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

Weekly Crypto Update 04.06.2018 – Sideways Movement Expected

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

General Overview

Market Cap: $344,628,122,166

24h Vol: $16,760,046,234

BTC Dominance: 37.8%

From Monday 28th May, the 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.

The resistance line at around 342 billion dollars has been crossed and it is now being retested for support.

News

This weeks top headlines are the following:

South Korea is in the process of lifting the ICO ban

The National Assembly has officially made a proposal to allow domestic initial coin offerings (ICOs). As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation.

Source: http://www.businesskorea.co.kr

Major vulnerability found in the EOS blockchain days before the mainnet launch.

China’s largest Internet security company, Qihoo 360, has found several high-risk security vulnerabilities in EOS’s blockchain platform. These vulnerabilities would enable remote attacks on all EOS nodes, Qihoo 360 claimed on Weibo Tuesday, May 29.

Crypto exchange Binance plans to create 1 billion dollar fund.

Binance, currently the world’s largest cryptocurrency exchange by trade volume, plans to create a $1 bln cryptocurrency-based fund, an executive confirmed June 1. Using only Binance’s BNB tokens as an investment vehicle, the fund will be administered through the exchange’s incubator spin-off Binance Labs.

Source: cointelegraph.com

Analysis

BTC/USD

From Mondays open, the price of Bitcoin has increased by 4.2% coming from 7294$ to 7608$ where it is currently. The rise was in the form of an upward channel/wedge.

On the daily chart, we can see that the price was at its lowest last Monday and below the baseline support (bold black line). Since then the price went above the baseline support with strong momentum, as those lows triggered buyers who have pushed the price higher. The price is currently inside the triangle again and was repealed by the triangle resistance line and 0.236 Fibonacci retracement level, so the price fell back to the baseline support again.

Market sentiment

Bitcoin daily chart technicals signal a sell.

Oscillators are on buy, but moving average signal a strong sell.

Pivot points

ETH/USD

From Monday, May 28. Ethereum’s price increased by staggering 22.27% from 494$ which was the week’s low, to 605$ where it is currently sitting.

Looking at the daily chart, we can see that the price found support at the 0.236 Fibonacci retracement level and the unconfirmed support, and is currently repealed by the downward channel resistance line and is heading down to the 0.382 Fibo level. Overall last week was bullish for Ethereum, but judging by how much has the price increased and the interaction with the significant trendlines, this week may not be the same.

Market sentiment

Ethereum is in the sell zone.

Oscillators are signalling a buy, but with 8 on neutral, and moving averages are signalling a strong sell.

Pivot points

XRP/USD

In the last 7 days, the price of Ripple has been increasing steadily from 0.544$ to 0.656$ which is a 19.54% increase overall.

On the daily chart, we can see that Monday’s opening was the weeks low. From there the price went above the 0.573 with a strong momentum as indicated by the big green candle on Tuesday. Since then the price has been steadily increasing but it was now stopped out by prior range support, which now serves as resistance at 0.699$ levels.

Market sentiment

Daily chart technicals are signalling a sell.

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

Pivot point

LTC/USD

From last Monday’s open, the price of Litecoin has increased by 9.73% from the weeks low on Monday at 110.2$ to 121$ where it is currently.

Looking at the daily chart we can see that the price of Litecoin fell below the retracement zone which is at the 111$ level on last Monday which triggered some buying. That buying pressure was short lived as the price failed to stay above the retracement zone level at 124$ and is now back in it again.

Market sentiment

Litcoin is in the sell zone.

Oscillators are on buy but with 8 on neutral, and moving averages are signalling a strong sell.

Pivot points

Conclusion

The market conditions are now similar to that of Jun 2014. After a strong runup, we are seeing a triangle being formed on the global chart.

Market cap chart back in 2014.

As you can see after the evaluation broke out from the triangle it halved in evaluation from the first high that was formed outside of the triangle.

So if the similar thing happens again this would be something that I would expect – a downfall to around $178B which would bring the price of Bitcoin to around 4500$ which would correlate perfectly with my Elliot Wave correction count which can be seen on the weekly update video.

In any way, I would be expecting a lot of sideways movement in the following weeks as the evaluation is clearly in a range.

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

Crypto Market Analysis

Daily Crypto Update 04.06.2018 – No Trade Zone

Post author By Forex Academy
Post date 4 June, 2018
No Comments on Daily Crypto Update 04.06.2018 – No Trade Zone

General Overview

Market Cap: $345,759,677,827

24h Vol: $16,991,056,608

BTC Dominance: 37.7%

In the last 24 hours, the evaluation of the cryptocurrency market capitalization has been on the rise from 343,187,000,000$ to 354,900,000,000$ at the highest point and has retraced sharply since to 343,918,000,000$.

The market is mixed in color, but the dominant one is red with an average decrease of 4% amongst the top 100 coins. Biggest losers are IOTA which experienced a decrease of 9%, Loom network the same around 9% and MOAC by 8.3%.

News

There haven’t been any major headlines over the weekend that can impact the market’s sentiment, however, those stories that came out as significant are positive overall. Many are analytical in nature, as analysts are eager to see if the prices have bottomed out.

For example, Joost van der Burgt, policy adviser at the Federal Reserve Bank of San Francisco who is leaning on the work of Hyman Minsky and his five stages of an asset bubble (displacement, boom, euphoria, profit-taking, and panic), believes that Bitcoin is in the profit taking stage and that the panic stage is yet to come.

Positive headlines are those regarding blockchain tech adoption and governmental relation to crypto.

China

Baidu, the Chinese multinational technology company specialising in Internet-related services and products, is planning to launch a protocol aimed at reducing mining energy consumption, according to a report by China News Weekly today, June 3.

Spain

Spanish Congress unanimously supported draft legislation that would favourably regulate blockchain technology and cryptocurrencies in the country. However, there are complications with the EU laws compliance, but the attempts to legalise cryptos in Spain are going to be successful.

South Korea

The South Korea National Assembly is set to re-legalise Initial Coin Offerings (ICO) in the country.

Abu Dhabi

Maqta Gateway LLC, a wholly owned subsidiary of Abu Dhabi Ports, has become the first entity in Abu Dhabi to deploy its own blockchain solution, Construction Business News reports June 2.

On the flipside, the negative news is about ZenCash 51% hack

ZenCash became the target of a 51% attack like we saw recently on Bitcoin Gold. The hacker obtained more than 50% of the hashrate, giving him control over the network, but the team at ZenCash acted immediately, containing the attack to only two double spending transactions of 19,000 ZEN which is around 558,000$.

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin has decreased by only 0.45%. The price has been rising from 7639$ to 7751$ and has retraced since to the 7602$ level where it is currently sitting.

Looking at the daily chart we can see that the price of Bitcoin is in the cross-section of many significant trendlines. The price went above the baseline support (bold black line) but was stopped out at the triangle resistance (bold blue line) and 0.236 Fibo level, and it has retraced back to the baseline support.

Zooming into the hourly chart, we can see that the price broke out from an ascending wedge from the downside and is currently below the baseline support.

Market sentiment

Hourly chart technical signal a sell.

Oscillators are on neutral and moving averages signal a sell.

Pivot points

ETH/USD

From yesterday’s open, the price of Ethereum has increased by 1.7%. The price went from 594$ to 625$ but it has retraced since to the high of 603$ where it is currently sitting.

Looking at the daily chart, we can see that the price of Ethereum has hit the downward channel resistance line and was repealed by it and is now heading down.

Zooming into the hourly chart, we can clearly see the momentum behind the upward movement, and how the price interacted with the resistance line – it went above it, retested it for support but the support wasn’t there so the price fell below it again and is currently sitting on the support line of the ascending triangle from which it broke previously.

Market sentiment

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

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

Pivot points

LTC/USD

From yesterday’s open the price of Litecoin has decreased by 1.38%. The price went from 123$ to 127.9$ at the highest point and has retraced since to 122$ where it is currently sitting.

On the daily chart, we can see that the price of Litecoin went above the retracement zone, but quickly fell into it again leaving a wick on yesterday’s candle.

Zooming into the hourly chart, we can see clearly what happened at these levels – the price went above the 124.87$ support level, retested it for support but it didn’t find it, which is why the price quickly fell below it back to the retracement zone to the prior resistance line, where it did find some temporary support.

Market sentiment

As in the case of Bitcoin and Ethereum, Litecoin is in the sell zone.

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

Pivot points

Conclusion

We can see that the prices are struggling to get above their resistances even though the buying was triggered. A lot of sideways movement is experienced, and a lot of significant trendlines are near, so without any confirmation as to where the prices are going from here, I conclude that we are in a no trade zone.

Tags BTC, Crypto, Daily, ETH, LTC

Crypto Market Analysis

Bitcoin Breakout Zone Ahead

Post author By Forex Academy
Post date 3 June, 2018
No Comments on Bitcoin Breakout Zone Ahead

Currently (09:29 CST), Bitcoin is trading right up against an important level. From the beginning of this Gann Square of 52, the current angle has operated as the strongest source of resistance for Bitcoin and has resulted in strong selling as price as approached it. However, the most recent test over the weekend is showing signs of diminished power behind this angle. Angles are not like horizontal levels of support and resistance – they weaken the more they get tested.

We also need to be aware that the monthly and weekly charts are supportive for strong upwards momentum here in the near future, especially on the monthly chart. If we do breakout above this 7780 value area, there is a massive motive wave ahead. We should expect some pressure past the 7780 value area though. The highlighted red box shows a confluence zone of the inner arc, a natural harmonic pivot, and a minor Gann angle. Above that: clear skies.

Tags bitcoin

Crypto Market Analysis

UBQ/BTC Selling Scenario

Ubiq (UBQ)

Market Cap: 460.52M

Circulating Supply: 41.06M UBQ

Max Supply: 0 UBQ

Volume (24h) $87.51K

UBQ/USD = $1.49419

Technical Analysis

UBQ/BTC is trading in the red today and seems under a lot of selling pressure after the last day’s failure to close on or near a dynamic resistance line. Technically, the perspective remains bearish in the short term despite the last day’s minor gains.

A further and a larger drop could be validated soon if the rate will take out a static support. Right now will be better to stay away and to go short only after the bearish scenario will be confirmed.

UBQ/BTC has made a valid breakdown below the uptrend line as the rate has come back to retest it. You can see that the rate has failed to close near the former uptrend line showing a bearish pressure. It has made only a false breakout above the sliding line (sl1) of the descending pitchfork. The rate is trapped between the inside sliding parallel line (sl and the sl1) of the descending pitchfork.

A failure to stay above the median line (ml) of the descending pitchfork will announce a further drop and a potential breakdown below the sliding line (sl) and below the 0.00017750 static support. You can see it from below the mentioned support levels. The next target will be at the downside 50% Fibonacci line (descending dotted line).

Conclusion

The corrective phase will continue if the UBQ/BTC rate will make a valid breakdown below the 0.00017750 static support and below the sliding line (sl). The first target will be at the downside 50% Fibonacci line and the second one at the WL1 of the former major ascending pitchfork. The Stop Loss can be placed above the 0.00022661 Wednesday’s high. You should know that a valid breakout above the upside sliding line (sl1) will signal a bullish opportunity.

Tags crypto analysis, Crypto Pick, Crypto Trading, cryptocurrencies, UBQ/BTC

Crypto Market Analysis

Litecoin Holding The Minor Gains

Post author By Forex Academy
Post date 1 June, 2018
No Comments on Litecoin Holding The Minor Gains

Litecoin (LTC)

Market Cap: $6.71B

Circulating Supply: 56.79M LTC

Max Supply: 84M LTC

Volume (24h) $297.53M

Technical Analysis

Litecoin was into another correction phase on the short term as the crypto market has turned to the downside again. The price increased aggressively on Tuesday and has shown an oversold signal. However, it is still premature to talk about a significant increase after one strong bullish candle. I’ve seen a lot of analysts that are sustaining that the major cryptocurrencies will start to increase again and that the correction is completed. Personally, I need a confirmation before I’ll go long again because the major cryptocurrencies are still trapped below some very important and strong resistance levels.

You can see that Litecoin has developed a major triangle on the Daily chart, so only a breakout from this pattern will bring a clear direction for the upcoming period. Price has retested the downside line of the chart pattern and failed to reach and retest the 106.52 static support.

LTC/USD failed to reach and retest the upside 50% Fibonacci line of the descending pitchfork in the last two attempts signaling that the sellers are exhausted after last week’s drop.

We’ll see what will really happen when the rate will reach the fourth warning line (wl4) of the former ascending pitchfork. You should know that a valid breakdown below this dynamic support will signal a further drop. You can see that I’ve drawn a minor ascending pitchfork, so it could come to test and retest the lower median line (lml) in the upcoming days.

Conclusion

You can buy it only if the rate stays within the minor ascending pitchfork’s body, and if it stays above the triangle’s downside line. The first upside target it will be at the UML of the descending pitchfork and the second one at the upside line of the chart pattern. The Stop Loss can be placed below the 106.52 level.

Tags crypto analysis, Crypto Pick, Crypto Trading, crypto update, litecoin, Technical Analysis

Crypto Market Analysis

Can We Buy Ethereum Classic?

Post author By Forex Academy
Post date 1 June, 2018
No Comments on Can We Buy Ethereum Classic?

Ethereum Classic (ETC)

Market Cap; $1.57B

Circulating Supply: 101.96M ETC

Max Supply 0 ETC

Volume (24h) $ 130.57M

Technical Analysis

Ethereum Classic posted minor gains today and the upside is still uncertain. The price has found temporary support in the short term and is now trying to bounce back. It is approaching a very important dynamic resistance, so a valid breakout could attract more buyers.

ETC/USD has shown some oversold signs on the daily chart, so we can start thinking about another leg higher if the rate will validate our scenario.

As you can see, the rate dropped but it has made two false breakdowns below the downside 50% Fibonacci line of the major descending pitchfork, signalling that the buyers can step in again. The increase is very fragile, but I hope that a valid breakout above the 150% Fibonacci line of the minor descending pitchfork will open the door for more gains.

I’ve drawn a minor ascending pitchfork hoping that I’ll catch the next upside movement, so a retest of the lower median line (lml) followed by a significant increase will announce a bullish momentum. The rate stays much above the 13.046 static support. You can place your Stop Loss below this level if you go long on this crypto.

The last drop was expected after the false breakout above the median line (ML) of the major descending pitchfork.

Conclusion

A valid breakout above the 150% line will signal a further increase in the upcoming period. The next upside target will be at the median line (ML) of the major descending pitchfork. The 13.046 level could represent an invalidation level, a valid breakdown below it will confirm a further drop.

Tags Crypto, Crypto Pick, Crypto Trading, Ethereum Classic, Median Line, Pitchfork

Crypto Market Analysis

Daily Crypto Update 01.06.2018 – Ascending Triangles

Post author By Forex Academy
Post date 1 June, 2018
No Comments on Daily Crypto Update 01.06.2018 – Ascending Triangles

General Overview

Market Cap: $335,204,491,129

24h Vol: $16,264,540,111

BTC Dominance: 38.6%

In the last 24 hours, cryptocurrency market capitalisation has been struggling to

General Overview

Market Cap: $335,204,491,129

24h Vol: $16,264,540,111

BTC Dominance: 38.6%

In the last 24 hours, cryptocurrency market capitalisation has been struggling to

General Overview

Market Cap: $335,204,491,129

24h Vol: $16,264,540,111

BTC Dominance: 38.6%

In the last 24 hours, cryptocurrency market capitalisation has been struggling to get past the level of around $335 billion dollars, but no new highs have been made. However, we can see that higher lows have been made as buyers are pushing the evaluation, forming an ascending triangle pattern.

The market is showing mixed colours, with an average percentage change among the top 100 being very small. Biggest gainers are IOTA by 11%, Hshare 11,28%, Huobi token 22%.

News

In the last 24 hours, a lot of news has came out. I have filtered out those that are most significant and could impact the market sentiment. Top stories are mostly positive in nature, however, there are some that could impact the market negatively. These are the headlines:

Polish Gov’t Invites BitBay to Join Working Group as Exchange Forced to Leave Country

Recently expatriated Polish cryptocurrency exchange BitBay tweeted yesterday, May 30, that the Polish Financial Supervision Authority (KNF) has asked them to join a Blockchain Working Group.

Tenth Largest Crypto TRON to Leave Ethereum, Launches Beta Version of Own Blockchain

TRON (TRX) launched a beta version of its independent public blockchain at 12 am UTC, today May 31, according to a press release shared with Cointelegraph. Tron is currently the tenth largest cryptocurrency by market capitalisation.

Mary Meeker’s 2018 Internet Trends Report Shows Interest in Crypto ‘Exploding’

Former Wall Street analyst Mary Meeker’s well-known annual Internet Trends report for 2018, published May 30, shows interest in cryptocurrency “exploding” since January of last year. The report also highlights that a course on Bitcoin (BTC) and cryptocurrency technologies made it into the top 10 most popular university classes in 2017.

Spain: Innovation-Aimed Crypto Regulation Wins Cross-Party Support in Congress

Draft legislation that would favourably regulate blockchain technology and cryptocurrencies has received unanimous support in the Spanish Congress, Europa Press reported yesterday, May 30.

Ripple CEO Compares Bitcoin to Napster, Says BTC’s Influence on Market Could Lessen

Brad Garlinghouse, CEO of Ripple (XRP), thinks that Bitcoin’s (BTC) influence on cryptocurrency market prices will eventually decrease, CNBC reported yesterday, May 30.

