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Bitcoin Regains Strength, Why BTC Could Retest $28K

Bitcoin Regains Strength, Why BTC Could Retest $28K

Bitcoin price started a downside correction from the $28,360 high against the US Dollar. BTC remained well bid above $26K, and it is likely to resume higher towards $28K.

  • Bitcoin is showing a lot of positive signs above the $26,000 support zone.
  • The price is currently trading above the $26,500 support and the 100 hourly simple moving average.
  • There was a break above a major contracting triangle with resistance near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $28,000 and $28,400 resistance levels.
  • In the past few days, there was a strong increase in bitcoin price above the $25,000 resistance. BTC even surged above the $26,500 and $27,000 resistance levels. Finally, the price surged above the $28,000 level and settled well above the 100 hourly simple moving average.

    A new all-time high was formed near $28,360 before the price started a downside correction. It traded sharply below the $27,000 level. There was also a break below the 50% Fib retracement level of the upward move from the $24,532 swing low to $28,361 high.

    Source: BTCUSD on TradingView.com

    However, the bulls were active around the $26,000 support level. The 61.8% Fib retracement level of the upward move from the $24,532 swing low to $28,361 high also acted as a strong support.

    Bitcoin price started a fresh increase above the $26,500 resistance. There was also a break above a major contracting triangle with resistance near $26,800 on the hourly chart of the BTC/USD pair. The pair is now trading above the $27,000 level.

    An initial resistance on the upside is near the $27,275 level. A clear break above the $27,275 resistance could open the doors for a fresh run towards the $28,000 and $28,400 levels in the near term.

    If bitcoin fails to clear the $27,275 resistance level, it could correct lower. An initial support on the downside is near the $26,800 zone and the broken triangle trend line.

    The first major support is near the $26,500 level. The main support is still near the $26,000 level, below which there is a risk of a sustained downward move in the coming sessions.

    Technical indicators:

    Hourly MACD – The MACD is gaining momentum in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.

    Major Support Levels – $26,500, followed by $26,000.

    Major Resistance Levels – $27,275, $28,000 and $28,400.

    Source: bitcoin-core-news.com

    Author: by admin


    Bitcoin, Ether, and XRP Weekly Trading Report for December 28, 2020.|||||

    Bitcoin, Ether, and XRP Weekly Trading Report for December 28, 2020.|||||

    The overall crypto market cap added $52.7 billion to its value over the last seven days and now stands at $742 billion. The top 10 currencies showed mixed results over the same time span with Bitcoin (BTC) and Litecoin (LTC) adding 14.6 and 12.1 per cent to their respective prices, while Ripple’s XRP lost 49.7 per cent. By the time Bitcoin was writing, trading at $27,277 ether (ETH) went up to $730. XRP has fallen to $0.29.

    Bitcoin closed the trading day on Sunday, December 20 at $23,450. It was its first session in red since December 11 when it started rallying up from the $18,100 weekly support. The leading cryptocurrency added 22.5 percent for the seven-day period while temporarily moving above $24,000.

    On Monday, the BTC/USD pair continued falling and reached a daily low of $21,872 before closing at $22,731 in the evening. The move corresponded to a 3 percent decrease in price.

    The trading day on Tuesday, December 22 found buyers jumping off the mentioned level and forming a big green candle to $23,850. The 5 percent increase helped the biggest cryptocurrency avoid the short-to-mid-term downtrend reversal, at least temporarily.

    The mid-week session on Wednesday, however, brought another rejection near the $24,000 level, which triggered a selloff. Bitcoin dropped down to $23,230 as bears were able to push it all the way down to $22,600 during intraday.

    The Ripple confrontation with the US SEC (Security and exchange commission) started to impact not only the altcoins trading but also the market leader.

    On Thursday, December 24, the BTC/USD pair moved up to $23,760 and on Christmas day on December 24 closed above $24,000 for the first time ever, also adding 4.1 percent to its value.

    The upward movement was re-initiated and BTC continued to surge on the weekend of December 26-27. First, it formed its third straight green candle on the daily chart on Saturday, hitting a new all-time high at $26,497. Then on Sunday, it skyrocketed up to $28,452 during intraday, just to close with a small red candle to $26,227.

    The Ethereum Project token ETH closed the trading day on Sunday, December 20 at $637 after peaking at the monthly resistance situated near $670 on the previous day.

    Bulls found stability at the $620 horizontal support and closed the seven-day period with an 8.1 percent increase.

    The ETH/USD pair started the new trading week on Monday with a sharp drop to $607. The coin erased 4.7 percent from its value and broke below the mentioned weekly support.

    It formed the exact same candle, but in the opposite direction on Tuesday, December 22, and successfully regained back its positions above $630.

