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Bitcoin Price Prediction: The Bears Eye $8,000 as BTC/USD Price Holds $8,500 Support

Bitcoin Price Prediction: The Bears Eye $8,000 as BTC/USD Price Holds $8,500 Support

Last Updated on November 11, 2019

Bitcoin (BTC) Price Prediction – November 11

As of now, Bitcoin (BTC) is aiming to fall again, but the key support is becoming a threat to the bears.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $9,600, $9,800, $10,000

Support Levels: $8,000, $7, 800, $7,600

BTCUSD – Daily Chart

BTC/USD is moving inside a channel pattern on the daily chart. After falling from $9,354 to $8,761 support a few days ago, the coin saw a quick price jump above the 21-day MA and push the market to $9,036. More so, as the market opens today, the bear resume pressure as the price is now facing the $8,500 important support. Once this support breaks, the $8,000, $7,800 and $7,600 support may come into play.

In the opposite direction, if the critical support can continue to provide support for the market, we can expect the price to climb back to $9,200 and $9,400 resistance before we can see a rise above the channel formation to meet $9,600, $9,800 and $10,000 respectively. But as it stands now, BTC/USD is on a downward movement and there’s a high chance for a break than a bounce.

Furthermore, the $8,700 support has continued to bolster well against bearish pressure, but it seems the support is getting weak by the day with two break attempts for the past few weeks. If the price breaks on a third attempt, BTC may leave the critical support level after a significant drop. Meanwhile, the RSI (14) has dropped beneath the 50-level. A further drop may cause the Bitcoin price to fall seriously to the oversold zone.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

The Bitcoin price is currently moving around the $8,735 from where the price started falling today at $9,030. Looking at the chart, we can see that the bearish supply has been turning heavy in the market, but the bulls are trying to defend the $8,700 support as well. Meanwhile, the $8,500, $8,300 and $8,100 support levels may come into play if the coin breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, if the buyers can reinforce and power the market, we can expect a retest at the $9,000 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,200 and $9,400 on the upside. In other words, Bitcoin is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur as the stochastic RSI faces downtrend.

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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Novogratz Believes America Is Risking Being Left Behind In Cryptocurrency Arms Race

Novogratz Believes America Is Risking Being Left Behind In Cryptocurrency Arms Race

Last Updated on November 11, 2019

The crypto industry is growing by the day. While it’s easy to realize this for many people, others refuse to see it. China, in a “subtle” way, is currently at the forefront of the crypto industry while simultaneously rejecting involvement therein. Their American counterparts are still rolling around in a quagmire of regulatory uncertainty.

US Regulatory Mudpit

A large number of nations, predominantly Asian, have already gone to work in researching or developing their own form of cryptocurrency through their respective central banks. As these countries are furthering development, the US is going further and further away from it. Global innovation is being left behind as regulators flail about in their attempts to control it. If this trend goes on, the US will be left in the dust.

A Few Key Opinions

Michael Novogratz, hedge fund manager and founder of Galaxy Digital, gave his opinion about the matter yesterday. He warned that the USD would not stand up to the growing digital world. He warned that China was far more ahead in the fintech industry compared to the US, and their President publicly embraced blockchain just recently. He warns that the USD risks losing its reserve status should it not adapt and create a crypto USD as well.

Morgan Creek, Co-Founder of Anthony Pompliano, shared Novogratz’s opinion that the world was going digital. He stated that the future would lead to portfolios being completely digital. He stipulates that the investors will still hold the same asset allocations, but it will all be in digital format. Everything from bonds to stocks to commodities and currencies will be in a purely digital format. Creek reckons that such a move is simply a matter of time.

China At The Front

As part of the world throws itself into crypto and the other part pulls away from it, China is at the helm at the pro-crypto side. The country has had a rather strange relationship with how it operates concerning cryptocurrencies. For more than two years, the country has been trying to destroy cryptocurrencies within its borders. China has been head-first in the development of its own cryptocurrency as they were prosecuting it, however.

china crypto

All of this is coming to a head with President Xi Jinping urging his people to embrace blockchain technology just a few weeks ago. The statement caused Bitcoin (BTC) prices to skyrocket and subsequently mandated that Chinese media explain that blockchain and crypto were two different things (but not by much).

