After the recent surge in price by BTC, other crypto currencies are making positive moves after attaining a bullish break. Binance Coin, NEO, Bitcoin SV are making positive moves except for Stellar and IOTA.

The selling pressures are being exhausted as the bulls take control of the price. The bullish market can equally be sustained if buyers are introduced at the demand zones.

BNB/USD Major trend: Bullish

On October 24, the BNB price finally broke the resistance line of the descending channel which indicates a positive sign. This may signal the end of the downtrend if the bulls sustain the price above the channel. The market is above the 40% range of the daily stochastic indicator which means that price is in a bullish momentum. Nevertheless, from the price action, if the bulls break above the previous highs of $20 and $24 price levels, the pair will be out of the downtrend zone.

NEO/USD Major trend: Bullish

The NEO/USD pair has made a more positive move than Binance Coin as the bulls took control of price. The coin will be out of the downtrend zone if it overcomes the resistance levels of $10 and $ 12. The market is approaching the overbought region of the Relative Strength Index period 14 level70. In other words, the market is in the bullish trend zone. The Fibonacci tool confirms that the market will reverse at the 1.272 extension level because a bullish candle body tested the 0.786 retracement level.

XLM/USD Major trend: Ranging

In October, Stellar has been consolidating above the $0.060 support level after the last bearish impulse. The bulls and the bears are undecided about the direction of the market for the past month. The 12-day and 26-day EMAs are trending horizontally indicating that price is in a sideways movement. According to the Fibonacci tool, Stellar may as well reverse at the 1.272 extension level.

BSV/USD Major trend: Bullish

Bitcoin SV is making another positive move as the price breaks the bearish trend line and reaches the previous highs. Presently, it is facing resistance at the $150 price level. The coin is in the bullish trend zone. Nevertheless, if the price continues its upward move, and the $150 and $175 resistance levels are broken, the coin will attain a previous high of $250 supply zone. The market is trading in the overbought region of the Relative Strength Index period 14 levels 69.

IOTA/USD Major trend: Ranging

In October, the IOTA/USD pair has been consolidating in a tight range. The market fluctuates between the levels of $0.25 and $0.28. This consolidation in a tight range was as a result of the failure of the bulls to break the $0.30 resistance level. Likewise, the bears were unable to break below the $0.25 support level. Meanwhile, the Fibonacci tool indicates that IOTA is likely to fall to the 1.272 extension level. The Relative Strength Index period 14 level 47 explains that IOTA is in a sideways move.

 

Oct 28, 2019 at 09:41 // NEWSAuthor

Coin Ido

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Consolidating Gains, Bulls Eyeing Fresh Increase

• Bitcoin price is currently consolidating above the key $9,000 support area against the US Dollar.

• The price is struggling to gain bullish momentum above the $9,600 and $9,720 resistance levels.

• There is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The price must climb above $9,600 and gain pace above $9,720 to continue higher in the near term.

Bitcoin price is likely setting up for the next major break against the US Dollar. BTC remains well supported above $9,000 and it could climb higher towards $10,000.

Bitcoin Price Analysis

Recently, bitcoin price climbed towards the $10,000 resistance area against the US Dollar. However, BTC failed to continue higher and formed a high near the $9,935 level.

Later, there was a fresh decline below the $9,600 and $9,500 support levels. The price traded close to the $9,100 support area and remained well bid above the 100 hourly simple moving average. The recent low was near $9,194 and the price is currently climbing steadily.

There was a break above the 23.6% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low. At the outset, bitcoin is testing the $9,500 and $9,550 resistance levels. Additionally, there is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair.

More importantly, the 50% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low is acting as a hurdle for the bulls. Therefore, an upside break above the $9,550 and $9,600 levels is needed for a fresh increase.

The next major resistance is near the $9,720 level, above which the price could rise steadily towards the $10,000 resistance area. If the price accelerates above $10,000, it could revisit the $10,500 zone.

Conversely, if the price fails to break the $9,550 and $9,600 resistance levels, there could be another downward move. An immediate support is near the $9,200 area. Having said that, the main support is near the $9,000 level and the 100 hourly SMA.

Looking at the chart, bitcoin seems to be consolidating nicely above the $9,000 and $9,200 levels. As long as there is no close below the 100 hourly SMA, there are chances of a fresh increase towards the $10,000 and $10,200 levels in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher and it is currently near the 50 level.

Major Support Levels – $9,200 followed by $9,000.

Major Resistance Levels – $9,550, $9,600 and $9,720.