    The third day of the workweek came with a serious correction as the uptrend continuation could not be secured.

    The ether fell all the way down to $584 and was seen as low as $550 at some point during the day. The move resulted in an 8.3 percent decrease.

    On Thursday, December 24, the ETH/USD pair rebounded from the weekly support at $560 (which was also in synch with the 50-day EMA) and climbed up to $612, successfully avoiding a lower low on the daily chart.

    The move was followed by another solid session on the last day of the workweek, which helped ETH surpass the mentioned weekly support and close at $626.

    The first day of the weekend came with a further increase to $637 on Saturday, then to $684 on Sunday. The two sessions corresponded to a 9.2 percent of price increase. The ETH token was last seen that high in May 2018.

    The Ripple company token XRP closed the trading day on Sunday, December 20 at $0.555 after it was rejected at the $0.58 monthly resistance during the previous session. The uptrend could not be resumed and looks like bears were already preparing for a mid-term reversal. Still, the coin was 8.1 percent up on a weekly basis.

    On Monday, it continued to fall finding its bottom near the next major support line at $0.50. The XRP/USD pair erased 8 percent from its value, but the worse was yet to come.

    The United States Security and Exchange Commission (SEC) announced on December 22 that it is investigating Ripple for allegedly offering $1.3 billion worth of unregistered securities in the form of a cryptocurrency token and will soon file a lawsuit against the company.

    The news hit hard the valuation of the major altcoin and it first dropped to $0.445 on Tuesday then to $0.259 on Wednesday, which resulted in a 49 percent decrease in price for the two sessions combined.

    On Thursday, December 24, the XRP token was already situated below all major EMAs, still, it managed to bounce back up to $0.339 and ease the pressure, at least temporarily.

    The Friday trading, however, was once again volatile and bulls were struggling to keep trading above the $0.29 monthly line, closing the workweek at $0.315.

    The weekend of December 26-27 saw the “ripple” falling below that line after forming a short green candle to $0.298 and $0.28 on Saturday and Sunday respectively.

     Our Altcoin of the week is Zilliqa (ZIL). This high-speed blockchain platform, which utilizes the sharding technology as a second-layer scaling solution, enables its users to host decentralized applications on top of it.

    ZIL added 79 percent to its value for the last seven days and is 154 percent up for the two-week period since December 14. The recent surge in price helped the coin move up to #35 on CoinGecko’s Top 100 list with a total market capitalization of approximately $952 million. It peaked at $0.096 on Sunday, December 27.

    As of the time of writing, ZIL is trading at $0.082 against USDT on Binance.

     200 Interactions,  12 today

    Source: www.kogocrypto.com


    Decred and Litecoin top weekly top as Bitcoin rises and market falls – Latest News, Breaking News, Top News Headlines

    Decred and Litecoin top weekly top as Bitcoin rises and market falls – Latest News, Breaking News, Top News Headlines

    Despite the fact that Bitcoin continues to break its highs these Christmas days, during the week of December 20 to 27 the market records ups and downs. About 80% of altcoins experience declines in their prices. Only a small group of cryptocurrencies show growth in percentages close to 18%, according to statistics from Live Coin Watch.

    The most appreciated cryptocurrencies in these seven days are led by Decred (DCR) that just concluded a hackathon in Latin America and Litecoin (LTC) which follows a rise paired with Bitcoin.

    The list of crypto assets for the week is completed with Monero (XMR) and his progress on a project for exchanges with BTC; and Dogecoin (DOGE), the price of which was boosted by a tweet from Elon Musk.

    bitcoin cryptocurrencies appreciated market

    Bitcoin, for its part, plays a prominent role these days with its constant rise in price. Cryptocurrency continues to exceed its historical milestones. In this way, in the current Christmas context, it has reached over USD 27,000, at times reaching $ 28,000. On average, the cryptocurrency increased about 13.9% in these seven days.

    As published by CriptoNoticias, among the reasons that could be associated with this new upward momentum, are the 80,000 option contracts of the Deribit exchange house, for 1.85 billion dollars, whose expiration is scheduled for December 25.

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    Additionally, the day before that date the exchange house introduced a “strike” or bet that the price of bitcoin will reach or exceed $ 100,000 by September 2021. Demand for these types of options was overwhelming, Deribit said on Twitter. He added the next two days similar bets for $ 120,000 and $ 140,000, although he has not specified the expiration date of the latter.

    Ether (ETH), on the other hand, also gains value and registers an average increase of 6.2%. The price ranged between USD 574 and USD 700, a maximum price that reached this December 27 and which it had not reached since May 2018.

