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

Still moving on a corrective cycle

Post author By Forex Academy
Post date 10 May, 2018
No Comments on Still moving on a corrective cycle

General overview

Market Cap: $436,647,549,448

24h Vol: $21,548,371,124

BTC Dominance: 36.5%

In the last 24 hours cryptocurrency market cap fell from 440,625,000,000$ to 415,985,000,000$ and rose to around 435B where is forming a platoon

News

There’s a lot of positive news that came out regarding adoption and usage of cryptocurrency and blockchain technology in the last 24 hours. These are some of the significant headlines:

Bloomberg: 7% Of Bitcoin Supply Held In Cold Storage Vaults By One Company
NYSE’s Plans For ‘Physical Delivery’ Of Bitcoin Pave Way For Major Crypto Adoption, Analysts Say
Global Telecoms Firms Successfully Test Blockchain System For Inter-Carrier Settlement
First Version of Ethereum’s Casper Update Has Been Released
China’s 2nd Largest Bitcoin Mining Hardware Producer Plans To Launch $1 Bln IPO In Hong Kong
Belarus To Introduce Education, Income Requirements To Invest In ICOs, Crypto
Winklevoss Twins Gain Fifth Patent For Exchange-Traded Products Using Crypto
New Report On Crypto Ownership Shows ‘Majority Of Early Adopters Already On Board’
Bloomberg Partners Novogratz’s Galaxy Digital Capital To Release Crypto Benchmark Index
Chinese Social App WeChat Suspends Third-party Blockchain App
Survey: 30% Of Financial Executives To Commit Resources To Blockchain
US: West Virginia Completes First Blockchain-Supported State Elections

Source: cointelegraph.com

Analysis

BTC/USD

From yesterdays open till now the price of Bitcoin has increased by 2,17% – from 9180$ to 9367 where it is now.

Looking at the daily chart we can see that the price found support at 0.5 Fibonacci level and 100 day EMA, bouncing off of them. The current candle is green and higher than yesterdays which is a bullish sign.

Zooming into an hourly chart, we see that the price is above 0.236 Fibonacci extension level, and above 100 hourly EMA.

Market Sentiment

Hourly chart technicals signal a buy.

Pivot points

ETH/USD

In the last 24 hours the price of Ethereum been going down from 745$ to 715$ and them up to 764$ where it is now sitting, which is an overall increase of 2,17%.

Daily chart looks bullish, as the price found support at 0,618 Fibo level and the yesterday’s candlestick is showing a lot of buying pressure, as indicated by the wicks. It looks like 50 EMA is about to cross the 100 days EMA from above, which would indicate the start of an uptrend.

On an hourly chart, there is a triangle in which the price of Ethereum consolidated in what it looks like to be an ABCDE correction. As you can see the price broke out of it, retraced back for a retest and continued back up, which is a bullish sign. Hourly EMA’s are starting to cross, which would signal a start of an uptrend.

Market Sentiment

Hourly chart signals a buy

Pivot points

S3 639.94
S2 690.35
S1 721.10
P  740.76
R1 771.51
R2 791.17
R3 841.58

XRP/USD

In the last 24 hours, the price of Ripple has been decreasing. It fell from yesterdays open at 0.805$ to 0.762$ and is now at 0.795$.

Looking at the daily chart we can see that the price of Ripple is found some support at the 50 days EMA, but the current doji indicated more potential downside

Zooming into an hourly chart we can see that the price is at the same levels as from the starting point of three consecutive upward channels, struggling to find support indicated by the cluster below 50 hourly EMA.

Market Sentiment

Hourly chart signals a sell, oscillators neutral, moving averages a strong sell.

Pivot points:

Conclusion

Even though we are seeing some upward movement we are still in a cryptocurrency correction. The prices of Bitcoin and Ethereum haven’t exceeded prior highs and in the case of Ripple, it’s just a straight down move. After this quick bounce back, I am expecting a lower low which would be a wave C out of ABC correction.

Tags bitcoin ethereum ripple, crypto update

Crypto Market Analysis

Is This Really The End Of The Crypto Market Rebound?

Post author By Forex Academy
Post date 9 May, 2018
No Comments on Is This Really The End Of The Crypto Market Rebound?

The Crypto Market Rebound: The crypto market has reached an important supply area and now has turned to the downside again. It remains to see how larger the corrective phase will be. Technically, a minor decrease was expected on all cryptocurrencies after the impressive upside movement.

There are all kinds of rumours that said that the crypto market will crash again and will reach fresh new lows. Personally, I still believe that the major cryptocurrencies could resume the upside movement and could reach fresh new highs.

Please take a look at one of my editorials (Is the crypto market sell-off natural?), and you will notice that I have talked about a correction on the cryptocurrencies. The rates need to accumulate more directional energy to be able to resume the upside movement.

All main cryptocurrencies have started an important rebound in the short term, but we still need a confirmation that may increase in the medium to the long-term again. That is why we need a corrective phase followed by an accumulation or maybe an extended sideways movement before we can say for sure that we may have a major upside movement.

I believe that the next major upside movement will be slower because the fundamental factors are very strong. We may have a rough period on the crypto market with all the regulation talks.

You should know that some cryptocurrencies could drop significantly and could die even if the crypto market returns to its bullish condition because not all projects are viable. The cryptocurrencies were driven higher by the bullishness of the overall crypto market, but this could change in the future.

Bitcoin

Bitcoin dropped after another false breakout above the 50% Fibonacci line and after the failure to close above the third warning line. The price will drop much more only if will close and will stabilize below the sliding line (SL1). The rate could move towards the lower median line (LML) and towards the outside sliding line (SL) if the WL3 resistance will hold.

A further increase will be invalidated only by a drop below the outside sliding line (SL). However, we could go long on this crypto after a valid breakout above the WL3 and above the 50% Fibonacci line.

Ethereum

Ethereum has declined after the failure to reach the median line (ML) of the ascending pitchfork. The drop was somehow expected after the impressive breakout above the first warning line (WL1) of the descending pitchfork. The price has come back down to retest the broken WL1 of the descending pitchfork and now could increase again.

We may have another bullish movement as long as the rate stays above the WL1 and the 50% Fibonacci line (ascending dotted line). You should know that we will have a larger upside movement only after a valid breakout above the median line (ML).

Conclusion

You have noticed that the minor retreats were natural in the short term. Right now you don’t have to worry that the crypto market will crash again. Personally, I believe that only the fundamental factors could send the major cryptocurrencies down again. Otherwise, they should push up in the upcoming period.

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

Crypto Market Analysis

Cryptocurrency prices looking for support

Post author By Forex Academy
Post date 9 May, 2018
No Comments on Cryptocurrency prices looking for support

General overview

Market Cap: $420,694,166,630

24h Vol: $23,401,165,415

BTC Dominance: 36.8%

In the last 24 hours, the cryptocurrency market cap has dropped by approximately 10B, from 430B to around 420B.

The valuation is at the same level as it was nine days ago, at the start of the month.

The market is currently in red, with the biggest decrease of around 11% for some cryptocurrencies like Salt, Kyber Network, Ox and Aion. Meanwhile, some cryptos are in the green like Pundi X +25%, Augur +12%, Zilliqua +10.11%.

