- Bitcoin cash price failed to stay above the $2400 support area and moved down against the US Dollar.
- There is a major bearish trend line forming with resistance at $2400 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair is likely to continue its decline towards $2100 since it is now well below the 100 hourly simple moving average.
Bitcoin cash price is moving lower sharply from $2550 against the US Dollar. BCH/USD could extend declines and may even test the $2100 level.
Bitcoin Cash Price Resistance
Yesterday, we saw a recovery wave in bitcoin cash price around the $2500 level against the US Dollar. However, the price failed to stay above the $2500 support since the $2550 level acted as a major resistance. As a result, there was a downside reaction from $2550. The price declined and broke a few important support levels including $2460 and $2400.
There was a break below the 61.8% Fib retracement level of the last upside wave from the $1997 low to $2750 high. BCH is currently trading just above the $2200 level and it seems like it may extend declines. The next major support is around the $2100 level. An intermediate support is around the 76.4% Fib retracement level of the last upside wave from the $1997 low to $2750 high. Below the mentioned $2100, the price is likely to retest the $2000 support and the $1997 swing low.
On the upside, there is a major bearish trend line forming with resistance at $2400 on the hourly chart of BCH/USD. The trend line resistance and the $2350 hurdle are likely to prevent gains in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently heading towards the oversold levels.
Major Support Level – $2100
Major Resistance Level – $2400
Charts courtesy – Trading View, Kraken
Ethereum Foundation Spring 2019 Update
Ethereum’s future is bright. Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets.
The Ethereum Foundation’s team is thrilled to see the progress happening across the community. We have worked to support the ecosystem since Ethereum’s earliest days as a non-profit dedicated only to doing what is best for Ethereum.
As the ecosystem has matured, the Ethereum Foundation has refined its focus. “Doing what is best for Ethereum” doesn’t mean trying to do everything — it means focusing on where we can add the most value, and leaving space for others to add value in the areas that they will be the most effective.
So what is the Ethereum Foundation’s role today?
The Ethereum Foundation is a resource allocator, a voice in the ecosystem, and an advocate for Ethereum to the world.
Today, the Foundation holds approximately 0.6% of all ETH, as well as reserves held in cash. These resources are intended to decrease over time, as they are invested in critical work across the ecosystem. These are significant amounts of capital but they are not infinite. It is our responsibility to ensure that every last dollar and wei is spent effectively.
We are also working to grow the Ethereum ecosystem’s funding base. This means encouraging other organizations besides the Foundation to support high-priority projects, and supporting innovative mechanisms for funding, including Gitcoin grants and MolochDAO. Efforts like these give us better leverage from our existing resources, and help build a sustainable path for funding vital projects far into the future.
A voice in the ecosystem
We understand that many look to the Foundation as a valued voice even as we move to proactively empower others. That voice is a resource that can be used effectively to advance Ethereum. We are able to, for instance, bring attention to important but relatively unknown projects, share valuable information about Ethereum’s progress with the public, and encourage the growth of regional Ethereum communities.
Moving forward, expect the Ethereum Foundation to be a more active voice in the Ethereum community.
An advocate for Ethereum to the world
To the outside world, Ethereum can be confusing — and that’s probably an understatement. Many newcomers don’t understand our vibrant and decentralized ecosystem because they’ve never seen anything like it before.
When someone (a major company, a government or a regular person) finds their way into our world, the Ethereum Foundation is often their first stop. The first thing we tend explain is that the Ethereum ecosystem is distributed and not owned or operated by any foundation or organization. Our Foundation helps to represent Ethereum to the outside world as an effective portal that people can pass through to the ecosystem itself.
We also recognize a need to take more initiative in growing the Ethereum ecosystem, on-boarding developers and improving the developer experience. As discussed in more detail below, we intend to deploy significant resources towards these goals.
2. Our Philosophy
Ethereum is not a typical open-source project, and the Foundation is not a typical organization. Successfully fostering a vibrant decentralized Ethereum ecosystem requires a specialized approach.
Even as we deploy significant resources across the ecosystem to improve Ethereum, we must do so in a way that maintains the core spirit of decentralization. We have deliberately adopted a philosophy of subtraction, which informs everything that we do.
In plain language, following a philosophy of subtraction means resisting the natural tendency of organizations to grow and accumulate value within themselves, and ensure instead that this value is created outside the Foundation in the broader Ethereum ecosystem.
The Ethereum Foundation succeeds if Ethereum succeeds, and Ethereum succeeds with a strong decentralized community. That understanding governs how we work.
3. Highlights from Ethereum Foundation-supported teams
The last 12 months have been a crucial period for Ethereum, and we have worked extremely hard to support teams across the ecosystem. Encompassing all the progress made by teams supported by the EF in this letter is impossible, but here is a selected sample:
ETH 2.0 client teams
ETH 2.0 is a name given to a set of transformative upgrades for the Ethereum protocol. Last year, this effort moved from a research project to an engineering effort. Client teams supported by the Foundation including Nimbus, Prysm, Sigma Prime, and Substrate Shasper are among those working to turn ETH 2.0 into a reality.
Over the last few months the Nimbus, Prysm, and Sigma Prime’s Lighthouse testnets have launched. These teams and others are now stabilizing and optimizing their clients, getting ready for multi-client testnets.
