Why Litecoin May Soon Post Major Gains Despite Current Bearishness

Litecoin (LTC) has been facing an ongoing influx of selling pressure ever since its mining rewards halving that occurred this past-summer, which sparked a deep-cutting sell-off in spite of the fact that many investors and analysts had believed it to be a bullish event.

In the near-term, analysts are noting that they anticipate the cryptocurrency to see further upwards momentum, especially against LTC’s Bitcoin trading pair.

Litecoin May Be Positioned for Upwards Momentum in Coming Months

At the time of writing, Litecoin is trading down just under 2% at its current price of $60.80, which marks a notable drop from LTC’s daily highs of $63.00 that were set yesterday.

LTC’s bearish price action as of late has largely been influenced by that of Bitcoin, which has been struggling to gain any upwards momentum as it trades just a hair above its key near-term support level at $8,700.

Litecoin’s current bearishness, however, may be short-lived, as analysts are noting that the cryptocurrency may be positioned for further gains in the near-term as it recently broke above the upper boundary of a descending triangle that it had been trading in for multiple months.

The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

“I haven’t looked at the $LTC chart in months, just opened to this. Wow,” he said earlier this month while pointing to the chart seen below.

Will LTC’s Bitcoin Trading Pair Skyrocket in Coming Few Months?

The Crypto Dog is not alone in offering a bullish assessment of the cryptocurrency, as DonAlt – another well respected cryptocurrency analyst – offered a similarly bullish LTC analysis in a recent tweet, telling his 123k followers that altcoins like Litecoin are looking better positioned for near-term gains than BTC is.

“$LTC: While the world is panicking looking at BTC the altcoins are looking better and better. ‘But what if BTC moves and [messes] it up?’ Well tough luck, that’s why we’ve got risk limits. There is no money in covering in fear at support,” he said while pointing to the chart seen below, which elucidates that he anticipates LTC to climb against BTC in the coming few months.

Although Bitcoin is currently showing some bearish signs, it is important to keep in mind that further BTC downside could prove to be a bullish thing for embattled altcoins like LTC.

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Analysts Expect Further Losses as Bitcoin Forms EMA Bear Cross

Bitcoin (BTC) has continued inching lower following its recent bearish break below $9,000, which points to the possibility that bears are building strength as bulls fail to propel the crypto while it trades just a hair above its key near-term support level.

Analysts are now noting that Bitcoin may soon incur further losses as it nears the completion of a bearish EMA cross, which may mean that a movement to the lower-$8,000 region is imminent.

Bitcoin Sits Upon Key Support Level as Bears Build Strength

At the time of writing, Bitcoin is trading down marginally at its current price of $8,740, which marks a notable drop from its daily highs of $8,900 that were set overnight when bulls attempted to propel the crypto back to $9,000.

The swift rejection that came about following this overnight movement points to the fact that bears currently have an upper hand over bulls and may signal that further downside is imminent for BTC.

In the near-term, analysts anticipate this bearishness to lead BTC down to the mid-$8,000 region, with one analyst setting a near-term target at $8,400.

The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, telling her followers that any break below the support that Bitcoin currently has at $8,400 could send the crypto plummeting to $7,100.

“$BTC: Support test on wedge incoming. I have two possible supports I am looking at: 8400 – 8500 regions. If this support fails, and this wedge is invalidated, we will possibly go towards my 7.1k target sooner than later,” she said while pointing to the charts seen below.

Will EMA Bear Cross Force BTC Lower? 

One technical formation that Bitcoin is currently forming may support any potential bearishness that analysts are watching for in the near-term, as the ongoing bearish EMA cross that BTC is close to confirming could push the crypto below its near-term support levels.

Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, while also musing about the various other technical factors that he is closely watching in the near-term.

“$BTC – Daily closed with a lot of mixed signals. MA50 support – MA200 resistance, MA100 about to bear cross MA200. Lower cloud span resistance, still just above ‘golden zone.’ Looking for that possible 5th wave down confirmation. I expect increased volume this week in #bitcoin,” he said while referencing the chart below.

How Bitcoin trades in the coming hours and days will have a significant impact on these technical formations and could provide analysts with significant insight into where the crypto is heading next.

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Analyst: Ethereum Still on Track for Move to $260 as Network Activity Spikes

Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, and this correlation has persisted when ETH dropped overnight as BTC was met with significant selling pressure within the lower-$9,000 region, which subsequently sent it reeling down to $8,700.

Bitcoin’s current bearishness has caused Ethereum to show similarly bearish signs, although one analyst is still holding strong that ETH is on track to surge as high as $260 in the near-term.

Ethereum Fails to Break Above $190 as Crypto Markets Face Increasing Selling Pressure

At the time of writing, Ethereum is trading down nominally at its current price of $187, which marks a slight retrace from its daily highs of over $190 that were set yesterday alongside Bitcoin’s surge to $9,300 – which proved to be short-lived as BTC has since retraced to $8,700.

Despite showing signs of some bearishness on a short time frame, it is imperative to note that Ethereum has climbed significantly from its one-month lows of under $160 that were set in late-October concurrently with Bitcoin’s drop to lows of $7,300.

ETH rapidly surged shortly after setting these lows, with its gains being fueled by BTC’s meteoric rally that sent it as high as $10,600 before it retraced back into the $9,000 region.

One bullish factor that could provide Ethereum’s bulls with some ammunition in the mid-term is the fact that the cryptocurrency’s network activity has been incredibly strong as of late, with its total daily gas used hitting an all-time-high this past September.

“Yesterday, the Ethereum network processed the most activity in its history,” one popular figure within the Ethereum community noted in a tweet from September.

Will ETH Target $260 Next?

As for where this underlying fundamental bullishness could send ETH’s price, one popular cryptocurrency analyst believes that Ethereum is currently on track to visit $260 next.

Josh Olszewicz, a well-respected analyst on Twitter, explained that ETH will be “good to go” towards this price target once it breaks above the resistance it currently faces between $188 and $198.

“1D $ETH: 404: volume not found. e2e continues to grind towards inevitability. should b g2g past res of 188-198. hf scheduled dec 4th,” he explained while referencing the chart seen below.

In the near-term, it is probable that Ethereum’s price action will largely be guided by that of Bitcoin, but assuming that BTC finds some stability or even some tempered upwards momentum, then investors may watch ETH post significant gains.

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Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge

After surging towards $9,300 yesterday, Bitcoin’s bulls have once again surrendered to bears, leading BTC to plummet back below its key support level at $9,000. This overnight movement has once again led the cryptocurrency back down to its previous support level at $8,700, and it is showing few signs of having any strength at the moment.

Analysts are now noting that $8,700 could be an ideal region for traders to enter fresh longs, but that a decisive break below this level could spark a sharp selloff that sends BTC towards $8,100.

Bitcoin Plummets Below $9,000 After Fleeting Bullish Movement

At the time of writing, Bitcoin is trading down over 1% at its current price of $8,740, which marks a notable drop from its daily highs of over $9,300 that were briefly touched during the fleeting rally that occurred yesterday.

The inability for Bitcoin’s bulls to maintain the upwards momentum that was incurred yesterday points to an underlying weakness amongst buyers and may mean that further losses are imminent.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained that the rejection at $9,300 that occurred yesterday was the result of BTC hitting the upper boundary of the descending pennant that it is currently trading within.

