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Bitcoin, Ethereum, Litecoin Weekly Price Forecast: Oct. 22, 2018

Pricewise
Bullish signs, however, both price directions are possible
Bitcoin, Ethereum, Litecoin Weekly Price Forecast: Oct. 22, 2018
Contents

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin price forecast

The Weekly chart

image

Last week Bitcoin made a big movement. From the volume perspective, it was not the highest week, but from the price range perspective, it was definitely one of the highest weeks since April (from low to high ~$1,370). Currently, the price trades above the major down-trendline which is the most important criterion. It shows that we have broken the down-trendline and are ready to go to the higher prices. The second important price action criterion is the red line — the curve support. At the moment, the price is under the curve support, but this criterion is pretty subjective to make any bigger assumption.

If we look at this chart, we can see a candlestick pattern — a bullish pattern called “Inverted Hammer.” This is a type of candlestick pattern found after a downtrend and is usually taken to be a trend-reversal signal. The pattern will indicate the price actions this week: we can possibly see a movement upwards, but let’s try to break it down on the lower time frames.

The daily chart

image

It’s clearly visible on the daily time frame that after the massive rally upwards and after the major down-trendline breakout, the price came down pretty quickly, and on Friday, it made a trendline retest. After the retest, the Bitcoin price has made a slow and steady climb upwards to the minor trendline which is now working as a resistance. It tried to make a breakout above the trendline yesterday but got rejected. Currently, it tries again, and it is a good sign since it indicates the buyers still want to see higher prices.

Let’s look at this a little bit deeper into the four-hour time frame. The first thing we discover is the 100 and 200 EMA which work currently as a strong support level because they are almost at the same price level. The last four-hour candle close gave us “Dragonfly Doji” which will indicate that the price will go higher — the price got rejected from EMA’s and formed a bullish candlestick pattern.

Now, if the four-hour candle closes like this, it would be another candlestick pattern called “Morning Star.” It consists of three candles and is a bullish candlestick pattern. Currently, it has a nice support, and if the close happens as we’ve mentioned, it would be a good indication that we can break the minor trendline and after that some higher levels.

The four-hour chart

image

Higher levels resistances:

  1. After the minor trendline break, the price has to fight with the major counter trendline which is pulled from Sept. 8. After last Thursday’s breakout downwards, it started to work as a resistance.
  2. The major resistance is the blue line at $6,767. This is the main area where we have to watch what the price action offers. If we want to see a bullish week from BTC, we just have to take down that resistance. In order to get there, we have to break the minor trendline first, the major counter trendline second and then the aforementioned price level of $6,767. The first target after the blue line breakout is around $6,900–$7,000. The road to there is not easy but is definitely possible (remember the “Inverted Hammer” candlestick pattern on the weekly time frame).

Lower levels supports:

  1. If we can’t find enough power to go upwards from EMA’s and fall below those, then the first support is the round number $6,500.
  2. Not far from the round number is the major down-trendline which still works as a support, but you have to watch it precisely from the weeks since March 5.
  3. The strong support (the blue line) at $6,460.

These three supports make a very strong crossing area which is hard to beat. However, if a candle closes (at least four-hour candle) below the last support level, stay away from the market because we can see a big movement there.

Ethereum price forecast

The weekly chart:

imageLike Bitcoin, on the weekly chart, Ethereum shows the same bullish candlestick pattern called “Inverted Hammer.” Last week, Ethereum got rejected from $240 and fell back into the triangle. The triangle has been there since September, and after the breakout from either direction, it is easier to say where the price wants to go.

Currently, it has found a support from the round number at $200, from the brown trendline which is pulled from March and from the triangle bottom trendline crossing area (together they make a very strong support).

The daily chart

image

The daily chart shows that Ethereum still makes the lower highs, but in the bigger picture, we manage to hold that higher low which was made on Oct. 11. Those lower highs and higher lows allow drawing the trendlines (upper and bottom) which together make the Triangle. Last week ETH was rejected from the triangle upper trendline and from the two strong resistances (the blue lines at $224 and $236). Soon we will see a bigger movement because we are approaching the triangle tip, where the price is ‘smashed’ together and is ready to make a big move. The four-hour chart provides confirmations of which direction the price will follow.