Many resources are shifting into testing, fuzzing, and audits over the coming months. We engaged Runtime Verification to formally verify the deposit contract and to formally specify the Beacon Chain. This is in addition to considerable effort by the research, development, and security teams involved in ETH 2.0 toward reliability and security.
The ETH 1.x initiative, which started last year, focuses on improving Ethereum’s short term scalability and sustainability with an eye to easing the transition to ETH 2.0. Efforts we’ve funded include Alexey Akhunov’s research into stateless clients and state fees, and Andrew Ashikhmin’s research into sync protocol improvements.
Work continues on essential projects like Geth and Solidity as well, and regular updates from all supported teams are on the way.
ZK-rollup uses succinct zero-knowledge proofs to enable Ethereum to reach hundreds of transactions per second. We’ve supported Barry Whitehat and Matter Labs’ collaboration, which has led the way on research, development, and implementation.
ETHGlobal hosts Ethereum hackathons around the world, focused on on-boarding new developers into the ecosystem and facilitating project and company creation. At a recent event, ETHCapeTown, 70% of attendees were from South Africa and 40% of attendees were new to Ethereum.
Ethereum Academic and Research Collaboration
The Ethereum Foundation hosted three research workshops at Stanford and MIT, through which dozens of talented mathematicians, computer scientists, and economists were introduced to research problems originating in Ethereum. Many have continued working on these problems, leading to progress in areas essential to the future of Ethereum including Casper CBC, VDFs, Plasma constructions, succinct zero knowledge proof based systems, liveness, and safety bounds for Ethereum 2.0 among others.
Additionally, the Cryptophage collaboration between the Ethereum Foundation, Supranational, and Protocol Labs produced a solution to renowned cryptographer Ron Rivest’s LCS35 time capsule crypto-puzzle that required only two months, as opposed to the projected 35 years.
Working with prominent organizations to encourage their engagement with the Ethereum ecosystem
In our role as an advocate for Ethereum to the outside world, the Foundation has worked to encourage high profile organizations to engage with Ethereum in ways that strengthen the whole ecosystem.
Notably, we have been working closely with Microsoft Azure’s team in a long-term commitment to support the Ethereum developer experience through Visual Studio Code and the new Azure Blockchain service.
We have also connected with large entities like HTC and Opera, encouraging them to engage with the Ethereum community and support Ethereum-based applications, and with non-corporate organizations like UNICEF to help find ways to use Ethereum for social good.
There’s a lot more being done by Foundation-supported teams than just the examples listed above. Stay tuned for more updates coming from these teams in the next few weeks.
4. Allocating Resources over the next 12 months.
An ecosystem-level view for Ethereum support
Today, we’re excited to share more information about the Foundation’s priorities for the next year, and how we expect to allocate resources across the ecosystem.
As we’ve learned and iterated, we’ve made necessary changes to our processes and priorities. When the Ethereum ecosystem was much smaller, it made sense for the Foundation to prioritize several “in-house” teams to work on the most fundamental projects. As the community grew, we began a Grants program that enabled us to support more teams throughout the ecosystem.
Today, it shouldn’t matter to the Foundation whether a project is “internal” or “external”. What matters is that we’re spending resources effectively, and that Ethereum’s goals are accomplished. This is why we are moving toward an “ecosystem level view” when allocating resources by looking at the whole picture rather than at a subset of it.
Over the next year, the Ethereum Foundation plans to spend $30 million USD on key projects across the ecosystem. This budget is insulated against downward ETH price movement.
We believe that this is a critical time for Ethereum, justifying significant investments in important work across the ecosystem.
Allocating across such a large and vibrant ecosystem is a substantial optimization challenge. We are constantly re-evaluating and optimizing our decisions, and new opportunities for leverage appear every day.
To help clarify how we define our highest priorities, we describe below three primary categories of resource allocation: (i) Building the Ethereum of tomorrow, (ii) Supporting the Ethereum of today, and (iii) Developer Growth & Awareness.
i. Building the Ethereum of tomorrow
$19 million earmarked over next 12 months
Ethereum remains a highly ambitious technical project, and significant resources are required to fund the R&D that will realize the Ethereum community’s ambitions. Critical work is underway across the ecosystem on active engineering projects like ETH 2.0, and on more long-term investments like growing the academic community’s involvement in Ethereum technology.
- ETH 2.0: Client teams, Research, VDF, documentation and communication
- Layer 2: State channels & Plasma
- Continuing work on eWASM
- Smart contract languages
- Formal verification, auditing, and specification work
- Zero-knowledge R&D, including ZoKrates
- Ethereum “Phase 3 and Beyond” R&D
- Working directly with academic institutions and attracting exceptional research talent
ii. Supporting the Ethereum of today
$8 million earmarked over next 12 months.
Ethereum is used in production today to secure billions of dollars of assets and as a base layer for many hundreds of live applications. We believe that it is vital to continue supporting these efforts to ensure that “Ethereum 1.0” continues to be the world’s dominant smart-contract platform.
- Many initiatives under the banner of “ETH 1.x”
- Web3.js and Ethers.js
iii. Developer Growth & Awareness
$3 million earmarked over next 12 months
Developers, developers, developers.
