Litecoin Investor

Charlie Lee: Litecoin maximalists don’t exist.

The first Litecoin (LTC) native Visa debit card is being launched by BlockCard. 

Charlie Lee told Cointelegraph this is their second attempt at the endeavour as the previous one failed: “We previously worked with LitePay on a debit card but that failed when LitePay went out of business.”

Lee also drew a distinction between this Litecoin-native debit card and other crypto cards that support the currency:

“There are other crypto debit cards available today that support Litecoin, but they only support funding with LTC. This card is natively LTC, so funds are kept in LTC until you swipe the card.”

Though Litecoiners can already sign up for the card, the service itself will not be made available for another few weeks. On a lighter note, Lee noted his opinion that there is no such thing as a “Litecoin maximalist”:

“I don’t think that even exists. Most Litecoiners support and hold BTC also.”

Users will be able to make deposits in twelve of the most popular crypto currencies, including all major stablecoins. According to Lee, approximately 300 users have signed up so far. Meanwhile Litecoin has continuously stayed among top ten coins by market capitalization and has one of the biggest followings on social media.

Original Article
Author: btcethereumadmin

Traders have turned bullish on Ethereum again and the strong break above $400 could pull Bitcoin and other altcoins higher.

Data from Grayscale Investments shows that the firm’s assets under management soared from about $1.9 billion at the end of 2019 to over $3.5 billion by the end of June 30, 2020. 

The correction in the U.S. dollar (DXY) and the possibility of further weakness due to continued money printing by the U.S. Federal Reserve could be one of the main reasons for the surge in institutions investing in Bitcoin (BTC). 

Interestingly, about 40% of the Bitcoin accumulated over the past two years has not been moved, which suggests that investors are “HODLing” their purchases as they anticipate higher levels in the future.

Daily cryptocurrency market performance. Source: Coin360

Abra CEO Bill Barhydt believes that Bitcoin is witnessing a “pivotal moment” as a new asset class. Rumors suggest that the U.S. government could try to revive growth by stoking inflation. Hence, Barhydt considers that this is the best time for Bitcoin to stake a claim “as the defacto hard digital asset.”

BTC/USD

Bitcoin bounced off the 20-day exponential moving average ($11,253) on Aug. 12, which shows that the bulls are aggressively buying the dips to this support. 

BTC/USD daily chart. Source: TradingView

The price action of the past few days has formed an ascending triangle pattern, which will complete on a breakout and close (UTC time) above $12,113.50. The target objective of this set up is $13,702.55.

Both moving averages are sloping up and the relative strength index is in positive territory, which suggests that bulls have the upper hand.

This bullish view will be invalidated if the BTC/USD pair turns down from the current levels or the overhead resistance of $12,113.50 and breaks below the 20-day EMA. 

Such a move will be the first sign of profit booking at higher levels. Below the 20-day EMA, a drop to $10,400 is possible. If this support holds, the pair might remain range-bound for a few days. The trend will turn negative on a break below the $10,400–$10,000 support zone.

ETH/USD

Ether (ETH) surged above the downtrend line and the overhead resistance of $415.634 on Aug. 13, which shows that the uptrend has resumed. 

ETH/USD daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the overbought zone, suggesting advantage to the bulls. The next target on the upside is $480 and then $520.

This bullish view will be negated if the bears fake the current breakout and pull the ETH/USD pair down below $415.634. Such a move will indicate profit booking at higher levels and could result in a deeper pullback.

XRP/USD

XRP has broken out of the falling wedge pattern, which is a bullish sign. If the bulls can scale the price above $0.307301, a rally to the $0.326113–$0.346727 resistance zone is likely. A breakout above this zone will signal a resumption of the uptrend.

XRP/USD daily chart. Source: TradingView

Above $0.346727, the next target to watch out for is $0.40. The uptrending moving averages and the RSI close to the overbought zone suggest that bulls have the upper hand.

Contrary to this assumption, if the XRP/USD pair turns down from $0.307301, the bears will make another attempt to sink the price below the 20-day EMA ($0.275). If they succeed, a deeper correction to the 61.8% Fibonacci retracement level of $0.244472 is likely.

LINK/USD

Chainlink (LINK) broke above the 261.8% Fibonacci extension level of $17.4319 on Aug. 13 but the bulls could not sustain the price above it, which suggests some profit booking at higher levels.

LINK/USD daily chart. Source: TradingView

However, the LINK/USD pair has not given up much ground, which suggests that the majority of the bulls are still holding on to their positions as they expect the rally to continue. If the buyers can push the price above $18.3488, the rally can extend to $20.

On the other hand, selling could pick up momentum on a break below $15.9175. Below this level, a drop to the 38.2% Fibonacci retracement level of $13.9639 is possible. 

If the pair bounces off this level, the bulls will again attempt to resume the uptrend but a break below this level could signal that the momentum has weakened.

BCH/USD

Bitcoin Cash (BCH) has held the $280 support for the past few days, which suggests that the bulls are buying at these levels. However, unless the bulls push the price above the downtrend line, the bears will again try to break the $280 support.

BCH/USD daily chart. Source: TradingView

If the price again turns down from the downtrend line, it will form a bearish descending triangle pattern, which will complete on a breakdown and close (UTC time) below $280. The pattern target of this setup is $222.

However, if the bulls push the price above the downtrend line, a move to $325 and then to $353 is possible. A breakout of this resistance will signal the possible resumption of the uptrend.

BSV/USD

Bitcoin SV (BSV) has held the $200 support but the rebound lacks strength, which shows a lack of urgency among the bulls to buy at these levels.