“$BTC: And there is the rejection!” She said while pointing to chart seen below.

Analyst: BTC May Be Positioned for Further Gains if it Holds Above $8,700 

Regardless of BTC’s rejection at $9,300 yesterday, it is important to note that $8,700 appears to be a strong level of support that could bolster the cryptocurrency’s price action in the near-term.

Loma, another poplar cryptocurrency analyst, explained in a recent tweet that Bitcoin may surge significantly higher in the near-term if it holds above $8,700, further adding that a drop below this level could spark a significant sell-off that sends BTC reeling to $8,100.

“$BTC: Much like $9,100 was a good short R:R-wise, I think $8,700 is a good long R:R-wise. Watching this closely, if we nuke through this support I’d say we’re going to ~$8,100,” he said while pointing to the chart seen below.

In the coming hours and days, Bitcoin’s response to its immediate support level will likely elucidate how it will trend in the near-term, as it may be able to once again climb back above $9,000 if bulls garner enough strength to hold BTC above $8,700.

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Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge

After surging towards $9,300 yesterday, Bitcoin’s bulls have once again surrendered to bears, leading BTC to plummet back below its key support level at $9,000. This overnight movement has once again led the cryptocurrency back down to its previous support level at $8,700, and it is showing few signs of having any strength at the moment.

Analysts are now noting that $8,700 could be an ideal region for traders to enter fresh longs, but that a decisive break below this level could spark a sharp selloff that sends BTC towards $8,100.

Bitcoin Plummets Below $9,000 After Fleeting Bullish Movement

At the time of writing, Bitcoin is trading down over 1% at its current price of $8,740, which marks a notable drop from its daily highs of over $9,300 that were briefly touched during the fleeting rally that occurred yesterday.

The inability for Bitcoin’s bulls to maintain the upwards momentum that was incurred yesterday points to an underlying weakness amongst buyers and may mean that further losses are imminent.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained that the rejection at $9,300 that occurred yesterday was the result of BTC hitting the upper boundary of the descending pennant that it is currently trading within.

“$BTC: And there is the rejection!” She said while pointing to chart seen below.

Analyst: BTC May Be Positioned for Further Gains if it Holds Above $8,700 

Regardless of BTC’s rejection at $9,300 yesterday, it is important to note that $8,700 appears to be a strong level of support that could bolster the cryptocurrency’s price action in the near-term.

Loma, another poplar cryptocurrency analyst, explained in a recent tweet that Bitcoin may surge significantly higher in the near-term if it holds above $8,700, further adding that a drop below this level could spark a significant sell-off that sends BTC reeling to $8,100.

“$BTC: Much like $9,100 was a good short R:R-wise, I think $8,700 is a good long R:R-wise. Watching this closely, if we nuke through this support I’d say we’re going to ~$8,100,” he said while pointing to the chart seen below.

In the coming hours and days, Bitcoin’s response to its immediate support level will likely elucidate how it will trend in the near-term, as it may be able to once again climb back above $9,000 if bulls garner enough strength to hold BTC above $8,700.

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Analyst: Ethereum Must Close Above $200 For Bulls to Gain Edge Over Bears

Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past several days and weeks, although it has been able to climb slightly today in spite of BTC’s bout of sideways trading around its current support level at $8,800.

Analysts are now noting that Ethereum needs to surge just over 5% from its current price levels before it reaches a point at which bulls are in firm control, and a failure to break above this near-term resistance level could signal that significantly further losses are inbound.

Ethereum Climbs Higher as Bitcoin Consolidates  

At the time of writing, Ethereum is trading up just under 3% at its current price of $189, which marks a slight climb from its daily lows of $184 that were set yesterday.

This climb has come about in the midst of a consolidation period for Bitcoin, which has been trading sideways around $8,800 in the time following its recent drop below its previous support level at $9,000 that occurred earlier this past week.

Currently, Ethereum appears to be finding support at its 360-day moving average, which may be what is behind its slight climb today.

Nik Patel, a popular cryptocurrency analyst on Twitter, spoke about this in a recent blog post, explaining that ETH is currently establishing this moving average as a support level, and that it is currently trapped beneath resistance at $200.

“Looking at ETH/USD, we can see that resistance at $200 remains very much intact and price continues to bounce between it and the 360-day moving average, which is currently holding as support,” he said.

Analyst: Close Above $200 Could Spark ETH Uptrend 

Currently, ETH is trading roughly 5% below its long-established resistance level at $200, which means that bulls could push the crypto to this level in one swift movement.

It is important to note that Patel further explained that he is waiting for ETH to close above $200 before he enters into any long positions, adding that a decisive close above this level could spark a fresh uptrend.

“I am patiently awaiting a daily close above $200 before I start looking for longs, and I fully expect this to be caused by movements in ETH/BTC over the coming weeks,” he noted.

How ETH trades against Bitcoin in the coming hours and days may offer significant insight into which direction Ethereum is going to trend in the coming weeks and months.

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Bitcoin May Soon Post Major Gains as Bears Begin Losing Strength

Bitcoin’s bulls have been able to step up and support BTC’s price following its recent drop below $9,000, which points to an underlying strength that may signal that the cryptocurrency will soon post a strong recovery from its recent lows.

Analysts are now widely anticipating BTC to post decent gains in the near-term, with one analyst explaining that the crypto is currently forming a similar technical formation to the one that was seen just prior to its rally from $7,300 to $10,600.

Bitcoin Stabilizes Above $8,800 Following Recent Dip

At the time of writing, Bitcoin is trading down marginally at its current price of $8,825, which marks a slight drop from its 24-hour highs of just over $8,900 that were set earlier today.

Earlier this past week, Bitcoin plummeted from its previous trading range between $9,000 and $9,500, which showed that bears had gained the upper hand over BTC’s bulls, although its drop quickly grinded to a halt after it found significant support around $8,800.

In the near-term, analysts are noting that they anticipate the cryptocurrency to climb past $9,000 before it hits a resistance level that sends it spiraling significantly lower.

The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, telling her followers that she believes BTC will tap $9,200 before it continues descending lower.

“$BTC: Short term looks like bulls have chance to push price back up to 9.2 region, before further downside. Possible falling wedge here on the 4hr time frame. Still could be one further touch at support,” she said while pointing to the below chart.

Could BTC Be Gearing Up for Another Massive Surge?

Although The Cryptomist believes that BTC will continue falling lower after a brief upwards movement, other analysts believe that the crypto may be gearing up for another massive surge similar to the one seen in late-October.

Galaxy, another popular analyst, spoke about this possibility in a recent tweet, pointing to a chart that shows that BTC is building a similar technical formation to the one that was formed just prior to its rally that sent it from $7,300 to $10,600.

“Bears are funny creatures. They also start hibernating in November. Send it. $BTC,” he said while referencing the chart seen below.

The coming few days and hours will likely elucidate whether or not bulls will soon step up and catalyze another massive BTC movement, or if the crypto will cut deeper into the gains it posted at the end of last month.

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Litecoin Climbs Over 2% as Analysts Eye Potentially Major Mid-Term Gains

Bitcoin has been facing some turbulent price action over the past several days and weeks, which has led cryptocurrencies like Litecoin to establish wide trading range. This volatility, however, has been generally positive, as most cryptos – including LTC – are trading up from their monthly lows.