Ethereum is a platform and the developers who build on it are a key part of our future. It is critical to invest in developer relations, education, and on-boarding today in order to grow the Ethereum community and to ensure our continued success. This is especially important in Asia, where significant opportunity exists for Ethereum to grow.
This figure also includes more traditional efforts to grow awareness of Ethereum, through marketing efforts at both technical audiences and at users of Ethereum-based applications.
- Developer education & on-boarding
- Supporting community event organizations focused on developers, like ETHGlobal
- Continuing to run Devcon as a yearly gathering for the Ethereum ecosystem
- Supporting regional Ethereum community organizations
- Developer experience improvements and developer tooling
- Attracting exceptional developer talent
- Encouraging browsers and other mass consumer technologies to seamlessly integrate Ethereum into their user experiences
- Continued improvements to ethereum.org
USDC Reserve Attestation Report
Circle released the latest attestation report on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP. The report states that as of April 30, 2019 at 11:59 PM Pacific Time:
- USD Coin (“USDC”) tokens issued and outstanding = 293,184,174 USDC
- US Dollars held in custody accounts = $293,351,374
- As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts
You can read the full report here. Grant Thornton LLP will provide USDC attestation reports on Circle’s USDC reserves on a monthly basis.
The New Paxos Platform: Move from PAX to Dollars Instantly
PAX is a digital dollar we built so money can move fast. Now, PAX can move even faster. We’re pleased to announce instant redemptions for PAX. PAX is the only crypto asset to offer this functionality, immediacy and level of confidence with no minimums, maximums or fees associated. This development comes because of our commitment to offering the most reliable, regulated and protected digital dollar to our customers. Our latest technological advancements make it possible for our users to move with ease between USD and PAX ensuring they have access to their own assets in the form they need – whether for convenience or peace of mind.
Paxos created the Paxos Standard (PAX) stablecoin to bring together the stability of USD and the efficiency of blockchain technology. We launched PAX with a 1 day redemption window, which was groundbreaking. Then we moved to four-hour windows. Now, we’re setting precedence again by offering immediate redemptions today. (Immediate creations coming soon!) This means whenever you deposit PAX on the Paxos platform, it is immediately available as USD. For that reason, there will no longer be any distinction between your USD or PAX balance on Paxos; all will be held as one, unified USD balance on our platform, and available 24/7 to send as either USD or PAX. Transact at the speed of the internet, unlike ever before.
And we’re bringing this to you within a new platform experience that lays the foundation for the future of our company. It offers a scalable architecture that not only brings our PAX and itBit products closer together, but also makes way for us to add more assets, offerings and integrations that will change how you use digital assets well into the future. With today’s news, we’re a step closer towards building the platform that will power the future of finance.
Take a glimpse at the new Paxos and get insight into how we’re envisioning a global, frictionless economy.
Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance, Stellar, TRON
Though cryptocurrencies are not strongly correlated to any asset class, the sharp fall in U.S. stock prices due to the escalation of trade war between the U.S. and China is providing an added impetus to crypto prices. While many traders milk the volatility of the crypto markets, about 12% of the crypto traders stay invested for the long term, according to a survey by HBUS.
While the stage is being prepared for institutional investors, mass adoption of cryptocurrencies is another important factor for long term growth of the asset class. Two companies, Starbucks and Facebook, have been in the news for the past few months on rumors of their involvement with cryptocurrencies.
While Starbucks is expected to start accepting Bitcoins at its retail stores, Facebook is likely to launch its own cryptocurrency named FB Coin, which is a stablecoin. Though the actual details are sketchy, these companies have massive reach among retail customers and their arrival will boost crypto adoption among the masses.
These fundamental developments are pointing towards the growth of the asset class. However, the question remains on which cryptocurrency will be the major beneficiary. Michael Novogratz, CEO of Galaxy Digital, believes that Bitcoin will only be treated as a store of value and other networks will grab attention with their use cases.
Bitcoin (BTC) is skyrocketing. The pace of the rally has surprised us. It has scaled above the overhead resistances with ease. This shows that the bulls have continued to buy on every rise without waiting for a dip. While this is a positive sign, the pace of rise is unlikely to sustain for long. Traders can trail the stops on the remaining long positions at $7,100.
The next level to watch on the upside is $8,496.53 and above it, the move can extend to $10,000. It is difficult to predict where the rally will stall. Therefore, traders can keep trailing the stop loss to protect their paper profits. The next pullback is likely to be sharp and deep.
Both the moving averages are trending up, which shows that the bulls are firmly in the driver’s seat, but the RSI has risen deep into overbought territory. This suggests that the traders are chasing the price higher and the pair is vulnerable to a pullback. On the downside, the BTC/USD pair might find support at $6480.54 and below it at the 20-day EMA. This will indicate strength and signal the end of the bear phase.
On the other hand, if the bears sink the digital currency back below $5,900, it will dampen sentiment.
Ethereum (ETH) soared on May 11 to above $200, but the bulls could not sustain the rally. After that, the attempt by the bears to plummet the price back into the triangle failed. Currently, the bulls are again trying to sustain above the $200.