BSV/USD daily chart. Source: TradingView

The price has reached the downtrend line, which is likely to act as a stiff resistance. If the BSV/USD pair turns down from this resistance, the possibility of a break below $200 and the 50-day simple moving average ($192) increases. Below the level, the decline can extend to $160.

Currently, the 20-day EMA ($214) is flat and the RSI is close to the midpoint, which shows a balance between supply and demand. A breakout above the downtrend line and the $227 resistance will signal that bulls are making a comeback. Above this level, a retest of $260.86  is likely.

LTC/USD

The bulls have successfully defended the breakout level of $51, which is a positive sign. If they can push Litecoin (LTC) above the descending channel, a move to $60 and then to $65.1573 is possible.

LTC/USD daily chart. Source: TradingView

A break above $65.1573 could result in a rally to $80. The LTC/USD pair is presently above the 20-day EMA ($55) and the RSI has risen to just under 60 level, which suggests a minor advantage to the bulls.

Contrary to this assumption, if the pair turns down from the current levels, then the bears will make another attempt to sink the price below $51. A break below the 50-day SMA ($48) will be a huge negative.

ADA/USD

Cardano (ADA) is currently consolidating between the $0.13–$0.15 zone. The attempt by the bears to break below this zone on Aug. 12 was purchased aggressively by the bulls, which shows strong demand at lower levels.

ADA/USD daily chart. Source: TradingView

During this leg of the up move, twice the consolidations lasted for about 27 days or more. The current consolidation has completed 18 days and if history were to repeat itself, the price might remain stuck in the range for a few more days before a breakout or a breakdown happens.

The 20-day EMA ($0.137) has flattened out and the RSI is just above the midpoint, which also suggests a balance between the bulls and bears. The next trending move is likely to start after the ADA/USD pair closes (UTC time) above $0.15 or below $0.13.

BNB/USD

Binance Coin (BNB) dipped below the 20-day EMA ($21.37) on Aug. 11, 12 and 13 but on all three days, the bears could not sustain the lower levels, which shows aggressive buying by the bulls.

BNB/USD daily chart. Source: TradingView

Today, the bulls have pushed the price above the downtrend line and are attempting to scale the overhead resistance of $22.93. If they succeed, a rally to $24.588 and then to $27.1905 is possible. 

Both moving averages are rising and the RSI is in the positive territory, which suggests that bulls have the upper hand.

Contrary to this assumption, if the BNB/USD pair turns down from $22.93, the bears will make another attempt to break the 20-day EMA support.

CRO/USD

Crypto.com Coin (CRO) is consolidating in an uptrend, which is a positive sign. Currently, the price is stuck between $0.154322 and $0.176596. 

CRO/USD daily chart. Source: TradingView

The 20-day EMA ($0.16) is sloping up marginally and the RSI is close to the 60 level, which suggests that the momentum has weakened but the advantage is still with the bulls.

If the bulls can push the price above $0.176596, the uptrend is likely to resume with the next target at $0.20. Conversely, if the CRO/USD pair plummets below the support of the range, a drop to $0.13 is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

As Bitcoin price slowly regains momentum, many altcoins have been rewarding traders by rallying to new all-time highs.

On August 11 MicroStrategy, the world’s largest publicly traded business intelligence company, announced that it had ditched fiat currency and built its primary treasury reserve with Bitcoin (BTC). 

The company’s CEO Michael J. Saylor believes that the coronavirus pandemic and the stimulus measures enacted to counter it will cause “a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types.” 

Saylor further explained that Bitcoin “is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Daily cryptocurrency market performance. Source: Coin360

On similar lines, BitGo CEO Mike Belshe also warned that the aggressive money printing will devalue fiat currencies and make them worthless to holders. Belshe urged investors to invest at least 3% of their portfolio in Bitcoin because it is “the lowest risk, highest asymmetric upside investment” many will see in their lifetime.

BTC/USD

The bulls again failed to propel Bitcoin above the overhead resistance of $12,113.50 on Aug. 10, and this resulted in profit booking by short-term traders. The correction pulled the price down to the 20-day exponential moving average ($11,127) but the bears could not break this support.

BTC/USD daily chart. Source: TradingView

This shows that the bulls are aggressively buying the dips to the 20-day EMA support. In an uptrend, when the price bounces off the 20-day EMA, it usually increases the possibility that the uptrend will resume.

If the BTC/USD pair closes (UTC time) above $12,113.50, the momentum is likely to pick up and a quick move to $13,000 is possible. The bears are likely to defend this level, which can result in a minor consolidation or correction, but if the bulls do not give up much ground, the uptrend is likely to extend to $14,000.

This bullish view will be invalidated if the bears sink the pair below the critical support zone of $10,400–$10,000.

ETH/USD

Ether (ETH) remains positive as the price has held above the critical support at $366 for the past few days. This shows that the bulls are accumulating on dips to this level.

ETH/USD daily chart. Source: TradingView

The moving averages are rising and the relative strength index is in the positive zone, which shows that the bulls are in command. 

A break above the downtrend line will signal strength and the momentum is likely to pick up above $415.634. Above this level, the uptrend can reach $480.

This bullish view will be invalidated if the ETH/USD pair reverses direction from the downtrend line and plummets below the 20-day EMA ($357). Below this support, the correction can extend to the  61.8% Fibonacci retracement level of $304.367.

XRP/USD

The bulls had pushed the price above the falling wedge on Aug. 11 but they could not sustain the higher levels. The bears used this to their advantage and sold aggressively, dragging XRP below the wedge.

