Daily Archives: January 31, 2020

The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?

Crypto market daily performance. Source: Coin360

Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.

BTC USDT 1-day chart. Source: TradingView

A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the push to $10,000 in November 2019.

The chart is also showing a clear breakout from the 7-month downtrend. A retest was done at $7,600, after which the price of Bitcoin rallied towards $9,200 for temporary resistance.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance. Currently, the price of Bitcoin is facing the next resistance at $8,800.

However, its quite unlikely to see an immediate breakthrough at this level as the indicators on smaller time frames show exhaustion of this upwards move.

Additionally, some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.

On the support side, a retest of $8,500 looks quite healthy for confirmation of new support. Range-bound movements are now likely to happen if price cant break through $8,800 or drop below $8,500.

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization of cryptocurrencies is showing an essential bounce from the blue zone (level around $217-218 billion). A retest there was quite healthy as anticipated in a recent article.

This retest is now completed and shows intense buying pressure as the total market capitalization has already rallied up to $238 billion. This retest also indicates confirmation of the uptrend with the total market cap breaking the 7-month downtrend as well.

The first hurdle to overcome now is the $247 billion level. If that is broken, continuation towards $270 and $300 billion is likely to occur.

The total market capitalization chart of altcoins is looking healthy The market cap rallied from $52 billion to $80 billion. Only a slight retracement occurred to $71 billion, which means that it is stuck in a narrow range.

Total altcoin market capitalization chart. Source: TradingView

If we check the rest of the chart, we can spot many tests of the $80 billion level in recent months. Around three tests have happened prior to this latest one, which means that the resistance should become weaker.

Remember, the more times a resistance gets tested, the more exhausted sellers will get, and the weaker a resistance becomes. On the other hand, this also happens with support zones. The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.

Given that these tests of the $80 billion level occurred quite frequently, a breakout to the upside is the most likely scenario at this point, meaning that the altcoin market cap could rally towards $120 billion.

BTC USDT 4-hour chart bullish scenario. Source: TradingView

The most bullish scenario would be a clear breakout of $8,800 and a continuation from there. However, as stated earlier, I find it unlikely to see such a move occur in one go.

A retest and consolidation would be more likely including a likely retest of the $8,500. This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.

If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target. Moreover, clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.

BTC USDT 4-hour chart bearish scenario. Source: TradingView

Typically, the bearish scenario has a similar pattern in the beginning, as BTC needs to be rejected at the $8,800 level. However, the difference is in the subsequent pattern.

If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume. If this occurs, Id be aiming for bearish retest (support/resistances flips) of the $8,500 level as a potential short opportunity. The main target would then be the $7,600 area.

But first, the price needs to be rejected at $8,800-9,000 to get these scenarios going. Overall, the $8,100 support/resistance flip doesnt say that were bearish at this point. Especially, since that price has broken at a 7-month downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K - Cointelegraph

Presidential candidate Andrew Yang has advised an overhaul in crypto regulation. Speaking to Bloomberg yesterday, the democratic candidate lauded the "high potential" of cryptocurrencies, adding that regulation couldn't "impede" Bitcoin.

Yangmore than most politicianshasn't been one to shy away from crypto talk. So with the US elections looming, and other candidates polishing up their own policies, here are seven times Yang has spoken about Bitcoin.

In a recent Bloomberg interview, Yang was asked how he would handle crypto regulation. In response, the democratic candidate highlighted the current state of affairs, suggesting that the "hodgepodge" of regulation from a jumbled set of agencies is producing a cacophony of mixed signals. Instead, Yang argued that a cohesive and clarified framework for regulation was paramount in fulfilling crypto's "high potential."

Andrew Yang has been a fan of Bitcoin since 2013. Image: Shutterstock.

"Right now, we're stuck with this hodgepodge of state-by-state treatments, and it's bad for everybody. It's bad for innovators who want to invest in this space," he said.

Moreover, while promoting the need to reform the prevailing policy, Yang caveated that Bitcoin couldn't be impeded by regulation.

Yang has long-held ideas around the reformation of existing crypto regulations. Within a policy proposal regarding digital asset administration, Yang recommended renovating regulation into "one national framework," to increase innovation and add clarity.

"Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential," reads the proposal.

