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Price Analysis Dec 20: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, XLM

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Price Analysis Dec 20: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, XLM

Though most major cryptocurrencies have broken below their support levels during the most recent fall, Bitcoin, which is inarguably the leader, has held its ground. This is a positive sign as it shows that the stronger hands are not panicking. This week top venture capitalist Tim Draper also reiterated his bullish view on Bitcoin. 

Draper is confident that the leading currency will hit $250,000 by 2022. Additionally, he believes that if Bitcoin’s price action prior to  and after the May 2020 halving resembles the trajectory followed during previous halvings, his target might be achieved by the end of the next year itself.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Patience is the key to long-term success in investing. While it is important to invest when the trend is up, it takes patience to hold on to the investment during corrections. The early investors who held on to their investments pocketed astronomical returns in the first decade of Bitcoin’s existence. As the asset class matures, the returns in the next decade might slow down but cryptocurrencies are still projected to outperform all other asset classes by a wide margin. 

Even in a falling market, there are intermittent relief rallies driven by aggressive bulls who purchase in anticipation of a bottom. While short-term traders can profit from these quick trades, investors should wait for a turnaround to be signaled before jumping in. Let’s see if we spot a bottom in any of the major cryptocurrencies.

BTC/USD

Bitcoin (BTC) bounced sharply from the critical support at $6,512.01 on Dec. 18. This is a positive sign as it shows that the bulls purchased the dip to the support level aggressively. However, the failure of the buyers to sustain the price above the 20-day EMA indicates a lack of demand at higher levels.

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

If the bulls fail to scale above the 20-day EMA within the next couple of days, a retest of  $6,512.01 is likely. A breakdown of this support will be a huge negative that can drag the price to $5,533.90. Along with the price damage, such a move will dent sentiment and delay the start of the next up move. 

Conversely, if the bulls can defend the psychological support at $7,000, it will increase the possibility of a move to $7,856.76. This is an important level to watch out for on the upside because a break above it will complete a double bottom pattern. We will recommend a buy on a close (UTC time) above $7,856.76. Until then, we remain neutral on the BTC/USD pair.

ETH/USD

The relief rally in Ether (ETH) hit a wall just above the breakdown level of $131.484. The bears will now attempt to resume the downtrend. If the price slips below the recent low of $117.09, a drop to $100 is possible.

ETH USD daily chart

ETH USD daily chart. Source: Tradingview

Conversely, if the bulls can sustain the price above $131.484, a rally to the 20-day EMA at about $141 is possible. We expect the bears to defend the 20-day EMA aggressively.

If the price turns down from the 20-day EMA but stays above $117.09, the ETH/USD pair will remain range-bound for a few days. We will wait for the pair to form a new buy setup before suggesting a trade in it.

XRP/USD

The pullback in XRP from the low of $0.17468 on Dec. 18 was sharp but it hit a wall at the first overhead resistance at $0.20041. This shows a lack of buying at higher levels as the traders are not confident that the downtrend has ended.

XRP USD daily chart

XRP USD daily chart. Source: Tradingview

The bulls are currently attempting to hold the price above $0.18 levels. If the XRP/USD pair breaks above $0.20041, a rally to $0.22 is possible. 

Conversely, if the bulls fail to push the price above $0.20041 once again, the bears will try to sink the price below $0.17468. If successful, a drop to the next support at $0.15 is possible. As the pair has been among the weakest major cryptocurrencies, we will wait for a reversal pattern to form before proposing a trade in it.

BCH/USD

Though Bitcoin Cash (BCH) is facing resistance at $192.52, it has held its ground. This shows that buyers are not waiting for a deeper fall to enter, which is a positive sign. If the bulls can push the price above $192.52, a move to $203.36 is possible. 

BCH USD daily chart

BCH USD daily chart. Source: Tradingview

If the price can sustain above $192.52, it will signal that the BCH/USD pair might have bottomed out at $169.62. Such a move can offer a buying opportunity.

However, if the pair turns down from the 20-day EMA at $204 and breaks below $192.52, the bears will try to extend the downtrend. The next support on the downside is at $125. We will wait for the pair to sustain above $192.52 before proposing a trade in it.

