29 Jun
In today’s article we talk about Vanguard’s new blockchain platform that’s going to allow Forex Trading. A new bitcoin price Model that shows a surge in price in the next month and the top five cryptocurrencies to watch this week. We also go over the current top crypto currency prices as well as a brief analysis on bitcoin.
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TOP CRYPTOCURRENCY PRICES JUNE 24th 2020
The current prices of Bitcoin is at $9,105.91 up 1.50%
The current prices of Ethereum is at $224.63 up 2.59%
The current prices of EOS is at $2.36 up 1.53%
The current prices of Litecoin is at $41.15 up 1.17%
The current prices of XRP is at $0.176844 up 1.60%
As always this publication is sponsored by CoinCasso cryptocurrency exchange. So if you’re unsatisfied with your crypto currency exchange, like Coinbase that crashes every single time that the price drops or goes up, consider checking out CoinCasso in the link.
TOP CRYPTOCURRENCY VOLUME TRADED
BITCOIN TECHNICAL ANALYSIS
We are looking at the hourly chart for the last two months. This is where we’ve seen the most buyers and sellers in the large quantities going up and down. We saw a huge Spike up, a huge drop back down, another huge Spike up, drop back down, drop back down, and drop back down. So far we’ve been sitting far below the most common bitcoin price sitting at about 9300.
Now if you watch my videos previously, I’ve been talking about us being on this upwards. I’m but since we’ve broken through this upwards Channel, we’ve been dancing along this $9,300 range for quite some time the price did manage to spike up but has now dropped below that $9,300 barrier. But now instead of using it as a support. It is now a resistance level.
Bitcoin price seems to be continuing to go in the downwards motion prior to this recent climb up since the coronavirus pandemic we have been on this downwards climb and we might be getting into that range again this line right here is the upper resistance.
TOP CRYPTOCURRENCY NEWS ARTICLES
Vanguard’s Blockchain Platform for Foreign Exchange Will Go Live in Q3 2020
Mutual fund giant Vanguard has completed another blockchain pilot that aims to change the risk profile of foreign exchange (FX) transactions.
The Valley Forge, Pa.-based investment firm ran the pilot on Symbiont’s Assembly blockchain with participation from State Street, BNY Mellon and investment firm Franklin Templeton. Vanguard and Franklin Templeton acted as dealer banks and State Street and BNY Mellon acted as counterparty banks as well as custodians, said Symbiont’s foreign exchange lead, Joe Ziccarelli.
Symbiont believes the foreign exchange platform will go into production in the third quarter of 2020, Ziccarelli said.
“The pilot has helped to prove out some of the capabilities that address areas of uncompensated risk in collateral-linked instruments like FX forward contracts,” Melissa Kennedy, a Vanguard spokeswoman, said in an emailed statement. “Over the next twelve months, we will continue to build out capabilities on the platform with our partners.”
The FX announcement follows a digital asset-backed securities pilot that Vanguard announced the completion of earlier this month. The FX pilot’s completion also shows that the Assembly blockchain could quickly become a viable option for many large enterprises engaged in FX, Ziccarelli said.
According to Ziccarelli, the pilot proves a use case for Assembly that applies to all foreign exchange contracts including swaps and outrights, which is a FX transaction where two parties agree to buy or sell a certain amount of currency at a predetermined rate in the future.
Buy-side and sell-side firms use foreign exchange for hedging and speculative purposes. The market is governed by contracts that serve as credit agreements which specify how the over-the-counter (OTC) market should exchange the collateral used for these transactions.
The calculations and collateral movement often take two or three days to process.
“[Currently] you are two or three days removed from being protected against the sort of underlying credit risk that’s associated with those transactions,” Ziccarelli said. “Now you can be protected in as soon as the last calculation period.”
New Bitcoin Price Model Suggests ‘Exponential’ Bull Run in One Month
Earlier this week on-chain analyst Willy Woo released a new price model for Bitcoin (BTC). The model identifies the start of exponential Bitcoin bull runs based on historical data. According to the model, Bitcoin may be just one month away from an official bull market.
