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In the past few hours, Bitcoin (BTC) price dropped 3.85%, losing $9,000 and pulling back to $8,835.
The abrupt downside move occurred after Bitcoin price rallied to $9,188, slightly above the $9,150 target many traders had suggested the asset would reach before attempting a more decisive move toward $9,300.
Jacob Canfield, a prominent analyst has pointed out three possible reasons why Bitcoin is currently bearish. Most analysts have pointed out that the bear market has been a result of a market sell-off following the outbreak of the Coronavirus epidemic.
Both charts have a defined trading range, a descending channel within the range, a rally out of that channel to another descending channel, and a range deviation with a static top. The only thing that the historical chart has that the current chart doesn’t is a downtrend to retest the bottom of the range.
This means that should this fractal play out in full, Bitcoin will trend lower over the next couple of days to trade at $8,400.
The currency fell from over $10,000 to the mid-$8,000 range within a week but has since begun springing to life again. While it has yet to recover fully, the currency has begun to advance into the low $9,000 range thanks, in part, to India’s removal of its two-year long crypto ban, and the implementation of a new digital currency law in South Korea that will potentially make crypto activity far more legitimate and mainstream.
- Bitcoin Price Bounces Off $8,550, Faces Resistance Above $9,000
- The Worst Bearish Scenarios So Far Avoided Drop to $5,000
After breaking above $9,000 and finding support, Bitcoin price is seeking direction again. But the leading asset must cross over the $9,500 resistance to initiate another bull rally, analysts state.
“As a nurse I am very concerned that not enough is being done to stop the spread of the coronavirus. I know because I am currently sick in quarantine after caring for a patient who tested positive.
I am awaiting permission from the federal government to allow for my testing even after my physician and county health professional ordered the test. The national CDC would not initiate the test.
They said they would not test me, because if I were wearing the recommended protective equipment, then I would not have the coronavirus.”
They further conclude only bitcoin is correlated to the GPR index of Caldara and Iacoviello (2018), an index that reflects the level of geopolitical risk by counting geopolitical events as reported in leading newspapers from around the globe.
Five cryptos were studied, including bitcoin, litecoin, ethereum, xrp and stellar. ETH they say is the least correlated.
“Regarding the cryptocurrencies under study, the most jumpy cryptocurrencies are Litecoin (80), Ripple (74), and Bitcoin (71), representing 3.38%, 3.26% and 3.00% of days.
Cryptocurrency trader “Smack” (SmackTrades on Twitter) on Saturday morning shared the below chart, showing that Ethereum is currently in the midst of crucial price action, with the price of the asset nearing a key downtrend.
The downtrend Smack depicted has constrained the cryptocurrency for two to three weeks now, marking the top of the mid-February rally, the subsequent retest just a week later, and the price action this morning — which saw ETH fail to break past the downtrend (now at $250) in a spectacular fashion.
At the time of writing, Tezos is trading down just under 1% at its current price of $3.07, which marks a slight decline from daily highs of $3.28.
Although the crypto has seen some downside over the past 24-hours, it is important to keep in mind that it is still trading up significantly from weekly lows of $2.55, with its price action seen throughout the past couple of days marking a consolidation phase.
In a recent Tweet, IOTA (MIOTA) co-founder David Sonstebo said that he’d be compensating the victims of the Trinity Wallet hack from his own cryptocurrency holdings. Sonstebo posted the Tweet on March 7, 2020.
The latter stage of last month wasn’t so good for the cryptocurrency market. Many coins including Bitcoin, the largest cryptocurrency saw reds, resulting in big losses for most of them. However, not all digital coins were hit with the wave of volatility and even those who did suffer losses are back on track trying to pick themselves up for the new month. Many cryptocurrencies are looking to seize the opportunity of a possible bull run in the crypto market this month, and this piece takes a specific look at three of such cryptocurrencies.
The world has been focused on the coronavirus outbreak that’s claimed 105,612 cases and 3,562 deaths to date. The pandemic has caused government leaders to react and central banks are breaking out tools from their arsenal of monetary easing schemes. The world’s central banks say the public health emergency and international concern over the global economy gives them reason to issue helicopter money, print fresh stimulus and cut interest rates significantly.
Over the past three or four days there has been wild talk in cryptocurrency regulation as India, France and South Korea all witnessed pro-crypto regulations set in place. The three countries are part of the five top countries making waves in blockchain and crypto regulation in 2020 so far.
The company even built a dedicated smartphone to cater to this particular community.
A new product by HTC was unveiled this week, which may have surprising benefits.
The company’s privacy-focused 5G router will undoubtedly be of great interest to a lot of users.
Its added benefit comes in the form of being able to run a Bitcoin node.