EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/06/20
EOS slid by 5.40% on Tuesday. Reversing most of Monday’s 5.68% rally, EOS ended the day at $2.6762.
It was a bullish start to the day. EOS rallied to late morning high $2.9000 before hitting reverse.
The rally saw EOS break through the first major resistance level at $2.886 before sliding to an early afternoon intraday low $2.5910.
EOS fell through the first major support level at $2.7135 and the second major support level at $2.6030.
Finding late support, EOS broke back through the second major support level to limit the loss on the day.
At the time of writing, EOS was down by 0.20% to $2.6708. A mixed start to the day saw EOS fall to an early morning low $2.6698 before rising to a high $2.6791.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.72 levels to bring the first major resistance level at $2.8538 into play.
Support from the broader market would be needed, however, for EOS to break back through to $2.80 levels.
Barring another extended crypto rally, resistance at $2.80 would likely leave EOS short of the first major resistance level.
Failure to move through to $2.72 levels could see EOS fall deeper into the red.
A fall through Tuesday’s low $2.5910 would bring the first major support level at $2.5448 into play.
Barring another crypto meltdown, however, EOS should steer clear of sub-$2.50 support levels. The second major support level sits at $2.4134.
Major Support Level: $2.5448
Major Resistance Level: $2.8538
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum slid by 4.31% on Tuesday. Partially reversing a 7.34% rally from Monday, Ethereum ended the day at $237.71.
It was another bullish start to the day. Ethereum rallied to a late morning intraday high $253.6 before hitting reverse.
Falling short of the first major resistance level at $256.38, Ethereum slid to an early afternoon intraday low $225.60.
Ethereum fell through the first major support level at $235.51 before finding support to wrap up the day at $237 levels.
At the time of writing, Ethereum was down by 0.09% to $237.49. A mixed start to the day saw Ethereum fall to an early morning low $236.76 before rising to a high $238.51.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $240 levels to bring the first major resistance level at $252.34 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $250 levels.
Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $253.6 should cap any upside.
Failure to move back through to $240 levels could see Ethereum fall deeper into the red.
A fall back through to sub-$230 levels would bring the first major support level at $224.34 into play.
Barring another extended crypto sell-off, however, Ethereum should steer clear sub-$220 levels on the day.
Major Support Level: $224.34
Major Resistance Level: $252.34
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 3.75% on Tuesday. Partially reversing a 4.36% rally from Monday, Ripple’s XRP ended the day at $0.20331.
A bullish start to the day saw Ripple’s XRP rise a midday intraday high $0.21520 before hitting reverse.
Coming up against the first major resistance level at $0.21580, Ripple’s XRP slid to an early afternoon intraday low $0.19704.
Ripple’s XRP fell through the first major support level at $0.2039 to briefly visit sub-$0.20. Finding late support, however, Ripple’s XRP recovered to $0.20 levels to limit the loss on the day.
At the time of writing, Ripple’s XRP was down by 0.30% to $0.20269. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20336 before falling to a low $0.20256.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through to $0.2050 levels to support a run at the first major resistance level at $0.2133.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.21 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.2152 would likely cap any upside on the day.
Failure to move through to $0.2050 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low $0.20256 to sub-$0.20 levels would bring the first major support level at $0.1952 into play.
Barring another extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.19 levels and the second major support level at $0.1879.
Major Support Level: $0.1952
Major Resistance Level: $0.2133
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
Author: Bob Mason16 hours ago (Jun 03, 2020 01:35 AM GMT)
- Whale Alert: $549,000,000 in Bitcoin, Ethereum and XRP on the Move As BTC Tumbles Below $10,000
- Market Wrap: Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges
- Generational Shift to Open $28 Trillion Retirement Market to Crypto
- Cryptocurrency Market News: The start of Bitcoin rollercoaster rides
Whale Alert: $549,000,000 in Bitcoin, Ethereum and XRP on the Move As BTC Tumbles Below $10,000
Whales are moving enormous amounts of cryptocurrency as Bitcoin (BTC) once again displays its trademark volatility.
In a span of about 10 minutes, Bitcoin plunged from more than $10,000 to a low of $8,600 on the crypto exchange BitMEX, with data from the crypto analytics platform Skew showing $220 million in XBTUSD positions liquidated in a 12-hour period. BTC is at $9,515 at time of publishing, according to the aggregated price tracker CoinMarketCap.
An increasing number of crypto whales are emerging amid the wild price action.
One whale in particular initiated a massive transfer of 14,722 BTC worth $139.6 million between two wallets of unknown origin.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 14,722 #BTC (139,619,697 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) June 2, 2020
Here’s a look at the rest of the Bitcoin whale transactions reported in the last 24 hours. In total, high-net-worth Bitcoin holders just moved a staggering 35,844 BTC worth $349.1 million.
Meanwhile, huge amounts of Ethereum were sent from the crypto exchange Bithumb to wallets of unknown origin.
A total of 700,002 ETH worth $173.2 million was recently transferred in two separate transactions.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 400,001 #ETH (99,355,469 USD) transferred from #Bithumb to unknown wallet
— Whale Alert (@whale_alert) June 2, 2020
🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,001 #ETH (73,972,245 USD) transferred from #Bithumb to unknown wallet
— Whale Alert (@whale_alert) June 2, 2020
After unlocking a billion XRP, Ripple continues to shift around its crypto assets.
Although Ripple does not release data on the recipients of its monthly XRP sales, whale watchers are tracking wallets owned by the San Francisco payments startup to see where the crypto is flowing.
