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Price analysis 10/14: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV – BTC Ethereum Crypto Currency Blog

Bitcoin and most major altcoins are sustaining above their immediate support levels, increasing the possibility that the uptrend will resume.

The bond yields across most developed economies have dropped sharply since the central banks unleashed a slew of measures to counter the economic crisis caused by the COVID-19 pandemic.

This could pose a challenge to the institutional investors who rely on the traditional 60/40 portfolio allocation between equities and fixed income instruments. 

This week Fidelity Digital Assets also released its Bitcoin Investment Thesis report which details how a portfolio with a Bitcoin (BTC) allocation as low as one to three percent can beat the traditional allocation on various time scales.

Daily cryptocurrency market performance. Source: Coin360

The report also highlights how Bitcoin’s market capitalization could soar, even if it manages to attract a small portion of the alternative investment market which is currently valued at $13.4 trillion or the bond market which is worth over $50.3 trillion.

As of today, about 13 public companies have allocated nearly $6.8 billion in Bitcoin investments this year, according to data from Coin98 Analytics. Although the total amount invested by the companies is only about 3.2% of the current market capitalization of Bitcoin, the encouraging sign is that the investments have been rising consistently.

If this trend continues and more institutional-sized investors enter the crypto space, Bitcoin price could rise quickly. 

Let’s analyze the top-10 cryptocurrencies to find out what the dominant trend is in the markets.

BTC/USD

Bitcoin (BTC) broke above the $11,500 resistance and rallied to $11,719 on Oct. 12 but the bulls could not sustain the breakout. This shows that the higher levels are attracting selling by the short-term traders.

BTC/USD daily chart. Source: TradingView

The BTC/USD pair is correcting for the past two days but the positive thing is that the bulls have managed to keep the pair above $11,178.

The upsloping 20-day exponential moving average ($10,999) and the relative strength index above 60 suggests that bulls have the upper hand. 

If buyers can push and sustain the price above 11,560, the pair could pick up momentum and resume its uptrend. The first target on the upside is $12,048 and if this level is scaled, the up-move may reach $12,460. 

This bullish view will be invalidated if the pair weakens further from the current levels and breaks below the 20-day EMA. Such a move will suggest that the momentum has weakened.

ETH/USD

The bears are defending the $395 resistance to keep Ether (ETH) range-bound between $395–$308. However, the gradually rising 20-day EMA ($363) and the RSI in the positive territory suggests a minor advantage to the bulls.

ETH/USD daily chart. Source: TradingView

If the bulls buy the dips to the moving averages, the ETH/USD pair may make one more attempt to rise above $395. If they succeed, the pair could start a rally that may reach the recent highs at $488.134.

Contrary to this assumption, if the bears sink the price below the moving averages, the pair could drop to the uptrend line. If the pair rebounds off this support, the bulls will make one more attempt to drive the price above $395.

In contrast, if the price slips below the uptrend line, it could keep the pair range-bound for a few more days.

XRP/USD

The bulls could not thrust XRP above $0.26, hence, the inverse head and shoulders pattern did not complete. The moving averages have flattened out and the RSI has dropped to the midpoint, which suggests a balance between supply and demand. 

XRP/USD daily chart. Source: TradingView

If the bears sink and sustain the price below the moving averages, the altcoin could consolidate for a few more days.

Conversely, if the XRP/USD pair rebounds off the 20-day EMA ($0.248), the bulls will make one more attempt to push the price above the overhead resistance. 

If they manage to close (UTC time) the pair above $0.26, the inverse head and shoulders pattern will complete. This could start a rally that could climb up to $0.303746.

BCH/USD

The failure of the bears to sink Bitcoin Cash (BCH) back below the 20-day EMA ($234) on Oct. 12 showed a lack of selling pressure at lower levels. Traders viewed this as a buying opportunity and propelled the price above the overhead resistance at $242 on Oct. 13.

BCH/USD daily chart. Source: TradingView

The moving averages are about to complete a bullish crossover and the RSI has risen above 68, which suggests that the bulls are in control. They will now try to push the BCH/USD pair to $280 and above it to $300.

However, the bears are unlikely to give up easily. They will make one more attempt to drag the price back below $242 and the 20-day EMA. If they can pull it off, it will indicate that the current breakout was a bull trap. 

BNB/USD

Binance Coin (BNB) soared above the overhead resistance on Oct. 12 but the bulls could not build upon the momentum and that resulted in the formation of a doji candlestick pattern on Oct. 13. 

