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Ethereum Classic, VeChain, Bitcoin Price Analysis: 01 August

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After months of apprehension, the crypto-market finally seems to be taking flight after Bitcoin surged over the past week, a surge that was replicated by most of the market’s altcoins. Owing to the world’s largest cryptocurrency correlation stats, the rest of the market profited off its gains. However, not all altcoins shared in this joy as some like VeChain continued to note significant corrections on the charts.

Bitcoin [BTC]

Source: BTC/USD on TradingView

Bitcoin, priced at $11,402 at the time of writing, held a market dominance of 62%, with the latter figure having noted a small spike over the past week after the metric had threatened to drop below 60%. The sheer scale of Bitcoin’s appreciation was evident when observing the charts, with BTC having gained by almost 20% in a week’s time. In fact, Bitcoin, at press time, was trading at its highest price level in almost a year.

The surge in question came at a good time for the world’s largest cryptocurrency as for weeks before it, BTC was in danger of stagnating on the charts with its low volatility and sideways movement.

While the Parabolic SAR’s dotted markers were placed well below the price candles and implied bullishness, the MACD line was well over the Signal line of the charts following a bullish crossover.

Network data seemed to support Bitcoin’s surge, with the cryptocurrency’s 1-year HODL wave rising to its all-time high just a day ago.

Ethereum Classic [ETC]

Source: ETC/USD on TradingView

Ethereum Classic, the popular fork of the world’s largest altcoin, replicated the recent movements of its parent coin. While ETH surged over the past week to touch levels unseen since July 2019, ETC rose too, alas not as significantly. At press time, ETC was priced at $7.61, having appreciated by almost 15% on the charts.

It must be noted, however, that despite its recent gains, ETC was trading at its May 2020 price levels.

The mouth of the Bollinger Bands was widening at the time of writing, implying that price volatility was set to rise in the near-term. In what was further evidence of the growth in the ETC market, the Relative Strength Index was climbing towards the overbought zone on the charts.

Ethereum Classic hasn’t been very active on the development front. However, it was in the news a few weeks ago after OpenEthereum voted to stop supporting its Ethereum Classic client to focus on other projects.

VeChain [VET]

Source: VET/USD on TradingView

VeChain, ranked 20th on CoinMarketCap’s charts, was one of the cryptocurrencies leading the altseason charge in early-July, with VET surging by leaps and bounds for over a week or so. Since then, however, VeChain has failed to replicate its bullish movements, with a correction wave sweeping across the VeChain market.

In fact, even Bitcoin’s hike and the larger crypto-market’s consolidation did little ti improve VET’s fortunes as the cryptocurrency was down by over 14.5% in a week, at the time of writing.

While the Awesome Oscillator pictured falling market momentum, the Chaikin Money Flow was seen falling on the charts, a sign of strengthening capital outflows.

Source: https://eng.ambcrypto.com/ethereum-classic-vechain-bitcoin-price-analysis-01-august

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Invest 3% in Bitcoin to Avoid COVID-19 Lockdown Devaluation — BitGo CEO

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Coronavirus lockdowns will force people out of fiat currency and into gold and Bitcoin (BTC), the CEO of cryptocurrency asset manager BitGo has warned.

In a series of tweets on Aug. 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio into Bitcoin.

Belshe: investors will move from cash to gold, Bitcoin

As multiple jurisdictions around the world reenter compulsory lockdown conditions, Belshe said that in the United States, the government had made a prison for itself using the policy.

“The government is being forced to maintain lockdowns for political correctness, which will force them to print money even faster. Institutional investors are flagging this and recognize the devaluation will make cash hard to hold,” he wrote. 

Those institutions hit the headlines conspicuously this week, when billion-dollar corporation MicroStrategy confirmed it had adopted Bitcoin as its treasury reserve asset.

A $250 million buy-in cemented the sense of change, with CEO Michael Saylor highlighting Bitcoin’s unique properties as money.

“They’re looking for alternatives, and it… comes down to Bitcoin and gold,” Belshe continued.  

“If you don’t have some Bitcoin now, it is time to put at least 3% of your net worth into Bitcoin. This is the lowest risk, highest asymmetric upside investment you will likely see in your lifetime. Or stop the lockdown. But still get Bitcoin.”

2020 macro asset returns comparison as of Aug. 12

2020 macro asset returns comparison as of Aug. 12. Source: Skew

Hard money not inflationary paper

As Cointelegraph reported, the premise behind lockdowns has come under heavy criticism from Bitcoin supporters. 

In particular, “The Bitcoin Standard” author Saifedean Ammous has lambasted the measure as being far more detrimental to the population of a country in the long term than Coronavirus.

The criticism follows on from that contained in Ammous’ book and others critical of economic policy based on spending and borrowing, such as Henry Hazlitt’s “Economics in One Lesson.”

