Alex Krüger Warns Bitcoin Approaching Major Line of Resistance – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron, Cardano
From analysis on the potential path ahead for Bitcoin to the rollout of a new developer site for the XRP ledger, here’s a look at some of the stories breaking in the world of crypto.
Economist and crypto analyst Alex Krüger is mapping out the lines of resistance and support for Bitcoin. According to Kruger, the $10,000 mark is a crucial psychological line on the horizon.
“I use Bitmex for levels (and charting), as that’s where most of the bitcoin-USD liquidity is. The first level is a fib, not as meaningful IMO as prior highs and key psychological levels (e.g. 10K).”
Before $10,000, Krüger says he’s eyeing $9,600 as the most immediate technical hurdle for the bulls and $9,000 as the first line of support.
$BTC just traded new year highs.
Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon.
— Alex Krüger (@krugermacro) June 16, 2019
$BTC support levels: 9000, 8800, 8500 (minor), 8100-8000, 7600-7400, 7200, 6800, 6400.— Alex Krüger (@krugermacro) June 17, 2019
Have all the moving averages below as well for added support. The CME weekend gap is at $8475 (CME first futures trading at a $100 premium over spot).
If Bitcoin can break past $10K, Fundstrat co-founder and head of research Tom Lee says he expects an outbreak of FOMO (fear of missing out) that could bring Bitcoin well beyond a new all-time high.
“FOMO really occurs when the price achieves a level that’s only happened 3% of the time. So in past cycles, that level was $8.50 in 2011. Today that number is $10,000 because Bitcoin prior to today has only traded above $10,000 for 87 days…
So we said once it achieves this level, every institution’s going to realize at $10K it’s likely to go back to its all-time high, which is a double. There are very few things that can double. So I think FOMO really gets triggered once Bitcoin hits $10,000. If you look at half cycles, when you get to that 3% threshold, the typical surge in the next five months is 200-400%. So if Bitcoin somehow manages to get to $10K, it’s very likely going to make a run to $40,000 within five months.”
A new edition of the Week in Ethereum blog post is out.
This week’s post covers the latest on Ethereum 2.0 and includes a number of updates on Ethereum-based platforms such as Request Network, Zilliqa and Maker.
Ripple and XRP
The new XRP Ledger developer site xrpl.org has officially launched.
“Xrpl.org is a new, community-driven website for developers to access technical documentation, developer tools, tutorials, and network metrics for the XRP Ledger.
In the past, Ripple’s developer site has been the hub for documentation and tools on the XRP Ledger. As the XRP Ledger community continues to grow and as the network becomes further decentralized, it makes sense to have a website that is openly built and maintained by the community, not just by one institution. While Ripple will still play a significant role in managing and providing content for xrpl.org, so will the many other dedicated developers, designers, writers and business leaders that interact with the XRP Ledger every day.”
— Brad Garlinghouse (@bgarlinghouse) June 16, 2019
A new overview of Litecoin mining is out from Voskcoin.
The video looks at the current profitability of Litecoin mining in 2019, the upcoming halving, network difficulty and a new wave of Litecoin miners coming to market.
A recap of Stellar co-founder Jed McCaleb’s discussion at the National Museum of Mathematics last month is out. McCaleb discussed some of the changes in Stellar’s protocol 11 upgrade.
“The major things that it does is it changes the way fees are handled. Right now you have to specify the exact fee you want to pay for a transaction and now you can specify the max fee you’re going to pay. So if the network is under load your transaction will still go through without having to guess what the load will be at that particular instant.
It seems kind of technical but it matters for wallet developers, people actually using the software, or even smart contract developers because in the future they don’t have to worry about what the fee is they can just set it to something high. Then they will pay the lowest possible rate when the transaction actually goes through the network. It sounds esoteric but it’s actually pretty important for growth of the network.”
Tron has formed a partnership with the crypto exchange LATOKEN to allow TRX to be used as a payment currency on the site’s IEO Launchpad.
In an announcement, LATOKEN says adding TRX will extend fundraising opportunities for new projects.
The hardware wallet ELLIPAL is adding support for Cardano (ADA) this month.
The wallet is designed to perform like a Ledger or Trezor hardware wallet in a smartphone-like package.
— ELLIPAL (@ellipalwallet) June 14, 2019