Both the moving averages are sloping up and the RSI is near the overbought zone. This shows that the bulls are in command, but we are yet to see a sustained up-move. The targets on the upside are $225 and above it $256.
However, if the ETH/USD pair picks up momentum, it can surprise to the upside and rally to $300. Our bullish view will be invalidated if the bears sink the pair back into the triangle. For now, the stop loss on the existing long positions can be kept at $160.
Though Ripple (XRP) is still in the range, it is pointing to a breakout. If the bulls succeed in pushing the price above $0.33108, it can rally to $0.37835. The digital currency is likely to pick up momentum above this level. We will wait for the price to sustain above $0.33108 before proposing a trade in it.
The levels to watch on the upside are $0.45 and above it $0.60, with a minor resistance at $0.5650. Contrary to our expectation, if the XRP/USD pair fails to break out and sustain above $0.33108, it will remain range bound between $0.27795 and $0.33108. The trend will turn negative on a breakdown below $0.27795.
Bitcoin Cash (BCH) soared above the range on May 11, which is a positive sign. We like the way the bulls held the price above the previous resistance-turned-support of $335.62. The 20-day EMA has turned up and the RSI has reached the overbought zone. This shows that the bulls are in command.
The BCH/USD pair can now rally to $424 and above it to $500. Our bullish assumption will be negated if the pair breaks down of the support at $335.62 and re-enters the range. The trend will weaken if the bears sink the price below the 20-day EMA. In such a case, the price will remain range bound between $255 and $335.62.
Litecoin (LTC) surged above $91 on May 11 and 12 but it could not close above the resistance level. The pullback from this level was shallow as the digital currency found support at $83.653. The bulls are again trying to scale above the overhead resistance at $91.
A breakout and close will complete the bullish cup and handle pattern. This has a target objective of $158.91. Traders can buy the LTC/USD pair on a breakout and close (UTC time frame) above $91. The stop loss can be kept at $70, which can be raised later. Please keep the position size about 50% of usual as the risk of a pullback is high.
Contrary to our assumption, if the pair turns down from $91 and plummets below the 20-day EMA, it can drop to $70. The pair will turn negative on a breakdown of $66.470.
EOS turned around from just above $4.4930. The bulls quickly propelled the price above the uptrend line and the 20-day EMA. There is a minor resistance at $5.50, above which a move to $6.0726 is probable.
On the contrary, if the EOS/USD pair fails to sustain above the overhead resistance at $5.50, it can remain range bound between $4.4930 and $5.50 for a few days. It will turn negative on a breakdown and close below $4.4930. We do not find a buy setup that gives us a good risk to reward ratio at current levels, hence, we do not recommend a trade in it.
Binance Coin (BNB) reversed direction from just below $18 and rallied above both moving averages and the uptrend line of the wedge. This is a bullish sign as it invalidates the breakdown of the wedge.
The bulls are attempting to push the price towards lifetime highs. A breakout and close above the lifetime highs will be a bullish sign. We might suggest a long position if the price sustains such highs.
Conversely, if the bulls fail to break out of the new highs, the BNB/USD pair might remain range bound for a few days. The trend will turn bearish on a breakdown of $17.50.
Stellar (XLM) is trying to pull back, but is facing resistance at the moving averages. If the bulls push the price above the 50-day SMA, it can move up to $0.12039489. The long-term downtrend line is located at this level. We expect the bears to offer a stiff resistance at this point.
On the other hand, if the XLM/USD pair fails to breakout of the moving averages, it can slump to $0.08641170 and below it to $0.080. Both the moving averages are flattening out and the RSI is just below the midpoint, which suggests a consolidation in the short term. As the price is still quoting below both the moving averages, we will wait for it to form a reliable buy setup before proposing a trade in it.
Cardano (ADA) reversed direction from $0.057898 on May 10 and broke out of the downtrend line on May 11. It has been facing resistance at $0.080 for the past two days. Both the moving averages are flat and the RSI is just above the midpoint. This suggests a range formation in the short term.
If the ADA/USD pair sustains above the 50-day SMA, it can move up to $0.094256. This might act as a stiff resistance but, if scaled, it will complete a reversal pattern that has a target objective of $0.161275. Traders can buy a breakout and close (UTC time frame) above $0.094256. We will propose a stop loss when the trade triggers.
Our assumption will be invalidated if the pair turns down and breaks below $0.057898. In such a case, a drop to $0.040 is probable.
Tron (TRX) remains stuck in the $0.02094452–$0.02815521 range. It has not participated in the current recovery, which is a negative sign. Both the moving averages are flat and the RSI has been hovering below 54, which suggests that the bears have a slight advantage.
As the TRX/USD pair has been range-bound for the past few months, a breakout of it will signal the start of a new uptrend. Therefore, we maintain our buy recommendation given in an earlier analysis. However, if the pair turns down and breaks below $0.02094452, it can plunge to the critical support of $0.0183.
Analytics: BTC, ETH, BCH, LTC and XMR
Bitcoin has been the main attraction in the past week, as it has scaled every stiff hurdle with ease. The rally has helped its market dominance hit levels not seen since December 2017. After a long time, the traders have focused on the positives and have disregarded the negative news. This shows that the sentiment is bullish.
