First posted at https://ethereumworldnews.com/ethereum-price-analysis-with-btc-dominance-firmly-at-65-whats-next-for-eth/

In brief:

• The Bitcoin dominance on Coinmarketcap is steady at around 65%.
• Ethereum’s dominance in the market currently stands at 8.23%.
• In the past few days, ETH has had a hard time reclaiming the $140 support zone.
• The ETH/USDT 6-hour chart is exhibiting bearish signs that are further confirmed by a possible death cross on the daily chart.

The Bitcoin market dominance is one tool used by crypto traders to determine whether there is an alt-season on the horizon. At the time of writing this, Bitcoin’s dominance is steady at around 65% according to Coinmarketcap with that of Ethereum (ETH) at 8.23%. Such dominance of BTC is indicative that an alt-season will have to wait till all markets, both stock and crypto, settle down due to the economic impact of the Coronavirus.

6-Hour ETH/USDT Chart

Further analyzing the 6-hour ETH/USDT, all analysis points towards a bearish future for the coin. To begin with, ETH is exhibiting a wedge formation. In this case, it is a symmetrical wedge. Such wedges usually do not give a clear sign as to what direction the price is headed but we shall attempt to find out.

Secondly, ETH/USDT is exhibiting a decrease in trade volume thus indicating the wedge will resolve with the price dipping further down and possibly retesting the 0.236 Fib level at $124.71 and/or the previous low at $85.51. There is also some level of support at around $117.

Death Cross on the Daily ETH/USDT

Further zooming out of the chart and analyzing the daily time-frame, we see that ETH/USDT is set to experience a death cross in the coming days. The 50 (white) moving average and the 200 (green) moving average look set to converge in the near future. As explained in an earlier article, a crossing by these MAs is confirmation of a bear trend. The last time this happened for Ethereum was in September 2019. Back then, it resulted in ETH finally finding a bottom at around $117 which is also a support zone for the coin.

Conclusion

In conclusion, our favorite alt-coin of Ethereum looks set for a bearish future based on the observation of decreasing trade volume, a wedge about to resolve to the downside and a death cross forming on the daily chart. Additionally, the Bitcoin dominance has held well around 65% thus proving that traders are using BTC as a safe haven during these uncertain times.

As with all technical analysis, the reader is advised to have their eye out for any fundamentals that may sway the charts. Therefore, it is advised to place stop losses at appropriate levels to mitigate against such moves.

(Feature image courtesy of Eva Darron  on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/hAjNpWSQH9U/

Crypto New Media Press

31 Mar 2020 One of the most interesting features of the brand new Braiins OS+ firmware for Antminer S9 ASIC miners is the auto-tuning functionality that automates per-chip overclocking in order to maximize performance for the available power and temperature conditions in order to increase the performance of your available miners. Since we already had […]

The post Trying Out the Autotuning Function of Braiins OS+ on AntMiner S9 appeared first on Crypto New Media.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/HqSaOWnopps/

Crypto New Media Press

Why can’t exchanges and online wallets provide reliable cryptocurrency storage? In this case, the private key is stored on the servers of the exchange or service. With a successful attack, hackers can gain access to servers and to thousands of user keys. Why Token Projector is better than storing keys locally (when they are on […]

The post 7 reasons to create a Token Protector smart contract appeared first on Crypto New Media.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/ALe_xQeB1j4/

Crypto New Media Press

In brief: Binance Coin was not spared by the crypto market turmoil seen on the 12th and 13th of March.  BNB dropped to a level of $6.40 last seen in February of 2019.  The prominent alt-coin might reclaim $14 but the general trend is still in a downward trajectory.  However, possible news developments at the […]

The post Binance Coin Price Analysis: BNB Could Reclaim $14 But the Trend is Still Bearish appeared first on Crypto New Media.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/NAZ3zfvGHzk/

Crypto New Media Press

According to March 30, 2020, report by Chinese media outlet Shine, the Shanghai Gas Group – with aid from VeChain (VET) – has successfully completed the first phase of a liquefied natural gas (LNG) blockchain project that aims to foster data sharing and intelligent cooperating in the energy industry. Shanghai Gas Group and VeChain Conclude […]

The post VeChain (VET) and Shanghai Gas Group Complete LNG Blockchain Project appeared first on Crypto New Media.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/u3MBtpaKevw/

Crypto New Media Press

Blockchain for good? A Dutch firm, Tylmex, is one of more than 10 companies who are using their services to allow the fight against Covid-19. A distributed ledger technology (DLT) firm, Tylmex is offering its blockchain platform to “model the medical goods ecosystem through a platform that matches supply and demand.” It hopes to harness […]

