As declines set in, Bitcoin hits the pause button around $11,000 after it had been showing notable movement. Amidst a building bearish momentum, Bitcoin is trading at $10,772. BTC/USD is likely to go below $10,000 and even touch last week’s lows at $9,469.

Bitcoin’s has astonishingly hit the pause button after spectacular movement to levels slightly below $11,000. During the weekend session, Bitcoin was breaking above the 50 SMA (Simple Moving Average) and the 100 SMA one-hour. Consequently, the door for gains above $10,700 was opened by the break above $10,400.

The bears got a gap due to the high formed at $10,958 and they are currently exploring this gap. BTC/USD is likely to plunge under $10,000 if the rising wedge pattern support is broken.

More or less sideways with a bottom inclination is the prevailing trend. The Moving Average Convergence Divergence (MACD) is still within the positive region. The bears have an upper hand as indicated by the slightly bearish divergence. Besides, the Relative Strength Index (RSI) is showing a slow retreat from the overbought. The RSI’s movement towards the average could be an encouragement to the sellers to increase their positions, which would further push the price lower.

Bitcoin has bounced off the 0.382 Fibonacci level over the last 5 days. Price levels have risen sharply since then, testing resistance just shy of $11,000. Price levels could be propelled to $12,000 next week due to an influx of new volume.

No real momentum has built upon MACD despite Bitcoin rising from $9,600 to $10,900 over the last 5 days, and price action has been reasonably slow and steady thus forming such a tight channel.

It’s tricky to determine whether the slow and steady price action indicates weakness in the uptrend, or strength at this point, however, this is something that we will come to know over the coming days. We know the uptrend was unsustainable if price levels break down through the wedge support. This means that the price will likely re-test $9,600. Adversely, it’s likely that the resistance point around $11000 will become a support level.

Confirmation of a new short-term downtrend will arrive once price action drops below the POC (Point of Control) level at $10,350 if price levels do break-down. This is the strongest support before $9,600. It will be useful at the time of trying to gauge the strength of the potential break-down through the wedge support.

Remi Vee @Remi_Vladuceanu

Bitcoin (BTC) Price Recent Breakdown Could Accelerate Decline
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According to a recent prediction by a Bitcoin trader on Twitter, Bitcoin is more likely to the breakdown below the $10,200 support. If bitcoin could break the resistance at $10,000, the next stop is likely to be $9,500 and $9,200 mark as per the trader.

Bitcoin Key Technical Indicators

Spot rate : $10,145

Open : $10,142.52

High : $10,233

Low : $9,831.46

Major Support Levels : $10,200 followed by $9,800.

Major Resistance Levels : $10,400, $10,500 and $10,600.

Ethereum impressive move from last week’s lows crossed the $200 hurdle. This may be emblematic of improving technical conditions for the cryptocurrency. However, it failed to break above $205 thus allowing the sellers an easy-takeover. 

Failed support has Ethereum retreating below $200. It has started a downside correction. Ethereum price topped near the $204 level and failed to gain strength above the $202 resistance level.

The 50 Simple Moving Average (SMA) one-hour is the most probable short-term support currently at $197.23.The next tentative support is $195 if this level fails to hold, while extended declines will find cushioning at the 38.2% Fib retracement level with the swing low of $173.03 around $185 area and last swing high from $204.49. 

In case $180 fails to hold, last week’s low at $173.03 will offer the much-needed support.

The analysis is backing the prevailing bear pressure. The Relative Strength Index (RSI) is heading down from the overbought region. The gradual slope depicts that Ethereum bears are slowly gaining footing against the bulls. 

With the RSI heading south, the prevailing trend is strongly bearish. In the mean-time, the remaining bullish indicator is that the 50 SMA is widening the gap above the longer-term 100 SMA. 

Although it does seem in the short-term as though ETH may incur some further bullishness, it is essential to note that its mid and long-term price action does appear to remain somewhat bearish. A failure to follow through and extend the upward momentum could lead to further losses.

The price is currently trading below $195 and is trading near the $190 support area. Ethereum price is preparing for the next key break versus the US Dollar, as Bitcoin corrects gains. If ETH breaks the $190 support, its price could decline heavily.