A rally being led by the largest cryptocurrency is a bullish sign. Some believe that the upward move is a result of increased activity by institutional players. While we are surprised by the pace of the rally, we believe that this is not sustainable and a repeat of the previous bull market is unlikely. Bitcoin will soon enter a consolidation or a minor correction that can be used as a buying opportunity.
The recovery in cryptocurrencies has enabled projects to source funds easily. Bitfinex has received hard and soft commitments for its $1 billion initial native exchange token offering. Similarly, blockchain equity loan platform Figure, backed by Morgan Creek has sealed a $1 billion “uncommitted” financing facility via blockchain.
Will bitcoin pull the altcoins higher, or will the altcoin rally indicate that the retail crowd is jumping in and a short-term top is close by? Let us see what the charts of the top five performers of the past seven days project.
Bitcoin (BTC), with its scintillating run, is back in the limelight. One of the world’s top cryptocurrency exchanges, Binance, was hacked and 7,070 in bitcoin was stolen from its hot wallets. However, the hack did not rattle the markets as it continued its uptrend after a brief pause. When markets do not correct on negative news, it is a bullish sign.
Galaxy Digital CEO Michael Novogratz expects the lifetime highs to be scaled within the next 18 months. Financial advisory firm Canaccord Genuity also arrived at a similar conclusion based on their studies: they expect bitcoin to hit $20,000 by 2021. Tim Draper, however, is even more bullish, as he expects Bitcoin to reach $250,000 by 2023.
However, we suggest traders not to get carried away by these lofty targets. Let’s see what the charts project.
The BTC/USD pair is easily breaking out of the overhead resistances. We were expecting the recovery to pause in the zone of $6,000 to $6,480.54, but the pair easily crossed this zone. It has a minor resistance at $6,850, above which the rally can extend to $7,500 and if that level is also crossed, it can move up to $8,500.
However, the sharp rally has pushed the RSI on the weekly charts into the overbought zone for the first time since early January 2018. This shows that the rally has been persistent and strong.
Any dip will find support at $5,900 and below it at $4,900 levels. The next fall might form a higher base and be the last opportunity to buy before the cryptocurrency enters a sustained long-term uptrend.
While ether (ETH) volumes on decentralized applications (DApps) hit a new high, the number of new DApps deployed on-chain is at a low, close to 2017 levels, according to crypto analytics firm Diar. Over the next 12 months, the Ethereum Foundation plans to spend $30 million for various projects across the ecosystem. Helped with a donation of $1,000 Ether each by Joseph Lubin, Vitalik Buterin, ConsenSys and the Ethereum Foundation, the Moloch decentralized autonomous organization’s total funds have reached $1 million.
An unidentified official of the US Commodity Futures Trading Commission said that an Ether-based futures product might receive the approval of the regulator if it meets the requirements. Can these bullish developments propel the cryptocurrency higher?
After defending the breakout level of $167.20 for the past four weeks, the bulls are attempting to resume the uptrend. This is a positive sign. The breakout of the ascending triangle can push the price to $256.08, above which a move to $300 is probable.
The ETH/USD pair might face some resistance at the 50-week SMA, but we expect this level to be scaled.
Our bullish view will be negated if the bears reverse direction from the current levels and sink the pair back into the triangle. Such a move will invalidate the breakout of the bullish pattern, which is a bearish sign.
More than 50% of transactions in bitcoin cash (BCH) are being generated from a single account. These are small transactions in value but are being done on a regular basis — about three to four transactions per second. Some believe that this is being done to make the network look busier than it is, while others speculate that it is being done for a test. Nevertheless, all eyes will be on the forthcoming upgrade of the network on May 15.
The BTC/USD pair has been trading in a tight range of $255 to $335.62 for the past four weeks. The attempt by the bears to breakdown from this range failed, as the bulls purchased the dip to the 20-week EMA.
Currently, the bulls are attempting to ascend the overhead resistance zone of $335.62 to $363.3. If this zone is scaled, the pair is likely to move up to $600. Though there is a minor resistance at 50-week SMA, we expect it to be crossed. Traders can buy above $370 and keep a stop loss of $260. Please use only 30% of the usual position size for this trade: if the cryptocurrency struggles to breakout of $400, traders can quickly raise the stop loss to reduce the risk.
Our bullish view will be invalidated if the price reverses direction from the overhead resistance and plummets below the 20-week EMA.
A new version Litecoin Core 0.17.1 was released which brings in new features, bug fixes, performance improvements and more. Will the bullishness in bitcoin rub off on litecoin? Let’s find out.
The LTC/USD pair has formed a cup and handle pattern, which will complete on a breakout and close above $91. This will have a minimum target objective of $158.91, but the momentum can carry it to $172.647 levels. The traders can buy on a breakout and close (UTC time frame) above $91 and keep a stop loss of $65. The moving averages have completed a bullish crossover and the RSI is in the positive zone, which suggests that the bulls are in command.
Still, please keep the position size only 50% of normal: let’s keep our risk under control.
Our bullish assumption will be negated if the price fails to breakout and sustain above $91 and drops below $65. In such a case, a fall to $40 and lower is possible.
Cybercriminals are finding new ways to exploit the vulnerability CVE-2019-3396 in Confluence, a widely used collaboration and planning software, according to a report by security intelligence firm Trend Micro Inc. Monero (XMR) is the fifth best performer of the past seven days. Can it improve its performance over the next few days? Let us find out.
