BITCOIN CRASH TO CONTINUE!? also LITECOIN and ETHEREUM Crypto TA prediction, analysis, news, trading
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- Ethereum Defies Gravity But It Must Clear 100 SMA To Continue Higher
- Five Things You Need to Know to Start Your Day
- Apex Crypto News – Japanese Crypto Holders Prefer XRP Over ETH
- Grayscale Trust Sells Ethereum For Over $2000 With 750% Premium
- Ethereum Likely to Dive Towards $200 as Overnight Selloff Rattles Market Structure
Ethereum Defies Gravity But It Must Clear 100 SMA To Continue Higher
Ethereum found support near $218 and started a sharp recovery wave against the US Dollar. ETH price is now facing hurdles near the $234 level and the 100 hourly SMA.
Yesterday, there was a downside extension in Ethereum price below the $225 and $220 levels against the US Dollar. ETH traded to a new weekly low at $218 and recently started a strong recovery wave.
There was a break above the $220 and $225 levels. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $238 swing high to $218 low.
Ether even surpassed a key bearish trend line with resistance near $230 on the hourly chart of ETH/USD. However, the price is currently facing a strong resistance near the $234 level and the 100 hourly simple moving average.
The 76.4% Fib retracement level of the downward move from the $238 swing high to $218 low is also acting as a resistance. If ETH gains pace above the $234 and $235 resistance levels, it is likely to continue higher towards $240 and $245. Any further gains could lead the price towards the main $250 resistance in the near term.
Ethereum is clearly facing a strong resistance near the $234 level and the 100 hourly SMA. If it fails to continue above the $234 zone, there is a risk of a fresh decline.
It seems like there is a short-term ascending channel forming with support near $230 on the same chart. A downside break below the channel support might increase selling pressure and the price might drop to $220 in the near term.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs.
Major Support Level – $225
Major Resistance Level – $234
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Five Things You Need to Know to Start Your Day
The virus is back in China, data points to a slow recovery, and stocks fall.
China reported its largest daily increase in coronavirus cases since mid-April, with infections concentrated around Beijing’s biggest fruit and vegetable supply center. Over 20 residential compounds across the capital were locked down by Monday as authorities move to contain the outbreak. In the U.S. the number of cases is rising in almost half of states, while in Germany the infection rate remains above the key threshold of 1.0. Economists at Morgan Stanley say that new outbreaks will be manageable as they double down on their call for a V-shaped global recovery. White House economic director Larry Kudlow said there is a “very good chance” there would be a quick recovery and that “2021 is going to be another solid, solid year.”
Hopes for a rapid economic recovery in China were set back when data showed industrial output rose less than expected in May, while retail sales dropped by more than forecast. The reports suggested a gradual recovery being driven by stimulus measures rather than a resurgence in demand. Numbers for Europe showed that the bloc’s trade balance in April plunged to a seasonally adjusted 1.2 billion euros ($1.35 billion) as authorities there move to counter China’s global ambitions with an unprecedented tariff decision to counter the country’s subsidies to exporters.
Global stock investors are paring back any optimism over a V-shaped recovery as they seek safety this morning. Indexes across Asia and Europe are firmly lower and the dollar is rising with the mood firmly set to risk-off. The Stoxx 600 Index was 0.9% lower by 5:50 a.m. Eastern Time, while S&P 500 futures pointed to open below the 3,000 level. The yield on 10-year Treasuries was back under 0.7% and oil dropped.
There were fresh protests in Atlanta after police fatally shot an unarmed black man. The city’s police chief resigned hours after the killing and the officer involved was fired. There were anti-racism rallies across the world over the weekend, with statues continuing to be a target for protesters. President Donald Trump spoke to graduating cadets at West Point on Saturday where he highlighted unity and America’s core values.
Empire Manufacturing data for June is expected to show an improvement over the previous month, while remaining firmly in negative territory when the data is published at 8:30 a.m. Dallas Fed President Robert Kaplan and San Francisco Fed President Mary Daly speak later. U.S. April TIC flow numbers are at 4:00 p.m. The Chicago Board Option Exchange trading floor reopens.
This is what’s caught our eye over the last 24 hours.
- Odd Lots: How Domino’s has done just as well as Google.
- Trump says slippery ramp, lack of handrail caused shaky walk.
- Nissan email trail casts new light on takedown of Carlos Ghosn.
- BP writes off billions as virus redraws rules of oil demand.
- Most Americans say wealth hasn’t improved during Trump years.
- Goldman says mom-and-pop’s stock picks are trouncing Wall Street.
- Listening back to some really old messages.
It’s been a disappointing year for Bitcoin. Here are six reasons why:
1. Despite the extraordinary market volatility, it hasn’t surged to new heights. In fact, it continues to make a general trend of lower highs. This takes away the argument that an economic crisis creates a boom for Bitcoin.
