Bitcoin Hovers Under $4,000 as Top Cryptos See Mixed Movements

Saturday, Feb. 23 — the top 20 cryptocurrencies are reporting mixed movements on the day by press time. Bitcoin (BTC) is hovering under the $4,000 mark again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down 0.26 percent on the day, trading at around $3,976 after a brief mid-day high of…

Saturday, Feb. 23 — the top 20 cryptocurrencies are reporting mixed movements on the day by press time. Bitcoin (BTC) is hovering under the $4,000 mark again, according to Coin360 data.

Market visualization

Market visualization from Coin360

At press time, Bitcoin is down 0.26 percent on the day, trading at around $3,976 after a brief mid-day high of $4,005, according to CoinMarketCap data. Looking at its weekly chart, the current price is over 8 percent lower than $3,643, the price at which Bitcoin started the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is keeping its position as the largest altcoin by market cap, which is nearly at $15.6 billion. The second-largest altcoin, Ripple (XRP), has a market cap of about $13.3 billion.

Ethereum is up by little over a tenth of a percent over the last 24 hours. At press time, ETH is trading around $148, after having started the day at the same price and reporting a mid-day low of about one dollar lower. On its weekly chart, Ethereum has seen its value increase nearly 17 percent from $123, the price at which the coin started the week.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple has lost 0.33 percent in the 24 hours to press time and is currently trading at around $0.32. On its weekly chart, the coin gained nearly 6 percent from $0.302, the price at which XRP started the week.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones experiencing the most notable price action are Maker (MKR), which is up over 6 percent, and NEM (XEM), which is up over 5 percent.

As Cointelegraph recently reported, the vice president of blockchain and digital currencies for IBM, Jesse Lund, said that he expects Bitcoin’s price to eventually hit $1 million.

On the other hand, co-founder of Reddit and known crypto bull Alexis Ohanian claimed that this week the crypto hype is gone, leaving space for true crypto believers.

Top 5 Crypto Performers Overview: BSV, XEM, TRX, BNB, BTC

In a bear market, the sentiment is most bearish right at the bottom of the trend. The entire heard says to sell. Short sellers laugh away to the bank and many analysts call for a further fall. With majority of the news being negative, it sounds logically correct. However, when the downtrend enters a capitulation,…

In a bear market, the sentiment is most bearish right at the bottom of the trend. The entire heard says to sell. Short sellers laugh away to the bank and many analysts call for a further fall. With majority of the news being negative, it sounds logically correct.

However, when the downtrend enters a capitulation, it usually signals a bottom. Going against the trend, at such times, turns out to be a profitable decision. A prolonged downtrend is also a good time to sell out the positions that don’t have sound fundamentals and shift into cryptocurrencies that have a bright future.

Though the total market capitalization of cryptocurrencies has plunged about 87 percent from its highs, Bitcoin has managed to maintain its dominance above the 50 mark throughout the fall. This shows that its leadership position remains intact and we have to watch its price action closely to forecast direction for the entire crypto markets.   

BSV/USD

Bitcoin SV, born out of the Bitcoin Cash hard fork, is the only one among the top virtual currencies that has been in the green in the past seven days. Its outperformance helped it to overtake Bitcoin Cash in terms of market capitalization for a short period of time on Dec. 7.

BSV/USD

Currently, both the cryptocurrencies are trading with market capitalizations that are relatively close to each other.

The BSV/USD pair has seen wild swings in its short trading history. From a high of $254.13 on Nov. 14, it plunged 84.83 percent to an intraday low of $38.528 on Nov. 23. From the lows, it pulled back 221.79 percent to reach an intraday high of $123.98 on Nov. 26.

The recovery stalled at the 38.2 percent Fibonacci retracement level of the fall. Since Nov. 26, the digital currency has been trading in a range of $123.98-$80.352. A breakout of the range can result in a rally to $167.608, which is close to the 61.8 percent Fibonacci retracement level.

On the contrary, if the price breaks down of the range, a retest of the lows is probable. Trading inside the range can be volatile; therefore, we suggest waiting for a breakout of the range for initiating any long positions.

XEM/USD

NEM and three other blockchain firms have come together to form a lobbying group in Europe to “create a unified voice for the blockchain industry at the European level.” NEM has been one of the stronger performers in this fall. Let’s see if it is showing any bottoming formations.

XEM/USD

While most other top digital currencies are making new year-to-date lows, the XEM/USD pair has not declined much in the past few days. Even after breaking down of the range $0.13125258-$0.07790717, the bears have not been able to push prices lower. This suggests demand on dips.

If the price climbs back into the range and sustains it for three days, it will confirm that the markets have rejected the lower levels. Traders can initiate long positions above the 50-day SMA and expect a move back towards the top of the range.

On the other hand, if the digital currency turns down from the 20-day EMA and breaks down of $0.06155741, the fall can extend to $0.05. We expect a decisive breakout or breakdown within the next few days.