News

Some of the significant stories that came out yesterday are the following:

Facebook Forms Exploratory Blockchain Team Led By Coinbase Board Member

David Marcus, the head of Facebook’s messaging app Messenger, announced that the social media site is exploring possible applications for blockchain technology, CNBC reported May 8. “I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch,” Marcus shared in a post Tuesday afternoon on his personal page. Marcus has been leading Messenger for almost four years. In December, he joined cryptocurrency exchange Coinbase as a board member. However, Facebook hasn’t revealed how interested it is in applying blockchain.

Source: cointelegraph.com

Ukrainian Securities Regulator To Consider Crypto As Financial Instrument

The Ukrainian National Securities and Stock Market Commission (SSMCS) will consider recognizing cryptocurrencies as a financial instrument, according to an announcement on the 8th of May. The head of the commission, Timur Khromaev, made the announcement in a Facebook post following the annual conference of the International Organization of Securities Commissions (IOSCO) on Crypto and Initial Coin Offerings (ICOs).

Source: cointelegraph.com

Ex-Goldman Sachs President Says Global Cryptocurrency Will Come, But It’s Not Bitcoin

Gary Cohn, former Goldman Sachs President as well as former chief economic advisor to US President Donald Trump, believes that there will a global cryptocurrency in the future, but it will be a coin “more easily understood” than Bitcoin (BTC), CNBC reports May 8.

Source: cointelegraph.com

Analysis

BTCUSD

From yesterday’s opening until now, the price of Bitcoin has decreased by 3.14% – from $9380 to $9081.

On the daily chart, we can see that the price is currently sitting on a 0.5 Fibonacci retracement level, slightly below the 100-day EMA. This is the fourth consecutive red candle on the daily chart, which indicated that bears are in control.

Zooming into an hourly chart, we can see the interaction with the Fibo level. The price has fallen below it four times, after which it quickly bounced back above it, leaving a lot of wicks. This looks like the price is struggling to find support there, but the bears have more power at the moment.

Market Sentiment

Overall, hourly chart signals a strong sell.

Pivot points:

ETH/USD

In the last 24 hours, the price of Ethereum has dropped from $770 to $716, which is a 7% decrease.

Looking at the daily chart, we can see that the price has fallen below the 0.786 Fibonacci level, and is currently looking for support at the prior high of the triangle from which the price broke out, which is around the $710 level. Exponential moving averages are below the price and the 0.618 Fibo level, so the price is likely heading towards them for support.

Zooming into an hourly chart, we can see that the price is ready for another drop.

Market Sentiment

Overall hourly chart signals a strong sell.

Pivot points:

XRP/USD

Since yesterday’s open, the price of Ripple has dropped by 8.68% going from $0.84 to $0.769 where is currently sitting.

Looking at the daily chart, we can see that the price is currently below the 50-day EMA, which didn’t serve as support, so the price is heading towards the 0.786 Fibonacci retracement level, as it is the next significant level which can serve as support.

Zooming into an hourly chart, we can see that the 0.786 Fibonacci level is crossing over my downward channel support line, which would be a perfect point of reference for a short-term target.

Market Sentiment

Overall, hourly chart signals a sell.

Pivot points:

Conclusion

Having three major cryptocurrencies falling below their pivot points, they are now looking for a strong support which can hold back this bear momentum. Even though we can see that this find is almost completed I wouldn’t say this for a correction overall. I am expecting a larger move to the downside in the following days, as buyers were exhausted previously. The only thing that can push prices back up, and past the prior high is some global hype like we have seen in December, so a catalyst is needed.

Tags bitcoin, Crypto, daily update, Ethereum, Ripple

Crypto Market Analysis

WAVES into a Corrective Phase

Post author By Forex Academy
Post date 8 May, 2018
No Comments on WAVES into a Corrective Phase

Waves (WAVES)

Market Cap: $647.89M

Circulating Supply: 100M WAVES

Max Supply: 0 WAVES

Volume (24h) $29.10M

The WAVES drops like a rock on the short term after another false breakout above a very strong dynamic resistance. Price approaches a strong support right now. It remains to see how it will react when it touches and retests the near-term support levels.

It is premature to talk about a larger drop in the short term as long as the rate is located above some crucial support levels. I said in last weeks report that the crypto marker rebound could be only temporary and it could come back down trying to capture more bullish energy.

We have important corrective movements on all major cryptocurrencies. This retreat is natural and it was expected after the impressive rally. I’ve told you in one of my editorials (Is the crypto market sell-off natural?) that the cryptocurrencies have reached important upside targets and could turn to the downside on the short term.

The WAVES/USD dropped sharply in the last days and now is pressuring the 6.28330036 static support. It should reach and retest the lower median line (LML) as well. A further increase on the Daily chart will be invalidated by a valid breakdown below the outside sliding line (SL) of the ascending pitchfork.

Conclusion

We could go long on this after a false breakdown below the mentioned support levels and after a retest. The first upside target will be at the 50% Fibonacci line. Only a valid breakout above the 50% line will signal a further increase towards the median line (ML).

©Forex.Academy

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

Crypto Market Analysis

XLM/BTC Bounce or Break?

Stellar (XLM)

Market Cap. $7.11B

Circulating Supply: 18.57B XLM

Max Supply: 0 XLM

Volume (24h) $55.19M

The XLM/BTC drops significantly after another false breakout above a dynamic resistance. It almost hits a dynamic support. A valid breakdown will confirm a further correction in the short term. Right now it will be better to stay away from this pair because we don’t have a great trading opportunity, but I really hope that we’ll have one very soon.

The XLM/BTC almost reaches the sliding parallel line (SL2) of the ascending pitchfork. A false breakdown below this dynamic downside obstacle followed by an important increase will signal a further increase in the upcoming days

However, a valid breakdown will send the rate to at least the lower median line (LML) of the ascending pitchfork. Support can be found at the 0.00003676 former low. A further increase will be invalidated after a breakdown below the lower median line (LML).

We still have a bullish perspective as long as the rate stays within the ascending pitchfork’s body. It will approach and reach the median line (ML) only if it will make a valid breakout above the sliding line (SL1) of the ascending pitchfork.

Personally, I believe that the rate will take out the support from the lower median line (LML) if will reach it and if will close on it.

Conclusion

I still believe that the crypto pair could increase in the upcoming period if will stay above the SL2. A drop below it will signal a high selling pressure and a larger drop. You could try to buy the retreat if the price will stay above the SL2.

©Forex.Academy

Tags crypto analysis, Crypto Pick, Crypto Trading, Stellar, XLM/BTC

Crypto Market Analysis

Correction Is Still In Play

Post author By Forex Academy
Post date 8 May, 2018
No Comments on Correction Is Still In Play

General overview

Market Cap: $431,399,206,497

24h Vol: $23,904,826,366

BTC Dominance: 36.2%

Daily Crypto Update: Things haven’t changed much in the last 24 hours. The cryptocurrency market cap evaluation has been oscillating between $425,838,000,000 which was the lowest point yesterday and $448,277,000,000 which is the highest point of today.

The Market Cap is currently sitting slightly below 342B.