 

Aayush Jindal

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Steadies Uptrend But Another Correction Likely

• Bitcoin price is gaining bullish momentum and is trading above $9,500 against the US Dollar.

• The price is facing a strong resistance on the upside near the $9,820 and $9,850 levels.

• There is a crucial bullish trend line forming with support near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The price could correct in the short term towards $9,200 before another rally.

Bitcoin price is trading in a steady uptrend above $9,000 and $9,200 against the US Dollar. BTC is likely to climb steadily with a few downward moves.

Bitcoin Price Analysis

This past week, there was a sharp rally in bitcoin above the $7,500 and $8,000 resistances against the US Dollar. BTC even surged above the $9,500 and $10,000 levels before correcting lower.

Later, the price corrected below the $9,500 support and the $9,000 pivot zone. However, the decline was contained below $9,000 and the price remained well above the 100 hourly simple moving average.

A low was formed near $8,896 and bitcoin started a fresh increase. It broke the $9,000 and $9,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward correction from the $10,578 high to $8,896 low.

However, the price seems to be facing a strong resistance near $9,850 and $9,900. Besides, the 61.8% Fib retracement level of the downward correction from the $10,578 high to $8,896 low prevented any further upsides.

At the moment, the price is declining and is moving towards the $9,500 support. More importantly, there is a crucial bullish trend line forming with support near $9,500 on the hourly chart of the BTC/USD pair.

If there is a downside break below the trend line, the price could extend its downward correction towards the $9,200 level. Any further losses may perhaps push bitcoin price towards the $8,750 support area.

Conversely, if the price continues to climb higher, it could climb above the $9,850 and $9,900 resistance. The main hurdle is near the $10,000 level, above which the price is likely to climb towards $10,500.

Looking at the chart, bitcoin is showing a lot of positive signs above the $9,500 and $9,200 levels. However, there are a few chances of anther downward move towards $9,200 or $9,000 to complete the correction. Once the price completes the current correction, it is likely to surge above $10,000 or even $10,500.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower and it might test the 50 level.

Major Support Levels – $9,500 followed by $9,200.

Major Resistance Levels – $9,850, $9,900 and $10,000.

 

 

Aayush Jindal

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Weekly Forecast – Is This Real Bullish Break?

• There was a strong rise in bitcoin price from above $8,000 and $9,000 against the US Dollar.

• The price even spiked above the $10,000 resistance, but it failed to hold gains and declined.

• There is a short term bullish trend line forming with support near $9,080 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The price could bounce back as long as it is trading above the $8,600 and $8,500 support levels.

Bitcoin price is trimming gains after a sharp rally against the US Dollar. BTC must stay above $8,500 to start a fresh increase. If not, it could dive back to $8,000.

Bitcoin Price Weekly Analysis (BTC)

In the past two days, there were heavy swing moves in BTC from the $7,500 support against the US Dollar. The BTC/USD pair rallied more than 20% and broke many hurdles near $8,500 and $9,000.

Moreover, there was a close above the $8,500 resistance area and the 100 simple moving average (4-hours). Finally, the price rallied above the $10,000 resistance and traded close to the $10,600 resistance area.

However, the bulls failed to remain in control and a top was formed near $10,591. Later, there was a strong downside correction below the $10,000 level. The price traded below the 23.6% Fib retracement level of the rally from the $7,425 swing low to $10,591 high.

Besides, the price traded below $9,500 and tested the $9,000 support area. Besides, it seems like the 50% Fib retracement level of the rally from the $7,425 swing low to $10,591 high is currently acting as a strong support.

More importantly, there is a short term bullish trend line forming with support near $9,080 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line and $9,000, bitcoin price could test the next major support near the $8,600 area.

The $8,600 and $8,500 levels are crucial supports since they acted as hurdles previously. Additionally, the 61.8% Fib retracement level of the rally from the $7,425 swing low to $10,591 high might also provide support.

Therefore, the $8,500 support is likely to act as a major support. If the price fails to stay above $8,500, it could move back into a downtrend.

Looking at the chart, bitcoin price is clearly trimming gains and approaching a few key supports near $9,000 and $8,600. If it fails to stay above $8,500, the recent rally could completely reverse in the coming days.
 

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower and is close to the 50 level.

Major Support Level – $8,500

Major Resistance Level – $9,500

 

Aayush Jindal

David – http://markethive.com/david-ogden

Traders Beware Indicator Signals Massive Bitcoin Volatility is Inbound

Bitcoin (BTC) has been caught in the throes of consolidation for the past several weeks and months, and it has failed to garner any momentum in either direction in the time since it plummeted below $10,000.

