Tezos Price Analysis: XTZ Breaks Past $2 Following 18% Daily Price Surge

  • Tezos’s price reached the critical level of $2 after breaking above the $1.8 resistance.
  • Against Bitcoin, XTZ bounced back after establishing support around 25000 SAT.
  • The 10th largest cryptocurrency surged with over 16% gains across the trading pairs

XTZ/USD: Tezos Overcomes Crucial Resistance

Key Resistance Levels:  $2.5, $3.2, $4

Key Support Levels: $1.46, $1.25, $0.845

XTZ/USD. Source: TradingView

The latest buying spree brought a serious increase in Tezos’s price for the past few days. The positive move was led by a long monthly opening around $1.46.

With 15% gains under 24-hours, Tezos is now changing hands at $2.05. XTZ is now looking for more gains following yesterday’s surge above the crucial resistance of $1.8 – the orange area.

As long as the buying force increases by the day, the price of Tezos is expected to remain in an upward spiral. Nonetheless, the steady growth over the last seven days shows that short-term bulls are back in the market.

Tezos Price Analysis

After breaching a crucial resistance, Tezos is now looking for more gains. The next potential resistance to keep in mind is $2.5 and $3.2 resistance, where the crash in March started from. Above this resistance lies $4 (the yearly high).

On the downside, XTZ is currently relying on $1.76 support – yesterday’s low. In case of a pullback, Tezos should find a rebound at previous resistance of $1.8, supported by the yellow ascending line.

The next support is located at $1.25 – the first blue line, followed by the second at $0.845. Looking at the latest bullish engulfing pattern, a trend reversal is most likely at play on the intraday trading.

XTZ/BTC: Tezos Rebounds After Long Bearish Exhaustion

Key Support Levels: 30000 SAT, 35000 SAT, 40000 SAT

Key Resistance Levels: 25000 SAT, 20000 SAT, 15000 SAT

XTZ/BTC. Source: TradingView

After prolonged exhaustion around 25000 SAT, yesterday, Tezos showed strength and bounced higher to where it’s currently trading around 27510 SAT. It appeared that Tezos is starting to show a bullish sign.

The current increase in its price was followed by a quick gain of 10% since the weekly opening. As long as volatility continues to expand to the upside, Tezos could gain more in the next coming days.

However, the 25000 SAT support (the orange spot) needs to keep holding well to strengthen the future bullish actions. Even if this support fails, there’s still hope for a reversal on the red ascending trend line, which is acting as dynamic support for months.

Tezos Price Analysis

If Tezos pushes higher and reclaims the 30000 SAT level, buying pressure is likely to reach 35000 SAT (around March’s high) and 40000 SAT resistance (February high) in the next few weeks. A new yearly high should be anticipated once these levels break.

In the opposite scenario, a drop below the current support (25000 SAT) may lead to a massive dip if the red ascending line fails to provide a rebound. In this case, the potential support to consider is 20000 SAT and 15000 SAT levels.

As it stands now, the price setups look much of a reversal. It’s essential to pay attention to the bullish signs because the XTZ bears appear exhausted at the moment!

The post Tezos Price Analysis: XTZ Breaks Past $2 Following 18% Daily Price Surge appeared first on CryptoPotato.

Source: Crypto Potato

Ethereum Price Analysis: ETH Soars 13%, Completes 100% ROI Since March Bottom. $200 Soon?

  • Ethereum surged by a total of 13.6% over the last 24 hours as it reaches $175.
  • ETH rocketed higher after breaking the $146 resistance yesterday, allowing it to break resistance at $165 and $170.
  • Against Bitcoin, Ethereum also surged significantly as it climbed from 0.021 BTC to 0.0235 BTC.

Key Support & Resistance Levels

Support: $167, $165, $150.
Resistance: $175, $180, $187.
Support: 0.023 BTC, 0.022 BTC, 0.0215 BTC.
Resistance: 0.024 BTC, 0.0247 BTC, 0.025 BTC.

