The cryptocurrency market started the previous week with a bullish outlook as the total market cap closed at about $287.3 billion above the significant resistance of $283.1 billion on August 04 '19 07:00.
Bitcoin BTC continued a bullish trend in the longer term as the dominant cryptocurrency, while the altcoins still maintain a bearish outlook.
Join us as we analyze the major news, events, and technical price patterns driving the crypto market.
Bitcoin: Gold and Bitcoin Is the Same Thing says, Mark Cuban
Billionaire businessman and owner of Dallas Mavericks professional basketball team, Mark Cuban, has revealed his views on Bitcoin (BTC) and gold.
In an interview with Kitco News on August 9, Cuban admitted that he has a strong prejudice towards gold as an investment and views Bitcoin (BTC) as fundamentally the same thing as gold.
When asked to describe his views on gold, the billionaire replied that hate with extreme prejudice was not enough to describe his beliefs.
In his own words, "hate mixed with double-extreme prejudice with an ounce of hot sauce" was a more accurate description.
However, he remarked that the fact that Bitcoin's value is dependent on supply and demand factors—implying that there's a limited supply that will ever be created—makes it a more reliable investment than gold.
The Bitcoin BTC is in a strong bullish trend following a series of hidden bullish divergence patterns early Q2 on April 04 '19 through June 06 '19, and recently on July 31 '19.
However, following a breakdown of bullish accumulation on August 08 '19, the BTCUSD starts to show bearish sentiment as illustrated in the chart below.
If no sound bullish pattern gets signaled on the daily time frame, we should look forward to a bearish trend at least into the first half of this week.
Last week, the bulls started their campaign with a breakout of bearish accumulation on August 04 '19 07:00 that later led to significant support in the formation of a series of hidden bullish divergence setups.
The bulls in a bid to form consecutive bullish bars, had their critical support levels breached by the bears as the price plunged by roughly 5.0%.
Ripple XRP: MoneyGram Using XRP is a Bigger Deal than Libra; Brad Garlinghouse, Ripple's CEO
Following Ripple's $30 million partnership with international funds transfer provider MoneyGram, Brad Garlinghouse, CEO of Ripple, has declared that the firm is looking into multiple investments and acquisitions.
Recently, MoneyGram struck a deal with Ripple that saw it purchase a 10% stake in the company, with an option to increase its investment by a further $20 million in two years.
The deal which will make Ripple become MoneyGram's principal associate for cross-border payment and forex settlement utilizes Ripple's xRapid liquidity product.
Several suggestions had been made that Ripple had forked out a premium on MoneyGram shares to ensure the firm would adopt the technology. Responding to this, Garlinghouse revealed that Ripple paid a high price for the deal because of the unwillingness of private equity firm Thomas H. Lee Partners to trade at market values.
According to Garlinghouse, the partnership serves as one of the earliest use cases of a crypto asset in production at scale. He also revealed that in a year, the deal would have a more significant influence on the crypto markets than Facebook's Libra white paper.
Ripple XRP, the cross border remittance cryptocurrency, has been in a downward spiral after failing to breach the 0.46669 resistance level established since December '18.
The XRP trades above the 0.28524 support at press time. If the price closes below the 0.24653 support, then we should expect a further decline of the XRP price.
The bears have a tight grip on the XRPUSD direction as they signal a combination of bearish engulfing and bull trap pattern on July 09 '19 for a price decline of about 27.8%.
Even in a sideways market, the bears continue to show strength as they signal bearish and a breakdown of bullish accumulation on July 20, and August 06 '19.
All attempts by the bulls could not stand the selling pressure as the XRP dominance grew weaker into August '19.
Binance BNB: Binance Considering Support for 30 Tokens for US Customers
World's biggest crypto exchange by adjusted volume Binance on Friday, August 9 announced that it is increasing the number of digital assets available to its users based in the United States.
According to the blog post, the exchange is exploring support for 30 digital assets on its crypto exchange platform accessible to U.S.-based customers—US marketplace.
Some of the tokens under consideration include Ether (ETH), Bitcoin (BTC), Cardano (ADA), EOS (EOS), Cosmos (ATOM), Basic Attention Token (BAT), ZIL, Ripple (XRP), Tether (USDT) and VeChain (VET), WAVES, LOOM, etc.
Binance's Digital Asset Risk Assessment Framework was introduced to help ascertain the legal compliance of blockchain projects listed on its platform.
The exchange is evaluating these tokens under this framework to determine whether to include them in its US marketplace.
Binance considers five fundamental areas of each project to reach a final decision.
Taking a look at the weekly time frame first with a bullish accumulation price pattern on April 08 '19 and a weak price rally confirmed by regular bearish divergence on May 27 '19 and June 24 '19.
The price level at 26.5942532 served as resistance on May 27, and the BNB price could not fill above that level.
Upon exiting the overbought territory on June 24, the BNBUSD show signs of a hidden bullish divergence to be confirmed upon a breakout of the bearish accumulation pattern of $30.3368605.
The significant resistance and support levels on the BNBUSD chart are $30.33686605 and $23.6645471 respectively.
A breach of either of these levels should reinforce the trend direction of the Binance BNB coin.
The above daily time frame, like the weekly chart, presents a more transparent view of the general technical events from the latter part of June 2019 to the current month of August.
Midway into the second quarter 2019, the BNBUSD signaled a breakout of bearish accumulation resistance on April 14 for about 50.0% price increase.
A regular bearish divergence pattern and an increase in selling power on June 27 '19 led to a correction of the bullish trend signaled by a breakout of bearish accumulation earlier on May 05 '19.
With the bull trap price pattern signaled last month July 21 '19, the bears seized control of the market into a downward spiral.
The week winds down to a close, and we begin to notice a slowing of bearish momentum as the bulls breakout of bearish accumulation resistance on August o4 '19 ($28.7592753).
At press time, the market corrects the previous gains of last week, first with the BTC price breaking below bullish accumulation support $11450.93.
Although the general bearish outlook on altcoins persists, the Binance BNB coin show signs of a recovery from the six weeks price decline.
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