Weekly, May 28-31 ’18

This week has been eventful in the crypto world. Ripple tries to rebrand its XRP coin, South Korea and China may lift their ICO ban, Bittrex is launching USD trading pairs and EOS’ long-awaited mainnet is soon to go live.

  • Ripple is rebranding XRP. A new logo was presented during the recent Consensus 2018. It was also announced that Ripple wants to detach its brand from the coin, and thus rebrand itself.
  • Brian Stutland of Equity Armor Investments gave an interview to CNBC. He compared Bitcoin to VIX, the Volatility Index on CBOE, and said that there's a correlation between them. He also stated that there are more and more investors withdrawing their funds from banks and going to crypto market in an attempt to save and protect their money.
  • The National Assembly of South Korea, along with China, has plans to lift the ban on ICOs that were introduced in 2017. The Korean committee asked the government to set up a special task force to monitor crypto trading and increase its transparency.
  • One more adult site now accepts crypto. After a recent criticism of an XVG 'partnership' with PornHub by Charlee Lee, the biggest VR adult site announced the acceptance of LTC as a form of payment.
  • Huobi opened an office in Brazil. The major exchange wants to expand its business to new markets, and is now hiring locals.
  • Hong Kong has no plans of issuing their own cryptocurrency. According to an official from the Hong Kong Monetary Authority, Hong Kong’s already-efficient payment systems and services make centralized bank crypto less desirable, thus they have no plans to use it.
  • According to rumors, China may soften its crypto regulation. There was a meeting between Huobi and central bank officials, and a recent article in People’s Daily suggests that China will embrace this new technology.
  • Weiss Rating publishes its new list of best and worst cryptocurrencies. Bitcoin, Bitshares, Cardano, EOS, Ethereum, IOTA, NEO, Zilliqa and Ripple; all received an investment rating ranging from a B- to B.
  • Robert Shiller predicts that Bitcoin will be dead in 100 years. Shiller, a Nobel Laureate, believes that Bitcoin will undergo drastic changes, lose its name, and, eventually, hard forks will kill it.
  • Ethereum Classic successfully switched to Proof-of-Work. After upgrading the network through a hard fork, the Difficulty Bomb, the inheritance from the original Ethereum unforked chain was disabled.
  • Bittrex soon to launch support for USD pairs. According to its CEO Bill Shihara, this is a critical move not just for Bittrex, but for the whole industry because it is a sign of a global crypto acceptance.
  • Ethereum Network transfers more than $1.3 billion per day. That's a lot higher than Western Union, which processes $80 million a day, but less than Visa with its $9 trillion processed in 2016.
  • More and more talented young people leave Wall Street and move to the crypto market. A lot of prominent financial specialists who worked in Deutsche Bank, Goldman Sachs and BlackRock now trade crypto or found the crypto funds.
  • The EOS mainnet is soon to be launched. Major exchanges have started to lock down EOS tokens, and the whole community is curious about the outcome.
  • Ripple CEO Brad Garlinghouse said that Bitcoin’s dominance over the crypto market will be over very soon. He also predicted that the coins that don't solve any real problems will be washed out.

BTC

3,599 USD
1.17%

ETH

118.87 USD
1.36%

XRP

0.3196 USD
0.16%

ETC

4.39 USD
2.58%

NEO

7.67 USD
2.54%

ADA

0.04304 USD
1.63%

XVG

0.006694 USD
0.00%

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Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.
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