ETH/USD: Ethereum Climbs Above 100-days EMA

After breaking the upper boundary of the previous consolidation pattern, ETH found resistance at $146 for a few days. It broke this resistance yesterday as the cryptocurrency increased dramatically.

During the increase, ETH got through the resistance at $152, $165 (bearish .382 Fib Retracement), and $170 (100-days EMA) to reach the current resistance at $175, provided by a short term 1.414 Fib Extension level.

ETH/USD. Source: TradingView

ETH/USD Short Term Price Prediction

If ETH continues beyond $175, the first level of resistance lies at $180 (200-days EMA). Above this, resistance is found at $188 (bearish .5 Fib Retracement), $194, and $200. Beyond $200, higher resistance is expected at $205 and $211 (bearish .618 Fib Retracement).

On the other side, the first level of support lies at $168. Beneath this, support is at $165, $152, and $146.

The RSI has reached overbought conditions as the buyers dominate the market momentum. It still has room to move higher, which should allow ETH to reach $188 at the very least before falling.

ETH/BTC: Ethereum Heads Toward 0.024 BTC.

Against Bitcoin, Ethereum also increased by a significant amount as it broke past 0.021 BTC to climb to the current trading level of 0.0235 BTC. It went through resistance at the 200-days EMA to reach this level.

This increase in ETH/BTC is the main reason as to why Ethereum has been outpacing Bitcoin over the last few days.

ETH/BTC. Source: TradingView

ETH/BTC Short Term Price Prediction

The first level of resistance is located at 0.024 BTC. Above this, resistance lies at 0.0247 (bearish .618 Fib Retracement), 0.025 BTC, and 0.026 BTC.

Toward the downside, support lies at 0.023 BTC. This is followed by support at 0.022 (100-days and 200-days EMAs), 0.0215 BTC, and 0.021 BTC.

The RSI has also climbed into overbought conditions, reaching the highest level since February 2020. It still has room to move higher to suggest ETH can still climb.

The post Ethereum Price Analysis: ETH Soars 13%, Completes 100% ROI Since March Bottom. $200 Soon? appeared first on CryptoPotato.

Source: Crypto Potato

Tron Price Analysis: TRX Flashes Bullish At $0.013 Following Bitcoin’s Increase, Is $0.014 Next?

  • TRON flashes mid-term bullish following the recent increase in Bitcoin’s price.
  • TRX price could surge in the coming days due to the latest increase in buying volume.

TRX/USD: Tron Eyes $0.015 Resistance

Key Resistance Levels: $0.014, $0.015

Key Support Levels: $0.012, $0.0106

TRX/USD. Source: TradingView

The latest increase in Bitcoin’s price and volume has led to significant growth in the entire crypto market cap – $197.5 billion, now closing $200 billion by the day.

As a result of this, the price of TRON went up by 9.40% over the past hours; and it’s currently trading around $0.013 against the US Dollar.

This growth comes as a major recovery from the green circled areas (0.0073, $0.0106, $0.011, and $0.0185), as shown on the 4-hours chart.

More so, TRX broke out from an ascending triangle earlier today after suspending bullish actions for over three weeks. From what can be seen now, the bulls appeared to have won the battle in the short-term.

Tron Price Analysis

After breaking out from $0.0125, circled red on the price chart, Tron is now facing $0.014 level on the upside. Although the major price targets here is $0.015 resistance, marked orange in the above chart.

TRX is currently supported by $0.012 over the last 24-hours. In case of a pullback, it is likely to bounce at $0.0125, which is right on the triangle.

If it fails and price slumps below the $0.012 support, TRX could dump into the first grey demand area at $0.0106 before dropping further to the second.  Considering the increasing TRX buying volume, the price is more likely to increase in the coming days.

