Connect with us

Bitcoin News

Just Getting Started

Published

on

Hi Everyone,

What amazes me is that despite seeing record levels of trading volumes across crypto exchanges, on the bitcoin futures market, and even on the bitcoin blockchain itself, public interest hasn’t really picked up just yet.
Looking at google trends for the search term “bitcoin”, we can see that there has been an uptick recently but we’re nowhere near the levels seen in December 2017.
Indeed, despite the massive price movements, a recent survey shows that only 23% of respondents feel that what we’re currently seeing can be classified as FOMO.
Yes, we’ve come a long way already and I would be very surprised if we don’t see some sort of pullback, or at least a consolidation.
Given the overwhelming headlines we’ve seen indicating that mass crypto adoption may be around the corner and given the historic parabolic bull and bear cycles that Bitcoin is used to, in my mind we might be just getting started.
Disclaimer: Crypto is a risky asset class and some coins may eventually reach zero, so please trade with caution and consider diversifying your portfolio.
eToro, Senior Market Analyst

Today’s Highlights

  • Weak Chinese Data; Strong Stocks
  • Tokenizing Metals
  • Mati Unplugged
Please note: All data, figures & graphs are valid as of May 15th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

The stock markets are doing just fine this morning despite the current trade war between the US and China, possibly due to the recent weak economic data from China.
Wait what?!
Yeah, data from China out this morning showed that retail sales, industrial production, capital investments, and even unemployment were all much worse than economists were forecasting. Important to note that this data reflects the period before the recent tariff hikes.
Bad news for the economy is good for the markets though. The expectation is that the People’s Bank of China will likely come to the aid of the market with additional stimulus measures.
Here we can see the reaction in the China50 index. The purple circle is the precise time of this morning’s data dump.
This is strong confirmation bias for me. Trade doesn’t matter, politics don’t matter, the economy doesn’t matter. Keep your eyes on the central banks. They’re the ones who control the money and the markets.

XRP Outperforming

By popular demand, let’s take a look at the most popular cryptoasset on the eToro platform, which has been outperforming over the last week.
Here we can see the top seven cryptos by market cap. XRP is the white line.
It did take a while for XRP to join the party this time. Unlike some of the other large-cap altcoins, it did not get a chance to surge during the recent altseason.
On the other hand, it also didn’t see much of a plunge while the rest of the crypto market was going through capitulation back in November. Though it did fall during that timeframe, it did manage to hold firmly to its previous level of support at $0.25 per coin, thanks to a massive surge when the xRapid platform was released in September.
Over the last year, Ripple labs and the XRP community have been doing their best to distance themselves from the rest of the crypto community. CEO Brad Garlinghouse famously bashed bitcoin claiming that XRP is a valid replacement.
XRP chartists have also stated that in order for the platform to see great success, it needs to break the price correlation. So in that sense, it seems to be making good progress but isn’t quite there just yet.

Mati Unplugged

Out of all the media interviews, webinars, podcasts and such, I most enjoy the long form ones where we can go in-depth on some of the market drivers.
On my recent trip to London, I had the chance to catch up with the CEO of ByWire, a decentralized news platform that runs on EOS, who as it turns out, is a fan of my analysis, a regular reader of these market updates and follower on Twitter. Needless to say, we were able to go quite far down the rabbit hole.
Wishing you an amazing day ahead!
Best regards,

Mati Greenspan
Senior Market Analyst

Connect with me on….

eToro: http://etoro.tw/Mati

Twitter: https://twitter.com/matigreenspan

LinkedIn: https://www.linkedin.com/in/matisyahu/

Your Social Investment Network – www.eToro.com

eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority. eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

Like what you read? Give us one like or share it to your friends
original post…

Bitcoin News

Binance Coin Price Prediction: Long-term (BNB) Value Forecast – May 19

Published

on

  • BNB/USD trade has been on a slow and steady upswing over time until now.
  • The BNB/USD market may experience a line of variant correction around $32 and $28 price points, and that could result in range market movements.

BNB/USD Long-term Trend – Bullish

  • Distribution territories: $40, $42, $46
  • Accumulation territories: $16, $12, $8

Binance Coin market has been on a slow and steady increase as paired with the US dollar price valuation. On May 9, the crypto-trade declined slightly past the trend-line of the 50-day SMA indicator to record a low point around $20 mark.