This suggests that the altcoin is taking a break as the bulls and the bears are uncertain about the next directional move.

BNB/USD daily chart. Source: TradingView

However, the upsloping moving averages and the RSI above 64 suggest that the bulls are in command. If the bears fail to sink the price below $29.5646, the bulls will again try to drive the price to $33.3888.

Contrary to this assumption, if the bears sink the price below the 20-day EMA ($28.30), it will suggest that the bullish momentum has weakened and a correction to the 50-day simple moving average ($26.07) could be on the cards. 

LINK/USD

The bears are mounting a stiff resistance at the 50-day SMA ($11.38) for the past two days but the positive thing is that the bulls have not allowed Chainlink (LINK) to drop below the 20-day EMA ($10.32).

LINK/USD daily chart. Source: TradingView

The 20-day EMA has started to move up gradually and the RSI in the positive territory suggests that bulls have the upper hand.

If the bulls drive the price above the 50-day SMA, the LINK/USD pair could rally to $13.28 and if this resistance also gets taken out, the up-move can reach $18.

Conversely, if the pair turns down from the current levels and plummets below the 20-day EMA, it will indicate weakness.

DOT/USD

Polkadot (DOT) had been clinging to the 20-day EMA ($4.25) for the past few days but the bears are currently attempting to resolve this indecision to the downside. The flat 20-day EMA and the RSI at the midpoint suggests a balance between supply and demand.

DOT/USD daily chart. Source: TradingView

However, if the bears can sink the price below $4, the DOT/USD pair could retest the critical support at $3.5321.

Conversely, if the pair rebounds off $4, the bulls will take another aim at the overhead resistance at $4.6112. If the buyers manage to sustain the price above this level, a rally to $5.5899 is possible.

ADA/USD 

Cardano (ADA) has been facing resistance at the neckline of the possible inverse head and shoulders pattern for the past four days. The failure to break above the neckline has attracted selling and the bears will now try to sink the altcoin back below $0.104044.

ADA/USD daily chart. Source: TradingView

If the ADA/USD pair drops below the 20-day EMA ($0.100), it will signal that bears are shorting on rallies. They will then try to pull the price down to the right shoulder at $0.090. 

However, the moving averages have completed a bullish crossover and the RSI is in the positive territory, which suggests that bulls have the upper hand. If the pair rebounds off the 20-day EMA, the bulls will again try to push the price above the neckline.

If they succeed, it will complete the reversal set up and start a new uptrend that may reach $0.128 and then $0.1445.

LTC/USD

The bulls are aggressively defending the $51–$52.36 resistance zone but they have not been able to sink Litecoin (LTC) below the immediate support at the 20-day EMA ($47.98).

LTC/USD daily chart. Source: TradingView

This suggests that the bulls are not closing their positions in a hurry. The moving averages on the verge of a bullish crossover and the RSI in the positive territory also indicate an advantage to the bulls.

A tight consolidation near a resistance is usually resolved to the upside. In this case, if the bulls can thrust the price above the resistance zone, a new uptrend could begin that may reach $64.

This positive view will be invalidated if the bears sink the LTC/USD pair below the 20-day EMA. 

BSV/USD

Bitcoin SV (BSV) has been trading just above the 20-day EMA ($166) for the past two days with the bears trying to break the support and bulls attempting to defend it. The indicators are indecisive and are not giving a clear advantage to either the bulls or the bears.

BSV/USD daily chart. Source: TradingView

If the bears sink the price below the 20-day EMA, a drop to $155 is possible. A breakdown of this support may retest the critical support at $146.20.

If the BSV/USD pair rebounds off the current levels and rises above $180.63, it will complete an inverse head and shoulder pattern. Such a move could result in a rally to its pattern target of $218.29.

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

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First Mover: Privacy Is Litecoin’s Ace in the Hole as JPMorgan Touts Bitcoin – BTC Ethereum Crypto Currency Blog

Litecoin’s Charlie Lee
(CoinDesk Archives, modified by CoinDesk)

First Mover: Privacy Is Litecoin’s Ace in the Hole as JPMorgan Touts Bitcoin

Litecoin (LTC), a nine-year-old cryptocurrency whose price returns have chronically underperformed the bigger and better-known bitcoin in recent years, is hitching its wagon to a new star: privacy.

