Top Analyst: Ethereum Could See Significantly Further Losses Before Becoming Bearish

First posted at https://ethereumworldnews.com/ethereum-not-even-close-to-being-bearish/

Ethereum has had a rough day, with the market-wide downtrend sparked by Bitcoin’s recent selloff leading the cryptocurrency to plummet over 10% as it erases nearly all of the gains that incurred throughout the course of its intense parabolic rally in early-February.

One top analyst, however, is noting that the cryptocurrency can still be characterized as being highly bullish on a macro timeframe until it breaks below one key level that exists significantly below its current price region.

This means that bulls still have plenty of time to step up and defend ETH’s bullish market structure, but a failure to defend this level could lead to tremendous losses.

Ethereum Plummets Over 10% Amidst Market-Wide Downturn, But Remains Bullish

At the time of writing, Ethereum is trading down over 10% at its current price of $214, which marks a massive decline from daily highs of $252 that were set yesterday while Bitcoin was hovering in the lower-$9,000 region.

Today’s downturn lead ETH to plummet as low as $205, from which point bulls have been able to step up and catalyze a decent rebound.

In spite of this, the crypto still appears to be weak at the moment, as Nik Patel, a popular cryptocurrency analyst, explained in a recent blog post that he believes it will tap $200 before finding any significant support.

“Turning to ETH/USD on the Daily timeframe, this looks like complacency forming at $250 and I have marked out the trajectory I am expecting. I would be looking for a move down into the prior resistance at $200, which has confluence with the 360MA and 50% fib.”

Although a dip to this level would only mark a slight decline from its daily lows, it would mark an over 20% decline from its daily highs, and an over 30% decline from its recent highs of $290 that were set at the peak of its parabolic rally.

Although this retrace may seem significant, it would not invalidate the cryptocurrency’s bullish market structure, according to Patel.

Later in the post, he goes on to explain that he will only flip bearish on ETH if it breaks below $180.

“A deeper, more accelerate dump could send us to $180 (confluence with prior resistance, the 61.8% fib and the 200-day moving average) but I think such a dip would be short-lived. I would get bearish on Ethereum if $180 was lost.”

How Ethereum closes its daily and weekly candle in the next few hours should provide analysts and investors will valuable insights into whether or not a movement down towards $180 is truly imminent.

If This Happens, There’s a High Chance Bitcoin Bottomed at $8,200: Analyst

First posted at https://ethereumworldnews.com/if-this-happens-high-chance-bitcoin-bottomed-8200/

Bitcoin really hasn’t done too well over the past 24 hours. After peaking at $9,200, the leading cryptocurrency has fallen lower and lower, reaching a price as low as $8,150 (the lowest in literal weeks) on Sunday.

Despite this, there remain some prominent analysts that suggest BTC is in the midst of forming a local bottom at $8,200. Here’s why they think this optimistic hope could become the truth.

Bitcoin Could Be In the Midst of Forming a Bottom; Here’s Why

Nik Patel — author of “An Altcoin Trader’s Handbook” and a noted crypto analyst — recently shared that he thinks BTC might be in the process of forming a bottom.

In the wake of the drop to $8,200, he wrote that “if we close today (Sunday’s candle) above $8,400,” he will be 75% sure the bottom is in. (Note: the close of the candle is set to take place in two hours, as of the time of this article’s publishing, and Bitcoin is currently trading at $8,350.)

As to why he thinks this is the case, Patel explained that Bitcoin bouncing back above $8,400 after the strong drop to $8,200 will mark a “swing failure pattern of two important swing-lows, a rejection of the 360-day moving average, and [will trap] anyone thinking this is a break of a head and shoulders neckline.”

Technical analysis terms aside, what he’s saying is the cryptocurrency recovering $8,400 will suggest that bears don’t have as much control over Bitcoin as sentiment suggests, opening the door to a bounce to the upside.

Patel isn’t the only bull in this environment.

Late last month, trader Dave the Wave  (whose work EWN has covered in the past) suggested that  Bitcoin was on track to test the $8,400 region in the coming weeks. While BTC fell to the region he expected a bit early, he expects the low-$8,000s to be the point at which the crypto correction will stop and where a reversal to the upside will begin.

This is especially relevant because Dave has been extremely accurate in calling Bitcoin’s price action over the past few months; the analyst predicted a retracement to $6,400 when the asset was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.

Fundamentals Remain Positive

Along with the technicals showing that Bitcoin is bottoming, the fundamentals of the cryptocurrency market have never been this strong.

Case in point: last week, data from Blockchain.com showed that the hash rate of Bitcoin reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second — nearly three times higher than it was one year ago.

