Bitcoin Price Records 3-Weeks Low, But Can The Situation Turn Bullish?

Since our previous analysis, Bitcoin was mainly ‘stuck’ trading between the range of $8600 – $8700. We had mentioned the possibility of a bullish breakout; However, the breakout did take place, but quickly turned into a fake-out upon reaching $8800.

Overall, despite the lower highs trajectory, which is a bearish pattern, we can see that Bitcoin is forming a bull flag, and this is still intact (till proven otherwise). Besides, the $8500 area is the Golden Fibonacci level of 61.8% from the vast 42% surge on October 26.

The last level, along with support at $8400, might be serving as a substantial support area, at least for the short-term.

Keeping in mind the above, we’re expecting a breakout to either direction over the coming days, and the fact that a weekend is nearby is not a coincidence since Bitcoin loves producing price moves during weekends.

Total Market Cap: $236.7 billion

Bitcoin Market Cap: $155.8 billion

BTC Dominance Index: 65.8%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: The first level of support is today’s low around $8500, along with the mentioned Golden Fib level. The bull flag formation’s lower angle is around $8430; hence, the $8400 horizontal support can also be kept in mind here.

Further below is $8200 before reaching the good old $8000 support area. A break below $8400 is likely to ignite a quick bearish move back to $8K.

From above, the first level of resistance is the support turned resistance area of $8650 – $8700. Little above lies the $8800 level, which is currently where the bull flag’s upper boundary lies. Further above is the area of $9000 – $9150, which is the past week’s high.

The significant 200-days moving average line is getting further – hovering around $9320 as of writing this. In my opinion, the level of $9300- $9400 is the critical mid-term level.

The RSI Indicator: The daily RSI is barely holding the 44-support level. However, anything is possible from here, as the RSI needs to take a decision.

Both the 4-hour and the daily chart are in their oversold territory, as can be concluded by looking at the Stochastic RSI oscillator. This can turn bullish and fuel the next price rise, in case of a bullish cross over.

Trading volume: Despite the recent price drop, the volume is far from being significant.

BTC/USD BitStamp 4-Hour Chart


BTC/USD BitStamp 1-Day Chart


The post Bitcoin Price Records 3-Weeks Low, But Can The Situation Turn Bullish? (BTC Analysis & Overview) appeared first on CryptoPotato.

Source: Crypto Potato


Which Altcoins Will Outperform Bitcoin in 2020?

Most of the cryptocurrency market has been increasing throughout 2019. However, the rate of increase for BTC has outperformed that of altcoins, causing its market dominance rate to increase.

This has led to many people asking the question of when ‘altseason’ will begin and which coins will outperform Bitcoin?

Best-selling book author Nik Patel wrote an article on the five coins which he believes will do so, based on both fundamental and technical factors. In no particular order: KMD, NKN, FTM, DAG, and VIDT.

The coins are also outlined in the tweet below from Nik Patel (@cointradernik).

Nik Patel@cointradernik

I’ve published a post detailing the 5 alts I expect to significantly outperform Bitcoin in 2020: 

I’ve given an overview of fundamentals, price-histories and speculative prospects.

Spoiler: The 5 alts are , , , and

Enjoy the read!

‘The Next Bitcoin?’ Top 5 Cryptocurrencies That Will Outperform in 2020

What is the next Bitcoin? What is the next Ethereum? These are the two questions most often asked by those unfamiliar with cryptocurrencies…

261 people are talking about this

Let’s take a look at some of them and discuss their future potential.


The KMD price reached a low of 5330 satoshis in October 2019, breaking down below the support area of 6300 satoshis. However, the level could not be sustained and KMD increased above the support area within the next few weeks.

Whenever a strong support is broken and the breakdown is not sustained the movement usually has major bullish implications.

Furthermore, there is a yearlong bullish divergence developing in the MACD, combined with a bullish cross. The previous time a cross happened an increase of more than 100% followed.

This makes us believe that the price will begin to move upward. The 30,000 satoshi prediction in the article seems reasonable, amounting to a 300% increase on the current price.


