Posted on

Bitcoin, Ripple, Ethereum, Stellar, Bitcoin Cash, Bitcoin SV, EOS, Litecoin, TRON, Cardano: Price Analysis, Dec. 10

The trade volume of retail investors has been dropping and there is still a lack of participation from traditional investors like investment banks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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.

November has seen the overall trade volume of retail-focused crypto exchanges drop, while the trade volume of exchanges preferred by larger players has increased instead. After an extended decline, when retail activity drops and institutional activity picks up, a market bottom usually approaches.

However, there is still a lack of participation from traditional investors such as investment banks, pension funds and asset managers. These investors are fairly conservative due to regulatory issues, and are likely to gradually enter the space after the groundwork regarding compliance with regulations and custody solutions has been completed.

In the cryptocurrency market, more than 50 percent of transactions are done through over-the-counter (OTC) trading, and the competition to attract institutional investors is heating up. Coinbase, Poloniex and MV Index Solutions are some of the latest entrants into the lucrative OTC space.

Chart data supports our view that a bottom in crypto markets is near. However, it is difficult to pinpoint the lowest price range. Therefore, investors and traders should start building positions on dips to the $3,000–$3,500 area.

BTC/USD

Bitcoin is attempting to stage a recovery from the Dec. 7 low of $3,329.05. Currently, the pullback is facing resistance at $3,387.33. The bulls haven’t even managed to reach the 20-day EMA after breaking down of the $5,900 line in mid-November. This shows that the sellers are in a hurry to establish short positions on every small pullback.

BTC/USD

Both moving averages are sloping down, and the RSI is near the oversold levels, confirming a strong downtrend. The only silver lining is that a positive divergence is developing on the RSI.

After a two-day pullback, the bears might attempt to resume the downtrend. A break down of $3,329.05 can result in a fall to $3,000, which is an important support. Below this level, the next support is at $2,416.52.

However, we believe that the $3,000–$3,500 zone will offer a strong support. If the $3,329.05 level holds, the BTC/USD pair can rise to the 20-day EMA, close to $4,100.

The next fall — if the price holds above $3,329.05 — can be a buying opportunity. We recommend going long with 50 percent of the usual position size in the $3,000–$3,500 zone. We shall suggest increasing the position after the pair moves in our favor.

XRP/USD

Ripple held the support line of the descending channel on Dec. 7. However, the ensuing bounce could not scale the immediate overhead resistance of $0.33108.

XRP/USD

The bears will try to sink the XRP/USD pair below the channel. If successful, a retest of $0.24508 will be on the cards. The moving averages are falling and the RSI continues to trade close to the oversold zone. This shows that the sellers have an upper hand.

If the bulls defend the zone between $0.24508 and the support line of the channel, the virtual currency might enter into a consolidation. Traders should wait for the trend to change before adding to their existing positions.

ETH/USD

Ethereum continues to be in a strong downtrend. For the past three days, the bulls have failed to sustain above $100, which is close to the previous support-turned-resistance of $102.2. This suggests a lack of buying by the market participants.

ETH/USD

If the ETH/USD pair breaks down of Dec. 7 low of $83, the downtrend will resume. The next stop on the downside is way lower at $66.

On the other hand — if the bulls defend the support — the virtual currency might consolidate for a few days, before starting a new uptrend. Traders should wait for the confirmation of a bottom formation before attempting to buy the coin.

XLM/USD

The pullback in Stellar could not scale the overhead resistance of $0.13427050. The failure of the bulls to rise above the first resistance shows that the supply is outstripping demand.

XLM/USD

If the bears succeed in breaking down of a Dec. 7 low of $0.10488320, the fall can extend to the next support at $0.08. The downward moving averages and the RSI in the oversold zone show that the path of least resistance is to the downside.

Contrary to our opinion, if the bulls defend the Dec. 7 low, the XLM/USD pair might consolidate between $0.10488320 and $0.13427050 for a few days. There are no bullish setups yet, hence, we are not proposing any trades in it.

BCH/USD

Bitcoin Cash is unable to find buying support at higher levels. Though the fall in the past few weeks has been sharp, the pullbacks have been weak and short-lived.

BCH/USD

After trading inside a range for the past three days, the bears are attempting to break down of the support at $94 and resume the downtrend. There is a strong support at $91.78. If the BCH/USD pair stages a recovery from the support zone, a pullback to the 20-day EMA is probable.

We suggest traders wait for the decline to stall and a buy setup to form before turning positive. As there are no bullish setups, we suggest traders remain on the sidelines for a few more days.

BSV/USD

Bitcoin SV has been an outperformer among the top cryptocurrencies in terms of market capitalization. It has been trading inside the range of $80.352–$123.98 since Nov. 26.

