Bitcoin is Flirting with a Fresh Bull Break – And It Could Devastate Altcoins

Bitcoin is now flashing some immense signs of strength as its price pushes up towards its yearly highs of $11,400. This comes as Ethereum, and many other major altcoins, also build technical strength.

This ongoing uptrend is being driven by massive inflows of buying pressure that are helping to degrade the resistance established throughout the mid-$11,000 region.

Analysts believe that this could mark the start of the next leg up, which could send BTC to $12,000 or beyond.

This potential leg higher could devastate altcoins, according to one respected fund manager, who claims that a move towards $12,000 could be imminent if BTC breaks above $11,400.

Because Ethereum has been providing Bitcoin with some guidance in recent weeks, ETH may be immune from any type of BTC-induced downtrend.

Bitcoin Flashes Signs of Strength as Analysts Watch for a Move to $12,000

At the time of writing, Bitcoin is trading up over 2% at its current price of $11,350. This marks a notable surge from daily lows of $10,800 that were set yesterday evening when bears attempted to invalidate BTC’s uptrend.

The strong support that bulls were able to build around these lows helped to absorb the selling pressure and subsequently allowed the crypto to rally higher.

It is now pushing up against its key resistance within the mid-$11,000 region, which may be difficult for buyers to surmount in the near-term.

One factor to consider that could have implications for Bitcoin is the massive influx of buy orders that have been backing this latest push higher.

While speaking about this, one analyst offered a chart showing that BTC is breaking out of a bull flag.

“Bitcoin 4 hour – Flirting with a new leg up,” he explained in a recent tweet.

Bitcoin

Image Courtesy of Big Cheds. Chart via TradingView.

If this resistance is shattered, BTC will likely break into the lower-$12,000 region before facing another influx of selling pressure that slows its ascent.

BTC’s Next Rally Could Crush Altcoins – Claims Fund Manager 

While speaking about Bitcoin’s near-term outlook, one well-respected fund manager explained that he believes a BTC movement past $11,400 is imminent.

He reckons that this will likely send the benchmark digital asset towards $12,000, with this next leg up delivering a major blow to altcoins.

“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

How the cryptocurrency trades in the coming hours as its monthly candle close approaches should provide valuable insight into where it will trend in the coming weeks.

Featured image from Unsplash.
Charts from TradingView.

As Bitcoin Pushes $11,500 Top, Funding Rates Drop: Why This Is Bullish

Earlier this week, Bitcoin topped out at $11,500 — a historically important price point. The leading cryptocurrency proceeded to drop by approximately 7% to $10,600 in the 24 hours that followed the high.

After consolidating between $10,800-11,200, Bitcoin is breaking higher once again. Just minutes ago, BTC pierced $11,400 for the first time since the aforementioned highs.

Chart of BTC's price action over the past few days from TradingView.com

While some are fearing a similar rejection to the one Bitcoin faced earlier this week, derivatives data shows that BTC is now in a healthier position. This means that BTC may be able to move above $11,500 for the first time in approximately a year.

Bitcoin Derivatives “Healthier” Than Last Time BTC Hit $11,500

When Bitcoin was rallying earlier this week, a problem that many analysts discussed was the high rates of funding Bitcoin futures owners were paying. Funding is the rate that long positions pay short positions in a perpetual swap market to normalize the price of the contract to the price of the underlying contract.

High rates of funding indicate that buyers of a perpetual swap are overextended compared to bears. High rates of funding are often seen before the price of the contract correct, just as Bitcoin did on Monday and Tuesday.

But things have changed since Monday and Tuesday. According to a funding rates dashboard shared by a trader, funding rates are now normalizing towards base levels around 0.01% every eight hours.

Image

Table of BTC's funding rates across top perpetual swap futures markets. Data shared by Byzantine General (@Byzgeneral on Twitter).

Most perpetual swap markets, like those on Binance and BitMEX and ByBit, have reached levels suggesting buyers are only slightly outweighing bears.

