Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation

Over the last couple of weeks, bullish sentiment has begun to return to the crypto market after months of ongoing downtrend. However, one prominent crypto analyst isn’t convinced by the rally, and instead expects Bitcoin (BTC)  to reach new lows sending the asset into multi-year bear market.

To make matters worse, the analyst also believes that the current trading range Bitcoin is in, isn’t accumulation, and will later become strong resistance that the number one crypto by market cap must break through down the road in order to spark a new bull run in across the emerging asset class.

Crypto Analyst: Current Rally Running Out of Steam, Expects Drop Back to Support

Prominent crypto analyst, trader, and investor, Josh Rager, is warning crypto market participants that the current rally that’s helped revive bullish sentiment across the space, is close to failing, and will cause Bitcoin to return to support and potentially reach new lows.

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While Rager does propose that a sustained break and close above $4,100 would be “bullish” for Bitcoin and the crypto market as a whole, the analyst notes that the decreasing volume on weekly timeframes and higher are a bearish sign that the asset will drop back to retest support.

Related Reading | Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC 

In recent days, Bitcoin has rallied over 20% from the $3,150 low set in December, causing the once despair-ridden market sentiment to turn. Investors remain skeptical given how $6K broke back in November, which caused the price of Bitcoin to plummet an additional 50%.

Multi-Year Bear Market for Bitcoin, Current Range Isn’t Accumulation

The analyst further speculates that the current trading range of $3K to $4K that Bitcoin is trapped in between isn’t accumulation, and is instead yet “another obstacle in a multi-year bear market.”

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The current bear market, which is well into its second year, spent much of the time above support at $6K throughout 2018. Once that price floor broke, the market panicked and the price fell into the current range.

Related Reading | Crypto Analyst: Bitcoin Price Stuck Between Converging Moving Averages Until Mid-Year

The more an asset trades within a range, the strong the resistance becomes. If Bitcoin doesn’t manage to break through the psychological resistance at $4K, and continues to be rejected, the resistance will only become more powerful and require more energy to from bulls to break though.

Most analysts look to the 2014-2015 bear market to get an idea of where Bitcoin’s price may end up next. In that bear market, there was an extended accumulation range followed by a slow and steady climb back into a bull trend. Rager doesn’t believe we’re in that range just yet, and that “$3K is the new $6K” and is likely to fall through to another, final trading range, extending the bear market further for potentially another year or more.

Featured image from Shutterstock

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Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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Is BitTorrent (BTT) Success Capping Tron (TRX) Demand?

  • Tron prices slow down as TRX slip to ninth
  • BitTorrent (BTT) could be capping TRX demand
  • Transactional volumes are low and well below 42 million of Feb 4

Even with low volumes, we retain a bullish outlook on Tron (TRX). It is likely that the decision to reward BitTorrent seeders with BTT and not TRX is behind recent price shrinks.

Tron Price Analysis

Fundamentals

The acquisition of BitTorrent by the Tron Foundation promised to be—and is still is—a massive move by a blockchain start-up whose primary objective is to decentralize the web. Besides this noble goal, Tron has a hand in distributing and making entertainment free for all. BitTorrent has been doing that since 2014 and marking their influence is a huge base—upward of 100 million and 170 million monthly active users.

Three weeks after a successful ICO, TRX prices have been slipping. The coin’s performance pales in comparison with that of others as BNB for example. Because of Changpeng Zhao’s vision of building a DEX where fees and rewards will be payable in BNB, the coin’s demand is surging. It is not the case for TRX.

Unlike Binance, Justin Sun and co took a different business model that of rewarding users with BTT and not TRX. As a result, we are not witnessing a mismatch in performance. As a working platform, BitTorrent and BTT did hit the ground running and at spot rates, it is outperforming TRX and BNB. However, it would have been a different story if TRX was the coin for rewarding and incentivizing seeders.

Candlestick Arrangement

Tron

At the time of writing, TRX is changing hands at 2.45 cents and down to ninth in the liquidity and market cap table. The slowdown is mostly because of the unexpected lag of TRX prices. All the same, we maintain a bullish outlook as long as Tron (TRX) prices trend above 2.5 cents. Note that TRX is technically up.

In a three bar bullish reversal pattern of Feb 14-18, we might see a build-up of demand finally thrusting prices above 3.1 cents as risk-averse long positions are activated. In the meantime, risk off traders can buy on dips with first targets at 4 cents as mentioned in our last TRX/USD trade plan.

Technical Indicators

Feb 4 high volume bar—42 million anchors our analysis. Evidently, market participation levels have been tapering and even on Feb 18 when most coins were registering above average performances, TRX volumes were quite dismal. With firm buy triggers at Jan 27 highs—3.1 cents, only high volumes above 42 million would reaffirm bull trend continuation of late Dec 2018.

The post Is BitTorrent (BTT) Success Capping Tron (TRX) Demand? appeared first on NewsBTC.

Is BitTorrent (BTT) Success Capping Tron (TRX) Demand?

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Ripple (XRP) Falter, Liquidation at 34 Cents

  • Ripple prices under pressure at 34 cents
  • Instimatch Global partner with R3 Corda Settler
  • Transaction volumes high but could dip in coming days

There is consolidation happening in the remittance space, and it is good news that Instimatch Global is partnering with R3 Corda Settler. Yoshitaka’s SBI Holdings is behind Ripple Inc and R3 and therefore, successful use will see XRP demand increase as prices finally break above 40 cents.

