Weekly Wrap Up: BTC, ETH Likely To Test $6,000 and $360, XRP Barriers at 40 Cents
Latest Bitcoin News and Price Update
If anything, Bitcoin is peer-to-peer and community-centric with an objective of cutting off intermediaries. The long-term goal is to replace setups like banks as they bring to ground solutions where everyone has control of their funds without censorship. However, before these goals come through, there must be natural adoption, and this is going to take years.
To fast track adoption–and awareness, Bakkt, an ICE-owned platform with plans of opening up the digital asset space for institutional investment has successfully raised $182.5 million from partners including Microsoft and Boston Consulting Group. Although they have to wait for approval from the CFTC—and that’s why Bakkt official launch was postponed, these are the same multi-billion companies blockchain based startups are trying to replace and their involvement—welcomed by moon chasers, might jeopardize what maximalist are keen of.
As we know, the involvement of institutional money means additional regulation and with this, the SEC might demand privacy liquidating blockchain principles. Perhaps this is the reason why Trace Mayer is advocating for Proof of Keys, a campaign where he encourages holders to move their funds from centralized exchanges to hard wallets or other custodial platforms where they have full control of their keys.
Bitcoin Price Weekly Wrap Up
At the time of press, BTC is up 1.3 percent from last week’s close against the USD.
This is bullish and further reaffirms bulls of the week ending Dec 23. So far, prices are still oscillating within that high volume bull bar, and as mentioned in the previous analysis, the best approach is for traders to search for long opportunities in lower time frames.
The only time bears will be in control is when sellers step up, drive prices below $3,500 and $3,220—2018 lows, at the back of above average volumes. On the flip side, gains above last week’s highs at $4,100 shall open doors for higher highs with first targets at $6,000.
This is our medium to long-term BTC/USD trade plan:
Buy: $4,100, $4,500
Stop: $3,800, $4,100
Target: $5,800, $6,000
Latest Ripple News and Price Updates
Aside from the ETH—XRP flap, there is some solid news that would potentially boost XRP prices in the near time. One of them is the announcement from the world’s largest crypto exchange by trading volumes that it has made XRP base in some pairs.
This was a perfect gift for the XRP and Ripple community coming weeks after one bold Ripple enthusiast asked Changpeng Zhao if he could make XRP base in the process meeting the overwhelming demand from the community.
The xrp base shill is strong. Let's get it out of your system, and put all your shills under this one tweet, and let's see how much we get. https://t.co/usiISCtuSj
— CZ Binance (@cz_binance) November 18, 2018
With the announcement, XRP and ETH base pairs will be clustered under the ALTS market with BNB and BTC pairs unchanged under their categories. No doubt, the move solidifies XRP as one of the world’s top crypto reflected in its burgeoning market cap.
We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
— CZ Binance (@cz_binance) December 24, 2018
Moreover, as reported by Reuters UK, Earthport has been acquired for £198 million by Visa—a global payment company. Even though it is Ripple’s partner, the company has been offering cross-border payment services to banks and financial institutions since 1997.
Ripple partner Earthport launched an API that makes banks’ connection to Ripple for cross-border payments more convenient and accessible. (see Ripple insights). BREAKING TOP NEWS: Visa To Acquire Earthport For GBP198 Million.https://t.co/E8bRy3pKva
— CryptoEri (@sentosumosaba) December 27, 2018
The acquisition means the card processing giant plans of leveraging blockchain technology and creating a digital identity system via Visa B2B Connect may well be rolled out in Q1 2019 as expected.
Ripple Price Weekly Wrap Up
Overly the community is confident and expects XRP prices to expand in coming days reversing losses of 2018. All in all, XRP is bullish because of upswings of Sep 2018. The trend is defined, and as long as XRP is trending above 25 cents, every dip is a buying opportunity.
From the chart, prices might be in consolidation, but because of the week ending Dec 23 bulls, aggressive buyers can load up on every dip above 30 cents. However, conservative traders are advised to wait for a high-volume break and close above 40-42 cents resistance zone before buying on dips with first targets at 60 cents and 80 cents.
Such will confirm late Dec 2018 bulls further cementing our overall overview of XRP after late Sep 2018 upthrusts.
Our XRP/USD trade plan will be as follows:
Buy: 40 Cents
Stop: 34 Cents
Target: 80 Cents
Latest Ethereum News and Update
It was coming, and sooner, if a group of unassuming developers is to take their ideas forward, we might witness the first steps towards digitization of the stock market. Doubt continues to linger first on the legitimacy of their novel idea and if DX. Exchange has the clearance to sell Facebook, Apple, Google, Tesla and Amazon stocks.
10 Nasdaq-listed companies including Tesla, FB & Apple to be traded as tokenized stocks on https://t.co/c13rlNmLXa
– Tokenized stocks on ETH. Cash dividends will be given
– Exchange licensed in Estonia
– CEO says no need for Americans' permission
– SEC declines to comment https://t.co/Ta2Xmh8OU8
— woolsim (@woolsim) January 3, 2019
It’s going to be a legal ruckus and unless there are green lights from the US SEC–and not the Cyprus SEC, Ethereum—a smart contracting platform, will receive a real boost. According to the Estonian start-up, each derivative/ token is backed 1:1 by real stocks and ERC20 tokens shall be churned out representing these stocks.
Ethereum Price Weekly Wrap Up
Price wise and ETH is this week’s top performer. It is up 10.2 percent from last week’s close meaning bulls are in control. This welcomed expansion did thrust prices above $150, and as a result, swing and other aggressive traders can buy at spot prices—or on every dip in lower time frames, with first targets at $250.
In the meantime though, conservative traders can take advantage of the positive news streaming in and load up ETH after there is a sharp break and close above $170—Q3 2018 lows.
That break above is the only move that will cancel the bear breakout pattern of mid-Nov 2018 ushering in the next wave of bulls. In that case, our first target will be $360.
In light of the above, our ETH/USD trade plan is as below:
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.