2. Not only has it not soared, it’s basically just gone in the same direction as the S&P throughout this volatility. Bitcoin rallied at the start of the year, then plunged during the crash, then rallied during the rebound, and it has been slumping over the last few days. This undermines the argument that Bitcoin has good portfolio diversification properties.
3. Bitcoin has performed roughly in line in this year with Ethereum, the next most valuable and liquid cryptocurrency. This undermines the argument that in has distinct “digital gold” characteristics that will separate it from other cryptocurrencies in a crisis.
4. The Bitcoin halving (a slowing of new supply) which many Bitcoiners championed as a likely catalyst for a move higher came and went without much impact.
5. The Fed has engaged in extraordinary balance sheet expansion, and governments around the world are running major deficits, and it hasn’t led to the kind of inflation or currency collapse that many Bitcoiners would have predicted. So that undermines some of the popular stories about what would catalyze a Bitcoin boom.
6. Young people are discovering the stock market via platforms like Robinhood. So to the degree that people were putting money into Bitcoin because they liked volatility and action, there’s a new competitor on the block for those dollars.
The crisis may yet be good for Bitcoin, if in its wake we get infringements on privacy that create new demand for payments that can’t be blocked. But in the meantime, all that’s happened is that a bunch of popular Bitcoin narratives have been debunked.
Joe Weisenthal is an editor at Bloomberg.
Like Bloomberg’s Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close.
Lorcan Roche Kelly
Apex Crypto News – Japanese Crypto Holders Prefer XRP Over ETH
Despite the fact Ether is currently the second largest cryptocurrency by market cap, Japanese crypto holders may prefer to hold XRP.
According to the results of a survey posted to Twitter by Japanese cryptocurrency exchange BITMAX on June 12, Bitcoin (BTC) is nearly as popular as the XRP token among traders in Japan. 25% of the 1,498 people surveyed told BITMAX XRP was their favorite coin, compared to 26% who preferred BTC. Ethereum (ETH) came in third at 9%.
“What is your favorite coin?” BITMAX survey. Gold=BTC; Red=ETH; Pink=XRP; Blue=others
It’s worth noting that the small sample size like that in the aforementioned survey may not necessarily may not make the results definitive.
However, the Japan Virtual Currency Exchange Association (JVCEA) reported similar findings in December 2019. XRP was second behind BTC among the number of yen denominated digital asset holdings, with ETH also in third.
Cointelegraph reported in April that online engagement towards XRP on Twitter fell in Q1 2020, while Ripple was forced to liquidate many of its holdings to stay cash flow positive. Crypto analytics firm Messari released data showing XRP was the worst performing large cap token in 2019.
The XRP token — $0.19 at the time of writing — is worth a fraction of its $2.28 peak at the end of 2017. While the XRP army may have shrunk overall, this may not be the case for Japanese fans of the token.
Grayscale Trust Sells Ethereum For Over $2000 With 750% Premium
The Grayscale Trust sells Ethereum for over $2000 with a 750% premium on the ETH market price as we are reading more in the following Ethereum news today.
By buying shares on the Ethereum Grayscale Trust would inquire investors to pay a bigger premium upwards of 750% compared to the current market price of ETH. Grayscale is a company that provides institutional investors with bigger exposure to the price of cryptocurrencies such as Bitcoin and Ethereum through their trust products. The company’s ETH trust is now selling ETH shares where one share represents 0.09395466 ETH. For someone to own a full ETH, they would have to purchase more than 11 shares.
According to the company’s official website, the market price per share on closing time June 12th, 2020, was set at $195.50 where the worth of ETH holdings per share was just $22. An investor would have to pay more than $2000 to own a full ETHE through the Greyscale Ethereum trust. This represents a 750% premium compared to the current market price of the asset. The investors are also paying higher premiums on their Bitcoin products as well. The current market price per share is $10.88 whereas the BTC holdings per share equal $9.01. This means that the investors are now paying much more than $20 on top of Bitcoin’s market price.
The upside of owning these shares of Greyscale products is that investors should not worry about clearance, storage, and custody of their assets. This is maybe because of the reason why larger investors are paying 20% premiums on BTC. However, the premium on ETH is much higher and there doesn’t seem to be a good enough reason as to why large investors would pay more than $2000 for ETH that they can buy for ten times lower the price.
06/12/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $3.9 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/TizvJGUDHB
— Grayscale (@GrayscaleInvest) June 12, 2020
Grayscale was also buying 150% of the newly minted bitcoins right after the third halving took place. it has also increased the holdings by more than 60,000 BTC in just a few months. Greyscale purchased almost 50% of all mined ETH coins in 2020 as the institutional interest for crypto is growing. The digital asset management company outlined the increased interest from the institutional investors and they believe that the upcoming Ethereum 2.0 could be the reason why. Some of the latest information on the matter show that the total number of ETH mined from January 2020 up until now, was 1,563,245.875.
Author: By TeamMMG
Ethereum Likely to Dive Towards $200 as Overnight Selloff Rattles Market Structure
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