News

NYT: New York Stock Exchange Owner Wants To Let Customers Buy Bitcoin

The owner of the New York Stock Exchange (NYSE) is mulling over letting customers buy and hold Bitcoin, The New York Times reported late Monday, May 7. The move would be the second Wall Street giant in a week to reportedly open up to crypto.

Source: cointelegraph.com

World’s Second Largest Software Company Oracle To Offer Blockchain Products

Oracle Corp., the world’s second largest software company, is launching blockchain products over the next two months, Bloomberg reports May 7.

Source: cointelegraph.com

Japan Imposes Strict New Standards To Prevent Cryptocurrency Theft

The Japanese Financial Services Agency is to introduce tighter controls for cryptocurrency exchanges in order to prevent a repeat of the $500 million Coincheck hack of January 2018.

Source: ethnews.com

Fed Report: Bitcoin Futures Creation and Fall of Cryptocurrency Was No Coincidence

In the economic letter from the Federal Reserve Bank of San Francisco, published today May 7, the authors conclude that the rapid run-up and subsequent fall in the price of Bitcoin after the introduction of futures is far from a coincidence. Rather, it is consistent with trading behaviour that typically accompanies the introduction of futures markets for an asset — a situation comparable to the securitisation of bonds in the early 2000s.

Source: newsbtc.com

Analysis

BTC/USD

From yesterdays opening, the price of Bitcoin has decreased by 5.34% from $9660 to $9128 where it is now.

Looking at the daily chart we can see that the price has interacted with the 0.5 Fibonacci retracement level, and 100 day EMA which both served as support.

If we zoom into an hourly chart, we can see that the last candle is currently a doji and a green one, which means that a bounce back up is likely, before the price continues a downward trajectory.

Hourly chart signals a sell.

Pivot points

S3 8419.8
S2 8915.0
S1 9142.5
P 9410.2
R1 9637.7
R2 9905.4
R3 10400.6

ETH/USD

From yesterday’s open until now, the price of Ethereum has decreased by 8.28% – from $793 to $729.

Things haven’t changed much on the daily chart. The price is above the 100 and 50-day EMA, the volume shows massive action, and the price is struggling to find support at the 0.786 Fibonacci level.

The hourly chart shows us that the price had fallen below the Fibo level, quickly peaked above it and then went below it again. The 100 and 50-day EMA’s are crossing above which is a bearish sign.

Hourly chart signals a sell, and moving averages a strong one.

Pivot points

S3 519.50
S2 632.30
S1 692.22
P 745.10
R1 805.02
R2 857.90
R3 970.70

XRP/USD

Since yesterday’s open, the price of Ripple decreased by 7% – from $0.862 to $0.804.

Looking at the daily chart, the price is bouncing off the 100-day EMA and is below the 100% Fibonacci level. It is currently looking for support, so maybe we will see the interaction with the 50 day EMA which is slightly below.

Zooming into an hourly chart, we can see that the price is on the same level as at the beginning of these three consecutive channels which tried to break the key resistance at around $0.92. Hourly EMA’s have crossed above which is a bullish sign, but are now apart.

Hourly chart signals a sell and moving averages a strong one.

Pivot points

S3 0.68808
S2 0.75888
S1 0.79255
P 0.82968
R1 0.86335
R2 0.90048
R3 0.97128

Conclusion

Daily Crypto Update: This correction we are seeing is just the beginning, so what I am expecting in the following days is another up move to create a lower high and then another drop to the downside to create a lower low. This conclusion is drawn from the prices of three major cryptocurrencies failing to create higher highs, and are now back on the previous support, looking for a strong one, which is not there at the moment. Moving averages are also indicating a bear trend.

Tags bitcoin ethereum ripple

Crypto Market Analysis

SYS/BTC is this a temporary drop?

Post author By Forex Academy
Post date 8 May, 2018
No Comments on SYS/BTC is this a temporary drop?

Syscoin (SYS)

Market Cap: $265.04M

Circulating Supply: 533.32M SYS

Max Supply: 888M SYS

Volume (24h) $3.45M

The SYS/BTC dropped aggressively in the last days and has reached an important support level. The bearish momentum was paused for the moment and is premature to talk about a significant rebound at this moment. Right now will be better to stay away because we don’t have a clear direction, but I really hope that we’ll have a great trading opportunity very soon.

The SYS/BTC has made two false breakouts above the upper median line (UML) of the descending pitchfork. The current drop is natural but remains to see how long this could be. We may have a perfect buying opportunity from above the upper median line (UML) of the descending pitchfork.

So, a rebound from here and a valid breakout from the descending pitchfork’s body will signal a further increase in the upcoming period. You can see that the 150% Fibonacci line represents a very strong dynamic support and could stop the retreat.

A drop below the 150% Fibonacci line will signal a further drop, and it could slip much below the 50% Fibonacci line as well, and it could be attracted by the median line (ML) again.

Price moves in range on the daily chart, that’s why only a valid breakout from the descending pitchfork’s body will signal a further increase and a breakout from the extended sideways movement.

Conclusion

The Syscoin dropped significantly after the false breakouts above the UML. Technically, it was somehow expected to climb much higher after the several failures to reach and retest the median line (ML) of the descending pitchfork. We’ll have an important upside target at the lower median line (lml) of the ascending pitchfork.

©Forex.Academy

Tags bitcoin, crypto analysis, Crypto Pick, Crypto Trading, SYS/BTC, Trade Idea, Trade Setup

Crypto Market Analysis

FUN/BTC – buy a valid breakout

Post author By Forex Academy
Post date 7 May, 2018
No Comments on FUN/BTC – buy a valid breakout

FunFair (FUN)

Market Cap: $270.95M

Circulating Supply 4.86B FUN

Max Supply 0 FUN

Volume (24h) $43.88M

The crypto pair increased significantly today and has jumped above a crucial dynamic resistance. It remains to see what will happen because the price failed to stay above this obstacle. You should stay away, for now, to see if this will be a valid breakout.

We may have a great buying opportunity if the FUN/BTC will make a valid breakout above the near term dynamic resistance.

The FUN/BTC has finally managed to make a breakout above the median line (ML) of the major descending pitchfork, but it remains to see if this will be a valid one. Price has tested and retested the uptrend line and now is fighting hard to close and stabilize in the buyer’s territory.

A valid breakout above the median line (ML) will bring us a great buying opportunity with a Stop Loss below the uptrend line.

You should know that a failure to make a valid breakout will signal an overbought and exhaustion in the short term. This situation will send the rate towards the downside 50% Fibonacci line very quickly. The perspective will remain bullish as long as the rate stays above the uptrend line.

Conclusion

You can go long on this crypto pair after a valid breakout and after a minor increase. The Stop Loss should be placed below the uptrend line, while the first upside target will be at the upside 50% Fibonacci. The major upside target will be at the upper median line (UML) of the descending Pitchfork.

©Forex.Academy

Tags crypto analysis, Pitchfork, trade set-up, Trade Setup

Crypto Market Analysis

Correction Is On The Way

General overview

Weekly Crypto Update: At the start of the week, on Monday, April 30. Cryptocurrency market capitalization was around 430B. On the next day, it dropped by 30 billion dollars and has on the rise all the way to 472,272,000,000$ at the highest point on yesterdays open. Since then the evaluation dropped again to 433B where it is now sitting, slightly above the starting point.

