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Analyst: Bitcoin Price “Near Bull Market” as Long-Term Signals Remain Strong

Analyst: Bitcoin Price “Near Bull Market” as Long-Term Signals Remain Strong

For some reason or another, Bitcoin traders and investors have begun to fear the worst again. In fact, investors like hedge fund manager Mark Dow (who shorted the $20,000 BTC top of late-2017), have started to claim that the recent drop implies that the cryptocurrency market is on the verge of macro collapse.Their thesis: the rally from $3,000 to $14,000 from December 2018 to June 2019 was just an “echo bubble” of the previous market cycle, not anything more.Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart PatternDespite these assertions, a leading on-chain analytics-centric analyst claims that the “bull run is near” as a number of metrics suggest that Bitcoin’s long-term bull bias remains intact. Here’s more on that.Bitcoin Long-Term Bias Still LongPhilip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin, recently issued a 10-part thread, showing that Bitcoin’s price bias remains positive due to a confluence of factors.Firstly, Swift quipped that the cryptocurrency is holding above its 350-day simple moving average; this is important as the price moving and holding above this moving average “has always indicated the start of Bitcoin bull markets.”THREAD: $BTC: On-chain and market cycle update TL:DR – Bull market is close!— Philip Swift (@PositiveCrypto) December 5, 2019Secondly, he noted that Bitcoin’s Network Momentum indicator, which tracks the movement of coins to determine the usage of the network, has begun to trend higher, bouncing off bear market levels. This is something often seen six to 10 weeks prior to the beginning of a bull market, Swift remarked.And lastly, the Golden Ratio Multiplier, an equation that the analyst created to analyze the BTC price, implies that the cryptocurrency could see an explosive move to $12,000 to $13,000 by January of February. For some perspective, Bitcoin hitting $12,000, Swift’s low-end estimate, from current prices would require it to surge by some 65%, in three months’ time no less.Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is RiskyFundamentals AgreeThe fundamentals are also leaning positive, a top venture capitalist working in the industry has argued.Speaking to Bloomberg on Monday, Blockchain Capital’s Spencer Bogart remarked that the fundamentals are leaning in favor of bulls.One of Bogart’s first points conveyed to the Bloomberg audience is that Bitcoin remains a very useful network from a transactional standpoint, “processing $1 billion to $3 billion worth of transactions daily,” which is a far cry from when the cryptocurrency was deemed “a joke” just years ago.

Next, he looked to the growth in and adoption of a number of Bitcoin and cryptocurrency fiat on-ramps into the industry, specifically looking to the growth in his firm’s portfolio companies Coinbase and Kraken as a way to back his point.

Lastly, Bogart drew attention to a survey that his company ran earlier this year that was focused on gaining insight into the American public’s thoughts on Bitcoin as an investment. The survey indicated that a near-majority of under-35s believes that Bitcoin is a good technological innovation, will be used in the future, and would consider purchasing BTC in the near future.

Related Reading: Why Bloomberg Analysts Expect Bitcoin Price to Rally Past $10,000
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Litecoin Price Prediction: LTC/USD Breaks the Downtrend; Maintains the Price around $44

Litecoin Price Prediction: LTC/USD Breaks the Downtrend; Maintains the Price around $44

Last Updated on December 5, 2019

LTC Price Prediction – December 5

Litecoin maintains its price around $44 despite the 0.34% gain within the last 24 hours. The price may likely touch $46 as its next resistance.

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $40, $38, $36

LTCUSD – Daily Chart

LTC/USD is still trapped in an incredibly narrow trading range after a bullish rally failed to materialize. In fact, the cryptocurrency is trading in its tightest eleven days trading band since late last month year. An early day rally towards the $46 level failed to generate sustainable gains, with the LTC/USD pair soon slipping back under the $45 level.

The more the LTC/USD pair fails to recover from the current trading levels, the greater the chances that we will see cryptocurrency falling to a new multi-month trading low. A break below the $42 support level may provoke an even deeper decline towards the $40, $38 and $36 levels. Short-term technical analysis shows that the $44 and $43 levels are currently the strongest forms of technical support before the $41 level starts to come into focus.