Coinbase Board Member: Crypto Ecosystem Will Not See Regulation for Years

Kathryn Haun, board member of Coinbase and HackerOne claimed that cryptocurrency and blockchain will not see regulation for years, Techcrunch reports May 31. Haun made her statements on regulation at the Code Conference in California today.

IMF Official Calls for Regulation, Tech Adoption By Banks to Fight ‘Crypto Competition’

An official from the International Monetary Fund (IMF) suggested that central banks need to make fiat currencies “more attractive for the digital age” in an article published May 31. Deputy Director of the Monetary and Capital Markets Department Dong He suggested three responses to combat potential competition to central banks from cryptocurrencies.

Norway’s Largest Bank to Explore Applications for IOTA’s Distributed Ledger Technology

DNB ASA (Den Norske Bank), Norway’s largest financial services group, and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU), according to a press release May 31. DNB and IOTA will now reportedly co operate to explore applications of the IOTA Tangle, a “third-generation” distributed ledger (DLT).

US Crypto Exchange Signs Agreement to Offer Fiat-Crypto Trading to Corporate Clients

Seattle-based crypto exchange Bittrex has signed a banking agreement that will allow corporate investors to trade selected cryptocurrencies for fiat, Bloomberg reports today, May 31.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin has increased by 2.37% – from 7374$ to 7535$ where it is currently sitting.

On the daily chart, things haven’t changed much. The price is still below the baseline support which now serves as strong resistance.

Zooming into the hourly chart we can see the same pattern as on the global graph for the cryptocurrency market capitalisation – an ascending triangle which is a bullish sign.

Market sentiment

Bitcoin hourly chart technicals signal a strong buy.

Oscillators are on buy and moving averages a strong one.

Pivot points

ETH/USD

From yesterday’s open, the price of Ethereum has increased by 4.38% – from 560$ to 584$ where it is now.

Looking at the daily chart, we can see that the price went higher than in the previous two days but has now retraced back to the levels of yesterday’s candle high.

Zooming into the hourly chart, we can see a similar ascending triangle forming and it looks like the breakout is very close. Ascending triangles are bullish in nature, but in this case, it looks more like a rising wedge which is a bearish sign. And if we take the proximity of the 0.382 Fibonacci level which serves as resistance we conclude that the price is likely going to break out from the downside.

Market sentiment

Ethereum is in the strong buy zone.

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

Pivot points

XRP/USD

In the last 24 hours, the price of Ripple has increased by 4%, coming from 0.591$ to 0.614$.

On the daily chart, things haven’t changed much, the price is still in the range between the support at 0.573 and 0.236 Fibonacci retracement levels. The current candle is green but hasn’t exceeded prior two candle wicks.

On the hourly chart, we can see a familiar pattern again, as markets are strongly correlated.

Market sentiment

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

Oscillators are signaling a buy, and moving averages a strong one.

Pivot points

Conclusion

The global charts, as well as charts from three major cryptocurrencies, are forming an ascending triangle pattern which is a bullish pattern. Technical indicators are also bullish as they are signaling a buy. We cannot conclude that the bottom is in before we see a breakout from the ascending triangle on the upside, but I am pretty sure that we have hit a temporary bottom, and I say temporary because I am expecting new lows, but first, the price needs to be pushed higher to trigger large selling. Watch carefully what happens in the next 24 hours.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

XEM/BTC Finally Poised To Bounce?

Post author By Forex Academy
Post date 1 June, 2018
No Comments on XEM/BTC Finally Poised To Bounce?

NEM (XEM)

Market Cap: $2.31B

Circulating Supply: 9.00B XEM

Max Supply: 0 XEM

Volume (24h) $ 17.15M

XEM/USD = $0.25736

Technical Analysis

XEM/BTC increased today and has resumed the last day’s humble gains. The price remains under selling pressure in the short term because it is still located below some very important resistance levels. A valid breakout above the near term resistance levels will bring us a great buying opportunity. The crypto pair dropped in the short term as the crypto market retreated.

The crypto market has shown some recovery signs in the last days, but we still need a confirmation that the major crypto will increase again.

You can see that the rate has found temporary support on the minor uptrend line and on the 50% Fibonacci line of the minor descending pitchfork. We can go long on this pair only after a valid breakout above the minor downtrend line and above the median line (ml) of the minor descending pitchfork. XEM/BTC failed to drop towards the 0.00002857 static support, signalling that the bears could be exhausted in the short term.

Price could continue to move sideways in the short term and could reach the 150% Fibonacci line of the major ascending pitchfork. The rate also failed to approach and retest the 50% Fibonacci line of the major descending pitchfork.

It could move towards the median line (ml) of the major descending pitchfork if it will make a valid breakout from the minor triangle (chart pattern).

Conclusion

We may have a great long opportunity if the rate will have enough energy to stay above the 0.00002857 static support and if it will jump and will stabilise above the median line (ml) of the minor descending pitchfork. We’ll have an important target at the median line (ml) of the major descending pitchfork.

Tags Crypto, Crypto Trading, Median Line, Pitchfork, Technical Analysis, XEM/BTC

Crypto Market Analysis

Bitcoin Breakout Zone Near, Hurst Analysis

Post author By Forex Academy
Post date 31 May, 2018
No Comments on Bitcoin Breakout Zone Near, Hurst Analysis

Bitcoin has already crossed above the 20-week VTL (Valid Trend Line) and is currently up against the 18-day VTL. The price has already made a swing low based on Hurst Cycles, with that low being formed at the 80-day, 40-day and 18-day cycles. What should be of great interest is the 18-month cycle (yellow horizontal line) and where we are currently trading. This means that anytime between now and mid-July we can paint a major swing low in Bitcoin. The last 18-month swing low that we saw was back in January of 2009!

If and when we finally break the 80-day and 40-week VTLs, the $10,000 value area will be nothing to worry about. In fact, I’d be surprised if we traded in that zone for any significant amount of time.

Tags bitcoin, Hurst Analysis, Hurst Cycles

Crypto Market Analysis

Daily Crypto Update 31.05.2018 – Still in a Downtrend

Post author By Forex Academy
Post date 31 May, 2018
No Comments on Daily Crypto Update 31.05.2018 – Still in a Downtrend

General Overview

Best Crypto News Daily:

Market Cap: $330,642,822,868
24h Vol: $15,711,067,523
BTC Dominance: 39.0%

In the last 24 hours, cryptocurrency market capitalisation

General Overview

Best Crypto News Daily:

Market Cap: $330,642,822,868
24h Vol: $15,711,067,523
BTC Dominance: 39.0%

In the last 24 hours, cryptocurrency market capitalisation

General Overview

Best Crypto News Daily:

Market Cap: $330,642,822,868
24h Vol: $15,711,067,523
BTC Dominance: 39.0%

In the last 24 hours, cryptocurrency market capitalisation has been experiencing a sideways movement. Yesterday’s open was at $329B from which the evaluation fell to $318B and is now back on the levels of yesterday’s high.

The market is mixed in colour with only a slight percentage change. The biggest change among top 100 coins is experienced by Golem who is up by 15% and Theta Token 10%.

Best Crypto News Daily

In a bear market, negative news is overblown, and the good news is short lived. That’s why even though we have seen positive news in the last couple of days, it didn’t impact the market that much. In the last 24 hours, there is no market-moving news. These are some of the most significant headlines from the crypto sphere:

Quebec Gov’t Reportedly Lifts Moratorium on Energy Sales to Crypto Miners

The government of Quebec will reportedly lift its moratorium on the sale of electricity to cryptocurrency miners, sources familiar with the matter told local news Le Journal De Montreal May 30. According to Le Journal, the Quebec government wants to “avoid missing the ship” on cryptocurrency, and as such is moving ahead to lift the moratorium.

Central Bank Of Russia: Crypto Assets Do Not Pose Risk to Global Financial Stability

The Central Bank of Russia released a report May 30, stating that crypto assets do not currently threaten global financial stability as the global volume of crypto transactions is very low. The research paper states that instead of the term “cryptocurrency,” the Financial Stability Board proposes to use the term “crypto asset,” which can be considered a financial asset based on the application of cryptography and distributed ledger technology.

Low Capitalization, Institutional Exposure Make Crypto Low Risk, Says Dutch Gov’t Report

A branch of the Dutch government has recently released an economic risk report, claiming that cryptocurrencies present a low risk to financial stability in the country, according a report published on May 29. The report was prepared and published by the Netherlands Bureau for Economic Policy Analysis (CPB).

Ethereum Classic Upgrades Network Protocol to Ensure Mining Remains Viable

Ethereum Classic (ETC) has now successfully implemented a protocol upgrade that will ensure that mining remains viable in future, according to ETC Block Explorer data yesterday, May 29.

BlockShow in Berlin Sets New Record With Largest Turnout Yet

The BlockShow Europe 2018 conference ended yesterday, May 29, after two days of panels and speakers, including Wikipedia founder Jimmy Wales and BTCC co-founder Bobby Lee. Speaking about the conference, Bobby Lee told Cointelegraph:

“I think conferences are important to get the word out there, to educate people and help them learn about cryptocurrency and blockchain. This is how we get the next billion people on-board.”

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin has increased by 1% so the price hasn’t changed much. The price fell to around 7300$ and is now back to the levels of yesterday’s high at 7530$.

On the daily chart, we can see that the price is still below the baseline support (bold black line) which serves as resistance but above the intermediate support at 7470$.

On the hourly chart, we can see what happened yesterday after the cluster, the price fell below the support line with one candle on the hourly chart. Currently, we can see another cluster being formed bearly above yesterday’s high, on the ‘below the baseline support’ as there’s a strong resistance on these levels.

Market sentiment

Hourly chart technicals signal a strong buy.

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

Pivot points

ETH/USD

From yesterday, the price of Ethereum fell from 573$ to 544$ and is now back at the levels of yesterday’s open.

Looking at the daily chart we can see that the current candle is green, but hasn’t exceeded yesterday’s candle wick and two prior candles highs as well.

Zooming into the hourly chart we can see that the price is again above this intermediate uptrend support line, but there’s now higher high which is a bearish sign.

Market sentiment

Hourly chart technicals signal a buy.

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

Pivot points

XRP/USD

The price of Ripple is on the same levels as yesterday’s open which is at 0.6$. The price fell further below to around 0.587$ but is now again on the same levels as yesterday.

On the daily chart, we can see that the current candle hasn’t exceeded the previous five candles highs which is a bearish sign.

On the hourly chart, we can see that the price is currently above the downward channel resistance line. But that doesn’t act as a bullish sign, as this also happened in the past, and still, the price fell further below.

Market sentiment

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

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

Pivot points

Conclusion

Best Crypto News Daily: The prices of three major cryptos haven’t exceeded the prior high, even though we have seen a lot of buying in the last 24 hours. This means we are still in a downtrend. Indicators are bullish as they are lagging behind, but charts and price action paint a clear bearish picture.

Tags bitcoin, Blockshow Berlin, BTC/USD, Central Bank of Russia, ETC?USD, Etherium, Quebec Govt, Ripple, XRP?USD

Crypto Market Analysis

Metaverse ETP Long Opportunity Eyed

Post author By Forex Academy
Post date 30 May, 2018
No Comments on Metaverse ETP Long Opportunity Eyed

Metaverse ETP (ETP)

Market Cap: $29.46M

Circulating Supply: 35.73M ETP

Max Supply: 100M ETP

Volume (24h) $4.23M

Technical Analysis

ETP/USD decreased a little today, but it seems undecided in the short term. Price is narrowing right now, that’s why you should stay away and wait for a fresh trading signal. It could start a broader upside movement if it will take out the near term resistance levels.

It has developed a minor chart pattern, but we still have to wait to see the breakout direction. It has shown some oversold signs, but it is still under pressure as long as it is trapped below some very important upside resistance levels.

You can notice that the rate has failed to make a valid breakdown below the 50% Fibonacci line of the minor descending pitchfork signalling an oversold. It has run away from the 50% Fibonacci line of the major descending pitchfork signalling that the behaviour could change soon.

ETP/USD failed to reach and retest the 0.6000 psychological level, that is why we can think of another bullish momentum. However, the rate is trapped below the upper median line (uml) of the minor descending pitchfork, below the outside sliding line (sl) of the minor descending pitchfork, and much below the UML of the major descending pitchfork. Support can be found at the first warning line (wl1) of the ascending pitchfork.

Conclusion

We’ll have a perfect buying opportunity if the rate will make a valid breakout above the mentioned resistance levels. The next upside target will be at the 150% Fibonacci line of the ascending pitchfork and the second one at the lower median line (lml). A drop below the 0.6000 – 0.5701 static support will invalidate the bullish scenario.

Tags crypto analysis, Crypto Pick, Crypto Trading, ETP/USD, Metaverse, Pitchfork

Crypto Market Analysis

Qwark sits above support area

Post author By Forex Academy
Post date 30 May, 2018
No Comments on Qwark sits above support area

Qwark (QWARK)

Market Cap: $4.07M

Circulating Supply: 56.48M QWARK

Max Supply: 0 QWARK

Volume (24h) $18.21K

QWARK/USD = $0.070850

Technical Analysis

QWARK/BTC slips lower on the Daily chart and is almost to reach a major and crucial support area. Price remains under selling pressure after the failure to climb towards a major dynamic resistance. Actually, the dynamic resistance has failed to attract the price, that’s why the sellers are still very strong.

The rate is pressuring some very important support level, that’s why you should stay away because right now we don’t have any trading opportunity.

Price moves somehow sideways on the short term after the amazing downside movement. The selling pressure is still very high in the short term. Right now we don’t have any reversal signal, that’s why we need to wait for a confirmation that the rate will start another leg higher.

Price hovers above several support levels, so a rejection from here or a false breakdown will signal a bullish momentum. QWARK/BTC is pressuring the 50% Fibonacci line of the descending pitchfork, the 0.00000939 static support and the lower median line (LML) of the ascending pitchfork.

The false breakout above the sliding line (sl) has sent the price down again. It is almost to reach the first warning line (WL1) of the major descending pitchfork as well, so only a valid breakout above this dynamic resistance and above the sliding line (sl) will really signal a bullish movement.

Conclusion

We’ll have a great buying opportunity if the rate will stay above the 0.00000860 and if it will make a valid breakout above the sliding line (SL) and above the WL1. The first target it will be at the median line (ml) of the descending pitchfork and the second one at the upside 50% line.

Tags crypto analysis, Crypto Pick, Crypto Trading, crypto update, Qwark

Crypto Market Analysis

Daily crypto update 30.05.2018 – Buying Has Been Triggered, But Who Has More Power?

Post author By Forex Academy
Post date 30 May, 2018
No Comments on Daily crypto update 30.05.2018 – Buying Has Been Triggered, But Who Has More Power?

General overview

Market Cap: $328,089,417,655

24h Vol: $18,528,052,314

BTC Dominance: 39.0%

From yesterday’s low at 303,340,000,000$, cryptocurrency market cap evaluation has increased to 334,675,000,000$ which is the today’s high for now and has since retraced back to around $327 billion dollars.

The market is currently in green, with an average increase of 7-10% among top 100 coins. Biggest gainers are Bytecoin +26%, 0x +17%, Theta Token +31%.

Crypto Market Daily News

The top story that came out in the last 24 hours is about South Korea changing the direction with relation to cryptocurrency in a more acceptive way. These are some of the significant headlines:

S. Korea: Financial Regulator ‘Sympathizes’ With Demands to End Crypto-Blockchain Regulatory Split

A South Korean blockchain researcher has criticized the government’s approach to regulation of the technology at the 2018 Seoul Financial Forum, local media reported May 29. Addressing the head of South Korean regulator the Financial Supervisory Service (FSS) Lee Geun-woo, Park Sung-joon, head of the Blockchain Research Center at Dongguk University, said adopting different approaches to cryptocurrency and blockchain was futile. One, he argued, cannot exist meaningfully without the other:

“In the digital asset trading market, virtual currency and blockchains can not be separated because they need the appropriate means of payment.”

Lee Geun-woo responded by saying:

“I sympathize with the words of Park Chan-hee, and I will pass on his suggestions to the financial authorities.”

South Korea: Government Committee Plans to Make ICOs Legal Again

South Korea plans to pursue the road to re-legalizing initial coin offerings (ICOs), local news media reported May 29, citing government officials. According to Business Korea, a National Assembly committee dedicated to studying the so-called ‘Fourth Industrial Revolution’ said it would seek to enhance the legal “basis” of cryptocurrency in the country, part of which would be reversing the ICO ban which the government enacted in September 2017.

$14.5 Bln South African Investment Firm to Launch Crypto Exchange

Sygnia Asset Management, a major South African investment firm with 180 bln rand ($14.5 bln) under management, has revealed that it will launch a cryptocurrency exchange later this year, BusinessTech reported May 25.

Survey: Three out of Ten Germans Are Considering Crypto Investing

Twenty nine percent of Germans are interested in cryptocurrencies as a form of investment, Cointelegraph auf Deutsch reported Tuesday, May 29. German bank Postbank came to this conclusion after a survey of 3,100 Germans, which was conducted from the end of February to the end of March 2018.

Source: cointelegraph.com

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 5,2% – from 7104$ to 7481$ where it is now.

Looking at the daily chart we can see that the price almost went to the triangle support (blue bold line), but hasn’t interacted with it. Currently, price action is forming a cluster below the baseline support (bold black line), which serves as resistance.

If we zoom into the hourly chart, we can see that the cluster has a form of a rising wedge, which is a bearish sign. If we consider that the baseline support serves as resistance, the most likely scenario would be that the price is heading down from here, probably to the triangle support for a proper test.

