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Price analysis 10/26: BTC, ETH, XRP, BCH, LINK, BNB, DOT, LTC, BSV, ADA

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Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value. 

Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in March when coronavirus fears reached a peak.

Daily cryptocurrency market performance. Source: Coin360

Abra Co-founder and CEO Bill Barhydt recently said that “Bitcoin is the single best investment opportunity in the world right now” and he has substantially increased his Bitcoin holdings in the past few days. After the recent purchase, about 50% of Barhydt’s total investment portfolio is now held in Bitcoin.

Is Bitcoin likely to resume its uptrend or will it take a pause and consolidate for a few days before starting the next trending move? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USD

The bulls are struggling to propel Bitcoin (BTC) above the $13,200–$13,343.66 resistance zone. This suggests that after the initial frenzy, buying has dried up at higher levels.

BTC/USD daily chart. Source: TradingView

The failure to sustain above $13,200 could attract profit booking by the short-term traders that may result in a pullback to the $12,460–$12,050 support zone.

However, the upsloping moving averages and the relative strength index in the overbought territory, shows that the bulls are in command. Therefore, the bulls might buy the dip to the 20-day exponential moving average ($12,034).

If the BTC/USD pair rebounds sharply from the 20-day EMA, the bulls will make one more attempt to resume the uptrend. If they succeed, a rally to $14,000 is likely.

Conversely, if the bears can sink the pair below the 20-day EMA, a fall to the 50-day simple moving average ($11,109) is possible.

ETH/USD

The tight range consolidation of the past three days has resolved the downside. The bears have dragged Ether (ETH) back below $395 but the bulls are attempting to keep the price above the 20-day EMA ($383).

ETH/USD daily chart. Source: TradingView

If the ETH/USD pair rebounds off the 20-day EMA and rises above $400, it will suggest strong accumulation at lower levels. A breakout of $420 will signal the possible resumption of the uptrend.

However, the 20-day EMA is flattening out and the RSI is just above the midpoint, which suggests a balance between supply and demand.

If the bears sink the price below the 20-day EMA, it will suggest that the momentum has weakened. A break below the uptrend line may intensify the selling.

XRP/USD

The failure of the bulls to push XRP above the $0.26 resistance in the past few days may have attracted profit booking by the short-term traders. The altcoin has broken below the 20-day EMA ($0.249) and is currently attempting to stay above the 50-day SMA ($0.244).

XRP/USD daily chart. Source: TradingView

If the XRP/USD pair rebounds off the 50-day SMA, the bulls will make one more attempt to push the price above $0.26. If they can pull it off, the pair is likely to pick up momentum and rally to $0.30.

On the other hand, if the bears sink the price below the 50-day SMA, the pair could extend its stay inside the $0.2295–$0.26 range for a few more days.

The flattening moving averages and the RSI just below 50 also point to a possible range-bound action in the short-term.

BCH/USD

The failure of the bulls to propel Bitcoin Cash (BCH) above the $280 resistance attracted profit booking by the short-term traders. This selling has dragged the price down to the 20-day EMA ($252).

BCH/USD daily chart. Source: TradingView

If the BCH/USD pair rebounds sharply from the 20-day EMA, it will suggest accumulation at lower levels. The bulls will then again try to push the price above the overhead resistance at $280.

If they succeed, the rally may extend to $300 and above it to $326.30. Conversely, if bears sink the price below the 20-day EMA, the BCH/USD pair could drop to $242. Such a move will suggest that the pair could remain range-bound for a few more days.

The RSI has formed a negative divergence, which suggests that the bullish momentum may be weakening.

LINK/USD

Chainlink (LINK) has turned down from close to $13 levels and the bears will now attempt to pull the price back below the $11.8028–$11.1990 support zone. If they succeed, it will suggest that the recent breakout of $11.8028 was a bull trap.

LINK/USD daily chart. Source: TradingView

A break below the moving averages could signal further weakness and the trend will turn in favor of the bears if the uptrend line also fails to provide support.

On the other hand, if the LINK/USD pair rebounds off the $11.8028-$11.1990 support, it will suggest that the bulls are buying the dips. The bulls will then make one more attempt to propel the pair above $13.28.

If they succeed, the uptrend is likely to pick up momentum with a rally to $15 and then to $17.

BNB/USD

Binance Coin (BNB) remains in an uptrend and the bulls have held the support at $29.5646 for the past four days. The upsloping moving averages and the RSI above 57 signals that bulls are in command.

BNB/USD daily chart. Source: TradingView

If the bulls can thrust the BNB/USD pair above the $32–$33.3888 resistance zone, the uptrend may pick up momentum. A breakout of the resistance zone increases the possibility of a retest of the all-time highs.

Contrary to this assumption, the first sign of weakness will be a break below the 20-day EMA ($29.68) and the pair could signal a deeper correction if it sustains below the 50-day SMA ($27.91).

DOT/USD

Polkadot (DOT) broke above the neckline of the inverse head and shoulders pattern on Oct. 24. This bullish setup has a target objective of $5.40. The bulls are currently attempting to push and sustain the price above the overhead resistance at $4.6112.

DOT/USD daily chart. Source: TradingView

If the buyers can manage to sustain the price above $4.6112, the momentum is likely to pick up. The 20-day EMA ($4.22) has flattened out and the RSI has risen above 59, which suggests that the selling pressure has reduced.

This positive view will be invalidated if the DOT/USD pair turns around from the current levels and plummets below the moving averages. Such a move will suggest that the break above the neckline was a bull trap.

LTC/USD

Litecoin (LTC) turned around from the $60 mark as traders booked profits following the sharp gains of the past few days. The upsloping moving averages and the RSI above 62 suggest that bulls have the upper hand.

LTC/USD daily chart. Source: TradingView

The LTC/USD pair has corrected to the 38.2% Fibonacci retracement level of $54.9361 and if this support cracks, a drop to the 50% retracement level of $53.3915 is likely.

If the pair bounces from either level, it will suggest buying on dips. In such a case, the bulls will again try to resume the up-move by driving the price above $60. If they succeed, the pair could rally to $64 and then to $68.9008.

This bullish view will be invalidated if the bears sink the pair below the breakout zone of $51–$52.36.

BSV/USD

Bitcoin SV (BSV) broke above the symmetrical triangle on Oct. 24 but the bulls could not build up on the strength and push the price above the overhead resistance at $180.63.

BSV/USD daily chart. Source: TradingView

This has resulted in profit booking that has dragged the price close to the 20-day EMA ($167). A break below the moving averages could pull the price down to the uptrend line of the triangle.

On the contrary, if the BSV/USD pair rebounds off the 20-day EMA, the bulls will make one more attempt to push the price above $180.63. If they are successful, a rally to $208 and then to $227 is possible.

ADA/USD

Cardano (ADA) has broken down of the support line of the rising wedge pattern and the 20-day EMA ($0.10). The bulls are currently attempting to defend the support at the 50-day SMA ($0.099).

ADA/USD daily chart. Source: TradingView

If the ADA/USD pair rebounds off the current levels, the bulls will make one more attempt to drive the price above $0.1142241.

Conversely, if the bears sink the price below the 50-day SMA, a drop to $0.90 and then to $0.755701 is possible.

The flat moving averages and the RSI just below 45 suggest that bears have a minor advantage.

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.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-10-26-btc-eth-xrp-bch-link-bnb-dot-ltc-bsv-ada

Blockchain

Respected Financial Historian Calls for Bitcoin Integration into U.S. Financial System

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Financial historian and Milbank Family Senior Fellow at the Hoover Institution at Stanford University, Niall Ferguson, has penned a lengthy piece on Bitcoin which is getting noticed by the crypto community.

In it, the former Harvard and Oxford University professor commented on how the traditional naysayers and debunkers have softened their collective stances this year as the asset outperforms most other traditional investments.

Big Bitcoin Endorsements

The piece was re-tweeted a number of times, most recently by 10T Holdings co-founder Dan Tapiero who observed that this could garner huge attention. Of particular note were the comments on the integration of Bitcoin into the U.S. financial system;

“Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system,”

Ferguson made additional references to China’s digital yuan adding that its potential for adoption for remittance payments or cross-border trade settlements is ‘substantial’.

The Bloomberg columnist had previously written on the virtues of Bitcoin stating that there are far fewer coins in circulation than there are millionaires on the planet.

“If millionaires collectively decided to hold just 1% of their wealth as Bitcoin, the price would be above $75,000 — higher, if adjustment is made for all the bitcoins that have been lost or hoarded.”

Big Names Paying Attention

He made reference to a number of big names in the financial world including Paul Tudor Jones, Stan Druckenmiller, Bill Miller, and even Ray Dalio that are now appearing to turn bullish. Even ardent Bitcoin detractors such as Peter Schiff and Nouriel Roubini, also mentioned in the article, have started to change their tune.

He added that adoption has much further to go, quoting Argentine-born tech investor Wences Casares who stated after ten years of working well without interruption, with close to 100 million holders, adding more than a million new holders per month and moving more than $1 billion per day worldwide;

“it has a 50% chance of hitting a price of $1 million per bitcoin in five to seven years’ time.”

The advantages of sovereignty and scarcity are obvious at a time when the supply of fiat money is exploding, Ferguson added, concluding that there was a clear demand for more privacy when it comes to a payment system that will inevitably replace cash.

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Source: https://cryptopotato.com/respected-financial-historian-calls-for-bitcoin-integration-into-u-s-financial-system/

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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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Bitcoin Breaks New All-Time Highs Targeting $23,000

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/bitcoin-breaks-new-all-time-highs-targeting-23000/

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