Crypto Brief Dec.29: Bitcoin price chart shows strong buy dips plus Ripple, LTC, TOMO, USDC, ADA, Tron, Nano, Coinbase news
From Bitcoin in the process of re-accumulation to TronWallet buyback & burn 136M TWX. These are some of the prominent news in the crypto space.
MACD is a trend-following momentum indicator that shows the relationship between the moving averages (MA) of the asset. The monthly close of the candle in November led to MACD forming a bearish cross for the first time since May 2018, Bitcoin’s protracted price move from $ 10,000 to $ 3,000.
However, a trader does not worry, considering that the nature of MACD shows that a bottom is near, which means that there are more losses, but it is not impossible to have a positive sign.
Trader Dave the Wave recently wrote about the bearish MACD on Bitcoin’s monthly chart, confirming that investors should not worry about the recent crossover.
— dave the wave (@davthewave) December 29, 2019
Dave wrote that in the previous price cycle, even if the price bottomed out, only the monthly MACD reported further declines for eight months.
Analysts think this odd trend is because the MACD indicator is a trend indicator rather than a leading indicator in predicting [prices] will fall further.
With this in mind, he commented that the MACD indicator is signaling a very near bottom, if not yet.
Although Dave did not disclose his price predictions in the post, this prominent analyst is starting to raise Bitcoin prices.
Meanwhile, the daily MACD seems to become less erratic, more stable according to the usual pattern. This will support Dave’s hypothesis of ‘volatility reduction.’ MACD signals a bottoming pattern here.
I find it interesting how the daily MACD looks to be becoming less erratic, settling into more of a regular pattern. This would support my ‘reducing volatility’ hypothesis.
MACD signaling a bottoming pattern here imo. pic.twitter.com/nzKy9ocpNp
— dave the wave (@davthewave) December 27, 2019
Analyst Scott Melker said that since the Bitcoin price hit a high of $ 14,000 and then began to decline, each monthly candle on the chart has shown a strong sell-off (a large upper wick).
However, in November and December, there were also larger lower wicks, meaning the community was actively buying Bitcoin while the price was still low enough.
After hitting 14K, each monthly candle had a large upper wick (blue) indicating strong selling on any rally. In October, the candle had equal wicks up and down. November and December (for now) have large lower wicks (red), indicating stronger buying on dips. pic.twitter.com/DmN7nm4vC6
— The Wolf Of All Streets (@scottmelker) December 28, 2019
Another indicator shows that Bitcoin is still in a bull market; what is happening now is just a cumulative period of accumulation.
According to renowned analyst Willy Woo, partner of the Adaptive Capital cryptocurrency fund, the indicators track investor activity (closely correlated with the market cycle) is showing clear signs that Bitcoin is not in a bear market.
Are we in a $BTC bear market?
No, we are in the re-accumulation phase of a bull market. pic.twitter.com/OcMyxA4EIY
— Willy Woo (@woonomic) December 28, 2019
Bitcoin is ready to explode higher
Bitcoin hasn’t implemented much momentum in the past few months, having dropped by around 50% since peaking at $ 14,000 in June. The selling has stopped for the past few weeks; the price is moving sideways in about $ 7,000.
Even so, sentiment remains fairly bearish; famous technical analysts recently commented that they expect Bitcoin prices to fall by 20% in the coming weeks.
Even so, prominent Bitcoin advocate Hodlonaut noted that the psychological context is the perfect time for BTC to start a rally.
The kind of sentiment doldrums we are in now
People seemingly accepting that 7k is fair value
Dozens of bull narratives proven wrong
Fatigue high, hype low
Is exactly the type of place where it would be trademark Bitcoin character to start a rip your face off rally
— hodlonaut🌮⚡🔑 (@hodlonaut) December 28, 2019
While Hodlonaut’s remarks are primarily based on conjecture, there is a specific technical indication that Bitcoin is ready to explode higher, despite a 50% drop in recent months.
According to full-time trader Crypt0mer, Bitcoin’s weekly chart has recently formed an extremely bullish signal: the one-week Klinger Oscillator.
This is a volume and price tracking indicator to identify trends, first appearing in February 2019, when BTC was trading around $ 3,700.
Klinger signaling a buy on the weekly, last time it did that was around Feb ’19 around 3.7keks; the bera correction might be over -or- it can be a false signal which happened before, need to keep an eye on it. 👀 $BTC pic.twitter.com/SH1vwt9QE2
— CƦYP₮ΘɱΞƦ (@Crypt0mer) December 28, 2019
Mike Novogratz, CEO of cryptocurrency investment giant Galaxy Digital, said he expects Bitcoin to grow by at least 61% by 2020. He believes that BTC will end the new year above $ 12,000. He is also expecting a political upheaval in the US.
2020 prediction #1. @realDonaldTrump loses by more than 10mm votes. #2 $btc finishes over 12k. #3. @USAWrestling wins 3 golds in Tokyo (MF). #4 @tomhanks wins the Oscar for Mr Rodgers. #5 @reform and it’s partners help shrink the ‘supervised’ population from 4.5mm to 4mm or <
— Michael Novogratz (@novogratz) December 28, 2019
XRP price has been adjusted for the whole year. The popular reason for XRP’s plunge, according to the community, is the act of unlocking and selling large amounts tokens of Ripple, although Ripple’s 2019 escrow release dropped by 88%.