This period of consolidation may soon be coming to an end, however, as one technical indicator is elucidating that a massive movement may be imminent, and one analyst believes that Facebook’s Libra may play a role in BTC’s future volatility.

Bitcoin Consolidates as Bulls and Bears Remain Deadlocked

At the time of writing, Bitcoin is trading down marginally at its current price of $8,250, and its buyers have failed to significantly extend the upwards momentum that it incurred in the time since it visited $7,900 late last week.

Bitcoin has been caught in a relatively tight trading range between roughly $7,800 and $8,800, with significant support at the former price and strong resistance at the latter price.

It is important to note that this period of sideways trading has come about after Bitcoin’s massive drop from its previous support level at $10,000, and although the mid-term trend remains bearish, the noteworthy support that has been established at $7,800 may mark a long-term bottom for the cryptocurrency.

In a recent report on Bloomberg, it is noted that Bitcoin’s Trading Envelope indicator is currently at its narrowest since mid-September, which means that another massive movement may be imminent for the cryptocurrency.

“The gauge smooths moving averages to map out higher and lower limits and a similar narrowing last month preceded a drop of more than 12% for Bitcoin on Sept. 24,” the report explained.

Facebook’s Libra May Contribute to BTC Volatility

Detailed in the same report, Matt Maley, an equity strategist at Miller Tabak + Co., explained to Bloomberg that he believes the fate of Facebook’s Libra is currently contributing to BTC’s price action, and that the crypto will only be able to resume its standard market cycles ones the headwinds from Libra die down.

“As it becomes more and more obvious that the Libra thing is not going to take off – it’s going to be a long time before it becomes an important part of anything Facebook’s doing – as that becomes more obvious, the volatility will pick up again… This issue with what’s going on with Libra and Facebook is a definite headwind and it’s not going to go away.”

Although it does remain unclear as to whether or not Libra is truly having any significant influence on Bitcoin’s price action, as its fate grows increasingly clear, it may allow Bitcoin to regain control of the news cycle.

 

Cole Petersen

David – http://markethive.com/david-ogden

Institutional Longs on Bitcoin Price Grow as Bear Momentum Wanes

Despite the harrowing price drop seen in late September, institutions are expecting for the Bitcoin (BTC) price to soon head higher — at least for institutions involved in the Chicago Mercantile Exchange (CME) futures market.

Industry analytics provider Skew recently observed that long positions held by institutional accounts — pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers with institutional clients — have begun to rise again in October after nearly falling to zero BTC. Right now, this subset’s long holdings sit at just over 1,100 BTC.

Bitcoin Bull Case Gains Traction

The trend Skew observed comes as Bitcoin’s bull case has begun to grow once again. For instance, a partner at Bitazu Capital recently found that BTC’s price is nearing a bottom. He noted that a number of technical indicators suggest that the bear trend is about to reverse.

The fundamental side of the Bitcoin story is also gaining traction. On Friday, Abigail Johnson, chief executive of Fidelity Investments, told Financial Times that the firm’s cryptocurrency branch will finally be rolling out its Bitcoin and cryptocurrency custodial and trade execution services to all qualified accounts — institutional players.

Johnson also said that she believes that Bitcoin is not a mere trend and is instead here to stay:

“It’s not going away. As long as the value is there, people will look to preserve that value.”

Not In The Clear Just Yet

While the bull case for Bitcoin is growing, this market is not in the clear just yet.

Per previous reports from this very outlet, a “death cross,” which is when a short-term moving average crosses below a long-term moving average for an asset, is forming on the Bitcoin chart. Should this technical pattern come to fruition on Bitcoin’s chart, it will show that bears have control of this market. As a trader pointed out, the last BTC death cross, which was observed in 2018, marked the commencement of a long-term price correction.

Also, Peter Schiff, a prominent libertarian investor, has suggested that BTC’s price chart “looks horrible.”

Schiff, in fact, remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000,” which would imply a 25% drop from current levels if this move pans out. He even added that not only has Bitcoin fallen below a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”

 

Nick Chong

5 hours ago

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Weekly Forecast –  Vulnerable Below $8K-$8.2K

There was a steady decline in bitcoin price below the $8,200 support against the US Dollar.

The price is currently trading below $8,000 and it remains at a risk of more losses.

There is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The price must climb above $8,100 and $8,200 for bullish continuation in the near term.