Moreover, the daily chart highlights that the LTC/USD pair’s 9-day moving average, at the $46 level, is a key technical region which bulls need to break. The cryptocurrency’s 21-day moving average is located at the $50, $52 and $54 resistance levels, and a move above this key technical metric should encourage further LTC/USD buying.

Furthermore, the MACD for LTC is still in the negative zone, which still shows signs of weakness in the market.

Against BTC, looking at the price movement, we can see that Litecoin is significantly bearish on the daily price chart. Now that the price is falling, the sellers are posing more threat to the 6046 SAT support level where the nearest target lies. However, an eventual break may lead to the collapse of Litecoin.

LTCBTC – Daily Chart

However, a further bearish continuation will likely meet the major support at 5800 SAT before falling to 5700 SAT and 5600 SAT while the buyers may likely push the market to the critical potential resistance at 6400 SAT, 6500 SAT and 6600 SAT respectively. The stochastic RSI has remained inside the oversold territory. LTC will continue to drop if the sellers continue to release the pressure.

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.

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Bitcoin Cash Price Prediction: BCH/USD Remains Above $210 After Declining by More Than 0.89%

Bitcoin Cash Price Prediction: BCH/USD Remains Above $210 After Declining by More Than 0.89%

Last Updated on December 3, 2019

BCH Price Prediction – December 3

BCH/USD seems to have a support level at $210; gearing up for a rebound.

BCH/USD Market

Key Levels:

Resistance levels: $235, $245, $255

Support levels: $190, $180, $170

BCHUSD – Daily Chart

Since yesterday, Bitcoin Cash has been ranging between $212 to $224 levels and currently, the coin is aiming to trade above $215. Over the last two days, BCH/USD has gone through a substantial price fall. BCH coin was firmly above $223 when it opened on the last day of November, and it slipped below $221 before noon. Continuing the decline, the coin closed as low as $218.19. Yesterday, after touching a support level at $209, the Bitcoin Cash had shown a price escalation above $216.

Moreover, Bitcoin Cash has maintained a downward trend for the better part of today. Over the past few days, the highest recorded Bitcoin Cash (BCH) value was approximately $215 and it dropped almost suddenly in less than an hour to go below the $215 level. The market broke down today, reaching its lowest daily level at $211. The current performance of the coin in the market is below the normal expectations of traders and the coin could soon recover from these downtrends.

However, if the market drives below the $200 support, the BCH price may likely see support levels at $190, $180 and $170, bringing the price to a new low. Meanwhile, a strong buying pressure may take the price to $255 resistance. While trading at $255, a bullish continuation may likely reach the resistance levels of $235, $245 and $255. In other words, the RSI (14) is near 37 moving in the same direction.

Comparing with Bitcoin, the daily chart reveals that the traders are yet to show a strong commitment to buying in the market. Meanwhile, in as much as the bulls turn strong now, we may expect the market to skyrocket to the resistance levels of 0.0300 BTC and 0.0305 BTC.

BCHBTC – Daily Chart

In addition, the 0.0280 BTC and 0.0275 BTC levels may likely produce support for the market should in case the buyers couldn’t push the price to the north. The BCH/BTC pair may continue to remain in a downward range while the MACD signal lines are already on the negative side.

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.

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Blockchain State of Affairs in Europe: Part Two

Blockchain State of Affairs in Europe: Part Two

This is part two of a three-part series of articles about the state of blockchain/distributed ledger technology (DLT) in Europe. The series covers the blockchain scene in some of the most important European nations. I would like to thank PR firm Wachsman for sharing with me the facts & figures and the commentaries present in this series. Part one may be read here.

European British overseas territory Gibraltar and the country of the Republic of Ireland both have a flourishing blockchain space. Below, we’ll be taking a look at their DLT sectors.

Gibraltar

Blockchain State of Affairs in Europe: Part Two

Europort Avenue, Gibraltar. Just across the road from Morrisons (2009). The Gibraltar Stock Exchange is located at Suite 741A
Europort, GSX11 1AA.

To regulate its blockchain sector, Gibraltar has employed a principles-based approach that is built around a core framework of nine principles. The British territory, which has almost complete internal self-governance through a parliament, also offers enough flexibility for DLT projects to succeed. The value-based, industry-informed framework of Gibraltar exemplifies vision and drive functioning autonomously, in which watchdogs and firms work together to deal with sector inefficiencies, fast-track extended processes and enhance citizens’ lives.

