Crypto Analysis Archives

Cryptocurrency Market Update: The Friday Dump is Getting Tedious

FOMO Moments

Cryptocurrency markets in predictable pain as the week ends; Bitcoin Cash, SV, getting killed, Stellar not far behind.

As if scripted by some kind of delirious director, crypto markets are dumping again this Friday. The same thing happened last Friday and the one before that and the end of week selloff is getting a little tedious.

Bitcoin fell to its yearly low again a few hours ago when it dumped 5% from over $3,400 to below $3,290. This marks a revisit to the 2018 low BTC made on December 8, almost a week ago. As before BTC managed to bounce off this weak support zone but it won’t be three times lucky if all the analysts are to be believed.

Ethereum is forever losing ground as it drops even further, another 3.5% on the day taking it back to around $85 – the lowest ETH price for 18 months.

Altcoins are bleeding again as we end another painful week in crypto land. Without even looking at the top ten you can probably make a good guess which one is falling the most. Bitcoin Cash yet again is getting hammered with a 9% plunge back to $85. Its rival Bitcoin SV is taking a similar beating and Stellar is not far behind with a 6% slide.

Most altcoins in the top twenty are losing 4-6 percent since yesterday at the time of writing. Only Ethereum Classic and Maker are treading water with no losses on the day so far.

As usual there are a couple of fomo pumps occurring and the lucky teams today include Dentacoin and Waves, the only two cryptos making double digits. Again, from the same script as the Friday dump, are the altcoins in pain today, namely yesterday’s fomo spikes – Bitcoin Private, DEX, WAX and Factom dumping double figures.

Total market capitalization is almost back to its lowest level for 2018. Dropping 3.7% on the day markets are just below $105 billion at the moment – not far to go to set a new record low. After reaching a weekly peak of $117 billion markets have dumped back to last weekend’s low levels and the likelihood of them dropping further is high.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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Bitcoin Back at 2018 Low, Price Halved in a Month

A few hours ago Bitcoin revisited its lowest level in 2018. After a week of down trending and failure to break key resistance levels this latest plunge comes as no surprise.

Bitcoin Revisits 2018 Low

With a 5% slide Bitcoin dumped from $3,450 down to $3,284 during intraday trading. This repeats the yearly low it made almost a week ago on December 8. According to Coinmarketcap BTC fell sharply around 19.00 UTC after spending most of the week above $3,400.

Bitcoin reached $3,680 briefly on Monday but has been in a downward slide ever since, hitting the bottom a couple of hours ago before rebounding a little. At the time of writing BTC was trading at just over $3,300. It is the second time it has hit this level and is likely to stay there for a while before falling further.

Bitcoin has almost halved since the same time last month when it was trading closer to $6,400. Since all-time high, a year ago next week, Bitcoin has hemorrhaged 83.6% to its current low. Previous crashes have been worse however so the daddy of digital currencies is not out of the woods yet.

Analysts have predicted a fall to $3,000 which is looking more likely every day as markets weaken further. Friday’s have been particularly painful in crypto land for the past few weeks. Last Friday saw a $15 billion dump to a new low for the year and previous ones have not been much better.

Total cryptocurrency market capitalization has not quite hit a new low at the moment but is very close to it. With a level of just below $105 billion at the time of writing it does not have that far to go and the weekend could see things plunge below the psychological barrier of $100 billion.

The near future sees no catalyzing factors to reverse this trend and crypto aficionados are pinning hopes on institutional heavyweights such as Bakkt and Fidelity getting their products off the launch pad.

The general public, fed by mainstream media FUD, has largely written off Bitcoin and cryptocurrencies as a flash in the pan. Only the hardcore hodlers, and whales that loaded up years ago, are still in the game it seems.

Those that have done their research and actually understand what they are investing in will weather the storm. A further drop for Bitcoin is unlikely to faze the people that are here for the long run.

Image from Shutterstock

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Bitcoin Price Watch: BTC Sellers Target Breakdown Below $3,000

Key Points

Bitcoin price declined further and broke the $3,295 and $3,200 supports against the US Dollar.
There was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price traded to a new weekly low at $3,150 and it is currently correcting losses.