Analysts are now predicting significantly further upside for Litecoin in the near-term, with one prominent crypto analyst noting that LTC could surge as much as 80% against its BTC trading pair in the coming weeks and months.

Litecoin Inches Higher Despite Bitcoin’s Recent Bearishness

At the time of writing, Litecoin is trading up over 2% at its current price of $61.00, which marks a slight climb from its daily lows of $59.00.

While zooming out and looking at LTC’s one-month performance, it grows clear that its recent volatility has favored the cryptocurrency’s bulls, as it is currently trading up significantly from its 30-day lows of under $50 that were set in late-October.

LTC’s recent rise from its monthly lows appears to be largely influenced by Bitcoin’s massive surge that came about in late-October after the Chinese President offered bullish remarks on blockchain technology.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes LTC may be entering a pivoting point that leads it to climb significantly higher in the near-term, which means that its ongoing surge may just be getting started.

“$LTC Leaving ‘pivot week’ behind. I think I might hold onto this one for a little bit,” he said while pointing to the below chart.

Could LTC Be Positioned For an 80% Surge?

Galaxy, another popular cryptocurrency analyst on Twitter, recently echoed Kaku’s bullish sentiment, explaining that he believes Litecoin could surge as much as 80% against its Bitcoin trading pair in the coming several months.

“New fav: $LTC. The day when everybody starts to love it again might be sooner than we think,” he said while pointing to the chart seen below.

In the near-term, Litecoin may see some further upside in spite of Bitcoin’s bout of bearish trading, but in the long-term it is appearing to be increasingly likely that LTC will post significantly further gains against BTC.

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Key Technical Indicator Signals Bitcoin May Soon Revisit $7,300

Bitcoin’s price has been able to stabilize after incurring a significant influx of selling pressure yesterday that sent it plummeting below its previous range lows at $9,000, and it appears that bulls have formed $8,800 as a level of support that could bolster BTC’s price in the near-term.

It is important to note that despite BTC finding some support around its current price levels, one technical indicator may point to the possibility that the crypto will soon erase all of its recent gains and plummet towards $7,300 – which is where it was trading at prior to its meteoric rally that was incurred late-last month.

Bitcoin Stabilizes Following Recent Drop

At the time of writing, Bitcoin is trading down marginally at its current price of $8,800, which marks a steep retrace from its multi-day highs of nearly $9,500 that were set earlier this week just prior to the crypto’s plunge below $9,000.

This latest movement down came about after an extended period of consolidation between $9,000 and $9,500, which had appeared to be a strong trading range that many analysts believed would hold strong for the near future.

Although BTC lost its support at $9,000, it has bounced at $8,800 on multiple occasions over the past couple of days, which may signal that this will be its next key short-term support level that bolsters the cryptocurrency’s price action in the coming days and weeks.

Indicator Spells Trouble for BTC’s Near-Term Price Action

One key technical indicator that has a track record of accuracy when it comes to predicting short-term BTC trends may spell trouble for the cryptocurrency’s price action in the near-term, as it may signal that it will soon retrace back towards $7,300.

This indicator – called the GTI Vera Convergence Divergence Indicator – shows that Bitcoin is currently on the verge of shifting its recently established uptrend to a downtrend, meaning that further losses could be inbound.

This indicator was discussed in a recent Bloomberg report, where the author notes that if this trend shift occurs, “the largest digital currency could retest the lows seen before its rampant run following comments by China’s President Xi Jinping in October.”

Furthermore, the report also notes that “The GTI Vera Convergence Divergence Indicator shows a narrowing gap between the signal and vera lines, which suggests a trend change may be on the horizon.”

How Bitcoin responds to its near-term support at $8,800 will likely offer invaluable insight into which direction the markets are heading next.

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XRP Plunges 6% Despite Network Being “Stronger Than Ever”

After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.

This bearishness has come about in the midst of Ripple’s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network “stronger than ever.”

XRP Plummets 6% as Bears Take Control

At the time of writing, XRP is trading down nearly 6% at its current price of $0.27, which marks a significant retrace from its daily highs of roughly $0.30.

Earlier this week, XRP’s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today’s bearish movement.

It is important to note that XRP is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.

BTC’s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.

For XRP, it is important to note that this bearishness came about shortly after it had attempted to validate a long-term bottom formation that analysts had been closely watching, which means that today’s move invalidated this bullish possibility and may spell trouble for its near-term price action.

Peter Brandt, a highly regarded analyst, recently pointed to this since-invalidated formation, saying:

“This chart interpretation remains valid — $XRP is taking another run at a breakout.”

Ripple Expands Network, But Investors Aren’t Impressed

XRP’s ongoing drop has come about concurrently with Ripple’s Swell event, where the company announced that they already have over 300 customers, with over two dozen utilizing XRP-related products.

Brad Garlinghouse – Ripple’s CEO – spoke about this in a recent tweet, explaining that the network is “stronger than ever” and continuing to grow.

“Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning,” he explained.

Clearly, however, investors are not impressed by Ripple’s progress in building utility around XRP, as it has been one of the worst performing major altcoins in 2019, and only time will tell as to whether or not the company’s progress will ultimately be reflected in XRP’s price.

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Analysts Target Move to $8,400 as Bitcoin Plummets Below $9,000

After a long period of consolidation within its previously established trading range, Bitcoin’s bears have now taken control and have pushed BTC’s price below its previous support level that existed around $9,000.

Today’s drop has led multiple analysts to set significantly lower targets for the cryptocurrency, and it is looking increasingly likely that it will touch its next key support level around $8,400 in the near-term before its bulls have the chance to build any strength.

Bitcoin Plummets Below $9,000 as Bears Roar

At the time of writing, Bitcoin is trading down nearly 5% at its current price of $8,850, which marks a notable drop from its 24-hour highs of $9,300.

Prior to today’s drop, Bitcoin has been caught in a relatively tight trading range between $9,000 and $9,500 for a couple of weeks, and neither bulls nor bears had been able to incur enough strength to push the crypto out of this trading range until early this morning when bears forced it below its lower range boundary at $9,000.

In the time since its drop, BTC has shown no sign of slowing its decent, as it continued to slowly grind lower as the morning dragged on.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about the recent drop in a tweet, explaining that the movement came about after bulls failed to propel BTC above the upper boundary of a bullish flag that it was previously trading within.

“I guess 3rd time’s a charm,” he concisely said while pointing to the below chart.

Analysts Target $8,400 in Near-Term as BTC Shows Increasing Signs of Weakness

DonAlt, another popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin’s price action in a recent tweet, telling his followers that he expects Bitcoin to continue dropping lower until it touches $8,400.

“$BTC update: Even though the narrative has changed, the chart has not. I still think the area around $8400 is incredibly interesting. I’d be surprised by any major moves other than the above shakeout. I think we’ll range for quite a while longer,” he noted while pointing to the below chart.

How Bitcoin responds to its support levels within the lower-$8,000 region in the near-term will likely elucidate where the crypto is heading next, as a failure to find support here could lead to significantly further losses in the near-term.

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Ripple CEO Has Grave Warning for Crypto Markets; Will XRP Survive a Market-Wide Purge?