This indicates that Bitcoin has room to move higher.

$12,000 Imminent?

As long as Bitcoin moves above $11,400 and $11,500, analysts think that a move to $12,000 is imminent.

Kelvin Koh, a partner at The Spartan Group and former partner at Goldman Sachs, wrote on July 31st:

“If $BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

This has been echoed by other analysts. As reported by NewsBTC, the same trader that predicted Bitcoin would bottom at $3,200 in 2018 said:

“$btc consolidating above a pretty key breakout level. price contracting, volume declining, seems bullish, continuation soon.”

He thinks that BTC will soon hit $12,000.

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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com 
As BTC Pushes $11,500 Top, Funding Rates Drop: Why This Is Bullish

Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge?

A fractal has been discovered in silver and altcoins that mimics the early days of Bitcoin. Silver is already on the move, starting to follow the fractal, but the crypto market is lagging behind. If – like Bitcoin has followed gold – altcoins continue to follow silver, an explosive surge is just around the corner.

Fractal Foretells Explosive Breakout in Altcoins Based on Early Days of Bitcoin

According to a fractal discovered by one crypto analyst, both silver and the total altcoin market cap appear to be mimicking early Bitcoin. Notably, the two assets classes are following the path of Bitcoin’s bear market bottoming process that took place from 2015 through 2016.

Altcoins and silver have remained in a similar sideways accumulation range, where investors may have been loading up on the scarce assets ahead of a markup phase.

Related Reading | Are Altcoins Silver To Bitcoin As Gold? Unusual Crypto Correlation Discovered

The same sort of bottoming pattern also played out in the gold market, and the asset not only has been in an increasingly strong uptrend, but it has recently set a new all-time high.

If the assets do continue to follow the original crypto asset’s bear market bottoming fractal, as soon as the range is broken, an explosive pump takes place next. Silver just had its surge, nearly doubling in value over the last month. Is it now altcoins time to shine?

bitcoin silver altcoins crypto

XAGUSD / Total 2 (Alt Market Cap) / BTCUSD Historic Fractal Comparison | Source: TradingView

Will Crypto Follow Silver and Gold As The Fractal Suggests?

Fractals are repeating patterns that play out in price charts of financial assets like crypto. However, they are a polarizing topic in the trading world. Some analysts claim fractals only cloud judgment, while others give ample credence to the repeating patterns.

These repeating patterns are found all over nature, in everything from snowflakes to the veins of leaves, and are often based on geometrical shapes and Fibonacci ratios. Geometrical shapes drawn on price charts can tip traders off to future price action, while Fib ratios can act as levels of support and resistance.

Related Reading | Silver & Gold: Precious Metals Tapping New Highs Bodes Well For Crypto

No one truly understands what dynamics are at play that causes all of this to occur, but it can be used by analysts in various ways with interesting results.

Experts like Thomas Bulkowski have endlessly studied the results of these geometrical patterns and developed a set of statistics that can be used to temper expectations. Others, like William Delbert Gann, believe the patterns have more to do with the precise angles coinciding with other factors, like time.

Whether or not this silver and altcoin following Bitcoin fractal is valid or not, will only be known in hindsight. For those considering crypto or the shining precious metal, is this an opportunity you really want to miss?

On-Chain Analyst: Bitcoin’s Next True Bull Trend May Not Start Until Q4 2020

Bitcoin’s price is currently flashing signs of immense strength as it navigates up towards the resistance found within the mid-$11,000 region.

The slight uptrend seen today that came about after it dipped to lows of $10,800 has allowed it to push against its 2020 highs of $11,400, and it does appear that further upside is imminent.

Although it does appear that BTC could be positioned to enter a full-fledged bull run in the near-term, on-chain data suggests that it may first consolidate for a short period before it can begin its next true bull run in Q4 of this year.

The analyst who theorized this possibility also notes that this bull trend will likely extend into 2021 before faltering.