BSV/USD

Trading inside the range is likely to remain volatile, without any clear sense of direction. The next decisive move in the BSV/USD pair will happen either on a breakout or on a breakdown from the range.

A breakout will confirm that the buyers have overpowered the sellers and a rally to the pattern target of $167.608 is possible. On the other hand, a breakdown can result in a retest of the bottom. We suggest traders either buy above the range, or if the overall sentiment improves, a trade can be attempted closer to the bottom of the range at $80.

EOS/USD

After a prolonged downtrend, EOS found some buying at the $1.55 level. It has pulled back to the downtrend line, which is acting as a resistance.

EOS/USD

In a strong downtrend, the pullback usually lasts from one to three days. If the EOS/USD pair turns down from the current levels, it can retest the support on the downside at $1.5257–$1.55. If this support breaks, the downtrend will resume.

On the upside, a break out of the downtrend line can result in a relief rally that can extend to the 20-day EMA, which will act as a stiff resistance. The short-term traders can stay on the long side of the trade if the price sustains above the downtrend line. Swing traders, however, should wait for the trend to change before initiating long positions.

LTC/USD

Litecoin has been facing resistance at just below the $28 level for the past three days. A break out of $28 can result in a pullback to the 20-day EMA at $32.

LTC/USD

If the LTC/USD pair fails to scale $28, a retest of a Dec. 7 low of $23.1 is probable. A break down of this can extend the downtrend to the next support at $20.

The moving averages are sloping down, and the RSI is in the oversold zone. This confirms that the trend is still down. Though it is forming a positive divergence, traders should wait for the price to follow through to the upside, before buying it.

TRX/USD

TRON continues to face resistance at the 20-day EMA, which is showing signs of flattening out. The RSI has also been trading close to the 40 levels since Nov. 29. This points to a likely consolidation in the next few days.

TRX/USD

We continue to like the TRX/USD pair because it has not fallen to a new year-to-date low since Nov. 25. A breakout above the overhead resistance of $0.0183 will signal a likely bottom.

Conversely, if the virtual currency turns down from the current levels and breaks down of $0.01089965, it can fall to the next support of $0.00844479. We are waiting for a bullish pattern to develop before suggesting a trade in it.

ADA/USD

Cardano has been facing resistance at the breakdown level for the past three days. If the bulls succeed in sustaining above $0.035, a pullback to the 20-day EMA is probable.

ADA/USD

Though the RSI is still in the oversold zone, it is showing signs of a positive divergence. However, traders should wait for the price to bottom out before buying it.

If the bears defend the overhead resistance or the 20-day EMA, the ADA/USD pair might remain in a range for a few days. On the downside, a break below the Dec. 7 low can result in a fall to $0.025954.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Posted on

Ripple’s XRP Closing in to Yearly Lowest: A Temporary Situation?

Since mid November the rigorous digital-coin selling has no stop. Bitcoin BTC/USD broke the important $3,500.00 dragging Ethereum ETH/USD also below $100.00 [ETH/USD per time of writing $85.54 – BTC/USD $3,412.03].

The only gainer in this heavy market plunge is the just debuting [Bitcoin Cash Hard Fork] Bitcoin SV [BSV] which is welcoming an increase of 20.94% only in the last 24-hours.

Read Also:

Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

The fifth spot by market capitalization which was believed to be well cemented for Bitcoin Cash [BCH], because of the latest BSV gain, was taken by Bitcoin SV. The Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The second only to the cryptocurrency pioneer – XRP is going through a fore-told double digit loss per press writing. The speedy XRP is trading just above the supportive $0.3000 against the US Dollar.

Source: Coinmarketcap

For a very short time the pair broke even below the mentioned level, dangerously floating at $0.2900. If $0.3000 does not hold ground the next target could be the September lowest of $0.2640.

Bankers across the globe have grown a liking and a preference for XRP. Ripple’s blockchain system provides an alternative to the traditional money transfer system, SWIFT. The banks are growing weary of SWIFT due to the high cost of international transfers coupled with the long time taken to process and complete transactions.

If the complete potential of usefulness by XRP is unleashed upon the financial industry, the current situation where it is fighting the violent sell-off could be a very temporary state of the digital asset.

While famous virtual coins since their debut do struggle with hard forks [Bitcoin – limiting its adoption massively with hindrances of the mentioned sort very often].

Latest:

Back in 2016 – Corda, an open source enterprise product, was announced by the blockchain supported software developer R3. Now, it received an additional application named Corda Settler which targets to deliver and offer most services which business would ask to engage blockchain technology. Also, the settler is meant to bring together and work as a translator for wide range of fiat assets and virtual coins.

“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.

While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

The post Ripple’s XRP Closing in to Yearly Lowest: A Temporary Situation? appeared first on Ethereum World News.