The blockchain industry subsector of “privacy coins” – cryptocurrencies with embedded technology that shields identifying information from public view – is becoming one of this year’s hottest buys. One of the biggest privacy coins, zcash (ZEC), which offers “shielded transaction” capabilities, has nearly tripled so far in 2020, while monero (XMR), which uses a technique called “ring signatures” to obscure sender and receiver data, has doubled. 

Litecoin founder Charlie Lee told CoinDesk in an interview the project is now looking to adopt key privacy-enhancing features, which he sees as increasingly attractive to cryptocurrency users. The enhancements are already being tested, and an upgrade to the main network is scheduled for next year.  
If the effort succeeds, it might inject a jolt of enthusiasm into a project that has suffered from a lack of momentum in digital-asset markets. Litecoin is up 21% this year after a 38% gain in 2019, which pales in comparison to bitcoin’s 59% year-to-date gain and a 94% increase last year.  

“I want to make it so that users don’t have to worry about giving up their financial privacy by using litecoin,” Lee said. “Even if you’re not doing anything illegal, you don’t want people to know how much money you have or what your paycheck is.”
– Daniel Cawrey
Read More: In Effort to Differentiate, Litecoin Makes a Move to Privacy

screen-shot-2020-10-14-at-5-44-11-am
Litecoin vs. bitcoin since start of 2019.
Source: TradingView

Bitcoin Watch

unnamed-7-2
Bitcoin daily chart.
Source: TradingView

Bitcoin is hovering near $11,400 at press time, having snapped a six-day winning trend with a 1% drop on Tuesday. 

Notably, the cryptocurrency formed an “inside day” candle on Tuesday, aborting the immediate bullish technical outlook. Inside day candle occurs when the cryptocurrency trades well within the preceding day’s high and low and indicates consolidation. 

As such, Tuesday’s high of $11,567 is now the level to beat for the bulls. A break above that level would signal a continuation of the recent rally and open the doors for resistances above $12,000.

Alternatively, acceptance under Tuesday’s low of $11,314 would imply a bearish reversal and could yield deeper declines. 

That said, the on-chain metrics favor a continued rally. The seven-day average of bitcoin’s hashrate or measure of the processing power dedicated to the blockchain rose to a record high of 144.29 exa hashes per second (quintillion hashes per second) on Tuesday, surpassing the previous peak of 143.19 EH/s observed on Sept. 18, according to data source Glassnode.

It indicates high miner confidence in the cryptocurrency’s price prospects. Miners largely operate on cash and liquidate their BTC holdings to fund operations. As such, they are likely to dedicate more resources to the computer-intensive mining process if they are bullish on price.

– Omkar Godbole

Token Watch

Ether (ETH): Ethereum’s network upgrade (Eth 2.0) is expected soon and could address scaling issues associated with its legacy platform.

What’s Hot

JPMorgan calls Square’s $50M bitcoin investment “strong vote of confidence” for the cryptocurrency (CoinDesk)

Bank of Russia seeks limit on amount of digital assets retail investors can buy (CoinDesk) 

Blockchain could give $1.7T boost to global economy by 2030, PwC report says (CoinDesk) 

New cVIX index tracks crypto market volatility (CoinDesk) 

The saga of Blue Kirby shows DeFiers are a trusting lot, until they’re not (CoinDesk)

Coinbase chief compliance officer departs amid as CEO’s “apolitical” stance proves political (CoinDesk)

Nasdaq-listed Marathon Patent teams with Beowulf Energy to co-locate bitcoin mining facility in Montana (CoinDesk) 

Lesson of third quarter is that crypto is “still a retail dominated industry,” The TIE’s Joshua Frank writes (eToro/The TIE)

BitMEX charges show that days are gone when innovators could “take a lackadaisical approach to regulatory and legal compliance” (Arca)

Coin Metrics analysis maps BitMEX execs Arthur Hayes, Ben Delo and Samuel Reed to their respective withdrawal keys (Coin Metrics):

screen-shot-2020-10-13-at-5-33-12-pm
Chart showing which founder keys were used to authorize BitMEX withdrawals. At least three keys must be used on any given day to authorize withdrawals. Founder Key A is presumed to belong to Reed held Founder Key A, since he was arrested on Oct. 1. Key B is presumed to belong to Delo and C to Hayes.
Source: Coin Metrics

Analogs

The latest on the economy and traditional finance

IMF’s Tobias Adrian sees risk of “sharp adjustment in asset prices or periodic bouts of volatility” (IMF)

BlackRock’s Larry Fink sees future with just 50% of workers in offices (Bloomberg)