Bitcoin Flashes Signs of Strength as Traders Target $12,000

At the time of writing, Bitcoin is trading up over 1.5% at its current price of $11,270. This is around the price at which it has been trading throughout the day.

Earlier this week, the cryptocurrency rallied as high as $11,400 before its rally began slowing.

From this point, it entered a consolidation phase within the lower-$11,000 region before starting to push higher today.

This ongoing uptrend has come about as a result of the bullish reaction it posted to its dip to $10,800 overnight.

Buyers ardently defended this level against being broken, subsequently catalyzing a strong rebound.

Despite facing some harsh resistance around $11,400, a break above this level could be all that is needed to spark a sharp upwards movement that sends it up past $12,000.

This On-Chain Indicator Suggests Next Bull Run Will Begin in Q4 2020

One on-chain analyst explained in a recent tweet that Bitcoin’s 365-day RSI indicates that the crypto is still in the very early phases of its next bull trend.

As such, it may be several months before it can enter into its next firm parabolic uptrend, which he believes will begin in Q4 of this year and extend into the early part of Q1 2021.

“365 day on-chain RSI (private chart not yet publicly available) shows the compression at the early phase of the bull cycle nearing completion, I’m expecting RSI expansion that typifies the main bull season run starting Q4 2020 into 2021. (“main bull phase” labeled in the chart).”

Bitcoin

Image Courtesy of Willy Woo.

As Bitcoin’s fundamental and technical strength continue mounting, bulls are laying the groundwork for the crypto to see a positive second half of 2020.

Featured image from Unsplash.

Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets

One of the biggest crypto narratives over the past few months has been decentralized finance — better known as “DeFi.” Coins pertaining to this segment of the blockchain space have gone parabolic and users of DeFi protocols have shot up.

Coinbase, seemingly, is taking notice.

The leading crypto-asset exchange announced that it is looking to add 19 altcoins in the near future. Much of those tokens are DeFi related.

Coinbase Is Looking to List 19 New Tokens — Many of Which Are DeFi

According to a Coinbase blog published on July 31st, the company is looking to add 19 digital assets. “As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets,” the company wrote on its efforts to support these assets.

The cryptocurrencies listed by Coinbase in this announcement are as follows:

  • Ampleforth
  • Band Protocol
  • Balancer
  • Blockstack
  • Curve
  • Fetch.ai
  • Flexacoin
  • Helium
  • Hedera Hashgraph
  • Kava
  • Melon
  • Ocean Protocol
  • Paxos Gold
  • Reserve Rights
  • tBTC
  • The Graph
  • THETA
  • UMA
  • WBTC

Some of these cryptocurrencies, including Curve (CRV), are not yet live on their respective blockchains.

Coinbase claims that this latest announcement is aligned with their long-term goal to support a swath of cryptocurrencies:

Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws. Over time we expect our customers around the world will have access through Coinbase platforms to at least 90% of the aggregate market cap of all digital assets in circulation.

Image for post

Logos of crypto assets that Coinbase intends to add in the coming months (Source: Coinbase).

To confirm the cryptocurrencies listed will be launched, Coinbase says it will be assessing “factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world.”

Coinbase Is Looking to Go Public

Coinbase’s listing spree (or planned listing spree) comes as the company is looking to go public on American stock exchanges.

Per Reuters, three “people familiar with the matter” have confirmed that Coinbase is looking to undergo a stock market listing that may take place this year.  Coinbase has purportedly been in talks with investment banks and law firms to establish a plan for this listing.

Analysts say that the crypto unicorn’s public listing intent is positive for the underlying industry. Chris Burniske, a partner at Placeholder Capital, commented:

“[An IPO] may even come in 2020 and be this cycle’s kickoff catalyst, with DeFi providing the narrative and fundamentals. 2017’s catalyst was the Winklevoss BTC ETF garnering attention and then getting rejected, shifting interest to ETH, with ICOs the narrative.”

When exactly the public listing comes to fruition, though, is not yet clear.

