Category: Crypto Market Analysis

This section’s focus will be crypto market sentiment and analysis on a daily basis. Every day, early morning, we will publish a new release covering fundamental news, market sentiment, including heat maps of the sector, and analysis of movers and shakers. As a norm, we analyze the top three crypto-assets: Bitcoin, Ethereum, and Ripple.

Crypto Market Analysis

Why is Bitcoin in the Bear Market?

Post author By Forex Academy
Post date 20 June, 2018
No Comments on Why is Bitcoin in the Bear Market?

Why is bitcoin in the bear market?
Many people wonder what happened to Bitcoin after the spike during late last year. How did it go from the highs of

Why is bitcoin in the bear market?

Many people wonder what happened to Bitcoin after the spike during late last year. How did it go from the highs of up to $20,000 to now where the price is hovering around $6000 to $7000 levels? What affected it? Many tried to explain why this happened. Neither the rise or the fall of Bitcoin (and the whole cryptocurrency world for that matter) was purely organic. Many things influenced the markets, both upwards and downwards. However, one factor that people mostly forget is in play here.

What actually happened to Bitcoin?

Bitcoin has been in a bear market ever since the start of 2018. People usually blame only one thing for the rise or the fall of the Crypto markets, but that’s simply not true. That is systemically incorrect because there were many factors contributing to bringing Bitcoin to the current situation.

The Rise of Bitcoin

Cryptos are a fast moving asset. However, the parabolic rise Bitcoin (and the whole crypto market for that matter) had was more speculation than real adoption. So what could possibly be the reason for this?

Besides the organic bubble creation cycle which happens when people ignore the true value of the asset and invest simply because of the potential to earn money, there is one far more serious reason.That would be printing of the USDT (Tether).

Tether is a cryptocurrency pegged to the US dollar value. It’s claimed that for every Tether created, there is one US dollar “sitting” in the bank in order to make tether truly stable. But the recent news and happenings are telling us a different story. It was clear that something was wrong after Tether (which is connected to Bitfinex exchange) called off the auditors. People started to be distrustful, and many started to avoid using Tether cryptocurrency.

The timing of printing tens (even hundreds) of millions of Tether match the times of Bitcoin spikes in volume and price. This amount could clearly manipulate the market and change the minds of investors. The new “gold fever” started as the spikes in price piled up, and the bubble was created, completely inorganically and without a need or a purpose.

The Fall of Bitcoin

Many factors affected Bitcoins’ moves in the past couple of months, and they include Bitcoin Futures (both CBOE and CME), Mt.Gox trustee selling Bitcoins in a price-changing fashion, price spoofing… Here are the possible reasons of why the price went down:

Bitcoin Futures Market

After CME and CBOE started offering Bitcoin futures, some clear patterns were appearing on the charts right near the end of each contract. The price moved down quite a bit almost every single time. On top of that, people reacted to the creation of a Bitcoin futures index, as it meant that CFTC (US commodity futures trading commission) had its hands in Bitcoin and is trying to centralise it.

After the first contract came due, market sentiment started to become somewhat rationalised. January was the time that CME requested trading data from four cryptocurrency exchanges, but they did not want to provide such data, with the explanation that the request was too intrusive. Ultimately, the exchanges did handle the data, but only after CME agreed to shorten the time request for the data from one day to a few hours. Surprisingly, before CME requested the data the regular way, they tried to do it by using a third-party company, which ran its own trading platform. The exchanges said no.

Mt. Gox trustee

Another possible reason and something that surely affected Bitcoin on its way down was Mt. Gox trustee selling big amounts of Bitcoins on exchanges without much care (or with intention of manipulating the price) instead of using OTC trading with individuals, because that would not affect the price.

Mt. Gox is the largest crypto exchange, which was based in Tokyo, Japan. It was created in July 2010, and by 2014 it was handling over 70% of all Bitcoin transactions worldwide. In February of 2014, Mt. Gox filed for bankruptcy and shut down the business. The hackers that caused them to file for bankruptcy stole 850,000 Bitcoins. Over the years, 200,000 Bitcoin were found and restored, and are now handled by the Mt. Gox trustee. His job is to sell the remaining Bitcoin in order to settle the claims of creditors.

Spoofing

Another way of tipping the price up or down is by controlling the sentiment of the market. Influential traders (ones with a lot of capital) can do this by placing large buy or sell orders just above or below the selling price. That way, the market sentiment changes to another direction once they see a “wave of orders”. But, has it contributed to Bitcoin going up and down?

The story can be told both ways. Yes, spoofing has happened, and it will happen in the future. However, it has not been done to that extent that it changes the whole trend of the market, and for such a long time. That would be nearly impossible.

Bitmex and Binance exchanges

Bitmex is the biggest trading “exchange” of cryptocurrencies and its derivates. Traders can long or short Bitcoin or its derivates, with up to 100x leverage. Binance, on the other hand, is the biggest cryptocurrency exchange (in the purest form) by volume even though Bitmex technically has higher volume. It would all be fine and dandy with these two until we heard of a serious problem that might affect the market. They both claimed that they trade AGAINST THEIR USERS!

Both Bitmex and Binance have trading desks which consist of traders that constantly try to make money in various ways.

Bitmex users are allowed using margin (leverage) trading, which means that people’s capital is more exposed and that people can lose their capital faster. They ordered their trading desks to place buy and sell orders in order to move the price in both directions for just a fraction, in order to trigger stop losses. Binance traders also have their way of making additional money for themselves.

Even though both Bitmex and Binance are trading against their users, it did not and it can not affect the price in such a way that it changes the direction of the trend for such a long time.

Adoption versus speculation, expectations versus reality

Market sentiment is exactly how it is because of the adoption rates and the speculative positions. Investors bought Bitcoin and altcoins not because of their value and their ability to change the world, but rather because of how much money they can make in a day, month, year. This kind of action has created a “cult” of crypto-lovers that did not agree with any valid point against crypto at this moment in time.

Truth being told, cryptocurrencies are not ready for the world yet (and the world is not ready for cryptos to some extent)… They have to undergo many changes, fixes and optimisations in order to actually contribute to how the world works. As far as use case goes, not many cryptocurrencies have it, except for being a beacon of hope for people who value decentralisation. After the crypto-market crashed, people who were speculators ran away from cryptos, while other got their eyes opened in a very painful way. The price of Bitcoin will stop falling when the expectations level with reality.

Conclusion

Market manipulation has happened in every single tradable asset market in the world, cryptocurrencies included. The cryptocurrency market is so young that market manipulations are a bit more prominent, and the average investor is much younger and has less knowledge, and that’s why the market moves faster and sharper. If we take into consideration the invested money versus current valuation of the field (real invested money versus current market cap) we can argue that cryptocurrencies are a very fragile market and one susceptible to manipulation. Also, we are safe to say that USDT was responsible for close to half of the Bitcoins upwards moves in the past year.

People are often asking when the market will get to its previous highs. My question for the curious is: How and when can/will the crypto market reach new highs if the previous highs were created artificially? We are awaiting for a sign of trend reversal out of Bitcoin bear market.

All being said and done, I certainly believe cryptocurrencies are the biggest invention of our lives and I’m extremely bullish in the long term. But, the world might not be ready for the true form of cryptocurrencies yet. Only time will tell in what form and how cryptocurrencies will survive.

Tags bitcoin, bitcoin bearish, BTC, Crypto

Crypto Market Analysis

Daily Crypto Update 19.06.2018 – Green Market But Some Uncertainty

Post author By Forex Academy
Post date 19 June, 2018
No Comments on Daily Crypto Update 19.06.2018 – Green Market But Some Uncertainty

The market is in green again and after the unexpected positive movement in all the charts yesterday, there is a question in the air and it is; how manipulable is the market and where these unexpected movements come from when it is evident that there is no important fundamental news especially in BTC which is the currency that moves the others?

General Overview

Live Crypto News:
Market Cap: $293.010.746.832
24h Vol: $13.905.498.839
BTC Dominance: 39.8%

The capitalization of the market continues to rise as well as the daily volume, this may mean that we could have a continuation of the increases if there is a strong enough push in the buyers.

Live Crypto News

TRON [TRX] the only double-digit gainer among top 50 [24 hrs].
Source: ambcrypto

‘Flaws’ in Japan’s Biggest Crypto Exchanges Will See Regulator’s Warnings
A handful of major Japanese exchanges including bitFlyer, Japan’s biggest and best-funded crypto trading platform, are facing business improvement orders from the country’s financial regulator and watchdog.
Source: ccn.com

‘A Moral Hazard’: Bank of Korea Opposes Central Bank Digital Currency
The Bank of Korea (BoK) has revealed it is against the idea of issuing a central bank digital currency following a feasibility review.
Source: ccn.com

Active Blockchain Projects in Use? Logistics is Overtaking Finance
Many predicted that finance would be among the first innovators in the blockchain. Harvard Business Review concluded that education about blockchain is no longer lacking in finance as it is in industries like manufacturing, predicting we’ll see finance projects finished first.
Source: ccn.com

Analysis

ETH/USD

Ethereum responded positively to the markets rise yesterday which represents gains of 7.37% in the last 24 Hours, after the breakout of the critical resistance of $520 the pair reached pivot R1 in $540 and at this moment is trying to cross this line. Nevertheless, the EMA of 100 periods is a little lower doing its job as strong resistance at this time. The RSI is in the overbought area as well as the Stochastic so the buyer impulse may be weakened in the next hours.

Market sentiment

ETH 4h chart bullish.

Oscillators are on the overbought zone.

Pivot points

R3 629.1 
R2 584.3 
R1 540.6 
P 494.7
S1 451.1 
S2 406.5 
S3 362.2

TRON/USD

TRON has gained 16.32% in the last 24 hours, apparently due to the negotiations that have already been made public about reports that founder Justin Sun is up to close a deal to acquire BitTorrent.

Now TRX is trading at $0.049, up from $0.041 from yesterday; the price has crossed the pivot R1 and now is trying to beat the EMA-100 after crossing the upper line of the descendant channel. If buyers pressure is strong enough the price should stay above the R1 for the next hours, waiting for a trend change that is not yet confirmed, the RSI and Stochastic indicators are in an overbought area which could send the price back to the channel.

Market sentiment

TRX 4H chart is showing Bullish.

Oscillators are on the overbought zone.

Pivot points

ADA/USD

ADA has gained 4.55% in the last 24H but has been moving within a narrow range in the last week, the price has not reacted to the latest news that says Cardano has been added to a tradable asset on eToro.

The support at $0.155 has been tested several times while the immediate resistance is at $0.1721. My appreciation for the pair is of a bearish continuation in the medium term, even though the indicators have already left the overbought area.

Market sentiment

ADA 4H chart is showing Bearish.

Oscillators are pointing up in and over the 50 level.

Pivot points

Conclusion

Live Crypto News: Difficult levels were overcome in the short term for many pairs but nothing is certain for the next sessions. Most of the cryptocurrencies are in green due to the unexpected yesterdays rise, but there is a lack of clarity about these movements and very likely the tendencies that were strong in the main pairs will be recovered; but if capital continues to enter the market it will help the main Cryptocurrencies to recover all the critical levels lost the last week.

Tags BTC, btc update, crypto market, Market update, sentiment

Crypto Market Analysis

Daily Crypto Update 19.06.2018 – Will Yesterday’s Spike Trigger a Trend Reversal

Post author By Forex Academy
Post date 19 June, 2018
No Comments on Daily Crypto Update 19.06.2018 – Will Yesterday’s Spike Trigger a Trend Reversal

General Overview

Market Cap: $287,823,534,235

24h Vol: $12,135,483,741

BTC Dominance: 40.0%

In the last 24 hours, something strange has happened. After a period of stagnation, all of a sudden the evaluation of the crypto market cap has spiked up from 276,698,000,000$ to 289,453,000,000$. The spike wasn’t caused by news or any fundamental factors, which is why this is strange.

I have written my take yesterday on what I think has happened in the post entitled ‘The Reason Of The Sudden Rise In The Crypto Market May Be Manipulation‘ which you can read here.

The market is currently in green as a result of the rise with an average percentage change ranging from 3-5%.

News

There aren’t any significant news items that came out in the last 24 hours that can justify the up move we have seen in the market. Top headlines that came out are informative in nature and every major news outlet reported on the sudden rise in the crypto market capitalisation rise.

Crypto Markets See $13 Bln Price Spike in One Hour, Despite Negative BIS Report – cointelegraph

Investors Turn Bullish as Cryptocurrency Market adds $12 Billion 24 Hours – ccn

Bitcoin Recovery Stalls Raising Risk of Price Drop – coindesk

Majority of analysts expected a steep fall to 6000$ for Bitcoin, which is why this unexpected rise is considered a news event and was reported by many.

Other relevant news in the crypto space are the following:

US: Federal Employees to Disclose Crypto Holdings Following New Guidance

The US Office of Government Ethics (OGE) has ordered federal employees to report their holdings of virtual currency, according to new guidance issued June 18. The guidance will affect around 2 million federal executive branch employees, including the Departments of Homeland Security, the Army, Justice, Veterans Affairs, and others.

Source: cointelegraph

EOS Vulnerability Will Lead to ‘Massive Exchange Hack’, Predicts Cornell Blockchain Researcher

Cornell professor Emin Gün Sirer forecasted his belief that EOS, will be the root cause of a significant cryptocurrency exchange hack at some point during the next calendar year.

“I’m calling it: there will be a massive exchange hack within the next year, taking advantage of an EOS vulnerability. That exchange will lose its hot wallet.”

“If EOS uses its arbitrators to reverse the hack, the contagion will spread downstream,” he added. There will be threats of lawsuits involving the devs and the [block producers].”

While clarifying that this prediction is not based on any specific vulnerability he has identified or believes lies hidden within the EOS source code, he argued that such an exploit is likely inevitable given the way developers “handle safety critical bugs.”

Source: ccn

Analysis

BTC/USD

From yesterday’s opening at 6378$ until now, the price of Bitcoin has increased by 5.28% and is currently sitting around 6714$.

Looking at the hourly chart we can see that the price interacted with the unconfirmed baseline support 2 (black dotted line) and was stopped at resistance found on those levels at 6850$. Currently, the price is sitting quietly in the middle of the range, as market participants are waiting to see if the spike up will push the prices higher.

Market sentiment

Hourly chart signals a buy.

Oscillators are on buy and moving averages signal a strong one.

Pivot points

XRP/USD

From yesterday’s opening, the price of Ripple has increased by 4.91% going from 0.52$ to 0.547$ where it is currently.

The price has found support at the 0.51$ level and bounced off it, and is starting to interact with the minor resistance line, as you can see from the hourly chart. We will see what happens in the following hours, but if this resistance line gets broken I would expect the price to go up to the purple dotted line which is a significant level that served as support in the past.

Market sentiment

Hourly chart technicals signal a buy.

Oscillators are on buy, and moving averages signal a strong buy.

Pivot points

LTC/USD

In the last 24 hours, the price of Litecoin has increased by 4.29% rising from 93.6$ to 98$ where it is currently.

On the hourly chart, we can see that the price broke out of the bearish pennant on the upside and has stopped at a minor resistance line like other coins.

Market sentiment

Litecoin is in the buy zone.

Oscillators are on sell, and moving averages signal a strong buy.

Pivot points

S3 82.890
S2 90.100
S1 94.469
P 97.310
R1 101.679
R2 104.520
R3 111.730

Conclusion

After the sudden rise, the prices of all major cryptos including these that are covered in this report have spiked up but were stopped out at minor resistance levels which means that the momentum behind the move wasn’t strong. Today, we will see if the spike serves as a signal for market participants to start buying, and that will be confirmed if the minor resistances are going to be broken and we see a high exceeding the prior one. That will in the case of Bitcoin be around 7000$, in the case of Ripple around 0.578$ and in the case of Litecoin around 111$.

Tags bitcoin, Crypto, Daily, litecoin, Ripple

Crypto Market Analysis

Daily Crypto Update 18.06.2018 – Quiet But Scared Market

Post author By Forex Academy
Post date 18 June, 2018
No Comments on Daily Crypto Update 18.06.2018 – Quiet But Scared Market

The market today started in red for most of the 100 top cryptos with loses between -0.2% and -7%, while many buyers are with their fingers on the trigger waiting for the $ 5700 BTC level to put their money inside the market for a rally higher and good profits.

General Overview

Market Cap: $275.605.476.514

24h Vol: $10.142.645.562

BTC Dominance: 40.2%

This is the sentiment today, still bearish but very nervous on both sides and with bitcoin dominance back to 40%, percentage not seen in the last two months.

News

Bitcoin Miners in China’s Remote Regions are Undeterred By Restrictions
Though Chinese authorities have previously taken various measures aimed at curtailing the trading of cryptocurrencies, the mining of Bitcoin has continued unabated in some of China’s remote parts according to a Nikkei Asian Review report.

Ripple Donates $2 Million to Texas University’s Blockchain Initiative
One of 17 institutions chosen for Ripple’s $50 million academic pledge, the University of Texas at Austin will receive $2 million from San Francisco-based industry giant Ripple.

Korean Authorities Admit to Postponing Cryptocurrency Regulation Because it Legitimises Market
Authorities have admitted that the South Korean government had postponed the regulation of the cryptocurrency sector because it feared consumers will acknowledge it as the government legitimising the cryptocurrency market.

Walmart Patents System for Accessing Medical Records Stored on a Blockchain
Big-box retailer Walmart has been awarded a patent for a system that is designed to store a patient’s vital medical records in a blockchain database. The information can then be retrieved at the scene of an emergency when a patient is unresponsive and can’t communicate with first responders.

Japanese Police Arrest 16 Individuals in Monero Cryptojacking Case
Cryptojacking is the process of installing mining scripts or outright malicious malware onto computers of unsuspecting users to mine cryptocurrencies. The most popular among these is Coinhive, a javascript mining script installed on websites. Hackers have been installing Coinhive on websites with weak security to mine Monero. Since Monero is a privacy coin, it makes it harder to catch criminals.

Source: ccn.com

Analysis

NEO/USD

NEO has lost -1.33% in the last 24 hours and -19% of its value in just 1 week. The price of the pair has been sidelined since June 13, when it touched the lower part of the Bearish Channel at $35.9 and bounced there until it reached $41.5, today it is moving in $37.1 below the Central Pivot Point and the indicators are shown in the oversold area.

The week begins bearish for the pair and the EMA’s are separating which indicates that lower minimums can come, the immediate support is in $35.8 and then the Pivot S1 in $33.7.

Market sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing sell signals, and moving averages a strong sell.

Pivot points

R3 56.7
R2 51.8
R1 45.2
P 40.4
S1 33.7
S2 28.8
S3 22.3

EOS/USD

EOS has lost -2.10% in the last 24 hours and -33% in just 9 days, for now, it is moving at $10.2, below the Central Pivot Point and a little lateralised after having reached the Fibonacci retracement of 38.2 of the last drop, bouncing there and sending the price below the 23.6% retracement.

