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The cryptocurrency markets are trading at significant long-term price areas, with BTC currently channeling between key levels from the 2017 bull run. In other market action, BCH and ETH have continued to consolidate above the $ 100 area.
Also Read: ETF Filed With SEC to Invest in Bitcoin Futures, Bonds, and Mutual Funds
For the last two months, BTC has established a price range corresponding to areas of long-term significance.
In the last 24 hours, the crypto market has slightly declined by $ 2 billion in valuation as the Bitcoin price fell by one percent. The decline in the value of major crypto assets in the likes of Ripple (XRP) and Ethereum (ETH) which recorded drops in the range of three to five percent prevented the market from continue recovering. From January 30 to January 31, the crypto market seemed to be rebounding as its valuation rose from $ 111 billion to $ 115 billion. But, in the past 12 hours, the valuation fell back to $ 112 billion, unable to sustain its momentum.
The cryptocurrency market has its very own long tail trend that sees the majority of all value flow to BTC, with altcoins left to fight for the scraps. With a $ 60 billion market cap and a dominance of 53 percent, BTC has ruled the market since day one. As altcoin investors endure the persistent pain of an ongoing bear market, they may be entitled to ask: is the long tail a long-term trend?
Also Read: Using Technical Indicators to Trade Crypto in 2019
Another bitcoin miner this week shut down its operations, though the news didn’t come as much of a shock. The latest closure, of U.S.-based Giga Watt which went bankrupt last year, follows a trend among large mining operations that stretches back years.
Also read: No Reason to ‘Bury’ Cryptocurrencies, Russian PM Medvedev Says
After declaring bankruptcy last year, Giga Watt, which launched in 2017, announced in a Telegram message that it would be ceasing all operations. “As was reported in November of 2018, Giga Watt voluntarily filed with the Bankruptcy Court seeking debt relief and reorganization,” the message read. It added:
Bitcoin price on Tuesday reached a session high on Coinbase at $ 3,586 but remained in the fears of a potential reversal action overall. Ahead of the US session so far, bitcoin’s opening and closing positions today have remained very close to one another, as indicated by the small candlestick. Called a Doji candlestick formation, this
The post Bull Gone: Bitcoin Price Forming Doji to Signal Potential Trend Reversal appeared first on CCN
Chinese-based cryptomining firm Bitmain is shutting down the operations of Bitmaintech Israel, its research and development (R&D) center in Ra’anana, Israel, according to reports from local news outlet Globes.
The R&D center, which produced Bitmain’s first Israeli mining pool ConnectBTC, was launched in 2016 to explore meaningful use cases of blockchain technology, as well as artificial intelligence for the company’s Sophon project.
As the market continues its bearish run, Bitmaintech will reportedly close down its operations and lay off 23 of its employees, including Gadi Glikberg, Bitmain’s vice president of international sales and marketing, who held a managing role at the center.
Mike Novogratz, Jim Breyer, and Tim Draper are some of many billionaire investors in the traditional financial market who remain optimistic towards the long-term trend of crypto. How are these investors able to maintain their positive stance in regards to the growth of the cryptocurrency sector following an 85 percent decline in valuation across the
The post Why Billionaire Investors Still Remain Positive on Long-Term Trend of Crypto appeared first on CCN
Over the past eight hours, the U.S. stock market demonstrated one of the most drastic trend reversals of 2018. Meanwhile, more than $ 16 billion was wiped out of the crypto market. Throughout the past 48 hours, the U.S. stock market and the Dow Jones seemed to be experiencing a steep decline in value, as the
The post US Stock Market Experiences Drastic Trend Reversal While Crypto Plunges appeared first on CCN
In the crypto bull market of late 2017, when tokens reached a valuation of tens of billions of dollars, blockchain networks comfortably surpassed the valuation of commercial companies in the cryptocurrency ecosystem. At the time, for venture capital investors, direct investments in digital assets and cryptocurrencies seemed substantially more profitable than early-stage funding rounds in
The post Crypto Startups More Valuable Than Blockchains — Can the Trend Change? appeared first on CCN
Bitcoin kicked off the week by erasing gains made during the weekend, falling 1 percent against the US Dollar. Bitcoin Relinquishes Hard-Fought Gains The BTC/USD pair stayed depressed despite an upside attempt, printing intraday lows near 6319-fiat against the high at 6384-fiat. The breakdown action in the European forex market helped the dollar establish its 16-month
The post Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend appeared first on CCN
Ethereum (ETH) is on the brink of a trend reversal. If we look at the candles on the ETH/USD weekly chart, the odds of a breakout do not appear very plausible. The 10 Week EMA is still quite far from the 21 Week EMA. The price is trading below the 5 Week EMA and has not been able to climb above it for the last 20 weeks. However, if we look at the technical indicators, we see something that we have not seen since the beginning of the correction. If we look at the blue and red lines on the MACD profile for the ETH/USD weekly chart, we can see that these lines have never been this close since the beginning of the correction.
