Price Analysis 6/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Tension between China and the U.S. is increasing and if the current trade deal is scrapped Bitcoin could be a major beneficiary.

The tensions between the U.S. and China have escalated once again. This is bad news for the global economy which is currently witnessing one of the worst crises since the Great Recession. 

If either the U.S. or China does not keep up their part of the trade deal, it could only make matters worse. Scrapping of the Phase I trade deal could ultimately result in a huge sell-off in global equity markets.

If uncertainty persists, investors might consider taking shelter in safe haven assets like gold and Bitcoin (BTC), the top-ranked cryptocurrency on CoinMarketCap. History also favors a Bitcoin rally as the month of June has typically been a good month for the bulls. Between 2014 and 2019, the only year when June ended in the red was in 2018. 

Daily cryptocurrency market performance. Source: Coin360

While most traders are keenly watching the $10,000 level on BTC and worrying about the next $1,000 move, Plan B, the creator of the stock-to-flow price prediction model, has projected a target of $100,000 for BTC by the end of 2021. This figure looks to be a far cry from the current levels but as history has shown, anything is possible in the crypto market. 

BTC/USD

To date, Bitcoin (BTC) continues to consolidate in an uptrend. It is currently stuck inside a symmetrical triangle, which usually acts as a continuation pattern. The majority of the time, the breakout of the triangle happens in the direction of the prevailing trend but sometimes the breakout can result in a reversal. Hence, it is better to wait for the breakout to occur before initiating a trade.

BTC–USD daily chart. Source: Tradingview

The first sign of weakness would be a drop below the 20-day exponential moving average ($9,261). Below this level, a drop to the support line of the triangle is possible. This is an important level to watch out for because a breakdown of the triangle will signal the start of a possible downtrend with a target objective of $6,752.

Conversely, if the BTC/USD pair bounces off the 20-day EMA and breaks out of the resistance line of the symmetrical triangle, a rally to $10,500 and then to $11,828 is possible. The bears are likely to defend the resistance line of the large symmetrical triangle but if this level is crossed, a sustained new uptrend is likely.

ETH/USD

Ether (ETH) completed the inverse head and shoulders pattern on May 28. After hesitation on May 29, the biggest altcoin soared on May 30 to an intraday high of $246.916. Although the bears are mounting stiff resistance close to $250, the bulls have not allowed the price to dip below the breakout level of $227 which is a huge positive.

ETH–USD daily chart. Source: Tradingview

If the bulls can keep the 2nd-ranked cryptocurrency on CoinMarketCap above $227.097, another attempt to resume the uptrend is likely. With both moving averages sloping up and the relative strength index above 60 levels, the advantage is with the bulls.

On a breakout above $246.916, the ETH/USD pair is likely to rally to $257 and then to the resistance line of the ascending channel close to $265. This bullish view will be invalidated if the price turns down from the current levels and drops below $227.097. Below this level, a drop to the neckline is possible.

XRP/USD

The bulls pushed XRP above the overhead resistance of $0.20570 on May 31 but they could not sustain the higher levels. This suggests that the bears are defending this resistance aggressively. 

XRP–USD daily chart. Source: Tradingview

However, the positive thing is that the bulls have not allowed the 3rd-ranked cryptocurrency on CoinMarketCap to slip below the moving averages. The bulls are likely to make another attempt to carry the XRP/USD pair to the next level of $0.23612. 

Conversely, if the bears sink the pair below the moving averages, a drop to $0.19130 and then to $0.17372 is possible. Therefore, traders who own long positions as suggested in the previous analysis can keep their stop-loss at $0.19. The stops can be trailed higher after the pair sustains above $0.20570.

BCH/USD

A well-defined range offers a reliable trading opportunity at the critical support and resistance levels or on a breakout of the range. Bitcoin Cash (BCH) is currently stuck inside the $217.55-$255.46 range. Both moving averages are flat and the RSI is just above the midpoint, which suggests a balance between the bulls and bears.

BCH–USD daily chart. Source: Tradingview

A break above $255.46 can carry the 5th-ranked cryptocurrency on CoinMarketCap to $280.47. This is likely to act as a stiff resistance because the BCH/USD pair has reversed direction from this level on three previous occasions.

Conversely, if the pair fails to break out of $255.46, the range-bound action is likely to continue for a few more days. A break below $217.55 can drag the price to $200, which is critical support.

BSV/USD

Bitcoin SV (BSV) jumped above the downtrend line on May 30 but the bulls could not hold onto the higher levels. This suggests that the bears are unwilling to give up ground to the bulls.

BSV–USD daily chart. Source: Tradingview

On May 31, the 6th-ranked cryptocurrency on CoinMarketCap again dipped back below the downtrend line. If the price sustains below the moving averages, a drop to the next support at $180 and then $170 is possible.

The flat moving averages and the RSI at the midpoint indicate a balance between supply and demand. 

If the price sustains above $200, the bulls are likely to make another attempt to rally towards $227. A break above this level is likely to be a huge positive, hence, it can offer a buying opportunity.

LTC/USD

Litecoin (LTC) surged above the downtrend line on May 30. With this move, the bulls have increased the possibility of a rally to $50.7864. A breakout of $50.7864 will invalidate the developing bearish H&S pattern. Hence, this could offer a buying opportunity.

LTC–USD daily chart. Source: Tradingview

On the other hand, if the bulls fail to sustain the 7th-ranked cryptocurrency on CoinMarketCap above the downtrend line and the moving averages, the bears will try to sink the price to the critical support at $39.

A break below $39 will be a huge negative that could result in a drop to $32 and then to $28. However, if the LTC/USD pair rebounds off $39, the range-bound action is likely to continue for a few more days. The flat moving averages and the RSI in the positive territory point to a consolidation.

BNB/USD

Binance Coin (BNB) reached the critical overhead resistance of $18.1377 on May 31 but the bears defended this level aggressively. However, a positive is that the bulls have not allowed the price to dip below the 20-day EMA ($16.71).

BNB–USD daily chart. Source: Tradingview

This suggests that the bulls are buying the dips. The 8th-ranked crypto-asset on CoinMarketCap is now stuck in a tight range between the 20-day EMA and $18.1377. This tight range trading is unlikely to continue for long.

If the bulls can propel the BNB/USD pair above $18.1377, the momentum is likely to pick up and open the doors for a rally to $21.50. This could offer a buying opportunity to the traders. On the other hand, if the 20-day EMA gives way, a drop to $15.7218 and then to $14.9586 is likely. 

EOS/USD

EOS is largely range-bound between $2.3314-$2.8319. If bulls can push the price above the range, a move to $3.1104 is possible. This is the level from where the altcoin had turned down on April 30. Therefore, the bears are likely to defend the $3.1104 level aggressively.

EOS–USD daily chart. Source: Tradingview

Still, if the bulls can drive the 9th-ranked cryptocurrency on CoinMarketCap above $3.1104, the momentum is likely to pick up. This could offer a buying opportunity to the traders. The first target to watch out on the upside is $3.8811. 

If the EOS/USD pair again turns down from $2.8319, it will extend its stay inside the range for a few more days. The flat moving averages and the RSI just above the 50 levels also points to a possible consolidation for the next few days. The trend is likely to turn in favor of the bears on a break below the range.

XTZ/USD

Tezos (XTZ) has not been able to scale above $2.963 for three days in a row. This means that bears are aggressively defending this resistance. If they can sink the price below the 20-day EMA ($2.75), a drop to the 50-day simple moving average ($2.60) is possible.

XTZ–USD daily chart. Source: Tradingview

However, if the bulls can sustain the 10th-ranked cryptocurrency on CoinMarketCap above the 20-day EMA, the possibility of a break above the $2.963-$3.073 zone increases. Above this zone, the uptrend is likely to resume. The first target is $3.3367 and then $3.80 levels.

With both moving averages gradually sloping up and the RSI close to 60 levels, the bulls have a slight advantage. Therefore, traders can hold their long positions with stops at $2.57. A break above $2.963-$3.073 zone is likely to offer another buying opportunity to the traders.

ADA/USD

Cardano (ADA) is in a strong uptrend. It resumed its up move on May 30 and surged above the overhead resistance of $0.0722722. This is a huge positive as it shows that the bulls continue to buy at higher levels. 

ADA–USD daily chart. Source: Tradingview

If the bulls can keep the 11th-ranked cryptocurrency on CoinMarketCap above $0.0722722, the next level to watch on the upside is $0.1-$0.10652. This zone has been a major barrier for about twenty months. Hence, the bulls will find it difficult to break above it.

