Crypto Market Archives - 2100NEWS

UrbanAugust 10, 2018
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5min549

The BTC/USD pair yesterday established a new intraday low at 6131-fiat, a level that attracted buyers waiting to buy the dip, and has gained as much as 7% value ever since. The early Asian trading hours today witnessed a weak upside momentum, due to which price dropped towards 6181-fiat. However, in the mid-European session, the BTC/USD formed a bull flag following a sudden influx of buying orders. The pair gained 6 percent during the upside rally.

But, if one notices, the correction is as volatile as the fall was. We are still forming a baby ascending line at this moment that could fail to extend its stay – we are still in a downward trajectory. Let’s have a look at it in our technical analysis section.

BTCUSD Technical Analysis

As long holders, we decided to look into bear trajectory formation, indicating that the downside momentum is not decreasing, but intensifying. We are once again close to testing it and realizing a pattern of bulls leaving their long position near the trajectory resistance. If it breaks, the BTC/USD can push itself towards the 61.8% Fibonacci retracement level at 6780-fiat. This could be also where bulls exit their long positions and cause a pullback.

As far as moving averages are concerned, the BTC/USD pair is still below its 50H, 100H, and 200H ones. The RSI and Stochastic, in the meantime, are in the selling area, awaiting further upside correction.

Overall, we are still in a strong bearish bias.

BTCUSD Intraday Analysis

We switched to a 15-minute timeframe for today’s analysis following the previous drop. Anyway, we were able to squeeze out a decent profit from our short position towards 6280-fiat. However, we also had to bear a small loss when our stop loss executed on a failed short position towards 6086-fiat. The bias reversed way before testing it as our primary downside.

As for today, we now have a new range defined by 6551-fiat as interim resistance and 6181-fiat as interim support. We are now consolidating sideways after finding a temporary base near 6419-fiat. If one notices, this consolidation is also a formation of a bullish pennant after the previous pole. With that said, we are first waiting for the price to break above the bear trajectory (explained above), which also coincides with our interim resistance. This would allow us to put a long towards 6630-fiat, our primary upside target.

A stop-loss two-pips below the entry point, in the meantime, will help us minimize our losses in case the price falls back inside the bear trajectory.

Looking south, we will put a short position towards 6181-fiat upon breaking below 6419-fiat. In this position, a stop-loss 2-pips above the entry point will define our risk.

Have a great intraday!


UrbanJuly 23, 2018
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3min556

At the recent CNBC institutional investor Delivering Alpha Conference, Ken Griffin openly expressed his opinion against the digital assets. While Griffin’s words may be turning a few heads, this is not the first time the billionaire spoke ill of cryptocurrency.

Griffin Has Always Been Very Clear in His Dislike of Bitcoin

Back in December, when bitcoin surpassed the $1,000 mark, Griffin said the coin fever was a bubble. Unlike many other voices, he believed bitcoin was not a fraud but the bubble would eventually end. At the time, Griffin admitted blockchain technology would eventually have a profound impact in the future world order.

Since then, his opinion seemingly remains the same. Interviewed by business journalist Andrew Ross Sorkin, Griffin let out his true thoughts on cryptocurrencies at Pierre Hotel’s ballroom in New York.

Sorkin teased Griffin, asking him what was he saying to his portfolio managers who wanted to invest in cryptocurrencies. Griffin didn’t hesitate, saying, “I don’t have a single portfolio manager who has told me we should buy crypto. Not a single portfolio manager.”

Surprisingly, the billionaire confessed he has wondered if his company should make markets in cryptocurrencies. However, in the end, he wasn’t able to put money in it, as he says cryptocurrencies are not a product he believes in.

“You have to have US dollars to pay your taxes. You don’t have a choice.”

Griffin believes cryptocurrency cannot succeed because there’s already a mandatory alternative in place — fiat currencies. Whether people want it or not, they’re still forced to use their national currencies to pay their tax bills or pay for governmental services.

In this sense, Citadel’s CEO thinks cryptocurrencies are “a solution in search of a problem,” stating, “There is no need for cryptocurrencies.” While these may be harsh words, he isn’t far from the truth. Currently, few people can subsist solely on cryptocurrencies — at some point, most people have to convert their funds to fiat.

Closing the interview, Griffin spoke to the millennials currently investing their money in cryptocurrencies. He advised them to invest in companies that will help advance society, create jobs, and grow the economy, rather than burying their funds in digital assets.


UrbanJuly 18, 2018

5min320

he bitcoin price has surged 10 percent over the past 30 minutes, subsequent to experiencing a substantial spike in its volume.

Within one-hour period, the price of bitcoin, Bitcoin Cash, ether, Ripple, and EOS increased by 6 to 10 percent, as the valuation of the cryptocurrency market surged to $292 billion from $272 billion, by more than $20 billion.

Market Added $20 Billion in 30 Minutes

An unexpected corrective rally occurred in the evening of July 17, pushing the price of major digital assets to spike by large margins. Bitcoin and EOS have been the best performers out of the major cryptocurrencies, rising by nearly 10 percent in a short period of time.

In previous reports, CCN noted that the market has seen the emergence of a series of positive events such as the government of South Korea regulating its cryptocurrency market, which could fuel the next rally of the market.

Optimistic developments in leading cryptocurrency markets including the US, Japan, and South Korea were not reflected by the crypto market over the past two weeks, and the recent bull run may begin to portray the progress the market has seen in terms of regulation, adoption, and general consumer demand.

The last time BTC spiked by a margin as big as today’s rally was April 9, when the price of BTC surged from $6,900 to $8,000, within 30 minutes. Ultimately, the rally from $6,900 to $8,000 led the price of BTC to test $10,000.

If the price of bitcoin surpasses the $8,000 mark, it may be able to replicate the same movement it experienced on April 9, and potentially test the $10,000 support level. However, if bitcoin remains stable in the $7,400 region, bitcoin could try breach major support levels between $8,000 to $9,000 in the upcoming week.

Strong Volume, Momentum Building

The difference between the rally of July 17 and previous false runs throughout June is the volume. Currently, on Binance, the world’s largest cryptocurrency exchange, the volume of bitcoin against Tether (USDT) is $300 million, up from $100 million since July 16. In two days, the volume of bitcoin tripled.

Throughout July, the issue with the crypto market was its low volume, and despite the optimistic momentum indicators and positive signals of the Relative Strength Index (RSI) and momentum average convergence divergence (MACD) of bitcoin, the low volume of the crypto exchange market disallowed a rally from being initiated.

The short-term rally of July 17 was supported with a large spike in volume, complemented by positive events such as the appointment of a new CEO for Goldman Sachs, who has discussed bitcoin on a positive light on multiple occasions.

Previously, David Solomon, the newly appointed Goldman Sachs CEO, admitted for the first time that Goldman Sachs is preparing to launch a proper cryptocurrency trading platform.

He stated:

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too. Goldman Sachs must evolve its business and adapt to the environment.”



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