The XMR/USD pair has been consolidating for the past five weeks, and has a stiff resistance at $81. The 50-week SMA is also located just above this level. Hence, we anticipate this zone to act as a stiff hurdle for the bulls.
But if the bulls breakout of the 50-week SMA, it will signal strength and can gradually move up to $120 and above it to $150. Conversely, if the bears sink the pair below $60, it can retest the lows at $38.5.
Traders can wait for the price to breakout and close (UTC time frame) above $81 to initiate long positions. The initial stop loss can be kept at $60, which can be trailed higher as the cryptocurrency moves northwards.
The market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.
HitBTC Exchange Analytics: ATOM, DASH, MIOTA, BTC, BCH
While markets have looked bullish this week following a sharp surge May 3, traders need to watch out for a correction in the next few days. This pullback will shake out the weak hands and will differentiate between different digital currencies. While some will lose only a part of their recent gains, others will plunge towards their lows again.
The stronger ones are likely to lead the next bull market in cryptocurrencies. Therefore, traders should buy strength after the pullback ends. If our assumption is correct, the current fall should offer a great opportunity to buy for the long-term. Our view will be invalidated if cryptocurrencies give up all the gains made over the past few weeks.
A survey by financial consultancy firm DeVere Group shows that 68% of high-net-worth individuals across the globe will have invested in cryptocurrencies by the end of 2022. One of the major reasons for investing in cryptocurrency is their borderless nature, which makes the assets available across the globe.
Atom (ATOM), the native crypto asset of the Cosmos blockchain, made an impressive start as it made a place for itself among the top 15 cryptocurrencies by market capitalization within a very short span of time. Its price received a boost as it was listed on Binance, without even trying. However, while the initial response has been bullish, can the momentum continue in the best performing major cryptocurrency of the past week or is it time to take some chips off the table? Let’s take a look.
The ATOM/USD pair has a very short trading history; hence, we are using a daily time frame chart on it. The pair witnessed huge volatility on its listing day. From a high of $8.90 on April 22, it plunged to a low of $2.9277 on April 24. That was a drop of 67.10%. However, since then, the recovery has been sharp. The price has reached close to the 38.20% Fibonacci retracement of the recent fall. A rally above this resistance can push the price to $5.9139, which is the 50% retracement level.
The level between $5.9139 to $6.6186 will act as a stiff resistance. Any breakout of the 61.80% Fibonacci retracement can propel the digital currency to $8.90. However, if the price turns down from the current levels, it can drop to the next support of $3.60.
The recovery in market prices pushed the mining hashrate of Dash (DASH) to an all-time high of 3.2385 petahashes on April 19, bettering its previous record of 3.237 petahashes set in early November 2018. It has since then again improved on the record to 3.8957 petahashes on May 2.
In order to solve the issues faced by Dash merchants, Dash Retail has released a merchant transaction counter for its point-of-sale app and a conversion rates API to provide accurate conversion rates to fiat currencies.
The DASH/USD pair corrected to the breakout level of the range in the week before this past one. We like that the price has sustained above the 20-week EMA since breaking out of it. The bulls are currently attempting to resume the recovery. It will pick up momentum after it breaks out of the overhead resistance between $138.709 and the 50-week SMA. Above this zone, the pair can rally to $225.
On the other hand, if the digital currency reverses direction and plunges below $103.261, it will re-enter the range. This will weaken it and can result in a fall to the yearly low.
Car manufacturer Jaguar Land Rover will reward drivers by giving them MIOTA tokens for data reporting. These tokens can thereafter be redeemed for various products. The Austin Transportation department in the city of Austin, Texas has collaborated with Iota Foundation to work towards a more interoperable transportation ecosystem.
The MIOTA/USD pair has been range bound between $0.244553 and $0.385033 since the end of December last year. The bears attempted a breakdown of this support in the week before but failed. Buyers quickly pushed the price back in the range. However, the pair is facing resistance at the 20-week EMA. If the price can scale above this resistance, it will challenge the top of the range at $0.385033.
A breakout of the range is likely to start a new uptrend that can carry the price to the psychological resistance of $0.50. On the other hand, a breakdown below $0.244553 will sink it to lows. The longer the digital currency remains in the range, the stronger its eventual breakout will be.
Bitcoin (BTC) prices have risen sharply over the past seven days. Fundstrat analyst Robert Sluymer believes that this is the start of a new uptrend and investors should buy more on any pullback. He expects the price to zoom past $6,000 in the second half of the year.
It is interesting to note that bitcoin’s dominance has increased from about 50% to 55.5% in about a month. This shows that traders are currently favoring bitcoin over other altcoins. More and more people are now aware of Bitcoin and about 11% of the American population has already invested in it, according to a survey by Spencer Bogart of Blockchain Capital.
Grayscale Investments has started a “Drop Gold” campaign where it portrays BTC as an alternative to gold investments. With all these bullish noises, should one buy now or wait?
The BTC/USD pair has reached the stiff overhead resistance of $5,900. This is a critical level because the pair had repeatedly taken support close to it since February to early November, before breaking below it. Now on the way up, we expect a lot of supply to hit around these levels.