TRXBTC: TRX Pulling Back After Triangle Breakout

Key Resistance Levels: 1930 SAT, 204 SAT, 215 SAT

Key Support Levels: 174 SAT, 169 SAT, 160 SAT

TRX/BTC. Source: TradingView

Against Bitcoin, TRON is beginning to flash bullish after moving out from a mid-short-term symmetrical triangle pattern yesterday. The breakout was led by a 6% surge to reach 190 SAT.

But now, the price has dropped to 185 SAT level following a slight pullback. Though, TRX is expected to bounce back as soon as it finds nearby support.

A look at the current market structure suggests that a fresh mid-term bullish is about to start for the TRX/BTC pair, especially with the latest increase in the volatility and volumes.

The only condition for a bearish continuation here is if the price slips back beneath the previous lows of 174 SAT and 169 SAT areas, marked grey on the price chart. As of now, the price is rising, which suggests a bullish case for TRX at the moment.

Tron Price Analysis

After a sharp triangle breakout, TRON made a nice pullback (providing a good buying discount) at around 182 SAT. An exhaustion point is likely found at 180 SAT.

From here, the next rally would target 193 SAT resistance, followed by 204 SAT and 215 SAT, marked orange on the chart.

If TRX fails to refuel at 180 SAT, a further sell could drop the price back to 174 SAT (monthly low), and 169 SAT support, right in the grey spots. The last defense line for the bulls is 160 SAT – the March 12 crash level.

The post Tron Price Analysis: TRX Flashes Bullish At $0.013 Following Bitcoin’s Increase, Is $0.014 Next? appeared first on CryptoPotato.

Source: Crypto Potato

Gold Correlates With Bitcoin Amid Coronavirus Outbreak, VanEck Report Says

The outbreak of the novel coronavirus (COVID19) caused serious turmoil in the global financial markets. According to a report by VanEck Global, an ETF and Mutual Fund Manager, during this crisis so far, gold correlates with Bitcoin increasingly in the short-term.

Gold Correlates With Bitcoin Amid Coronavirus Outbreak

Gold and Bitcoin are two assets that have nothing to do with each other on the surface and yet they are oftentimes compared. A closer look reveals many similarities, such as scarcity, finite supply, and so forth.

According to a new report by the fund manager VanEck Global, gold and Bitcoin are increasingly correlated amid the current coronavirus crisis.

“Short-term, the market sell-off induced by the COVID-19 pandemic increased bitcoin correlations with traditional asset classes – particularly gold, potentially hinting at bitcoin’s increasing safe-haven status.” – The document reads.

The report goes on to explain that a small allocation of bitcoin to a 60% equity/40% bond blended portfolio has significantly reduced the volatility of set portfolio throughout the recent market sell-off.

VanEck also makes the case that a product such as a Bitcoin ETF “may have significantly reduced volatility for 60% equity/40% bond blended portfolios.”

Yet, the company also concludes that the long-term correlation between bitcoin and gold remains low but increases during the COVID-19 induced broad market sell-off.

Correlation Between Gold and Bitcoin. Source: VanEck Report

A Good Or Bad Thing For Bitcoin?

Bitcoin has been touted as a safe-haven asset by many in the cryptocurrency field. Even though it charted a 40% loss during the sell-off on March 12th-13th, a case could be made that bitcoin’s price recovered despite it being completely unregulated and with no safety nets such as government bailouts.

This notion brought on many comparisons between Bitcoin and gold as the latter is well-known as a powerful hedge against the price of stocks, currencies, and even other commodities.

As CryptoPotato recently reported, back in 2008, gold had its turning point, and at a certain time, it began increasing in value, unlike stocks that continued to decrease. Popular cryptocurrency analyst Willy Woo suggested that the decoupling of gold and bitcoin from the legacy markets during this crisis might have already started.

On the other hand, there are experts who believe that to shine, Bitcoin needs to be entirely uncorrelated from traditional markets, including gold.

The post Gold Correlates With Bitcoin Amid Coronavirus Outbreak, VanEck Report Says appeared first on CryptoPotato.