New Kind of Altcoin Network

The NKN price reached a low of 171 satoshis on September 3, 2019. Afterward, it began an upward move, increasing by more than 300% and reaching a high of 750 satoshis on October 14.

Since then, it has been decreasing, creating a trading range between the support and resistance areas at 260 and 350 satoshis, respectively.

Altcoins Bitcoin

The article gives a prediction of 1500 satoshis for 2020. Using a fib retracement tool on the current correction, the 4.618 and final fib level aligns with this prediction.

Additionally, this is the high price reached on February 21, 2019.

Altcoins Bitcoin


The FTM price has made a double bottom at…

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Bitcoin Will Reach $1M, Overtake Gold By 2028: Industry Veteran

Bitcoin will overtake gold in terms of market capitalization by 2028 and be worth over $1 million, one of the cryptocurrency’s earliest proponents Bobby Lee suggested in a series of tweets.

What Happened

“Gold is about $8 trillion today, which is [50 times] the worth of Bitcoin,” Lee, who is best known for founding China’s first cryptocurrency exchange desk BTCC said. “I predict the [flippening] will happen within [nine] years and [bitcoin] will shoot up past [$500,000,].”

Flippening is an industry jargon used to refer to any future event where another cryptocurrency ends up dominating BTC in terms of market capitalization. Lee used it to refer to bitcoin overtaking gold.

Deflationary Value Will Help

Lee further pointed out that bitcoin’s deflationary value will be an asset in helping it reach that target, in comparison to gold.

“[Bitcoin] was designed to be [super] valuable over time,” Lee said. “First 10 [years], there were only [two] block reward [halvenings], but the next 10 years, there’ll be [three] (that’s 50% more)!”

Lee is referring to a bitcoin protocol that requires the mining rewards to be halved every four years.

There can only ever be 21 million bitcoins in existence, and more than 18 million have been mined already. The people mining, or creating, these bitcoins are rewarded with a part of it for themselves.

The rewards they receive are halved to ensure a proper supply and demand balance. These previous halvenings happened in 2012 and 2016. The next halving is estimated to occur in May 2020, followed by two more in 2024 and 2028.

They are usually followed by an increase in BTC market price, as miners try to sell the cryptocurrency for a higher price to account for their reduced income.

Predictions Run Wild In The Market

Lee further claimed there is an…

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He bet his family’s entire life savings and mortgaged his home for a shot at millions — now he’s living the dream

That’s Dan Conway, a former middle-management cog in a Silicon Valley firm’s wheel, describing in a piece for The Hustle how it felt to see his all-or-nothing $300,000 bet on Ethereum make him a very rich man.

It all started when Conway, who was making about $150,000 a year, asked his wife if he could invest the family’s $100,000 in savings, which was earmarked for their three children’s college education, in a risky crypto play.

“I hated the fake company culture, the bureaucracy, the endless chains of command,” he wrote. “Like so many others, I was looking for some kind of escape.”

His wife knew it could cost them everything but, amazingly, agreed to it anyway.

As a guy who had gotten into trouble before with his addictive personality, part of him recognized such a risk as self-destructive, but the more he read about cryptos, the more he began to believe in its future.

This was in 2015 and bitcoin BTCUSD, -3.46% had fallen out of favor, dropping from a previous high of $1,200 to $300.

“What if it goes up again? What if I put everything I had into this?” he wrote. “I could get rich and never work another day in Corporate America.” After eating up every bit of information he could, Conway turned his focus from bitcoin to Ethereum ETHUSD, -1.88%  , which had just launched in July 2015.

“As a disenfranchised suit-and-tie, I was enraptured by the possibility of a decentralized future,” he wrote. “As a greedy speculative investor, it gave me a rush.” He became so smitten with the potential, that he embarked on a wild ride — he used that $100,000 to buy 6,933 ETH at an average price of $14.

Soon thereafter, he was served a heaping spoonful of crypto volatility and watched his initial investment drop below $40,000. “In the midst of a particularly volatile week, I found myself in the emergency room, struggling to breathe,” he explained. “The doctor diagnosed me with a panic event.”

