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Tanya Abrosimova

Tanya Abrosimova

Tanya Abrosimova has been engaged in the financial markets since 2003, specializing in Foreign Exchange, first as a market news translator, and later as an…

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Has Bitcoin Found A Bottom?

BTC

Bitcoin retraced from Thursday's high reached at $7,609 to trade at $7,494 at the time of writing. The price is struggling to regain $7,500 handle amid low-profile and mostly directionless trading activity during Asian hours. The most popular digital currency is unchanged since the start of the day, with the upside potential dying out as long as the price stays below $7,500.

Speaking in Stockholm last week, the head of Bank of England Mark Carney dwelled upon the role of central banks in the crypto industry. Carney, known for his distaste for digital currencies as a means of payment, reiterated his interest in blockchain technologies and their transformative role in the future of finance.

“Is our role going to be changing the payment systems and helping private providers of digital money, or will we go all the way to a central bank issued digital currency? This is one of the most exciting and important areas. And certainly the most important area to get right,” Carney said in an interview published by the Riksbank on Thursday.

Bitcoin's technical picture

On the intraday level, BTC/USD is supported by $7,400, surrounded by a number of technically important levels. Namely, 50-SMA (hourly chart) comes at $7,464, it is followed by 200-SMA at $7.416 and 100-SMA at $7,373. The upside short-term trendline currently at $7,442 offers additional support. On the upside, strong resistance is created by $7,600 and $7,683 (23.6 percent Fibo).

BTC/USD, the hourly chart

Ripple, the third largest coin by market value, is changing hands at $0.6080, back above important $0.60 handle, but still off Wednesday's high reached at $0.6262. XRP/USD is unchanged since the start of the day with current market cap $23.9B.

Meanwhile, Ripple company is running a rebranding campaign in an attempt to draw a clear line between the company and the digital coin. The reason behind this move is to answer the criticism about the centralized nature of XRP and convince regulatory authorities that it is not a security. It remains to be seen whether the re-brand helps Ripple to distance itself from the currency and prove its point. But it may provide the impulse that will help the coin to break free from Bitcoin and gain sustainable long-term upside momentum.

Ripple technical picture

Technically, XRP/USD broke above $0.6000 handle, but no follow through cast doubt on the sustainability of the breakout. 50-SMA (hourly chart) at $0.6057 serves as near-term support, followed by $0.60 and $0.5929 (100-SMA). On the upside, a sustainable move above $0.61 attract buying interest and push the coin towards May 30 high at $0.6262 and to the next psychological level $0.6300.

XRP/USD, the hourly chart

IOTA is rallying strongly, building upon Thursday gains triggered by Trinity Mobile wallet app launch. IOT/USD gained over 8 percent in a couple of hours ahead of the European session. Currently, the coin is changing hands at 1.87 with strong upside momentum. Average trading volume spiked to $15M from $129M the day before with most active transactions registered in IOT/USD at Binance (30 percent from total daily volume).

Meanwhile, IOTA Foundation announced the partnership with DNB, Norway’s largest financial services group. They will work together to explore the potential of the economy of things and IOTA Tangle technology.

David Sønstebø, the founder of IOTA Foundation commented:

“Norway has always been a vanguard in adopting cutting-edge technological paradigm shifts that improve the efficiency of our society, I am very excited at the IOTA Foundation which is spearheading Distributed Ledger Technology and IoT payments working with Norway’s largest financial institution on carrying this tradition onwards.”

IOTA is testing 50-DMA at $1.87, while this level may cap the upside for the time being, a sustainable movement higher will increase bullish pressure and push the price towards critical $2.0 with 23.6 percent Fibo at $2.057. On the downside, the correction is likely to be limited by $1.61 (100-DMA). once cleared, 1.60 will come into focus.

IOT/USD, daily chart

The price is struggling to regain $7,500 handle amid low-profile and mostly directionless trading activity during Asian hours. The most popular digital currency is unchanged since the start of the day, with the upside potential dying out as long as the price stays below $7,500.

Speaking in Stockholm last week, the head of Bank of England Mark Carney dwelled upon the role of central banks in the crypto industry. Carney, known for his distaste for digital currencies as a means of payment, reiterated his interest in blockchain technologies and their transformative role in the future of finance.

“Is our role going to be changing the payment systems and helping private providers of digital money, or will we go all the way to a central bank issued digital currency? This is one of the most exciting and important areas. And certainly the most important area to get right,” Carney said in an interview published by the Riksbank on Thursday.

Bitcoin's technical picture

On the intraday level, BTC/USD is supported by $7,400, surrounded by a number of technically important levels. Namely, 50-SMA (hourly chart) comes at $7,464, it is followed by 200-SMA at $7.416 and 100-SMA at $7,373. The upside short-term trendline currently at $7,442 offers additional support. On the upside, strong resistance is created by $7,600 and $7,683 (23.6 percent Fibo).

BTC/USD, the hourly chart

(Click to enlarge)

Ripple, the third largest coin by market value, is changing hands at $0.6080, back above important $0.60 handle, but still off Wednesday's high reached at $0.6262. XRP/USD is unchanged since the start of the day with current market cap $23.9B.

Meanwhile, Ripple company is running a rebranding campaign in an attempt to draw a clear line between the company and the digital coin. The reason behind this move is to answer the criticism about the centralized nature of XRP and convince regulatory authorities that it is not a security. It remains to be seen whether the re-brand helps Ripple to distance itself from the currency and prove its point. But it may provide the impulse that will help the coin to break free from Bitcoin and gain sustainable long-term upside momentum.

Ripple technical picture

Technically, XRP/USD broke above $0.6000 handle, but no follow through cast doubt on the sustainability of the breakout. 50-SMA (hourly chart) at $0.6057 serves as near-term support, followed by $0.60 and $0.5929 (100-SMA). On the upside, a sustainable move above $0.61 attract buying interest and push the coin towards May 30 high at $0.6262 and to the next psychological level $0.6300.

XRP/USD, the hourly chart

(Click to enlarge)

IOTA is rallying strongly, building upon Thursday gains triggered by Trinity Mobile wallet app launch. IOT/USD gained over 8 percent in a couple of hours ahead of the European session. Currently, the coin is changing hands at 1.87 with strong upside momentum. Average trading volume spiked to $15M from $129M the day before with most active transactions registered in IOT/USD at Binance (30 percent from total daily volume). Related: Tech Icon Predicts A Big Future For Ethereum

Meanwhile, IOTA Foundation announced the partnership with DNB, Norway’s largest financial services group. They will work together to explore the potential of the economy of things and IOTA Tangle technology.

David Sønstebø, the founder of IOTA Foundation commented:

“Norway has always been a vanguard in adopting cutting-edge technological paradigm shifts that improve the efficiency of our society, I am very excited at the IOTA Foundation which is spearheading Distributed Ledger Technology and IoT payments working with Norway’s largest financial institution on carrying this tradition onwards.”

IOTA is testing 50-DMA at $1.87, while this level may cap the upside for the time being, a sustainable movement higher will increase bullish pressure and push the price towards critical $2.0 with 23.6 percent Fibo at $2.057. On the downside, the correction is likely to be limited by $1.61 (100-DMA). once cleared, 1.60 will come into focus.

IOT/USD, daily chart


(Click to enlarge)

By Tanya Abrosimova via FX Street

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