Source: Crypto Potato

Oil Prices Surge 24%, Will Bitcoin Bulls Follow Suit?

Bitcoin has been bullish this week, peaking yesterday at over $7,083 on Coinmarketcap and even surpassing $7,200 on several major exchanges. The cryptocurrency declined below $6,900 as of today, but the bullish stance might be supported by surging oil prices.

Bitcoin-Oil Correlation
Bitcoin usually doesn’t show any correlation to traditional assets. Still, it fell below $8,000 specifically after the oil market crashed by over 30%, which was the largest single-day decline in three decades. After several weeks of struggle, crude prices have rebounded. Does it mean Bitcoin bulls will feel more encouraged by the market conditions?

During the recent weeks, Bitcoin and oil have shown some very close correlation. Actually, the interference of price changes was maybe even more relevant than Bitcoin’s comparison to the stock markets. When prices intensified in volatility, the Bitcoin-oil correlation was slightly delayed, with crude trends defining the subsequent moves in the Bitcoin prices.

Note that this correlation is only temporary and may be valid specifically during market turmoil, which affects institutional investors. Historically, Bitcoin has very little to do with oil and may even demonstrate an inverse correlation at a later date.

Crude Prices Jump 24% Since April 1
Since the start of the month, oil prices bounced back and increased by over 24%. Currently, Brent and WTI futures are trading at $33.41 and $26.73, respectively, up from $25 and $20.

The crude rally has extended after US President Donald Trump said that he got in touch with Russia and Saudi Arabia, urging the two oil producers to reconcile and cool the conflict.

Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!
— Donald J. Trump (@realDonaldTrump) April 2, 2020

Last month, Saudi Arabia started a price war against Russia by boosting crude output and cutting prices, which surprised markets, especially when demand is tumbling amid the COVID-19 pandemic.

Commodity investors hope that the two countries will reach some consensus soon. The general optimism has boosted oil prices, and this might be additional support for Bitcoin to consolidate above $7,000. So far, the largest cryptocurrency hasn’t managed to maintain above that level, but the chances are that Bitcoin will react a bit later.
Source: Bitcoininst

Bitcoin Price Will Double in 6 Months, Says Billionaire Investor

Attention those who are trending toward the bearish. According to billionaire investor Mike Novogratz, Bitcoin will double in the next six months and retest the old highs of $20k by the end of the year.

Mike Novogratz Says ‘This Is the Year for Bitcoin’
Speaking to CNBC’s Closing Bell last night, as the DOW closed up 534 points, Novogratz was encouragingly bullish on Bitcoin. He pointed out that, for the first time, high-net-worth individuals and hedge fund investors are getting into Bitcoin. He said:

This is the year for Bitcoin – if it doesn’t go up now, I’m not sure when it will

“This is the year for bitcoin,” says @novogratz, and if it doesn’t go up now, “I might just hang my spurs.”
— CNBC’s Closing Bell (@CNBCClosingBell) April 2, 2020

Novogratz also points to the fact that Bitcoin is a hard asset and that we are starting to see real flows into it. He briefly brought up the trillions of dollars in quantitative easing that’s going on and how untenable that situation is.

Money doesn’t grow on trees. Right now, it feels like we crossed the Rubicon where everyone feels money grows on trees…  I don’t think the FED’s doing the wrong thing it’s just that we’re going to debase the value of fiat.

When asked for hard numbers, he said that Bitcoin should at least double within six months. If it doesn’t, he may just “hang up (his) spurs.”
Sudden About Turn on Previous Predictions?

As a major investor in the space, the Galaxy Digital CEO is historically bullish on Bitcoin. He was among the first to confirm a new bull market just under one year ago and predicted that BTC would reach a new all-time high in 2019.

However, after the brutal sell-off two weeks ago, Novogratz told Anthony Pomliano in an interview that crypto adoption would likely suffer a setback of 12-18 months due to investors needing fiat.