Undeterred, Conway doubled down by tapping into his home equity line. He borrowed another $200,000 and ended up with a total of 26,750 ETH at an average cost of $11.21 each. This had all the makings of serious disaster, but, no, the investing gods had other plans.

“Something miraculous happened: It kept going up… and up… and up. Between February and March of 2017, ETH shot from $15 to $50 per coin. By April, it was at $70; by May, $230,” Conway wrote in The Huslte. “In a span of four months, my $300,000 investment ballooned to $6 million.”

It didn’t stop there. In January 2018, Ethereum topped $1,000, and the memes were flying across the internet:

“It was an unprecedented burst — so monumental in scope that it temporarily froze the exchanges,” said Conway, who wrote a book about his journey. “It was like a 9.0 earthquake with an infinite number of aftershocks.”

He got the urge to sell, and sell he did. It was a market timer’s dream, as he sold most of his Ethereum position for a cool $10 million. Soon after he cashed out with his fortune, digital currencies were absolutely clobbered and still haven’t recovered. Ethereum is currently trading at under $200.

Meanwhile, Conway paid off his mortgage, took a dream trip to Africa and bought a second home in Ireland. He still has seven-figures sitting in his bank.

His advice for would-be Ethereum traders…

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Bitcoin Falls, Breaking Support Level

Bitcoin (BTC) price lost support at $9,000 on Nov. 8 after several days of downward action finally saw markets make a decisive move.

Data from Coin360 showed BTC/USD breaking out of its narrow trading corridor between $9,000 and $9,500 on early Friday.

Bitcoin flickers bearish

That corridor had broadly characterized the largest cryptocurrency since the end of October. A brief spurt beyond to $9,520 was soon met with resistance, while a dip into the $8,000 range was also short lived.

In daily trading, Bitcoin hit local lows of $8,980 before likewise bouncing higher, with markets currently trading at around $9,000.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Coin360

As Cointelegraph reported, suspicions have mounted among analysts over price behavior in recent weeks and months. Earlier, erratic moves CME Group’s Bitcoin futures market gained particular attention.

There, the Bitcoin price moved to fill a “gap” in trading — observed when one session ends higher or lower than where the next begins — by suddenly crashing by hundreds of dollars before recovering minutes later.

Filling in futures gaps has become standard behavior for Bitcoin, with analysts using them to forecast potential market drops.

But some still remain bullish on the long-term outlook, with regular Cointelegraph contributor Michaël van de Poppe this week predicting BTC/USD rising to new all-time highs of $22,000 next year.

XRP continues pre-conference fall

Beyond Bitcoin, Friday saw further poor performance for two major altcoins

3 Interpretations of Bitcoin as “Digital Gold”

Bitcoin is often described as “digital gold.” While this is an oversimplification, it can be a helpful way of understanding some of bitcoin’s most critical properties — the things that “give bitcoin value.”

One of bitcoin’s preeminent use cases is in its role as a store of value, a status that gold has long embodied. Though the price is volatile, many Bitcoiners who believe in its long-term value to an increasingly decentralized society see it as a long-term investment, and citizens of countries whose economies are distressed regularly turn to bitcoin as a safe haven asset.

Bitcoin also derives much of its perceived value from the fact that its supply is strictly capped, in a similar way to natural and finite resources like gold. Then there is bitcoin mining which — while just a metaphorical term for adding transactions to the Bitcoin blockchain in exchange for a bitcoin reward — can serve as another parallel between bitcoin and precious metal.

Even though bitcoin is far from just a digital version of gold, these connections persist in the minds of new adopters and hardcore Bitcoiners alike. It has spurred a variety of initiatives, offerings and services from digital asset managers — each of which is its own interpretation of the analogy that bitcoin is digital gold.

The Drop Gold Campaign: Bitcoin as the Digital Replacement for Gold

In May 2019, digital currency investing firm Grayscale Investments launched an ad initiative known as the “Drop Gold” campaign.

As the name implies, the campaign is meant to encourage potential investors to withdraw or divest their gold investments in favor of investing in cryptocurrency or cryptocurrency-based products, such as the Grayscale Bitcoin Trust.