XRP/USD daily chart. Source: TradingView

However, the bulls purchased the dip to the 20-day EMA ($0.27) and are currently attempting to push the price back above $0.284584. If they succeed, it will be a positive sign.

Both moving averages are sloping up and the RSI is in the positive territory, which suggests that the path of least resistance is to the upside. A break above the wedge and the $0.307301 resistance will signal strength and increase the possibility of a rally to $0.326113. 

This bullish view will be invalidated if the XRP/USD pair turns down from the resistance and breaks below the 20-day EMA. 

LINK/USD

Chainlink (LINK) remains in a strong uptrend as the correction from the $14.4586 level only lasted for two days on Aug. 10 and 11. During this, the bears could not even break below the immediate support of $12, which shows that the bulls are aggressively buying the dips.

LINK/USD daily chart. Source: TradingView

The sharp bounce off the $12 levels has already pushed the LINK/USD pair above the $14.4586–$14.8537 resistance zone. The next target is the 261.8% Fibonacci extension level of $17.4319 and if this level is also scaled, then the next level to watch out for is $20.

However, as the pair hits new highs, the RSI has again risen into deeply overbought levels. Although the RSI can remain overbought for an extended period of time, vertical rallies rarely sustain. Therefore, traders can consider trailing the stops on their positions instead of becoming greedy.

BCH/USD

Bitcoin Cash (BCH) broke below the 20-day EMA ($284) and the $280 support on Aug. 11, but a minor positive is that the bulls managed to close (UTC time) the day at $281.87. 

BCH/USD daily chart. Source: TradingView

Today, the bears again attempted to resume the down move by plunging the BCH/USD pair below $270. However, the bulls bought the dip and have pushed the price back above $280, which is a minor positive.

The 20-day EMA has flattened out and the RSI is just above the midpoint, which suggests a balance between supply and demand. A break above the downtrend line will be the first sign that the advantage might be shifting in favor of the bulls.

This view will be invalidated if the pair breaks and closes (UTC time) below $280. Such a move could drag the price to $260.

BSV/USD

The failure to push the price higher attracted profit-booking by the traders on Aug. 11, which resulted in a break below the 20-day EMA ($214). The bulls are currently attempting to keep Bitcoin SV (BSV) above the $200 support. 

BSV/USD daily chart. Source: TradingView

Any bounce from the $200 level will face resistance at the downtrend line and again at $227. If the BSV/USD pair turns down from this resistance, a few days of consolidation between $200–$227 is possible. 

The 20-day EMA is flat and the RSI is just below the 50 level, which points towards a possible range-bound action in the near term.

However, if the pair turns down from either resistance and breaks below $200, it will be a huge negative and could result in a drop to $160.

LTC/USD

Litecoin (LTC) broke below the $56–$60 range and the 20-day EMA ($54.70) on Aug. 11, which resulted in a retest of the breakout level of $51. The altcoin has bounced off this support, which is a positive sign as it shows that the bulls are attempting to defend this level.

LTC/USD daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is close to the midpoint, which suggests a range-bound action for a few days.

On the upside, a break and close (UTC time) above the descending channel will be the first sign of strength. This will increase the possibility of a rally to $60 and then to $65.1573. The uptrend is likely to resume if the LTC/USD pair sustains above $65.1573.

The trend will turn in favor of the bears if the pair turns down from the current levels and breaks below $51.

ADA/USD

Cardano (ADA) broke below the 20-day EMA ($0.137) on Aug. 11 and the bears capitalized on this opportunity by pushing the price below the $0.13 support today. 

ADA/USD daily chart. Source: TradingView

However, the bulls aggressively purchased the dip to the 50-day simple moving average ($0.121) and pushed the ADA/USD pair back above the $0.13 level. This is a positive sign as it suggests a rejection of the breakdown below $0.13.

The flattening 20-day EMA and the RSI close to the 50 level point to a possible consolidation in the next few days.

The trend will turn positive on a breakout and close (UTC time) above the overhead resistance of $0.1543051. Conversely, a break below the 50-day SMA will signal a possible change in trend.

XTZ/USD

Tezos (XTZ) broke above the stiff overhead resistance at $3.96 on Aug. 10 and made a new high, which is always a sign of strength as it shows that the bulls are keen to buy at higher levels. 

XTZ/USD daily chart. Source: TradingView

The bears attempted to fake this breakout on Aug. 11 when they tried to sink the price back below the breakout level of $3.96. However, the bulls again purchased the dips aggressively, which helped the price recover from the intraday low of $3.75 and close (UTC time) at $4.01.

Today, the bears again attempted to sink the XTZ/USD pair but the bulls used the opportunity to buy at lower levels. The aggressive buying has already propelled the pair to new highs.

If the bulls can close (UTC time) the price above $4.50, the next level to watch for is the 200% Fibonacci extension level of $4.8766 and then 261.8% extension level of $5.57. This bullish view will be invalidated if the pair reverses direction and plunges below $3.60.

BNB/USD

The $21.7628–$22.93 range resolved to the downside on Aug. 11 as Binance Coin (BNB) plunged to $20.66, but the positive thing is that the bears have not been able to sustain the price below the 20-day EMA ($21.16).

BNB/USD daily chart. Source: TradingView

This shows that the sentiment is to buy the dips and the bulls are aggressively defending the 20-day EMA. 

If the bulls can push the price back above $21.7628 and sustain the higher levels, it will be a positive sign. That will suggest a rejection of the recent breakdown and could signal a resumption of the uptrend.