Bitcoin price declined below the $3,200 support recently against the US Dollar. BTC could continue to face a lot of selling interest near the $3,350 and $3,375 levels.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a fresh weekly low below $3,200 in bitcoin price against the US Dollar. The BTC/USD pair did trade lower and broke the $3,295 and $3,260 support levels. The price even broke the $3,200 support area to signal a major bearish wave. A new weekly low was formed at $3,150 and it seems like the price remains in a significant downtrend.

During the decline, there was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair. The pair is now trading well below the $3,400 level and the 100 hourly simple moving average. It recently corrected above the $3,230 level and the 23.6% Fib retracement level of the last slide from the $3,491 high to $3,150 low. However, buyers struggled to clear the $3,265-3,300 resistance zone. The next major hurdle is near the $3,360 level. It coincides with the 61.8% Fib retracement level of the last slide from the $3,491 high to $3,150 low. Besides, the triangle resistance trend line is at $3,375 to prevent gains.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a bearish zone below $3,375. There could be more losses below $3,150 and $3,000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI is still well below the 40 level.

Major Support Level – $3,200

Major Resistance Level – $3,375

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Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Key Points

The total crypto market cap failed to gain pace and declined below $100.00B.
Stellar (XLM) price declined more than 6% and broke the $0.120 support.
Bitcoin cash price fell sharply by around 10% and broke the $90 support.
Tron (TRX) is still stuck above the $0.0130 support level.
Cardano (ADA) price declined once again below $0.0300 and it may slide further.

Bitcoin cash declined heavily and broke the $95 and $90 supports. Stellar (XLM), Tron (TRX) and Cardano (ADA) are currently under pressure and they may slide further.

Bitcoin Cash Price Analysis

During the past few hours, there was a sharp increase in selling pressure on bitcoin cash below the $95 support. BCH/USD declined more than 10% and traded below the $90 support. If the current decline extends, the price may slide further towards the $85 support.

If there is an upside correction, the price may find resistance near the $90 and $92 levels. On the flip side, a break below $85 may push the price towards $80.

Stellar (XLM), Tron (TRX) and ADA Price Analysis

Stellar price declined below the $0.1200 support area to move into a bearish zone. XLM is down more than 6% and it seems to be approaching the $0.1000 support area. On the upside, the previous support at $0.1200 may now act as a resistance.

Tron price remained stable and there was no major decline below the $0.0130 support. TRX price seems to be preparing for the next crucial break either above the $0.0150 level or below $0.0120.

Cardano price failed to stay above the $0.0300 support and declined recently. ADA price is down around 4% and it could extend the current decline towards the $0.0290 or $0.0285 support level.

Crypto Market Cap Total

Looking at the total cryptocurrency market cap hourly chart, there was a sharp bearish reaction near the $106.00B level and a bearish trend line. The market cap declined sharply and even spiked below the $100.00B level. It seems like the crypto market is under a lot of bearish pressure and the market cap could even decline below $98.00B, sparking more losses in Bitcoin, Ethereum, monero, stellar, ripple, and other altcoins in the near term.

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Ripple Price Analysis: Break Below $0.2900 Could Speed Up XRP Losses

Key Highlights

Ripple price seems to be struggling to clear the $0.3100 resistance area against the US dollar.
There is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline heavily if there is a break below the $0.2900 and $0.2880 supports.

Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD failed to move past $0.3100 and now it could decline further towards $0.2650.

Ripple Price Analysis

There was a decent base formed near $0.2920 in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.3000 resistance area. However, buyers struggled to clear the $0.3090-0.3100 resistance. As a result, the price declined below $0.3020 and the 100 hourly simple moving average. The price retested the $0.2920 support area, which is currently protecting further losses.