TRX/USD

TRON CEO Justin Sun announced that Tron has joined Blockfolio Signal beta, which is a popular mobile cryptocurrency portfolio tracking and management network. Justin Sun’s war of words with its competitors, Ethereum and EOS, also continues. He said that his company will create a fund to “rescue” the developers of Ethereum and EOS, following a “collapse” of their platforms.

TRX/USD

For the past few days, the bulls are facing a stiff resistance at the 20-day EMA, which is sloping down. The price has gradually drifted close to the Nov. 25 low of $0.01089965. A break of the low will resume the downtrend that can stretch to $0.00844479.

If the bulls scale the overhead resistance of the 20-day EMA, a rally to $0.0183 is probable. We expect the TRX/USD pair to remain range bound for a few days before making the next decisive move.

A breakout above $0.0183 will signal strength and can be traded on the long side.

BNB/USD

Binance Coin made a large move during the week on the back of the announcement regarding upcoming release of Binance Chain. Binance CEO Changpeng Zhao (CZ) hopes to host millions of coins and thousands of blockchains on the platform in the future.

The upcoming launch of Binance’s decentralized exchange (DEX) also boosted sentiment. The constant complain of the naysayers has been a lack of mainstream usability. However, with a partnership with Tripio, Binance has offered the opportunity of using BNB at 450,000 hotel locations. Though the fundamentals are improving, let’s see what the chart forecasts.

BNB/USD

The BNB/USD pair gave up a lot of ground between Nov. 14 to Nov. 25. During this period, the price dropped by about 53 percent. Thereafter, the bulls attempted to bounce from the critical support zone of $4.8355125-$4.5200621. The pullback broke out of the 20-day EMA, which was trending down but the bulls could not sustain the higher levels.

The digital currency turned around and slumped sharply on Dec. 6 and 7, resulting in a new low. The bears are attempting to resume the downtrend, while the bulls are trying to pull back from the current levels. The RSI is showing a positive divergence, which is a bullish sign. We anticipate a trend change if the price breaks out of $7 levels. Traders should wait for a new buy setup to form before investing.

BTC/USD

Though Bitcoin is the fifth best performer in the past seven days, it has continued to make new year-to-date lows. The SEC postponing the decision on the Bitcoin ETF did not go well with investors. The experts are divided whether the digital currency will slip further or will it bounce off the current levels. Let’s see what the charts forecast.

BTC/USD

The BTC/USD pair gathered momentum on the downside after it broke below the critical support of $5,900. The RSI on the weekly chart has slipped into the oversold territory for the first time since early 2015. The previous dip into the oversold zone had proven to be a good buying point, as the markets then entered a prolonged bull phase.

The $3,000-$3,500 zone had previously acted as a support in mid-September 2017. Therefore, we anticipate a bounce from this zone this time too. If successful, we expect a retest of the breakdown levels of $5,900.  Hence, we have been on the lookout to buy.

On the other hand, if the bears break below the support zone, the next major support is way lower at $2,000.

NEM Gains 13% in 24-Hours While the Rest Are Sleeping. What’s Causing this Bull-Run?

The cryptocurrency market is moving very slowly today. Some of the top coins are in the red: Bitcoin at -0.20% and Ethereum at -0.36%. Small losses, but pretty appropriate for a day when the market is dragging its heels. However, there are very notable NEM gains happening right now. NEM (XEM) is, without a doubt, today’s…

NEM Gains

The cryptocurrency market is moving very slowly today. Some of the top coins are in the red: Bitcoin at -0.20% and Ethereum at -0.36%. Small losses, but pretty appropriate for a day when the market is dragging its heels. However, there are very notable NEM gains happening right now.

NEM (XEM) is, without a doubt, today’s biggest winner, having grown 13% in the last 24-hour period. So, what has NEM trading in the green, especially when every other coin is pretty much asleep!?

Let’s find out!

NEM Gains

NEM (XEM) is ranked …

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Tech Bureau Announces Release of Catapult Featuring New NEM Protocol

New NEM Protocol: Tech Bureau, a developmental group for blockchain technology software and services, has announced the release of its mijin v.2 blockchain engine, which is also known as Catapult. Catapult Features the New NEM Protocol Catapult will feature an updated version of the NEM protocol and is meant to be available on both public and…

New NEM Protocol

New NEM Protocol: Tech Bureau, a developmental group for blockchain technology software and services, has announced the release of its mijin v.2 blockchain engine, which is also known as Catapult.

Catapult Features the New NEM Protocol

Catapult will feature an updated version of the NEM protocol and is meant to be available on both public and private networks.

ANNOUNCEMENT: Catapult is now on private network! More info: https://t.co/V9zmQZLC3x pic.twitter.com/F7yzlyIVhC

— NEM (@NEMofficial) May 14, 2018

 

Tech Bureau North America CEO, Tom Beno, has said that …

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