Over the past 24 hours, the valuation of the crypto market has remained at $ 205 billion, mostly due to the stability of Bitcoin at $ 6,350. The gap between BTC/USDT (Tether) and BTC/USD has declined to around $ 50, with the Bitcoin-to-Tether pair being traded with a $ 50 premium. The announcement of Tether LLC’s new partner bank
The post Bear Biased Trend of Bitcoin: Weak Momentum Could Send BTC to $ 5,750 appeared first on CCN
Chart for ETH/USD (1D)
Ethereum (ETH) currently trades slightly above $ 200. Its price has now stabilized atop the trend line that has also served as a strong support. However, some institutional investors believe that Ethereum (ETH) is in the middle of a bear trend. This means that they expect the price to settle around $ 50 in order for this correction to be considered over. Looking at the ETH/USD daily chart above, we can clearly see that a bullish gartley pattern has just been completed. This is a very bullish development that should set the ground for a new bullish cycle. However, there are there are some factors that signal that further downside although unlikely is still very much possible.
Alex Winter’s new film, “Trust Machine: The Story of Blockchain,” is set for release in late October. The technology documentary is yet another movie chronicling the rise and influence of cryptocurrency and blockchain.
Alex Winter became well-known in the world of film after starring in two of the cult-classic “Bill & Ted” movies. In recent years, the British-American film director and actor has crafted a number of technological themed documentaries, including one about the infamous Napster file-sharing service.
In 2015, Bitcoinist covered the discussion surrounding Winter’s film “Deep Web.” The movie discussed about the case surrounding the Silk Road marketplace, opening up questions about digital criminality and the law.
Cardano (ADA) is trading at the lower half of the pitchfork on the ADA/BTC chart above. This means that the cryptocurrency has already completed its correction and formed a bottom. RSI conditions for ADA/BTC still show price action to be in downtrend even as it trades under oversold conditions. The VIX profile for the same ADA/BTC weekly chart also shows a strong sign of a bottom formation. The four consecutive green bars visible on the above chart confirm that Cardano (ADA) has formed a strong bottom and is now ready for a trend reversal.
Over the past 24 hours, Bitcoin has achieved a new yearly low volume, demonstrating a lack of momentum and strength to recover to the higher region of $ 6,000. On Coinmarketcap, the volume of Bitcoin fell to $ 3.1 billion while it fell to $ 1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume
The post Bitcoin Hits New Yearly Low Volume, Only Way to Reverse Trend is a Big Spike appeared first on CCN
Wall Street strategy firm Fundstrat Global Advisors is among the mainstream financial industry’s biggest long-term cryptocurrency bulls. However, the firm is advising clients to hold off on buying more bitcoin — at least for right now. Writing in a recent note to clients, Fundstrat technical strategist Robert Sluymer said that investors seeking to increase their
The post Bitcoin Price: Wait for Clear Bull Trend before Buying More Cryptocurrency appeared first on CCN
Ethereum (ETH) seems to have just broken its symmetrical triangle to the downside. This was expected as the price entered the triangle from the upside. Symmetrical triangle being a continuation pattern had a higher chance of breaking to the downside. The ETH/USD daily chart shows that it happened. Ethereum (ETH) began the day in red and soon broke below the triangle. Under normal conditions, this would be a strong sign of further downside to come.
Continue reading Ethereum (ETH): Final Shakeout Or Another Bear Trend? at Crypto Daily™.
The bullish trend isn’t going to be for at least a few more months, according to a technical expert from Fundstrat Global Advisors. He holds that time is needed for the market to recover the technical damage developed through the year.
At the time of writing this, Bitcoin (BTC) 00 marks a slight decrease of less than one percent for the last 24 hours. The market’s leader also managed to stand its ground for the last week as.
However, having peaked at around $ 7,400 earlier in September, the cryptocurrency trades about 13 percent below its monthly high.
Leading financial news outlet Bloomberg, which is well-regarded for both its fundamental and technical analysis across markets, believes that one technical chart indicates that a Bitcoin (BTC) bull run could be just around the corner. According to a recent article by Bloomberg, RIG trend lines, a technical indicator that analyzes the relative strength index (RSI) compared to the […]
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