*** 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 weekly forecast
Let's start with a weekly time frame. In the picture above, we have a curved support line which reflects the price over a period of time. It starts this February, and now we have touched it multiple times over the last weeks. Previously, when the price was approaching the trendline, it was rejected quickly and had to move sharply downwards and when the price has touched the curved support line after that, it has bounced upwards pretty quickly. But currently, we are waiting for the momentum with the volume. This week we will definitely see a bigger movement because the price is approaching the crossing area and is ready to make a breakout in either direction. In order to find out which direction is more favorable, we need to examine shorter time frames, too. However, during the last three weeks, the price has bounced upwards from the round number of $6,500 which works as a support. Note that there are more bullish signs on shorter time frames.
Let's take a look at a four-hour chart. As you might have already noticed, we managed to push through the trendline which was the last week major goal. Over the weekend, as usual, the price moved sideways because the weekends are historically with a super-low volume. Luckily, this sideways kick brought an important price action movement. On Friday, Bitcoin broke above the trendline and over the weekend made a retest and got a bounce exactly from the trendline which previously was a resistance and now becomes a support.
To get a move upwards, we have to break above the orange line, which is just above the current price. This level has worked multiple times as a resistance and if this level breaks, it will be the first sign of the bullishness. That would be a small step due to Bitcoin’s super-strong resistance and the major down-trendline crossing area position above the orange line. Crossing area is very hard to crack and we need a massive volume to accomplish that. If Bitcoin moves upwards, we can get the power to guide us through $6,767 and through the major down-trendline. Thus, the first major targets would be around $7,000 and $7,300.
In the four-hour chart, the Bitcoin price trades above the all-important EMA's which is a good sign if we want to see a movement upward. However, in the daily chart, the price is currently below the 50 EMA. It works as a resistance and matches with the orange line on the four-hour chart. The orange line is the first short-term level for bullish BTC.
Remember, the breakout can occur in either direction: above the major down-trendline or below the curve support. The major downwards confirmation is a daily close below the curve support and the round number of $6,500. The close will give us several “break below's”:
Break below the curve support;
Break below the round number;
Break below the EMA's;
Break below the minor up-trendlines.
Weekly timeframe analysis indicates that the price starts to ‘think’ differently — three weeks around the major trendline without any dump are an indication.
The four-hour chart shows bullish signs such as trendline breakout and retest, but strong support levels at $6,460 and $6,500 have held the price nicely.
The correction to $6,460–$6,500 is possible; however, it’s not favorable to witness candle close below these levels. Specifically, it applies to a daily candle close because then the bullish momentum would be gone and the possibility that the bears start to control the market would be high.
RIPPLE (XRP/USD) Possible Scenarios
Since Sept. 22, the Ripple price has had consolidation between $0.45 and $0.6. Remember, last week we discovered “Cypher” harmonic pattern and now it has completed. Currently, it got a bounce exactly from the ‘complete area’ at $0.475.
The price is again above the short-term counter trendline which is a good sign if the market stays stable. To get a full confirmation, we have to break the round number of $0.5 which works as a resistance. In this area, there is also an old support level which now transfers into the resistance level. So, the road to the higher prices is almost free. The only stop could be on the May’s low level at $0.544. This scenario could be very powerful if Bitcoin makes a breakout upward from the major down-trendline. In this case, the target is even higher and we can easily reach it into the June low level at $0.7.
Bearish confirmation would be a candle close below the previous low at $0.47 (below the short-term counter trendline). The first support would be the grey area, which was the support on Sept. 25, and after its crack, the major support would be at $0.4.
P2PB2B is an Estonian cryptocurrency exchange that can be used by individual customers only, but has a few benefits for ICOs, too. It features an open API for startups and provides the opportunity to get a free listing within 5 minutes. The multi cryptocurrency exchange platform has managed to attract a worldwide audience and reach an enormous daily turnover. How it can be useful for the average user and token creators, and is the game worth the candle?
Established in 2014, the Estonia-based P2PB2B exchange platform has quickly become popular around the world. It enables users to sell and buy cryptocurrency online. Its main currencies are BTC, ETH, and USD. What makes it appealing is the absence of trading fees and the fact that it has got a free listing of any business application’s API.
Today, P2PB2B supports 42 trading pairs with the following most popular combinations: BTC/USD, BCH/ETH, BCH/USD, DASH/BTC, BCH/BTC, LTC/BTC, DASH/USD, ETC/BTC, DASH/ETH, LTC/USD.