In the near term, the Ethereum price is possibly approaching the next break either above $200 or below $190. There are chances of a strong downward move in the coming sessions if the price continues to struggle near the $200 and $202 resistance levels.

For the uninitiated, Ethereum (ETH), conceptualized by Vitalik Buterin in 2013, is a smart contract platform that enables developers to build decentralized applications (dapps). ETH is its native currency.

According to the creator Vitalik Buterin, the increased cost of transacting on the Ethereum blockchain is hurting the software’s adoption.  He suggested that projects considering whether to build on the technology will likely be pushed out as the blockchain is overloaded with transactions. His comments indicate that scalability is still an issue, while the pressure of high transaction costs and the transaction space struggle is keeping new partners from joining the network.

After an attentive observation, one will undoubtedly agree to the fact Vechain is not at all having a great time in the market as of now.

The crypto undoubtedly tried to maintain its position in the market and has been strengthing its thresholds for long. However, now it seems that it might need a bit more supply support. This is so because the scenarios are becoming increasingly tough for Vechain to handle.

PRESENT SCENARIO OF VECHAIN

Before analyzing the depths of this crypto, let’s look at where it stands at present.

As per the charts of 20th August, VET was observed trading around $0.004704.

At this point of time, the market ranking of the crypto was found to be at 32nd rank.

The ROI of the crypto lies somewhere near -69.29% whereas the 24 Hour Volume was 27,343,268 USD. Moreover, the market capitalization of the firm was found to be 256,118,982 USD.

As far as the Total supply and Circulating Supply is concerned, it is around 86,712,634,466 VET and 55,454,734,800 VET respectively. Whereas the 7 Day high as well as low was found to be 0.005306 USD and 0.004395 USD.

VeCHAIN’S BEARISH STORY

In order to understand the actual reason VET terribly fails to recover, its imperative for us to look through its bearish journey that doesn’t seem to end.

If we go back to the past, we will find that the VET was trading above the baseline at $0.006448. Truth be told, it was actually since then that the bearish trend started recently.

The value of VET then simple dropped by a large amount, i.e., 19.36% on 1st August. The value at that time was around $0.0052.

Since then, although the value tried to move up on 3rd August by 15.46%, the price of VET faced enormous downfalls.

In fact, on the 15th of August, the value tremendously dropped by 26.78% which made the crypto hit its lowest.

However, the value, as of now, seems to have grown up by 7.79%. This might be an uplift for VeChain but it’s not at all enough to recover its losses.

TIME TO FIGHT BACK

Since VeChain has been fighting its bearish trends for quite a long no it can quite clearly be seen that it is finding it difficult to overcome it.

In response to this, the majority of the analysts firmly believe in the fact that its high time for VeChain to come up with new and effective strategies that might boost up its performance.

Its, in fact, now time for VeChain to be capable of gathering some attention in the network.

As far as the present scenario is considered, VET seems to be quite popular but only among the short group. This is why it seems to be the right time when it might need a little more supply support.

At the time of writing this article Bitcoin (BTC) was trading at $10,635.7 against the United States dollar (USD). The market cap of the coin was $189.6 7 billion United States dollars (USD) and the market supply of the coin was 70.8 million.

The Bitcoin (BTC) buyers and traders believe that it is a good time to buy Bitcoin. Surprisingly, this has nothing to do with bitcoin (BTC) directly rather, this is because of the legal troubles in which bitfinex and tether are involved. The New York Supreme Court ruled that the trouble for bitfinex and tether are not going away in the short run and there will be a prolonged difficulty for them. THE of Supreme Court OF New York gave IN to the demands of the Attorney General investigation, who said that the investigation needed more documents from Bitfinex and Tether. the supreme court of New York keeping in view the demands of the Attorney General and believing that investigation was too broad and needed time allowed The Attorney general to continue with his demands.

On the other hand, bitfinex and tether claimed that they had put in too much money and they were also trying hard to provide all the needed documents in the case but the court Supreme Court put aside all these claims and give its ruling in favor of the Attorney General.

