Top 3 Coins Price Prediction: Ripple and Ethereum shows lack of healthy support while Bitcoin faces strong resistance on path back to $7,000 – Confluence Detector

Top 3 Coins Price Prediction: Ripple and Ethereum shows lack of healthy support while Bitcoin faces strong resistance on path back to $7,000 – Confluence Detector

Bitcoin Open: $6,906.90 Current: $6,827.20 BTC/USD faces two strong resistance levels on the upside at $7,000 and $7,225. $7,000 has the one-week Fib EOS continues to lead the ranking, followed by TRON and Ethereum – Bitcoin is far behind in 14th place. To the moon or to the cellar? Options traders are buying bitcoin puts, or bearish bets on the cryptocurrency, heading into next month’s halving.

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  • Open: $6,906.90 
  • Current: $6,827.20 
  • BTC/USD faces two strong resistance levels on the upside at $7,000 and $7,225. $7,000 has the one-week Fibonacci 61.8% retracement level, while $7,225 has the one-week Fibonacci 38.2% retracement level and the one-month Fibonacci 61.8% retracement level. 

    On the downside, there are two healthy support levels at $6,800 and $6,225. The former has the 15-min Bollinger Band middle curve, one-day Bollinger Band middle curve, one-hour Previous Low, one-day Previous Low, one-hour SMA 5, 15-min SMA 100 and 4-hour SMA 100. On the other hand, $6,225 has the one-week Fibonacci 161.8% retracement level and one-week Pivot Point support-two.

  • Open: $158.81
  • Current: $156.38 
  • ETH/USD has no healthy support levels on the downside. On the upside, there is one strong resistance level at $160, which has the one-day SMA 10 and one-hour SMA 100.

  • Open: $0.1896
  • Current: $0.1873
  • Source: www.fxstreet.com


    China Crypto-Ranking: EOS #1, TRON #2, Ethereum #3 and Bitcoin #14

    China Crypto-Ranking: EOS #1, TRON #2, Ethereum #3 and Bitcoin #14

    • The Chinese Ministry of Industry and Information Technology has published the seventeenth evaluation report of project rankings in the cryptocurrency market.
    • EOS continues to lead the ranking, followed by TRON and Ethereum – Bitcoin is far behind in 14th place.

    The China-based Ministry of Industry and Information Technology (CCID) published the seventeenth report evaluating the most valuable projects in the cryptocurrency market a few hours ago. The CCID publishes a comprehensive evaluation once a month, which compares the best known blockchain projects in different categories.

    The top 3 cryptocurrencies in the ranking: EOS, TRON and Ethereum are dApp platforms that have also been in the top positions for a long time. EOS has occupied first place for over 4 months with an overall rating of 156.1, with TRON (138.4) and Ethereum (136.4) regularly swapping places. Bitcoin (104.9) is slightly down on 14th place in the CCID ranking.

    Source: http://news.ccidnet.com/2020/0413/10520453.shtml

    The overall ranking consists of various metrics and indicators, which try to present projects of the crypto market in a simple matrix in a tangible and understandable way. The index deals with the usability in everyday life but also in industry and economy. Also important is the general acceptance of the respective projects by the population. Also included, however, is the “Creativity Index” criticized by experts, which, at 42.4, is the highest among the top 20 in the Bitcoin ranking.

    The CCID ranking is intended to provide companies and investors with a simple overview of which cryptocurrencies offer great potential. The report outlines:

    During this evaluation period, Application Chain, Ant, Dash and Zilliqa have successively released updates for core components to optimize performance and algorithms. They ranked 4th, 8th, 10th and 26th, while Dash, Quantum Chain, Stratis and Ark have updated their wallet systems to improve usability.

    Although the Institute describes which statements can be obtained from the ranking, some experts in the industry question the validity of the report. Patrick Dai, the founder of Qtum, wondered why the cryptocurrency has risen in the ranking even though his development team has not made any major changes to the roadmap or fundamentals:

    I do not know what’s their standard, but Qtum looks better than last time.

    Furthermore, projects with great application benefits such as VeChain have not been listed in the ranking to date. The ranking can be used as a first overview, but should not be the sole basis for investment decisions.

    The rating agency Weiss Crypto Ratings also offers a ranking of the most successful cryptocurrencies. Most recently, Weiss Crypto Ratings described that Bitcoin has enormous potential to serve as a value investment in the current crisis. However, this is not due to the coronavirus, but to the measures taken by Western governments to combat its further spread:

    Cameron Winklevoss believes big changes for #Bitcoin  are coming due to #coronavirus & tells followers to #hodl their #BTC. What’s bullish for $BTC is not the coronavirus, but rather drastic measures that Western governments take in an attempt to slow down the spread.

    Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?

    Last Updated on 14 April, 2020

    Source: www.crypto-news-flash.com

    Author: Collin Brown


    Options Market Signals Doubt Bitcoin Price Will Rise After Halving

    Options Market Signals Doubt Bitcoin Price Will Rise After Halving

    While some expect bitcoin’s (BTC) upcoming reward halving to light a fire under the cryptocurrency, the options market seems worried about the event turning out to be a wet blanket. 