The four-hour chart

image

Bullish scenario:

  1. To be bullish we have to get support from the market and from the bullish Bitcoin. If Bitcoin makes a breakout from the $6,767, then ETH has an opportunity to make a breakout from the triangle (upwards). So, the first big bullish sign is the four-hour candle closed above the triangle upper trendline.
  2. The second confirmation comes from the EMA 200. If the price reaches into the triangle trendline, then the 200 EMA will match exactly with this and they make together a strong resistance area.

So, a close above the trendline and the 200 EMA should guide us to the higher levels. The first targets will be the higher resistance at $236 and the August low — the round number — at $250.

Bearish scenario:

  1. A close below the round number $200.
  2. A close below the triangle bottom trendline which is currently also the major counter trendline.
  3. A close below the brown trendline which is pulled from March.

As we’ve said before, those criteria make a very strong price level which is hard to beat, but if a candle closes below the red line, stay away from the Ethereum, because after that it will probably be approaching the 2018 low level of $167.

Litecoin weekly price forecast

The weekly chart

image

If we watch it from the candlestick perspective, Litecoin is not an exception and has also got the “Inverted Hammer.” The last week pump guided us to the $62 where we got rejected back below the 200 EMA. It’s possible we’ll see a movement this or the next week because the price is in the trendlines crossing area tip and is ready to make a move. The move depends on the market because altcoins don’t move without Bitcoin, they need a support from the whole market and from the BTC. The price movement allows drawing two clean trendlines — the down-trendline and the counter trendline. If we want to know which direction is more favorable, we have to dig into the lower time frames.

The daily chart

imageOn the daily time frame, we can see that the down-trendline has worked perfectly as a resistance. The price got rejected from the trendline multiple times, and from that we can say this is currently the major resistance that the price has to take down to go higher.

The daily time frame also offers us a bit sloppy bearish chart pattern called “Descending Triangle.” It is still the triangle, and the price has opportunities to breakout either direction but a more favorable one is a breakout downwards. So far we’ve got mixed signs — a bullish candlestick pattern on the weekly chart and the bearish pattern on the daily chart. Let’s find some confirmation areas of both scenarios.

The four-hour chart

imageLet’s play both scenarios that could possibly happen this week because the price is very close to the trendlines crossing area which indicates that the explosion is on the way.

Bullish scenario:

  1. The price has to break above the down-trendline which worked as a strong resistance. It would be the first bullish sign if the price manages to stay above that trendline.
  2. A breakout from the trendline guides us to the sloppy “Descending Triangle.” This is the minor resistance, but we count this as a resistance because the 200 EMA is also in this area.

If the explosion occurrs, the major target will be the super-strong area at $62.

Bearish scenario:

  1.  Break below the counter trendline.
  2. Break below the “Descending Triangle.”

Those criteria indicate that the price may go and retest the 2018 low at $47. If we get a breakout downwards, the sloppy “Descending Triangle” starts to work and will guide the movements into the lower prices. So, be ready and alerted if this scenario is on the chart!

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Ethereum, Ripple and Litecoin Reach Growth Targets, While Bitcoin Hesitates

Pricewise
Bitcoin consolidates around $8,000, giving investors some time to enjoy altcoin growth
Ethereum, Ripple and Litecoin Reach Growth Targets, While Bitcoin Hesitates
Contents

The market is growing, Bitcoin is not. This short phrase is enough for an exhaustive description of the current situation. If you just look at the price of the main asset, growth is not apparent: most investors expected a reprise of the winter scenario when Bitcoin set the direction of the movement initially and altcoins entered the game a month later. Now we see the opposite situation and, most likely, the profits earned on the growth of other assets will eventually become fuel for the heavyweight Bitcoin.

Internal resources for growth can’t last forever

Meanwhile, the primary cryptocurrency is losing ground: while the market capitalization grew by another $20 bln in 24 hours (up to $360 bln),

BTC dominance fell to 38.5 percent. One and a half percent is a record daily decline in this indicator since the beginning of the year. This leads us to believe that growth is supported in large part by money which is already in the market, rather than an inflow of "fresh blood."

When the last signs of FUD (which are already fading out) finally give way to a positive informational background, we will see another rally, funded by the resources of new investors.

BTC/USD

Bitcoin has not yet earned back the love of investors, the best confirmation of which in the cryptocurrency market are, of course, volumes- they remain at an average level. Therefore, the buyers only managed to fulfill the minimum goal set for yesterday, keeping the price above $8,200. At $8,380 there is a mirror resistance level, which exerts more pressure on the asset than we expected. After overcoming this level and breaking the “double top” pattern, the bulls can test their strength in reaching the next target range of $8,600-$8,700.