The 20-day EMA is flattening out and the RSI has dropped below the 60 level, which suggests that the momentum has weakened marginally but the advantage remains with the bulls. 

The bullish view will be invalidated if the BNB/USD pair turns down from the current levels and plummets below the trendline. Below this support, a drop to $18.20 is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Bitcoin price continues to decline at $12,000, but altcoins have taken advantage of the range bound action by rallying higher.

Traders prefer to trade a trending market as it generally moves in one direction and the retracements offer low-risk entry opportunities. This is because a trade that follows the major trend carries a greater possibility of earning profits than one in a volatile market. 

As several cryptocurrencies started a trending move in July, web traffic to the crypto exchanges also increased by 13%, according to data from ICO Analytics.

Daily cryptocurrency market performance. Source: Coin360

The derivatives market also comes alive when the underlying market is trending as professional traders use leverage to make quick profits using the futures and options route. This could be one of the reasons for the sustained increase in Ethereum (ETH) options open interest over the past three months.

Several reasons can be attributed to the start of a trending move in an asset class. Max Keiser believes that capital fleeing Asia is one of the main reasons for the sharp rally in Bitcoin (BTC). 

Let’s analyze the charts of the major cryptocurrencies to find out whether the uptrend is likely to resume or is it time for a correction to start.

BTC/USD

The bulls are attempting to push Bitcoin above the overhead resistance of $12,113.50, which is a positive sign. This suggests that the bulls are not booking profits yet, which is frustrating the traders who have been left out because they are forced to buy at higher levels.

BTC/USD daily chart. Source: TradingView

Both moving averages are sloping up and the relative strength index is in the overbought zone, which suggests that bulls are in command.

A breakout and close (UTC time) above $12,113.50 is likely to resume the uptrend. There is a minor resistance at $12,304.37 but that is likely to be crossed. Above this level, the uptrend can reach $13,000 and above it $14,000.

Contrary to this assumption, if the bears aggressively defend the $12,113.50 level, the BTC/USD pair might correct to the 20-day exponential moving average ($11,052). A strong bounce off this level will increase the possibility of a break above the overhead resistance. 

However, if the bears sink the price below the 20-day EMA, it will signal weakness. Below this level a retest of the $10,400 level is possible. A drop below this support will signal that the bears are back in the game.

ETH/USD

Ether (ETH) has been trading above the breakout level of $366 for the past few days, which is a huge positive as it shows that the bulls are not hurrying to liquidate their positions. This suggests that the bulls expect the uptrend to continue.

ETH/USD daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the overbought zone, which indicates that the path of least resistance is to the upside. A breakout and close (UTC time) above $415.634 will signal a resumption of the uptrend towards the next target of $480.

However, if the bears defend the $415.634 resistance, the ETH/USD pair might spend some more time inside the range.

This bullish view will be invalidated if the bears sink the price below $366. Such a move will suggest a weakening momentum that can drag the price to the 20-day EMA ($351). A break below this support could signal a deeper correction to the 61.8% Fibonacci retracement level of $304.367.

XRP/USD

XRP is currently trading inside a falling wedge pattern, which usually acts as a bullish setup. If the bulls can push the price above the wedge, the uptrend is likely to resume with the first target at $0.346727 and then $0.432105.

XRP/USD daily chart. Source: TradingView

The correction from $$0.326113 has been healthy as it has pulled down the RSI from deeply overbought levels. Both moving averages are sloping up, which suggests that the bulls have the upper hand.

This bullish view will be invalidated if the bears sink the price below the wedge and the 20-day EMA ($0.267). Such a move will be a negative sign that can drag the XRP/USD pair to the 61.8% Fibonacci retracement level of $0.244472.

BCH/USD

Bitcoin Cash (BCH) dipped to the 20-day EMA ($284) on Aug. 7 and again on Aug. 10, which suggests that the bears are attempting to sink the price back below the breakout level of $280.

BCH/USD daily chart. Source: TradingView

If they succeed, it will be a huge negative as it will indicate a lack of demand at higher levels. Such a move could result in a fall to $260 and then to $245.

However, the 20-day EMA is gradually sloping up and the RSI has been sustaining above the 60 level, which suggests a slight advantage to the bulls.

If the bulls can push the price above the downtrend line, it will signal advantage to the bulls. Above this resistance, a rally to $353 is possible. A breakout of this level could resume the uptrend to $400.

LINK/USD

Chainlink (LINK) dipped on Aug. 7 to $9.05 but the bears could not sustain the lower levels. By close (UTC time), the price had recovered sharply from the intraday lows, which shows aggressive buying by the bulls.

LINK/USD daily chart. Source: TradingView

This move seems to have caught the aggressive bears on the wrong side, and they were forced to cover their short positions as the price broke out to new highs, which resulted in a strong rally on Aug. 8 and 9. 

The LINK/USD pair rose to a high of $14.4586 on Aug. 9, which is just below the 200% Fibonacci extension level of $14.8537. The bears are likely to mount a stiff resistance in the $14.4586–$14.8537 zone and the RSI has also risen into the deep overbought zone, which suggests a minor consolidation or correction.

Contrary to this assumption, if the bulls continue to buy at higher levels and push the price above the resistance zone, a rally to 261.8% Fibonacci extension level of $17.4319 is possible. 

BSV/USD

The bulls are struggling to push Bitcoin SV (BSV) above the $240 resistance, which suggests a lack of demand at higher levels. However, on the downside, the bulls are buying the dips to $214.

BSV/USD daily chart. Source: TradingView

The 20-day EMA ($216) is flattening out and the RSI is gradually falling, which suggests that the bulls are losing their grip. If the bears sink the price below the 20-day EMA and the $214 support zone, a drop to $200 is possible. 