    By the 22nd, the co-founder of the network, Vitalik Buterin, said that the participation of the community in the staking of Ethereum 2.0 was higher than expected. In a virtual meeting, he made reference to the people and entities that became validators in the new version of the blockchain, after depositing 32 ethers (ETH) in the smart contract. In total deposits exceeded 1 billion dollars.

    Meanwhile, the prices of other relevant cryptocurrencies in the market show ups and downs. Litecoin (LTC) rises more than 14% and is located for the second consecutive week in the weekly top. Something different happened with Ethereum Classic (ETC), which fell 11.7% during the week; and Ripple’s XRP which depreciated by 48%.

    Decred en Español and the Talent Land Latin America event team recently concluded the Blockchain Learning Challenge hackathon. A few days ago they did delivery of about USD 2,500 in prizes (in DCR) to the participants from Peru, Paraguay, Bolivia, Venezuela, Mexico, Colombia, Cuba, Nicaragua and Argentina. The competition was held over the course of a month (ending this December), a period that coincided with the launch of Decred’s new DEX, DCRDEX.

    In this context, the weekly growth of DCR, the native cryptocurrency of the blockchain, exceeded 18% in the last seven days. The details and implications of the hackathon, along with a number of new implementations on the platform, are seen by Decred as the main drivers of DCR price that this December 27 it was quoted at a maximum of USD 40.25.

    In this regard, both in its most recent report and in the periodic meetings that the team organizes to share with its community, the fact that the price of DCR has risen 100% in the last month alone.

    According to Decred, the influx of the public to its decentralized exchange is joined by the new function included in the recent update “Decrediton v1.6”. This is CoinShuffle ++, with which it is added the ability to send private transactions on the network.
    DCR’s market capitalization is USD 484.6 million and daily trade volume is USD 9.7 million.

    cryptocurrency market rise btccryptocurrency market rise btcDecred has added new features in the last month and the price of DCR has gone up 100%. Source: Live Coin Watch.

    Although no precise information has been released to explain Litecoin’s price surge, analysts make the argument that the cryptocurrency’s growth follows a recurring trend to pair with Bitcoin. In this framework, LTC ranks in the weekly top for the second week in a row, with an average rise of 14.5%.

    On this topic, Quantify Crypto, a market research and analysis website, posted a tweet on December 19 noting that many technical indicators for Litecoin are bullish. This seemed obvious to them, considering the superior performance of Litecoin in the last weeks. This compared to most altcoins, whose prices have fallen over the course of these seven days while Bitcoin has risen.

    Since the 25th the value of LTC remains at the threshold of 130 dollars. It reaches a peak of USD 137 on December 27, matching the maximum it reached in 2019.

    Litecoin creator Charlie Lee also commented on his Twitter account. He highlighted LTC’s value proposition, mentioning the high liquidity, its inclusion in the PayPal payment platform, and the high price of Litecoin Trust (LTCN) offerings by asset manager Grayscale.

    As of press time, LTC’s market capitalization is $ 8,789 million and 24-hour trading volume is $ 5,218 million.

    constant rise in exchange marketsconstant rise in exchange marketsLitecoin outperforms most altcoins amid Bitcoin’s steady rise. Source: Live Coin Watch.

    On December 24, the Monero team highlighted on Twitter the progress of Farcaster, a project by implementation of atomic swaps (atomic swap) between Monero and Bitcoin, funded by the community. This, while XMR is placed in the top of the cryptocurrencies of the week with an advance of 5.4%.

    The Monero developers have been working on Farcaster since last November. As they explain, this first phase of the project involves the collection of requests for comments (RFCs) to formalize the structure of the project. All of these RFCs, the team clarifies, will cover the high-level overview of the different parts of the project and how they will interact with each other.

    Taking into account some of the feedback received so far, “We spent time figuring out how to use Taproot outputs and Schnorr signatures to improve the privacy of exchanges,” say the developers on Reddit. Meanwhile, analyst Justin Ehrenhofer highlighted on Twitter the fact that Monero is on track to achieve its highest number of monthly transactions so far, between 550,000 and 650,000.

    The value of Monero has increased substantially since December 23. After some corrections it rises again and reaches a peak of USD 170 on December 27. As of this writing, XMR’s market capitalization is $ 2.87 billion and its daily trade volume is $ 183,393.

    Cryptocurrency exchange request modificationsCryptocurrency exchange request modificationsThe Farcaster project for XMR / BTC exchanges is in its first phase of request for comments. Source: Live Coin Watch.

    On December 20 Elon Musk, founder of Tesla and SpaceX, published a tweet to talk about cryptocurrencies. With a single message and few words seems to have influenced the value of Dogecoin, sparking an unexpected reaction: the cryptocurrency soared by almost 30% shortly after the message was broadcast. Although the price has been falling in the following days, on average DOGE grew 5% in seven days.