BTC / USD, Bitfinex, 4 Hour Chart

Keeping in mind the presence of a manipulator in the market, the price movements described above could be called “small potatoes,” although out of respect to the oldest asset, the official term is “organic growth.” At any moment, we could see a long green candle (like the one that turned the market around on April 12), or a red one with a length of $500-$700.

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During the weekend, the prospective target for buyers is the interval of $9,200-$9,300, coinciding with a strong mirror resistance level. However, it is quite likely that some investors will decide to book profits at the psychological mark of $9,000. In case of negative developments, Bitcoin can fall back to the nearest resistance at $7,800-8,000. We also continue to keep in mind the level of $7,500, but the likelihood of reaching it has diminished since yesterday even more.

ETH/USD

As we expected, the prolonged lateral trading in the range $490-$530 ended with Ethereum’s growth to the first of its short-term goals - $580. The error was less than one percent, as the previous day's high was in fact $588, followed by the expected fallback.

ETH / USD, Bitfinex, 4 Hour Chart

With the bullish sentiment still prevalent on the market, the depth of the fallback should not be too great- according to our estimates, buyers will find support at the 0.382 value of the Fibonacci grid, at $555, and the minimum price in the near future should not fall below $530.

Even in that case, the аscending channel will not be broken. The next target for the bulls has not changed- it's $615, and under favorable circumstances, it can be reached within the next few days.

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XRP/USD

We invite our readers (especially those, who follow our recommendations) to celebrate- another goal has been executed with perfect accuracy. By the end of the week, Ripple has reached $0.75 and $0.86 and now deserves a break for the weekend. For continued growth, the asset will probably need to stay at lower levels for a bit.

XRP / USD, Bitfinex, 4 Hour Chart

It is possible that after breaking the ascending channel, the price will form a bullish pennant when it is retested. This will allow for the continuation of upward movement, with the goal clearly visible now at $0.95. However, the asset is already looking overbought, so the correction to the range of $0.79-$0.77 is more likely.

Growing volumes confirm that Ripple is not forgotten, and investors can expect to see good profits in the medium term.

LTC/USD

We conclude our review with the chart of Litecoin, which did not fail us and has gracefully moved through the ascending channel to the $150 mark. In accordance with market law, the asset must now cool down a bit, and it will be doing so around $142.

LTC / USD, Bitfinex, 4 Hour Chart

Given certain fundamental problems, in the context of a Bitcoin correction, its younger brother is risking a test of lower levels and the boundary of the ascending channel. In price terms, this is $137. And if the market continues to grow, then the next stop, theoretically, can be at $160.

Let's not forget that Litecoin is a dependent asset and does not possess the self-sufficiency of Ripple, for example. So, if our readers really want to trade it, they must carefully monitor the situation in the market as a whole.

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Bitcoin, Ethereum, EOS Return to Upside Correction: Price Analysis, June 6

Pricewise
Holy Top 20 is in green Wednesday, technical factors rule the markets
Bitcoin, Ethereum, EOS Return to Upside Correction: Price Analysis, June 6
Contents

The Holy Top 20 is green Wednesday  (except Lisk naturally, which has shown the negative dynamics in the past 24 hours), which means that cryptocurrencies have returned to their correction paths. Is there something important to make investors and traders change their bearish moods? Obviously, nothing to pay attention to.

This correction is a technical aspect that has no fundamental basis currently. However, nobody is able to predict whether there will be no reasons for growth tomorrow. Anyway, those who have already bought cryptos in the beginning of their corrections are happy now as cryptocurrencies have deeper corrections than initially expected.

As for news, there is nothing to affect the industry, but we would like to mention Steve Wozniak’s interview, in which he stated that Bitcoin will become the global crypto in 10 years.

Bitcoin (BTC/USD) Price Analysis, June 6

BTC/USD Hourly

Bitcoin continues its correction to the downtrend, which generally looks like wide flat fluctuations. BTC/USD has added almost two percent in the past 24 hours. However, Bitcoin remains under the green ascending trend line, meaning the correction momentum is lost already.

