The Bitcoin BTC and other altcoins in the crypto market saw a massive price decline over the week, as crucial support levels give way to persisting sell pressure.
Read on as we take a look at recent news and events as well as significant technical drivers of the total crypto market-cap.
Bitcoin News: Lightning Network Dev Announce new version of node monitoring tool.
Reports on July 24, confirm that Lightning Labs has a new node monitoring tool.
The news report reveals that the Lightning Network has released Lndmon—an open-source monitoring solution for alpha testing.
Lightning devs believe that using this tool for real-time monitoring will ultimately lead to a more stable Lightning Network.
However, one of Lndmon’s more specific goal is to provide a way of preventing certain network issues before they manifest. The reports noted that this year, several problems with the peer-to-peer network could have been prevented using a node monitor.
Beyond these, the network also believes that this tool has an array of potential use cases. In finance, for example, it could be used in monitoring such trends like the number of channels over time, as well as which spots have the best routing fees.
From a weekly chart perspective, the Bitcoin price exited the overbought area on July 10 ’19 and increased for about 54.9%, after which the pair set up resistance at $13.880.0.
So far, the undertone of the regular bearish divergence of July 24 weekly bar has forced the BTC out of the overbought territory and now headed south.
A hidden bullish divergence pattern is anticipated and will be confirmed if the BTC price does not close below the $7,432.84 support, while the RSI oscillator moves below the 65.50 RSI-level.
Above on the daily time frame, the Bitcoin price stayed in the overbought territory for five days before exiting the level on June 27 ’19, leading to a downward rollercoaster.
Increase in bearish sentiment on July 10 & 22 ’19 with established resistance at $13,200.00 and $11,120.00 push the price lower.
However, a buildup of hidden bullish divergence similar to that which is anticipated on the weekly time frame is in perspective with significant support at $9,049.54.
The current week has been a rollercoaster, as the BTC price increased from a signaled regular bullish divergence on July 24 ’19 13:00.
A breakdown of bullish accumulation was signaled on July 25 ’19 07:00 after setting up resistance at $10,187.0, followed by a rejection of resistance on July 26 ’19 01:00 ($9,650.0) and finally the breakdown of support at the weekend July 27 ’19 03:00 ($10,235.0).
Ripple: SWIFT Making Moves to Stay Ahead of Ripple and Facebook Libra
In the wake of looming competition from the likes of Ripple, The Society for Worldwide Interbank Financial Telecommunications (SWIFT) recently tested a unique instant cross-border payment system that offers notable upgrades in throughput time.
The move is part of SWIFT’s systems of facilitating instant settlement abilities through her Global Payments Innovation (GPI).
With the likes of Facebook’s Libra and Ripple daring the monopoly of banks and other financial institutions, mainstream actors like SWIFT, Mastercard and Visa are forced into seeking meaningful improvements to the legacy system.
According to SWIFT, the new system also promises a reduced cost of adoption for financial institutions that adopt the model.
All effort by the bulls to put the Ripple XRP price in an upbeat has failed to increase selling pressure, starting from a bearish accumulation setup o June 26 ’19 (0.49342) and June 27 ’19 (0.510).
A decline followed a bull trap in demand for the XRP on July 09 ’19 (0.40827), and a bearish accumulation pattern on July 22 ’19 (0.33214).
Recent XRP prices rest on the 0.30248 support established on July 18 ’19.
Let's move on to the 4hour time frame that presents excellent swing trading opportunities, first with the XRP price descending after a double bearish accumulation pattern on July 15 '19 23:00 (0.31878).
The previous weekly low was established after a breakout of another double bearish accumulation on July 17 '19 07:00 (0.28250). An increase in demand was signaled on July 19 '19 15:00 (0.31328) before signaling a bearish accumulation pattern on July 21 '19 23:00 for another price drop.
Recent bearish and bullish accumulation patterns at press time imply that the price would continue in the direction of a breakout of the 0.3100 resistance or 0.30818 support.
Litecoin: BTC and LTC Halving' Shock' Could Be Moderated via Merged Mining - Binance Research
According to a report published on 12 July by Binance Research-the research department of crypto exchange, Binance-the impact of block incentive halving for Bitcoin (BTC) and Litecoin mining could be moderated by merged mining.
Recently, Charlie Lee had predicted that some miners might shut down Litecoin mining after the imminent August 5 halving. This prediction led the research group to investigate the potential of the professed merged-mining to preserve incentives for crypto miners.
Merged mining is a system of applying the work executed for one blockchain, or parent blockchain, on different smaller child blockchains by implementing ancillary proof-of-work.
Binance Research in the report proposed that merged mining could potentially improve mining incentives in the light of future block reward halving scheduled for both Litecoin and Bitcoin.
However, the group also warned of possible shortcomings in merged mining, from the viewpoints of both the miner and project team.
The Litecoin (LTC) price breaks out below bullish accumulation support on June 24 '19, before signaling a double bearish accumulation pattern that led to a 43.5% price decline.
A railway track candlestick pattern on July 17 '19 set support at 75.885 as the Litecoin price exits the oversold area as illustrated above.
The failure of double bullish accumulation on the 2hour time frame shows an increase in selling pressure after an earlier breakout of bearish accumulation on July 19 '19 15:00.
A sequence of regular bullish divergence patterns signaled on July 23 '19 11:00 and July 24 '19 03:00 established sound support levels at 89.50 and 86.11 respectively.
Following the recent plunge in the LTC price, we anticipate a breakout of bearish accumulation resistance of 88.86 going forward.
A breakdown of the July 27 '19 11:00 bullish accumulation support 87.50 should reinforce an increase in selling pressure.
Monero: Anno on Resolving Fake XMR Minting Bugs
A blockchain developer on HackerOne had on June 3 announced the discovery of a severe exploit in Monero that had aided hackers in creating fake XMR and sending them to exchanges.
These bugs that ranged from the seemingly insignificant and solved to the malicious and live had affected Monero (XMR) in recent months.
Five of these vulnerabilities created a terrible DDoS risk. However, Moreno reports that eight of the bugs are now fixed, including the most severe one discovered.
By bringing up this issue to the public crypto community's attention willingly, Moreno has adequately warned others in the space about potential predicaments.
The fact that there have been no further reports of these bugs appearing elsewhere shows that crypto exchanges have become more awake to the threat of hackers, which means that any potential domino effect of the hack is solved.
The price of Monero XMR began a bearish trend following a breakdown of double bullish accumulation on June 25 '19, and later a retracement of the bearish trend on Jul 08 '19 (108.583).
After setting a sound support at 71.842 on July 17 '19, the bulls again retraced parts of the bearish trend to later resume at a bearish accumulation pattern on July 22 and 24 '19 (85.769 & 78.433).
The 2hour chart at press time breaks above bearish accumulation resistance on July 27 '19 11:00 after the sudden price plummet at the fifth hour of the same day.
The price of the privacy coin may be set for a bullish trend recovery.
With the total cryptocurrency market-cap breaking below double bullish accumulation and exiting the overbought region, the market was mostly bearish throughout the week.
Entering the new week, the recent breakout of double bearish accumulation in combination with current news and events has the potential to drive the market into a bullish state.
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