DueDEX: What’s Happening in Crypto World Today? — Oct. 22nd, 2019
- Mainstream Currency Price as of 12:00 PM UTC from Coinbase Pro:
· BTC — 8,299.89 USD
· ETH — 174.48 USD
· EOS — 2.946 USD
· XRP — 0.2960 USD
2 The Fear Greed Index: 39 — Fear
3 Crypto Updates:
· Bitcoin May Rise toward $8,800, Short-Term Cross Indicates
A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.
The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” — a bullish indicator.
MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.
For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.
On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 — a bearish lower high created on Oct. 11.
As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.
· Bitcoin Futures: Institutional Long Positions Value Doubled in October
One class of investors has more than doubled the value of the long positions it holds in Bitcoin (BTC) futures contracts this month.
According to fresh data from analyst Skew Markets on Oct. 22, the value of institutional investors’ long positions went from below 500 BTC ($4.11 million) on Oct. 1 to over 1,000 BTC ($8.23 million) on Oct. 16.
The gains reverse a decline in institutional longs from September. The launch of Bitcoin futures from Bakkt coincided with open interest falling from around 1,300 BTC.
“For reference, institutions include pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers whose clients are predominantly institutional,” Skew clarified.
· Crypto App Revolut Confirms MasterCard on Board for 2019 US Expansion
Cryptocurrency-friendly internet banking app Revolut plans to launch in the United States later this year, the company has confirmed.
In a press release on Oct. 22, Revolut said its expanding partnership with MasterCard would allow it to enter the U.S. market by the end of 2019.
United Kingdom-based Revolut has offered consumers both Visa and MasterCard spending since its launch in 2015.
In 2017, it began offering the exchange of three cryptocurrencies: Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). This later increased to five with the addition of Bitcoin Cash (BCH) and XRP.
Unlike its fiat product, however, the crypto exchange facility is not backed by the U.K.’s finance regulator.
· Bank of Cambodia: We’ll Allow More Control With Blockchain Payments
Assistant Governor at the National Bank of Cambodia Serey Chea said that blockchain payments will enable greater financial control and remittance efficiency in an interview with CNBC published on Oct. 22.
Chea said that the National Bank of Cambodia has experimented with domestic blockchain payments for retail, but the main interest is testing them for cross-border transactions. She noted that the institution has been collaborating with Malaysian bank Maybank.
It has already been recently reported that Maybank has signed a memorandum of understanding with the National Bank of Cambodia on blockchain cross-border payments and remittances, though the details of the partnership were not revealed at the time.
· UK Gov’t: FCA Will Make Final Decision on Banning Crypto Derivatives
The government of the United Kingdom has stressed that is up to regulators, not the executive, to decide whether to press ahead with a proposed ban on certain crypto derivatives for retail investors.
Finance Feeds reports that on Oct. 21, the Economic Secretary to the Treasury John Glen responded to a series of questions about developments in the U.K.’s approach to crypto-assets, including the U.K. Financial Conduct Authority’s ongoing consideration of the ban.
Glen refrained from giving a determinate answer, underscoring that:
“The final decision […] is a matter for the Financial Conduct Authority (FCA), which is operationally independent from government.”
4 Trader’s View:
• CryptoBullet from TradingView: BTC: The Same Pattern is Going to Play out?
Looking at this chart you could admit that there are two structures that are very similar.
Let's look at the first one: Downward Channel 1. We broke out of this channel in a violent manner within two daily candles and got stuck in a range around 0.618 Fib, forming a Bull Flag . Notice that we had a wick out of the flag. Eventually the Flag broke out and reached its full target at 8650, just where the second Downward Channel starts. Another interesting part here is that we perfectly reached 1.618 Fib extension from the beginning of the Downward Channel 1.
Looks like now we have the same formation: Downward Channel 2 + violent breakout within 2 daily candles, reaching 0.618 Fib, establishing a Bull Flag + a wick out of the flag. So, if we follow the pattern, we will break out of the Bull Flag and meet its full target at the same level of 8660 and we can even overshoot it like the previous time and reach 1.618 Fib extension, which is sitting at 9060.
But what should bother you is that there is ridiculous amount of similarities between these two formations and the overwhelming amount of longs: ~ 60% on BitMEX. That does not favour the bulls.
• TheChartGuys from TradingView: BTC 4 Hour Range to Watch
Little to update from yesterday!
Over the next day or two this is the range to have eyes on for BTC .
As long as we are within it, sideways action and lack of correlation to alt coins will be occurring. Still lots to prove on the daily chart for bulls, and ranges like this only extend how long we can see the daily sideways range continue.
Crypto trades should continue to focus on alt coins while this is the case in my opinion. There is more volatility , clear setups, and opportunity.
• Freedonia from TradingView: Two kinds of Elliot wave pattern
Let's look in detail what's happening to bitcoin price. Right now we can spot two kinds of Elliot wave pattern: a correction impulse wave pattern or an uptrend impulse wave pattern. A break above $8340, or down below $8100, would be notable. In between is just noise.
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