Posted on

Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

Bitcoin Cash (BCH), Bitcoin SV (BSV), Cryptocurrency–In a turn of events that could have ramifications for the broader market, Bitcoin SV, the fork of Bitcoin Cash that ultimately conceded the name to split currency Bitcoin ABC, has overtaken its rival to claim the fifth largest spot by capitalization.

While every crypto in the top 20, including the number one currency Bitcoin is experiencing double digit losses on the day, Bitcoin SV has managed to climb over 28 percent. The most recent price movement for the coin has led to a “flippening” in investor expectations and market valuation, with SV leaping ahead of its competitor in what has been a contentious split. As previously reported by EWN, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The two competing forks, led by their respective mining pools and representatives, waged a hash rate war to decide which currency would be most deserving of receiving the original mantle of Bitcoin Cash and carrying on the coin’s branding. On Nov. 23, after two weeks of back and forth banter and plummeting crypto prices, the team behind SV capitulated to their competing rival, and conceded the title of Bitcoin Cash. Speaking at the time, billionaire SV representative Calvin Ayre claimed that his community was prepared to move forward from the conflict created with Bitcoin ABC, and that the mining group and investors “no longer [wanted] the name Bitcoin Cash”–a move that is being proven prescient with the precipitous drop in BCH value as SV continues to climb.

Ayre continued in an interview with Coingeek,

“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”

At the time it seemed like the move meant Bitcoin SV was destined to join the likes of other high profile coins relegated to obscurity (with BCH being a rare exception as a fork of the original Bitcoin), such as Bitcoin Gold, Bitcoin Diamond and Litecoin Cash. Indeed, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn, and on Dec. 6 was the only coin to post green in a sea of deepening red.

While it’s unlikely that SV will challenge the market capitalization of Bitcoin (BTC) anytime soon, with the original cryptocurrency commanding $58 billion to SV’s $1.9 billion, BSV does a realistic chance of flipping Stellar in the next 24 hours if the trend continues. Following a brief reprieve of falling prices, as Bitcoin climbed above $4000 to reach a relative high in the $4300 range, the last two days have renewed the bearish trend, with prices now hitting their lowest point of the year.

For BSV investors and those savvy enough to purchase Bitcoin Cash ahead of the fork, the recent price movement is a welcome sight as cryptocurrency continues to plummet. However, the coin was not without its controversies leading to this point, including a number of members within cryptocurrency pointing the finger at the vitriol surrounding the BCH fork which kicked off November’s severe decrease in market valuation.

The post Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout appeared first on Ethereum World News.

Posted on

Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

Bitcoin Cash (BCH), Bitcoin SV (BSV), Cryptocurrency–In a turn of events that could have ramifications for the broader market, Bitcoin SV, the fork of Bitcoin Cash that ultimately conceded the name to split currency Bitcoin ABC, has overtaken its rival to claim the fifth largest spot by capitalization.

While every crypto in the top 20, including the number one currency Bitcoin is experiencing double digit losses on the day, Bitcoin SV has managed to climb over 28 percent. The most recent price movement for the coin has led to a “flippening” in investor expectations and market valuation, with SV leaping ahead of its competitor in what has been a contentious split. As previously reported by EWN, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The two competing forks, led by their respective mining pools and representatives, waged a hash rate war to decide which currency would be most deserving of receiving the original mantle of Bitcoin Cash and carrying on the coin’s branding. On Nov. 23, after two weeks of back and forth banter and plummeting crypto prices, the team behind SV capitulated to their competing rival, and conceded the title of Bitcoin Cash. Speaking at the time, billionaire SV representative Calvin Ayre claimed that his community was prepared to move forward from the conflict created with Bitcoin ABC, and that the mining group and investors “no longer [wanted] the name Bitcoin Cash”–a move that is being proven prescient with the precipitous drop in BCH value as SV continues to climb.

Ayre continued in an interview with Coingeek,

“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”

At the time it seemed like the move meant Bitcoin SV was destined to join the likes of other high profile coins relegated to obscurity (with BCH being a rare exception as a fork of the original Bitcoin), such as Bitcoin Gold, Bitcoin Diamond and Litecoin Cash. Indeed, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn, and on Dec. 6 was the only coin to post green in a sea of deepening red.

While it’s unlikely that SV will challenge the market capitalization of Bitcoin (BTC) anytime soon, with the original cryptocurrency commanding $58 billion to SV’s $1.9 billion, BSV does a realistic chance of flipping Stellar in the next 24 hours if the trend continues. Following a brief reprieve of falling prices, as Bitcoin climbed above $4000 to reach a relative high in the $4300 range, the last two days have renewed the bearish trend, with prices now hitting their lowest point of the year.

For BSV investors and those savvy enough to purchase Bitcoin Cash ahead of the fork, the recent price movement is a welcome sight as cryptocurrency continues to plummet. However, the coin was not without its controversies leading to this point, including a number of members within cryptocurrency pointing the finger at the vitriol surrounding the BCH fork which kicked off November’s severe decrease in market valuation.