Brad Garlinghouse, the CEO of Ripple – the FinTech company that has close ties to XRP – explained in a recent interview that he believes the vast majority of cryptocurrencies that are currently on the markets will eventually plummet to zero.

Naturally, XRP does have its fair share of naysayers who believe that it will be one of the cryptocurrencies that ends up going to zero, but Garlinghouse remains adamant that the utility that is currently being created around XRP will be enough to propel it higher in the months and years to come.

Ripple CEO: Majority of Cryptos to Die in Coming Years

During a recent interview with Bloomberg, Garlinghouse explained that the sheer amount of digital assets currently circulating within the cryptocurrency markets is primarily the result of the hype surrounding the nascent technology.

As this hype fades, however, he anticipates the majority of these cryptocurrencies to plummet to zero due to their lack of actual utility and their inability to meet customer needs.

“Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need,” he explained, going on to say that 99% of these assets “probably goes to zero.”

Will XRP Avoid the Market-Wide Purge?

There are many analysts and investors who believe that the utility surrounding XRP – the native token to Ripple’s xRapid cross-border settlement system – is fabricated and that the token will ultimately be included in the event that Garlinghouse believes will bring many cryptocurrency’s value towards zero.

Despite this, Garlinghouse did explain that XRP does have significant utility, especially while considering the inefficiencies of SWIFT, including its “transaction volatility,” which Ripple believes is solved by XRP.

It is important to note that XRP has been stuck in a period of consolidation for the past couple of weeks, and it has been unable to break above its resistance at $0.30 despite the on-going Ripple Swell conference – which is where positive news surrounding the adoption of XRP is often announced.

Assuming that Ripple doesn’t incur its annual “Swell pump” in the coming few days, it may face further downside in the near-term. Ultimately, however, its long-term success will likely be largely dependent on how much real-world utility is generated around the crypto.

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Bitcoin Holds Key Support Level, But Break Below It Could Spark Major Sell Off

Bitcoin and the aggregated crypto markets have been caught in a firm bout of sideways trading for the past couple of weeks, with BTC trading firmly within a long-established trading range between $9,000 and $9,500.

Analysts are now noting that Bitcoin has been holding above a key technical support level, but a break below this level could lead the cryptocurrency to free fall until it finds support around the mid-$8,000 region.

Bitcoin Caught in Tight Trading Range

At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,250, which marks a notable drop from its daily highs of $9,400 that were set yesterday as bulls attempted to push the cryptocurrency to the upper boundary of its current trading range.

Because bulls have been unable to propel Bitcoin towards or above $9,500, bears may currently have the upper-hand as they begin pushing BTC back down towards the lower-$9,000 region.

It is important to note that where Bitcoin trends in the near-term will likely be primarily guided by which range boundary is decisively broken above/below first.

Mr. Anderson, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that the next price discovery phase will kick off when the crypto moves above the red lines seen on the below chart.

“$BTC’s next move simplified. The msg on my last several live market update videos has been the same since Oct 28th. The first H12 close outside of the 200ema or the 200sma (red lines on this chart) will likely decide which direction the next price discovery phase will take place,” he explained.

Drop Below Current Support Could Lead BTC to Plummet

Big Chonis, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin has been holding above a key support level for the past several days, but that it doesn’t have another well-defined technical support until the $8,000 region.

“$BTC – Finally hits the MA50 on the #bitcoin 6hr chart… still a big separation between here and the MA100/200 cross,” he said while pointing to the chart seen below.

The coming few days and weeks will likely elucidate where Bitcoin is heading next, as how reacts to the current range it is trading within may set the tone for how it trends for the months to come.

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Coinbase adds Tezos staking feature, leads XTZ to surge 11%

Coinbase announced in a blog post from earlier today that the exchange would be adding a feature that allows users to help run the Tezos network by staking their XTZ tokens in exchange for regular rewards—similar to dividends or interest payouts.

The news instantly sent XTZ’s price surging, which may partially stem from the fact that the addition of network participants via Coinbase’s new pool staking feature may enhance the network activity and decentralization of the popular Proof of Stake (PoS) protocol.

Coinbase Announces New Tezos Staking Feature and “Earn” Opportunity 

In a blog post released this afternoon, Coinbase announced that they would be adding staking functionality to their platform so that users can earn regular rewards by staking their XTZ tokens within the exchange.

By doing so, Coinbase claims that users can expect to receive a return of roughly 5 percent over a 90-day period that will be distributed directly to user’s accounts in tranches every three days after undergoing an initial holding period of 35-40 days.

Concurrently with this announcement, Coinbase also launched an Earn campaign for Tezos, which allows users to receive up to $6 worth of XTZ for completing some educational courses and quizzes about the PoS protocol.

XTZ Pumps Nearly 12 percent Following Coinbase Announcement

At the time of writing, Tezos is trading up over 11 percent at its current price of $1.03, which marks a notable surge from its recent lows of $0.852 that were set earlier this week.

While zooming out and looking at XTZ’s one-month price action, it grows clear that this news is a bullish catalyst that may lead to further gains, as the crypto is currently trading at a fresh monthly high.

It remains unclear as to whether or not the hype surrounding this latest development hill propel XTZ higher or if the gains will be fleeting, but it is certain that the amount of new staking participants brought through Coinbase will certainly improve the network’s health and decentralization.

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XRP May Target $0.45 in Near-Term Despite Falling Below $0.30

After a brief period of trading above its long-established resistance level at $0.30, XRP has once again fallen back into the upper-$0.20 region, which may mean that it is in for an extended bout of sideways trading.

Analysts are still optimistic, however, that the cryptocurrency could see further gains in the near-term, with one analyst setting a target at $0.45 – which would mark a significant surge from its current price levels.

XRP Struggles to Hold Above $0.30  

At the time of writing, XRP is trading up just under 1% at its current price of just under $0.30, which is around where it has been trading for the past several days.

XRP’s inability to decisively close above $0.30 does signal that bears still have strength in spite of the crypto’s recovery from its multi-month lows of $0.24, but it is important to note that any notable break above this level could spark a major uptrend for the embattled crypto.

Loma, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes a break above $0.30 could be sparked by the ongoing Ripple Swell conference, but further adding that there is a decent chance that XRP does not incur its annual “Swell pump” this year.

“$XRP: Taking a look at the USDT-pairing and I’d say we have at most 10% leading into Swell and that’s IF price clears the 30c resistance. Swell might be an absolute BUST this year,” he explained while pointing to the below chart.

Could Embattled Crypto Target $0.45 in Near-Term? 

Although Loma believes there is a decent chance that XRP does not break above $0.30 in the near-term, Eric Choe, another popular cryptocurrency analyst, believes that if the crypto holds above its current price levels, a movement to $0.45 could be in the cards.

“#xrp #ripple If red box can hold, possible $0.45,” he concisely noted while pointing to the chart seen below.

As Swell continues on and as XRP trades sideways around $0.30, it is highly probable that it will quickly grow increasingly clear as to whether or not it will be able to gain enough momentum in the near-term to send it towards $0.45.

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Bitcoin Forms Uptrend EMA Support as Case for Bulls Strengthens

Bitcoin’s price has been slowly inching higher after briefly visiting its range lows around $9,000 this past weekend, but in order for bulls to maintain their growing strength, it is imperative that they push BTC past its range high resistance level at $9,500.

