Ethereum (ETH) appears to have reached the full extent of its correction against Bitcoin (BTC). The above daily chart for ETH/BTC shows that the price has been trading in a falling wedge since the month of June and has now reached the end of it. The EMA alignment for ETH/BTC still remains bearish but other factors indicate that a trend reversal is around the corner, not just for Ethereum (ETH) but for the whole altcoin market.
Bitcoin (BTC) is about to complete a 69.81% correction just as it did back in October 2014. What remains to be seen now is whether Bitcoin (BTC) will follow the exact same pattern as in 2014 or trade differently. The above monthly chart for BTC/USD shows that even the EMA alignment in both cases is the same. The lower half of the above chart shows a chart for EUR/USD which demonstrates the striking similarities between strength of the EUR/USD pair and Bitcoin (BTC).
Litepay, the ghost of Litecoin past and Litecoins very own failed drive for cryptocurrency adoption. Although the first launch of Litepay failed massively, many have speculated that a new, clean cut and working version would be released soon, perhaps then, the first annual Litecoin summit will be the best platform for it? Is the first annual Litecoin Summit the platform that Charlie Lee and the team need to set off Litepay 2.0 with a bang?
Tron (TRX) rose to prominence in 2017 with its astronomical gains. The cryptocurrency is known for aggressive movements as can be seen on the above daily chart for TRX/USD. The price of Tron (TRX) has been trading in a giant falling wedge since the beginning of its correction. Unlike most cryptocurrencies, Tron (TRX) had one big rally between April and May even during a bear market. The price then entered a long term correction which seems to have come to an end now.
Cardano (ADA) is now down more than 90% since its all time high but that has not stopped it from entering a new bear trend. The price just broke below the 21 EMA on the 4H chart for ADA/USD above. Having already broken below the 50 EMA, Cardano (ADA) was expected to find support at the 21 EMA but the price failed to hold its ground and broke below it. Furthermore, the 21 EMA has now become a strong resistance for Cardano (ADA) which means the RSI is likely to break out of the falling wedge at this point.
Stellar Lumens (XLM) has been in the spotlight the last few days for its big movements. The price has not reacted much to the recent relief rally but it appears to be all set for the next breakout. RSI conditions for Stellar Lumens (XLM) on the daily chart for XLM/USD above are favorable as the RSI level is just where it has been before the last breakout. The ROC indicator on the above chart shows that the price took 242 days to breakout during the previous cycle.
Things are not looking all that great for the cryptocurrency industry as a whole. Almost all currencies have lost a lot of volume over the past few hours, even though it remains unclear what is driving this sudden downturn. The NEO price, for example, is getting battered by the hour, resulting in a very steep decline.
NEO Price Struggles Aren’t Over
Although the year 2018 is not a positive one for the cryptocurrency industry as a whole, there have been some interesting changes. For Bitcoin, the price momentum has caused a lot of problems, and it seems altcoins are not faring much better. The NEO price is a great example of what the future holds, as it has dropped to $ 18.27
The U.S. Securities and Exchange Commission (SEC) has delayed their decision on the commodity-backed Bitcoin ETF. The final determination is pushed ahead, as expected.
The Waiting Begins
In a notice dated August 7, the SEC announced they are pushing back the decision on what would be the very first regulatory approved Bitcoin00 exchange-traded fund (ETF) in the U.S.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
The U.S. Securities and Exchange Commission (SEC) has postponed the review of Bitcoin ETFs proposed by investment firm Direxion Asset Management, as it needs more time to study the proposal before reaching a final decision. In the July 24, 2018, edition of the Federal Register, the SEC said it was postponing its decision on the five ETFs till September 21, 2018.
The five ETFs, which were filed in January, include Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares.
The United States Securities and Exchange Commission (SEC) has postponed its decision on the Direxion Bitcoin exchange-traded fund (ETF) filing until September 2018. The SEC is yet to approve any of the Bitcoin ETF applications it has received despite the sustained clamor from various stakeholders.
SEC Delays Bitcoin ETF Decision Until September
Arca Inc., submitted a rule change filing to the SEC in January 2018 seeking approval to list and trade shares of five Direxion BTC ETFs. Direxion Asset Management LLC announced plans to list their Bitcoin ETFs on Intercontinental Exchange Inc’s NYSE Arca pending the approval of the SEC.
The Indian Supreme Court has adjourned its hearing of the petition against the Reserve Bank of India (RBI) ban on banks facilitating cryptocurrency transactions. The apex court will deliver its final judgment on the matter on September 11, 2018.
Hearing Adjourned till September 11
Indian cryptocurrency traders still have a fair bit of waiting to do before knowing the fate of the market in the country. According to a series of tweets by Crypto Kanoon, a team of lawyers engaged in the virtual currency market, the nation’s apex court today (July 20, 2018), adjourned a hearing on the petition filed against the RBI ban to September 11, 2018.
**On today’s episode of The Cryptoverse:**
Ledger releases a Segwit update for it’s hardware wallet, I do a mini market roundup, AND Ethereum’s metropolis hardfork is scheduled for the end of September.
Learn how to make money with Bitcoin and cryptocurrencies at:
**Request a video topic here**
**Please Support The Cryptoverse And Boost Cryptocurrency Adoption By Becoming A Patron:**
**Tip Me With Crypto:**
**My Social Channels**