It’s Time to Pray for Bitcoin, Says Veteran Crypto Analyst – BTC, Ethereum, Ripple, XRP, Stellar Newsflash
From Bitcoin’s move below crucial support to a dispute brewing at the Ethereum Foundation, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Veteran trader Tone Vays says it’s time to say a prayer for Bitcoin.
In a new episode of Trading Bitcoin, Vays says BTC is now at risk of a bigger move to the downside after breaking below support at about $7,200 on TradingView.
“BTC Price is breaking under very critical support. This is not good. Time to pray for the best but prepare for the [worst]…
The fact that we broke support is favoring the bears. The moving averages look very, very bad. The short term is below the intermediate term, is below the long term, and they’re all trending down.
However, because the price action is so far below all these moving averages, it is very possible that the price can snap back. So you really want to be careful about shorting something that is so far below their moving averages, even when the moving averages give you the most bearish picture possible. So you have a bit of a conflict here. I will trust the price action until it shows me otherwise.”
On the bright side, Vays says the fact that BTC is consolidating will become a bullish sign for Bitcoin if the leading cryptocurrency can continue trending sideways for a couple more months.
“Is this consolidation a sign of a low? Or is it a consolidation meant to be broken down to the downside? And this is the challenge that is hard to explain to non-senior traders.
If this consolidation lasts for six months, it’s good. If this consolidation lasts for three months or less, it’s bad. Right now, this consolidation has only lasted for four months. This consolidation needs to last at least six months. And it’s debatable whether this consolidation right now is the same as the consolidation back in September, because we’re clearly consolidating lower.”
Ethereum
The Ethereum Foundation (EF) is responding to reports that it’s shuttering many of its internal projects.
The Foundation reportedly spends about $500,000 a month to fuel the development of the Ethereum network.
In August, it announced a new grants program allocating $2 million in Foundation-led and co-funded grant funding aimed at boosting the development of Ethereum 2.0.
Ripple and XRP
Ripple says it may take another look at how closely it guards the number of transactions being processed on RippleNet.
In a new interview with Bobsguide, Ripple’s senior vice president of customer success, Marcus Treacher, says it depends on the company’s overall growth.
“We’re a very young network. It’s growing very quickly. When you get to a point when you’ve got a massive network, then you might want to say things about the flow or the volume, etc. Right now, we’re still young, we’re still growing. So we talk about the growth rate, we talk about coverage, and we talk about the time we take to deliver end to end.”
Ripple releases updates on the number of banks and financial institutions that have joined its network – a number that currently stands at 300.
It also highlights transaction data for the digital asset XRP, including delivery times and how much of its XRP holdings the company sells per month.
Stellar
The institutional asset manager Grayscale has released a new overview on Stellar Lumens (XLM).
It highlights the coin’s “near-instant transactions” and efforts by the Stellar Development Foundation to boost the technical development and adoption of the network.
“Together, XLM and Stellar strive to achieve greater financial inclusivity, by connecting entities ranging from merchants and financial institutions to individual users, especially those without access to traditional banking services…
Stellar is now being piloted for institutional financial use cases by Fortune 500 companies including IBM and Franklin Templeton for cross-border payments and securities tracking and settlement, respectively. While these early stage use cases and experiments center around commercialization of the Stellar network technology rather than XLM specifically, these applications also provide the potential for increased XLM adoption in the future.”
You can check out the full report here.
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