Author: Ilija Rankovic

Cryptocurrency trader, analyst and writer with a prolific experience in the industry. Moved from trading/analysis of the traditional markets to cryptocurrencies in 2013. His industry career includes jobs such as ICO advisor, analyst, crypto algorithmic trading contributor etc.

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Crypto Market Analysis

Daily Crypto Review, Dec 12 – Bitcoin mining owned by China, Market in the Red for the 3rd Consecutive Day

The cryptocurrency market’s price dropped yet again today, making this the third consecutive red day ina row. Most cryptocurrencies were in the red, with average 24-hour price drops of 1-3%. Bitcoin’s dropped 1.39% of its value in the past 24 hours. Its price is currently $7,143. Meanwhile, Ethereum dropped by 3.85%, while XRP fell 1.5%.

The cryptocurrency market’s price dropped yet again today, making this the third consecutive red day ina row. Most cryptocurrencies were in the red, with average 24-hour price drops of 1-3%. Bitcoin’s dropped 1.39% of its value in the past 24 hours. Its price is currently $7,143. Meanwhile, Ethereum dropped by 3.85%, while XRP fell 1.5%.

The cryptocurrency market’s price dropped yet again today, making this the third consecutive red day ina row. Most cryptocurrencies were in the red, with average 24-hour price drops of 1-3%. Bitcoin’s dropped 1.39% of its value in the past 24 hours. Its price is currently $7,143. Meanwhile, Ethereum dropped by 3.85%, while XRP fell 1.5%.

The cryptocurrency that saw most gains in the past 24 hours was Waves, with gains of 16.89%. On the other hand, the crypto that lost the most was the Matic Network, which lost 12.39% of its value.

Bitcoin’s dominance increased slightly, as its price went down just marginally less than the market. Its dominance is currently 66.52%, which represents an increase of 0.22% from yesterday’s value.

The cryptocurrency market’s market cap continues its downtrend for the third consecutive day. Its total value is $194.82 billion at the time of writing. This represents a decrease of $2.93 to yesterday’s value.

What happened in the past 24 hours

Chinese Bitcoin miners were always a force to reckon with. They are currently responsible for controlling around two-thirds of the global hash rate. China’s Sichuan province alone accounts for over 50% of the global hash rate.

Bitmain as well as Canaan Creative are the top mining chip suppliers in China. Bitmain appears to be on track to monopolize China’s crypto mining market as a whole. Many reports claim Bitmain to be the hardware supplier for 75% of the world market.

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Technical analysis

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Bitcoin

Bitcoin has lost some of its value in the past 24 hours yet again. Unlike yesterday, there were no key level breakings. Its price is currently trading between the 38.2% Fib retracement of $7,314 and 23.6% Fib retracement of $7,000. Bitcoin’s volatility peaked when its price went from $7,300 to $7,070 and then back to normal, all in one 4-hour candle.


Bitcoin’s volume is currently average, while its RSI value is just barely keeping itself out of the oversold territory.

Key levels to the upside                    Key levels to the downside

1: $7,314                                           1: $7,000

2: $7,415                                           2: $6,640

3: $7,565                                           3: $6,505

Ethereum

We compared Ethereum and Bitcoin yesterday and discovered that even though the price drops matched, Ethereum did better as it didn’t break any support levels. The situation has turned around, and Ethereum is now the one that broke the key support, while Bitcoin traded in a range. After following the downtrend, Ethereum went under the $144.1 support level without much fight. After falling below it, it tried to come back but failed.


Ethereum’s volume is at a reasonably healthy level compared to the previous days. Its RSI almost hit the oversold territory but is currently on the upswing.

Key levels to the upside                    Key levels to the downside

1: $144.1                                             1: $133.5

2: $150.5                                            2: $128.9

3: $155.8

Ripple

XRP was following the market today, which means that its price also went down. It is currently trading between the 38.2% Fib line of $0.222 and 50% Fib retracement line of 0.2182. XRP had a hard time staying above the $0.222 key level for a couple of days now. That battle was now lost, with this level becoming resistance as XRP fell under.


XRP’s volume is average when compared to the daily volume throughout the week. Its RSI value is currently around 36.5 and is trending towards oversold.

Key levels to the upside                    Key levels to the downside

1: $0.222                                            1: $0.2182

2: $0.2267                                          2: $0.2145

3: $0.234                                            3: $0.2092

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Crypto Market Analysis

Daily Crypto Review, Dec 11 – NIKE patents blockchain-based system for their business, crypto markets in the slight red

The crypto market is consolidating and trying to find a price to stabilize. Most cryptocurrencies did end up in the red. However, the losses were quite negligible. If we look at the past 24 hours, Bitcoin’s fell by 0.84%. Its price is $7,238 at the moment of writing. Meanwhile, Ethereum lost 0.7%, while XRP fell 0.09%.

The crypto market is consolidating and trying to find a price to stabilize. Most cryptocurrencies did end up in the red. However, the losses were quite negligible. If we look at the past 24 hours, Bitcoin’s fell by 0.84%. Its price is $7,238 at the moment of writing. Meanwhile, Ethereum lost 0.7%, while XRP fell 0.09%.

The crypto market is consolidating and trying to find a price to stabilize. Most cryptocurrencies did end up in the red. However, the losses were quite negligible. If we look at the past 24 hours, Bitcoin’s fell by 0.84%. Its price is $7,238 at the moment of writing. Meanwhile, Ethereum lost 0.7%, while XRP fell 0.09%.

The biggest daily crypto gainer for the largest market cap cryptos is MINDOL, with gains of 67.83%. On the other hand, the biggest daily crypto loser is EDUCare, which lost 9.55% of its value.

Bitcoin’s dominance fell slightly in the past 24 hours. Its dominance sits at 66.3% at the time of writing. This value represents a decrease of 0.26% from yesterday’s value.

The cryptocurrency market’s market cap fell slightly in the past 24 hours. Its total value is currently $197.75 billion. This represents a decrease of $1.71 billion when compared to yesterday’s value.

What happened in the past 24 hours

Another good indicator of blockchain’s popularity is the number of companies trying to utilize it’s potential. Nike recently became one of these companies as they patented shoes that are tokenized as a non-fungible token. This tokenization will work on the Ethereum blockchain.

The patent thoroughly describes a digital asset for footwear as well as ways to use it. The document explained how Ethereum’s ERC721 or ERC1155 tokens are used to authenticate and transact a physical shoe.

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Technical analysis

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Bitcoin

Bitcoin had another small price drop in the past 24 hours. Even though the drop seems negligable, its price actually fell under another support line. The price was consolidating between the $7,415 resistance and $7,314 Fib retracement line yesterday. However, the $7,314 line got broken and turned resistance. Bitcoin’s next support level would be $7,000.


Bitcoin’s volume was on an upswing during the price drop but normalized quite fast at lower levels. Its RSI value fell and is now very close to the oversold levels.

Key levels to the upside                    Key levels to the downside

1: $7,314                                           1: $7,000

2: $7,415                                           2: $6,640

3: $7,565                                           3: $6,505

Ethereum

Ethereum had almost the same red candle that moved the market down slightly as Bitcoin. However, its price recovered a bit better, and Ethereum created a few small green candles.

On top of that, the second-largest cryptocurrency by market cap didn’t break any support levels. Its price now trades between the $150.5 key resistance and $144.1 critical support level. After the price drop, the support level got tested and held up quite well.


Ethereum’s volume is at a reasonably normal level compared to the previous days. Its RSI almost hit the oversold territory but is currently on the upswing.

Key levels to the upside                    Key levels to the downside

1: $150.5                                             1: $144.1

2: $155.8                                            2: $133.5

3: $161.1                                            3: $128.9

Ripple

XRP’s chart is looking like it’s having an identity crisis, as bulls and bears are constantly fighting. As stated before, it’s underwhelming to say that XRP just broke its uptrend. Rather, the price drop looks like a downtrend. Still, there is good news for XRP after all. After its price dropped below $0.222, which was the next key support and the 38.2% Fib retracement line, bulls rallied and brought the price above it. That way, the $0.222 level still acts as an immediate support level.


XRP’s volume is currently extremely low, while it’s RSI value is closer to the bottom half of the range. No key levels changed as XRP didn’t break any of them.

Key levels to the upside                    Key levels to the downside

1: $0.2267                                          1: $0.222

2: $0.234                                            2: $0.2182

3: $0.2351                                          3: $0.2145

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Crypto Market Analysis

Daily Crypto Review, Dec 10 – JP Morgan launching its blockchain network in 2020

The crypto market has its first red day after a green weekend. Most cryptocurrencies ended up in the red. If we look at the past 24 hours, Bitcoin’s price decreased by 1.76%. It is now trading for $7,353. Meanwhile, Ethereum lost 0.43%, while XRP fell 2%.

The crypto market has its first red day after a green weekend. Most cryptocurrencies ended up in the red. If we look at the past 24 hours, Bitcoin’s price decreased by 1.76%. It is now trading for $7,353. Meanwhile, Ethereum lost 0.43%, while XRP fell 2%.

The crypto market has its first red day after a green weekend. Most cryptocurrencies ended up in the red. If we look at the past 24 hours, Bitcoin’s price decreased by 1.76%. It is now trading for $7,353. Meanwhile, Ethereum lost 0.43%, while XRP fell 2%.

The biggest top100 crypto gainer for today is Chainlink, with gains of 10.85%. On the other hand, the cryptocurrency that lost the most today was Matic Network, which lost 50.4% of its value.

Bitcoin’s dominance stayed at the almost exact place when compared to where it was yesterday. Its dominance is currently 66.56%, which represents an increase of 0.03% from yesterday’s value.

The cryptocurrency market’s market capitalization dropped in the past 24 hours. The market cap is currently at roughly $199.46 billion. This value represents an increase of $4.7 billion against the value it had on yesterday.

What happened in the past 24 hours

JPMorgan announced the launch of its blockchain-based payment network for the Japanese market in early 2020. The payment network is based on JPMorgan’s in-house blockchain platform, Quorum. The Interbank Information Network (IIN) wants to improve payment transactions as well as data sharing between banks.

Bloomberg’s report says that over 80 Japanese banks have a serious intent to join the platform. Out of the 365 total members that announced to join the platform, over 20% are Japanese banks.

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Technical analysis

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Bitcoin

After a great weekend, Bitcoin came back to almost the exact same spot it was in before it. The biggest cryptocurrency managed to lost its gains and fall under the $7,415 resistance, which is now turned support. The price is now consolidating between the $7,415 resistance and $7,314 Fib retracement line which is now acting as support. The immediate support line got tested twice, but held up both times.


Bitcoin’s volume spiked during the price drop but is now normalizing at lower levels. Its RSI levels fell down from being close-to overbought and normalized as well.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,314

2: $7,565                                           2: $7,240

3: $7,828                                           3: $7,120

Ethereum

Ethereum followed Bitcoin once again, which became almost a daily occurrence whenever big moves happen. Ethereum bulls stepped in and brought the price above the resistance of $150.5 over the weekend. After that happened, Ethereum immediately had a small level retesting, but the real test was ahead (as we reported yesterday). As the bears gathered and pulled the price down, the $150.5 resistance did not hold up, and Ethereum went under it.


Ethereum’s volume is currently really low relative to the previous days. Its RSI is in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $150.5                                             1: $144.1

2: $155.8                                            2: $133.5

3: $161.1                                            3: $128.9

Ripple

It’s underwhelming to say that XRP broke its uptrend. After a whole week of a steady increase in price, it dropped significantly and lost around 40% of its gains from the whole uptrend move. After a sudden burst towards the upside on Dec 8, the price reached $0.234 but quickly started falling due to bulls not having enough buying pressure. The downward-facing move continued, and XRP’s price dropped from $0.234 all the way down to $0.222. However, this key level held up, and the price stabilized, at least for the time being.


There was no volume increase when this price-drop happened, which is quite interesting. XRP’s RSI value also returned to the bottom half of the range.

Key levels to the upside                    Key levels to the downside

1: $0.2267                                          1: $0.222

2: $0.234                                            2: $0.2182

3: $0.2351                                          3: $0.2145

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 9 – Microsoft announcing its blockchain business expansion, Cryptocurrency markets in the green over the weekend

The crypto market has had quite a solid weekend. Most cryptocurrencies ended up in the green both in the past 24 hours as well as over the weekend. If we look at the past 24 hours, Bitcoin’s price went up 0.82% and is now trading at the price of $7,534. Meanwhile, Ethereum gained 0.45%, while XRP went up 1.72%.

The crypto market has had quite a solid weekend. Most cryptocurrencies ended up in the green both in the past 24 hours as well as over the weekend. If we look at the past 24 hours, Bitcoin’s price went up 0.82% and is now trading at the price of $7,534. Meanwhile, Ethereum gained 0.45%, while XRP went up 1.72%.

The crypto market has had quite a solid weekend. Most cryptocurrencies ended up in the green both in the past 24 hours as well as over the weekend. If we look at the past 24 hours, Bitcoin’s price went up 0.82% and is now trading at the price of $7,534. Meanwhile, Ethereum gained 0.45%, while XRP went up 1.72%.

The biggest gainer from the top100 cryptocurrencies by market cap for today is Energi, with gains of 23.15% on the day. The biggest loser of the day was EDUCare, which lost 8.15% of its value.

Bitcoin’s dominance stayed at the same value when compared to where it was at on Friday. Its dominance is currently 66.53%, which represents an increase of 0.09% from Friday’s value.

The cryptocurrency market increased its total market capitalization over the weekend. The market cap is currently sitting at $204.19 billion. This value represents an increase of $3.11 billion against the value it had on Friday.

What happened in the past 24 hours

Microsoft Azure, Microsoft’s blockchain-based cloud service, posted an announcement of their new tokenization and blockchain data management services.

This news were posted on the official Microsoft Azure. Microsoft Azure also announced their non-fungible blockchain tokens called “Azure Heroes”, which are aimed at rewarding its developer community.

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Technical analysis

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Bitcoin

Bitcoin has had an amazing weekend if we look at it from a price perspective. The biggest cryptocurrency managed to rally its bulls and break its $7,415 resistance to the upside. The price got retested on Sunday, but the now-turned resistance level held up and managed to keep Bitcoin’s price above.


Bitcoin is currently decreasing in volume, with its RSI levels dangerously close to the overbought territory. However, the short-term outlook is still slightly bullish.

Key levels to the upside                    Key levels to the downside

1: $7,565                                           1: $7,415

2: $7,828                                           2: $7,240

3: $8,000                                           3: $7,120

Ethereum

Ethereum has followed Bitcoin’s bull rally and gained value yet again. After a long struggle and indecisiveness of whether ETH will go up above $150.5 or below $144, bulls stepped in and brought the price above the resistance. Ethereum had a small level retesting, which the resistance held up. However, the real test of the newly formed resistance might be ahead.


Ethereum is, just like Bitcoin, slowly dropping in volume while its RSI is approaching overbought levels.

Key levels to the upside                    Key levels to the downside

1: $155.8                                             1: $150.5

2: $161.1                                            2: $144.1

3: $163.4                                            3: $133.5

Ripple

XRP is on a short-term bull run. It was the best performing cryptocurrency out of the top 3 cryptos for a solid week. XRP had a great weekend as well, managing to pass several resistance levels. After passing above the $0.222 level, its price continued upwards and passed the $0.2267 level as well. It even attempted to get above the $0.234 price level, but this is where it got stopped. Its price is currently on a small downturn, which may indicate a retest of $0.2267 level to determine its strength as a resistance level.


XRP’s volume is much higher when compared to its value before the weekend. It is, however, dropping just like the rest of the top3 cryptocurrencies. Its RSI almost touched the overbought territory, but bounced back and is now in a small downtrend.

Key levels to the upside                    Key levels to the downside

1: $0.234                                            1: $0.2267

2: $0.2351                                          2: $0.222

3: $0.242                                            3: $0.2185

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 6 – Cryptocurrencies will replace FIAT by 2030

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

The biggest gainer amongst the top100 cryptocurrencies by market cap for today is HedgeTrade, which managed to gain 48.72% on the day. The biggest loser of the day was iExec RLC, which lost 5.69% of its value.

Bitcoin’s dominance decreased a tiny amount as the market managed to gain a bit more in value than what Bitcoin gained. Its dominance is currently 66.44%, which represents a decrease of 0.3% from yesterday’s value.

The cryptocurrency market managed to increase in total market capitalization yet again. As the individual cryptocurrency values increased, so did the overall market cap. The market cap is sitting at $201.08 billion at the moment of writing. This value represents an increase of $2.16 billion against yesterday’s value.

What happened in the past 24 hours

Deutsche Bank researched how cryptocurrencies will do in 2030. They concluded that the demand for alternative currencies will rise and that digital currencies will eventually replace cash. This research was done for the “Imagine 2030” report.

Deutsche Bank strategist Jim Reid pointed out that crypto has solutions for many challenges the existing fiat system has encountered in recent years. On top of that, he said that crypto  itself poses one of the problems fiat has at the moment. He then said that people’s heightened demand for dematerialized means of payment and anonymity could possible bring more people to cryptocurrencies.

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Technical analysis

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Bitcoin

Bitcoin spent the whole day trying to pass its key resistance line of $7,415. almost every 4 hour candle managed to break the price but ultimately ended up below the line. If bulls don’t step up their game, Bitcoin’s price will remain under the key resistance level for the time being. If it happens, we could see a spike in volume followed by a sudden upward-faced spike.


Bitcoin’s volume is slightly lower than yesterday, while its RSI is slowly going towards overbought. This could indicate that bulls have a limited time when they can make a strong push to the upside before being crushed by the bears coming to the market.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,240

2: $8,000                                           2: $7,120

3: $8,425                                           3: $6,620

Ethereum

Ethereum is on the other side of the coin when compared to Bitcoin. While Bitcoin is trying to push above its resistance, Ethereum is trying to save its price from falling below its support. Ethereum moved back to the $147 line, and it is still unsure whether the price will stay above it or whether it will drop further down. However, Ethereum has many small support points that ended up being well-respected by the market.


 

Key levels to the upside                    Key levels to the downside

1: $156.8                                             1: $144.1

2: $161.1                                            2: $133.5

3: $163.4                                            3: $127

Ripple

XRP spent the past few days rallying its bulls, which resulted in a major attempt to the upside yesterday and another one today. While today’s move was not so explosive, it was much healthier. The 0.02267 resistance was strong again, and XRP failed to reach above it, but it did make some daily gains nevertheless. The green 38.2% Fib retracement line ended up being well-respected by the market, and the price managed to consolidate near it. However, it is unknown whether this line will play any role in the short future as XRP is moving down at the moment of writing.


XRP’s volume is much higher when compared to the previous days. Its RSI slowly gained momentum to the upside until the consolidation phase, where it settled down a bit.

Key levels to the upside                    Key levels to the downside

1: $0.222                                            1: $0.2185

2: $0.2267                                          2: $0.214

3: $0.234                                            3: $0.209

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 5 – France and Virgin Islands developing digital currencies, cryptos in the green

We can see a mix of green and red in the crypto market in the past 24 hours. Bulls rallied and attempted a price surge with Bitcoin, which most cryptocurrencies followed. However, bears prevailed, and cryptos stayed in the same place they were a day ago. If we take a look at the past 24 hours, Bitcoin went up 1.83% and is now trading at the price of $7,334. Ethereum managed to gain 0.03% of its value on the day. XRP gained 1.06%.

