $83.65 and is now threatening to break below the support at $76.7143. Both moving averages are sloping down and the RSI is in negative territory, which shows that bears are firmly in the driver’s seat.

If the decline does not stop at $76.7143, the next support is at $69.9227, which is the 61.8% Fibonacci retracement of the rally. Below this, we expect a drop to $58. If $76.7143 holds, the LTC/USD pair might remain range-bound for a few days. We suggest traders remain on the sidelines until a new reliable buy setup forms.

BNB/USD

Binance Coin (BNB) has broken down of the 20-day EMA, which is a bearish sign. There is a minor support at the trendline, below which a drop to $24.1709 is possible. The flattish moving averages and the RSI just below 50 indicate a consolidation in the short term.

The support is at $24.1709 and resistance is at $32.50. A consolidation in this range would be a positive sign. If the BNB/USD pair stays in a range for a long time and then breaks out of it, the probability of a new high increases. On the contrary, if the pair breaks down of the range, it can slip to $18.30. As the sentiment has turned bearish, we have withdrawn the buy recommended in an earlier analysis.

EOS/USD

After being stuck between the 20-day EMA and $3.8723 for the past few days, EOS has now broken down of the support. This shows a lack of demand even at these levels, which is a bearish sign. The downtrending moving averages and the RSI in the negative zone suggest that bears have the advantage.

If the price does not bounce above the 20-day EMA soon, the next support at $3.30 might also break down. Conversely, if bulls defend $3.30 and push the price above the 20-day EMA, the EOS/USD pair can rise to $4.8719. A breakout of this level can start a recovery that can carry the price to $6. Hence, we might suggest a long position if the price sustains above $4.8719. Until then, we remain neutral on the pair.

BSV/USD

Bitcoin SV (BSV) has been trading between $160.35 and $136.89 since July 28. A breakout of this tight range can carry the price to $188.69, above which the digital currency is likely to pick up momentum.

On the other hand, if the BSV/USD pair breaks below $136.89, it can drop to $107. This is an important level to watch because if this breaks down, the next support is at $85.338. The 20-day EMA is flattening out and the RSI is just below 50, which points to a consolidation in the near term. We will wait for a new reliable buy setup to form before suggesting a trade in it.

XMR/USD

Monero (XMR) has broken down of the moving averages and the support line of the ascending channel. This is a negative sign. Both moving averages have started to turn down and the RSI has dipped below 50, which shows that bears have a slight advantage in the short term. 

A breakdown of the channel can drag the price to $77 and below it to $72. Therefore, traders can keep the stop loss on the long position at $77. We are not recommending a closer stop loss, because sometimes the price falls only to collect all the existing stops before turning back up.

If bulls can force a turnaround from current levels and propel the price above the moving averages, the XMR/USD pair will make another attempt to break above the overhead resistance of $98.2939. Above this level, we expect the recovery to pick up momentum.

XLM/USD

The bulls are trying to keep Stellar (XLM) inside the range while bears are attempting to start a new downtrend. The downtrending moving averages and RSI in negative territory show that the bears have the upper hand. They will now try to sink the price to new yearly lows. If successful, the fall can extend to $0.05. 

Our negative view will be invalidated if bulls defend the yearly low and propel the price back above the 20-day EMA. That will be the first indication of a trend change. If the XLM/USD pair sustains above the 50-day SMA, it will increase the probability of a rise to $0.145. That will offer an attractive risk-to-reward ratio. Hence, we might suggest a long position on a breakout of the 50-day SMA. 

Market data is provided by the HitBTC exchange.

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Coinsquare Partners with FlexaHQ to Bring Crypto Payments to Canada

United States cryptocurrency payments startup Flexa has partnered with crypto exchange Coinsquare to bring in-store digital currency payments to Canada.

One of Canada’s top crypto exchanges, Coinsquare, has partnered with United States cryptocurrency payments startup Flexa to bring in-store digital currency payments to Canada.