Main initiatives of the government of Gibraltar include the introduction of a custom-made blockchain framework in January 2018 and the formation of the New Technologies in Education (NTiE) group. With the framework’s introduction, Gibraltar became the world’s first jurisdiction to introduce such a system. The NTiE group, which signifies a team effort between the government of Gibraltar, the University of Gibraltar and some of the top new technology corporations based in the jurisdiction, is aimed at developing new technology-related education courses about DLT.

Gibraltar Minister for Commerce Hon. Albert Isola M.P. stated, “As the first jurisdiction in the world to introduce a purpose built Distributed-Ledger-Technology (DLT) framework in January 2018, Gibraltar has become home to a wide range of quality blockchain projects that want to be recognised as a licensed provider of DLT. Gibraltar’s supportive business environment and thriving blockchain community are two of the hallmarks of success for our wider economy.”

He added, “As a jurisdiction, we have always prioritised educational development alongside regulatory advances. The launch of the New Technologies in Education (NTiE) group, represents a joint effort between the Gibraltar Government, the University of Gibraltar along with some of the leading new technology companies based in Gibraltar. The NTiE group is geared towards creating new technology-related education courses around blockchain, giving students the chance to broaden their knowledge of the intricate workings of blockchain applications.”

GSX (Gibraltar Stock Exchange) Group Limited founder and managing director Nick Cowan commented, “As a long time advocate for the incorporation of new technologies in financial services, I became convinced of blockchain’s potential to build a new exchange model fit for a new generation of traders and investors. However, the creation of a stable, supportive regulatory environment was always central to this aspiration. The purpose-built legislative framework for businesses that use blockchain or Distributed-Ledger-Technology (DLT) here in Gibraltar has been pivotal in the success of our Gibraltar Blockchain Exchange (GBX), which received its DLT license from the Gibraltar Financial Services Commission (GFSC) in November 2018. Strong engagement between businesses and regulators has helped direct the formation of regulation that provides flexibility for guidelines to evolve alongside the blockchain sector. The DLT regulatory framework continues to provide a road to market for quality projects using DLT.”

Ireland

The 12.5% corporation tax of Ireland has made it an attractive place for some of the biggest tech corporations in the world, including Apple, Google, Airbnb, LinkedIn and Twitter, who all have their EMEA headquarters located in the country. As a nation with a population of just under 5 million, Ireland has shown that it is able to punch above its weight and seal its place as a worldwide technology powerhouse. The country also hosts some of the most pioneering blockchain startups including multi-award-winning AID:Tech, which revolutionizes how governments, corporates and NGOs provide digital entitlements all over the globe.

The Irish department of finance’s Mai Santamaria said, “Ireland has positioned itself as a leading destination for tech enterprise and research, and has the potential to be a centre of excellence for blockchain and distributed ledger technology. In addition to the growing number of companies using the technology here, the Government has taken several steps to encourage innovation in this sector. Some highlights include, the creation of a €500m Disruptive Technologies Innovation Fund; recently hosting a blockchain hackathon to identify public services business problems that can be solved using blockchain technology; and the founding of BlockchainIreland, a combined effort of Government and Irish-based companies, led by the IDA’s Blockchain Expert Group, to help promote and share information on blockchain in Ireland. Blockchain technologies have the potential to create great economic, social, and technological value and, where possible, Ireland aims to capitalise on this potential.”

The third & final part of this series will review the blockchain scenario in the Netherlands and Switzerland.

Image credit – Paul  (Source)  (CC BY-SA 2.0)

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Ripple Price Prediction: New Month Low May Come to Play as XRP/USD Drops Below $0.230

Ripple Price Prediction: New Month Low May Come to Play as XRP/USD Drops Below $0.230

Last Updated on December 1, 2019

XRP Price Prediction – December 1

Currently, the Ripple price is following a downward movement, trading below the $0.230 resistance level.

XRP/USD Market

Key Levels:

Resistance levels: $0.240, $0.245, $0.250

Support levels: $0.200, $0.195, $0.190

XRPUSD – Daily Chart

XRP/USD price is slowly declining below the key supports as the price might revisit the $0.210 support before it could start a fresh increase for the new month. Notwithstanding, after struggling to stay above $0.228, XRP/USD started a slow and steady decline. The coin traded below the key $0.225 support level to move into a short term bearish zone.