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Charts from TradingView.com
Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets

Federal Agents Arrest Suspected 17-Year-Old Twitter Hack ‘Mastermind’ in Florida

Federal Agents Arrest Suspected 17-Year-Old Twitter Hack ‘Mastermind’ in Florida

On Friday a 17-year-old Tampa teenager was arrested in Florida for allegedly being the “mastermind” behind the July 15 Twitter hack that saw a great number of high profile accounts compromised.

The hack also netted roughly $120,000 worth of bitcoins by leading unknowing individuals to doubler scams. The suspect Graham Clark has been charged with over 30 felonies and was taken into custody by the FBI, Secret Service, and Florida law enforcement.

On July 15, there was a massive Twitter hack where a large number of Twitter accounts were breached. The accounts belonging to many well known people included Barack Obama, Apple, Google, Joe Biden, Elon Musk, Bill Gates, and Jeff Bezos. The accounts then tweeted about a bitcoin (BTC) ‘giveaway’ or doubler scam and the hacker raked in $120,000 worth of BTC in one day.

The public also found out that 1,000 individuals had access to an internal tool that gives someone ‘God Mode’ powers. It was also found out that someone on the inside working with Twitter was paid for the access and people had fears about compromised direct messages. The New York Times explained the insider was called “Kirk” and he allegedly sold the internal tool to various hackers who told on him after the incident.

Federal Agents Arrest Suspected 17-Year-Old Twitter Hack 'Mastermind' in Florida
Photo of Graham Clark via WFLA’s Ryan Hughes. In addition to Clark, federal agents also arrested 19-year-old Mason Sheppard from the United Kingdom and 22-year-old Nima Fazeli from Orlando, Florida.

After the arrest, Hillsborough State Attorney Andrew Warren told the local Florida news outlet WFLA that “massive fraud was orchestrated right here in our backyard, and we will not stand for that.” Graham Clark faces charges like fraudulent use of personal information with a multitude of victims, organized fraud charges, a number of counts of fraudulent use of personal information, a great deal of communications fraud charges as well.

“These crimes were perpetrated using the names of famous people and celebrities, but they’re not the primary victims here. This ‘Bit-Con’ was designed to steal money from regular Americans from all over the country, including here in Florida,” Warren stressed to the press.

U.S. law enforcement says that Clark is one of three suspects involved with the Twitter hack but he is allegedly the “mastermind” behind the ordeal. Police have also arrested 19-year-old Mason Sheppard from the United Kingdom and 22-year-old Nima Fazeli from Orlando, Florida.

It is unknown what will happen with the bitcoins acquired from the July 15 Twitter hack, but one report published by Elliptic, said a fraction of the coins were mixed with a bitcoin tumbling wallet.

What do you think about the arrest of the alleged Twitter hack mastermind? Let us know what you think about this subject in the comments section below.

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Ethereum is Touching a Key Resistance Level, and It Could Spark a Drop to $280

Altcoin Price

Ethereum is Touching a Key Resistance Level, and It Could Spark a Drop to $280


  • Ethereum is flashing signs of immense strength as it pushes up towards its high time frame resistance at $350
  • This level has long been a target that analysts have been setting their sights on, and it is likely that a heavy amount of selling pressure exists here
  • Although over a macro time frame ETH is firmly bullish, the visit to this level may spark a slight selloff that leads it down towards $280
  • Analysts are noting that this could be a good entry point for fresh positions

Ethereum and the aggregated cryptocurrency market are showing some signs of strength as most digital assets push higher.

ETH, in particular, has seen some incredibly positive price action, as it has been able to consistently climb against Bitcoin – allowing it to outperform many of its peers.

There are a variety of non-technical factors behind this strength, but technical analysis suggests that a recent trendline breakout is one main factor helping to drive it higher.

That being said, it is currently approaching its crucial high time frame resistance that analysts have been closely watching.

If unable to surmount this level in the near-term, ETH may soon decline towards $280.

Ethereum Pushes Towards Key Level as It Maintains Strength 

At the time of writing, Ethereum is trading up over 1% at its current price of $340. This marks a climb from daily lows of $330, but a rejection from highs of $348 that were set earlier today.

