Bitcoin Pump, Alt Suicide, Litecoin Halving and OKEx Token Bucking the Trend - Market Analysis

At the time of writing, Bitcoin (BTC) is fighting to hold its new toehold just at $12,000, after an exceptional bounce from $9,400 in early August. Time will tell if Bitcoin will break full bullish again now, but the long term uptrend is very much intact either way - and that seems unlikely to change during 2019.

Altcoins, however, have been committing veritable suicide during July, with little changing as we head into August. Some cryptos, like XRP and Ether (ETH) have seen eye-watering new lows on the Bitcoin trading pair. Litecoin, with its halving now complete, has been doing a little better after correcting from local highs in April. The last Litecoin halving was quite a bumpy ride, and the silver crypto has lost about 20% versus Bitcoin already in August.

OKB

Not all altcoins have been getting slaughtered, however, and OKEx’s proprietary OKB token is definitely one of them.

OKB has outperformed BTC lately(source: Charts.cointrader.pro)

Looking at this 3-day chart, we note that OKB/BTC has had great success in reclaiming some lost territory after a double bottom in June-July. It has held this area near ₿0.00030, which has resulted in significant gains on the USD side. However, the falling volume here is some subject of concern.

Looking at the daily chart and indicators, we have some reason to be cautious about OKB. The indicators have taken a southward tack since late July. The RSI has been trending down on the daily, with lower highs and lows - although the recent low was less low than the previous. Same story on MACD/histogram: MACD has crossed bearish but looks to be curling back up for a potential re-cross; and the histogram has crossed down bearish but looks to be downticking less intensely.

Indicators have broken down a bit, but could reverse before price catches up(source: Charts.cointrader.pro)

Price has held through, impressively, and if the indicators can stabilize and point back north while price holds here, OKB could easily climb to the next level at ₿0.00035. If not, a higher low would also be acceptable.

Litecoin

The silver crypto (silver to Bitcoin’s gold) has successfully halved its block reward only, at time of writing, about a day ago. LTC has been taking a nasty tumble since the month started, though, predictably as Bitcoin began its most recent leg up.

Litecoin has been in general trying to find a bottom for quite some time. Although not being completely “rekt” like some other altcoins, the silver crypto has tumbled since peaking in June. And this downtrend is perhaps not over.

Not a nice picture on HTFLTC Chart by TradingView

Looking at the 2-day chart, we see the high timeframe (HTF) indicators still flashing red. The histogram is still ticking scarily down toward the negative side; the RSI would have a nice bull divergence here, if price reverses now - but that’s a big if.

Although history does not repeat but merely rhymes, let’s take a look at … history. The last Litecoin halving, in August of 2015, was preceded by a huge price runup and subsequent dump, followed by a smaller dump right during the halving event. After that, price (in BTC terms) kept steadily falling.

Hopefully, this doesn't repeat ...LTC Chart by Trading View

With half the reward, miners should - efficiently, anyway - only keep mining if they anticipate the asset’s price to rise in future. If we just look at the price versus Bitcoin, it took Litecoin about one and a half years to stop falling. Eep.

Ethereum

The leading smart contract altcoin, ETH, has been no barrel of delicious cherries lately, either. Versus BTC, Ether’s decline during 2019 has been pretty shocking: after first retesting and then breaking long historical support, it has carved now into multi-year support dating all the way to 2017 - and has still been unable to find vigorous buy support.

Really no love hereETH Chart by TradingView

This 2017 band of support is itself barely holding, and the ETH daily indicators look nasty with little sign of support or buy volume. The RSI daily trend line has been broken, although there are some slightly more encouraging signs on the higher timeframe indicators - barely. Only expert scalpers and long term value investors would be buying at this time.

Bitcoin

Finally, the leading crypto has been going through a period of consolidation since reaching local highs ($14k) in June not far away from all time highs.

BTC is, at time of writing (covered more in-depth here) having a bit of drama as it stands on the brink of breaking out - and up - through that consolidating structure. Briefly climbing above $12,000, which is the critical mark, it has since a couple hours ago been rejected and is battling to maintain presence in the breakout area itself.

BTC is decided whether or not it wants to break outBTC chart by TradingView

If we take the channel seriously, Bitcoin could take quite a tumble if it does not manage to break out here. But likewise, there are several support areas would could catch the leading crypto to form a higher low. Even maintaining the 33-day EMA would be a major success, as this is an important 2019 level that had held Bitcoin’s uptrend until mid-July.

All in all, Bitcoin is still doing very well. No damage to its long term prospects has come, and we could easily see new all time highs soon - especially if $12,000 is retaken and held for any length of time. Even if it’s not, we would need quite a lot of downside to get bearish long term.

As for the altcoins, most of them are drowning to death. Bitcoin dominance continues to rise (now at nearly 70%), and most of them have been unable to find any long term bottoms - even if some are flirting with the idea.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

'We Are All Satoshi' Says Early Bitcoin Miner Calling out Craig Wright

Francisco Memoria

An unknown bitcoin miner has signed a message on the Bitcoin blockchain with over 140 different wallets, calling self-proclaimed Satoshi Nakamoto a “liar and a fraud” and singing off with “we are all Satoshi.”

The message was then spread on a debian with a list of 145 different BTC addresses and their corresponding signatures. Verifying several addresses shows the signatures match, which does mean the miner owns all of the listed addresses and has the private keys to sign a message with them. The message itself reads:

Craig Steven Wright is a liar and a fraud. He doesn't have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi

The addresses can notably be found in a list of thousands Craig Wright claimed to own in the case against the estate of the late Dave Kleiman. Kleiman’s lawyers have, however, recently said Wright has access to his BTC fortune but won’t access it because he knows its contents “will include partnership records.”

Wright has failed to prove the ownership of these addresses on several occasions, as he has not signed a message with the private keys to these addresses yet. Last year, a post on Memo.Cash signed a message for another address owned by Wright, saying it did not belong to him and he is a “liar and a fraud.”

This recent messages echoes one sent from Satoshi Nakamoto’s email address back in 2015, claiming he is not Craig Wright and “we are all Satoshi.” On social media users have been speculating the message was sent by Satoshi Nakamoto himself over the similarities.

Did Satoshi Send the Community a Message?

Users have been relying on the analysis of the “Patoshi” pattern to identify whether an address is associated with Satoshi Nakamoto himself. The analysis gained fame earlier this month after a miner moved coins mined in 2009, sparking discussions Satoshi was active once again. Blockchain analysis does indicate it was unlikely Satoshi moved his coins then, and it’s unlikely he signed this recent message.

It’s worth noting, however, the early miner that signed these messages has advanced knowledge and was very careful. Every address independently checked by CryptoGlobe has received a Coinbase reward of 50 BTC and hasn’t moved the funds since they were mined. All of the transactions date back to 2009 and 2010.

It’s unlikely the miner never used bitcoin – or the bitcoin cash airdropped in 2017 to these addresses – after holding onto it for over a decade. Instead, it’s likely the miner chose addresses from which the funds haven’t been moved to avoid being identified by sleuths.

Featured image via Pixabay.