Alternatively, if the bears sink the ADA/USD pair back below $0.0722722, a drop to the 20-day EMA ($0.060) is likely. A bounce off this level will suggest that the sentiment to buy the dips remains intact. However, a break below the 20-day EMA will indicate that the bulls are losing their grip.

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

Why the United States Needs Blockchain for Relief Packages


It seems like only yesterday people were tepidly excited about receiving a $1,200 check from the U.S. government to lessen the hardships of stay-at-home orders and pandemic-induced loss of jobs. However, rent is due today. Grocery bills for June have yet to rack up. That $1,200, regardless of how one tried to stretch it, is either running dangerously low if it hasn’t completely evaporated already.

Talks of another (few) rounds of stimulus checks have already been circling political circles, but who’s to say that future economic stimulus packages are going to find their way to the hands of those most in need? 

Over 60 million Americans haven’t seen a dime of CARES money, and nearly 40 million Americans are unemployed. Some economic models forecast American unemployment to be around 15 percent in 2021, and this figure only counts individuals that have actively filed for unemployment.

Brad Robertson, the Founder and CEO of Polyient Labs, a blockchain incubator and Polyient Games, a blockchain gaming ecosystem, argues that blockchain needs to be used to guarantee the delivery of future stimulus cash.

We got the chance to connect with Brad to discuss blockchain for relief packages.


What needs to happen at an institutional level to implement blockchain-based solutions?

There was a massive amount of hype surrounding blockchain in its infancy. The hype-honeymoon is over. Blockchain-solutions must prove themselves. To gain traction at the institutional level, blockchain solutions have to be adaptable, scalable, and interoperable.  

Corporate executives don’t have the time to discuss “which chain is right for our business and our customers.” They are only interested in efficiency and cost-savings.

So, in order to win over institutions, cross-chain functionality will be a requirement.

We’re already seeing this in blockchain gaming: Those games and gaming ecosystems that are gaining momentum are the ones that offer cross-chain functionality. That will be true for institutional implementation as well.

What are the potential downsides of using blockchain to distribute relief money?

The biggest potential downside of using blockchain to distribute COVID-related relief money is the likelihood that the Treasury Department will screw it up.

I’m not being flippant. Traditionally, government agencies have a poor track record when it comes to adopting new technology. We all remember the early days of ObamaCare. More recently, look at the IRS. It set up a website to help people track their CARES relief checks and the site has crashed at least twice.

This doesn’t mean the Treasury Department shouldn’t deploy blockchain to speed up relief payments – it absolutely should. Millions of Americans are waiting for checks that were supposed to be delivered in March. Just know, there will be bumps in the road – just as there are with every new government initiative.  

Why now is the time to deploy blockchain to ensure relief money is delivered more quickly?

The time to deploy blockchain to improve the distribution of relief money was in February– if not before. Before CARES was signed into law.

Some 60 million Americans still haven’t seen a dime of CARES money. Nearly 40 million Americans are unemployed. Lawmakers were proactive in increasing unemployment payments for millions of Americans, but they did nothing to ensure state employment agencies could process the wave of new applications. Most of those agencies still rely on centralized 1980s technology. 

Why is the US so far behind in the adoption of this technology? What is the hesitation, especially when it could ensure people get their relief money more quickly?

The U.S. is behind Canada, China, Switzerland, Malta, etc. because our laws and regulations marginalize blockchain and cryptocurrencies, making it difficult for the technology to gain real traction in the U.S.

Our current regulations reflect a lingering mindset among some lawmakers and policymakers who associate blockchain technology and cryptocurrencies with crime.

It’s not entirely their fault; there’s a lot of misinformation out there, but the research doesn’t support that viewpoint. Criminals are 800 times more likely to use traditional fiat currencies over digital ones when breaking the law.

The good news is that an outdated mindset is slowly crumbling. In 2019, Reps. Warren Davidson (R- OH) and Darren Soto (D-FL) introduced the Token Taxonomy Act and the Digital Taxonomy Acts.

Last February, Sen. Sherrod Brown (D-OH) proposed using digital dollars to distribute COVID relief, and more recently, a bipartisan group of a dozen members of Congress sent a letter to Treasury Secretary Mnuchin asking him to consider blockchain to distribute relief money.

In each case, lawmakers are trying to drag Capitol Hill into the 21st century. My companies, Polyient Labs and Polyient Games, are both headquartered in Arizona and we see Rep David Schweikert (R-AZ) doing it here: helping create a business landscape that welcomes blockchain.

Schweikert, Brown, Davidson, and Soto all have a responsibility to bring jobs back to their districts. They recognize blockchain is a job creator.  

Will the COVID crisis force the US to get up-to-speed when it comes to blockchain and digital currency?

Yes. We’re already seeing signs: Sen. Brown’s call for a digital dollar, the Congressional letter to Mnuchin asking that his department use blockchain for COVID payments.

Lawmakers know traditional payment methods don’t cut it any longer. I mean, the IRS has resorted to sending physical relief checks to citizens – and millions of those checks are lost. The COVID crisis is forcing lawmakers to admit the old methods are broken.

Similarly, industries now have to admit global supply chains are broken. We saw it firsthand in the last few months: critical shortages of medical supplies, food, toilet paper. You name it.

I guarantee you: conversations are taking place in C-suites across the country right now. Executives are saying “we need a decentralized, reliable and transparent method of tracking, tracing and auditing inventory.” That sounds like a recipe for blockchain.  

Thanks, Brad!

This article is Originally posted on CoinCentral.com
Author: Alex Moskov

Price Analysis 5/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Many altcoins are showing significant strength as they approach their 200-day moving averages, this suggests that the sentiment in the sector remains bullish.

Institutional demand for Bitcoin remains high, even as the price turned down after the block reward halving. Some in the space believe that if institutional and retail demand picks up, there will be a severe shortage of (BTC), which can quickly push its price higher.

A small example can be seen in the way crypto fund manager Grayscale Investments has been lapping up Bitcoin, the top-ranked cryptocurrency on CoinMarketCap. Since the halving, Grayscale alone has bought about 150% of the newly mined Bitcoin. If this pace of purchasing continues for a few more weeks, traders’ sentiment could turn decidedly bullish.

Stocks usually react strongly to upgrades or downgrades by large brokerage houses or investment banks. However, the crypto community decided to go contra to Goldman’s recent warning to its clientele against investing in Bitcoin. This suggests that crypto traders do not give much weight to the reports by traditional brokerages.

Daily cryptocurrency market performance. Source: Coin360

The huge rise in Bitcoin’s price over the past decade has not happened due to support from the government or from the brokerage houses. It happened as people saw an opportunity in the possibility of a decentralized world. Digital Assets Data CEO Mike Alfred recently told Cointelegraph that as the world becomes more digital and virtual, the younger generation would be more interested in digital gold, rather than physical gold.

Today also marks the expiry of CME BTC Options contracts. Typically the expiry has led to a 2.3% drop in Bitcoin’s price. Usually, fluctuations caused due to derivatives expiry are short-term blips and they don’t change the ongoing trend. Therefore, swing traders should initiate trades based on the trend and not so much on the CME expiry.

BTC/USD

Bitcoin (BTC) broke above the 20-day exponential moving average ($9,151) on May 27 and followed it up with another strong up move on May 28. This suggests that the path of least resistance is to the upside.

BTC–USD daily chart. Source: Tradingview

However, the bears are unlikely to give up without a fight. They are mounting a strong resistance at the $9,600 level. If this level is scaled, a move to the resistance line of the symmetrical triangle is likely.

A breakout of the triangle will signal the possible start of the next leg of the uptrend. The pattern target following a breakout of the triangle is $11,828.

Conversely, if the BTC/USD pair turns down from the current levels, the bears will try to sink it back below the 20-day EMA. If successful, the next stop would be the support line of the symmetrical triangle. A break below this level will be a huge negative as the pattern target of the breakdown from the triangle is $6,752.

ETH/USD

Ether (ETH) jumped above the neckline of the inverse head and shoulders pattern on May 28, which is a positive sign. There is a minor resistance at $227.097 above which the rally can extend to $257.

ETH–USD daily chart. Source: Tradingview

Currently, the bears are attempting to sink the 2nd-ranked cryptocurrency on CoinMarketCap back below the neckline. If the price sustains below the neckline, it will suggest that the current breakout was a bull trap.

A break below the 20-day EMA and the support at $191.692 could signal the start of a possible downtrend. Therefore, traders who have purchased on the recommendation given in the previous analysis can keep their stops at $200.