At the moment of writing this article, the exchange platform had a daily turnover of $31.38 mln and was the 47th exchange platform in the world by the volume of trading per 24 hours. In the last week, the overall trading turnover was $80.76 mln or 12,609.76 BTC, the monthly turnover — $148.77 mln or 23,228.17 BTC.
Generally, P2PB2B reviews are positive: users are satisfied with the speed of processing and fee policy. But can P2PB2B be called an ideal place for traders?
When it comes to P2PB2B, it seems to be a bare-bones solution: the platform cannot boast out-of-the-box functions, but it does what’s said on the label. P2PB2B is a reliable, quick and convenient cryptocurrency exchange platform — isn’t this the primary requirement from traders?
To make the trading process more efficient, the exchange provides:
current cryptocurrency rates;
When you need a simple and reliable cryptocurrency exchange platform, this is just the ticket.
Limit your appetites: P2PB2B won’t spoil you rotten with such features as signals, detailed personalized statistics, or crypto funds (analog of bank deposits). However, you can reap benefits from:
Exceptional processing speed: servers process up to 10,000 trades every second and support up to 1,000,000 TCP connections.
Decent safety. Over 95% of users’ assets are stored on cold wallets. Hacking is detected and blocked by an advanced Firewall.
A well-developed affiliate program allows adding to your profit. The referral program is topped off by the referral game: every season, the most active traders can win a generous amount of altcoins.
24/7 customer support is available for all users. Assistants speak English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German.
Recently, ATB coin was added, which delighted many traders.
It should be noted that P2PB2B’s single-page website is simplicity itself: it features everything you need and nothing you don’t. Navigation is a no-brainer, and newcomers will easily figure out what is what.
As previously mentioned, P2PB2B organizes contests: the most active users can gain points and win free tokens. The P2PB2B team went further and introduced ‘the Battle of Bitcoin forks’ for token creators.
What is it made for? Since the launch of Bitcoin, many developers tried to improve it and fix issues. In April 2018, there were 69 Bitcoin forks in total, but only 10 of them were present on exchanges. P2PB2B decided to help the best forks make their way to the market. The crypto community will decide which project is the best – winners get listed on P2PB2B.
Traders with at least 0.003 BTC / 0.05 ETH / 25 USD on their account are allowed to vote. How is it organized?
The first stage lasts one week, and only 8 coins pass to the next round. Coins that make it to the play-off receive listing on the platform for one month.
Eight coins are divided into pairs and participate in matches. Each match lasts 24 hours. Only 2 finalists pass to the final.
The final stage lasts for 5 days. The winner is chosen by voting and gets a free listing on the exchange.
Following this process, the companies behind Bitcoin forks will be able to promote their token.
P2PB2B offers a great referral program that’s topped off by Referral Games. Users who recommend this platform to their friends are paid a certain percent from their transactions. It is calculated in the currency of the trading commission and paid once a month.
In November-December 2018, the platform will organize the next season of Referral Games (every user is free to participate). To become a participant, you should register on https://p2pb2b.io, get the Referral Link, and invite friends through it. The more friends join the platform, the more coins you get. There’s one condition: a player should perform at least one transaction once a day, be that an order, deposit or withdrawal. Each transaction brings one point.
The actions of referred friends matter, as well. Thus, when a friend deposits money on his account or goes through KYC procedure, you get 5 or 10 points correspondingly. As soon as the number of referred friends reaches 10, a trader can get a 50% commission rate until the end of the game.
5 traders with the highest amount of points will win. The 1 mln token winners’ pot will be divided in the following way:
1 place – 250,000 tokens.
2 place – 125,000 tokens.
3place – 50,000 tokens.
4 place– 40,000 tokens.
5 place – 35,000 tokens.
Every season, the type of coin for reward is changed. This time, the E-Dinar coin is playing in the season.
Exchange Trade Volume
P2PB2B is in the Top-50 world exchange platform ranking due to the fact that its daily exchange volume is $31.38 mln (4,899.74 BTC). In a week, the exchange trade rate rises to $80.76 mln (12,609.76 BT); in a month, to $148.77 mln or 23,228.17 BTC.
How to Use P2PB2B
The platform is very easy in use. First, you need to register — this process takes a couple of minutes and requires minimal personal information. Then you should make a deposit and start trading. Exchange transactions are performed in the form of orders. You can be a maker and place your sell/buy order, or be a taker and accept someone’s order — this transaction will be instant.
In order to purchase cryptocurrency, you need to make a USD deposit on your account. This can be done by a wire transfer, or with a debit/credit card. Go to the personal Account → Deposit. Choose a payment method and confirm the transaction. As a rule, money is deposited instantly.