In-store crypto payments in Canada

The official Twitter account of Canadian cryptocurrency exchange Coinsquare announced on August 13 that the firm partnered with U.S.-based crypto payments startup Flexa. The partnership will reportedly allow the latter company to expand its in-store crypto payment processing services to Canada. Coinsquare noted:

“One of the biggest hurdles in mass adoption for crypto is finding a way to let users spend it. We are excited to bring Flexa’s solution for this problem to #Canada.”

Per the announcement, the exchange will also add Flexa’s spend features to its apps, allowing its users to spend directly from their on-exchange balance in over 7,500 physical stores in Canada.

A variety of accepted coins

According to a promotional video featured on Flexa’s official website, the startup’s service supports Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH). Furthermore, a post published by the company on Medium today suggests that they also support Litecoin (LTC), anoncoin Zcash (ZEC) and stablecoin Gemini Dollar (GUSD).

As Cointelegraph reported in February, at the time Coinsquare was laying off almost 30 percent of its staff, including its chief financial officer (CFO) and chief operating officer (COO).

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Price Analysis 12/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Altcoins are attempting a recovery, but will it last? Let’s analyze the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Goldman Sachs is positive on Bitcoin. In a note, one of the firm’s analysts has projected a short-term target of $12,916 to $13,971, after which it might enter a consolidation. For the long term, the analyst considers the current move as the first leg of the five wave count, which means that the analyst believes the leading cryptocurrency has a lot of room to run and views dips as buying opportunity as long as the price does not drop below $9,084.

While many are bullish on Bitcoin, altcoins led by Ether are not finding much love. However, in a poll by Nik Patel, the author of “An Altcoin Trader’s Handbook,” 54% of the participants were bullish and expected Ether to trade above $1,000 sometime in the future.

China, which was planning its own digital currency to counter Libra and U.S. dollar-based stablecoins, has developed a prototype that adopts a blockchain architecture. PBoC deputy director Mu Changchun has said that China’s digital currency “can now be said to be ready.” Though it will be digital money backed by the central bank, it will force other nations to move in this direction. 

BTC/USD

Bitcoin (BTC) has been holding above the downtrend line and both moving averages for the past two days, but it has failed to rebound sharply. The trend remains positive as both moving averages are sloping up and the RSI is above 50. However, failure of the price to pick up momentum after breaking out of the downtrend line warrants caution.

BTC/USD

Both moving averages and the downtrend line are located at the same place, which makes it a strong support. If the BTC/USD pair rebounds sharply and rises above $12,304.37, it can move up to $13,156.96 and above it to $13,973.50. Hence, traders can continue to hold the long position with stops at the breakeven. However, if the price plummets below both moving averages, it is likely to attract further selling and a drop to $9,080 is probable. 

ETH/USD

Ether (ETH) declined below the uptrend line on Aug. 9, but the bears could not break below the psychological support of $200. The bulls are now attempting to propel the price back above the uptrend line. If successful, the digital currency will again try to break out of $235.70. A move above this level is likely to resume the uptrend. We might suggest a long position on a close Coordinated Universal Time (UTC) above $235.70.

ETH/USD

On the other hand, if the price fails to sustain above the uptrend line, bears will again attempt to break below the next support of $192.945. If this level breaks down, the ETH/USD pair will turn negative and can plunge to $164 and below it to $150. The gradually downsloping moving averages and RSI below 50 show that bears hold the advantage in the short term.

XRP/USD

The bulls defended the critical support of $0.27795 on Aug. 10, which is a positive sign. However, the rebound has not been able to cross above the 20-day EMA, which shows a lack of buying at higher levels. If XRP again corrects to $0.27795, the probability of a breakdown increases.

XRP/USD

The XRP/USD pair will become very negative if it breaks down of $0.27795, because it will trigger many stop losses and buying will dry up. The next target to watch on the downside is $0.19.

Conversely, if the price holds $0.27795 and rises above the 20-day EMA, it might consolidate between $0.27795 and $0.34229 for a few days. On a breakout of this range, we anticipate a move to $0.45. We suggest traders wait for the price to sustain above the 20-day EMA before turning positive. Until then, it is best to remain on the sidelines.

