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The range is defined by the resistance at $10,400 and the possible lower support zones at $9,500 and $9,800. If the price can’t break the $10,400 area then it will then likely pull back to retest this area.
Such a test would also mean that the price is going to consolidate for a while. Consolidation at this level would imply re-accumulation before the continuation of the upward trend.
If the price of Bitcoin can break through $10,400, the next resistances are found at $10,900 and $11,600-11,900 where there is also an open CME gap.
Bitcoin saw some massive upwards momentum today that came about after the cryptocurrency dipped as low as $9,700 yesterday, leading the aggregated crypto market to similarly see some downside.
Although the break below $10,000 led many investors and analysts alike to grow incredibly bearish on the cryptocurrency, today’s violent rally back into the five-figure region seems to suggest that this may have been a bear trap.
Blockchain analytics firm Glassnode recently noted that cryptocurrency exchanges haven’t seen an upsurge in new deposits after the Bitcoin (BTC) price jumped to $10,000. Hence, there is a good chance that the biggest coin is yet to reach the top of its rally.
Ether will face more volatility than bitcoin over the next six months, according to how options have been priced in recent weeks.
The spread between the six-month, at-the-money implied volatility for ether (ETH) and bitcoin (BTC) has increased to a six-month high of 22 percentage points, notes crypto-derivatives analytics firm Skew.
The recent spike in the ETH-BTC six-month implied volatility spread shows investors are expecting bigger percentage moves in ether (in either direction) than in bitcoin over the next 180 days.
Bitcoin price started by gaining considerably. A few days ago, the flagship token surged past the $10,000 level before correcting to settle in the upper $9,000s levels. That dip has made some commentators predict that the price will drop below the current yearly lows.
But, the author of the most popularly-cited BTC price prediction models, PlanB, disagrees entirely with this prediction. Earlier on February 10, the analyst published an update of their price prediction for the coming several years. There is nothing bearish about it looking at that prediction.
There are some companies like World Markets that have built trading bots based on artificial intelligence (AI). These bots imitate the thinking of a financial analyst who collects and processes data. Artificial intelligence enables the bot to learn about the bitcoin market and all of its history, related news, social media, exchange indicators and more, helping it to understand the global market trends and adjust buy/sell orders following optimized and updated data.
Google Cloud has revealed that it is working closely with Hedera Hashgraph, according to an announcement published by the division on Tuesday, Feb. 11.
According to Allen Day, developer advocate at Google Cloud, Hedera has been using the Google Cloud Platform internally since it began to develop its distributed ledger platform. But, from this point on, Hedera will use GCP as its preferred cloud services provider. Day explains:
The crypto and blockchain space has been exponentially expanding, and it’s no longer uncommon for various blockchain projects to join forces in a bid to create a more effective and useful product.
Even more so, banks’ interest in the blockchain technology seems to be taking root fast. JP Morgan Chase is one of the major banks to announce the intent to create a blockchain-based banking solution.
Huobi cryptocurrency exchange is now a member of the Klaytn blockchain governance council. The exchange, along with the 27 other member enterprises of the council, including LG Electronics, will be responsible for the smooth running of the network, to provide users with accessible blockchain-based solutions and promote Klaytn adoption globally, according to a press release on February 10, 2020.
The market capitalisation of Bitcoin (BTC) has been in a marked downtrend versus other digital assets for most of 2020. In fact, the leading cryptocurrency actually lost market share to the rest of the industry for the last 11 days.
Bitcoin dominance was as high as 68.35 percent at the beginning of 2020. It has since slumped to just a 63.39 percent share of the wider crypto asset market.
The bulls are yet to trade above the $0.2879 overhead resistance. XRP formed a bearish double top pattern while attempting to break the overhead resistance. The pattern is showing a downward movement of Ripple. Each time the bulls test the resistance, the price will fall exactly to $0.27040 low. One important thing to note is that a break above $0.28 resistance will push XRP over $0.31.
Ethereum has been caught within what can be characterized as a “moonshot” rally over the past several days and weeks, with its intense bullishness being even further bolstered by Bitcoin’s rapid rise past $10,000.
This intense upwards rally has allowed Ethereum to be one of the top performing cryptocurrencies over the past several days, and it doesn’t seem like it’s showing any signs of slowing down anytime soon.
Foster also worried that if the Federal government doesn’t react and issue a plan for a digital currency quickly, potential competitors like China could roll out CBDCs and gain an upper hand. He specifically cited China’s plan to implement the digital Yuan among countries involved in its Belt and Road initiative, it could jeopardize the dollar’s world reserve currency status.