Analysis

BTC/USD

From the opening price on Monday, April 30. The price of Bitcoin hasn’t changed much. It is approximately at the same levels, experiencing only a 0.8% decrease from 9396$ to 9322$ where it is now sitting. However, the price experienced new highs, coming to slightly below 10k to 9952$ to be exact on yesterday’s close, but has decreased significantly in the last 24 hours.

Looking at the daily chart we can see that the price broke out of the triangle in which it was consolidating, and went above 0.618 Fibonacci level, retested it for support, but the level didn’t hold. The price is significantly above the 100-day EMA which is a good sign.

Daily chart signals a buy.

Pivot points

S3 7212.3
S2 8384.4
S1 9122.8
P 9556.4
R1 10294.8
R2 10728.4
R3 11900.4

ETH/USD

Since last Monday the price of Ethereum has increased by 5.18% coming from 692$ to 730$ where it is now sitting. Like in the case of Bitcoin the price has increased more, to 837$ on yesterdays close, but dropped significantly in the last 24 hours.

Looking at the daily chart we can see that the price of Ethereum broke out of the triangle on May 3. and went to create higher highs, going slightly above the 2 Fibonacci level, retested it for support, but there was no support there, which made the price go in a downward trajectory.

Daily chart signals a buy, moving averages a strong buy.

Pivot points

S3 353.88
S2 556.46
S1 688.07
P 759.04
R1 890.65
R2 961.62
R3 1164.20

XRP/USD

Starting from last Monday, the price of Ripple has decreased by 4,61% from 0.862$ to 0.818$ where it is now sitting.

The price failed to break the key resistance line at 0.92$ and is currently sitting above 100-day EMA from which it bounced. A lot of sideways movement for Ripple this week, between the key resistance 100% Fibonacci level and the 100 EMA.

Daily chart overall, signals a buy, however, oscillators are on neutral.

Pivot points

S3 0.56663
S2 0.71933
S1 0.81017
P 0.87203
R1 0.96287
R2 1.02473
R3 1.17743

LTC/USD

Litecoin’s price has increased by 4,64% from last week’s opening, coming from 154$ to 161$. The highest point of the week was at 182$ on yesterday’s close and the lowest at 142$ on 1. of May.

As you can see from this daily chart, the price went above the 1,272 Fibonacci level, but it closed below and is currently below 100%, heading toward 100-day EMA, looking for support.

Daily chart signals a buy, overall.

Pivot points

S3 86.403
S2 127.483
S1 153.147
P 168.563
R1 194.227
R2 209.643
R3 250.723

Conclusion

Weekly Crypto Update: After hitting major resistance lines, four of the major cryptocurrencies are experiencing a pullback, like it was predicted in the last week’s forecast.

Those key resistance’s are correlated with the resistance on the global chart as you can see above.

We are currently seeing a correction, after a runup that lasted from April 9.
Check out the substitutionary video for the forecast for the upcoming week.

©Forex.Academy

Tags bitcoin, Ethereum, litecoin, Ripple

Crypto Market Analysis

Pullback Has Begun

General overview

Market Cap: $435,421,093,161

24h Vol: $22,446,339,237

BTC Dominance: 36.5%

In last 24 hours, cryptocurrency market cap has fallen from 471,210,000,000$ to 435,421,000,000$ where is now sitting.

The market is mostly in red, with the average drop in price by 6% for top 100 cryptocurrencies.

News

News that came out in the last 24 hours isn’t responsible for the decrease in market capitalization, as news is mostly positive in nature.

New Head Of South Korean Financial Regulator Notes ‘Positive Aspects’ Of Crypto

The newly appointed governor of South Korea’s Financial Supervisory Service (FSS) said that he sees “some positive aspects” to cryptocurrencies in a press conference today, May 6. The governor also said the FSS will be working on crypto regulatory “issues” in collaboration with other regulators, local news outlet The Korea Times reports.

Source: cointelegraph.com

Azerbaijan’s Taxes Ministry Says Crypto Revenue Is Subject To Taxation

Revenue from crypto-to-fiat transactions will be subject to taxation in Azerbaijan, local news outlet Trend reported Saturday, May 5. Nijat Imanov of the country’s Taxes Ministry outlined the new measures during the second Finance and Investment Forum (FIF 2018) in Baku Saturday.

Source: cointelegraph.com

Japan’s Financial Watchdog Sets Out New Requirements For Crypto Exchanges

Japan’s financial watchdog, the Financial Services Agency (FSA), has laid out yet further regulatory stipulations for domestic crypto exchanges, Cointelegraph Japan reports today, May 6.

Source: cointelegraph.com

“It Never Was a Security”: Ethereum Under The Regulatory Spotlight

The cryptocurrency is subject to a looming enquiry by the US Securities and Exchange Commission (SEC) as well as the Commodity Futures Exchange Commission (CFEC) for its token presale in 2014. According to the Wall Street Journal, regulators are taking a close look at the cryptocurrency and whether it should be classed as a security, as set out in the Securities Act 1933. The major point of concern is the presale of ETH tokens in 2014. In total, 31,000 BTC were raised by the Ethereum Foundation to fund the development of Ethereum – worth around $18.3 mln at the time (and about $300 mln at press time).

Source: cointelegraph.com

Analysis

BTC/USD

From yesterdays opening, the price of Bitcoin has dropped by 6,78% coming from 9960$ to 9286$ where it is now sitting.

Looking at the daily chart we can see that the price went above 0.618 Fibonacci level, retested it for support, but it didn’t hold and is now below it. The price is, however, still above the 100-day EMA.

Zooming into an hourly chart, we can see the momentum behind the drop, and it was the same strength as the prior rise from the triangle pattern.

Hourly chart signals a sell.

Pivot points

S3 8672.2
S2 9182.2
S1 9420.5
P 9692.2
R1 9930.5
R2 10202.2
R3 10712.2

ETH/USD

In the last 24 hours, the price of Ethereum has dropped by 12,66% coming from 838$ to 733$ where it is now sitting.

Looking at the daily chart we can see that as in the case of Bitcoin, Ethereum’s price has reached the upper Fibo level, before being repealed by it, and is now in a downward trajectory.

Zooming into an hourly chart we can see the similarities with Bitcoin – the momentum is equally strong as is was when the price was rising, and because of this, the head and shoulders pattern is being formed, with the head slightly sticking out from above the 2 Fibonacci level.

That’s why hourly chart signals a sell.

Pivot points

S3 629.13
S2 712.33
S1 753.06
P 795.53
R1 836.26
R2 878.73
R3 961.93

XRP/USD

Ripple’s price has dropped by 12,57% coming from 0.926$ to 0.814$ in the last 24 hours.

On the daily chart, we can see that once again the price failed to break the key resistance level at 0.92, and was repealed by it, pushing it down significantly. It is now sitting at the 100 day EMA which serves as support.

Looking at the hourly chart, we can see that the price is at the same levels as it was at the beginning of the three consecutive upward channels, looking for support.

Hourly chart signals a sell.