The Stochastic is showing oversold and the RSI is leaving the same area pointing up although the sentiment is still Bearish. For now, the price moves in the central part of the channel very close to the psychological number of $10 and the immediate support is $9.8 and below $9.1, minimum from last June 13th. The Central Pivot Point has also become important resistance and a bounce there could send the price quickly to the S1 pivot.
EOS network was frozen for several hours this weekend due to a bug in its consensus protocol. The EOS community went into panic however the price did not react negatively. EOS released a patch yesterday that restored the network functionality.

Market Sentiment

4H chart technicals signal Bearish.

Oscillators are on sell, and moving averages on a strong Sell.

Pivot points

R3 5.2
R2 13.7
R1 12.0
P 10.5
S1 8.8
S2 7.4
S3 5.7

ADA/USD

Two good news for Cardano this week: It was added to a tradable asset on eToro and will be added to CopyFund, this is an investment portfolio from eToro. The downtrend is still alive in ADA and it is now testing the support area of $0.1569.

The buyers did not have enough strength to cross the 38.2 Fibonacci retracement and now the price is moving into a narrow range.

——————————————————————————————————————————————————————————————-

Market sentiment

4-Hourly chart technicals signal neutral.

The stochastic is in the oversold levels and the gap between the 100-200-50 EMAS is widening which is showing that the sellers have the power.

Pivot points

Conclusion

The price is below the moving averages in these cryptos, while a bearish momentum will continue to manage the prices in the medium term. The sellers still have the influence in the market and there is a real expectation of new lows in the charts.

Tags crypto analysis, Daily Reports, Financial Report

Crypto Market Analysis

Weekly Crypto Update 18.06.2018 – Retest of the Lows Expected

Post author By Forex Academy
Post date 18 June, 2018
No Comments on Weekly Crypto Update 18.06.2018 – Retest of the Lows Expected

General Overview

Market Cap: $276,493,181,374

24h Vol: $10,178,348,969

BTC Dominance: 40.1%

From last Monday, 11th of June, the cryptocurrency market cap has experienced

General Overview

Market Cap: $276,493,181,374

24h Vol: $10,178,348,969

BTC Dominance: 40.1%

From last Monday, 11th of June, the cryptocurrency market cap has experienced

General Overview

Market Cap: $276,493,181,374

24h Vol: $10,178,348,969

BTC Dominance: 40.1%

From last Monday, 11th of June, the cryptocurrency market cap has experienced a short-term rise from 294,722,000,000$ to 301,321,000,000$ which was the weeks high, and after that, it has fallen to 265,974,000,000$ which was the weeks low on 13th of June. After the low, the market has recovered slightly and is currently sitting in the middle of the high-low range as you can see from the graph below.

News

Top stories that came out in the last week are the following:

German Government Doesn’t Think Bitcoin Threatens Financial Stability

Officials from Germany’s federal government do not believe that Bitcoin poses a threat to the existing financial structure, as the volume of crypto transactions is too low compared to the size of the global financial system to be a great influence. However, the government added that cryptocurrency should be regulated as they continue to monitor the crypto space.

Proposed Bills In Michigan Classify Blockchain Tampering As Crime

Two bills currently proposed in the Michigan state legislature would make altering the public digital record on a blockchain with intent to defraud into a felony punishable by up to 14 years in prison, as well as adding definitions of distributed ledger technology to the Michigan penal code.

CBOE President Says SEC Calling ETH Not A Security Paves Way For ETH Futures

The president of CBOE–which released the first Bitcoin futures last December–said that the SEC’s recent decision that Ethereum will not be regulated as a security has removed a big “stumbling block” from the possibility of offering Ether futures.

Source: cointelegraph

Analysis

EOS/USD

From last Monday, the price of EOS has dropped from 11.3$ to 10.22$ which is 9.28% decrease.

As you can see from the daily chart, last Monday’s opening was the highest price it has been, and that level now serves as resistance. On June 13th, on which we saw the market experienced a low was also the day that EOS was at its lowest, closing as a Doji on that day. The next day price recovered significantly but was stopped out by the resistance of Monday’s open. Currently, the price pattern is looking unstable and I would expect another low from here to around 9.1$ at least which was last weeks low, or even further down to the support at 8.69$.

Market sentiment

Daily chart technicals signal a sell.

Oscillators are signalling a sell, and moving averages a strong one.

Pivot points

S3 1.1720
S2 6.2113
S1 8.3731
P 11.2506
R1 13.4124
R2 16.2899
R3 21.3292

LTC/USD

From 108.461$ which was the opening price last Monday, the price of Litecoin has decreased by 13.87% and is currently 93.395$ per Litecoin.

As you can see from the daily chart, the opening on 11th of June was the highest price Litecoin has been, and since then it has fallen to 89.277$ on 13th of June and recovered slightly, but today’s candle is on the levels of 13th of June’s close. The price is currently about to break out from the triangle in which it was consolidating, and judging by the market sentiment the breakout from the downside is expected.

Market sentiment

Daily chart technicals signal a sell.

Oscillators signal a sell, and moving averages a strong one.

Pivot points

S3 44.706
S2 72.869
S1 84.755
P 101.032
R1 112.918
R2 129.195
R3 157.358

DASH/USD

The price of Dash has dropped from 281.27$ which was the opening price on Monday 11th of June to 251$ where it is currently sitting, which is a decrease of 10.2%.

As you can see from the daily chart, the price of Dash has followed the same pattern as the other cryptos as markets are strongly correlated – the price was at its highest on last Monday, its lowest on 13th of June and is now looking like its going to break out from the downside of triangle.

Market sentiment

Dashes daily chart technicals signal a sell.

Oscillators are signalling a buy, and moving averages signal a strong sell.

Pivot points

S3 130.32
S2 198.03
S1 231.81
P 265.73
R1 299.51
R2 333.43
R3 401.14

XMR/USD

From last Monday until today, the price of Monero has been dropping from 140.89$ to 103.84$ on 13th of June which was the lowest Monero has gone in the past week. Since that low, the price has recovered and went above the support line at 121.775$, but is now back below it.

On the daily chart, we can see that the support at 121.775$ is a significant level as that was the prior range resistance, from which the price went on a steep upward trajectory to the all-time high. We will see what happens on this level, maybe today’s candle will close above it, however, that’s highly unlikely considering the market correlation and the bearish sentiment.

Market sentiment

Monero’s daily chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal strong one.

Pivot points

Conclusion

Crypto Weekly Update: As the prices were mostly consolidating after the low experienced on June 13th, the crypto market was mostly stagnating. The consolidation period is near completion and from my analysis of the four cryptocurrencies that are covered in this report, I conclude that we are in for another low. This week will most likely be the week of the retest of the lowest points cryptos have experienced in this prolonged correction after which I am expecting a short-term trend reversal.

This was my projection published on 02.06.2018 in my weekly update post, and it looks like it all going in accordance with my projection. What I meant by a ‘retest of the lowest points cryptos have been’ is to see the market at around $250B. After that, I would expect a short-term trend reversal to slightly below last high and then a final down move that many would consider ‘capitulation’, but I would consider it a great buy opportunity.

Market cap on 02.06.2018 with my drawn projection

Market cap today

For more on what I think it’s coming next, make sure to check out the weekly update video in which I will provide my longer-term analysis and the potential scenario of this correction using Elliott Wave principles.

Tags Crypto, Dash, EOS, litecoin, Monero, Weekly

Crypto Market Analysis

Daily Crypto Update 18.06.2018 – Another Low Ahead

Post author By Forex Academy
Post date 18 June, 2018
No Comments on Daily Crypto Update 18.06.2018 – Another Low Ahead

General Overview

Market Cap: $276,643,180,630

24h Vol: $10,182,196,782

BTC Dominance: 40.1%

From yesterday’s open at 281,509,000,000 cryptocurrency market cap has decreased by around 4,5 billion dollars. The evaluation has been hovering around these levels for the most part as you can see from the graph below.

It looks like its forming a plateau as market participants are waiting to see if this is the bottom. Buyers don’t want to come in just yet as prices may decline further, and those who are thinking of selling don’t want to sell if this is the bottom.

Currently, the market is mostly in red, with an average percentage change ranging between 1-3%.

News

There aren’t any significant news items that came out over the weekend that could impact the market neither positively or negatively. Most significant headlines are those regarding technical improvements in particular cryptos and situations in their ecosystem.

Out of those stories that fit into this category the first that stands out is that Bitcoin Core Version 0.16.1 has been launched, according to the post from Linux Foundation

This is a new minor version release, with various bugfixes as well as updated translations.

This Bitcoin Core version removed miner block size recalling the depreciation of the “-blockmaxsize” option for miners to limit their blocks’ sizes in version 0.15.1. It states that miners now should apply “-blockmaxweight” option if they want to limit the weight of their blocks.

Ethereum is going to combine Casper and Sharding upgrades, as reported by cointelegraph.

The key point of the recent meeting is rescheduling the releases of two main Ethereum chain upgrades such as Casper and Sharding. Casper should have been released as a smart contract separately from the sharding upgrade. The new proposals suggest that Casper may be released on a shard, or a sidechain instead.

EOS blockchain is live again after a bug froze the network

The bug is now fixed and the network is up and running.

Analysis

BTC/USD

From yesterday’s opening at 6542$, the price of Bitcoin has decreased by 2.05% as it is currently sitting at 6430$.

As you can see from the hourly chart the price action has formed a symmetrical triangle and it looks like a breakout is soon going to happen. After the price consolidated a bit, it looks like it ready for a move, and I think a move to the downside is more likely to around 6000$, to retest of the lowest points and give potential buyers a better price, as the last low hasn’t triggered significant amount of buying that could push the price upward.

Market sentiment

Hourly chart technicals signal a sell overall.

Oscillators are signalling a buy, and moving averages a strong sell.

Pivot points

S3 6182.3
S2 6330.5
S1 6384.5
P 6478.7
R1 6532.7
R2 6626.9
R3 6775.1

ETH/USD

From yesterday’s high at 507$, the price of Ethereum has decreased by 3% and is now 492,68$.

Looking at the hourly chart we can see that the price action is also forming a triangle like in the case of Bitcoin. The breakout from the downside is more likely as the purple line represents the resistance from the descending channel which held the price strong in the past.

Market sentiment

Hourly chart technicals signal a strong sell.

Oscillators are on sell, and moving averages on a strong one.

Pivot points

LTC/USD

The price of Litecoin has decreased over the last 24 hours by 4.21% – from 97.65$ to 93.66$.

Again we can see a triangle forming as market correlation is strong in the bear market, and judging by the steep angle of the triangle resistance line we can conclude that sellers are more aggressive at the moment, which means the breakout from the downside is more likely.

Market sentiment

Litecoin is in the sell zone.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

Conclusion

As you have seen consolidative triangles are on all of the cryptos that I have covered in this report, and the breakout is about to happen today. As market sentiment is bearish, technical indicators signal a sell and judging by the steepness of the resistance line from the triangles I conclude that we are in for another low. I am expecting the price of Bitcoin to retest 6000$ level, Litecoin to 85$ and Ethereum to 460$ or less. Overall that would mean another 8% drop in the whole market which would bring the crypto market cap to around 250B which was the prior low.

Tags bitcoin, Crypto, Daily, Ethereum, litecoin

Crypto Market Analysis

Today´s Crypto Events 18.6.2018

Post author By Forex Academy
Post date 18 June, 2018
No Comments on Today´s Crypto Events 18.6.2018

This is the Cryptocurrency events calendar. All the news about the upcoming hard fork, releases, exchange listings, updates, conferences, new launches, etc.

Today´s Events 18/6/2018

Docademic (MTC) – Monthly Airdrop

LATOKEN (LA) – Blockchain Economic Forum

StarCash Network (STARS) – Major Announcement

Pylon Network (PYLNT) – Roadmap Release

THEKEY (TKY) – Token Release

Aerium (AERM) – Swap Deadline

iExec RLC (RLC) – Deployment on Mainnet

Pylon Network (PYLNT) – Transactive Energy & Blockchain

IOTA (MIOTA) – First Charging Station in The World

Aion (AION) – Developer Meetup

Status (SNT) – Livestream

Synereo (AMP) – New Leaderboard

OriginTrail (TRAC) – Lunar Orbiter Release V1.0B-Rc

Ripple (XRP) – Listing on CoinSpot

Cashaa (CAS) – Livestream

Pillar (PLR) – BAI

DADI (DADI) – Developerweek

TokenPay (TPAY) – Listing on Cryptopia

Tags Blockchain, Events, launch, news

Crypto Market Analysis

Weekly Crypto Update 18.06.2018

Post author By Forex Academy
Post date 18 June, 2018
No Comments on Weekly Crypto Update 18.06.2018

A quite negative week for Bitcoin and the whole market of cryptocurrencies. The dominance of BTC continues with 40% of the market but we are facing a very difficult time where the bears took more than $30 billion despite some good news from the SEC. There is a widespread fear of a loss of the important support at $6,000, which would be catastrophic for all cryptocurrencies because we would probably see a minimum of the main currency close to $3,000.

General Overview

Market Cap: $277,355,449,832

24h Vol: $9,920,627,425

BTC Dominance: 40.0%

From last Monday, the market capitalization in cryptos has decreased from $294,759,000,000 to $276,905,000,000 so, 18B has gone out of the market.

Analysis

BTC/USD

BTC starts the week above the support of $6,400 but as I’ve said previously, if there is a confirmed breakout below $6,000 this week or in the following weeks, it would be bad enough for those who keep their coins static or those called “Coinhoders”; and as we have seen, there is a direct connection or correlation between the BTC and the altcoins, so the market would be a complete red spot.

In this daily chart, I keep maintaining the position of last week where the most feasible scenario is the case of breakout below $6,400, targets to be met would be the ones marked here $5,533 and $4,711. To consider a return of the bulls, the price would have to return above $ 8,000, we’ll see what happens this week.

Market sentiment

Bitcoin daily chart showing sell.

Oscillators are on oversold zone and EMAS pointing down.

Pivot points

R3 7639.1 
R2 7277.4 
R1 6866.4 
P 6504.60.8
S1 6414.7 
S2 5715.5 
S3 5304.4

XRP/USD

Ripple lost 25% of its value in the last week. Since yesterday it has been moving in a narrow range between $0.5194 and $0.5384, in a quite calm weekend for the three main pairs of the top 10 of the market. We will see if the buyers try a positive rescue in the pair this week, although I see enough resistances to beat on the road.

Market sentiment

XRP 4H chart is showing neutral.

Oscillators are on oversold zone and EMAS pointing down.

Pivot points

ETH/USD

ETH has lost 19.1% since last Monday and 30% in the last month. This is not encouraging for short-term investors who have seen the pair touch two months minimums after a significant recovery that raised it to $835 last May 5.

This week begins with lateral movements in the pair and the Bollinger bands are narrowing quite a bit. We should expect an important break to one of the sides although looking at the indicators there is more chance of a downward movement than the opposite. The Asian Session just starts and we are looking forward to an interesting week in the charts.

Market sentiment

ETH 4H chart is showing Bearish.

Oscillators are pointing down near 50.

Pivot points

Conclusion

As the market is quite battered, investors are waiting for what may happen this week and if the market is going to recover in the short term, there is a lot of fear for a possible drop continuation in Bitcoin which as we know could generate a completely red market. Panic Selling could be the next word to use if the week starts bearish for the cryptocurrencies.

Tags crypto market, crypto update

Crypto Market Analysis

Daily Crypto Update 15.06.2018 – Positive Signs

Post author By Forex Academy
Post date 15 June, 2018
No Comments on Daily Crypto Update 15.06.2018 – Positive Signs

As the market is in green again and we are waiting for further positive movements because many of the cryptos are gaining upside momentum, we will see if this weekend

As the market is in green again and we are waiting for further positive movements because many of the cryptos are gaining upside momentum, we will see if this weekend does not surprise us like the last weekend and the market can sustain itself this way. Although the trend has not been reversed so we have to be careful.

General Overview

Cryptocurrencies: 1629
Market Cap: $280.574.505.254
24h Vol: $15.343.266.248
BTC Dominance: 39.9%

Market capitalisation has moved up by 6 billion dollar which indicates the Capital is coming back after the hard current week.

News

Billionaire Investor Explains Why Bitcoin Price Will Hit $250,000 by 2022
Billionaire venture capitalist and investor Tim Draper has long been one of cryptocurrency’s biggest bulls, and that has not changed during the first half of 2018, even as bitcoin price has sunk more than 67 per cent from its all-time high.

Ripple Expects India to Overturn Cryptocurrency Ban with Regulations
Ripple is reportedly ‘unfazed’ by the Indian central bank’s mandate on restricting banks from dealing with cryptocurrencies and expects a new regulatory framework to rescind the ban altogether.

Crypto Market Rebounds as SEC Clarifies Bitcoin and Ethereum are Not Securities
The cryptocurrency market has rebounded from $271 billion to $291 billion, by more than $20 billion in the past 24 hours, as the US Securities and Exchange Commission (SEC) clarified that Bitcoin and Ethereum are not considered as securities under the laws of the US.

‘Netflix of Cryptocurrency Mining’ to Hold IPO on London Stock Exchange
A cryptocurrency mining startup is reportedly making a foray into becoming the first industry firm to be listed on the London Stock Exchange.

Why Africa Is Fertile Ground for Bitcoin Adoption
Despite fears and scepticism over usage of virtual currencies for crime, tax evasion, and money laundering, more African countries and individual investors are increasingly embracing cryptocurrencies to escape challenges to do with fiat money and to mop up extra value from informal markets that dominate the continent.

Analysis

XRP/USD

In the last hours, Ripple price found support in the 50-MA after bouncing in the 100-EMA when sellers appeared close to $0.56.

At the moment, the price is moving around $0.5439 and very close to the lower line of this ascending channel in this 1h chart, if the price continues moving inside the channel, we could see a further higher over the $0.5700 level in the short term.

Market sentiment

Ripple is moving in range during the last hours

RSI undecided and pointing down, Stochastic in oversold zone.

Pivot points

ETH/USD

After having taken a big jump from the support at $464, the price went up to $530, above the 100-EMA on this 4H chart and breaking the upper line of the channel.

Then the price declined to find support at $487 where buyers have pressed again today moving the price up to $503 where it is currently, more pressure is expected in the next few hours as the indicators are pointing up and even with a lot of ground in the field.

Market sentiment

ETH technicals are showing buy momentum

RSI pointing up, Stochastic is near to oversold levels

Pivot points

BCH/USD

BCH has lost 29% in just ten days, the way to recover won’t be that easy, now the price is moving around $871 with difficult to overcome the Fibonacci retracement of 23.6% of the last drop, I see a lot of strong resistance in this 4H chart such as $925 (R1 + 38.2% Fibbo) and $956 .