“The point of #DropGold is to ignite a conversation with investors through highlighting Bitcoin’s benefits, as compared to an investment in gold,” Michael Sonnenshein, managing director of Grayscale, explained to Bitcoin Magazine. “Gold is a traditional investment in a physical world but today’s world is digital and demands a digital investment.”

As much as the “digital gold” narrative might favorably imply that bitcoin has some of the more attractive qualities of the physical asset, Grayscale dismisses the comparison as actually selling bitcoin too short.

“We agree that bitcoin and gold share a lot of the same properties; Bitcoin and gold are both scarce assets, they are both decentralized assets,” Sonnenshein said. “But bitcoin posses a superior composition of ‘good money’ qualities made for a digital global economy. For example, the fact that you can send bitcoin electronically or that you can access your holdings from anywhere in the world are just a few of the traits that make bitcoin the superior store of value.”

In its online material, Drop Gold points to the fact that bitcoin ownership is verifiable via a blockchain and easier to transfer and more fungible than gold. Essentially, the fact that bitcoin puts the “digital” in “digital gold” is what makes it the superior asset. So, as far as bitcoin being digital gold goes, Grayscale might argue that this is true only in the sense that bitcoin is an evolved, digital asset that will do a better job of playing a role than gold once did.

DGLD: Tokenized Gold, Secured by Bitcoin

But there will always be those who argue that the physical can never be completely replaced by the digital. While firms like Grayscale see the future in abandoning legacy investments in favor of cryptocurrencies, there may be more room to combine the two.

The DGLD token acts as that more direct combination, embodying the digital gold quite literally.

DGLD is the result of a partnership between digital asset management firm CoinShares, multifaceted cryptocurrency service provider Blockchain and worldwide gold dealer MKS SA. It is a network with a namesake token that represents allocated physical gold stored in a Swiss vault — each DGLD token represents one-tenth of a troy ounce of physical gold.

The DGLD network was built on the Ocean Bitcoin sidechain, a network developed by the blockchain firm CommerceBlock using the same codebase as Blockstream’s federated Bitcoin sidechain, Liquid. But, instead of maintaining a federation of intermediaries between it and the Bitcoin blockchain, Ocean’s sidechain automatically attests the latest block hash into the Bitcoin network at regular intervals.

“The latest DGLD block hash is committed into a specific chain of Bitcoin transactions (the so-called ‘staychain’) which is extended every hour,” Danny Masters, the chairman of CoinShares, explained. “Each transaction in this staychain has only a single output, and so everybody can verify that the DGLD blockchain has only a single history, and a single version of ownership, with the same guarantees that Bitcoin has only a single, global history.”

In this way, the DGLD network would seem to have combined the physical scarcity and tangibility of gold with the immutability and transparency of Bitcoin — creating a blockchain asset that may be as close to a literal interpretation of digital gold as possible.

In Masters’ view, by combining certain aspects of gold and bitcoin into a unique asset, DGLD offers investors a more convenient way of investing in the former.

“Many people do not own physical gold, and instead own gold through a series of intermediaries, often in an ETF or similar format, primarily because of convenience,” Masters said. “With DGLD, you get a convenient physical gold investment that isn’t entangled in the same system of intermediaries it is meant to hedge; and because it’s gold, the investment is not tied to the monetary policy whims of a central bank or fiat currency.”

DGLD was just introduced in October 2019, so it would be hard to confirm, but it may be that many of those who invoke bitcoin as digital gold are interested in a token that can draw that comparison more closely.

Vaultoro: When Bitcoin and Gold Work Together

Of course, some may point out that only bitcoin is bitcoin — no other tokenized asset, on a Bitcoin sidechain or otherwise, has exactly the same…

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Is XRP (Ripple) Plotting a Move Against BTC?

XRP saw a small increase of around 2% over the past week and it currently trades at $0.2995. The cryptocurrency still has hard times closing above the $0.30 level as each attempt so far has failed. Despite this,  XRP has still seen a 12.50% price hike over the past month.