BTC/USD Hourly FIBO

Let’s get closer to the current situation. BTC/USD has reached the support area at $7,341 on Tuesday, but jumped off this level later and managed even to cross the closest resistance area at $7,565. The currency pair has tested the green ascending trend line from below, but buyers were unable to drive Bitcoin higher. The possible ways for BTC/USD are the following:

  1. Red scenario (bearish). The currency pair will break through the closest support area at $7,565 and move lower targeting the next support area at $7,341.
  2. Orange scenario (neutral). Bitcoin will stay within the range, limited by the resistance area at $7,734 and the support area at $7,565 without significant price changes.
  3. Green scenario (bullish). BTC/USD will move towards the closest resistance area at $7,734 and break it through targeting the next resistance area at $7,949. This scenario includes also the probability for Bitcoin to jump over the green ascending trend line.

Ethereum (ETH/USD) Price Analysis, June 6

ETH/USD Hourly

Ethereum has added almost two percent in the past 24 hours but ETH price is still below the green ascending trend line. The situation looks like ETH/USD is in correction in general, but the latest fluctuations show that the currency pair is in a large flat with no clear direction.

ETH/USD Hourly FIBO

Let’s see closer what is happening inside the Fibonacci retracement. ETH/USD has reached 2.618 retracement level on Tuesday but failed to hold it as ETH price went upwards. Ethereum has crossed the closest resistance area at $596.09 later. The currency pair stays above this level currently, below the ascending trend line. What are the possible ways for Ethereum?

  1. Red scenario (bearish). The currency pair will break through the closest support area at $596.08 and run lower targeting the next support area at $566.90.
  2. Orange scenario (neutral). ETH/USD Will stay within the current horizontal range, limited by the resistance area at $626.66 and the support area at $596.08 without any significant changes.
  3. Green scenario (bullish). The currency pair will break through $626.66 resistance area targeting the next one at $662.39. This scenario includes also situation when ETH/USD jumps over the ascending trend line.

Ripple (XRP/USD) Price Analysis, June 6

XRP/USD Hourly

Ripple looks better than allies as the currency pair develops its upside correction. It is close to the boundary of Fibonacci retracement tool and may breach it in the nearest future. However, XRP/USD still stays below the green ascending trend line.

XRP/USD Hourly FIBO

Let’s have a closer look at what’s happening on the hourly chart. The currency pair had a deep downside correction on Monday and Tuesday but managed to cross $0.6515 and several retracement levels. XRP/USD failed to jump over the green ascending trend line, but was close to it. Ripple seem to establish a bullish flag currently meaning the currency pair will be able to develop its upside tendency. What are the possible ways for XRP/USD?

  1. Red scenario (bearish). The currency pair will cross 0.786 retracement level and the support area at $0.6515, which coincides with one retracement level targeting the next support area at $0.6216.
  2. Orange scenario (neutral). The currency pair will stay between 0.5 and 0.786 retracement levels without significant price changes.
  3. Green scenario (bullish). XRP/USD will develop its upside tendency targeting the upper boundary of the Fibonacci retracement, which coincides with the resistance area at $0.7013.

EOS (EOS/USD) Price Analysis, June 6

EOS/USD Hourly

EOS feels much better than its rivals today as the price is still above the green ascending trend line meaning the currency pair hold its upside tendency. EOS/USD has added almost three percent in the past 24 hours, which is one of the best top 20 results on Wednesday.

EOS/USD Hourly FIBO

Let’s see what’s going on the Hourly chart. The currency pair reached the support area at $12.80 on Monday-Tuesday and jumped off it. EOS/USD has crossed to resistance area at $13.45 on Tuesday and tested $14.11 as well. We have some kind of a bullish flag on the hourly chart meaning buyers have chances to develop their progress. What are the possible ways for the currency pair for the next 24 hours?

  1. Red scenario (bearish). The currency pair will jump off the current resistance area at $14.11 and move lower targeting the following areas (support at $13,45 and $12.80).
  2. Orange scenario (neutral). EOS/USD will stay within this range, limited by the current resistance area at $14.11 and the closest support area at $13.45.
  3. Green scenario (bullish). EOS will break through the current resistance area at $14.11 targeting the next one at $14.69.

NEO (NEO/USD) Price Analysis, June 6

NEO/USD Hourly

NEO has added two percent in the past 24 hours but it looks worse than EOS as the currency pair seems to be in flat. NEO has breached its green ascending trend line in the beginning of the week and still hesitating to make any tendency choice.

NEO/USD Hourly Closer

Let’s look closer at the situation on the hourly chart. NEO has reached the support area at $53.20 on Monday/Tuesday and even crossed it, but failed to reach the next support at $50.24 and reversed. The currency pair managed to cross $53.20 again (but from below this time). NEO fluctuates above this level in the moment of writing. We can see some kind of flag pattern meaning NEO/USD has opportunities to run higher. What are the ways for NEO/USD?

  1. Red scenario (bearish). The currency pair will break through the closest support area at $53.20 and run downwards targeting the next support area at $50.24.
  2. Orange scenario (neutral). NEO/USD will stay within the current range, limited by the resistance area at $56.00 and the support at $53.20.
  3. Green scenario (bullish). NEO/USD will grow towards $56.00 and then target the next resistance area at $58.03.

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Bitcoin, Ethereum, Ripple, EOS, NEM Remain Flat, No Significant Price Changes In Past 48 Hours: Price Analysis, June 27

Pricewise
Bitcoin, Ethereum, Ripple, EOS, NEM remain neutral on Wednesday, the price is consolidating
Bitcoin, Ethereum, Ripple, EOS, NEM Remain Flat, No Significant Price Changes In Past 48 Hours: Price Analysis, June 27
Contents

The crypto market seems to make another stop as Bitcoin and its rivals had no significant price changes within the past 48 hours. General market players’ moods remain neutral but cryptos have some room to decline.

As for news and events, there is nothing to worry about, but some information may be useful and interesting to traders. Binance resumes its operations after two days of maintenance. The famous exchange stopped trading and withdrawal procedures a couple of days ago and was supposed to resume them on June 26. However, they have notified their users that they need more time to complete all their tasks.

Another interesting news is about the Reserve Bank of Australia and Bitcoin. The head of the regulatory authority underlined in his comments that there is no need for Bitcoin in Australia as the local fiat currency is strong enough. He stated also that BTC may be useful in other countries where traditional currencies are weak.

Bitcoin (BTC/USD) Price analysis, June 27

BTC/USD Hourly General

Bitcoin has lost more than two percent in the past 24 hours, but in general, the currency pair has no direction in the moment of writing. BTC/USD fluctuates below the descending trendline meaning we still have the local downtrend and sellers are able to push Bitcoin lower at any moment.

BTC/USD Hourly Closer

Let’s have a closer look at the hourly chart. Bitcoin has tested the resistance line at 3.618 retracement level a couple of times but failed to go higher. Cryptocurrency remains below this area in the moment of writing. The possible ways for BTC/USD are the following:

  1. Red scenario (bearish). Bitcoin will fall below the support area at 4.236 retracement level and move lower.
  2. Orange scenario (neutral). BTC/USD will remain within the current border, limited by the support at 4.236 and the resistance at 3.618 retracement levels.
  3. Green scenario (bullish). The currency pair will move higher and after successfully testing the resistance area at 3.618, it will target the next resistance at $6,510.

Ethereum (ETH/USD) Price analysis, June 27

ETH/USD Hourly General

Ethereum has lost more than five percent in the past 24 hours. However, in general, there is no direction currently. The currency pair has crossed the descending trend line from below, but Ethereum approaches it again, ready to test it from above.

ETH/USD Hourly Closer

When we look closer at the hourly chart we can see that ETH/USD has tested $473.39 resistance area but failed to jump over it and started to decline. Ethereum has broken through the support area at $453.24 later and managed to fall below the next support at $431.42. The possible ways for Ethereum are the following:

  1. Red scenario (bearish). The currency pair will fall below the support area at $417.28 and develop its downtrend.
  2. Orange scenario (neutral). Ethereum will remain within the current range limited by the support area at $417.28 and the resistance area at $431.42.
  3. Green scenario (bullish). ETH/USD will break through the resistance at $431.42 and move higher, targeting the next resistance at $453.24.

Ripple (XRP/USD) Price analysis, June 27

XRP/USD Hourly General

Ripple has lost more than four percent in the past 24 hours but looks neutral in general. The currency pair went above the descending trend line on the Hourly chart. However, Ripple goes downwards at the moment of writing aiming at this trend line.

XRP/USD Hourly Closer

Let’s have a closer look at the hourly chart. The currency pair has tested the resistance area at $0.4918, but failed to cross it and reversed finally. XRP/USD has broken through the support area at $0.4744 and reached the next support at $0.4495. The possible ways for XRP/USD are the following:

  1. Red scenario (bearish). The currency pair will jump over the support area at $0.4495 and move lower.
  2. Orange scenario (neutral). Ripple will stay within the current borders, formed by the resistance at $0.4744 and the support at $0.4495.
  3. Green scenario (bullish). The currency pair will break through the resistance area at $0.4744 and move higher targeting the next resistance at $0.4918.

