Bitcoin Braces for $11,000 on Weaker Dollar Demand

By Yashu Gola

• Bitcoin rose above $10,000 in an overnight rally Monday for the first time since May 8, 2020.

• The gains surfaced as investors sold the US dollar for riskier assets amid optimism about economic recovery.

• Other factors, including the U.S.-China tensions and the stock market’s upside, also contributed to the rally.

   

Bitcoin rose Monday in a surprising rally that took its price up by almost $1,000 in less than 12 hours.

The benchmark cryptocurrency climbed 10.17 percent to $10,428 ahead of the UTC midnight close. The wild move uphill helped bitcoin break above crucial technical resistances defined by a long-term descending trendline and a $10,000 price level.
It further indicated traders’ likelihood of testing $11,000 in the coming weeks.

Weaker Dollar

The moves in the bitcoin market took its cues from supportive macro fundamentals.
On Monday, the WSJ Dollar Index, which measures the greenback against 16 other currencies, plunged 0.57 percent to 92. Observers noted that investors sold the dollar to buy riskier currencies, a sentiment that may have fueled the bitcoin price rally above $10,000.

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Facebook Libra will shape the future of money, Andreessen Horowitz

by Manasee Joshi

 

According to a general partner at Andreessen Horowitz Zuckerberg-led Facebook Libra will set the course for a digital economy and encourage many other entrants to dive into this industry.

Facebook Libra has been caught in controversies and criticism ever since its whitepaper launch. A year ago, it started with a vision to create global virtual currency that is accessible even to the unbanked population of the world, having no access to financial services. 

Unfortunately, the framework ran into heavy regulatory scrutiny and political resistance, which made Facebook Libra change its very design. Today, the project, despite several setbacks and withdrawals from some of the crucial association members, has found loyal support in Andreessen Horowitz. 

 

Facebook Libra will be tipping point for money

 

Katie Haun, in her recent interview with Bloomberg, sounded somewhat optimistic about the project and its vision. According to her, in the next ten years or so, Facebook Libra will shape the future of money. The money will go digital, much like music, books, and shopping, she said.

“Initiatives such as Facebook Libra will gain traction in the next few years, and investments by venture capital firms will be the ultimate driving force that will pave the way for other projects in the domain.” 

Meanwhile, the firm has also invested in another Libra-like project called Celo, whose alliance witnessed almost 50 percent growth ever since its launch two months back. Similar to Project Libra, the Celo alliance also envisions a robust stablecoin ecosystem that challenges the monarchy of the age-old financial system.

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Macro Analyst: Ethereum Looks Like It Will Outperform Bitcoin in the Future

By Nick Chong

From the all-time high of $1,400, Ethereum is down by approximately 80%.
Due to a collapse in the ICO bubble and the narrative shifting from altcoins to BTC, the -80% performance ETH has registered is much worse than that of Bitcoin. From its all-time high of $20,000, BTC is down less than 50%.
While there are many believing the leading cryptocurrency will continue to outperform altcoins, a prominent investor is throwing his weight behind Ethereum.

Ethereum Poised to Outperform Bitcoin?

Bitcoin’s performance may be impressive, but even more impressive is that of Ethereum.

The second-largest digital asset is up more than 22% in the past week alone, according to data from Coin360.com. Over that same time period, BTC is up “only” 14.45%.

Real Vision chief executive Raoul Pal, who commented on the chart of ETH/BTC after the recent breakout, said in reference to the chart below:

“It even looks like Ether will outperform Bitcoin at some point (no position yet). Please remember: No tribal attacks about bitcoin vs ethereum. They are two different things and two different ecosystems.”

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THETA Outpacing Bitcoin With 1000% Gains Since March Crash

By Michaël van de Poppe 

 As Bitcoin struggles to find support, THETA and THETA Fuel have rallied more than 1000%, leading investors to wonder if other altcoins will follow. 

As the halving hype has now passed for Bitcoin (BTC), altcoins are beginning to regain traction. In that regard, many altcoins have been showing significant movements in the past two weeks.

