Analyst Buys BTC, Says This Chart May Determine Path Ahead – Bitcoin, Ethereum, XRP, Ripple, Stellar Updates
From two outlooks on Bitcoin’s current trajectory to a new customer at Ripple, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Crypto analyst Scott Melker of Texas West Capital says he just bought Bitcoin and believes the leading cryptocurrency is now targeting “much higher prices.”
Melker says he’s being extremely cautious and added a stop loss “tighter than an undersized speedo” to ensure he quickly exits the position if the prediction doesn’t play out.
“Straightforward for me at the moment – I want to see BTC hold these two support lines. The horizontal one is from the inverse head and shoulders that everyone was watching…
I don’t think [Bitcoin] will be boring for long. I bought at $7330 and am looking for much higher prices.”
Meanwhile, veteran trader Tone Vays is expecting one more big move to the downside before a renewed rally.
“I give [Bitcoin] approximately a 60% chance that we will go below $6,500 before we go above $10,000. It almost has to be before because if we got to $10,000, I will then give it maybe a 5% chance we will ever go to $6,500 again.
So I still anticipate a final low before the halving. Now that low will probably be higher than $3,000. But it is still possible that the low could be lower than $3,000. How high is that probability? No more than 20%, which is still quite large if you ask anyone in the crypto space.”
Ethereum
A number of rare trading cards on the Ethereum-based game Gods Unchained are now worth a lot of money.
According to the peer-to-peer digital marketplace Openseas, one card just sold for 215 ETH, which is worth about $31,500 at time of publishing.
Gods Unchained is backed by Coinbase and utilizes the Ethereum blockchain to give gamers a unique way to truly own their in-game assets.
Ripple and XRP
3S Money Club, a London-based digital B2B merchant banking platform, is joining Ripple’s network of banks and financial institutions.
The company’s CEO, Ivan Zhiznevskiy, made the announcement on LinkedIn.
“By joining Ripple’s growing, global network financial institutions can process payments worldwide instantly, reliably and cost-effectively.
It allows network members to exchange instant messages such as live quotes and payment instructions over one standardized and validated protocol. In contrast, 3SMC is now connected to four banking partners through APIs.”
So far, Zhiznevskiy has not revealed whether the company plans to use On-Demand Liquidity, which is Ripple’s XRP-based cross-border payment product.
Stellar
An effort to showcase the high speed and low cost of Stellar Lumens (XLM) transactions is approaching a new milestone.
Stellar holders have been passing a so-called “torch” around the world since June and will soon reach half a million kilometers.
The torch, which is essentially a small amount of XLM, has now been sent across the globe 77 times, with total transaction fees costing less than a penny.
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