Crypto Brief Dec.07: Bitcoin price gets ready to rock $8,200 plus Ethereum, EOS, ChainLink, Enigma, Brave, Binance, Coinbase news
From the unclear short-term movement of Bitcoin to EOS continues to be underestimated by Weiss Ratings. These are some of the prominent news in the crypto space.
Bitcoin price is likely to face a similar decline to December 2018. If it continues to do so, it will make a final low at $ 7300 before initiating a bullish move.
Bitcoin fractal predicts a bullish move will occur on December 9. Interestingly, according to a report by AZCoin News, the Bitcoin Bakkt futures platform announced that on December 9, they will launch two new trading options, coinciding with the fractal breakout. This is a sign of increasing interest in Bitcoin as hourly trading volume broke its all-time highs on December 5, totaling more than $ 8.9 billion. la.
The fractals were originally outlined by trader Hsaka in a tweet on December 5. If the price continues to follow this fractal, it will trade in the range of $ 7000- $ 7400 until December 9 and then it will start a fast-rising movement.
* Flicks lighter *
* Inhales *
* Puts down the crack pipe * pic.twitter.com/F5RHbj992w
— Hsaka (@HsakaTrades) December 5, 2019
According to analyst Crypto Michaël, Bitcoin is moving in the standard model of the volatile cryptocurrency market and will please the bulls (surges up to $8,200) before making an unpleasant price reversal move.
I would not be surprised if we hit $8,000-$8,200, before we come back to $6,500-6,800 for bottom confirmation.
Just to make everyone bullish at the first and bearish at the second.
Standard crypto games. $BTC
— Crypto Michaël (@CryptoMichNL) December 6, 2019
In an opposing viewpoint, Dodgeaskan analyst points out that Bitcoin is about to fall out of solid fortification in the next week or two, which could push BTC price down to $ 6,200, possibly even lower. That would represent an 18% decline from the current level.
Fractal update. pic.twitter.com/4cLUco4awI
— NebraskanGooner? (@nebraskangooner) December 6, 2019
Earlier, Fractal had correctly predicted the price of BTC dropped to 6,600 weeks before it took place, and the subsequent recovery amounted to nearly $ 8,000 after a week or two.
Moreover, the long-term chart for Bitcoin dominance rates is showing weakness and is likely to decline. However, lower time frames suggest that the bullish pattern suggests a bullish move will appear first.
Analyst Dave the wave tweeted on December 05 that the monthly Bitcoin dominance chart was pushed into an ascending wedge and could soon be broken.
The dominance rate of Bitcoin has been decreasing since September 5, when it reached a high of 73.44%. This is a sign that many analysts and traders predict the beginning of the altcoin season – but, until now, all predictions have not been successful.
In addition, the monthly MACD seems to be moving downward, indicating a time of price reduction is waiting ahead.
BitMEX OI continues to dictate volatility
There is no reason to deny that BitMEX is one of the most influential entities in the cryptocurrency market. The activity on margin trading platforms can even control the most significant price movements.
According to analyst Mohit Sorout, every time the OI on BitMEX reaches 100,000 BTC or more will form an extremely strong price movement in both directions, creating a trend for the coming weeks.
Expect price to consolidate for weeks while OI creeps above 100k BTC building up to the next explosive move.
This has been the theme for a while, no reason why it would be different this time.
Knowing when to position yourself for volatility is key. pic.twitter.com/NrH1CQT2sb
— Mohit Sorout ? (@singhsoro) December 5, 2019
After the last time, that happened, the Bitcoin price dropped from around $ 9,000 to as low as $ 6,500 before recovering back to current levels. Now, OI is accumulating again. Analysts expect Bitcoin to continue to waver until OI creates high volatility in BTC prices.
Ethereum’s Istanbul hard fork will activate on Block #9069000, which is expected to take place around 20 hours from the press time, per Etherscan, an information and data platform focused on Ethereum.
The upgrade will carry out six Ethereum Improvement Proposals (EIPs), selected from a team of over 30 candidates. A list of EIPs and a brief summary of what they will do is listed at Ethereum Cat Herder.
While Istanbul is fast approaching, it seems that not all network nodes are ready to upgrade. AZCoin News reported that only 48% of nodes running the most popular Geth client are ready to accept Istanbul, while 40% of those running Parity are ready to upgrade.
