Crypto Brief Dec.09: Bitcoin price is about to breakout or breakdown plus Ethereum, Ripple, Litecoin, Tron, Stellar, Tezos, OKEx news
From a mind game between Bitcoin’s bulls and bears to Tezos has just flipped Cardano to rank 11th on Coinmarketcap. These are some of the prominent news in the crypto space.
Bitcoin News
After a bit of momentum last week, Bitcoin spent most of its weekend consolidating. Analysts are currently considering the uncommon premise of surrendering when prices have been flat for the past two weeks. This will reflect the same movements in the same period last year.
Analyst Jacob Canfield polled some of his followers to assess the sentiment of two opposites: Bitcoin bulls and bears.
Bitcoin opened and closed within a half of a percent yesterday.
There are currently two groups of people I see currently:
?1: This feels like November Before the massive break down?2: This feels l like December at the bottom
Which one are you?
— Jacob Canfield (@JacobCanfield) December 8, 2019
Not surprisingly, only about half of the 1,800 respondents at the time of writing had a bullish opinion. Another psychological measure is that the fear and greed index of BTC is still recording a scary number 28.
Responding to chart comparisons, analyst Josh Rager noted that the current seems to be similar to the cumulative period that occurred last year.
Current $BTC chart vs the 2018 Nov/Dec bottom – accumulation phase https://t.co/0efnzyecyJ
— Josh Rager ? (@Josh_Rager) December 9, 2019
In a few hours, Bitcoin’s weekly chart is expected to form a golden cross of the 50-week and 100-week simple moving averages. As one analyst recently pointed out, the last time he was seen, BTC increased 75% in the four to five weeks after passing. But will it happen again?
The much anticipated weekly candle close for $BTC
The 50/100 MA golden cross is all but confirmed & we’re closing on a bounce above fibonacci support from the December bottom in 2018 to the 2019 top
The last golden cross on the weekly led to 75% gains in the following weeks ? pic.twitter.com/JEEe4FyHOM
— LilMoonLambo (@LilMoonLambo) December 8, 2019
Perennial Trader Sakura noted that when the golden cross was formed in 2015, the market structure was bullish and gradually increased during the months leading up to it. Currently, Bitcoin’s chart structure is largely negative, and BTC is still in a downtrend starting in June, marked by lower highs and lower lows.
This difference seems to imply that Bitcoin is unlikely to see a 75% increase in the coming weeks.
There was a key difference in 2015 vs now, the market structure stayed bullish and never broke form
2019 vs 2015 below pic.twitter.com/iifUk61yHK
— Sakura 桜 (`へ´ﾒ) (@Sakuraasdf) December 7, 2019
Bitcoin may be poised for a big breakout
The Cryptomist tweeted that Bitcoin may be poised for a big breakout. The analyst says BTC appears to be in an ascending triangle and could break out in a matter of days.
Breakout within 3days pic.twitter.com/PbUIpPKCd0
— The Cryptomist (@TheCryptomist) December 8, 2019
However, analyst ‘Magic’ made an opposing view. He agreed that BTC may move to the upside in the short-term but King of Cryptos will remain in a bear market downtrend in the long-term.
BTC and the others may try for an upside breakout in the coming days. However, if BTC puts in yet another lower high, it will likely breakdown below the recently contested critical support at 7250. We may see a short term reversal, but BTC remains in a bear market downtrend.
— MAGIC (@MagicPoopCannon) December 7, 2019
Ethereum News
Trader CryptoWolf brought good news to the Ethereum community, sharing his thoughts on the ETH price hike he expected early next summer.
He believes that after more than half a year of correction (due to Falling Wedge and three months of bullish MACD divergence), ETH has broken out of the resistance area and will start rising rapidly.
Per trader, at some point after June of next year, the price of Ether will reach 61.8 Fib, which means – 0.05661 BTC or $ 423.
ETHBTC.
– 7 months Falling wedge correction
– 3 months MACD bullish div.
– Momentum already broke out of its resistanceTarget:
61.8 fib.Requirements: patience. ?♂️ pic.twitter.com/MU4pde07UR
— CryptoWolf (@IamCryptoWolf) December 8, 2019
Trader Crypto Michaël also shared a similar price forecast on ETH.
Talking about the recent FUD Ethereum, he compared it to FUD Binance claiming to ban US citizens on the main platform when the exchange is about to open a branch in the US.
The recent Ethereum FUD reminds me of the Binance ‘USA Ban’.
People expected further downside on altcoins after the USA ban, while they mostly found bottom in September.
Looks similar with $ETH in which I don’t expect much more downside.
— Crypto Michaël (@CryptoMichNL) December 8, 2019
Ripple News
The University of Texas in Austin is looking to fund faculty and graduates who want to publish research projects focused on blockchain and cryptocurrency.
The program was supported by Ripple last November, partnering with universities to promote blockchain understanding in academia.
Litecoin News
In a new interview on Let’s Bitcoin podcast, Litecoin creator Charlie Lee gave a reason as to why LTC is a necessary and important cryptocurrency asset. He highlighted the biggest strengths of LTC and its overall liquidity.
Besides, Litecoin Foundation became a Sponsor to Boltathon, the world’s first virtual Lightning Network conference and hackathon.
