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Major cryptocurrencies including Bitcoin, Ripple, Litecoin and Ethereum have been attempting to erase last week’s losses versus the USD, even though the USD itself was rallying. Bitcoin’s surge in particular was noticeable as it broke about the 4,000 resistance level and could be aiming to reach the next resistance level of 4,354. However, both BTC/USD and BTC/JPY both remain inside the daily Ichimoku cloud moving in an upward channel.
The gains across cryptocurrencies happened as trend forecaster and commentator Gerald Celente said in a new interview with The Street, that he believes that banks are “afraid” of bitcoin. He believes banks are fearful that bitcoin and cryptocurrencies will “take away their business,” going so far as to argue they’re “trying to kill it.”
Moreover, a former principal at Fortress Investment Group is reportedly moving to establish a $500 million hedge fund focused on cryptocurrency and blockchain. According to Bloomberg, he calls the crypto market “the largest bubble of our lifetimes,” and he wants to be a part of it.
In other news and according to Forbes, China’s ban on Bitcoin and other cryptocurrencies may be temporary. In the long run, things can change when Bitcoin has the potential to replace the yuan in everyday transactions, and as a monetary asset. In the short-term however, things could get ugly with Bitcoin in the region as North Korea appears to be mining the cryptocurrency as well as hacking it.
BTC/JPY Technical Points
From an Ichimoku Kynko Hyo perspective, we have the first bullish confirmation as the Kijun line crossed above the Tenkan line on Thursday. However, the pair consolidated right below the upper band of the Ichimoku cloud and the 23% Fibonacci retracement level of 470,000 during Thursday’s early New York session.
This comes after Wednesday’s bullish engulfing candlestick formation. As the market finds its direction, we could see another pullback towards the pivot level and 38% Fibonacci of 421,300 before the pair breaks above the cloud. Resistance is set at the all-time high of 550,000. The pair is supported at the 50% Fibonacci retracement level of 380,000.
XRP/USD Technical Points
Ripple appears to be ranging within the 0.17 and 0.25 levels. The XRP/USD pair tested the daily Ichimoku cloud briefly before pulling back. Meanwhile, the future cloud remains flat although with a bearish momentum. The Kijun line appears to be crossing below the Tenkan line on the daily timeframe, which could be an indication of another round of drops towards the support level of 0.1691.
UnikoinGold on the Rise
Ethereum co-founder, Anthony Di Lorio has joined the UnikoinGold advisory board, followed its successful pre-sale to accredited investors, which raised $15 million from contributors including Mark Cuban, Brock Pierce, Blockchain Capital, Pantera Capital, and CoinCircle.
The token sale opened to the Unikrn community, the world’s top regulated esports betting platform, as well as the public on September 23rd.
Unikrn has already collected approximately 78,000 ETH in its private sale. UnikoinGold will allow Unikrn’s growing community to legally and fully engage in live betting with cryptocurrency. The esports industry is expected to reach $1 billion in revenue by next year, and Unikrn is pioneering secure, seamless wagering to reward the rapidly increasing number of esports viewers. With that, we have yet another cryptocurrency to watch out for.