A clear relationship between inflationary fiat currency and reduced prosperity means that Bitcoin is the only genuine solution for those who wish to save for the future.

This week, the message became all the more clear as data showed correlation between Bitcoin price action and expanding central bank balance sheets.

Source: https://cointelegraph.com/news/invest-3-in-bitcoin-to-avoid-covid-19-lockdown-devaluation-bitgo-ceo

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Cointelegraph Launches Newsletter for Professional Investors

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Every 1st and 15th, Cointelegraph Consulting provides the latest inside scoop on cryptocurrency price action and rationale in its Market Insights newsletter. Here’s a preview of one of this month’s editions. 

Editor’s note

Crypto asset prices have flown upward in recent weeks, with various altcoins posting gains reminiscent of the great 2017 digital asset bubble. Assets such as Chainlink (LINK) and Band Protocol (BAND) have tallied triple digits percentage gains. 

Bitcoin (BTC), the industry’s pioneer asset, has also shown significant upside action. The asset travelled up slightly past $12,000 on Aug. 2 before subsequently falling more than $1,000 in the same 24-hour period. Aug. 10 saw BTC return to the $12,000 level, again facing rejection, sustaining a subsequent drop of several hundred dollars. Overall sentiment in the crypto investing and trading realm, however, remains high. 

Mainstream financial players also continue entering the digital asset industry via Bitcoin, with intelligence giant MicroStrategy as one of the latest entrants. Buying over 21,000 BTC, the firm has adopted the coin as its reserve asset.  

Benjamin Pirus, Reporter

Insights from around the digital asset sphere

Bitcoin whales may have sold some of their stockpiles. Recent data shows only 15,912 Bitcoin addresses holding 100 or more BTC — the lowest number in five years. Such network data implies large Bitcoin participants may be selling instead of accumulating. 

In terms of sentiment, however, crypto’s inaugural asset shows a major turnaround from the bearishness seen previously. Over the last two weeks, the market has expressed a significant bullish tone, topping at 1.2 standard deviations during Bitcoin’s most recent run toward $12,000. 

Data also shows an uptick in the number of dollars moving onto centralized exchanges via U.S. dollar stablecoin USDC — a signal which has often proved as a precursor to previous bullish Bitcoin price action. 

In contrast, Bitcoin’s Market Value to Realized Value, or MVRV, ratio looks troublesome, posting a 30-day value of 1.15 on August 2. This essentially means short-term Bitcoin investors boasted an average 15% profit across the board. 

On a separate front, Ethereum holds hot on Bitcoin’s tail in terms of transaction volume. Bitcoin now touts 3.4x the transaction volume seen on Ethereum’s blockchain, a dwindling lead, according to numbers from the beginning of August. 

Read the full newsletter edition here to get the entire scoop, complete with charts and images. 

Cointelegraph’s Market Insights Newsletter strives to share our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives. 

We also review the most important news hitting the industry including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign-up now to be the first to receive these insights.

Source: https://cointelegraph.com/news/cointelegraph-launches-newsletter-for-professional-investors

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Bitcoin Cash short-term Price Analysis: 12 August

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After Bitcoin’s collapse down to $11,285, the rest of the altcoin market finally appeared to tag along for the current bearish ride. Bitcoin Cash, just like other major altcoins slipped by 12.36%, as its valuation witnessed a downtrend from a high of $305 to $270.

After the markets actively pictured a recovery, a short-term long opportunity is prevailing for Bitcoin Cash in the industry.

Bitcoin Cash 1-hour chart

Source: BCH/USD on Trading View

Analyzing the short-term chart for Bitcoin Cash, clear decimation of the immediate support at $291 can be observed. The price dipped under $280 as well but at press time, recovery is taking place overturning the former bearish trend. The low was registered on $270 a couple of times, which led to a minor double bottom pattern over a period of 8-hours. With the Relative Strength Index or RSI eyeing 50 at the time of writing, a complete recovery of valuation is unlikely.

However, 10-Moving Average (10-MA) and 20-Exponential Moving Average (20-MA) were acting as immediate support for the surge at press time.

Bitcoin Cash 30-mins chart

Source: BCH/USD on Trading View

Now, analyzing the 30-min chart for BCH, a price entry point at $276 with profit margins exit at 291 leads to a risk-reward ratio of 2.39x. The stop loss can be placed at $270, and any declination below that might lead to staggering losses. The minor concern with the 30-min chart is that RSI is already reaching a little saturation in terms of buying pressure hence, a drop down to $280 should be expected.

However, support for 10-MA and 20-EMA should allow the asset to reach $291 before undergoing a trend reversal.

Conclusion

Bitcoin Cash should register a re-test at $291 under the next 12-24 hours.

Source: https://eng.ambcrypto.com/bitcoin-cash-short-term-price-analysis-12-august

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