While it shows some signs of a reversal in September, the rally has lost strength, and prices have completely retreated.
Currently, the price has reached a significant support area, possibly a make-or-break level for the bullish outlook.
Popular trader CredibleCrypto claims that the XRP price could be broken and drop to the next support area at 1500 sats. If the bullish divergence remains intact, prices can start a sharp up move.
I actually want to see a break and close below as it would likely make this potential weekly bullish div materialize. In fact, I will probably enter a long position once we do. $XRP https://t.co/2wyDHsczI0 pic.twitter.com/fw80GGYC32
— Credible Crypto (@CredibleCrypto) December 21, 2019
Development plans for XRP in 2020
Breanne Madigan, Ripple’s vice president for the global organizer market, said that new XRP products are in the planning for 2020.
In the latest episode of The Ripple Drop, Madigan said new use cases for XRP are taking place as San Francisco startup promotes the adoption of ODL-based cross-border payment products.
Litecoin price is trading in a strong support area, but an incident below this zone could cause it to drop to 0.004 sats.
On December 23, AZCoin News reported that the project director of the Litecoin Foundation (LF) warned of an apparent scam on YouTube.
This scammer deceived the users’ LTC and earned 309 LTC from this action. Fortunately, this has not hurt Litecoin price, which has been declining since December 16.
According to trader Necro, the price of Litecoin is near the all-time low, and trading volumes have been declining recently. This is a good signal in the downtrend, showing the weakness of the selling side.
— Necro (@crypto_necro) December 26, 2019
Since the beginning of December, TOMO prices have increased by 180%. While the protests stalled on December 15 to 24, it began another strong bullish move on December 25. At the same time, TOMO announced that it was listed on the MXC platform, and this news supported the price pump.
Deposit: 12:00 (UTC+8), Dec.27
Trading: 20:00 (UTC+8), Dec.27
Withdrawal: 20:00 (UTC+8), Dec.27
— MXC Fans (@MXC_Fans) December 26, 2019
TomoX testnet bounty program
The TomoX Testnet Bounty program is an experimental and arbitrary program that allows TomoChain to encourage and reward community members for supporting the finding and resolving critical bugs and new features according to predefined rules.
👉 TomoX Testnet Bounty Program is still rolling!
— TomoChain (@TomoChainANN) December 27, 2019
USD Coin is a stablecoin that was born from the cooperation between Circle and Coinbase. The stablecoin USDC contract provides a total of over 466 million tokens worth in dollars because it is a stablecoin whose value does not fluctuate too far from $ 1.
Binance currently dominates the list of hodl addresses with the most USDC stablecoins, with a total of 90 million tokens.
9.3 billion ADA (~ $ 299 million) has now been staked on the platform’s new Shelley incentivized testnet, per PoolTool.
IOHK, the company behind Cardano, is also highlighting a feature called delegation, which allows ADA hodlers to leverage their assets and earn rewards without having to set up a full node.
What is delegation and how do you delegate your stake for the Shelley Incentivized Testnet? Learn more about it and other FAQs here: https://t.co/a0LEGNNSjF #CardanoCommunity #Shelley pic.twitter.com/hPi3B1MSmL
— Input Output (@InputOutputHK) December 28, 2019
According to an official Medium post, professional gaming organization Mazer Gaming stated that the TRON Foundation and WINk did not fulfill their contractual obligations.
In August, Mazer Gaming signed a one-year sponsorship contract with the TRON Foundation and WINk, including placing the WINk logo on their shirts and adding organizations to social media posts. In return, Mazer Gaming is said to have received a payment of 60,000 TRX at the beginning of each month, totaling 720,000 TRX during the sponsorship process.
However, the TRON Foundation stagnated in payments in September, even after the gaming team made their official shirts featuring the WINK and TRON logos.
Tronwallet buyback & burn 136M TWX
TronWallet, the famous P2P cryptocurrency wallet of the Tron Foundation, recorded the acquisition and burning of 136 million TWX tokens on December 27, 2019. This has been conducted to bring stability in the supply of digital currencies.
136 million TWX were bought & burnt by @TronWalletMe on Dec 27 in order to stabilize supply
— TronWallet (@TronWalletMe) December 27, 2019
Coinbase’s mobile electronic wallet, Coinbase Wallet, may soon be phasing out its DApp browsing feature according to a notice appearing in the app “to comply with App Store policy.”
Users can still access DApps through Coinbase Wallet on their desktop devices using the WalletLink feature. Coinbase CEO Brian Armstrong hinted that “Apple appears to be eliminating the use of Dapps from the App Store” in a Reddit post.
XRP and Bitcoin are the most bought coins on Coinbase
CryptoDiffer has released a report focusing on the top coins on Coinbase. According to the report, Bitcoin is the most held coin on Coinbase, with a typical holding period of 89 days, Ethereum followed, and average holding time for altcoin is about 105 days.
Wirex, earlier in the day, announced support for Nano by adding the native token of the cryptocurrency to its platform.
While the addition of Nano to Wirex users is not limited to the financial world, Nano will enjoy the fantastic benefits of Wirex. Wirex provides its services to 130 countries around the world, with the number of users is 1.8 million.
— Wirex (@wirexapp) December 27, 2019
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