An initial resistance is the $0.3000 level and the 23.6% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. The stated $0.3000 level also coincides with the 100 hourly SMA. Above $0.3000, there is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. Therefore, the price is likely to struggle near $0.3000 and $0.3020 if it corrects higher. Above $0.3020, the next key resistance is at $0.3090-0.3100.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price remains at a risk of a sharp decline if there is a break below the $0.2900-0.2880 support area. The next main support below $0.2800 is near the $0.2650 level where buyers may emerge.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.2900

Major Resistance Level – $0.3020

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Ethereum Price Analysis: ETH Could Extend Losses Below $80

Key Highlights

ETH price failed to recover above the $90 resistance and declined recently against the US Dollar.
There is a new connecting bearish trend line formed with resistance at $89 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to decline further below the $83 and $80 support levels in the near term.

Ethereum price declined further below key supports against the US Dollar and bitcoin. ETH/USD could accelerate losses if there is a break below $80.

Ethereum Price Analysis

Recently, there was a minor upside move above $88 and $90 in ETH price against the US Dollar. The ETH/USD pair tested the $90 resistance area and faced a solid selling interest. As a result, there was a bearish reaction and the price declined below the $87 and $85 support levels. There was also a close below the $87 level and the 100 hourly simple moving average.

A new intraday low was formed at $82.99 and it seems like the price may decline further. It is currently correcting higher above $85. An initial resistance is the 50% Fib retracement level of the recent decline from the $90 high to $83 low. Moreover, there is a new connecting bearish trend line formed with resistance at $89 on the hourly chart of ETH/USD. An intermediate resistance is the 61.8% Fib retracement level of the recent decline from the $90 high to $83 low. It seems like there is a cluster of resistances formed between $88 and $90. Therefore, as long as the price is below $90, it may continue to decline.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price could even break the $83 support level. The next key support is at $80, below which the price will most likely accelerate towards the $75 level.

Hourly MACD – The MACD is now back in the bearish zone.

Hourly RSI – The RSI is currently well below the 50 level and heading towards 30.

Major Support Level – $80

Major Resistance Level – $90

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Crypto Friendly Revolut Granted European Banking License

Revolut, the London-based fintech unicorn that offers users a digital alternative to traditional banking services, has been granted a European banking license by regulatory authorities, allowing them to offer Europe-based users a plethora of digital banking services.

Revolut features an in-app exchange that allows users to gain exposure to five cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The platform, which in many ways is a competitor to the US-based Robinhood, allows users to buy and sell crypto commission free, with the only cost being a 1.5% exchange rate markup to account for volatility.

Revolut Gains Access to Significantly More Users, Could be Bullish for Crypto

On Thursday, the company announced that they had received a banking license from the European Central Bank (ECB), which will allow them to begin expanding their services across the continent, entering key markets like Germany, the U.K., France, and Poland, over the next year.

Revolut will offer users nearly all the services that traditional banks offer, including business and consumer lending, direct salary deposits, overdrafts, and up to €100,000 protection covered by the European Deposit Insurance Scheme.

Revolut, which offers users quick and simple access to cryptocurrencies, is opening between 8,000 and 10,000 accounts per day, and has plans to expand into the US, Canada, Japan, Singapore, Australia, and New Zealand, throughout 2019.

Nik Storonsky, the founder and CEO of Revolut, spoke to CNBC earlier this week, and said that the company already has a significant amount of users in the US waiting for accounts.

“At the moment we have about 100,000 waiting in the U.S. without any marketing,” he said.

As Revolut expands its services across the world and gains more users, it could potentially siphon a significant amount of money into the crypto markets due to the easy and cheap access it offers users.

In addition to offering easy access to crypto, Revolut also launched a debit card that allows customers to receive cash back denominated in one of the five cryptocurrencies offered on its platform. As more users begin shifting their traditional banking accounts to digital providers, like Revolut, it is plausible that they will begin dabbling in other digital-based and nascent markets, like cryptocurrencies.

Revolut Propelled by Massive Funding

The fintech unicorn’s rapid expansion stems from a combination of a shifting trend away from traditional banking services, and a massive flow of funding that is allowing them to efficiently propel their operations.