We’re excited to announce @LTCFoundation as a Sponsor to #Boltathon2! Thank you for giving back to the #Bitcoin community and helping to foster the growth of the Lightning Network all around the world. ⚡️⚡️⚡️https://t.co/FZqmCcE3wG pic.twitter.com/Zadpi7gZ5K
— Boltathon (@Boltathon) December 6, 2019
Stellar News
The Stellar blockchain has been running the Lightning Torch version of bitcoin since the summer.
In early 2019, a member of the bitcoin community known as the “hodlnaut” launched a test called the Lightning Torch or Lightning Trust Chain. The idea is to test the Lightning protocol, a second-class scaling solution on bitcoin that reduces the cost of sending money (the experiment ends on April 10 as a donation to Bitcoin Venezuela).
Meanwhile, since June 26, Stellar has been quietly using its own version of the torch as a simple demo of how easy it is to transfer funds around the base layer of the proof-of-stake blockchain created. by Jed McCaleb.
The torch is currently 1150 XLM, or about $ 67. Unlike the lightning torch, Wouter Arkink, the Stellar torch’s instigator, says that participants do not always add the same amount to a torch (lightning users often add 10,000 satoshis, much less than a dollar). It can range from 2 to 50 XLM.
Tron News
Tron CEO Justin Sun has just tweeted that Tron ranks third after Ethereum and EOS according to CCID’s 15th global blockchain technology evaluation index.
According to the CCID’s 15th global public #blockchain technology assessment index, #TRON was ranked top 3 in this list together with #EOS and #ETH. In addition, #TRON also ranked No.1 among all Chinese Public #Blockchain. #TRX $TRX pic.twitter.com/5RYCebpL0u
— Justin Sun (@justinsuntron) December 9, 2019
Meanwhile, According to tronscan.org, in the past 14 days, the general account on the TRON network has increased from 4,190,559 to 4,262,802, showing an evident growth trend. TRON ecosystem is growing at a steady pace.
According to @TRONSCAN_ORG, in the past 14 days, the general account on #TRON network has increased from 4,190,559 to 4,262,802, showing an evident growth trend. #TRON ecosystem is growing at a steady pace, we welcome more users and developers to join us. #TRX $TRX pic.twitter.com/rgJiqMWJaO
— Justin Sun (@justinsuntron) December 9, 2019
OKEx News
Tiered Maintenance Margin Ratio System for Spot Margin Trading is now available on the OKEx platform to facilitate a better margin trading experience.
It’s LIVE! Tiered Maintenance Margin Ratio System for Spot Margin Trading is now available on the #OKEx platform.
Start trading: https://t.co/G6Gp5sp98H https://t.co/t96TOWefFq
— OKEx (@OKEx) December 9, 2019
And, after successfully launching OKEx USDT Futures, the platform is preparing to launch USDT-Margined Perpetual Swap trading.
2⃣ more days ’till we close the #OKExUSDTSwap trading contest! Don’t miss your chance to win daily prizes just by ‘trading’ our newly launched USDT-Margined Perpetual Swap Simulation ?
JOIN NOW: https://t.co/O630OyxRAm https://t.co/Jb5Wxpk3dl
— OKEx (@OKEx) December 9, 2019
OKEx also announced about another big news that the platform will soon launch Options Trading. The OKEx Options Trading Simulation Contest will be held from 04:00 Dec 12 – 04:00 Dec 23 (UTC).
NEW LAUNCH: Another big news! We’ll soon launch Options Trading on #OKEx.
Starting from Dec 12, join our Simulation Trading Contest & share rewards up to 150,000 $USDT ??
Sign up now: https://t.co/49FXHQaskH pic.twitter.com/6E9230vgRU
— OKEx (@OKEx) December 9, 2019
Tezos News
500,000 Tezos have just been sent from an unknown wallet to Binance. The reason may be staking, a feature released by Binance last week for Tezos.
500,000 #XTZ (800,323 USD) transferred from unknown wallet to #Binance
— Whale Alert (@whale_alert) December 9, 2019
Many are speculating that the deposit is a sign that many larger players will send Tezos to Binance. As one Twitter user said, free staking is bringing customers to Binance.
Tezos just flipped Cardano, targeting the top 10
Tezos just flipped Cardano to rank 11th on Coinmarketcap when it’s market capitalization peaked a billion dollars for the third time this year. Starting the weekend, priced at around $ 1.30, XTZ soared to its intraday high of $ 1.65 a few hours ago. This move is equivalent to 27% after only two days making this altcoin one of the top-performing coins.
Source: Coinmarketcap
CEO Wealthchain Tezos Industrialist, Kevin Mehrabi, excited about Tezos’ new accomplishment and humorously says that XTZ will soon have a fun grudge match with EOS, currently ranked 7th by market capitalization on Coinmarketcap.
Tezos is in striking distance from the top 10, and after that…a fun grudge match with EOS. We’re coming for you Danny boy! #tezos ? pic.twitter.com/I9trrteULO
— Kevin Mehrabi (@KMehrabi) December 8, 2019
Read more:
- Bitcoin Bottom Is Near While Death Cross Signals The Painful December
- Bitcoin Bottom Maybe Near When The MAs Cross But $ 6.8k Will Be Key