The past few weeks have been bad for Ether and Bitcoin – the two coins managed to rally and surge by over 42% but only for a short while. As we can see from the analysis and ETH news, both of these coins are vulnerable and are going near their bottoms in the sideways trading session this Sunday.
The back to back bounces for Ethereum (ETH) are still in as the cryptocurrency traces towards the $162 and $153 support. A comparison of the daily and weekly charts shows that both ETH and BTC have a number of similarities. The Doji candle is one of them – currently set right outside the upper arm of a wedge pattern. Ether and Bitcoin are consolidating into a tightening range as BTC cools off and is looking for direction after the meteoric 42% rise on October 25.
What’s also interesting, as the latest Bitcoin news updates show, is that the weekly close is approaching and traders are probably enjoying the weekend while waiting for the candle close to provide insight in which direction the market might go forward. When looking at the charts, we can see the direction of ETH nicely.
Meanwhile, similar to Bitcoin, Ether trades outside of a descending channel (wedge for Ether) in a close and tight range. From the daily timeframe, we can see that the 12 exponential moving average (EMA) has pulled slightly above the 26 EMA and the volume profile visible range (VPVR) clearly shows that.
Ether and Bitcoin need to clear new prices in the following months. ETH needs to clear $184.27 and $185.12 in order to gain above the high volume node of the range. As custom over the past weeks, double bottom patterns have provided pleasant results before this and the recent bottom of $177 for Ether was followed by a successive 4.30% gains.
Just like Bitcoin, the Bollinger Bands for ETH are drawing closer and the cryptocurrency rides atop the middle. In other words, a move to $187 would mean that the high volume nodes are cleared which could lead to a move to $191 with a potential 5% gain.
All in all, the ETH/BTC pair looks relatively unchanged but needs to change soon. Ether and Bitcoin should look for new heights and spark investor interest in the coming days and weeks.
Royal Bank Of Canada (RBC) Is Set To Open A Crypto Exchange
“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices." an excerpt from the patent paperwork noted.Analysts right now are also commenting on the case. As Marc Kaufman who is a Washington DC based partner at Rimon Law said, "I can’t think of one of the big banks anywhere in the world that has a patent that directly relates to a crypto exchange."The CEO of Royal Bank of Canada (RBC), David McKay, spoke about the bank's experiments with blockchain technology, too. He was in the blockchain news earlier this year when he said that "blockchain is an opportunity in the future to take assets that are less liquid and make them more liquid. I think that’s exciting."If the Royal Bank of Canada proceeds with the crypto exchange launch, it might immediately become the most prominent domestic exchange in the sector and a major international player. As stats from the recent report show, the net income for Q3 at RBC was USD 2.5 billion, while the quarterly revenue was USD 8.7 billion in the same period. When it comes to assets, it possessed more than USD 1 trillion at the end of Q3.
BTC Trader Says $8,400 Could Be The Next Target For Bitcoin
“Could continue the ranging here. For bulls; break back above $9,050 required.”Van de Poppe also added that the current price behaviour signified a tussle between the bull and bear forces over Bitcoin - and was something which was not repeating on the altcoin markets.Speaking of which, the altcoin news today show that many altcoins are in the green - but not with significant gains. Among the leading ones are Cardano (ADA) which rose by 3.84% to a price of $0.044, Binance Coin (BNB) with a 1.94% increase and Bitcoin Cash (BCH) which is up by 1.21%.With a mixed behaviour between Bitcoin and altcoins, this BTC trader and many other analysts are uncertain of the near future for cryptocurrencies like these. We can see that shifts of up to 5% have been constant over the past month and characterized the top twenty cryptocurrencies by market cap.Meanwhile, Ether (ETH) which is the largest altcoin copied Bitcoin's behaviour and is shedding 0.25% just to remain at its price of $186. The overall cryptocurrency market cap was $240.4 billion with Bitcoin's share making up 66% of the total market cap.The 24 hour trading volume is at $63 billion right now. Bitcoin makes up more than 20% of the volume and with its price below $8,800 is trading with a volume of $18 billion in the past 24 hours.
New CoinMarketCap Update Provides Investors With Liquidity Data
“We believe our adaptive methodology will make our metric very difficult to ‘game’ as orders would need to be placed close to the mid-price, or risk being counter-productive to the Liquidity metric scoring,” said Carylyne Chan, the chief strategy officer (CSO) at CoinMarketCap.The firm also said that they see the new metric as a nice way to escape the dependence on volume reporting which is often used to wash trading and other means of manipulation on different exchanges. At The Capital, Chan noted that "volume has lost its value as a metric." She also explained that the new CoinMarketCap update is meant to shift the focus away from the volume:
“Today, we are introducing a new metric to highlight what matters most to investors and traders: liquidity. With our Liquidity metric, we hope to provide public good to the crypto markets by encouraging the provision of liquidity instead of the inflation of volumes.”The leading cryptocurrency data provider has not been available for comments or more information on the news. However, as shown before, they apparently teased their planned liquidity metric at the end of August, in which they cited November 12 as the target date.Before the new CoinMarketCap update, in July this year, we could see the data provider launching a new institutional grade analysis product called Simetri. The main idea of the product was to provide verification and transparency in order-book data from crypto exchanges, the news outlet Crypto Briefing said at the time.
Alibaba Partners With Lolli, Allowing US Shoppers To Earn ‘Free Bitcoin’
“Our partnership allows our users to earn free bitcoin on millions of products online every day. Arguably the most important piece of this partnership is that it supports our mission of connecting the entire world through commerce," he stated.According to one report by Coindesk, this new program will only be available for purchases in the Untied States. Aubrey Strobel who is Lolli's head of communications claimed that residents in China will not be able to participate and the products would be shipped directly from China to US shoppers.The report detailing that Alibaba partners with Lolli also hints on Adelman highlighting the firm's plans to expand globally in 2020. He also emphasized that the partnership is a great first step to connect China and the US through Bitcoin and commerce.In the other news, we can see that the Chinese retail giant Alibaba has not been very much friendly to Bitcoin to date. On October 10, the digital payment arm Alipay reiterated its negative stance to Bitcoin and confirmed that it will be banning all transactions which were identified as linked to Bitcoin.Meanwhile, the latest Bitcoin news today show that the leading cryptocurrency is trading at $8,799 and is still near its resistance zone of $8,800. The uptick of 0.57% on the day is merely nothing compared to previous surges.
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