Less about what he said this time, and more about what he did. Back in July 2018, Yang started accepting Bitcoin, Ethereum, and a range of other cryptocurrencies to fund his campaign.

While he wasn't the first to accept digital currencies, the democratic hopeful cemented his position as the crypto community's commander-in-chief for doing so.

Yang is perhaps best known for his pledge to give all Americans aged 18-64 $1,000 per month. The idea is that everyone receives the same amount, regardless of their income or other factors.

Speaking on an episode of the "Off The Pill" podcast, Yang toyed with the notion of settling his Universal Basic Income (UBI) in Bitcoin.

When the interviewer floated the idea, Yang replied, I love where youre headed.

He added, "just about everyone in the cryptocurrency community loves the idea of the Universal Basic Income."

Although with Bitcoins wild fluctuations, everyone might end up with different amounts.

Speaking of the crypto community, in a since-removed episode of "The Coin Chat" with Crypto Joe, Yang affirmed that he felt an affinity with the space, remarking that his ideals of how the economy should be run lined up with many within the crypto industry.

"My vision of the economy is very consistent with the people who are in the cryptocurrency community," Yang stated while arguing for further decentralization in politics.

"Sometimes people call me a 'futurist,' but I believe I'm a 'presentist.' It's just that most politicians are stuck in the past. I've worked in technology for twenty years and know what's possible," he added.

While not mentioning Bitcoin directly, back in 2018, Yang cited blockchain's potential in response to a Twitter user questioning his stance on Bitcoin. Striving to stay neutral on the matter, the Democrat gave a somewhat veiled answer:

"The blockchain has a wealth of potential. Could make many things more secure transparent and efficient."

Be the first to get Decrypt Members. A new type of account built on blockchain.

He later specified that one use case would be to replace the current voting set-up.

"It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain. This would revolutionize true democracy and increase participation to include all Americansthose without smartphones could use the legacy system and lines would be very short," he said.

Yang is a Bitcoin OG. While many in the crypto community entered in late 2017, Yang was actually watching the technology back in 2013. When the price of Bitcoin crashed to $573after a previous bubble hitting $1,000and everyone was proclaiming the death of Bitcoin, he stayed calm.

I sense the bitcoin price correction will make some Fellows nervous, he tweeted. Not Yang, apparently.

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7 times Andrew Yang has spoken about Bitcoin - Decrypt

Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be concerning, a well-known commentator has told Cointelegraph.

Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.

...I think well have upside and then well have downside again, just to the point where a number of players will just get bored and move on, he said. Burton continued:

And then therell be a fast move thatll come, and a lot of people will say, Oh my God, why was I not on that move?

BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.

As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.

I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think its probably a different type of shakeout now, Burton continued.

The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had already missed their opportunity.

The weak hands are out the strong hands own it, he famously summarized last weekend.

Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be poetic if Bitcoin denied the lower levels demanded by some traders.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.

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Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K - Cointelegraph

Bitcoin (BTC), judging from candlestick arrangements, can easily surge to June 2019 highs.

Given the strong reversal of Nov-Dec 2019 losses and positive signals generated by one of the most closely followed technical indicator, the MACD, there is little argument to remain bearish. This is according to one of the crypto space most respected trader, FlibFlib, who took to twitter to express his two cents.

At pixel time, BTC is trading at over $9,500 and retesting a key liquidation level. For all there is, bulls are firmly in control and have reversed losses of Dec 2019.

As it is, it is highly likely that prices will close above Nov 2019 highs, setting the foundation for another rally that may lift BTC further into the green.

Going forward, it is imperative that BTC bulls comprehensively break and close above the $9,500-600 resistance zone at the back of high trading volumes.

This, as per candlestick arrangements, will nullify the bear breakout of Sep 2019 more so if the accompanying bull bar is with high participation as aforementioned.

Failure could see BTC crater and the bear breakout pattern of September 2019 confirmed in a move that would pour cold water on the current anticipation despite expectations of better prices, four months before a decisive halving.

According to FlibFlib, the confluence of supportive technical factors derived from the daily chart is supportive of bulls and therefore, there is little reason for a bearish argument.

Bitcoin closes the Month tomorrow. A close above $9158 prints a higher high on the monthly close for the first time since June 2019. There is also a bullish cross on the MACD above zero. Difficult to have a bearish argument tbh.