Will a BTC bull market begin in July?
The price of Bitcoin was hovering around $10,000 in February before the coronavirus pandemic led to the U.S. stock market to correct sharply. At that time, analysts expected BTC to pull back as the price had also rejected at $10,500 which is a pivotal resistance level.
Surprisingly, Bitcoin price dropped rapidly as it fell below $6,000, ultimately dropping to a yearly low at $3,600 on BitMEX. This caused mayhem in the cryptocurrency market as more than $1 billion worth of leveraged positions were liquidated.
According to Woo, Bitcoin was positioned for a bull market before the coronavirus pandemic affected nearly all risk-on markets. Woo’s new model, which accurately marked the start of four previous bull runs, indicates
Bitcoin is preparing for another uptrend in the near-term.
Woo said:
“This is a new model I’m working on, it picks the start of exponential bull runs. 1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party. 2) This model suggests we are close to another bullish run. Maybe another month to go.”
If the price of Bitcoin remains stable for longer, Woo said that it could strengthen the next breakout. Furthermore, Bitcoin has shown a relatively low level of volatility for well over a month, defending the $9,000 support level.
The analyst further explained:
“The longer this bull market takes to wind up, the higher the peak price (Top Cap model). A long sideways accumulation band is ultimately a good thing.”
A long period of consolidation under a multi-year resistance level such as $10,500 is often considered as a positive factor because it shows buyers are attempting to breach a key level but there is not enough selling pressure to counter it.
Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, BCH, XLM, LINK
BTC/USD
After failing to scale above the $10,000–$10,500 zone for the past few days, Bitcoin is witnessing profit booking by the short-term bulls. On June 27, the price slipped below the trendline and also the critical support at $8,910.04.
The 10-day exponential moving average ($9,277) has started to turn down and the RSI is in the negative zone, which suggests that bears have the advantage in the short-term. However, the medium-term points to a consolidation as the 50-day simple moving average ($9,399) is flat.
The failure of the bears to capitalize on the fall below $8,910.04 on June 27 suggests a lack of sellers at lower levels.
Currently, the bulls are attempting a recovery. If the bulls can push the price back above the trendline and sustain it, a move to the downtrend line of the descending channel is possible.
On the other hand, if the BTC/USD pair turns down from the moving averages and breaks below $8,910.04, a deeper fall to the support line of the channel is possible. The bulls are likely to defend the zone between $8,130.58 and the support line of the channel aggressively.
The relief rally currently underway can face resistance at the previous support turned resistance at the trendline.
If the bulls can push the price above this resistance, the possibility of a rally to the downtrend line of the channel increases. A breakout of the channel will be the first sign of strength that will indicate a possible move to $10,000.
Conversely, if the price turns down from the overhead resistance level, the bears will once again try to resume the down move. A break below $8,825 will signal weakness. Below this support, the decline can extend to $8,628 and then to $8,400.
There is no clear trend, hence, the price action is likely to remain volatile, which can benefit the short-term trader who enters and exits trades quickly, without waiting for a large move.
ETH/USD
Ether (ETH) is consolidating in an uptrend. Although the price dipped below the critical $217.67 support on June 27, the bears could not sustain the lower levels. This suggests that the bulls continue to buy the dips.
Currently, the bulls are attempting to sustain the price above the 50-day SMA ($223), which is flattening out. If successful, the second-ranked cryptocurrency on CoinMarketCap can rise to the 10-day EMA ($230).
Conversely, if the price turns down from the current levels, the bears will once again attempt to sink the price below the $217.67–$216.006 support zone. If that happens, a drop to $200 is likely.
The ETH/USD pair has broken out of the 10-EMA, which is the first sign that bulls are aggressively buying at lower levels. If the price sustains above the 10-EMA, a rally to the 50-SMA–$236 resistance zone is likely.
Conversely, if the pair fails to sustain above the 10-EMA, the bears will make one more attempt to sink the price below $216. If successful, a new downtrend is likely.