Market sentiment

BCH is showing neutral signs.

Pivot points

Tags Analysis, Chartist Analysis, Daily Reports

Crypto Market Analysis

TODAY’S CRYPTO EVENTS 15.6.2018

Post author By Forex Academy
Post date 15 June, 2018
No Comments on TODAY’S CRYPTO EVENTS 15.6.2018

TODAY’S EVENT 15/6/2018

This is the Cryptocurrency events calendar. All the news about the upcoming hard fork, releases, exchange listings, updates, conferences, new launches, etc.

GoldCoin (GLD) – Cryptolina 2018

SpaceChain (SPC) – Cryptolina 2018

Storiqa (STQ) – DMFX Financials

Flash Token (FTOKEN) – Online Store Launch

Viuly (VIU) – Beta Release

Digital Money Bits (DMB) – Masternode Swap

Docademic (MTC) – Monthly Airdrop
Lightning Bitcoin [Futures]

(LBTC) – Listing on FUBT

AppCoins (APPC) – Aptoide with Side-Chain

Particl (PART) – Livestream

Pylon Network (PYLNT) – Seoul Presentation

LUXCoin (LUX) – Mercury v5.0
Civic (CVC) – Webinar

WePower (WPR) – Community AMA

Apex (CPX) – Listing on BitZ

Hydrogen (HYDRO) – Community AMA

StarCash Network (STARS) – New Website Release

Aion (AION) – Community AMA

Bigbom (BBO) – Listing on Kyber Network

DADI (DADI) – Community AMA

Humaniq (HMQ) – Community AMA

QuarkChain (QKC) – Korea Meetup

Odyssey (OCN) – Seoul Meetup

Vice Industry Token (VIT) – Livestream

Decred (DCR) – Listing on Huobi

Bitcoin God (GOD) – Livestream

Tags crypto market, Daily Reports

Crypto Market Analysis

Daily Crypto Update 15.06.2018 – Be Ready For Another Low

Post author By Forex Academy
Post date 15 June, 2018
No Comments on Daily Crypto Update 15.06.2018 – Be Ready For Another Low

General Overview

Market Cap: $283,999,903,554

24h Vol: $15,738,961,943

BTC Dominance: 39.8%

In the last 24 hours, the crypto market cap has been showing sideways action as the evaluation went from 268,312,000,000$ to 290,760,000,000$ and has been decreasing since that point to around 283B where it is currently.

The market is currently mixed in colour with a small average percentage change of around 0.4-2%.

News

The most significant news that came out in the last 24 hours which may impact the space positively is that a senior U.S. Securities and Exchange Commission (SEC) official has said that leading altcoin Ethereum will not be regulated as a security, as reported by the Wall Street Journal.

SEC Corporation Finance Director William Hinman said at Yahoo Finance’s All Market Summit: Crypto in San Francisco today that:

“Based on my understanding of the present state of ether, the Ethereum network and its decentralised structure, current offers and sales of ether are not securities transactions.”

This news is interpreted by some analysts as the fundamental factor in charge of the rebound we are seeing currently in the markets.

Another significant news headline is that Coinbase Index Fund opens for large-scale investors, as reported by cointelegraph.

The fund, whose creation was announced in March, is available only to U.S. resident accredited investors – those who have a net worth of more than $1 mln or an annual salary of more than $200,000 – who invest between $250,000 and $20 mln.

Both of these headlines may introduce some short-term confidence in the markets, and impact it positively.

Analysis

BTC/USD

Since yesterday’s low at 6273$, the price of Bitcoin has increased by 5.3% coming to 6605$ where it is currently sitting. The price went a bit higher to 6660$ where the resistance was found, as you can see from the chart below.

Looking at the hourly chart, we can see that current formation looks similar to that of the prior low. The price is currently above the 0 Fibonacci level, but it might drop again steeply, as the cluster is starting to form around 6660$ level which serves as resistance.

Market sentiment

Bitcoin is in the sell zone.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

S3 5612.5
S2 6079.6
S1 6356.6
P 6546.6
R1 6823.6
R2 7013.6
R3 7480.6

XMR/USD

The price of Monero is on the same levels as it was on yesterday’s opening around 122$.

Looking at the daily chart, we can see that the price of Monero has broken out off of the triangle on the downside and has currently found support at prior range resistance. Wednesday’s candle was a hammer Doji that tested the prior range support line and from there went on to recover quickly.

Zooming into an hourly chart, we can see that from the spike down price went to 133.6$ four times and hasn’t exceeded the level which means there’s a strong resistance there, which made the price fall back again to the support line.

Market sentiment

Hourly chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal a strong one.

Pivot points

DASH/USD

From yesterday’s opening at 245$, the price of Dash has increased by 6.2% and is currently sitting slightly below 260$.

Looking at the daily chart, we can see that the price of Dash found support at the levels of the current range support at around 238.85$.

Zooming into an hourly chart we can see that the price action is forming the same pattern like it did last time it bottomed out, but also similar to that of the prior triangle fractal from which the price went on to continue in a downward trajectory and finally to the current low.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on neutral and moving averages signal a strong sell.

Pivot points

Conclusion

As price action of the three cryptocurrencies that I have covered in this report are showing signs of a recovery, they are also struggling to get past the first resistance that they face. I think we might see another low to the levels of the lasts one or even a bit lower, before a short-term trend reversal.

Tags bitcoin, Crypto, Daily, Dash, Monero

Crypto Market Analysis

DASH/BTC Imminent Breakout

Post author By Forex Academy
Post date 15 June, 2018
No Comments on DASH/BTC Imminent Breakout

Dash (DASH)

Market Cap: $2.17B

Circulating Supply: 8.13M DASH

Max Supply: 18.9M DASH

Volume (24H) $114.09

DASH/USD = $268.17

DASH Technical Analysis

DASH/BTC is trading right below some very, very important resistance levels. It seems somehow motivated to pass above them, but it remains to be seen if the buyers will have enough energy to push the rate higher. The rate moves in a range in the short term after the failure to move towards the downside line of the down channel and after the false breakdowns below the lower median line (LML) of the major descending pitchfork and below the outside sliding line (sl)of the ascending pitchfork.

Right now you should stay away and wait for a valid breakout from the down channel, above the lower median line (lml) and above the 0.041780 static resistance (support turned into resistance). It is very important for the price to make a valid breakout from this minor accumulation because if it stays too much within it, it could turn into a distribution and the rate could drop further.

DASH/BTC has shown an oversold sign when it has failed to approach the down channel’s downside line, but we still need a confirmation that we may have another leg higher.

Conclusion

DASH Technical Analysis: A valid breakout above the mentioned near-term resistance levels will give us a great chance to go long on this crypto pair. It could find temporary resistance at the 50% lines, but the major target remains around the median line (ML) of the major descending pitchfork and at the median line (ml) of the ascending pitchfork.

Tags Crypto Pick, Crypto Trading, DASH/BTC, Trade Idea, Trade Setup

Crypto Market Analysis

Daily Crypto Update 14.06.2018 – The Market Is Stressed

Post author By Forex Academy
Post date 14 June, 2018
No Comments on Daily Crypto Update 14.06.2018 – The Market Is Stressed

The market is trying to take a break in its drop and Technical Indicators seem to be pointing to a bullish movement for some of the most important currencies, some greens are now in the charts after some important support levels were touched yesterday. The drop, however, has not been declared as finished and all the accumulated drops of the week need big buying efforts to call the following days positive for the different pairs.

General Overview

Cryptocurrencies: 1628
Market Cap: $274.212.015.277
24h Vol: $16.658.912.029
BTC Dominance: 40.1%

Market capitalisation has moved down but just by 2 billion dollar which indicates the Capital Outflow has decreased and the market seems ready to receive buyers.

News

Thailand SEC Eyes Approval of 5 ICOs out of 50 Applicants This Month
Thailand’s Securities and Exchange Commission (SEC), the country’s capital markets authority, is reportedly expecting to approve five initial coin offerings (ICOs) this month.

India’s Central Bank Banned Cryptocurrency with Zero Research or Consultation
The Reserve Bank of India has responded to a query seeking explanations for its reasons to ban banks from dealing with the cryptocurrency industry, admitting it conducted no research prior to its prohibitive action.

$250,000 to $20 Million: Coinbase Launches Index Fund for Large Investors
Coinbase has officially launched its new cryptocurrency index fund, a product specifically catered to large investors, enabling access to all five cryptocurrencies listed on the platform.

Bitcoin Price Bounces From $6,100 to $6,500, Market Buys Breathing Room
The bitcoin price has demonstrated a short-term corrective rally from $6,100, rebounding to $6,500 over the past 24 hours, rising by around 6.5%. Small cryptocurrencies and tokens followed the price movement of bitcoin on the upside.

ICOs are Securities, ‘Don’t Know How Much More Clear I Can Be’: SEC Chairman
The SEC held a public forum on June 13, “Investing In America: Atlanta Town Hall Meeting.” The town hall was highly anticipated because regulators planned on speaking about cryptocurrency regulations and innovation. The session was open to the public and streamed live on the SEC website.

Source: cnn.com

Analysis

ETH/USD

ETH/USD Has gained 9.61% in the last 24 hours, the price reached $494 showing what would be a good rebound signal and quickly weakened sending the price to $463, then came a big and unexpected buyers movement that sent the price over the immediate resistances and its moving right now at $516, just over the 100-EMA .

With this movement, the indicators changed to point up, which indicates that there may be a good upward journey.

Market sentiment

1-hour chart Technical indicator show Bullish Momentum.

Pivot Points

R3 554.7 
R2 528.5 
R1 502.2 
P 476
S1 449.7 
S2 424.1 
S3 397.9

TRON/USD

The price of TRON reports an increase of 4.10% today, Thursday, bouncing strongly in the pivot R1 in this 4H chart and its current price is $0.0413. TRON continues its Bearish trend and it seems that it wants to stay in the middle of the Bearish Channel.

For now, the Central Pivot Point is holding the price but a breakout of this could take it to the bottom of the channel, On the positive side we see that indicators are leaving the oversold area and pointing up. What can keep the price above the Central Pivot Point?

Market sentiment

4-hour chart Technical indicators pointing up, Bearish.

Moving averages separated and pointing down, showing sell signs.

Pivot points

R3 0.0511
R2 0.0477
R1 0.0443
P 0.0408
S1 0.0375
S2 0.0340
S3 0.0306

XRP/USD
The price of the XRP reports a slight increase of 1.73% in the last 24 hours without showing a significant recovery and remains below $0.55, the price did not reach in its short recovery at the R1 Pivot in this 4-hour chart and its moving now at $0.5484. This level is important to maintain as it would avoid more losses in the short term.

The resistance of $0.55 in R1 is quite strong and there must be a significant buyer impulse to take it above $0.56.

Market sentiment

4-hour chart Technical indicators pointing up, Bearish.

Moving averages crossing possible bearish movement.

Pivot points

R3 0.6176
R2 0.5899 
R1 0.5601
P 0.532 
S1 0.5016
S2 0.4739
S3 0.4431

Conclusion

The market is stressed after the long drops of the current week, buyers should appear in any moment to take advantage of the minimums in many pairs.

Tags bitcoin, crypto market, Ethereum, Ripple

Crypto Market Analysis

Daily Crypto Update 14.06.2018 – Is The Bottom In?

Post author By Forex Academy
Post date 14 June, 2018
No Comments on Daily Crypto Update 14.06.2018 – Is The Bottom In?

General Overview

Market Cap: $280,634,597,761

24h Vol: $16,964,367,687

BTC Dominance: 39.8%

In the last 24 hours, the cryptocurrency market cap went from around $281B to 264,215,000,000$ which was yesterday’s low and from there on, the evaluation has been on a rise.

Currently, the market is mostly in green but with an average percentage change ranging from 2 to 5% amongst the top 100 coins. Biggest gainers are Icon +13%, Siacoin 23.9%, Nano 17%, All Sport +25%. Out of those who are in red biggest losers are Emercoin -7%, Maker -5.5% and Dogecoin -5.16%.

News

There isn’t any significant news that can impact the market sentiment. News stories that came out are mostly negative or neutral, but there are positive once. Most significant headlines that came out in the last 24 hours are the following:

Finance professor at the University of Texas, John Griffin, an academic with a history of spotting fraud in financial markets conducted a research in which he concluded that Bitcoin’s price was artificially inflated last year, through Tether and Bitfinex, as reported by NY Times.

Mr. Griffin looked at the flow of digital tokens going in and out of Bitfinex and identified several distinct patterns that suggest that someone or some people at the exchange successfully worked to push up prices when they sagged at other exchanges. To do that, the person or people used a secondary virtual currency, known as Tether, which was created and sold by the owners of Bitfinex, to buy up those other cryptocurrencies.

Thomson Reuters adds sentiment data tracking of 100 Top Cryptocurrencies

Canadian mass media and information company Thomson Reuters will now be tracking the top 100 currencies in its sentiment data tool. The necessary data will be provided via a partnership with MarketPsych Data LLC, according to a WebWire press release published Wednesday, June 13.

Google Trends: Bitcoin in Its Dark Hours Still More Popular Than Beyonce

Google searches for Bitcoin have reportedly declined 75 percent through 2018, yet the leading cryptocurrency is still outstripping the famous music star Beyonce on Google Trends, CNBC reported Tuesday, June 12th.

Ripple CEO Claims Bitcoin Is Under Control of Small Group of Miners From China

Ripple’s CEO Brad Garlinghouse said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet.com reported June 12.

Ripple: Banks Unlikely to Apply Blockchain for Cross-Border Payments in Near Future

Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13.

Western Union Will Not Add Crypto Transfer Support in Near Future, Says CEO

Western Union Co. CEO Hikmet Ersek said the global money transfer service will not add a cryptocurrency transfer solution to its services anytime soon, MarketWatch reported June 13.

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has spiked down from 6541$ to 6112$ and quickly bounced off of that level leaving a wick. The price is currently sitting at 6483$ which is just slightly below yesterday’s opening.

Looking at the hourly chart we can see that the spike down was below the 0 Fibonacci level, and the price is currently struggling to go above it, as indicated from the wicks on the upper side of the candles. I have labelled with a rectangle the prior low pattern and it looks similar to the current one. My target for this low was at 6000$ which was the lowest low of this correction so far, and I think we were going to retest it. This still may be happening so the question imposes – is the bottom in? Judging by the spike and a quick bounce we could say that, but we will have to wait for a confirmation.

Market sentiment

Hourly chart technicals are not useful, as they are all on neutral.

Pivot points

LTC/USD

The price of Litecoin has decreased from just slightly below 100$ to 89.2$ at the lowest point yesterday and has recovered since to 96.16$ where it is currently sitting, which is an overall decrease of 3.49%.

Similar to Bitcoin we can see the spike down as a wick on the hourly chart, which means that the spike happened in less than an hour. From that, we can conclude that buying was triggered and buyers were eager to buy at those levels quickly, as they figured it was a great price to get in. I am expecting it to maybe retest those levels again, much like it did previously.

Market sentiment

Litecoin hourly technicals signal a buy.

Oscillators are on buy, and moving averages are on a buy.

Pivot points

NEO/USD

From yesterday’s opening at 41.4$, the price of Neo has dropped to 35.85$ and has recovered since to just slightly below 40$ where it is sitting currently.

As you can see from this hourly chart, this was my short-term projection and the target had a slightly offset but I was close. The price of Neo is currently interacting with the support area so we will see if it serves as resistance or not. If it does serve as resistance I would expect the price to go slightly below my target but the candle to close on it.

Market sentiment

Hourly chart technical signal a buy.

Oscillators are on buy, and moving averages are on neutral.

Pivot points

S3 26.84
S2 32.61
S1 35.27
P 38.38
R1 41.04
R2 44.15
R3 49.92

Conclusion

The prices of three major cryptos that were covered in this report missed the lowest lows in this correction just slightly. In the case of Bitcoin, that’s at 6000$ which was my short-term target. The question that everyone is asking is “is the bottom in” cannot be answered conclusively still. Judging by the quick spike and a quicker recovery we can definitely say that buying was triggered, but are those buyers going to propel the price upward and cause a trend reversal we will see. I was really hoping to see a retest of the lowest lows, and I still think there’s a possibility that we see another low and another spike and a quick recovery. What I can say at this moment regarding this matter is that the bottom is in this area, and we are likely going to see some sideways action today before a confirmation.

Tags bitcoin, litecoin, NEO

Crypto Market Analysis

SAN/BTC Is The Retreat Completed?

Post author By Forex Academy
Post date 14 June, 2018
No Comments on SAN/BTC Is The Retreat Completed?

Santiment Network Token (SAN)

Market Cap: $53.67M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h) $777.54K

SAN/USD = $0.85343

SAN/BTC Technical Analysis

SAN/BTC has found a very strong support and now is fighting very hard to recover after the impressive sell-off. It remains to be seen what will happen because the rate has already found a temporary resistance. You should know that the rate remains under selling pressure as long as it is located right below some very important resistance levels.

It is trading at 0.000131380 level, much below the 0.000142000 today’s high signalling that we could have a retest of the near-term support levels soon. SAN/BTC has found a strong support right below the down sloping line and right below a major support zone. Actually, it has made a false breakdown below the mentioned levels and that’s why we could think of another leg higher at least in the short term.

SAN/BTC could increase only if it will stay above the 0.000127226 static support, above the down sloping line and below the lower median line (lml) of the ascending pitchfork. However, a valid breakdown below the lower median line (lml) will confirm a further drop in the short term.

Price is trapped below the downtrend line and below the 50% Fibonacci line of the ascending pitchfork. So, only a valid breakout above these dynamic resistance lines will confirm a broader rebound.

Conclusion

We’ll have a great buying opportunity only after a valid breakout above the downtrend line and above the 50% line. The major upside target it will be at the upper median line (uml) of the ascending pitchfork.

Tags Crypto, Crypto Pick, Crypto Trading, SAN/BTC, Trade Setup

Crypto Market Analysis

XRP/BTC Up Channel, Can We Buy It?

Post author By Forex Academy
Post date 14 June, 2018
No Comments on XRP/BTC Up Channel, Can We Buy It?

Ripple (XRP)

Market Cap: $21.69B

Circulating Supply; 39.24B XRP

Max Supply: 100B XRP

Volume (24h) $412.65M

XRP/USD = $0.55050

Technical Analysis

The rate dropped on the daily chart, but it has found a bottom at the 0.000069000 level and now tries to climb higher again. XRP/BTC failed to reach and retest the mentioned low, signalling that we may have a rebound. The price increased a little but failed to stay above the 0.000100000 psychological level.

The crypto pair has failed to reach the previous lows so the behaviour could change in the short term. However, we still need a confirmation that the rate will increase again.

