{"id":372096,"date":"2019-02-20T20:00:32","date_gmt":"2019-02-20T20:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=372096"},"modified":"2019-03-11T20:34:16","modified_gmt":"2019-03-11T20:34:16","slug":"crypto-galaxy-s10-jpm-coin-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-galaxy-s10-jpm-coin-bitcoin\/","title":{"rendered":"Crypto Sphere Believes Galaxy S10, JPM Coin Behind Bitcoin Rally, But Is Really a Return to Mean"},"content":{"rendered":"<p class=\"p1\">The crypto market lit up with green over the last 48 hours following a powerful rally led by <a href=\"https:\/\/wncen.com\/2019\/02\/19\/litecoin-outperformed-bitcoin-since-november\/\">Litecoin<\/a>, <a href=\"https:\/\/wncen.com\/2019\/02\/20\/ethereum-price-analysis-eth-remains-buy-on-dips-100-sma-holds-key\/\">Ethereum<\/a>, and <a href=\"https:\/\/wncen.com\/2019\/02\/19\/what-caused-eos-to-surge-30-flip-litecoin-and-lead-todays-crypto-rally\/\">EOS<\/a>, which also helped propel <a href=\"https:\/\/wncen.com\/tag\/bitcoin\/\">Bitcoin<\/a> toward important psychological resistance at $4K. Should the first-ever cryptocurrency break through the resistance, a major blow will be dealt to bears and could signal that a bottom is already in.<\/p>\n<p class=\"p1\">Battered and beaten bulls are tirelessly trying to find correlations to news that may be driving the rally, however, the move is likely a return to mean following extremely oversold conditions.<\/p>\n<h2 class=\"p1\">Crypto Community Searches For News Correlations Behind Bitcoin Rally<\/h2>\n<p class=\"p1\">Reading through various crypto community discussion groups, members are filtering through recent crypto news hoping to discover the reason behind Bitcoin\u2019s sudden boom. Over at Reddit in both <a href=\"https:\/\/reddit.com\/r\/BitcoinMarkets\/comments\/asjp53\/_\/egvd4l1\/?context=1\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">r\/bitcoinmarkets<\/a> and <a href=\"https:\/\/reddit.com\/r\/CryptoCurrency\/comments\/asj29j\/_\/egv6vc4\/?context=1\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">r\/cryptocurrency<\/a> the common speculation on what\u2019s fueling the recent rally points to today\u2019s reveal of the Samsung Galaxy S10.<\/p>\n<p class=\"p1\">Announcements from the tech world rarely cause any movement in crypto markets, however, <a href=\"https:\/\/wncen.com\/2019\/01\/24\/samsung-s10-crypto-blockchain-ethereum\/\">Samsung\u2019s rumored inclusion of a crypto wallet<\/a> has enormous implications, potentially exposing crypto to millions and millions of the South Korean tech giant\u2019s customer base.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/2019\/01\/24\/samsung-s10-crypto-blockchain-ethereum\/\">Samsung Galaxy S10 Could Expose Crypto to Millions of Tech Savvy Users<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">Elsewhere, even Bloomberg is suggesting the recent rally is being driven by news. In a tweet, the media powerhouse claims Bitcoin is having a \u201cdelayed boost\u201d thanks to the <a href=\"https:\/\/wncen.com\/2019\/02\/14\/bitcoin-xrp-jp-morgan-crypto\/\">announcement of JPM Coin<\/a>, the new \u201ccryptocurrency\u201d announced this week by banking beast JP Morgan this past week.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to speed up payments between corporate customers \ud83d\udcc8 <a href=\"https:\/\/t.co\/L9eQ5YBxZ2\" rel=\"nofollow\">https:\/\/t.co\/L9eQ5YBxZ2<\/a> <a href=\"https:\/\/t.co\/mAvqXj8ZQe\" rel=\"nofollow\">pic.twitter.com\/mAvqXj8ZQe<\/a><\/p>\n<p>&mdash; Bloomberg Crypto (@crypto) <a href=\"https:\/\/twitter.com\/crypto\/status\/06988544?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\">However, in recent weeks, the market has barely responded to news \u2013 good or bad. For example, the ongoing\u00a0<a href=\"https:\/\/wncen.com\/2019\/02\/17\/quadrigacx-imbroglio-continues-cotten-mentioned-bitcoin-key-loss-2014\/\">QuadrigaCX imbroglio<\/a> that resulted in millions in crypto being lost due to the exchange founder&#8217;s passing, would have caused a massive sell-off had it occurred in mid-2018.<\/p>\n<h2 class=\"p1\">Bitcoin and Crypto Markets Return to Mean After Oversold Conditions<\/h2>\n<p class=\"p1\">The reality in current crypto markets is that <a href=\"https:\/\/wncen.com\/tag\/bitcoin\">Bitcoin<\/a> and its altcoins brethren are posting gains following sustained downward movements and extremely oversold conditions. Such oversold conditions on assets can cause markets to mean revert, according to prominent trader and Bitcoin.live panel member Peter Brandt.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Regarding RSI, Stochastic, MACD et al. Markets can remain overbought far longer than many bears have the ability to pay up for a losing short position. OB\/OS measures good for trading range mkts. Severely OS mkts tend to mean revert.<\/p>\n<p>&mdash; Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/56552448?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\">When any asset reaches extremely oversold or even overbought conditions, the market tends to correct and returns toward its mean. The scenario played out perfectly when Bitcoin\u2019s parabolic advance was broken in late December 2017, and the inverse occurred after Bitcoin fell through support at $6K.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/02\/18\/crypto-market-cap-altcoin-season\/\">Crypto Market At Critical Resistance, Is Altcoin Season Right Around the Corner?<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">The powerful downward movement took Bitcoin and other crypto far below their mean, and the market is now correcting upward toward its mean value.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-372099\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Stages_of_a_bubble.png?resize=875%2C568\" alt=\"\" width=\"875\" height=\"568\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Stages_of_a_bubble.png?w=875 875w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Stages_of_a_bubble.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Stages_of_a_bubble.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Stages_of_a_bubble.