As soon as you have money transferred on your account, you should go to the Trade section and place or select the existing Buy order. As soon as it’s accepted by someone, you’ll have the coins transferred on your account.
On P2PB2B, users can buy vouchers (alphanumeric redeemable code) that can serve to transfer coins between Accounts. To buy a voucher, go to the Codes section on the upper left corner of the interface. Select the desired cryptocurrency from the list and specify the amount of the voucher. Then click the Create button. After that, the code should appear in My Code section.
At the moment, P2PB2B offers 42 trading pairs. The most popular are LTC/BTC. BTC/USD, BCH/ETH, BCH/USD, DASH/BTC, DASH/ETH, ETC/BTC. It cannot be called an extensive choice, but the most demanded coins are covered.
Good news: P2PB2B does not charge any trading fees. Exchanging cryptocurrency is totally free. However, deposit and withdrawal are charged. The platform accepts deposits in USD only: the fee is 4% (min 10 USD, max 100 USD). 0.2% fee is charged in addition to the purchased deposit.
As for withdrawal fees, they depend on the type of cryptocurrency you use:
-USD: 4% (min 10 USD, max 100 USD);
-0 ATB + 0.1% (min 10 ATB, max 1000 ATB);
-0.1% (min 0.1 BTG, max 10 BTG);
The platform may also charge a Storage fee for storing cryptocurrency until assets are reclaimed. The exact amount of fee can be checked in the Fee Schedule page. This commission is charged on a daily basis.
Now confirm that you agree with conditions and click Sign up. An activation email will be sent to you. If you don’t see the letter, check the Spam folder. Click the link inside the email and you’re ready.
If you have forgotten your password, you’ll need to go through the procedure of recovery, which might be quite complicated. In fact, users are allowed to generate a PIN-code for password recovery, but if you forget that too, you’ll have no choice but to contact customer support. Write [email protected] from your email address, explain the problem, specify your latest actions and deposits on the account, and provide screenshots, if possible.
Like its analogs, P2PB2B provides the whole gamut of security measures for its customers. First, users’ payment and personal information is encrypted; the website features an SSL certificate. Secondly, 98% of users’ assets are protected by cold storage. Thirdly, the platform leverages WAF that detects and prevents hacking. There were no reports of hacking or any fraudulent activity on P2PB2B: this website has an unsullied reputation.
To top it off, the platform has two-factor authentication technology, which eliminates the risk of stealing funds from users’ accounts. They can activate 2-step authentication and use SMS codes to verify their personality. If you lose the code or key to two-factor authentication, you’ll need to provide KYC data, your account login, and the information about the latest currency deposits and withdrawals.
Please note that P2PB2B practices KYC (Know Your Customer): that means your personal information will be required to perform transactions and withdrawals. You CANNOT withdraw money until the KYC procedure is finished. When your identity is verified, you will be able to make a withdrawal request within 24 hours.
Like some other exchange platforms, P2PB2B can suspend or terminate a user’s account if it’s suspected to be used for illegal purposes. For example, users’ accounts can be blocked for performing transactions connected with:
drugs and other narcotic substances;
weapons and explosives of any type;
pyramids, Ponzi and other schemes;
goods under trade embargo;
body parts or human remains;
protected animals or protected plants;
other purchases in the darknet.
Therefore, all transactions are tracked. Some clients can find this moment unacceptable.
Adding Payment Methods
Payment method management is performed in the user’s personal account. As soon as you open it, you should proceed to Payments. There, you should click Add new and specify your bank credentials, or debit/credit card information.
For making a deposit, click Balance → Deposit. Click “+” next to the coin you want to buy. You will be able to place an order, or be a taker and accept one of the orders from the list.
Alternatively, you can go to the main page. Open the Trade section and select the desired cryptocurrency by double-clicking on it in the list of coins:
You’ll see the forms of selling and buying cryptocurrency. Whenever the typed sum exceeds the limits of your budget, you’ll see the notification in red letters:
As soon as you place your order, you’ll be able to track it in “My Orders” section.
Please note that rates are not fixed: P2PB2B users are free to set up their own rates. Besides, the administration does not handle the orders — P2PB2B doesn’t approve/control the placed orders. They appear in the list of orders automatically, so you will have to wait until someone accepts your order. If that doesn’t happen while other orders are being processed, don’t despair. You can cancel the current open Order and submit a new one with a more agreeable price. Keep in mind that you can only cancel orders that haven’t been accepted yet. As soon as your Order is accepted, the transaction becomes irreversible.