However, if the ETH/USD pair bounces off the neckline, the bulls will make one more attempt to clear the $220.097 hurdle. If successful, the uptrend is likely to resume. The upsloping moving averages and the relative strength index above 60 levels suggest that bulls have the upper hand.

XRP/USD

The bears are defending the downtrend line. If XRP turns down from the current levels, the bears will try to drag the price towards the critical support at $0.17372. A breakdown of this support will be a huge negative as it is likely to start a new downtrend.

XRP–USD daily chart. Source: Tradingview

Conversely, if the bulls can propel the 3rd-ranked cryptocurrency on CoinMarketCap above the downtrend line and the horizontal resistance of $0.20570, a move to $0.22504 and then to $0.23612 is possible.

Traders who don’t own long positions can buy if the XRP/USD pair sustains above $0.20570 for a few hours. The stop-loss for this trade can be kept at $0.19.

BCH/USD

Bitcoin Cash (BCH) had broken above the 50-day simple moving average ($238) today but the bulls are facing stiff resistance at higher levels. If the price turns down and slips back below the moving averages, a drop to $217.55 is likely.

BCH–USD daily chart. Source: Tradingview

If the bears sink the 5th-ranked cryptocurrency on CoinMarketCap below $217.55, a drop to $200 and then to $166 is possible. Therefore, traders can avoid holding long positions below $217.

Conversely, if the BCH/USD pair rebounds off the moving averages, a move to $255.46 and then to $280.47 is possible. This level is likely to act as a stiff resistance but if crossed, a new uptrend is likely.

BSV/USD

The bulls are facing stiff resistance at the downtrend line. If Bitcoin SV (BSV) turns down from the current levels, a drop to $170 is possible. If the bulls defend this level aggressively, the consolidation is likely to extend for a few more days.

BSV–USD daily chart. Source: Tradingview

However, if the bears sink the 6th-ranked cryptocurrency on CoinMarketCap below $170, a new downtrend is likely. The first support on the downside is $145 and then $120. Therefore, traders can protect their long positions with a stop below $170.

On the other hand, if the bulls can scale the price above the downtrend line, a rally to $227 is possible. A break above this level will signal the start of a new uptrend. However, if the price turns down from this resistance, the range-bound action is likely to continue for a few more days.

LTC/USD

Litecoin (LTC) has reached the downtrend line. If the bulls can propel the price above this resistance, a rally to $50.7864 is possible. A break above this resistance will invalidate the developing H&S pattern.

LTC–USD daily chart. Source: Tradingview

Therefore, traders can look for buying opportunities on a breakout and close (UTC time) above $50.7864.

Conversely, if the 7th-ranked cryptocurrency on CoinMarketCap turns down from the downtrend line, it can drop to $41.7 and then to $39.

If the LTC/USD pair bounces off the supports, the range-bound is likely to continue. The trend will turn in favor of the bears on a break below $39.

BNB/USD

The bulls have carried Binance Coin (BNB) to the downtrend line but are struggling to scale the price above it. This suggests that bears are defending this level aggressively.

BNB–USD daily chart. Source: Tradingview

However, if the bulls can keep the 8th-ranked crypto-asset on CoinMarketCap above the moving averages, it will increase the possibility of a break above the downtrend line. Above this level, a rally to $18.1377 is likely.

The BNB/USD pair is likely to pick up momentum above $18.1377, which can offer a buying opportunity to the traders.

Conversely, if the pair slips below the moving averages, a drop to $14.95 and then to $13.65 is possible.

EOS/USD

EOS continues to be in a range with both the bulls and bears playing it safe. Although the bulls have managed to push the price above the moving averages, the breakout lacks momentum.

EOS–USD daily chart. Source: Tradingview

Both moving averages are flat and the RSI is just above the midpoint, which suggests a balance between supply and demand.

If the 9th-ranked cryptocurrency on CoinMarketCap sustains above the moving averages, a rally to $2.8319 is possible. On the other hand, if the price drops below the moving averages, a decline to $2.3314 is likely.

The next trending move is likely to start on a breakout above $2.8319 or on a breakdown below $2.3314. Therefore, until then, traders can remain on the sidelines. 

XTZ/USD

Although the bulls have managed to drive Tezos (XTZ) above the downtrend line on May 28, the breakout lacks momentum. This suggests hesitation by the bulls at higher levels. The failure to sustain the price above the downtrend line is likely to attract selling.

XTZ–USD daily chart. Source: Tradingview

If the bears sink the 10th-ranked cryptocurrency on CoinMarketCap back below the downtrend line, a drop to the 20-day EMA ($2.70) is likely. This is an important support to watch out for because if this breaks, a drop to $2.5795 is possible.

Therefore, traders can keep a stop-loss of $2.57 on the long positions initiated as suggested in the previous analysis.

However, if the XTZ/USD pair bounces off the downtrend line, it will indicate strength. Such a move can result in a rally to $3.07 and then $3.27.

ADA/USD

Cardano (ADA) surged on May 28 and broke above the overhead resistance of $0.0619885. Traders who bought after the suggestion in the previous analysis are likely to be sitting on profits. They can either book complete profits at the current levels or book profits on a major portion and trail the rest with a tight stop-loss.

ADA–USD daily chart. Source: Tradingview

After the sharp rally on May 28, a few days of consolidation or a minor correction is possible. If the bears sink the 11th-ranked cryptocurrency on CoinMarketCap below $0.0619885, the pullback is likely to deepen further to $0.05928.

Conversely, if the bulls defend the immediate support at $0.0619885, the ADA/USD pair is likely to attempt a rally to $0.0722722. The bullish view will be negated if the pair dips back to $0.055. However, the possibility of such a drop looks dim.

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

Price Analysis 5/27: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Most major cryptocurrencies have seen strong buying at lower levels, which shows traders remain interested in buying the dips.

Although Bitcoin (BTC) has weathered the current crisis and come out on top, Goldman Sachs only focused on the March 12 fall in a presentation to its clients. Using liberally interpreted information, Goldman appears to be discouraging their clients from diversifying their portfolios with Bitcoin allocations. 

Luckily, there are a few large players who understand the potential of cryptocurrencies. Kingdom Trust, a financial custodian that manages more than $13 billion in assets, has launched a retirement account dubbed “Choice”, which offers an opportunity to its clients to invest in the top-ranked cryptocurrency along with other traditional assets. 

Daily cryptocurrency market performance. Source: Coin360

Several traders stay away from cryptocurrencies as they are scared of volatility. However, those who can identify the trend and trade along with proper risk management principles can benefit from the volatility. On the other hand, several whales have made a fortune by not selling their holding on every swing.

This shows that people are using different strategies to make the most of this new asset class which consistently offers retail investors the opportunity to generate profits with all the overhead and regulation required by traditional investment brokers. 

BTC/USD

Bitcoin (BTC) reversed direction from $8,638.79 on May 25, which is a positive sign. It suggests that selling pressure dries up at lower levels and at the same time, bulls are not waiting for a deeper correction to buy.  

BTC–USD daily chart. Source: Tradingview

The BTC/USD pair has formed a symmetrical triangle, which usually acts as a continuation pattern. That means the breakout is likely to happen in the direction that was in play before this pattern developed.

In this case, the pair had risen sharply from the lows, hence, the possibility of a break above the triangle is high. However, there are no certainties in trading. Therefore, traders should be ready for any eventuality. 

A break above the triangle will be a huge positive as the pattern target is $11,828. However, traders should keep an eye on the $10,500 level as the bears are likely to defend this aggressively.

The bearish scenario would come into play if the pair turns down and plummets below the triangle. The pattern target of such a drop is $6,752.

ETH/USD

Ether (ETH) dipped below the downtrend line on May 26 but the bears could not sustain the lower levels. This suggests that the bulls are buying on dips. The bulls are now likely to make another attempt to push the price above the downtrend line.

ETH–USD daily chart. Source: Tradingview

If successful, the 2nd-ranked cryptocurrency on CoinMarketCap will complete a bullish inverse head and shoulders pattern. This setup has a target objective of $257. Although the bears will defend the $227.097 level aggressively, it is likely to be scaled. 

Therefore, a close (UTC time) above the downtrend line offers a buying opportunity to the traders.

This bullish view will be invalidated if the ETH/USD pair turns down from the downtrend line and plummets below $191.692. If this support cracks, a drop to $176.112 is likely.

XRP/USD

After aggressively buying the dip on May 25, the bulls are now attempting to drive XRP above the moving averages and the downtrend line. If successful, a rally to $0.22504 and then to $0.23612 is likely.