A Matter of Time

China is making new moves, however. The Chinese Media recently pushed out an article that explained Bitcoin to the general public. Along with that, they’ve officially stopped persecuting crypto mining operations as well as putting out cryptography legislation.

China has been working on its crypto for a long time now, and it seems like the Dragon is getting ready to launch the Digital Renminbi properly. The country’s new cryptography laws will be put in effect starting next year. The Chinese cryptocurrency will probably come in that year, maybe as soon as three months after the legislation was put in effect.

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Ethereum Price Prediction: Will ETH/USD Finally Break Above $195?

Ethereum Price Prediction: Will ETH/USD Finally Break Above $195?

Last Updated on November 10, 2019

ETH Price Prediction – November 10

Ethereum coin has started trading today on a positive note and has traced a bullish trend line since the beginning of today.

ETH/USD Market

Key Levels:

Resistance levels: $205, $210, $215

Support levels: $170, $165, $160

ETHUSD – Daily Chart

A couple of days ago, ETH/USD price saw a notable price decline, followed by a rebound. The coin continues the rebound today, since this morning, Ethereum price has not broken the uptrend except for the recent correction. The coin has climbed above $187 from its today’s opening price of $183.40.

Moreover, Ethereum price is currently changing hands at $189 level, the crypto is trading above the 9-day and 21-day moving averages. If there is a bullish break above the resistance level at $195, Ethereum’s price could continue to accelerate in the short term. The next stop for the bulls could be $200, followed by $205, $210 and $215 resistance levels.

Conversely, if there is no increase above $195, the price could fall below the support level of $185. If there is a downside break, there could be sharp losses below the $180 and $175 levels. In the mentioned case, the price may even slide below the $170, $165 and $160 support levels. The MACD for ETH/USD is slowly moving within the bullish zone, with a few positive signs.

Taking a look at the daily chart for ETH/BTC, one can see that the price is attempting to rise towards the support turned resistance. Until and unless this resistance is effectively breached and the price ends up closing above it, there is no much reason to expect any long term bullish reversal.

ETHBTC – Daily Chart

However, a possible bearish trend is likely to meet major support at the 2000 SAT before falling back to the 1950 SAT and 1900 SAT but if the price hold, the buyers may continue to push the market to the critical resistances at 2200 SAT, 2250 SAT and 2300 SAT. The MACD now trying to recover from the long-term minus-zero level and a bullish cross could set the price off a channel break. A rejection will reduce the market to lower levels.

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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Litecoin Price Prediction: LTC/USD Re-Embarks on Another Mission Targeting $65

Litecoin Price Prediction: LTC/USD Re-Embarks on Another Mission Targeting $65

Last Updated on November 9, 2019

LTC Price Prediction – November 9

Litecoin (LTC) manages to sustain its position amidst volatility as the bulls maintain the desire to defend the $60 support and break $65 resistance.

LTC/USD Market

Key Levels:

Resistance levels: $68, $70, $72

Support levels: $54, $52, $50

In recent days, LTC/USD price has remained above $60. The immediate upside is also extremely limited to $64. On the downside, several support levels have been instrumental, including the upward trend line, the 9-day moving average of the daily chart and the 21-day moving average at $58. The price action during Asian trading hours has been relatively bullish.

Moreover, the prevailing momentum is relatively bullish with Litecoin trending towards the $64 resistance level. The bullish leg has a strong foundation from the support offered at the 9-day MA and the trend line. As at the time of writing, LTC/USD is changing hands at $61.02. Despite some range-bound trading, the coin still remains under the upward movement after a strong buy on November 4.

The market structure has revealed that LTC is still sitting at $60.01. If the price level can hold well, we may see a buyback at $65 resistance before moving up. But as it stands now, the bulls may be looking for close support before climbing higher. However, if the bulls try to move above the $65 resistance level, the next level of potential resistance lies at $68, $70 and $72 while the supports can be found at $54, $52 and $50. The stochastic RSI is moving towards the oversold zone, reflecting a bullish step back in the market.

When compared with Bitcoin, Litecoin has remained fairly static. However, we have seen an increase from 6887 SAT to 6975 SAT today – where resistance was found. The recent increase has also allowed the cryptocurrency to climb above the 9-day and 21-day moving averages which is a promising sign for buyers.