We can see a mix of green and red in the crypto market in the past 24 hours. Bulls rallied and attempted a price surge with Bitcoin, which most cryptocurrencies followed. However, bears prevailed, and cryptos stayed in the same place they were a day ago. If we take a look at the past 24 hours, Bitcoin went up 1.83% and is now trading at the price of $7,334. Ethereum managed to gain 0.03% of its value on the day. XRP gained 1.06%.

We can see a mix of green and red in the crypto market in the past 24 hours. Bulls rallied and attempted a price surge with Bitcoin, which most cryptocurrencies followed. However, bears prevailed, and cryptos stayed in the same place they were a day ago. If we take a look at the past 24 hours, Bitcoin went up 1.83% and is now trading at the price of $7,334. Ethereum managed to gain 0.03% of its value on the day. XRP gained 1.06%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Enjin Coin, which managed to gain 30.79% on the day. The biggest loser of the day was MINDOL, which lost 33.29% of its value.

Bitcoin’s dominance has increased slightly, as its price increase was that occurred in the market was bigger for Bitcoin. On top of that, Bitcoin kept more of the move than the other cryptos did. Its dominance is currently 66.74%, which represents an increase of 0.31% from yesterday’s value.

The cryptocurrency market managed to increase in total market capitalization due to the overall slight price increase. Its market cap is sitting at $197.92 billion at the moment of writing. This value represents an increase of around $2.9 billion when compared to the value it had yesterday.

What happened in the past 24 hours

More and more countries are getting officially interested in cryptocurrency and the concept of digitalization. Even though most of them are talking about digital currencies rather than cryptocurrencies (and the distinction should be made), this is a good sign of crypto acceptance.

A blockchain startup called LIFELabs, along with the British Virgin Islands, is developing a cryptocurrency that will act as a digital currency that will be sovereignly used on the island territory. This digital currency will be a stablecoin that is pegged to the value of the US dollar on a 1:1 ratio.

On top of that, The central bank of France will pilot a central bank digital currency for its financial institutions. This digital Euro pilot would happen in 2020. This news was announced by the governor of the Bank of France.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had bulls rallying and attempting to break its immediate resistance whole day. At one point, its price moved past the $7,415 resistance and reached $7,780. However, that move did not last long as the bull pressure wasn’t as strong. Bitcoin’s price remains under the key resistance level for the time being. There were a couple of other attempts of breaking the line, but they were far weaker and far less significant.


Bitcoin’s volume increased significantly during the big spike, which brought Bitcoin to $7,780. However, even though we can say that the volume is elevated when compared with yesterday’s volume, it is still on the decline when we look at it in the past 24 hours.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,240

2: $8,000                                           2: $7,120

3: $8,425                                           3: $6,620

Ethereum

Ethereum suffers the same fate as Bitcoin does. It managed to fall below its $147 zone, but this bull rally wanted to put the price above it. The price shot to $155 at one point, but could not hold up. This move ended quickly, and Ethereum moved back below the key resistance. Its price is now at the very $147 line, and bulls seem to be quite strong, so we might see another solid attempt of moving upward.


Ethereum’s price is currently in limbo, and its short-term support lines are unknown, but this information might not be as important as the bulls are currently in play.

Key levels to the upside                    Key levels to the downside

1: $167.8                                             1: $144.5

2: $178.6                                            2: $127

3: $185

Ripple

XRP spent the day rallying its bulls, which resulted in a major attempt to the upside. XRP’s price reached $0.227 but, as with most cryptocurrencies today, fell as the bull pressure wasn’t as strong as it needed to be. Some of the value was preserved, and XRP is currently trading in a range between the 50% and 61.8% Fib retracement green line.


XRP’s volume is elevated when compared to the previous days. Its RSI is slowly gaining momentum to the upside.

Key levels to the upside                    Key levels to the downside

1: $0.2185                                          1: $0.214

2: $0.222                                            2: 0.209

3: $0.2267                                          3: $0.202

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 4 – Binance adds support for Tezos Staking, $1.5 million in crypto siezed in a WA drug bust

Most cryptocurrencies continue trading sideways or in the slight red, including Bitcoin which has not been able to find the strength to push for higher prices in the past few days. The majority of the moves were insignificant but bears prevailed in the past few hours, reducing the overall market cap of the crypto industry. If we take a look at the past 24 hours, Bitcoin went down 1.58% and is now trading at the price of $7,164. Ethereum managed to lose 2.4% of its value on the day. XRP lost 3.23%.

Most cryptocurrencies continue trading sideways or in the slight red, including Bitcoin which has not been able to find the strength to push for higher prices in the past few days. The majority of the moves were insignificant but bears prevailed in the past few hours, reducing the overall market cap of the crypto industry. If we take a look at the past 24 hours, Bitcoin went down 1.58% and is now trading at the price of $7,164. Ethereum managed to lose 2.4% of its value on the day. XRP lost 3.23%.

Most cryptocurrencies continue trading sideways or in the slight red, including Bitcoin which has not been able to find the strength to push for higher prices in the past few days. The majority of the moves were insignificant but bears prevailed in the past few hours, reducing the overall market cap of the crypto industry. If we take a look at the past 24 hours, Bitcoin went down 1.58% and is now trading at the price of $7,164. Ethereum managed to lose 2.4% of its value on the day. XRP lost 3.23%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Dx Chain Token, which managed to gain 19.24% on the day. The biggest loser of the day was MINDOL, which lost 25.19% of its value.

Bitcoin’s dominance has increased slightly, as its drop in price was smaller than the drop of the industry itself. Its dominance is currently 66.43%, which represents an increase of 0.44% from yesterday’s value.

The cryptocurrency market managed to lose value in terms of market capitalization. Its market cap is currently sitting at $195.1 billion. This value represents a decrease of around $3.5 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Binance has announced that they will support Tezos (XTZ) staking starting Dec 4. Binance’s users will be able to trade with Tezos and receive XTZ rewards which will be calculated daily based on live snapshots. The rewards will be then distributed monthly.

The users must hold at least 1 XTZ in order to qualify for staking rewards. Tezos’s current price is $1.30.

On a less bright side, more than 1.5 million AUD in cryptocurrency has been seized during a drug bust in Western Australia. Western Australian police has charged two people with the attempted import of MDMA. As part of the search, the polica also found $1,524,102 of cryptocurrency on an electronic device.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin did not move much relative to the market as a whole in the past 24 hours, though he did lose some of its value. It did end up being in the red when it comes to daily price movement, as it traded sideways and then suddenly dropped around $150. It is still trading below the $7,415 line, but as it cannot pass it, Bitcoin decided to step away from it and consolidate at a lower price.


Bitcoin’s volume is currently lower than when compared to its values from yesterday. The RSI value seems to be slowly falling towards oversold levels again.

Key levels to the upside                    Key levels to the downside                            1: $7,415                                           1: $6,620

2: $8,000

3: $8,425

Ethereum

Ethereum had a pretty bad day. It fell under the support zone’s lower line of 147 and is now trading right below it. As its price is no longer contained within the support zone, Ethereum has no immediate support and its next big support level is all the way down to $127.


Ethereum’s price is currently in limbo and its short-term direction is unknown, and so are its immediate key support levels.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

Ripple

XRP spent the day losing quite a bit of its value. It could not hold its gains from the last bull move and started bleeding out during the past 24 hours. Its price breezed through the 50% Fib retracement line and continued downwards, stopping at around $0.211 and then changing direction and stabilizing around the 61.8% Fib retracement. While the support and resistance lines marked green on the chart are not as strong as to be considered key levels, we can see that Ripple’s price did respond quite well to almost every level of the green Fib retracement.


Key levels to the upside                    Key levels to the downside

1: $0.235                                            1: $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 3 – Lightning Network implementation: Main Upgrade on Bitfinex

Bitcoin and the crypto market did not move much in the past 24 hours. However, the overall market did end up gaining some value. Most cryptocurrencies did end up being in the slightly green, but the majority of the moves were not significant. If we take a look at the past 24 hours, Bitcoin went up 0.63% and is now trading at the price of $7,289. Ethereum managed to increase 1.37% on the day. XRP gained 0.36%.

Bitcoin and the crypto market did not move much in the past 24 hours. However, the overall market did end up gaining some value. Most cryptocurrencies did end up being in the slightly green, but the majority of the moves were not significant. If we take a look at the past 24 hours, Bitcoin went up 0.63% and is now trading at the price of $7,289. Ethereum managed to increase 1.37% on the day. XRP gained 0.36%.

Bitcoin and the crypto market did not move much in the past 24 hours. However, the overall market did end up gaining some value. Most cryptocurrencies did end up being in the slightly green, but the majority of the moves were not significant. If we take a look at the past 24 hours, Bitcoin went up 0.63% and is now trading at the price of $7,289. Ethereum managed to increase 1.37% on the day. XRP gained 0.36%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Synthetix Network, with a gain of 21.73% on the day. The biggest loser of the day was Silverway, which lost 13.97% of its value.

Bitcoin’s dominance has pretty much stayed on the level it was at the past weekend. Its dominance is currently 65.99%, which represents a drop of 0.1% from yesterday’s value.

The cryptocurrency market is at the same place as yesterday, with a market capitalization of $198.65 billion. This value represents an increase of around $0.75 billion when compared to the value it had before the weekend.

What happened in the past 24 hours

The good news about Bitfinex started circling the news outlets in the past couple of hours. This cryptocurrency exchange revealed the first of two major upgrades it has plans to implement in the short future. The platform’s CTO, Paolo Ardoino, announced that the platform would support BTC transactions on the Lightning network. He announced this on twitter on Dec 2.

A move like supporting lightning transactions is a new concept for a major cryptocurrency exchange. However, if everything works as planned, this improvement might be incredible for Bitcoin users. They could benefit from instant transactions and will pay almost zero fees for transactions via Lightning.

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Technical analysis

_______________________________________________________________________

Bitcoin

There was not much movement when it comes to Bitcoin in the past 24 hours. The price movements were quite insignificant and the price itself is almost at the same spot it was at when we checked it last time. After breaking its $7,415 support line to the downside, Bitcoin is now trading just below it. This key support has now turned resistance and might be extremely hard to break, especially with this volume.


Bitcoin’s volume is currently lower than where it was during the weekend, as well as when compared to its values from yesterday. As for the RSI value, the line is slowly falling towards oversold levels again. The key level of $7,415 has moved to the upside.

Key levels to the upside Key levels to the downside

1: $7,415 1: $6,620

2: $8,000

3: $8,425

Ethereum

Ethereum also had a pretty uneventful day today. After its struggle to declare its price as above or below the support zone ended during the weekend, everything stabilized Ethereum, which is now consolidating. Its price is now contained within the support zone, which can be seen on the chart, with the immediate resistance of 153.5 and immediate support of 147 being the boundaries.


With Ethereum’s RSI being pretty stable, as we saw no movement from it in the past 24 hours, the volume did end up dropping when compared to yesterday’s value.

Key levels to the upside Key levels to the downside

1: $167.8 1: $127

2: $178.6

3: $185

Ripple

XRP spent the weekend following Bitcoin in price, which it did today as well. After its rally was not strong enough to break the $0.235 resistance, XRP could not establish any form of immediate support. Its price, however, is responding to the Fibonacci retracements from the small bullish move that started on Nov 25. While these lines are not strong in terms of support and resistance, we can see that Ripple’s price did respond quite well to almost every level of the green Fib retracement.


Key levels to the upside Key levels to the downside

1: $0.235 1: $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 2 – Bitcoin declines over the weekend, alts follow

The cryptocurrency market did not have a particularly interesting weekend. While the prices did not move significantly, the price drop that occurred managed to put some cryptos under their support

The cryptocurrency market did not have a particularly interesting weekend. While the prices did not move significantly, the price drop that occurred managed to put some cryptos under their support

The cryptocurrency market did not have a particularly interesting weekend. While the prices did not move significantly, the price drop that occurred managed to put some cryptos under their support lines. Most cryptocurrencies did end up being in the slight red. If we take a look at the past 24 hours, Bitcoin went down 0.43% and is now trading at the price of $7,252. Ethereum was in the slightly green, gaining 0.09% on the day. XRP lost 0.07%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is VeChain, with a gain of 22.52% on the day. The biggest loser of the day was Synthetix Network, which lost 13.07% of its value.

Bitcoin’s dominance has pretty much stayed on the level it was at the past weekend. Its dominance is currently 66.09%.

The cryptocurrency market as a whole now has a market capitalization of $197.90 billion, which represents a decrease of around $6.2 billion when compared to the value it had before the weekend.

What happened in the past 24 hours

The weekend passed without any big news that could shake the market and push it either way. However, the crypto industry is never without any news.

A man was named Virgil Griffith was arrested and accused of delivering information on using crypto and blockchain technology to North Korea, therefor helping them evade sanctions. He was arrested on Thursday at the Los Angeles International Airport. Griffith was set to appear in federal court on Friday, where more information on the topic will be uncovered.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has had a slight price drop over the weekend. However, that slight drop was not insignificant. Bitcoin broke its $7,415 support line and is now trading just below it. This key support has now turned resistance.


Bitcoin’s volume is currently lower than where it was at during the weekend. As for the RSI value, the line is slowly falling towards oversold levels again. The key level of $7,415 has moved to the upside.

Key levels to the upside                   Key levels to the downside

1: $7,415                                           1: $6,620

2: $8,000

3: $8,425                                

Ethereum

Ethereum’s struggle to declare its price as above or below the support zone ended during the weekend. The price followed Bitcoin and went down, but stayed contained within the support zone. The top of the zone now acts as resistance while the bottom acts as support.


With Ethereum’s RSI being pretty stable as well as a bit lower volume, Ethereum seems like its price will be staying within those bounds for some time.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

XRP spent the weekend following Bitcoin in price. After failing to break its $0.235 resistance, which would be good key support, XRP started dropping in price. It did not establish any immediate support lines, and even though it looks quite stable at the moment, it is in limbo as its first key support level is $0.202. As it seems that XRP will not reach $0.235 anytime soon, it will have to find support at lower prices or create some form of support at levels near where it currently is.


Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 29 –

The cryptocurrency market spent the past 24 hours in consolidation. Most cryptocurrencies did end up slightly in the red, but there were no significant moves that could be noticed. If

The cryptocurrency market spent the past 24 hours in consolidation. Most cryptocurrencies did end up slightly in the red, but there were no significant moves that could be noticed. If

The cryptocurrency market spent the past 24 hours in consolidation. Most cryptocurrencies did end up slightly in the red, but there were no significant moves that could be noticed. If we take a look at today’s prices, Bitcoin went down 0.46%, and it is now trading at $7,488. Ethereum lost 0.83%, while XRP went up 0.02%.

 

Of the top100 cryptocurrencies by market cap, the biggest gainer is Algorand, with a gain of 22.92% on the day. The biggest losers of the day were Silverway and Bytecoin, which lost 9.95% and 8.99% of their value, respectively.

Bitcoin’s dominance has pretty much stayed on yesterday’s level as the whole market consolidated. Its dominance is currently 66.32%, which represents a decrease of 0.2% when compared to the value it had 24 hours ago.

The cryptocurrency market as a whole now has a market capitalization of $204.14 billion, which is pretty much in the same place when compared to the value it had yesterday.

What happened in the past 24 hours

The federal parliament of Germany made a bill draft that would allow banks to deal with cryptocurrency. The banks would be able to become custodians and merchants of crypto in 2020 if this bill passes.

This move could represent a grand milestone when it comes to cryptocurrency adoption. When we look at it from a theoretical perspective, this would make cryptocurrency as liquid as cash in Germany.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin has entered another consolidation phase after the move up it had the day before. After the bulls pushed Bitcoin above $7,415, it pretty much stayed at the price level.


Bitcoin’s volume dropped when compared to yesterday’s values, while RSI stayed on the same level.

Key levels to the upside                   Key levels to the downside

1:  $8,000                                          1: $7,415

2: $8,425                                           2: $6,620

3: $8,640                                

Ethereum

Ethereum’s struggle to declare its price to be above or below the support top-line continues.  Ethereum held almost all of its gains from the price increase but did not manage to form any stable immediate support level as Bitcoin did. That being said, Ethereum has many key levels, so there will be no problems for it to form a support level when the time comes.


Ethereum’s RSI is now approaching overbought territory, while its volume has decreased heavily after the move has ended. Today’s volume is almost at the same levels it was yesterday.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

XRP spent the past 24 hours slowly approaching its immediate resistance line in attempts to pass it and form a support line there. As there are no clear, immediate support levels below $0.235, XRP seems to be reaching above this key level so it could form support around it.


XRP’s RSI is slowly increasing while its volume is declining slightly.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 28 – Another bull rally despite China crypto-business crackdown

The cryptocurrency market had another great day. After a day of consolidation that the industry had yesterday, the past 24 hours have been quite bullish. Most cryptos ended up in

The cryptocurrency market had another great day. After a day of consolidation that the industry had yesterday, the past 24 hours have been quite bullish. Most cryptos ended up in

The cryptocurrency market had another great day. After a day of consolidation that the industry had yesterday, the past 24 hours have been quite bullish. Most cryptos ended up in the green, and some of them even broke their old key levels. If we take a look at today’s prices, Bitcoin went up %4.84, and it is now trading at $7,484. Ethereum gained 3.12%, while XRP went up 3.13%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Siacoin, with an explosive gain of 33.82% on the day. The biggest losers of the day were Silverway and Molecular Future, which lost 14.83% and 4.84% of their value, respectively.

 

The most recent jump in price was disproportional when we take into consideration all cryptocurrencies. Bitcoin’s dominance has increased more than 0.5% when compared to the value it had yesterday as it gained more value than the rest of cryptocurrencies. Its dominance is currently 66.52%.

The cryptocurrency market as a whole now has a market capitalization of $203.87 billion, which represents a significant increase when compared to the value it had yesterday.

What happened in the past 24 hours

China is showing its teeth with its latest crypto-crackdown. As reported, at least five local exchanges had to stop their operations or announce that they will no longer serve domestic users this month. Chinese regulators issued a series of warnings and notices as part of a cleanup of cryptocurrency trading.

The latest wave of shutdowns and restrictions in the crypto industry represent the biggest cleanup of the sector since September 2017.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin did not spend much time consolidating its price as the bulls seemed to have made a decision to move the price up. After consolidating above 7,000, the bulls pushed Bitcoin above $7,415. This move was successful and Bitcoin has now made this key level its support.


Bitcoin’s volume was on the levels it was at during the sell-offs, which happened a few days ago. Its RSI level is currently more near overbought than near oversold territory.

 

Key levels to the upside                   Key levels to the downside

1:  $8,000                                          1: $7,415

2: $8,425                                           2: $6,620

3: $8,640                                

Ethereum

Ethereum bulls also had their run but left Ethereum right on the key level of $153. Ethereum is now trying to decide whether its price will stay above this line or below it. However, whether the price ends up above or below $153, the bullish move was successful as this key level was not the only one that the price passed to the upside.


Ethereum’s RSI is now approaching overbought territory, while its volume has decreased heavily after the move has ended.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

XRP was another cryptocurrency that had a bull rally in the past 24 hours. However, its price is still not stable enough that we can say that this move was completely successful. After consolidating at around $0.21, XRP’s price shot up to $0.227 it is now trading at. However, with no key resistance levels broken and no real support levels formed, this move hasn’t brought XRP out of the limbo yet.