Away from candlestick arrangements, several factors are playing into bulls, and could support prices going forward. For example, the rise of Google search terms for Halving is on the rise indicating interest from the public.

Secondly, ahead of an emissions shock, the network is secure and hash rate at new highs.

Also, the number of unique BTC addresses has been on a steady uptrend. This translates to perfect distribution and use of BTC not only as a safe haven but a medium of exchange as originally designed.

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Bitcoin (BTC), judging from candlestick arrangements, can easily surge to June 2019 highs and there is no argument to remain bearish says analyst.

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Dalmas Ngetich

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CoinGape

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Bitcoin (BTC) at $9,500; There is No Argument to be Bearish Says Analyst - Coingape

Bitcoin could become an $8 trillion asset by 2030, according to Andy Edstrom of California-based WESCAP Group.

The wealth manager said the cryptocurrency could take away a part of capitalization from all the leading markets. They include gold, shares, fiat, offshore assets, or demonetized store of values like real estates.He added that investors would explore bitcoin also because of its new use-cases as its technology grows in the next decade. Excerpts:

Whether its micropayments or similar things enabled by [the] Lightning [Network] or its Abra or similar systems whereby you can get synthetic exposure to any asset in the world just by holding bitcoin as collateral. So theres a lot of upsides.

The statements came after a series of global media coverages called out bitcoin for being the best investment of the decade ending 2019. The period saw the cryptocurrencys rate journeying from a few cents to $7,100, wherein its market valuation even surpassed that of US investment banking giant Goldman Sachs.

Entering 2020, bitcoin was among the leading gainers even so mounting global geopolitical and macroeconomic risks kept risk-on sentiments at bay. The cryptocurrencys move uphill prompted analysts to call it a new form of safe-asset, which investors treated as insurance assets against gloomy macro conditions.

Bitcoin lifetime performance | TradingView.com, Coinbase

Nevertheless, Mr. Edstrom noted that bitcoins major upside in the last decade came on the back of FOMO a backronym for Fear of Missing Out.

The former hedge fund investor cited it as hyper-bitcoinization caused by the notorious initial coin offering boom in late 2017, adding that FOMO could happen even in the next bullish cycle. Also, a more researched class of investors could measure bitcoin against expansionary fiscal policies undertaken by governments and central banks around the world.

Either way, the investment thesis of bitcoin is good, said Mr. Edstrom.

The upside sentiments in the bitcoin market have encountered resistance from traditional financial experts. Many of them still see bitcoin as a speculative asset having no underlying value. Jeff Schumacher of BCG Digital Ventures, for instance, said the cryptocurrencys price might even go down to zero.

I do believe it will go to zero. I think its a great technology but I dont believe its a currency. Its not based on anything, the top financial analyst said at the sidelines of recently-held World Economic Forum in Davos, Switzerland.

Other financial analysts that see bitcoins so-called bubble popping in the next decade include legendary investor Warren Buffett, perma-bear economist Nouriel Roubini, and gold bull Peter Schiff.

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Bitcoin Will Be $8 Trillion Economy by 2030, Top Wealth Manager Explains Why - newsBTC

Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500.

After a strong upward move, bitcoin found resistance near $9,400 against the US Dollar. Recently, BTC corrected lower below the $9,350 and $9,300 levels, but the bears struggled to gain strength.

There was a break below the 23.3% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. The price even spiked below the $9,200 support level.

However, the bulls remained active above the main $9,150 support. It seems like the 50% Fib retracement level of the key upward move from the $8,875 low to $9,426 high acted as a strong support.

More importantly, this weeks important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair. Bitcoin price is currently rising and it is trading above the $9,300 level.

Bitcoin Price

The first key resistance is near the $9,420 area. If the bulls manage to surpass the $9,420 level, there are high chances of a clear break above the $9,500 resistance area. In the mentioned case, the price is likely to surge towards the $9,880 and $10,000 levels in the coming sessions.

On the downside, the trend line support near $9,210 is the first important support. The main support is near the $9,150 level.

If bitcoin bears succeed in clearing the $9,150 support, the price is likely to start a larger decline towards the $8,860 support level or the 100 hourly simple moving average. An intermediate support is near $9,000 or the 76.4% Fib retracement level of the key upward move from the $8,875 low to $9,426 high.

