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Analysis

Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues

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Bitcoin

The latest Bitcoin news on our DC Forecasts Bitcoin news site show that the large sell-off from the $3,400 region has pushed the Bitcoin price to a new bottom and a yearly low at $3,200. As the most dominant cryptocurrency declined in value, other major altcoins such as Ethereum, Stellar and Bitcoin Cash experienced large losses against the US dollar.

Bitcoin Cash (BCH) has even fallen by more than 11% recently and more than 80% in one month alone. Within a week, the BCH price has fallen from $116 to $89 in a 25% increase despite dropping nearly half of its value last week.

Bitcoin’s performance has been reviewed by many analysts so far. According to one of the most prominent ones called “The Crypto Dog” this may be a risky period to initiate trades on the short-term trend of the dominant cryptocurrency, mostly due to its volatility in a low price range.

As he wrote on Twitter:

“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”

Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected.

“Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote.

So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen.

Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.

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Analysis

Bitcoin Is Doomed: Analysts Are Afraid Of Bears After $400 Drop

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bitcoin is doomed
Bitcoin (BTC) has not done too well over the past two days. Since Friday, the dominant cryptocurrency managed to lose even 6% of its value and tanked from around $9,250 to $8,700 in a strong move which came after nearly two weeks of bullish consolidation. As analysts noted, Bitcoin is doomed for a lower region right now, especially after the sharp $400 drop which triggered the altcoin news, too.Despite the relatively mild price action which was not a move that slaughtered bulls, a number of traders have flipped bearish. Bloomberg was one of them - the journal wrote that there is a likelihood that if the bearish pressure persists for a little more, BTC will trend all the way back to $7,300 and back in the zone where it was before the most recent swing upwards.The sentiment, according to a number of analysts, is irrational - and shows how Bitcoin is doomed in the long run. According to the popular crypto trader Mayne, the "people waiting for $6,000" are irrational. He quipped that Bitcoin retracing and consolidating after the fourth biggest bull move in history ($7,300 to $10,500 with 42% gains in one day) is perfectly good for the course - but it is also possible that we can go lower from $8,800 soon.https://twitter.com/Tradermayne/status/1192888783894544384Crypto Michael is another analyst who echoed a similar line. The Amsterdam Stock Exchange trader laughed at the euphoria that bears have had over the past days. When talking about how Bitcoin is doomed, he accented the irrationality of the claims that a retest is on its way (and the context of the 42% gain):
"I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC."
https://twitter.com/CryptoMichNL/status/1193102628479094784The cryptocurrency and its long-term charts indeed seem to be implying that medium to long-term upside is highly likely. As reported in our Bitcoin news before this, the trader HornHairs noted that he "likes the chance we hit $14,000 before $7,000." With this, he remarked that there is still a possibility for Bitcoin (BTC) to rise and lean bullish rather than bearish.https://twitter.com/CryptoHornHairs/status/1189968006006353921Filbfilb was also in the news, noting that by the end of November or start of December, the 50-week and 100-week moving averages will see a "golden cross" which he claims is far more significant for the BTC market than other technical crosses.
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Analysis

MoneyGram US-Mexico Business Is 10% Crypto Enabled?

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moneygram money transfer mobile app - MoneyGram US-Mexico Business Is 10% Crypto Enabled?
A new estimate by the World Bank is in the cryptocurrency news - showing that the 2016 global remittance market sits at $573 billion, out of which around $422 billion went to the more developing countries. New shocking statistics show that the Moneygram US-Mexico business is 10% enabled by crypto.For those of you who don't know, the simple act of transferring money from one country to another is known as remittance - and is an economic heavyweight of a market. Blockchain technology is now poised to change its operations and bring a lot of novelties to this market.However, we can see that the process is well-suited for securely transferring units of value all around the world - and MoneyGram is one of the most successful companies in that realm. What most of you didn't know is the fact that one part of MoneyGram's business is enabled by cryptocurrency.Yes, we are specifically talking about Ripple and its technology, which are powering around 10% of the Moneygram US-Mexico business. In detail, this is the On-Demand Liquidity platform and XRP cryptocurrency - both acting as a vital part and playing a huge role in the MoneyGram operations ever since August 2019.The CEO of MoneyGram Alex Holmes confirmed this at an event - the Ripple Swell conference - stating that 10% of his company's business between the US and Mexico happens with the help from Ripple and its On-Demand Liquidity program.Meanwhile, the Ripple news show that the token and website are staying cool - the bit of publicity found on their website calls to much more attention to the statistic. Knowing that the Moneygram US-Mexico business is cryptocurrency enabled, there are now big waves in the industry and experts are asking themselves how and when did this happen.However, Holmes has an answer to this. As he said during the Swell conference:
“The 10% relates to the ODL (On Demand Liquidity) platform and represents the percent of our Mexican peso volume that we trade. We take USD and buy Mexican pesos. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar. True success will be determined by others joining the platform, so it’s early days.”
As a last resort, Holmes reserved himself when asked about the volume of the MoneyGram US-Mexico business - and instead focused on the technology and its massive potential to bring ease of international transactions in new countries. 
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Analysis