Market sentiment

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

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

Pivot points

ETH/USD

From yesterday’s opening till now, the price of Ethereum has increased by 10,89% – from 511$ to 567$ where it is now sitting.

As you can see from this daily chart yesterday’s candle showed a strong momentum that was needed to break above the resistance line at 539,5. Today’s candle body is bearly noticeable, and as you can see from the upper wick the price went higher buy was repealed by a fair amount of selling pressure.

If we zoom into the hourly chart we can see that today’s price action is in an upward channel which hight bearly exceeded the prior high levels.

Market sentiment

Ethereum’s hourly chart technicals indicate a buy.

Oscillators are signaling a buy, and moving averages a strong one.

Pivot points

XRP/USD

From yesterday’s open till now, the price of Ripple has increased by 12,3% – from 0,547$ to 0,614$.

Looking at the daily chart, we can see that the price rose strongly above the resistance line at 0,573$ but was stopped out by 0,236 Fibonacci level which serves as resistance.

Zooming into the hourly chart we can see that the price is currently breaking out from the bull flag, and is on an upward trajectory. The Fibonacci level is very close, so we will see what happens at these levels.

Market sentiment

Ripple is in the buy zone.

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

Pivot points

Conclusion

Crypto Market Daily News: As I have said yesterday the lows can trigger some buying, and that’s exactly what happened – we are seeing new buying pressure arising in the markets. The question is how powerful are the buyers? Can they push the prices up to prior levels, and then exceed prior highs? I think not. I think that as soon as the price is pushed a bit higher, which would mean a better price for sellers, they are going to start selling again. They did not want to continue selling on the month’s lows, as they were hesitant to make a mistake losing their bitcoin if the prices go higher, and people who were waiting to get into the bandwagon have entered the market. We will see what happens but for now, I am still bearish.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

Cardano Reversal In Spotlights

Post author By Forex Academy
Post date 30 May, 2018
No Comments on Cardano Reversal In Spotlights

Cardano (ADA)

Market Cap: $5.34B

Circulating Supply: 25.93B ADA

Max Supply: 45B ADA

Volume (24h) $230.28M

Technical Analysis

ADA/USD rallied in yesterday’s trading session and has invalidated the breakdown below the lower median line (LML) of the major ascending pitchfork. The crypto market has bounced back in yesterday’s session and is signalling that the sellers are too exhausted in the short term. However, the ADA/USD could still come back a little to test and retest the support levels before it climbs towards the next upside targets.

The corrective phase was natural and it was expected after the failure to stabilise above the median line (ML) of the ascending pitchfork. Personally, I would like to see a consolidation on all major cryptocurrencies before they will really start a larger upside movement. We need a confirmation before we’ll go long again.

Technically, the rate is expected to increase after the false breakdown below the LML of the ascending pitchfork and below the first warning line (wl1) of the minor descending pitchfork. It has escaped from the minor Falling Wedge signalling a reversal in the short term.

Another leg higher will be invalidated only by a valid breakdown below the lower median line (LML). It remains to be seen if it will increase from now or after a minor drop and after a retest of the LML, the warning line (wl1).

Conclusion

You can go long on Cardano (ADA) with a first upside target at the 50% Fibonacci line of the ascending pitchfork. The second target will be at the median line (ML) and the Stop Loss could be placed below the 0.170625 previous low or below the 0.166490 static support. This setup could have a Reward-to-Risk around 3.50.

Tags ADAUSD, Cardano, crypto analysis, Crypto Pick, Crypto Trading

Crypto Market Analysis

LTCUSD Target of 125 From Current Value Area

Post author By Forex Academy
Post date 29 May, 2018
No Comments on LTCUSD Target of 125 From Current Value Area

Litecoin has been responding very nicely to the 5×1 angle. It is also right up against a pivot in time. Out of the majors (I consider any currency traded on Coinbase to be a ‘major’), Litecoin is the most sold off and has the least major participation. Fundamentally, it has the most real use value. Considering that the support level was found right inside the 110 value area on that 5×1, the next zone to reach is 125. This brings Litecoin back above and into its major harmonic trading range. It is most definitely the laggard and the major with the most upside potential.

Tags bitcoin, litecoin, signal

Crypto Market Analysis

Santiment Bullish Scenario

Post author By Forex Academy
Post date 29 May, 2018
No Comments on Santiment Bullish Scenario

Santiment Network Token (SAN)

Market Cap. $75.26M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h): $1.17M

Technical Analysis

SAN/USD moves sideways on the short term and seems determined to increase and to recover a little after the last bearish movement. The price developed a triangle chart pattern, so a breakout could bring us a perfect trading opportunity on the short term. Right now you should stay away because it is still under pressure. It is trapped below some very strong dynamic resistance levels, so only a breakout will announce a significant upside movement and will confirm the bullish scenario.

The rate dropped again after the breakout above the median line (ML) of the descending pitchfork. It has tested and retested the median line (ML) and now is moving away from it signalling that the bears are exhausted on the short term and that the bulls can step in again. It is still premature to say that we’ll have a sharp increase in the upcoming days.

We could have a great buying opportunity if the rate will make a valid breakout above the downtrend line and above the 1.6630 static resistance. The first bullish signal will be given by the breakout above the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork.

Conclusion

You can go long on SAN/USD after a valid breakout above the downtrend line and outside the descending pitchfork’s body and you can place your Stop Loss somewhere below the former low or below the 0.8350 static support. We’ll have an important upside target at the first warning line (WL1) and another one at the median line (ml) of the ascending pitchfork. A drop below the 0.8350 level will invalidate the bullish scenario.

Tags Crypto, crypto analysis, Crypto Pick, Crypto Trading, cryptocurrencies, SAN/USD, Santiment

Crypto Market Analysis

Daily Crypto Update 29.05.2018 – Price Action is Showing Signs of a Struggle

Post author By Forex Academy
Post date 29 May, 2018
No Comments on Daily Crypto Update 29.05.2018 – Price Action is Showing Signs of a Struggle

General Overview

Crypto Coin Market News:

Market Cap: $306,776,676,366
24h Vol: $15,425,897,276
BTC Dominance: 39.8%

In the last 24 hours, cryptocurrency market capitalization

General Overview

Crypto Coin Market News:

Market Cap: $306,776,676,366
24h Vol: $15,425,897,276
BTC Dominance: 39.8%

In the last 24 hours, cryptocurrency market capitalization

General Overview

Crypto Coin Market News:

Market Cap: $306,776,676,366
24h Vol: $15,425,897,276
BTC Dominance: 39.8%

In the last 24 hours, cryptocurrency market capitalization has been declining steadily from $328,1B which was yesterdays high to $306B where it is currently sitting.

The market is mostly in red as you would presume, with an average decline of 3-4% among top 100 coins. There are some in green as well. For example, Cardano (ADA) is up by 6.4%, Icon by 2.16%, Golem by 5% and CyberMiles is the biggest gainer amongst the top 100, experiencing an increase of 21%.

Crypto Coin Market News

Top stories that came out in the last 24 hours are mostly about fundamentals and are analytical in nature. As far as sentiment is concerned, it looks like the tone is bullish reassuring.

Despite Hitting Monthly Price Lows, Bitcoin Network Fundamentals Keep Growing

While the crypto markets overall are seeing a downward trend, some of the fundamental Bitcoin indicators such as the hashrate and the number of the Segregated Witness (SegWit) transactions are growing steadily, indicating the continued development of the network.

Ethereum’s Price Drop Possibly Due To Large ETH Sell-Off By EOS, Report Says

Etherscan shows that wallet address marked as EOSCrowdsale still has around 200,000 ETH, and wallet address marked EOS-Owner around 916,000, together equaling over 1.1 mln ETH.

1090 DApps And 700 Tokens Launched on Ethereum Network in 2017, Analyst Says

In 2017, 1,090 decentralized applications (DApps) and more than 700 tokens have been deployed on the Ethereum (ETH) network, Finance Magnates reports May 28.

Bank of England: Central Bank Digital Currencies Can Jeopardize Commercial Banks

The Bank of England has issued a May 2018 staff working paper, which suggests that the adoption of central bank digital currencies (CBDCs) could pose a competition threat to commercial banks.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin dropped by 3.23% going from $7343 to $7117 where it is currently sitting.

Looking at the daily chart we can see that the price is between the baseline support (black line) and the triangle support (blue line). After those, there is a third support level which is an unconfirmed baseline support 2 (dotted line). The price is likely heading down toward one of them, as the search for support continues.

Zooming into the hourly chart we can see that we are about $135 away from the triangle support line at around $7000 and that the price is going to meet that level. When the price does reach that level, I would be looking for either a sign of a trend reversal or trend continuation which is a more likely scenario from a probability standpoint. If the trend continues I am expecting the price of Bitcoin to fall to the dotted line which is an unconfirmed baseline support 2 at around $6600.

Market sentiment

Bitcoin hourly chart technicals signal a sell.
9 oscillators are on neutral, and 11 moving averages signal a sell.

Pivot points

ETH/USD

From yesterday’s open, the price of Ethereum has dropped by 7.68% from $568.9 to $522 where it is currently.

On the daily chart, we can see that the price bounced off of the 0.236 Fibonacci level, but judging by the hight of the candle the momentum behind the bounce was not strong enough to even come back to the prior support line which now serves as resistance at $539.5.

Zooming into the hourly chart, we can see that the price action is currently in a triangle from which it’s likely heading lower, and we are going to see a breakout from the downside.

Market sentiment

Ethereum is in the sell zone.
Oscillators are on buy, but with 9 on neutral, and moving averages signal a sell.

Pivot points

XRP/USD

In the last 24 hours, the price of Ripple has decreased by 4.83% – from yesterday’s open at $0.604 to $0.58.

Looking at the daily chart we can see that the price is interacting with the prior support which now serves as resistance at $0.573.

If we zoom into the hourly chart we can see that the price is above it, but we need to wait for the candle to close to be sure, as selling pressure can slap the price back below it, leaving a wick.

Market sentiment

Ripple hourly chart technical signal a buy.
Oscillators are on buy, and moving averages signal a buy.

Pivot points

Conclusion

Crypto Coin Market News: Prices are getting pushed to new lows which may trigger some buying. That’s why I am expecting some short-term sideways movement, before another final drop. Bitcoin is near the support levels, Ethereum is in a triangle and Ripple is struggling to move back above the support line which means that price action is showing signs of a struggle. These are significant levels on which the prices of three major cryptos are at the moment and what happens today will affect what happens in the following days. If these lows trigger buying, we can see the prices bounce back to the prior high level, if not we are in for lower lows.

Tags BTC, Crypto, Daily, ETH, XRP

Crypto Market Analysis

ETH/USD Losing Altitude

Ethereum (ETH)

Market Cap: $52.26B

Circulating Supply: 99.73M ETH

Max Supply: 0 ETH

Volume (24h) $2.09B

Technical Analysis

ETH/USD plunged in yesterday’s trading session and ignored another downside obstacle. Price registered humble gains today, but you should know that the perspective remains bearish on the short term. The crypto market has started to drop after the minor upside movement and could continue this downside movement because we don’t have any reversal signs.

The rate could increase a little in the short term and could test and retest the broken levels before it will drop further.

You can see that the price has retested the sliding parallel line (SL) of the descending pitchfork. It has failed to make a breakout above the confluence area formed between the 50% line with the SL. The price dropped below the first warning line (WL1) of the descending pitchfork and below the lower median line (LML) of the ascending pitchfork signaling a further drop.

ETH/USD could come back to test and retest the broken lines. So, we’ll have a great selling opportunity if the price will stay below the lines mentioned.

The current drop is natural and it was expected after the failure to reach the median line (ML). Right now only a false breakdown below the lower median line (lml) of the ascending pitchfork could invalidate a further drop, but is hard to believe that the buyers could force the rate to increase significantly from here.

Conclusion

The perspective remains bearish on the short term as long as the ETH/USD rate stays below the sliding line (SL) of the descending pitchfork. It could drop towards the 400 psychological level because it should be attracted by the 150% lines in the upcoming period. Only a valid breakout above the SL will signal a reversal.

Tags crypto analysis, Crypto Pick, Crypto Trading, Crytocurrencies, Ethereum, ETHUSD

Crypto Market Analysis

Daily Crypto Update 28.05.2018 – Major Support Has Been Broken

Post author By Forex Academy
Post date 28 May, 2018
No Comments on Daily Crypto Update 28.05.2018 – Major Support Has Been Broken

General Overview

Market Cap: $312,693,245,353
24h Vol: $15,021,077,612
BTC Dominance: 39.3%

Over the weekend, cryptocurrency market capitalisation has been bouncing in a range

General Overview

Market Cap: $312,693,245,353
24h Vol: $15,021,077,612
BTC Dominance: 39.3%

Over the weekend, cryptocurrency market capitalisation has been bouncing in a range

General Overview

Market Cap: $312,693,245,353
24h Vol: $15,021,077,612
BTC Dominance: 39.3%

Over the weekend, cryptocurrency market capitalisation has been bouncing in a range from $325B to $336B, and weeks low has at around 321 billion dollars. This morning the market cap has dropped below what seems as support level at $325B, in a straightforward manner.

The market is currently in red, with approximately 4-8% decrease among top 100 cryptocurrencies. Biggest losers are Augur -10%, Fusion 14.23% and Centrality 10.86%. There are some in green like All Sports +25% and MyBit Token +24%, but they are newly introduced coins to the market.

Crypto Market News

There aren’t any significant stories that came out over the weekend and in the last 24 hours. As the market plummets, many are analytical in nature and have a bearish tone. These are some of most notable headlines:

Bitcoin and Crypto on Continuous Decline: Major Factors and Trends

Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3/Q4 2018

Spanish Central Bank Governor Perceives Cryptocurrency Risks, Distributed Ledger Technology Potential

Buy Bitcoin, Sell Your Altcoins, Says Pioneering Wall Street Blockchain Analyst

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has dropped by 1.56% coming from 7326$ to 7212$ where it is currently sitting.

The most significant thing that we see on the daily chart is that the price has fallen below the baseline support, and is now heading to the second one which intersects the ending point 0 of the Fibonacci retracement.

Zooming into an hourly chart we can see the interaction with the baseline support. The price oscillated above and below it, struggling to find stable support, and the wedge prior support served as stronger resistance which repealed the price and pushed it lower.

Market sentiment

Bitcoin hourly chart technicals signal a sell.
Oscillators are on neutral, and moving averages on a strong sell.

Pivot points

ETH/USD

From yesterdays open until now, the price of Ethreum has decreased by 8.94%, and that’s not the lowest its been. The price went from 585$ to 503$ but quickly bounced from there to 532$ where it is currently sitting.

Looking at the daily chart we can see that the price went to touch the 0.236 Fibonacci level and left a wick below it which is the mentioned drop to 503$.

Looking at the hourly chart, we can see the interaction with the support at 539.5$. The price is currently on an upward trajectory heading back to that support for a retest.

Market sentiment

Ethereum is in the sell zone, as hourly chart technicals signal a sell.
Oscillators are on neutral, and moving averages on a strong sell.

Pivot points

S3 492.75
S2 532.10
S1 550.55
P 571.45
R1 589.90
R2 610.80
R3 650.15

XRP/USD

In the last 24 hours, the price of Ripple has dropped by 5.64% coming from 0.608$ to 0.57495$ where it is now sitting.

On the daily chart, we can see that the price is below the 0.236 Fibonacci level and is currently sitting on the support which was the prior range resistance.

Zooming into the hourly chart we can see the interaction with the support level, and judging by the momentum behind the down move, the price is likely to be heading down further.

Market sentiment

Ripple is a sell, as hourly chart technicals signal.

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

Pivot points

Conclusion

Crypto Market News: As seen on the charts, major support lines have been crossed below and the prices are now heading even further down as the strong momentum behind the down move has to find strong buying pressure in order to see a trend reversal.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

PARTICL Can Buyers Take Control Again?

Post author By Forex Academy
Post date 25 May, 2018
No Comments on PARTICL Can Buyers Take Control Again?

Particl (PART)

Market Cap: $87.60M

Circulating Supply: 8.98M PART

Max Supply: 0 PART

Volume (24h) $1.26M

Technical Analysis

Particl price resumes the downside movement and could reach lows soon as the pressure is very high. PART/USD approaches a very strong support area, so you can keep an eye on this to see how it will react in the upcoming days.

The current drop is natural as the crypto market has turned to the downside again and because the rate has failed to stay above a very strong dynamic support.

It was expected to drop further after the breakdown below the lower median line (lml) of the ascending pitchfork. The breakdown below the 150% line has attracted more sellers.

Technically, it is expected to drop towards the first warning line (wl1) of the ascending pitchfork and towards the downside line of the Falling Wedge pattern after the failure to approach and retest the downtrend line.

The rate has signalled that it is losing the bearish momentum in the last days when it has failed to reach and retest the upside 50% Fibonacci line of the descending pitchfork. However, the bearish bias remains intact as long as the rate continues to stay below the sliding parallel line (SL) of the descending pitchfork.

Conclusion

We may have a buying opportunity if the rate will be rejected by the 8.21276496 static support, if it will stay above the warning line (wl1) and if it will make a valid breakout above the SL of the descending pitchfork. A drop below the mentioned levels will invalidate the bullish scenario.

Tags crypto analysis, Crypto Pick, Crypto Trading, partusd, Trade Idea, Trade Setup

Crypto Market Analysis

DigiByte – Can We Have a Bulls Attack?