Another pitfall is ‘partial acceptance of Order’. Your Order can be divided into separate payments. For example, you can issue 200 coins and get 40 coins first, and the rest a bit later. This issue cannot be called convenient, but it adds to your chances of having the Order accepted.
Many users praise the platform for responsive and helpful customer support. It is available on 24/7 basis without holidays and breaks. Customers can contact the assistants via email and receive the answer to their question within a few minutes. P2PB2B team does its best to help customers solve their problems and keeps improving the service.
At the moment, P2PB2B customer support is offered in seven languages: English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German.
After 4 years of work, P2PB2B has made a proper reboot and attracted even more customers from all over the world. This is a simple platform for profitable trading that is devoid of extra features. Decent customer support, the absence of transaction fees, and ultimate convenience make this project ideal for beginners. As for professionals, they may lack some functions, such as in-depth analytics, trading signals, and forecasts.
Another thing the platform lacks is a mobile trading app. P2PB2B is not up to scratch for traders wishing to work on the go. However, when the team manages to address these shortfalls, things may take off.
Please do not mistake the p2p Android application for P2PB2B — there are no official Android or iOS compatible versions!
In order to make a final decision, compare the advantages and disadvantages of P2PB2B:
Low fees. 0% fee for BTC and ETH deposit. 0.2% fee for trading coins.
Fixed withdrawal fees, which is expensive for minor withdrawals. The fee is defined by the type of coin processed.
Top-notch customer support on 24/7 basis. Users can contact the assistants via email. Seven languages are supported (English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German).
KYC procedure and tracking of user’s transactions. P2PB2B does NOT allow for anonymous transactions and can freeze your account for actions rendered illegal.
Exceptional security. SSL encryption and strong WAF guarantee protection against hacking. Over 95% of users’ cryptocurrency is stored on cold wallets, which prevents hacking, data breaches and malware.
A relatively small amount of trading pairs. While competitors offer hundreds or 1000+ coins for transaction, P2PB2B has only 42 trading pairs.
Intuitive interface: the exchange platform is easy to use; it features only the necessary functions. Even beginners will master navigation quickly. For the token to enter the exchange, it should have value and liquidity, and its code must be error-free and public.
The absence of a mobile application is a serious drawback that may cost P2PB2B millions of users. The team has never mentioned that they will launch a mobile app for Android and iOS.
No corporate accounts are available, which means the current withdrawal and transaction limits can be too harsh for users.
There’s no margin/leverage trading.
P2PB2B can be recommended for starters who need to learn the basics of trading. They don’t have to do anything except for placing their order or taking the current ones. The administrators do not control the orders, which is why users have a chance to set up agreeable transaction rates. Therefore, you can enjoy the freedom of trading coupled with convenience and decent customer support. In order to stay competitive, P2PB2B needs to add new cryptocurrency and features for professional traders. Without advanced trading features and mobile applications, the platform is doomed to become just another exchange out of hundreds similar platforms.
Cryptocurrencies from the top 20 continue to establish new highs except EOS, which was unable to grow in the past 24 hours. This means that technical correction continues without any fundamental basis.
What are the reasons for this correction? First of all, traders and investors learn more about charts and how to read them. They have seen the support areas for different cryptos and started to buy them increasing positive volumes.
The second reason is that the others have seen BTC and its rivals to grow in the past several days and they also place long orders hoping to purchase cryptos at their lows as they think the whole industry is oversold in the moment of writing.
As for the interesting news, there is almost nothing to pay attention to except Vitalik Buterin’s statements on Blockchain technology. Famous Canadian programmer and Ethereum’s CEO has mentioned that Blockchain is unsuitable for governmental voting.
Bitcoin (BTC/USD) Price Analysis, June 7
Bitcoin has added more than one percent in the past 24 hours meaning the currency pair still continues its upside correction. However, BTC/USD was unable to breach the green ascending trend line from below.
Let’s have a closer look at what is going on the hourly chart. The flag pattern failed to develop as BTC price went through the support area at $7,565 on Wednesday. However, BTC/USD returned above this level later and continued to grow. Bitcoin has reached the next resistance area at $7,734 on Wednesday. What are the possible way for Bitcoin?
Red scenario (bearish). The currency pair will move towards the closest support area at $7,565 and break it through targeting the next support area at $7,341.
Orange scenario (neutral). Bitcoin will stay within the range limited by the support are at $7,565 and the closest resistance area at $7,734.
Green scenario (bullish). BTC/USD will test the closest resistance area at $7,734 and break through this level targeting the next resistance area at 7,949.
Ethereum (ETH/USD) Price Analysis, June 7
Ethereum has added more than one percent in the past 24 hours and established new local highs. However, the currency pair is still in correction. It is too early to say that we have a reverse of a midterm downside tendency.
Let’s see closer what is going on the hourly chart. Ethereum formed a Flag pattern yesterday but declined later, breaking this formation. However, ETH/USD has managed to move higher again as it has found support at $596.08. There is another bullish flag currently on the hourly chart. ETH price is below the green ascending trend line. The possible ways for Ethereum are the following:
Red scenario (bearish). ETH/USD will move towards the closest support area at $596.08 and break through it targeting the next support area at $566.90.
Orange scenario (neutral). Ethereum will stay within the current range, limited by the support area at $596.08 and the closest resistance area at $626.66 without significant price changes.
Green scenario (bullish). The currency pair will break through $626.66 targeting the next resistance area at $662.39, which coincides with the one retracement level.
Ripple (XRP/USD) Price Analysis, June 7
Ripple has added almost two percent in the past 24 hours as the currency continues its upside correction to the midterm downtrend. XRP/USD has established new local highs but we can’t say currently that the correction has ended and we have a clear upside tendency as Ripple still fluctuates within the Fibonacci retracement tool.
Let’s see closer what is going on within the Fibonacci retracement. The currency pair managed to test 0.786 retracement level, but was unable to break it out and reversed there. XRP/USD went upwards later on Thursday and reached 0.382 retracement level. It stays close to this position in the moment of writing. The possible ways for XRP/USD are the following:
Red scenario (bearish). Ripple will move downwards through several retracement levels targeting 0.786.
Orange scenario (neutral). XRP/USD will stay within the horizontal range, limited by 0.382 and 0.236 retracement levels without any significant price changes.
Green scenario (bullish). Ripple will grow targeting $0.7013 resistance area, which coincides with zero retracement level.
EOS (EOS/USD) Price Analysis, June 7
EOS has lost more than one percent in the past 24 hours, but the currency pair looks better than its rivals as EOS/USD still stays above the green ascending trend line. EOS develops its upside tendency, but has difficulties as we can see several downside corrections on the way.
Let’s have a closer look at the hourly chart. The currency pair has reached the closest support area at $13.45 on Wednesday but failed to hold this position as EOS/USD has started to grow towards $14.11 resistance area. The currency pair still stays there. The possible ways for EOS are the following:
Red scenario (bearish). The currency pair will reach the closest support area at $13.45 and jump over it targeting the next support area at $12.80. There will be the green ascending trend line on the way.
Orange scenario (neutral). EOS/USD will reach the closest support area at $13.45, but jump off it targeting the closest resistance area at $14.11.
Green scenario (bullish). EOS/USD will move towards $14.11 resistance area to test it. If successful, buyers will be able to drive the currency pair even higher targeting the next resistance area at $14.69.
NEO (NEO/USD) Price Analysis, June 7
The currency pair has added less than one percent in the past 24 hour. NEO/USD seems to develop its upside correction, but below the green ascending trend line. The currency pair fluctuates with no direction in general as it is unable to overcome las weeks highs.
Let’s have a closer look at the current situation. NEO/USD has reached the closest support area at $53.20 on Wednesday but later went upwards. It stays in the middle between the resistance area at $56.00 and the support area at $53.20. The possible ways for NEO/USD are the following:
Red scenario (bearish). The currency pair will break through the closest support area at $53.20 and move lower, targeting the support area at $50.24.
Orange scenario (neutral). NEO/USD will stay within this horizontal range, limited by the support area at $53.20 and the resistance area at $56.00.
Green scenario (bullish). NEO/USD will reach the resistance area at $56.00 and cross it targeting the next resistance area at $58.03.
ICON (also known as ‘Korean Ethereum’) is a Blockchain technology developed by South Korean Dayli Financial Group. There are numerous Blockchain-powered projects, but the ICON network definitely stands out from the rest since it has the potential to seamlessly connect the country for sharing the information without a middleman. In fact, ICON strives to link a myriad of the technology use cases into a single entity with interoperability between different Blockchains. Subsequently, it would create the world’s biggest Blockchain network.
“There are many Blockchains that need to connect with each other,” – Min Kim, chief strategy officer at Dayli.
ICON performs a role of a facilitator when it comes to processing payments and establishing contacts between different institutions. ICON, along with EOS, are considered to be the top contenders for increasing the scalability of the current Blockchain ecosystem.