But, that was so two weeks ago and before the U.S. Congress approved a $2TN coronavirus stimulus deal. That may have bolstered the stock market, but as Novogratz pointed out, it will eventually debase fiat.

As more and more people wonder where all the “helicopter money” is coming from, now’s the time for Bitcoin to shine.

Source: Bitcoininst

Should I Buy Bitcoin During the Coronavirus Crisis?

Is Bitcoin a buy now, or is it too risky to bother with in this era of coronavirus-driven uncertainty?

That’s the question many crypto investors are asking themselves in the wake of Bitcoin’s ugly meltdown a few weeks ago. The Bitcoin price plunged as much as 51% in just two days.

For diehard Bitcoin enthusiasts, any big pullback is typically considered a buying opportunity. But this drop coincided with a crash in the prices of conventional assets – theoretically the very justification for owning crypto in the first place.

“Surprised we’re seeing the Bitcoin price fall in this environment, would have expected the opposite,” tweeted Brian Armstrong, CEO of the Coinbase crypto exchange.

But while crypto critics gloated and some Bitcoin owners no doubt had their faith tested, BTC’s sudden price drop isn’t as damning as it looks.

People weren’t selling Bitcoin because they suddenly lost confidence in the asset. The reason had much more to do with the coronavirus-induced panic selling of other assets, particularly stocks…

Bitcoin’s Plunge Explained

The explanation as to how a stock market crash could trigger a crash in the price of Bitcoin can be summed up in two words: leverage and liquidity.

It’s no secret that many investors – especially large investors – use leverage to multiply their gains in a rising market. Simply put, they’re borrowing money “on margin” to buy many times more shares of stock than they could pay for in cash.

This works out great when prices are going up, and it can be managed when prices are going down. But when prices suddenly go off a cliff as they did in early March, investors are put in a tough spot.

You see, brokers require investors to maintain a minimum value in their margin account. When stock prices fall quickly and steeply, it can rapidly put an account below its minimum value.

At that point, the broker makes a “margin call” to the investor demanding additional money or securities. If the investor lacks the cash to do this, brokers can compel the investor to sell other assets regardless of price to bring the account back up to the minimum value.

This “liquidity crunch” will send an investor looking to sell other assets to raise the needed cash. Those assets often include things otherwise considered safe havens, such as gold – and Bitcoin.

“A liquidity event in equities will likely translate into worsening liquidity conditions in crypto because market participants will be forced to adjust their portfolios and deal with margin calls, alternative assets are unlikely to be prioritized,” Denis Vinokourov, head of research for London-based digital asset firm Bequant, told Forbes. “The same goes for commodities such as oil and gold.”

When you look at how both gold and Bitcoin behaved at the peak of the sell-off, it becomes clearer that this episode is more of a hiccup than an indictment of BTC as an investment.

Bitcoin and Gold Are More Alike Than Different

From the time stocks started plunging dramatically March 9, gold fell about 15% while Bitcoin dropped about 50%.

That’s quite a difference, but gold has the benefit of earning investors’ trust over thousands of years. Bitcoin, at just a little over 10 years old, has not had time to prove itself and is often volatile.

Traders that have been investing in Bitcoin for the past few years see it as an alternative asset that carries much more risk than gold. So in a liquidity crisis it makes sense that Bitcoin would take a much bigger hit than gold.

Still, it’s telling that an acknowledged safe haven like gold fell as much as it did when the equity markets were under stress.

What’s also interesting is how both assets bounced back. From that March 9 starting point, gold has recovered more than half its losses but is still down 6.5%.

Bitcoin has also recovered more than half its losses taken since that day, and it remains down about 20%.

This chart of both assets shows how similarly they behaved:

This episode provides some useful lessons. It tells us Bitcoin does behave as a safe haven, just not to the degree gold does. And it tells us we could see a repeat of this pattern the next time stocks suddenly take a major nosedive.

It doesn’t change the powerful investment case for Bitcoin.