EOS (EOS/USD) Price analysis, June 27

 EOS/USD Hourly General

EOS suffered more significant losses in the past 24 hours. However, the currency pair shows no direction in general. The currency pair is above the descending trend line and looks neutral mid-term. It seems like market participants are preparing for something great.

EOS/USD Hourly Closer

When we look closer at the hourly chart we can see that EOS/USD reached the resistance area at $8.29, but stopped there and declined later. The currency pair has crossed the support at $7.65 and fluctuates below in the moment of writing. The possible ways for EOS/USD are the following:

  1. Red scenario (bearish). The currency pair will break through the support area at $7.10 to move lower.
  2. Orange scenario (neutral). EOS will stay within the current range with no significant price changes, limited by the support at $7.10 and the resistance at $7.65.
  3. Green scenario (bullish). EOS/USD is going to cross the resistance at $7.65 and move higher, targeting the next resistance at $8.29.

NEM (XEM/USD) Price analysis, June 27

XEM/USD Hourly General

NEM was bearish in the past 24 hours as the currency pair has lost more than five percent. However, in general, XEM/USD is neutral as there is no direction currently. The currency pair went above the descending trend line  but is trying to reach it again from above.

XEM/USD Hourly Closer

NEM failed to reach the resistance area at $0.1682 and declined later towards the support at $0.1539. The currency pair jumped over this line and fluctuates below it in the moment of writing. The possible ways for XEM/USD are the following:

  1. Red scenario (bearish). The currency pair will reach the support area at $0.1459 to test it. If successful, sellers will be able to push XEM/USD lower.
  2. Orange scenario (neutral). NEM will stay within the current range limited by the resistance at $0.1539 and the support at $0.1459.
  3. Green scenario (bullish). The currency pair will test the resistance area at $0.1539 and if successful, buyers will drive it towards the next resistance at $0.1682.

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Cash Apps Cashing in on Cryptocurrency: Good For All

Cash Apps are starting to venture into cryptocurrencies and it could be a game changer for both the apps and the digital currency space
Cash Apps Cashing in on Cryptocurrency: Good For All
Contents

So-called ‘Cash Apps’ such as Venmo, have filed an important niche in today’s society, making the transfer of money simple and easy for a new generation who operate mostly from smartphones. However, there is already an overhauling happening as some of these apps build in cryptocurrency support.

In the news, Square Cash app, which is headed up by Twitter CEO Jack Dorsey, has overtaken the popular Veneno in popularity, and while it is hard to pin that all on the fact that Square integrated crypto, it could be playing a part.  

A new era

Square has always been aligned to Bitcoin especially seeing as Dorsey has praised the digital currency as the future of finance. But it is not the only one that has moved into the space. Others include Circle, and Robinhood, and even within this space, these apps are in hot competition to provide the best crypto service for ordinary users.

Robinhood has added new coins recently, as well as began with zero fee trading, all in order to grow their user base, but now it seems that the option of crypto is boosting the cash app market.

According to data from Sensor Tower and Nomura Instinet, Square’s App has been downloaded 33.5 mln times, while Venmo has been downloaded 32.9 mln times. This move is a result of Square staggering growth rate at nearly three times faster than Venmo.

Good for crypto

The popularity of Cash Apps that are integrated with crypto says a lot about the space currently. Digital currencies, especially Bitcoin, have been evolving over their few years of existence. Bitcoin was always seen as digital currency, but its recent growth and rise in popularity has made it more valuable as a store of value.

However, there are other options out there that are suited for use as a currency, such as Litecoin and Bitcoin Cash, and as these Cash Apps grow, they are delving into this alternative currencies, testing the markets and the popularity of using such coins as cash.

However, regardless of which coin is better, or which apps are best, the truth of the matter is that there is clearly interested in using crypto simply in the form of an app. For those in the know, Bitcoin and other cryptocurrencies can be easily sent, spent, and received with the use of exchanges and wallets, but for the general man on the street, other options are needed.

Much like Wall Street is awaiting a Bitcoin ETF in order to break into a hitherto unknown market, the option of spending cryptocurrency as easily as cash on an app is far more appealing and can aid in the mainstream adoption.

