Crypto Brief Jan.01: Bitcoin price may be red in 2020 plus XRP, ETH, TRX, IOTA, Waves, TomoChain, OKCoin, Binance, Poloniex, BitMEX
From the gloomy 2020 forecast for Bitcoin to Changelly officially listed TomoChain. These are some of the prominent news in the crypto space.
After rising to $ 7,500 and being rejected, BTC was caught in a strong downtrend, pushing the price to the key support zone of around $ 7,000. This latest rejection came just after the one from the previous week, when BTC rose to a high above $ 7,500 before facing insurmountable resistance, causing a downtrend.
Crucially, Bitcoin’s bulls have made a lot of effort over the past few weeks, and each time led to a strong denial and was quickly pushed back to the $ 7,000 area.
Analyst HornHairs explained that the buying pressure that cryptocurrencies have found could soon boost momentum.
Flipped short upon a break back below the swing high, already bouncing hard and back above Monday’s low, might flip long again pic.twitter.com/TfdhFXaPwN
— HornHairs 🌊 (@CryptoHornHairs) December 31, 2019
Another analyst Cantering Clark explained that active and passive sellers are not currently working closely, which means that the short will fall if the BTC bulls insist on defending this level.
Cumulative Volume Delta showing heavier selling into this low, yet less follow through than previously around 7200.
Wouldn’t be surprised to see shorts caught offside right here temporarily.
— Cantering Clark (@CanteringClark) December 31, 2019
Bitcoin may be red in 2020
Bitcoin price charts can be viewed across multiple time frames, the most significant of which is the largest and longest.
Cryptocurrency traders and analysts often pay special attention to daily, weekly or monthly price charts to better capture the market and the ongoing trend.
Analyst TraderKoz shared an annual Bitcoin price chart and speculated what the annual close candle meant for crypto-assets and what to expect for the new year.
The green candle shows a failed rally in the form of a large wick stops at the previous yearly resistance level. The wick is also the largest ever recorded in Bitcoin’s price on the annual candle since the highest level in 2017 ranges from $ 6,000 from the top of the wick to near the body of the candle, this year from the current price of $ 7,250 to $ 14,000 – the equivalent of a $ 6,750 long wick.
Trader Jamie Holmes responded that because 2019’s candle is closed below 50% of 2017’s candle, the annual close of 2020 is expected to be red.
What makes me think red:
-that colossal upper wick
-yearly close lower than 50% of the 2017 candle’s body
-2019 candle closes in lower/middle third of the range
What makes me think green:
-near-equal lows for 2018 & 2019
So my guess is….. red 😬
— Jamie Holmes (@Holmes1991Jamie) December 30, 2019
Ethereum is trading at $ 128, marking a notable drop from the daily high of nearly $ 140. In the short term, Ethereum has performed worse than Bitcoin, as it is currently trading more than 1% less than BTC.
Despite this short-term decline, the case of ETH’s rally is still strong. Scott Melker explained that he predicts Ethereum will outperform Bitcoin in the coming days.
— The Wolf Of All Streets (@scottmelker) December 31, 2019
Analyst HornHairs has the same opinion, explained that he believes ETH could see a rebound in the near future after it swept the lows.
XRP has not performed so well in the past 12 months, down 47% from January 1, 2019.
Tis the season to feast on the tears of shitcoiners.
— Jimmy Song (송재준) (@jimmysong) December 28, 2019
While the trend to focus on Bitcoin in the cryptocurrency market will continue due to institutional participation and market cycles, senior analyst Mati Greenspan said that the long-term trajectory of XRP is positive.
Good tech. Strong team. Probably the only crypto project regularly closing deals with financial institutions. https://t.co/x338RGGAlC
— Mati Greenspan [not trading advice] (@MatiGreenspan) December 30, 2019
Waves may be in the fifth and final wave of the medium-term uptrend. However, it is likely in the main stage of a long-term uptrend.
Its price started its uptrend on December 11. After breaking out of the initial resistance on December 17, the price strengthened until December 26, when another breakout occurred and was still ongoing.
Analyst Devchart stated that, after retesting the previous resistance zone, the price of Waves is heading to another breakout – with a target of 16,300 satoshis.
Retest happened as expectation (see previous tweet).
Took some time but started moving again.
Now send it!
— Devchart (Andre) (@devchart) December 31, 2019
The TRON (TRX) price dropped to an all-time low of 136 satoshi on September 6. Although it has increased since then, it has not yet broken above the previous breakout – suggesting that it may still be in a downtrend.
The uptrend then ended on October 30. The current correction wiped out most of the profits made in September. However, the optimism surrounding the money has not completely faded. Trader NekoZ has been skeptical of the opinion of some who believe that this is the right time to buy TRX.
So let me get this straight.
– Justin Sun has been shilling nonsense all year round
– The supply is about to increase by 50%
– And you think it is a good idea to buy now, out of all times…
— NekoZ (@CryptoNekoZ) December 31, 2019
TRON won 2019 Jinse Finance awards
Jinse Finance, China’s leading blockchain media, held the “Keeping Pace with the Time” Award Ceremony with more than 100 blockchain businesses, more than 300 influential people and many industry organizations from both China and abroad.
TRON attended as China’s №1 blockchain and award winner and received the 2019 Most Innovative Public Chain and 2019 Top 100 Blockchain Enterprises award.
On December 27, top #Blockchain media Jinse Finance hosted the “Keeping Pace with the Time” Award Ceremony. As China’s #1 blockchain, #TRON received the awards for 2019 Most Innovative Public Chain and 2019 Top 100 Blockchain Enterprises.
— TRON Foundation (@Tronfoundation) December 31, 2019
The IOTA Foundation has released a review of its achievements in 2019, most notably the activation of the Machine Economy. Not only that, the Foundation has perfected the theory behind Coordicide as well as streamlining the various activities of the IOTA Foundation.
— IOTA (@iotatoken) January 1, 2020
TomoChain is now officially listed on Changelly. Swap TOMO at the best rate on the market with zero network fees.
Users now can exchange Bitcoin to TomoChain, with only one reasonable fee 0.25% for BTC to TOMO exchange along with a standard network fee. Moreover, they also can buy TomoChain with a credit card.
Party like there is no TOMOrrow! @TomoChainANN is now officially listed on Changelly! 🥳 Swap $TOMO at the best rate on the market with zero network fees – https://t.co/geUloX42iz#tomo #TomoChain pic.twitter.com/WviRTqhP2r
— Changelly.com (@Changelly_team) December 31, 2019
OKCoin will support the Ethereum (ETH) Muir Glacier Upgrade. Deposits and withdrawals of ETH and all ERC20 tokens will be temporarily suspended from 7:00 PM January 1, 2020, PST until the upgrade is complete.
Quick note that OKCoin will support the Ethereum (ETH) Muir Glacier Upgrade. Deposits and withdrawals of ETH and all ERC20 tokens will be temporarily suspended from 7:00 PM January 1, 2020 PST until the upgrade is complete. https://t.co/OHyfqu2G4Z pic.twitter.com/BglAYfzVZ0
— OKCoin (@OKCoin) December 31, 2019
Binance Futures will host both daily and weekly trading tournaments starting from 2020/01/03 12:00:00 PM (UTC) until 2020/01/17 11:59:59 AM (UTC) with a total prize pool of 100,000 USD in BNB tokens to be won.
— Binance (@binance) December 31, 2019
In the past 12 months, BitMEX Insurance Fund has increased to nearly 33.5k BTC, an increase of 62% compared to early 2019 (20.77k BTC). This means that 0.18% of all bitcoins have been mined so far, up from 0.15% in August.
The total number of bitcoins held by BitMEX is now more than 400k BTC, equivalent to over 2% of the current total supply.
This represents a growth of over 500% this year, although the chart presented with this statistic seems to disagree. It seems that the increase from about 240k BTC to 440k BTC, or about 83% growth during the year.
Poloniex new fee schedule is opening next week with the lowest trading fees.
TRX holders and users will receive a maximum discount of 30% on their maker and taker fees, and also will be eligible for future incentives.
#Poloniex new fee schedule is opening next week! Enjoying the lowest trading fees🤗
🎉TRX holders and users will receive a maximum discount of 30% on their maker and taker fees, and also will be eligible for future incentives!
— Poloniex Exchange (@Poloniex) December 31, 2019
- Coinshares: 2019 Bitcoin mining rigs produce far more hashrate than last year models
- The number of Bitcoin transactions was executed in the past 24 months up to 1.6 trillion