So far, 2018 hasn’t been exceptionally good for ICON (ICX) – the currency failed to justify the initially high predictions and followed the generally bearish market sentiment that has been predominant this year. The 30th biggest currency with a market cap of $376 mln had a few price upticks in March and May, but they were not significant enough to make an optimistic ICON price prediction (2018).
In March, the currency almost started testing $4 but failed to achieve that. However, the bulls were in full force a month later when ICX coin reached $4.83 on Apr. 29.
Shortly after that, the price started falling again, ending up at $2.61 by the end of May.
The summer was really devastating for ICON since the downtrend continued. In July, the coin experienced rather strange price swings (12.5 percent spike was immediately followed by the same drop), which many suspected had been the result of a pump-and-dump.
On Aug. 3, ICON fell below the $1 mark for the first time since November. Then, it even went as far as reaching its new all-time low, but ICON gained some momentum by the end of August, seeing a 20 percent spike in value on Aug. 28 and becoming the best-performing currency of that day. Right now, it seems like the currency is going to touch $1 again in the upcoming weeks.
At the time of writing this article, ICX coin price is sitting at $0.90 with a 4 percent drop over the last 24 hours.
Should you buy ICX?
While ICX witnessed a massive decline in price this year which undoubtedly fuels negative price predictions. However, there are still a couple of good reasons why you should put it in your crypto basket:
Widespread adoption. The ICON network can be used as an ecosystem for a different project, so it has great changes to be adopted by other coins. Subsequently, adoption pumps up the price of the coin. The ICON network allows anyone to create a Blockchain project.
A large number of partnerships. ICON is supported by many industry heavyweights, including the first crypto-oriented hedge fund Pantera Capital and a top global car manufacturer Hyundai. Back in May, it even teams up with an IT behemoth Samsung, which is going to utilize ICON’s Chain ID for its own technology called Samsung Pass.
An institutionalized technology. ICON has received funds to work on numerous projects in such areas as health, education and insurance. Remarkably enough, the ICON team has recently met with the team behind the South Korean governor who wants to turn Jeju Island into a Blockchain hub.
Will ICON experience another December-like bull run in the nearest future? While it seems extremely unlikely considering the current situation, Dan Morehead, Pantera Capital CEO, stated that he bets big on ICON during a Bloomberg interview in April.
“The fund’s single largest bet is on ICON, which will let different Blockchains--digital ledgers-- talk to one another,” – Dan Morehead, Pantera Capital CEO.
Remarkably enough, the interviewer couldn’t hide his surprise after hearing about this ICON endorsement because he seemingly had no idea about this currency. Currently, many investors overlook this coin too.
Nevertheless, the team behind ICON remains bullish about ICX value.
“We expect 2H2018 to start acceleration,” – ICON chief strategist officer Min Ho Kim.
Kim openly explained the reason why ICX has been showing more than a disappointing performance throughout in a Reddit post. First of all, ICX is a high-beta asset which is a turn-off for investors. He also points out that many funds may lock in profits while ICON is facing an extremely tough competition on a Blockchain-friendly market. Some Reddit users suggested that the project needs a better PR team for boosting investor confidence.
Speaking of ICON (ICX) price prediction, it is also worth looking at Google Trends which, as we can see, accurately reflect the coin’s performance.
2019 price predictions and beyond
It’s hard to make any relevant ICON coin price predictions as of now due to an extremely high volatility of the market (especially with regards to the ICX token that so far showed one of the worst results this year). However, if compared to Ethereum, ICX doesn’t have the first-mover advantage to reach its market share any time soon. Their ambitions to reach interoperability between numerous Blockchain would take up to five years to be properly executed.
As of now, ICON doesn’t deliver anything practical yet, so it is hard to see how the ‘Korean Ethereum’ will crack the top 10 anytime soon.
However, it also depends on the total market cap. If other projects go up, ICON will almost certainly reflect a positive market sentiment and experience a substantial growth.
The majority of sites that offer ICX price predictions are inaccurate, but it’s worth paying attention to CoinCheckUp, which actually bases its predictions on some of the already known growth scenarios (Moore’s law, Google, mobile phones and so on). Of course, you cannot rely on these hypothetical numbers, but they may give you a good idea of what would happen to ICX if it followed one of these growth scenarios:
ICX Price (2020)
The bottom line
ICON may have grant ideas and big-name partnership, but its price failed to gain any momentum in 2018. By primarily focusing on adoption this year, the team behind this project is undoubtedly moving in the right direction since the technology can be useful in many industries, including education and healthcare. If it successfully solves the current Blockchain problems and manages to create a hyper-connected world, ICX coin price will obviously increase exponentially.