XRP remains the third-largest cryptocurrency with a market cap of $13.03 billion.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, the cryptocurrency continued to trade sideways as it remains trapped around the $0.30 level. XRP managed to rise above it during a lot of the days but pulled back to close beneath each time. It remains strongly supported by the 100-days EMA at around $0.2890.
  • From above: If the bulls can close above $0.30, higher resistance lies at $0.308 and $0.31 (200-days EMA). Above this, resistance lies at $0.3177, $0.3262 (bearish .382 Fib Retracement), $0.3371, and $0.35.
  • From below: The nearest level of support is found at $0.2890. Beneath this, support lies at $0.2811, $0.28, $0.27, $0.2584, $0.2518, and $0.25. 
  • The trading volume has diminished during the first few days of November.
  • The RSI trades along the 50 level as the bulls weakly dominate the momentum. For a break above $0.30, we must see the RSI rise further higher from the 50 level.


Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, XRP has been unable to overcome the resistance at the 3275 SAT level which is provided by the 100-days EMA. The coin remains supported by the 3112 SAT level, even though the market spiked much lower into the 3000 SAT region yesterday.
  • From above: The nearest level of resistance lies at 3275 SAT. Above this, resistance is expected at 3324 SAT, 3375 SAT, 3500 SAT, and 3568 SAT (bearish .382 Fib Retracement). If the bulls continue above here, higher resistance is found at 3666 SAT, 3740 SAT, and 3834 SAT.
  • From below: The nearest level of strong support lies at 3112 SAT. Beneath this, support is at 3000 SAT, 2904 SAT (short term .618 Fib Retracement), 2853 SAT (downside 1.272 Fib Ext), 2798 SAT, 2752 SAT (downside 1.414 Fib Ext), and 2710 SAT.
  • The trading volume remains low but has seen an increase over the past 2 days.
  • The RSI is beneath the 50 level which shows that the bears control the market momentum. However, this may be about to change as the Stochastic RSI is poised for a bullish crossover signal.


The post Ripple Price Analysis: XRP Fails To Close Above $0.30 But Is It Plotting a Move Against BTC? appeared first on CryptoPotato.

Source: Crypto Potato

Top 3 Ways to Earn a Passive Income from Crypto in 2019

Want to make money with almost no effort? Well, you can earn a passive income from crypto if you’re willing to make a few trade-offs.

Earn a Passive Income from Crypto

As the cryptocurrency industry matures, more services and innovations are cropping up to allow you to make the most of your assets. Just as what savers and investors do in traditional finance, crypto holders can also make their coins work for them if they want to do more than patiently HODL. 

Mining may no longer be profitable for individuals on most coins and scouting out for airdrops is a bit passe. So, here’s a list of the top three ways to earn a passive income from crypto in 2019.

1. Earn Interest on Your Crypto

If you’re willing to part with your private keys and keep your crypto on a crypto lending platform, you can earn interest on your BTC, ETH, and several other coins and tokens by opening an interest account with a company like Celsius Network or BlockFi.

The above-mentioned companies have no lock-up periods or minimum deposits. However, the amount of interest you earn will obviously vary with the number of coins you have. BlockFi, for example, pays and Annual Percentage Yield of 6.2% on 0-5 BTC, but just 2.6% on anything over 5 BTC.

If you don’t have significant crypto holdings, another way to make your money work for you would be to convert some fiat into a stablecoin such as TRUEUSD. Rather than earn next to nothing in your bank, you can get up to 10% per annum at Celsius Network. You can also take out a loan using your crypto as collateral if you need access to fiat.

Be sure to do your own research before thinking about storing your crypto on any platform. If you’re going to risk not having your private keys in cold storage, at least know who the platform’s custodian is and whether they have any sort of insurance policy.

2. Proof of Stake Coins

Many people call staking the new mining, but staking requires a lot less effort. There are several Proof-of-Stake coins beyond Tezos, Dash, Stellar, and Decred, that allow you to earn coins simply by placing them in a designated wallet or stake pool.

You can even use your exchange wallet on Coinbase and Binance to stake Tezos. Users can stake XTZ from inside their accounts, although, of course, the exchange will take a percentage of your earnings.

Staking on Ethereum and Cardano will soon become hot topics of conversation as well, as Cardano completes its Shelley upgrade and ETH makes its long-waited move to PoS.