Pivot points

S3 0.71843
S2 0.79646
S1 0.83029
P 0.87449
R1 0.90832
R2 0.95252
R3 1.03055

Conclusion

As stated in the last daily update on Friday 4. May, the prices have reached the key resistance levels and were likely going the get repealed by them, as the momentum behind the upward move was starting to get exhausted, which could be seen from price action. That was, in fact, the case. After the surge in price, we are experiencing a first serious pullback in the cryptocurrency market.

©Forex.Academy

Tags bitcoin, crypto update, Ethereum, Ripple

Crypto Market Analysis

PIVX/USD – is this an Inverse Head and Shoulders?

Post author By Forex Academy
Post date 4 May, 2018
No Comments on PIVX/USD – is this an Inverse Head and Shoulders?

PIVX (PIVX)

Market Cap. $317.45M

Circulating Supply 56.12M PIVX

Max Supply: 0 PIVX

Volume (24h) $4.65M

PIVX/USD dropped sharply today and failed to make a resumption of the bullish movement. The current drop could invalidate a further increase even if the perspective remains bullish on the short term.

Today’s drop has invalidated the latest day’s gains, but it could be stopped by the near-term support levels. We may have a great buying opportunity only if the rate makes a valid breakout above the near-term resistance levels.

You can see that the rate made another false breakout above the median line (ml) of the minor ascending Pitchfork. Technically, it was expected to climb much higher after the breakout above the first warning line (WL1) of the descending Pitchfork.

It could come back down to test and retest the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork. Only a drop below this dynamic support will send the rate much lower in the short term.

The perspective will remain bullish as long as the rate is trading within the ascending pitchfork’s body. Only a breakdown will signal a further drop in the upcoming weeks and months.

Conclusion

You should buy it only after a valid breakout above the minor red line, above the median line (ml) and above the 6.75144524 static resistance level. The next upside target will be at the upper median line (UML). However, it will increase much more if the Inverse Head and Shoulders will be validated.

©Forex.Academy

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

Crypto Market Analysis

Ardor – Has The Rebound Completed?

Post author By Forex Academy
Post date 4 May, 2018
No Comments on Ardor – Has The Rebound Completed?

Ardor (ARDR)

Market Cap. $430.46M

Circulating Supply: 999M ARDR

Max Supply: 999M ARDR

Volume (24h) $5.40M

The ARDR/USD dropped today and could invalidate a further increase. It remains to be seen what will really happen in the upcoming days because the perspective is still bullish in the short term as long as the rate is trading above some very important support levels.

We may have a great buying opportunity if the rate will decrease a little to retest the near-term support levels.

You can see on the Daily chart that the rate has made another false breakout above the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork signalling that we may have a minor drop. It could come back down to test and retest the lower median line (lml) and the 0.33818380 static support.

We could take a long position from the mentioned levels if the rate stays above them after a retest. However, we could also buy this crypto after a valid breakout above the 50% Fibonacci line. A valid breakout will signal a potential increase above the median line (ml).

The perspective remains bullish as long as the rate stays above the 0.3381 level and the lower median line.

Personally, I was expecting to see an important upside movement after the retest of the lower median line (lml) of the ascending Pitchfork, but the 50% Fibonacci line represents a very strong dynamic resistance.

Conclusion

You can buy the ARDR/USD from above the 50% Fibonacci line after a valid breakout or after a retest of the lower median line (lml) of the ascending pitchfork. We have an important upside target at the 23.6% retracement level and higher at the upper median line (uml).

©Forex.Academy

Tags ARDR/USD, crypto analysis, Crypto Trading, Pitchfork, trade set-up, Trade Setup

Crypto Market Analysis

Interaction with key resistance may trigger a pullback

Post author By Forex Academy
Post date 4 May, 2018
No Comments on Interaction with key resistance may trigger a pullback

General overview

Market Cap: $460,879,175,725

24h Vol: $30,774,553,262

BTC Dominance: 36.1%

At yesterday’s open cryptocurrency market, capitalization was $433,190,000,000, and since then the evaluation has been on a steady rise, coming to $460,879,175,725 where it is now.

As you can see from the global chart, the evaluation is currently resting at these level, forming a plateau.

News

There is no significant news that came out in the last 24 hours, that can affect the market.

Ethiopian Gov’t Signs Agreement With Cardano To Introduce Blockchain In Agritech

The Ethiopian government has recently signed a memorandum of understanding (MOU) with cryptocurrency startup Cardano (ADA), The Next Web reports May 3. The agreement will see Ethiopian developers apply blockchain technology to the country’s agritech industry.

Source: cointelegraph.com

US: Arizona’s Cryptocurrency Tax Bill Sees Rollback On Crypto Acceptance

The Arizona House of Representatives passed Senate Bill 1091, a tax bill that would allow citizens to pay their taxes using cryptocurrencies, according to public records May 2. Following the recent vote however, this initiative has been hampered with amendments.

Source: cointelegraph.com

Analysis

In the last 24 hours, the price of Bitcoin has increased by 5.33% coming from $9212 at the yesterdays opening to $9700 where it is now.

Looking at the daily chart we can see that the price is currently above the 0.618 Fibonacci level, and is now interacting with it, retesting it for support.

Zooming into an hourly chart we can see that the price has broken out of the triangle which it was in until yesterday. We can also closely see the interaction with the Fibonacci level, which is being retested for support.

Hourly chart signals a buy

Pivot points

S3 8170.3
S2 8884.3
S1 9321.7
P 9598.3
R1 10035.7
R2 10312.3
R3 11026.3

ETH/USD

Since the yesterdays open, the price of Ethereum has increased by 16,4% coming from $688 to $802 where it is now.

Looking at the daily chart we can see that the price rose up with a strong momentum from slightly above 1.618 Fibonacci level to 2.0 which serves as resistance.

Zooming into an hourly chart we can see that after a bull flag we saw yesterday the price continue a strong upward trajectory and is now sitting at 2 Fibonacci level.

Hourly chart signals a strong buy.

Pivot points

S3 546.06
S2 649.09
S1 714.24
P 752.12
R1 817.27
R2 855.15
R3 958.18

XRP/USD

In the last 24 hours, the price of Ripple has increased by 5.58%, rising from $0.861 to $0.91 where it is now sitting.

Looking at the daily chart we can see that the price of Ripple didn’t create a higher high from the previous time, and that the price was repealed by this key resistance line at $0.92. The price is above the 100% Fibonacci level and both 100 and 50 day EMA.

Zooming into an hourly chart we can see that the price has broken out of the channel, but the resistance at $0.92 was too strong.

Pivot points

S3 0.75713
S2 0.81425
S1 0.84801
P 0.87137
R1 0.90513
R2 0.92849
R3 0.98561

Conclusion

After the surge in price, we have seen three cryptocurrencies this week that we are covering in this daily report, that are starting to interact with their strong resistance lines. Keeping in mind that the weekend is coming and that this uptrend lasted slightly less than a month (from April 9.), I think those resistance levels are going to trigger a pullback. For the forecast on the upcoming week, make sure to check my weekly crypto update where I provide an overview from the past week and forecast what is likely to happen in the next week. Things are going according to my three-week-old forecast so far, and it’s getting close to completion.

Tags bitcoin, bitcoin ethereum ripple, ethreum

Crypto Market Analysis

SNT/USD – could we have a larger upside movement?

Post author By Forex Academy
Post date 3 May, 2018
No Comments on SNT/USD – could we have a larger upside movement?

Status (SNT)

Market Cap: $588.30M

Circulating Supply: 3.47B SNT

Max Supply: 0 SNT

Volume (24h) $66.63M

The SNT/USD is trading in the green right now but it remains to see how long for, after the last false breakout above a crucial resistance level. Price maintains a bullish perspective in the short term as long as it is trading above the crucial support line.

The crypto price went up and is signalling that the bulls are still present in the game after the last drop. We still have to wait for a confirmation that the rate will increase further.

The SNT/USD has once again failed to make a valid breakout above the downside 50% Fibonacci line of the ascending Pitchfork and now has come back down to retest the 150% Fibonacci line.

The price has made a false breakdown below the 150% Fibonacci line and has closed above it, signalling that we could have further price increases. The rate approaches the 0.18600 previous highs. It will reach it only after a valid breakout above the lower median line (LML).

A larger upside movement will be confirmed by a valid breakout above the downside 50% Fibonacci line (ascending dotted line between the ML and the LML). If this scenario takes shape, then the rate would jump much above the median line (ML) as well, with a target at the upper median line (UML).

Conclusion

If you are long on this crypto, you should keep your position as long as the rate stays above the 150% Fibonacci line. We have an important upside target at the 23.6% retracement level. A valid breakout above this level will really signal a broader upside movement.

©Forex.Academy

Tags crypto analysis, Crypto Pick, Crypto Trading, Median Line, Pitchfork, SNT/USD

Crypto Market Analysis

Stratis Bulls in Control

Stratis (STRAT)

Market Cap. $775.46M

Circulating Supply: 98.84M STRAT

Max Supply: 0 STRAT

Volume (24h) $16.00M

Stratis Coin Price Prediction: STRAT/USD rose up to 8.09944618 today and passed above 7.90072126, yesterday’s highs. The crypto has increased by 30.24% in the last 7-days, signalling that the buyers are very strong. STRAT/USD has managed to climb above a strong dynamic resistance line but it remains to see if this will be a valid breakout.

It is close to reaching a very strong static resistance, that’s why we have to stay away from this crypto for now because only a valid breakout will confirm a further increase towards the 10.00000000 psychological level.

STRAT/USD has closed above the 50% Fibonacci line in yesterday’s trading session signalling that we may have a valid breakout. A valid breakout above the 23.6% retracement level will validate a further increase towards the median line (ml) of the ascending pitchfork and the upper median line (UML) of the descending pitchfork.

Only an aggressive bullish momentum will drive the rate towards the confluence area formed between the median line (ml) with the UML. The confluence area acts as a magnet and attracts the price. The several retests of the lower median line (lml) have signalled an increase at least till the median line (ml). So, we need a valid breakout above the WL1 and above the median line (ml) to be convinced that the rate will move towards the 38.2% retracement level and towards the next upside targets.

Conclusion

The pair will maintain a bullish perspective as long as it is trading within the ascending pitchfork’s body. If you want to go long, you can place a Stop Loss below the 5.49432004 low.

Tags crypto analysis, Crypto Trading, STRAT/USD, Stratis, Trade Setup

Crypto Market Analysis

Could AION shine again?

AION (AION)

Market Cap. $540.93M

Circulating Supply: 133.07M AION

Max Supply: 0 AION

Volume (24h) $13.15M

AION/USD rose and seems determined to climb much higher in the short term after the last minor drop. The failure to retest its dynamic support (resistance has turned into support) it has shown that the bulls are strong in the short term.

However, we still need a confirmation that the rate could increase significantly in the upcoming period. Price is ready to escape from an extended sideways movement so a valid breakout will confirm a further increase.

The AION/USD has finally managed to breakout above the downtrend line. It has come back to test and retest the broken dynamic resistance and now is struggling to climb towards fresh new highs. It seems like we have a valid breakout and the rate should make new highs soon.

AION/USD has jumped above the 3.8274271 static resistance, but we need a valid breakout to be sure that the rate will climb much higher in the upcoming period.

You can see that we had a false breakout above the 3.8274 level and above the 23.6% retracement level on April 24, that’s why the breakout needs confirmation. The failure to approach and test the first warning line (WL1) of the ascending pitchfork has signalled another bullish momentum.

The rate will become strongly bullish only after a valid breakout above the lower median line (LML) of the ascending pitchfork.

Conclusion

You can go long on this crypto if the rate will close above the 23.6% retracement level and you could place your Stop Loss somewhere below the 3.3446578 former low. A breakdown below the WL1 could invalidate a potential upside movement. We have an important upside target at the 38.2% retracement level and higher at the median line (ML).

©Forex.Academy

Tags Crypto Pick, Crypto Trading, Pitchfork, Trade Idea, trade set-up

Crypto Market Analysis

Crypto Picks Review: EOS and VEN

Post author By Forex Academy
Post date 3 May, 2018
No Comments on Crypto Picks Review: EOS and VEN

EOS/USD

Crypto Picks Review: EOS/USD increased significantly after the breakout above the sliding line (SL1) of the minor ascending Pitchfork as expected (EOS Bullish Perspective), (EOS reached a major target, now what?). It has increased as much as 23.0290 level where it has found a very strong resistance.

The price dropped significantly and failed to stay above the second warning line WL2 and above the 250% Fibonacci line. The rate decreased today, signalling a selling pressure after the failure to retest the 250% Fibonacci line. EOS/USD failed to stay above the 18.6850 former high and now could drop further in the short term.

It could increase and approach the previous high only if it makes a valid breakout above the 250% Fibonacci line. The minor drop is natural and was somehow expected after the impressive rally. A valid breakdown below the first warning line (wl1) will confirm a further drop.

VEN/USD

The VEN/USD has increased as expected (VeChain broader increase validated) and has reached an important upside target. The rate is bullish and is targeting other major upside levels.

The next upside targets will be at the first warning line (WL1) of the descending Pitchfork and higher at the first warning line (wl1) of the minor ascending pitchfork. This scenario will happen as long as the rate will stabilize above the broken upper median line (uml) of the minor ascending pitchfork. Only a breakout above the next targets will signal a larger upside movement.

©Forex.Academy

Tags crypto analysis, Crypto Picks review, Crypto Trading, Trade Idea, Trade Setup

Crypto Market Analysis

Cup And Handle Potentially Starting To Breakout

Post author By Forex Academy
Post date 3 May, 2018
No Comments on Cup And Handle Potentially Starting To Breakout

General overview

Market Cap: $437,461,168,275

24h Vol: $25,972,848,078

BTC Dominance: 35.9%

In the last 24 hours the cryptocurrency market capitalization is on a steady rise. The evaluation increased from $421,551,000,000 to $437,461,168,275 where it is now.

Some of the biggest gainers among top 100 are IOTA +12%, Ontology +21%, Golem +40%, Hshare +29%, BitcoinDark 131%. Eos dropped by 4.6%, and the biggest decrease in price was experienced by Mixin with a 9.14% drop.

News

Goldman Sachs to Begin Bitcoin Futures Trading Within Weeks

Investment banking giant Goldman Sachs will use its own money to trade bitcoin futures on behalf of its clients, according to the New York Times.

