Over the past week, bitcoin has slid 6.6% while ethereum has lost 5.5% against the U.S. dollar, but a large handful of alternative digital assets saw much bigger losses this past week. The meme coin dogwifhat (WIF) was the week’s biggest loser shedding 31.2% while notcoin (NOT) lost 24.3% this week. Cryptocurrency Meltdown: Broad Losses […]
Bitcoin News
Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend
On Wednesday, the crypto market experienced a modest downturn, with a 1% decrease in its overall value across the board, as bitcoin and ethereum saw declines of 0.51% and 0.45%, respectively. Bitcoin momentarily reached the ,000 mark the day prior, while ether soared past the ,000 threshold on Tuesday, though both cryptocurrencies traded significantly lower […]
Bitcoin News
Bitcoin Bulls Could Buck Downtrend With Move To $42,000
Bitcoin price is back above ,000 per coin after holding firm at ,000 for a second time.
If price fails to move below support and makes another run for resistance, bulls might finally buck the downtrend with a powerful, measured move to ,000.
Recapping 2023 Using Classical Technical Analysis Methods
2023 thus far has been the year that Bitcoin went mostly sideways. The year began with a strong surge from bear market lows, but failed to instill enough confidence for instant continuation. Even an inverse head and shoulders pattern has yet to produce the expected upside target.
Instead, BTCUSD has spent months and months going sideways, unable to break above ,000 or below ,000 per coin. With the top cryptocurrency finding support at ,000 a second time, bulls might finally be emboldened.
Using classical charting methods such as a the inverse head and shoulders neckline support and a simple downtrend line, we can begin to understand the technical explanation for the pause around this zone.
The Tale Of Two Retest And The ,000 Target
It is common of an inverse head and shoulders pattern for price to throw back to former neckline resistance and retest it as support. This allows buyers to get in at lower levels, while those who bought earlier take profit.
After a retest, Bitcoin made a substantial move up breaking through a downtrend line drawn from all-time highs. However, the confidence was still not enough for proper follow through, so Bitcoin fell back to ,000 to test the downtrend line it broke out from.
With the level tested now twice and proving to be seemingly unbreakable, bulls might finally have the confidence to meet the target of the inverse head and shoulders pattern. This target is located at ,000 per BTC.
This chart originally appeared in Issue #21 of CoinChartist (VIP), where several other Bitcoin price charts demonstrate confluence with the target. Subscribe for free to view the rest of the Bitcoin charts.
Ethereum Could Buck Market Trend and Rally to $180 if Key Level is Defended
The global market meltdown has continued today, with the U.S. equities market plummeting as Bitcoin and most major altcoins also post some notable losses. This decline today led Ethereum to lows of 5, which is where it was able to find some support.
Analysts are now noting that there is a critical support region that Ethereum has established within the lower-0 region, with a continued defense of this level being imperative for it to see further upside.
If bulls are able to guard against a dip below this level in the near-term, one prominent trader is noting that the crypto could soon rally up to highs of 0.
Ethereum Rebounds from Recent Lows as Traders Target Short-Term Upside
At the time of writing, Ethereum is trading down just under 10% at its current price of 3, which marks a notable decline from daily highs of over 0 that were set yesterday in tandem with Bitcoin’s climb to highs of nearly-,000.
At the bottom of today’s selloff, the cryptocurrency was able to find some notable support at 5, which appears to be a key near-term support level for ETH.
Calmly, a popular cryptocurrency trader on Twitter, explained in a recent tweet that he believes Ethereum could see some near-term upside due to the strong support that has been established within the lower-0 region.
“Ethereum – Trying an ETH long here, mainly because I don’t think that stock market is collapsing today,” he explained, pointing to chart showing a near-term upside target of 5.
#Ethereum / $ETH – Trying an $ETH long here, mainly because I don't think that stock market is collapsing today pic.twitter.com/yeuseJKxcR
— Calmly | full-time trader (@im_calmly) March 16, 2020
Could ETH Soon Rally to 0 in an Explosive Movement?
Calmly isn’t the only trader that believes Ethereum could be well positioned to see some further near-term upside.
Michaël van de Poppe, a well-respected cryptocurrency analyst and trader, recently explained that he believes a continued defense of the support that exists between 5 and 8 could lead it to rally as high as 0.
“Let’s talk about Ethereum. Currently resting on a support level, below us we do have another level at 5-108. Breaking through 4.50 and the next targets are 4 and 0-180 region. Simple as it is,” he noted.
$ETH #ETHEREUM
Let's talk about Ethereum.
Currently resting on a support level, below us we do have another level at 5-108.
Breaking through 4.50 and the next targets are 4 and 0-180 region.
Simple as it is. pic.twitter.com/PB5FFfbY5J
— Crypto Michaël (@CryptoMichNL) March 15, 2020
Although this potential bullishness could be invalidated by a further decline seen by Bitcoin, it does appear to be a strong possibility that Ethereum is on the cusp of posting a strong rebound that allows it to erase much of its recent losses.
Featured image from Shutterstock.
NewsBTC
Bitcoin Price May Buck Bull Trend & Fall by 75% to $2,000, Peter Schiff Warns
It isn’t a secret that Bitcoin (BTC) hasn’t been doing too well as of late. While the cryptocurrency is up 100% on the year, it is down some 45% from the year-to-date high of ,000.
