Analyst: A New 2019 Bitcoin High Not Coming, Here’s the Possible Scenarios for Bitcoiners

  • Next move to take Bitcoin to $9k but not expected to hit $14,000 in 2019
  • Long term scenario: Bitcoin will range above $100k

Bitcoin is continuing its downward momentum that started on Oct. 26 after hitting $10,500 in a sudden burst of gains, driven by Chinese President Xi Jinping publicly promoting blockchain technology.

But looks like a move to $9,000 is coming, according to analyst and trader Bob Loukas.

Currently, Bitcoin is trading at $8,568 with 24 hours gains of 1.03%, as per Coincodex, before dropping to as low as $8,375 today.

Loukas is expecting the next Bitcoin move to take us to $9k. But it isn’t the time to start celebrating yet because it won’t be a sustainable move.

Though the next jump after $9,000 would be above $10,000, Loukas projects the leading cryptocurrency to drop back under $8,400 in mid-December.

And then would be the time for BTC to go on a tear. Once the flagship cryptocurrency hits below $8,400, it would be the time to shoot up. But even then, Bitcoin won’t be able to make a new 2019 high before 2020.

On June 26, Bitcoin made its 2019 high at $13,900 after recording a surge of 160% in Q2 2019.

As we recently reported, a sell signal could be triggered if the BTC price drop below the 200-day moving average. Bloomberg Analyst, Mike McGlone also pointed out that the market is “in no hurry to take out the old highs.”

While trader Josh Rager sees more downside in future if Bitcoin makes a close below $8,235 with every time frame under monthly looking “ugly,” analyst Galaxy sees a drop below $8,200 soon but only after a few fakeouts. Don Alt also sees Bitcoin turning bearish if we close below $8.2-$8.3k.

The on-chain metrics aren’t any good either. As Bitcoin Exchange Guide reported, investors’ sentiments are mixed and retail investor interest has “plateaued.” As such it is “deciding moment” for BTC.

Long Term: Bitcoin Ranges above $100k

In the short term, Bitcoin is struggling to make it way back above $10,000. But what about the long term?

Changpeng Zhao, the co-founder, and CEO of the leading exchange Binance sees the price going higher as the industry gets bigger.

As for what the CT thinks, economist and trader Alex Kruger conducted a poll on Twitter trying to find Bitcoin’s most likely long-term scenario.

The majority of the CT, 46% of 4,105 voters, believes after a few more epic runs, BTC will eventually mature and settles into a wide range. 44% of 3,273 voters see it ranging above $100k and 24% between $30k to $100k.

A higher percentage (20%) of people think Bitcoin will dump into oblivion and Bitcoiners will get REKT than those who see Bitcoin becoming a global reserve currency (17%) with hodlers getting “immensely rich” and for the leading cryptocurrency to continue to outperform as scarcity keeps prices going up “forever” (16%).

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Author: AnTy

China’s State Administration of Forex (SAFE) Extends Cross-Border Pilot to Leverage Blockchain Tech

China’s State Administration of Foreign Exchange (SAFE) has recently taken a move to help leverage blockchain technology so that better cross-border financial services are offered, reports local news outlet Global Times.

To be more specific, their cross-border financing blockchain platform pilot now covers up to 19 provinces and cities, which has increased from their original decision to cover nine. According to the news outlet, SAFE’s endeavor is deemed the most scalable in the country, as it has the ability to provide accounts receivable financing services from exports, and ensures that companies taking part in cross-border related businesses have been verified.

As of the end of October, the introduced system has supposedly completed 6,370 transactions as well as giving out $6.8 billion in loans. Thus far, they’ve been able to secure 1,262 companies as clients, most of which consists of small and medium-sized businesses.

Having spoken to Global Times Analyst, Cao Yin shared that this is definitely a milestone for them, especially considering the gap in traditional financial processes and that of the blockchain system.

More specifically, he shared:

“The traditional financial processes […] leave a lot of room for financial fraud. But as the blockchain system promises a decentralized and encrypted track of each capital flow, it leaves potentially little to no space for human mediation.”