On the succeeding trading day, May 10, the crypto notably made a weak come-back, and that has now featured as its actual turning point for its current visible upswing in the market to touch a high mark at $32 over the 14-day SMA’s trend-line. The 50-day SMA is situated underneath the 14-day SMA with a small space between them. The Stochastic Oscillators are now seemingly attempting to close hairs around range 80.

Observantly, the BNB/USD trade has been swinging upward mostly at the touch of its 14-day SMA’s trend-line from the top. Equally, The BNB/USD market may experience a line of variant correction around $32 and $28 price points, and that could give in to seeing other range market movements around those trading zones.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Bitcoin Price Analysis: BTC Surges $800 Back To $8K – A New 2019 High Soon?

Published

on

Corrections are part of the game. Two days ago, when publishing our recent analysis, we saw Bitcoin correcting violently down, even touching $6300 on some exchanges. This was anticipated following the surge from $5000 that went only in one direction.

If someone is looking for strength in the BTC market, he would definitely find it at recent hours’ Bitcoin behavior. The volatile coin had gone through a fabulous $800 bullish run, and now testing $8000 again.

Lastly, and not for the first time, this is for sure Bitcoin’s favorite TV show:

btc_bart_may19_v-min

Total Market Cap: $249 Billion

Bitcoin Market Cap: $140.9 Billion

BTC Dominance: 56.6%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
From above, Bitcoin is now facing the $8000 resistance again. If Bitcoin succeeds in breaking, we would expect a retest of $8200 and 2019 high at $8400. Breaking up and $8500, $8800 and $9000 will become the next targets for the cryptocurrency.

From below, after the $7000 and $7250 – $7300 had proven to be strong support area, from below there is also the $7800 and $7600 support levels before reaching to the mentioned area.

– Trading Volume: The recent days had seen very high volume (and high volatility). The daily volume levels are starting to look like December 2018 numbers.

– Daily chart’s RSI: The RSI had also encountered a resistance zone of 70 – 73. However, a bullish sign might be coming from the Stochastic RSI oscillator. The last is moving toward a crossover in the oversold area; this can fuel up the market and assist in breaking up the $8000.

– BitFinex open short positions: Following the severe 40% drop of the short positions and the long squeeze, the shorts are slowly climbing and now stand on 17.6K BTC open short positions.

BTC/USD BitStamp 4-Hour Chart

btc_may19_4h-min

BTC/USD BitStamp 1-Day Chart

btc_may19_d-min

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.


CryptoPotato Video Channel



More news for you:

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Bitcoin Price Analysis: BTC Surges $800 Back To $8K – A New 2019 High Soon?

Published

on

Corrections are part of the game. Two days ago, when publishing our recent analysis, we saw Bitcoin correcting violently down, even touching $6300 on some exchanges. This was anticipated following the surge from $5000 that went only in one direction.

If someone is looking for strength in the BTC market, he would definitely find it at recent hours’ Bitcoin behavior. The volatile coin had gone through a fabulous $800 bullish run, and now testing $8000 again.

Lastly, and not for the first time, this is for sure Bitcoin’s favorite TV show:

btc_bart_may19_v-min

Total Market Cap: $249 Billion

Bitcoin Market Cap: $140.9 Billion

BTC Dominance: 56.6%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
From above, Bitcoin is now facing the $8000 resistance again. If Bitcoin succeeds in breaking, we would expect a retest of $8200 and 2019 high at $8400. Breaking up and $8500, $8800 and $9000 will become the next targets for the cryptocurrency.

From below, after the $7000 and $7250 – $7300 had proven to be strong support area, from below there is also the $7800 and $7600 support levels before reaching to the mentioned area.

– Trading Volume: The recent days had seen very high volume (and high volatility). The daily volume levels are starting to look like December 2018 numbers.

– Daily chart’s RSI: The RSI had also encountered a resistance zone of 70 – 73. However, a bullish sign might be coming from the Stochastic RSI oscillator. The last is moving toward a crossover in the oversold area; this can fuel up the market and assist in breaking up the $8000.

– BitFinex open short positions: Following the severe 40% drop of the short positions and the long squeeze, the shorts are slowly climbing and now stand on 17.6K BTC open short positions.

BTC/USD BitStamp 4-Hour Chart

btc_may19_4h-min

BTC/USD BitStamp 1-Day Chart

btc_may19_d-min

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.


CryptoPotato Video Channel



More news for you:

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Meteoric Crypto Recovery: Here’s What Triggered Bitcoin Price Above $8,000

Published

on

By

By CCN: The bitcoin price has surged by seven percent in the past several hours from $7,300 to around $8,000 in major markets including the U.S., demonstrating a strong recovery from its abrupt drop to $6,400.