Be sure to check out the ROIs and lock-up periods each coin requires to see if it’s worth your while. Also, remember to ask whether it’s simple passive income you want or to earn the right to vote on the network as well.

3. Lend Your Crypto

Just as with interest-earning platforms, you can lend your crypto as well. There are plenty of providers in this area including peer-to-peer lending provider CoinLoan that lets you lend out your chosen crypto with up to 12% ROI. 

You can choose your own lock-up period, from seven days to three years as well as the amount you want to loan out. A quick example, though. Loan out 35 ETH over six months and you’ll get 2.1 ETH back.

There is also Binance Lending that allows you to hold your crypto with its Lending Product to accrue interest.

Bitfinex also lets you lend out over 24 different assets including BTC, EOS, NEO, ETH, and DASH. The best rates are about 0.02% per day, which comes to around 7% a year. Although, most opportunities are for a short period of time as many traders won’t lock into a position for more than 30 days.

As with staking and interest accounts, be sure to DYOR. Not all these products are suitable for everyone. If you’re a firm believer that if you don’t have control over your private keys, you don’t have control over your coins; it’s probably better just to HODL.

What do you think is the best way to earn passive crypto income? Add your thoughts below!

Images via Shutterstock

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Source: Bitcoininst

Bitcoin Price Tends To Go Crazy During Novembers, What To Expect On Nov-2019?

Let’s rewind the clock for two years: The phrase “November 2017” is perhaps causing some eager smiles on anyone familiar with the cryptocurrency space. It was the peak of the most famous Bitcoin bubble.

Now, let’s get back in time a year later to November 2018, a year ago. Or, if you want to be even more specific – November 14th, Bitcoin’s horror day. On that day, the Bitcoin price dropped below the significant 2018-support of $6000 and set the course for a 50% plunge in one month.

When looking at the charts for other Novembers, we can see that this specific month tends to be very volatile for Bitcoin. Apart from the one in 2018, November has traditionally been a very positive month for the cryptocurrency.

Bitcoin monthly chart (Bitstamp), November is marked. Source: TradingView

“The crypto industry is now more established than ever before and is progressing rapidly. The endorsement of Blockchain by Xi Jinping has brought a lot of excitement to the market as have the new Bitcoin futures options from some of Wall Street’s biggest players.”, Mati Greenspan, eToro’s senior analyst, was seeing some reasons why this current November could also be promising.

“November has historically been a very volatile month for Bitcoin, and this November could be as critical as ever.”, According to the famous Bitcoin analyst Tone Vays.

“November could be promising” – Mati Greenspan, Toney Vays and The Moon Carl

Raging Months of November

Let’s have a metaphorical journey back in time and see how Bitcoin price performed in the months of November so far, starting in 2012, as the first Bitcoin exchanges popped up and enabled BTC trading. Data refers to the veteran Bitstamp exchange.

In 2012 November the price was fairly low, but that also has to do with the fact that Bitcoin, back then, wasn’t really popular. The month opened at $11 and closed at slightly above $12, representing an increase of 13%. However, the price candle saw a broader range of $10.25 – $12.74.

Back in 2013, or the first major Bitcoin bubble, followed by the cryptocurrency’s 460% monthly surge. Bitcoin started the month trading at around $204 and ended at $1150. It took Bitcoin 14 months of a bear market to return to the $200 price area.

November 2014 was one that kicked off great for Bitcoin’s price, surging from $310 to more than $450 in a few days. However, things went slightly downhill from there, and the month ended up with Bitcoin closing $380, which was still a decent increase of roughly 25%.

November 2015 was reasonably similar to the previous year. In fact, the month started trading at roughly $300 again and shot up to $470 in the first few days after displaying a similar pattern and pulling back to $370.

The following year, 2016, Bitcoin’s price went on an actual rollercoaster. November saw numerous swings of around 10%, all of which were sudden and in a matter of days. However, after all that, Bitcoin started at about $710 and ended at $730, marking an insignificant increase.

And there comes November 2017: It was the landmark year for Bitcoin because it reached its current all-time high in late December of that year. This movement, however, was predicated on an exciting November, where Bitcoin went from $6,400 to end the month of $9,300.