Related Reading: Bitcoin Now the World’s Eleventh Largest Money Supply
This dramatic drawdown from ,000 to as low as ,700 has led many optimists to claim that Bitcoin will soon restart its surge to fresh all-time highs. Yet, a prominent cryptocurrency skeptic claims that BTC’s chart is “look[ing] horrible,” citing technical analysis indicators. Ouch.
Bitcoin Price Chart “Horrible”
If you’ve followed cryptocurrency on Twitter at all over the past few years, you’ve likely noticed the cynics, the haters of Bitcoin and its ilk.
One of the most prominent members of these groups is Peter Schiff, a prominent libertarian economist and investor whose father vehemently taxation. While some may see him as an archetypal cryptocurrency holder and lover of decentralized digital money, he isn’t. In fact, Schiff owns less than one coin — which was obtained through donations and gifts — and has long bashed Bitcoin, calling it something with little inherent value and purpose over gold.
The libertarian continued to tout this line on Friday night, when he took to Twitter remarking that Bitcoin’s price chart “looks horrible.” He remarked that the “(bear) flag that followed the recent breakdown projects a move to ,000,” which would imply a 25% drop from current levels if this move pans out.
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to K, but we are close to completing the right shoulder of a head and shoulders top, with a K head, and neck line just below K, that projects a collapse to below K!
— Peter Schiff (@PeterSchiff) October 19, 2019
That’s far from the end of it. He continued that not only did Bitcoin fall out of a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below ,000.”
Of course, Bitcoin bulls haven’t taken kindly to Schiff’s latest analysis. Anthony Pompliano, a former Facebook team member that has since become a cryptocurrency investor and tacit industry spokesperson, accentuated in rebuttal to the critic Bitcoin’s scarcity, relative lack of penetration, amongst other facets of the cryptocurrency that may see it appreciate in the years to come.
Only ~ 1% of the world's population (~ 70M) owns Bitcoin, a more scare asset than Gold.
You understand supply and demand economics
— Pomp
(@APompliano) October 19, 2019
Yet, Schiff stuck to his guns. In response to Pompliano’s assertion that Bitcoin is the best-performing asset of the past decade, he wrote that “What goes up, must come down. You’re looking in the rearview mirror at what already happened… Bitcoin went up because everyone already bought. It’s a crowded trade. As the crowd sells the price will collapse.”
Related Reading: Bitcoin Price “Death Cross” 10 Days Out as BTC Stagnates at ,000
Long-Term Bull Trend
Schiff’s technical analysis may be showing that it is only a matter of time before Bitcoin sinks to fresh lows, but for now, indicators suggest that the cryptocurrency market is in a macro bull trend.
The three-day Bitcoin chart on Bitstamp printed a “golden cross” back in early-August. What’s notable about this is the last time this technical event played out was early-2016, February 2016. What followed this last golden cross was the rally from 0 to ,000 — a jaw-dropping 4,000% move — in under 24 months, of course. Should history repeat from here, Bitcoin could reach 0,000 by mid-2021.
Also, the one-month Ichimoku Cloud has seen its first lead line has crossed above its second, flipping green for the first time in months.
Related Reading: “Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions
Featured Image from Shutterstock
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Stablecoin Supremacy Battle Heats Up; Binance Lists USDC, Tether Below a Buck
Once up a time there was crypto and fiat. If you wanted to trade in altcoins you had to first buy Bitcoin. Tether changed all that when it came onto the scene on Bitfinex in 2015, today there are a slew of stablecoins all competing for supremacy.
USDC Listed on Binance
The controversy surrounding Tether coupled with its recent volatility has led to the birth of several similar dollar pegged stablecoins. Once has been created by Coinbase and partners at Circle, USD Coin. On Thursday USDC was granted a new realm of legitimacy when Binance, the world’s top crypto exchange by trade volume, announced that it would be listing new pairs.
According to the announcement Binance will be offering two new USDC pairs for Bitcoin and its own Binance Coin (BNB) as of November 17. To quash the auditing concerns that plagued Tether, the exchange added;
“Additionally, for increased transparency, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued.”
USD Coin is only a few months old but it is growing in power as an alternative to USDT. It still has a way to go though, with daily volume, according to Coinmarketcap, at million, compared to .7 billion in Tether trade. However, with USDC available on Coinbase and now Binance, its usage is expected to grow rapidly especially when more trading pairs are introduced.
According to the company blog “Circle and Coinbase co-founded the CENTRE Consortium with the goal of establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”
If complete transparency and audits are forthcoming it may not be long before USDC surpasses USDT however the centralization issue raises its head again when one company is holding all of the cards. This is especially true if Tether continues to show volatility and inability to maintain its dollar peg.
Tether in Turmoil
During the recent crypto rout Tether fell to .964 whereas USDC actually hit a peak of .06. The Gemini Exchange’s GUSD spiked at .18 according to CMC. At the time of writing USDC is still trading over a dollar and USDT is under it. Fortune has noted that if Tether collapses “it could deliver a shock to the crypto markets that makes this week’s wipeout look like a hiccup.”
The good news is that there are now several alternatives to Tether in addition to USD Coin, such as TrueUSD (TUSD), Gemini’s own GUSD, Maker DAO’s Dai, and the Paxos Standard Dollar (PAX). So traders are no longer tethered to Tether, go ahead and take your pick, some are even offering more than buck right now.
Image from Shutterstock
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