XRP’s RSI is slowly increasing while its volume is declining slightly.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 27 – Crypto markets consolidating as adoption rises

After an explosive gain cryptocurrency industry had yesterday, the past 24 hours have been quite stagnant in price. Many cryptocurrencies just tried to consolidate and form respect towards support/resistance lines.

After an explosive gain cryptocurrency industry had yesterday, the past 24 hours have been quite stagnant in price. Many cryptocurrencies just tried to consolidate and form respect towards support/resistance lines.

After an explosive gain cryptocurrency industry had yesterday, the past 24 hours have been quite stagnant in price. Many cryptocurrencies just tried to consolidate and form respect towards support/resistance lines. If we take a look at today’s prices, Bitcoin went down2.15%, and it is now trading at $7,107. Ethereum lost 1.5%, while XRP went down 1..51%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is LINA, with 67.55% daily gain. The biggest loser of the day was Digitex Futures, which lost 8.10% of its value.

Bitcoin’s dominance has stayed on virtually the same spot when compared to its value from the past 24 hours. Its dominance now sits at 65.94%.

Note: At the moment of this publication, Bitcoin drops below $6,900 on the news of a $50 million hack of Ethereum in the Korean exchange Upbit. All cryptos are currently losing their close supports.

The cryptocurrency market as a whole now has a market capitalization of $1195.19 billion, which represents a significant increase (around $9 billion) when compared to the value it had yesterday.

What happened in the past 24 hours

Even though the price doesn’t show it, Bitcoin and other cryptocurrencies are slowly getting more and more adoption. A cryptocurrency-friendly travel booking platform has partnered with the online travel agency giant Booking.com therefor making cryptocurrencies available to people using Booking.com. This deal will allow Travala users to book their accommodation listed on Booking.com with cryptocurrencies.

While this is a great thing, there are no changes to Booking.com as a platform, so this info will impact just the Travala platform users.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After yesterday, when Bitcoin bulls rallied and managed to pull the price back above the $7,000 threshold, Bitcoin started consolidating. Once the price even pushed to break its key level of $7,415 but failed to do so, Bitcoin has been on a slight decline, but contained within two key levels.


Bitcoin’s volume started to drop after the failed attempt to break $7,415. Its RSI level broke the oversold territory once the movement up started.

 

Key levels to the upside                   Key levels to the downside

1:  $7,415                                        1: $6,620

2: $8,000

3: $8,425                                

Ethereum

Ethereum had a terrible weekend as well as its price plummeted almost $50. After the big drop, it rallied back up along with most cryptocurrencies. However, unlike Bitcoin, Ethereum did not manage to stay contained within its “safe zone.” It is now trading at around $145, which is just below the support zone, which now turned resistance.


Ethereum’s RSI is now above the oversold territory, while its volume has decreased heavily when compared to the past couple of days.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

XRP has not yet decided on what price to anchor to, meaning its s support levels are still unclear. Its price seems to be consolidating as well, which means that support and resistance lines will be revealed soon. XRP did not break any resistance levels and stayed in the price limbo that it was at after the bear move. Its price is now somewhere around $0.219.


XRP’s RSI barely moved above the oversold territory, while its volume is still on very high levels.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  still unclear

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 26 – Bitcoin bounces back above $7,000, Thailand dipping their toes in crypto in 2020

The cryptocurrency bulls came to help relieve the downward pressure bears were causing. The past 24 hours were pretty explosive to the upside, as most cryptocurrencies ended up being in

The cryptocurrency bulls came to help relieve the downward pressure bears were causing. The past 24 hours were pretty explosive to the upside, as most cryptocurrencies ended up being in

The cryptocurrency bulls came to help relieve the downward pressure bears were causing. The past 24 hours were pretty explosive to the upside, as most cryptocurrencies ended up being in major green positions. If we take a look at today’s prices, Bitcoin went up 6.13%, and it is now trading at $7,140. Ethereum gained 5.26%, while XRP went up 3.34%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Storeum, with 351.19% daily gain. The biggest loser of the day was Luna, which lost 8.88% of its value.

Bitcoin’s dominance has increased just slightly when compared to the past 24 hours, as Bitcoin had a bigger upward leap than most of the cryptocurrencies. Its dominance now sits at 66%.

The cryptocurrency market as a whole now has a market capitalization of $1195.19 billion, which represents a significant increase (around $9 billion) when compared to the value it had yesterday.

What happened in the past 24 hours

Lawmakers in Thailand are planning reforms of their cryptocurrency laws as they are concerned about Thailand’s competitiveness in the crypto space. Thailand’s regulator, the Securities and Exchange Commission (SEC), will reconsider its policy on cryptocurrencies in 2020.

The reason for the revision lies in poor uptake of the certification and licensing scheme by cryptocurrency businesses, which resulted in fewer such businesses emerging. Since the cryptocurrency policy came into power last year, only five companies made it through the certification process. Out of of those five, just two have launched.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s crash below $7,000 was certainly not something that cryptocurrency investors around the world liked seeing. However, the crypto bulls rallied and managed to pull the price back above the $7,000 threshold. Bitcoin’s price even pushed to break its key level of $7,415, but failed to do so. It’s currently contained within a range between these two key levels.


Bitcoin’s volume his still quite high, and the moves are explosive even when ranging between levels. Its RSI level broke the oversold territory once the movement up started.

Key levels to the upside                   Key levels to the downside

1:  $7,415                                        1: $6,620

2: $8,000

3: $8,425                                

Ethereum

Ethereum had a terrible weekend as well as its price plummeted almost $50. Following the pattern of Bitcoin, Ethereum now rose up and stabilized in its first support area while even attempting to break above it. That, however, did not happen, and Ethereum is now trading barely above or barely below the $146.7.


Ethereum’s RSI is now above the oversold territory, while its volume is currently above the daily average of the past week.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

We said that XRP is maybe the biggest loser of the most recent bear move as its support levels are still unclear. It too ended up being in the green today, but the moves were far less pronounced. XRP did not break any resistance levels and stayed in the price limbo that it was at after the bear move. Its price is now somewhere around $0.219


XRP’s RSI barely moved above the oversold territory while its volume is invariably high.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  still unclear

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 25 – Bitcoin under $7,000, Whales moving their funds

The cryptocurrency market had a terrible weekend as most major cryptocurrencies are buried in the red. Most top cryptocurrencies ended up losing over 5% of their value in the past

The cryptocurrency market had a terrible weekend as most major cryptocurrencies are buried in the red. Most top cryptocurrencies ended up losing over 5% of their value in the past

The cryptocurrency market had a terrible weekend as most major cryptocurrencies are buried in the red. Most top cryptocurrencies ended up losing over 5% of their value in the past 24 hours. If we take a look at today’s prices, Bitcoin went down 9.09%, and it is now trading at $6,611. Ethereum lost 11.2%, while XRP went down 10.07%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Storeum, with 332.34% daily gain. The biggest loser of the day was Maker, which lost 19.17% of its value.

Bitcoin’s dominance has not changed much when compared to its value before the weekend, even though its price dropped significantly. Its dominance now sits at 65.63%.

The cryptocurrency market as a whole now has a market capitalization of $186.58 billion, which represents a significant decrease when compared to the value it had yesterday as well as before the weekend.

What happened in the past 24 hours

Cryptocurrency markets suffered a considerable decrease in value as traditional markets flatlined. On top of that,  a cryptocurrency whale has just moved 44,000 BTC from one address to another, signifying a possible preparation for a sale.

This hefty movement was detected by Twitter-based transaction monitor called whale_alert. Bitcoin’s miners included the transaction in block #605230.

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Technical analysis

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Bitcoin

Bitcoin’s price drop below $7,000 can be percieved as crushing to some investors. However, the price support of $6,620 held up quite well against the major bear pressure. This key support level dates all the way back from 2018.


Bitcoin’s volume has increased significantly as the bears took over the market. Its RSI level is far in the oversold territory at the moment.

Key levels to the upside                   Key levels to the downside

1:  $7,415                                        1: $6,620

2: $8,000

3: $8,425                                

Ethereum

Ethereum had a terrible day, as well. Its price went all the way down to $135. Its resistance levels are now quite unclear, but major support awaits at the $127 line. This represents a significant decrease in price from the $170 levels it was at just before the weekend.


Key levels to the upside                   Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

XRP’s is maybe the biggest loser of this bear market as its support levels are still unclear. Its price now hovers around $0.21, which seems to hold up well at the moment. XRP needs to establish support levels at the moment in order for it to consolidate in a healthy way.


XRP’s RSI reached oversold levels while its volume is invariably high.

Key levels to the upside                   Key levels to the downside

1: $0.235                                       1:  still unclear

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 22 – Crypto market crashes as China allegedly shuts down Binance Shanghai office in a crackdown

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down 0.6.51%, and it is now trading at $7,577. Ethereum lost 8.01%, while XRP went down 3.62%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is MMO Coin, with 104.8% daily gain. The biggest loser of the day was DxChain Token, which lost 40.09% of its value.

Bitcoin’s dominance decreased by around 0.4% when compared to yesterday’s value. Its dominance now sits at 65.58%.

The cryptocurrency market as a whole now has a market capitalization of $208.21 billion, which represents a significant decrease when compared to the value it had yesterday.

What happened in the past 24 hours

Chinese authorities have reportedly shut down Binance’s Shanghai offices. Binance is one of the biggest cryptocurrency exchanges in the world.

Citing unnamed local sources, The Block announced that the local police raided Binance’s Shanghai offices and shut them down. Binance has around 50-100 employees working in Shanghai.

Binance has not yet responded to any requests for comment at the moment.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a significant crash today. Its price managed to break down under $8,000 and even test the big $7,415 key support level. As that level managed to hold the bears off for now, Bitcoin is now trading just above it.


Bitcoin’s volume increased as the move down progressed. Its RSI level is extremely low and is sitting in the oversold territory for some time now. It currently has a value of 13.6.

The key level of $8,000 passed to the upside, while the major key level to the downside is not $7,415.

Key levels to the upside                   Key levels to the downside

1: $8,000                                           1: $7,415

2: $8,425

3: $8,640                                   

Ethereum

Ethereum also broke its immediate resistance in the past 24 hours. After spending the day trading just below its immediate resistance of 178.6, Ethereum’s price slipped down and made its way towards below the $163.5 line. The price managed to stabilize above the green support area and is now trading close to $160.


The only major change in key levels is that the key level of $167.9 moved to the upside.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP’s ranging movements stopped today, as the price crashed down. Its price fell below its key support level of $0.245, which made XRP unstable as bears took over the market. Even though it fell all the way down to $0,236, XRP managed to recover slightly and is now trading just under its $0,245 support level. If, however, bulls do not manage to cross over it, XRP may attempt to break down the $0.235 support key level.


The key levels of $0.245 moved to the upside, while the key level of $0.235 is added to the downside levels.

Key levels to the upside                   Key levels to the downside

1: $0.245                                           1:  $0.235

2: $0.266

3: $0.285

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 21- $400 million XRP tied to illicit activities, crypto markets bleeding out

The cryptocurrency market was slowly bleeding out in the past 24 hours

The cryptocurrency market was slowly bleeding out in the past 24 hours

The cryptocurrency market was slowly bleeding out in the past 24 hours. Most cryptocurrencies ended up being in the red. If we take a look at the past 24 hours, Bitcoin went down 0.57%, and it is now trading at $8,072. Ethereum lost 1.17%, while XRP went down 1.71%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is EDC Blockchain, with 30.61% daily gain. The biggest loser of the day was Komodo, which lost 10.51% of its value.

Bitcoin’s dominance increased to over 66% as the market lost a bit more value than Bitcoin itself. Its dominance now sits at 66.02%.

The cryptocurrency market as a whole now has a market capitalization of $219.41 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

Cryptocurrency forensics and analysis firm Elliptic managed to put together a case on $400 million of XRP’s funds. Allegedly, about $400 million worth XRP ended up being used for illegal transactions.

In a press release published on Nov 20, Elliptic said that the $400m of illicit XRP activity  represents just a bit less than 0.2% of total XRP transactions. They also said that the vast majority of XRP activity is legitimate as this is all they could find.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a red day today. However, it did not lose as much as most of the market. The price managed to stabilize above $8,000 resistance line as this key level ended up being well-respected by the market. The price is currently walking on the edge and anchoring to the key level, so any form of bear presence might threaten Bitcoin’s price above $8,000.


Bitcoin’s volume is continuing to gradually decrease from the big drop in price. Its RSI level is in the oversold territory for some time now.

Key levels to the upside                   Key levels to the downside

1: $8,425                                           1: $8,000

2: $8,640

3: $8,820                                       

Ethereum

Ethereum spent the day trading just below its immediate resistance, but could not break it. The price broke the $178.6 key support level and is currently trading below it, as bears are threatening with a move to the upside. However, the volume is not showing any initiative from the bull side.


The critical level of $178.6 moved to the upside as the price went below it. Likely, Ethereum won’t manage to go above this level in the short future as its volume and bull presence, in general, are not there.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP’s ranging movements are continuing today as well. After its price fell to its key support level of $0.245, bulls kicked in and kept the price above it. XRP is currently trading near the bottom of the range, stuck between the 0.245 support line and the 0.266 resistance line.


Both support and resistance levels seem to have been well-respected by the bulls and bears, which indicates that XRP might stay in this range for some time. The key levels remain the same as they were as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 20 – KPMG values Bitcoin-based companies less this year, Cryptocurrency markets in consolidation

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at the past 24 hours, Bitcoin went down 0.45%, and it is now trading at $8,113. Ethereum lost 0.25%, while XRP gained 1.65%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Crypterium, with 21.06% daily gain. The biggest loser of the day was Aurora, which lost 9.37% of its value.

Bitcoin’s dominance remained at the pretty much the same place from the last time we checked the markets. Its dominance now sits at 65.87%.

The cryptocurrency market as a whole now has a market capitalization of $224.9 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

There was no big fundamental news that could impact the market positively or negatively today. Small price movements showed that no technical or fundamental indicators gave any signals.

Big Four auditing firm KPMG released its 2019 Fintech100 ranking. KPMG lists the top100 fintech firms in the world each year. This year, the list saw a drop in Bitcoin and crypto-related companies.

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Technical analysis

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Bitcoin

Bitcoin had a pretty slow day in the past 24 hours. After yesterday’s price drop, the price stabilized above $8,000 resistance line. This support key level seems to have been respected as bulls started to buy Bitcoin at this price point and stopped bears from taking over completely.


Bitcoin’s volume is continuing to gradually decrease from the big drop in price. Its RSI level is in the oversold territory for some time now.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820                                           2: $8,000

3: $9,120                                         

Ethereum

As Ethereum broke another support key level, it is currently stuck in a price limbo. The price broke the $178.6 key support level and is currently trading just below it. There are currently no attempts of Ethereum going back above this key level.


The key level of $178.6 moved to the upside as the price went below it. It is likely that Ethereum won’t manage to go above this level in the short future as its volume and bull presence, in general, are not there.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP had quite a turbulent day. Its price fell to its key support level of $0.245, but bulls kicked in and kept the price above it. XRP is currently trading in the middle of the range, stuck between the 0.245 support line and the 0.266 resistance line.


The key levels still remain the same as they were as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 19 – Cryptocurrency ATM taxation as a possibility

The cryptocurrency market took a small price blow in the past 24 hours. Most cryptocurrencies ended up being in the red due to no significant buying volume coming into the

The cryptocurrency market took a small price blow in the past 24 hours. Most cryptocurrencies ended up being in the red due to no significant buying volume coming into the

The cryptocurrency market took a small price blow in the past 24 hours. Most cryptocurrencies ended up being in the red due to no significant buying volume coming into the markets. If we take a look at the past 24 hours, Bitcoin went down 2.96%, and it is now trading at $8,187. Ethereum gained 2.68%, while XRP went down 2.55%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is MMO coin, with 1,083.20% daily gain. The biggest loser of the day was ZB, which lost 13.72% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.75%.

The cryptocurrency market as a whole now has a market capitalization of $229.89 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

A senior agency official announced that criminal investigators at the IRS were focused on implementing taxation on users of cryptocurrency kiosks and ATMs.

“If you can walk in, put cash in and get Bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.” – said the IRS criminal investigation chief John Fort.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had yet another failed attempt at going past the $8,640 resistance. At one point, the volume increased and everything pointed to Bitcoin crossing the resistance. However, that did not happen and Bitcoin’s price started to fall down as the bears kicked in. Its price went all the way down to $8,000 but quickly rose up to $8,150, which is the price Bitcoin is currently at.


Bitcoin’s volume has been gradually increasing during the day as the attempt to pass the resistance started to happen. However, the most significant volume increase was the candle where Bitcoin fell from $8,430 to $8,005.

The critical level of $8,000 has been added as the price respected this support line.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820                                           2: $8,000

3: $9,120                                         

Ethereum

Ethereum broke another support key level. The price anchored to the $178.6 key support level and seemed to have stabilized there. However, today’s bear presence brought its price down just below $178.6. Ethereum is still struggling to decide whether the price will remain above this line or end up below it.


The key level of $178.6 moved to the upside as the price went below it.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP is currently stuck in a price limbo. As it fell below its major support of $0.266, it had no clear support lines to anchor to for a couple of days now. With the first major key support level being $0.245, XRP is now roaming freely between this level and the $0.266 level, which now became resistance. XRP had quite of a red day in the past 24 hours, falling all the way down to $0.242 but quickly returning to its range and now trading at $0.252.


The key levels remain the same as they were before the weekend as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 18 – Wyoming banking with cryptocurrency, Venezuela paying Christmas bonus in Petro

The cryptocurrency market had an interesting weekend. Most cryptocurrencies had a price spike at the start of the weekend, followed by a sharp decline after it. If we take a

The cryptocurrency market had an interesting weekend. Most cryptocurrencies had a price spike at the start of the weekend, followed by a sharp decline after it. If we take a

The cryptocurrency market had an interesting weekend. Most cryptocurrencies had a price spike at the start of the weekend, followed by a sharp decline after it. If we take a look at the past 24 hours, Bitcoin went down 0.47%, and it is now trading at $8,440. Ethereum gained 0.67%, while XRP went down 0.39%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Dx Chain Token, with 18.17% daily gain. The biggest loser of the day was Aurora, which lost 8.91% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.72%.

The cryptocurrency market as a whole now has a market capitalization of $233.84 billion, which represents a slight decrease when compared to the value it had before the weekend.

What happened in the past 24 hours

Wyoming passed legislation that authorized charters for Special Purpose Depository Institutions (or SPDI banks), the first-of-their-kind commercial-grade bank that allows companies dealing in cryptocurrencies to conduct its business in the same manner as any other non-cryptocurrency company would.

In other news, Venezuelan President Nicholas Maduro announced that the retirees and pensioners will receive their Christmas bonus in the form of the newly-created national cryptocurrency Petro.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a turbulent weekend. As the weekend started, its price tried to overcome the $8,820 level but failed. It passed $8,640 to the downside as a response to the lack of bull power. This move paints a very unclear picture of the future Bitcoin movements as there are no clear-set support lines that the price can anchor to.