BCH/USD

Bitcoin Cash (BCH) bounced from $300.11 on Aug. 10, hence our recommended stop loss of $300 on the long position did not trigger. This is only a matter of chance as sometimes the stops hit and sometimes they miss by a whisker. 

BCH/USD

The bounce from $300.11 is facing resistance at the overhead resistance at $345.80. The 50-day SMA is just above this level. Hence, we expect bears to mount a stiff resistance in this zone.

If the BCH/USD pair turns down from the current levels and slides below $300, it can correct to the support line of the ascending channel. Below this support, we expect bears to attempt a breakdown of the neckline of the head and shoulders pattern. If successful, the pair can plummet to $166.98.

However, if bulls break out of $357.36, which is the intraday high of Aug. 5, a rally to $428.54 and above it to $500 is probable. 

LTC/USD

The bulls are defending the support at $83.65 while bears are defending the 20-day EMA. Litecoin (LTC) is unlikely to remain in this tight range for long. We anticipate a breakout of the 20-day EMA or a breakdown of $83.65 within the next few days. If the price breaks down, it can correct to $76.7143 and below it to $58. Such a move will hurt sentiment and start a new downtrend.

LTC/USD

However, if the price moves above the 20-day EMA, the LTC/USD pair might consolidate between $83.65 and $105.676 for a few days. We expect the uptrend to resume if the pair breaks out and sustains above $105.676. The next target will be a rally to $140.345. As both moving averages are sloping down and the RSI is in the negative zone, we will wait for the uptrend to resume before proposing a trade in it.

BNB/USD

Binance Coin (BNB) has been consolidating in an uptrend for the past few days. As the trend remains up, traders can buy when it resumes its up move. It has been trading above the 20-day EMA for the past four days, but has not been able to break out of the overhead resistance at $32.50. A breakout of this resistance is likely to resume the uptrend and propel it to lifetime highs. Hence, traders can initiate long positions as recommended by us in an earlier analysis.

BNB/USD

Both moving averages are flattening out and the RSI is close to the center. This points to a range-bound action for a few days. The consolidation might be between the boundaries of $24.1709 and $32. A breakdown of this range will be a negative move and can drag the BNB/USD pair to the next support at $18.30.

EOS/USD

EOS is attempting to consolidate in a downtrend. It held the critical support of $3.8723 on Aug. 9 and 10, which shows buying at lower levels. However, the bounce from the support  lacks strength because it has not been able to move above the 20-day EMA. If bulls can push the price above the 20-day EMA, the cryptocurrency can reach the 50-day SMA, which is close to the horizontal resistance of $4.8719. We anticipate a stiff resistance at this level, but if the price breaks out of it, a new uptrend is likely. 

EOS/USD

On the contrary, if bulls fail to push the EOS/USD pair above the 20-day EMA, it can again fall to $3.8723. We expect the next drop to break below the support and reach $3.30. The 20-day EMA is flattening out and the RSI is trying to rise to the midpoint. This suggests that the pair might remain range-bound for a few days. We will wait for the price to break out and close (UTC time) above $4.8719 before recommending a trade in it.

BSV/USD

Bitcoin SV (BSV) has been trading between the support of $136.89 and the 20-day EMA for the past few days. This tight range trading is unlikely to continue for long. We expect a breakout of the 20-day EMA or a breakdown of $136.89 within the next few days.

BSV/USD

If the breakout of the 20-day EMA happens with force, it will keep the BSV/USD pair range-bound between $136.89 and $188.69. If the sentiment improves, we might suggest a trade to benefit from this consolidation, but if the pair plummets below $138.89, it will re-enter the descending channel and drop to $107. Both moving averages are sloping down and the RSI is in negative zone, which shows that the path of least resistance is to the downside. Presently, we do not find any reliable buy setup on it.

XMR/USD

Monero (XMR) is trading inside an ascending channel. It has corrected from the resistance line of the channel to the 20-day EMA, which has held for the past two days. If the price rebounds off it, we expect bulls to attempt a breakout of $98.2939 once again.

XMR/USD

However, if the price breaks down of the 20-day EMA, it can drop to the support line of the channel. The bulls will attempt to defend this support and propel the XMR/USD pair back above both moving averages and the overhead resistance of $98.2939. 