Ripple Price Analysis

Fundamentals

Instimatch Global, a firm that says “enables a diverse community of institutional borrowers and lenders to make valuable financial trading connections, securely and intelligently harnessing trades and data to put liquidity to work” has unveiled a new dApp that integrates R3 Corda Settler that uses XRP.

In a statement, the company says they are replacing their “centralized database version which has seen a volume of over 1 Billion USD.” Already, the digital network has on-boarded 50 banks, and with the new dApp, participants would easily and securely have an intuitive interface to participate in inter-bank trading.

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There is movement around Corda Settler and not it was only weeks ago when Yoshitaka Kitao, the head of the Japanese banking consortium said XRP and Corda Settler have a “high affinity.”

“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”

SBI Holdings and Kitao are supporters of Ripple and XRP. The bank, speculators say, may be behind the move to partner SWIFT—the dominant player in the global payment scene, with Ripple Inc, the company behind solutions as xRapid and xCurrent.

Candlestick Arrangement

Ripple

Meanwhile, XRP bears are back, and at spot rates, the third most valuable coin is down 3.3 percent at the time of writing.

With the slide, a double bar bear reversal pattern is likely to print at our buy trigger level meaning that none of our trading conditions are live. Because of this slide, our previous XRP/USD trade plan is valid, and as long as prices are trending above 30 cents, buyers are in charge.

30 cents as we have mentioned is a strong but minor support line that marks the lows of Dec 2018. It is also the base of the triple bottoms of Dec 2018 through to Feb 2019. If by any chance sellers drive prices below 30 cents then we might see liquidation towards 25 cents or Sep 2018 lows.

Technical Indicators

As long as price action is between the high volume bars of Feb 18 and 19—the inverted bar, then buyers are in charge. After encouraging upswings of this week, it is likely that prices will dip. Accompanying this shrink will be low volumes well below the 52 million averages of Feb 18-19.

The post Ripple (XRP) Falter, Liquidation at 34 Cents appeared first on NewsBTC.

Ripple (XRP) Falter, Liquidation at 34 Cents

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Binance Launches DEX for Public Testing On Soon-to-be Launched Binance Blockchain

Leading cryptocurrency exchange Binance’s complementary decentralized platform Binance DEX has launched in testnet on February 20th as promised by Binance CEO Changpeng ‘CZ’ Zhao last week. In an official announcement on the Binance blog, Binance invited traders to visit the Binance DEX website, create a wallet and begin exchanging tokens on the testnet version. As […]

La entrada Binance Launches DEX for Public Testing On Soon-to-be Launched Binance Blockchain se publicó primero en Crypto Economy.

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Bitcoin (BTC) Prices Cool Off, KYC and AML Defeat Purpose of Crypto

  • Bitcoin prices cool off but up 8.7 percent in the last week
  • KYC, AML and other rules imposed by centralized exchanges defeats crypto objectives
  • Transaction volumes taper as prices consolidate

Albeit the excitement around expanding prices and wave of adoption, KYC and AML rules that expose user identity but made mandatory by exchanges defeat the very purpose of crypto. Progress is visible and would organically pump Bitcoin (BTC) prices.

Bitcoin Price Analysis

Fundamentals

After a decade of wonderful-and even jaw-dropping progress, it may be about that time when participants can begin asking hard questions. Yes, it is understandable that Bitcoin is the most valuable coin and its transaction levels rival those of MasterCard.

Regardless, isn’t it time to relegate centralized exchanges to the background? Centralized exchanges are and continue to be pivotal in the crypto space providing the necessary rails for crypto to crypto transactions as well as crypto to fiat or vice versa kind of operations.  In China, for example, crypto exchanges are banned. In Japan, they must register with the FCA, and the same applies in almost all countries that accept crypto as a medium of exchange, a property but not legal tender.

However, it is the application of KYC, AML and other rules that gatekeepers claim are to prevent floaters from “washing” their money or financing terrorism via crypto. In a way, it defeats the very purpose of cryptocurrency as an anonymous and transparent alternative to fiat money.

The good thing is the community is working ways around this innovating and introducing techniques as sub-atomic or atomic swaps and drumming support for unhackable DEXs. Add this to the promotion of interoperability, and it is only a matter of time before we see the real influence of crypto.

Candlestick Arrangements

Bitcoin

At the time of writing, BTC prices are cooling off and are stable in the daily chart. Even with this, bulls are in control and the fact that our previous BTC/USD trading plans are valid, aggressive traders can take this opportunity to add up their longs on every dip. Ideal buy zones according to data streams from BitFinex lines at around the $3,800 buy trigger mark. Any retracement that retests this level could be suitable for risk-off traders aiming at $4,500 and even $6,000.

Technical Indicators

Anchoring our analysis is Feb 18 high volume bull bar. Notice that it had high volumes—37k against 12k averages. Follow through bars have low volumes, and is a reflection of low participation is price consolidation. Typical of crypto rallies, a correction is inevitable, and any trend confirming (or nullifying) bar should have high volumes above 37k.

The post Bitcoin (BTC) Prices Cool Off, KYC and AML Defeat Purpose of Crypto appeared first on NewsBTC.

Bitcoin (BTC) Prices Cool Off, KYC and AML Defeat Purpose of Crypto

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange