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Analysis

Bitcoin Is Pinned Below $8,000 After Bulls Lost Control

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Bitcoin Is Pinned
FO6E3842CAC44 - Bitcoin Is Pinned Below $8,000 After Bulls Lost Control

As the weekly close is coming to an end, the latest Bitcoin news show that the price of the most dominant cryptocurrency has fallen below $8,000. Right now, Bitcoin is pinned at $7,996 and it no longer rides along the 20-MA of the Bollinger Band indicator on the 4-hour chart.

Basically, it is clear that Bitcoin is losing steam and now struggles to break through $8,200 as its trading volume dries up. All of this suggests that a move on either side is imminent. Aside from all this, there are many other indicators in the crypto news which suggest a move to the downside, from where the bulls will need to push Bitcoin to a close above $8,200 as soon as possible.

Even a retest of the $8,000 price margin that suggests Bitcoin is pinned below it would be positive for the cryptocurrency. In contrast, if the Bitcoin news show that BTC is heading to lower marks such as $7,800 – traders could be in trouble and there could be a potential risk for BTC hitting $7,500 or even $6,500 in the imd term. However, what’s interesting is that as an asset, Bitcoin is the top performing one this year.

According to analysts, Bitcoin remains in a stalemate between the bearish and bullish sentiments. The 111 day exponential moving average (EMA) is aligned with the 50% Fibonacci retracement level at $6,600 and the volume profile visible range (VPVR) indicates purchasing demand from $6,300 to $6,700.

Of course, there is always the possibility that a surprise drop of $1,000 like the one which occurred weeks ago will once again occur – and that Bitcoin will bounce from this point and find support.

The MACD, which is an indicator that lags behind an asset and its price action, shows that Bitcoin is pinned and remains bearish. Assuming that BTC breaks above $8,200 soon and the descending channel trend line at $8,250, a move to the 200-MA at $8,700 could occur.

While all of this may be encouraging for the bulls, the volume is relatively stagnant and Bitcoin still trades under $8,200 so there is still a big chance of rejection at the overhead descending channel trendline. In times when the Bitcoin price news are such as these, smart traders need to remember that Bitcoin is pinned and there is a strong chance of rejection.

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Altcoin News

Crypto Traders Predict The Altcoin Season Is Coming Soon

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Crypto Traders Predict
Crypto traders predict that cryptocurrencies other than bitcoin have been stuck in the crypto winter for too long and this is mainly true for more alternative or altcoins and their BTC pairs. Most of them lost about 90 percent of their value from their peak as reported in the previous cryptocurrency news here on DC Forecasts.The winds seem to be changing. Many of the altcoins lost a huge chunk of their value and now they look ready to start a new market cycle. Some of the most reputable crypto traders predict that the bullish wave is coming about the prospects of these coins. They believe that an altcoin season is coming soon, showing up at the horizon. One way that the crypto traders predict the possibility of the altcoin season is by simply looking at the Bitcoin dominance index. The index shows the market cap of bitcoin against the overall market cap of cryptocurrencies. The major bitcoin dominance index confirms the upcoming altcoin season. This also tells us that the altcoins are rising in value against Bitcoin.The crypto enthusiasts Paddy Stash has been keeping a very close eye on the index and he says that the index is breaking down in the next few days. Further, the crypto trader under the name of Crypto White Walker believes that the altcoins are in a phase of insurrection and predicts that the index will drop another 65 percent. on the other hand, the trader Rampage believes that the index will drop to 59 percent. there is an 8 percent plunge from the current levels which could give the altcoins a huge gap to pump as the analysis show for the altcoin news. Since the bitcoin dominance is shrinking, the major appears to be making their own move and Ethereum seems to be leading the pack getting up by 33 percent against Bitcoin. The trader Pierre was one of the first to notice the bullishness of the pair. Peter Brandt also noted on twitter that Ripple might be craving a bottom against Bitcoin and with these developments the popular traders are forecasting a  major altcoin renaissance.
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Analysis

Google Quantum Computing Is A Major Threat To Crypto: Joe Rogan

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google quantum computing
The cryptocurrency news today feature Joe Rogan, the famous stand-up comedian who seems to have gotten serious this time and talked about crypto - more specifically, the potential of Google's so-called "quantum supremacy" in a recent YouTube podcast with the comedian Roseanne Barr. The topic of the Google Quantum computing was brought up when Barr predicted the future economy being cashless, stating:
“There’s not going to be any more money. I just don’t think there’s going to be any more money.”
To this, Joe Rogan started thinking about the subject and asked Barr if she had heard of Google quantum computing. Then, he summarized the potential threat that it poses to cryptocurrencies such as Bitcoin and said:
“This Google quantum computing thing– they think it’s a huge threat to cryptocurrency. I’m too stupid to understand whether or not they’re right. But what they’re trying to say is there would be no way to encode or encrypt this information that would keep it from this insane computing power they’re developing.”
To this, Barr said that "there is a way to get around all of it" and replied with total confidence that there are countermeasures to quantum computing. She even noted that "autistic people" can come up with solutions:
“I’m on the autism spectrum. And a lot of us autistic people, we just started talking to each other on the Internet quite a while ago. About like hey, let’s try to envision solutions to every day problems that actually people face, and that threaten them, and see what we can come up with. And there’s whole websites about it.”
As we saw from the latest crypto news, Joe Rogan seems confident in the Google quantum computing thing - and Barr is definitely in line with his comments. You can watch the entire podcast below.https://youtu.be/R0ufbsXbsEMMeanwhile, a new paper by Google regarding the Google quantum computing abilities was published on a NASA website earlier this week - but was taken down soon, mainly for review before final publication.The claim that worried most people in the crypto industry was the one showing that Google quantum computing is a system that can perform computational tasks in200 seconds - something that would take 10,000 years for a super computer.
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Analysis