You can see on the Daily chart that the rate has failed to stay below the median line (ML) of the descending pitchfork and is now trading above it. It has retested it and closed much higher signalling that the buyers could step in again in the short term.

XRP/BTC remains under some pressure as long as it is trading below the sliding parallel line (SL) of the descending pitchfork. Price is trapped within an up channel, so it is somehow expected to climb towards the upside line as long as it stays above the downside line.

You can notice that it has failed to reach and retest the downside line and the lower median line (lml) of the ascending pitchfork. Right now, it is trying to take out the 50% Fibonacci line of the ascending pitchfork to be able to climb at least to the previous high.

Conclusion

Personally, I believe that we may have a significant upside movement if the rate will really manage to make a valid breakout above the inside sliding line (SL) of the descending pitchfork and above the 50% Fibonacci line of the descending pitchfork. The major target will be at the upside line of the up channel and at the upper median line (uml) of the ascending pitchfork.

Tags Crypto Pick, Crypto Trading, Trade Setup, XRPBTC

Crypto Market Analysis

Happenings in the Cryptoverse

Post author By Forex Academy
Post date 14 June, 2018
No Comments on Happenings in the Cryptoverse

Happenings in the Cryptoverse
Bitcoin Vs Altcoins: The Cryptocurrency field is in quite of a rough spot when it comes to price at the moment. With altcoins being pegged to

Happenings in the Cryptoverse

Bitcoin Vs Altcoins: The Cryptocurrency field is in quite of a rough spot when it comes to price at the moment. With altcoins being pegged to the price of Bitcoin, any movement seems to affect cryptocurrencies globally. Why is this happening and what to do?

Why Are Altcoins Dropping In Price More Than Bitcoin?

If, however, Bitcoin is rising in price, they are winding up slower because traders are riding the wave that Bitcoin created. After the spike up happens, altcoins take over and people diversify their portfolios from the previous gains they had.

Bitcoin price manipulation or something else?

Is this price fall an “attack” on Bitcoin and all of the Cryptocurrencies, or something else?

As you know, I am very conservative when it comes to accusing someone of price manipulation. There is always (in a way) a form of price manipulation from the big holders, but it’s usually not to shut down an asset, but rather just to profit from it. Also, the MtGox trustee has been a great source of fear and FUD with people, which further decreased optimism when it comes to Crypto.

So, it is price manipulation?

Only a small part of the price drop (I believe) is price manipulation. Investors were panic selling every step of the way down. Ultimately, the biggest reason for the drop in the value of Cryptocurrencies is nothing else but levelling of expectations and capabilities.

People had great expectations from day 1 of investing, but the truth is that Cryptocurrencies (most of them) were not ready for mass adoption and mass use, especially Bitcoin. This situation made the Crypto field a speculative field rather than an objective one. The price drop that happened levelled the expectation that people had regarding what Blockchain and Crypto could do for the world, rather than just turn a dollar into a few more, or into none.

Tags bitcoin, BTC, btc update, BTCUSD, Crypto, crypto analysis, crypto update, cryptocurrency, Editorial

Crypto Market Analysis

Advanced Cryptomarket Analysis – Reversal Setup

Post author By Forex Academy
Post date 14 June, 2018
No Comments on Advanced Cryptomarket Analysis – Reversal Setup

For the purposes of this analysis, I will be using Ethereum. I imagine most reading will be familiar with TradingView but I will also be using a professional suite of trading software called Optuma.

One of the great factors in Gann’s Analysis – and the thing that diverges most from many other forms of technical analysis – is Gann’s focus on time being the factor for trends and price action. Everything is a slave to it. The news and human behaviour are not random nor does it create the conditions for changes in trends.

Time is the reason.

Square of 9 – Time and Price Squared

We are a little over a week away from the date of June 22nd, which is an important date and angle in Gann’s Square of 9. This is a normal date range to find reversals in trends. June 22nd, (summer) 93 days from March 21st, equal to 90 degrees, opposite of Dec 23rd.

Gann Square of 90

There are a few things to take away from this chart, first, what you are looking at is a more advanced and ‘oldschool’ form of technical analysis. The geometry you see on the screen is called a Gann Square of 90. The tool is often called a Gann Box, but a Gann Box can be used to construct a number of Gann’s square variants (Square of 144, Square of 12, Square of 24, etc).

Shared Fibonacci values

Price action has formed a base at two Fibonacci zones which are the same but from different swings. The shared Fibonacci ratio is the 0.786 level. The first is from the most recent swing from the dates of April 1st, 2017 to May 5th, 2018. The next Fibonacci ratio comes from the beginning of Ethereums’ breakout back on September 14th, 2017 to the all-time high on January 13th, 2018.

The Number 144

This is probably the most important item here. The number 144 is one of the most important in Gann’s work. The number 9 is also important, probably the most important number in Gann’s work. 1+4+4 = 9. Divisions and multiples of 144 equate to various price levels that are stopping points for trends. 144 x 3 = 432, which was (depending on data feed) near the lows of the day before buying stopped further downside pressure.
We are also within the 9 day period of the 144-day cycle. The 144-day cycle terminates trends.
Consider that the all-time high was around January 20th and 144 days from that date is near June 22nd.

Gann Planetary Line of Mars

For those unfamiliar with Gann’s style of analysis, then the operation and function of the longitudinal position of planets will seem even more foreign to you than the angles and squares. A quick explanation here is that Gann plotted the longitude coordinates of all the planets onto his charts and found that they were natural support and resistance for price. They were static. Fixed. Not subjective.
And, for whatever reason, some charts were more sensitive to some planets angles. For almost every cryptocurrency I’ve analysed (about 132), they all find sensitivity to the planetary angle of Mars and it’s harmonics (the divisions between the synodic cycle/angle). Price found support at an inner harmonic of Mars. The Green and Red ‘wavy’ lines represent the longitudinal position of Mars as viewed from here on Earth (geocentric).

Gann Planetary Lines Fan

Gann was never a fan of planetary lines, but we can convert the same formula he used for planetary lines and paint them onto a chart with the Gann Fan tool. From the most recent major swing, we plot out the planet Mercury – Mercury is a fast moving planet and the degrees of its fan create excellent short-term support and resistance areas.
Price stopped at the top of the ’45-degree’ line of Mercury.

Multiple Time Frame Oversold Conditions

Another strong indication of an impending reversal and bottom found is the oversold conditions on the daily, monthly and weekly charts. The indicators here are the Composite Index (above) and the Stochastic RSI (below).
Daily

Weekly

Monthly

Simple Pattern Forming

The simple pattern of an inverse Head And Shoulders pattern is being formed. There is also a normal Head And Shoulders pattern forming on the ETHUSDShorts chart from Bitfinex – indicating shorts are abandoning their positions to cover.
Inverse Head and Shoulders

Head and Shoulders of ETHUSDShorts

Volume

Using VPA (Volume Price Analysis) and VAP (Volume At Price) we can see a confluence zone formed here. On the VAP profile, there is a very nice and supportive high volume node that price is currently sitting at. Additionally, the price is trading within the highest 35% of the volume traded. The volume itself is heavy and supports the bullish hammer candlestick that was formed on the daily.

Gartley Harmonics

Without going into a lot of detail, Gartley patterns are either dynamic in their set value zones relative to their required Fibonacci levels or they are very static. An entire series could be written regarding Gartley’s harmonic patterns, but very quickly, we need to only know what Gartley has formed on this chart: Alternate Bullish Bat Pattern. This signals a reversal in price action.

Tags Analysis, Crypto, financial astrology

Crypto Market Analysis

Daily Crypto Update 13.06.2018 – Nothing but Red

Post author By Forex Academy
Post date 13 June, 2018
No Comments on Daily Crypto Update 13.06.2018 – Nothing but Red

Only two of the top 100 cryptos are positive, this is telling us a lot about the difficult time the market is going through. It is still receiving attacks from bears and I think the market will continue bearish today on all fronts but with less intensity while the buyers prepare their strategies. The volume has increased a little but Market Capitalisation continues in a constant drop.

General Overview

Cryptocurrencies: 1628
Market Cap: $276.340.549.831
24h Vol: $15.643.281.033
BTC Dominance: 40.3%

If 98 of 100 cryptos are in red that means that the bears are winning, the market is alive but resentful and if there is a moment to recover it is today;

If the market keeps losing capitalisation in the rhythm it has, the week will be much more negative.

News

These are the top headlines that came out in the last hours regarding different topics related to cryptos, here is the news:

Google searches for Bitcoin have reportedly declined 75% through 2018, yet the leading cryptocurrency is still outstripping the famous music star Beyonce on Google Trends, CNBC reported Tuesday, June 12th.

A “value discovery” platform for blockchain and cryptocurrencies, aided by a unique AI algorithm, plans to help investors make the best choices available to them in real-time, whilst avoiding dangerous mistakes. Beenews (BKBT) is based on Meta-graph Chain, a public blockchain system which includes the smart contract system.

Tether (USDT) has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13.
A paper released June 13 by John M. Griffin and Amin Shams of the University of Texas suggests that transaction patterns show Tether was “used to provide price support and manipulate cryptocurrency prices.”

Chinese e-commerce giant JD.com has released plans to issue asset-backed securities (ABSs) on the blockchain, local media reported June 13.
According to China’s Securities Regulatory Commission (CSRC) via its media outlet Securities Times, subsidiary JD Finance will issue the ABS in conjunction with Huatai Securities and Xingye Bank.

A big announcement is expected from Coinbase and there seem to be imminent plans to list Cardano (ADA) in this exchange of currencies that has more than 10 million subscribers. Cardano has a strong client base, has less regulation from the SEC and offers a platform that is applicable to real-world situations. However there is another currency that would compete with Cardano to get into Coinbase and that is QTUM, we will see what happens.

Source: cointelegraph.com

Analysis

ETH/USD

ETH / USD Has lost 9.41% in the last 24H and 25% of its value in this 4 day drop, its current price is $474.81, closing under the S1 Pivot point.

Looking at this 4 hour chart, the drop seems unstoppable and if ETH Loses today’s minimum at $463, we will very likely see new minimums closing at $430.

Market sentiment

4-hour chart technicals signal show oversold levels but pointing nowhere.

Moving averages pointing down, also showing sell signs.

Pivot points

R3 720.5 
R2 676.6 
R1 599.9 
P 551.7 
S1 478.1 
S2 429.9 
S3 357.5

XRP

XRP has lost 8.27% in the last 24 Hours and is currently moving around $0.53.

In this 4h chart, we can see how the price has touched the S1 pivot point and still seems to be receiving sellers pressure. The pair is now in 2 months minimums and a breakout of this level could easily send the price to test $0.5. If the 50-EMA crosses 100-EMA it could be another strong indicator for further drops.

Market sentiment

4-hour chart technicals signal show oversold levels and pointing down.

Moving averages pointing down, also showing sell signs.

Pivot points

R3 0.82
R2 0.76 
R1 0.67 
P 0.61 
S1 0.52
S2 0.46 
S3 0.37

ADA

ADA HAS LOST 8.27% in the last 24 hours and its current price is $0.1523 losing 36% of its value in only 10 days,
that is quite worrying in this red market.

The price is very close to the Pivot Point S1 at $0.1500 (2 months minimum). If this support is broken, we will be visiting new minimums of $0.1455 and then $0.1405.
A possible salvation for the pair could be the announcement that it could be listed in Coinbase, if this news is confirmed, the price could respond positively. The weakness of the pair does not support an analysis with bullish projection.

Market sentiment

4-hour chart technicals signal show oversold levels and pointing down.

Moving averages pointing down, also showing sell signs.

Pivot points

Conclusion

The market is definitely red, the sentiment is quite Bearish and if we are not in the market in shorts and taking advantage of the situation it is better to be on the sidelines while it shows signs of recovery. On the other side, if the Bearish Sentiment increases, it is necessary to look for safe entries only in the short term.

Tags BTC/USD, Daily Reports, DASH/BTC, XRP/USD

Crypto Market Analysis

Daily Crypto Update 13.06.2018 – Another Flash Crash Coming?

Post author By Forex Academy
Post date 13 June, 2018
No Comments on Daily Crypto Update 13.06.2018 – Another Flash Crash Coming?

General Overview

Market Cap: $272,840,869,681

24h Vol: $15,609,802,094

BTC Dominance: 40.4%

In the last 24 hours, the cryptocurrency market cap has declined from 295,086,000,000$ to around 272 billlon dollars which is a 23 billion dollar decrease.

The market is currently in the red, with an average decrease ranging from 10-15%. Among top 100 coins, only Decentraland (+2%) and Emercoin (+5%) are in the green.

News

Top headlines that came out in the last day are mostly regarding corporations and major players adopting blockchain technology. Some of the most significant news that fit into that category are the following:

Multiple Russian corporate giants have created a joint venture that plans to develop projects in blockchain and the digital economy, as reported by TASS.

Russian telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group have created a joint venture – referred to as MF Technologies (MFT) – that is worth $450 mln and has a 59 percent stake in Russian Internet giant mail.ru.

Argo, crypto mining firm, set to become London Stock Exchange’s first blockchain listing, as reported by Bussines insider.

After launching its subscription service for mining contracts the same day, the company says it plans to hold an IPO, following a $2.5 mln funding round it completed in January of this year.

Argo says it aspires to “democratise” the mining landscape for four altcoins – Bitcoin Gold, Ethereum, Ethereum Classic and Zcash – by renting computing power from an eco-friendly facility located in Quebec.

VeChain (VEN), Singapore-based blockchain startup, and DB Schenker, global logistics provider, have co-developed a blockchain-based supplier evaluation system, according to cointelegraph.

A new decentralised application (DApp) will use the VeChainThor blockchain to score DB Schenker’s third-party logistics partners in China based on collected data – the result being an evaluation for services such as packaging, transportation, and the quality of goods.

Out of news that fit into this category, the story reported by Korea JoongAng Daily regarding South Korean commercial banks launching a blockchain-powered customer ID verification platform is the most significant one.

Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking. According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency.

Other significant headlines that are leaning on the side of the general sentiment toward cryptocurrencies are those that came from Germany and Financial Action Task Force (FATF).

The German Federal Government has stated that cryptocurrencies do not pose a threat to financial stability, Cointelegraph auf Deutsch reports today, June 12. Nevertheless, the government sees the need for regulatory measures to control digital currencies.

The Financial Action Task Force (FATF), the international group that combats money laundering and terrorism financing, will start developing binding rules for crypto exchanges in June, a Japanese official familiar with the matter told Reuters June 12.

The new rules would be an upgrade to the non-binding resolutions which were adopted by the FATF in June 2015. The FAFT will consider whether existing guidelines on anti-money laundering (AML) measures and reporting suspicious trading activity are still appropriate, and if they can be applied to new exchanges. The intergovernmental organisation will also reportedly investigate how to work with countries who have moved to ban cryptocurrencies.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s opening at 6853$, the price of Bitcoin has decreased by 5.49% and is currently sitting slightly below 6500$.

Looking at the hourly chart, we can see that the price is now below 0 Fibonacci retracement level and below the unconfirmed baseline support 2. In my weekly update, I have stated that I would expect the price to continue falling down to these levels, as there was no strong support prior that can hold the momentum. I am expecting the price to go even lower to around the 6000$ area which was the lowest point in this correction before we see some short-term trend reversal.

Market sentiment

Hourly chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal a strong one.

Pivot points

LTC/USD

From yesterday’s opening at 107$, the price of Litecoin has decreased by 11.12% and is currently sitting around 95$.

On the hourly chart, we can see that the price of Litecoin is in a straightforward downfall and is going to continue moving in a downward trajectory as there’s no support until the wedge support line (blue dotted line) at 85$, so I am expecting interaction with it soon.

Market sentiment

Litecoin is in the sell zone, as indicated by hourly chart technicals.

Oscillators are one sell, and moving averages signal a strong one.

Pivot points

OMG/USD

In the last 24 hours, the price of OmiseGo has declined by 9% – from yesterday’s open at 9.97$ to 9.08$ where it is currently sitting.

Looking at the hourly chart we can see that the price found some support at the current levels, but I don’t believe that it will bounce off of it as selling pressure is strong. Most likely, the price is going to continue its downward movement and will interact with the 0 Fibonacci level much like it did in the case of Bitcoin, and form a double bottom at around 8$ level.

Market sentiment

OmiseGO is in the sell zone.

Oscillators are on buy, and moving averages signal a sell.

Pivot points

ZRX/BTC

From yesterday’s open the price of 0x has decreased by 15% coming from 15542 Satoshi to 13222 Satoshi where is currently sitting.

Looking at the daily chart we can see that the price pathway was, as I have projected it would be, in a bearish scenario – the handle pattern is a downward channel and the price fell down to the channel support for a retest.

Zooming into the hourly chart we can clearly see the interaction with the channel support – the price is currently below it and is back to retest it for resistance. We will see if the breakout will happen and the price breaks from the cup and handle on the downside, or will it bounce back into the channel range and continue on as I have projected the pathway.

Market sentiment

Hourly chart technical signal a strong sell.

Oscillators are on sell, and moving averages on a strong one.

Pivot points

S3 0.00010967
S2 0.00012567
S1 0.00013133
P 0.00014167
R1 0.00014733
R2 0.00015767
R3 0.00017367

Conclusion

As the prices of the cryptocurrencies that were covered in this report are still in a downfall with no real support in sight, I conclude that we are in for more downside. We could see a short-term trend reversal if the prices are so low that the potential buyers couldn’t resist not buying. That’s why I believe that this trend continuation will maybe even be another flash crash, which will spike down to new lows that would exceed prior once, which would in the case of Bitcoin be around 5700$.

Tags 0x, bitcoin, Crypto, Daily, litecoin, OmiseGO

Crypto Market Analysis

2GIVE/BTC Turned To The Downside

Post author By Forex Academy
Post date 13 June, 2018
No Comments on 2GIVE/BTC Turned To The Downside

2GIVE (2GIVE)

Market Cap: $2.88M

Circulating Supply: 519.37M 2GIVE

Max Supply: 0 2GIVE

Volume (24h): $11.07K

2GIVE/USD = $0.005658

2GIVE/BTC Technical Analysis

The 2GIVE/BTC rate has dropped significantly today and has reached the 0.00000084 level, but now has squeezed a little in the last hours. We may have a great selling opportunity if the rate will drop further and will close below the 0.00000084 low and below the downside 50% Fibonacci line of the major descending pitchfork. Personally, I believe that only a valid breakout above the outside sliding parallel line (SL) will invalidate the bearish scenario.

The rate has made a valid breakdown below the uptrend line which is the same as the lower median line (lml) of the ascending pitchfork, and also failed to reach and retest the SL of the minor descending pitchfork. Price could drop deeper because it stays closer to the downside 50% Fibonacci line of the major descending pitchfork.