Here’s a look at the major Ripple movements in the last day, which total 132,561,496 XRP worth $27.1 million. Two of the transfers sent XRP from Ripple to unknown wallets, which could represent sales to third parties.
Ripple, which owns more than half of all XRP in existence, says it sold $1.75 million worth of XRP in the first quarter of 2020.
Market Wrap: Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges
Credit: Wellcome Library, London.
Author: Sebastian Sinclair
Generational Shift to Open $28 Trillion Retirement Market to Crypto
The CEO of Kingdom Trust, a regulated custodian managing over $13 billion in assets, believes a generational shift will soon open the $28 trillion retirement industry to Bitcoin.
4602 Total views
213 Total shares
In an interview with Cointelegraph, Ryan Radloff, the CEO of the crypto-friendly $13 billion custodian Kingdom Trust, asserted that a “generational change” will soon open the $28 trillion United States retirement fund industry to crypto assets.
“Right now, the single largest addressable market for Bitcoin is the 28 trillion dollars in the U.S. retirement market,” Radloff asserted, “There is no single more addressable market for Bitcoin to penetrate, or all digital assets, for that matter.”
“Right now, all of that money is about to go through this generational change, and there has been hardly any penetration of Bitcoin into that market today,” he added.
“From a stock-to-flow standpoint, that is a massive deal, because now what you’re doing is unlocking a massive amount of new dollars that can in-flow into our industry. And that’s what that’s why it’s so important.”
Radloff predicted that the first wave of capital from moving to crypto from the retirement market will come from the 7.1 million Americans who already own Bitcoin (BTC). However, he noted that few crypto asset holders realize that they can hold BTC in their retirement accounts.
“When the IRS [Internal Revenue Service] decided to tax Bitcoin, consequently it […] directly enabled [Bitcoin] to be held by qualified custodians and in retirement accounts,” he said.
“I think that what you’re going to see over the next three years, is as that the 7.1 million of us that are already [invested in Bitcoin] are about to wake up and realize that there’s an opportunity to get [their] savings out of the Fed’s rattrap, out of the endless Keynesian cycle of money printing and stocks,” Radloff continued.
“What we will consider success is that we make sure that all 7.1 million Americans that have bought Bitcoin already and have a retirement account know that they can buy Bitcoin in their retirement account in a regulated regulatory approved structure.”
Radloff emphasized that “Bitcoin’s brand” is becoming increasingly “validated” as leading economists like Paul Tudor Jones look to it as “a good hedge against an inflationary environment.”
In March, Travis Kling, the chief investment officer of digital asset investment firm Ikigai Asset Management, likened Bitcoin to “hurricane insurance.”
Author: Samuel Haig
Cryptocurrency Market News: The start of Bitcoin rollercoaster rides
Here is what you need to know on Wednesday, June 3, 2020.
Bitcoin price is in shambles after the unsuccessful attempt to hold above $10,000. As reported on Tuesday, BTC/USD traded above this key resistance zone for the first time since the first week of May. It is, however, clear that the breakout to $10,410 was not fundamentally nor technically supported. Due to that, a reversal under $9,000 occurred during the American session on Tuesday. BTC/USD is trading at $9,446 following a 1.3% loss on the day. The ongoing retracement is likely to continue if support at $9,400 fails to hold.
Ethereum, on the other hand, has retreated from highs above $240 but managed to hold above $230. The price is teetering at $236 after sinking 0.45% on the day. With the trend being bullish, it shows that buying pressure is still present. The shrinking volatility talks of dwindling trading volume, which means that rapid price movement to the north is unlikely.
Ripple has surprisingly held above $0.20 despite the general retracement in the market. A loss of 0.14% has been encountered on the day. XRP is trading at $0.2029 at the time of writing. On the upside, an intraday high has been reached at $0.2034 while the focus is still on sustaining gains above $0.21 and $0.22.
Bitcoin may seem to be the most affected cryptocurrency in the market by the ongoing bearish wave but some of the worst-hit coins among the top 100 include Nexo (-22.74%), MadiSafeCoin (-10.83), Loopring (-5.39%), HyperCash (-5.49%), and IOST (-7.35%).
Chart of the day: BTC/USD daily
According to one of the most significant cryptocurrency pioneers in the world, Blockstream’s Adam Back, Bitcoin is set to explode into massive gains backed by the ongoing financial disaster. In his opinion, the ongoing printing of paper money for economic stimulation will push retail investors to Bitcoin. For this reason, Bitcoin is pointing towards $300,000 in the next five years.
It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said. “And retaining value when there’s a lot of money printing in the world.
Bitmain, a leading cryptocurrency mining equipment manufacturer has this week launched a new T19 mining rig. The new rig boasts of improved software and efficiency. The move is as though to counter the negative publicity when miners claimed in May that the company was producing defective rigs with malfunctioning hardware. Miners said that the defective rigs were leading to great losses and negative user experience. The new Antiminer T19 started selling on June 21 while delivery will be made between now and early July.
Regulation experts are envisioning tougher times ahead for Bitcoin ATMs. The strict measures are likely to come into effect in a bid to eradicate money laundering. A report published by CipherTrace found that over 74% of Bitcoin ATM transactions from the United States made it to overseas cryptocurrency exchanges. The volume of these transactions has grown immensely since 2017. CipherTrace’s CTO John Jeffries while in an interview with Law360 said that tougher regulations will call for uniform regulatory requirements across countries.
“Bitcoin itself is primarily a financial tool. Ethereum is explicitly less financial in nature, but even there it remains a fact that a large fraction of applications that a blockchain legitimately makes better involve handling coins/tokens/money of some form.”(Ethereum co-founder Vitalik Buterin).