And finally, for now, we arrive at last year’s horrific turn of events. The year of 2018 was bad enough on its own, November of last year was the first negative ROI November in seven years. After seeing $6544 as a monthly high, Bitcoin plunged to $3474, losing 47% of its value. November closed with some optimism roughly above $3900.

To sum it up, 6:1 to the Bulls in the consecutive Novembers since 2012, but the taste is still the one of last year’s, the only Bearish November.

Bitcoin is Getting Ready For November 2019: What To Expect

This year we step into November after a memorable October with notable price actions. After weeks of consolidation, Bitcoin headed south by plunging to $7,300 in just hours, but a few days later, it gained 42%, reaching $10,350. The market retraced to $9,200-$9,400 and remains quite calm since then.

November 2019 is here.

“I am still skeptical of this 2019 rise, but if we can go above $10,000 this month, we can easily set off a FOMO into halving. However, a drop back below $8,500 this month opens the door for a catastrophic drop closer to the 2019 lows in early 2020 then the all-time highs.” Tone Vays added to CryptoPotato.

Of course, it’s worth noting that previous price action shouldn’t be accepted as an indicator of what’s to come. This is something that Carl Eric Martin, better known as the popular YouTuber The Moon, reiterated.

“I believe that a big November move is coming. However, I don’t rely on previous price action to come to that conclusion. The reason why a big move is coming is because of the previous massive 40% spike Bitcoin got, that penetrated the 200-day moving average line. I was one of the very few people still being bullish before the big spike, and I’ve been calling for a move to at least $11,500 since before the spike.”, as been said by The Moon.

He also said that he expects a large continuation move in November that would follow the big 40% spike back in October. He emphasized that the fact that Bitcoin is back above the 200-day moving average line has been the signal he’s been looking out for and that he’s currently long on Bitcoin.

But Not everyone believes in the Magical November theory: Greenspan sees it just like any other day. He also said that he hadn’t seen any conclusive evidence that a specific day of the week or month of the year is any more significant than the one that proceeded it, concluding that “if November is anything like October, we’ll be in for an amazing ride.”

The post Remember November: Bitcoin Price Tends To Go Crazy During Novembers, What To Expect On Nov-2019? appeared first on CryptoPotato.

Source: Crypto Potato

What is next for XRP? Is it time to Buy?

The Swell conference, which is hosted by Ripple and is its biggest conference of the year, will be held on Nov 7-9 in Singapore. It aims to bring in influential voices in the financial services, technology, and payments industry in order to discuss the current global payments industry. Will it have an effect on the XRP price?

MoneyGram has previously reached a partnership with Ripple in order to improve its liquidity management and operational efficiency. Additionally, the CEO of Moneygram is set to share insights from this experience and the future of the transfer payments industry at the Swell conference — further increasing the importance of this partnership.

Additionally, since the history of the previous price movement has been interesting before the conference, now is a good time to look at the current XRP price movement.

While the XRP price decreased significantly against Bitcoin (BTC) during the October 25 increase, the technical outlook does not seem bearish. If XRP weathers the storm and holds support above 3000 satoshis, it is likely to make a higher high.

However, cryptocurrency trader @thecryptocactus stated that the XRP/BTC pair has significantly more downside potential after its breakdown from the support line.


showing huge downside in its BTC pairing after breaking down from this longterm trendline support.

Price wicked down to 0.618 fib level before hunting for stops and finally finding some candle close at the 0.5 fib line.

Expecting price to range between 0.5/0.618 fib level.

View image on Twitter
See Cactus’s other Tweets

XRP Price: Double Top

The XRP price created a double top once it reached the resistance area at 3800 satoshis. The double top is a bearish pattern and it caused the price to immediately break down below the support area.

After the breakdown, the XRP price reached the minor support area at 3000 satoshis — created by the highs of September 18.

XRP Double Top

Moving Averages

Looking at the moving averages (MA), we can see that the 200-day moving average was a catalyst in the double top rejection — coinciding with the 3800 satoshis resistance area.

What is interesting is that after the decrease, the XRP price has…

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