Post author By Forex Academy
Post date 25 May, 2018
No Comments on DigiByte – Can We Have a Bulls Attack?

DigiByte (DGB)

Market Cap: $361.82M

Circulating Supply: 10.30B DGB

Max Supply 21B DGB

Volume (24h) $2.05M

Technical Analysis

DGB/USD changed little today and seems undecided in the short term. Price has found a temporary support and now is struggling to stay higher even if the selling pressure is still high. The rate increased in yesterday’s trading session and closed above a dynamic resistance.

It is still premature to say that the rate will start another upside movement. Only a false breakdown is enough for us to go long again. We still need a confirmation that the rate will increase significantly again.

The price has started a corrective phase, after the failure to make a valid breakout above the median line (ML) of the ascending pitchfork. DGB/USD has turned to the downside also because the crypto market has plunged in the short term

The rate has reached the lower median line (LML), which represents a crucial dynamic support. A valid breakdown below this level will open the door for more declines. As you can see, the rate has made a false breakdown below the LML and now stands above this downside obstacle.

DGB/USD has shown some oversold signs where it has failed to reach and retest the sliding line (sl) of the descending pitchfork. The next days will be crucial for the DigiByte because a valid breakdown will invalidate a potential upside movement.

Conclusion

Personally, I believe that a rejection from here followed by a valid breakout above the upside sliding parallel line (sl1) will bring a great buying opportunity. The next major upside target remains at the median line (ML) of the ascending pitchfork.

You should know that it remains under selling pressure as long as it stays below the upside sliding line (sl1).

Tags Crypto, dgb/usd, tradeideea, tradesetup

Crypto Market Analysis

Daily Crypto Update 25.05.2018 – Prior Support Now Resistance Ahead

Post author By Forex Academy
Post date 25 May, 2018
No Comments on Daily Crypto Update 25.05.2018 – Prior Support Now Resistance Ahead

General Overview

Daily Crypto News Updates
   Market Cap: $334,350,848,700 
      24h Vol: $18,412,644,843 
BTC Dominance: 38.2%

In the last 24 hours, market capitalisation has been rising, from yesterdays low at 320,1B to 342,74B and then fell back to 332,666B where it is currently sitting.

The market is in green, with biggest gainers among top 100: Mixin +24%, CyberMiles 16%, Bitcoin Private 21%, Eos 11.6%.

Daily Crypto News

Top stories that came out in the last 24 hours are the following:

German Bank and Steel Conglomerate Execute Forex Transaction via Blockchain

German bank Commerzbank and steel company Thyssenkrupp have completed a €500,000 pilot transaction of a forex (FX) forward on a blockchain, reported Cointelegraph auf Deutsch May 24.

Singapore Fires Compliance Warning at 8 Crypto Exchanges, Orders an ICO to Halt Sales

Singapore’s central bank said today, May 24, that it had issued a warning to eight cryptocurrency exchanges over securities compliance and ordered an ICO to stop issuing tokens.

Russia’s Largest Bank to Pilot First Official ICO

Russian bank Sberbank CIB and the National Settlement Depository (NRD) will pilot the country’s first official Initial Coin Offering (ICO) using the Bank of Russia’s regulatory sandbox, ForkLog reports today, May 24.

South Africa’s Central Bank Calls Crypto ‘Cyber-Tokens’, Not Currency

The South African Reserve Bank, the central bank of the Republic, has chosen to call digital currencies “cyber-tokens” because they “don’t meet the requirements of money,” Bloomberg reported May 24.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin has decreased by 0.8% coming from 7574$ to 7510$ where it is currently.

Looking at the daily chart, we can see that support baseline was respected and that yesterday’s candle closed above the support line, leaving a wick below it. Today’s candle is red and its back on the levels of yesterdays opening, as the price is retesting the support.

Zooming into the hourly chart, we can see the interaction with the baseline support. The price bounced quickly but was repealed by the wedge support line which now serves as resistance.

Market sentiment

Bitcoin hourly chart technicals signal a sell.
Oscillators are neutral, and moving averages signal a sell.

Pivot points

ETH/USD

From yesterday’s open the price of Ethereum has increased by 3.34% coming from 588$ to 605$ where it is currently.

Looking at the daily chart, we can see that after the price spiked down to the first support, it went back up above the 0.382 Fibonacci level and is currently a doji candle with wicks from both sides. As you can see the current candle’s high is at the levels of a prior range support which now serves as resistance.

Zooming into an hourly chart we can see the interaction with the support line, and that even on the hourly chart there was a quick spike down. We can see some sideways movement as the price action is bouncing up and down between the range in which it is currently.

Market sentiment

Ethereum hourly chart technicals signal a buy.
Oscillators are on buy, and moving averages are signalling a buy.

Pivot points

XRP/USD

From yesterday’s open, the price of Ripple has increased by 2.46% from 0.6$ to 0.617$ where it is currently.

Looking at the daily chart, we can see that the price failed to exceed the 0.236 Fibonacci retracement level which serves as resistance, and as soon as the price hit it, it has retraced to the levels of prior range support.

Zooming on the hourly chart, we can see the interaction with the 0.236 Fibo level clearly. The price struggled to go beyond it but failed to keep up the momentum. As it entered the seller’s territory, the selling has begun.

Market sentiment

Ripple is still in the sell zone.
Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

Conclusion

Daily Crypto News Update: As we have seen yesterday, a strong momentum by the drop in price and the first interaction with the support levels, we are now seeing a reaction in a form of a quick bounce. Because the prices of three major cryptos are now back on the support levels of a prior range which now serve as resistance, we are either going to see buyers coming in a pushing the prices higher, which would mean that the correction has ended and that we are in for new highs, or the second and more probable scenario in which the prices enter seller’s territory and we are in for another low.

Tags bitcoin, Crypto, Ethereum, Ripple

Crypto Market Analysis

EOS/BTC Bullish From Above 0.0017

Post author By Forex Academy
Post date 24 May, 2018
No Comments on EOS/BTC Bullish From Above 0.0017

EOS (EOS)

EOS/BTC edged higher today but it is premature to talk about a bullish movement for the upcoming period. We can go long only after a valid breakout above the SL2 of the ascending pitchfork.

Market Cap: $10.57B

Circulating Supply: 877.22M EOS

Max Supply: 1B EOS

Volume (24h): $2.04B

EOS/USD = $11.9681

Technical Analysis

EOS/BTC rallied aggressively today and erased the last day’s drop. It remains to see where it will close the day because the rate has slipped lower in the last two hours. It has increased significantly as the crypto market has rebounded a little today, but you should know that the crypto pair remains under massive selling pressure on the short term.

I want to show you a bullish scenario, if the rate will resume today’s rebound, and if it will manage to close and stabilise above the 0.0017000 psychological level.

The corrective phase was natural and normal after the impressive rally and after the false breakout above the upper median line. It has found a very strong resistance right above the 150% Fibonacci line. The price was trapped within a Falling Wedge pattern and now it has managed to escape from this pattern, signalling that the bulls can take the lead again. The breakout needs a confirmation, so we should stay away from this pair for now because we don’t have a buying opportunity yet.

EOS/BTC has broken below the uptrend line, but the today’s increase could invalidate the breakdown and could attract more buyer’s.

Conclusion

Personally, I believe that the rate could become bullish again if it will make a valid breakout above the SL2, above the 38.2% retracement level and above the median line (ml) of the ascending pitchfork. However, a valid breakdown below the SL1 will open the door for more declines. The major upside target remains at the 0.0019900 previous high.

Tags crypto analysis, Crypto Pick, Crypto Trading, EOS, EOSBTC, Pitchfork

Crypto Market Analysis

Daily Crypto Update 24.05.2018 – The Prices Found First Support

Post author By Forex Academy
Post date 24 May, 2018
No Comments on Daily Crypto Update 24.05.2018 – The Prices Found First Support

General Overview

Crypto News Daily Updates:  
   Market Cap: $323,628,725,976 
       4h Vol: $20,747,314,659 
BTC Dominance: 39.1%

In the last 24 hours, the cryptocurrency market cap evaluation has fallen from 363,2 billion dollars to 320,1 billion dollars, which is a 43,1 billion dollar decrease.

The market is in red with the biggest losers being around -10%. Only Steem +3,2% and 0x +9,1% are in green

Crypto Daily News

The top stories that came out in the last 24 hours are the following:

Coinbase Announces Launch of Coinbase Pro, Paradex Acquisition

Coinbase has announced Coinbase Pro, the new version of its trading platform GDAX, in a blog post Wednesday. The announcement comes on the same day as Coinbase’s acquisition of relay platform Paradex.

Bloomberg: US DOJ Opens Criminal Investigation Into BTC, ETH Price Manipulation

A criminal probe into Bitcoin (BTC) price manipulation by crypto traders has been opened by the U.S. Department of Justice (DoJ), Bloomberg reports today, May 24. Bloomberg cites four unnamed sources close to the matter as reporting that the criminal investigation – run by U.S. federal prosecutors and the Commodity Futures Trading Commission (CFTC) – will look into how traders could have engineered prices by illegal activities like spoofing and wash trading.

UN’s Project Services Arm Partners With IOTA to ‘Expedite’ its Mission With Blockchain

The United Nations signed a “memorandum of understanding” with blockchain platform IOTA to explore how the technology can increase efficiency, the two parties confirmed May 22. In a press release about the partnership, which features the United Nations Office for Project Services (UNOPS), the organization said the focus was on cutting intermediaries using blockchain.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s, open the price of Bitcoin has decreased by 7.67% from $7954 to $7355 where it is currently.

Looking at the daily chart the most important thing we see is that the price is currently interacting with the baseline support 1 which was the main support line from 14.07.2017, and held pretty strong in the past. Below that baseline is another unconfirmed which may serve as support if this one is broken.

Zooming into an hourly chart we can see the interaction with the support baseline, and that the price is currently below it. That doesn’t mean that the price is going further below, as this has happened twice before, the price interacted with that baseline support. We will see how today’s candle closes, but I am expecting a wick on the daily chart.

Market sentiment

Bitcoin is in the sell zone.
Oscillators are 9 on neutral, and moving averages signal a sell.

Pivot points

ETH/USD

In the last 24 hours, the price of Ethereum has dropped by 9.6% – from $649 to $586.5 where it is now.

Looking at the daily chart, we can see that the price is below 0.382 Fibonacci level and is looking for support at the levels of prior range resistance. As you can see from the wick, there was a good amount of buying pressure which propelled the price in an upward trajectory. The price went above 0.382 Fibo level again for a while but has retraced since leaving a wick, which indicates the equal amount of selling pressure from above.

On the hourly chart, you can see that the price touched the prior resistance at $539.5 and bounced quickly, but it looks like now its entering seller’s territory.

Market sentiment

Ethereum hourly chart technical signal a sell.
Oscillators are 9 on neutral, and moving averages signal a sell.

Pivot points

XRP/USD

In the last 24 hours, the price of Ripple has dropped from $0.637 to $0.573 where it found temporary support and is now sitting at $0.615 which an overall decrease of 3.36%.

Looking at the daily chart, we can see that the price fell below 0.236 Fibonacci retracement level with strong momentum.

Zooming into an hourly chart we can see where the price found support, and it was on the levels of prior range resistance at $0.573. As you can see currently the price is up again, but on the same levels from which it has fallen before, which means that sellers are near, so we can expect another drop from these levels.

Market sentiment

Ripple is in the neutral zone.
Oscillators and moving averages are signaling a neutral.

Pivot points

Conclusion

As prices of three major cryptocurrencies only made a quick dip toward their first support from which they bounced back to the prior high, I am expecting to see some short-term upside movement in the form of an upward channel after which the prices are likely to be heading down again for another low for a proper retest.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

XMR/BTC – Head and Shoulders Seems To Be Confirmed

Post author By Forex Academy
Post date 23 May, 2018
No Comments on XMR/BTC – Head and Shoulders Seems To Be Confirmed

Monero (XMR)

Market Cap: $2.70B

Circulating Supply: 16.06M XMR

Max Supply: 0 XMR

Volume (24h) $46.72M

Technical Analysis

The XMR/BTC dropped sharply in yesterday’s trading session and most likely it has validated the Head and Shoulders pattern. You can see that the rate has moved sideways on the Daily chart, but now it has made an aggressive breakdown signaling that it could move towards fresh new lows in the upcoming period.

Technically, it should drop significantly if the chart pattern was validated. The price failed to stay above the 0.02369701 static support and now seems determined to go down as the crypto market has started an aggressive bearish movement again. All the important cryptocurrencies are moving down after a temporary rebound.

You can notice that the rate has failed to reach and retest the upper median line (UML) of the descending pitchfork signaling a high selling pressure on the short term. Right now it is pressuring the upside 50% Fibonacci line, but it most likely will close below it and will move towards the median line (ML) of the descending pitchfork.

Technically, it should drop towards the 0.013 level after the breakdown below the neckline. We’ll see what happens, but you should know that the perspective remains bearish as long as the rate stays below the UML and much below the 150% Fibonacci line.

Conclusion

The XMR/BTC is expected to drop further after the yesterday’s amazing sell-off. You can still go short on this and you can place your Stop Loss right above the 0.0257100 former high.

Tags Crypto Pick, Crypto Trading, Crytocurrencies, Monero, xmrbtc

Crypto Market Analysis

Cryptocurrencies – Do You Have An Exit Plan?

Post author By Forex Academy
Post date 23 May, 2018
No Comments on Cryptocurrencies – Do You Have An Exit Plan?

source: investing.com

The cryptocurrencies are into a corrective phase, after the temporary rebound. It remains to see how long this will be as the major cryptos are almost reaching crucial support levels. Technically, the current drop was somehow expected after the impressive rally.

However, we’ll see if the buyers will step in again and if they will have enough power to push the crypto market higher again. The pessimism sentiment drives the crypto market in the short term. The investors could run away from the crypto market if the bearish movement is to continue. If you read my editorials you’ll notice that I’ve talked about a corrective phase after the temporary upside movement.

I’ve mentioned previously that the cryptocurrencies could come back down to test and retest some demand zones before they will really start a major upside movement. The major cryptocurrencies could increase again after the current sell-off, but the next major upside movement will be slower compared to what happened in 2017.

Personally, I want to see a strong consolidation in the short term before we can say for sure that the crypto market will be on an uptrend again. The cryptocurrencies are very volatile in the short term, that’s why the investors are sceptical that these speculative assets represent good investments.

Bitcoin Technical Analysis

The most important cryptocurrency approaches a critical support. A valid breakdown could confirm a massive drop for the upcoming period. You should be careful if you are long on Bitcoin because a further downside movement will ruin your account or your investment.

Bitcoin failed to reach the 10,000 psychological level and now is located below the 8,000 psychological level. It approaches the outside sliding parallel line (SL) of the ascending pitchfork where it could find support again.

I’ve mentioned in the previous weeks that the rate could come down to test and retest the lower median line (LML), and the sliding line (SL) after the failure to stabilise above the 50% Fibonacci line.

Price will maintain a bullish perspective as long as it stays above the SL, while a breakdown will invalidate a further increase and will send the rate towards the 5,000 level again. This scenario will crash the crypto market again and many projects will die.

The next days will be crucial for Bitcoin because a breakdown is somehow expected after the failure to stay within the ascending pitchfork’s body. Only a false breakdown below the SL, followed by a retest and by an important increase will signal another leg higher.

Ethereum dropped by 10.59% in the last 7-days, while the Ripple decreased by 9.40% and they could slip much lower in the upcoming days.

Conclusion

You should stay away from the crypto market if you didn’t take a long position in the previous weeks and you should keep an eye on it if you invested in the major cryptocurrencies because you can still get out with a small loss if the market were to crash. However, the corrective phase may be temporary and could give us a great chance to go long again after a strong consolidation.

Tags bitcoin, crypto analysis, Editorial, Technical Analysis

Crypto Market Analysis

Daily crypto update 23.05.2018 – After a big drop, the price is struggling for support.

Post author By Forex Academy
Post date 23 May, 2018
No Comments on Daily crypto update 23.05.2018 – After a big drop, the price is struggling for support.

General overview

Market Cap: $348,018,621,395
24h Vol: $18,262,368,943
BTC Dominance: 38.8%
In the last 24 hours, cryptocurrency market capitalization dropped from $383B

General overview

Market Cap: $348,018,621,395
24h Vol: $18,262,368,943
BTC Dominance: 38.8%
In the last 24 hours, cryptocurrency market capitalization dropped from $383B

General overview

Market Cap: $348,018,621,395 
24h Vol: $18,262,368,943 
BTC Dominance: 38.8%

In the last 24 hours, cryptocurrency market capitalization dropped from $383B to $342B, which is a decrease of 41 billion dollars in the evaluation.

The market is currently in red, with an average decrease in the price of 10%. Biggest losers among top 100 are Verge -14,7%, 0x -14,3%, Bitcoin Diamond 15,6%, and the only one crypto that’s in green is Bitcoin Private +7%.

News

Top stories that came out in the last 24 hours are mostly about blockchain tech adoption and acceptance, however, after the big drop in the evaluation, there is much analytical news as well.

These are some of the significant headlines:

Mitsubishi, MUFG Conduct Successful Pilot Payment With Major Thai Bank’s Blockchain

Several major global banks have successfully completed a cross-border payment pilot test using Thai bank Krungsri’s (Bank of Ayudhya) Blockchain Interledger, according to a press release May 22.

