Anticipation had run high as $11,000 approached, analysts rating chances for a definitive upward trend to recommence.
“I wanted to see it over $10,800 and it did close, short term bullish,” regular trader Josh Rager summarized in his most recent update on Monday.
He added that BTC/USD remains under its weekly opening level from two weeks previously, an area which will now act as resistance.
Meanwhile, another fellow market analyst and trader, Filb Filb, was more buoyant, telling followers of his dedicated Telegram channel about the possibility of a break to $11,400.
- Bitcoin has created a rising wedge pattern on the 4-hour chart. A wedge breakdown, if confirmed, could yield a drop to levels below $10,000.
- Bitcoin’s recent recovery from $9,467 lacked high-volume support, so a rising wedge breakdown looks likely. The weekly chart is also flashing bearish signals.
- A high-volume move above $11,000 would invalidate the bearish case and allow a rise to $11,500. A weekly close (Sunday, UTC) above $12,000 is needed for a full bullish revival.
According to a CNN interview, Cameron stated that Libra represents a step towards mass adoption of cryptocurrency, highlighting:
“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”
It is yet unknown if Gemini will join the Libra Association, but the Winklevoss’s active involvement in the promotion of crypto and crypto –regulation could make them a prime candidate for Facebook.
Analyst, The Crytpomist is not alone with bearish sentiments. Trader CryptoISO, believes a move to the $11,200 – $11,300 would be the “ultimate fake out and long trap.” This also looks “eerily” similar to the run though $11,800 into $12,200-$12,300 bull trap, he said.
“Everyone was talking about that 11.8k level just like everyone is talking about this current level at 10.8k.”
Market trader and analyst, Benjamin Blunts shares similar sentiments as he is still bearish and stands firm on his call for $7,000.
“Steep upper parameters and prominent lower highs indicate bulls are failing to win the fight,” Blunts said.
If Bitcoin is to realize gains in the coming sessions, it must defend the short-term support at $10,600. A break above $11,000 will encourage the buyers to increase their positions and propel Bitcoin to higher levels. On the flipside, if the reversal continues and the support at $10,200 is broken, the chances of Bitcoin trimming gains to $9,000 will be immense.
The dip has seen Bitcoin drop to trade slightly below $10,700 after hitting a high of just over $10,700. For Ethereum, this has seen the asset slip below $200. The asset is likely going to flirt with this position for some time as it looks for a higher resistance above it and support above it.
At the time of press, ETH is trading for $197. This is still a much higher position from its lows of $180 by the end of last week. For XRP, today’s dip has hit it a little harder than the two larger cryptocurrencies. XRP was recording a drop of nearly 4% at the start of the day, seeing it slip to the $0.27 range.
The company’s Bakkt exchange will offer the contracts and hold the cryptocurrency. The futures contracts are all certified by the US Commodity Futures Trading Commission.
This announcement pushed Bitcoin even further into the institutional investing sector, that in times before wasn’t really eager, mostly because of its volatility and absence of major government regulation that kept the coin from keeping Wall Street interested.
Blockchain projects in South Korea are increasingly moving away from domestic token issuances in search of deeper markets for their cryptocurrencies. As per a report from Business Korea, August 19, 2019, the number of projects choosing to list overseas are increasing as global exchanges and launchpads open themselves up with Korean Won money markets. The likes of Binance Launchpad are showing great interest in Korean projects, and this trend seems to be just beginning.
A recent run-up in the bitcoin price has been credited to a string of events: the US-China trade war, determined monetary easing by central banks, price manipulation via Tether’s stablecoin USDT, Facebook’s plans to launch its cryptocurrency, as well as a weakening Renminbi. But another factor may be lifting bitcoin as well: altcoins.
“Let’s also remember that a recession is defined as two consecutive quarters of negative GDP growth. So far we haven’t even had one. The last quarter came in at a weak 1.9%, but the average during the Trump administration has been 2.7%. So let’s not get ahead of ourselves talking about recessions. An inverted yield curve is a signal only, and just one of many.”
This gives Bitfinex and Tether 90 days more in order to give all the needed documents for the ongoing investigation. Just for reminder, New York Attorney General’s office (NYAG) filed for an injunction in April after accusing Bitfinex of hiding the loss of $850 million held by a payment processor Crypto Capital.
Mark Mobius, the veteran investor, predicts that interest in gold is about to surge over central banks’ promises to cut down rates. This will result in another wave of money printing, he believes.
Bloomberg provides details of the interview in its recent article. Mobius also bashes Bitcoin without realizing that many investors would prefer to buy BTC instead of traditional gold.
“We are 100 percent committed to making sure that content on RPAN stays safe and Safe for Work,” the blog post reads. “We will be watching RPAN broadcasts very closely.”
A test launch of the Reddit open-access network will take place from today to August 23. More detailed information about the criteria and rules for selecting content can be found on the official website of the company.
코인데스크코리아와 부산광역시는 오는 9월3일 해운대 파크 하얏트 호텔에서 디지털 자산 거래소 박람회 ‘DAXPO2019’를 연다. 각 분야 전문가들을 초청해 다양한 관점에서 디지털 자산 생태계가 맞이한 새로운 국면을 진단할 예정이다.
블록체인 기술과 산업에 전문성을 인정받는 미디어 5사가 공동으로 아시아 최대 규모 블록체인 컨퍼런스 ‘코리아블록체인위크 2019(KBW2019)’를 오는 9월 27일부터 10월 4일까지 개최한다.
9월30일부터 10월1일 양일간 그랜드 인터컨티넨탈 서울 퍄르나스에서 팩트블록의 ‘코리아블록체인위크(KBW) 2019’ 주간(9월27일~10월4일) 중 메인 행사로 열리는 디파인 컨퍼런스에는 국내외 주요 기업들과 블록체인 프로젝트들이 대거 참여할 예정이다.