It now appears that the cryptocurrency is already struggling to surmount the region surrounding $350 – which may be a grave sign regarding the strength of this resistance.

In a recent tweet, one popular analyst explained that the crypto’s uptrend first started when it broke a descending trendline, which offered a target within the lower-$350 region.

“Still space to push on longer timeframes,” he said while referencing the below chart with an upside target of $354.

Ethereum

Image Courtesy of Teddy. Chart via TradingView.

Because this is such a crucial level, it may be quite some time before it is broken by buyers.

ETH Could Dip as Low as $280 if It Faces Firm Rejection

While speaking about potential pullback targets, one analyst explained that he is closely watching for a downside movement towards $280 – which would provide an ideal dip-buying opportunity.

“Ethereum: Levels to watch on the upside: $354-362 / $395-405. Levels to watch on the downside: $280-285. Really eager to buy that dip.”

Image Courtesy of Crypto Michaël. Chart via TradingView.

How Ethereum trends as it hovers below this crucial level should provide investors with significant insights into where it may go in the latter part of 2020.

Featured image from Unsplash.
Charts from TradingView.

Bitcoin’s Monthly Candle is About to See Its Most Bullish Close Since 2017

Bitcoin

Bitcoin’s Monthly Candle is About to See Its Most Bullish Close Since 2017


  • Bitcoin and the aggregated crypto market are currently flashing some signs of tempered strength as most assets push higher
  • BTC is still caught within a consolidation phase within the lower-$11,000 region
  • Strength in other assets, like Ethereum, may help guide the benchmark crypto higher in the days ahead
  • One analyst is now noting that BTC is about to post one of the most bullish monthly candles it has seen since late-2017
  • As long as BTC’s price remains steady throughout the next couple of hours, this will be the first time that its price has closed its monthly candle above $10,700 in nearly three years.

Bitcoin and the entire cryptocurrency market are still incredibly hot, with many tiny altcoins seeing unprecedented daily returns while major assets like Ethereum and BTC continue slowly pushing higher.

It appears that this latest upswing is different from those seen in months past, as there has yet to be a “rug-pull” scenario that results in the crypto seeing a sharp retrace.

While looking towards Bitcoin’s monthly candle, one analyst is noting that the cryptocurrency is about to post one of the strongest seen since late-2017.

He also notes that this will be the first time BTC has closed this candle above $10,700 since December of 2017.

Bitcoin Shows Signs of Strength as Ethereum Pulls It Higher

At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,110.

BTC has been trading around this price level throughout the past few days, struggling to gain any clear momentum from here.

It does face some heavy resistance in the mid-$11,000 region, but it may be building up strength as it consolidates above multiple crucial support levels.

In order for it to push higher, the two key levels that must be broken sit at $11,400 and $11,600.

Ethereum’s push towards $350 today helped provide a tailwind for BTC, but it remains unclear as to how high this will ultimately lead the crypto.

BTC is About to Post an Ultra-Bullish Monthly Close  

While looking towards Bitcoin’s monthly candle – which is about to close in the coming hour – one analyst explained that it is the strongest seen in quite some time.

He also notes that this will be the first time it has closed above $10,700 since mid-December of 2017.

“Good time to zoom out & take a deep breath… 1M chart looking to close above $10.7k for the first time since Dec 2017… which was the only time it did so. $14k next line in the sand. 1W chart shows intermediate resistance at $11.6k with a BTFD zone from $9.7-10.7k.”

Bitcoin

Image Courtesy of HornHairs. Chart via TradingView.

This may provide Bitcoin with the boost it needs to continue pushing higher.

Featured image from Unsplash.
Charts from TradingView.

Bitcoin Ends July at Highest Monthly Close Since 2017 Peak

Bitcoin closed the month of July at $11,351, its highest monthly close since the bellwether cryptocurrency’s all-time high nearly two-and-a-half years ago. 

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