Bitcoin Price Is Struggling After Blockchain Week, Possible New Regulatory Pressure

Cryptocurrencies continue to slow down today as all major coins are in the red on Tuesday. Bitcoin (BTC) price is struggling for gains above $8,500 following concerns over increased regulation according to Naeem Aslam, chief market analyst at Think Markets:

“The recent selloff has come from the news out of China that the ICO [initial coin offering] market is still very active and there are fears that China will further increase the strict regulation.”

Russian State Duma Almost Unanimously Approves First Reading of Crypto Industry Bill

Russia’s parliament the State Duma approved the first reading of new laws regulating the crypto industry Tuesday, May 22. The laws define cryptocurrencies and tokens as property, and lay out specifications for interacting with crypto and blockchain-related technologies.

US: Crypto Could Pose a Problem for Candidates Seeking Security Clearances

The recognition of Bitcoin as a form of foreign currency could potentially have an impact on decisions in recruiting new employees to the US Department of Defence (DoD), Bloomberg reported May 22. The Pentagon’s chief concern is whether investment in cryptocurrencies indicates criminal intent or constitutes an increased predisposition toward risky personal behavior. This could detrimentally affect a job candidate’s profile should the DoD be considering them for a security clearance.

Argentinian Bank Now Using Bitcoin for Cross-Border Transactions

Argentinian Banco Masventas (BMV), has announced a partnership Bitex to enable clients to use Bitcoin for international payments as an alternative to SWIFT, according to a Facebook post May 21. Bitex is a blockchain-based financial services provider based in Latin America.

Nobel Prize Economist Says That Crypto the Latest in a Pattern of Alternative Currencies

In a May 21 article entitled “The Old Allure of New Money,” the 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas.

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has dropped by 6,7% coming from 8400$ to 7847$ where it is currently sitting.

Looking at the daily chart, we can see that the price of Bitcoin is back in the wedge pattern, as I predicted in my weekly forecast. The drop in price has to find new support, and the 0.236 Fibo level will serve as support at least temporarily, so watch out what happens at these levels.

Looking at the hourly chart we can see that last 4 candles are dojis, meaning that the price is experiencing a lot of buying and selling pressure and considering the proximity of the 0.236 Fibonacci level we can conclude that price is struggling and looking for support there.

Market sentiment

Bitcoin hourly chart technicals signal a sell.
Oscillators signal a sell and moving averages a strong one.

Pivot points

ETH/USD

From yesterday’s open the price of Ethereum has dropped by 10%, coming from 693$ to 621$ where it is currently.

On the daily chart, things are looking very bearish. The price is currently at the levels of prior resistance, looking for support, and it’s near the 0.382 Fibonacci retracement level, but we haven’t seen the interaction with it just yet.

On the hourly chart, we can see that the price is struggling for support, as indicated by the wicks we are seeing on the candles. The price is likely going to bounce back quickly after this massive and fast drop occurred, before continuing to go down further.

Market sentiment

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

Pivot points

XRP/USD

In the last 24 hours, the price of Ripple has dropped by 8,86% coming from 0,676$ to 0,617$ where it is now.

On the daily chart, we can see that the price of Ripple has fallen below the 0.236 Fibonacci level. From there on the only significant level, I see stopping this momentum is at the close of the candle before one that broke that level from the upside, which is at 0,54$.

Hourly chart shows us the interaction with the Fibo level, and as you can see it was broken with a strong momentum, and the current situation is similar to that of Bitcoin and Ethereum in a sense that there is a lot of wick on the current candles.

Market sentimet

Ripple is in a sell zone.
Oscillators are on sell, and moving averages a strong one.

Pivot points

Conclusion

The price is struggling to find support after a massive and quick drop in price. I expect the prices to quickly bounce to the 0.5 levels of prior highs before another drop in price. We are going to see a lot of sideways price action today, as indecision is taking over, and reactions from participants are unclear.

Tags BTC, Daily, ETH, update, XRP

Crypto Market Analysis

EOS/USD Is The Corrective Phase Completed?

Post author By Forex Academy
Post date 22 May, 2018
No Comments on EOS/USD Is The Corrective Phase Completed?

EOS (EOS)

Market Cap: $11.33B

Circulating Supply: 872.87M EOS

Max Supply: 1B EOS

Volume (24h) $927.61M

Technical Analysis

EOS/USD dropped sharply in the last weeks after making new highs. Price increased as much as 23.0290 on April 29, 2018, but the buyers weren’t strong enough to keep the rate near this historic high. The rate is trading in the red today and resumed the yesterday’s bearish candle. It remains under high selling pressure on the Daily chart, that’s why it is premature to talk about another leg higher.

EOS was one of the best performers in April as it has increased from 5.1000 to 23.0290, but now it is trading at only 12.8080. It remains to see if the crypto will recapture enough directional energy to be able to approach the 23.0290 high. Personally, I want to show you a bullish scenario, if the rate will make a valid breakout in the upcoming period.

EOS/USD has found temporary support at the upside 50% Fibonacci line (ascending dotted line) of the ascending pitchfork. It has come higher to retest the upper median line (uml) and now drops again. It seems like it has only made a false breakout above the 50% level, which could announce a further drop towards the 61.8% retracement level and toward the median line (ml).

Right now you should stay away from this crypto because we don’t have a reversal sign. Personally, I want to see a consolidation or another signal that the corrective phase has ended before I’ll go long again.

Conclusion

It remains to be seen where it will find a strong support area. Personally, I believe that only a valid breakout above the 250% Fibonacci line will bring us the chance to go long again on this amazing crypto. The first major upside target will be at the 23.0290 highest high.

Tags Crypto Pick, Crypto Trading, EOS, EOSUSD, Trade Idea, Trade Setup

Crypto Market Analysis

Daily crypto update 22.05.2018 – New Corrective Move Has Started

Post author By Forex Academy
Post date 22 May, 2018
No Comments on Daily crypto update 22.05.2018 – New Corrective Move Has Started

General overview

Crypto Daily Update:
Market Cap: $377,526,863,027
24h Vol: $15,782,191,998
BTC Dominance: 37.6%

From yesterday’s high at 391,920,000,000$

General overview

Crypto Daily Update:
Market Cap: $377,526,863,027
24h Vol: $15,782,191,998
BTC Dominance: 37.6%

From yesterday’s high at 391,920,000,000$

General overview

Crypto Daily Update:

Market Cap: $377,526,863,027 
24h Vol: $15,782,191,998 
BTC Dominance: 37.6%

From yesterday’s high at 391,920,000,000$ crypto market cap has decreased to $377,1B steadily.

The market is in red, with approximately 3%-5% average decrease in value from top 100 cryptocurrencies.

News

Top stories that came out in the last 24 hours are mostly positive, however, there are no significant news that can impact the market. These are the most significant headlines:

Polish Finance Ministry Rolls Back Crypto Tax, Promises Smarter Regulation

Poland’s Ministry of Finance will temporarily suspend tax collection for cryptocurrencies, the Polish Press Agency (PAP) reported May 18. The Ministry says it will conduct an “in-depth analysis” of the crypto space to inform better regulation and taxation policies going forward.

Japan’s Largest Bank and Cloud Delivery Giant Akamai Announce Blockchain Payment Network

The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain, Cointelegraph Japan reports today, May 21.

Walmart Files Patent for Blockchain-Based Customer Marketplace

Walmart has filed a patent for a blockchain-based marketplace for reselling purchased products, according to a US Patent and Trademark Office USPTO patent filing from May 17.

Thai SEC Holds Focus Group to Clarify New Crypto, ICO Regulations

Thailand’s Securities and Exchange Commission (SEC) held a focus group on cryptocurrency regulation today, May 21, streamed on Facebook Live. The hearing focused on the SEC’s approach to crypto-related businesses and fundraising through Initial Coin Offerings (ICO), local news outlet Siam Blockchain reports.

Germany’s BaFin Visits National Bank of Georgia to Discuss Crypto Regulations

One of the largest financial supervisors in Europe met with the National Bank of Georgia (NBG) and other members of the finance sector to discuss cryptocurrency regulation, according to a post on the NBG’s site May 18.

Bank of England Issues Working Paper on Central Bank Digital Currencies

On May 18, the Bank of England released a staff working paper, laying out various scenarios of possible risks and financial stability issues of central bank digital currencies (CBDCs).

Analysis

BTC/USD

From yesterday’s open at 8525$ the price of Bitcoin has decreased by 3,18% dropping to 8253$ where it is currently sitting.

Looking at the daily chart we can see that the price fell below 0,382 Fibonacci retracement level and is currently at the levels of the opening of the day before yesterday’s candle, which was a green candle, which broke out from the wedge pattern.

Zooming into an hourly chart we can see clearly what happened at the Fibonacci level. As you can see the momentum behind the move was strong, and the price is likely heading back to the wedge resistance for a retest.

Market sentiment

Bitcoin hourly chart technical signal a strong sell.
Oscillators are signaling a sell, and moving averages a strong one.

Pivot points

ETH/USD

In the last 24 hours, the price of Ethereum has decreased by 4,2% coming from 715$ to 685$ where it is currently sitting.

Looking at the Ethereum daily chart we can see that the price was repealed by the resistance at 712$ and that from there the price only fell further.

Zooming into the hourly chart we can see that the price fell even further, but quickly bounced back to the support levels on which it’s currently sitting. The price found some temporary support, but judging by the momentum behind the move, that support won’t hold again.

Market sentiment

Ethereum hourly chart technicals signal a sell.
Oscillators are on buy, but moving averages signal a strong sell.

Pivot points

XRP/USD

From yesterday’s open at 0.6991$ the price of Ripple has decreased by 4,56% dropping to 0,6673$.

On the daily chart, things haven’t changed much, the price is still in the range between 0,382 and 0,236 Fibonacci retracement levels, and after a move up it has retraced to the start of that move, looking for support.

On the hourly chart, we can see that the price was repealed by the resistance of the triangle from which it tried to burst but failed which propelled the price in a downward trajectory.

Market sentiment

Ripple is still in the sell zone.
Oscillators are on buy, and moving averages signal a strong sell.

Pivot points

Conclusion

Crypto Daily Update: As I have projected in my weekly forecast, the correction is still in play and we are in for new lows. The prices failed to break resistance at prior highs, and as they entered sellers territory the selling has begun.

Tags bitcoin, Daily, Ethereum, Ripple

Crypto Market Analysis

INCNT Further Increase Needs Validation

Post author By Forex Academy
Post date 21 May, 2018
No Comments on INCNT Further Increase Needs Validation

Incent (INCNT)

Market Cap: $17.36M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h)

Technical Analysis

INCNT/USD continues to stay above some very important dynamic support levels and maintains a bullish perspective in the short term. The price could increase significantly in the upcoming period if it will make a valid breakout above some very important upside targets.

The rate is trapped below some very important resistance levels, that’s why we have to stay away until a further increase will be confirmed by the price action.

You can see that the rate was into a corrective phase, but it has found a bottom and a strong support right below the lower median line (lml) of the ascending pitchfork. I’ve drawn an outside sliding parallel line to show you where the crucial support line is. A further increase will be invalidated by a valid breakdown below this line.

You can see that the rate has failed to reach and retest the sliding line (sl) of the ascending pitchfork signalling that the bulls are still present in the game. However, only a valid breakout will be above the 150% Fibonacci line and above the 0.4226

Conclusion

You can go long on INCNT if the rate will jump and will stabilise above the 150% line and above the 0.42260400. The next upside targets will be at the WL1 and at the 50% line. You can place your Stop Loss somewhere below the outside sliding parallel line (SL). A drop below this line will really signal a further drop in the short term.

Tags crypto analysis, Crypto Pick, Crypto Trading, INCNT/USD, Trade Idea, Trade Setup

Crypto Market Analysis

Weekly Crypto Update 20.05.2018 – More Correction Coming

Post author By Forex Academy
Post date 21 May, 2018
No Comments on Weekly Crypto Update 20.05.2018 – More Correction Coming

General Overview

Weekly Cryptocurrency Update:

Market Cap: $383,203,468,592 
24h Vol: $15,118,655,008 
BTC Dominance: 37.2%

At the start of the week on Monday 14th May, the cryptocurrency market cap evaluation was $407,285,000,000 and it soon dropped to $386,345,000,000 before it spiked up to $412,903,000,000 which was the week’s high. From Monday to Friday, the market cap has been steadily dropping and it hit $361,113,000,000 which was the week’s lowest point.

From yesterday, the evaluation has been increasing but it looks like it entered the bearish territory, judging by the spike to $383,159,000,000, and a quick drop. However, this may be a new support level, as the evaluation appears to be stabilising around these levels.

Analysis

BTC/USD

At the start of the week, the price of Bitcoin was $8700 and the only time it went higher was on the same day when it hit $8815 after a drop to $8365. It is now sitting at $8370 which is a 4.8% decrease.

Looking at the daily chart we can see that Monday’s candle was a pin bar doji which indicated stronger buying pressure than the pressure from the sellers, but the position of the candle, however, indicated more downside.

Yesterday’s candle closed as a red doji and as you can see from the wick, the price hit the 0.382 Fibonacci level and retraced since so judging by the wick there’s still a lot of selling pressure.

Today’s candle is green, which is very unusual for Sunday, as on weekends there’s a lot of selling going on.

Market sentiment

Daily chart technical signals a strong sell.

Oscillators are on a sell and moving averages are indicating a strong sell with 13 MA’s on sell.

Pivot points

ETH/USD

From Monday until today, the price of Ethereum has decreased by 2.8% going from $733 to $712 where it is now sitting. The price fell even lower to $660 on Friday which is the week’s low.

On the daily chart, we can see that the candle on Monday was a pin bar doji like in the case of Bitcoin and since then, the price fell to the 0.5 Fibonacci levels, where it found support. Yesterday’s candle was a doji also like in the case of Bitcoin, and the current one is green but not higher than yesterday’s which is still a bearish sign.

Market sentiment

Ethereum’s daily chart technicals signal a buy.

8 oscillators are on neutral and moving averages are signalling a strong buy.

Pivot points

XRP/USD

From Monday’s open until today, the price of Ripple has declined by 5.82% going from $0.73 to $0.688 where it is currently sitting. The price went down further on Friday to $0.645, but since then, it has been steadily rising to the levels on where it is currently.

Looking at the daily chart we can see that Monday’s candle was a pin bar doji like in the case of Bitcoin and Ethereum, but the correlation doesn’t end there as we can see that yesterday’s candle was a doji also, like it was on the BTC and ETH daily charts.

Market sentiment

Ripple is still in the sell zone, as daily chart technicals signal a sell.

Oscillators are;- 3 on sell and 8 on neutral, but moving averages signal a strong sell with 12 on sell.

Pivot points

LTC/USD

Overall this week, Litecoin has decreased by 3.38% from $144 on Monday’s opening to $139.2 where it is today. The price went higher than it was on the opening to $151 on Monday, and it was lower than today’s (Friday), to $129 which was the week’s low.

Looking at the daily chart we can see that the price of Litecoin is currently interacting with the 0.236 Fibonacci retracement level which serves as resistance. On Monday there was great indecision which can be seen on Monday’s candle wicks. On Wednesday we had a pin bar doji that closed above the Fibonacci level which indicated buying pressure, but as you can see the buyers failed to push the price higher, and the sellers were stronger so the price fell below the Fibo level on the next day.

Market sentiment

Daily chart technicals signal a sell.

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

Pivot points

Conclusion

Weekly Cryptocurrency Update: I don’t believe that the corrective move is over. The prices of four major cryptocurrencies failed to exceed prior highs even though we are experiencing a move to the upside in the last couple of days. I think we are in for another low.

This will correspond with a retest of prior resistance for support which is around $333B.

For more information about what’s likely coming in the following week make sure you watch the substitutionary video in which I provide a forecast and reasons why I believe there’s another low coming.

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

Crypto Market Analysis

Daily Crypto Update 21.05.2018 – Indecision

Post author By Forex Academy
Post date 21 May, 2018
No Comments on Daily Crypto Update 21.05.2018 – Indecision

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

24h Vol: $17,523,547,047

BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

24h Vol: $17,523,547,047

BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

24h Vol: $17,523,547,047

BTC Dominance: 37.2%

In the last 24 hours, cryptocurrency market cap has increased from $375B to slightly below $390B.

The market is mostly in green, with the biggest gainers among top 100 being Tron +14%, Skycoin 10%, Holo 20%.

News

There isn’t any significant news that came out during the weekend. Top stories are therefore analytical in nature or follow-ups from prior stories. These are some of the more significant headlines:

Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions

Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17.

Norway Central Bank Considers Developing Digital Currency

Norway’s central bank, Norges Bank, is considering developing its own digital currency as a supplement to cash to “ensure confidence in money and the monetary system”, according to a working paper May 18.

Former UK Visa CEO Takes Helm of Crypto Consumer Payment Startup

The former head of Visa in the UK and Ireland has joined a startup bringing crypto to consumer payments, Business Insider NL reports today, May 19.

WSJ: Coinbase Spoke to U.S. Regulators About Acquiring Federal Banking License

Major U.S. cryptocurrency exchange and wallet Coinbase spoke to regulators about obtaining a federal banking charter, according to a report by the Wall Street Journal (WSJ) May 18.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin has increased by 3.4%, going from $8229 to $8510 where it is currently sitting.

On the daily chart, we can see that the price is currently a red doji above 0.382 Fibonacci retracement level. We can also see a breakout from the falling wedge.

Zooming into an hourly chart, we can see the interaction with the Fibo level, and the momentum behind the up move. Price action formed a double top, with the last top’s candles closed with two massive wicks from the upside, which indicates selling pressure.