    The biggest cryptocurrency by market value is set to undergo its third mining reward halving next month. The code, aimed at controlling inflation, would reduce the amount of bitcoin created every 10 minutes or so from 12.5 BTC to 6.25.

    Assuming demand remains constant, the cut in regular issuance should drive up the price, bulls argue. 

    “The 50 percent emission cut could serve as a catalyst for the digital asset’s continued appreciation,” said Matthew Dibb, co-founder and COO of crypto tracker and index fund provider Stack. 

    Options traders, however, are buying put options, or bearish bets, and pushing bitcoin’s put-call open interest ratio higher heading into the halving. 

    The ratio rose to 0.61 on Monday, the highest level since Feb. 27, after bottoming out at 0.42 on March 24, according to data provided by the crypto derivatives research firm Skew. 

    “The put-call open interest ratio measures the number of put options open relative to calls,” said Skew CEO Emmanuel Goh. A put option gives the holder the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy. 

    Open interest is the total number of options contracts active at a given point in time and is different from trading volume, which refers to the number of contracts traded in a given period. 

    skew_btc_putcall_ratio-2-1

    “The rise in the put-call open interest ratio from 0.42 to 0.61 seen over the last three weeks indicates increased focus on hedging the downside risk in bitcoin’s price,” Goh said. 

    One possible motivation for this hedging is the fear bitcoin may suffer a post-halving price drop, similar to the one seen in litecoin (LTC) in 2019 and more recently in bitcoin’s offshoots bitcoin cash (BCH) and bitcoin sv (SV). 

    Halving is not always bullish

    Litecoin, the seventh-largest cryptocurrency, underwent reward halving on Aug. 5, 2019, after which the cryptocurrency’s price fell from $100 to $40 in the four months to mid-December. 

    During that timeframe Its hash rate, or the computing power dedicated to mining blocks on the blockchain, also declined from 458 tera hashes per second (TH/s) to 133 TH/s, according to BitInfoCharts. 

    Bitcoin cash’s mining rewards were cut from 12 BCH per block to 6.25 BCH on April 8. Since then, the cryptocurrency’s price has declined by nearly 20 percent from $280 to $225.

    bsv_bch_prices

    Bitcoin SV’s price fell over 13 percent from $214 to $186 on April 10, when it experienced its first halving, and has remained sidelined ever since.

    bch-and-bsv-hash-rate

    Both bitcoin cash and bitcoin SV have witnessed a slowdown in network activity following reward halvings, as indicated by the drops in their respective hash rates. 

    The lackluster post-halving performance of these coins indicates that halving is not necessarily a price-bullish event. 

    Put options draw higher prices

    To be sure, there is another possible explanation for the rise in the put-call open interest ratio, one that would augur well for bitcoin bulls.

    The ratio can rise if there is an increase in the number of short open positions in put options. Seasoned option traders usually write, or sell, put options when they expect the market to remain sidelined or rally. 

    As a result, one might argue traders are expecting bitcoin to remain bid after halving and are selling put options, leading to a rise in the put-call open interest ratio. 

    The problem with that interpretation is put options are currently drawing higher prices compared to calls – a strong signal investors are buying puts. 

    skew_btc_25d_skew

    The one-month 25-delta put-call skew, which measures the price of puts relative to that of calls, is hovering at 12 percent. The metric has consistently remained above zero since the beginning of March. 

    The three-month and six-month skews are also hovering above zero. 

    “It indicates that puts are in higher demand than calls,” said Goh, adding that the skew would have probably turned negative in case of increased put selling. 

    It’s worth noting that writing (selling) options – put or call – is a “limited profit, unlimited loss” strategy. Traders are unlikely to take such risks in current market conditions, where bitcoin’s fortunes are closely tied with the coronavirus pandemic and the action in the equity markets. 

    Equities are not out of the woods yet

    Apart from halving, the increased demand for put options could reflect fears of another macro-driven sell-off in bitcoin.

    The S&P 500, Wall Street’s benchmark index, rallied 12 percent last week. As of Monday, the index was up 26 percent from the multi-year low of 2,792 registered on March 24. 

    However, some observers are worried the rally fueled by the Federal Reserve’s liquidity injections has lost touch with the reality – the number of coronavirus cases across the globe is still rising – and could soon unravel. 

    “The recent bounce should be viewed as an unenthusiastic, inorganic bear market rally,” analysts at investment bank Nomura said in a recent report, according to Reuters. 

    Bitcoin took a beating in March, as the coronavirus-led sell-off in the global equity markets triggered a global dash for cash, mainly U.S. dollars.

    Source: www.coindesk.com

    Author: Daniel Cawrey


    Top 3 Coins Price Prediction: Ripple and Ethereum shows lack of healthy support while Bitcoin faces strong resistance on path back to $7,000 – Confluence Detector

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