XRP–USD daily chart. Source: Tradingview

Currently, both moving averages remain flat and the relative strength index is also just below the midpoint, which suggests a balance between supply and demand. 

If the  3rd-ranked cryptocurrency on CoinMarketCap turns down from the moving averages or the downtrend line, it will indicate a lack of buyers at higher levels. In such a case, the bears will make another attempt to sink the price below $0.17372. If successful, the XRP/USD pair could turn negative.

BCH/USD

Bitcoin Cash (BCH) continues to trade inside the tight $217.55-$255.46 range. The bulls purchased the dip to the support of this range on May 25 and are now attempting to drive the price above the moving averages. 

BCH–USD daily chart. Source: Tradingview

If successful, a rally to $255.46 and above it to $280.47 is possible. Therefore, traders who have purchased on the suggestion given in the previous analysis can keep the stops just below $217 and can trail the stops higher as the price moves up.

This view will be invalidated if the 5th-ranked cryptocurrency on CoinMarketCap turns down from the moving averages and plummets below $217.55. Below this level, a drop to $200 is possible.

BSV/USD

Bitcoin SV (BSV) turned around from $176.410 on May 26, which suggests that bulls are defending the support of the $170-$227 range. If traders have purchased on a bounce off the lows as suggested in the previous analysis, the stops can be placed just below $170.

BSV–USD daily chart. Source: Tradingview

A break below $170 will be a huge negative as it will indicate that the bears have overpowered the bulls. That could drag the 6th-ranked cryptocurrency on CoinMarketCap to $145 and then to $120.

Conversely, if the bulls succeed in pushing the price above the downtrend line, a rally to $227 is possible. A break above $227 could start a new uptrend.

If the BSV/USD pair turns down from the downtrend line, it will suggest weakness. Therefore, traders can reduce their risk by trailing the stops higher as the price moves north.

LTC/USD

The failure of the bears to drag Litecoin (LTC) down towards the critical support of $39 shows a lack of selling at lower levels. The bulls will now attempt to push the price above the moving averages.  

LTC–USD daily chart. Source: Tradingview

If successful, a move to the downtrend line and above it to $50.7864 is likely. Such a move will invalidate the developing bearish H&S pattern. 

The 7th-ranked cryptocurrency on CoinMarketCap is likely to pick up momentum above the $50.7864-52.2803 overhead resistance.

Conversely, if the LTC/USD pair turns down from the downtrend line once again, it will increase the possibility of a break below $39, which will complete the bearish setup. 

BNB/USD

Binance Coin (BNB) is attempting to move up to the downtrend line. However, the gradual pace of rise shows that the bulls are in no urgency to buy aggressively at the current levels. Both moving averages are flat and the RSI is just above the midpoint, which suggests that the range-bound action is likely to continue for a few more days.

BNB–USD daily chart. Source: Tradingview

If bulls can push the price above the downtrend line, the 8th-ranked crypto-asset on CoinMarketCap could rise to $18.1377. This is an important level to watch out for. If the bulls can drive the price above $18.1377, the momentum is likely to pick up. The first target on the upside would be $21.50.

Conversely, if the BNB/USD pair turns down from the downtrend line or from $18.1377, the range-bound action is likely to continue for a few more days. A new downtrend is likely to start on a break below $13.65.

EOS/USD

Although EOS has been trading below both the moving averages for the past few days, the bears have not been able to sink the price below the critical support of $2.3314. This indicates a lack of selling at lower levels.

EOS–USD daily chart. Source: Tradingview

If the bulls can now push the price above the moving averages, the 9th-ranked cryptocurrency on CoinMarketCap can rally to $2.8319. A break above this level will invalidate the developing H&S pattern.

However, if the price again turns down from the moving averages, then the possibility of a break below $2.3314 increases. Both moving averages are flattening out and the RSI is just below the 50 levels, which indicates a balance between supply and demand. 

Traders can wait for the EOS/USD pair to breakout of the range and start a trending move before initiating a long position. 

XTZ/USD

Although Tezos (XTZ) broke below the support line of the ascending channel on May 24, the bears have not been able to capitalize on the breakdown. This suggests a lack of sellers at lower levels. 

XTZ–USD daily chart. Source: Tradingview

The bulls have defended the 20-day exponential moving average ($2.67) for the past few days and are now likely to try and launch the 10th-ranked cryptocurrency on CoinMarketCap above the downtrend line. 

If successful, the uptrend is likely to resume with a target objective of $3.07 and then $3.27. Therefore, short-term traders can attempt to ride this move higher by using a stop-loss just below $2.57.

If the XTZ/USD pair turns down from the downtrend line, it will indicate that the bears are active at higher levels. In such a case, a retest of $2.57 is possible. The price action at the downtrend line will determine whether the uptrend will resume or a decline to $2.24 will begin.

ADA/USD

The bulls have successfully defended the 20-day EMA ($0.052) in the past few days. This suggests that the bulls will now attempt to carry Cardano (ADA) above the overhead resistance at $0.0575409.

ADA–USD daily chart. Source: Tradingview

If successful, a rally to $0.0619885 is possible. The upsloping moving averages suggest that the bulls have the upper hand. The only negative development on the chart is the bearish divergence on the RSI. 

While the divergence warrants caution, it should not be the lone reason to short or to close the long position. Many times, the divergences can get negated with sharp rallies.  

Therefore, traders can try to ride the uptrend in the 11th-ranked cryptocurrency on CoinMarketCap. This bullish view will be invalidated if the price turns down and plummets below $0.0504050.

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

Price Analysis 5/25: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Several major cryptocurrencies have turned down from their resistance levels, hinting that further downside could occur in the short-term.

Bitcoin (BTC) has neither run away nor plunged following its halving, which suggests that history might be repeating itself. After the first halving, the top-ranked cryptocurrency on CoinMarketCap moved up only by 7% after a month. After the second halving the price dipped 10% during the same period.

However, the important thing to note is that both the halvings were followed by strong bull runs. Therefore, even if history doesn’t repeat itself it could still offer handsome returns to investors at a time when the global economies are staring at their worst recessions in decades.

Daily cryptocurrency market performance. Source: Coin360

Although the bull markets following the previous two halvings were vertical in nature, the next bull market is likely to follow a gradual trajectory. This is because the derivatives market will keep the exuberance under check for some time. Nonetheless, every bull market ends with a parabolic move and the same can happen with Bitcoin as well.

Therefore, investors could use the dips as an opportunity to build their long-term portfolio. Let’s study the charts of the major cryptocurrencies to spot the critical support levels that can offer buying opportunities to traders.

BTC/USD

Bitcoin (BTC) broke below the uptrend line on May 24. If the bulls fail to push the price back above the uptrend line within the next couple of days, it will suggest that the uptrend has ended.

BTC–USD daily chart. Source: Tradingview

The next support on the downside is $8,130.58, which is just below the 50-day simple moving average ($8,262). If this support holds, the BTC/USD pair could remain range-bound between $8,130.58 and $10,000 for a few days.

The flattening 20-day exponential moving average ($9,073) and the relative strength index just below the midpoint indicates a balance between supply and demand. If the pair bounces off $8,130.58, it could offer a buying opportunity with a target objective of about $10,000.

Conversely, if the bears sink the pair below $8,130.58, it could signal the start of a downtrend.

ETH/USD

The bulls have not been able to keep Ether (ETH) inside the ascending channel, which is a negative sign. Currently, the bulls are attempting to defend the uptrend line, which had held twice before (marked via ellipses on the chart).

ETH–USD daily chart. Source: Tradingview

If the 2nd-ranked cryptocurrency on CoinMarketCap bounces off the uptrend line and closes (UTC time) above the downtrend line, it will complete an inverse head and shoulders pattern. This setup has a target objective of $257, which is close to the resistance line of the ascending channel. This could offer a buying opportunity to the traders.

Conversely, if the bears sink the ETH/USD pair below the uptrend line, a drop to $176.112 is possible. If this support holds, the pair might remain range-bound for a few days. The flat 20-day EMA and the RSI just above the 50 levels also point to a balance between supply and demand. A break below $176.112 will indicate the start of a new downtrend.

XRP/USD

XRP turned down from the moving averages and plunged to $0.175 today. The strong bounce off this level suggests that the bulls are aggressively defending the critical support at $0.17372.

XRP–USD daily chart. Source: Tradingview

If the traders purchased the bounce off the support at $0.175 as suggested in the previous analysis, they can keep a stop-loss of $0.173.

