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Bitcoin (BTC) Price Analysis — Price Surged from $8,500. Are We Out of Correction Territory?

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  • Denys Serhiichuk
    📈 Price Predictions

    Who is going to seize on the initiative in this short-term scenario - the bears or the bulls?

Bitcoin (BTC) Price Analysis — Price Surged from $8,500. Are We Out of Correction Territory?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market failed to jump-start its expected recovery. With Bitcoin (BTC) continuing its downfall (touching $8,500 on some exchanges), the altcoins have not reacted to its price movements in the same manner. Most of them are located in the green except for Ethereum (ETH), whose rate has dropped by 0.42% in the last 24 hours.

Top 10 coins by Coinstats

Below is the relevant data for BTC at publication time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $156,761,837,999

  • Price: $8,685.44

  • Volume (24H): $20,106,388,607

  • Change (24H): 0.54%

BTC/USD: Is $8,500 the Last Support Level Before an Upswing?

Today, BTC attempted a dramatic breakthrough in the trading corridor, reaching the $8,800 mark in a matter of minutes. However, pressure from sellers rejected the possibility that BTC would push upwards to the $9,000 mark. Within 30 minutes, BTC returned to the $8,600 mark, diminishing all hopes for a swift bullish upswing.

BTC/USD chart by TradingView

A local bullish wedge has been formed on the 4H chart. Pay special attention to the declining selling trading volume. This usually means that the local bearish trend may start soon. In short, traders may shortly expect a rise in price to the closest resistance level at $8,800.

BTC/USD chart by TradingView

Looking at the bigger picture, the bears still prevails over the bulls. This is confirmed by the 100-Day moving average (MA), which is about to cross 200-Day MA in a few days. This cross is an even more bearish scenario in comparison to the so-called death cross, where the 50-Day MA crosses the 200-Day MA. 

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Bitcoin (BTC) Price Analysis — Reaching $8,900 Before Another Drop

Bitcoin (BTC) Price Analysis — Reaching $8,900 Before Another Drop

When this happens, BTC might maintain a price of $8,000 until the end the year.

At the time of publication, BTC was trading at $8,667.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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Ripple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero

Ripple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero

XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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