Analysts are now noting that the bull case for Bitcoin may be growing stronger, as the crypto has begun finding strong support at a key technical level and has been incurring increasing on-chain volume – factors that could help push the crypto higher in the near-term.

Bitcoin Inches Higher as Trading Volume Climbs

At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,375, which marks a slight climb from its daily lows of just under $9,300.

Bitcoin’s slow and steady climb over the past few days was first sparked when BTC fell towards $9,100 this past weekend, and it has been slowly climbing back towards its range highs at $9,500 in the time since.

How Bitcoin responds to its range highs in the near $9,500 in the near-term will offer investors and analysts alike significant insight into which direction the cryptocurrency will trend in the near-term, as a failure to decisively break above this level could spell trouble for which direction it trends in the near-term.

One factor that could aid Bitcoin’s bulls is the fact that the crypto has seen increasing trading volume over the past 24-hours despite there not being any major shift in price, which could mean that a big movement in imminent.

“24H #BTC Network Stats: Price: $9354.9 (+0.8%). $BTC On-Chain Volume: $8B (+38.2%). Active Senders: 523K (+6.6%). Active Recipients: 563K (+2.5%),” TokenAnalyst explained in a recent tweet, explaining that BTC’s 24-hour trading volume has climbed nearly 40%.

BTC Holds Above Key Technical Level; Further Gains May Be Inbound

Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC has been holding above a key technical level for the past several days, which may bolster its price action in the coming days and weeks as the bullish undercurrent grows stronger.

“$BTC #Bitcoin Daily – Seems to be establishing EMA 8 uptrend support,” he explained while pointing to the chart seen below.

The coming few days will likely illuminate Bitcoin’s mid-term trend, as how it reacts to its current support and resistance levels will set the tone for which direction it moves in the coming days and weeks.

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Ethereum Nears Massive Resistance Region as On-Chain Volume Surges

After a long period of trading sideways within the mid-$180 region, Ethereum (ETH) has now begun to incur significant upwards momentum that has pushed it up to $190, which is where it faces some notable resistance that could ultimately push its price lower in the near-term.

Analysts are now noting that this resistance level could halt Ethereum’s rally and possibly lead it to drop significantly lower in the near-term.

Ethereum Runs Towards $190

At the time of writing, Ethereum is trading up over 2% at its current price of $190, which marks a notable climb from its daily lows of $184 that were set during a fleeting sell off experienced by the cryptocurrency yesterday.

It is important to note that Ethereum is currently pushing up against the price level at which it was rejected at in late-October, which sparked a sell-off that sent it down to the lower-$180 region.

This upwards movement has come about while Bitcoin continues to trade sideways in the lower-$9,000 region, which is squarely in the middle of the trading range that it has been caught within for the past several days and weeks.

One interesting fact that should be observed is that the recent ETH rally has been driven by a massive influx of on-chain trading volume, which has surged over 80% in the past 24-hours according to data from TokenAnalyst.

“24H #ETH Network Stats: Price: $184.25 (+1.0%). $ETH On-Chain Volume: $400M (+80.8%). Active Senders: 211K (+13.9%). Active Recipients: 97K (+14.2%),” the data group explained in a recent tweet.

ETH Nearing a Key Resistance Level that Could Result in a Rejection

HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Ethereum may dip lower in the near-term after it pushes up against its “overhead supply” level that exists right around its current price of $190.

“$ETH low time frame: Price swept and closed below the highs at $187.5, looks ready to drip back down to previous resistance at $184-185. Low time frame demand block that sent price through that level should act as a solid long entry. Target being the supply overhead at $190,” he explained while pointing to the chart seen below.

How Ethereum responds to this level in the coming hours and days will likely offer significant insight into which direction it will trend next.

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Bitcoin Visits Historic Support Level That Could Bolster its Near-Term Price Action

Bitcoin (BTC) and the aggregated crypto markets have been experiencing an extended bout of consolidation that has come about shortly after the massive bull run that sent Bitcoin to highs of $10,600 before it retraced slightly to its current price levels.

Analysts are now noting that Bitcoin has reached a high-time-frame support level that could bolster its price action in the near-term, and its overnight movement to the lower-$8,000 region on CME filled an open gap and may further add to the bullish narrative that is currently unfolding amongst analysts.

Bitcoin Stable Around $9,300 Despite Overnight CME Crash 

At the time of writing, Bitcoin is trading up roughly 1% at its current price of $9,370, which marks a slight climb from its daily lows of $9,200 that were set overnight after Bitcoin’s bulls lost their strength after attempting to push BTC up to $9,500.

It is important to note that $9,500 is the top of the trading range that Bitcoin is currently caught within, and this notion was further supported by BTC’s overnight price action, as this is where it found significant resistance that pushed its price back down to the middle of its current range.

Overnight, Bitcoin’s price crashed to the lower-$8,000 region on the CME, which filled a gap that was formed during the crypto’s recent rally. This drop was isolated to the CME and has led many analysts to believe that the crypto may be gearing up for further upside in the near-term.

Su Zhu, a popular figure within the crypto industry, spoke about the CME drop in a recent tweet, saying:

“$BTC dumps to 8400 on CME completely absorbed, circuit breaker was hit, likely some runaway algo.”

BTC Currently Trading at Long-Term Support Level

Further adding to the potentially bullish narrative that was sparked by BTC filling its CME gap in the lower-$8,000 region, Bitcoin is currently trading at a high time frame support level.

HornHairs, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he remains somewhat neutral as the crypto trades just a hair above this support level.

“$BTC update: Out of this short for +3.2R. We’re at a higher time frame support level, CME gap filled meme, current lower time frame move setup looks like the liquidity draw is at the equal highs at $9350. Flat for now,” he explained.

How Bitcoin responds to the support level it is currently trading near may offer traders and investors significant insight into which direction the markets are heading next.

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Analyst: Ethereum Price Likely to Stagnate Until Bitcoin Gets Moving

After facing some downwards pressure yesterday, Ethereum (ETH) has been able to post a decent climb today that has allowed it to further establish its current foothold within the mid-$180 region. This price action has been strikingly similar to that of Bitcoin, and it does appear that the two assets are strongly correlated at the present.

One prominent analyst is now noting that he anticipates Ethereum to continue consolidating until Bitcoin begins moving, but any decisive break above its near-term resistance could allow it to post significantly further gains in the near-term.

Ethereum Consolidates Alongside Bitcoin

At the time of writing, Ethereum is trading up over 2% at its current price of $186.26, which marks a notable surge from its daily lows of $179.9 that were briefly visited yesterday, although the crypto sharply bounced after touching this price level.

Ethereum has been closely tracking Bitcoin’s price action over the past several days, and it appears that this correlation is strengthening as both crypto’s extend their current bout of consolidation.

Nik Patel, a popular cryptocurrency analyst, discussed this in a recent blog post, noting that its price may not move much until Bitcoin incurs a decisive trend in one direction or another.

“Ethereum seems a little unsure of itself at the moment, which is not unexpected given the volatility in Bitcoin of late; it almost seems as though it is awaiting Bitcoin’s next move before deciding on a direction,” he explained.

Analyst: ETH Has Two Key Levels to Break Above in Near-Term

As for the resistance levels that ETH needs to break above in the near-term in order for it to incur a strong uptrend, Patel notes that it needs to break above its 360-day moving average and the resistance it currently has at $200.