Bitcoin’s volume is even lower than before the weekend, with RSI heading towards the oversold territory. Key levels have not changed, as there have been no significant price movements.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820

3: $9,120                                         

Ethereum

Ethereum broke the range it was trading at before the weekend started. As the price fell below the $185 line, it found new support at $178.6. The price tested the newfound support at one point during the weekend, but the bulls quickly reacted and brought Ethereum above it. Ethereum is currently retesting the resistance level of $185.


Key levels to the upside                   Key levels to the downside

1: $185                                              1: $178.6

2: $193.5                                           2: $167.8

3: $198

XRP

XRP is, similar to Bitcoin, stuck in a price limbo. As it fell below its major support of $0.266, it had no clear support lines to anchor to. With the first major key support level being $0.245, XRP is now roaming freely between this level and the $0.266 level, which now became resistance. At one point during the weekend, XRP attempted to break the resistance level to the upside, but failed and tumbled down from 0.266 to the current $0.26.


The key levels remain the same as they were before the weekend as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 15 – Cryptocurrency market bleeding out, major support levels broken

The cryptocurrency market suffered some losses in the past 24 hours. Every cryptocurrency in the top10 lost a percentage of its value. If we take a look at the past

The cryptocurrency market suffered some losses in the past 24 hours. Every cryptocurrency in the top10 lost a percentage of its value. If we take a look at the past

The cryptocurrency market suffered some losses in the past 24 hours. Every cryptocurrency in the top10 lost a percentage of its value. If we take a look at the past 24 hours, Bitcoin went down 1.21%, and it is now trading at $8,564. Ethereum lost 1.89%, while XRP went down 2.22%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Verge, with 26.34% daily gain. The biggest loser of the day was Icon, which lost 7.83% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.79%.

The cryptocurrency market as a whole now has a market capitalization of $236.4 billion, which represents a decrease of $3.3 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. However, due to the lack of volume and inability to reach past some resistances, the cryptocurrency market started to bleed out in the past 24 hours.

This more bearish outlook on the cryptocurrency market resulted in most cryptocurrencies being in the red.On the other hand, many analysts are stating that the soon-to-come US recession might reflect extremely positively on the cyptocurrency market.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price went under a key support level in the past 24 hours. It passed $8,640 to the downside and is now trading at around $8,550 levels. This is a really bad price to be at as threr are no clear-set support lines that the price can anchor to.


Bitcoin’s volume is still extremely low, with RSI touching the oversold territory for a brief moment.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820

3: $9,120                                         

Ethereum

Ethereum also broke the range it was trading at. Its price was contained within a range between the resistance line of $193.5 and a support line of $185, but the most recent move to the downside broke the $185 support line. The next possible support key level is $178.6.


The key levels remain the same, but the support key level of $185 now became key resistance.

Key levels to the upside                   Key levels to the downside

1: $185                                              1: $178.6

2: $193.5                                           2: $167.8

3: $198

XRP

XRP did not have a good day either. Its price also broke a key support level. The major support level of $0.266 was broken to the downside, and XRP is now trading just under it. XRP’s price is currently hovering at around $0.264. XRP is currently creating a doji candle at the $0.264 level which might signal that bulls are coming in for the rescue.


XRP’s volume has dropped when compared to yesterday’s volume, while its RSI touched the oversold territory.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 14 – Markets slightly down, NEO still gaining in value

The cryptocurrency market was in a slight red, though many cryptocurrencies gained some value. While most of the cryptos are losing value in the 1%-2% range, quite a lot of

The cryptocurrency market was in a slight red, though many cryptocurrencies gained some value. While most of the cryptos are losing value in the 1%-2% range, quite a lot of

The cryptocurrency market was in a slight red, though many cryptocurrencies gained some value. While most of the cryptos are losing value in the 1%-2% range, quite a lot of gainers increased in price 5%-6%. If we take a look at the past 24 hours, Bitcoin went down 0.69%, and it is now trading at $8,688. Ethereum gained 0.28%, while XRP went down 1.59%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Noah Coin, with 328.96% daily gain. The biggest loser of the day was Aurora, which lost 30.53% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.9%, which is a decrease of 0.02% from yesterday’s value.

The cryptocurrency market as a whole now has a market capitalization of $239.7 billion, which represents a decrease of $0.5 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. As a result of that, the markets kept consolidating, and the price of most cryptocurrencies didn’t move.

However, a more bearish outlook on the cryptocurrency market resulted in most cryptocurrencies being in the red. That being said, bullish news coming from the east are still strong and cryptocurrencies like NEO are having no problem defying the markets.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

When compared to yesterday’s values, Bitcoin’s price is slightly lower. It is now right above the $8,640 support line, which actually got tested a couple of times. Each time it got tested, the bulls rallied and managed to keep the price above it. There were no attempts at breaking 8,820 yet.


Bitcoin’s volume is lower than yesterday, with RSI approaching oversold territory. The key levels remained the same.

Key levels to the upside                   Key levels to the downside

1: $8,820                                           1: $8,640

2: $9,120

3: $9,250                                            

Ethereum

Unlike Bitcoin, Ethereum was in a slight green if we compare the price to the one from the past 24 hours. Its price is still contained within a range between the resistance line of $193.5 and a support line of $185. Ethereum had a great day for the majority of the day, having one green candle after another. However, the price suddenly dropped to the support line, which is when the bulls rallied.


The key levels remain the same as Ethereum is back in the same position as it was yesterday.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP did not have a good day. Even though its price is contained between the support level of $0.266 and resistance standing at $0.285, it managed to drop in value quite a bit. As the range between its key support and key resistance levels is bigger than with Bitcoin’s current support-resistance distance, the price’s ability to move is somewhat bigger. Still, there was almost no movement in the past 24 hours. The $0.266 line did not get tested, but we can see that bulls are already standing still near that price line.


XRP’s volume is still slightly elevated, while its RSI value is approaching oversold levels.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 13 – China’s stance on crypto skyrockets NEO’s price

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this cryptocurrency increased in price over 100% over the past few weeks. If we look at the past 24 hours, Most of the market is precisely where it was 24 hours ago. Bitcoin went down 0.27%, and it is now trading at $8,744. Ethereum lost 0.16%, while XRP went down 0.34%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Aurora, with 24.80% daily gain. The biggest loser of the day was RIF Token, which lost 8.62% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.92%, which is an increase of 0.05% from yesterday’s value.

The cryptocurrency market as a whole now has a market capitalization of $240.2 billion, which represents a decrease of $0.6 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. As a result of that, the markets kept consolidating, and the price of most cryptocurrencies didn’t move.

However, China’s positive stance on cryptocurrency is still relevant news, especially for NEO. Its price increased by over 100% in the past few weeks. This Chinese cryptocurrency is tied to the government, so any positive news on cryptocurrency coming from China will most likely be followed by NEO’s increase in price.

Michael Novogratz warned the United States of their position in the fintech and blockchain revolution. He stated that China’s blockchain and cryptocurrency revolution might be a threat to the current position of the US in the global economy. He also said that China is already ahead in research on fintech and that the United States is just trying to catch up.

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Technical analysis

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Bitcoin

After Bitcoin’s price tumbled to $8,550, bulls rallied to put it over the $8,640 support level. Bitcoin spent the past 24 hours moving between its support level and $8,820 resistance level. One attempt of breaking this range to the upside was quickly dismantled.


Bitcoin’s volume is still very low, but it has not dropped when compared to yesterday. The values remained relatively the same. The key level of 8,820 added as the price respected resistance at the price point.

Key levels to the upside                   Key levels to the downside

1: $8,820                                           1: $8,640

2: $9,120

3: $9,250                                            

Ethereum

Ethereum didn’t move much for the past 24 hours. Its price is still contained within a range between the resistance line of $193.5 and a support line of $185. Ethereum’s bears rallied in a try to break the $185 level to the downside, but the bulls did not allow for that to happen, and the price returned above $185. At one time in the past 24 hours, the price reached $182 for a brief amount of time.


The key levels remain the same as Ethereum is back in the same position as it was yesterday.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP hasn’t seen a lot of movement in the past 24 hours, either. Its price is contained between the support level of $0.266 and resistance standing at $0.285. As the range between support and resistance is a bit bigger than with Bitcoin’s current support-resistance distance, the price’s ability to move is also a bit bigger. Still, there was almost no movement in the past 24 hours.


XRP’s volume is still slightly elevated, while its RSI value is approaching oversold levels.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 12 – Markets stale, XRP preparing for a new move

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at the past 24 hours, Bitcoin went down 0.31%, and it is now trading at $8,763. Ethereum lost 0.45%, while XRP went down 0.26%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Aurora, with 23.28% daily gain. The biggest loser of the day was DxChain Token, which lost 19.11% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.87%.

The cryptocurrency market as a whole now has a market capitalization of $240.87 billion.

What happened in the past 24 hours

There was no news that could spark up any moves to the upside or downside in the past 24 hours. As a matter of fact, after the markets dropped in price, everything stopped. No significant fundamental news worth noting, low volume in the markets, no significant price movement.

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Technical analysis

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Bitcoin

Bitcoin’s price tumbled to $8,650 yesterday morning as bears took over. However, the key level of $8,640 held and the price bounced back quickly. All the key levels proved to be well-respected. However, Bitcoin’s price took another blow this morning. Bitcoin fell under the $8,820 line and even tested the lows under the key level of $8,640 by reaching the price of $8,600. Bulls, however, rallied, and the price remained above this key level.


 

Bitcoin’s volume keeps decreasing more and more if we exclude occasional volume spikes, which results in sudden price drops.

Key levels to the upside                   Key levels to the downside

1: $9,125                                           1: $8,640

2: $9,250

3: $9,580                                            

Ethereum

Ethereum is still in the same spot it was for the majority of the past week. Its price is contained within a range between the resistance line of $193.5 and a support line of $185. If we look at the past 24 hours, its price slowly decreased and tried to test the $185 key level, and even broke it downwards to $184,4 at one point. However, the bulls rallied and moved the price back up.


Ethereum’s volume is on extremely low levels when compared to the previous days. The key levels remain the same as Ethereum is back in the same position as it was before the weekend.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP is in a pretty interesting spot at the moment. Even though its price is contained within a range, its volume is rather high (and so is the probability of a move – to the upside or downside). After failing to break its resistance of $0.285, XRP is trading between that key level and its major support of $0.266.


As XRP’s RSI shows quite low values and its volume is high, there is a high chance of an attempt to break the key resistance level to the upside happening soon.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 11 – Cryptocurrency markets dropping, IRS chasing crypto-tax evaders

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and the price of most cryptocurrencies fell significantly. If we look at the past 24 hours, Bitcoin went down 3.24%, and it is now trading at $8,721. Ethereum lost 2.54%, while XRP went down 2.69%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is DxChain Token, with 28.38% daily gain. The biggest loser of the day was Synthetics Network, which lost 8.55% of its value.

Bitcoin’s dominance decreased as its price fell more when compared to most altcoins. However, the decrease was is only fractional. Its dominance now sits at 65.87%, which represents an increase of around 1% when compared to the value it had on Friday.

The cryptocurrency market as a whole now has a market capitalization of $239.5 billion.

What happened in the past 24 hours

The Joint Chiefs of Global Tax Enforcement which include representatives from the US, UK, Australia, Canada as well as the Netherlands talked about cryptocurrencies and ways that people avoid taxes as well as how to potentially stop it. The IRS stated that they are now better suited to tackle cryptocurrency tax evasion.

The IRS also claims that they already identified “dozens” of suspects by using the knowledge they obtained during this forum.

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Technical analysis

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Bitcoin

Bitcoin had a rough weekend as cryptocurrency markets tumbled down. However, its price recovered fast, and the outlook is slightly bullish at the moment. During the drop, the price reached the price of $8,650, but bounced back quickly. All the key levels proved to be well-respected. However, Bitcoin’s price took another blow this morning. Bitcoin fell under the $8,820 line. BTC is now held by the support standing at $8,640.


Bitcoin’s volume keeps decreasing more and more if we exclude occasional volume spikes which result in sudden price drops. One change in the key levels is that the support level of $8,820 was not respected well enough, so it will be removed for now.

Key levels to the upside                   Key levels to the downside

1: $9,125                                           1: $8,640

2: $9,250

3: $9,580                                            

Ethereum

Ethereum spent quite a few days of the past week contained within a range between the resistance line of $193.5 and a support line of $185. When bears took over the market, the price fell below the support line and reached a price of $180. However, as time passed, Ethereum regained its strength and moved back to the same range it was in previously. It is currently trading at $186.


Ethereum’s volume had a big volume spike which helped it cross the $185 resistance. However, that volume died down quickly. The key levels remain the same as Ethereum is back in the same position as it was before the weekend.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

Unlike Bitcoin and Ethereum which mostly recovered from their latest price losses, XRP failed to do so. After bears took the market in their own hands, XRP fell to the price of $0.27. Bulls quickly came to the fight but failed to form enough buying power to pass the $0.285 resistance level. XRP is currently positioned between the $0.285 resistance and $0.266 support, with its price being $0.275 at the moment.


XRP is currently trading with a volume that exceeds the average by quite a large margin. The only change to key levels is that the $0.285 is now acting as resistance rather than support.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 8 – XRP bears and bulls fighting, Coinbase introduces staking with 5% annual interest

The cryptocurrency markets are almost in the same spot as they were yesterday. There were no big moves up in the top3 cryptocurrencies. However, XRP had a pretty rough day

The cryptocurrency markets are almost in the same spot as they were yesterday. There were no big moves up in the top3 cryptocurrencies. However, XRP had a pretty rough day

The cryptocurrency markets are almost in the same spot as they were yesterday. There were no big moves up in the top3 cryptocurrencies. However, XRP had a pretty rough day, as it lost over 4% in the past 24 hours. Even though most cryptocurrencies are in the red, the losses were extremely small. Bitcoin went down 0.73%, and it is now trading at $9,223. Ethereum lost 1.13%, while XRP went down by 4.03%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is DxChain Token, with 43.07% daily gain. The biggest loser of the day was Decred, which lost 8.15% of its value.

Bitcoin’s dominance increased slightly as some altcoins decreased in value while Bitcoin pretty much stayed at the same spot. However, the increase is only fractional. Its dominance now sits at 66.73%, which represents an increase of 0.14% when compared to yesterday’s value.

As XRP and some other cryptocurrencies had a slight red day, the cryptocurrency market declined slightly. Cryptocurrencies as a whole now have a market capitalization of $252.6 billion, which represents an almost $1.1 billion decrease when compared to the previous day.

What happened in the past 24 hours

Coinbase announced that they will be introducing staking as an incentive for holding a cryptocurrency. The first cryptocurrency that will be available for staking at Coinbase will be Tezos (XTZ) token.

Coinbase said U.S. customers (excluding residents of Hawaii and New York) can now stake Tezos with an estimated 5% annual return. The estimate of 5 percent is based on Tezos’ staking returns in the past three months. One thing to note is that there will be an initial holding period of 35–40 days. After the holding period is done, stakers will earn rewards for holding the cryptocurrency. The rewards will be paid every three days.

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Technical analysis

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Bitcoin

Slight decrease in volume was enough to put Bitcoin below the $9,250 support line, which now turned resistance. Once the price went below the line, the momentum tried to push it below the small $9,125 support line. However, bulls rallied and managed to keep the price above that point. Bitcoin is now trading at $9,223 which is just slightly less than how much it was trading for at 24 hours ago.


Bitcoin’s volume has decreased slightly in the past 24 hours. One change in the key levels is that the previous support line of $9,250 now acts as resistance.

Key levels to the upside                   Key levels to the downside

1: $9,250                                           1: $9,125

2: $9,580                                           2: $8,820

3: $9,740                                           3: $8,640

Ethereum

Ethereum is contained within a range between the resistance line of $193.5 and a support line of $185. After testing the upside on Nov 6 and failing, Ethereum attempted to test the downside. As the price reached $185 line, buyers rallied and brought the price up. Ethereum is now trading for $187.5.


Ethereum’s volume is hitting record lows in the past 24 hours. Without buying or selling pressure, ETH might stay in this price range for quite a long time.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP has had a wild ride in the past 24 hours. After having a major move that brought the price from $0.295 up to $0.315, XRP crashed. Not only that, the bears have brought the price to its original levels, but they were in control until the price reached $0.274. This major and sudden price drop was quickly nullified when the bulls stepped in. XRP is now trading for $0.289.


XRP is currently trading with a volume that exceeds the average by quite a large margin. Its RSI indicator dropped from overbought to the ~40 range.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 7 – Crypto-mining in China no longer illegal

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy move after the price drops or surges. Bitcoin went down 0.17%, and it is now trading at $9,299. Ethereum lost 0.14%, while XRP gained 0.86%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Tezos, with 28.30% daily gain followed by Swipe’s 13.20% and Ren’s 12.27% gain. The biggest loser of the day was Chiliz, which lost 14.84% of its value.

Bitcoin’s dominance went slightly down when compared to the previous day as some cryptocurrencies outperformed its daily gain. Its dominance now sits at 66.59%, which represents a decrease of 0.5% when compared to yesterday’s value.

As the market was pretty stable in the past 24 hours, the market capitalization has not changed much. The slight decline in market capitalization could is just temporary and is a part of the daily crypto fluctuation. Cryptocurrencies as a whole now have a market capitalization of $252.6 billion, which represents an almost $1.1 billion decrease when compared to the previous day.

What happened in the past 24 hours

Most of today’s news came from China. The biggest one would be that China is now outright bullish on cryptocurrencies and does not intend to shut down cryptocurrency mining whatsoever.

China officially stated that cryptocurrency mining is no longer featured on the list of industries it considers undesirable. On top of that, China’s President Xi Jinping calling the country to accelerate blockchain adoption as well as people to invest into cryptocurrencies.

However, cryptocurrency trading is still officially banned in China as the new law comes takes effect on Jan 1, 2020.

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Technical analysis

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Bitcoin

After Bitcoin broke its triangle pattern and surged from $9,150 levels to $9,300 levels, it started to consolidate. The price seems to be contained within a range and any attempts of moving out of that range gets shut down. Bitcoin is now trading at $9,09, which is just slightly less than how much it was trading for at 24 hours ago.


Bitcoin’s volume is approximately on the same level as it was for the past couple of days. As there were no new moves to the upside or downside, the key levels stay the same. One addition to the key levels could be the price where Bitcoin broke its triangle pattern, as that seems to be its immediate support at the moment.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $9,250

2: $9,740                                          2: $8,820

3: $10,350                                        3: $8,640

Ethereum

After breaking the $185 resistance line, which now became support, Ethereum seems to be in the hands of the bulls. While volume showed that there was no space for Ethereum’s price to go up or down, the cryptocurrency platform proved otherwise. It tried to move above the $193.5 resistance line, which proved to be a valid bear-filled price point. As the upward-facing move failed, Ethereum is now consolidating close to the $193.5 resistance line.


Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP has proven to be an almost-isolated market. While slightly affected by the price movements of the industry, XRP is more than capable of not mirroring Bitcoin. Not only that, but its price movements are almost completely different. While Bitcoin is trying to stabilize and consolidate, XRP tried to make a quick move up. The price surged from $0.03 all the way to $0.315 before crashing down to the same level it started at, creating two major candles, one green, and one red.