Bitcoin price is showing bearish signs below $8,000 against the US Dollar. BTC could extend its decline below the $7,800 support area in the near term.
 

Bitcoin Price Weekly Analysis (BTC)

In the past few days, BTC followed a bearish path below the $8,400 and $8,250 levels against the US Dollar. The BTC/USD pair even settled below the $8,200 support and the 100 simple moving average (4-hours). Finally, there was a break below the $8,000 support and a new monthly low was formed near $7,822. The price is currently consolidating losses and is trading below the $8,000 support.

An immediate resistance is near the $8,000 level or the 23.6% Fib retracement level of the recent decline from the $8,475 swing high to $7,822 low. On the upside, there are many hurdles near the $8,100 and $8,200 levels. Moreover, there is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair.

Besides, the 50% Fib retracement level of the recent decline from the $8,475 swing high to $7,822 low is also near the $8,150 level. Finally, 100 simple moving average (4-hours) is positioned near the $8,200 level. Therefore, bitcoin price must surpass the $8,100 and $8,200 resistance levels to start a decent recovery. Additionally, a close above the $8,200 barrier and the 100 SMA is needed for more upsides.

On the downside, the key support is near the $7,800 level. If there is a downside break below the $7,800 support, the price could continue to decline in the near term. The next major support is near the $7,500 level, below which there is a risk of more losses towards $7,200.

Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $8,000 pivot level and the $8,200 resistance. Therefore, a convincing break above $8,000 and a follow through above $8,200 is required for a strong recovery. If not, the price is likely to test the $7,500 support area.
 

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving back into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and it could break the 40 level.

Major Support Level – $7,800

Major Resistance Level – $8,200

 

Aayush Jindal

 

David – http://markethive.com/david-ogden

Ripple CEO – Bitcoin or XRP will not replace any currencies for the time being

Brad Garlinghouse, CEO of Ripple, does not believe that Bitcoin, XRP or other cryptocurrencies will replace local currencies such as the dollar, the euro or the Chinese yuan. The environmental conditions were in his view not yet ready to be suitable for the "masses".

Garlinghouse describes in an interview to "The Economic Club of New York" that Bitcoin or XRP will not serve in the next period as a replacement for classic Fiat currencies. He sees the use cases for the practice mainly in cross-border payments justified, as crypto currencies in this area are clearly superior to traditional Fiat currencies.

He also states that in the near future, people will not pay for goods in the supermarket or services with digital assets (freely translated):

XRP, in my opinion, and really every crypto – I do not think the use case is a consumer use case today. I imagine a certain percentage of the people in this room stopped by Starbucks before they came this morning. And you had no problems paying.

You used your Visa card. Maybe you had dollars in your pocket, I do not know. But it worked. People will not adopt a new thing unless it helps you in some way.

Cryptocurrencies could be used in some third world countries that lack access to finance. Above all else, cryptocurrencies could solve the problem of the different valency of fiat currencies (freely translated):

There are markets that have already lost control of their currency where the transaction cost for a Visa transaction is not 150 basis points or 200 basis points. There are 800 basis points.

Garlinghouse sees in it, among other things, the current developments of Facebook's own project Libra justified. Facebook has portrayed Libra as a kind of fiat currency in its white paper, which of course is a thorn in the side of many governments worldwide. Nevertheless, the crypto payment platforms are growing worldwide, which ensure a steadily increasing adaptation of Bitcoin and Co. There are many apps, such as Flexa or Wirecard, that enable you to pay for goods or services in participating shops within a few clicks within the app.

Ripple is currently pushing ahead with the further adoption and expansion of XRP through partnerships with wallet provider BRD and startup Vega. This is intended to reach new users and develop markets. Although the Vega platform is currently still under construction, it offers access to the wholesale market, which is worth several trillion worldwide. Ripple seeks to be present in key markets early through smart investment decisions and has a strong network of affiliates. It remains to be seen whether XRP can compete with other rivals such as Stellar Lumens .

By

Marcel Knobloch

18th October 2019

David – http://markethive.com/david-ogden

Bitcoin and Cryptocurrencies Dominated by Sellers

In the last 24 hours, cryptocurrencies dropped 2.5% in market capitalization, moving this value to $216.05 billion with a 24H traded volume of $26.2 billion (+1.15%). ALGO (-6.39), Bitcoin SV (-6.3), Tron(-6.03)Litecoin (-5.03%) were the most sold cryptos. The exceptions were Monero (6.27%), Dodge Coin (5.73), and XEM (8%). The best performers among tokens were SNX (16.1%), and MOF (15.66%).

