The total crypto market cap makes a sharp decline from $296.9 billion to a low of $240.6 billion from the start of the week, following a delay in trade tariffs by Washington. Analysts see the easing trade war tensions as positive for the Yuan, which many believe led to the use of BTC as a hedge against risks.
Let’s take a closer look at the events and technical patterns driving prices in the crypto market.
Price of Bitcoin Drops Back to $10,000 in Recent Downtrend
Bitcoin (BTC) has fallen to $10,000 in a fresh downtrend. Despite its price shooting above $12,000 mark severally this month, the number one digital currency has gone down to $10,000 posting a 16% drop on the week.
Earlier this month experts citing geopolitical tensions —the ongoing United States-China trade war mainly—had predicted a positive trend for the BTC.
However, a little analysis reportedly divides crypto investors into three main camps regarding Bitcoin (BTC) price predictions.
The most bearish of the group believe that Bitcoin is set to drop to $8,500–$7,500 while the moderates believe its price will consolidate between $9,000 and $12,000 before its imminent rewards halving in 2020.
The bulls remain confident that despite the recent price trend, Bitcoin will retake its yearly high and resume an upward trend.
Following an increase in geopolitical uncertainties across the global markets, the Bitcoin BTC became a haven for investors to hedge against risks on fiat currencies, which resulted in a hike on the Bitcoin BTC price slightly above the $12K round-number support.
Bitcoin BTC after a five weeks correction of the crypto spring resumed the bullish trend from a breakout of hidden bearish accumulation on July 31 ’19. The number one cryptocurrency price increased by 11.52% from the July 13 breakout price.
After signaling a bullish accumulation pattern on August 08, the BTC price broke below the significant support level ($11450.93) and descended by about 15.9% from the breakdown price.
On August 16 the BTCUSD signals a bullish accumulation pattern confirming a hidden bullish divergence set up for a bullish rally.
From a 4hour overview, the increase in selling pressure can is seen as a breakdown of hidden bullish accumulation on August 12 23:00 and a triple bearish accumulation on August 14 07:00, making up 16.35% from the breakdown of support $11345.48.
A pin-bar candlestick pattern formed on August 14 23:00 signaled the exit of the oversold area, followed by a breakout of bearish accumulation on August 15 15:00. We should expect a continuation of the BTC price recovery after a breach of the resistance level at $10429.00.
Ripple XRP: Manipulating Market to keep XRP Price Afloat
Famous cryptocurrency trader Peter Brandt has accused Ripple of price manipulation.
In a series of tweets on August 14, the trader revealed that he believes the price of the altcoin XRP is artificially high as Ripple executive carefully manipulate the price to hold support.
Recently, the price of the altcoin’s XRP/USD pair hovered around its 11-month low while it also dropped to its lowest level against Bitcoin (BTC) in over two years.
Despite this drop in the price of XRP to $0.26, Brandt believes that manual intervention on the part of Ripple, and not natural market forces are deciding the current price level.
Citing recent sell-offs by Ripple executives as evidence that markets were being stage-managed for XRP price to hold support, Brandt emphasized that, should support fail, Ripple will be forced to drop in a significant way.
Like the majority of alternative coins, the XRP has been in a bearish price decline for over eight weeks trading below the last year 2018 December 10 low of 0.28534.
Following a series of bearish signals such as the bearish accumulation pattern on July 22, the breakdown of bullish accumulation on August 02 and 06, the XRP price slumped by about 24.3%.
We should expect an exit of the oversold level at a price close above 0.26567, and perhaps the beginning of a bullish swing.
Binance Jersey Partners with Crypto Platform Caspian for Faster and More Secure Trades
Fiat-to-crypto conversion branch of Binance for Euros (EUR) and British pounds (GPB), Binance Jersey, has announced its partnership with the cryptocurrency investment service Caspian.
The partnership with Caspian, which provides portfolio, trading, and risk control on its program will supposedly result in increased security for crypto investors, as well as a lower limit to entry for the crypto market.
As revealed by the managing director of Caspian Chris Jenkins, the partnership with Binace Jersey represents a substantial step forward in helping move the wide adoption of cryptocurrency trading forward for the institutional market in Europe as the need for a reliable fiat-to-crypto exchange increases.
CEO of Binance Jersey, Jon Day also remarked that he believes Caspian’s technical system for order and execution will speed up trading on their end.
The Binance BNB coin started showing signs of a price recovery on August 07 ‘19 after an earlier price correction of about 29.87% from the double bearish accumulation pattern on June 27 ’19.
The BNB coin price moves back towards the previous breakout support at press time and hovers above the $26.2423041 support. If the price fails to close below the support, we should expect a continuation of the bullish trend. On the contrary, if the price closes below the support, then the price correction may persist.
Monero XMR: Researchers Discover Monero Mining Virus That Hides From Task Manager
Cybersecurity firm Varonis has detected a new cryptojacking virus called “Norman.” The Norman virus aims to evade detection while mining the cryptocurrency Monero (XMR).
According to the report published by Varonis on August 14, Norman is considered one of many cryptojacking viruses deployed in an attack that infected machines at a mid-size company.
Usually, cybercriminals who desire to use the computing power of unsuspecting users’ machines--in this case, privacy-focused coin Monero--to mine cryptocurrencies, deploy cryptojacking hardware.
The Norman virus is a crypto miner depend on XMRig, and is described by Varonis as a high-performance miner for the Monero digital currency.
A significant feature of Norman is that it will terminate the crypto mining process in response to a user opening up Task Manager. Then, after closing the Task Manager, the virus makes use of a process to reopen the miner.
The report also revealed Norman’s identity as a program from a French-speaking country, due to the presence of French variables and functions within the virus’ code.
Monero XMR privacy cryptocurrency flagged a breakout of hidden bearish accumulation on August 01 ’19 and increased by 19.32% before signaling an increase in selling pressure from a hanging man pattern and bearish accumulation pattern on August a08and 09.
The XMRUSD at press time signals a pin-bar reversal candlestick pattern on August 15. If the price close above $83.976 resistance, we should lookout for a bullish swing to the upside.
Though the total crypto market cap is currently correcting its bullish rally, Bitcoin BTC holding a higher percentage of the market continues its dominance compared to other altcoins as shown below. The hidden bullish divergence on August 01 and double bullish accumulation pattern on August 16 ’19 emphasize the BTC Dominance.
With last month closing as a bearish inside bar on the monthly charts of the total crypto market, a breach of the $355.1 billion resistance or the $236.6 billion support will give clarity to the market trend.
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