Market sentiment

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

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

Pivot points

ETH/USD

The price of Ethereum has increased by 3.34% from yesterday’s open, going from $690 to $712,8 where it is currently.

Looking at the daily chart, we can see that the current candle is a red doji, like in the case of Bitcoin, and it sits at the levels of prior high.

Zooming into an hourly chart, we can see that the price has retraced to retest the support, which is on the levels of prior high at $712. We can also see a breakout from a triangle which wasn’t that strong, as the impulse behind the move looks like any other prior move.

Market sentiment

Ethereum is in the neutral zone, as hourly chart technicals are on neutral.

Pivot points

XRP/USD

In the last 24 hours, the price of Ripple has increased by 3.17%, from $0,67250 to $0,69436. The price has been steadily rising and is now facing first strong resistance.

On the daily chart, we can see that the current candle is red, and is sitting at the levels of prior high.

The hourly chart paints a clearer picture. We can see that the price is still in an upward channel which is inside the symmetrical triangle pattern. The price found resistance on the triangle’s resistance line levels and is currently struggling to keep up the upward movement.

Market sentiment

Hourly chart technicals are on neutral, so the price of Ripple is currently indecisive.

Pivot points

Conclusion

Crypto Market Update Today: In the last day, we have seen an upward movement has been stopped by first major resistance, as seen on the charts from three major cryptocurrencies that we are covering in this daily report. The market is currently showing signs of indecision indicated from the current candles being Dojis. We are likely to see a move down, which would be a final corrective move, before a new runup to new highs.

Tags bitcoin, BTC, Daily, ETH, Etherium, Ripple, USD, XRP

Crypto Market Analysis

NEOS/BTC Throwback?

NeosCoin (NEOS)

Market Cap: $10.66M

Circulating Supply: 3.81M NEOS

Max Supply: 0 NEOS

Volume (24H) $292.10K

NEOS/USD = $4.2753

Technical Analysis

NEOS/BTC is trading right above a major support area, that’s why we can think of another rebound soon. It remains to see what will really happen because the rate could drop further and could invalidate a bullish scenario.

The crypto pair has changed little in the short term and after the last two breakout attempts above the near term resistance levels. Right now you should stay away until we’ll really have a confirmation that the rate will increase again.

Price moves somehow sideways on the Daily chart and has developed a triangle, but this pattern is far from being complete. The rate hovers above the major support area between the 0.00033923 and the 0.00026639.

NEOS/BTC could turn to the upside as long as it stays above this support zone. It has failed to reach and retest the downside 50% Fibonacci line of the descending pitchfork signalling a minor oversold.

Technically, it should approach the first warning line (WL1) of the ascending pitchfork after the breakdown below the 150% Fibonacci line. So, a test and retest of the WL1 could send the rate higher on the short term, but only a valid breakout above the median line (ml) of the descending pitchfork will signal a broader rebound.

Conclusion

The price should start another upside movement if the WL1 and the 0.00026639 support levels will hold. A valid breakout above the median line (ml) will signal an increase at least until the upside 50% Fibonacci line and towards the downtrend line.

Tags crypto analysis, Crypto Pick, Crypto Trading, crypto update, Median Line, NEOS/BTC, Pitchfork

Crypto Market Analysis

MTL/USD Symmetrical Triangle?

Post author By Forex Academy
Post date 18 May, 2018
No Comments on MTL/USD Symmetrical Triangle?

Metal (MTL)

Market Cap: $86.24M

Circulating Supply: 24.21M MTL

Max Supply: MTL

Volume (24h) $11.89M

Technical Analysis

MTL/USD changed little today and continues to be under pressure on the Daily chart. It approaches a critical support, so a valid breakdown will confirm a further drop. The price has developed an important chart pattern. It remains to see the breakout direction. MTL/USD has made a false breakout in the last days, which could attract more seller’s on the short term.

However, it is premature to say that we’ll have a further drop because anything could change when the rate will touch the dynamic support.

It moves sideways on the daily chart, but this range will end soon because it cannot move like this forever. The crypto is trapped within the upside 50% Fibonacci line and the downside 50% Fibonacci line of the descending pitchfork.

Personally, I believe that a rejection from the minor uptrend line and a failure to approach and reach the downside 50% Fibonacci line will signal an oversold and a potential upside movement.

Unfortunately, it has failed to make a valid breakout above the (SL) and above the median line (ml) of the descending pitchfork, signalling that the bears are very strong.

A false breakdown below the downside line of the chart pattern followed by an impressive jump above the median line (ml) and above the outside sliding parallel line (SL) could signal a broader upside movement.

Conclusion

We could buy Metal (MTL) if it will remain within the chart pattern’s body, and if it will stabilise above the median line (ml). We’ll have an important upside target at the warning line (WL1) of the descending pitchfork. However, a valid breakdown from the mentioned triangle will send the rate to at least the 50% line. A valid breakdown below the downside 50% line will give us a great chance to go short.

Tags Crypto, crypto analysis, Crypto Pick, Crypto Trading, MTL/USD

Crypto Market Analysis

Daily Crypto Update 18.05.2018 – Lower Lows Ahead

Post author By Forex Academy
Post date 18 May, 2018
No Comments on Daily Crypto Update 18.05.2018 – Lower Lows Ahead

General overview

Crypto Market Cap Live Update:

Market Cap: $370,028,549,685

24h Vol: $19,283,416,338

BTC Dominance: 37.4%

In the last 24 hours, the crytocurrency market cap went from $381,331,000,000 to $391,463,000,000 which was yesterdays high. Since then, the evaluation has fallen to $361,113,000,000 this morning, and is slightly up from then.

As you would have suspected, the market is mostly in red, with an average decrease of 4-6% per coin amongst the top 100. Some of the biggest losers are iExec RLC -17%, Dragonchain -13%, biggest gainers are Syscoin +19.3% and Huobi token 11.95%.

News

Top stories that came out are either about blockchain tech adoption or familiar names adopting it, but we can also see some negativity and criticism. These are some of the significant headlines:

Chinese IT Ministry Cryptocurrency Ratings Released: Ethereum 1st, Bitcoin 13th of 28

China’s Ministry of Industry and Information Technology has released its official cryptocurrency ratings. The “domestic experts” awarded Ethereum 1st and Bitcoin 13th out of 28 places. May 17. First-rate domestic experts and scholars” contributed to the ratings, which they calculated on the basis of three indexes: “technology,” “application” and “innovation.”

Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App

Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of Autumn 2018, and has been developed together with fintech startup Sowa Labs.

JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure

J.P. Morgan Chase & Co presented a prototype of its blockchain platform for capital markets, which aims to cut costs and enable smoother securities transactions. The announcement took place at NY’s Consensus conference Wednesday, the Wall Street Journal reported May 16.

Wall Street Journal Research Finds ‘Red Flags’ In almost 19% Of ICOs

The Wall Street Journal released findings from its analysis of almost 1500 initial coin offerings (ICOs) May 17, concluding 18.6% of them raised “red flags.” The latest source to investigate the still-booming ICO market, the WSJ warned that of the 1450 offerings it found, 271 of them were using what it described as “deceptive or even fraudulent tactics.”

JPMorgan Creates and Fills New Position of Head of Crypto Assets Strategy

Leading US banking group and financial services firm JPMorgan Chase has recently created and filled the new position of head of crypto-assets strategy, Business Insider reported today, May 17. London-based Oliver Harris, 29, will take the new role, reporting to the head of blockchain development, Umar Farooq. Harris will also lead JPMorgan’s internal blockchain project Quorum, which began testing by JP Morgan Chase and the National Bank of Canada last month.

Bitfinex Requires Customer Tax Info which it ‘May Exchange’ with Gov’t, Tax Authorities

Cryptocurrency trading platform Bitfinex has recently distributed a letter to certain users, saying that they are required to disclose their tax information, which the exchange may share with the government, according to a statement from the exchange on Twitter May 17.

Tel Aviv Stock Exchange Develops ‘First Of A Kind’ Blockchain Lending Platform

The Tel Aviv Stock Exchange (TASE) has developed a “first of a kind” blockchain-based securities lending platform, according to a press release May 16. The new platform was completed in partnership with Israeli fintech firm The Floor, global professional services company Accenture, and Intel.

Swiss Government Requests Study on State-Backed Digital Currency

The Federal Council of the Government of Switzerland has requested a report on the risks and opportunities of introducing its own state-backed digital currency, or so called “e-franc”, Reuters reported May 17.

Analysis

BTC/USD

From yesterday’s open at $8382 the price of Bitcoin has decreased by 3.11% coming to $8116 where it is now sitting. The price has fallen even further to $7940 but bounced back quickly to the levels at which it is now.

Looking at the daily chart we can see that the price is below the 0.382 Fibo level in a downward trajectory heading toward the 0.236 level.

On the hourly chart, we can see that the price is back at prior support, which now serves as resistance.

Market sentiment

Bitcoin hourly technicals signal a sell.

Oscillators are in favor of sell even though 8 are signaling neutral, and moving averages are indicating a sell.

Pivot points:

ETH/USD

From yesterday’s high at $712, the price of Ethereum fell to $660 this morning but has since bounced back a bit to $680 where is now sitting, leaving an overall decrease of 4.6%.

On the daily chart, we can see that the price found support at the 0.5 Fibonacci level and has increased since it hit it.

On the hourly chart, we can see the interaction with the 0.5 Fibo level. The price went below it and quickly bounced back, but it is currently at the prior support levels which now serve as resistance.

Market sentiment

Ethereum is still in the sell zone.

Oscillators and moving averages both signal a sell.

Pivot points

XRP/USD

From yesterday’s open at $0.7 the price of Ripple has decreased by 5.3% to $0.67 where it is now sitting.

Looking at the daily chart we can see that things haven’t changed that much. The price action is still stuck between 0.382 and 0.236 Fibonacci levels. Today’s candle is green but it hasn’t exceeded prior highs.

The hourly chart tells us that the price broke out of the upward channel from the downside, found tempory support and is currently hovering around the levels of prior support which now serves as resistance.

Market sentiment

Ripple hourly technicals signal a sell.

Oscillators and moving averages are both signaling a sell.

Pivot points

Conclusion

Crypto Market Cap Live Update: The prices of three major cryptos that we cover in this daily report have experienced the same thing in the last 24 hours – breakout to the downside and retesting of prior resistance for support. After this retest is done I am expecting another downside movement and creation of lower lows.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

Can MUE/BTC Start An Important Upside Movement?

Post author By Forex Academy
Post date 17 May, 2018
No Comments on Can MUE/BTC Start An Important Upside Movement?

MonetaryUnit (MUE)

Market Cap: $15.52M

Circulating Supply: 131.36M MUE

Max Supply: 4B MUE

Volume (24h) $118.29K

Technical Analysis

MUE/BTC posted humble gains in the last days, signalling that the buyers are still weak. The price hovers above a major support area, that’s why we can think of another upside movement. The rate is narrowing right now, but I really hope that we’ll have a major move after the breakout from this minor chart pattern.

The rate tested and retested a dynamic support and it has now increased, but it is premature to talk about a larger upside movement at this moment.

I’ve drawn an ascending pitchfork hoping that I’ll catch an important upside movement. The rate has come back down to test and retest the lower median line (LML) and now approaches the minor downtrend line. A valid breakout will signal a further increase towards the 50% Fibonacci line and towards the major downtrend line.

However, it remains to see if this sideways movement will be an accumulation or a distribution. Anything could happen right now. The rate could drop significantly if it fails to pass above the minor dynamic resistance.

Personally, I believe that we could have an important upside movement towards the downtrend line as long as the rate stays above the LML. A larger rebound will be confirmed only after a valid breakout above the major downtrend line.

Conclusion

You could go long on MUE/BTC if the rate jumps and it closes above the minor dynamic resistance. You can place a Stop Loss somewhere below the support area.

Tags crypto analysis, Crypto Pick, Crypto Trading, MUE/BTC, Technical Analysis, Trade Setup

Crypto Market Analysis

Daily Crypto Update 17.05.2018 – More Downside Expected

Post author By Forex Academy
Post date 17 May, 2018
No Comments on Daily Crypto Update 17.05.2018 – More Downside Expected

General overview

Crypto Market Cap Update:

Market Cap: $383,200,519,037

24h Vol: $19,647,906,771

BTC Dominance: 37.0%

In the last 24 hours, cryptocurrency market capitalization

General overview

Crypto Market Cap Update:

Market Cap: $383,200,519,037

24h Vol: $19,647,906,771

BTC Dominance: 37.0%

In the last 24 hours, cryptocurrency market capitalization

General overview

Crypto Market Cap Update:

Market Cap: $383,200,519,037

24h Vol: $19,647,906,771

BTC Dominance: 37.0%

In the last 24 hours, cryptocurrency market capitalization increased from $372,910,000,000 to $391,463,000,000 and then fell back to $381,952,000,000 where it is now sitting. The market is mostly in green, with an average increase of 2-4%. Biggest gainers among top 100 are iExec RLC +35%, Veritaseum +11%, Augur +7%, while biggest losers are Wax -13% and Gifto -14,83%.

News

Top stories that came out in the last 24 hours are mostly positive, however, following the markets decline there are some negative as well. These are the significant headlines:

JPMorgan Co-President Jerry Pinto: Cryptocurrency “Will Play a Role” in Future

JPMorgan co-president Jerry Pinto confirmed the bank was “looking into” the Bitcoin space May 16, saying cryptocurrency “will play a role” in the future. Speaking to CNBC over two interviews, Pinto, who could be in line to succeed CEO Jamie Dimon, said that JPMorgan is able to trade Bitcoin futures but has not yet opted to do so.

“We are looking into that space. I have no doubt that in one way or another, the technology will play a role,” he responded when asked about trading Bitcoin-based products.

Enterprise Ethereum Alliance Releases Client Specifications To Facilitate Interoperability

The Enterprise Ethereum Alliance (EEA) has released the Enterprise Ethereum Client Specification 1.0 today, May 16, that will enable interoperability for companies that use Ethereum blockchain-based solutions.

Russia’s Digital Economy Bill Supported by State Duma Committee in Move Towards Crypto Regulation

Russian State Duma’s Committee for Legislative Work will support the first reading of an initiative that will add the basic norms of digital economy to the Russian Federation Civil Code. This is the latest step on the road to regulating cryptocurrency in the country, local news outlet Izvestia reports Wednesday, May 16.

Twitter CEO Jack Dorsey Reaffirms Bullish Future on Bitcoin, Crypto as Global Payment

Twitter and Square Inc. CEO Jack Dorsey expressed optimism about cryptocurrency’s role in the future of payments, saying that “the internet deserves a native currency” and “it will have a native currency,” Bloomberg reports May 16.

Sberbank Completes First Blockchain-Enabled Commercial Bonds Transaction in Russia

Sberbank CIB, the corporate and investment banking business of Russia’s largest bank Sberbank, conducted the first blockchain-based commercial bond transaction in Russia, according to a Sberbank announcement May 16. The transaction was completed in partnership with MTS, a leading Russian telecoms operator, and the National Settlement Depository (NSD).

PayPal CFO Says Merchants Aren’t Interested in Crypto Due to Volatility

Centralized payment service PayPal was a pioneer in accepting cryptocurrencies. Merchants could opt-in to accept Bitcoin (BTC) on the platform as far back as 2014, when BTC was worth around $400. Today, Rainey stated that PayPal currently doesn’t see much interest in digital currencies from their merchants, as the volatile nature of cryptocurrencies can cause contingent losses.

Analysis

BTC/USD

From yesterday’s low at $8122 the price of Bitcoin has spiked to $8479 and has fallen back to $8270 which is an overall increase of 2%.

On the daily chart, things haven’t changed much since yesterday. As you can see from the wicks, yesterday’s candle indicated a lot of buying pressure, but those buyers failed to break sellers resistance at the 0.382 Fibonacci retracement level.

Zooming into an hourly chart, we can see the interaction with the Fibo level. The price action is starting to form what it looks like to be another upward channel.

Market sentiment

Bitcoin is still in the sell zone, as hourly technicals signal a sell.

Eight oscillators signal neutral and moving averages signal a strong sell.

Pivot points

ETH/USD

From yesterday’s low at $678 the price of Ethereum increased by 3% coming to around $700.

As you can see from the daily chart, yesterday’s candle closed as a bullish pin bar, indicating a trend reversal. However, the price failed to come remotely close to the 0.618 Fibonacci level and exceed prior highs, which would mean that uptrend has begun. Today’s candle is red, meaning that the price is below yesterday’s close.

On the hourly chart, we can see that like in the case of Bitcoin. The price action is forming an upward channel. If we have in mind the fractal nature of the market, and what happened in a prior fractal, we can conclude that the price is going to fall further.

Market sentiment

Ethereum is still in the sell zone.

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

Pivot points

XRP/USD

From yesterdays low at $0.66, the price of Ripple has increased by 4.23% coming to $0.689 where it is now.

Looking at the daily chart, we can see that the price is on the levels of yesterdays open, which is not a good sign.

Zooming into an hourly chart, we can see the correlation with Ethereum and Bitcoin – there’s an upward channel from which the price is going down.

Market sentiment

Ripple’s hourly chart technicals signal a sell.

Oscillators indicate sell, and moving averages a strong one.

Pivot points

Conclusion

Crypto Market Cap Update: More down movements are expected as the prior fractal (upward channel) indicates. I have said in Thursday’s conclusion that even though the corrective move is over, it might be only the first one. I think we are in for new lows, as the first corrective move to the downside was over, and the small bullish one didn’t trigger a trend reversal.