In addition to allowing users to retort to a financial service that isn’t with a traditional financial institution, SAFE’s system is deemed crucial for Chinese exporters because it promotes real-time supervision and is time-efficient (i.e. processing time from one to two days to simply 15 minutes) among other improvements.

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Author: Nirmala Velupillai

Bitcoin Retracing the 4th Biggest Bull Move Ever, How Low are we Going?

  • Bitcoin could move lower, But those waiting for $6k will keep on waiting
  • Historically, November one of Bitcoin’s “greatest” performing months that dates back to 2012.

On Nov 8, Bitcoin price went below $9,000, going just under $8,700, a level is last seen on Oct. 26. Currently, BTC/USD is trading at $8,830 with 24 hours gains of 0.13%, as per Coincodex.

Trading volume has taken a severe drop as well with only $136 million worth of Bitcoin traded in the past 24 hours.

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This drop followed Bitcoin’s 4th biggest bull move ever as the price jumped 42%, from $7,200 to $10,500. A move triggered by China’s President Xi Jinping emphasizing on embracing blockchain technology.

However, economist and trader Alex Kruger believe this narrative to be “over-hyped as he says “most bullish narratives” are.

The ongoing drop in BTC price trader Mayne says is retracement after a consolidation that could go lower but those waiting for $6k will keep on doing just that, waiting.

But how low we could go?

According to trader Credible Crypto, there would be one more leg down to $7,400 level. After this final drop, the trader expects the leading cryptocurrency to make a run for the 2019 high at $14,000.

Analyst The Cryptomist is expecting a bigger drop. She sees 4hr CME gap getting filled with BTC at 7,185 as she said,

“So fake out finally confirmed. I expect one more touch to support region of wedge.”

But not everyone is expecting a leg down.

“I wish i was kidding. we’re trending up and there’s nothing ur silli retarded bias can do against it,” wrote popular trader Majin.

Given the fact that this is November, it is further adding to the bullish predictions. Historically, it has been one of Bitcoin’s “greatest” performing months that dates back to 2012.

Just like any other time, the market is divided into bears and bulls. And no matter the direction Bitcoin price takes, it would be good for an investor either way.

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Author: AnTy

Tether (USDt) Strikes on an Unpublished Report on Manipulating Crypto Market

Tether has taken the first step and made the move on an unpublished report that allegedly accuses the USDT stablecoin issuer of manipulating the cryptocurrency market.

However, this won’t be the first time such allegations have been made against the stablecoin.

Recently, researcher TokenAnalsyt reported on Twitter that on days that new USDT tokens are issued, BTC price increases 70% of the time.

Following the issuance of Tethers on the Ethereum blockchain, the price of BTC moves up 70% of the time while on Omni, it moves 50% of the time, the researcher found.

“I think the discrepancies are appearing recently primarily because Tether on ERC-20 is just much easier than Tether on Omni to use as a means of transferring value quickly,” Sid Shekhar, co-founder of TokenAnalyst told Bloomberg.

“Ethereum is a speedier chain than Bitcoin. As Tether is primarily used as a way to realize gains and get in and out of volatile crypto-asset positions in times of market movement, the speed of transferring into/out of it is critical.”

Tether has been at the center of the controversy since it first entered the market. In April, New York’s attorney general accused the company behind Tether, Bitfinex for being engaged in a cover-up for hiding losses.

Now, Tether has taken to clarify one such “unpublished and non-peer reviewed paper,” for false reporting based on

“flawed assumptions, incomplete and cherry-picked data, and faulty methodology.”

“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit, which may have been the true motive of the paper all along,”

Tether added.

Further providing the explanation, Tether said,

“Tether and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. All Tether tokens are fully backed by reserves and are issued pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets.”

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Author: Hank Klinger

Bitcoin’s Days of $10,000 BTC/USD Price Coming to an End, says Crypto Trader

  • Market divided on the next move BTC will make
  • Upcoming Bakkt an important milestone for the entire industry – Adam White
  • RSI showing momentum, the ongoing “one big consolidation pattern in major uptrend” could end in the next few weeks

This week has been a whirlwind of price movements as first on Sept. 19, in a sudden move Bitcoin went down to $9,600 and then today it climbed right back up to $10,310 just as suddenly.