XRP’s RSI touched the overbought indicator at the same time that bears started kicking in. Even though the price movement was quite wild, the key levels are remaining the same as the price did not move past any support or resistance levels.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 6 – Senator Romney and the FBI view Crypto as National Security Threat

The cryptocurrency market had another green day. Major cryptocurrencies’ volume is on the decrease, and yet the price rose two days in a row. Almost every cryptocurrency in the top100

The cryptocurrency market had another green day. Major cryptocurrencies’ volume is on the decrease, and yet the price rose two days in a row. Almost every cryptocurrency in the top100

The cryptocurrency market had another green day. Major cryptocurrencies’ volume is on the decrease, and yet the price rose two days in a row. Almost every cryptocurrency in the top100 is currently in the green, the exceptions mostly being stablecoins. Bitcoin went up 1.78%, and it is now trading at $9,385. Ethereum gained 4.98%, while XRP gained 1.35%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Dragon Coins, with 24.53% daily gain followed by Lambda’s 21.71% and Algorand’s 19.42% gain. The biggest loser of the day was Chiliz, which lost 17.59% of its value.

Bitcoin’s dominance went slightly down when compared to the previous day as some cryptocurrencies outperformed its daily gain. Its dominance now sits at 66.82%, which represents a decrease of 0.3% when compared to yesterday’s value.

Cryptocurrencies ended up being in the green in the past 24 hours, which resulted in a small increase in market capitalization of the whole asset class. It now has a market capitalization of $253.78 billion, which represents an almost $3.09 billion increase when compared to the previous day.

What happened in the past 24 hours

The United States Republican Senator Mitt Romney is considering impeaching cryptocurrency from the US as, in his opinion, the threat to national security is rising. The FBI also agreed with that by saying that cryptocurrencies are a “significant problem that will get bigger and bigger”. All this happened during a hearing in the United States Senate Committee On Homeland Security And Governmental Affairs.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s has broken its triangle pattern that it was forming on a daily time-frame and its standing above it with conviction. While the price seems to be performing movements contained in a range, the current candle is looking promising. Bitcoin is now trading at $9,385, which is close to $100 more than it was trading at 24 hours ago.


Bitcoin’s volume is approximately on the same level as it was yesterday. As there were no new moves to the upside or downside, the key levels stay the same.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum’s bulls and bears were fighting for its place above or below the $185 line yesterday. The bulls won, and the price went above the line, but that was not the end of the move. Etherum is now trying to tackle another resistance, which is sitting at $193.5. Ethereum is now trying to break the resistance and its trading right at this price level. The price broke resistance once but was quickly driven down by the strong selling pressure.


Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $178.6

2: $198                                             2: $167.8

3: $163.5

Ripple

XRP has not changed much in terms of price or overall position in the market. It has been stagnant in the past couple of days in terms of breaking any supports or resistances. However, its price did move slightly up in the past 24 hours. The price is still going up and down, performing price moves in the range of $0.286-$0.306. XRP’s price is currently $0.303.


XRP’s RSI is approaching overbought on the 4-hour time frame, which may indicate that bears will be kicking in soon. The key levels are remaining the same as the price did not move past any support or resistance levels.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 5 – Markets in the green, BTC triangle pattern broken

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the green. Bitcoin went up 1.63%, and it is now trading at $9,315. Ethereum gained 2.02%, while XRP gained 2.84%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Noah Coin, with 36.10% daily gain followed by Augur’s 16.12% and Aeternity’s 13.68% gain. The biggest loser of the day was iExec RLC, which lost 5.43% of its value.

Even though the prices among the cryptocurrency market started changing, Bitcoin’s dominance has stayed at almost the same level that it was yesterday. Its dominance now sits at 67.23%.

Cryptocurrencies ended up being in the slight red in the past 24 hours, which resulted in a small drop in market capitalization of the whole asset class. It now has a market capitalization of $250.69 billion, which represents an almost $4 billion increase when compared to the previous day.

What happened in the past 24 hours

There was no major fundamental news that sparked this upswing in the past 24 hours. The move probably started by Bitcoin breaking its triangle pattern (which can be seen on the daily time-frame), which, in turn, gave the other cryptocurrencies an initial push.

As a result, most cryptocurrencies saw a daily gain of around 2%, while some gained much more.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s has broken its triangle pattern that it was forming on a daily time-frame. After breaking it upwards, it immediately pushed to test the $9,580 level, but failed to pass it. It is now consolidating at $9,300 level. As it moved further up from the support line of $9,115, we can expect another push to break the first key resistance or a downswing to test the suppport.


Bitcoin’s volume is on a slight upswing due to new money coming in with the push. However, there are no other significant increases.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum’s bulls and bears are fighting for its place above or below the $185 line. After spending almost a week in between its $178.6 support line and $185 resistance line, Ethereum broke the ranging movement with an upswing, which reached $190. This move was, however, unsuccessful, as the price quickly dropped below the $185 line and returned to its previous state. Ethereum is currently trading at $183.5. Key levels are remaining the same as the move did not impact any support/resistance line standings.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

XRP has been pretty stagnant in the past couple of days in terms of breaking any supports or resistances. However, its price did move up in the past 24 hours. After giving up on pushing its price up to follow the extremely steep upward-facing trend line, XRP started performing price movements in a range of $0.286-$0.306. Lack of volume continued throughout the weekend and gave XRP no chance to make a move. However, the past 24 hours brought in new volume, and XRP spiked upwards.


The move did not last long and was quickly almost nullified with a big red candle, which brought the price from $0.306 to $0.296, with the tendency to fall further.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 4 – UK says Cryptocurrencies are not Money

The cryptocurrency market had another pretty slow weekend when looking at the price movement. Major cryptocurrencies’ volume is dropping each day. The volume drop did not translate into a price

The cryptocurrency market had another pretty slow weekend when looking at the price movement. Major cryptocurrencies’ volume is dropping each day. The volume drop did not translate into a price

The cryptocurrency market had another pretty slow weekend when looking at the price movement. Major cryptocurrencies’ volume is dropping each day. The volume drop did not translate into a price drop in most cases. If we take a look at the past 24 hours, most cryptocurrencies ended up being in the slight red, but a good minority did end up in the green. Bitcoin went down 1.98%, and it is now trading at $9,134. Ethereum lost 1.86%, while XRP lost 1.84%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is ILCoin, with 37.92% daily gain followed by Decred’s 17.29 and Chiliz’s 12.59% gain. The biggest loser of the day was Bytecoin, which lost 10.99% of its value.

Bitcoin’s dominance has stayed at almost the same level that it was on Friday. Its dominance now sits at 67.04%.

Cryptocurrencies ended up being in the slight red in the past 24 hours, which resulted in a slight drop in market capitalization of the whole asset class. It now has a market capitalization of $246.75 billion, which represents a $3.41 billion decrease when compared to the previous day.

What happened in the past 24 hours

The United Kingdom’s tax, payments, and customs authority, Her Majesty’s Revenue and Customs (HMRC), updated its guidelines on crypto taxation. The update is aimed towards both businesses and individuals.

HMRC released tax guidance updates that clarify on how businesses and individuals taxation will work when it comes to cryptocurrency. Her Majesty’s Revenue and Customs stated that it does not consider any form of cryprocurrency (at the moment) to be currency.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price is in a very interesting spot at the moment. It currently hovers around the $9,140 point, right above its $9,110 line of support. The interesting part is that its price on the daily chart is creating a small triangle pattern, which is extremely close to breaking. Bitcoin’s continous volume reduction is also an indicator of a “calm before the storm”.  It is more probable that the price will break downwards, but the upswing is not excluded either.


As mentioned before, Bitcoin’s RSI is slowly dropping. Its volume is also dropping day by day.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum is having a hard time moving away from its immediate support and resistance lines. It spent another day in between its $178.6 support line and $185 resistance line, with no intention of going upwards or downwards. Ethereum’s volume, like Bitcoin’s, is slowly reducing. It is most likely that, if it doesn’t make a move itself, it will follow Bitcoin’s initiative in any direction. Ethereum is currently trading at $181.5.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

As seen in the previous days, XRP has finally given up on pushing its price up to follow the extremely steep upward-facing trend line. Lack of volume continued throughout the weekend. XRP is currently creating a doji candle on a daily time frame, which may indicate a small trend-reversal to the upside. XRP’s price remained stable over the past 24 hours, and it is now sitting at $0.291.


XRP’s volume and RSI value have stabilized for the duration of the weekend. However, many indicators suggest that XRP will soon make a move, which will impact both volume and RSI.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 1 – China warning against crypto-speculation, Bitcoin crossing a major milestone

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops in price. Most cryptocurrencies ended up being in the slight red. Bitcoin went down 0.01%, and it is now trading at $9,107. Ethereum lost 0.81%, while XRP lost 0.62%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Thunder token, with 63.77% daily gain followed by Lambda’s 27.32 and WINk’s 20.72% gain. The biggest loser of the day was Noah Coin, which lost 55.43% of its value.

Bitcoin’s dominance has increased slightly over the past 24 hours because many cryptocurrencies lost a bit more value than Bitcoin. Its dominance now sits at 67.4%, which represents a 0.2% gain when compared to its position 24 hours ago.

Cryptocurrencies ended up being mostly in the red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $244.6 billion, which represents a $1.3 billion decrease when compared to the previous day.

What happened in the past 24 hours

Bitcoin has reached $1 billion in cumulative transaction fees right on the day of its “birthday” on Oct 31. It has been confirmed that more than 200,000 Bitcoin has now been paid in transaction fees since its launch in 2009.

After China announced that it is accepting cryptocurrencies as a technology worth looking at and deciding to even creating their own, they are calling for caution when it comes to crypto investments.  People’s Daily, a newspaper controlled by the Communist Party of China, announced that:

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price is exactly where it was 24 hours. It currently hovers around the 9,110 point and hanging on a thread which is line of support. Bitcoin is continuing to struggle with the reduced upward momentum and currently has higher percentage of dropping in price. With declining volume and dropping RSI, if Bitcoin falls too far under the area of support at which it stands now, we can expect a downward move to face $8,800 levels.


As mentioned before, Bitcoin’s RSI is slowly dropping, but a bit slower than it did yesterday. It now stands at 45. Bitcoin’s volume is also dropping day by day.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum has spent another day in between its $178.6 support line and $185 resistance line. The past day went without any attempts of price movement to the upside or downside. Ethereum is in a much safer space than Bitcoin as it is not fighting a support line that could decide its short-term future. However, as these two cryptocurrencies are extremely correlated, Bitcoin’s price drop could result in Ethereum’s price drop without any fundamental or technical indicators suggesting that it should happen.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

XRP has finally given up on pushing its price up to follow the extremely steep upward-facing trend line. Lack of volume and therefore buying pressure made it impossible to follow the path of this line. XRP’s price remained pretty stable over the past 24 hours, and it is now sitting at $0.292.


XRP’s volume and RSI value seem to be dropping today, unlike yesterday, which was remarkably stable for XRP when it comes to these indicators.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

 

 

 

 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 31 – China’s Official Cryptocurrency, XRP’s Daily Transactions Through the Roof!

The cryptocurrency market had a slow day price-wise, which might not be a bad thing. Most of the cryptocurrencies’ prices remained near yesterday’s levels even though their volume is slowly

The cryptocurrency market had a slow day price-wise, which might not be a bad thing. Most of the cryptocurrencies’ prices remained near yesterday’s levels even though their volume is slowly

The cryptocurrency market had a slow day price-wise, which might not be a bad thing. Most of the cryptocurrencies’ prices remained near yesterday’s levels even though their volume is slowly dropping. The past 24 hours were quite uneventful as far as the price of top cryptocurrencies is concerned. Most cryptocurrencies ended up being in the slight red. Bitcoin went down 1.14%, and it is now trading at $9,109. Ethereum lost 2.02%, while XRP lost 1.43%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Molecular Future, with 66.88% daily gain followed by Seele and IOST with 11.91% gain for both. The biggest loser of the day was Swipe, which lost 42.05% of its value.

Bitcoin’s dominance remained the same over the past 24 hours. Its dominance now sits at 67.22%, which is almost exactly where it was 24 hours ago.

Cryptocurrencies ended up being divided between being in the green or red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $245.9 billion, which represents a $2.7 billion decrease when compared to the previous day.

What happened in the past 24 hours

It has been announced that China is preparing for the launch of its cryptocurrency. The initiative is quickly gaining traction as China is removing online posts that claim blockchain technology is a scam. China’s President Xi Jinping called launching their state-backed cryptocurrency an “important breakthrough” that should be developed.

Taking a look at the crypto data-tracker BitInfoCharts shows that XRP’s daily transactions now account for more than 50% of all the cryptocurrency transactions in the past 24 hours.  In the same time period, Ethereum came in second while Bitcoin and Bitcoin SV shared the third place. The last time we’ve seen XRP’s daily transactions being this high was the middle of the December 2017 bull run.

_____________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price was pretty stable in the past 24 hours. The $9,110 price level that it’s at currently indicates Bitcoin’s struggle, as it is sitting right on top of the support line. With declining volume and dropping RSI, Bitcoin looks like it’s getting ready for a bounce or a drop very soon. If the $9,110 line gets broken, its support will be at the $8,800 levels.


As mentioned before, Bitcoin’s RSI is slowly dropping along with its volume. This indicates a lack of buying pressure and preparation of a move (to the upside or downside – depending on the situation).

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

_______________________________________________________________________

Ethereum

Ethereum spent another day almost mirroring Bitcoin. After the big price surge, a consolidation needed to happen to make this move healthy. However, the dropping volume and RSI levels show the lack of strength to keep at these levels. Ethereum dropped below the $185 level which is now its immediate resistance. It is hovering right below this line and has made several attempts of breaking it, but failed every single time. If Ethereum breaks $185 it might be possible to see another swing upwards. However, this seems unlikely at this point.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

_______________________________________________________________________

XRP

XRP has proven to be a separate currency with not much influence from Bitcoin. On top of that, its transaction volume has been skyrocketing. While it has been following the upward-facing trend line until today, it seems to have stopped doing that. The steepness of the line was too much for XRP to handle. However, XRP did not lose any of its value, it just stopped climbing up along with the trend line. It is now trading in between its immediate support (which is at $0.285) and resistance ($0.31)


XRP’s volume, as well as RSI value, seems to be quite stable and without any significant fluctuations.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 30 – UK discusses Crypto Regulation, Chinese Mining Company files for $400 mill IPO

The cryptocurrency market had a slow day price-wise. Most prices stayed on the same levels even though the volumes, as well as RSI values, fell. The past 24 hours were

The cryptocurrency market had a slow day price-wise. Most prices stayed on the same levels even though the volumes, as well as RSI values, fell. The past 24 hours were

The cryptocurrency market had a slow day price-wise. Most prices stayed on the same levels even though the volumes, as well as RSI values, fell. The past 24 hours were uneventful as far as price is concerned as most cryptocurrencies are either in the slight green or slight red. Bitcoin went down 1.72%, and it is now trading at $9,238. Ethereum gained 0.44%, while XRP gained 1.07%.

Bitcoin’s dominance increased over the weekend even as cryptocurrencies rose in price. However, it is on the downturn in the past 48 hours. Its dominance now sits at 67.3%, which represents a 0.4% decrease when compared to its dominance value 24 hours ago.

Cryptocurrencies ended up being divided between being in the green or red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $248.6 billion, which represents a $2.3 billion decrease when compared to the previous day.

What happened in the past 24 hours

There was no major news in the cryptocurrency industry in the past 24 hours that could shake the prices up or down. The volumes, as well as RSI values, are descending. These are just indicators of a healthy consolidation.

The UK lenient approach to crypto regulation might change by Jan 10, 2020. This may be done with the implementation of the “Fifth Money Laundering Directive.” Eric Benz, CEO of Changelly, said that the UK’s regulatory framework is just trying to keep up with the cryptocurrency market, which is growing. He said:

“I do think regulation is a good thing but only if done in a way, which suits this new market. Applying traditional archaic regulation to crypto simply will not work as it’s been designed in its nature to avoid regulation. There has to be a much better understanding of the market and technology on behalf of Governments not just in the U.K. but globally.”

Chinese cryptocurrency mining company Canaan Creative filed for an IPO on Oct 28. Canaan intends to be the first publicly-traded crypto-mining company. Canaan Creative filed for an IPO with the U.S. Securities and Exchange Commission to raise $400 million by selling its shares on the Nasdaq under the ticker CAN.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

There were no significant changes in Bitcoin’s price in the past 24 hours. Ever since Oct 26, which is right after Bitcoin surged up to $10,430, the price was steady and in the consolidation state. Its price is currently hovering around the $9,220 mark, which is a bit lower than the $9,450 that it was trading at yesterday.


Bitcoin’s RSI levels are now falling under the RSI overbought territory and entering the regular trading territory. This indicates that the pressure that the buyers had is slowly dying out. On top of that, its volume is descending slowly. However, it is still above the levels it was at before the big spike.

Ethereum

Ethereum is doing pretty much the same thing Bitcoin does. After the big price surge, a consolidation needed to happen to make this move healthy. Ethereum is now hovering between its immediate support and resistance levels of $$185 and $193.5. Ethereum has attempted to break this range both to the upside and the downside in the past 24 hours but failed both times. It is currently trading at $186.7, which is almost exactly the price it was trading at 24 hours ago.


Ethereum’s RSI is falling below the overbought territory, and it is now valued at 53. Ethereum’s volume stopped dropping as it returned to the state it was in before the price spike.

XRP

XRP is, as stated in yesterday’s article, performing its consolidation a bit differently from Bitcoin and Ethereum. It is not trading in a specific range, but following its ascending trend line. Even though the volume seems to stay at the same levels, XRP is finding the strength to move upwards and follow the ever-rising resistance line. Just following this line indicates major strength to the upside. However, the trend of price hovering just below the line will have to stop soon as the aforementioned line is too steep.


XRP’s RSI is dropping from the overbought levels into regular trading levels. It’s currently sitting at the value of 53.

 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 29 – Cryptocurrencies surging, China’s President Optimistic on Blockchain

The cryptocurrency market has had an astonishing weekend, which brought many cryptocurrencies great gains. Yesterday was a continuation of the buying move that started over the weekend. Many cryptocurrencies gained

The cryptocurrency market has had an astonishing weekend, which brought many cryptocurrencies great gains. Yesterday was a continuation of the buying move that started over the weekend. Many cryptocurrencies gained

The cryptocurrency market has had an astonishing weekend, which brought many cryptocurrencies great gains. Yesterday was a continuation of the buying move that started over the weekend. Many cryptocurrencies gained over 5%. In order to make the moves healthy, the cryptocurrency market required a consolidation, which it is getting now. As for the past 24 hours, Bitcoin went down 2.59%, and it is now trading at $9,403. Ethereum gained 0.41%, while XRP lost 1.34%.

 

Bitcoin’s dominance increased over the weekend even as cryptocurrencies rose in price, but fell back down a bit in the past 2 hours. Its dominance now sits at 67.7%, which represents a 0.5% decrease when compared to its dominance value 24 hours ago.

Cryptocurrencies ended up being divided between being in the green or red in the past 24 hours. The industry now has a market capitalization of $250.9 billion.

What happened in the past 24 hours

There was no major news in the cryptocurrency industry in the past 24 hours. The elevated volume and continuous buying pressure seemingly come from China after their president told his citizens to seize the opportunity that is blockchain and crypto industry.