Technical indicators:

Hourly MACD The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently rising and it is just above the 50 level.

Major Support Levels $9,150 followed by $9,000.

Major Resistance Levels $9,400, $9,425 and $9,500.

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Do or Die For Bitcoin Bears: Its The Most Critical Period For BTC - newsBTC

Google recently suspended and removed bitcoin rewards game Bitcoin Blast from its Google Play app store for allegedly deceiving users, but it will not explain to the developers what exactly was deceptive about the game.

On Jan. 20, Google pulled Bling's Bitcoin Blast, a match-three puzzle game that rewards users with bitcoin-redeemable loyalty points. The Android version of the game had been live on the Play Store since May 2019, CEO Amy Wan told CoinDesk.

Within that time, she said, it amassed 800,000 users, 20,000 ratings and 13,000 written reviews, placing it at the top rank for bitcoin rewards searches.

We worked hard to try to get to where we were, Wan said of Bling's five-person developer team.

But shortly after Bling submitted a Bitcoin Blast update that featured new marketing taglines (Earn Free Bitcoin! Cash Out Free Bitcoin!), which Wan said better reflected the current app experience, Google axed it for deceptive practices.

A Google Play Store spokesperson did not respond to a request for comment by press time.

The Bling team is now unsure how to proceed with future updates; Wan said they still do not know what needs to change.

If we dont know what [Google] thinks is deceptive about the game, how can we possibly stop being deceptive? she said. We know the game inside and out, and Google is spending maybe a minute reviewing it.

Googles relationship with the cryptocurrency community has been tenuous for months. The search engine giant, owner and operator of YouTube, Chrome and Android OS has blacklisted crypto content with an often shoot-first mentality, only to then go back and rectify apparent mistakes.

A reporter played the iOS version of Bitcoin Blast for about 25 minutes on Jan. 28, earning slightly more than 1,000 loyalty points the minimum amount users can convert into bitcoin. Attempts to convert the points were successful; the reporters newly made Coinbase account received 103 sats on Jan 29.

But Bling, and the app, may now have to reset. Wan said Google would not let her team fix Bitcoin Blast without submitting an entirely new version under a fresh bundle ID deleting the games amassed history and user reviews. Google has already rejected the companys first appeal, Wan said.

Google further informed Bling, Additional suspensions of any nature may result in the termination of your developer account, and investigation and possible termination of related Google accounts, according to screenshots reviewed by CoinDesk.

If that were to happen, Wan said, it would effectively throttle Bling's entire tech infrastructure, including its iOS app hosted on Google Cloud.

For us, that was a very serious threat because our business runs on Google, she said.

After taking news of the suspension to Twitter, Wan said the Google Play developer Twitter account informed her it would grant the appeal and escalate her case. But she has not seen any meaningful changes in the Play developer console and is unsure what, if anything, will change.

I think it is a black box for all app developers, but I think in particular crypto apps are probably more sensitive, she said.

Wan said the unexplained suspension carries hallmarks of other recent Google actions against crypto programs, services and content. Late last year, YouTube deleted hundreds of crypto-related videos before reinstating most. Chrome also suspended the MetaMask wallet on suspicion it enabled crypto mining. That, too, has been reinstated.

Wan noted the Apple version of the game is still live.

I feel like [Google] is worse for crypto companies because the moment they see crypto or bitcoin, I think Google's red flags just go off, she said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Developers Say Google Play Unfairly Booted Their Bitcoin Rewards Game - CoinDesk

The CEO of the Chicago-based investment firm GLJ Research is comparing Teslas skyrocketing stock to Bitcoin.

In a new interview with Fox Business, Gordon Johnson saysElon Musks flagship car company is like Bitcoin on wheels and the bubble is bound to burst.

We think this is a bubble. We think its effectively Bitcoin on wheels. We think a lot of people are scared to miss the upside. If you look at the numbers, their net income for the year was just under negative $900 million. The revenue growth in Q4 was up just 2.2%, and we think that 2020 is going to be a disaster for them. The growth story is China. The coronavirus is going to significantly dent car demand in China. And their US sales last year were down 3%. GMs were only down 2.2%.

Johnson also compares the number of cars Tesla is delivering to the number General Motors is pumping out, and says the wide gap shows Teslas market cap should be significantly lower.