Currently, BTC/USD is trading at $10,179 with 24 hours gains of 3.15%, as per Coincodex.

Next Move: Up or Down?

The market now is back to guessing the next move Bitcoin is going to make.

Analyst The Cryptomist is expecting another drop but after making one leg up.

“We have a falling wedge here. I am looking for one more leg up before a bigger drop. Looking for this upward move to put in a double top on larger time frame RSI, before testing the 10k region once more.”

Meanwhile, trader Scott Melker states,

“BTC Hourly: The world’s skinniest bull flag. Confirmed hidden bullish divergence (signals likely continuation) on the line chart. Odds are in favor of a break up in the coming hours.”

Meanwhile, an Important Milestone for the Entire Industry

What’s interesting is the upcoming launch of Bakkt.

Next week, Bakkt will launch physically delivered daily and monthly bitcoin futures. This first fully regulated marketplace, Adam White, COO at Bakkt, says

“is an important milestone for the entire industry.”

As for price-wise, it is hard to say whether Bitcoin will go up or down.

On Sept. 6, the day Bakkt started accepting Bitcoin deposits for its warehouse, protected by a $125 million insurance policy, Bitcoin price took a drop of almost $700.

Would it be another buy the rumor, sell the news situation for BTC price, that’s to be known!

But the Long Term Parabolic High of Bitcoin Stays Intact

We are, in fact, in a bull market as prominent analyst PlanB shares,

“When RSI enters the RSI 50-80 zone (green), bitcoin bull market starts and RSI stays in that range for 3+ up-moves. In bear markets it oscillates in a lower range.”

Currently, RSI (relative strength index), the much-used indicator is showing “momentum,” registering a reading of just under 60.

As for the sideways trading the leading cryptocurrency is currently experiencing is as put by trader Bob Loukas, just

“one big consolidation pattern in major uptrend.”

Loukas predicts that after making the October low, Bitcoin might not see $10,000 ever again.

“BTC Cycle Low due early Oct, so still a few weeks left. Post Oct low, once reclaimed, I doubt we ever see $10k again. Ever,”

he said.

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Author: AnTy

Russia’s Moscow to Make Its Own Blockchain System To Achieve More Transparency in City Admin Services

Russia is not very well-known for its transparency, so the city of Moscow is trying to make a move in the opposite direction. The Information Technologies Department of the city has decided to hire a company to create blockchain-based systems for the city. According to the city, the cost of the new system will be around $860,000 USD.

This new platform will have several types of services, such as the issuance of documents of different types. Documents related to property and farming will be issued this way. The blockchain system will use a proof of authority consensus and will hold at least 1.5 people online at the same time.

According to the government of Moscow, creating the platform won’t take too long. The project is expected to be completed in 60 days. After that, Moscow is hoping to get a boost in the transparency of electronic services.

Reports indicate that the platform will possibly be integrated into other blockchains as well and become interoperable with them. Systems like one that was created to let citizens vote could be integrated, for example.

This system, called Active Citizen, is used to vote on several city topics such as street decorations and city events. Active Citizen was created back in 2017 and it was used to vote several times so far.

In the near future, the system is also set to be used in the city’s legislative elections. 6% of the voters in the city will be able to use the system to vote on the candidates that they want.

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Author: Bitcoin Exchange Guide News Team

Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

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Author: Lujan Odera

Stellar Price Prediction Today: Daily (XLM) Value Forecast – July 16

  • Meanwhile, the market is still in a range-bound move between the levels of $0.1200 and $0.1400.
  • The price of Stellar was on a downward correction as it broke the lower price range and approaches the low at $0.0 7820.

XLM/USD Medium-term Trend: Ranging

  • Resistance Levels: $0.1300, $0.1400¸ $0.1500
  • Support levels: $0.0900, $0.0800, $0.0700

Yesterday, July 15, the price of Stellar was on a downward correction as it broke the lower price range to a low at $0.0 7820. This was the previous low of February 5. As the market approaches the February low, traders should lookout for buy setups to initiate long trades in anticipation of a bullish trend.The market may hold on February 5, as the crypto’s price will respect the historical price level. Meanwhile, the market is still in a range-bound move between the levels of $0.1200 and $0.1400.