The 3rd-ranked cryptocurrency on CoinMarketCap will show strength if the bulls can carry it above the downtrend line. Above this level, a move to $0.22504 and then to $0.23612 is possible. Traders can trail the stops higher as the price moves up.

Conversely, if the price turns down from the downtrend line and plummets below $0.17372, a drop to $0.14 is possible.

BCH/USD

Bitcoin Cash (BCH) turned down from the moving averages on May 24 and dipped below the immediate support of $230. However, the bulls managed to keep the price above the next support at $217.55. This suggests some buying at lower levels.

BCH–USD daily chart. Source: Tradingview

The bulls will once again attempt to propel the 5th-ranked cryptocurrency on CoinMarketCap above the moving averages. If successful, a move to $255.46 is possible. A break out of this level can result in a rally to $280.47, which is likely to act as a strong resistance.

On the other hand, if the BCH/USD pair again turns down from the moving averages, it will increase the possibility of a fall to $217.55. This support has held thrice before, hence, a bounce off it can offer a buying opportunity with a tight stop-loss.

BSV/USD

Bitcoin SV (BSV) turned down from the moving averages on May 24, which is a negative sign. The next support on the downside is $170. If this support cracks, it will signal the possible start of a new downtrend.

BSV–USD daily chart. Source: Tradingview

However, the bulls have defended the $170 level on three previous occasions, hence, a bounce off the support could offer a buying opportunity with a tight stop-loss.

If the bulls can drive the 6th-ranked cryptocurrency on CoinMarketCap above the downtrend line, a rally to $227 is possible. This is an important resistance from where the price has turned down twice before, hence, profits can be booked at this level.

LTC/USD

Litecoin (LTC) turned down from the moving averages on May 24, which is a negative sign. If the bulls do not push the price back above the moving averages within the next few days, it will increase the possibility of a head and shoulders breakdown.

LTC–USD daily chart. Source: Tradingview

The bearish setup will complete on a breakdown and close (UTC time) below $39. This could start a downtrend that has a target objective of $27.2136. The RSI has also formed a H&S pattern, which will complete on a break below 41 levels.

This bearish scenario will be invalidated if the 7th-ranked cryptocurrency on CoinMarketCap rebounds off the support at $39 and breaks above the downtrend line. Above this resistance, a rally to $50.7864 is possible. The LTC/USD pair is likely to pick up momentum on a close above $52.2803.

BNB/USD

Binance Coin (BNB) has been holding the 50-day SMA ($16) for the past few days. This has become the critical support to watch out for. If the price bounces off this support, the bulls will make another attempt to scale the downtrend line.

BNB–USD daily chart. Source: Tradingview

If successful, a rally to $18.1377 is likely. A breakout of this resistance will signal the resumption of the uptrend. The next level to watch on the upside is $21.50. Hence, this could offer a buying opportunity.

Nonetheless, if the 8th-ranked crypto-asset on CoinMarketCap turns down from the current levels or from the downtrend line and breaks below the 50-day SMA, it could drop to $14.9586 and below it to $13.65. A break below this level will signal the start of a new downtrend.

EOS/USD

EOS has been trading below the moving averages for the past few days, which is a negative sign. The bears will now try to sink the price below the critical support at $2.3314.

EOS–USD daily chart. Source: Tradingview

The 20-day EMA ($2.59) has been sloping down and the RSI has been trading between 40-50 levels, which suggests that bears have a slight edge.

If the 9th-ranked cryptocurrency on CoinMarketCap closes (UTC time) below $2.3314, it will complete a H&S pattern. This setup has a target objective of $1.5524.

However, if the bulls defend the $2.3314 support once again and push the EOS/USD pair above the moving averages, a rally to $2.8319 is likely.

XTZ/USD

Tezos (XTZ) once again turned down from the downtrend line on May 24, which suggests that the bears are aggressively defending this level. In the past few days, the bears have repeatedly broken below the support line of the ascending channel.

XTZ–USD daily chart. Source: Tradingview

If the bears can sink the 10th-ranked cryptocurrency on CoinMarketCap below $2.5795, a drop to the 50-day SMA ($2.48) and below it to $2.24 is possible. A break below this level could start a new downtrend.

Conversely, if the bulls can push the XTZ/USD pair above the downtrend line, it will signal strength. Above this level, a rally to $3.07369 and then to $3.2712 is possible. Hence, a breakout and close (UTC time) above the downtrend line can be viewed as a buying opportunity.

ADA/USD

The bulls have been attempting to defend the 20-day EMA ($0.05166) for the past few days. While this is a positive sign, repeated retests of a support weaken it. Therefore, if Cardano (ADA) does not rise above $0.0575409 within the next few days, a deeper correction is likely.

ADA–USD daily chart. Source: Tradingview

If the bears sink and sustain the 11th-ranked cryptocurrency on CoinMarketCap below the 20-day EMA, a drop to the 50-day SMA ($0.04481) is possible. A break below the critical support of $0.0427288 will signal the start of a downtrend.

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

Conversely, if the ADA/USD pair bounces off the current levels and breaks out of $0.0575409, the uptrend is likely to resume.

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

Price Analysis 5/22: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA – BTC Ethereum Crypto Currency Blog

A few major cryptocurrencies are in an uptrend and they could offer buying opportunities in the short-term.

For some reason, Bitcoin (BTC) analysts never take the middle path. They either project that the price will go to the moon or warn of imminent doom. After surviving and thriving for over a decade and being one of the best assets to own during the current crisis, any doubts about its longevity should be put to rest.

On the other hand, for the top-ranked cryptocurrency on CoinMarketCap to replicate the previous bull run, it would first need to break out to new lifetime highs. There are several intermittent resistances between the current levels and the lifetime highs that need to be crossed first. Barring a miracle, this is likely to take time. The time spent in a bottoming formation will strengthen the base and act as a launchpad for the next bull run.

Daily cryptocurrency market performance. Source: Coin360

The investors who have purchased for the long-term should not be disturbed with small price swings. However, traders, who aim to profit from the volatility in the crypto sector should be willing to book profits at stiff resistances and buy at strong supports. They should gradually aim to build their portfolio instead of waiting for a home run on every trade.

Although cryptocurrencies are volatile, if traded with proper risk management, they offer an attractive opportunity to generate wealth. Let’s study the charts of the major cryptocurrencies to see if we spot any reliable trade setups.

BTC/USD

Repeated failure of the bulls to clear the $10,000 level attracted profit booking from the short-term traders. This dragged Bitcoin (BTC) below the 20-day exponential moving average ($9,145) on May 21 but the bulls defended the uptrend line.

BTC–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to sustain the price above the 20-day EMA. If successful, the buyers will try to clear the hurdle at $10,000. We spot a possible ascending triangle pattern that will complete on a breakout and close (UTC time) above $10,000. This setup has a target objective of $11,869.

However, if the bulls fail to sustain the BTC/USD pair above the 20-day EMA, the bears will try to break the uptrend line. If the pair sustains below the uptrend line, a drop to $8,130.58 is possible.

If this support holds, the pair is likely to remain range-bound between $8,130.58-$10,058.52 for a few days. The trend is likely to turn negative if the bears sink the price below $8,130.58.

A buying opportunity might open up for the aggressive traders if the price sustains above $9,400. Alternatively, a rebound off $8,130.58 could also open up a buying opportunity.

ETH/USD

Ether (ETH) plunged below the support line of the ascending channel on May 21. However, the positive sign is that the bulls held the trendline support. This is the second time that the bulls have purchased the drop to the trendline. Hence, this becomes an important support to watch out for on the downside.

ETH–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to push the price back into the channel. If successful, a rally to the $220-$227.097 range is possible. The aggressive traders can wait for the price to sustain inside the channel before looking for buying opportunities.

If the bulls fail to sustain the 2nd-ranked cryptocurrency on CoinMarketCap inside the channel, the bears will make one more attempt to break below the trendline. If successful, a drop to $176.103 is possible.

A break below the trendline will signal an end to the uptrend. If $176.103 holds, the ETH/USD pair might remain range-bound for a few days.

XRP/USD

XRP turned around from the overhead resistance of $0.20570 and broke below the 50-day simple moving average ($0.199) on May 21. However, the bears could not keep up the selling pressure and drag the price to $0.17372.

XRP–USD daily chart. Source: Tradingview

The 3rd-ranked cryptocurrency on CoinMarketCap turned around from $0.1888 on May 21 and the bulls are currently attempting to push the price back above the moving averages. If successful, the bulls will make another attempt to break above the downtrend line.

If the price sustains above the downtrend line, a rally to $0.23612 is possible. The bulls can wait for the XRP/USD pair to close (UTC time) above the downtrend line before entering long positions. The stop-loss can be kept below $0.1800.