In fact, the devastating impact the coronavirus is having on the economy is making the argument for owning Bitcoin even stronger…

Why You Should Buy Bitcoin During the Coronavirus Crisis

With much of the economy shut down, the federal government is taking extraordinary action to keep both citizens and businesses afloat until life returns to normal.

Congress has already approved a $2 trillion relief package. And it’s now looking at crafting an infrastructure bill that would also cost $2 trillion.

The total – about $4 trillion – is 85% of the annual federal budget for 2020. And that budget had a $1.1 trillion deficit. Now we’re looking at a $5 trillion deficit that will balloon the $23.6 trillion national debt by 25% in one swoop.

And that’s not including the actions of the U.S. Federal Reserve. The Fed has slashed interest rates to near zero and vowed to ramp up its buying of Treasuries and mortgage-backed securities. The central bank is expected to add as much as $4 trillion to its balance sheet – stacked on top of the $4 trillion left over from its actions taken during the 2008 financial crisis.

That’s a lot of borrowing, and it will ultimately serve to devalue the U.S. dollar.

Bad for the dollar, but good for assets like gold and Bitcoin, which rise as the dollar loses value.

It’s no accident that the prices of both Bitcoin and gold spiked when the Fed announced its plans.

Meanwhile, other nations are also borrowing and spending – and debasing their currencies – to cope with the economic impact of COVID-19.

“If there was ever a time – debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for Bitcoin,” Mike Novogratz, chief executive of Bitcoin hedge fund Galaxy Digital, told CNBC.

More Reasons Bitcoin Is a Buy

In that respect, the decline in the Bitcoin price represents a chance to snap it up at a discount. At about $6,200, BTC is down 41% from its 2020 high of $10,598 and 68% from its all-time high of $19,891.

And beyond the immediate catalysts, we still have all the long-standing reasons why the Bitcoin price is likely to go as high as $100,000 over the next couple of years.

Technologies like the Lightning Network, which improve Bitcoin and make it easier to use, continue to advance.

And the big investors who abandoned Bitcoin in the recent liquidity crunch will come back when the markets eventually settle down. Crypto is a new asset class, and Bitcoin is the cream of the crop.

Finally, the halving of the block mining reward in May will reduce the supply of new bitcoins by half. Over time, this reduction, combined with rising demand, will drive Bitcoin higher.

Nowhere Else on Earth Can You Turn a Stake This Small into $10 Million

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  • 14,227% in eight months – enough to turn $500 into $71,000…
  • 15,572% in two months – that would’ve turned $500 into $77,000…
  • And even 23,032% in four months – that could’ve turned $500 into $115,000.

And people have seen massive gains from cryptocurrencies like these in remarkably short periods of time.

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Follow me on Twitter @DavidGZeiler and Money Morning on Twitter and Facebook.


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Source: Money Morning

Ethereum Price Analysis: ETH Charges At $140 Despite Indecision Against Bitcoin

  • Ethereum saw a 4% price increase over the past 24 hours as it reaches $138.
  • The cryptocurrency had rebounded from support at the lower boundary of a triangle, and the latest price hike allowed it to reach the upper boundary.
  • Against Bitcoin, Ethereum is attempting to recover as it sets its sights toward the 0.021 BTC level again.

Key Support & Resistance Levels

Support: $130, $129, $120.
Resistance: $145, $150, $165.
Support: 0.0201 BTC, 0.0196 BTC, 0.0192 BTC.
Resistance: 0.021 BTC, 0.02222 BTC, 0.023 BTC.

ETH/USD: Ethereum Reaches Upper Boundary Of Triangle

Ethereum has been increasing over the past 4-days since rebounding from the rising trend line. It has now reached the upper boundary of the current consolidation pattern at $140 and is attempting to break above.

A break above $140 will push ETH above this triangle and allow it to head above $150 into the next level of strong resistance at $165.

ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

If ETH can break the triangle, resistance lies at $145 and $150. Above this, resistance is expected at $165 (bearish .382 Fib Retracement) and $175 (100-days EMA).

Toward the downside, the first level of support lies at $135. Beneath this, added support is at $129 (short term .382 Fib Retracement), the rising support trend line, and $120.

The RSI is in the process of breaking above 50 for the first time since the market collapse. This shows the buyers are attempting to gain control over the market momentum. It will need to continue above 50 to the bullish momentum to increase.

ETH/BTC – Ethereum Attempting To Rebound Against BTC

Against Bitcoin, Ethereum dropped as low as 0.0204 BTC yesterday but has since rebounded as the bulls attempt to climb above 0.021 BTC.

Ethereum will still need to rise much higher and break above 0.0222 BTC before we can start to see some promising price action for the coin.

ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Once 0.021 BTC is broken, resistance is expected at 0.0222 BTC, where lies the 100-days and 200-days EMA’s. Above this, resistance lies at 0.023 BTC (bearish .382 Fib Retracement) and 0.0239 BTC.

Toward the downside, the first level of strong support lies at 0.0201 BTC. Beneath 0.02 BTC, added support is found at 0.0196 BTC (.786 Fib Retracement), 0.0192 BTC (downside 1.272 Fib Extension), and 0.0185 BTC (.886 Fib Retracement).

The RSI is rising, which is a promising sign. However, it still remains beneath 50 as the sellers control the market momentum. A break above 50 will allow ETH to continue further higher above 0.022 BTC.

The post Ethereum Price Analysis: ETH Charges At $140 Despite Indecision Against Bitcoin appeared first on CryptoPotato.

Source: Crypto Potato

Did Satoshi Nakamoto Predict The Outbreak of COVID-19 In Bitcoin’s Whitepaper Back In 2008?

The novel coronavirus (COVID-19) took the world by a storm and its spread, and it shows no signs of slowing down. With the total number of infected people getting close to a million, countries around the world are instituting lockdowns to slow down the spread and keep the hospitals from overflowing with patients.

A closer look at Bitcoin’s whitepaper, however, reveals that its pseudonymous creator, Satoshi Nakamoto, had the foresight to create a system that’s effective in situations much like the current one. Could it be that he actually predicted the current pandemic?

Satoshi Nakamoto Predicting COVID in Bitcoin’s Whitepaper in 2008

In 2008, a pseudonymous entity published what would soon become a landmark whitepaper called Bitcoin: A Peer to Peer Electronic Cash System. In it, he describes a system that enables the transfer of wealth almost instantly from one party to another without the need for intermediaries.

However, a closer look at the document reveals that Satoshi Nakamoto actually had a scenario of the kind in mind and designed the system so that it could be sustainable even in such black swan events.

Bitcoin’s whitepaper. Source:

Of course, his words are entirely open to interpretation, and it’s possible that he might have been inspired by previous outbreaks of deadly viruses to which humankind is no stranger.

Still, it’s particularly interesting to see his creation handling the current situation the way it does. It’s true that Bitcoin declined in price substantially throughout the past month, and most of it was caused by panic selling likely catalyzed by the growing fears of the spreading virus and its impact on the global economy.

However, it’s also worth noting that Bitcoin, unlike legacy markets, has no one to safeguard it. There are no emergency circuit breakers, and there is no government to print trillions of dollars to patch the holes in the markets.

COVID-19: A Growing Concern

What started in China a few months ago has now transitioned throughout the entire world as the COVID-19 coronavirus has infected just shy of 900,000 people. Out of those, 44,201 have unfortunately lost their lives while 185,204 recovered, according to data at the time of this writing.

All of that becomes even more worrisome upon closer inspection of the closed cases. Out of 229,405 cases with an outcome, 44,201 people died. That’s 19%. 185,204 people have recovered and have been discharged.

What most scientific experts are worried about is the rapid growth in the numbers of affected people and the lack of resources to handle those cases.