Commenting on the significance of this, crypto price tracking app Blockfolio wrote:

“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”

Featured Image from Unsplash

Here’s Why Bitcoin Could Rip to the Upside, Moving Past $8,000

First posted at https://ethereumworldnews.com/heres-why-bitcoin-could-rip-to-the-upside-moving-past-8000/

Over the past few hours, Bitcoin has mounted a comeback; after falling as low as $7,590 in step with a similar drop in the price of equities, the cryptocurrency surged towards $7,900.

While some say this is just volatility, there is purportedly evidence that an uptrend is forming, one that could take BTC above $8,000, then potentially higher to recover some of the strong losses the asset incurred at the start of the week.

Bitcoin Forms Flurry of Positive Signs

Analyst JB recently noted that there is a confluence of technical analysis signs suggesting Bitcoin could soon see some strength:

  • The price of the cryptocurrency has bounced cleanly off the key $7,700 support level, printing a number of wicks under that level, suggesting there remains buying interest.
  • BTC hit a volume profile gap, bouncing off it.
  • The “Willy” indicator is oversold, which last took place near the $6,400 bottom in December, then once before prior to the 40% “China pump” seen in October.
  • Bitcoin is printing a potential divergence with the one-day Moving Average Convergence Divergence (MACD).

He continued his train of thought in a later tweet, noting that the one-day and three-day Stochastic Relative Strength Index, which is a measure of momentum and trends, is looking like “they could turn here” to the upside. Should this take place, Bitcoin could be cleared for a short-term bounce at the very least, one that will likely take it past $8,000 once again.

Importantly, the one-week Stoch RSI is currently “charging down,” but is nearing the oversold region, meaning that price may trend lower for maybe another week before a potential bounce can form.

Bullish reversals in the one-day and three-day Scotch RSI marked the return to a bull trend in December, prior to Bitcoin rallying 50% to $10,500, along with the bottom prior to the aforementioned China pump.

There are also fundamental signs that BTC could soon see some strength.

The difficulty of the Bitcoin network, meaning how hard it is to put blocks into the chain, recently increased by 7%, indicating that miners remain optimistic about the future of BTC despite the recent market weakness.

Also, governments have been forced to intervene to save a potentially catastrophic economic and monetary situation due to the coronavirus.

The Bank of England (the central bank of the U.K.) has cut its policy interest rate by 0.5% to 0.25% as an emergency measure, Italy has just announced a €25 billion package to deal with the outbreak after quarantining the whole country, and the European Commission has pledged to help member states get ready for the economic effects of the virus through more flexibility in budget rules.

Analysts say that this seeming move to MMT and Helicopter Money will spur the growth in scarce assets like Bitcoin and gold.

Featured Image from Unsplash

Capitulation: Bitcoin Falls Off a Cliff to $5,600, Crypto Now in “Uncharted Territory”

First posted at https://ethereumworldnews.com/capitulation-bitcoin-falls-off-a-cliff-to-5600-crypto-now-in-uncharted-territory/

There’s no other way to put it: Bitcoin has fallen off a cliff.

The cryptocurrency, over the past few hours, has plunged from a comfy price above $7,700 (which now seems extremely high) to as low as $5,600 in the span of a few 15-minute candles. This crash, which caught many traders aback, liquidated some $655 million worth of BitMEX long positions, wiping out many traders across the board.

As explained by Bitcoin Jack, former lead analyst at cryptocurrency analysis upstart Bravado, the move was an “insane shock in supply and demand,” as there was a large loss in liquidity due to the unexpectedness of this crash.

This move has been so crazy that TradingView, the chart provider for many in the industry, has seemingly frozen, while the average Ethereum transaction time has reached 45 minutes, per an observation from Binance’s CEO.

To put it short, the crypto market is entering uncharted territory, at least in a matured state.

Bitcoin Is Being Affected by Global Market Crisis

It appears that much of Bitcoin’s weakness over the past few days, which began when the cryptocurrency failed to move above $9,200 in a spectacular fashion, has been related to global market weakness.

Last night, stock futures for the U.S. stated to fall.

After President Trump’s address, in which he revealed that he would be suspending all travel from Europe to the U.S. for a month, the futures for the S&P 500 (ES) and the Dow Jones (YM) started to fall. At the crash’s worse, they had dropped almost 5% since the daily close, nearing limit down for the session.

The fears of the coronavirus were rapidly exacerbated by news that the NBA will be suspending its season for the foreseeable future due to a player catching the virus, along with Tom Hanks announcing that he and his wife have been diagnosed with COVID-19 while traveling in Australia.