Conversely, if the price breaks down of the support line of the channel, it can correct to $72. Therefore, traders can keep the stops on the long position at $77. 

XLM/USD

Stellar (XLM) broke below the critical support of $0.072545 on Aug. 9, but the bears could not capitalize on the breakdown. This shows bottom-fishing by aggressive bulls. The digital currency has pulled back and has reached close to the 20-day EMA.

XLM/USD

The bears have not been able to close (UTC time) above the 20-day EMA since breaking down of it on Jun. 25. This shows that bears are in command, but if the XLM/USD pair breaks out and closes (UTC time) above the 20-day EMA, it will indicate a likely change in trend.

On the other hand, if the price turns down from current levels once again and drops to new yearly lows, it will signal the start of a downtrend. The next support on the downside is at $0.05. We will wait for the digital currency to form a new buy setup before suggesting a trade in it.

Market data is provided by the HitBTC exchange.

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Blockstream Hash Rate Enough to Concurrently Attack Bitcoin Cash and SV

Blockstream Bitcoin Mining

The Canadian startup, Blockstream, has launched a service named “Blockstream Mining.” The service is a mining equipment colocation provider, powered by the company’s 300MW, energy capacity. Because of this, Blockstream will command about 6 EH of the BTC mining power when working at full capacity. This, according to crypto pundits, is enough hash power to drown both Roger Ver’s and Calvin Eyre’s versions of Bitcoin.

CryptoPanda, for instance, writes:

“Blockstream now controls more than enough hash rate to attack both BCH and BSV at the same time. Can’t wait for more conspiracy theories!”

Another
crypto fan btg_Joseph
adds:

 “They could destroy bch and bsv if they wanted, only thing is they aren’t run by Roger Ver and Calvin Ayre so they aren’t trying to destroy things.”

Bitcoin SV and Bitcoin Cash use Bitcoin’s hashing algorithm. The same type of mining hardware can be used to generate hash power on all three cryptos. This feature fueled the BCH and BSV hash war. Craig’s plan was to bury “destroy” Bitcoin Cash and emerge as the only survivor of their hard fork.

Bitcoin Cash
and SV Hash Rate on the Decline

The hash war
left BSV standing thanks to nChain’s SVPool and Calvin Ayre’s CoinGeek mining
pool. The miners on both sides however did pay a hefty price for that war. BCH
nonetheless did attract more hash power the first few days post the split, but
at times BSV’s hash power would exceed BCHs. Since then, the hash rates on both
blockchains has fallen significantly.

Bitcoin Cash has had as low as 978 PH/s per second on it, while it had 7.8 EH/s before the fork. The bigger blocks proposed to boost the network’s transaction times and lower fees on both blockchain’s haven’t been fully exploited too. Many crypto analysts say that larger blocks such as Bitcoin SV’s 128MB could introduce security issues to the blockchain.

Bitcoin Cash versus Bitcoin SV Hash rate

While both BCH and BSV have bigger blocks than BTC, both forks still have low transaction volumes when compared to Bitcoin. The irony is that these networks are faster and cheaper than their mother chain. Months after the fork, the combined market cap of both BCH and BSV has dropped significantly as has their hash power.

As an illustration, Calvin Ayre’s CoinGeek is BSV’s main mining pool controls 27 percent of the network’s computing power. However, CoinGeek’s hash rates have exceeded 51 percent on a few occasions. Other noteworthy mining pools are SVPool and BMG Pool with 10.42 percent and 22.22 percent of the total hash rate.

Bitcoin SV Mining Pool

Blockstream Stands Accused Of Mining Centralization

In May 2019, two Bitcoin Cash mining pools had to carry out a 51 percent attack on the blockchain to reverse a miner’s transactions. BTC.com and BTC.top acted to stop an unknown miner from accessing BCH after taking advantage of a bug during a BCH upgrade. BTC.top has, at one point controlled over 50 percent of the BCH hash power. Both BTC.com and BTC.top run over 44 percent of the cryptocurrencies hashing power.