Conversely, if the bulls fail to propel the price above the moving averages, the bears will make another attempt to drag the price to $0.17372. A strong rebound off this support could also offer a buying opportunity.

BCH/USD

Bitcoin Cash (BCH) slipped below the $230-$250 range on May 21 but the bears have not been able to capitalize on the breakdown. This suggests a lack of selling at lower levels.

BCH–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to sustain the 5th-ranked cryptocurrency on CoinMarketCap above $230. If successful, the price might remain stuck between $230-$250 once again.

Conversely, if the BCH/USD pair turns down from the moving averages, the bears might make one more attempt to sink the price to $200.

Buying opportunities could open up if the pair bounces off $200 or breaks out and sustains above $280.47. Until then, the traders can wait on the sidelines.

BSV/USD

Bitcoin SV (BSV) has been oscillating above and below the moving averages for the past few days. This suggests a lack of conviction among the bulls and the bears about the next trending move.

BSV–USD daily chart. Source: Tradingview

Both the moving averages are flat and the relative strength index is just below the midpoint, which suggests a balance between supply and demand.

If the 6th-ranked cryptocurrency on CoinMarketCap climbs above the downtrend line, it will be the first sign of strength. Above this level, a move to $227 is possible. The momentum is likely to pick up if the bulls can sustain the price above $227. Hence, this could offer a buying opportunity.

Conversely, a break below $170 will be a sign that bears have overpowered the bears. Below this level, a drop to $146 is possible.

LTC/USD

Litecoin (LTC) turned down from the downtrend line on May 20 and broke below the moving averages on May 21. If the bears can sink and sustain the price below the critical support of $39, the head and shoulders pattern will complete.

LTC–USD daily chart. Source: Tradingview

The bulls purchased the dip to $41.6167 on May 21 and are currently attempting to push the 7th-ranked cryptocurrency on CoinMarketCap towards the downtrend line. If the bulls can scale the price above the downtrend line, a move to $50.7864 is possible.

Conversely, if the LTC/USD pair again turns down from the downtrend line, the bears are likely to make another attempt to sink the price below $39. The pair remains weak until it does not break above the downtrend line.

BNB/USD

Binance Coin (BNB) broke above the downtrend line on May 19 but the bulls could not sustain the higher levels. On May 21, the bears again dragged the price below the downtrend line. This suggests a lack of buyers at higher levels.

BNB–USD daily chart. Source: Tradingview

However, the positive thing is that the bulls defended the 50-day SMA ($15.86) and are currently attempting to propel the 8th-ranked crypto-asset on CoinMarketCap back above the downtrend line.

If successful, a rally to $18.1377 is possible where the bears are likely to mount a strong defense. A breakout of $18.1377 can result in a rally to $21.50.

The bearish scenario would come into play if the BNB/USD pair fails to sustain above the downtrend line. In such a case, the bears will make another attempt to sink the pair below the 50-day SMA. If successful, a deeper correction to $15 and below it to $13.65 is possible.

EOS/USD

EOS looks weak as it has been struggling to move up for the past few days. If the bears can sink and close (UTC time) the price below the critical support of $2.3314, the bearish H&S pattern will complete. This setup has a target objective of $1.5524.

EOS–USD daily chart. Source: Tradingview

The H&S pattern will complete only if the 9th-ranked cryptocurrency on CoinMarketCap breaks below $2.3314.

On May 21, the bulls purchased the dip to $2.4059. This suggests that the bulls are attempting to defend the support at $2.3314. If the EOS/USD pair breaks above the moving averages, a rally to $2.8319 and then to $3.1104 is possible.

The moving averages are flat and the RSI is just below the midpoint, which suggests a balance between supply and demand. As there is no clear trend, the traders can sit on the sidelines.

XTZ/USD

Tezos (XTZ) has been trading inside an ascending channel for the past few weeks, which shows that the trend is up. However, since May 10, the bulls have struggled to achieve a strong bounce off the support line of the channel. This suggests that buying dries up at higher levels.

XTZ–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to sustain the 10th-ranked cryptocurrency on CoinMarketCap above the downtrend line. If successful, a rally to $3.07369 and then to $3.2712 is possible.

Traders can attempt to ride this move higher by buying after the price sustains above the downtrend line. If the momentum picks up, a rally to the resistance line of the channel at $3.60 could also materialize.

Conversely, if the XTZ/USD pair fails to sustain above the downtrend line and plummets below $2.55, it could drop to $2.24.

ADA/USD

Cardano (ADA) is in an uptrend. The bears attempted to reverse the direction on May 21 but they could not break below the 20-day EMA ($0.051). This suggests that the sentiment is to buy the dips.

ADA–USD daily chart. Source: Tradingview

With both moving averages sloping up and RSI in positive territory, the advantage is with the bulls. Therefore, the 11th-ranked cryptocurrency on CoinMarketCap is now likely to move up to $0.057555 and then to $0.0619885.

This bullish view will be invalidated if the ADA/USD pair turns around from the current levels or from $0.057555 and breaks below $0.0504050. Below this level, the decline can extend to the next critical support at $0.0427288.

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 Has 140 times More Daily Active Addresses Than XRP – BTC Ethereum Crypto Currency Blog

Bitcoin has 140 times more daily active addresses than XRP, but has fewer addresses with a positive balance in them than ETH.

Bitcoin (BTC) continues to lead the popularity contest among the top cryptocurrencies —  but it has fewer addresses with actual coins in them than Ethereum. 

According to data from on-chain market analyst Glassnode, Bitcoin has almost three times as many daily active addresses as Ethereum (ETH), 11 times more than Litecoin (LTC) and 140 times more than Ripple (XRP).

Source: Glassnode

Bitcoin is growing faster than others

The number of new Bitcoin addresses being created each day is almost five times that of Ethereum. New Bitcoin addresses reached almost 470K in 24 hours, the day after the Bitcoin halving, in contrast to Ethereum increasing by only 90K new addresses daily 

Source: Glassnode

The number of addresses holding more than 0.1 BTC and more than 1 BTC also reached ATHs of 3,053,970 and 815,698 respectively.

Is it true growth?

However, 95% of the total number of Bitcoin addresses in existence — 626 million — hold zero Bitcoin. This calls into question the state of the network’s true growth.

Source: Glassnode

Ethereum is looking positive

Following the 2017/2018 bull run, millions of Bitcoin addresses were emptied to zero on multiple occasions, however the number of Ethereum addresses with a positive balance continued to grow at a steady rate.

Since February 2019, Ethereum has overtaken Bitcoin in the number of ‘non-zero’ addresses and currently has almost 10 million more than Bitcoin. The need to keep addresses with small amounts of Ethereum for gas may account for some of the difference.

Source: Glassnode

The number of active wallets to non-zero wallets on Bitcoin and Ethereum sit at 3% and 0.8% respectively. Considering Ethereum has millions more addresses with tokens in them, but only one third of Bitcoin’s active addresses, it suggests that small hodlers and network users are more inclined to invest in Ethereum while large hodlers and traders are more likely to invest in bitcoin.

Original Article
Author: btcethereumadmin

Price Analysis 5/20: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Most major cryptocurrencies have turned down from their immediate resistance levels, which suggests a minor correction in the next few days.

While retail traders fret over whether Bitcoin (BTC) will break above $10,000 or not, the institutional players silently continue to build positions. On May 19 major digital asset management fund Grayscale tweeted that its assets under management had increased over 80% from $2.1 billion to $3.8 billion over the period of one year. 

This suggests that institutional money is gradually flowing into cryptocurrencies. The majority of the investment was done in Bitcoin, the top-ranked cryptocurrency on CoinMarketCap. Usually, institutional investors take a long-term view and are not perturbed by the short-term swings. 

Daily cryptocurrency market performance. Source: Coin360

Similarly, the retail traders should also hold some of their investments as long-term positions and not be in a hurry to close them on every minor dip. However, as crypto markets are volatile, traders can use a portion of their allocation to trade and gradually build their portfolio. Let’s study the charts and attempt to find out the path of least resistance.

BTC/USD

Bitcoin (BTC) turned down from $9,953.33 on May 18 and made an inside day candlestick pattern on May 19, which is a sign of indecision among the bulls and the bears. However, the break below $9,460 today has resolved this uncertainty to the downside. 

BTC–USD daily chart. Source: Tradingview

The critical support to watch on the downside is the 20-day exponential moving average ($9,145). If the bulls purchase the dip to this support, it will indicate strength and could result in a move back to $10,000.

