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CoinDesk - Bitcoin News, Blockchain News, Prices, Charts & Analysis Remove
 
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News in Brief


📰 Did BitMEX Exchange Get Hacked?

📰 Ripple-Backed MoneyGram Releases Its First Earnings Report Since Starting Using XRP in Q3

🤔 Ripple Price to Go 'Ultra Bullish', Says Analyst, As Justin Bieber 'Runs On Ripple' on Instagram

 

Crypto analyst 'Crypto Welson' states that he is 'ultra bullish' on Ripple's XRP since the accumulation phase is over; meanwhile, Justin Bieber #RunsOnRipple

👉 Read the article

🧨 Justin Sun on TRON-Samsung Partnership, End of Crypto Winter & Next Bitcoin ATH: Exclusive Interview

 

U.Today spoke with Founder and CEO Justin Sun about TRON partnering with Samsung, Chinese Government embracing Crypto, and why the 'Crypto Winter' has already passed.

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📊 Bitcoin Price Predicted to Go to $16,000 "Soon-ish" by Binance CEO Changpeng Zhao

 

Making Bitcoin price predictions is an arduous task given how unpredicted this fledgling market is. However, according to charismatic Binance boss Changpeng Zhao, it's "easy" to foresee the coin's price. 

👉 Read the article

👨🏻‍🚀👨‍💻🧕🦸‍♂️ What Community Thinks

 
  • After multiple reports about BitMEX accidental leak of user emails, Binance CZ and other top community members urge users to change their passwords asap. Read the article

  • John McAfee has had a legal issue with the Chinese Zombie Coin project but now they post a photo, which shows that the US presidential candidate has solved it. Read the article

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🚀 Ethereum 2.0: Increased Block Size for Unmatched Speed

💣 Unless Bitcoin Price Soars by 80 Percent to $16,000, Viral 4chan Prophecy Ends Today

💰 Number of US Bitcoin Users Now Exceeds Maximum BTC Supply

🤯 Binance.US Launches Tiered Trading Fee Discount Program

🌟 XLM, XMR, NEO Price Prediction - Expecting a Short-Term Rally or a False Alarm?

☄️ New Bitcoin Scam Becomes Popular on Social Media, Making MFSA Issue Warning for Investors


 

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Our mailing address is: editor@u.today
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Falling Hash Rate

Bitcoin defends key support even as hash rate sees short term drop
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November 1, 2019

  
Bitcoin Defends 200-Day MA

BTC: Price: $9,200 | MCAP: $165.92 Billion | 24-Hr Volume: $25.41 Billion

Short-term trend: Bullish

The repeated defense of the 200-day average indicates the pullback from the Oct.25 high of $10,350 has likely ended and a price bounce, possibly to key resistance at $10,600 could be in the offing. 

A bigger bounce cannot be ruled out as the pullback from $10,350 to $9,000 was accompanied by falling volumes. 

A few observers believe the bounce may remain elusive, as bitcoin's hash rate or computing power is falling and price may follow suit. The metric has dropped to around 90 exahashes per second (EH/s) since Oct. 24. However, in the past, prices have rarely followed the hash rate. 

In fact, the hash rate tends to follow bitcoin's price. After all, the movement in prices influences mining profitability. 

That said, the case for a bounce to $9,600 would weaken if the hourly chart support at $8,977 is breached.


Long-term trend: Bullish

Reward halving is likely to keep bitcoin better bid over the next few months. Historical data shows the cryptocurrency rallied from $5 to $16 during the six months leading up to the reward halving in May 2020.

Also, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

More importantly, BTC continued to scale new heights following the reward halving. The long-term bullish case The bullish case looks stronger if we take into account the strengthening narrative that the top cryptocurrency is a digital gold and a hedge against inflation. 

Many observers believe the negatives interest rate era could force traditional investor to pour money into cryptocurrencies. After all, BTC is the best performing asset of 2019 and possibly of the decade. 