On the other hand, if the BSV/USD pair rebounds off the 20-day EMA, the bulls will once again attempt to push the price above $240. If successful, a move to $260.86 is likely. 

LTC/USD

Litecoin (LTC) has roughly been trading between the $56–$60 level since Aug. 2. This suggests a balance between demand and supply. However, as both moving averages are rising and the RSI is in the positive zone, the advantage is with the bulls.

LTC/USD daily chart. Source: TradingView

If the LTC/USD pair rises above $60, the advantage will shift in favor of the bulls. Above this level, a rally to $65.1573 is possible. This is the critical level to watch out for because, if the bulls can propel the price above this level, the momentum is likely to pick up.

Conversely, if the bears sink the pair below $56 and the 20-day EMA ($54.83), a drop to the critical support at $51 is possible. A break below this support will signal a possible change in trend but if the bulls buy the dip to this support, the pair might remain range-bound for a few more days. 

ADA/USD

Cardano (ADA) turned down from the $0.15–$0.1543051 resistance zone on Aug. 9, which shows that the bears are aggressively defending this zone. However, the upsloping moving averages suggest that the path of least resistance is to the upside.

ADA/USD daily chart. Source: TradingView

If the ADA/USD pair rebounds off the 20-day EMA ($0.1379), the bulls will make one more attempt to scale the price above the zone. If they succeed, a rally to $0.173 and then to $0.20 is possible.

However, if the bears sink the price below the 20-day EMA, a drop to the $0.13 support is likely. A bounce off this support could keep the pair range-bound for a few more days. A break below $0.13 is likely to shift the advantage in favor of the bears with the next support at $0.12.

BNB/USD

Binance Coin (BNB) has been trading inside the tight range of $21.7628-$22.93 for the past three days, which shows uncertainty among the bulls and the bears about the next directional move. 

BNB/USD daily chart. Source: TradingView

While the bulls are buying the dips to $21.7628, the bears are defending the overhead resistance at $22.93.

However, the moving averages are sloping up and the RSI remains in the positive zone, suggesting advantage to the bulls. If the bulls can push the price above $22.93, a move to $24.4588 and then to $27.1905 is possible.

Contrary to this assumption, if the bears sink the price below $21.7628, a drop to the 20-day EMA ($21) is likely. A break below this support will signal a possible change in trend.

CRO/USD

Crypto.com Coin (CRO) remains in an uptrend but it is facing resistance near the highs at $0.176596. Hence, it is likely to consolidate between $0.176596 and $0.154322 for a few days.

CRO/USD daily chart. Source: TradingView

The RSI is showing signs of forming a bearish divergence, which indicates that the momentum is weakening. If the bears sink the price below the 20-day EMA ($0.159), it will indicate profit booking and a break below $0.154322 will shift the advantage in favor of the bears.

This assumption of a correction will be invalidated if the CRO/USD pair continues higher and breaks above $0.176596. Above this level, the next level to watch out for is $0.20.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Bitcoin and altcoins might consolidate or correct marginally for a few days before a possible breakout to the upside.

The United States Federal Reserve has been contemplating a change in the way it responds to a possible increase in inflation. Previously, the Fed would kickstart tightening if its models forecast a 2% inflation increase. However, this time, the Fed wants to allow inflation to stay above its 2% target before raising rates. 

Morgan Creek’s Anthony Pompliano believes that due to Fed’s poor track record with inflation targets, it might end up stoking “inflation at the exact moment that they should be reigning it in.” Pompliano anticipates “real estate, gold, Bitcoin and stocks” to rally much higher than the current levels, with Bitcoin (BTC) rising the most.

Daily cryptocurrency market performance. Source: Coin360

This week, Real Vision founder and CEO Raoul Pal pointed out that Bitcoin was the only asset that has “offset the growth of the G4 balance sheet.” Therefore, Pal believes that Bitcoin might be the only asset worth owning in the long term.

Meanwhile, Pantera Capital founder Dan Morehead said that Bitcoin has grown at the rate of 209% annually for the past nine years. If it maintains this growth rate, it could reach $100,000 in about two years.

BTC/USD

After the up move on Aug. 5, Bitcoin formed a doji candlestick pattern on Aug. 6, which showed hesitation among the bulls. The failure of the bulls to push the price above $12,113.50 has resulted in profit booking by the short-term traders.

BTC/USD daily chart. Source: TradingView

The bears will use the weakness to their advantage and attempt to sink the BTC/USD pair to the 20-day exponential moving average ($10,798). A strong bounce off this support will signal buying on dips and will increase the possibility of a break above $12,113.50.

However, a break below the 20-day exponential moving average (EMA) will indicate weakness and could drag the pair to the critical $10,400–$10,000 support zone. 

The bulls will attempt to defend this zone aggressively. A strong bounce off it could keep the pair range-bound between $10,400 and $12,113.50. The moving averages are sloping up, and the relative strength index (RSI) is close to the overbought zone, which suggests that bulls are in command.

ETH/USD

The rebound off the $366 support hit a resistance at $407.295. Ether (ETH) had formed an inside day candlestick pattern on Aug. 6, which suggested indecision among the bulls and the bears about the next directional move.

ETH/USD daily chart. Source: TradingView

This uncertainty has been resolved to the downside today, suggesting that the bears have overpowered the bulls. The first support on the downside is $366, and if it cracks, the correction can deepen to the 20-day EMA ($337).