The first target it will be at the 50% line and at the 150% line, a breakdown below the mentioned dynamic support lines will send the rate towards the upper median line (UML). Actually, the median line (ML) could attract the rate after the several false breakouts above the upper median line (UML).

Conclusion

The 2GIVE/BTC should drop further if it will close below the 0.00000084 today’s low and below the 50% line of the major descending pitchfork. The first major downside target remains at the ML of the minor descending pitchfork. A Stop Loss can be placed right above the 0.00000105 high.

Tags 2givebtc, Crypto Pick, Crypto Trading, Crytocurrencies

Crypto Market Analysis

Metaverse ETP – Is This A Temporary Drop?

Post author By Forex Academy
Post date 13 June, 2018
No Comments on Metaverse ETP – Is This A Temporary Drop?

Metaverse ETP (ETP)

Market Cap: $26.12M

Circulating Supply: 35.84M ETP

Max Supply: 100M ETP

Volume (24h) $4.50M

Technical Analysis

ETP/USD continues to move sideways somehow in the short term but it remains to be seen what will really happen after the rate will reach the major and critical support. The price drops in the short term as all the major cryptocurrencies have crashed in the short term. The rate continues to stay above some very important support levels, so we may still have a rebound on the short term.

Unfortunately, the rate failed to make a valid breakout above the outside sliding parallel line (sl) of the minor descending pitchfork and now it has slipped below the upper median line (uml) again. It is pressuring the upper median line (UML) of the major descending pitchfork, so a rejection from here and from the 0.6000 psychological level will signal a rebound and a potential breakout above the outside sliding line (sl).

Right now it is very important for the rate to stay above the UML of the major descending pitchfork and above the 0.6000 psychological level because a breakdown will send the rate at least till the upside 50% Fibonacci line of the descending pitchfork.

Conclusion

We may have a great buying opportunity only if the rate will make a valid breakout above the outside sliding line (sl). This scenario will be invalidated if the rate will resume the downside movement and if will close and stabilise below the 0.5701 static support.

Tags Crypto Pick, Crypto Trading, Metaverse, Trade Idea, Trade Setup

Crypto Market Analysis

Litecoin – Could It Reach The Median Line Again?

Post author By Forex Academy
Post date 13 June, 2018
No Comments on Litecoin – Could It Reach The Median Line Again?

Litecoin (LTC)

Litecoin Market Cap: $5.67B

Circulating Supply: 56.96M LTC

Max Supply: 84M LTC

Volume (24h): $321.53M

Technical Analysis

Litecoin is trading in the red and seems too heavy to be stopped in the short term. Right now it is pressuring a dynamic support and could take it out as well. It should drop further if it will close below this downside obstacle.

The crypto market has started to drop aggressively and could resume the downward movement in the upcoming days, so, Litecoin is somehow expected to drop further as well.

Technically, it is expected to drop further after the breakdown from the major triangle pattern and below the 109 – 106 support zone. Right now it is pressuring the 150% Fibonacci line, so a breakdown will signal a drop at least until the upside 50% Fibonacci line of the descending pitchfork. The major downside target remains at the median line (ML) of the descending pitchfork.

We would have a great selling opportunity if the rate had retested the broken levels, but the rate moved down very quickly and I don’t know if we’ll have a retest.

It is somehow expected to drop after another failure to reach and retest the upper median line (UML) of the descending pitchfork. Litecoin also failed to stabilise above the sliding line (sl) of the descending pitchfork, so all the signs are bearish.

Conclusion

Technically, Litecoin market cap is expected to drop further even if we have a minor rebound and a retest. If you decide to sell it, then you should place a Stop Loss above the 129.870 former high and a Take Profit near the median line (ML), somewhere around $50.

Tags Crypto, Crypto Pick, litcoin, LTC/USD, Trade Idea

Crypto Market Analysis

Weekly Crypto Update 12.06.2018 -Indecision (VIDEO)

Post author By Forex Academy
Post date 12 June, 2018
No Comments on Weekly Crypto Update 12.06.2018 -Indecision (VIDEO)

From last Monday, 4th of June, cryptocurrency market capitalisation has decreased from 350,914,000,000$ to slightly below $300B where it is currently, which is a 51 billion dollar

From last Monday, 4th of June, cryptocurrency market capitalisation has decreased from 350,914,000,000$ to slightly below $300B where it is currently, which is a 51 billion dollar decrease.

After we have seen the prices decrease over the last 7 days, we are likely to see some sideways action in this one, followed by indecision over the weekend. I think that the prices are going to retest prior support levels which now serve as resistance and fall back further to the levels of prior lows, which for Bitcoin would be around the 6000$ area. That may trigger some buying or may create a panic selling. I am considering this week a ‘no-trade week’ as long as I don’t see either retest of the prior lows or a confirmation of a trend reversal.

For the reasons why I think that, make sure to check the video.

Tags bitcoin, Crypto, Ethereum, litecoin, Ripple, Weekly

Crypto Market Analysis

Weekly Crypto Update 12.06.2018 – Indecision

Post author By Forex Academy
Post date 12 June, 2018
No Comments on Weekly Crypto Update 12.06.2018 – Indecision

General Overview

Market Cap: $299,872,893,997

24h Vol: $14,697,169,020

BTC Dominance: 39.1%

From last Monday, 4th of June, the cryptocurrency market capitalisation has decreased from 350,914,000,000$ to slightly below $300B where it is currently, which is a 51 billion dollar decrease.

Analysis

BTC/USD

From last Monday, the price of Bitcoin has decreased by 11.87% from 7749$ to 6814 where it’s currently sitting.

Looking at the daily chart we can see that the price has broken out from the triangle and found support on the unconfirmed baseline support 2 (dotted line) that dated back from 23.03.2017. The price is currently recovering from yesterday’s low and is likely heading toward the triangle’s support for a retest of resistance.

Market sentiment

Bitcoin daily chart technical signal a sell.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

ETH/USD

From last Monday, the price of Ethreum has decreased by 14.62% – from 620$ to 529.70$ where it is currently.

Looking at the daily chart we can see that the price broke four support lines since Monday – 0.382 Fibonacci level, 569.47$ support (red line), channel resistance which served as support (purple line) and the support at 539.5$ (black line). The last three were broken by the red candle two days before on Sunday when the price found support at 0.236 Fibo level.

Market sentiment

Ethereum daily chart technicals signal a sell.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

XRP/USD

From last week, Ripple’s price has decreased by 16.88%, dropping from 0.689$ to 0.574$ where it is currently sitting.

Looking at the daily chart we can see that the price is currently sitting on the unconfirmed support line (dotted purple line), which will be confirmed if the price finds support now after this current retest. Prior to that, support at 0.236 Fibonacci retracement level has been broken and the price found temporary support on the 0.573$ level, leaving a wick below it close to the prior low levels.

Market sentiment

Ripple daily chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal a strong one.

Pivot points

LTC/USD

The price of Litecoin has dropped by 16.43% in the last week, as the price fell from 126$ to 104,8$ where it is currently.

On the daily chart, we can see that the price is below the retracement zone which serves as a strong support in the past and is now going to serve as strong resistance. The price is likely going to retest how strong that resistance really is, so I am expecting a short-term upward movement to those levels at around 111$ before another drop. The next low I am looking at is the wedge support line (dotted blue line) which is at around 85.4$.

Market sentiment

Litecoin is in the sell zone.

Oscillators are neutral, but moving averages signal a strong sell.

Pivot points

Conclusion

After we have seen the prices decrease over the last 7 days, we are likely to see some sideways action in this one, followed by indecision over the weekend. I think that the prices are going to retest prior support levels which now serve as resistance and fall back further to the levels of prior lows, which for Bitcoin would be around 6000$ area. That may trigger some buying or may create a panic selling. I am considering this week a ‘no-trade week’ as long as I don’t see either retest of the prior lows or a confirmation of a trend reversal.

As far as the global chart is concerned this was my last week’s projection

So far, it is playing out as I have projected as I think we will have another low to around $250B which would be a retest of prior lows.

Tags bitcoin, Ethereum, litecoin, Ripple

Crypto Market Analysis

Daily Crypto Update 12.06.2018 – Recovery

Post author By Forex Academy
Post date 12 June, 2018
No Comments on Daily Crypto Update 12.06.2018 – Recovery

General Overview

Market Cap: $300,847,470,009

24h Vol: $14,745,555,309

BTC Dominance: 39.0%

From yesterday’s low at $291B, the evaluation of the cryprocurrency market capitalisation increased around 9 billion dollars, coming to around $300B.

The Crypto market is currently mixed in colour with an average percentage of change ranging from 0.5-2%. Biggest gainers are Loom Networking which surprisingly increased by 34%, Ethereum Classic 21.7%, Dropil by 17% Cyber Miles 12%. Those who are in red haven’t decreased more than 4%.

News

News that came out in the last 24 hours is mostly analytical in nature, as this last drop in price surprised a lot of the analysts and is considered as an event. There are also significant stories that can positively impact the market sentiment which may cause some temporary confidence.

For example, news that the cryptocurrency exchange Coinbase is going to list Ethereum Classic on their platform resulted in the ETC increasing in price by 21.7%. In the blog post they have stated:

Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).

While we are mentioning exchanges, another related major news story is that Binance is going to support fiat-crypto trading.

Crypto exchange Binance announced plans to allow fiat-crypto trading this year through a separate Malta-based exchange, a Binance representative told Cointelegraph today, June 11

While Bloomberg reported today that Binance will “soon allow customers to convert digital tokens into fiat currencies”, a Binance representative clarified to Cointelegraph that “Binance.com is a pure crypto-to-crypto exchange.” They confirmed that crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair, the representative told Cointelegraph.

Yesterday at the Cebit ‘18 Expo in Germany, IOTA and Volkswagen demonstrated a Proof-of-Concept (PoC) that uses IOTA’s Tangle system for autonomous cars. This is significant as it may impact the price of IOTA positively in the following days, much like the prior news story did for Ethereum Classic.

Analysis

BTC/USD

From yesterday, the price of Bitcoin increased by 1.5% from 6724$ to 6822$ where is currently sitting.

Looking into the hourly chart we can see that the price broke out from the triangle in which it was consolidating and is currently on the rise. As the price broke out from the daily triangle two days prior, the price is likely going to continue going higher, probably in the form of an ascending wedge, and eventually reach its support which now serves as resistance at the 7126$ level.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on buy, and moving averages signal a sell.

Pivot points

IOTA/USD

From yesterday’s open, the price of IOTA has increased by 3% from 1.35$ to just slightly below 1.4$ where it is currently.

As you can see from the hourly chart, the price found support on the 0.236 Fibonacci level and is currently on the rise. I would expect the price action to form an ascending wedge or an upward channel.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on buy, and moving averages signal a strong sell.

Pivot points

ETC/USD

The price of Ethereum Classic increased 21.5% from yesterday’s opening – from 12.67$ to 15.4$ in the last 24 hours.

As you can see from the hourly chart, my targets which I have projected in the charting section last month have been met perfectly. After those lows have been tested, the fundamental news impacted the price positively and you can see the strong green candle proudly waving a bull flag. The price is currently consolidating inside a triangle and we are likely going to see the uptrend trend continue.

Market sentiment

Hourly chart technicals signal a buy.

Oscillators are on buy, and moving averages signals a strong one.

Pivot points

Conclusion

Today we are going to see some recovery and some sideways action as the prices are going to recover from yesterdays lows.

Tags bitcoin, Crypto, Daily, Ethereum Classic, iota

Crypto Market Analysis

XMR/BTC Head and Shoulders Confirmed

Post author By Forex Academy
Post date 11 June, 2018
No Comments on XMR/BTC Head and Shoulders Confirmed

Monero (XMR)

Market Cap: $2.16B

Circulating Supply: 16.12M XMR

Max Supply: 0 XMR

Volume (24h) $36.49M

XMR/USD = $132.77

Technical Analysis

XMR/BTC dropped sharply today but failed to reach the 0.01950010 yesterday’s low. It is expected to drop further as the Head and Shoulders pattern is confirmed now. The price has increased a little in the short term, but it was only a temporary rebound. The crypto is on a declining path in the short term and maybe you can still go short on it.

The rate is pressuring a dynamic support, so a valid breakdown will confirm a further drop towards the next downside targets.

XMR/BTC dropped again below the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork but it remains to be seen if this will really be a valid breakdown or if we’ll have another false breakdown.

You can see that the 50% Fibonacci line acts like a very strong dynamic support and has rejected the rate in the last weeks. A valid breakdown will confirm a further drop towards the median line (ML) of the descending pitchfork and towards the major uptrend line.

The failure to reach and retest the upper median line (UML) of the descending pitchfork has signalled a high selling pressure. It has broken below the lower median line (lml) of the black descending pitchfork.

Conclusion

Right now we don’t have a great selling opportunity but only because the sell-off has already started, but you could still go short if the rate will close above or if it will stabilise below the 50% Fibonacci line. The next major target will be at the uptrend line.

Tags Head and Shoulders, Monero, Trade Setup, XMR/BTC

Crypto Market Analysis

XMR/USD You Can Still Catch The Sell-Off

Post author By Forex Academy
Post date 11 June, 2018
No Comments on XMR/USD You Can Still Catch The Sell-Off

Monero (XMR)

Monero Market Cap: $2.16B

Circulating Supply: 16.12M XMR

Max Supply: 0 XMR

Volume (24h) $36.49M

Technical Analysis

The cryptocurrency could extend the sell-off in the upcoming period after the crucial breakdown. The rate passed below a major support area signalling that the bears are in full control. Right now it remains to be seen if the rate will come back to retest the broken zone or it will drop further without a rebound.

Monero drops as all the major cryptocurrencies have started another bearish momentum. The crypto market could resume the major downtrend.

You can see that the rate has made a valid breakdown below the first warning line (WL1) of the ascending pitchfork, it has retested the lower median line (lml) of the other ascending pitchfork and now is trading much below the 150.00 psychological level.

It has also retested the uptrend line failing to close on it, so the current drop is natural and was expected. If you read the latest trade setup on this crypto, you’ll notice that I’ve talked about a significant drop after the rate will make a valid breakdown below the 150.00 level and below the 145.810 low.

XMR/USD could be attracted by the confluence area formed between the 250% Fibonacci line (descending dotted line) with the 150% of the ascending pitchfork.

Conclusion

If you want to go short on this you should place your Stop Loss above the 177.78 high. Personally, I still believe that the rate could move towards the first warning line (wl1) of the minor descending pitchfork. A further drop will be confirmed only by a valid breakdown below the 250% line and below the 150% lines.

Tags crypto market, Crypto Pick, Crypto Trading, Monero, Trade Idea

Crypto Market Analysis

Daily Crypto Update 11.06.2018 – “Buy The Dip” May Lead To Short-Term Recovery

Post author By Forex Academy
Post date 11 June, 2018
No Comments on Daily Crypto Update 11.06.2018 – “Buy The Dip” May Lead To Short-Term Recovery

General Overview

Daily Cryptocurrency Tracker:

Market Cap: $297,297,869,282

24h Vol: $19,935,454,309

BTC Dominance: 38.9%

In the last 24 hours, cryptocurrency market capitalisation experienced a significant drop from yesterday’s opening at 340,435,000,000$ to 291,000,000,000$ which was today’s low so far.

The market is in red as you would presume, with an average decrease of 12% amongst the top 100 coins. Biggest losers are: Skycoin -26%, Cortex -18%, WaykiChain -24.45%, and only Veritaseum is green among top 100 with an increase of 6.19%.

News

Most significant headlines that came out in the last 24 hours are those regarding the reason why the markets are pungling hard.

On Saturday, CoinUpdates reported that a “Huge Bitcoin Whale With 94,000 BTC, Transfers Crypto Onto an Exchange, Rattling Nerves” in which they analysed using blockchain data that 8000 BTC where sent to Huobi exchange in two transactions:

Blockchain data shows that bitcoin address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 accumulated more than 93,947 BTC — at one point worth more than $700 million — during a two-month period between March 25 and May 27. Since then, the wallet owner has reduced their balance by 8,000 BTC.

The post continues on by speculating to whom this address may belong as it is the “sixth-richest in the bitcoin ecosystem”, after Bitfinex, Binance, Bittrex, Huobi, and Bitstamp addresses.

China-based news outlet BABI Finance found that most of the funds appear to have been garnered from wholesale trading on over-the-counter (OTC) platforms. BABI cites an anonymous source involved with OTC cryptocurrency sales who said that the wallet belongs to a broker in Dubai acting on behalf of an unknown — perhaps institutional — buyer.

Many blamed the current dump on the fact, that another exchange, CoinRail, got hacked. According to coindesk, the crypto exchange has suffered a loss of 40 million dollars, which caused a lot of FUD (fear uncertainty and doubt). However, that can be true as this exchange is not that significant

Data from CoinMarketCap showed the platform was ranked around 90th largest around the time of the hack, with some $2 million 24-hour trading volume on the site.

According to cointelegraph “All of Top 100 Cryptocurrencies See Red Amidst CFTC Price Manipulation Probe“.

The sharp decline in cryptocurrencies’ prices takes place in the wake of the news that the US Commodity Futures Trading Commission (CFTC) has requested trading data from crypto exchanges Bitstamp, Coinbase, itBit and Kraken. These are respectively the 21st, 14th, 45th and 13th largest exchanges in the world by trade volume, according to Coinmarketcap.

This also doesn’t make sense even though those are significant exchanges with large trading volume, unlike CoinRail, but I don’t see how exchanging subpoenas for potential price can manipulate and scare investors, and push them to sell their crypto.

What is more likely is what is reported on a Coinsupdates post titled “What Caused a Flash Crypto Crash?” in which the stated reason is “Bitcoin investors in the United States are selling off their crypto to pay off capital gain tax”.

First-time investors in Bitcoin are faced with large capital gain taxes from the profit they made in 2017. Reports show that they are now selling off quickly before they file their April taxes. If an individual buy and sells Bitcoin within the same year, the person will be taxed on short-term capital gains which can be as high as 39% depending on the tax bracket. However, when a person holds on to Bitcoin for more than a year before selling, it will only be liable for what the IRS refers to as long-term capital gains. The rate for this kind of tax is significantly lower from about 15 to 23.8%.

While fundamental reasons for this sell-off are still unclear, they always tend to come after the fact as a bias justification. So as a predominantly technical analyst, I am always looking for clues that come beforehand, and the chart told me all of this throughout last week that the prices are going lower. So in my mind, there is no other reason than basic price action and human psychology.

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has been declining steeply from 7501$ to 6675$ which is an 11% decrease and is currently up a bit, sitting at 6748$.

Looking at the hourly chart we can see the interaction with what was until now unconfirmed baseline support 2, like I had predicted in my last week’s weekly update video. If the price bounces back to the upside I am going to confirm the baseline support 2. The price is currently consolidating in a triangle. We will see what happens next. Maybe we will see another straightforward drop after the consolidation, or we may see a bounce off of the baseline support 2 and a quick recovery.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

ETH/USD

From yesterday’s open at 579$, the price of Ethereum has dropped by 14% to today’s low at 503$.