Coronavirus Cases. Source: Worldometers

Hence, many countries across the world have instituted either mandatory or recommended lockdowns in hopes to prevent the exponential growth of the virus so that hospitals don’t get overflown with patients they can’t possibly treat to the highest of standards.

Nevertheless, positivity comes from China – the country where the virus originally appeared. In the past few weeks, the cases in the country are virtually non-existent, hinting that the countermeasures they applied produced the intended results.

Disclaimer: the part about Satoshi Nakamoto predicting the outbreak of COVID is entirely fictional and intended as a comic April Fools’ joke. The image used in the article was intentionally fabricated, and the highlighted text doesn’t exist in the original whitepaper

Everything else, however, is entirely true. The threat of spreading coronavirus shouldn’t be underestimated. 

Also, remember that in times of uncertainty, the spread of misinformation is just as threatening. Always check the original sources before making any conclusions. 

The post Did Satoshi Nakamoto Predict The Outbreak of COVID-19 In Bitcoin’s Whitepaper Back In 2008? appeared first on CryptoPotato.

Source: Crypto Potato

Ripple Price Analysis: XRP Battles To Defend $0.17 And Increases Against Bitcoin, Is A Breakout Coming?

  • XRP remains stable above $0.17, while Bitcoin dropped by 2% today.
  • The cryptocurrency rebounded from support at a rising trend line that allowed it to climb back above $0.17 this week.
  • Against Bitcoin, XRP increased by 4% over the past two days as it reaches 2730 SAT.

Key Support & Resistance Levels

Support: $0.171, $0.16, $0.156.
Resistance: $0.182, $0.191, $0.2.
Support: 2710 SAT, 2650 SAT, 2600 SAT.
Resistance: 2750 SAT, 2800 SAT, 2850 SAT.

XRP/USD: Ripple Bulls Battle To Defend $0.17

After rebounding from the rising trend line a couple of days ago, XRP slowly increased as it climbed above the previous $0.171 resistance level that marked the upper boundary of a triangle.

The buyers are now battling to remain above this support. However, if Bitcoin continues to decline, XRP will likely follow suit and break beneath this 2-week old rising trend line.

XRP/USD. Source: TradingView

XRP/USD Short Term Price Prediction

If the sellers do break $0.171, the first level of support lies at the rising trend line. Beneath this, support lies at $0.16, $0.156, and $0.147. Additional support is expected at $0.14 and $0.136.

Toward the upside, the first level of resistance lies at $0.182. Above this, resistance is located at $0.191 (bearish .618 Fib Retracement), $0.20, and $0.217 (100-days EMA).

The RSI is looking weak above the 50 level and looks like it might fall and head lower. A break beneath 50 would show that the sellers are taking charge of the market momentum and will likely push XRP beneath this rising trend line.

Additionally, the Stochastic RSI is extremely overbought right now, and a bearish crossover signal will send XRP lower.

XRP/BTC: Ripple Rebounds Back Above 2700 SAT.

Against Bitcoin, XRP went on to drop as low as 2650 SAT this weekend but since rebounded to climb back above the 2700 SAT level.

The cryptocurrency is looking strong against Bitcoin, especially with the RSI above 50, but the bulls face stiff resistance at the 100-days EMA.

XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

From above resistance lies at 2750 SAT (100-days EMA) and then at the steep falling trend line. Above this, resistance lies at 2800 SAT, 2850 SAT, and 2900 SAT.

Toward the downside, the first level of support lies at 2710 SAT. Beneath this, support lies at 2650 SAT, 2600 SAT, and 2525 SAT.

The RSI recently rebounded at the 50 level, which shows that the bulls remain in charge of the market momentum. However, the Stochastic RSI is primed for a bearish crossover signal that will send the market lower.

The post Ripple Price Analysis: XRP Battles To Defend $0.17 And Increases Against Bitcoin, Is A Breakout Coming? appeared first on CryptoPotato.

Source: Crypto Potato