The Market capitalization chart shows that the heaviest selling happened at 06 p.m. on Monday and since then it has recovered slightly,

Market cap

Hot News

Market Capitalization

Telegram informed investors the launch of TON, its own cryptocurrency project, will be delayed, and thus, investors could get their funds back according to the original deal. Telegram wants to move the deadline from October 30 to April 30, 2020.

US Congressman Warren Davidson, a member of the US House of representatives from Ohio, said in an interview by Noded bitcoin Podcast that Facebook should adopt Bitcoin and drop their Libra project. He explained that Cash App was able to go unnoticed by merely integrating bitcoin into their platform instead of creating a brand new coin. He also suggests that Libra could be treated as security since it can be manipulated by a central authority.

Venezuelan president Nicolás Maduro stated its government is delivering a total of USD 543,700 in the oil-backed Petro cryptocurrency to each of the 23 states on a bimonthly basis. He also said that additional resources would be handed to local governments next month. This might the first time a government is officially founding its institutions using a state-run cryptocurrency.

 

Technical Analysis

Bitcoin

Bitcoin continued descending during the last 24 hours, and its price is now slightly below $8,000. The main drop happened before 6.pm. Then, the price made a timid recovery, although the current price action suggests more drops (lower highs and lower lows). The price continues moving below the -1SD Bollinger line and the MACD is in its bearish phase.

The levels to watch are:

Supports 4H Pivot Resistances

S3: $7,500 8,200 R3: $9,320

S2: $7,700 R2: $8,700

S1: $7,900 R1: $8,530

Ethereum

Ethereum followed a quite similar path to the Bitcoin. After breaking the triangular formation to the downside, the price kept moving down to touch $172 and then slightly bounce, as the price went to the oversold region. MACD continues being bearish, and the price moves below the -1SD Bollinger line.

Supports 4H pivot: Resistances

S3 $160 180 R3 202

S2 $167 R2 196

S1 $168 R1 186

Ripple

Ripple reached the corrective target we devised yesterday and is sitting on the ascending trendline and its 50-period moving average. MACD is still in it bearish phase, and although XRP did a modest correction compared to other cryptos, there is still a chance for more drops, as the price is below the -1SD Bollinger level and, as mentioned MACD still show selling pressure.

Supports Pivot: Resistances

S3 $0.24 $0.27 R3 $0.33

S2 $0.25 R2 $0.30

S1 $0.26 R1 $0.285

 

 

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Weekly Forecast – $8,300 Holds Key For Fresh Increase

• After a sharp increase, bitcoin price corrected lower sharply below $8,500 against the US Dollar.

• The price is currently consolidating above the key $8,300 support area.

• There was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The price must stay above the $8,300 and $8,250 support levels to start a fresh increase in the near term.

Bitcoin price is struggling to hold gains above $8,300 against the US Dollar. BTC needs to surpass the $8,500 and $8,550 resistance levels to continue higher.

Bitcoin Price Weekly Analysis (BTC)

This past week, BTC gained strong bullish momentum above the $8,300 and $8,350 resistances against the US Dollar. The BTC/USD pair climbed more than 5% and broke the $8,500 and $8,700 resistance levels. Moreover, there was a close above $8,500 and the 100 simple moving average (4-hours). A new monthly high was formed near the $8,934 level and later the price started a sharp downward move.

The price broke the $8,800 and $8,500 support levels. Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,763 low to $8,934 high. More importantly, there was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair. The pair even traded below the $8,350 support area.

At the moment, the price is consolidating losses above the $8,300 support area. It seems like there is a strong support forming near the $8,300 level and the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the upward move from the $7,763 low to $8,934 high is also near the $8,300. If there is a downside break below the $8,300 support area, bitcoin price could move back into a bearish zone.

The next key support area is near the $8,250 level, below which it could move towards the $8,000 level. On the upside, there is a major hurdle forming near the $8,500 and $8,550 levels. A convincing close above the $8,550 resistance area could set the tone for more upsides in the coming sessions.

Looking at the chart, bitcoin price is currently consolidating above the key $8,300 support area. As long as there is no daily close below $8,300, there are high chances of a fresh increase above the $8,500 resistance area in the near term.

 

Technical indicators

4 hours MACD – The MACD for BTC/USD is likely to move back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a positive angle.

Major Support Level – $8,300

Major Resistance Level – $8,500

 

Aayush Jindal

David – http://markethive.com/david-ogden