Above $10,000, the BTC/USD pair is likely to rally to the resistance line of the symmetrical triangle at $10,500.

Conversely, if the bears sink the pair below the 20-day EMA, a drop to the uptrend line is likely. If this support also cracks, the decline can extend to the 50-day simple moving average (8,044). 

The relative strength index is forming a bearish divergence, which is a warning sign that the trend might be weakening. 

ETH/USD

Ether (ETH) is in an uptrend. Though the up move stalled just below the minor resistance of $220 on May 18, the bulls have not given up much ground. This increases the possibility of a breakout and rally to $227.097.

ETH–USD daily chart. Source: Tradingview

Both the moving averages are sloping up and the RSI is close to 60 levels, which suggests that bulls have the upper hand. If the momentum can carry the 2nd-ranked cryptocurrency on CoinMarketCap above $227.097, a rally to the resistance line of the channel at $248 is possible.

Conversely, if the bears aggressively defend the $227.097 levels, the ETH/USD pair might correct to the 20-day EMA ($202). Hence, traders can watch the price action at this level and book partial profits on the long positions and trail the rest with a suitable stop-loss.

The first sign of weakness will be a break below the support line of the channel and a downtrend could start on a break below $176.103.

XRP/USD

The bulls failed to sustain XRP above the overhead resistance of $0.20570 for the past few days. Seeing this as an opportunity, the bears are currently attempting to sink the price back below the 50-day SMA ($0.198).

XRP–USD daily chart. Source: Tradingview

If successful, the 3rd-ranked cryptocurrency on CoinMarketCap can dip to $0.19 and below it to $0.17372. 

Conversely, if the bulls defend the support at the 50-day SMA, the bulls might make one more attempt to scale above $0.20570 and the downtrend line. If successful, a move to $0.23612 is likely. This could offer a buying opportunity to the aggressive traders.

BCH/USD

Bitcoin Cash (BCH) broke above the tight $230-$250 range on May 18 but could not hold on to the higher levels. This suggests a lack of buyers at higher levels. Currently, the price has dipped back into the range. 

BCH–USD daily chart. Source: Tradingview

If the bulls defend the support at $230 once again, another attempt to clear the $250 levels is likely. If successful, the 5th-ranked cryptocurrency on CoinMarketCap can rally to $280.47. This can offer a buying opportunity to the short-term trader who wants to pocket in a quick profit.

Conversely, if the bears sink the BCH/USD pair below $230, a drop to $217.55 and then to $200 is possible. 

BSV/USD

Bitcoin SV (BSV) reached the downtrend line on May 18 but could not scale above it. On May 19, the altcoin made an inside day candlestick pattern, which suggested indecision among the bulls and the bears.

BSV–USD daily chart. Source: Tradingview

Today, the bulls again attempted to push the 6th-ranked cryptocurrency on CoinMarketCap above the downtrend line but failed. That attracted profit booking, which has dragged the price below both moving averages. If the bears can sustain the price below $191, a retest of $170 will be on the cards.

Conversely, if the BSV/USD pair turns around from the current levels and breaks above the downtrend line, a rally to $227 is likely. A break above $227 could signal the start of a new uptrend.  

LTC/USD

The bulls could not propel Litecoin (LTC) above the downtrend line in the past two days, which suggests a lack of demand at higher levels. This could have resulted in profit booking by the aggressive traders.

LTC–USD daily chart. Source: Tradingview

The bears are currently attempting to sustain the price below the moving averages. If successful, the 7th-ranked cryptocurrency on CoinMarketCap can drop to $41.2979 and below it to $39.

Conversely, if the LTC/USD pair turns around from the current levels and breaks above the downtrend line, a rally to $50.7864 will be on the cards. A break above the $50.7864-$52.2803 resistance zone could signal the start of a new uptrend.

BNB/USD

Binance Coin (BNB) broke above the downtrend line on May 19 but the bulls are struggling to hold onto the breakout. This suggests a lack of demand at higher levels.

BNB–USD daily chart. Source: Tradingview

If the bears can sink the 8th-ranked crypto-asset on CoinMarketCap below the 20-day EMA ($16.36), a drop to the 50-day SMA ($15.71) is possible. 

Conversely, if the BNB/USD pair turns around from the current levels, a rally to $18.1377 is likely. Above this level, the pair is likely to pick up momentum and climb up to $21.50. Hence, this could offer a buying opportunity to the aggressive traders.

EOS/USD

EOS has been trading in a tight range for the past few days. Both moving averages are flat and the RSI is just below the 50 level, which suggests a balance between buyers and sellers. However, this tight range trading is unlikely to continue for long.

EOS–USD daily chart. Source: Tradingview

If the bears sink the 9th-ranked cryptocurrency on CoinMarketCap below $2.50, a drop to $2.3314 is possible. A break below this support will be a huge negative as it will complete a bearish head and shoulders pattern, which has a target objective of $1.5524.

On the other hand, if the EOS/USD pair bounces off the current levels and breaks above $2.8319, it will suggest that the bulls have overpowered the bears and this could result in a rally to $3.1104.

XTZ/USD

Although the bulls had managed to push Tezos (XTZ) above the downtrend line today, they could not hold on to the higher levels, which is a negative sign. This suggests that demand dries up at higher levels.

XTZ–USD daily chart. Source: Tradingview

The bears might attempt to sink the 10th-ranked cryptocurrency on CoinMarketCap below the 20-day EMA ($2.63) and the support line of the ascending channel. If successful, a drop to $2.24 is possible.

Conversely, if the XTZ/USD pair bounces off the 20-day EMA, the bulls might make another attempt to carry the price above the downtrend line. If successful, a move to $3.07369 and then to $3.2712 is likely.

ADA/USD

With strong moves in the past two days, Cardano (ADA) has made it to our list. The bulls broke above the downtrend line on May 18 and followed it up with another strong move on May 19. 

ADA–USD daily chart. Source: Tradingview

Both moving averages are sloping up and the RSI is in the positive territory, which suggests that bulls have the upper hand. If the 11th-ranked cryptocurrency on CoinMarketCap can bounce off the downtrend line, the uptrend is likely to resume. The target objective on the upside is $0.0619885.

Conversely, if the bears sink the ADA/USD pair below the 20-day EMA ($0.050), it will signal weakness. Although the trend is up, the RSI has formed a bearish divergence, which warrants caution.

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

Atari Partners With Litecoin Foundation — LTC Discount for Game Consoles – BTC Ethereum Crypto Currency Blog

Legendary video game producer Atari partners with the Litecoin Foundation to take advantage of the overlap between the two communities.

On Tuesday, the Atari Group announced a partnership with the Litecoin Foundation, betting on the overlap of interests between the crypto and gaming communities.

Atari has raised 74.19 Bitcoin (BTC), worth roughly $514,000, over the course of the presale stage of its initial coin offering up to now. The funds came mostly from partners. Not only will Atari accept investments in Litecoin (LTC), Bitcoin and Ether (ETH), but gamers will be able to pay for its upcoming Video Computer System, or VCS, with Litecoin and receive a discount. It will be available at the foundation’s online store.

The overlap between gamers and crypto

Atari’s CEO, Frederic Chesnais, told Cointelegraph that he hopes the Litecoin community will be receptive to the partnership:

“I hope [Litecoin’s] is a big community. There’s a good overlap. At the end of the day, we are just hoping that people will take advantage of the discounts, and will take advantage of the opportunity to use Litecoin as well.” 

Fantastic connection to gamers

Jay Milla, the head of marketing at the Litecoin Foundation, said to Cointelegraph that he also believes there is an overlap between the two communities:

“We both have a fantastic connection to gaming or gamers as well. In the digital currency space, obviously, there are a lot of people that are in the gaming space and gaming space are usually people that are first early adopters. And it’s great to see a brand like Atari reinvent itself. And there are plans for us to see ways that we can work together in everything that Atari is doing.”

Also, according to Chesnais, the VCS could be used to work on a variety of blockchain use cases:

“The VCS is very interesting. It’s your personal computer. So I think in the crypto community, it could become one of the platforms, which is very flexible and you can use that to work on the Blockchain cases.”

Recently, the gaming industry has become one of the hottest areas for the adoption of blockchain technology. With Litecoin being a top 10 cryptocurrency and having one of the biggest communities, this partnership could further contribute to the adoption of blockchain and cryptocurrency in the gaming space.

Original Article
Author: btcethereumadmin

Price Analysis 5/18: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM – BTC Ethereum Crypto Currency Blog

Most major cryptocurrencies are struggling to break out of their immediate resistance levels, which could result in a minor pullback for the next few days.

