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Bitcoin Fights For $10,000: Is The Sell-Off Over? Updated BTC Price Analysis

Just four days ago, one Bitcoin was trading for over $12,000. However, the cryptocurrency markets followed the global markets, and as of writing these lines Bitcoin fights to close the daily candle above $10,000. If the bad blood coming from the equity markets was not enough, then came the SUSHI sell-off by its creator. This […]

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Just four days ago, one Bitcoin was trading for over $12,000. However, the cryptocurrency markets followed the global markets, and as of writing these lines Bitcoin fights to close the daily candle above $10,000.

If the bad blood coming from the equity markets was not enough, then came the SUSHI sell-off by its creator. This led the defi tokens, mainly Ethereum, to severe drops, which did not skip Bitcoin as the primary cryptocurrency.

As of now, Bitcoin marks $9850 as of today’s low, which is an intraday loss of $600. $9850 is also the lowest BTC price recorded since July 26, 2020.

Key Support and Resistance For Bitcoin’s Short-term

The critical level here is $10,000. There is not much time left for the daily close, and Bitcoin will look to finish today and tomorrow’s candle (the weekly) above $10,000.

In case Bitcoin losses the 5-figures number, then $9800 will be the next support. Further below lies $9600, which is also the CME gap.

If the latter does not hold, then the next support could be found at $9400, followed by the 200-days moving average line at $9100.

On the other hand, there is a high chance that we will see a correction after so much blood. The first level of resistance now becomes the 100-days moving average line at $10,250 (the white line on the daily chart). This is followed by $10,500 – the previous 2020 high before August.

Further above lies $10,800 and $11,000 – $11,100, along with the 50-days moving average line (marked pink on the following daily chart).

From a technical point of view, the RSI is nearing an oversold level. This supports the option of some bullish correction. Adding to the above, there is a little bit of bullish divergence on the 4-hour RSI.

As opposed to the above, the last drops were followed by a huge amount of volume. This is in favor of the bears. Thursday’s sell-off volume was the highest over the past 30-days. So short term, we might be a temp correction; however, mid-term is still bearish until proved otherwise (a weekly close above $11,000).

Total Market Cap: $323 billion

Bitcoin Market Cap: $185 billion

BTC Dominance Index: 57.3%

*Data by CoinGecko

BTC/USD BitStamp 1-Day Chart

btc_sep5_d-min

BTC/USD BitStamp 4-Hour Chart

btc_sep5_4h-min

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Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-fights-for-10000-is-the-sell-off-over-updated-btc-price-analysis/

Blockchain

Ripple’s remarkable 291% rally in November in jeopardy as the chart prints this critical bearish pattern

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  • Ripple’s recovery hits a barrier at $0.7, giving way to an ongoing retreat.
  • XRP/USD seems poised for a massive breakdown likely to retest support at the 100 SMA.

Ripple soared massively in November, becoming one of the strongest cryptocurrencies in terms of rebound. The flash rise to $0.92 brought to light the possibility of XRP hitting $1 before 2020 ends. Meanwhile, a bearish pattern, forming on the 4-hour chart suggests that the bullish narrative might not hold, at least not for long.

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At the time of writing, XRP/USD is trading at $0.65 amid a developing bearish momentum. Its upside is limited by the seller congestion at $0.7. The Relative Strength Index has started to reflect the ongoing retreat.

It is essential that buyers hold above the immediate support at $0.65 to sustain the uptrend. However, the formation of an ascending wedge pattern on the 4-hour chart hints at a possible reversal.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Ascending wedge patterns are characterized by dropping buying volume following a lengthy bullish period. One trendline is drawn connecting a series of higher highs while another links a series of higher lows. A breakdown usually occurs before the trendline converge.

Therefore, it critical to proceed with caution when dealing with XRP. Note that Trading under the wedge might trigger massive losses that could overshoot the 50 Simple Moving Average support at $0.6. On the downside, the next tentative support is the 100 SMA at $0.45 (last week’s key anchor zone).

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It is worth mentioning that the bearish notion will lose credibility if the cross-border token holds above $0.65 and perhaps rises above the upper trendline. Price action above $0.7 might also call for more buy orders, in turn, pulling XRP to $1.

XRP intraday levels

Spot rate: $0.65

Relative change: -0.01

Percentage change: -1.5%

Trend: Bearish

Volatility: Low


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Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/ripples-remarkable-291-rally-in-november-in-jeopardy-as-the-chart-prints-this-critical-bearish-pattern/

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Blockchain

Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Blockchain

Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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