Crypto Brief Jan.08: Bitcoin bull market already started plus ETH, XRP, EOS, LINK, TRX, DASH, Coinbase, KuCoin, Binance
From the Bitcoin bull market’s onset to Ethereum-base Omnitude announced shutting down. These are some of the prominent news in the crypto space.
Bitcoin has made headlines today, surpassing the psychological resistance of $ 8,000 and climbing to the top of $ 8463. Even so, it seems to be struggling to gain a foothold above this level.
Despite a strong move late last October after Chinese President Xi Jinping called on China to support blockchain technology, The RSI indicator on the daily time frames did not reach the oversold of the levels as achieved in today’s rally. Stoch and Stoch RSI are also signaling excessive selling compared to the previous monumental rally, as AZCoin News reported.
Trading expert Peter Brandt believes that a new Bitcoin bull market has begun. He gave three reasons to reinforce this view.
- The market held support at lower boundary of multi-yr channel
- Small H&S bottom on the daily chart
- Pending penetration of 6+ mo channel
Has a new bull market began in #Bitcoin $BTC?
1. Market held support at lower boundary of multi-yr channel
2. Small H&S bottom on daily chart
3. Pending penetration of 6+ mo channel
If enough cryptocultists have been shaken out since Dec ’17, then “yes”
If not, then “no” pic.twitter.com/vpKQeOKqLI
— Peter Brandt (@PeterLBrandt) January 8, 2020
BTC has been stuck in the discount channel for six months after reaching a 2019 high of $ 13,700. However, the No.1 attempted to close daily at $ 8,160, thus eventually breaking out of the bear channel. This “pending penetration” gives more power to the bulls who have been fueled recently.
Bitcoin’s multi-year support remains intact, which means that BTC is likely to continue the uptrend of parabolic gains starting in January 2015. Over the past few months, Bitcoin has touched this support many times but has yet to overcome it.
CryptoWolf analyst points out that with Bitcoin taking back $ 8,090, the level acted as a key resistance area in the past, BTC opened the way to move to $ 9,500 (+ 13.5% of the current price).
8090 HIT. pic.twitter.com/GY3go2hWiH
— CryptoWolf (@IamCryptoWolf) January 7, 2020
Also, CL, Adaptive Capital’s new analyst, has argued that Bitcoin’s four-hour chart is showing clear signs of a medium-term reversal. He specifically relied on the Bollinger Bands indicator, which he said showed an upward trend currently emerging.
When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.
There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n
— CL (@CL207) January 7, 2020
Currently, Bitcoin is also at a critical level in history that catalyzed a trend reversal. Analyst Cantering Clark said this in a recent tweet that, if history repeats, the recent uptrend of the cryptocurrency could soon reverse.
Listen man….I don’t want to bum anyone, because a move is a move if you caught it.
— Cantering Clark (@CanteringClark) January 7, 2020
The price of Ethereum has reached a significant resistance level, a breakout above this level may indicate that the price has started an uptrend.
Bitcoin analyst Jack said that the price of Ethereum reached a make or break level because it was trying to reclaim the previous breakdown. If this movement is unsuccessful, it will be considered a bearish retest.
— //Bitcoin ?ack (@BTC_JackSparrow) January 7, 2020
It looks like the next major ETH movement could benefit the seller, as the cryptocurrency has continued to be stuck below that key multi-year resistance level.
Looking forward to the reaction with diagonal resistance, imposed 2 years ago.
What changed fundamentally? Absolutely nothing ?
Failure to break upon test will short all the way down to daddy target! pic.twitter.com/miIrYuhYAP
— TEDDY ⛓️? (@teddycleps) January 7, 2020
Ethereum receives support from Bitwala
Bitwala, a Berlin-based Bitcoin wallet, has announced its latest advance in the cryptocurrency world by adding support for Ethereum. As the only banking service for cryptocurrencies in Europe, Bitwala will allow users to trade Ethereum in 31 European countries with private keys, according to the announcement.
Ethereum token Omnitude shuts down
The Omnitude team, an Ethereum-based token, announced that the project would stop working indefinitely due to financial difficulties. The price of the token reacted immediately, plummeting by more than 80% in just a few hours. ECOM dropped from $ 0.028 to $ 0.004
Entering 2020, EOS is still in a strong downtrend. This is especially bad for a platform that has been hailed as an important player in the emerging blockchain field. Projects like EOS have attracted thousands of developers and investors to build Dapps, but they cannot attract users.
That is the same factor that is hurting buying sentiment in the EOS market. Developers need to buy tokens if they want to build Dapps on top of its blockchain. But the lack of users makes those products fail, leading to damaging demand for cryptocurrencies.