But the price has risen above both moving averages, which is a positive sign. If the bulls can continue the momentum and ascend $5,900, the digital currency can rally to $6,480.54. We do not expect the zone between $6,000 to $6,480.54 to be crossed in a hurry. A minor correction or a consolidation around these levels is likely.
On the downside, support is at $4,914.11. If this level breaks, it will dampen sentiment and can drag the price to the next support at $4,255. Traders who have missed out buying in this recovery can wait for dips to buy, instead of chasing the rally.
The next hard fork on bitcoin cash (BCH) is slated for May 15. Schnorr signatures, a scaling and privacy code change, will go live on the coin’s mainnet to improve the cryptocurrency’s privacy and scalability.
Since the surge in early April, the BCH/USD pair has largely been consolidating between $255 and $335.62. The attempt by the bears to plummet below this range in the last week found buyers at the 20-week EMA. Currently, the bulls are attempting to push the price towards the top of the range.
If the pair breaks out of the range and the minor resistance at $363.30, it can rally to the 50-week SMA and above it to $600. The digital currency has a history of vertical rallies; hence, it is likely to surprise to the upside.
Our bullish view will be invalidated if the digital currency plunges below the support of the 20-week EMA. In such a case, a fall to $166.25 is probable.
Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.
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Why Merging Cryptocurrency With Today’s Payment Platforms Should Generate Rising Revenue Streams
A report by McKinsey & Company on global banking, projected that global payment market revenues are poised to approach $3 Trillion by 2023. As cryptocurrency payment platforms become more common… that number should rise… but the purveyors of traditional payment methods may have to get over their initial reluctance to this new disruptive technology… or they could miss the boat! A recent article in the Bitcoin Exchange Guide addressed this subject:
“One of the longtime fears that the traditional financial world seems to have about cryptocurrency is its potential for overtaking payment systems. People who are comfortable with the archaic system do not want to see a broader market… However, as the technology behind cryptocurrency and blockchain finds more use cases, the disruption of the current payment system may not be far behind. Active Companies in the industry include NetCents Technology Inc. (CSE:NC) (OTC:NTTCF), Xunlei Limited (NASDAQ: XNET), PayPal Holdings, Inc. (NASDAQ: PYPL), Pareteum Corporation (NASDAQ: TEUM), Riot Blockchain, Inc. (NASDAQ: RIOT).
The report continued: “Lisa Ellis is an analyst with MoffettNathanson… (recently) stated that she believes that cryptocurrency’s global acceptance could change payment systems. To be clear, she does not believe that the big names like Visa, Mastercard and PayPal will be pushed aside anytime soon, but the… idea of crypto replacing (the traditional standards) is worth exploring. Cryptocurrency has this unique quality of remaining independent of any specific country, and the way that it has jumped in as a saving grace to many countries suffering from hyperinflation is a reprieve.
NetCents Technology Inc. (CSE:NC) (OTCPK:NTTCF) (Frankfurt:26N) BREAKING NEWS: NetCents Technology is pleased to announce that it has begun processing cryptocurrency transactions for its first charity partner, HS Aware.
NetCents is a strong believer about being able to invoke change. Change not only on its business side but more importantly throughout our communities with initiatives that positively impact people’s lives. On March 7th, the Company launched its Charity Impact Initiative and we are proud to announce our first charity partnership with HS Aware.
NetCents is providing all registered charities and non-profits free cryptocurrency processing. Any charity that signs up through this initiative is able to accept donations and sell their merchandise and tickets with zero processing fees. Interested charities can visit https://net-cents.com/partners#partners-form to learn more and sign up.
“HS Aware is excited to remain an innovator in the non-profit space by now accepting cryptocurrency donations to fund our future initiatives and events,” stated Maria Goguen, President of HS Aware. “We’ve had a lot of interest to begin accepting donations in crypto to further support the HS community and now through this partnership, we are able to. We are thankful for any and all support members of the community want to give.”
New French Law Allowing Life Insurers to Offer Investments in Cryptocurrencies
In France a law was recently passed known as the Pacte law (Plan d’action pour la croissance et la transformation des entreprises, Action plan for the growth and transformation of enterprises). It will allow life insurance providers to invest in crypto-currencies and tokens without any limitation on the amount that can be allocated.
Les Echos report that a dual provision of the announced act will allow insurers to invest, this will be done through specialized professional funds, in crypto-assets. FPCIs (Fonds Professionnel de Capital Investissement, Professional Capital Investment Funds) which will also be impacted by the measure.
The Pacte law was passed by the French government this week in the National Assembly allowing the insurers to offer life insurance policies exposed to crypto-monies. They note this is the first type of such a product and will be popular in the country.
Analytics: LTC, BCH, DASH, NEO and XEM
The surge in Bitcoin on April 2 pulled most altcoins northwards. A number of altcoins soared, bringing back memories of the 2017 bull phase. Many altcoins outperformed Bitcoin, which shows that the market participants are accumulating the select beaten down cryptocurrencies at low prices.
Does this mark the end of the bear phase and the start of a new uptrend in cryptocurrencies? Fundstrat Global Advisors co-founder Thomas Lee certainly believes so. According to him, Bitcoin is now in a bull market. He said that the whales, some of whom had sold in 2018, have started to buy again.