As reported by many news outlets, the Chinese took the words of their president very literally and started investing in cryptocurrency almost immediately.

Technical analysis

Bitcoin

There were no significant changes in Bitcoin’s price when compared to the state, it was 24 hours ago. After bouncing from the $7,410 support line, Bitcoin surged up to $10,430. To keep the gains and to consider this move healthy, Bitcoin needed to retrace. That is exactly what it is doing at the moment. The price is currently hovering around the $9,450 mark.


Bitcoin is currently trading right below the RSI overbought territory, with its volume elevated, but descending.

Ethereum

Ethereum is doing pretty much the same thing Bitcoin does. After the big price surge, a consolidation needed to happen to make this move healthy. Ethereum is currently trading at $186.5. After leaving its falling wedge pattern, Ethereum’s outlook is much more positive. However, its other indicators show a possible downward-facing move in the near future.


Ethereum’s RSI is also right below the RSI overbought territory with trading volume elevated, but descending.

 

 

XRP

XRP is performing its consolidation a bit differently from Bitcoin and Ethereum. Even though it is trading within a range just like the other two cryptocurrencies, XRP does not experience significant volume drops. On top of that, its RSI is dropping from the overbought levels into regular trading levels.



When it comes to the position of XRP’s price, XRP is hovering just below the upward-facing trend line, which it does not intend to cross. Just following the line below, it would indicate major strength to the upside for XRP.

It has become a regular occurrence that Bitcoin and Ethereum almost mirror each other while XRP makes its own moves in the industry.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 28 – Cryptocurrencies surging, China’s president optimistic on blockchain technology

The cryptocurrency market has had an astonishing weekend. The past couple of days have brought us one of the largest price surges in a single 24-hour candle. The last time

The cryptocurrency market has had an astonishing weekend. The past couple of days have brought us one of the largest price surges in a single 24-hour candle. The last time

The cryptocurrency market has had an astonishing weekend. The past couple of days have brought us one of the largest price surges in a single 24-hour candle. The last time we saw a 40%+ 24-hour candle from Bitcoin, it was trading at $0.40 and $5.65. This could indicate an influx of buyers that are here to stay. Precisely this happened, as most cryptocurrencies’ price did not retrace, but instead stayed at their highs. As for the past 24 hours, Bitcoin went up 5.86%, and it is now trading at $9,698. Ethereum gained 4.59% of its value, while XRP gained 3.56%.

Bitcoin’s dominance increased over the weekend even as cryptocurrencies rose in price. This is because Bitcoin’s price itself gained more than the other cryptos did. Its dominance now sits at 68.2%, which represents a 2.1% increase from the beginning of the weekend.

Most cryptocurrencies ended up being in the green in the past 24 hours, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $256.69 billion.

What happened in the past 24 hours

There was no significant news regarding cryptocurrencies in the past 24 hours. The price was keeping up its upward momentum from the news that came earlier during the weekend.

As far as the weekend goes, the big news was the Chinese president Xi says that China should “Seize Opportunity” to adopt blockchain. On top of that, China passed a cryptography law which will be effective on January 1, 2020. This law will try to tackle regulatory and legal challenges in commercial cryptography use-cases.

Technical analysis

Bitcoin

The past week was not especially good for Bitcoin until the weekend came. After failing to spike up from the bull flag that it formed, Bitcoin started dropping in value, managing to fall from $7,950 down to $7,300 in less than 30 minutes. The support line at $7,410 was quite a strong one, and Bitcoin manage to consolidate at that price point. However, the volume suddenly spiked up, and Bitcoin’s price skyrocketed all the way to $10,360 before retracing a bit. Bitcoin is now trading around the $9,700 mark.


Bitcoin’s volume is still quite high, while its RSI is indicating trading in overbought territory.

Ethereum

Ethereum has also had a great weekend, as its price skyrocketed as well. After reaching the big support area at $153, it went up and eventually gained upward momentum. Ethereum’s price reached $199.6 before retracing. One important thing to note is that Ethereum’s price did try to fall below the falling wedge line. However, it quickly declined, and the price shot up once again.


Ethereum is now trading at $186.6 with elevated levels of volume. Its RSI is approaching overbought territory but is not there yet.

XRP

XRP has also gained quite a bit over the weekend. After breaking its upward-facing trend at $0.29, it crashed down to $0.25. However, the price recovered as the bulls kicked in, establishing support at $0.266. This was a baseline for the big move upwards, which ended at $0.315. As the volume faded, XRP retraced a bit and fell under the aforementioned trend line, which it did manage to cross during the spike. It has tried to break it quite a few times since but failed every single time.


Even so, there is no need for attempts to break above the trend line to be successful as the line is too steep upwards. Even following it is a great indicator of strength. XRP is now trading for $0.30.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 25 – Today’s market neutral, Peter Schiff warming up on crypto

The cryptocurrency market has been relatively neutral in the past 24 hours. After a pretty horrible drop that ended with some cryptocurrencies dropping double digits in price, the market is

The cryptocurrency market has been relatively neutral in the past 24 hours. After a pretty horrible drop that ended with some cryptocurrencies dropping double digits in price, the market is

The cryptocurrency market has been relatively neutral in the past 24 hours. After a pretty horrible drop that ended with some cryptocurrencies dropping double digits in price, the market is in a stabilization phase. While some cryptocurrencies gained a bit of value, most remained at their yesterday’s levels. As for the top3 cryptocurrencies, Bitcoin went up 0.24%, while Ethereum gained 0.2% of its value. XRP was the biggest gainer out of the three and gained 2.45%.

Bitcoin has lost a fraction of its dominance due to it not moving much while some other cryptocurrencies managed to secure gains in the past 24 hours. It now sits at 65.6 %, which represents a 0.04% decrease when compared to the previous day.

The industry has gained some value as far as market capitalization goes in the past 24 hours. Cryptocurrencies now have a market capitalization of $205.66 billion, which represents a $1.5 billion increase from the previous day.

What happened in the past 24 hours?

The markets have been pretty stable in the past 24 hours as there were no moves from neither bears nor bulls. There were also no significant news that could impact the price of the overall crypto market.

XRP has managed to gain some value on positive news, however. CryptoBull tweeted that he remains bullish on XRP and that his price goal would be $10 by the end of 2020. On top of that, Tim Draper also announced that he expects XRP to explode soon.

Cryptocurrencies are gaining momentum in adoption, and we can see the future changing right before our eyes. Peter Schiff, an economist that is considered anti-crypto and a goldbug, announced that “Privately issued cryptocurrencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies.”

Technical analysis

Bitcoin

Bitcoin was pretty stagnant in the past 24 hours. After finding resistance at $7,410, Bitcoin could not move far above the price point. However, this support line stopped a big bear move from that could cause much more harm to Bitcoin’s price.


Bitcoin’s RSI is slowly moving out of the oversold territory while the volume is on the decrease. This condition has historically shown that a move (bullish or bearish) is near.

Ethereum

Ethereum has had a slightly better day than Bitcoin in terms of price. Even though its price gain is far from big, Ethereum did manage to pull away somewhat from its support zone.


It is now sitting at $161.5, with the same indicator positions as Bitcoin (RSI and volume)

XRP

XRP has gained the most in the past 24 hours. This fact could be attributed to a large bull rally when the price broke $0.266. Even though the price managed to slip below the line, bulls rallied and propelled it upwards.


XRP is now trading at around $0.278 and looks pretty bullish in the short-term.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 24 –Crypto market bleeding out, Zuckerberg announces Libra’s strategy

The cryptocurrency market has been bleeding out in the past 24 hours. After a pretty average performance throughout the day, cryptocurrencies dropped in price in a blink of an eye.

The cryptocurrency market has been bleeding out in the past 24 hours. After a pretty average performance throughout the day, cryptocurrencies dropped in price in a blink of an eye.

The cryptocurrency market has been bleeding out in the past 24 hours. After a pretty average performance throughout the day, cryptocurrencies dropped in price in a blink of an eye. Most of them lost 5%-8% of their value in a matter of minutes. The move happened extremely fast and with an amazing bear force. It seems like more bearish funds entering the market after cryptocurrencies have consolidated. The market is fighting for dear life as many people have given up on thoughts that this is a retracement in the bull trend, but rather an extension of a bear market that dates back from January 2018. As for the top3 cryptocurrencies, Bitcoin went down 6.84%, while Ethereum lost 4.09% of its value and XRP lost 6.2%.

Unlike with most bear moves, Bitcoin’s dominance decreased this time.  It now sits at 66 %, which represents a 0.05% decrease when compared to the previous day.

As almost every single cryptocurrency was in the red, the market lost a significant portion of its value. The industry now has a market capitalization of $204.28 billion, which represents an enormous $13.1 billion decrease from the previous day.

What happened in the past 24 hours?

Big influx of selling pressure caused the cryptocurrency market to lose over $13 billion of its market capitalization in a matter of minutes. There was no specific news that caused this. In fact, there was no news at all that was regarded as completely bearish in the past 24 hours. However, after the price drop happened, people started resurrecting the thought that the markets have not been in a bull market at all after the big crash of Jan 2018. In fact, many people believe that the price rise to $13,000-$14,000 was just a bear market retracing and then falling back again.

Besides the price drop, the cryptocurrency industry spent the day talking about Mark Zuckerberg’s appearance before the United States House of Representatives Committee on Financial Services. He was in front of the Committee as the sole witness that was invited to testify about his role in developing Libra, Facebook’s cryptocurrency that is backed by a basket of stable international assets.

Technical analysis

Bitcoin

Bitcoin has had an incredibly bad day, which is what we can say about many cryptocurrencies in if we take a look at their performance in the past 24 hours. After failing to spike up from the bull flag that it formed, Bitcoin started dropping in value slowly. However, today’s selling pressure spike caused its price to plummet. Bitcoin fell from $7,950 all the way down to $7,450 in less than 30 minutes. After hitting a support line sitting at $7,410 Bitcoin started consolidating. This support line dates back from Nov 2017 and most recently May-Jun 2019.


So far, the support seems strong and the downward-facing move seems to have ended. This is further confirmed by RSI which is now heavily oversold.

Ethereum

Ethereum has also had a red day, but a better one than Bitcoin price-wise. Its price is currently $160 as the support held on during the time of crisis. The $153 support area is quite a strong one and should hold any slight fluctuations or bearish attempts.


Ethereum’s RSI is approaching oversold territory, indicating the end of the bearish move.

XRP

XRP was certainly not excluded from the influx of sellers coming into the market. After it’s ranging ascending price trend got broken yesterday, the price started falling sharply. The price fell quickly and even reached $0.25 levels. However, the bulls kicked in and established support at $0.266 which is considered a strong long-lasting support price point for XRP.


The price is now consolidating right above the support while RSI is just fluctuating above oversold territory.

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Crypto Market Analysis

Daily Crypto Review, Oct 23 – Stablecoins may be considered securities, crypto markets in the red today

The cryptocurrency market is in the red for the past 24 hours. Most of the day has passed by without any downside resistance whatsoever. There has not been any new

The cryptocurrency market is in the red for the past 24 hours. Most of the day has passed by without any downside resistance whatsoever. There has not been any new

The cryptocurrency market is in the red for the past 24 hours. Most of the day has passed by without any downside resistance whatsoever. There has not been any new money coming into the markets as volume seems to be a bit lower than average. However, the downward-facing moves were not weak, but rather steady and stable. The market is now trying to find a price level to consolidate. As for the top3 cryptocurrencies, Bitcoin went down 3.03%, while Ethereum lost 4.3% of its value and. XRP was down 3.01% in the past 24 hours. Out of the top50 cryptocurrencies, BAT performed the best with its gains reaching over 7.5%.

 


Bitcoin’s dominance increased a fraction of a percent when compared to yesterday’s value. It now sits at 66.5%, which represents a 0.01% increase from the previous day.

 

Most cryptocurrencies ended up being in the red in the past 24 hours. This, of course, slightly increased the value of the cryptocurrency market as a whole. The industry now has a market capitalization of $217.4 billion, which represents a $5 billion decrease from the previous day.

What happened in the past 24 hours

Cryptocurrencies have had both positive and negative news in the past 24 hours.

As reported by CoinDesk, Morgan Creek Digital managed to raise $60.9 million for its second blockchain venture capital fund. It seems that two pension funds invested $50 million into the project. This is more than double what they initially started with ($21 in the first blockchain fund).

The US Congress may consider a bill which would classify stablecoins as securities. This bill draft was published on Tuesday by Rep. Sylvia Garcia. The bill wants to regulate stablecoins under the Securities Act of 1933, seeking to provide clarity in an area the bill suggests lacks regulatory guidance.

Technical analysis

Bitcoin



Bitcoin has managed to break a bull flag downwards, making quite a bearish announcement to the market. If we take a look at the charts, the downtrend that started on Sep 30 ended up with a bull flag that broke upwards and increased in price right to the 161.8% of the downwards-facing move. After that, another similar downtrend started and we’ve come to the point when a bull flag was starting to rise. Everyone was expecting it to break upwards and Bitcoin to attempt to reach new highs (a 161.8% increase would mean a price of $9,440).

However, Bitcoin managed to fail the pattern and broke it downwards. Its price stabilized at just below $8,000.

Ethereum

Ethereum has lost over 4% of its value in the past 24 hours. It seems to be forming a falling wedge pattern on the daily chart. One more descending move is to be expected before Ethereum could attempt a price increase. However, if that does not happen, even a price of $110 is not excluded.


At the moment, Ethereum is sitting at $167, with a big support line being at $157. Its volume is at extremely low levels and RSI is approaching oversold territory.

XRP

XRP broke its ascending trend range and fell to $0.288. After creating a range that it moved in all the way from Sep 19 until now, XRP managed to break it downwards. It is now trying to recover and get back into the range, but the attempt has been unsuccessful so far.


XRP’s volume is average while its RSI is neither oversold nor overbought. It would take a significant increase in bull power in order for XRP to get back in its lane. If that does not happen, however, XRP has strong support sitting at $0.266.

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Crypto Market Analysis

Daily Crypto Review, Oct 22 – Slow day for cryptocurrencies, Bitcoin SV skyrocketing

The cryptocurrency market has been pretty stagnant in the past 24 hours. After a green day (for the most part), cryptocurrencies have consolidated at their respective prices. The past 24

The cryptocurrency market has been pretty stagnant in the past 24 hours. After a green day (for the most part), cryptocurrencies have consolidated at their respective prices. The past 24

The cryptocurrency market has been pretty stagnant in the past 24 hours. After a green day (for the most part), cryptocurrencies have consolidated at their respective prices. The past 24 have been pretty stable when it comes to volume. Even though the majority of cryptocurrencies are in the green, there has not been any significant increase in the top-3 cryptocurrencies. However, Bitcoin SV skyrocketed and increased more than 20% in the past 24 hours. Bitcoin went down 0.56%, while Ethereum lost 0.13% of its value. XRP was the biggest gainer out of the top3, with a price rise of 2.25%. Bitcoin SV is the best performing large cryptocurrency in the past 24 hours (with the gain of over 15%) while the rest are pretty stable and have increased or decreased in price by a few percents at maximum.

Bitcoin’s dominance dropped a fraction of a percent when compared to yesterday’s value. It now sits at 66.4%, which represents a 0.02% decrease from the previous day.

Most cryptocurrencies ended up being in the green in the past 24 hours. This, of course, slightly increased the value of the cryptocurrency market as a whole. The industry now has a market capitalization of $222.86 billion, which represents a $0.5 billion increase from the previous day.

What happened in the past 24 hours

The global economy is looking pretty weak at the moment. Several central banks across the world have had to impose rate cuts. While the supply of fiat currencies has been growing in the past couple of years, Bitcoin’s block rewards are decreasing in an event called “halving.” Bitcoin’s new supply will drop even further after halving in 2020. Previous instances of halving resulted in a sharp price increase of both Bitcoin and the other cryptocurrencies.

Technical analysis

Bitcoin

Yesterday’s spike got Bitcoin all the way up to $8,320. However, that price did not hold up against the falling pressure of buyers and the rising pressure of sellers. Bitcoin is trying to stabilize at either above or below the 38.2% Fib retracement line, which is at $8,200. The volume is average, and the RSI doesn’t show any signs of overbought or oversold trading. Bitcoin is now left in the hands of the bulls and the bears and their momentum.


Ethereum

Ethereum’s volume has been on the rise in the past 24 hours. The bulls seem to have taken over the wheel at the start, bringing ETH up to $179.5. However, as it could not break the $180 mark, Ethereum had to consolidate at a lower price. After bouncing from the 23.6% Fib retracement line, which stands at $173, Ethereum is consolidating between that line and the resistance line, which is sitting at $176.


Even though the overall volume seems to be higher when compared to the previous day, it is on the decline at the moment, which makes an upward-facing move quite unlikely.

XRP

XRP is on the rise in the past 24 hours. After consolidating in a range between $0.29 and $0.295, XRP had a parabolic move upwards. In a matter of minutes, its price rose from 0.292 to 0.303. However, the top of the movement got rejected quickly, and the price is not reversing downwards. XRP’s first point of support is the 23.6% Fib retracement line, which sits at $0.299. With bear volume increasing and RSI reaching the overbought territory, it is almost inevitable for XRP to consolidate below $0.3.


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Crypto Market Analysis

Daily Crypto Review, Oct 21 – Cryptocurrencies in the green, Bitcoin leading the way

This weekend has been, unlike the previous one, a pretty stable one price-wise. After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets started to stabilize

This weekend has been, unlike the previous one, a pretty stable one price-wise. After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets started to stabilize

This weekend has been, unlike the previous one, a pretty stable one price-wise. After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets started to stabilize and then even attempt to make new highs. The past 24 hours have shown us mostly buying pressure and an increase in volume. Most of the top cryptocurrencies are in the green, with Bitcoin leading the path. After the gradual volume decrease during most of the weekend, new money seems to have been coming into the markets.  Bitcoin went up 3.68%, while Ethereum gained 2.47% of its value. XRP managed to gain 2.16%. Bitcoin seems to be leading the way for other cryptocurrencies at the moment.

Bitcoin’s dominance has increased when compared to the percentage before the weekend. It now sits at 66.6%, which represents a 0.05% increase.

Most cryptocurrencies ended up being in the green in the past 24 hours. These movements, of course, increased the value of the cryptocurrency market as a whole. The industry now has a market capitalization of $222.47 billion.

What happened in the past 24 hours

The British parliament voted another put-off on Prime Minister Boris Johnson’s deal, forcing Britain to ask EU for another Brexit delay.

William Thomas, CEO of peer-to-peer exchange Cryptomate, said that, in the event of no-deal being reached by Oct. 31st, “there will be substantial uncertainty within British and EU financial institutions.” Even though he claimed he is uncertain on how much (and if at all) demand for Bitcoin and cryptocurrency, in general, this will create, he also added, “I would expect to see some upward movement on BTC/GBP markets shortly after the deadline.”

This news could explain a slight increase in Bitcoin’s volume, as well as a slight increase in price and an overall green outlook on the cryptocurrency markets at the moment.

Technical analysis

Bitcoin


As we can see on the chart, Bitcoin has had a stable weekend with one failed attempt to break $8,000 as well as a successful one of doing that. After consolidating between the 0% and 23.6% Fib retracement lines, Bitcoin gained slight momentum and tried to break the resistance line. It did not happen the first time, but it did the second. Bitcoin not only broke the 23.6% line, but it also stormed past the 38.2% Fib retracement line, losing momentum and stopping at the 50% Fib retracement line. Its price is now stabilizing at the $8,200 levels, right above the 38.2% support line.

Bitcoin’s RSI skyrocketed during the price rise before falling under the overbought territory, which is where it’s at currently.

Ethereum

Ethereum is, as we said in our previous articles, extremely correlated to Bitcoin at the moment. Even though it is not entirely mirroring Bitcoin’s moves, Ethereum’s volume seems to be tied to Bitcoin’s volume.


As we can see on the chart, Ethereum (just like Bitcoin) tried to make an upward-facing move towards the 23.6% Fib retracement. The successful attempt, however, did not make Ethereum skyrocket all the way to the 50% retracement. The movement was contained quickly as Ethereum could not break $177.5. It is now consolidating somewhere around $175.

XRP

XRP has had a pretty choppy weekend. As its price could not manage to stay above $0.3, XRP started dropping in price. At one point, it even was priced as low as $0.283. However, the cryptocurrency quickly bounced back up as its volume increased. The upward-facing move was healthy and not as quick as with other cryptocurrencies. The price reached $0.298 but could not reach above that as XRP lost quite a bit of its momentum.


XRP is now fighting to stay above the 50% Fib retracement line. The fight looks like it will not go in favor of XRP at the moment.

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Crypto Market Analysis

Daily Crypto Review, Oct 18 – XRP taking over, green day for the crypto market

After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets are seemingly stabilizing. The past 24 hours have shown us mostly buying pressure, which can be

After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets are seemingly stabilizing. The past 24 hours have shown us mostly buying pressure, which can be

After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets are seemingly stabilizing. The past 24 hours have shown us mostly buying pressure, which can be seen in the cryptocurrency market overview. Most of the top cryptocurrencies are green, with XRP leading the path. The volume seems to have decreased a bit, which could indicate that strong bears took a break.  Almost every single cryptocurrency ended up in the green today. Bitcoin went up 1.65%, while Ethereum gained 1.71% of its value. XRP was the biggest gainer out of the top3, with a price rise of 6.07%. Once again, XRP showed to be the most resistant cryptocurrency of this week.

Bitcoin’s dominance has decreased slightly when compared to the previous day. It now sits at 66.1%, which represents a 0.03% decrease from yesterday.

Most cryptocurrencies ended up being in the green in the past 24 hours, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $221 billion, representing an increase of a little over $3 billion.

What happened in the past 24 hours

As the selling pressure and volume altogether decreased when compared to the past couple of red days, we can conclude that the bears have taken a break, at least for a day. Many people see this as the beginning of a bear market, but we have yet to see what is coming for the crypto industry. Most cryptocurrencies bounced off their immediate support lines and managed to stabilize or even attempt to form new daily highs above the resistance lines. Only a handful of cryptocurrencies managed actually break them, but this could be considered a good sign for the bulls.

Technical analysis

Bitcoin

Bitcoin reached a low of $7,900 yesterday after a series of downward-facing spikes and strong bear presence. However, this support line was not broken, and Bitcoin managed to bounce up over $8,000. Its overall volume has decreased (as shown on the chart), which could represent bears backing off. However, the lack of volume also stopped Bitcoin from crossing over the $8,130 resistance line. After two attempts, Bitcoin is still making a move and trying to go above it, but the decrease in volume does not seem helpful.


Bitcoin’s RSI is also approaching overbought territory, which means that there is a high probability of this attempt of breaking resistance to be rejected as well.

Ethereum

Ethereum managed to distance itself from Bitcoin a bit in the past 24 hours. Even though they shared a similar fate, Ethereum’s moves were not a mirror of Bitcoin. After the low of $172.5, Ethereum’s bulls picked up the pace and started pushing the price up. Ethereum breezed through the $176 resistance line, which now turned into a support line. Even so, the low volume kept it from pushing further up. The upward-facing move was strong, but not strong enough. Ethereum managed to push through $178.8 and reached for $180.7 resistance line, but got rejected. This pushed the price back into a zone around the $176 support line, which holds for the moment.


Ethereum’s RSI is somewhere above the middle of the range, while its volume is constantly low.

Ripple (XRP)

Against all the odds, XRP has managed to rise during the hard times that the cryptocurrency market is in at the moment. After a fairly stable day, XRP brought in some new capital, which pushed it from $0.28 all the way up to $0.305. This move happened extremely quickly, as the majority of is move actually happened in one 30-minute candle. Besides the huge 30-minute spike in price and volume, XRP’s volume got higher when compared to the past day.


XRP is now struggling to keep its gains, and time will tell whether it will stay above the $0.3 or fall below the line.

 

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Crypto Market Analysis

Daily Crypto Review, Oct 17 – Bears Taking Over, Cryptocurrencies in the Red

Cryptocurrency market’s attempt to stabilize its price after the new highs last week has failed, and bears have started taking over. Slowly but steadily, most cryptocurrencies lost their gains and

Cryptocurrency market’s attempt to stabilize its price after the new highs last week has failed, and bears have started taking over. Slowly but steadily, most cryptocurrencies lost their gains and

Cryptocurrency market’s attempt to stabilize its price after the new highs last week has failed, and bears have started taking over. Slowly but steadily, most cryptocurrencies lost their gains and then some. The past 24 hours came with an increase in volume as bear presence increased.  Almost every single cryptocurrency ended up in the red today. Bitcoin fell down 2.13%, while Ethereum lost 2.91% of its value. XRP held on a bit better and lost only 1.99%, which would put it at the spot of the cryptocurrency that lost the least in the past 24 hours out of the top10 (excluding Tether).

 

Bitcoin’s dominance has increased slightly when compared to the previous day. It now sits at 66.4%, which represents a 0.02% increase from yesterday.

Most cryptocurrencies ended up being in the red in the past 24 hours, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $217.73 billion.

What happened in the past 24 hours

As volume increased steadily for a couple of days now, people were expecting a move upwards. However, they were greeted with a surprise as the market started dropping in price. As suspected yesterday, we can now say with certainty that the volume is coming from the bears instead of bulls, at least in the past couple of days. Most cryptocurrencies tested their immediate support lines and broke them downwards, trying to reach a point of consolidation. Only a handful of cryptocurrencies managed to stay out of the red today, while most of the cryptocurrencies lost several percents of their value.

Technical analysis

Bitcoin

Bitcoin’s short-term chart looks pretty grim at the moment. The bulls have seemingly left the building, and the bears are running the place. With volume increasing dramatically (and not just for one quick spike), Bitcoin seems to be dropping down slowly all throughout the day. The price seems to drop quickly and then consolidate at the next support line, which then gets rejected, and the price gets lower. That’s exactly what happened three times since the last green day Bitcoin has had. Bitcoin’s immediate support is currently at $7,912, and it is holding up well for now.


 

Bitcoin’s RSI has just left the oversold territory while the price remained on the same level. As for volume increases, it looks like that the big downward-facing price spikes require less and less volume, while volume during consolidation periods is increasing.

Ethereum

As stated in yesterday’s article, Ethereum started mirroring Bitcoin’s movements due to a lack of identity at the moment (mostly volume). Ethereum started falling in price slowly, dropping from $181 to $179, which is when the big drop happened. The spike dropped Ethereum from $179 all the way down to $172 in just over one hour. This price level became support as Ethereum rejected lower price points. The price is now in between the $172 support line and the $176.3 resistance line.


While its volume seems to be elevated, it does not seem enough to break from the major influence that Bitcoin has become.

XRP

Unlike Bitcoin and Ethereum, XRP did not have such a bad day. Even though it lost some value, it did not break any support lines. One the other hand, it did fail to break a resistance line as it tried to push past $0.2855 on one occasion. After the attempt of breaking the resistance failed, XRP dropped down to its support line, which is sitting at $0.282 and bounced from it to the middle of the “range.” If other cryptocurrencies keep dropping in value slightly every day, XRP might follow, but there is also a high probability of it just staying where it is price-wise as the bear volume avoided coming into it (at least for now).


XRP has not seen the same volume increase as with Bitcoin and Ethereum, which further proves that bear money has entered the market (it just avoided XRP for some reason).

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Crypto Daily Topic

Cryptocurrency market whales – Market manipulation

Advancements in the IT technology sector globalized almost every single market in the world. People are exposed to more information and content than ever. This brings many opportunities but also

Advancements in the IT technology sector globalized almost every single market in the world. People are exposed to more information and content than ever. This brings many opportunities but also

Advancements in the IT technology sector globalized almost every single market in the world. People are exposed to more information and content than ever. This brings many opportunities but also false information. Many people have put traditional market trading aside and chose cryptocurrency trading instead. Cryptocurrency markets bring more risk with them due to extreme volatility, but this also means more opportunity. However, most traders do not know how these markets are “playing out” in the real world, and reality hits them only when they lose their hard-earned money.

This article will hopefully shed light on how big market participants can influence the markets in a somewhat shady and secretive way.

Who are the whales?

As we mentioned in the previous articles, whales are people with enormous amounts of capital to invest in cryptocurrencies. They can be financial institutions but also groups of high net worth individuals. Over 40% of Bitcoin is currently owned by a small minority of people (around 1,000). With this much money in their hands, market manipulation can be quite easy.

Why does market manipulation even happen?

The answer is quite simple: Mostly to profit from it. Some people might indicate that a growing Bitcoin is not an ideal thing from the perspective of financial institutions and governments as they want to keep power in their own hands. However, there is no proof that this is the main reason for market manipulation. As with any tradable asset, people are concerned with their portfolios and risk management, and market manipulation maximizes reward potential while minimizing risk.

Two most common ways of whale market manipulation

CFD and manipulation

Many people thought that putting Bitcoin in front of a broader audience would be a good thing. However, not every way of putting it in front of the whales is a good way to do it. With CME launching their Bitcoin futures, people were expecting great things. Little did they know that this would be one of the main contributors to Bitcoin’s manipulated price.

CFD contracts are trading Bitcoin contracts, but are not actually settled in Bitcoin. This has opened a whole new way to manipulate the cryptocurrency markets.

CFD traders would short Bitcoin and then use their immense funds to influence the real Bitcoin market to drop in price. This is extremely profitable as the whales profit both from settling the short-selling contracts and from rebuying Bitcoin at a lower price. This type of market manipulation has become so obvious that, as CME futures are being settled every last Friday of the month, Bitcoin’s price falls dramatically just a few days before that. This has not happened once or twice, though; it has become a monthly occurrence.

Market spoofing

Another way of influencing the price into rising or falling is by controlling the market sentiment. This is what whales use to complement their CFD positions, or just to make a profit from trading directly. Any trader that has large enough capital can affect cryptocurrency prices simply by using a strategy called spoofing. Spoofing can be described as putting an enormous buy and sell orders above or below the current price with no intention of letting the orders fill, but rather than just wanting to “guide” the market in a specific direction. After the market acknowledges the whale position, it moves the opposite way as it sees the order as a buy/sell wall. As soon as it impacts the market, the order is taken down, and the cycle can repeat. This strategy is very cunning, but it is also very effective. But, has order spoofing contributed to Bitcoin going up and down?

The answer is both “no” and “yes.” Yes, spoofing occurred and is currently happening in Bitcoin and altcoin trading. Spoofing is undoubtedly affecting the price to change directions regularly. However, it was never done in such an obvious way that we can undeniably say that spoofing caused a significant market trend to change direction. Spoofing might have impacted the lower time-frame market direction, but to say that it altered the market in a big way would be far-fetched.

Conclusion

Whales control the cryptocurrency market just as they control any other market. As cryptocurrencies are a rather new concept, institutions have not immersed themselves fully into crypto trading. However, the market manipulation that they use is far more effective in this market as traditional markets tend to be far more liquid and less susceptible to manipulation. Traders should consider this whenever they take a position.

On the other hand, not everything is bad. Traders can actually use the knowledge of how markets work and implement the possibility of market manipulation into their strategy. If done correctly, it may bring additional profits or mitigate losses.

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Crypto Market Analysis

Daily Crypto Review, Oct 16 – Another Red Day in Play

The cryptocurrency market has been trying to recover and find a point of consolidation for some time now. While most cryptocurrencies ended up in green yesterday, that is not the

The cryptocurrency market has been trying to recover and find a point of consolidation for some time now. While most cryptocurrencies ended up in green yesterday, that is not the

The cryptocurrency market has been trying to recover and find a point of consolidation for some time now. While most cryptocurrencies ended up in green yesterday, that is not the case today. Bitcoin fell down 2.05%, while Ethereum lost 3.05% of its value. XRP held on a bit better and lost only 1.47%.  Bitcoin SV did the best out the top10 cryptocurrencies, being the only one in the green. It managed to gain 6.11% in the past 24 hours.

Bitcoin’s dominance hasn’t changed all that much from yesterday, but it did fall a few fractions of a percent. Its dominance now sits at 66.2%.

Most cryptocurrencies lost a few percents of their value, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $222.99 billion, which represents close to a $5 billion drop from yesterday.

What happened in the past 24 hours

A steady increase in volume and a green day for most cryptocurrencies indicated bulls rallying. Today, however, prices fell even with the volume keeping its level. The volume seems to have been coming from the bears instead of bulls today. Most cryptocurrencies tested their immediate support lines and broke them downwards, trying to reach a point of consolidation. While some cryptocurrencies only lost a fraction of a percentage, many lost a couple of percent of their valuation.

Technical analysis

Bitcoin

After a green day yesterday, Bitcoin seemed strong as it tried to establish a support line at $8,300 and even contest new highs. The bulls could not pass through $8,395, which is when bears seem to have taken over. With volume remaining at the same levels, Bitcoin started dropping down slowly until one big red candle, which brought its price from $8,326 all the way down to $8,078. This price got rejected quickly, and Bitcoin found its new short-term support at the $8,130 level.


Bitcoin’s RSI is currently not in overbought or oversold territory, but the current position does not look good. If the price goes under the support level, Bitcoin might have to look for new support at a level below $8,000.

Ethereum

Ethereum suffered from the same faith as Bitcoin today. After having a great day, the bulls lost momentum, and bears took over. Unlike Bitcoin, Ethereum had low volume levels throughout the week. After failing to break the $188 price point, Ethereum went down to $176. As with Bitcoin, this price got rejected, and Ethereum found support at the 0% Fib retracement line, which sits at $177.85.


Ethereum seems to have low volume levels apart from the sudden spikes in volume, which correct its price upwards or downwards. This fact might implicate that Ethereum has a high probability of mirroring Bitcoin’s movements in the short-term.

XRP

XRP lost the least out of the top-three cryptocurrencies today. This fact can mainly be attributed to its superb gains from the day before. With its volume looking good, yesterday’s move had to retrace a little in order for it to be a healthy move.


With XRP not having enough strength to pass $0.3, bears decided to take things into their own hands. The price dropped to $0.283 but quickly sprung up to $0.286, which now represents its immediate support. It is still uncertain whether XRP will try to push higher, consolidate or try its luck at a lower price point.

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Crypto Daily Topic

Is Blockchain overrated?

Blockchain is a form of distributed ledger technology. It has very specific technological features that differentiate it from other forms of a distributed ledger. Every transaction that blockchain processes is

Blockchain is a form of distributed ledger technology. It has very specific technological features that differentiate it from other forms of a distributed ledger. Every transaction that blockchain processes is

Blockchain is a form of distributed ledger technology. It has very specific technological features that differentiate it from other forms of a distributed ledger. Every transaction that blockchain processes is linked into groups of records. This way, blockchain forms a chain of blocks of transactions, which is where it got the name from. Bitcoin is a true example of proper blockchain use. It is entirely open, and anyone can contribute to its code and give their opinion on how to improve it.

This article will hopefully provide insight into how blockchain is used, promoted, and what’s wrong with the marketing industry nowadays.

How is blockchain promoted?

Blockchain seems to have become a magic buzzword when it comes to crowdfunding as of lately.  Many companies proudly state that they have implemented blockchain technology in one of their aspects of business, or that they will extremely soon. Truth be told, this has brought an immense interest to these companies, especially the blue-chip companies that had nothing to do with cryptocurrencies before.

People have started associating blockchain with security, decentralization, immutability, etc. and they are not wrong. However, what many people don’t understand is that most of these companies did not even implement a true blockchain. Instead, they made a centralized version of it.

Pillars of an open blockchain

Andreas Antonopoulos has established that an open blockchain can be described by five attributes: open, borderless, neutral, censorship-resistant, and public. If a company implements anything other than a blockchain that doesn’t have these five attributes, it doesn’t really need a blockchain. It requires a boost in marketing, which it will get through parading the word blockchain.

Open blockchain

Open blockchain means that anyone can participate in it and that everyone can access it without authorization, vetting, or ID checks. An open blockchain does not know or care if you are even human. Both people and software can use blockchain without any restrictions.

Borderless blockchain

Just as the word says, blockchain has no borders. Blockchain is international and does not care where its users are from. It should be a truly international phenomenon.

Neutral blockchain

Neutral means that each part of the information on the blockchain is free. While cross-border money has to sometimes go through security checks, neutral blockchain does not care who the funds or information is traveling from or to, what matters is that they get to the destination.

Censorship-resistant blockchain

Censorship-resistant blockchain means that there is no personal, corporate, or government body that can stop a transaction from occurring. A true open blockchain does not require any authorization, but it also does not get affected by anyone wanting to stop or reverse transactions.

Public blockchain

Public blockchain means, simply put, that every transaction of information or funds through it is entirely transparent and verifiable. It ensures that no one can “cheat” the blockchain.

These five pillars build a truly open blockchain. Anything that does not have these five attributes is not an open blockchain.

What’s wrong with a non-open blockchain

Blockchain has been created as an improved ledger system that can solve many problems safely, quickly, and more transparent. However, most companies are not trying to implement an open blockchain system because they don’t want to. They want to remain centralized and have a closed blockchain governed by the company itself. So, is it so bad that they wish to remain centralized?

No, it is not wrong. Any entity can decide what it wants or does not want. However, using the word blockchain gives false expectations to people. Whenever blockchain implementation has been mentioned, people flock with their money and start buying shares of said company, with expectations of improvement towards decentralization. However, that does not happen.  Even if companies implement something that they call blockchain, it is not an open blockchain, rather a distributed ledger that does not have all of the characteristics of blockchain.

Conclusion

Using blockchain as a buzzword for generating funds is certainly a good marketing move, but it is borderline illegal. People are given false hope, which is allowed and accepted only because most people do not know what a true blockchain is. People associate blockchain with Bitcoin and all its aspects, which is why they decide to invest their money into a promising concept implementation into a big corporation.

 

 

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Crypto Market Analysis

Daily Crypto Review, Oct 15 – Gradual 24-Hour Volume Increase

The cryptocurrency market has been trying to recover and find a point of consolidation in the past 24 hours. Most of the cryptocurrencies ended up slightly in the green, while

The cryptocurrency market has been trying to recover and find a point of consolidation in the past 24 hours. Most of the cryptocurrencies ended up slightly in the green, while

The cryptocurrency market has been trying to recover and find a point of consolidation in the past 24 hours. Most of the cryptocurrencies ended up slightly in the green, while some even went up by quite a bit. While Bitcoin gained only 0.86%, Ethereum went up by 2.57% and XRP by 5.75%. Stellar was the biggest gainer of the day out of the top10 cryptocurrencies by market cap, gaining 7.08%.