Crypto market is in green on Wednesday. All coins from the top 20 are in correction having positive moods. Is it a complete reverse or just a bullish correction on the eve of an even greater decline?
We don’t think that the crypto industry has changed its mind and reversed with no significant reason. It seems to be a correction as market players are bored of this downside tendency already. They wanted some air to breathe. However, there is one important event that is to be mentioned. South Korea is ready to reverse ICO’s ban. This event is important for the whole industry and is one of the reasons for the current correction.
As for other news, there are no important ones to affect the markets significantly. However, we would like you to pay attention to the following aspects. First, Chinese security Giant 360 has found vulnerabilities in EOS system that lead to possibilities of execution of arbitrary code on any EOS node. This event had almost no impact on EOS as the cryptocurrency added nearly 10 percent on Tuesday-Wednesday.
Bitcoin (BTC/USD) Price Analysis, May 30
Bitcoin has started a bullish correction finally. BTC price is above the midterm descending trend line. The goals at $6,510 are still actual, but they may be reached after a correction only. However, fundamental factors like ICO’s ban reverse in South Korea may break midterm downside scenario.
Let’s have a closer look at BTC/USD within Fibonacci formation. The currency pair follows the orange scenario in the moment of writing. BTC price has crossed $7,199 area on Tuesday and reached the resistance area at $7,565, which coincides with 1.618 retracement level.
What are the possible ways for Bitcoin in the next 24 hours?
Orange scenario. BTC price will jump off the current resistance area at $7,565 and move towards the support area at $7,199. If sellers will be able to break this support area out, there is a possibility of red scenario below $7,199.
Green scenario (deeper bullish correction). Bitcoin will cross $7,565 resistance area and move higher targeting one retracement level, which coincides with the next resistance area at $7,949.
We think that Bitcoin is likely to develop its correction on Wednesday.
Ethereum (ETH/USD) Price Analysis, May 30
Ethereum added over seven percent in the past 24 hours as the currency pair has started a bullish correction finally. ETH/USD has crossed the midterm descending trend line and fluctuates above it. The currency pair is still in the downtrend, but this bullish correction may be deeper depending on levels that ETH price will approach and cross.
Let’s get down to Fibonacci and see what perspectives ETH/USD has in the nearest future (in the next 24 hours, to be more exact). The currency pair jumped off 3.618 retracement level on Monday-Tuesday and moved towards 2.618 retracement level, which coincides with $566.90 resistance area. What are the possible ways for ETH/USD in the next 24 hours?
1. Red scenario (bearish). The currency pair will end the correction close to the current level and reverses downwards targeting the red midterm descending trend line and 3.618 retracement level (which is the closest support area currently).
2. Orange scenario (neutral). Ethereum will move towards the closest resistance area at $596.08 and reverse there to reach 2.618 retracement area. This is a neutral scenario as the price will stay within the current range.
3. Green scenario (bullish correction). Ethereum will reach $596.08 resistance area, cross it and run higher, towards 1.618 retracement level, which coincides with $626.66 resistance area.
Ripple (XRP/USD) Price Analysis, May 30
Ripple has added more than eight percent in the past 24 hours meaning the crypto is in a deeper correction currently. XRP/USD has successfully tested another local descending trend line and fluctuates above in the moment of writing.
Let’s see what is going on the hourly chart within the Fibonacci retracement indicator. XRP price has crossed $0.5914 resistance area and even tested it from the above. Bulls were able to hold their lines and to move XRP/USD even higher towards $0.6216, which coincides with 1.618 retracement level. That we see now is the attempt to test this level again. Let’s look through the possible ways for XRP/USD:
1. Red scenario (bearish). XRP/USD will move towards $0.5914 and cross this area targeting 2.618 retracement level. The red scenario is also possible via Orange one (meaning XRP/USD will reach $0.6216 again, jump off it and then fall below $0.5914).
2. Orange scenario (neutral). Ripple will retest $0.6216 resistance area and reverse downwards targeting $0.5914 support area.
3. Green scenario (bullish correction). XRP/USD will break through $0.6216 resistance area targeting $0.6515 resistance area, which coincides with one retracement level.
EOS (EOS/USD) Price Analysis, May 30
The currency pair added more than nine percent in the past 24 hours. EOS/USD has started a correction to the downtrend and it seems like bulls are able to develop it. However, this is still a correction as EOS/USD needs to leave Fibo at least to point at a full reverse.
