Crypto Brief Jan.10: Bitcoin price maybe pullback to $ 6000 plus Ethereum, XRP, Tron, USDT, Vexel, Bithumb, Cobinhood
From the positive short-term outlook for Bitcoin to Cobinhood shuts down for auditing. These are some of the prominent news in the crypto space.
Bitcoin News
Bitcoin’s recent rally to a high of $ 8,400 has encountered considerable selling pressure and has led to a strong rejection. This public denial led BTC back to $ 7,777 a few hours ago.
Cryptoroulette noted that the price action seen after Bitcoin mining $ 8,400 is quite negative.
First, the local volume peak marks the top, which seems to imply chart formation is often followed by deep regression.
Second, TD Sequential is about to form a sell nine candle, implying a sharp price reversal in the coming days will only amplify what has been seen. And finally, ADX and Fisher Transform – two navigational indicators – show that bears are in control after the bull race.
That drop below 23.6% Fibo looks bad.
Also:
– widening formation (uncertainty)
– the volume peak was at the top
– TD sequential green “8” (if next is “9” – a sign of a drop)
– ADX is below 25 (the rising trend is weak)
– a Fisher Transform bearish crossover$BTC $BTCUSD #bitcoin pic.twitter.com/lrIdCCvWgv— CryptoHamster (@CryptoHamsterIO) January 10, 2020
Trader HornHairs notes that if BTC closes its weekly candle on Sunday under $ 7,870,
He thinks there will be a strong move to the bottom of $ 6,000 (an area of major macro support), noting that recent price action is clearly a bull trap.
We got the breakout, which was a good start, but as the weekly chart stands, it looks like a bull trap.
If we close below $7870 on Sunday, my expectations will be a move down to $6k. Very important next few days. Nothing conclusive until Sunday. pic.twitter.com/9V4Gia3b4n
— HornHairs ? (@CryptoHornHairs) January 9, 2020
With the confluence of discount analysis, do the bulls have any hope?
Analyst The Wolf of All Streets believes that the next big movement will support buyers.
Filled my orders at $7,777 and at the red line at $7,875. A few hidden bull divs. Price held the 21 EMA and closed back above the top of the old range (red). Those are all of the things I was hoping for from this candle. Could still go either way but my criteria are filled. pic.twitter.com/c6dgwV6T1h
— The Wolf Of All Streets (@scottmelker) January 9, 2020
Meanwhile, analyst Financial Survivalism confirmed that will increase.
In addition to showing only some potential short-term price hike, it looks like Bitcoin is about to make a heady rally that will confirm its recent low as a macro bottom.
Here are my key areas of support for $BTC and the path that I am expecting / hoping for it to follow over the next 7 – 10 days.? pic.twitter.com/DvkhjVovM5
— Financial Survivalism (@Sawcruhteez) January 9, 2020
If this model is valid and continues to become a reality, Bitcoin may see some sideways transactions over the next week or so, until it starts a headlining rally.
Bitcoin halving 2020 will not pump price
According to new research by blockchain research firm Messari, it would be inaccurate to assume that a major price increase will follow Bitcoin halving in 2020.
The company claimed that the Bitcoin ecosystem is constantly evolving and may not be a good idea to predict the impact of the next halving based only on the effects of the previous twice.
The “high stock-to-flow ratio” argument, which is the basic logical construct often used to establish a link between the 2020 Bitcoin halving and the next major bull run, is inherently wrong, Messari stated.
Trump tweeted to pump the stock market to affect Bitcoin
President Trump appears to be trying to push the stock market even further through an elated tweet on January 9. In the past, the price of Bitcoin also tended to follow the boom of the stock market.
As a supporter of Bitcoin, Hernz said that we were in a state of excitement.
Euphoric stage? pic.twitter.com/oMza74qNFF
— Hernz (@hernzzzzzz) January 9, 2020
Ethereum News
Notable analyst Crypto Michaël recently noted that Ethereum is on the edge of a cliff at the moment.
He noted that if ETH attempts to break below $ 133 – just 2.5% lower than current levels – on a daily basis, it means that it has the potential to turn to $ 100, even if to be lower.