As you can see from the hourly chart, the price has bounced back from those levels by 30$, off the 0.236 Fibonacci level leaving a wick below it. The price has fallen steeply to the levels of prior low, as like I’ve expected it.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on sell, and moving averages signal a strong one.

Pivot points

XRP/USD

The price of Ripple decreased by almost 16% in the last 24 hours from 0.6571$, which was yesterday’s open to 0.55214$, which was today’s dip.

On the hourly chart, we can see that the price is currently sitting on the support at 0.573 and on the uptrend significant level (dotted purple line) which also served as support. So the price found some temporary support there, but we will see if that support is strong enough to stop the momentum, after which I will confirm it, as the price fell below it leaving a wick.

Market sentiment

Ripple is in the sell zone.

Oscillators are on buy, and moving averages signal a strong sell.

Pivot points

S3 0.38312
S2 0.48954
S1 0.53503
P 0.59596
R1 0.64145
R2 0.70238
R3 0.80880

Conclusion

Daily Cryptocurrency Tracker: After the steep decline that major cryptos have experienced, today, I am expecting a recovery as there’s a “buy the dip” psychology in the cryptomarkets. Buy the dip is considered to be a good strategy in a bull market, but crypto investors are not that knowledgeable and are acting on what they hear. So after they see that they are holding heavy bags, the sell-off will continue.

Tags bitcoin, Crypto, Ethereum, Ripple, update

Crypto Market Analysis

EOS Breakout Trade Ahead

A real quick update here on a trade I’ve been monitoring, a possible breakout of EOS in the Square of 90.

Following Gann’s Rule of Angles, when the price breaks and closes an angle, it will move to test the next. EOS is approaching an angle break AND the break of a downtrend structure. Great entry here at 14.83.

Tags bitcoin, BTC, crypto analysis, Crypto Pick, Crypto Trading, EOS, Ethereum

Crypto Market Analysis

Daily Crypto Update 08.06.2018 – First Signs Of Weakness

Post author By Forex Academy
Post date 8 June, 2018
No Comments on Daily Crypto Update 08.06.2018 – First Signs Of Weakness

General Overview

Market Cap: $342,083,903,530

24h Vol: $14,649,610,900

BTC Dominance: 38.1%

From yesterday’s high at 349,654,000,000$ the evaluation of the cryptocurrency market capitalisation has been declining steadilly and is now $7 billion lower.

The market is currently in red with the average decline of 3% amongst the top 100 coins. Biggest losers are Loom network -11%, Veritaseum -9%, Theta Token -9.2%. Those who are in green are Zcoin +4%, Bibox Token +9.55%, MOAC +4% and Huobi Token +8%.

News

In the last 24 hours, news that came out is mostly regarding governmental in relation to cryptocurrency and blockchain technology. These are some of the significant headlines:

The U.S. Securities and Exchange Commission (SEC) said it was “underwhelmed” by regulatory adherence among cryptocurrency exchanges in fresh comments June 6.

Speaking to CNBC, Brett Redfearn, the SEC’s Director of Division of Trading and Markets, suggested exchanges that offer trading in tokens issued in Initial Coin Offering (ICO) – which may constitute securities under U.S. law – were reluctant to comply.

“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now,” he commented at the Sandler O’Neill Global Exchange and Brokerage Conference in New York, adding:

“There are a number of exchanges that are trading ICOs that I would think that we should see more registrations.”

As ICO tokens will be classified as securities, crypto exchanges would have to register to SEC and comply under a regulatory framework. As SEC is still having trouble with their classifications because of the different nature of different tokens, crypto exchanges are playing dumb, as regulatory compliance may cause complications within their business.

Money 20/20 conference is over, and there are overviews from the conference highlighting the main points.

A particular highlight of the Money 20/20 Europe showpiece was a discussion panel titled “Cryptocurrency, the central (bank) question”. It featured four prominent individuals from the Bank of England, Bank of Canada, Bank of Lithuania, and the Swiss National Bank.

The Bank of England has been particularly thorny in its stance towards cryptocurrencies in general over the past few years. Despite this, the Bank of England began to change its tune more recently, announcing a cryptocurrency task force that would provide an in depth study into the sector.

Dr Marius Jurgilas a member of the board of the Bank of Lithuania, stated:

“The product we (banks) are selling is trust. If our product is good, there would be no need to talk about cryptocurrencies. It’s a matter of trust, if we trust the institution mandated and entrusted to keep oversight of our payment systems, ensure that money is not affected by excessive inflation then there is no need for payment instruments or other means of storing value.

“But if society starts questioning, rightly or wrongly, or it thinks what we are selling could be done better, in a more convenient and cheap way, other things will appear. We as regulators have to react to that − we are not sitting entrenched in our positions, the work everyone is doing here shows that we are really paying attention.”

PhD Economist James Chapman, the Bank of Canada’s Senior Research Director in the Funds Management and Banking Department, stated his concerns regarding cryptocurrencies as potential threat to the fiat system:

“I don’t see that happening as long as central banks continue to do a good job of maintaining monetary policy. But could a cryptocurrency really spell the end of fiat currency? I think so. In a situation of hyperinflation where a central bank has abdicated responsibility for stability then you could see a case for cryptocurrency.”

Swiss National Bank‘s, Thomas Moser is an alternate member of the board and the Deputy Head of Department. His department deals with Economic Affairs, International Affairs, Statistics, Legal Services, and Communications. Switzerland is known to have a positive relation to cryptocurrency, that’s why his take on crypto is coming off in a supportive tone:

“Switzerland has been relatively enthusiast to crypto. We have a national railway system that transformed ticket machines to bitcoin atm. At every train station in Switzerland, you can put cash into a ticket machine and load a BTC wallet. Cryptocurrencies have been very well tolerated in Switzerland so far.”

When asked to state his views on the posibiliy of crypto replacing fiat he stated:

“In general no but I think it depends on the fiat currency of the central bank. Of course, if a currency is not performing well, you have hyperinflation and a country where people lose trust of rule of law of its central bank. It depends on the central bank, as long as they do a good job there is no reason for fiat currency to disappear.”

Source: cointelegraph.com

Meanwhile, Russian President Vladimir Putin, during his annual live question and answer session, gave an ambiguous but knowledgeable answer to the question:

“Will Russia have its own cryptocurrency? […] Will it be controlled by the government? […] Do you think that in the near future cryptocurrency will completely replace our regular, standard money?”

To the first question, he replied that Russia cannot have its own cryptocurrency, as cryptocurrency “by definition” cannot be owned by a centralized state since it “goes beyond borders.” He then continued by saying that Japan is partially excepting crypto as a means of payments but he doesn’t see that happening in Russia. However, he hasn’t disregarded potential use case for blockchain technology saying that:

Russia must keep an eye on this “phenomenon developing in the world” in order to determine how Russia can “participate in the process”. He added that Russia must also look into “how we can use it [cryptocurrency] in order to avoid any restrictions in the field of international financial activity,” perhaps a veiled reference to the potential use of cryptocurrency to avoid Western sanctions currently imposed on the country.

Source: cointelegraph.com

While Russia is still uncanny on cryptos, The Bank of Thailand (BoT) is considering issuing its own cryptocurrency, the bank’s governor revealed in a speech June 5, as reported by cointelegraph.

In his keynote on Thai economic development at Nomura Investment Forum Asia (NIFA) in Singapore, BoT governor Veerathai Santiprabhob spoke of a new project in which the central bank and other Thai banks join forces to develop a “new way of conducting interbank settlement” using a central bank-issued digital currency (CBDC).

As cryptocurrencies prove to be superior in the speed and cost, they are competing with the fiat/banking system, and so far they have been discarded and ignored. But we are now seeing a global attention to cryptos from big players like central banks and government official agencies, as technology gets better and adoption rate spreads across the globe.

This correlates with the saying: First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi

We were past the ‘then they laugh at you’ stage last year when Jamie Dimon called Bitcoin a fraud and people who believe and invest in it stupid. Now as you can see we are at the beginning of the ‘then they fight you’ stage, as central banks are gathering around to discuss how serious of a threat this is for them.

Analysis

BTC/USD

From yesterday’s high at 7735$ the price of Bitcoin has been on a steady decline and has decreased by 1.22%, which is price wise, 7641$.

The price of Bitcoin has been stopped out at the 0.236 Fibonacci level which serves as resistance and has fallen below the baseline support line again. We can see that the price is in an extended cluster as buyers and sellers are indecisive. As the price failed to create a higher high from the 3rd of June we are starting to see first signs of weakness, so I would expect the price to drop quickly from these levels, as buyers would back away, or turn into sellers.

Market sentiment

Bitcoin is in the sell zone.

Oscillators are on sell, and moving averages signal a sell.

Pivot points

DASH/USD

From yesterday’s high, which was coincidently the same as the open, the price of Dash has decreased by 2.41% coming from 320.29$ to 311.4$ where it is currently sitting.

The price of Dash has escaped the descending channel couple of days ago but is still in a symmetrical triangle while consolidating. It now looks near a breakout and we will see if this consolidation was just a pause of the downtrend or we are going to see a trend reversal.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are showing a buy, but moving averages are signalling a strong sell.

Pivot points

XMR/USD

From yesterday’s high at 169.7$ the price of Monero fell by 4.6% to 161.6$ where it is currently.

Yesterday’s high was on the symmetrical triangle resistance, and from there the price went on a downward trajectory, breaking out from the triangle on the downside. I am expecting the price to go down to the wedge support to retest prior lows.

Market sentiment

Hourly chart technicals signal a strong sell.

Oscillators signal a sell, and moving averages a strong one.

Pivot points

NEO/USD

The price of Neo has declined since yesterday’s open at 54.65$ by 4.3% and is now sitting at 52.31$.

As you can see from the daily chart, the price was repealed by the resistance at the 0.382 Fibonacci level and is now sitting on the range support. I am expecting the price to go down slightly further to the baseline support (bold black line), where there is also the 0.236 Fibo level for a retest.

Market sentiment

Neo is in the sell zone, as indicated by hourly chart technicals.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

S3 49.49
S2 51.63 
S1 52.59 
P 53.76 
R1 54.73 
R2 55.90 
R3 58.03

Conclusion

As the prices are showing the first signs of weakness, after almost a whole week went by in a stagnating way, and having in mind that weekend is coming, we are likely to see the first stages of a sell-off of what will last at least until Monday and will retest prior lows.

Tags bitcoin, BTC, Dash, Monero, NEO

Crypto Market Analysis

EOS Could Be Very Attractive Soon

Post author By Forex Academy
Post date 8 June, 2018
No Comments on EOS Could Be Very Attractive Soon

EOS (EOS)

EOS Market Cap: $12.51B

Circulating Supply; 896.15M EOS

Max Supply: 1B EOS

Volume (24h) $1.22B

Technical Analysis

EOS/USD dropped aggressively today after retesting a major dynamic resistance. It has erased the morning gains and it almost reached a static support. However, the crypto remains very attractive despite the last corrective phase. Today, it has dropped as all the major cryptocurrencies have decreased. Right now is very important for the crypto to stay above the 13.5000 psychological level because it will maintain a bullish perspective.

EOS could make a minor consolidation before it will jump higher. The rate needs more directional energy to be able to climb towards the 16.0000 psychological level. The rate dropped aggressively after the false breakout above the 250% line and above the warning line (wl2). EOS/USD has found a bottom on the median line (ML) of the descending pitchfork and on the median line (ml) of the ascending pitchfork. The price retested the median line (ml) of the ascending pitchfork and has closed much above it signalling that we may have a reversal.

It has found a temporary resistance at the upper median line (uml) of the ascending pitchfork and at the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork. You can see that it has retested the 50% line of the ascending pitchfork, closing much above it and above the 50% retracement level signalling a bullish pressure.

Conclusion

Personally, I believe that it will become strongly bullish after a valid breakout above the 250% Fibonacci line, above the upside 50% Fibonacci line of the descending pitchfork, above the upper median line (uml) and also above the 38.2% retracement level. The first upside target it will be at the WL2, but it could be attracted by the confluence area former between the UML and the first warning line (wl1).

Tags Crypto Pick, cryptocurrency, EOS/USD, Median Line, Pitchfork

Crypto Market Analysis

NEO Could Hit The Floor

NEO (NEO)

Market Cap: $3.39B

Circulating Supply: 65M NEO

Max Supply: 100M NEO

Volume (24h) $79.80

Technical Analysis

NEO/USD is trading in the red and seems determined to extend the current drop. It has failed to stay higher and now moves towards important support levels. The major cryptocurrency drops as the crypto market is in the red again.

It could drop further in the upcoming days if Bitcoin, Ethereum, etc. will resume the bearish momentum. Several false breakdowns and some rejections have signalled that the crypto pair could drop further in the short term.

The price has escaped from the ascending pitchfork’s body and now could drop towards the 50.00 psychological level. The drop was confirmed by the false breakout above the lower median line (lml) of the ascending pitchfork and after the valid breakdown below the sliding line (sl) of the ascending pitchfork.

Right now we need a confirmation that the crypto will drop further. It has slipped below the SL of the major descending pitchfork and below the 150% Fibonacci line of the ascending pitchfork. Only a valid breakdown below the mentioned lines and below the upside 50% Fibonacci line of the minor descending pitchfork will signal and will really confirm a drop towards the UML of the major descending pitchfork and towards the sliding line (sl1) of the minor descending pitchfork.

I’ve drawn a descending pitchfork to show you that the rate is trapped within a down channel. A further drop could be invalidated only by a valid breakout above the upside sliding line (sl) of the minor descending pitchfork.

Conclusion

NEO/USD will drop further if it will close below the 51.81 yesterday’s and today’s low and could reach the sliding line (sl1) and the median line (ml). The Stop Loss could be placed somewhere above the sl2.

Tags Crypto, crypto market, Crypto Pick, Crypto Trading, NEO, NEOUSD, Trade Idea

Crypto Market Analysis

Is Bitcoin Already Exhausted?

Post author By Forex Academy
Post date 8 June, 2018
No Comments on Is Bitcoin Already Exhausted?

Bitcoin (BTC)

Market Cap: $130.38B

Circulating Supply: 17.08M BTC

Max Supply: 21M BTC

Volume (24h) $ 4.29B

Bitcoin Price Analysis

Bitcoin has rebounded on the short term, but the upside movement seems completed. The cryptocurrency is showing some exhaustion signs and could attract the sellers again. The next days could be crucial because a significant decrease will confirm a drop at least to the 6000 psychological level. The major cryptocurrencies have increased a little since last week, but this may be only a temporary rebound before the prices will drop again.

If you read my articles and editorials about Bitcoin, you’ll notice that I’ve talked about the importance of the outside sliding parallel line (SL) of the ascending pitchfork. I’ve said that the rate could drop after the retest of the downtrend line and after the failure to make a valid breakout above the third warning line (WL3) and above the SL2.

The sliding line (SL) represented a crucial dynamic support and I’ve mentioned that a valid breakdown will invalidate a potential leg higher and will confirm a further drop. The minor rebound could validate the breakdown if the rate will stay below it and if it will drop again.

Technically, the rate was somehow expected to increase after the valid breakout from the minor down channel, but Bitcoin remains under huge pressure as long as it is trading below the sliding line (SL), the fourth warning line (WL4) and much below the downtrend line.

Conclusion

Bitcoin Price Analysis: You can sell it again if it stays below the SL and below the 7779.0 static resistance with a first downside target at the 150% line of the ascending pitchfork. The Stop Loss could be placed around 7900 level.

Tags bitcoin, Crypto, Crypto Pick, Crypto Trading, cryptocurrencies, Trade Idea

Crypto Market Analysis

ETP/BTC Potential Buy Opportunity Building?

Post author By Forex Academy
Post date 7 June, 2018
No Comments on ETP/BTC Potential Buy Opportunity Building?

ETP/BTC moves in range but you should be ready for a breakout from this extended sideways movement. Are you long or short on this pair?

Metaverse ETP (ETP)

Market Cap: $30.46M

Circulating Supply: 35.79M ETP

Max Supply: 100ETP

Volume (24h) $4.60M

ETP/USD = $0.85474

Technical Analysis

ETP/BTC continues to move sideways in the short term, so we should wait for a valid breakout so we can take action again. The rate has found a bottom at the 0.00007820 level and failed to reach it again in the last attempts, signalling a potential rebound.

The pair remains under pressure in the short term as long as it is trading below two important resistance levels.

You can see on the Daily chart that it has found a strong demand zone right below the downside 50% Fibonacci line of the descending pitchfork and now moves towards the median line (ML). The rate could continue to move sideways, but you should also be ready for a breakout. Right now we need to wait to see the breakout direction.

Right now it seems a little exhausted because it has failed to reach the median line (ML). Personally, I believe that we could have a great trading opportunity if the rate will pass above the median line (ML) and if it will stay there. A great buying opportunity will appear only after a valid breakout above the 0.00012860 static resistance.

Conclusion

It remains to be seen if this sideways movement will be an accumulation or a distribution. We should wait for a valid breakout and only then to open a position. You can buy it from above the 0.00012860 static resistance having a first target at the upside 50% Fibonacci line. A selling opportunity will appear after a valid breakdown from this pattern.

Tags crypto analysis, Crypto Pick, Crypto Trading, ETPBTC, Median Line, Pitchfork

Crypto Market Analysis

Incent Sell-Off?

Incent (INCNT)

Market Cap: $14.80M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h) $46.57K

Technical Analysis

The rate increased today but is seems pressured in the short term. INCNT/USD climbed above the broken dynamic support, but I’m afraid that it will drop further in the short term. We may have a great selling opportunity if the rate will close below the 0.29524790 yesterday’s low and could drop much below the 0.20000000 psychological level.

Price is struggling to stay higher, but I’m afraid that the crypto market could turn to the downside again after the temporary rebound. The major cryptocurrencies have increased a little, but are signalling an exhaustion already, so Incent could drop as well if the other cryptocurrencies will slip lower.

You can see on the Daily chart that the price has found a strong resistance at the 0.42260400 level and now has slipped below the lower median line (lml) of the ascending pitchfork. It is pressuring the sliding line (sl) of the ascending pitchfork after the lower median line (lml) retest. A valid breakdown below the sliding line will confirm a drop for the upcoming period.

INCNT/USD could drop even if it will pass above the 150% line as long as it will stabilise below the sliding line (sl).

Conclusion

The price seems that it could drop from here because it has stayed too much on the sliding line (sl). You can sell it from below the 0.29524790 yesterday’s low and you could place the first target at the 0.15696000 level. The Stop Loss should be above the 0.42260400 static resistance.

Tags Crypto Pick, Crypto Trading, incntusd, Median Line, Pitchfork, Technical Analysis

Crypto Market Analysis

Daily Crypto Update 07.06.2018 – Nothing Has Changed Since Yesterday

Post author By Forex Academy
Post date 7 June, 2018
No Comments on Daily Crypto Update 07.06.2018 – Nothing Has Changed Since Yesterday

General Overview

Market Cap: $345,346,669,155

24h Vol: $14,967,182,843

BTC Dominance: 37.9%

In the last 24 hours, the crypto market cap has been moving sideways. Yesterday started off at around $344B and has been hovering around these levels before it dropped steeply to $338B only to go up again to previous levels. Today’s high was at 349,653,000,000$ and since then, the evaluation has retracted back to yesterday’s levels.

The market is currently showing mixed colours. Biggest gainer among top 100 is Aeternity whose price increased by 13.7%, and the biggest loser is Nexus who’s price decreased by 15.16%.

News

The most significant news that came out in the last 24 hours is that the U.S. Securities and Exchange Commission Chairman Jay Clayton stated that the agency won’t change securities laws to cater to cryptocurrencies

“We are not going to do any violence to the traditional definition of a security that has worked for a long time,” U.S. Securities and Exchange Commission Chairman Jay Clayton told CNBC on Wednesday. “We’ve been doing this a long time, there’s no need to change the definition.”

That means that cryptos are intended to compete with sovereign currencies like the US dollar, won’t be defined as a security.

“(Cryptocurrencies) These are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin,” Clayton said. “That type of currency is not a security.”

However, those tokens that are sold during an ICO are securities by Clayton’s definition.

“A token, a digital asset, where I give you my money and you go off and make a venture, and in return for giving you my money I say ‘you can get a return’ that is a security and we regulate that,” Clayton said. “We regulate the offering of that security and regulate the trading of that security.”

This is fairly good news, but we are yet to see the implications of it. For example, many ICOs are emphasizing their token’s utility to escape being seen as a security.

While we are mentioning SEC, another significant headline that came out in the last 24 hours is that Van Eck Associates Corp. and SolidX Partners Inc. filed a request to list a Bitcoin-linked ETF to the U.S. Securities and Exchange Commission on Wednesday, as reported by Bloomberg.

SEC has rejected Winklevoss Bitcoin Trust ETF last year, so we are yet to see if these two companies make the ETF. The important thing is that this fund will be physically backed, meaning they will hold the actual Bitcoin, which would be insured in a theft or loss event.

Another news item regarding regulation and filing is that Circle Internet Financial Limited – a peer-to-peer payments technology company, who obtained the cryptocurrency exchange Poloniex is pursuing both a federal banking license with the Office of the Comptroller of the Currency (OCC) and registration as a brokerage and trading venue with the US Securities and Exchange Commission (SEC), as reported by Bloomberg

Similar news is that Coinbase is aiming at becoming an SEC regulated broker, through an acquisition of securities dealer Keystone Capital Corp. according to their blog post.

Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.

CFTC denies FOIA request for Bitfinex and Tether subpoenas, as reported by Coindesk.

The top U.S. futures regulator has denied a Freedom of Information Act (FOIA) request for subpoenas reportedly issued to crypto exchange Bitfinex and the closely-linked ‘stablecoin’ operator Tether, according to records obtained by CoinDesk.

The FOIA request, filed by an individual who requested anonymity when speaking to CoinDesk, sought “subpoenas issued to iFinex inc. also known as Bitfinex and it’s subsidiary companies, as well as subpoenas issued Tether Limited and its subsidiary companies” and was initially submitted in February.

Thus, we still don’t have the light shed on the controversy surrounding Bitfinex and Tether Stablecoin.

Parity urges users to install the update after discovering a Testnet vulnerability

Users of Ethereum software issued by Parity Technologies face enforced updates this week after warnings a testnet vulnerability could spread to the Ethereum network, according to Parity’s blog post on June 6.

Parity is a UK-based provider of infrastructure software for interacting with the Ethereum network. A blog post from the company June 5 originally flagged the security problem, describing it as a “potential consensus issue with Parity Ethereum.”

For those who don’t know this isn’t the first time Parity had a bug, as in November last year there was a “Parity multisig hack” in which about $300M was frozen and (probably) lost forever.

Analysis

BTC/USD

From yesterday’s low at 7510$, the price of Bitcoin rose up to 7700 which is a 2.37% increase.

Looking at the hourly chart we can see that the price is currently in another cluster below the 0.236 Fibonacci retracement level. However, the price is above the baseline support line and the triangle resistance line. This is a very crucial time for the price of Bitcoin because if the price continues to go higher that may trigger buying and we can see a short-term trend reversal. I think that’s now going to happen, as the likely scenario is that the price fells below those resistance lines again from this current cluster as it did before and retest old lows at around 7000$.

Market sentiment

Bitcoin is in the buy zone as indicated by hourly chart technicals.

Oscillators are on neutral, and moving averages on a strong buy.

Pivot points

ETH/USD

From yesterday’s low at 594$, Ethereum’s price has increased by 1.6% coming to 606$ currently.

As you can see from the hourly chart, the price bounced off the 0.236 Fibonacci level where it found support yesterday, and since then it has broken out of this short-term triangle like pattern and is now back on prior resistance for a retest of support. The price is also above the purple bold line which is the descending channel resistance line.

Market sentiment

Ethereum is in the buy zone as indicated by the hourly chart technicals.

Oscillators are on buy, and moving averages are on neutral.

Pivot points

XRP/USD

From yesterday’s low, the price of Ripple has increased by 3.2% from 0.659$ to 0.681$ where it is currently sitting.

Looking at the hourly chart we can see that the price broke out of the symmetrical triangle two days ago on the upside as I’ve projected it would, but my short term target hasn’t been met. The price has stopped out at 0.68$ level and retraced to 0.659$ which was yesterday’s low and is now back on those same levels struggling to make a new high, and I still think it is going to get there which would be slightly below 0.7$

Market sentiment

Hourly chart technicals signal a buy.

Oscillators are on buy, and moving averages are signalling a strong one.

Pivot points

Conclusion

Things haven’t changed much since yesterday. We are still yet to see where the prices are going from these levels. As the prices are looking unstable I am expecting another drop to prior lows for a retest, before a short-term trend reversal.

Tags bitcoin, Crypto, Daily, ethreum, Ripple

Crypto Market Analysis

Dogecoin Could We Have A Breakout?

Post author By Forex Academy
Post date 7 June, 2018
No Comments on Dogecoin Could We Have A Breakout?

Dogecoin (DOGE)

Market Cap: $433.90M

Circulating Supply: 114.75B DOGE

Max Supply: 0 DOGE

Volume (24h) $14.08M

Technical Analysis

Dogecoin (DOGE) continues to move higher on the short term after the failure to reach the near-term support levels. The cryptocurrency increased as the crypto market has managed to recover a little after the last corrective phase. You should know that the perspective remains bearish on the short term because the rate is still trapped below a downtrend line which represents a very strong dynamic resistance.

The rate moves sideways on the short term, so maybe will be better to stay away until we’ll have a valid breakout from this extended range.

DOGE/USD has developed a major triangle on the Daily chart and now the rate has failed to approach and reach the downside line signaling a potential reversal. The rate has turned to the upside on the short term, but it remains to see how long this will be because it has increased slowly. The current rebound could be only temporary and it could still drop towards the 0.00288000 – 0.00248254 support area.

Price dropped along the upper median line (uml) of the descending pitchfork,, but failed to reach the first warning line (WL1). It could still reach the WL1 as it is trading very close to it. Dogecoin (DOGE) has managed to breakout above the 150% line and could fight hard to reach the first warning line (wl1) in the upcoming period.

Conclusion

A really great buying opportunity could appear only after a valid breakout above the downtrend line, above the warning line (wl1) and above the 0.00487198 static resistance. The Stop Loss could be placed below a former low.

Tags Crypto Pick, Crypto Trading, Crytocurrencies, DOGE/USD, Dogecoin, Pitchfork, Trade Setup

Crypto Market Analysis

AMP/USD Falling Wedge?

Synereo (AMP)

Market Cap: $17.89M

Circulating Supply: 100.73M AMP

Max Volume: 0 AMP

Volume (24h) $100.53K

Technical Analysis

The Synereo (AMP) cryptocurrency is on a declining path on the daily chart and seems determined to drop much deeper in the upcoming period. The perspective remains bearish on the daily chart as long as the rate stays below the downtrend line. AMP/USD has developed a Falling Wedge, but this pattern is far from being confirmed.

A reversal signal could appear only after a valid breakout from the Falling Wedge pattern. The crypto has shown little action in the short-term signalling that the bears could be exhausted.

You can see on the Daily chart that the rate dropped again after the last two failures to reach and retest the median line (ML) of the major descending pitchfork. You should know that a valid breakdown below the 0.17160910 level will confirm a further drop towards the downside line of the Falling Wedge. A further drop is somehow expected after the failure to reach and retest the upside line of the chart pattern. However, a rejection from here will send the rate at least up to the upside line but is less likely to happen as the crypto market maintains a bearish bias despite the minor rebound.

You can see that the rate was rejected and was sent higher by the sliding parallel line (SL) of the descending pitchfork, but you should know that a valid breakdown will send the rate towards the LML.

Conclusion

The perspective remains bearish for now, so you should stay away until we really have a bullish signal. We may have a great buying opportunity if the AMP/USD rate stays above the SL and if it will manage to take out the downtrend line. Unfortunately, the crypto is under massive selling pressure as it continues to stay near the sliding line (SL).

Tags AMP/USD, Crypto, Crypto Pick, Crypto Trading

Crypto Market Analysis

Cryptocurrencies Mirage

The crypto market total capitalisation has reached the $345,848,996,562 level and a $15,093,140,340 daily volume, much lower compared to January 2018. Nowadays everyone wants to make huge profits by trading or investing in the cryptocurrencies. There are all kinds of economists and specialists that continue to sustain that the cryptocurrencies should drop much deeper because they are overstated. You should know that what happened on Bitcoin won’t happen again because the conditions have changed and there are a lot of factors that influence the market.

Source: investing.com

Also, the crypto market is very volatile because the traders and investors are more cautious and they prefer to trade on the short term after last month’s major corrective phase. Last year’s amazing rally is history now, so we need to focus on what could happen in the upcoming period and maybe we’ll catch other important movements in the short to the medium term.

The high volatility makes trading very risky because the market could turn against you very fast and you can suffer a heavy loss.

In this editorial, I want to talk about the EOS because this crypto has become one of the most important and most traded cryptocurrency.

EOS/USD Analysis

As you can see on the Daily chart, EOS/USD rallied aggressively and reached fresh new highs in the last months. It has increased from 3.8723 on March 18, 2018, to 23.0290 level on 29 April 2018. So, EOS increased sharply and has brought amazing profits to those that have invested in it. That’s why more and more people want to trade or to invest in the crypto market. We still have great opportunities despite all the rumours and even if the market is very volatile. I’ve said in another editorial that the cryptocurrencies should be treated like any other speculative assets and that’s exactly what you should do if you don’t want to have any surprises.

EOS/USD plunged after reaching the 23.0290 top and now has found a strong support and a bottom on the median line (ml) of the ascending pitchfork, and right below the 61.8% retracement level. The two false breakdowns below the 61.8% retracement level have sent the rate higher again.

EOS/USD still has a huge potential if it stays above the median line (ml) of the ascending pitchfork, but you should know that only a valid breakout above the upper median line (uml) and above the 250% Fibonacci line will confirm another significant upside movement. The major target remains at the 23.0290 historical high.

Conclusion

You should know that there will be a lot of opportunities in the crypto market despite the high volatility and despite the bearish bias. If you’ll make a great analysis you may find cryptocurrencies with important potential, but you should take into consideration all the factors that could ruin your scenario and your expectations.

Tags crypto analysis, crypto market, Crypto Trading, Editorial, EOS, EOS/USD

Crypto Market Analysis

ETHUSD lchimoku Long Entry Ahead

Post author By Forex Academy
Post date 6 June, 2018
No Comments on ETHUSD lchimoku Long Entry Ahead

An entry based on the Ichimoku system could happen if we get to the 660.92 value zone, this would bring the lagging span out of the cloud and put price near a nice and clear breakout of an inner harmonic and a pivot in time.

Tags cryptocurrency, ETH, Ethereum, ETHUSD, longsignals

Crypto Market Analysis

RDD/BTC Lost The Bearish Momentum

Post author By Forex Academy
Post date 6 June, 2018
No Comments on RDD/BTC Lost The Bearish Momentum

ReddCoin (RDD)

Market Cap: $195.44M

Circulating Supply: 28.81B RDD

Max Supply: 0 RDD

Volume (24h) $3.62M

RDD/USD = 0.006804

Technical Analysis

RDD/BTC rallies right now and resumed yesterday’s bullish candle. The rate approaches a very strong dynamic resistance, so it remains to see how it will react. A valid breakout will confirm a further increase in the short term. The rate has shown some oversold signs after the failure to make new lows. It seems that the behaviour has changed, but we still need a confirmation that the rate will increase further.

As you already know, it is very important for the major crypto to increase, and maybe we’ll have an important increase with this pair as well. The last drop was expected and it was natural after another failure to reach and retest the median line (ML) of the sideways pitchfork.

RDD/BTC has found strong support right above the 0.00000076 level and above the 61.8% retracement level. The failure to drop towards the 76.4% level and towards the LML of the sideways pitchfork has attracted the buyers again.

It has also failed to reach the median line (ml) of the minor descending pitchfork signalling a breakout from the descending pitchfork’s body. A valid breakout above the upper median line (uml) should send the rate towards the median line (ML) again.

Conclusion

We can go long after a valid breakout above the upper median line (uml). The first target it will be at the warning line (wl1) and at the ML of the sideways pitchfork. The Stop Loss can be placed below the 0.00000076 level.

Tags Crypto Pick, Crypto Trading, Pitchfork, RDD/BTC, Trade Idea, Trade Setup

Crypto Market Analysis

Daily Crypto Update 06.06.2018 – Prices Hovering Around The Same Levels May Trigger Selling

Post author By Forex Academy
Post date 6 June, 2018
No Comments on Daily Crypto Update 06.06.2018 – Prices Hovering Around The Same Levels May Trigger Selling

General Overview

Market Cap: $343,665,292,792

24h Vol: $15,166,854,450

BTC Dominance: 37.9%

From yesterday’s open at $341B, the crypto market cap fell to 330,636,000,000$ to yesterday’s low from where the evaluation has been rising. It had experienced an overall increase of 3 million dollars.

The market is dominantly in green with an average increase of 2% amongst the top 100 coins. Biggest gainers are Nexus by 15%, Binance coin 12.54%, and the biggest loser is Huobi Token who dropped by 11% today.

News

Overall, news that came out in the last 24 hours is mostly positive, however, there are some significant negative items. Out of those that are positive, we can put them into two categories – blockchain tech adoption and positive relation to cryptocurrencies.

Regarding blockchain adoption these are the stories that stand out:

Samsung SDS is launching its own blockchain platform called “Nexfinance”, according to the official press release.

Nexfinance is a digital banking platform, applying artificial intelligence, blockchains, big data analytics and advanced IT technologies, such as intelligent process automation (IPA).

U.S. government telecoms agency seeks feedback on blockchain technology for its international agenda

In an announcement, the National Telecommunications and Information Administration (NTIA), which is part of the U.S. Department of Commerce, said that it wanted stakeholders’ input in “shaping its international agenda.”

As the tech evolves and is showing the benefits, many are jumping aboard to seize the opportunity and have the first mover advantage. There are two major news items regarding banks utilisation of the tech as well, as the traditional finance industry fear its decentralised competition.

South Africa’s Central Bank Pilots Tokenised Fiat Interbank Payment System

South Africa’s Central Bank (SARB) has successfully piloted a Proof-of-Concept (PoC) for an interbank payment system that tokenises fiat using Quorum, according to an SARB press release published June 5th. Quorum is an Ethereum-based private blockchain.

Chinese Central Bank Develops Blockchain System to Digitise Paper Checks (Cheques)

The People’s Bank of China (PBoC) has revealed a blockchain-powered system to digitise paper checks (cheques), local media Financial News reports June 5. The system aims combat financial fraud as well as reduce expenses for printing them.

Even though what was previously stated is evident, representatives from multiple central banks discussed in Amsterdam on Money20/20 conference whether or not cryptocurrency are posing a threat to the fiat system.

During a panel talk titled “Cryptocurrency, the Central (Bank) Question”, representatives from the Swiss National Bank, the Bank of Lithuania, the Bank of England, and the Bank of Canada took turns responding to the question “Can cryptocurrencies spell the end of fiat currencies?”.

Source: cointelegraph.com

They have concluded that cryptos are not yet a threat to the fiat system, as long as central banks are doing a good job. As a matter of fact, central banks are doing a fantastic job, but for themselves – which is why Bitcoin was invented in the first place.

As the dollar devaluates throughout the years, through fractional reserve banking and insane money printing, the purchasing power diminishes and national debt is rising insanely. A Keynesian economic model proves it to be unsustainable which is why people are looking for better alternatives. That’s why people are enthusiastic about cryptocurrencies.

Adena Friedman, president, and CEO of Nasdaq Inc,. recognizes this trend as he stated in an interview on Bloomberg Businessweek on June 5., that cryptocurrencies are at “the height of a hype cycle” and can become a “financial element of the Internet.”

On the other side, some like Jim Chanos, hedge fund manager, who said last year, that he “didn’t understand” Bitcoin or blockchain technology, now said speaking at Institute for New Economic Thinking that:

“This is simply a security speculation game masquerading as a technological breakthrough in monetary policy.”

According to him, in the event of a global crisis, it would be “better” to own food or a government-backed (fiat) currency.

Even though cryptos are “not there yet” would it really be better to hold fiat currency in a global crisis that was probably induced by those same central banks?

Analysis

BTC/USD

From yesterday’s open at 7471$ the price of Bitcoin has increased by 1.65%, coming to 7595$ where it is currently sitting.

Looking at the hourly chart we can see that the price is yet again below the support baseline and form a cluster but this time there’s now higher high which is the sign of weakness. I am expecting the price to drop from here like it did three times previously, and the first support would be at yesterday’s open of 7470$ levels.

Market sentiment

Hourly chart technicals are on buy, but it looks more like neutral as we have 8 indicators signalling a buy, 9 are neutral, and 9 sell.

Pivot points

LTC/USD

From yesterday’s low at 116.115$ the price of Litecoin has increased by 4.16% coming to 121.140$ where it is currently.

Looking at the hourly chart we can see that the price is still in the retracement zone, and currently in a triangle which can be interpreted as a bull flag. If the price breaks out from above, I would expect to see the interaction with the retracement zone resistance at 124,7$, but from the degrees of the triangles trendlines, we can see that sellers are more aggressive and that the price is likely heading down afterwards.