Analysts Expect Bitcoin Will Increase By 10% As Bulls Come Strong

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Analysts Expect Bitcoin
Analysts expect that after last week’s bloodbath, Bitcoin will start to settle very soon since the benchmark cryptocurrency found some stability around $8,350, trading 2% on the upside on the day. As we are about to read more in the coming bitcoin news today, the other altcoins also started to stabilize and flip green following the footsteps of the major cryptocurrency.Some of the analysts expect that although the bullish trend hasn’t started yet, the cryptocurrency market will settle itself into achieving more price gains in the coming days and here is why. While the fears around Bitcoin’s drop last week are still mongering, the bulls are starting to return to the market and Bitcoin seems to have staved off the price collapse under $7,000 which the analysts would have preceded a massive capitulation event to $7,000.The founder of Brave New Coin Josh Olszewicz noted that Bitcoin’s charts are showing a number of positive signs. These include the developing of the short-term inverse head and shoulders pattern and a bullish Williams Alligator indicator. The analyst believes that Bitcoin will top out in the $9,100 region and in the $9,400 region as well as there is some horizontal resistance since the 200 exponential moving average and the 50 percent retracement moves. Oleswicz is not the only analyst that eyes the price appreciation or Bitcoin and the indicator created by the Financial Survivalism is based on the parabolic SAR which was recently printed by a buy signal on the one-day Bitcoin chart. As it was reported previously in the crypto news, the macro investor and gold proponent Dan Tapiero pointed out that Bitcoin’s price chart showed a massive bull signal.Tapiero noted that the last time this was a buy signal was seen at the beginning of this year when the cryptocurrency traded at $3,600. No matter how the trends turn out to be for Bitcoin, it is important to note that the cryptocurrency market is entering a very important time as the trend of the next few days may decide in which direction Bitcoin is headed by the end of the year. Bitcoin’s technical indicator is in a precarious position and the price is above 12-week EMA.
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Analysis

Ripple Price Pauses Its Surge, Further Gains For XRP Seem Likely

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Ripple Price Pauses
One of the featured headlines on our crypto news website today is dedicated to Ripple and the recent XRP price action which seems quite sluggish. The price of Ripple corrected lower recently and tested the $0.2450 support area against the dollar. Right now, the Ripple price pauses the quick climb higher and is slowly rebounding above $0.2500 against the US dollar.The full analysis and the XRP news today show that after struggling to break the $0.2620 resistance, the price of Ripple started a downside correction against the US dollar. This is when the XRP/USD pair topped near the $0.2618 level and declined below the $0.2600 and $0.2550 support levels. The Ripple price paused after trading below the $0.2500 support level - and even broke the 50% Fib retracement level of the upward wave from the $0.2350 low to a $0.2618 high.Finally, the price spiked below the $0.2480 level and the 100 hourly simple moving average. Still, the $0.2450 support area acted as a strong buy zone. This is when the Ripple price paused - after surpassing a connecting bearish trend line with a resistance positioned near the $0.2525 level on the hourly chart of the XRP/USD pair. The news that Ripple's Xpring platform launched recently may also trigger the price to rise soon.The current price action is positive and suggests that a solid upward move towards the $0.2620 resistance area is imminent. The next key resistance for the Ripple cryptocurrency after this is near the $0.2650 level, above which the price may continue to rise towards the $0.2850 and $0.3000 resistance levels.The downside region shows that there is decent support forming near $0.2480 as Ripple price pauses - and the 100 hourly SMA shows that the price could resume after a while. Right now, the next key support is near the $0.2350 level.When looking at the charts and some speculations, we can see that the Ripple price is showing positive signs above the $0.2480 and $0.2450 support levels. An immediate resistance is also here near the $0.2550 level, but the bulls must clear the $0.2620 resistance area in order to push the price further higher.The technical indicators are as following:
  • Hourly MACD – The MACD for XRP/USD at this point is slow, increasing its pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently positioned nicely and above the 50 level.
  • Major Support Levels – $0.2480, $0.2450 and $0.2350.
  • Major Resistance Levels – $0.2550, $0.2600 and $0.2620.
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