According to a new report called 'Detailed Report Into The Cryptocurrency Exchange Industry' released by CryptoCompare, the US dollar represents half of the BTC-Fiat trading on average throughout the last 30 days. The other two leading currencies are the Japanese Yen (JPY) and the Korean Won (KRW)
Not a Surprise: USD Is Dominating the Market
5,331 USD -2.87%
Crypto Analyst Sees Bitcoin (BTC) Potentially Falling Further, Even After Drop To $5,200 Off Tether News
Bitcoin May Have Further To Fall As Ethereum World News just covered, the cryptocurrency market hasn’t been doing all too hot in the past while. As a result of documents from the New York Attorney General’s office revealing that Tether (USDT) and Bitfinex are likely on thin financial ice, Bitcoin (BTC) has dropped dramatically. 30 minutes after the report came to light, BTC fell by almost 10% to reach just under the $5,000 resistance level, at $4,950. While Bitcoin and other cryptocurrencies have since recovered to some degree, with the BTC market finding some support in the $5,100 range, one analyst is worried that a further move lower could be inbound. Financial Survivalism, a self-proclaimed “financial revolution prepper” and leading cryptocurrency trader, recently opined that Bitcoin’s current market structure is looking much like it did during early-December’s collapse. The only difference is that the chart (and indicators) are inversed. As Survivalism, who adamantly believes Bitcoin could see sub-$2,000 prices before a face-melting rally, explained, the recent action in the TD Sequential and Relative Strength Index (RSI) indicators looks almost identical to that seen in early-December, but entirely inverted. 1/2 The current $BTC market structure is looking very much like an inverse of what we saw during December 2018. First notice the bull div on the RSI with two daily red 9's. Currently we have a bear div after two green 9's. The ADX is also rolling over after spiking above 70. pic.twitter.com/bVFt5Hx8gM— Financial Survivalism (@Sawcruhteez) April 25, 2019 Thus, if history is followed, Bitcoin could see a “prolonged period of consolidation,” which could happen between $4,200 and $5,800. He adds that if BTC falls under its 50-day and 200-day exponential moving averages (EMA) at $4,700, the golden cross would be deemed invalid, setting the stage for a potential move lower. It isn’t clear where Survivalism believes BTC will head after the consolidation period. However, as hinted at earlier, the analyst has suggested that if Bitcoin follows Hyperwave Theory, a parabolic trend to massive drawdown pattern that asset classes/markets with the potential to catalyze large macroeconomic shifts tend to experience at one point or another, it could see $1,165 or even lower before the next move higher. Survivalism, of course, isn’t the only one that is short-term bearish on cryptocurrencies. As Magic Poop Cannon explains, Bitcoin’s chart structure, 50-week exponential moving average, 50- and 200-day moving averages, Fibonacci retracement levels, and Relative Strength Index (RSI) readings are effectively identical to that seen in mid-July. Thus, Magic predicts that if historical precedent is followed, BTC will trade in the low to mid $5,000s until May 7th, and will then fall to its 0.618 Fibonacci retracement, which currently sits at $4,025. Others Remain Optimistic Some are sure that BTC will do just fine in the short-term, however. A trader going by “Mayne” on Twitter recently claimed that Bitcoin’s “daily chart doesn’t look that bad.” He explains that as long as the leading cryptocurrency holds above the “grey,” a range between $4,900 and $5,000, all is O.K. $BTCDaily chart doesn't look that bad. As long as we hold the grey we are OK. We lose the grey we are going to the mid $4xxx, which I'd look to long bigly.FUD and news aside, there were bearish signs in PA, if you shorted well done.– 3D SFP– Rejected at daily resistance pic.twitter.com/BPPFPzQVXU— Mayne (@Tradermayne) April 26, 2019 And the rapidly-changing sentiment regarding Tether’s legitmacy would support this cautiously optimistic narrative too. As researcher Hasu notes, the fact that Bitfinex dipped into Tether’s reserves effectively verifies that USDT is actually backed, and that the exchange was just employing bad business practices and/or was unlucky with its Panama-based payment processor/partner. Photo by Gaetano Cessati on Unsplash The post Crypto Analyst Sees Bitcoin (BTC) Potentially Falling Further, Even After Drop To $5,200 Off Tether News appeared first on Ethereum World News.
Bitcoin (BTC) Price Analysis – April 26 Despite the bearish surge, Bitcoin still appeared bullish. But if the selling pressure eventually breaks the major 200-day moving average (yellow line), we may see price at $4800 and below for a medium-term bearish correction. On the long-term trend, Bitcoin is likely to visit April 2 break level at $4250. Nevertheless, the bulls are still intact. BTC/USD Long-term Trend: Bullish (1D chart) Key Levels: Resistance levels: $5600, $6000 Support levels: $4800, $4400 Following the important 200-day moving average (yellow line); Bitcoin remained bullish on a long-term outlook. After recording monthly high at $5600, Bitcoin short opening has plunged price to the low of $5000; losing 4.5% in the last 24-hours. The $4800 may be the next target for BTC. BTCUSD, 1D Chart – April 26 The short position is revealed on the daily RSI as the trend aims at the 50 level. If this level is crossed down, the bear could gain control of the market. However, the RSI still trends in the positive area. Contrastingly, the daily Stochastic RSI is revealed upward, but now pointing low. A break below the yellow line could send price to the bearish territory. For now, the bullish move is still valid for BTC market. BTC/USD Medium -term Trend: Bullish (4H Chart) Bitcoin market had been appearing choppy for the past three weeks even though it trends high. But today, BTC volatility has decreased due to a bearish surge which is revealed on the current chart. Meanwhile, the bulls are still holding tightly with the defense of the 200-day moving average (yellow line). BTCUSD, 4H Chart – April 26 The sellers target $4800 support, which could be visited in the next few hours of trading. From there, a possible rejection may bounce up BTC to retest the $5600 resistance and above. If a rejection fails, a possible break could significantly slump price to $4600 and $4400 supports. The 4-hours RSI is currently bearish; following the trend. While the 4-hours Stochastic RSI lies at the lowest level, the buyers may be looking for a clear entry signal. however, it’s important to wait for the next possible move. Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results. The post Bitcoin Slump To $5k, $4800 May Be Next as Price Holds Above 200-Day MA appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Decrypt Media released an interesting article recently concerning the Digitex launch, which according to CEO Adam Todd, will go live on April 30. This is one year after the ICO that raised $5.2 million took place. Digitex hopes to compete with BitMEX, a popular futures market that has a $3 billion trading volume on a […]