Moreover, the pair is currently changing hands at $0.221 and as the coin is already trading below the 21-day moving average, any attempt to make it close below the 9-day moving average, this may open the doors for more downsides and the price could spike below the $0.215 support level.  However, we should keep an eye on the $0.230 and $0.235 before creating a new bullish trend at the resistance levels of $0.240, $0.245 and $0.250.

Furthermore, we may experience a quick buy once the trade reaches the support at $0.230. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest $0.210 and could further drop to $0.200, $0.195 and $0.190 support levels respectively. Meanwhile, the MACD indicator is extremely on the negative side. If the price moves downward, XRP may definitely fall more.

Comparing with Bitcoin, Ripple (XRP) is demonstrating some positive signs within the descending channel and trading below the 9-day and 21-day moving averages. More so, the buyers are trying to push the price towards the moving averages and the bullish continuation may likely take it to the resistance levels of 3150 SAT and 3250 SAT respectively.

XRPBTC – Daily Chart

However, looking at the daily chart, should in case the bulls failed to push the price to the north, then the bears may likely step back into the market and bring the price below the channel to the nearest support levels at 2850 SAT and 2800 SAT. Meanwhile, the RSI (14) moves above level 40, which indicates that the bullish movement may continue.

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.

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Despite 15% Bounce, Bitcoin Price Still Bearish on Weekly: Analyst

Despite 15% Bounce, Bitcoin Price Still Bearish on Weekly: Analyst

After hitting $6,600, Bitcoin (BTC) saw a strong price bounce, returning to $7,800 just yesterday. Though, analysts have asserted that the cryptocurrency market remains in a weak state, despite the nearly 20% recovery that has been seen over the past week.Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”Bitcoin Looking Weak on WeeklyPopular trader NebraskanGooner recently noted that Bitcoin’s weekly chart looks bearish, again in spite of the fact that a recovery was seen after the strong move lower. The analyst specifically remarked that BTC failed to break the key 99-week simple moving average and a horizontal zone of resistance, before adding that the “increased buyer volume” narrative is a clear misnomer and that the on-balance volume indicator saw a bearish retest.#BitcoinWeekly looks bearishLogically one more slight lower low is psychological pain to a lot of people. Plenty of “break even” and “just below last wick” stop losses to hitI expect slow bleed. Lots of dip buying and being stopped out. Then a fast dip with rapid absorption pic.twitter.com/2IyJmwMj0T— NebraskanGooner📈 (@nebraskangooner) November 30, 2019With that in mind, the cryptocurrency trader remarked that he expects for Bitcoin to see a “slow bleed” lower, which will be marked by investors trying to buy the dip and then being stopped out, then a “fast dip with rapid absorption” in the $6,000s.Fractal Also Suggests Pain to ComeThat’s not all. Per previous reports from NewsBTC previously, Nebraskan recently observed that a bearish fractal, when the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset, is playing out for Bitcoin.Nebraskan’s fractal has been extremely accurate over the past few weeks. In fact, it predicted Bitcoin’s dramatic price drop to $6,600 weeks before it took place, and the subsequent recovery to nearly $8,000 seen over the past few days.#bitcoinThe all knowing fractal says the top is likely in for now.Trend line breakdown retest looks completed.$6,300 incoming?Will be interesting to see if this continues to play out. pic.twitter.com/Bs1xQHZdoV— NebraskanGooner📈 (@nebraskangooner) November 29, 2019The same fractal, which is an overlay of one of Bitcoin’s previous market cycles, suggests that Bitcoin’s trend line breakdown retest, implies that BTC has found a local top at $7,800. Should the fractal continue to play out, BTC will head towards the $6,200-$6,300 region in the coming two-odd weeks, which would mark a drop of 20%.Fundamentals may support this. UpBit, earlier this week, was hacked for $50 million worth of Ethereum, leading some to suggest that selling pressure from this event will depress the cryptocurrency market in the coming weeks. There has been also talk of how operators of the PlusToken cryptocurrency scam could be dumping 1,000s of Bitcoin a day, leading to a natural downtrend in price.Related Reading: Make or Break: Bitcoin Price Closing In On Key Monthly Support LevelFeatured Image from ShutterstockSource