One of the biggest gainers is Theta Token (THETA), which gained 1,000% since the crash on Black Thursday, March 12. The second token of the Theta platform is called Theta Fuel (TFUEL) has also surged more than 1,150% in a matter of one week.

Theta Token reaches new highs, but is it time to buy?

 

As the candles are getting greener and greener, people are getting triggered by FOMO, hype, and emotional bias towards entering these strong altcoin rallies.

Where did we see that before? During the pre-halving rally, traders and investors were eager to step into the markets at $10,000. However, the same traders and investors have a hard time stepping in when a coin retraces.

In that regard, the next chart shows the massive surge of THETA in recent months.

THETA made an 80% crash in March, after which the lows were tested and confirmed for support, again.

Since that crash, several support/resistance flips were done and confirmed the upwards continuation. One of them is found at $0.068 and the second one at $0.125.

However, the altcoin started to accelerate and speed up significantly in recent days, as the momentum and hype increased heavily. Today, Binance announced that the exchange will support the token’s mainnet upgrade. This raises the question of whether this is another buy the rumor, sell the news event?

What should be stated? After such a peak rally, a correction and retracement are heavily needed. The left part of the chart is showing a similar surge, after which the price dropped down for support tests.

Therefore, it isn’t very reasonable to start entering coins in these zones with such an overextended price move.

The grey zones are pointed out as levels to watch, which are the $0.155-0.165 and $0.237 area. The primary zone to watch would be the support/resistance flip around $0.165.

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Litecoin readies for recovery near $50-level despite hurdles

By Chayanika Deka

 

 

The seventh-largest cryptocurrency, Litecoin has been struggling to get hold of bullish price action as it faced rejection from the psychological level of resistance at $50. Despite a slow up upside momentum, the silver coin could finally be heading towards a recovery in the short-term.

LTC’s price candles oscillated between a descending channel pattern. On completion of this pattern, a potential bullish breakout was predicted. A positive price trend for the coin was also depicted by the placement of the daily moving averages.

Following the massive crash in the second week of March, the moving averages sustained a bearish crossover with the 50 DMA [Pink] sliding under the 100 DMA [Purple] on 1st March. The gauge between the two rose over a period of time indicating the bearish presence in the coin’s price.

This trend, however, noted a reversal at the beginning of May following which the 50 DMA continued to climb in an upward direction and the 100 DMA falling below while resisting the LTC price candles. Subsequently, the gauge lowered. The above chart depicted a potential bullish crossover by the two daily moving averages in the near-term.

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How to Trade Consolidation Patterns: WTI/USDCHF/GBPCAD

By VasilyTrader

 MARKET PREVIEW FOR NEXT WEEK.

Price Action: HOW to trade Consolidation PATTERNS (advanced trading lesson)

Technical analysis on WTI/USDCHF/GBPCAD

Ripple will now be accepted for cross-border remittances in the USA

By - Sabyasaachi Karmakar

 

 

 

 The US Consumer Financial Protection Bureau allowed the use of Ripple as a cross-border remittance tool. Ripple is rising on a trendline, and a break-out might occur soon.

 

 Ripple is the highest traded cryptocurrency. In terms of market capitalization, it is the third-largest behind Bitcoin and Ethereum. The sheer volume of the traded quantity proves that its market is highly liquid.
A highly liquid market and meager prices attracted millions of retail traders, much higher than the number in BTCUSD. This nature of Ripple has the possibility of a more substantial penetration and usage soon.

The US approves Ripple as cross-border remittance

 

The US Consumer Financial Protection Bureau mentioned that Ripple’s versatility and widespread acceptance could be used in supporting cross-border money transfers. And for this purpose, XRPUSD can be used as a settlement for the remittances.
Ripple is significantly different from other platforms in the essence that it is simple yet effective for a payment mechanism. Bitcoin, on the other hand, is by far too complicated for this sort of usage.

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