If you look at the numbers, Tesla is effectively guiding to just over 500,000 in production this year effectively by those estimates, deliveries. In February of last year, they guided to 420,000 to 600,000 cars delivered. They delivered 367,500 cars. So the guidance for this year is lower than the high end of the guidance they gave for 2019 last year.

Think about it. They are trading at a multiple of GMs market cap. GM does 500,000 cars in three weeks, so we think its gotten ahead of itself.

Bitcoin (BTC) is known for its extreme volatility and its history of mounting parabolic rallies followed by crashes of 80% or more.

Although the emerging asset remains extremely risky, the top cryptocurrency was the best performing investment of the last decade, beating stocks, bonds and commodities worldwide.

Featured Image: Shutterstock/ParabolStudio

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Elon Musks Tesla Is Bitcoin on Wheels and the Bubble Will Burst, Warns GLJ Research CEO - The Daily Hodl

Friday morning has brought Litecoin to the limelight. The seventh-largest coin with the current market capitalization of $4.3 billion has gained over 10% of its value in recent 24 hours. The coin tested area above $70.00, which is the highest level since September 23, 2019. While the fundamental factors behind the stellar growth are still unclear, the coin may be poised for an extended bullish run as long as the price stays above $60.00.

This support is an important milestone in Litecoin's price momentum that can serve a catalyst for another bull's rally. However, traders should exercise caution at this levels as the rejection from $70.00 may trigger downside correction, before another upside wave starts. The RSI on a daily chart is on the overbought territory, which also implies a retreat from the recent highs.

BTC/USD is currently trading at $9,345 (+1.67% on a day-to-day basis) after reaching a new top at $9,568 level on Thursday, the coin retreated to the previous range. Considering that the RSI in a daily chart has reversed to the downside from an overbough area, more sell-off within a current channel may be expected into the end of the week.

Above the current price, the first resistance level is created by the middle line of 1-hour Bollinger Band on approach to $9,500, the next comes at psychological $10,000.

Below the current price, the first support level lies at $9,200 (SMA100 1-hour), then the second is at $9,000 reinforced by SMA200 daily and the third one is at $8,550.

From the technical point of view, BTC/USD bottomed at $6,412 on December 18, 2019 and has been recovering ever since. A sustainable move above $9,000 bodes well Bitcoin's long-term perspective; however, we still need to regain ground above $9,500 to increase an upside momentum.

ETH/USD is currently trading at $181.25 (+5.3% on a day-to-day basis), off the recent high registered at $186.76. The coin has printed a large green candle on Thursday and settled well above SMA200 daily currently at $175.28, which is a strong bullish signal in the long run. The next major upside barrier is created by psychological $200.00

Above the current price, the first resistance level is at $180, then the second at $184 and the third one at $190.

Below the current price, the first support level is at $175, reinforced by the above-said SMA200 daily, then the second comes at $160 with SMA100 daily marginally below, and the third one is at $155.

The RSI on the daily chart is reversing down from an overbought territory, which means the price may experience a short-lived correction before another bullish attempt.

XRP/USD is currently trading at $0.2400 (+1.7% on a day-to-day basis). The third largest coin has retreated from the recent high at $0.2464 amid global correction on the cryptocurrency market. XRP/USD lags behind other major digital assets as it is still well below the recent top of $0.2540.

Above the current price, the first resistance level is registered at $0.2440, which is the upper line of 4-hour Bollinger Band, then comes the second resistance at $0.2540 (2020 high) and the third one at $0.26.

Below the current price, the first support level is created by SMA100 daily at $0.235, then the second comes at $0.2200 and the third one is at $0.20.

The RSI on a daily chart stays flat in the neutral position, which means the coin may continue consolidation patter around the current levels.

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Top 3 Price Prediction Bitcoin, Ethereum, XRP: market moves in fits and starts - FXStreet

Bitcoin (BTC) just experienced some wild volatility, with bulls catalyzing a sharp upwards movement to highs of $9,500 before bears ramped up the selling pressure and led the cryptocurrency to dip all the way to $9,200. This immense drop was followed up by another rapid surge, which came about when bulls posted a strong defense []

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Coinbase going offline leads to insane Bitcoin volatility; heres what could happen next - CryptoSlate