Blockstream’s massive BTC mining data centers in Georgia and Canada are as per the company meant to support small scale miners. Crypto fans have however noted that the firm’s 6 EH/s of Bitcoin mining power could have exceeded 10 percent of the BT network hash rate a month ago. Lucky for Bitcoin, its hash rate is skyrocketing.

Blocksteam’s
BetterHash protocol is meant to ensure that “large pools no longer centrally determine which transactions to include
into blocks
.” Some crypto fans have called this a fallacy however
since, the development of their massive BTC mining farm looks more like a move
towards centralization in mining.

Posted on

Price Analysis 09/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Bitcoin is at a critical level. A breakdown might hurt sentiment across the crypto universe.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Vertical moves are unsustainable in the long run. Hence, it is always better if there are consolidations in between because those levels act as a floor during corrections. Tim Draper believes that the consolidation might delay Bitcoin’s eventual rally, but he remains steadfast in his target of $250,000

Nicholas Gregory, CEO of blockchain firm CommerceBlock, has warned that a no-deal Brexit will “create turmoil and volatility across two major fiat currencies,” which will seal Bitcoin’s place in the global economy as the vulnerability of fiat currencies becomes apparent.

Bitcoin has outperformed all other asset classes during the ongoing trade war between the United States and China. Grayscale Investments did a study, which shows that Bitcoin is uniquely poised to act as a safe haven due to its value potential and its spending characteristics. Additionally, unlike other safe haven assets, it has the potential to grow as it is a new technology. Therefore, Grayscale believes that the leading cryptocurrency is a good addition to long-term investment portfolios.

BTC/USD

Though Bitcoin (BTC) has sustained above the downtrend line for the past three days, it has failed to pick up momentum. This shows hesitation among traders close to $12,000. If the price fails to break out of $12,304.37 and resume its up-move, bears will try to sink it back below the moving averages in the next few days.

BTC/USD

If the BTC/USD pair breaks down of the moving averages, it can correct to $9,727.55 once again. Therefore, we suggest traders raise the stop loss on the long position to breakeven. 

Conversely, if bulls defend the support at the downtrend line, we anticipate another attempt to resume the up-move. A breakout of $12,304.37 can propel the price to $13,973.50, with minor resistance at $13,156.96. Both moving averages are sloping up and  the RSI is in positive territory, which shows that bulls still hold the advantage. Hence, we are not proposing to book partial profits at current levels. 

ETH/USD

After failing to break out of the overhead resistance at $235.70, Ether (ETH) has declined to the uptrend line. It has not broken below this line since February of this year. Therefore, a breakdown will be a negative sign and will signal the end of the uptrend.

ETH/USD

The next support on the downside is at $192.945. If this fails to hold, the ETH/USD pair might plummet to $164 and below it to $150. Conversely, if the support at $192.945 holds, the pair might remain range-bound for a few days. It will gain strength on a breakout and close (UTC time) above $235.70. Until then, it remains at risk of collapsing to lower levels. As the trend is inconclusive, our buy recommendation given in an earlier analysis stands canceled.

XRP/USD

XRP has broken down of the immediate support at $0.30. Therefore, we have withdrawn the buy recommendation given in an earlier analysis. The cryptocurrency can now drop to the critical support of $0.27795. This level has held on five previous occasions since mid-December last year. Hence, we anticipate the price to bounce off it once again.

XRP/USD

The strength of the bounce will give us a clue as to whether the support will hold or crack. If the rebound off $0.27795 is weak, it will indicate a lack of buying interest among bulls and will increase the probability of a breakdown. The XRP/USD pair will start a new downtrend below $0.27795 that can drag it to $0.19.

Conversely, if the price bounces off sharply from $0.27795, bulls will try to carry it above the 20-day EMA. We expect range-bound trading for a few days if the price sustains above the 20-day EMA. 

BCH/USD

Bitcoin Cash (BCH) has broken down of the uptrend line of the ascending triangle, thus invalidating the bullish pattern. It can now drop to the support line of the ascending channel. The traders can keep the stop loss on the long position at $300. We are not recommending to close the position at current levels because sometimes the breakdown quickly reverses and proves to be a bear trap. 