The Crypto traders and the entire crypto community are happy with the decision of the Supreme Court of New York because that believe that bitfinex deserves what it got. Neither Bitfinex nor Tether has put out any official statement regarding the ruling of the Supreme Court of New York.

What is a hedge? Here is how the definition goes: Investment position intended to offset potential resources or games that may be incurred by a companion investment In short when you do a hedge investment, you do any investment to minimize your loss or to reduce the risk involved in an investment. In a hedge investment, there are different portfolios of investments down with high risks and some with low risks and thus the overall risk is minimized.

The measurement of the volatility or the risk of an investment is done by the standard deviation. The most volatile and risky investment can have the standard deviation of around the 20 marks while less risky and less volatile ones have the standard deviation of around the 90 marks. The situation gets trickier when it comes to Bitcoin (BTC). Trust me when I say that the Bitcoin (BTC) is three to four-time riskier and more volatile than the most volatile investment.

So Bitcoin (BTC) can be called anything but a hedge because the purpose and motive of a hedge is to reduce the risk involved in the portfolio but Bitcoin (BTC) will not work any step closer in the direction of reducing the risk and volatility involved in the investment but it will for sure increase the risk in the investment. Whey u deal and trade in Bitcoin (BTC) remember that you are dealing in the riskiest investment that can be.

The cryptocurrency market is again suffering from the bearish correction. The top ten currencies are under the red signal again and the even many of the currencies in the market are under bearish pressure. Dogecoin is one of the most popular currencies in the market and has some real success this year. It is again under bearish pressure.

Yesterday, the currency has decreased by 3.21% and it is now hovering between the values of $0.0025 and 0.0026. Still, the experts are positive that the currency will again go bullish till the end of the year.

Current Status of Dogecoin. (DOGE): The currency is currently trading at the value of $0.002661 and its value is decreasing by 0.19%. The market capitalization for the currency is $321,702,476 and the 24-hour volume of the currency is $22,012,809. The circulating supply of the Dogecoin is 120,884,338,429 and the ROI of the currency is 376.26%.

On 20 August, the currency’s value decreased by 6.19% between the time of 01:15 UTC to 09:45 UTC. The coin was trading near the value of $0.00266, again the coin’s value got a bullish increase and around the value of $0.00280 at 16:20 UTC. The currency tried to maintain the value but, around 22:57 UTC, the value started to decreasing and the downfall was about 9.45%. The currency gets down around the value of $0.00254 at 04:35 UTC yesterday.

The experts still think that the value of the currency will again go bullish in the near future, but soon the currency will achieve the value of $0.00285 by this weekend. The near resistance levels of the Dogecoin are $0.002808667, $0.002854333 and $0.002901667 and the new support levels of the currency are $0.002715667, $0.002668333 and $0.002622667.

Bitcoin (BTC) as of writing this article was trading at $10,024.1 against the United States dollar (USD) and the coin was showing negative and download fall of -1.54 percent. The market cap of the coin was $170.876 billion United States dollar (USD) and the market supply of the coin was 17.8 million.

Bitcoin (BTC) has been showing a negative fall and the decline has been of around 8%. The coin fell to as low as around $9,000 against the United States dollar (USD). The crypto analyst and the crypto traders believe that the fall is because of the Bitcoin (BTC)  buyers and traders negative sentiment towards the coin. The buyers and traders are not fully confident about the coin.

Here is what the Crypto analyst; John Todaro has to say on the sentiment prevailing in the crypto market regarding the Bitcoin (BTC): “Sentiment has drifted lower as a sustained push higher has been halted, while alt-coin sentiment has been low for several weeks now as alt prices continue to decline”

The market is in a bit of bearish trend but never the less the market will again rise as many people believe that Bitcoin (BTC) still the potential to rise up again. Now that is there the launch of Bakkt next month which is one of the most fundamental positive points for Bitcoin (BTC). The launch of Bitcoin (BTC) will improve the image of the coin in the market. The coin will move towards mass adoption. If the Crypto traders and buyers show some faith in the Bitcoin (BTC) then Bitcoin (BTC) will prove itself to be capable of their worth.

What is ethereum?