Investors who bought the first batch of EOS did not see a decline in demand. More and more users entered the market during the cryptocurrency boom after reports showing an increase in Dapp transactions on the EOS blockchain.
However, bot activity contributed 75% of those reported transactions, AnChain.AI reported in June 2019.
The inefficient and focused operation of EOS was unable to satisfy the user. Since the ICO, EOS’s market value has dropped by about 37% compared to its opening day valuation, which made EOS investors among the major ICO losers.
Only 33% of tokens that raised at least $50mn trade at a market cap greater than their ICO proceeds. pic.twitter.com/c6Q4EjcXEK
— Matt Casto (@mcasto_) January 6, 2020
XRP generated a major boost yesterday, allowing cryptocurrencies to increase 13% at a time. But this demonstration proved to be a passing breeze, as XRP has now erased almost all of its profits.
Analyst Big Cheds pointed to a chart showing the massive regression XRP experienced after recent protests.
— Big Cheds (@BigCheds) January 7, 2020
Bitcoin Jack, another popular analyst, has questioned how high the token could go until Ripple dump tokens again. The concern may spread among XRP investors.
Largest $XRP vs BTC daily candle up (for now) since May 2019
Not bad, keep going before the army comes back and Brad starts dumping on them again pic.twitter.com/wSV6sOSFSW
— //Bitcoin ?ack (@BTC_JackSparrow) January 6, 2020
The price of LINK has dropped since November 14, 2019, to reach a significant support area and is showing signs of a reversal.
Trader €uroSniper tweeted a chart for the LINK price, indicating that it is following a curved ascending support line, expecting exponential increases for the future price.
— €uroSniper (@TheEuroSniper) January 6, 2020
The DASH price has just broken through the descending resistance of 164 days, which could indicate that the current downtrend has ended.
The price has reached the confluence of the resistance, making it unlikely to succeed moving above them on the first attempt.
Trader Nico stated that the DASH price was showing volume increase while it tried to break out of the long-term descending resistance line. According to him, the current price level is a potential resistance.
Showing nice volume activity on Binance (ATH) as it breaks from descending trendline…
UCTS showing buy signals on the 1D & 2D (not confirmed yet)
— Nico (@CryptoNTez) January 6, 2020
The TRON price has reached the resistance level of its channel and made a failed breakout attempt.
The channel’s resistance line has been in effect since October 30. The price has gathered some support at the 178 satoshis support level and made two breakout attempts, on December 22 and January 6.
Trader € uroSniper stated that TRX price has been consolidating below the resistance line for some time. The three targets for the breakout are 202, 232 and 270 sts, respectively.
Consolidation under resistance has horns. pic.twitter.com/7szXWod1jV
— €uroSniper (@TheEuroSniper) January 6, 2020
Meanwhile, according to Dapp Review, the total number of TRON Dapps reached 669 on Jan 07, 2020. It has surpassed the total number of EOS Dapps (668) for the first time.
According to @dapp_review, the total number of #TRON #Dapps reached 669 on Jan 07, 2020. It has surpassed the total number of #EOS Dapps(668) for the first time. TRON ecosystem is growing at a steady pace, we welcome more users and developers to join us. #TRX pic.twitter.com/XfZZZnAIbT
— TRON Foundation (@Tronfoundation) January 8, 2020
Coinbase Pro released a new Android app on Tuesday, giving professional investors access to exchange access for high-speed transactions and other activities.
Coinbase Pro customers in more than 100 countries can use 50 different trading pairs with the new Android application. It was released about three months after the company first launched the iOS app aimed at professional traders.
To start trading, visit: https://t.co/JzneBPXZJP
— Coinbase Pro (@CoinbasePro) January 7, 2020
Besides, the exchange adds AUD, GBP, and EUR fiat gateways via Banxa, Polish Zloty (PLN), and Swedish Krona (SEK) fiat gateways. Moreover, it also enables the Thai Baht fiat channel with Satang Integration.
KuCoin’s PoS mining platform Pool-X will adjust the time the subscription time for Pool-X Staking to ensure a fair and equitable staking campaign for all of our users: From 22:00:00 on January 8, 2019, to 23:59:59 on January 12, 2019 (UTC+8).
To ensure a fair and equitable staking campaign for all of our users, Pool-X will adjust the time the subscription time for Pool-X Staking:
— POOL-X (@pool_x_official) January 8, 2020
Meanwhile, KuMEX Lite is now live to minimize the complexity over the trading process to make contract trading easier and smoother.
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