If the ETH/USD pair rebounds off the 20-day EMA, it will be a positive sign, and the bulls will again attempt to resume the uptrend by pushing the price above the $415.634 resistance. Above this level, the next target to watch out for is $480.

However, if the 20-day EMA cracks, it will indicate that the bulls are not buying the dips. This could intensify selling and result in a drop to $300.

XRP/USD

XRP’s intraday range has been shrinking since Aug. 2, which suggests a lack of clarity among the bulls and the bears about the next likely move. This has formed a pennant, which is known to act as a continuation pattern.

XRP/USD daily chart. Source: TradingView

If the XRP/USD pair breaks out and sustains above the pennant, the bulls will try to push the price to $0.326113 and then to $0.346727. A break above this resistance will be a huge positive and could result in a move to $0.50.

However, the RSI is still above 78 levels, which suggests that the pair has run up sharply in the short term; hence, it might catch its breath for a few days. The bulls might face stiff resistance in the $0.326113–$0.346727 zone.

The pair will signal a deeper correction if the bears sink and sustain the price below the immediate support at $0.284584.

BCH/USD

After forming an inside day candlestick pattern for three successive days, Bitcoin Cash (BCH) broke above the immediate resistance at $304.79 on Aug. 6, which indicates that the bulls have overpowered the bears.

BCH/USD daily chart. Source: TradingView

The buyers will now try to push the price above the overhead resistance at $353. If they succeed, a rally to $400 is possible. The upsloping 20-day EMA ($279) and the RSI in the positive territory suggests that the bulls have the upper hand.

Contrary to this assumption, if the BCH/USD pair turns down from the $337.90–$353 resistance, a few more days of consolidation between $280 and $353 is likely. A break below $280 will tilt the advantage in favor of the bears.

BSV/USD

The bulls are attempting to push Bitcoin SV (BSV) to the overhead resistance at $260.86, but the move lacks momentum, which shows a lack of urgency among traders to buy at current levels.

BSV/USD daily chart. Source: TradingView

This sentiment could keep the BSV/USD pair stuck inside the $200–$260.86 range for a few days. The 20-day EMA ($213) is rising, and the RSI is in the positive zone, which suggests an advantage to the bulls.

If the bulls can propel the pair above $260.86, the uptrend is likely to start. The first target is $320, and then $382.47. This bullish view will be invalidated if the bears sink and sustain the pair below $227. Such a move will signal a lack of demand at higher levels.

LTC/USD

Litecoin (LTC) is likely to remain range-bound between $51 and $65.1573 for a few days. The bulls have been gradually pushing the price higher for the past few days, but without a pick up in momentum, a breakout above $65.1573 is unlikely. 

LTC/USD daily chart. Source: TradingView

If the LTC/USD pair consolidates near the top of the range, it will indicate strength. The rising moving averages and the RSI in the positive territory suggest that bulls have the upper hand.

A break above $65.1573 is likely to start the next leg of the uptrend, with the target objective at $80. Contrary to the assumption, if the pair turns down and breaks below $55, a drop to $51 is possible. A break below this support will be a huge negative.

ADA/USD

Cardano (ADA) has repeatedly consolidated (marked as ellipses on the chart) after every sharp rally in this leg of the up move that started in mid-March. Following the surge on July 26 and 27, the altcoin has again entered a range.

ADA/USD daily chart. Source: TradingView

The previous consolidation lasted for 15 days, while the current range is 11 days old. If history repeats itself, the bulls might attempt a breakout early next week.

If the bulls can sustain the price above the $0.15–$0.1543051 resistance, the uptrend is likely to resume with the next target objective at $0.173, and then $0.20.

This bullish view will be invalidated if the ADA/USD pair turns down from the current level and plummets below $0.13. 

LINK/USD

Chainlink’s LINK corrected on Aug. 5, but the decline was shallow, and there was no follow up selling on Aug. 6. This attracted buyers because when the uptrend is strong, traders view every dip as a buying opportunity.

LINK/USD daily chart. Source: TradingView

However, the up move is again facing selling pressure today, which suggests profit-booking by traders. The RSI remains in a bearish divergence, which points to a weakening momentum and warns of a possible correction.

A break below $8.908 could intensify selling, and if the bears can sink the LINK/USD pair below the 20-day EMA ($8.35), the decline could extend to the 50-day simple moving average ($6.6).

On the other hand, if the bulls again buy the dips, the pair is likely to rally to its target objective of $11.

BNB/USD

Binance Coin (BNB) is facing resistance in the $22.93–$24.4588 zone, which indicates profit-booking by some short-term traders. However, the bulls have not given up much ground, which is a positive sign.

BNB/USD daily chart. Source: TradingView

If the bulls can push the BNB/USD pair above $23.54, a move to $24.4588 is likely. Above this level, the next target to watch out for is $27.1905. The upsloping moving averages and the RSI in the overbought territory suggest an advantage to the bulls.

Contrary to the assumption, if the bears sink the pair below $21.7628, a deeper correction to the 20-day EMA ($20.57) is possible. This is an important support to watch out for because if it cracks, a decline to $18.20 might be on the cards.

CRO/USD

The bulls purchased the dip to the 20-day EMA ($0.157) on Aug. 5, which is a positive sign. However, Crypto.com Coin (CRO) has not been able to pick up momentum following the rebound, which suggests some hesitation to buy at higher levels.

CRO/USD daily chart. Source: TradingView

If the buyers fail to propel the CRO/USD pair above $0.176596, a few days of range-bound action is possible. The trend will turn in favor of the bears if the pair sustains below the 20-day EMA.