Unfortunately, contrary to those that were touting the “digital gold narrative,” the price of Bitcoin is tracking or at least vaguely following traditional markets, which have all been affected by the recessionary conditions building.

Featured Image from Unsplash

Polymath 101 – A platform to tokenise securities

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

Crypto New Media Press

Polymath is banding together with Charles Hoskinson to assemble a blockchain organize explicitly intended to help security tokens. since 2013, when Initial Coin Offerings made success, the blockchain ecosystem has raised over $3 billion USD massively pushing the traditional finance to the last ladder. However, this booming token fundraising is yet to be backed up […]

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Join massive Dark Country’s NFT-drop – Dark Country

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/AVArHgvv3JA/

Crypto New Media Press

darkcountry.io According to the last 2019 NFT yearly report from nonfungible.com, NFT market will get 50% cap growth up to $316 M and 30% players increment in 2020. To make this forecast real we should to contribute as well. As a part of NFT ecosystem, Dark Country project want to spread the knowledge about NFTs, […]

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Ripple’s XRP Loses Key Support In Blow to Bulls; Here’s What Analysts Think is Next

First posted at https://ethereumworldnews.com/ripple-xrp-key-loses-support-blow-bulls/

Although the crypto market has posted a slight recovery since Monday’s brutal lows, Bitcoin, XRP, and all other cryptocurrencies remain down dramatically since Saturday’s highs. Case in point: XRP is still trading at $0.21.

With this, the cryptocurrency is looking poised to close a weekly candle below crucial horizontal support, potentially marking a further blow to bulls of XRP.

XRP Outlook Continues to Worsen

Prominent trader Hodl2100k recently noted that XRP’s technical outlook is rapidly worsening, pointing to the below chart, which shows that the cryptocurrency has deviated from his accumulation projection, while also falling below a key uptrend that has acted as support for the past weeks.

Not to mention, his chart shows that volume has increased since the sell-off began, corroborating that it is serious.

The loss of the uptrend comes a few weeks after the asset’s proprietary indicator flashed a sell signal on the weekly, which is especially relevant as it marked three out of the four local highs depicted on the chart above.

Hodl2100k‘s observation that XRP has breached a key weekly uptrend comes shortly after controversial though prominent crypto analyst Magic shared to TradingView that the cryptocurrency may be on its way to test $0.15 to $0.16 in the coming weeks.

Per previous reports from Ethereum World News, the trader explained in the TradingView post that the asset has “clearly broken down from a head and shoulders pattern,” all while the asset has ” failed miserably to recover above the 61.8% Fibonacci retracement level.”

This, he claims is a sign that the cryptocurrency could fall to $0.15 to $0.16, which is where there exists diagonal support, the bottom of a falling wedge that has constrained price action for years now.

India News Could Cure the Market…

Although there are these technical fears, XRP, or more accurately the Ripple ecosystem at large, got a recent boost in the form of India’s tacit relegalization of cryptocurrency exchanges.

For those who missed the memo, the Supreme Court last Wednesday reversed a ban, thus allowing banks to once again facilitate transactions with and offer services to industry entities once again, “removing a major hurdle for the development of the sector,” as put by Reuters.

This is especially crucial for Ripple because the company could start a push into the country.

Credible Crypto, a prominent industry commentator and trader, explained:

“Regulatory clarity was the final piece of the puzzle that was holding Ripple back from going after the Indian remittance market aggressively. Great for XRP.”

Photo by Harley-Davidson on Unsplash

New Celo Alliance Has Same Aims as Libra – And Some of the Same Partners

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/Cr5FSS5EavI/

Crypto New Media Press

The Silicon Valley crypto startup cLabs, focused on mobile payments and the Celo blockchain project, is following another precedent from Facebook’s Libra playbook by launching an industry association through a separate Celo Foundation. Dozens of blockchain companies and investors – including Libra Association members Coinbase, Andreessen Horowitz, Bison Trails and Anchorage – are committing to […]

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Limited Servant Sale 03の販売価格 – Contract Servant