Bitcoin has remained a dominant force in the industry as it always was, but it has dropped a few fractions of a percent today. Its dominance now sits at 66.25%.

As mentioned above, most cryptocurrencies kept their price levels or went up in the past 24 hours. This could translate to the overall market cap of the cryptocurrency market in a positive way. The industry now has a market capitalization of $227.11 billion.

What happened in the past 24 hours

After a red weekend, cryptocurrencies are trying to recover and settle at their respective price levels. Most of them had a slight increase in volume and a few attempts to break immediate resistances. Some made it through, and some didn’t. Even so, almost all of the top cryptocurrencies maintained their price levels or went above their most recent lows, which could only indicate a return of the bulls. This time, Bitcoin is not the main player, as many altcoins managed to outperform it.

Technical analysis

Bitcoin

Once the low of $8,133 got rejected, Bitcoin tried to find a price to settle at. It was unsure whether that price will be above or below the 23.6% Fib retracement line, which is now at the price of just below $8,300. However, as volume gradually increased during the day, Bitcoin went above the line and contested the next resistance twice. The $8395 line was not so kind to Bitcoin as it could not pass through it either time. Both attempts were rejected, and Bitcoin is now settling in between the Fib retracement line 23.6%, which now acts as support and Fib retracement 38.2% line, which is the immediate resistance.


As Bitcoin is now in a limbo between the two lines, RSI shows us that it’s not oversold or overbought. One thing that is different this time is that, unlike over the weekend, the volume increase was not sudden and a one-time thing. Bitcoin’s volume in the past 24 hours has been elevated, rather than it being one big spike of volume and then back to normal.

Ethereum

Ethereum has, similar to Bitcoin, denied its low of $178 and tried to find a price to consolidate at. With new money seemingly coming in, Ethereum slowly moved above the 23.6% resistance line now turning support, but quickly lost its momentum and headed straight back down. However, the bulls rallied, creating a sudden spike in price, skyrocketing Ethereum past two resistance lines ($182 and $185.5). The bullish sentiment toned down at that point, making the upward-facing move unable to reach another milestone and pass $188. Ethereum kept its daily gains and is now consolidating at $187.


XRP

XRP has had a great day. Unlike Bitcoin, which managed to consolidate or Ethereum, which made a slight move upwards, XRP skyrocketed and breezed through its resistance lines. The move completely nullified the whole weekend of price losses and then some. Its price went up from $0.273 all the way up to $0.3, which is its significant resistance. XRP is currently making moves towards reaching above this price, and only time will tell if it will be broken soon or not. However, the volume seems to be gradually tapering off, which might not be a good sign for the XRP bulls.


 

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Crypto Market Analysis

Daily Crypto Review, Oct 14 – Recovery Day after a red Weekend

The cryptocurrency markets had quite a rough weekend. After a week of making substantial gains, the market started to rebound and go down. It all seemed like most cryptocurrencies found

The cryptocurrency markets had quite a rough weekend. After a week of making substantial gains, the market started to rebound and go down. It all seemed like most cryptocurrencies found

The cryptocurrency markets had quite a rough weekend. After a week of making substantial gains, the market started to rebound and go down. It all seemed like most cryptocurrencies found their sweet-spot of consolidation when two significant volume spikes happened. Both of these spikes seemed to have been sellers. During both of these downward-facing moves, RSI dropped from overbought straight down to oversold in a matter of minutes.

Ever since the last solid price jump that happened on October 10th, the volume kept dropping (apart from the sudden and short-lived sell-bursts). One thing to mention is that, before the first major move down, Bitcoin did try to reach a higher price, but got shut down at the price of $8,820, which is when the sellers kicked in. The price reached as low as $8,133 but managed to spring back up and stabilize, at least for a while. If we take a look at the past 24 hours, Bitcoin lost 0.83%, Ethereum gained 0.03%, and XRP went up 0.99%.

Bitcoin has kept its dominance percentage at the same level, which is currently at 66.7%. The market capitalization of the crypto markets decreased significantly over the weekend. However, it is now stabilizing at around $223.85 billion.

Technical Analysis

Bitcoin

Bitcoin has had quite a rough weekend, just like most of the cryptocurrencies. As mentioned above, after the price of $8,820 got rejected, Bitcoin spiraled down to as low as $8,133. Most of the selling pressure happened in two tight time periods. The selling pressure was immense both times, bringing RSI indicator from touching overbought territory to oversold territory. The last move brought Bitcoin’s price below the lower Bollinger Band line, but it quickly rebounded and stabilized. Bitcoin is now trying to go over the immediate resistance, which is standing at $8,300 but is not managing to beat it quite yet.


If we take a more in-depth look at the volume, we can see that it is getting lower and lower after each spike. This is certainly not a good sign for the bulls.

Ethereum

Ethereum is also struggling with recovery after the bears came in during the weekend. Unlike Bitcoin, however, Ethereum had quite a few volume spikes. After not breaking above $198, Ethereum bounced back and quickly dropped to $179. After some consolidation, it even tested the low of $178, but immediately rejected it and moved back up a bit. It is now consolidating just above $181. However, this price is just below the immediate resistance, which is represented by the 23.6% Fib retracement line.


Ethereum is currently in the RSI range of 40 and near the bottom Bollinger Band, which may show us some bullish tendencies due to the lack of bear pressure.

XRP

Unlike Bitcoin and Ethereum, XRP had a different path in the past couple of days. Even though every cryptocurrency is correlated to the moves of Bitcoin, it seems that XRP is a bit different. After not being able to break $0.29 on October 9th, it started to fall down in price. It reached as low as $0.265 but did not manage to find a price to stabilize at. With volume staying at relatively the same levels (apart from a few spikes), XRP did not move decisively up or down. Even its RSI level fluctuations confirm that.


XRP is in the middle of an attempt to break the 61.8% Fib retracement line, which acts as a resistance.

 

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Crypto Market Analysis

Daily Crypto Review, Oct 11 – Healthy Consolidation Following a Green Day

The cryptocurrency markets are almost entirely mimicking the happenings we covered a few days ago. The market is trying to find a balance point to consolidate at, just like it

The cryptocurrency markets are almost entirely mimicking the happenings we covered a few days ago. The market is trying to find a balance point to consolidate at, just like it

The cryptocurrency markets are almost entirely mimicking the happenings we covered a few days ago. The market is trying to find a balance point to consolidate at, just like it did a couple of days ago. While Bitcoin did not go down, the other cryptocurrencies still try to find their points of consolidation below their highs from yesterday. Bitcoin went up all the way to $8710 and kept almost the same price level throughout the day. Most of the cryptocurrencies reached RSI overbought territory and started to decline in price as well as in volume. Bitcoin gained 0.04% on the day, while Ethereum went down 0.49% and XRP by 3.21%. Most of the top cryptocurrencies are in slight red today, but there have been no significant price fluctuations.

Bitcoin has managed to score a few fractions of a percent and add them to the dominance chart as it was one of the cryptocurrencies that did not drop in price today. The market capitalization of the crypto markets decreased slightly over the past 24 hours and is now standing at $230.57 billion.

What happened in the past 24 hours

After the upward-facing move in price came into the markets yesterday, markets decided to consolidate as there were no major resistances that could be broken. Most cryptocurrencies consolidated at their daily highs or slightly below them. After the influx of new money coming into the market yesterday, charts showed us a considerable increase in volume. Even though the price jump is over, some of the volume managed to stay in the markets, which is now that much more liquid than it was before the jump.

Technical analysis

Bitcoin

After reaching the price of $8,710, Bitcoin started to show signs of a possible retracement as the volume began to lower. RSI entering heavily overbought territory further proved the case. Bitcoin, however, did not retrace at all. It just consolidated at nearly the same price that it went to the price spike. After drawing a new Fib retracement line from the start of the new price jump, we can see that it is still uncertain whether Bitcoin will go above or below the 23.6% retracement line. The 38.2% line was, however, tested once today. The price briefly dropped below it, but quickly recovered and gained slight upward momentum.


If we take a look at the volume, we can clearly see that it is not the same as it was during the spike. However, it can also be seen that the volume is much higher than what it was before the spike.

Ethereum

Ethereum has, following Bitcoin, going upwards yesterday. It reached a critical resistance line from September at $196 and bounced back from it. The price dropped as low as $188 but managed to recover some of its value. Ethereum is now trying to consolidate above or below the newly-made 38.2% Fib retracement line. It is more likely that the price will end up above the line at this moment as Ethereum keeps rejecting lower price points, but only time will tell where it will actually consolidate.


The volume, just like with Bitcoin, has increased when compared to what it was before the price spike.

XRP

Unlike Bitcoin and Ethereum, XRP did not have such a good day yesterday. It did go up but only touched $0.29 before dropping down to the price level of after the October 7th price spike. The price retraced all the way to the newly-made 61.8% Fib retracement line before finding support. That support seems to be holding for now.



XRP’s volume seems to have returned to the levels it was before the price jump, making it close to impossible to push through the immediate resistances.

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Crypto Market Analysis

Daily Crypto Review, Oct 10 – Market pushes up again, majority of cryptocurrencies in the green

After yesterday’s day of consolidation, the markets decided to head up and test new prices. With increased volume and new money coming into the market, Bitcoin increased its price by

After yesterday’s day of consolidation, the markets decided to head up and test new prices. With increased volume and new money coming into the market, Bitcoin increased its price by

After yesterday’s day of consolidation, the markets decided to head up and test new prices. With increased volume and new money coming into the market, Bitcoin increased its price by 4.5%, while Ethereum managed to go up by 6.62% and XRP by 1.35%. After reaching RSI overbought territories, the prices started stabilizing at the same or slightly lower levels, while RSI managed to settle down.

As both Bitcoin and most altcoins are in the green, the total cryptocurrency market cap has increased. It is now hovering at around $231,8 billion, just down from the daily high of $232,47 billion. Bitcoin is still keeping its dominance high, currently being around 66.6%.

What happened in the past 24 hours?

Cryptocurrency markets, judging by the increase of volume, have had an influx of new money coming. That has sparked some solid price growth, especially if we expand our views to not only Bitcoin but the rest of cryptocurrencies. Out of the top50 cryptocurrencies, only eight have been in the red. Out of the eight being in the red, half of them are stablecoins, which happen to lose out when the cryptocurrency markets go up. On top of this upward-facing move, the prices are not consolidating far below the levels they reached today. In fact, most of the cryptocurrencies kept their gains and are looking promising in the short-term.

Technical analysis

Bitcoin

Bitcoin has reached a new short-term high of just above $8700, before stabilizing its price at just below $8,600. The new influx of money coming into the markets helped Bitcoin surpass the immediate resistances and start making its way up. With volume skyrocketing, Bitcoin flew through the immediate resistance lines and stopped as the volume started reducing. However, it did not lose its gains and started consolidating at the top, which is rarely seen. This move has sparked some new thoughts in terms of whether the altcoins season has started or not. As the price reached the top of the movement, RSI indicated it was heavily overbought but managed to reach lower levels as the price consolidated.

Ethereum

Ethereum has surpassed Bitcoin in gains today, reaching the price of $196.3. It has retained its gains and started consolidating at close to its daily highs, which is a highly bullish sign. However, that may not be as promising as it sounds. Ethereum found new resistance at the $196.3 line. This price point acted as support and resistance as far as September and proved to be effective as both support and resistance. Only time will tell whether Ethereum can surpass this resistance, or if it will fall back to its previous levels.

On a brighter note, Ethereum’s RSI is almost identical to the one currently seen on the Bitcoin chart. After being heavily in the overbought territory, it started to fall while the price did not follow it. Even though the volume died down quite a bit, it still sits at a higher level than what it was before today’s spike.

XRP

Unlike Bitcoin and Etherum, XRP did not have a particularly good day. XRP moved, fueled by the price growth of Bitcoin and other cryptocurrencies, passed the 23.6% resistance line that the Fib retracement from the Oct 7th-Oct 8th move. However, it quickly found resistance at the top of the Fib retracement (0%), failed to break it, and retraced to the 23.6% line, which now acts as support.

Another thing separating XRP from the top2 cryptocurrencies at the moment is volume levels. Unlike the other two, XRP’s volume is currently lower than what it was before the upward-facing spike. Even with the RSI indicator reducing and the price staying relatively high, it might not be enough to keep XRP on a green path.

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Crypto Market Analysis

Daily Crypto Review, Oct 9 – Consolidation day for the Crypto Markets

The cryptocurrency markets are trying to find a balance point to consolidate at. After Bitcoin’s spike upwards above $8,000, other cryptocurrencies quickly followed. However, after reaching the RSI oversold

The cryptocurrency markets are trying to find a balance point to consolidate at. After Bitcoin’s spike upwards above $8,000, other cryptocurrencies quickly followed. However, after reaching the RSI oversold

The cryptocurrency markets are trying to find a balance point to consolidate at. After Bitcoin’s spike upwards above $8,000, other cryptocurrencies quickly followed. However, after reaching the RSI oversold territories, almost every one of the top cryptocurrencies declined in order to consolidate. Bitcoin has lost 0.37% on the day, while Ethereum went up by 0.33% and XRP by 0.79%. Out of the top10 cryptocurrencies by market capitalization, only Binance Coin and Stellar are in the green, besides Ethereum as mentioned earlier and XRP.

Figure 1- Heat Map of the crypto sector

When it comes to the Bitcoin dominance in the cryptocurrency sector, altcoins are getting slight momentum. However, Bitcoin is only losing fractions of a percent of market dominance. The market capitalization of the crypto markets increased by around $200 million over the past 24 hours and is now standing at $222.86 billion.

Figure 2- 24H market capitalization and Traded Volume

What happened in the past 24 hours

Cryptocurrency markets have had a great upwards boost fueled by Bitcoin’s price, not falling below the $7,700 support line. This move alone made the cryptocurrency market thrive for a moment or two. However, as the momentum dies down, prices need to find equilibrium and a place to consolidate, which is precisely what is happening right now. Where the cryptocurrencies will consolidate and how far will they drop from their recent highs will be shown in the next couple of days.

Technical analysis

Bitcoin

After reaching the price of $8,350, Bitcoin started to show signs of a possible retracement. RSI reaching overbought territory further proved the case. Even though Bitcoin did not retrace much yet, it kept making lower highs as well as lower lows throughout the day. At one point, price broke the 38,2% Fib retracement line downwards but quickly recovered. At the moment, Bitcoin is trying to move above the 23,6% Fib retracement line, which sits at $8217, but the upward momentum is not strong enough, and the price keeps getting rejected.


If we take a look at the volume, we can see that there has been no rise at all. The volume is stagnant and low, which further proves the point of a consolidation being at play here.

Ethereum

Unlike Bitcoin, Ethereum has been a bit more volatile today. After reaching a high of just above $185, it started declining. The decline was sharper than Bitcoin, but so was the upwards move that came afterward. After a period of falling sharply and reaching a price of $178, Ethereum managed to get enough buying power to reach across the 38,2% Fib retracement line and reach $182. However, the RSI indicator is now dangerously close to the overbought territory, while Ethereum has only managed to cross the 23,6% Fib retracement line. With the current volume, it staying above this line is highly unlikely.


XRP

When looking at the pure 24-hour performance, XRP did the best out of the top3 cryptocurrencies. After getting close to the price of $0.29, XRP started retracing. It blew through the 23,6% Fib retracement line and stopped near the 50% Fib retracement, which acted as a resistance. After dropping to $0.272, it began rising again but did not go far. Its attempts to reach above $0.28 failed twice, so, XRP is now trading between the $0.28 line, which acts as a resistance and a $0.275 acting as a support.



XRP’s volume has shown more volatility than Ethereum and Bitcoin, which might be why it has performed better than the 2.

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Crypto Market Analysis

Daily Crypto Review, Oct 8 – Strong support just below $8,000, Altcoins on the Rise

Bitcoin has recovered from testing the $8,000 line and dropping just slightly below it. The largest market cap cryptocurrency has had a green day, but so did other cryptocurrencies.

Bitcoin has recovered from testing the $8,000 line and dropping just slightly below it. The largest market cap cryptocurrency has had a green day, but so did other cryptocurrencies.

Bitcoin has recovered from testing the $8,000 line and dropping just slightly below it. The largest market cap cryptocurrency has had a green day, but so did other cryptocurrencies. While Bitcoin gained 3.9%, Ethereum went up by 5,24% and XRP by 7,5%. Out of the top10 cryptocurrencies by market capitalization, EOS did the best, gaining 8% on the day.

Figure 2- Heat Map of the crypto sector

Bitcoin dominance dropped slightly, now being 66,7% of the total cryptocurrency market capitalization of $222,73 billion.

Figure 2- 24H market capitalization and Traded Volume

What happened?

With no major news today besides PayPal officially pulling out of the Libra project, cryptocurrency markets are left to the pure buyer/seller sentiment and technical factors.

This is a crucial moment for the cryptocurrency market, as the next movement upwards or downwards will most likely decide where the market will go in the near future. Both the bulls and the bears have their case made, and it’s up to pure supply and demand to decide the future of the cryptocurrency valuation.

Technical analysis

Bitcoin

Bitcoin (BTC) has defended a key historical price support of around $7,700, which was a major factor in keeping the bulls in the game. If it weren’t for this move, the hopes of a corrective rally would be slim to none in the short term.

After rejecting the resistance line upwards, Bitcoin is stuck in a spot between its $8,500 suggested resistance and a key support level of around $7,700. However, a glimmer of hope for the bulls came today after Bitcoin managed to jump to $8,300, before consolidating just below it.

Figure 3 – Bitcoin/USD 30-minute candle chart

With the RSI indicator slowly moving away from the overbought territory, Bitcoin is stabilizing at the $8250 price level. The 23,6% Fib retracement line seems to be holding well as a temporary support line. Meanwhile, the volume is slowly reducing to the levels prior to today’s spike upwards.

Ethereum

After everyone thought that the Altcoin season would never come, Ethereum showed that that might not be the case. Even though highly correlated to the movements of Bitcoin, Ethereum managed to gain close to 1,4% more than the largest cryptocurrency today. With far more stable increase in volume, Ethereum paved the way for other cryptocurrencies to move upwards too.

Figure 4 – Ethereum/USD 30-minute candle chart

Ethereum did not seem to lose out on volume as much as Bitcoin did after the upwards spike, which resulted in a positive gain both when compared to the USD and the BTC. The Fib line of 23,6% got tested on four separate 30-minute candles, but the support line managed to hold. Ethereum is now consolidating around the price of $180.

XRP

XRP came out as the highest-gaining cryptocurrency in the top3, increasing in price by around 7,5%. However, it is can still be considered the most unstable of the three, technically speaking. With its volume differences, the highest of the three top cryptocurrencies (an instant large spike followed by unstable volume fluctuations), and the almost-immediate break of the first Fib retracement line, XRP is looking for a consolidation spot below its current price. The Fib retracement of 38,2%, which currently sits at $0.275, acts as its immediate support. However, that support line got tested on numerous occasions in the past 24 hours.

Figure 5 – XRP/USD 30-minute candle chart