The 12-day EMA and the 26-day EMA are trending horizontally above the price of the Stellar. The crypto’s price was below the EMAs which indicate that price is likely to fall. Meanwhile, the XLM market has reached the oversold region of the daily stochastic but below the 20% range. This indicates that price is in a bearish momentum and a sell signal.

XLM/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Stellar is in a bearish trend. The 12-day EMA and the 26-day EMA are trending southward. The XLM market has fallen to the $0.007800 price level. Meanwhile, the XLM price is in the oversold region of the daily stochastic but above the 20% range. This implies that price is in a bullish momentum and a buy signal.
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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Basic Attention Token Price Prediction Today: Daily (BAT) Value Forecast – July 15

Basic-Attention-Token-BAT-Is-Listed-on-Bitpanda
  • The BAT /USD pair is still in a range bound move between the levels of $0.30 and $0.40.
  • Traders should look out for a buy setup in order to initiate long trades.

BAT /USD Medium-term Trend: Ranging

  • Resistance Levels: $0.36, $0.38, $0.40
  • Support Levels: $0.32, $0.30, $0.28

The BAT /USD pair is still in a range bound move between the levels of $0.30 and $0.40. Traders are look out for buy setups in order to initiate long trades at the lower price range. All the false breakouts have retraced back to the range bound zone. The moving averages were sloping horizontally in between price range.

The crypto’s price is also characterized by small body candlesticks like the Doji and the Spinning tops. The candlesticks described the indecision between the buyers and the sellers at the current market price. The small body candlestick contributes to choppy price action. The small body candlestick contributes to poor price movement.

Their continued presence will determine the duration of the range bound movement. Meanwhile, the BAT price is in the oversold region of the daily stochastic but below the 40% range. This indicates the price is in a bearish momentum and a sell signal.

BAT/USD Short-term Trend: Bullish

On the 1-hour chart, the price of BAT is in a bullish trend zone. The 12-day EMA and the 26-day EMA are sloping horizontally. In the daily chart, the crypto’s price is consolidating at the lower price range for a possible breakout.  Meanwhile, the BAT price is in the overbought region of the daily stochastic but above 60% range. This indicates that price is a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Verge Price Prediction Today: Daily (XVG) Value Forecast – July 12

  • The market is still in a range-bound move between the levels of $0.00800 and $0.0100.
  • The crypto’s price was below the EMAs which indicate that price is likely to fall.

XVG/USD Medium-term Trend: Ranging

  • Resistance Levels: $0.00820, $0.00840, $0.00860
  • Support levels: $0.00680, $0.00660, $0.00640

Yesterday, July 11, the price of the Verge was on a downward correction to a low at $0.006500. This was the previous low of May 9. At this low, the bulls made an upward move to reach the $0.01200 overhead resistance level. On July 11, the bears might have exhausted their bearish pressure as the bulls make an upward move to break above the EMAs.

Traders should look out for  buy setups in order to initiate long trades in anticipation of a bullish trend. Meanwhile, the market is still in a range-bound move between the levels of $0.00800 and $0.0100. The 12-day EMA and the 26-day EMA are trending horizontally above the price of the Verge. The crypto’s price was below the EMAs which indicate that price is likely to fall. Meanwhile, the price of the verge has reached the oversold region of the daily stochastic but below 20% range. This indicates that price is in a bearish momentum and a sell signal.

XVG/USD Short-term Trend: Bearish

On the 1-hour chart, the XVG price is in a bearish trend. The 12-day EMA and the 26-day EMA are sloping southward. The crypto’s price is fluctuating below the 12-day EMA and the 26-day EMA indicating that price may continue its fall.

The crypto’s price fell to its low at $0.0064 00. Meanwhile, the price of the verge has reached the overbought region of the daily stochastic but below 20% range. This indicates that price is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha