Crypto Brief Jan.06: Bitcoin price may be up to $8,100 – $8,700 before pullback plus Ripple, POWR, IOST, Cardano, Stellar, Litecoin, Binance
From Bitcoin will extend the advance before a pullback to Binance removal of USDC trading pairs. These are some of the prominent news in the crypto space.
BTC seems to have established a large trading range of $ 6400 – $ 7800 for days and weeks. This range has been narrowed and it looks like BTC is currently trading at a new range between $ 6,800 – $ 7,500.
Despite this, the recent rally of the cryptocurrency has shown some signs of slowing as it pushed up against increasing resistance.
Analyst UB explained that another pullback to the low $ 7,000 area could still occur, which could cause serious trouble for the trend in the near term.
I don’t believe a pullback to $7150 – $7,080 is out of the question.
A strong reaction there may change my “short significant bounces” mentality.
A large majority of significant bounces from lows have fully retraced a few days (or hours) later, will this time be different?
— UB (@CryptoUB) January 5, 2020
Other analysts agree there will be additional losses in the near future. However, MoonOverlord believes that BTC can touch $ 8,000 before plunging.
Rally already looks overextended just on this small pump but do you know what we say to the god of mean reversion?
Not today.$BTC pic.twitter.com/80PNnJ9Qyr
— moon (@MoonOverlord) January 5, 2020
Bitcoin’s on-balance volume (OBV) indicator is printing a clear declining wedge pattern, as noted recently by Cryptoroulette trader. OBV is an index that uses mass flow to predict changes in the asset’s price. In this case, the falling wedge seems to increase in price, with the increase in OBV related to Bitcoin, which implies an uptrend in the near future.
On-balance volume descending wedge is getting tighter.#bitcoin $BTC $BTCUSD pic.twitter.com/XT5EJDoQIW
— CryptoHamster (@CryptoHamsterIO) January 4, 2020
Besides, the inverse head and shoulders chart pattern, a bullish pattern that has the potential to mark the strong bottom of BTC, is taking place for Bitcoin. Analyst Josh Olszewicz confirmed this and outlined the idea of trading that BTC should reach $ 7,525 (and achieved), a movement to the range of $ 8,100 – $ 8,700 (respectively + 8% and +16 %) will probably occur.
Another technique that reinforces the view of price hike is the Wyckoff Reaccumulation-Esque textbook model. Over the past few days, Bitcoin has been trading like this model.
Accordingly, if BTC obeys T, the price will rise higher in the coming days and will return the asset to the high-$ 7,000s.
Hi, I am Livercoin and I like wyckoff reaccumulation. $BTC #Crypto pic.twitter.com/JH2HouSFTG
— Livercoin (@livercoin) January 4, 2020
If you still don’t trust Bitcoin’s price-raising techniques above, there is a confluence of other indicators that show BTC returning to an impending bull run.
According to Willy Woo, his investor activity tracking indicators, which are closely correlated with the market cycle, are showing clear signs that Bitcoin is not in the bear market.
Indicators show that BTC is in the middle of the ‘re-accumulation’ phase of the bull markets, which always doing its best, will probably bring Bitcoin to a level that’s more than twice where it started.
Whales transferred BTC
Whale Alert reported that 6563 BTC (~$48.6M) was transferred between exchanges (Coinbase and Huobi) and unknown wallets as Bitcoin approached the $ 7500 area.
Due to low trading volume, Binance will remove and cease trading on the following USDC trading pairs at 2020/01/07 8:00 AM (UTC): ALGO/USDC, FTM/USDC, ONT/USDC, XLM/USDC, USDS/USDC.
Notice of Removal of $USDC Trading Pairs on 2020/01/07https://t.co/jid7pG798f pic.twitter.com/rbwXLiNwj8
— Binance (@binance) January 6, 2020
POWR, the native token of Power Ledger, a network that helps people trade energy and invest in renewable energy, has seen two transfers between unknown wallets. A total of 479,999,999 POWR (~ $ 17.7M) were transferred. With a total market cap just $ 15.9M, all coins belong to a single entity, most likely owned by developers.
The Litemint gaming platform has acquired the Decentralized exchange and service platform Stellarport.