Earlier this year, Revolut raised $250 million in a funding round that brought its valuation to $1.7 billion, and recent reports claim that the company is in talks with SoftBank to raise additional funding worth as much as $500 million. Storonsky told CNBC that his company “doesn’t need the money,” but said that the SoftBank partnership “may happen in the future.”

Featured image from Shutterstock.

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Bitcoin Extortionists Turn From Blackmail to Bomb Threats

Dozens of U.S. businesses, public buildings, and more have been evacuated in response to a string of bomb threats currently sweeping the nation.

The person or persons making the threats, are demanding a sum of Bitcoin be sent to a wallet address, or are threatening to detonate a bomb, potentially harming many in the process.

Bitcoin Bomb Threats Sweep the Nation, Police Say It’s A Hoax

Much of the United States spent the greater part of Thursday, December 13th, on edge and in fear of an attack from a Bitcoin scammer, threatening to detonate bombs at a number of locations across the country. The threats were sent via email using the subject line “we can make a deal”, requesting a sum of $20,000 USD worth of Bitcoin.

“I write to inform you that my man has carried the bomb (Tetryl) into the building where you business is located,” the threat letter reads, continuing “there will be many victims in case of its explosion.”

The letter goes on to threaten that if payment isn’t received by the end of the “working day” the bomb “will explode.” The would-be bomber claims he and the other members of his group aren’t terrorists, but the situation is being treated as such by authorities nationwide.

At the moment, the threats to appear to be a hoax, and nothing more than an attempt to extort Bitcoin from the masses. The New York Police Department put out a bulletin on Twitter, warning the public of the threat, but also revealing that “no devices have been found” during numerous searches.

“At this time, it appears that these threats are meant to cause disruption and/or obtain money,” NYPD said in a statement, calling the threats “not credible.”

The Federal Bureau of Investigation (FBI) told Reuters that they are working with local law enforcement and “encourage the public to remain vigilant and report suspicious activities that could represent a threat.”

The bomb threat reports are widespread, stretching from San Francisco to Boston.

Bitcoin Scammers: From Blackmail to Bomb Threats

Bitcoin and cryptocurrency scammers will try any avenue to try and steal funds. Scammers have made Twitter a hunting ground, preying on social media users regularly by impersonating celebrities and hacking accounts. They’ve also recently infiltrated Facebook as well.

Scammers are also blackmailing U.S. residents, threatening to reveal details about affairs to spouses unless a sum of Bitcoin is sent to an anonymous address – much like the current bomb threat causing great concern across the United States. The occurrence of the blackmail threat has been frequent enough for the Federal Trade Commission to issue a warning to the public.

Back in November, the scam targeted Paradise Valley, Arizona residents, prompting the local law enforcement to warn users via social media.

Featured image from Shutterstock

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Bitcoin Falls Below $3,500, Analyst Claims Likelihood of a Bounce is Diminishing

Bitcoin has been unable to stabilize above $3,500 which has led to a widespread sell-off that has sent most cryptocurrencies down 2% or more. Despite today’s drop, many altcoins have been able to maintain their recently established levels of support.

At the time of writing, Bitcoin is trading down 1.8% at its current price of $3,440, down marginally from its 24-hour highs of $3,550. Earlier this week, Bitcoin climbed to highs of nearly $3,700 before quickly being pushed downwards, signaling that this price level could be a level of resistance for Bitcoin.

Over the past several days Bitcoin appears to have found support at $3,400, bouncing slightly when this price was touched on both today and this past Tuesday.

Analyst: Bitcoin Less Likely to Bounce the Longer it Trades Sideways

As Bitcoin continues to range between $3,400 and $3,700, one analyst claims that the likelihood of a bounce is continually decreasing.

While speaking to MarketWatch regarding Bitcoin’s sideways trading in the mid-$3,000 region, Jani Ziedins of CrackedMarket said that the longer any asset trades at a low price, the less likely it is that the asset is oversold.

“Bitcoin continues to muddle along in the mid-$3k range. The longer we maintain these levels, the less likely it becomes that prices are oversold and poised for a pop. The public has largely written cryptocurrencies off as a fad and no new money is coming in. The lack of demand will continue to be a big liability.”