Putting the cash back into cryptocurrencies

Cryptocurrencies will continue to evolve and change direction, but there is little doubting that their ultimate goal, down the line, should be as a means of exchange. These boosts in popularity for mainstream users as cash will help sculpt the ecosystem and make sure that their use as the currency continues.

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Slow But Steady: Bitcoin Price Reaches $11,000 on Low Volume Trades

Pricewise
Spring arrives in the cryptocurrency market: Bitcoin's critical resistance is broken for the third, and hopefully, last time.
Slow But Steady: Bitcoin Price Reaches $11,000 on Low Volume Trades
Contents

We congratulate our readers on the arrival of spring, both on the calendar and in the cryptocurrency market. Whether the bears like it or not, Bitcoin’s 80-day downward trend has been broken for the third, and probably the last, time.

The price of the asset is near the $11,000 mark, total market capitalization is also growing and is now $465 bln. Bitcoin dominance reached 40.7 percent, continuing to set records in the new year.

Not all market participants realize yet that there is no way back, the prolonged correction has taught investors to be cautious, when every localized success threatened to turn into a “bull trap.”

But every day the number of optimists will grow, and as soon as the weekend we are likely to see a surge in buyer activity.

Altcoins from the lower divisions set the tone

Bitcoin is not the only asset with a price increase; altcoins are also making up for yesterday’s nervous downward leap.

We noticed a few patterns which instill confidence that the bears’ reign is coming to an end. While there are no shocks in the top 10 (Bitcoin Cash and IOTA grew by seven percent, with the rest of the assets increasing two to four percent), events are unfolding more swiftly beyond the pinnacle.

Some positions are showing growth from 20 to 30 percent, that is, earlier they already reached their bottom and now investors are actively growing long positions.

We will just mention the coins, leaving the pleasure of tracking the individual price dynamics to the readers: TRON, Populous, Dragonchain, FunFair.

BTC/USD

On the Bitcoin chart, we placed three resistance lines every one of which has been overcome. In between the first and the second break the bears orchestrated a week-long local correction, only two days passed between the second and the third attempt to reverse the trend. Now the price is at the fair level for the period since the beginning of November, which is an excellent starting point for further growth.

Picture 1

At the moment, we see two target zones- the first in the range of $11,800-$12,150, which coincides with the previous local maximum and the mirror support-resistance level; the second in the $13,000-$13,350 range, which coincides with the 1.618 Fibonacci retracement. More accurate data will be available as the situation develops.

The price movement is facing a slight resistance at the upper boundary of the ascending channel, indicated by a thick red line. However, it will also be broken, as soon as there are good purchasing volumes.

We do not want to consider the negative scenario, but if the bears will send their last greetings, a test of $10,000 is possible.

BCH/USD

On Thursday, Bitcoin Cash showed good growth, and we know the reason. The time has come to convince investors that there’s still some life in the asset, until now, BCH gave little occasion for joy to holders of long positions.

The current price of the asset is $1,280 and is near fair price for the period of four months. The chart shows the formation of a “bullish flag,” if activated, the target level will be $1,400.

Picture 2

After reaching the first target, we expect the price to fall back to the lower boundary of the ascending channel, which will form a different figure- the “bullish triangle” with a possible exit under $1,550.

Our marking shows a third target coinciding with the 1.618 Fibonacci extension- $1,680, but it’s doubtful that it can be reached soon.

Bitcoin Cash still lacks fundamental reasons for growth, so everything that will happen with the price in the near future will be the result of either the market’s general momentum or the manipulations of big players. Again, we recommend that readers remain extremely cautious when trading this unpredictable asset.

XMR/USD

In 2018, the cryptocurrency community is experiencing a real wave of hard forks. Now Monero too is getting some attention from developers who are planning to present a new project on March 14, MoneroV.

Let’s dot the I’s: the asset is attractive in itself, due to its speed and anonymity, but the upcoming event is what catalyzed the rapid growth.

Picture 3

In 24 hours, XMR grew by 15 percent, reached the price of $325 and almost broke into the top 10. At the moment the price coincides with fair value, so it's not worth worrying about a sudden collapse of the rate. On the contrary, if buyer initiative continues, the next targets are $340 and $355.

In case of a negative scenario, a correction is possible down to $300 and further toward the lower boundary of the ascending channel, but there are no causes for this, as of yet.

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