Meanwhile, popular analyst Crypto Michaël recently pointed out that Ethereum may soon see some positive price action when compared to BTC. The long-term chart of the ETH / BTC pair shows that Ether is approaching a two-year downtrend line that has weakened ETH’s price increases at least three times.
Patience will pay.
A breakout of a 2-year long downtrend would give a significant move to the market. pic.twitter.com/SS8L8bXypQ
— Crypto Michaël (@CryptoMichNL) December 6, 2019
Michaël noted that there is a recent bullish divergence taking place for ETH / BTC and the cryptocurrency is holding an important support line. Accordingly, Ethereum may soon test the aforementioned downtrend. A breakout will provide an important turning point for the market.
Highly reputable agency Weiss Ratings downgraded the EOS project from B to C and posted on its official Twitter. Weiss Ratings promises to release a full article soon but so far only explains the reasons for this decision.
1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here’s why (full article to be published soon):
— Weiss Crypto Ratings (@WeissCrypto) December 6, 2019
Weiss Ratings are lowering the technology score of EOS due to a lack of decentralization. The main problem is that 68% of the voting power on EOS belongs to only 0.01% of token holders (exactly 100 of them).
The agency called on the community to recognize that the giants in the world of cryptocurrencies like Bitcoin and Ethereum should not be considered technically weak.
In June, Weiss Ratings lowered EOS’ score by the reasoning of “a serious problem with centralization.” The agency has made it clear that it is expecting Cardano to replace EOS as a fully decentralized DLT project.
Earlier today, Zurich-based financial news outlet reported that Union Bank AG held a meeting with Binance representatives and Liechtenstein’s Financial Market Authority (FMA), potentially accepting the deal between Binance and the bank.
However, Binance has officially rejected media reports, claiming that the reports that the exchange is investing in Union Bank or has filed with FMA to become a Bank shareholder are inaccurate.
Coinbase Card stated that DAI is the first stablecoin to be supported. The debit card, launched in April, allows customers in the UK and EU to spend cryptocurrencies directly from their Coinbase accounts.
— Maker (@MakerDAO) December 6, 2019
Brave, a blockchain web browser geared to privacy, announced a new record on December 5. Accordingly, the browser has recorded its monthly active user (MAU) number nearly double from 5.5 million in 2018 to 10.4 million in 2019. At the same time, daily active users (DAU) have tripled in the past year, reaching 3.3 million.
According to the company, the recent growth of MAU is due to the release of a new version of Brave, Brave 1.0, on November 13.
In addition to the surge in active users, Brave also recorded a 12-fold increase of verified publishers registered to receive Brave’s integrated token (BAT) for content sharing.
Huge Brave milestones as we’ve passed 10 million monthly active users, tripled our daily active users in the last 12 months, and our Verified creators have grown 12x over 2019. Thank you to our loyal users, and to our new users since 1.0 last month! https://t.co/gpa0YtO2xo
— Brave Software (@brave) December 5, 2019
Enigma and ChainLink News
ChainLink has announced a new partnership with Enigma. This collaboration focuses on integrating protocols to allow powerful new use cases for secret smart contracts.
It will initially provide on-chain prices for ENG / ETH conversion rates so that Enigma staff can easily conduct callback transactions on Ethereum.
We’re excited to integrate Chainlink’s decentralized oracles with @EnigmaMPC‘s secret smart contracts. The initial focus is to provide on-chain prices for ENG/ETH conversion rates so that Enigma workers can easily make callback transactions on Ethereum. https://t.co/BTDjKiGTvM
— Chainlink – Official Channel (@chainlink) December 5, 2019
The Federal Reserve joined the U.S. Faster Payments Council
According to a blog post on December 5, the Federal Reserve System announced it had joined the Faster Payments Council (FPC) (Off-site) of the United States as a founding sponsor.
FPC and its members seek to facilitate faster payments in the United States, with the goal of enabling Americans to pay securely to anyone, anywhere, anytime almost immediately. The first priority is to train faster payments and minimize fraud.
- Istanbul Hard Fork Leads Ethereum Network Have More Than 38,000 New Addresses
- A Trend Shift Is Imminent When Bitcoin Is Wildly Volatile