Bitcoin BTC MAJOR Resistance Approaching! Ethereum ETH Ripple XRP Price Predictions & News Today
Bitcoin BTC approaching $6,000 MAJOR resistance level, what’s next? Also looking at Ethereum ETH Ripple XRP Price Predictions!
A lot to talk about today, as we’re going to be covering Bitcoin, Ethereum, & Ripples Technical Analysis, as well as BNB and why I’m holding the Binance coin right now. Then there is some awesome headlines to talk about Fidelity Institutional Investments coming into this market, were going to be talking about Tether not being backed by actual Fiat and what you guys need to do about that, alongside with Facebook building a new cryptocurrency and why that’s important. We’re also going to be looking at daily transactions per day and BTC dominance as things are starting to cook up.
Getting right into this BTC Technical Analysis you can see we are starting to rise up towards this very strong resistance at 6k USD, you can see it acted as previous support multiple times and as we know, if you guys are traders anything that was previous support that’s broken down is now going to turn into the next resistance. Looking at where there is potential opportunity in this market I am assuming that we are most likely going to see a pullback at the 6k level and if you guys watched my TA from the last few weeks. We’ve been following the consolidation trend that I expected and we are also testing these highs, but I believe we are going to see a healthy pullback towards this support right around that 4950 level. If you haven’t gotten your position in BTC as we know we are starting to see lot more bullish momentum in this market, in my opinion it is time to start Dollar Cost Averaging into BTC. We are starting to see this long term downtrend starting to curve up and we are seeing this correction come to end and a new bull market starting to emerge. I wouldn’t be surprised to see BTC pullback towards these moving averages as you can see we got the 50 100 200 MA, it would be a healthy pullback to see BTC drop down to these 5k levels.
Looking at the RSI you can see we are heading towards these overbought levels as we do not want to stay at these levels for too long.
I do want to mention that I am still very bullish about Bitcoin in the long-term looking at this chart we got the daily transactions per day and you can see here we are starting to maintain these 300–400k transactions per day levels and these are the same highs we saw in 2017 when Bitcoin was at 20k USD and as you can see we’ve been staying at these higher levels which now were looking to see how long we can stay there. Looking at this chart here you can see that in a fundamental sense we are still very bullish about BTC and we are going to go over some news articles to prove that point.
What is also exciting is if we look at BTC markets dominance we are are starting to head towards these higher levels at 55% and that’s actually one of the same highs we saw recently on Sept 10th of 2018 we haven’t been at these highs since than, that is a very positive thing but please note that we for sure know that there is a resistance area for BTC and we don’t expect it to just shoot up out of nowhere there will most likely be a healthy pullback as we look at the technical analysis of Bitcoin.
Diving right into some News Headlines:
As you can see here it says, “Institutional Investment in cryptocurrency likely to grow, 22% of respondents have already purchased cryptocurrency if the survey accurately represents institutional interest. This is a remarkable increase from the near zero institutional investment in 2016.” What’s really cool is I had a chance to sit with Brock Pierce, he was part of the founding team of EOS, working alongside Jed McCaleb, Dan Larimer, and even some other big hitters like Roger Ver, he’s been in the sphere since World of Warcraft coins and is one of the founders of the largest fundraising funds in the cryptocurrency sphere. He is a Billionaire in this market and I had a chance to sit with him at private event and what’s interesting is that he mentioned Cambridge Analytics, which isn’t related to Cambridge Analytica which was involved in that FB Data Scandal. This is a separate company that works with institutional funds that help create benchmarks for these funds to invest in and at the same time choose the safest investments. Brock mentioned, that two months ago for the first time they added blockchain & cryptocurrency as 30 points of recommended investments in their funds.
So as this report from Cambridge Analytics goes to most of these institutions we believe it represents over 300 billion dollars. What that means is that over the next few years we are not going to see these funds just jump right into BTC since there is a lot of compliance paperwork they have to go through to start investing in new assets.
This article is proving Brocks point as you can see here it says “more promising is that 4 out of 10 respondents are open for future investments in cryptocurrency in the next 5 years, if opinion remains unchanged this means that institutional investors can increase by 18% over the next 5 years.” So if only 22% right now have already purchased cryptocurrency and we see another 18%, thats 40% more institutions investing in crypto, and I believe that’s exactly what we are starting to see and its proven in the daily transactions per day, BTC dominance, and as well as its technical analysis.
Looking at ETH TA we are below this EMA this is a momentum indicator which is showing a bearish momentum. We broke major support right around that 3 millions satoshi mark and we are starting to head towards that 2600 level, that’s our first target that we have from our previous support. Also looking at the RSI we see bearish divergence and constant rejections below 40, anything below 40 RSI is considered bearish, overall not looking so good for Ethereum.
Looking at Ripple TA it is very similar below the EMA, below all MA, broke major support, headed towards its next target right around that 4k satoshi level. Looking at the RSI very bearish, multiple rejections rejections below 40 not looking so well.
Finally where i’ve been hedging the majority of my crypto has been with the Binance Coin. As you might remember I made a video in Jan 2018 last year stating that the best performing coin of the year would be BNB. It was the top performing coin of 2018, with my experience of over 9 years it’s clear that use case is what creates intrinsic value and that’s what we are always looking for with these coins. BitTorrent coin is a coin that I’m very optimistic about as well, it’s a very long term trade for me.
The Binance Coin is looking very interesting we are seeing a bullish EMA because of Bitcoins current rise but once again Bitcoin is started to head towards these resistance and that’s actually allowing BNB reach to hit the 50 MA. I can see this as a very strong entry point because of that 50 acting as support and it would be a good bitcoin hedge. What I also like about keeping my money in BNB is we are seeing very strong volume on a consistent basis and a constant uptrend and its held very strong over the past few days, we expect the next target to be around that 50k Satoshi mark. If we look at the RSI its in the neutral showing very good support, looks like a good player to currently to be hedging with as BNB is trending up.
Moving onto some more news, this is a very interesting article about Tether. As you can see it states “ Tether confirms 26% of its USD is not backed by Fiat” and they are being sued by the US Attorney General’s office due to the fact that they were hiding they lost a good amount of money and decided to just print more Tether to cover it up, which is a very big deal. So I would not be holding USDT at this moment. I would be using USDC TUSD and there is a lot of other alternatives.
Looking at this next headline, a lot people are talking about FB Building a Crypto Based payment system lets talk about why this is extremely important you can see here “FB has been building a stable coin backed by fiat and recruiting dozen of financial firms and online merchants to support the financial crypto ecosystem which is very good for growth and mass adoption.
But what’s most interesting is this part is that Facebook was looking to raise 1 billion USD from investors and the report confirmed the money will go towards backing its stable coin. If you see a billion dollars enter a market that’s currently at 180 billion in total market cap that’s going to bring the market cap a lot higher.
Understand that when you are looking at market cap the figure is the total evaluation of all coins, the actually liquidity is a lot less than what the total market cap is, so 1 billion USD can make a very big impact. If we look at BTC latest huge move, it was a $100 million dollar order that brought BTC up about 23% in 1 day. If 1 billion dollars that Facebook is already collecting from investors to create a stable coin that would theoretically have us see a 10x return of this 23 % thats over 100–200 % gains just from Facebook putting 1 billion dollars into this market and that’s why I am extremely bullish and I hope you are too.
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