LTC/USD

Litecoin (LTC) is facing resistance at $42.0599. Above this level, the bulls are likely to again hit a roadblock at the downtrend line. If both these levels are scaled, a rise to $50 will be on the cards. 

LTC USD daily chart

LTC USD daily chart. Source: Tradingview

Nonetheless, if the LTC/USD pair turns down from the overhead resistance at $42.0599 or from the downtrend line, the bears will try to sink the price below the recent low of $35.8582. If successful, a drop to $28 to $30 support zone is possible. We will wait for a bottom to be confirmed before suggesting a trade in it.

EOS/USD

EOS climbed back above $2.4001 on Dec. 18 and has sustained the level for the past two days. This is a positive sign as it indicates strong buying at lower levels. There is a minor resistance at the 20-day EMA, close to $2.6, above which a rally to $2.8695 is likely. 

EOS USD daily chart

EOS USD daily chart. Source: Tradingview

The short-term traders can stay on the long side to pocket some quick gains but we suggest positional traders wait for a rally above the downtrend line before buying.

Contrary to our assumption, if the bears sink the price below $2.4001, the EOS/USD pair can retest the recent low of $2.1624. A break below this level will be a huge negative as it will resume the downtrend.

BNB/USD

Binance Coin (BNB) has been trading just below the overhead resistance zone of $13.88 to $14.2555 for the past two days. This is a positive sign as it indicates buying at lower levels. However, the bears are unlikely to throw in the towel easily. 

BNB USD daily chart

BNB USD daily chart. Source: Tradingview

We anticipate the bears to mount a strong defense between $13.88 and the downsloping 20-day EMA at $14.60. If the price turns down from this resistance zone, a retest of the recent low at $12.1111 is likely.

Conversely, if the bulls can sustain the BNB/USD pair above the 20-day EMA, it will indicate strength. Above this level, a move to $16.50 is possible. We will wait for the price to sustain above $14.2555 before turning positive.

BSV/USD

Bitcoin SV (BSV) has held the support at $78.506, which is a positive sign. This shows that  buyers are active close to support levels. The relief rally will face resistance at the downtrend line and above it at the 20-day EMA, close to $94.

BSV USD daily chart

BSV USD daily chart. Source: Tradingview

A breakout of the 20-day EMA will be the first indication that buyers are back in the game. If the price sustains above $94, it could offer a buying opportunity. 

Our bullish view will be invalidated if the BSV/USD pair turns down from the overhead resistance and dips below $78.506. If this level breaks down, the downtrend can extend to $66.666. 

XTZ/USD

Tezos (XTZ) has turned volatile with large intraday ranges in the past two days. This indicates that both bulls and bears are attempting to assert their supremacy. This might keep the altcoin range-bound between $1.18 and $1.65 for the next few days.

XTZ USD daily chart

XTZ USD daily chart. Source: Tradingview

A break above $1.65 can carry the price to $1.85. We anticipate a stiff resistance at this level but if the bulls can scale above it, the XTZ/USD pair will pick up momentum. 

On the downside, a break below $1.18 will be a negative sign that can drag the price to $1.10. We do not find any reliable buy setups at the current levels, hence, we remain neutral on the pair. 

XLM/USD

The pullback in Stellar (XLM) could not even reach the breakdown level of $0.051014. This is a negative sign as it shows a lack of buyers at higher levels. The bears will once again attempt to resume the downtrend by breaking below the recent low of $0.042133. If successful, the next stop is likely to be $0.036769.

XLM USD daily chart

XLM USD daily chart. Source: Tradingview

However, if the bulls defend the support at $0.042133, the XLM/USD pair might consolidate for a few more days. The first sign of strength will be after the bulls scale and sustain the price above $0.051014. Until then, we suggest traders remain on the sidelines. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Published at Fri, 20 Dec 2019 18:04:00 +0000

Blockchain

Launch of Crypto Trading Team by Goldman Sachs

The cryptocurrency trading team formed will be a part of global currencies The memo is penned by Goldman Sachs partner Rajesh Venkataramani.