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/2tcwv_UgfwY/

Crypto New Media Press

明日[JST]3月12日より開始するLimited Servant Sale 03の販売価格が決定いたしました！内容に関しましては、下記をご参照願います。 ・セール期間は約3日間（76時間）の開催に変更いたします。・参加しやすいように開始時間を20:00、終了時間を23:59とします。・短期間で価格が下落するようになるため、開始価格を均等に高めます。※良質個体の早い者勝ちを抑止するため・最低価格にも個体差に応じた価格差を設定します。・最終日20時で最低価格に下落し、4時間後にセールが終了します。・サーヴァントの価格については各セールの開催前日18時のETH RATEを参照して価格を決定し、お知らせにて価格を発表します。 ◆期間◆【START】[JST]2020/03/12(Thu) 20:00:00【END】[JST]2020/03/15(Sun) 23:59:59 開始価格の値幅最高開始価格（EPIC）：2.37315 ETH最高開始価格（RARE）：0.72158 ETH 最終平均価格（EPIC）：0.35704 ETH最終平均価格（RARE）：0.11818 ETH ◆期間◆【START】[JST]2020/03/19(Thu) 20:00:00【END】[JST]2020/03/22(Sun) 23:59:59 最高開始価格（EPIC）：3/18決定最高開始価格（RARE）：3/18決定 最終平均価格（EPIC）：3/18決定最終平均価格（RARE）：3/18決定 ◆期間◆【START】[JST]2020/03/26(Thu) 20:00:00【END】[JST]2020/03/29(Sun) 23:59:59 開始価格の値幅最高開始価格（EPIC）：3/25決定最高開始価格（RARE）：3/25決定 最終平均価格（EPIC）：3/25決定最終平均価格（RARE）：3/25決定 ▼各サーヴァントの紹介▼【公式Medium】：https://link.medium.com/cx1u5gM0C4 ▼ETH価格参照元▼【Coin Market Cap】：https://coinmarketcap.com ※セール開始時にチェーンの取り込みに遅延があった場合、一時的にページ内にトークンが表示されない場合がありまので時間をおいてから再度お試しください※トークンセールはダッチオークション方式で実施されます。※開始価格はサーヴァント毎にシリアルNoなどの補正によって決定されます。※表示価格は、小数点3桁（以下切り上げ）の数値を表示しています 公式Twitter JP: https://twitter.com/CSCG_JP公式Twitter EN : https://twitter.com/CSCG_EN公式YouTube : https://www.youtube.com/channel/UCo6FpXC0RP6U0LRjx-ObxjQDiscord : https://discordapp.com/invite/5yKwtnHGaudiy : https://gaudiy.com/community_details/pty7P2EtaF5YoCv1K64n

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Despite 25% Correction From Bitcoin’s Peak, Top Analyst Still Expects a Great 2020

First posted at https://ethereumworldnews.com/despite-correction-bitcoin-peak-top-analyst-20000-price-2020/

Despite the slight recovery, Bitcoin remains decisively down on the week, trending far lower since the $9,200 high was established on Saturday. In fact, from the local top, the cryptocurrency has lost 12%, and over 25% since February’s $10,500 top, dramatically underperforming traditional markets in the same time period.

Many traders have lost their shirts during the drop and, as a result, have begun to fear the existence of a long-term uptrend in the crypto market. Though, leading analysts have asserted that there is nothing to fear, trying to assuage investors’ fears by saying things like Bitcoin still has the potential to hit $15,000 to $20,000 by the end of 2020.

Is Bitcoin Still On Track to Hit $20,000 In 2020?

Speaking to BlockTV in a recent interview, Joel Kruger, currency analyst at LMAX, asserted that while the ongoing price action in this nascent market is currently “interesting,” the drop does not “compromise the outlook for the possibility that this market could be trading [at] $15,000 to $20,000 by the end of the year.” A rally to $15,000 would mark a nearly 100% rally from the current level.

Kruger further explained that as long as this area holds, or at least the $6,000s hold, it will show the strength of Bitcoin, even in the face of macro turmoil.

Kruger’s analysis is relevant as he in December 2018 remarked that he expected BTC to end 2019 between $5,000 and $8,000. And that it did, with the cryptocurrency ending the year right around the upper-middle of that range in the low-$7,000s.

Kruger isn’t the only historically accurate analyst to have asserted that Bitcoin remains well on track to hit $20,000 in the coming 12 months or so.

Just recently, pseudonymous trader Dave the Wave — the analyst who called that BTC would fall from above $10,000 to bottom around $6,400 — recently asserted that the cryptocurrency remains on track from a long-term perspective to enter a long-term bull run next year.

His projections have shown that he believes Bitcoin will cross past $20,000 late this year or sometime in Q1 of 2021.

Bitcoin’s Fundamentals Still Extremely Strong

Not to mention, the fundamentals of the cryptocurrency seemingly remain intact.

Namely, the difficulty of the Bitcoin market — how hard it is for miners to solve blocks — just saw a gain of 7%. PlanB, the pseudonymous analyst behind the famed stock-to-flow model, recently shared this bullish statistic, writing that there is “no sign of weakness two months before the halving.”

This optimistic statistic shortly after the hash rate of the Bitcoin network — the amount of computational power that is allocated to processing blocks — hit a new all-time high of 136 exahashes per second.

Photo by Dmitry Demidko on Unsplash