Ethereum is basically a contract platform, conceptualized by vitalik buterin, which allows the development of decentralized applications. It happens to be a vital part in the domain of cryptocurrency as when conditions are met, it executes itself automatically. It is basically regarded as a pioneer for smart based contacts. It acts as a catalyst in the promotion of smart contracts.

The role of ethereum in crypto-currency and its functions

To re-iterate, ethereum plays a significant role in the realm of crypto-currency. Ethereum aims to devise a new way to store all the information provided by the user automatically in order to reduce the domination of third parties all over the internet. Ethereum is the rapidly growing cryptocurrencies in recent times.

Alongside knowing ethereum, it is also important to know about ethereum mining. Ethereum mining is basically the process by which the ethereum coins are generated. In this way, a central issuer wont be required anymore. It aims to obliterate the concept of individual servers which runs the risks of frauds. Ethereum is often termed as “world computer” where all the transaction records are stored in the public ledger.

Ethereum mining is a complicated process demanding patience. Miners solve certain mathematical problems. Ethereum mining functions in interesting ways and there is not any way for the minor to cheat. The miners need to validate transactions in the form of solving jigsaw puzzles and this particular method is known as “proof-of-work”. The time period needed to conduct the entire process of mining is just twelve to fifteen seconds only.

Mine is by yourself

There are many crypto geeks and enthusiasts who take an interest in the mining of ethereum by themselves and generate coins. Well, you can definitely do that but since it is a complicated a process, you need to have proper learning of it at length.

Final words

The article gives an idea regarding the significance and the importance of ethereum in cryptocurrency. The importance of ethereum, however, is easy to grasp while the process is not so. Puterin’s contribution of ethereum in the crypto domain has eased the transactions than they used to be in the earlier times. Ethereum ensures the safety of money.

The Cardano Foundation made an important announcement regarding the appointment of its Global Community head. The post will be headed by Alix Hyeowon Park. As per the announcement, her role would be on emphasizing the growth and implementation of new strategies of community management for supporting and educating the Global community of Cardano.

Here is what Nathan Kaiser, the Chairman of the Cardano Foundation said on the appointment of Alix Hyeowon Park. “With Alix’s appointment, we are further strengthening our community management function as the Cardano Foundation accelerates global community growth strategy.”

Alix Hyeowon Park is a renowned name in the business community and she has a wide range of experience in business, startup, and Finance. Alix Hyeowon Park has worked in renowned multinational corporations such as Motorola, Samsung, and others. Alix Hyeowon Park’s previous job was as the chief marketing officer at the CoinOne, one of South Korea’s top cryptocurrency exchanges. Cardano has launched the Global community program to make the people aware of the digital currencies as well as awareness and education among the people regarding their community.

The cryptocurrency market is experiencing ups and downs this week. Some of the currencies have experienced the bullish surge, but the market has again under the slight correction. The top ten currencies are under bearish pressure. Ripple (XRP) has shown some nice movements in this week and the value of the Ripple wasn’t doing anything good in the start.

Five days ago the currency was trading at the value of $0.25173 at 06:00 UTC and the value of the currency increased by 6.70% on the same day. After the increase, the value was trading at $0.26858 at 22:30 UTC. On 16th August, the value of Ripple decrease a little around 4.88% and started trading at the value of $0.25548 at 05:40 UTC. After two days the XRP values rise tremendously around 14.03% and it was trading at the value of $0.29133 at 17:00 UTC.

Current Status of Ripple’s Value: The currency is currently decreasing by -2.85% and it is trading at the value of $0.275968. The market capitalization of the currency is $11,836,474,844 and the 24-hour volume of the $1,132,455,176. The circulating supply of the currency is 42,890,708,341 XRP and the ROI of the currency is 4,598.26%.

XRP Price Prediction and Conclusion: The currency is under bearish exchange and it is the signal for the buyers are to purchase the currency. The new associations and announcements are being made so it might help the value to increase. This time is the right time to purchase new XRP coins and the main resistances of the Ripple value are $0.288804, $0.294281 and $0.29947 and the main support levels of the Ripple value are $0.278138, $0.272949 and $0.267472. The pivot value of the XRP is $0.283615. The experts are predicting that the value of the Ripple might achieve the value of $0.50.