Besides, $ 133 is an extremely important horizontal support, as it acted as support in April and November of last year. If $ 133 can be held, an increase of 20% to 35% is likely in the coming months.
$BTC #BITCOIN & $ETH #ETHEREUM
Still, basically two scenarios I’d be watching.
Holding $7,500-7,600 on $BTC and we could look at $9,500.
Losing $7,500-7,600 and I feel we’re accelerating towards $5,800 or $6,400.Similar with $ETH, losing $133 -> $100 on the table. pic.twitter.com/m9wR1lDsrf
— Crypto Michaël (@CryptoMichNL) January 10, 2020
There is another noteworthy price catalyst that underpins analyst opinion.
Whale Alert has just reported 12638 ETH has been moved from the Upbit Ethereum hack wallet to an unknown wallet.
⚠️ 1,130 #ETH (153,068 USD) of stolen funds transferred from Upbit Hack Nov 2019 to unknown wallet
— Whale Alert (@whale_alert) January 10, 2020
⚠ 3,801 #ETH (516,514 USD) of stolen funds transferred from Upbit Hack Nov 2019 to unknown wallet
— Whale Alert (@whale_alert) January 10, 2020
⚠ 7,707 #ETH (1,048,408 USD) of stolen funds transferred from Upbit Hack Nov 2019 to unknown wallet
— Whale Alert (@whale_alert) January 10, 2020
XRP News
Trader il Capo Of Crypto noted that the XRP chart is showing clear signs of price decline.
The current price action for XRP looks almost identical to how it worked from July to October last year, marked by a consolidation after a sharp sell-off, secondary decline, and rapid recovery, then a sharp decline to a new low.
If the same pattern takes place in full currently, XRP will drop to $ 0.15 (-25%) in the coming weeks.
$XRP leading indicator pic.twitter.com/kkHQ6Z1763
— il Capo Of Crypto (@CryptoCapo_) January 8, 2020
Tron News
Justin Sun has just humorously tweeted that Tron is targeting $ 409k.
$TRX price target is 409k?
— Justin Sun (@justinsuntron) January 9, 2020
Many users believe that Sun is delusional and tweeting with speculation instead of utility, even TRX called sh*tcoin.
“While you are relaxed and making funny price jokes, ripple labs and their army of professional geniuses are working their asses to take over the world.”
Source: Twitter
USDT News
Whale Alert reported 114,514,000 USDT was transferred between two unknown wallets at 11:16 on Jan. 10. However, now the transaction has disappeared, raising questions about the monitoring of this account.
Source: Twitter
Bithumb News
Bithumb, one of the world’s largest cryptocurrency exchanges, could invest more than $ 8 million in Korea’s regulatory sandbox.
According to a report from Seoul on January 9, through its GCX Alliance subsidiary, Bithumb showed its intention to include 10 billion won ($ 8 million) in Korea’s free-regulated zone in Busan.
South Korea’s second-largest city, Busan, has been the subject of previous headlines because of its position as a regulated outpost and the desire to create a digital currency based on technology. blockchain.
Vexel News
Cryptocurrency platform Vexel has added support for processing payments in cryptocurrency, according to the company’s latest announcement. This is a platform that simultaneously acts as a cryptocurrency exchange, wallet and payment service. Their customers can now deposit or withdraw money via wire transfer in their personal accounts.
Vexel claims that the ability to register with the site is one of the top requirements of the user. This makes it much easier to interact with the service.
Cobinhood News
Cryptocurrency exchange Cobinhood spread the news that it is about to be closed for a month to check its account balance.
The platform promises that funds will remain safe and that investors and traders will be able to access them as soon as the platform reopens – on February 10.
The exchange requires users not to make any deposits so that they don’t lose money forever.
COBINHOOD Exchange is shutting down and auditing all accounts’ balances from Jan 10 to Feb 9 in 2020. It will be re-opened on Feb 10, 2020. All COBINHOOD users can then retrieve their funds accordingly. Please DO NOT make any deposits; it may result in permanent loss.
— COBINHOOD (@COBINHOOD) January 10, 2020
Read more:
- Bitcoin price is still undervalued similar to the time that Amazon collapsed near 99%
- The reason why Ethereum price dumped by 10% in just a few minutes