The bitcoin price surges seven percent

The bitcoin price surges seven percent in less than four hours (source: coinmarketcap.com)

On May 17, as CCN reported, the bitcoin price briefly plunged to $6,400 by more than 18 percent against the U.S. dollar.

Market eating up an 18% bitcoin drop quickly is a sign of positive sentiment

Analysts including Dovey Wan, a founding partner at Primitive, stated that the brief price drop of bitcoin on Friday was likely due to manipulation engaged by a single investor.

As the investor sold 5,000 BTC on Bitstamp, it triggered contracts on BitMEX, which heavily relies on Bitstamp, to get liquidated.

Since dropping to $6,400, in less than two days, the bitcoin price has recovered to $8,000, by more than 25 percent within a 48-hour span.

The immediate absorption of the $13 billion decline in the market capitalization of bitcoin demonstrates the significant improvement in the sentiment around the cryptocurrency market.

Speaking to CCN on May 13, a cryptocurrency trader with an online alias “Satoshi Flipper” said that bitcoin is likely to face healthy retracement in the near-term coming off of a rally from $5,000 to $8,000.

But, the trader emphasized that once the retracement occurs, the dominant cryptocurrency is on track to sustain its momentum over the medium to long-term considering the momentum of the market in recent weeks.

The trader said:

I’ve been definitely vocal about a healthy BTC retrace, but I do not believe it will be a drastic 30% retrace back into the $4k’s. Once we form a local top, I believe we will 10% at the most, then settle down sideways.

That is when we’ll have a real altcoin season that everyone is expecting. Upon the immediate retrace, altcoins will take a small hit, but then when BTC settles down sideways, altcoins will rebound in a huge way.

Similarly, in an exclusive interview with CCN, Three Arrows Capital CEO Su Zhu stated that the brief fall of bitcoin to $6,400, which led investors to be cautious about the short-term trend of the asset, is unlikely to lead to a full-blown retracement.

“This is a purely market structure related move, I expect it to be bought up extremely quickly,” Zhu said.

As suggested by some investors, the market quickly absorbed the abrupt decline in the bitcoin price on May 17 and with volumes across the board on the rise, the momentum of the asset is expected to be sustained.

The real 10 volume of bitcoin, which estimates the legitimate volume of the asset using the methodology created by Bitwise Asset Management, hovers at around $1 billion. In comparison, in March, the real 10 volume of bitcoin was at $270 million.

What catalysts are on the horizon?

According to Josh Rager, a cryptocurrency technical analyst, if bitcoin finds stability over the $8,200 level, the $9,000 region could be considered a reasonable target in the near-term.

“Bitcoin certainly looks to be pumping, now over previous resistance Price is near $8,000 & looks to be heading toward the $8,200 1D resistance (might consolidate prior) A close above $8,200 on the daily/weekly would be very bullish and would target $9,600+,” said Rager.

With the block reward halving expected to occur in May 2020, which historically has been a fundamental catalyst for bitcoin, and the custodial infrastructure supporting the asset class noticeably improving, the sentiment around the market may continue to progress in the upcoming weeks.

Click here for a real-time bitcoin price chart.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

MONERO Price Prediction: Long-term (XMR) Value Forecast – May 19

Published

on

Monero Schedules XMR Protocol Upgrade for October 18 in v0.13 Hard Fork

Monero Schedules XMR Protocol Upgrade for October 18 in v0.13 Hard Fork

  • The long-term outlook remains in the uptrend.
  • The two EMAs are strong support for bullish continuation with $120.00 on the card.

XMR/USD Long-term Trend: Bullish

Supply zone: $140.00, $180.00, $220.00
Demand zone: $40.00, $20.00, $10.00

XMR remains in a bullish trend in its long-term outlook. After breaking the upper supply area of the range the bulls have sustained the momentum up north. On May 16th May, the cryptocurrency was up at $97.00 in the supply area the first time since 12th November 2019.

While price was above the two EMAs in the daily chart on 16th May, It was a breakout at the 50-EMA in the weekly chart an indication of a possible rally in the long-term.

The market correction was necessary hence the drawdown to $77.51 in the demand area on 17th May with the rejection of further downward movement by the 10-EMA. This confirms the bullish continuation.

The new trading week began on a bullish note with price at $79.90 at the opening and currently up at $86.96 in the supply area an indication of more buying positions are been taken by traders

$120.00 in the supply area is on the horizon as the bulls kept pressure strong.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report