    Musk first wrote “Bitcoin is my safe word.” Moments later he clarified the idea by saying “Just kidding, who needs a safe word anyway.” He then expressed his disdain for the pioneering cryptocurrency. “Bitcoin is almost as bullshit as fiat money.”

    He then posted another tweet with a short sentence, in direct reference to Dogecoin, “One word: Doge.” With this he made his bet (ironic or not) seen towards the cryptocurrency that was created from a meme. Shortly after that tweet the price of DOGE skyrocketed and reached a peak of $ 0.0053 on December 21.

    Musk did not say more about cryptocurrencies or invite investment, but briefly changed his Twitter bio by adding “Former CEO of Dogecoin.” DOGE’s market capitalization is USD 558 million and the daily trade volume is USD 59 million.

    businessman market increase risebusinessman market increase riseThis week DOGE was prompted by comments from businessman Elon Musk. Source: Live Coin Watch.

    Source: www.bitcoin-accepted.com


    Bitcoin Losing Bullish Momentum, Why BTC Could Correct Lower – Cripto News World

    Bitcoin Losing Bullish Momentum, Why BTC Could Correct Lower – Cripto News World

    https://www.newsbtc.com/wp-content/uploads/2020/11/bitcoin_price_btc-460×307.jpg

    Bitcoin price is facing a strong resistance near the $27,300 area against the US Dollar. BTC could correct lower towards $26,000 or $25,500 in the near term.

  • Bitcoin seems to be struggling to gain bullish momentum above the $27,300 barrier.
  • The price is currently trading above the $26,500 support and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower if there is a break below $26,600 and $26,500.
  • After forming a base above the $26,500 support, bitcoin price climbed above $27,000. BTC remained well bid above the $26,800 level and the 100 hourly simple moving average.

    There was a break above the $27,200 level. The price even spiked above the 50% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low. However, the price seems to be facing a strong resistance near the $27,300 zone.

    The 61.8% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low is also acting as a strong resistance. Bitcoin price is currently showing a few bearish, but it is holding the $26,500 support.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    There is also a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC/USD pair. If there is downside break below the trend line support, the price could even trade below the $26,500 support. The next major support is near the $26,000 level.

    Any more losses might put the 100 hourly SMA and $25,800 at a risk. In the stated case, the price may perhaps decline towards the $25,200 level.

    If bitcoin remains stable above the trend line support or $26,500, it could attempt an upside break. The main resistance is near the $27,300 zone.

    A clear break above the $27,300 resistance zone could open the doors for a larger increase. In the stated case, the price could rise towards the $28,000 resistance. The next key hurdle sits at $28,200 and $28,400.

    Technical indicators:

    Hourly MACD – The MACD is losing momentum in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 40 level.

    Major Support Levels – $26,500, followed by $26,000.

    Major Resistance Levels – $27,300, $28,000 and $28,400.

    Source: criptonewsworld.com

    Author: Editor’s Choice


    XRP Going to 0?? | This Week in Crypto - Dec 28, 2020

    XRP Going to 0?? | This Week in Crypto – Dec 28, 2020

    

    Ripple was given a massive blow by the Securities and Exchange Commission, which has filed charges against the company for selling unregistered tokens. The price of XRP crashed following the news, while the CEO of Ripple has sworn to fight the accusations. Major exchanges, most notably Bitstamp, have already announced they will halt trading for XRP in January.

    Someone has posted the complete lists of 1 million email addresses and 272,000 names, addresses and phone numbers of Ledger customers to the darkweb. The list is a lot bigger than the number previously disclosed by the hardware manufacturer.  Hackers are already taking advantage of the situation through phishing attempts and even physical threats. Tokens are most likely not in danger, but Ledger users should be on guard against possible attacks.

    Major cryptocurrency exchange Exmo lost 5% of its total assets due to a hacking attack. The UK-based company now estimates total losses of more than $10 million in various digital assets that were withdrawn from its hot wallets. Exmo executives allege that as much as $4 million of totally stolen assets cannot be recovered due to criminals withdrawing the funds through Poloniex.

    Institutional activity within the crypto space continues as SkyBridge Capital hedge fund has invested approximately $25 million into Bitcoin. The firm, which is worth just under $10 billion, has filed paperwork with the Securities and Exchange Commission (SEC) to start a new bitcoin fund.

    That’s what’s happened this week in crypto. See you next week.

    A special thanks to eToro, the world’s leading social trading platform for supporting us. Connect with other traders and copy their moves automatically. Want to know more? Check out the link eToro.

    Source: 99bitcoins.com


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