Therefore, traders should watch $216 closely and if this support level cracks long positions should be avoided as a deeper correction is possible.
BCH/USD
Bitcoin Cash (BCH) has been stuck in a large range of $200–$280 for more than two months. Usually, when the price spends such a long time in the range, it needs a strong momentum to breakout or breakdown of the range.
Although the 10-day EMA ($230) is sloping down and the RSI is in the negative territory, the bears could not sink the price below $200 on June 27. This suggests buying by the bulls near the support of the range.
If the bulls can sustain the rebound and push the fifth-ranked cryptocurrency on CoinMarketCap above the 10-day EMA, a move to $240 and then to $260 is possible.
Conversely, if the price turns down from the 10-day EMA, the bears will make another attempt to break below the $200 support. If the bears succeed, a new downtrend is likely.
The bulls have pushed the price above the previous support turned resistance of $220, which is a positive sign. This suggests aggressive buying at lower levels.
If the BCH/USD pair breaks out of the downtrend line, the momentum is likely to pick up. The next level to watch on the upside is $235 and then $244.
However, if the pair turns down from the downtrend line, the bears will once again attempt to sink the price to the critical support of $200. If this support cracks convincingly, a new downtrend is likely to start.
Conversely, if the pair rebounds off $200 once again, it is likely to attract further buying as it will cement the level as a strong support.
XLM/USD
Stellar Lumens (XLM) is trading inside a descending channel. On June 27, the bulls aggressively bought the dip close to the support line of the channel as seen from the long wick on the candlestick.
The current rebound is likely to face resistance at the 10-day EMA ($0.067) and above it at the downtrend line of the channel. A breakout of the channel will be the first sign that the downtrend might be over.
However, if the 14th-ranked cryptocurrency on CoinMarketCap turns down from the 10-day EMA, it will increase the possibility of a break below $0.060 support. Below this level, the decline can extend to $0.055.
The 10-day EMA is sloping down and the RSI is in the negative zone, which suggests that bears have the upper hands. In a downtrend, usually, selling on rallies offers a greater profit potential rather than buying the dips.
The current pullback attempt is likely to face resistance in the zone between the 10-EMA and the downtrend line.
If the price turns down from this resistance zone, the bears will once again try to sink the XLM/USD pair below $0.060. If successful, the downtrend is likely to continue.
Conversely, if the bulls propel the price above the downtrend line, the relief rally can extend to the resistance line of the channel. If the price turns down from this resistance, the bears will try to resume the downtrend.
This bearish view will be invalidated if the bulls can carry the price above the resistance line of the channel. Such a move will indicate a likely change in trend.
LINK/USD
Chainlink (LINK) had reached close to the highs of $4.9762 on June 23 and 24 but the bulls could not break above this resistance. This led to profit booking by the short-term traders, resulting in a correction.
Although the price dipped below the immediate support of $4.50 on June 27, the bears have not been able to sustain the lower levels. This suggests the bulls continue to buy the dips as they anticipate the uptrend to resume.
If the price sustains above $4.50, the bulls are likely to make one more attempt to drive the 13th-ranked cryptocurrency on CoinMarketCap above $4.9762. If successful, a rally to $6 is possible.
This bullish view will be invalidated if the buyers fail to sustain the price above $4.50. In such a case, a drop to the 50-day SMA ($4.13) is likely.
The four-hour chart shows that the LINK/USD pair found support at $4.30, which is just above the 50% Fibonacci retracement level of the most recent leg of the rally. This is a positive sign as it suggests that bulls are buying on dips.
The current rally might hit a minor resistance at the downtrend line. This level might result in a minor consolidation or pullback but it is likely to be crossed. Above this level, a retest of the highs will be on the cards.
Reference Articles:
Vanguard’s Blockchain Platform for Foreign Exchange Will Go Live in Q3 2020
New Bitcoin Price Model Suggests ‘Exponential’ Bull Run in One Month
Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, BCH, XLM, LINK
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