Ripple Price Follows Uptrend Above $0.3, Next Target At $0.35

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ripple price follows
The Ripple price follows a new uptrend above the $0.3000 region and is now holding a couple of important supports near $0.2980 and $0.2960 against the US dollar. The price is also facing a couple of hurdles near the $0.3020 and $0.3040 levels.There is a key breakout pattern that is forming with resistance near $0.3010 on the hourly chart of the XRP/USD pair. As it stands, there could be a nice upward move once the price of XRP clears the $0.3020 and $0.3040 levels.It all began yesterday, when the Ripple news showed a nice upward move above the $0.3000 resistance area against the US dollar. Moreover, the XRP price traded above the $0.3020 level and formed a new weekly high near $0.3056. Later, there was a downside correction below the $0.3020 and $0.3000 support levels.As the Ripple price follows the new uptrend, we can see that it spiked below the $0.2980 support and had strong support in the $0.2950 area. There was a break above the 50% Fib retracement level of the downside correction from the $0.3056 high to a $0.2950 low. The Ripple price seemed to be facing a couple of hurdles near the $0.3020 level.Things look good today as the Ripple price follows yesterday's momentum and is trading at $0.3022 with a new 0.75% run. The market cap crossed $13 billion and the 24 hour volume for XRP is now at $1.75 billion.When seeing the supports, the $0.2980 area is still the strongest buy zone and a breakdown area. If there is a downside break below the $0.2980 support, the price could slide again towards the $0.2950 support and the 100 hourly SMA. Any further losses may perhaps push the price towards the $0.2920 region.When looking at the XRP charts, we can see that the Ripple price follows a major support near the $0.2980 level. There are chances of an upside break above the $0.3020 and $0.3030 levels. If not, the price might start another decline in the $0.2950 and $0.2920 region.The technical indicators for XRP right now are as following:
  • Hourly MACD – The MACD for XRP/USD is right now (re)gaining its pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is barely staying above the 50 level.
  • Major Support Levels – $0.3000, $0.2985 and $0.2970.
  • Major Resistance Levels – $0.3025, $0.3030 and $0.3050.
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Altcoin News

BTC Is Trending Higher, Tackling $9,300 With An Upward Momentum

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btc is trending
The latest cryptocurrency news show that the most dominant coin out there, Bitcoin BTC is trending higher and rising to a 24-hour high of $9,310 on exchanges - right after it dipped as low as $9,080.In the coming altcoin updates, we can see that alternative currencies are also rising and forming support and resistance. The weekly trend for Bitcoin has seen the largest cryptocurrency range between $9,000 and over $9,500. BTC is trending higher than most altcoins today.Probably the one exception as the altcoin news show, is the price of Tezos (XTZ) which managed to rise by more than 2% following the news about its listing on the largest cryptocurrency exchange OKEx.Now, analysts are turning their attention to the possible bull run for Bitcoin (BTC) and the conditions for a more purposeful breakout as BTC nears $9,300. The truth is that no one knows whether this breakout will be up or down - but under the current conditions BTC is poised for an upward move.According to the major analyst and statistician Willy Woo, the coming few months for Bitcoin (BTC) will first see a dip to $8,600 after which the gap in the futures markets will be fulfilled. This will also be the point where bullish action will begin to surface. Bitcoin needs a monthly close above $14,000 in order to secure a longer-term bull market.
“Once we get a monthly close above $14k, we'll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that's the best time to deploy capital,” Woo explained in a number of tweets this Monday.
As we reported in the news before, Woo is not alone with this prediction about the BTC/USD pair. Last week, the contributor filbfilb also eyed the potential for the pair to revisit the $8,000 region.
“Suspect there are a lot of over leveraged people in the 9300s with stops below 9k. Whales probably tempted to dump it and get a lower entry,” the analyst said in an update on his Telegram channel.
Currently, BTC is trending higher and just crossed the $9,256 mark with a 0.53% increase on the day. The market cap also managed to increase for a couple of billions which is another good sign for a potential bull run.
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