The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CURATION. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Price ultimately fell well below this area into the .00000360 zone. REN/BTC 4-hour chart. Source: TradingView | The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
In this third installment of my Bitcoin Price Diary, I’ll revisit some open positions which are still in play and review a sizable trade on REN. I also have a position in Bitcoin (BTC) that is still largely open.
BTC price 1 hour chart – Tradingview.com
Bitcoin has spent the past two weeks consolidating just below the 200 day moving average. So far it has managed to cling to support above $8,000 but a big move could be coming soon so which way will it go next? Another day has seen Bitcoin bounce between $8,300 and $8,400 as the range bound channel begins to tighten up. According to Tradingview.com BTC is currently within this range at $8,340 since the big dump on Friday.
Several well-known cryptocurrency traders and analysts immediately expressed the same idea regarding the movement of Bitcoin price in their Twitter accounts. More than two weeks have passed since the Bitcoin price dropped from $9,600 to $8,300; BTC has settled itself in the $8,000- $8,600 corridor. However, the community is expecting the growth of main cryptocurrency and popular analysts agreed that the compressed fractal can signal that Bitcoin has reached the new bottom.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
On the recent Bitcoin price analysis, we had mentioned how critical is the 200-days moving average line for Bitcoin. Bitcoin couldn’t break-out to finally close above the line, which is seen by many traders as the boundary between Bear and Bull market conditions. Two days ago, we got another proof for this, as the breakout candle reaching $8,800 quickly turned back into a false one. Bitcoin Bears pushed the coin down to $8200 in what seems like another well planned price move.
One major player in the cryptocurrency market just withdrew 1,000 BTC ($8.3M) from Bitstamp to an external wallet. Is this a sign that Bitcoin is in a period of accumulation? The leading cryptocurrency has been holding steady around the $8,300 price point and seems to have proven wrong many of the bears who have been calling for a further breakdown below the $8,000 price level. Instead, Bitcoin has remained relatively stable and volatility is oddly low.
Another day has passed with very little activity on Bitcoin markets. The king of crypto continues to consolidate as its trading channel tightens up in anticipation of another big move. Technical indicators may give us a clue as to which direction BTC will take next. Weekends are usually pretty quiet for crypto trading and this Sunday has been no different so far. With very little activity during the Asian session, Bitcoin has remained range bound in the low $8,300 region. A brief move up to $8,400 yesterday could not produce any more momentum as the 50 hour moving average proved to be too strong a resistance level.
There’s never a dull moment in the blockchain and cryptocurrency industry, and this week has been no different. The week had it all, from blockchain startups raising funding to some major brands adopting blockchain technology. On the legal front, one company was forced to liquidation while the U.S. Securities and Exchange Commission (SEC) continued its trend of settling with crypto companies. And of course, the week wouldn’t have been complete without Facebook’s Libra grabbing a few headlines, but for the wrong reasons.
Source: LongHash | Dead Crypto Projects
Many crypto projects died a slow and painful death while a few of them were outright scams. Reports, however, suggested that the most common reason for the crypto projects falling into decay was either because these projects were abandoned or were scams [of which were some were orchestrated under the guise of initial coin offerings].
Almost 80% of XRP Ledger validators are not related to Ripple. The San Francisco startup has been working in order for the XRP Ledger to become more decentralized over time. Just seven of the 34 of the unicode node list (UNL) validators are owned by Ripple.
Nevertheless, things seem to be changing. According to the Validator Registry around 20% of the validators are related to Ripple. The remaining 80% of the nodes are run by third-party entities.
CNBC’s Fast Money trader and regular crypto commentator Brian Kelly has said Ethereum being a commodity is a “huge” win for the market and brushed off the setback on BTC exchange-traded funds (ETFs). While the U.S. Securities and Exchange Commission (SEC) put a damper on the crypto markets earlier in the week by denying the latest round of bitcoin ETF proposals, Kelly says that he is less concerned about the development.
Facebook’s crypto woes are deepening as more partners are jumping the Libra ship before it even sets sail. It appears that US senators are urging them to do so as letters to CEOs have been leaked online. Some say the government is stifling innovation while others agree the crypto project is just dangerous.
Analysts at the International Monetary Fund (IMF) are comparing current global financial conditions to the types of conditions that sparked the global financial crisis of 2008 – a crisis that stemmed from the US mortgage market. The report shows that US-induced vulnerabilities are still present, representing a widespread economic threat.