“Looking at the ETH/USD chart, price spent the entire week consolidating below the $200 resistance and above the 360-day moving average, though I expect that this pair will mimic BTC/USD a little while longer whilst ETH/BTC figures out its next move,” he said while doubling down in the notion that ETH won’t move much until BTC does.

It is highly probable that the coming few days and weeks will prove to be quite illuminating when it comes to where ETH and the entire crypto markets will head next.

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Bitcoin May Soon Make a Big Movement That Favors Bulls

After facing some downwards pressure yesterday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to climb back to $9,300, which marks a slight climb from its daily lows of $9,150.

Analysts are now noting that Bitcoin is currently caught within a wide descending channel over a long-time frame, but a bullish formation that it is currently caught within on a lower-time frame may mean that a visit to the upper boundary of this channel is imminent.

Bitcoin Climbs Slightly as Analysts Anticipate Imminent Big Movement

At the time of writing, Bitcoin trading up roughly 1% at its current price of $9,300, which is the highest point that it has been trading at over the past 24 hours.

Bitcoin’s short-term bullishness came about after the crypto briefly visited $9,150 yesterday, which appears to be a near-term level of support that could bolster the cryptocurrency’s price action in the near-term.

It is important to note that the past few weeks have marked a consolidation period for the cryptocurrency, which has been ranging between $9,000 and $9,500 ever since it incurred its meteoric rally to $9,500.

Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a technical formation may signal that a big price movement is imminent.

“Current ‘Heikin Ashi’ with a very tight ‘doji’ body after a small green candle, ‘reversal signal? BIG move setup, after sideways down all week just like the volume,” he explained while pointing to the chart seen below.

BTC Caught in Wide Descending Channel

It is also important to note that Bitcoin is currently caught within a wide descending channel, which could mean that it is gearing up for a big movement to either the upper or lower boundary of the channel that it is currently trading within.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this channel in a recent tweet, pointing to a chart that shows its upper-boundary around $9,900, and also showing that BTC is caught in a bull flag that could help propel it higher in the near-term.

“Tweaked a little as we’ve gone along, but still watching, waiting. $BTC,” he said while pointing to the below chart.

The range that Bitcoin is currently trading within should be closely watched by trader and analysts alike, as its response to the upper-boundary at $9,900 could provide significant insight into where the crypto is heading next.

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Potential Ethereum Dip Provides Ideal Long Entry, Claims Analyst

Ethereum’s price has been slowly grinding lower over the past 24-hours which comes about as the asset sees an even further decline in its on-chain volume, and ETH is now at risk of breaking below a key short term support level, which could mean that a period of capitulation is imminent.

In spite of this, one prominent analyst is noting that he believes that any potential price dip for both Ethereum and Bitcoin in the near-term could simply be a bear trap that provides traders and investors alike with an ideal long-entry.

Ethereum Grinds Lower as it Nears Key Short-Term Support Level

At the time of writing, Ethereum is trading down just under 2% at its current price of $182, which marks a notable drop from its 24-hour highs of $186 that were set yesterday.

Ethereum’s downwards movement today comes concurrently with a similar movement by Bitcoin, which hit highs of $9,400 overnight before it began a short-term downtrend that has sent it to beneath $9,200.

This bearishness today is simply an extension of the period of choppy trading that has been experienced by the aggregated crypto markets over the past several days and weeks, and Ethereum is currently caught in a trading range between $180 and $192, with the former price being a key support level that has held strong on multiple occasions over the past several weeks.

ETH has also been facing declining trading volume over the past week, which has dropped even further today, with TokenAnalyst noting that it has plummeted by nearly 34% over the past 24-hours.

“4H #ETH Network Stats: Price: $183.54 (+0.9%). $ETH On-Chain Volume: $192M (-33.7%). Active Senders: 198K (-17.1%). Active Recipients: 87K (-6.3%),” they explained.

Analyst: ETH Price Drop Could Provide Ideal Long Entry 

Mayne, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes any near-term breakdown for both Ethereum and Bitcoin could simply be a bear trap that is followed by a large movement upwards, which would mean that the next dip could be an ideal time to long the cryptocurrencies.

“$BTC and $ETH are consolidating. I think if we break down it’ll be a bear trap that you want to long. I expect bears to talk shit under all my bullish posts, sentiment will line up nicely. Same people talking shit are the ones who will be rebuying their spot back above $10k,” he explained while referencing the charts seen below.

The coming few hours and days will likely elucidate whether or not Ethereum and other cryptos will be able to break out of their recently established trading ranges, or if further consolidation is imminent.

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Industry Leader Anticipates Bitcoin to Soon Hit $16,000 Despite Recent Consolidation

Bitcoin (BTC) has been on a wild ride over the past several weeks, which first began when it incurred a meteoric rally that sent its price surging from lows of $7,300 to highs of $10,600 – a move that marked one of the largest single-day movements ever experienced by the cryptocurrency.

This movement instantly shifted the overall market sentiment and led many analysts that were previously setting relatively low targets to flip long, and one industry leader is now noting that investors should anticipate Bitcoin to surge to fresh year-to-date highs “soon-ish.”

Bitcoin Inches Lower During Bearish Overnight Movement

At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,215, which marks a slight drop from its daily highs of nearly $9,400 that were set late yesterday as bulls began to garner some momentum that ultimately proved to be fleeting.

Over a one-week period, BTC has been caught in a relatively tight trading range between $9,000 and $9,500, and it does appear that $9,000 has become a key mid-term resistance level that bulls will need to defend if they intend to propel the crypto past its immediate resistance level.

Bitcoin’s bulls and bears remain deadlocked in the short-term as the crypto trades within it aforementioned trading range, and whether or not it ultimately breaks above or below this range will likely determine which direction it will trend in the mid-term.

Binance CEO: BTC to Hit $16,000 in Near-Term

Currently, Bitcoin’s year-to-date high exists around $13,800, but one prominent leader within the crypto industry is now claiming that he anticipated BTC to surge to fresh 2019 highs of around $16,000 “soon-ish.”

CZ, the CEO and founder of popular cryptocurrency exchange Binance, shared this bullish sentiment in a recent tweet, explaining that the sheer amount of people currently engaging with Bitcoin makes it easy to predict that it will eventually surge back towards its previously-established all-time-highs.

“Price predictions are easy.  It’s just hard to be right about the timing.  We will see $16k soon-ish. 1.4 billion people working on it as we speak,” he explained.

Although the macro outlook for Bitcoin certainly does appear to be bullish, it is important to note that where it goes in the coming weeks and months will likely be determined by how it responds to its current trading range.

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Ethereum May Target $170 in Near-Term as On-Chain Volume Drops 20%

Ethereum (ETH) has been caught in a bout of consolidation within the mid-$180 region, which has been largely guided by Bitcoin’s inability to garner any momentum that pushes it away from the lower-$9,000 region, which is where it has been trading for the past several days.

Now, analysts are noting that ETH may be positioned for a retrace towards $170 in the near-term as it also faces an ongoing decline in on-chain volume.

Ethereum Consolidates as Analysts Target a Downside Movement 

At the time of writing, Ethereum is trading up 2% at its current price of $185, which marks a slight climb from its recent lows of $177 that were set last week.