On the upside, a break above $0.176596 will signal resumption of the uptrend with a target objective of $0.20. The upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

The digital currency asset manager Grayscale told investors on Thursday that the firm has publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) for the company’s Ethereum Trust.

The recent filing is voluntary and if the SEC approves the registration, the Ethereum Trust will be the second crypto asset investment vehicle to obtain the status of a reporting company by the SEC.

Established in 2013 by Digital Currency Group, Grayscale Investments has been around for quite some time now. The firm manages a number of investment vehicles that allow investors to gain exposure to crypto assets like bitcoin, bitcoin cash, ether, horizen, XRP, zcash, ethereum classic, litecoin, and stellar.

In September 2013, Grayscale introduced the Bitcoin Investment Trust which originally was only available to accredited investors. Then the trust got the Financial Industry Regulatory Authority’s (FINRA) approval and Grayscale was allowed to offer shares publicly.

Then on January 21, 2020, the Bitcoin Trust had its shares registered with the SEC and it was the first crypto-based trust to obtain a reporting status from the SEC. On Thursday, Grayscale told investors that it was attempting to get the Ethereum Trust established with the Commission as well.

“If the Registration Statement becomes effective, it would designate Grayscale Ethereum Trust as the second digital currency investment vehicle to attain the status of a reporting company by the SEC, following Grayscale Bitcoin Trust as the first,” Grayscale noted in an investor’s email. Grayscale added:

Furthermore, if the Registration Statement becomes effective, accredited investors who purchased shares in Grayscale Ethereum Trust’s private placement would have an earlier liquidity opportunity, as the statutory holding period would be reduced from twelve months to six months under Rule 144 of the Securities Act of 1933.

In an announcement post on Medium, Grayscale said that Q2 2020 statistics show that investment into the Grayscale Ethereum Trust hit $10.4 million. “In fact, demand for Grayscale Ethereum Trust accounted for almost 15% of total inflows into Grayscale products during our biggest quarter yet,” the company said. Grayscale’s filing announcement continued:

Today, it’s clearer than ever that there is strong demand for an Ethereum access product.

Both the Medium blog post announcement and the email to investors says that the firm must stress that the filing is completely voluntary.

However, Grayscale does not want the recent Ethereum Trust filing to be confused as an “effort to classify the Trust as an exchange-traded fund (ETF).”

Grayscale’s Registration Statement attempt follows the recent approval by FINRA for the company’s investment vehicles, the Litecoin Trust and the Bitcoin Cash Trust. After the Ethereum Trust registration announcement, Digital Currency Group founder Barry Silbert tweeted that the attempt is a “milestone.”

What do you think about Grayscale’s Ethereum Trust registering with the SEC? Let us know what you think about this subject in the comments section below.

The post Grayscale Investments’ Ethereum Trust Filed With the SEC to Obtain Reporting Status appeared first on Bitcoin News.

https://news.bitcoin.com/grayscale-investments-ethereum-trust-filed-with-the-sec-to-obtain-reporting-status/

Original Article
Author: btcethereumadmin

If Bitcoin can reclaim the $12,200 level, several altcoins are likely to resume their uptrend.

Square’s Cash App product has generated $875 million in revenue from Bitcoin (BTC) trading in the second quarter of this year. This is a 600% increase over the comparable quarter in the previous year. This shows increased trader interest, which could have been spurred by the cash heavy “government stimulus programs.”

The recent breakout of Bitcoin above the $10,000–$10,500 zone could spark further interest among traders. Twitter personality Dave Portnoy has shown interest in knowing about Bitcoin trading from the Winklevoss twins. 

If Portnoy can influence his followers, then several new traders are likely to enter the crypto space. However, how many of them will stick around for the long-term is difficult to assess. 

Daily cryptocurrency market performance. Source: Coin360

The derivatives markets give a good insight into the expectations of the larger traders. Although the sharp drop in Bitcoin’s price on Aug. 2 led to liquidations in futures contracts worth over $1 billion, the open interest quickly recovered within 48 hours, suggesting strong accumulation at lower levels. 

While these are positive signs, Glassnode believes that a sharp reversal in the US stock markets could halt Bitcoin’s “bull run in its tracks.” 

BTC/USD

After forming an inside day candlestick pattern on Aug. 3 and 4, Bitcoin is attempting to resume its up move today, which suggests that the bulls have overpowered the bears.

BTC/USD daily chart. Source: TradingView

The upsloping moving averages and the relative strength index in the overbought zone suggest that the bulls are in command. 

If the buyers can propel the BTC/USD pair above $12,113.50, the uptrend is likely to resume. The next target objective to watch on the upside is $13,000 and then $14,000. The bears are likely to defend the $14,000 levels aggressively, hence, a meaningful correction is possible at those levels.

Contrary to the assumption, if the pair turns down from the $12,113.50 resistance, it could enter a consolidation between $10,400–$12,113.50 for a few days. A break below $10,400 will be a huge negative as it is likely to catch several bulls off guard, resulting in liquidations of long positions. 

ETH/USD

Ether (ETH) has been sustaining above the $366 support and is attempting to gradually inch higher. If the bulls can propel the biggest altcoin above the $400–$415.634 resistance zone, a rally to $480 is possible.

ETH/USD daily chart. Source: TradingView

Although the upsloping moving averages suggest an advantage for the bulls, the deeply overbought reading on the RSI warrants caution. 

The failure to break above the $415.634 level could attract profit booking by the short-term traders that could pull down the ETH/USD pair to $366 level. A break below this support will be the first sign that bears are making a comeback.