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U.S. banking giant Goldman Sachs has announced the details of the cryptocurrency trading team. According to a staff memo, the trading group is buying and selling futures on CME group and non-deliverable forwards.  

Goldman Sachs Forms Crypto Trading Team

The cryptocurrency trading group formed will be a part of Goldman’s global currencies and emerging markets division. The memo is penned by Goldman partner Rajesh Venkataramani. The first report of the memo came on Friday. 

According to Rajesh Venkataramani, the team will be part of Goldman’s global currencies and emerging markets (GCEM) unit. His official statement reads,

“I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott.”

Derivatives of The Trading Group

The announcement affirmed that Wall Street is allowing cryptocurrencies as a mode of payment. The adoption of digital currency seems to be on a continuous hike. Recent news from the rivalry, Morgan Stanley chose to offer its wealth management clients access to Bitcoin funds in the recent past months.

The derivatives of the Trading group facilitating investors to take note of Bitcoin future prices. In order to not to deal with the physical asset, the contracts will be settled in hard cash, which it “is not in a position to trade,” according to the memo.

The launch of the Digital Assets dashboard by Goldman this Thursday will allow its traders access to crypto market data and news.

Venkataramani says,

“The newly formed team has already traded Bitcoin-backed non-deliverable forward contracts and CME Group’s Bitcoin futures.”

Last month, Goldman Sachs CEO David Solomon mentioned that,

“He was expecting a big evolution in the cryptocurrency space when it comes to regulations.”

READ  DC Bar Association Allows Crypto Payments for Lawyers

#CME Group #Goldman Sachs Forms Crypto Trading Team #Goldman Sachs Group Inc #Morgan Stanley

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/launch-of-crypto-trading-team-by-goldman-sachs

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A Popular Analyst List Out The Assets To Keep An Eye On, In May

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The post A Popular Analyst List Out The Assets To Keep An Eye On, In May appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Altcoins That May Hit New ATH in May! Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price. A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 …

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Altcoins That May Hit New ATH in May!

Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price.

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A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 cryptocurrencies that may form new ATH in May 2021. 

The analyst predicts Ethereum price will hit $5000 whereas BNB price may also rally to hit $1000 levels by the end of May 2021. 

Also Read: Top Altcoins to Watch This Month!

 Altcoin Season Underway!

The altcoin season is said to have started as most of the top 100 cryptocurrencies are now a billion dollar asset. Moreover, many of the altcoins have even surpassed their previous ATH and formed new highs in the recent rally. 

As the Bitcoin dominance rate kept sliding, the Altcoin space has strengthened itself to manifest a growing dominancy and extended user adoption. Additionally, Ethereum price is expected to keep the bullish momentum intact to propel high. As most of the altcoins are expected to surge with the ETH price flow jumping towards the north. 

Collectively, the altcoin season is expected to go parabolic as most of the altcoins are expected to discover new highs. No doubt analyst Simon listed the coins to have a watch in the currency month. Yet there are many other promising projects with strong fundamentals, and may also rally towards new high.

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Source: https://coinpedia.org/altcoin/altcoins-to-consider-in-may/

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SEC Chairman Says Crypto Markets Need Regulations to Prevent Fraud

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SEC chairman Gary Gensler said on Friday that greater protection for investors is required in cryptocurrency markets. 

Gensler is no stranger to the cryptocurrency world. The former Goldman Sachs investment banker has long been viewed as a strong candidate to take the SEC chairman role.  

Gensler was sworn in a few weeks ago as Joe Biden’s choice for the next head of the SEC. During Obama’s presidency, Gensler was in charge of the Commodity Futures Trading Commission (CFTC) and was in charge of regulating derivatives.

What makes this particularly interesting is that he will become the first crypto and blockchain expert to hold the highly regarded position. A former MIT professor, he taught a course entitled “Blockchain and Money” and believes the two are a “catalyst for change.” Gensler stated at his SEC nomination hearing:

Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion. But they’ve also raised new issues of investor protection that we still need to attend to.”