It is important to note that Ethereum has been caught in a trading range between roughly $180 and $190 over the past several weeks, which is largely the result of Bitcoin’s bout of consolidation between $9,000 and $9,500.

Regardless of how Bitcoin trades in the near-term, Ethereum may soon incur a downside movement that takes it as low as $170, which is where its “golden fib ratio” currently exists.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained this possibility in a recent tweet, noting that ETH’s near-term target exists at $176, while its mid-term target exists at $170.

“$ETH Broken down from rising wedge from last month. Fall is not over in my opinion. Next target is 176 at .5 fib level. I do think we will go to golden ratio at .618 fib at $170,” she explained while pointing to the chart seen below.

ETH On-Chain Volume Declines  

One factor that could potential perpetuate any downside movement experienced by ETH in the near-term is the fact that its on-chain volume has been declining as of late, which can make all crypto assets more prone to downside movements.

TokenAnalyst, a popular cryptocurrency analytics group on Twitter, spoke about this in a recent tweet, noting that the cryptocurrency’s on-chain volume has declined nearly 20% over the past 24-hours.

“24H #ETH Network Stats: Price: $181.82 (-0.5%). $ETH On-Chain Volume: $290M (-18.3%). Active Senders: 238K (+0.5%). Active Recipients: 93K (-4.4%),” they explained.

As Ethereum’s on-chain volume declines and bulls fail to build any noteworthy strength, it does appear to be a strong possibility that the crypto could decline further before it finds enough buying pressure to propel its price higher.

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Bitcoin Looks Like a “Launchpad” as Analysts Anticipate Volatile November

Bitcoin has inched higher overnight after facing a short bout of consolidation within the lower-$9,000 region. BTC still has a long way to go before it revisits its recent highs of $10,600 that were set at the peak of the recent rally.

Analysts are noting that the coming 30 days may prove to be highly volatile for the cryptocurrency, and one analyst believes that the crypto could be positioned for a massive upwards movement.

Bitcoin Inches Higher as Bullish Undercurrent Grows Stronger

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,320, which marks a slight surge from its weekly lows of just a hair above $9,000.

Bitcoin’s volatility as of late has now resulted to it falling into a relatively tight trading range between roughly $9,000 and $9,500, with a significant amount of selling pressure existing between $9,500 and $10,000.

Historically, November has proven to be a volatile month for Bitcoin, which could mean that the crypto will incur some significant movements in the near-term.

Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about the tendency for November to be a volatile month, explaining that BTC has either traded at $6,000 or $3,000 in November for the past two years.

“$BTC – November tends to be a volatile month of #bitcoin with a range the last two years of 6K and $3K respectively,” he explained while pointing to the chart seen below.

Analyst: BTC Currently Looks Like a “Launchpad”

As for where this November volatility could lead Bitcoin’s price in the near-term, some analysts believe that the cryptocurrency is positioned for a massive upwards movement in the near-term as it breaks above multiple long-established resistance levels.

The Crypto Dog, a popular cryptocurrency analyst on Twitter, concisely spoke about this in a recent tweet, saying “$BTC looks like a launchpad” while pointing to two long-established resistance levels that were formed in the time since its meteoric bull run that sent it surging from $7,300 to $10,600.

In the near-term, it is imperative that Bitcoin holds above the lower-$9,000 level, or else its current bullishness could be invalidated, and further losses could be imminent.

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Ethereum May Be Gearing Up for Bullish Movement as On-Chain Volume Declines

Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past several days and weeks and was able to incur some bullish momentum this past Tuesday separate from Bitcoin, although this movement was short-lived and was closely followed by a retrace back towards its current price levels.

Analysts are now nothing that Ethereum may currently be positioned for a noteworthy bullish movement in the near-term, as it is currently trading just above a region with massive support.

Ethereum Finds Strong Support at $180

At the time of writing, Ethereum is trading up marginally at its current price of $183.85, which marks a slight climb from its recent lows of $180 that were set overnight.

ETH’s sharp bounce after visiting $180 signals that there is notable support in this region, which is further supported by the fact that it has been finding support around this level in the time since it incurred a massive rally that sent it up to highs of nearly $200 last week.

In the time following this rally, the cryptocurrency has found strong resistance around the lower-$190 region, which may signal that the crypto is currently caught within a relatively tight trading range between $180 and $190.

The formation of this tight trading range has come about amidst declining on-chain volume, which has dropped 11% over the past 24-hours, according to data from TokenAnalyst.

“4H #ETH Network Stats: Price: $185.19 (-0.9%). $ETH On-Chain Volume: $371M (-11.1%). Active Senders: 228K (-0.9%). Active Recipients: 96K (-4.4%),” they noted in a recent tweet.

ETH May Be Positioned for Further Gains in Near-Term 

As for which direction ETH will move once it breaks free from this bout of consolidation, analysts are currently noting that the strong support region directly below Ethereum’s current price gives bulls an edge over bears.

Mayne, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is currently bullish on ETH based on its weekly chart while pointing to the significant support that lies directly below its current price.

“$BTC probably isn’t going to $16k today. But, looking at the weekly charts for it and $ETH I can’t help but be bullish. Still, a lot of salty bears under my posts. I’m going to redeem ICT’s name by catching the bottoms on both with order blocks,” he said while referencing the charts seen below.

The coming few days will give traders and analysts alike significant insight into which direction Ethereum and the aggregated crypto markets will head next, and it is highly probable that this will be largely based on Bitcoin’s performance in the near-term.

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Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.

Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.

Bitcoin Bounces from Daily Lows as Bulls Ardently Defend $9,000

At the time of writing Bitcoin is trading up just under 2% at its current price of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC’s price had been hovering for the past couple of days.

It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.

Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.

In the near-term, BTC’s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

“$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.”

BTC Bulls Defend Against Significant Selling Pressure 

Bitcoin’s bulls have been showing some weakness ever since Bitcoin peaked around $10,600 during its recently rally, which was closely followed by a drop to its current price levels.

Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that bulls may be stronger than they seem, however, as this latest movement up came about in the face of significant selling pressure.

“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000. At least short term. Nice bounce from $BTC to tap $9400,” he explained.

If bulls are able to extend this momentum in the near-term, it may be emblematic of the possibility that significantly further gains are in store for the cryptocurrency in the coming days and weeks.

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Ethereum May Target $160 Despite Heightened Network Activity

Ethereum’s price action has been largely guided by that of Bitcoin over the past several days, and ETH’s bulls are now showing some signs of losing strength as the crypto inches lower today. This potential bearishness comes as the crypto sees an influx of network activity and heightened trading volume.

Analysts are now noting that there is a chance Ethereum drops as low as $160 in the near term if it fails to decisively break above the upper boundary of a bullish ascending triangle that it is currently trading within.

Ethereum Stable in Mid-$180 Region as Network Activity Blossoms

At the time of writing, Ethereum is trading up just under 2% at its current price of $185.71, which marks a notable climb from its daily lows of under $180 that were set earlier today.

Ever since Bitcoin incurred its parabolic rally from lows of $7,300 to highs of $10,600, Ethereum has been closely tracking BTC’s price action, and is currently sitting below its recent highs of just under $200 that were set at the peak of the rally.