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Stages_of_a_bubble.png?w=750 750w\" sizes=\"(max-width: 875px) 100vw, 875px\"><\/p>\n<p class=\"p1\">A commonly shared <a href=\"https:\/\/en.wikipedia.org\/wiki\/Jean-Paul_Rodrigue\" rel=\"nofollow\">chart on bubble cycles<\/a> put together by Dr. Jean-Paul Rodrigue of the Department of Global Studies and Geography at Hofstra University, demonstrates what is happening now during the &#8220;blow off phase.&#8221; The chart shows that an asset can crash so low, it&#8217;s below its mean value and eventually returns as faith is restored in the market.<\/p>\n<pre class=\"p3\">Feature image from ShutterStock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market lit up with green over the last 48 hours following a powerful rally led by Litecoin, Ethereum, and EOS, which also helped propel Bitcoin toward important psychological resistance at $4K. Should the first-ever cryptocurrency break through the resistance, a major blow will be dealt to bears and could signal that a bottom is already in. Battered and beaten bulls are tirelessly trying to find correlations to news that may be driving the rally, however, the move is likely a return to mean following extremely oversold conditions. Crypto Community Searches For News Correlations Behind Bitcoin Rally Reading through various crypto community discussion groups, members are filtering through recent crypto news hoping to discover the reason behind Bitcoin\u2019s sudden boom. Over at Reddit in both r\/bitcoinmarkets and r\/cryptocurrency the common speculation on what\u2019s fueling the recent rally points to today\u2019s reveal of the Samsung Galaxy S10. Announcements from the tech world rarely cause any movement in crypto markets, however, Samsung\u2019s rumored inclusion of a crypto wallet has enormous implications, potentially exposing crypto to millions and millions of the South Korean tech giant\u2019s customer base. Related Reading |\u00a0Samsung Galaxy S10 Could Expose Crypto to Millions of Tech Savvy Users Elsewhere, even Bloomberg is suggesting the recent rally is being driven by news. In a tweet, the media powerhouse claims Bitcoin is having a \u201cdelayed boost\u201d thanks to the announcement of JPM Coin, the new \u201ccryptocurrency\u201d announced this week by banking beast JP Morgan this past week. Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to speed up payments between corporate customers \ud83d\udcc8 https:\/\/t.co\/L9eQ5YBxZ2 pic.twitter.com\/mAvqXj8ZQe &mdash; Bloomberg Crypto (@crypto) February 19, 2019 However, in recent weeks, the market has barely responded to news \u2013 good or bad. For example, the ongoing\u00a0QuadrigaCX imbroglio that resulted in millions in crypto being lost due to the exchange founder&#8217;s passing, would have caused a massive sell-off had it occurred in mid-2018. Bitcoin and Crypto Markets Return to Mean After Oversold Conditions The reality in current crypto markets is that Bitcoin and its altcoins brethren are posting gains following sustained downward movements and extremely oversold conditions. Such oversold conditions on assets can cause markets to mean revert, according to prominent trader and Bitcoin.live panel member Peter Brandt. Regarding RSI, Stochastic, MACD et al. Markets can remain overbought far longer than many bears have the ability to pay up for a losing short position. OB\/OS measures good for trading range mkts. Severely OS mkts tend to mean revert. &mdash; Peter Brandt (@PeterLBrandt) February 19, 2019 When any asset reaches extremely oversold or even overbought conditions, the market tends to correct and returns toward its mean. The scenario played out perfectly when Bitcoin\u2019s parabolic advance was broken in late December 2017, and the inverse occurred after Bitcoin fell through support at $6K. Related Reading | Crypto Market At Critical Resistance, Is Altcoin Season Right Around the Corner? The powerful downward movement took Bitcoin and other crypto far below their mean, and the market is now correcting upward toward its mean value. A commonly shared chart on bubble cycles put together by Dr. Jean-Paul Rodrigue of the Department of Global Studies and Geography at Hofstra University, demonstrates what is happening now during the &#8220;blow off phase.&#8221; The chart shows that an asset can crash so low, it&#8217;s below its mean value and eventually returns as faith is restored in the market. Feature image from ShutterStock<\/p>\n","protected":false},"author":517,"featured_media":372103,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,16892,13625,16897],"tags":[428,6664,10598,1947,10,17269],"class_list":["post-372096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-eos","category-ethereum","category-litecoin","tag-bitcoin","tag-crypto","tag-eos","tag-etheruem","tag-litecoin","tag-peter-brandt"],"acf":[],"yoast_head":"\n<title>Crypto Sphere Believes Galaxy S10, JPM Coin Behind Bitcoin Rally, But Is Really a Return to Mean<\/title>\n<meta name=\"description\" content=\"Crypto community members are scrambling to tie the recent Bitcoin rally to recent news, such as the JPM Coin announcement or Galaxy S10 crypto wallet rumors\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/crypto-galaxy-s10-jpm-coin-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Sphere Believes Galaxy S10, JPM Coin Behind Bitcoin Rally, But Is Really a Return to Mean\" \/>\n<meta property=\"og:description\" content=\"Crypto community members are scrambling to tie the recent Bitcoin rally to recent news, such as the JPM Coin announcement or Galaxy S10 crypto wallet rumors\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/crypto-galaxy-s10-jpm-coin-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-20T20:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T20:34:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/bitcoin-crypto-shutterstock_785223202.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3650\" \/>\n\t<meta property=\"og:image:height\" content=\"2425\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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