The post Crypto in the Time of Corona – Bispex appeared first on Crypto New Media.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/svQearZt6Go/

Crypto New Media Press

Bitcoin and Ethereum are two of the most famous cryptocurrencies. During the fall of the markets, they fall especially loudly. Is this the ‘store of value’ power we’ve been hearing about for years? But only oil perform worse these days. Since the beginning of the global coronavirus pandemic, world markets kept falling into the abyss. […]

The post Bitcoin and Ethereum Are Worst Investments in 2020 after Crude Oil appeared first on Crypto New Media.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/DeYTtHBo-6o/

Crypto New Media Press

After the weekend slump, many cryptocurrencies made strong gains Monday, as did major stock indexes, while the coronavirus continues to wreak havoc on the global economy. Traders weren’t confident the green flashing across all markets would last, however.   Bitcoin (BTC) climbed 8 percent and ether (ETH) gained 6 percent. Other notable performers include bitcoin SV […]

The post Bitcoin Follows Stock Markets Higher; How Long Will They Move in Lockstep? appeared first on Crypto New Media.

First posted at https://ethereumworldnews.com/bitcoin-btc-price-around-6000-is-reminiscent-of-2018/

In brief:

• Bitcoin has so far defied the Death Cross which is evident on the daily chart. 
• The King of Crypto is currently trading at $6,350, reclaiming the important $6,000 support zone.
• However, the current price movement is reminiscent of 2018 and could fall further as all markets are affected by the Coronavirus. 

With the new month of April only a few hours away, there is a lot of optimism with respect to the direction of the crypto markets. Generally, when CME Bitcoin futures contracts expire like they did last Friday, BTC exhibits bullish momentum 24 – 72 hours later. This past weekend had all the signs of the King of Crypto falling hard as there is currently a death cross that has formed on the daily chart.

Bitcoin Bounces at $5,840

However, Bitcoin managed to bounce from the $5,800 support zone at the weekly close and is currently trading at $6,350 (Binance rate) at the time of writing this. The resurgence of Bitcoin also coincides with the stock markets experiencing a bounce of their own with both the Dow and S&P 500 in the green as a result of President Trump signing the much needed $2 Trillion stimulus bill. This stimulus bill is meant to safeguard the American people from the devastating economic effects of the Coronavirus. This bounce by Bitcoin might is a defiance of the Death Cross which was identified only yesterday.

Current Bitcoin Price Action is Reminiscent of 2018

Taking a closer look at the behavior of Bitcoin’s, we experience a moment of deja-vu with $6,000 acting as the much-needed support for the digital asset. Such behavior by Bitcoin was last seen between February and November 2018 before BTC dropped hard to around $3,100 as a result of the Bitcoin Cash Hash Wars. The chart below gives a better visual cue of the situation.

Bitcoin’s Future is in the Hands of the Stock Market

In a recent analysis by seasoned analyst @MagicPoopCannon, he observed that BTC has this zone as a major support. He explains that if Bitcoin cannot get above it, it will become a resistance area.

Despite BTC’s current hold of the 200 week [Moving Average], things aren’t all rainbows and butterflies here. You can see that each of the last three weekly candles has closed at or below the lateral red resistance level . In 2018, that level acted as major support. However, we’re now caught up in it again, and if BTC can’t get back above it, it will continue to be resistance.

Magic would end his analysis by elaborating that Bitcoin and other crypto’s will continue being affected by the stock market turmoil as a result of COVID10. He added:

Bitcoin’s performance in the wake of the coronavirus outbreak has been pitiful. At it’s worst, it fell 65% from early February, when the coronavirus outbreak news really started to take hold. So, I wouldn’t be surprised if we see BTCbreak down below the 200 week MA, for the first time ever. I think it could easily dip into the 2000s, and potentially lower. This is the first recession Bitcoinhas ever been in, and it is already getting destroyed, as I always believed it would. As the global recession continues to worsen, Bitcoinand crypto should continue to fall.

(Feature image courtesy of Clifford Photography on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/0bC0Ohgq3bY/

Crypto New Media Press

Microsoft (MSFT) stock rose by over 6% to trade at $159.99 on March 30. The spike is attributed to a 775% rise in the Microsoft Cloud services usage, as more people stay at home amidst coronavirus outbreak. Microsoft Corporation (NASDAQ: MSFT) shares experienced a sharp uptick of 6.87% in the late European trading hours, to […]

The post Microsoft (MSFT) Shares Rise 6.87%, Cloud Services See 775% Spike appeared first on Crypto New Media.