Posted on

Craig Wright: Bitcon SV Will Be Processing 1 TB Blocks Within The Next Two Years

At the onset of the hash war that followed the Bitcoin Cash hard fork of November 15, Bitcoin SV seemed to be almost losing totally to its then formidable rival, BCH ABC. The two sprang out from different chains to become separate cryptos as BCH broke up during the eventful fork.

Satoshi Vision

In essence, Bitcoin SV is meant to fulfill the vision of Satoshi Nakamoto. According to Craig Wright and his team, the network is better off without being lumped up in extra layers of off-chain scaling solutions. Instead of that, BSV will be expanded to increase its storage space and block size to accommodate more nodes.

Bitcoin SV: The Current State

At the moment, BSV blocks are the smallest of the three Bitcoin versions. This is mainly due to lack of a sustained transaction volume on the chain. Craig wants to change that.

Projections

Just like Satoshi, Craig has a vision for BSV. In a recent tweet, Craig announced that BSV is keeping a two-year target to achieve up to 4 million TPS and build a Terranode network. It’s common knowledge within the Bitcoin community that BSV really needs to expand its transaction space. In fact, the first plan drawn after the hard fork centered on boosting BSV’s block space to 128MB.

To achieve these goals, Craig’s team plans to forge partnerships with various big corporate institutions to bring them onboard and boost the transaction volume on the network. Also, low transaction fees backed up with enough block space will attract various blockchain-based developers to the BSV network.

Parting Shot

Craig Wright’s projections may be realist, but BSV must put up a tough fight in an industry where every crypto is fighting tooth and nail to stay relevant. For one, BSV is expected to face a huge task in going up against the likes of Bitcoin, Bitcoin Cash, NEO, and Ethereum.

In terms of cost, it’s hard to determine the resources to be invested in achieving Craig’s goal of a 1 TB storage space in two years. At present market rates, the figure stands at $300 per hour. However, this cost could be reduced by at least 40% by use of economies of large scale. If Craig’s projections come to fruition, the crypto space will benefits as a whole since a good percentage of global transactions will be happening on a blockchain network.

 

 

The post Craig Wright: Bitcon SV Will Be Processing 1 TB Blocks Within The Next Two Years appeared first on Ethereum World News.

Posted on

BCH Chain Splits Almost Inminent: Craig Wright Abandons Bitcoin Cash Summit. Roger Ver Speaks Out

The Bitcoin Cash community has had a hectic week, and the gap between two large factions seems to have reached a point where the differences are irreconcilable. This seems to be the only conclusion one can draw after hearing the statements of the most important figures within the Bitcoin Cash ecosystem, especially after the Bangkok Miners Summit of 2018.

The critical event had the purpose of contrasting views on both sides and determining which changes are necessary and safe for the blockchain, as well as which changes should be avoided. Of course, both supporters of the Bitcoin ABC proposal and supporters of the Bitcoin SV proposal were invited.

However, shortly after the debate began, Craig Wright, one of the most critical Bitcoin SV advocates left the meeting, leaving many without the opportunity to argue the merits or disadvantages of Bitcoin SV.

Craig Wright Leaves the Bitcoin Cash Miners Meeting

After leaving what he called a “bullshit” meeting, Craig Wright had an interview with Hayden Otto, anchorman of YouTube’s Crypto Strategies channel, with whom he talked about several points, including various controversial aspects that have caused division within the community.

In short, some proposals for change seem to be seeking the profit and control of certain power groups. He compared Bitcoin ABC’s refusal to push a 128MB block to Bitcoin’s (BTC) “philosophy” of not increasing the blocksize and relying on layer-twoo solutions.

He sharply criticized Jihan Wu for his damaging actions and took the opportunity to promote the advantages of joining the pool he is developing for Bitcoin SV, as it prevents a chain split, has a better profit distribution, and costs are meager.

[embedded content]

Roger Ver Speaks Out

Roger Ver also raised his voice in this regard. He was a little disappointed by the lack of consensus and the attitude of Craig Wright, but he considers that the ability to “fork off” that a person has when they disagree with a change proposed by the majorities is precisely what gave birth to BCH.

On “Wormhole,” the initiative proposed by Bitmain, Roger Ver considers that a token burn is a good thing because it increases the ratio of demanders concerning the offer; however, he refrained from issuing more comments, claiming he did not fully understand the issue.

[embedded content]

So far the supporters of each proposal seem adamant about not getting a common point, even though Mr. Ver considers that there is a large area of agreement. Bitcoin Cash remains relatively stable at around $600

Bitcoin Cash Daily PriceGraph: Tradingview

Girl in a jacket

loading…