LTCBTC – Daily Chart

From above, if the bulls can break above 7000 SAT, higher resistance is then located at 7300 SAT. This is then followed with potential resistance levels at 7500 SAT and 7700 SAT. From below, the nearest level of support now lies at 6700 SAT. Beneath this, further support is at 6400 SAT and 6200 SAT respectively. Likewise, the stochastic RSI has broken above the 80 level which is a promising sign for the bulls as the momentum is on their 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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AAX Claims its Exchange Will be ten Times as Fast as Binance

AAX Claims its Exchange Will be ten Times as Fast as Binance

Cryptocurrency exchanges are both a blessing and a curse. Centralized trading platforms are often considered to be slow and unreliable.

If Hong Kong-based startup AAX is to be believed, that situation will change relatively soon. 

AAX has Big Crypto Ambitions

They claim the trading speed of Bitcoin will improve significantly compared to other exchanges. 

All of this will be made possible when a new trading platform launches. It combined the London Stock Exchange Group’s technology to cater to retail and institutional investors alike.

The primary objective of this platform is to remove trading delays whenever possible. The core matching engine, utilized by bourses around the world, should help significantly in this regard.

It is believed the new platform will have a latency of under 500 milliseconds. Binance, the biggest crypto exchange, suffers from delays of up to 0.5 milliseconds. 

AAX Also indicates it aims to list several dozens of cryptocurrency trading pairs. Additionally, they will provide investors with futures contracts.

That latter functionality will only be accessible for major cryptocurrencies. Both Bitcoin and Ethereum futures have been confirmed at this time. 

Last but not least, the startup wants to provide an OTC trading platform. This makes it easier to convert fiat currencies into supported cryptocurrencies.

Competition continues to heat up among cryptocurrency exchanges. Existing platforms need to remain relevant, whereas newcomers often struggle to gain traction.

From a technical point of view, AAX seems to pack quite a punch. Convincing existing traders to switch to this new platform will be a crucial challenge.

The focus on institutional investors may not pay off either. So far, any venture catering to institutional traders has seen little to no real success during the initial stages. 

Image(s): Shutterstock.com

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Bitcoin Price Prediction: BTC/USD Plummets Below $9,000; A Bearish Confirmation

Bitcoin Price Prediction: BTC/USD Plummets Below $9,000; A Bearish Confirmation

Last Updated on November 8, 2019

Bitcoin (BTC) Price Prediction – November 8

The Bitcoin bulls are running out of options and it is either they break above $9,218 or risk plunging under $8,500.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $10,000, $10,300, $10,500

Support Levels: $8,850, $8, 650, $8,450

BTCUSD – Daily Chart

Today, after weeks of indecision and ping-ponging between a tightening range, the first-ever crypto-asset finally appears to have made a decision on its direction in the short term and has fallen below the support of $9,000. After some weeks of consolidation, BTC/USD has run out of steam and now begun to fall drastically. The crypto asset is currently trading below the moving averages of 9-day and 21-day and breaking the support level of $9,000.

Meanwhile, the daily chart reveals that the Bitcoin price is declining rapidly and the coin is trading close to the critical support of $8,500, which is down of 4.34% since the beginning of the day. More so, the downside momentum has been gaining traction after the price broke below the 9-day MA on the daily chart. The psychological $8,500 is under threat now and once it is out of the way, the sell-off may be extended towards the support levels of $8,000, $7,500 and $7,000 respectively.

On the daily chart, the bulls will need to see a sustainable move above $9,200 to mitigate the initial bearish pressure. Should in case the coin manages to recover above this handle, then the upside momentum may gain traction and could take BTC/USD to $10,000, $10,500 and $11,000 resistance levels. The technical picture looks bearish as RSI (14) faces level 40 pointing downwards, which indicates that the sell-off may continue.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

After a long period of consolidation within its previously established trading range, Bitcoin bears have now taken control and pushed the BTC price below its previous support level that existed around $9,000. Although, the Bitcoin price has not yet slipped below $8,500 and it’s still in the loop of making a bounce back. Its price hovers around $8,812.90 and may take time to persistently trade above $9,000.

BTCUSD – 4 Hour Chart

At the moment, BTC/USD is currently moving below the 9-day and 21-day MAs and the upward movement may likely push the price near the $9,150, $9,250 and $9,350 resistance levels while the immediate support lies at $8,450, $8,350 and $8,250. The stochastic RSI is extremely in the overbought zone.

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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