BCH/USD

The BCH/USD pair will signal strength if it quickly reverses direction from current levels and rises above the overhead resistance of $345.80. Until then, it remains at risk of turning lower. The pair has formed a large head-and-shoulders pattern that will compete on a breakdown of the neckline of the pattern. Below that level, the digital currency will become extremely negative.

LTC/USD

Litecoin (LTC) has corrected to the important support of $83.65. We anticipate the bulls to defend this level. If this level holds, bulls will try to keep the price inside the range of $105.676–$83.65.

LTC/USD

Both moving averages are sloping down and the RSI has dipped back into the negative zone, which shows that bears are back in action. A break below $83.65 will be a negative sign that can drag the LTC/USD pair to $76.7143. Below this level, the next support is at $69.9227, which is the 61.8% Fibonacci retracement level of the recent rally. The pair will signal strength on a breakout and close above $105.676. Until then, we suggest traders remain on the sidelines. 

BNB/USD

Binance Coin (BNB) broke above the uptrend line on Aug. 8 but it could not cross and sustain above the 50-day SMA. The 20-day EMA has flattened out and the RSI is just above 50, which points to a consolidation in the short term.

BNB/USD

The boundaries of the range might be $24.1709 on the downside and $32.50 on the upside. A breakout of the range is likely to propel the BNB/USD pair towards lifetime highs. Therefore, we retain the buy suggested in the previous analysis. Conversely, if bears sink the pair below $24.1709, the next level to watch on the downside is $18.30. We might get better clarity in the next few days.

EOS/USD

EOS has dropped to the support at $3.8723. If this support breaks down, the decline can extend to $3.30, which is an important level. If this support also cracks, the cryptocurrency can extend its decline to $2.76.

EOS/USD

Both moving averages are sloping down and the RSI has dipped into the negative zone, which indicates that bears have the upper hand. However, if bulls defend the $3.8723–$3.30 support zone, the EOS/USD pair might consolidate for a few days. The first sign of strength will be a breakout and close above $4.8719. Until then, we suggest traders remain on the sidelines.

BSV/USD

The bulls have failed to push Bitcoin SV (BSV) above the 20-day EMA. It has re-entered the descending channel, which is a bearish sign. We now expect bears to attempt a breakdown of $136.890. If successful, the decline can extend to $107, below which a drop to $85.338 is possible.

BSV/USD

Both moving averages are trending down and the RSI is in the negative territory, which shows that bears have the upper hand. Nevertheless, if the bulls defend the support at $136.890, the BSV/USD pair will again try to break out of the 20-day EMA. A rally above $160.35 will indicate a probable change in trend. We suggest traders wait for a change in trend before attempting to buy it.

XMR/USD

Monero (XMR) has not been able to break out of the immediate resistance of $98.2939 for the past three days. The price might now dip to the 20-day EMA. If the support holds, we anticipate another attempt by the bulls to push the price above $98.2939. The 20-day EMA is sloping up and the RSI is in the positive zone, which shows that buyers have the advantage in the short term.

XMR/USD

On crossing $98.2939, the next level to watch on the upside is $107. Above it, a retest of $120 is possible. However, if the XMR/USD pair breaks below the 20-day EMA, it will weaken and can drop to $77. Therefore, we suggest traders trail the stops on the long position to $77. We will raise stops again if the sentiment weakens further.

XLM/USD

Failure to bounce off a strong support is a bearish sign. Stellar (XLM) has broken down of the first support at $0.076. It has now dropped to the critical support of $0.072545. If this support also cracks, the digital currency will start a new downtrend that can drag it to $0.05. 

XLM/USD

With both moving averages trending down and the RSI close to the negative zone, the path of least resistance is to the downside. Our bearish view will be invalidated if the XLM/USD pair rebounds sharply from $0.07245 and scales above the 20-day EMA. If that happens, bulls will try to push the price to the 50-day SMA. We will wait for buyers to return before proposing a trade in it.

Market data is provided by the HitBTC exchange.