Despite his support and optimism, the new SEC chairman also expressed concern about the protections investors are not getting in the crypto asset market. Gensler understands the attraction of bitcoin and other coins, but worries investors are taking on more risk than necessary

“It’s a digital, scarce store of value, but highly volatile,” Gensler says. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”

He believes that as long as technology continues to change the way consumers interact with markets, regulations to protect said consumers have to keep pace. 

He went on to say that he believes BTC is a “speculative” store of value and that the Securities and Exchange Commission should remain “tech neutral” when looking at innovations in markets. 

The new chairman believes there needs to be an official authority for a regulator to oversee digital currency exchanges.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/sec-chairman-says-crypto-markets-need-regulations-to-prevent-fraud/

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The Magnificent Seven: TEL, ETC, QTUM, DOGE, OMG, EOS, LSK — Biggest Gainers, April 30 – May 7

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BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from April 30 to May 7.

These altcoins are:

  • Telcoin (TEL) – 420%
  • Ethereum Classic (ETC) – 295%
  • Qtum (QTUM) – 118%
  • Dogecoin (DOGE) – 100%
  • OMG Network (OMG) – 99%
  • EOS (EOS) – 90%
  • Lisk (LSK) – 74%

TEL

TEL has been moving upwards since April 23. In a span of 13 days, it increased by 1,000%, leading to an all-time high price $0.049. Since then, the token has decreased slightly.

TEL has already moved above the 1.61 Fib projection of waves 1-3, indicating that wave five has extended.

If it decreases, the closest support levels are found at $0.026 and $0.021, respectively. They are created by the 0.5 and 0.618 Fib retracement levels.

TEL Parabola
Chart By TradingView

ETC

ETC began a massive upward movement on May 3, culminating with an all-time high price of $176, reached on May 6. This amounted to an upward movement of 292%.

The high was made right at the 3.61 external Fib retracement of the entire previous decrease, measuring from the all-time high. Afterwards, ETC decreased slightly since and is currently trading at $139.

If the current upward movement extends, the next resistance area would be found at $207, the 4.61 external Fib retracement.

ETC Parabola
Chart By TradingView

QTUM

QTUM has increased considerably this week. However, unlike TEL & ETC, it is nowhere close to reaching its all-time high. 

To the contrary, it is still below the $43-$53 resistance area, which is created by the 0.5 – 0.618 Fib retracement levels. 

While QTUM is likely to reach it, a rejection would be expected once it does, at least in the short-term.

QTUM Upward Move
Chart By TradingView

DOGE

DOGE has been moving upwards since April 23, when it had reached a low of $0.159. As a result, it managed to reach a new all-time high price of $0.696 on May 5, which amounted to an increase of 336%.

The high was made just above at the 1.61 external Fib retracement resistance, found at $0.627, causing a rejection. 

However, DOGE bounced once more after the rejection. 

If the movement extends, there is a confluence of resistance levels found near $0.90.

DOGE Move
Chart By TradingView

OMG

OMG has increased considerably this week, managing to reach a new yearly high of $15.35. Still, unlike ETC, the token is nowhere close to reaching a new all-time high. 

To the contrary, it has just reached the 0.5 Fib retracement level when measuring from the entire downward movement. Consequently, the entire $14.40-$17.75 area is likely to provide strong resistance.

Afterwards, if OMG manages to clear it, it is likely to move towards a new all-time high price.

OMG Movement
Chart By TradingView

EOS

EOS increased considerably this week, managing to break out above the long-term resistance area found at $8. Previously, it had been trading below this level since August 2019. 

As a result, it has managed to reach a high of $13.65, just between the 0.5-0.618 Fib retracement levels. However, it was rejected once it did, and is currently trading near $11.

EOS Breakout
Chart By TradingView

LSK

LSK has been moving upwards since April 23, when it was trading at a low of $3.14. Today, it managed to reach a new all-time high price of $11.50, amounting to an increase of 271%. 

The high was made just above the 1.61 external Fib retracement level of the previous drop. This is the first significant resistance level.

Therefore, if LSK manages to clear it, the next resistance area would be found at $14.57.

LSK All-Time High
Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/tel-etc-qtum-doge-omg-eos-lsk-biggest-gainers-april-30-may-7/

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