Let’s see what’s happening on the hourly chart within Fibonacci retracement. The currency pair reached 0.236 retracement level on Tuesday and retested it on Wednesday. However, sellers still hold their lines and prevent buyers from moving EOS/USD higher. This situation looks clear at the moment of writing and we see the following ways for EOS in the nearest future:
1. Red scenario (bearish). The currency pair will break through 0.236 retracement level targeting 0.382 retracement level, which coincides with $11.92. Once this level is broken out successfully, sellers will be able to move EOS/USD even lower.
2. Orange scenario (neutral). The currency pair will reach 0 retracement level, which coincides with $12.81 resistance area and reverse downwards targeting 0.236 retracement level.
3. Green scenario (bullish). The currency pair will reach zero retracement level, cross it and move higher targeting the next resistance area at $13.45.
Bytecoin (BCN/USD) Price Analysis, May 30
Bytecoin added over 27 percent in the past 24 hours being the leader of the top 20. The currency pair is still in the downtrend but shows some signs of a reverse. However, such huge fluctuations may be due to lower liquidity.
Let’s have a closer look at the hourly chart as the price is within the Fibo retracement graphic tool. The currency pair has crossed the red descending trend line on Monday and jumped over several resistance areas and retracement levels. Let’s see what are the perspectives for BCN/USD in the next 24 hours:
1. Red scenario (bearish). BCN/USD will develop its local downside move targeting the following levels and areas 0.382 and 0.5 (the last one coincides with $0.0061 support area). If successful, bears will be able to push BCN/USD even lower.
2. Orange scenario (neutral). The currency pair will move towards 0.5 retracement level and jump off it targeting 0.236 retracement level, which coincides with $0.0067 resistance area.
3. Green scenario (bullish correction). BCN/USD will jump over 0.236 retracement level, which coincides with $0.0067 resistance area and run higher, towards 0 retracement level.
Ever since Bitcoin made the transition from being a peer-to-peer electronic cash system to more of an investable, digital gold, it has drawn comparisons with the precious metal as a commodity that accrues value.
Bitcoin had its heyday, when it was rallying like nothing ever seen, and those who invested early were making a killing that not even gold could compare with. However, that does not necessarily mean that Bitcoin, or cryptocurrencies in general, should be seen purely as an investment.
Cryptocurrencies have many different facets to them, and are able to be applicable in a host of different sectors in society, from technology, finance, politics, economics and trade. The underlying Blockchain is the true star, and that needs to become more obvious.
When it comes to investing in something, Gold, or any other asset which is far better suited to it should be the answer, not only for the sake of the investor but also for the advancement of the entire cryptocurrency space.
Escaping the digital gold label
The stories of miners from 2012 and the early days of Bitcoin, pulling out hundreds of coins off their home PCs and then suddenly finding themselves millionaire by becoming accidental long-term holding investors are all but gone.
Bitcoin’s price is feeling the effects of going parabolic and it has left it in a very big bear market where a lot of the players are new entrants who bought at the highest point. This situation that many people find themselves in- who came to Bitcoin to invest in the hopes of a get-rich-quick fix- is problematic for the investors, and for cryptocurrencies.
Bad sentiment follows the market currently as investors get fed up on unfulfilled promises, pulling bigger and bigger losses as the price keeps falling. It sounds like doom and gloom, and it is, but only for one sector of the cryptocurrency space.
Bitcoin is a store of value, but currently, it is not a very good one, and as such, the digital gold label needs to be divorced from it.
Other cryptocurrencies have tried to find their way as a currency, or as Blockchain solutions, some even as a digital version of the US Dollar, and really, this is where the technology and the cryptocurrency space should be focusing in its energies.
Reasons why Gold is a better store of value
Bitcoiners and newer investors have laughed at Gold as an investment opportunity as it does not have the same headlines as Bitcoin has had in the past. But as a commodity, it is something that should be invested in while Bitcoin and cryptocurrencies are left to advance the technology space.
Gold is of course well established in terms of a market, it has things like ETFs advancing its liquidity, and it is primarily used simply for value. There are applications such as in dentistry and circuits, but predominantly, it is a precious metal which grows in value.
Bitcoin, Blockchain, cryptocurrencies and the entire new wave of technology surrounding this space has a big future that is still being unpacked, and it almost feels as if the investment side of things is a pure distraction.
There is no doubt that the mainstream adoption of Bitcoin came in part because of its exponential growth, which circled back, enticing more users in, but that time is gone. It must now be left to grow organically, with the value surmounting from its application as a new revolution in technology.