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Analysts Target a Sub-$200 Move for Ethereum Once it Taps This Crucial Level

Ethereum has been closely tracking Bitcoin’s price action throughout the past several weeks and months The cryptocurrency did recently form an incredibly bearish technical pattern that analysts are still closely watching There’s a strong possibility that the crypto could be positioned to see notable downside in the near-term due to this pattern One analyst is even targeting a movement down to the sub-$200 region This price action could be magnified by a recent surge in […]

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Ethereum has been closely tracking Bitcoin’s price action throughout the past several weeks and months
The cryptocurrency did recently form an incredibly bearish technical pattern that analysts are still closely watching
There’s a strong possibility that the crypto could be positioned to see notable downside in the near-term due to this pattern
One analyst is even targeting a movement down to the sub-$200 region
This price action could be magnified by a recent surge in ETH’s open interest Ethereum’s price action has been strikingly similar to that seen by Bitcoin and the aggregated crypto market throughout the past several days and weeks.
It has been unable to garner any momentum independent of its peers, and this may be due to the U.S. equities market once again flashing signs of weakness due to its recent capitulatory slide.
The long-held consolidation phase seen by ETH may soon come to a harsh end, however, as the crypto has flashed some signs of bearing intense technical weakness due to a recently formed pattern.
If one analyst’s prediction plays out, Ethereum could soon be trading within the sub-$200 region.
This decline could be magnified by the massive rise ETH’s open interest has seen as of late – which has been heavily skewed in favor of longs.
Ethereum Flashes Signs of Weakness as Consolidation Phase Persists
Throughout the past several weeks, Ethereum is been trading between $230 and $255 – struggling to garner enough momentum to break above or below either of these levels.
This consolidation channel came close to breaking earlier this week when sellers sent ETH down to lows of $230, but this level was ardently defended by bulls.
Per a Bitcoinist report from yesterday, this consolidation phase has coincided with a massive uptrend seen while looking towards the crypto’s open interest.
According to data, OI for the crypto across major trading platforms has grown by hundreds of millions of dollars over the past few weeks. Data via Coinalyze
Once Ethereum’s price action breaks this consolidation phase, this OI is likely to fuel a massive movement. If the channel breaks down and ETH begins reeling lower, investors could witness another cascade of liquidations that fuel a capitulatory decline.
ETH Likely to Reach Sub-$200 Region, Claims Analyst 
One popular cryptocurrency analyst noted earlier this month that Ethereum has been forming what appeared at the time to be a bearish broadening wedge pattern.
In the days since this was posted, ETH has been ranging sideways and has yet to break beneath it.
That being said, the analyst recently offered an update in which he noted that he still anticipates it to see a breakdown – putting forth a chart showing a clear downside target in the sub-$200 region.
“ETH / USD H4 TF- A lot more sideways PA than expected, I am short again looking for another touch of this ascending channel,” he noted while pointing to the chart seen below. Image Courtesy of Escobar. Chart via TradingView
Featured image from Shutterstock. Charts via TradingView. Source: https://bitcoinist.com/analysts-target-a-sub-200-move-for-ethereum-once-it-taps-this-crucial-level/?utm_source=rss&utm_medium=rss&utm_campaign=analysts-target-a-sub-200-move-for-ethereum-once-it-taps-this-crucial-level

Blockchain

Crypto Whale Says Group of Altcoins Will Underperform in Next Cycle, Warns Bitcoin (BTC) Bull Run Facing Final Roadblock

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A wealthy Bitcoin investor says traders hoping for a revival of interest in the previous generation of altcoins will likely be disappointed.

The pseudonymous trader Joe007 says new and “shinier” altcoins are coming out every day, fiercely competing for the same pool of money. He believes older altcoins will eventually be forgotten and left behind.

The trader says PayPal’s plan to support Bitcoin and a number of altcoins is overblown, because the company will not allow investors to move their crypto to private wallets.

“It may be a nothingburger, except for the news that they’ll allow users to pay in crypto, converting the proceeds into fiat for merchants.