Long-term technical studies are also biased bullish. For instance, the 100- and 200-period averages have produced a bullish crossover on the three-day chart. A similar bull cross in March 2016 was followed by a 21 month bull market.

The bullish view would be bolstered if and when prices exit the four-month falling channel seen on the weekly chart, confirming a resumption of the rally from lows near $4,000 seen in April. 

That looks likely by the year's end, as the three-day chart MACD, which has a strong record of signaling big moves, has turned bullish for the first time in over three months. 

Read Analysis




LINK Pumps The Breaks

LINK:
 Price: $2.72 | MCAP: $961.9 million | 24-Hr Volume: $125.2 million

Short-term trend: Pullback

LINK has risen x percent over a 24-hour period, stopping short of a former peak high at $2.76 witnessed Oct. 29, multiple hourly candles have closed below that point.

Repeated failures to scale above, leads to expectations of a greater pullback in its price to prior lows near $2.68 and then former resistance at $2.65. That theory is backed by a bearish divergence on the RSI indicator.

Long-term trend: Neutral

The long-term market structure for LINK continues to suffer a breakdown witnessed Oct. 26 starting from a peak high of $3.09.

The daily oscillator (not shown) is flagging waning bullish momentum with decreasing histogram bars demonstrating the bears are beginning to regain control.



NEO Looks To Hold The Line

NEO:
 Price: $10.34 | MCAP: $732.5 million | 24-Hr Volume: $535.5 million

Short-term trend: Pullback

NEO continues its second day in the red after a strong bearish close on Oct. 31. Price action is currently taking respite along a former area of resistance at $10.31 and is beginning to show signs of bullish exhaustion.

The awesome oscillator on the daily chart is flashing signs of weakening bull momentum post rally, witnessed Oct. 25-Oct. 28. Coupled with decreasing levels of volume, price action will continue to consolidate until it cracks the former resistance flipped to short-term supports at $10.31.

Long-term trend: Neutral

A pullback in its bullish price action is expected, however, the long-term trend remains neutral until a firm close below the area mentioned above occurs, should it occur.

Conversely, the trend would flip bullish long-term should prices close above Oct. 28's peak high of $13.68, enticing further buyers into the fold.





Litecoin's hash rate or computing power is in a free fall. 

The non-price metric stood at 185 TH/s on Oct. 31, the lowest level since January, representing a 64.64 percent drop from the high of 522 TH/s registered on July 14. 

The majority of the drop has happened following the Aug. 5 – the day when the mining reward for every block was reduced from the previous 25 LTC to 12.5 LTC. The process aimed at curbing inflation by reducing block rewards by 50 percent is repeated every four years. 

Essentially, mining profitability drops with reward halving if the price of the cryptocurrency remains stagnant or drops. 

The cryptocurrency currently trades at $58, having hit a low of $47 earlier in October. At that price, LTC was down 56 percent from the high of $107.00 seen on Aug. 5. 

Put simply, mining litecoin became uneconomical post-halving. That explains the drop in the computing power on the litecoin blockchain. 

Note that the hash rate represents network security. The higher the hash rate, the more difficult it is for malevolent actors to launch an attack on the network.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

Copyright © 2018 CoinDesk, All rights reserved. 

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BTC: bc1qxv3stg0xha9upurf7h4aqnmg3xjn3h0zk28kpe

ETH: 0x01870296774Fb0A2DbF9b44d2E6a57fb8Ccea070

LTC: LQ44CP6xDDkX5bAiKd3yqmDB4c23U7orrQ

DOGE: DCpu9v1bkTXj8VKUDG97LHdV2qipDPyZsR

ADA: addr1qx4q7348dv2ju5zshee9ru23ssmqhyyjlnxe0xlezjq5we42par2w6c49eg9p0nj28c4rppkpwgf9lxdj7dlj9ypganqtmuu2p