Source: coindesk.com

South Korea Bill Pushes Legalization of New ICOs after 2017 Ban

A group of lawmakers led by a politician from Korea’s ruling political party is drafting a bill to legalize the launch of new cryptocurrencies and ICOs in the country. According to a report by The Korea Times, Rep. Hong Eui-rak of the Democratic Party of Korea, the political camp in power, is leading the charge – through the parliament – to challenge the government’s ban on initial coin offerings (ICOs) in September 2017.

Source: ccn.com

Bloomberg: Crypto Not Really Comparable To Traditional Asset Classes, Future Uncertain

Bloomberg has detailed the course of cryptocurrency’s volatility, trading activity, and correlation with other assets over a period of 16 months. In an article published Wednesday, May 2, they conclude that crypto’s past performances are no guarantee of future ones.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s opening price until now, the price of Bitcoin increased by 2%, going from $9030 to $9220 where it is now sitting.

Looking at the daily chart, we can see that yesterdays candle closed above the 0.5 level as expected and is above the 100-day EMA. The price went a bit higher than yesterday but failed to move further, which can be seen as a wick.

Zooming into an hourly chart, we can see that Bitcoin’s price is consolidating in this symmetrical triangle. Price is currently repealed by this upper resistance line, and likely will experience a short-term downward movement.

Hourly chart signals a buy.

Pivot points

S3 8538.3
S2 8849.9
S1 9043.2
P 9161.5
R1 9354.8
R2 9473.1
R3 9784.7

ETH/USD

In the last 24 hours, the price of Ethereum has increased by 7.24% going from $670 to $717.

The daily chart looks bullish as the prior highs are exceeded. The price has retraced a bit from today’s opening which can be seen as a wick.

Zooming into an hourly chart, we can see that the price of Ethereums broke out of the triangle and has now created a bull flag from which it’s likely going to continue the upward trajectory.

Hourly chart signals a strong buy.

Pivot points

S3 622.23
S2 651.56
S1 669.78
P 680.89
R1 699.11
R2 710.22
R3 739.55

XRP/USD

From yesterdays opening price until now the price of Ripple has increased by 2.10% from $0.83 to $0.848. The price was repealed by 100% Fibonacci level which serves as resistance.

Zooming into an hourly chart, we can see that the price action formed three consecutive upward channels, the last one being the smallest one. Having seen that the prior channels were broken out of from the downside, this is likely going to happen again, as markets are fractal in nature. However, the last one is within the previous one and the moves are getting smaller so maybe we are going to see a breakout from the upside.

Hourly chart signals a buy, however, it more like neutral if you look closely at the oscillators and moving averages.

Pivot points

S3 0.76225
S2 0.80652
S1 0.83316
P 0.85079
R1 0.87743
R2 0.89506
R3 0.93933

Conclusion

Today, cryptocurrency market cap spiked to $441,836,000,000 which is the highest point since the 6th of March, but has retraced since. The cup and handle formation we see on the global chart is still at play, and if we take the spike into an account, we can conclude that the evaluation is starting to breakout to the upside which means we are in for more green days ahead.

The correlation between three major cryptos is not as strong as on previous days which means that buyers are starting to diversify across the ecosystem.

Tags bitcoin ethereum ripple

Crypto Market Analysis

Binance Coin – could we sell this?

Post author By Forex Academy
Post date 3 May, 2018
No Comments on Binance Coin – could we sell this?

Binance Coin (BNB)

Market Cap. $1.61B

Circulating Supply: 114.04M BNB

Max Supply: 0 BNB

Volume (24h) $78.38M

Binance Coin went down a bit and seems undecided right now because is hovering right above a very strong dynamic support. It remains to be seen what will really happen in the upcoming days because the price seems exhausted and could start a corrective phase. Right now it is premature to talk about a corrective phase because the rate could still recover after a false breakdown.

BNB/USD price increased in the previous weeks but has made another false breakout above the 15.1822017 static resistance signaling a potential drop. We have a bearish divergence on the Daily chart that’s why we could think of a significant drop.

We should wait for a selling opportunity. This could be confirmed by a valid breakdown below the first warning line (WL1) of the ascending Pitchfork. Price has moved away from the lower median line (LML) of the ascending Pitchfork and now has managed to close almost on the WL1.

You can notice that the rate has developed a Rising Wedge pattern, so only a breakdown will confirm a significant corrective phase. You should stay away from this crypto because a false breakdown below the WL1 will send the rate much above the 15.1822017 static resistance. A buying opportunity may arise after a valid breakout above the upside line of the chart pattern.

Conclusion

You can see this crypto after a valid breakdown below the WL1 or after a breakdown from the Rising Wedge pattern.

©Forex.Academy

Tags Binance Coin, Crypto Pick, Crypto Trading, Trade Setup

Crypto Market Analysis

VEN/BTC Further Increase Could Be Confirmed

Post author By Forex Academy
Post date 2 May, 2018
No Comments on VEN/BTC Further Increase Could Be Confirmed

VEN/BTC pair is strongly bullish right now, but only a valid breakout will validate a further increase.

VeChain (VEN)

Market Cap. $2.57B

Circulating Supply:525.78M VEN

Max Supply: 0 VEN

Volume (24h) $120.84M

VEN/USD = $4.8790

VEN/BTC could resume its bullish movement if it really manages to make a valid breakout. Price is trading in the green and resumed the yesterday’s bullish candle. The rate goes up after the breakout from the Falling Wedge pattern. VEN/BTC is trading at 0.00054630 level and seems determined to approach and reach some very important resistance levels soon.

Price increased sharply after the retest of the 50% Fibonacci level and now is trading well above the 38.2% retracement level. The upside movement is natural after it has escaped from the Falling Wedge and retested the 61.8% retracement level.

I’ve drawn a minor black ascending pitchfork to catch the upside movement. The rate has finally managed to make a valid breakout above the 50% Fibonacci line (ascending dotted line) of the minor pitchfork. It should take out the resistance from the median line (ml) as well.

VEN/BTC retested the lower median line (lml) and failed to close below it or on it signaling a significant upside movement.

You should know that a valid breakout above the median line (ml) will confirm a further increase towards the upper median line (uml). Resistance can be found at the 50% Fibonacci line of the minor ascending pitchfork, at the sliding line (SL) of the major ascending Pitchfork and higher, at the 23.6% retracement level.

Conclusion

The VEN/USD should increase further if it makes a valid breakout above the median line (ml). A further increase will be invalidated only by a valid breakdown below the outside sliding line (sl2) of the major ascending pitchfork. Price could approach the 0.00081678 swing high if it makes a valid breakout above the sliding line (SL).

©Forex.Acedemy

Tags Crypto Pick, Crypto Trading, cryptocurrencies, Technical Analysis, Trade Idea, VEN/BTC

Crypto Market Analysis

Bitcoin Gold found a temporary resistance

Post author By Forex Academy
Post date 2 May, 2018
No Comments on Bitcoin Gold found a temporary resistance

Bitcoin Gold (BTG/USD)

Market Cap. $1.26B

Circulating Supply: 16.98M BTG

Max Supply: 21M BTG

Volume (24h) $30.81M

The Bitcoin Gold (BTG/USD) went up a bit today and is trying to make a valid breakout above a critical dynamic resistance. Price has found a temporary resistance in the short term, that’s why it went slightly down. It is trading at 74.900 level and is located above some very important support levels, but we still need a confirmation for a larger rebound.