In a tweet, the CME group revealed that Bitcoin futures hit a record volume of 22,500 contracts on April 4. The previous record volume was 18,300 contracts, which occurred on Feb. 19. This shows that shorts were forced to throw in the towel and aggressive bulls entered long positions.
The sharp rally from the bottom is a positive sign that indicates demand at lower levels. However, to confirm a bottom, most digital currencies will have to successfully retest the breakout levels and then resume their recovery. Until then, the risk of a double dip remains. We shall get a confirmation within the next few weeks.
Bitcoin Cash (BCH) turned out to be the best performer among the major cryptocurrencies in the past seven days. The digital currency tends to rise vertically when the sentiment of the sector turns bullish. Recently, Crypto Facilities, a subsidiary of the San Francisco-based exchange Kraken, reported a sharp increase in Bitcoin Cash futures. The travel portal Bitcoin.Travel added support for Bitcoin Cash, bringing the total number of cryptocurrencies accepted to seven. Can the rally continue or will the digital currency again plunge towards the lows? Let us find out.
The BCH/USD pair traded in a tight weekly range for 11 weeks before skyrocketing higher. The sharp up-move has carried the pair above the 20-week EMA for the first time since May of last year. While the sharp up-move is a positive sign, failure to close (UTC time frame) the week with strength shows profit booking at higher levels.
This increases the probability of a minor consolidation or correction for the next couple of weeks as the bears try to reverse direction and sink the price back below $200 levels. However, if the price rebounds from the support zone of $265.14 to $241.97, a rally towards the 50-week SMA at $514 is possible in the medium-term.
Even before the crypto rally began across the board, Litecoin (LTC) had increased about 101.22 percent in the first quarter, which shows that the traders had been gradually accumulating the cryptocurrency. The halving, expected to occur in early August, has also supported the rise. Swedish exchange Nordic Growth Market has listed exchange-traded products that track the value of Ripple and Litecoin, and these products will be available to European investors. Can the virtual currency continue its stellar run or will it hit a roadblock? Let us find out.
The LTC/USD pair has formed a rounding bottom pattern that will close on a breakout and weekly close above $91. The price has risen above both the moving averages, which is a bullish sign: it indicates a likely change in trend. The minimum target objective of the rounding bottom is $159. If this level is crossed, the rally can extend to the next critical resistance of $175.
Our bullish view will be invalidated if the bears defend the overhead resistance at $91. In such a case, a few weeks of consolidation cannot be ruled out. The trend will turn in favor of the bears if the prices sink below $62 once again.
Dash (DASH) has made strong inroads in the crisis that hit Venezuela and is now attempting to increase its presence in Columbia. Latin American cryptocurrency exchange Daexs has added Dash, which will help investors buy the digital currency in the Colombian peso. Dash is slowly expanding its presence in Thailand as well, as about 100 Dash online transactions were recorded in March. The team is also trying to enter countries like Zimbabwe and Turkey where hyperinflation has increased the use case for cryptocurrencies. Let’s see how the market views these events.
After trading in a tight range of $56.214 to $103.261 for 16 weeks, the DASH/USD pair broke out and closed (UTC time frame) above the range in the previous week. It has followed it up with a sharp up move this week. The pair has broken out of the 20-week EMA and is on target to reach the 50-week SMA at $176. Above this, the recovery can stretch to $224.
Our bullish view will be invalidated if the digital currency turns down from the current levels and plummets below $103.261. In such a case, a few more days of range bound action is possible.
NEO rallied over 31 percent in the past seven days to emerge as the fourth-best performer among the major coins. There were no major events that caused the rise: every rally need not be preceded by a piece of news. In a bear market, the fundamental developments and the price appreciation happens with a lag. When the sentiment improves, the cryptocurrencies play catch up and price in the positives.
The NEO/USD pair had been stuck in a tight range of $5.48080-$10.00 for 17 weeks. It managed to close above the range in the previous week, but it could not scale the 20-week EMA. The sharp move up this week has propelled it above the 20-week EMA. It can now rally to $17 and if this level is crossed, it can move up to the 50-week SMA at $23.
The trend remains in favor of the bulls as long as the price sustains above $10. A successful retest of $10 will confirm that the downtrend is over and a bottom is in place. But if the pair breaks down below $10, it can result in a drop to the lows at $5.48080.
The NEM foundation has launched the roadmap for the upcoming core engine release named Catapult. It promises to improve speed and scalability and bring in a number of new features hitherto unseen in any decentralized system. NEM will be accepted in a major convenience store and select shops in Taiwan through RapidZ payment system.
The XEM/USD pair is struggling to break out and close above the 20-week EMA. Unlike the other pairs, it is yet to stage a smart recovery from the lows. Even after the rally, it has only risen about 106 percent from the lows, which shows that the bulls have been slow to get into the pair. If the price turns down from the current levels, it can again drop towards the yearly lows.
But if the digital currency can rally and sustain above $0.07790717, it will indicate that the markets have rejected the lower levels and a rise to the top of the range at $0.13125258 is probable. This level is likely to attract selling as the 50-week SMA is also located close by.
The market data is provided by the HitBTC exchange.
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