Tags bitcoin, Ethereum, Ripple

Crypto Market Analysis

PAY/USD Inverse Head and Shoulders?

Post author By Forex Academy
Post date 16 May, 2018
No Comments on PAY/USD Inverse Head and Shoulders?

TenX (PAY)

Market Cap: $153.75M

Circulating Supply: 109M PAY

Max Supply: 0 PAY

Volume (24h) $53.58M

PAY/USD rallied aggressively today and has reached new highs, but unfortunately, the buyers weren’t strong enough to hold the rate near 1.97956344 today’s high. Price is trading at 1.41913765 right now but is trapped below a crucial dynamic resistance.

The crypto moves somehow sideways on the short term, so we’ll have a significant move after a breakout from this minor range.

It is premature to talk about a larger upside movement as long as the rate is trapped below the minor downtrend line. You can see that the rate has found support at the lower median line (LML). The previous retreat was natural after the failure to reach and retest the median line (ML) of the ascending pitchfork.

It remains to see what will happen in the upcoming period because the current rebound could be only temporary after the today’s failure to stay higher. A further increase could be validated after a valid breakout above the downtrend line, but a major upside movement will be confirmed only after a valid breakout above the median line (ML).

Technically, we could say that the rate has developed an Inverse Head and Shoulders pattern, this could be confirmed only after a valid breakout above the downtrend line which could be considered to be the neckline.

Conclusion

We could go long on PAY/USD if it will make a valid breakout above the downtrend line and if the LML will remain intact. A breakdown below the LML will invalidate a potentially significant increase.

Tags Crypto Pick, Crypto Trading, PAY/USD, Trade Idea, Trade Setup

Crypto Market Analysis

Bitcoin Keeps Bleeding, The Next Days Are Crucial

Post author By Forex Academy
Post date 16 May, 2018
No Comments on Bitcoin Keeps Bleeding, The Next Days Are Crucial

Crypto Price Predictions: Bitcoin is trading in the red and resumes yesterday’s bearish candle. If you’ll read my editorials you’ll see that I’ve talked about a retreat after the temporary rebound. The crypto has failed to make a valid breakout above the near-term resistance levels, that’s why the bears have taken the lead and are driving the price down.

Everyone wants to know what will happen with Bitcoin because a major drop will drag the other cryptocurrencies down. Bitcoin approaches two crucial support levels, a valid breakdown will signal a further drop towards fresh new lows.

As I’ve mentioned in the previous weeks, we may have another drop before the rate will really start a broader upside movement. Bitcoin needs to recapture more directional energy to be able to increase again and to give birth to a major leg higher.

Bitcoin drops after the failure to breakout above the red downtrend line and above the third warning line (wl3) of the former descending pitchfork. Actually, we had a strong confluence formed by the wl3 with the downtrend line and with the SL2.

The price failed to stay above the 50% Fibonacci line, so the current retreat is natural. It remains to see how long it will be because it has tried to take out the dynamic resistance from the third warning line (wl3).

The next hours will tell us if today’s drop will represent only a retest of the broken warning line (wl3). It approaches the lower median line (LML), where it could find temporary support. The major downside target remains at the outside sliding parallel line (SL). I’ve said that it could come back down to test and retest the mentioned support levels before it will climb higher again.

However, a valid breakdown below the SL will confirm a further drop towards the 5000 psychological level.

You can notice that Bitcoin is trapped within a triangle, so only a breakout from this pattern will give us a great trading opportunity. Personally, I would like to see a false breakdown below the LML or below the SL and a failure to reach the downside line of the chart pattern, then we could think about a broader upside movement.

A major upward movement will be confirmed by a valid breakout above the downtrend line. Another leg higher will bring us great returns if we’ll go long on Bitcoin after a valid breakout above the red downtrend line. This scenario will take shape only if the sliding parallel line (SL) will hold.

Crypto Price Predictions Conclusion

You should stay away for now because anything could happen in the short term. Personally, I believe that we may have a great trading opportunity soon. Right now we have to let the market to play its role and to step in only after a confirmation.

Tags bitcoin, Median Line, Pitchfork, Technical Analysis, Trade Setup

Crypto Market Analysis

Daily Crypto Update 16.05.2018 – New Lows Ahead

Post author By Forex Academy
Post date 16 May, 2018
No Comments on Daily Crypto Update 16.05.2018 – New Lows Ahead

General overview

Daily Crypto Market Update:

Market Cap: $377,867,819,649

24h Vol: $22,547,487,155

BTC Dominance: 37.2%

From yesterdays highest point at $412,9B cryptocurrency market capitalization evaluation fell approximately by 40B, coming to $372,9B this morning.

Amongst the top 100 coins, about 98% are in red, with an average decrease in percentage from 13%. Biggest losers are Augur -15%, Mixin -16%, Mithil -22%, Kin -22%, Salt – 15%. Out of those who are in green, Wax is the biggest gainer, increasing by 4%.

News

Top stories that came out in the last 24 hours are mostly positive in sentiment. There are many established companies mentioned starting to adopt blockchain technology, or starting their own blockchain projects. Here are some of the significant headlines:

IBM Partners With Veridium Labs To Let Companies Track Carbon Footprint Via Blockchain

IBM announced a partnership with Veridium Labs to tokenize carbon credits that will allow companies to track their carbon footprint with blockchain today, May 15, in a press release shared with Cointelegraph.

FedEx CEO: Blockchain Is The ‘Next Frontier’ For Global Supply Chains

Delivery services multinational FedEx said it is “quite confident” blockchain has “big, big implications” for supply chains in a speech May 14, as it continues engagement with the technology.

Coinbase Targets ‘$10 Bln’ Institutional Investor Market With New Suite Of Products

The four products – Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime – all focus on alleviating major concerns that have allegedly caused institutional investors to hold back from entering the cryptocurrency space so far, such as security and regulatory compliance.

World’s Fifth Largest Bank To Trial Own Cryptocurrency In 2019

The banking unit of Japan’s Mitsubishi UFJ Financial Group (MUFG) plans to trial its own cryptocurrency as early as 2019, Cointelegraph Japan reports today, May 15.

Two Ex-JPMorgan Blockchain Leaders Reveal New Decentralized App Store Startup

The Two former leads of JPMorgan’s blockchain program unveiled a new startup, a decentralized app (DApp) store, Fortune reported yesterday, May 14.

Amazon And ConsenSys’ Startup To Offer Simplified Blockchain Platforms

Amazon Web Services (AWS), the tech giant’s cloud computing arm, is partnering with ConsenSys’ blockchain startup Kaleido to offer simplified blockchain cloud platforms for its clients, CNBC reports today, May 15.

HTC Reveals Plans To Launch Blockchain-Powered Smartphone

Consumer electronics corporation HTC has unveiled “the first native blockchain phone”, HTC Exodus, which will launch with support for multiple blockchains, including Bitcoin (BTC) and Ethereum (ETH) networks, PCMag reported May 15. HTC Vive creator Phil Chen announced the forthcoming project at the Consensus conference in New York City today.

Belarus Considers Digital Economy a Top Priority, Develops Resolution For OSCE Meeting

Belarus considers the digitization of the economy a top priority and is developing a resolution promoting digital economy for a session of the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE PA), local news BelTA reports May 15.

Analysis

BTC/USD

From yesterday’s open at $8683, the price of Bitcoin has decreased by 5.73% coming to $8191 where it is now sitting.

On the daily chart, we can see that the price has fallen below 0.382 Fibonacci retracement level and is now sitting at the level of the opening candle on the 12th of May where it temporarily found support.

Looking at the hourly chart, we are seeing that the price broke out of the upward channel support line, and is heading towards the 0.236 Fibo level.

Market sentiment

Bitcoin is still in the sell zone.

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

Pivot points

ETH/USD

From yesterday’s open at $726, the price of Ethereum has decreased by 5.26%, coming to $688 where it is now.

Looking at the daily chart, we can see that the price has fallen to the levels on the opening candle on the 13th of May. 50 day and 100 day EMA are getting closer, and if 50 EMA goes across the 100 day from above, we will get a buy signal. However, I doubt that is going to happen, as the down move is only getting larger.

As you can see from the hourly chart, hourly EMA’s are crossing in a bearish manner, meaning 50 hour EMA is crossing 100 EMA from above. The price has broken out of the upward channel and has bounced off of the prior downward channel resistance line.

Market sentiment

Ethereum’s hourly chart technicals signal a strong sell.

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

Pivot points

XRP/USD

From yesterday’s high at $0.741 which is on the 0.382 Fibo level, the price of Ripple has decreased by 8.92%, coming to $0.674 where it is now sitting.

On the daily chart, things haven’t changed much. The price action is still between 0.236 and 0.382 Fibonacci retracement levels, below 50 day and 100 day EMA’s.

On the hourly chart, we are seeing a breakout from the upward channel from the downside, like in the case of Bitcoin and Ethereum, which shows a strong correlation in the market. The price found temporary support at the levels of the channels starting point.

Market sentiment

Ripple is in the sell zone with hourly technicals signalling a strong sell.

Oscillators are signalling a sell while moving averages a strong one.

Pivot points:

Conclusion

Daily Crypto Market Update: While we have seen a bullish move in a form of upward channels yesterday, today we are seeing a breach from the downside. From this, I conclude that the correction to the downside is continuing and we are in for new lows.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

Basic Attention Token Remains Bullish

Post author By Forex Academy
Post date 15 May, 2018
No Comments on Basic Attention Token Remains Bullish

Basic Attention Token (BAT)

Market Cap: $377.29M

Circulating Supply: 1B BAT

Max Supply: 0 BAT

Volume (24h) $5.03M

BAT/USD plunged in the last hours and could invalidate a further increase. However, I want to show you a great buying opportunity only if this will be a false breakdown below the lower median line (LML) of the ascending pitchfork.

The rate has it into a corrective phase on the short term after the impressive upside movement. Price has found a strong demand right above an important support area. Right now you should stay away because this could be only a temporary rebound and the rate could drop and could take out the support area.

Basic Attention Token Price Prediction

BAT/USD has made a false breakdown below the 50% and below the 61.8% retracement levels. It has increased and has closed above the 38.2% retracement level and above the lower median line (LML) of the ascending pitchfork. A false breakdown below the LML followed by a retest will signal a further increase in the short term.

However, you should know that the rate could take out the support from the outside sliding line (SL) if it will close on it, and will invalidate a further increase.

Conclusion

The perspective will remain bullish as long as the rate stays above the SL of the ascending pitchfork. We may have a buying opportunity only if the rate will stabilise above the 38.2% retracement level and above the LML. The first major upside target will remain at the median line (ML).

Tags BAT/USD, crypto analysis, Crypto Pick, Crytocurrencies, Trade Idea

Crypto Market Analysis

Internet Of People – Another Leg Higher?

Post author By Forex Academy
Post date 15 May, 2018
No Comments on Internet Of People – Another Leg Higher?

Internet of People (IOP)

Market Cap: $6.36M

Circulating Supply: 3.53M IOP

Max Supply: 21M IOP

Volume ($199.96K)

1 IOP=$1.81209

Internet Of People Price Prediction: IOP/BTC seems undecided right now and maybe you should be very careful because it could start an aggressive move very soon. The direction remains to be seen, that’s why you should keep an eye on this only to see a confirmation.

Price is somehow expected to increase in the upcoming period after the breakout above the downtrend line and above a very important dynamic resistance. Personally, I would like to see a minor consolidation here before I will make a decision.

The pair is located right above a major support area and above the lower median line (LML) of the red ascending pitchfork, that’s why it should climb higher as long as it will stay within the ascending pitchfork’s body.

The false breakdown below the lower median line (LML) could attract more buyers, which will drive the rate towards fresh new highs. You can see that the rate has failed to retest the broken downtrend line, signalling that the bulls can take the lead again.

It has also failed to reach and retest the 0.00016832 static support, that’s why we could think of another bullish movement. The next upside target will be at the second warning line (wl2) of the descending pitchfork, it could also be attracted by the 50% Fibonacci line and by the median line (ML).

Conclusion

We may have a great buying opportunity after a retest of the LML or after a failure to retest this dynamic support. You can place your Stop Loss somewhere below the LML and below the 0.00016832 static support.

Tags crypto analysis, Crypto Trading, IOP/BTC, Pitchfork, Trade Idea

Crypto Market Analysis

Daily Crypto Update 15.05.2018 – Indecisiveness

Post author By Forex Academy
Post date 15 May, 2018
No Comments on Daily Crypto Update 15.05.2018 – Indecisiveness

General Overview

Market Cap: $406,983,271,081

24h Vol: $22,745,382,371

BTC Dominance: 36.6%

Since yesterday’s low at $386,345,000,000, the Cryptocurrency Market Capitalisation has been increasing rapidly and has reached $413B, from which it has retraced a bit to $407B, where it is now sitting.

As you would presume, the market is in green, with small exceptions on those cryptos that experienced a rise in price while everything was decreasing. Biggest gainers among top 100 are Zcash (44%), Salt (17%), Enigma (16%), and average increase is from 5-12% among the top 100.

News

Top stories that came out in the last 24 hours are extremely positive. These are some of the significant headlines:

HSBC Completes ‘World’s First’ Blockchain Trade Finance Deal, Ships Soybeans

UK-based banking giant HSBC has reportedly completed the world’s first ever trade finance transaction powered by blockchain, the Financial Times (FT) reported today, May 14.

New York City Wants To ‘Lead The Way In Blockchain’, Unveils Industry Initiatives

The President and CEO of the New York City Economic Development Corporation (NYCEDC) announced blockchain-related initiatives for the city today, May 14. The initiatives include the launch of the NYC Blockchain Resource Center and a public competition for blockchain apps to improve the public sector.

Forex Platform Serving Goldman Sachs and Morgan Stanley Adds Crypto Trading

Software developer Kx Systems has launched cryptocurrency trading on its white label forex (FX) trading platform Kx for Flow, the company reported in a blog post May 14. Starting today, Kx for Flow customers are able to conduct spot trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

CFO of Australia’s Commonwealth Bank Quits Role To Join EOS Token Developer Block.One

Rob Jesudason, the Chief Financial Officer (CFO) of Australia’s Commonwealth Bank (CBA), has left the bank to join a blockchain company, the Sydney Morning Herald reports May 14. Jesudason resigned with immediate effect in order to become the group president and chief operating officer of blockchain software firm Block.one.

CME Group Launches Ethereum Price Indexes In Partnership With Ethereum Futures Exchange

The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities, a UK-based digital asset exchange specializing in crypto futures, have launched the CME CF Ether-Dollar Reference Rate and Real Time Index, according to an announcement May 14. The indexes will provide users access to a real-time Ether (ETH) price in US dollars.

US: Seminole County Florida To Accept Crypto For Tax Payment

The Seminole County, Florida, tax collector Joel M. Greenberg announced May 14 that the county will begin accepting cryptocurrency for payment for various services this summer in order to eliminate heavy fees and improve payment accuracy and efficiency.

‘Global Blockchain Leader’ At Deloitte Resigns To Join Blockchain-Based Startup

Eric Piscini, former Global Blockchain Leader and Partner at one of the “Big Four” consulting firms, Deloitte, has left the company, Forbes reports May 14. Piscini, who helped build a $50 mln global blockchain practice, is joining the startup Citizens Reserve to move supply chain networks to a blockchain.

Taiwan: Taipei Bank Launches First Blockchain Payment System In The Country

Privately-held Taipei Fubon Commercial Bank has reportedly become the first bank in Taiwan to deploy a blockchain-based payment system, local media Taipei Times reports May 14. The bank announced that it deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a blockchain-based payment network in March 2017 when it signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

First Crypto Exchange Using Nasdaq’s Tech Announces Launch, Excluding US Customers

The first cryptocurrency exchange to use US stock market giant Nasdaq’s technology revealed it plans to launch next month in an exclusive with Finance Magnates Monday, May 14. Nasdaq, the second largest stock exchange in world by market capitalization after the New York Stock Exchange (NYSE), is providing the technology to power the new centralized crypto exchange, DX, according to the project’s CEO Daniel Skowronski. Skowronski called the upcoming exchange a “one-stop-shop” for “exchanging fiat and crypto, holding coins and as well as wallet services.”

Source: cointelegraph.com

Analysis

BTC/USD

Since yesterdays low at $8362, the price of Bitcoin has increased to $8726, which is a 4.28% increase.

Looking at the daily chart, we can see that the price is currently below the 50-day EMA with which it interacted with and bounced back, leaving a wick from the upside. Yesterday’s candle closed as a Doji with a higher wick from the downside which indicates buying pressure.

Zooming into the hourly chart, we can see that the price is currently in an upward channel that intersects the downward one. The price has broken the upper resistance line of the downward channel and retested it for support.

Market sentiment

Hourly chart technicals are on neutral.

Oscillators and moving averages are both on neutral.

Pivot points

ETH/USD

From yesterday’s low at $695, the price of Ethereum increased by 4.71%, going to $728.

On the daily chart, we can see that the price interacted with its 0.618 Fibonacci retracement level yesterday, and has retraced since closing as a shooting star. Today’s candle is currently a doji which means indecision.

As in the case of Bitcoin, the price of Ethereum is in an upward channel on the hourly chart and is currently interacting with the support line.

Market sentiment

Hourly chart technical signal buy.

Oscillators are on neutral, and moving averages are signaling a buy in a 6:8 ratio.