Market sentiment

Litecoin is in the buy zone, as indicated from hourly chart technicals.

Oscillators are on sell (8), and moving averages are signalling a buy (9).

Pivot points

ETH/USD

From yesterday’s low at 576.13$ the price of Ethereum has increased by 4.62% rising to 602.8$ where it is currently sitting.

On the hourly chart, we can see that the price is yet again above the down channels resistance line and 0.382 Fibonacci level. As the price action is showing signs of topping as indicated by the cluster which resembles the previous one, I am expecting it to go down from here probably to this last uptrend support line (blue line) and down channels resistance line intersection to retest for support.

Market sentiment

Hourly chart technicals signal a buy, however, it more looks like neutral as 7 indicators are on sell, 10 on neutral and 9 on buy.

Pivot points

XMR/USD

In the last 24 hours, the price of Monero has been rising. From yesterday’s low to yesterday’s high, the price increased by 7.8%. However, from yesterday’s open until now, Monero has increased overall only 1.65% – from 160.9$ to 163.420$ where it is now.

Looking at the hourly chart we can see that the price action is between the triangle support line (black line) and wedge support line (blue line) which I’ve declared a dominant pattern in the charting section previous week. Currently, we see another triangle forming and the price bounced off its resistance line. I would expect a few more bounces before a breakout, but I wouldn’t recommend trading it because if the proximity of the triangle and wedge support which would surely repeal the price in either way, so the trade would be short-lived.

Market sentiment

Monero is in the sell zone, as indicated by the hourly chart technicals.

Oscillators are on neutral, and moving averages on a strong sell.

Pivot points

Conclusion

As the prices have shown a lot of sideways movement in the last few days, unable to create significant highs and are not falling further below, we are soon going to see a triggered action. As the prices are hovering at around the same levels for days I would expect people to get anxious and start selling as they would fear not to lose money, because the prices aren’t going higher. In that case, we may see a retest of prior lows or even lower lows which would in the case of Bitcoin mean a drop to 7000-6500$ levels.

Tags bitcoin, Ethereum, litecoin, Monero

Crypto Market Analysis

CFI/BTC Did You Buy It?

Cofound.it (CFI)

Market Cap: $19.54M

Circulating Supply: 325M CFI

Max Supply: 0 CFI

Volume (24h) $472.54K

Technical Analysis

The CFI/BTC crypto pair increased today and it seems like we’ll have a breakout attempt above a very strong dynamic resistance. A valid breakout will announce a potentially larger rebound for the upcoming period. However, you should stay away for now because another leg higher needs to be confirmed. CFI/BTC has shown little action in the short-term, signalling that the bears could be exhausted. The price is moving sideways somehow in the short term, that’s why we need to be very careful because anything could happen.

You can see on the Daily chart that the rate has finally managed to break out above the first warning line (WL1) of the descending pitchfork and now has reached the downtrend again. The price has failed to reach and retest the downtrend line in the past week signalling a bearish pressure. A valid break out above the downtrend line could help us to go long on this cryptocurrency.

I’ve drawn a minor ascending pitchfork, so a breakout above the downtrend line followed by a retest of the lower median line (lml) will confirm a rebound in the short term.

Conclusion

We can buy CFI/BTC if the rate stays above the 0.00000711 static support and within the ascending pitchfork’s body. The first important upside target will be at the median line (ml) of the ascending pitchfork. A failure to breakout above the downtrend line and a valid breakdown below the 0.00000711 level will invalidate the bullish scenario for now.

Tags CFIBTC, Crypto, crypto analysis, Crypto Pick, Crypto Trading, tradesetup

Crypto Market Analysis

XRP/BTC Looks To Trade Higher

Post author By Forex Academy
Post date 5 June, 2018
No Comments on XRP/BTC Looks To Trade Higher

Ripple (XRP)

Market Cap: $26.18B

Circulating Supply 39.24B XRP

Max Supply: 100B XRP

Volume (24h) $397.67M

XRP/BTC Technical Analysis

XRP/BTC increased and maintains a bullish perspective in the short term. It remains to see what will really happen in the upcoming period because the crypto market is still weak. The rate dropped in yesterday’s trading session as the crypto market dropped further.

The price rebounded in the short term after the failure to reach the previous lows. The rate has managed to break out above some very important resistance levels and now is struggling to reach new highs.

The rate has made a false breakdown below the 150% line of the descending pitchfork signalling that we may have an oversold situation. It has moved sideways on the short term but now has started an upside movement after the breakout above the WL1 of the descending pitchfork.

The perspective will remain bullish in the short term as long as the rate stays above the 150% Fibonacci line of the minor ascending pitchfork. The next upside obstacle is at the 61.8% Fibonacci level, so we need a breakout above this level so we can think of a further increase.

It looks bullish in the short term, you can see that the price failed to retest the minor red uptrend line, signalling that the buyers are strong.

Conclusion

We can go long on this crypto pair if it will close above the 0.000091050 yesterday’s high and we can place a stop loss below the 0.000073170 low. A valid breakout above the 61.8% level will send the rate towards the 50% line and maybe towards the median line (ml) of the ascending pitchfork.

Tags crypto analysis, Crypto Pick, Crypto Trading, Ripple, Trade Idea, Trade Setup, XRPBTC

Crypto Market Analysis

Daily Crypto Update 05.06.2018 – More Sideways Price Action

Post author By Forex Academy
Post date 5 June, 2018
No Comments on Daily Crypto Update 05.06.2018 – More Sideways Price Action

General Overview

Market Cap: $335,633,090,494

24h Vol: $15,957,362,042

BTC Dominance: 37.9%

In the last 24 hours, the cryptocurrency market cap has been decreasing

General Overview

Market Cap: $335,633,090,494

24h Vol: $15,957,362,042

BTC Dominance: 37.9%

In the last 24 hours, the cryptocurrency market cap has been decreasing

General Overview

Market Cap: $335,633,090,494

24h Vol: $15,957,362,042

BTC Dominance: 37.9%

In the last 24 hours, the cryptocurrency market cap has been decreasing from yesterdays high at 354,9 billion dollars to 335,633 billion dollars where it is currently.

The market is mostly mixed in colour, but the dominant one is definitely red with approximately a 3% decrease. Biggest losers amongst the top 100 coins are Bitcoin Private -14% and DigixDao -11%. Only Huobi Token experienced a significant increase of 14%.

News

Although there are news items in the last 24 hours that are bearing a positive tone, there aren’t any significant ones that can change the market’s bearish sentiment, as those that are positive are mostly regarding blockchain tech adoption and technology utilisation. Such stories are the following:

DHL Announces Partnership Trade Finance Platform TradeIX

DHL is partnering with blockchain trade finance platform TradeIX, according to a presentation today, June 5, at the Money20/20 conference in Amsterdam.

Crypto Tipping Added to Streamlabs App, Responsible for 15% of Twitch Streams

Broadcasters on Streamlabs, a Twitch streaming app, can now accept cryptocurrency as tips, the Steamlabs blog posted on June 1.

Our Blockchain ‘Can Run The Whole Company’, Says Mastercard Vice Chair at Money20/20

Mastercard has “built a Blockchain that can run the whole” of its network, its vice chair Ann Cairns claimed during the ongoing Money20/20 conference June 4.

As you can see, the Money20/20 conference was mentioned twice. That conference is taking place from 4-6 of June in Europe, and its a conference “Where the entire payments, fintech, and financial services industry connects”, so the positive news that is coming from there is significant.

Coinbase – leading crypto-fiat gateway exchange is expanding to the Japanese market, which may lead to an increase of cryptocurrency users, as they will get more exposure to the space.

Coinbase intends to apply for a license with the country’s financial regulator, the Financial Services Agency (FSA), “within the year,” a process that has been mandatory for all crypto exchanges operating within the country since the amendment of Japan’s Payment Services Act in April 2017.

Source: cointelegraph.com

On the flipside, there are two major news items that are negative:

Google searches for ‘bitcoin’ nosedive 75% this year as interest in struggling cryptocurrency wanes, as reported by CNBC

Searches for the term “bitcoin” have dropped more than 75 percent since the beginning of this year and roughly halved over three months, according to research from Google Trends.

Nicholas Colas, co-founder of DataTrek Research, pegged waning searches as a bad sign for prices.

“We use Google Trends to track search queries for ‘bitcoin’ as a proxy for potential new buyers,” Colas said in an email to clients Monday. “Bitcoin needs a new narrative in order to re establish global attention.”

The other piece of negative news is that Bitcoin dies for the 300 time, as Forbes said in an article entitled “Bitcoin’s Need For Electricity Is Its ‘Achilles Heel” stated:

Bitcoin’s advocates claim that it is immune from government control. ”It can’t be shut down,” they say. This might have been true in the early days, when Bitcoin could be mined on an ordinary laptop. But in these days of giant mining farms, Bitcoin desperately needs abundant cheap electricity supplies. Without access to abundant electricity, Bitcoin mining can’t continue, and without mining, Bitcoin is dead. And ultimately, electricity supply is controlled by governments.

This 300th place is according to the 99bitcoins Bitcoin obituary list.

The most significant informative headline is that Block.one’s EOS has officially been launched, after a year-long ICO stage in which they raised over 4 billion dollars. This is the moment of truth for this cryptocurrency, as it is the largest competitor of Ethereum. Now developers can build Dapps on the blockchain and we will see what the future holds for the EOS ecosystem, and reassure ourselves if the promises stated in the whitepaper are going to be met.

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has decreased from 7715$ to 7419,2$ where it is now on a downward trajectory, which is a decrease of 3.87%.

Looking at the daily chart we can see that the price was repealed by the 0.236 Fibonacci retracement level and that yesterday’s candle ended on the support at the 7470$ level. Today’s candle started off at those levels and quickly fell below the support.

Zooming into an hourly chart we can see the interaction with the mentioned levels, and after two significant headlines being crossed – baseline support (black bold line) and prior range support (red line), the price is heading toward the triangle support (blue bold line) which is around 7000$ levels.

Market sentiment

Bitcoin is in the sell zone, as indicated by hourly chart technicals.

Oscillators are signalling neutral, and moving averages are on a strong sell.

Pivot points

NEO/USD

The price of Neo has decreased by 8.87% from yesterday’s open, dropping from 57,33$ to 52,3$ where it is now.

Looking at the daily chart we can see that the price found support at the 0.236 Fibonacci retracement level which is where the baseline support area is.

Zooming into an hourly chart we can see that nice bounce off of the Fibo level, but we can also see there’s no interaction with the baseline support. The price is still in a downward trajectory, which is why I am expecting to see the interaction with the baseline support, which would be a lower low at around 51.3$ level.

Market sentiment

Neo is in the sell zone.

Oscillators are on neutral, and moving averages are signaling a strong sell.

Pivot points

S3 43.81 
S2 49.07 
S1 51.24 
P 54.34 
R1 56.50 
R2 59.61 
R3 64.88

XRP/USD

From yesterday’s open until now, the price of Ripple has decreased by 5.13% – from 0.6931$ to 0.65751$.

Looking at the daily chart, we can see that the price found support at the 0.236 Fibonacci level, and the current candle is a doji with a bigger wick from below, which indicated buying pressure.

Zooming into an hourly chart we can see that the price action has created a cluster and the break out is soon going to happen. As the price is in an uptrend overall, I am expecting the price to break out from the upside, and potentially reach the prior range resistance at just slightly below 0.7$.

Market sentiment

Ripple is in the buy zone, as indicated by hourly chart technicals.

Oscillators are on a buy, and moving averages signal a strong buy.

Pivot points

Conclusion

As I have said in my weekly update, I am expecting a lot of sideways movement in the following week, and that’s exactly what is happening in the markets currently. Bitcoin is falling and while some cryptos are in the same cycle as Bitcoin and are following it accordingly, some like Ripple, are in they’re different stages of corrective waves and are going to show some bullish moves, but the overall sentiment is still bearish.

Tags bitcoin, NEO, Ripple

Crypto Market Analysis

Ethereum – Is This A Bullish Signal?

Post author By Forex Academy
Post date 5 June, 2018
No Comments on Ethereum – Is This A Bullish Signal?

Ethereum (ETH)

Market Cap: $58.98B

Circulating Supply: 99.88M ETH

Max Supply: 0 ETH

Volume (24h): $1.84B

Ethereum (ETH) Technical Analysis

ETH/USD changed little today but continues to be under selling pressure in the short term. The rate has managed to rebound and to stay above a crucial support level. Right now we need a confirmation that the rate will increase further in the short term because the rate dropped significantly in yesterday’s trading session.

However, yesterday’s drop could be considered to be only a temporary one because the rate could try to test and retest the broken dynamic resistance. We’ll see what will really happen because Ethereum (ETH) and all the major cryptocurrencies have decreased a little after the last day’s increase.

Ethereum increased after the false breakdown below the lower median line (LML) of the ascending pitchfork. It has managed to jump and close above the outside sliding line (SL) of the descending pitchfork. The price has come back to pressure the broken sliding line (SL), so, it remains to see if this will really be a valid breakout. ETH/USD could test and retest the LML as well before it will really decide to increase.

The false breakdown below the LML has signalled another leg higher, so we can go long on this but only if the rate will stay above the SL and above the LML.

Conclusion

Ethereum (ETH) has turned to the upside on the short term, but only a rejection from the SL and from the LML will really confirm a further increase. You can go long on this if the rate will stay above the mentioned support lines having a first target at the 50% Fibonacci line and the second target at the ML of the ascending pitchfork. The Stop Loss can be placed below the LML.

Tags Crypto, Crypto Pick, Crypto Trading, cryptocurrencies, Ethereum

Crypto Market Analysis

Monero Further Drop On The Cards

Post author By Forex Academy
Post date 4 June, 2018
No Comments on Monero Further Drop On The Cards

Monero (XMR)

Market Cap: $2.57B

Circulating Supply: 16.1M XMR

Max Supply: 0 XMR

Volume (24h) $38.49M

Monero (XMR) Technical Analysis

Monero plunged today and erased the yesterday’s gains. The price maintains a bearish perspective on the short-term after today’s drop. The rate has failed to close above a dynamic resistance (support turned into resistance) and now it seems determined to challenge a major support area. A valid breakdown will signal a further drop.

All the major cryptocurrencies have dropped today signalling that the rebound could be temporary and the crypto market could resume the downside movement.

You can see that the rate has increased a little after the false breakdown below the 151.260 static support, but yesterday’s failure to close above the lower median line (lml) of the ascending pitchfork has signalled that the rate could resume the corrective movement.

We can go short on this cryptocurrency if it will make a valid breakdown below the 151.260 static support, and if it will close below the 145.810 former low. The price could stabilise below the first warning line (WL1) of the ascending pitchfork, which represents another bearish signal. It has also retested the minor uptrend line which represents the downside line of the triangle chart pattern.

Conclusion

You can sell Monero if the bearish scenario will be confirmed. The first downside targets will be at the 150% lines. The Stop Loss can be placed above the 177.780 yesterday’s high.

Tags Crypto, crypto analysis, Crypto Pick, Crypto Trading, Median Line, Monero, Pitchfork, XMRUSD

Crypto Market Analysis

BTG/BTC Long After A Valid Breakout

Post author By Forex Academy
Post date 4 June, 2018
No Comments on BTG/BTC Long After A Valid Breakout

Bitcoin Gold (BTG)

Market Cap: $741.47M

Circulating Supply: 17.05M BTG

Max Supply: 21M BTG

Volume (24h) $16.06M

BTG/USD = $43.309

Technical Analysis

BTG/BTC is on a declining path on the daily chart. The rate dropped significantly in the last months as the crypto market has crashed. Right now, it is very important to see what will really happen in the short term because the rate hovers right above a crucial support level. A valid breakdown will confirm a further drop in the upcoming period. The rate dropped today as the all major cryptocurrencies have dropped significantly today.

The price dropped and has found strong support at the 0.005564 level on April 12, 2018. It has increased a little and has made a valid breakout above the median line (ML) of the descending pitchfork. Unfortunately, the rate didn’t resume the rebound and has started another minor corrective phase in the short term.

BTG/BTC has found a temporary support again and has increased a little in the last days, that’s why I’ve drawn an ascending pitchfork. Unfortunately, the rate dropped significantly and could invalidate a further increase in the short term. The next few days will be crucial because a valid breakdown below the 0.005564 will signal a further drop.

We may have a buying opportunity only after a valid breakout above the downtrend line and if the rate will stay within the minor ascending pitchfork’s body.

Conclusion

You could go long after a valid breakout above the downtrend line. We’ll have an important upside target at the median line (ml) of the minor ascending pitchfork and another one at the UML.

Tags btgbtc, crypto analysis, Crypto Pick, Crypto Trading, Trade Setup

Crypto Market Analysis

Weekly Crypto Update 04.06.2018 – Sideways Movement Expected (Video)

Post author By Forex Academy
Post date 4 June, 2018
No Comments on Weekly Crypto Update 04.06.2018 – Sideways Movement Expected (Video)

From Monday 28th May, the total cryptocurrency market cap evaluation has been rising overall, but it experienced a lot of choppy movement, as for every new high it made, a sharp downward movement occurred. That means the market sentiment is still bearish as sellers are waiting anxiously for the right price in order to sell.

In this weekly video, I am going to provide my Elliott Wave forecast and explain as to why I think we are in for more sideways movement before another large drop.

Tags bitcoin, Ethereum, litecoin, Ripple, Video, Weekly

Why is bitcoin in the bear market?

What actually happened to Bitcoin?

The Rise of Bitcoin

The Fall of Bitcoin

Bitcoin Futures Market

Mt. Gox trustee

Spoofing

Bitmex and Binance exchanges

Adoption versus speculation, expectations versus reality

Conclusion

General Overview

Live Crypto News

Analysis

ETH/USD

TRON/USD

ADA/USD

Conclusion

General Overview

News

Analysis

BTC/USD

XRP/USD

LTC/USD

Conclusion

General Overview

News

Analysis

NEO/USD

EOS/USD

ADA/USD

Conclusion

General Overview

News

Analysis

EOS/USD

LTC/USD

DASH/USD

XMR/USD

Conclusion

General Overview

News

Analysis

BTC/USD

ETH/USD

LTC/USD

Conclusion

Today´s Events 18/6/2018

General Overview

Analysis

BTC/USD

XRP/USD

ETH/USD

Conclusion

General Overview

News

Analysis

XRP/USD

ETH/USD

BCH/USD

TODAY’S EVENT 15/6/2018

General Overview

News

Analysis

BTC/USD

XMR/USD

DASH/USD

Conclusion

Dash (DASH)

Conclusion

General Overview

News

Analysis

Conclusion

General Overview

News

Analysis

BTC/USD

LTC/USD

NEO/USD

Conclusion