This massive volatility has helped ETH garner some increased network activity, however, as TokenAnalyst – a popular analytics group on Twitter – recently noted that the number of active senders and recipients both rose roughly 14% over the past 24-hours, while its on-chain volume surged a whopping 150%.

“24H #ETH Network Stats: Price: $183.88 (+0.8%) $ETH On-Chain Volume: $629M (+149.6%) Active Senders: 238K (+13.6%) Active Recipients: 101K (+14.0%),” they noted.

ETH Nears Apex of Bullish Ascending Triangle

While looking towards Ethereum’s 4-hour candle chart, the cryptocurrency is currently caught within a bullish ascending triangle that is likely to be resolved in the coming several hours.

Josh Olszewicz, a popular cryptocurrency analyst on Twitter, noted in a recently posted chart that an upwards break could lead the crypto to just over $200, while a downwards break could lead it reeling to lows of $160.

In the near-term, how Ethereum responds to the aforementioned triangle that it is currently trading within will likely be largely dependent on Bitcoin, as a break below BTC’s key near-term support levels within the lower-$9,000 region could cause the entire crypto market to cut deep into its recent gains.

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Analysts Less Bullish on Bitcoin as Short Term Trend Signals Stagnance

After facing extreme volatility over the past several days and weeks, Bitcoin (BTC) has found itself caught within a relatively tight trading range within the mid-$9,000 region, and where it goes from here could determine which direction it trends in the mid-term.

Analysts are now noting that Bitcoin is currently sitting between two key levels, with resistance directly above its current price and support directly below it, and investors may soon gain greater insight into the long-term significance of its recent rally as it breaks above or below one of these levels.

Bitcoin Consolidates Following Meteoric Movement

At the time of writing, Bitcoin is trading up marginally at its current price of $9,370, which marks a slight drop from its daily highs of just below $9,500 and a slight climb from its daily lows of $9,250.

This relatively tight trading range has come about shortly after BTC surged from lows of $7,300 to highs of over $10,500, and analysts are generally noting that it must hold above the lower-$9,000 region in the near-term in order for its uptrend to extend further.

Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about the importance of BTC holding above $9,000 in a recent tweet, explaining that a break below this level would also mark a break below its 200-day moving average.

“$BTC – chop chop chop #bitcoin with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA’s on higher time frames, lower ones being currently tested… Holding above $9k ideal for MA200 support,” he explained.

Analyst: Break Below $9,300 Would Fuel BTC’s Bears

While echoing Big Chonis’ sentiment, Cred – another popular cryptocurrency analyst on Twitter – explained in a tweet that BTC’s bears must hold the cryptocurrency above $9,300 in the near-term, as a daily close below this level could cause the crypto to cut deeper into its recent gains.

“$BTC: Daily closed worse than it looked during my update. It’s still in an area of support, but given the ambiguous weekly chart and failure to close above $9300, I’m flat for now. If bulls have any bollocks then the dotted line ($9500s) is the level to break for continuation<” he said while pointing to the chart seen below.

The coming several hours will likely illuminate BTC’s near-term trend, as how it reacts to the two aforementioned levels will provide critical insight into which direction that markets are heading next.

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Chinese Altcoins Retrace from Daily Highs as Hype Falters

Late last week the Chinese President offered widely publicized comments regarding his intentions to make China a global leader in blockchain technology, which was met with mixed reactions from investors, with some analysts noting that it was the catalyst behind the recent rallys incurred by Bitcoin and altcoins alike.

These comments were particularly impactful to a handful of prominent Chinese blockchain projects, with the tokens related to these projects clocking meteoric gains yesterday.

Chinese Altcoins Sprint Upwards, But Retrace From 24-Hour Highs 

Yesterday, multiple major altcoins posted gains disproportionate to the rest of the crypto markets, which can be linked directly to the Chinese President’s bullish comments on blockchain that were offered last Friday.

NEO, a popular blockchain project in China was one such altcoin that incurred massive upwards momentum, as it surged nearly 50% to highs of $13.00 before it lost its momentum and retraced to its current price of $10.70.

NEO is still trading up significantly from its weekly lows of $6.80, but it remains unclear as to whether or not this rally will continue to falter as the hype surrounding President Xi’s comments fades.

Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about NEO’s rally in a recent tweet, explaining that its massive influx of trading volume stems directly from the narrative surrounding China’s attitude shift towards blockchain technology.

“$NEO volume up over 1 Billion in the past 24 hours. The Chinese altcoin fomo is real. (Personally I’m focused on stacking Bitcoin & will only use these pumps to add to Bitcoin, not looking to hold majority of alts long term – hopefully you learned this lesson),” he noted.

China Hype May Continue Faltering in Near-Term

It is important to note that NEO was not the only major Chinese altcoin that had rallied yesterday, as Tron and Ontology both incurred decent upwards momentum which has faltered over the past several hours.

Ontology is currently up 12% at its current price of $0.878, but it is down significantly from its daily highs of $1.15. Tron is also trading up 15% at its current price of $0.02, but it has similarly dropped from its daily highs of nearly $0.022.

It remains unclear as to what the long-term significance of the Chinese President’s comments is, although it is highly probable that it will not directly benefit any of the aforementioned altcoins in the near-term, which may mean that they will cut even further into their recent gains as the hype fades away.

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Analyst: Bitcoin May Target $8,900 After Being Rejected at Key Resistance

Bitcoin has been incurring significant volatility over the past several days, which has mostly favored the cryptocurrency’s bulls as BTC has been able to run from lows of $7,300 to highs of $10,600 before settling in the middle of this wide trading range.

Analysts are now noting that they believe Bitcoin will drop lower in the near-term as bears build strength, which may mean that a movement to its previous range highs of $8,900 is imminent.

Bitcoin Moves Lower as Analysts Eye Further Losses 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $9,350, which marks a notable retrace from its 24-hour highs of just under $10,000 and from its multi-day highs of roughly $10,600.

Although BTC’s recent bearishness may point to an underlying weakness among the cryptocurrency’s bulls, it is important to note that BTC is still trading up significantly from its recent lows of $7,300 that were set just prior to the meteoric upwards movement that was witnessed this past Friday.

HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin is currently showing signs of bearish divergence on its four-hour chart, which comes as it pushes into a long-established resistance region.

“$BTC 4H Price initially rejected upon first test of the 1W OB/supply zone from early September. 4H bearish div just hit. Wouldn’t be surprised to see a sweep of the low around $8.9k to retest the previous range high & low time frame demand at $8.8k where I would favor longs,” he explained.

CME Futures Gap May Have Sparked Latest BTC Drop

It is highly probable that the supply zone that HornHairs referenced in the above tweet was one of the main impetuses of BTC’s recent downturn, but it is possible that a gap in the CME futures chart that was formed during the crypto’s recent surge may have signaled that this movement was imminent.

Jacob Canfield, another popular crypto analyst, spoke about this in a tweet while explaining why he entered into a short position at $9,900.

“Here is a little more logic on my short trade. Bitcoin CME futures has been very reliable from a TA perspective. The bounce from $7400 was the 200MA on daily as well as the 61.8. We now have a gap, are testing the 61.8, 100MA and the previous support before the breakdown,” he said while referencing the below chart.

The coming several hours and days will likely shine a light on the status of this recent rally, as a break below $8,900 would mark a significant retrace from its recent highs and may mean that this movement was simply a bull trap.

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