Several economies around the globe are lifting lockdown restrictions that have been in place for the past few weeks. This will enable businesses to gradually come back on track and investors are also closely watching the various coronavirus vaccines that are in developmental stages. Any positive news on this front is likely to boost sentiment.

As the globe is flush with liquidity, any improvement in sentiment could drive traders into risky assets in order to generate strong returns to make up for this year’s losses. Bitcoin (BTC) has done exceedingly well during the crisis, which is likely to attract the attention of institutional players.

Even if a fraction of the massive liquidity in the system flows into cryptocurrencies, it is likely to result in a new bull run in the crypto sector.

Daily cryptocurrency market performance. Source: Coin360

On the other hand, if the vaccine trials prove unsuccessful and the world is hit by a second wave of coronavirus, the U.S. Federal Reserve is likely to continue with its money printing. In a recent interview, the Federal Reserve Chairman Jerome Powell said that the Fed could expand its lending programs for “as long as we need to.”

If this happens, investors will look for new opportunities to safeguard their purchasing power and generate yields. This is also likely to benefit Bitcoin, the top-ranked cryptocurrency on CoinMarketCap. Under both circumstances, the cryptocurrency is likely to be the beneficiary.

Robert Kiyosaki, author of the book Rich Dad, Poor Dad has reiterated his bullish view on gold, silver and BTC. For Bitcoin, he has a target objective of $75,000 in three years.

BTC/USD

Bitcoin (BTC) is in an uptrend. Hence, the sentiment is to buy the dips and the breakouts. However, the bulls are finding it difficult to break above the psychological resistance at $10,000.

BTC–USD daily chart. Source: Tradingview

Twice, the price has reversed direction from the $10,000 levels. If the bears again succeed in defending this level, then a drop to the 20-day exponential moving average ($9,025) is possible.

With both moving averages sloping up and the relative strength index above 60 levels, the bulls have the upper hand. Therefore, a rebound off the 20-day EMA can offer a buying opportunity to the traders.

If the bulls propel the BTC/USD pair above $10,000, a rally to the resistance line of the symmetrical triangle close to $10,600 is possible. Above this level, the momentum is likely to pick up and a sustained uptrend is likely.

The first sign of weakness will be a drop below the 20-day EMA and the bears will gain strength if they can sink the pair below the uptrend line.

ETH/USD

Ether (ETH) broke above the downtrend line on May 17, which presented a buying opportunity to the traders as suggested in the previous analysis. Currently, the bears are defending the midpoint of the ascending channel.

ETH–USD daily chart. Source: Tradingview

If the bulls can drive the 2nd-ranked cryptocurrency on CoinMarketCap above $220, a move to $227.097 and then to the resistance line of the channel at $245 is possible. A breakout of the channel will be a huge positive as it can result in a rally to $288.599.

Conversely, if the ETH/USD pair turns down from the current levels and breaks below the support line of the channel, a drop to $176.103 is likely. Below this level, the trend is likely to favor the bears.

XRP/USD

XRP has been struggling to climb above the $0.20570 resistance for the past few days. This suggests that the bears are defending this level aggressively. Today, though the price rose to an intraday high of $0.208, the bulls have not been able to sustain the higher levels.

XRP–USD daily chart. Source: Tradingview

This suggests that the bulls are likely to find it difficult to break above the zone between $0.20570 and the downtrend line.

If the 3rd-ranked cryptocurrency on CoinMarketCap turns down from the current levels, it can drop to the 50-day simple moving average ($0.197) and if this level also cracks, a retest of $0.17372 will be on the cards.

However, if the bulls can push the XRP/USD pair above the downtrend line, a rally to $0.23612 is possible. A breakout of this level will be a huge positive and can result in a move to the long-term downtrend line close to $0.27.

BCH/USD

Bitcoin Cash (BCH) has roughly been trading inside a tight range of $230-$250 for the past few days. This suggests that both the bulls and the bears are not placing any large directional bets.

BCH–USD daily chart. Source: Tradingview

A break above $250 will suggest a minor advantage to the bulls. Above this level, a rally to $280.47 is possible. The 5th-ranked cryptocurrency on CoinMarketCap has turned down from this level thrice before, hence, the bears will again mount a strong defense at $280.47.

Alternatively, if the BCH/USD pair turns down from the current levels and plunges below $230, a drop to $200 is likely. As this level has held on three previous occasions, it can offer a buying opportunity.

BSV/USD

Bitcoin SV (BSV) continues to trade inside the $170-$227 range. Although the bulls have pushed the price above the 20-day EMA ($195), they have not been able to scale the downtrend line.

BSV–USD daily chart. Source: Tradingview

This suggests that the bears are aggressively defending the downtrend line. Even if the bulls push the 6th-ranked cryptocurrency on CoinMarketCap above the downtrend line, they are again likely to face stiff resistance at $227. The momentum is likely to pick up if the price sustains above $227.

If the BSV/USD pair turns down from the current levels, a drop to $170 is possible. The trend will turn in favor of the bears on a break below $170. Trading inside the range will continue to be volatile and difficult to predict.

LTC/USD

Litecoin (LTC) has climbed above the 20-day EMA ($44.3) but is facing resistance at the downtrend line. The flat moving averages and the RSI close to 50 levels suggests a balance between bulls and bears.

LTC–USD daily chart. Source: Tradingview

If the 7th-ranked cryptocurrency on CoinMarketCap can climb above the downtrend line, a move to $50.7864 is possible. The bears are likely to defend this level aggressively. If the price turns down from this resistance, the range-bound action is likely to continue for a few more days.

Conversely, if the bulls can drive the LTC/USD pair above $52.2803, a new uptrend is likely. The first target objective is $64.

However, if the price turns down from the current levels, the bears will attempt to sink the pair to $39.

BNB/USD

Binance Coin (BNB) has gradually moved up to the downtrend line where it is facing resistance. This suggests a lack of urgency among the bulls to buy at these levels as they are not confident of the rally continuing.

BNB–USD daily chart. Source: Tradingview

The 8th-ranked crypto-asset on CoinMarketCap is currently range-bound between $18.1377-$13.65.

Above the downtrend line, a retest of $18.1377 is possible. On the other hand, if the BNB/USD pair turns down from the current levels, a drop to the 50-day SMA ($15.5) is likely.

EOS/USD

Although EOS broke above the downtrend line, it is struggling to pick up momentum. This suggests a lack of demand at higher levels. Both moving averages are flat and the RSI is close to the midpoint, which suggests a balance between demand and supply.

EOS–USD daily chart. Source: Tradingview

If the 9th-ranked cryptocurrency on CoinMarketCap turns down from the current levels or the overhead resistance of $2.8319 and plummets below the critical support at $2.3314, the bearish head and shoulders pattern will complete.

This setup has a target objective of $1.5524, which will tilt the advantage in favor of the bears. However, unless the EOS/USD pair breaks below $2.3314, the H&S pattern will not complete. Therefore, traders should not jump the gun and become negative.

If the bulls can push the price above $2.8319, a move to the $3.1104-$3.1802 resistance zone is possible. A breakout of this zone will invalidate the bearish setup, which will be a huge positive.

XTZ/USD

Although the bears broke below the support line of the ascending channel on May 15, they could not sustain the breakdown. This suggests demand at lower levels. On May 16, Tezos (XTZ) rallied above the 20-day EMA, which was a good buying opportunity as suggested in the previous analysis.

XTZ–USD daily chart. Source: Tradingview

The first target objective is a move to the downtrend line where the bears might again mount a stiff resistance. Traders can book partial profits if the bulls struggle to push the price above the downtrend line.

However, if the bulls can drive the 10th-ranked cryptocurrency on CoinMarketCap above the downtrend line, a rally to $3.07369-$3.2712 resistance zone is possible.

This bullish view will be invalidated if the XTZ/USD pair turns down and breaks below the channel. The trend is likely to turn negative on a break below $2.24.

XLM/USD

Stellar Lumens (XLM) broke above the downtrend line on May 17 but could not sustain the higher levels. Today, the bulls are again attempting to sustain the price above the downtrend line. If successful, a rally to $0.076994 is possible.

XLM–USD daily chart. Source: Tradingview

Conversely, if the bulls fail to sustain the 11th-ranked cryptocurrency on CoinMarketCap above the downtrend line, the bears will attempt to sink the price below the 20-day EMA ($0.0675).

If successful, a drop to the uptrend line is likely. This is an important support because if it cracks a retest of $0.060 will be on the cards.

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