Litemint said it aims to connect the cryptocurrency industry to mobile games, which have a market of $ 68.5 billion with billions of users globally.
The acquisition opens up Litemint for a range of opportunities, creating diverse possibilities for connecting the crypto world with gamers.
Litemint is built on Stellar as an open-ended platform that connects the blockchain-based market with the gaming world.
Exciting times ahead! @LitemintHQ acquires the renowned decentralized exchange and service platform @Stellarportio in a bid to connect gaming to the crypto universe on @StellarOrg.
Learn more: https://t.co/05jDE1gEAI#dex #exchange #blockchain #gaming
— Litemint (@LitemintHQ) January 2, 2020
David Schwartz, Ripple’s chief technology officer, compared XRP to iPhone to prove that you don’t want to give money to your company.
According to him, the truth is though that nobody really cares that much who else they create value for. They care what features and advantages something can provide for them.
The truth is though that nobody really cares that much who else they create value for. They care what features and advantages something can provide for them. I don’t avoid an iPhone because I don’t want Apple stockholders to make money. Why do I much care who makes money?
— David Schwartz (@JoelKatz) January 6, 2020
Ripple-powered Omni is deactivated
Omni, one of Ripple’s first major investments, officially terminated the service and shut down its website.
Omni is one of the first investments made by Xpring, Ripple’s fundraising, and development division. Omni’s service is designed to give people a way to rent items from each other with cash or XRP digital assets.
Omni announced the shutdown in a letter posted online and thanked his supporters while citing difficulties related to starting a business.
Aiou Technology, IOST’s Enterprise Arm, was selected as the “2019 Chinese Blockchain Technology Innovation Enterprise” by CCID (Qingdao) Blockchain Research Institute, in an event hosted by the Qingdao Municipal People’s Government.
The theme of the conference was to “promote the application of blockchain technology integration and to promote the innovation & development of the industry.”
Aiou Technology, IOST’s Enterprise Arm, was selected as “2019 Chinese Blockchain Technology Innovation Enterprise” by CCID (Qingdao) Blockchain Research Institute, in an event hosted by the Qingdao Municipal People’s Government?#IOST #crypto #blockchainhttps://t.co/zDSfj2cBrx
— IOStoken (@IOStoken) January 6, 2020
Cardano’s largest pools are currently overbought. Although exact statistics change over time, this has been observed for several weeks. 18 of Cardano’s 249 active pools have been saturated since January 4, according to AdaPools.org. In terms of value, 33% of all staked ADAs are allocated to only 7% of active pools.
IOHK considered groups with more than 1% of the total staking to be saturated. Users who fail to transition to less saturated groups will earn lower rewards – an offer designed to keep the groups from being focused.
Meanwhile, ADA broke down from the listing price and has been pretty inactive in terms of price action for the past 7 months. Trader Cactus saw no reason to invest or trade tokens that have price action or charts that look like the chart in his tweet.
This is not something that I would avoid buying, after it broke down from listing price it has been pretty inactive in terms of price action for the past 7 months…
I see no reason to invest or trade tokens that have price action or charts that look like this. pic.twitter.com/NfK4BaXKsG
— Cactus (@TheCryptoCactus) January 5, 2020
Grin coin and MimbleWimble [MW] privacy-focused developer, Yeastplume, has announced the release of Grin and Grin Wallet 3.0.0. The official announcement posted on the Grin Forum revealed that Grin and Grin 3.0.0 wallets are ready to use before the upcoming hard fork is scheduled at block 524,160, around January 15, 2020.
Moreover, the announcement revealed that previous versions of the wallet will be closed soon. For v3.0.0, it will only be compatible with Grin buttons running v3.0.0 and above. Therefore, users have been asked to upgrade soonest.
ANNOUNCEMENT: Grin + Grin Wallet 3.0.0 Released: @Yeastplume wrote: Grin and Grin wallet 3.0.0 have been released and are ready for use in advance of the upcoming hard fork in mid-January. The hard-fork is scheduled on… https://t.co/10PEe8qZKP #Announcements via grin-forum $GRIN
— ? (@grinMW) January 3, 2020
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