Pivot points

XRP/USD

From yesterday’s low at $0.692, the price of Ripple has increased by 5.56% and is currently sitting at $0.73.

Looking at the daily chart, we can see that the price of Ripple interacted with its support at $0.7 and quickly bounced back, closing on a Doji yesterday. Since then the price is slightly up, as indicated by today’s green candle, but it hasn’t exceeded the 0.382 Fibonacci retracement level which serves as resistance.

Zooming into an hourly chart, we can see the interaction with the 0.382 Fibo level. The price is above 50 and 100 hourly EMA’s which look like they are about to cross in a bullish manner. The price action is currently forming an ascending triangle, which usually means that the price will drop the same hight as the triangle, which would be somewhere around $0.692 in this case.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on sell, and moving averages on neutral in a 7:1:7 ratio.

Pivot points

Conclusion

The corrective move is definitely over, but it may be only the first one, and we are seeing a retracement to the upside before more downfall. I am still bearish until I get a confirmation. And the confirmation would be if we see the evaluation of the cryptocurrency market cap above $470B levels, which would be a higher high than on the March 5. on which this downfall to $250B levels started. There is a lot of indecisiveness in the price action and a lot of uncertainty at the moment.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

INCNT/BTC – Can We Buy It?

Post author By Forex Academy
Post date 14 May, 2018
No Comments on INCNT/BTC – Can We Buy It?

Incent (INCNT)

Market Cap: $15.13M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h) $45.70K

Price is trading in the red right now and is about to reach a very strong dynamic support again. INCNT/BTC erased yesterday’s impressive gains signalling that it continues to remain under massive selling pressure.

The outlook remains bullish on the Daily chart despite the current drop. INCNT/BTC could still increase if the rate will be rejected by the near term dynamic support. The uptrend is still unharmed, that’s why I’ve said that it could increase.

The next few days will be crucial because a breakdown will attract more sellers. A false breakdown or a rejecting from the uptrend line will send the rate towards the inside sliding line (SL) of the descending pitchfork. It could take this out if it will close on it.

Only a valid breakout above the sliding line (SL) will announce an important upside movement. Personally, I believe that a breakout above the sliding line (SL) will send the rate much above the UML. So, the bias will remain bullish as long as the rate stays above the uptrend line.

INCNT/BTC failed to retest the 50% Fibonacci line (descending dotted line) signalling that this could be only a temporary drop.

Incent Price Chart (INCNT/BTC)Conclusion

It will increase further if it will stay above the uptrend line. A valid breakout from the descending pitchfork will bring us a great chance to go long on it with an upside target at the WL1.

Tags Crypto Pick, Crypto Trading, Crytocurrencies, INCNT/BTC, Trade Setup

Crypto Market Analysis

Daily Crypto Update 14.05.2018 – Is The Correction Over?

Post author By Forex Academy
Post date 14 May, 2018
No Comments on Daily Crypto Update 14.05.2018 – Is The Correction Over?

General overview

Daily Crypto Update:

Market Cap: $394,117,066,327

24h Vol: $22,301,856,601

BTC Dominance: 36.6%

Yesterday’s cryptocurrency market cap started to rise up steadily

General overview

Daily Crypto Update:

Market Cap: $394,117,066,327

24h Vol: $22,301,856,601

BTC Dominance: 36.6%

Yesterday’s cryptocurrency market cap started to rise up steadily

General overview

Daily Crypto Update:

Market Cap: $394,117,066,327

24h Vol: $22,301,856,601

BTC Dominance: 36.6%

Yesterday’s cryptocurrency market cap started to rise up steadily from $385,301,000,000 to $410,338,000,000 which was the highest point this morning, after which the evaluation steeply declined to $386,345,000,000.

The market is currently in a mixture of green and red with a mean of 2% change.

News

There isn’t any significant news that came out during the weekend, but they are all positive in sentiment. These are some of the most significant headlines:

S. Korean Media: Electronics Giant LG Launches Own Blockchain Service ‘Monachain’

LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13.

Source: cointelegraph.com

South Korea’s Top Financial Watchdog Joins Probe Into Cryptocurrency Exchanges

South Korea’s top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13.

Source: cointelegraph.com

Chris Matta Walked Away from Goldman Sachs Position to Venture Into Cryptocurrency

The cryptocurrency industry attracts talent from all strides of life. Anyone with financial expertise may have a slight advantage to find a job in this booming sector.

Source: newsbtc.com

Another Wall Street Trader Moves to a Cryptocurrency Exchange, Talents Migrate

Wall Street is losing a lot of talented individuals in rather quick succession. Steve Hunt is the latest individual to join this growing list. He is the former CTO of Jump Trading and has been acquired by Kraken, the popular cryptocurrency exchange. It is not the first time talent is poached from Wall Street, nor will it be the last.

Source: newsbtc.com

Commonwealth Bank CFO Leaves Financial Sector in Favour of EOS

The financial sector is slowly becoming a career stepping stone rather than a final destination. A lot of people working in this industry eventually move on to completely different things. This has become especially apparent when it comes to the cryptocurrency industry. The CFO of Commonwealth Bank is now the COO and Group President of the EOS project.

Source: newsbtc.com

Analysis

BTC/USD

From yesterdays opening at $8410, the price of Bitcoin went to $8743 but is now back at the same levels as the opening, decreasing by 0.53% overall.

Looking at the daily chart, we can see that the price is below 0.382 Fibonacci retracement level, and the 50 day EMA.

Zooming into an hourly chart, we can see that the price of Bitcoin is in a downward channel and that the run-up to the $8743 level was stopped because of the channel’s resistance. The price is currently struggling, as indicated by the wicks, to find support below the Fibo level and the channel’s support line.

Market Sentiment

Hourly chart technicals signal a sell.

Oscillators are indicating neutral while moving averages a strong sell.

Pivot points

ETH/USD

From the yesterday’s opening price, Ethereum has increased by 4.29%, from $674 to $702 where it is now.

On the daily chart, we can see that the price is above the 0.5 Fibo level and the 50, 100 EMA’s which is a bullish sign. What is also significant is that yesterdays candle’s close is above the opening of the candle on 11th of May.

On the hourly chart, the price is sitting on the 50 hours EMA and the wick from the downside indicate buying pressure.

Market sentiment

Ethereums is however still in a sell zone, as hourly chart technicals signal a sell.

Oscillators indicate a buy, and moving averages a strong sell.

Pivot points:

XRP/USD

In the last 24 hours, the price of Ripple has increased by 5.20% coming from $0.675 to $0.711 where it is now sitting.

The daily chart shows us that the price is sitting above the $0.7 support line, but above the 0.382 Fibonacci level and the EMA’s.

The hourly chart paints a clearer picture. The price broke out of the downward channel with a strong momentum from the downside, went back into the channel only to break out off it again, and is now back up for a retest.

Market sentiment

Ripple hourly technicals signal a sell.

Oscillators a buy, and moving averages a sell.

Pivot points:

Conclusion

Daily Crypto Update: After the initial sell-off, we are seeing the first major stop and a move to the upside from which the prices retraced back slightly. It is uncertain if the correction is over, so we will need to monitor what happens closely at these levels, on which are the prices of the three major cryptocurrencies, but it definitely looks like the first support has been found. Can that support hold the momentum to the downside, we would just have to wait and see.

Tags bitcoin, Crypto, Daily, Ethereum, Ripple

Crypto Market Analysis

Binance Coin On The Move

Binance Coin (BNB)

Market Cap: $1.48

Circulating Supply: 114.04M BNB

Max Supply 0 BNB

Volume (24h) $61.33M

Binance Coin Price Analysis: BNB/USD dropped and resumed yesterday’s bearish candle. It should drop further if the rate will close below the broken dynamic support levels. The price may resume the bearish movement without a retest of the broken downside obstacles.

You can see (https://www.forex.academy/binance-coin-could-we-sell-this/) where I’ve signalled a bearish movement since May 3, 2018. BNB/USD has managed to break below the warning line (WL1) of the ascending pitchfork, but more importantly, it was the failure to retest the broken line. It has retested only the inside sliding parallel line (SL), but it has closed a lot below it, signalling a bearish pressure.

The rate should drop at least until the downside of 50% Fibonacci line, as long as it will stay below the median line (ML). We have an important downside target at the lower median line (LML) of the descending pitchfork. It will approach and reach the second target only if the crypto market will resume the down move.

BNB/USD could try to test and retest the broken levels before it will drop towards the mentioned targets. A further drop will be invalidated only by a valid breakout above the sliding line (SL). Personally, I believe that it could take out the resistance from the SL if we will close on it.

Conclusion

If you want to go short, you should place a Stop Loss right above the 15.1822017 former high. Tomorrow will be crucial because an aggressive rally could invalidate this trade setup.

Tags Binance Coin, BNB/USD, crypto analysis, Crypto Pick, Crypto Trading, crypto update

Crypto Market Analysis

Zcash – Sell A Retest

Zcash (ZEC)

Market Cap: $947.69

Circulating Supply: 3.89M ZEC

Max Supply: 0 ZEC

Volume (24h) $60.13M

ZEC/USD dropped significantly in the last days as expected. The current drop is somehow natural after the false breakout above the downtrend line and after the failure to approach and reach the 50% Fibonacci line again.

The cryptocurrencies are into a down move again after the short-term rebound. Please read my analysis on this crypto (Zcash breakout still in cards) and you’ll notice that I’ve said that the rate will maintain a bullish perspective only if it will stay within the ascending pitchfork’s body, and if it will make a valid breakout from the chart pattern.

The false breakout above the downtrend line has invalidated a further increase and has signalled a reversal on the short term. ZEC/USD is pressuring the lower median line (LML) of the ascending pitchfork. The breakdown needs confirmation, so only a retest of the broken dynamic support will confirm a further drop.

The price could make a sharp drop from now, but it should turn back towards the LML to retest it. A great selling opportunity will appear after a retest of the LML and maybe after a false breakout above the LML followed by a significant drop.

ZEC/USD is expected to drop further if the other major cryptocurrencies will resume the bearish movement.

Conclusion

ZEC/USD is under massive selling pressure and could reach fresh new lows without a retest of the broken LML. You’ll have a great selling opportunity if the rate will come back to retest the broken dynamic because you could place your Stop Loss above a lower high. The next downside target will be at the 173.02 and at the 150% Fibonacci line.

Tags crypto analysis, Crypto Pick, Crypto Trading, Zcash, ZEC/USD

Crypto Market Analysis

Correction Almost Over

General overview

Market Cap: $397,806,215,035

24h Vol: $27,157,849,685

BTC Dominance: 37.7%

Daily Cryptocurrency Update: In the last 24 hours, cryptocurrency market cap fell from 440B to 389B with a steep fall.

Among the top 100 coins, the average price drop is around 14%.

News

The top stories that came out in the last 24 hours are mostly positive with the dominant topic being an adoption of the blockchain technology.

These are some of the significant headlines (Green positive, Brown negative):

Ethereum ‘Stakeholders’ Meet To Discuss Governance, Without Vitalik Buterin’s Involvement
Bank Of America CTO Calls Bitcoin ‘Troubling’, Reconfirms Credit Card Purchase Ban
Iran Sanctions: Citizens Use Crypto To Move $2.5 Bln Out Of Country
Robinhood App Raises $363 Mln To Expand Its Zero-Fee Crypto Trading Platform US-Wide
De Beers Tracks Diamonds With Blockchain For The First Time
Dutch Ministry Develops National Blockchain Research Agenda
Kodak Announces Token Offering Goal For Blockchain Image Protection Platform
Ripple Cross-Border Payments Pilot: Financial Institutions Report Significant Time, Cost Savings
Huawei Releases Bitcoin Wallet In App Store, Pre-Installed On All New Smartphones
Nvidia Reports First Quarter Crypto Sales, Expects Two-Thirds Drop In the Second Quarter

Analysis

BTC/USD

From yesterdays opening, the price of Bitcoin has fallen by 6.27% – from $9329 to $8751 where it is now.

Looking at the daily chart we can see that the price has fallen below 0.5 Fibonacci level and the 50 days EMA.

Zooming into an hourly chart we can see that the price is looking for support, and has found one at 0.786 Fibonacci extension level.

Market Sentiment

The overall market sentiment for the BTC is in the SELL zone.
Oscillators are in a neutral zone while Moving averages show a STRONG SELL.

Pivot points:

S3   8356.5
S2   8747.4
S1   8882.7

P    9138.3

R1   9273.6
R2   9529.2
R3   9920.1

ETH/USD

In the last 24 hours, the price of Ethereum has decreased by 11% from yesterday’s high at $766 to $682 where is now sitting.

As you can see from the daily chart the price is in a downward trajectory, heading down toward 0.5 Fibonacci retracement level, trying to find support.

On its hourly chart, we can see that, after yesterday’s breakout from the triangle from the upside, the price failed to exceed the $840 level and create new highs, and has dropped significantly, which made the EMA’s cross.

Market Sentiment

The overall market sentiment for the ETH is in the SELL zone.
Oscillators are in a neutral, although leaning to the sell zone, while Moving averages show a STRONG SELL.

Pivot points:

S3    645.29
S2    691.64
S1    707.51

P     737.99

R1    753.86
R2    784.34
R3    830.69

XRP/USD

From yesterday’s high, the price of Ripple has fallen by 18%, from $0.81 to $0.667 where it is now.

On the daily chart, we can see that the price fell below 0.382 Fibonacci retracement level, and the support line 2, and is in a downward trajectory heading toward 0.236 level.

On the hourly chart, we can see that the price broke out off the descending channel with strong momentum.

Market Sentiment

The overall market sentiment for the XRP is in the SELL zone.
Oscillators are in a sell zone as well, while Moving averages show a STRONG SELL.

Pivot points:

S3   0.64964
S2   0.70799
S1   0.72798

P    0.76634

R1   0.78633
R2   0.82469
R3   0.88304

Conclusion

Daily Cryptocurrency Update: We are seeing the final stages of the correction, but more downside is expected, especially having in mind that the weekend is coming. The prices of the three major cryptocurrencies are looking for support at new lows. For a clearer picture of what’s coming next, make sure to check the weekly update, in which I provide a forecast for the upcoming week.

Tags bitcoin, Crypto, Ethereum, Ripple

Crypto Market Analysis

OmiseGO Bullish Scenario

OmiseGO (OMG)

Market Cap: $1.65B

Circulating Supply: 102.04M OMG

Max Supply: 0 OMG

Volume (24h) $44.06M

OMG/USD is trading in the red on the Daily chart and could resume the corrective phase in the short term. I want to show you a bullish opportunity if the near-term support levels will hold and if it will reject the price.

The crypto is under massive selling pressure on the short term, but a false breakdown below the near-term support levels followed by an important rally will signal that it could increase at least till the 20.0000 psychological level.

The rate dropped after the failure to reach the median line (ml) of the ascending pitchfork and after its failure to stabilize above the 50% Fibonacci line of the ascending pitchfork. OMG/USD is pressuring the 38.2% retracement level and could pressure the lower median line (lml) as well very soon.

Personally, I believe that the OmiseGO perspective remains bullish on the short term as long as the rate will stay within the ascending pitchfork’s body. You should know that a valid breakdown below the lower median line will attract more sellers which will send the rate much lower.

It will be very important for the price to make only a false breakdown below the lower median line (lml) and to get back within the ascending pitchfork’s body and above the 38.2% retracement level.

Conclusion

You should stay away for now and wait for a confirmation that the price will increase again after the corrective phase. We’ll have a great buying opportunity if the rate will stay above the lower median line (lml) and only if it will make a valid breakout above the 150% Fibonacci line (descending dotted line).

Tags crypto analysis, Crypto Pick, Crypto Trading, OmiseGO

Crypto Market Analysis

XMR/BTC Hovers Above Critical Support

Post author By Forex Academy
Post date 10 May, 2018
No Comments on XMR/BTC Hovers Above Critical Support

XMR/BTC has developed a Head and Shoulders pattern, but we still need the confirmation. What are the perspectives now? Can we sell this crypto pair?

Monero (XMR)

Market Cap: $3.70B

Circulating Supply: 16.02M XMR

Max Supply: 0 XMR

Volume (24h) $32.97M

XMR/USD = $231.03

The XMR/BTC is trading into a strong support area. The price increased today and is trying to reach the 0.02505000 yesterday’s high. It remains to see what will really happen in the upcoming period because it looks like the rate has developed a Head and Shoulders chart pattern.

The rate moves sideways on the short term, so we’ll have a clear direction only after a valid breakout from this pattern.

XMR/BTC has found a temporary support on the 50% Fibonacci line and on the 0.023 static support. It could increase a little and could try to retest the upper median line (UML) of the descending pitchfork. A valid breakdown below the 0.023 area could validate the Head and Shoulders pattern.

The crypto pair will drop towards the 0.016 if this scenario will take shape. Price could drop as long as it stays below the 150% Fibonacci line.

Personally, I believe that the rate will take out the resistance from the 150% Fibonacci line if it will touch it. We could think of another trading opportunity if the Head and Shoulder pattern will be invalidated and if the rate will make a valid breakout above the 150% Fibonacci line. The price should rally from above the 150% Fibonacci line targeting the 0.03234574 static resistance.

Conclusion

We’ll have a great selling opportunity if the Head and Shoulders is confirmed and as long as it stays far away from the 150% Fibonacci line. However, a valid breakout above the 150% Fibonacci line will send the rate at least up to its former highs.

Tags bitcoin, Crypto Trading, Monero, Trade Setup, XMR/BTC