Below $366, the correction can extend to $346.857 and $325.612, which are 38.2% and 50% Fibonacci retracement levels of the most recent leg of the rally. A bounce from either support will be a positive sign as that will indicate buying interest at lower levels. However, if the bears sink the price below $304.367, a trend change is likely.

XRP/USD

XRP has formed successive inside day candlestick patterns on Aug. 3 and 4, suggesting indecision among the bulls and the bears. However, the bulls have kept the altcoin above the $0.284584 support since Aug. 2, indicating buying on dips.

XRP/USD daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the overbought territory, which suggests that the bulls are in command. If the bulls can push the price above $0.32, it will increase the possibility of a retest of the overhead resistance at $0.346727. 

Contrary to this assumption, if the XRP/USD pair sinks below $0.284584, it will indicate that the momentum has weakened. The next support to watch on the downside is the 20-day exponential moving average ($0.249). 

If the pair rebounds off this support, the bulls will again attempt to resume the uptrend. However, if the bears sink the price below the 20-day EMA, a deeper correction is likely.

BCH/USD

Bitcoin Cash (BCH) has been sustaining above the $280 support for the past two days, but the failure to rebound sharply from this level signals a lack of demand at higher levels.

BCH/USD daily chart. Source: TradingView

The 20-day EMA ($272) is sloping up and the RSI is in the positive territory, which suggests that bulls have the upper hand. A break above the $305 level is likely to indicate that the up move has resumed. The next level to watch out for is $320 and then $353.

Conversely, if the bears sink the BCH/USD pair below $280 and the 20-day EMA, it will signal advantage to the bears.

BSV/USD

Bitcoin SV (BSV) has been oscillating around the $227 level for the past two days, which suggests that both the bulls and the bears are trying to establish their supremacy.

BSV/USD daily chart. Source: TradingView

The 20-day EMA ($208.55) is sloping up and the RSI is in the positive territory, suggesting an advantage to the bulls. They will now try to carry the price to the overhead resistance at $260.86.

If the momentum picks up and the buyers are able to scale the BSV/USD pair above this resistance, a rally to $300 and then to $320 is likely. 

However, if the pair turns down from $260.86, the range-bound action is likely to extend for a few more days. A break below the 20-day EMA will signal weakness.

LTC/USD

Litecoin (LTC) has been trading in small ranges since the large outside day candlestick pattern on Aug. 2, which suggests a lack of clarity among the bulls and the bears about the next likely direction.

LTC/USD daily chart. Source: TradingView

If the bulls push the price above $60, a retest of the $64–$65.1573 resistance zone is possible. A breakout of this zone will signal resumption of the uptrend. The next target objective on the upside is $75 and then $80.

The rising 20-day EMA ($53) and the RSI in the positive territory indicate that the bulls have the upper hand. 

Contrary to this assumption, if the LTC/USD pair breaks below $55, a drop to the critical support at $51 is possible. A break below this level will tilt the advantage in favor of the bears.

ADA/USD

Cardano (ADA) is currently consolidating between $0.13–$0.15 levels. Both moving averages are sloping up, which suggests that the trend is up.

ADA/USD daily chart. Source: TradingView

If the bulls can propel the ADA/USD pair above the $0.15–$0.1543051 resistance zone, it will indicate that the bulls have absorbed the selling and have reasserted their dominance. The next target is $0.173 and then $0.20.

However, if the pair turns down from the overhead resistance zone, the range-bound action might extend for a few more days. A breakdown and close (UTC time) below $0.13 will signal weakness and can result in a deeper correction to $0.11.

BNB/USD

Binance Coin (BNB) is in an uptrend and the momentum has picked up in the past few days. The bulls have pushed the price above the $22.93 resistance, which indicates demand at higher levels.

BNB/USD daily chart. Source: TradingView

The next level to watch out for is $24.4588 and if this resistance is also scaled, the rally can extend to $27.1905. Both moving averages are sloping up and the RSI is in the overbought zone, which shows that bulls are in command.

Contrary to this assumption, if the BNB/USD pair turns down from the $22.93–$24.4588 zone, it will suggest selling at higher levels. A break below the 20-day EMA ($20) could result in a deeper correction.

LINK/USD

Chainlink (LINK) surged on Aug. 3 and broke above the $8.908 resistance, which is a positive sign as it shows strong demand at higher levels.

LINK/USD daily chart. Source: TradingView

Although the next target objective is at $11, the bears are currently attempting to stall the up move at $10. The moving averages are sloping up, indicating an advantage to the bulls. If the bulls buy the dip to $$8.908, that will increase the possibility of a resumption of the uptrend. 

However, the RSI is forming a bearish divergence, which warrants caution. If the bears sink the price below $8.908, a deeper correction to the 20-day EMA ($7.96) is possible.

CRO/USD

Crypto.com Coin (CRO) formed an outside day candlestick pattern on Aug. 2, which sometimes signals a reversal. That was followed by an inside day candlestick pattern on Aug. 3, which indicated that the bulls and the bears were indecisive about the next move. 

CRO/USD daily chart. Source: TradingView

The bears sold aggressively on Aug. 4 and dragged the CRO/USD pair to the 20-day EMA ($0.155). The pair has not sustained below this support for more than a day since March 29, hence, the bulls are likely to defend it aggressively.

If the pair rebounds off the 20-day EMA aggressively, it will indicate that the bulls continue to buy the dips to this support. A break above $0.176596 will resume the uptrend.

Conversely, if the bears sink the price below the 20-day EMA, a deeper correction to the 50-day simple moving average ($0.139) is possible. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin