The Bitcoin price action throughout 2019 has not inspired that much market confidence. Even Tom Lee, a notorious Bitcoin bull, has grown concerned as to where this currency is headed next.
It is not uncommon for financial experts to weigh in on how markets might evolve in the coming years. Price prediction is not an accurate science by any means, but it can certainly lead to interesting discussions.
The Bitcoin Price Action isn’t Too Exciting
Tom Lee, an analyst for Fundstrat, has built up quite the reputation when it comes toBitcoin pricepredictions.
Although Lee had high hopes for Bitcoin this year and in 2020, he too has to revise those initial expectations.
In his recentupdate, Tom Lee confirms the Bitcoin price will not reach his predicted target in the allotted timeline.
Instead, he decided to drop his prediction to $25,000 per BTC by 2022, rather than $40,000 by late 2019. A very bearish, yet still bullish outlook for the world’s leading cryptocurrency.
This news comes at a time during which the Bitcoin price has shown more signs of weakness.
Despite hitting $10,000 earlier this year, the Bitcoin price remains on very wobbly legs.
Now that one of the biggest bulls is also lowering expectations, a further downward market spiral may very well occur during the remainder of 2019.
It is not the first time Lee decides to put his own Bitcoin price prediction in check as the year progresses.
Throughout the years, he has been wrong about the value of Bitcoin more often than not.
That is in line with most other experts weighing in on this matter, as volatile markets are impossible to predict.
Ethereum’s price action has been closely mirroring that of Bitcoin’s in recent times, which has made it prone to seeing heightened levels of selling pressure in spite of ETH’s multiple recent attempts to break above its long-established resistance level at $190.This selling pressure has sent ETH down to the lower-$180 region while also causing it to form some fresh resistance levels directly above its current price, which could send it reeling lower in the near-term.Ethereum Finds Support Around $180 as Bitcoin Begins ConsolidatingAt the time of writing, Ethereum is trading up over 2% at its current price of $183, which marks a slight climb from its recent lows of under $180 that were set yesterday.Ethereum’s ability to post a strong and swift bound after its brief drop below $180 signals that this is a strong short-term support level that will likely continue to hold so long as Bitcoin doesn’t incur any significant selling pressure in the near-term.Ethereum’s price action has been strikingly similar to Bitcoin’s over the past couple of days, and BTC is currently consolidating around $8,500, which appears to be its current support level that bulls are attempting to defend.Ethereum’s ability to stabilize within the lower-$180 region comes as it faces increasing on-chain volume, which surged over 30% in the past 24-hours.“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%),” TokenAnalyst, a popular analytics group, explained in a recent tweet.📢 24H #ETH Network Stats:💲 Price: $181.76 (-1.9%) 💵 $ETH On-Chain Volume: $324M (+32.3%) 👈 Active Senders: 209K (-6.1%) 👉 Active Recipients: 94K (-0.4%)Visit https://t.co/u90eafzR5J for more info— TokenAnalyst (@thetokenanalyst) November 16, 2019Near-Term Resistance Likely to Catalyze Further ETH LossesHornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum is currently pushing up against a fresh supply region that may force ETH back down to its support around $180.“$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now,” he said while pointing to the chart seen below.$ETH short idea2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open.Targeting the most recent swing low for now. pic.twitter.com/Dz9VJJDOjI— HornHairs 🌊 (@CryptoHornHairs) November 16, 2019In the near-term it is imperative that Bitcoin holds steady if ETH is to see any upside, as its close correlation with BTC could prove to be a bearish thing if the support that exists around $8,500 begins to fade as bears ramp up their selling pressure.Featured image from Shutterstock.Source
BCH/USD trades at the lowest price in the past 10 days. The coin swings in the strong selling zone and has no grounded support from the short-term moving averages.
Resistance levels: $292, $302, $312
Support levels: $240, $230, $220
BCHUSD – Daily Chart
Since the beginning of this week, most of the major coins of the crypto market have been recording losses for quite some time now. Similarly, the BCH/USD price is crashing down even harder as it currently trades at $264.58. The price trend of BCH coin is having more inversely trading red candles leading to loss-making investments.
Meanwhile, analyzing the daily movement of BCH/USD for the past 10 days, we see that the coin has started the month by trading at $282.77, after which it recorded two higher highs constantly. BCH/USD was unable to hold the volatility; the downtrend led the coin to trade at $264.58, recording a fall of 12% from the monthly high price mark of $306.33.
However, BCH/USD is changing hands at $264.58 and if the market price drops further, the coin could slump to the support levels of $240, $230 and $220, bringing the price to a new monthly low. Meanwhile, a strong buying pressure may push the price to the resistance level of $280. While trading at $290, a bullish continuation is likely to touch the $292, $302 and $312 resistance levels
The RSI of the coin is at 45.88 level and could move in sideways before deciding on the next direction.
Comparing with Bitcoin, BCH performance has been very low due to a recurring bearish sentiment which has caused the market to fall drastically. As the price falls, sellers are posing an additional threat for buyers to reach the support level of 0.0310 BTC where the nearest target is located. However, an eventual break below the lower side of the channel may cause the coin to collapse more.
BCHBTC – Daily Chart
However, for a positive upsurge, the 0.0334 BTC and 0.0344 BTC are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at the 00.0293 BTC and 0.0283 BTC before a possible slip to 0.0273 BTC. The trading volume is fading away while the stochastic RSI is entering into the oversold zone, waiting for buying pressure when the indicator faces up.
Please note:Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
MoneyGram International, Inc. (NASDAQ: MGI), one of the world’s largest money transfer companies, announced today that it is partnering with Wing (Cambodia) Limited Specialised Bank, Cambodia’s leading mobile banking service provider, to offer a new service that will allow customers to receive funds directly into their mobile wallets.
“With 80 percent of our online transactions being made on a mobile device, we are looking to provide even more options for our customers using our digital platforms,” said Alex Holmes, MoneyGram president and CEO. “Wing is at the forefront of mobile money and electronic payments, and this mobile wallet tool will serve as a valuable asset for the under-banked in Cambodia, allowing consumers to conveniently and reliably send money across digital boundaries from anywhere.”
Under this partnership, MoneyGram customers can remit and receive money conveniently via Wing Money mobile app. Customers also have the option to cash out using any of 7,000 WING cash Xpress outlets in Cambodia.
“It’s our commitment to provide every Cambodian with convenient access to mobile financial services relevant to, and for the improvement of, their daily lives,” said Manu Rajan, Chief Executive Officer of Wing. “Our partnership with MoneyGram has allowed us to increase our global presence and keep friends and family from around the world connected. MoneyGram is an innovative company and their omnichannel strategy helps give these customers more choice. This new service is just one more example of how we never stop working to provide the people of Cambodia with the best products and services possible.”
According to the National Bank of Cambodia, funds sent back into the country from Cambodian migrant workers totalled $1.4 billion in 2018. That number is expected to rise as money sent home from Cambodians working abroad provides an important source of income for families looking to pay their daily expenses, make investments and repay loans.
The two new co-heads of the Asian equity capital markets were both previously working at Citigroup. Chow was previously the co-head of greater China equity capital markets. According to his LinkedIn profile, he has been with the American bank for four years, joining in September of 2018.
Before he was working for Citi, Chow was a Managing Director at the Bank of America Merrill Lynch, where he worked for almost eight and a half years from May 2007 until September of 2015.
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Furtado, on the other hand, rejoined Citigroup more recently, having started in September of last year as a Managing Director working in the equity capital markets. He previously worked at the investment bank earlier in his career. Specifically, from January 2000 until April 2014 he was a Vice President at the firm.
During the gap between his two stints at the company, Furtado was first employed at Deutsche Bank for a two-year period as a Director. He then went on to work for Goldman Sachs for 12 years where he was the Co-Head of SE Asia Investment Banking.
Citigroup has momentum in Asia
In September of 2018, Citigroup introduced the Banking, Capital Markets and Advisory (BCMA) model, where the bank moved all of its banking and capital markets businesses into one unit. Since then, it has appointed leaders in those divisions in each region.
“We have excellent momentum across our banking franchise in Asia with involvement on several key transactions,” Citigroup’s Asia Pacific BCMA head Jan Metzger said.