TRADER COBB: Bitcoin Battles with $4,000 – What’s next?

97

During the last week, Bitcoin has been approaching US$4,000 but failing to hit the mark. In his latest podcast, Craig Cobb, an Australian crypto trader and educator, explains where the top cryptocurrencies stand and looks at the week’s top headlines. Watch the video or read the transcript below!

NEM (XEM) venture capital arm debuts first investment

The first thing I’ve noticed is that there’s a little bit of news here saying that NEM’s Venture capital arm has invested half a million dollars into a cryptocurrency savings platform. I find this quite interesting because NEM was asking for seven million dollars not long ago after its ridiculously large fall from grace. So, I wonder what the plan for the V.C. arm of NEM is short, medium and long term and if it’s really aligned with them or if it’s just using some of the NEM money to set up a V.C.

Other than that, in terms of news, Tim Draper is out there saying more stuff. It’s not saying a great deal, other than you know what he’s been sort of trumpeting for quite a while about cryptocurrencies beating cash in the long run. So that’s much of the same as what we’ve already heard from him.

Two Australian Bitcoin exchanges shut down

Now of course, there is news out there about a couple of Australian exchanges that have been linked to a fellow who seems to have been allegedly having dealt in some naughty substances and what not. Now, I don’t know anything about this other than the fact that what’s been written out so, I’m not going to name any names or get involved it just seems to be that it’s out there in the wider crypto community, not just limited to Australia.

North Korea Detained for the loss of $571 million across Asian crypto Exchange

Other than that North Korea hacking crypto exchanges are saying that North Korea’s stolen another 500 million dollars with the crypto from South Korea I believe it was. And that’s basically the news.

Now it was a relatively quiet weekend, which is quite common. We do see this occurring frequently when it comes to the weekends.

Bitcoin Battles with $4000

I’ve just sort of looking at Bitcoin right now and we’re sitting at US$4,000 right now, okay. It’s holding around that US$4,000 it seems to be comfortable at US$4,000. We’ll see if we can continue to hold and then hopefully move above US$4,000 in the coming days.

I’d love to see the candle of Saturday with a high of $4,046 to see that break to the upside would be great. This is the Bitfinex chart that I’m talking about.

I’m just gonna have a look at BTC/USD the Coinbase chart as well. And we’re sitting a bit below $4,000. As a matter of fact, we haven’t actually broken $4,000 on the on the Coinbase chart.

Now, I’m not sure which ones got more volume these days Coinbase or Bitfinex but I can definitely see here that we haven’t broken up through that on the Coinbase we have that on Bitfinex . It’s looking like to me we might see some more upside. It’s just grinding. It’s really sort of holding around that $4,000 mark at the moment on Bitfinex and the reason I’m saying it Bitfinex because that’s typically where I’ll trade it. I will also trade on Bitmex.

Status on ETH, XRP, LTC, BNB and more

Ethereum against the U.S. dollar (ETH/USD) is very sideways – down 0.68 percent – Bitcoin currently down 0.3 percent.

EOS is down 0.78 percent and needs a clear to some new highs in this more recent push to the upside. If it doesn’t do that we are going to be having some trouble. Stellar Leumens is definitely the key performer at the moment and it’s continued to break on to some new higher highs, which is great. We’ve got the higher low and higher higher sitting around at 10 cent mark and looking on track to continue. And the reason I say that is because the trends look really really nice.

Ripple (XRP) is very sideways it has been for quite some time now. A very sideways market on Ripple (XRP) sitting around at 32 cent mark and just ranging, as it has done for quite a number of weeks now.

Litecoin (LTC) is holding up 1.3 percent down, a Ripple (XRP) also flat by the way – Litecoin (LTC) down 1.31 percent. I want to see it pull back on the daily for my trades to to start to set up.

Bitcoin Cash is very sideways as well – down 1.34 percent.

We’ve got Binance Coin (BNB) against the US dollar tether (USDT) trade sitting down 1.13%, a really wonderful daily uptrend and one that I’m going to continue to watch. I hope for a pullback into around that $12.61.

TRON (TRX) has had a very small bullish day up 0.64% and Cardano (ADA) a little momentum they’re down 2.26%

So across the top 10, Bitcoin sits above $4,000. How long will it stay here for? Well hopefully not too long. I’d prefer to see it push onto new highs and let’s get above $4,000 on Coinspot. Let’s get the media talking let’s start heading back towards $5,00 and let’s get ourselves above the key level of $4,385.

We get above that level there and we then have a higher low and higher high and things really start to turn and look a bit better.