Argentine president says government has no intention of devaluing country’s currency (Bloomberg)

Chinese tech hub Shenzhen toys with digital yuan pilot program (SCMP)

Interest rate cuts in U.S. and elsewhere have China buying hitherto “unattractive” government bonds from Japan (CNBC)

Environmental, social and governance concerns could take toll on stock valuations, ValueAct’s Jeffrey Ubben says (Reuters)

Tweet of the Day

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https://www.coindesk.com/first-mover-privacy-litecoin-ace-hole-jpmorgan

Original Article
Author: btcethereumadmin

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In Effort to Differentiate, Litecoin Makes a Move to Privacy – BTC Ethereum Crypto Currency Blog

Charlie Lee
(CoinDesk archives, modified by CoinDesk)

Litecoin (LTC), a nine-year-old cryptocurrency whose price returns have chronically underperformed the bigger and better-known bitcoin in recent years, is hitching its wagon to a new star: privacy.

The blockchain industry subsector of “privacy coins” – cryptocurrencies with embedded technology that shields identifying information from public view – is becoming one of this year’s hottest buys. One of the biggest privacy coins, zcash (ZEC), which offers “shielded transaction” capabilities, has nearly tripled so far in 2020, while monero (XMR), which uses a technique called “ring signatures” to obscure sender and receiver data, has doubled. 

Litecoin founder Charlie Lee told CoinDesk in an interview the project is now looking to adopt key privacy-enhancing features, which he sees as increasingly attractive to cryptocurrency users. The enhancements are already being tested, and an upgrade to the main network is scheduled for next year.  

If the effort succeeds, it might inject a jolt of enthusiasm into a project that has suffered from a lack of momentum and enthusiasm in digital-asset markets. Litecoin is up 21% this year after a 38% gain in 2019, which pales in comparison to bitcoin’s 59% year-to-date gain and a 94% increase last year.  

“I want to make it so that users don’t have to worry about giving up their financial privacy by using litecoin,” Lee said. “Even if you’re not doing anything illegal, you don’t want people to know how much money you have or what your paycheck is.”

A innate feature of blockchain technology is that transfers of cryptocurrency across the computer networks are typically visible to anyone with Internet access, making it easy to track and monitor specific wallet addresses – and sometimes trace those addresses back to identifiable entities.

So digital-asset developers have been working for years to invent new ways to preserve the advantages of blockchain – the ease and speed of money transfers without the need for banks as intermediaries – without the glaring transparency. 

Such features are becoming even more desirable as regulators and law-enforcement agencies ramp up scrutiny of cryptocurrency trading and compliance with tax and anti-money laundering rules. 

Lee, a former Google and Coinbase software engineer who spearheads litecoin, is a closely watched entrepreneur partly because his experience dates back to the early years of cryptocurrencies, following bitcoin’s launch in 2009.   

Litecoin is often referred to as the silver to bitcoin’s gold, and it’s been used over its history as a grounds for testing technologies that later became a mainstay of bigger blockchain networks, including bitcoin’s. The network processes new data blocks four times faster than the Bitcoin system, but its smaller size makes it less secure. 

The new privacy features are designed to operate in accordance with cryptocurrency exchanges’ increasingly stringent compliance with global regulators. 

Litecoin is relying on a technology called mimblewimble, which reduces the amount of data that’s publicly visible on the main blockchain network, through the use of “extension blocks” that help to hide inputs and outputs.

“The analogy I like to use is it’s similar to wrapping and unwrapping the coin,” Lee told CoinDesk. 

It’s not yet clear whether regulators will move to curtail the use of privacy features, which potentially could be used to conceal transfers of illicit funds or shelter money from tax authorities. 

Both zcash and monero, which include privacy directly on their protocols, have faced regulatory pressure. Europol, a European Union law enforcement agency, recently declared privacy technologies, including privacy-focused coins, a “top threat” in an assessment of Internet-based organized crime. In 2019 the cryptocurrency exchange Coinbase delisted zcash for trading in the U.K. without giving a reason, but speculation immediately centered on the digital token’s identity-shielding features.     

For litecoin, it might be another chance for differentiation from bitcoin, which has captured the attention of many cryptocurrency traders as a hedge against inflation.

“I don’t think bitcoin will follow this path of what we’re doing, because it’s a bit drastic,” Lee told CoinDesk in a video chat. 

Put another way, litecoin has more to prove.

https://www.coindesk.com/litecoin-privacy-charlie-lee

Original Article
Author: btcethereumadmin