Although there are no catalysts for a price run in the near-future, the release of institutional-aimed products throughout 2019, like the ones being offered from both Bakkt and Fidelity, could lead to both an influx of funding as well as an influx of positive news from the mainstream media regarding the cryptocurrency markets.

Altcoins Trade Marginally Lower

Bitcoin’s inability to stabilize above $3,500 has led the altcoin markets to drop slightly, although they have generally held steady above their recently established support levels, which were formed earlier this week when Bitcoin fell to $3,400 from $3,700.

Ethereum is one of today’s best performing altcoins and is currently trading down 0.5% at its current price of $91. Earlier this week, Ethereum formed the $88 region as a level of support and appears to have stabilized above the $90 mark.

XRP is currently trading down 1.5% at its current price of $0.305 and is continuing to closely follow Bitcoin’s trading patterns. XRP has found support in the $0.30 region, and only briefly dipped below this price earlier this week.

One of today’s worst preforming altcoins is Bitcoin Cash (BCH), which is currently trading down nearly 6% at its current price of $98. Bitcoin Cash is currently hovering right around its all-time-low of $97 and is showing little to no signs of fundamental strength.

Featured image from Shutterstock.

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Tom Lee Declines to Update Year-End Bitcoin Price Forecast

Outspoken Bitcoin bull Tom Lee is one of the cryptocurrency’s biggest cheerleaders, and has made a number of lofty price predictions that have unfortunately fallen short.

With the price of Bitcoin hitting new one-year lows after the break of critical support at $6,000, Lee is now saying that Bitcoin is currently extremely undervalued, by as much as $10,000. He’s also uncharacteristically declining to make any future predictions on the cryptocurrency’s price.

Tom Lee Tight-Lipped on Future Price Predictions

While speaking to Bloomberg, Fundstrat Global Advisors’ head of research, Thomas Lee, refused to offer an amended year-end forecast for Bitcoin, saying he was “tired of people asking us [Fundstrat] about target prices.” Lee has made some bold predictions in the past, making a call back in May claiming that the cryptocurrency would reach $25,000 by the end of the year.

Not only did Lee’s lofty prediction not come true, he missed his target by over 85% unless Bitcoin makes a sudden, sharp recovery. Given the current market sentiment, reaching Lee’s year-end target would seemingly be impossible, which may explain Lee’s reluctance to make another prediction. Lee later lowered that prediction to a more modest $15,000, but even that target is a far way off.

Without making another specific prediction, Lee did point to Bitcoin’s price being fairly valued at $150,000 per BTC if the amount of wallet addresses can reach 315 million, which would be 7% that of VISA’s 4.5 billion accounts.

Tom Lee: Bitcoin Fair Value is Between $13,800 and $14,800

According to Lee, Bitcoin’s fair value is between $13,800 and $14,800 – making the leading cryptocurrency by market cap undervalued by more than $10,000. Lee based his fair value figure on the number of active wallet addresses, the amount of transactions across each account, and the overall supply.

“Fair value is significantly higher than the current price of Bitcoin,” Lee explained.

Bitcoin recently breached a repeatedly-tested price floor at $6,000 sending the market into a state of panic, and the price plummeting over another 40% to a one-year low of $3,250. Bitcoin is currently trading at around $3,400, making the original cryptocurrency undervalued by $10,400 on the low end, and $11,400 on the high end, according to Lee’s valuation.

As for why Bitcoin is so undervalued, Lee claims that it’s a combination of factors. This includes the mounting fears surrounding a potential global economic collapse and the corresponding de-risking by investors, initial coin offering treasuries selling off assets to fund operations, and the normal market cycling following the break of a parabolic advance.

Lee neglected to mention another factor that the cryptocurrency community finger points as the reason for the current downward spiral: the ongoing war between two opposing Bitcoin Cash camps. Regardless of the exact reasoning, enough factors have piled up to send the market into a state of fear, and as a result, the entire cryptocurrency market has been bleeding out – with no end in sight.

Featured image from Shutterstock

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