OGs might remember erstwhile bullish hopes for ‘merchant adoption’ that turned into increased BTC sales by said merchants.”

When it comes to Bitcoin’s trajectory the trader says he would be completely bullish if the macro economy was in better shape.

He predicts a major economic crisis is coming, which could delay the next big Bitcoin bull run.

“I think it’s more likely than not that a major macro crisis will unfold before parabolic rally happens in BTC. This is pretty much the only reason I’m not fully invested. Other than that, I suppose BTC is good to go.”

Joe007 says the crisis will occur because governments mistakenly believe they can print their way out of the economic shock. He believes the consequences “should be catching up with us pretty soon.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Source: https://dailyhodl.com/2020/10/23/crypto-whale-says-group-of-altcoins-will-underperform-in-next-cycle-warns-bitcoin-btc-bull-run-facing-final-roadblock/

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XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)

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XRP/USD – Buyers Finally Break Above Symmetrical Triangle

Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.

XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.

The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.

Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.

xrpusd-oct22
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.

On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).

The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.

XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.

Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.

XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.

The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.

xrpbtc-oct22
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).

On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.

The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/xrp-bulls-step-in-with-a-5-daily-increase-is-0-30-next-ripple-price-analysis/

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BitTorrent Launches BitTorrent X Ecosystem Following DLive Acquisition

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BitTorrent Inc., the firm behind the massively popular BitTorrent protocol and app, has announced its acquisition of blockchain-powered live streaming platform DLive.

DLive will now form part of the newly established BitTorrent X ecosystem, which also includes the BitTorrent File System (BTFS), a service used for distributed file storage and retrieval, as well as the BitTorrent client, which will be utilized delivering these services and more to users.

Transitioning to BitTorrent X

Since the BitTorrent protocol was first developed in 2001, it has become the most successful peer-to-peer data distribution system. It has already been used by well over 2 billion users globally — including massive enterprise users like Facebook, Twitter, and Blizzard.

The BitTorrent file-sharing protocol also appears to be an inspiration that edged Satoshi Nakamoto towards the development of Bitcoin (BTC), as described in a message posted by Nakamoto on the Cryptography Mailing List.

After being acquired by TRON CEO Justin Sun in 2018, BitTorrent has gradually been woven into the rapidly growing TRON blockchain ecosystem, with the BitTorrent File System (BTFS) now being used by the TRON blockchain and DLive as a decentralized storage solution.

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With the acquisition of DLive, BitTorrent is now ready to move into the next stage of its expansion: the launch of BitTorrent X — an ecosystem comprised of BTFS, the BitTorrent (and μTorrent) apps, the BitTorrent token (BTT), and now DLive.

DLive is a leading blockchain-powered live streaming platform and currently has more than 7 million users and 200,000 content creators.

Some of its top creators include PewDiePie, tugaygokyt, and enesbatur — each of whom has hundreds of thousands of followers thanks to their popular gaming and e-sports live-streamed content.

“BitTorrent X is the next step in establishing a truly decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices. Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”

According to the announcement, the BitTorrent X ecosystem will be powered by the BTT cryptocurrency, which is already used for incentivizing users to share their storage space on the BTFS, and can be staked on DLive to earn rewards.

justin_sun_cover
Justin Sun, founder of TRON and CEO of BitTorrent

It is expected that the arrangement will allow potentially billions of users to access decentralized file sharing and live streaming services, with the same simplicity and ease of use users expect from BitTorrent and TRON applications.

“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.” says Charles Wayn, CEO of DLive, “Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space, and furthermore create value for our global community.”

The last few months have been packed full of news coming from BitTorrent and DLive. Last month, it was announced that TRON would now use the BitTorrent File System (BTFS) as the data storage solution for TRON nodes, making onboarding new nodes to the network much simpler and faster. Likewise, DLive recently completed its 2 million Lemon #StayAtHome giveaway, helping to supports its viewers and streamers during the COVID-19 lockdown.

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Source: https://cryptopotato.com/bittorrent-launches-bittorrent-x-ecosystem-following-dlive-acquisition/

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