The BTG/USD has found a bottom right above the 38.000 psychological level after the failure to reach and retest the median line (ML) of the descending Pitchfork. The price has shown some oversold signs after several false breakdowns below the mentioned median line (ML).

The crypto slipped below the lower median line (lml) of the ascending pitchfork but failed to stay there signaling a bullish movement. It has found strong resistance at the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork and now has decreased a little to accumulate more directional energy.

A valid breakout above the upper median line (UML) of the descending Pitchfork will signal an increase at least till the 50% Fibonacci line. Only a valid breakout above this line will confirm an advance towards the median line (ml) and the first warning line (WL1) of the descending pitchfork. A significant increase will be invalidated by a valid breakdown below the lower median line (lml).

Conclusion

Bitcoin Gold (BTG/USD) could double its current value as long as will stay within the ascending pitchfork’s body. A valid breakout above the 50% will signal that the price is strongly bullish.

©Forex.Academy

Tags Bitcoin Gold, crypto analysis, Crypto Pick, Trading setup

Crypto Market Analysis

A Trend Reversal Not In Play?

Post author By Forex Academy
Post date 2 May, 2018
No Comments on A Trend Reversal Not In Play?

General overview

Market Cap: $424,282,841,076

24h Vol: $23,596,667,350

BTC Dominance: 36.5%

After the drop in market capitalization yesterday from 425,520,000,000$ to 404,000,000,000$ it’s been steadily rising. The momentum behind the drop in market capitalization is much stronger than the one behind the rise, which indicates that bears have more power at the moment and we are getting into their territory.

News

IMF Report Says Crypto Does Not ‘Pose Risks’ To Global Finance

Cryptocurrencies “do not appear to pose risks to financial stability,” the International Monetary Fund (IMF) said in a report published the second week of April.

Source: cointelegraph.com

WSJ: ETH Now In A ‘Gray Zone’, But 2014 ICO Was Likely An ‘Illegal Securities Sale’

Ethereum (ETH), the world’s second largest cryptocurrency, is coming under particular scrutiny from U.S. federal regulators, the Wall Street Journal (WSJ) reports today, May 1. According to the WSJ, regulators are debating whether or not to classify it as a security under U.S. law.

Source: cointelegraph.com

South Korean Central Bank: Crypto And Blockchain To Provide Cash-Free Society

South Korea’s central bank, the Bank of Korea (BOK), has recently announced it is considering cryptocurrencies and blockchain applications for its project for a “cashless society,” local news TokenPost reports May 1.

Source: cointelepraph.com

Vitalik Buterin: ‘Sharding Is Coming’

Sharding is coming, wrote Vitalik Buterin in a three-word tweet yesterday that received nearly 2,000 retweets and over 4,000 likes as of press time.

Source: ethnews.com

Analysis

BTC/USD

From yesterday’s opening Bitcoin’s price has increased by 1,25%, from 8975 to 9088 where is now sitting.

The daily chart shows buying pressure indicated in the yesterdays and today’s wick. The price has bounced off 100-day EMA and is now struggling to get above 0.5 Fibonacci level.

Zooming into the hourly chart, we can see the interaction with the 0.5 Fibonacci level, which serves as resistance at the moment, as the 50 and 100-hour EMA also do.

Hourly chart signals a buy.

Pivot points:

S3 8185.8
S2 8615.2
S1 8841.7
P 9044.5
R1 9271.0
R2 9473.8
R3 9903.1

ETH/USD

During the first hour following yesterday’s open, Ethereums price dropped by 5,6%. Since then the price has been on the rise coming from that lowest point at 633$ to 682$ where it is now.

Looking at the daily chart, we can see that yesterday’s candle closed depicting a dragonfly doji, bouncing off the 100-day EMA, and the price, again, went above 1.618 Fibo level. Today it started as a green candle which is a good sign.

Zooming into its hourly chart, we can see the mentioned drop in price, and the quick bounce back to the prior mean.

Hourly chart signals a strong buy.

Pivot point

S3 558.03
S2 608.38
S1 639.70
P 658.73
R1 690.05
R2 709.08
R3 759.43

XRP/USD

As in the case of Ethereum, Ripple’s price has dropped by 5% during the opening hourly candle yesterday, and is on the rise since then, increasing by 8,62%, coming from 0.789$ to 0.8555$ where it is now.

Yesterday’s candle also closed as a dragonfly doji, bouncing off the 100-day EMA.

Zooming into its hourly chart, we can see the similarities with the ETH pattern. The price is currently interacting with 100% Fibonacci level which serves as resistance.

The hourly chart signals a strong buy.

Pivot points

S3 0.69380
S2 0.75671
S1 0.79512
P 0.81962
R1 0.85803
R2 0.88253
R3 0.94544

Conclusion

Considering that the drop in market capitalization wasn’t by that much and that the evaluation is holding ok at these levels for days now, we can conclude that the sideways price action that we see now in the markets means indecision.

Because of this and the fact that yesterdays candles close as dragonfly doji’s on two major cryptocurrencies, I am concluding that trend reversal is not in play. However, strong momentum is needed in order to exceed prior highs, because of the strong resistance at the current levels.

©Forex.Academy

Tags bitcoin ethereum ripple

Crypto Market Analysis

LTC/BTC – could we have another leg higher?

Post author By Forex Academy
Post date 1 May, 2018
No Comments on LTC/BTC – could we have another leg higher?

Litecoin (LTC)

Market Cap $8.23B

Circulating Supply: 56.34M LTC

Max Supply: 84M LTC

Volume (24h) $345.98M

LTC/USD = $144.06

The LTC/BTC moves sideways on the short term signaling an oversold. It seems like that the corrective phase could be completed after the failure to approach and retest a dynamic support. It is trading at 0.016167 level, right above the 0.015669 crucial support level.

It remains to see if this will be an accumulation or a distribution movement. Price is narrowing, but I really hope that we’ll have a fresh trading opportunity soon.

The LTC/BTC could drop a little to test and retest the 0.015669 static support after another failure to close above the median line (ml) of the ascending pitchfork. Price has failed to drop towards the 50% Fibonacci line signaling that the bears could be exhausted. I’ve drawn a sliding parallel line (sl), the rate has failed to approach and retest this level so we could think of another bullish movement.

However, the rate could continue to move sideways in the upcoming days before will decide what will do next. We have a crucial support at the 0.015669, at the sliding line (sl) and at the 50% Fibonacci line of the ascending pitchfork. The rate could bounce back as long as it stays above these downside obstacles.

Personally, I believe that a valid breakout above the median line (ml) of the descending pitchfork it will signal another significant leg higher.

Conclusion

You can go long after a valid breakout above the median line (ml). You can place targets at the median line (ML) and higher at the upper median line (uml). Only a breakout above the second target will confirm an increase above the 0.025004 swing high.

A potential increase will be invalidated by a valid breakdown below the 50% line of the ascending pitchfork and below the sliding line (sl) of the descending pitchfork.

Tags crypto analysis, Crypto Pick, Crypto Trading, LTC/USD, Trade Setup

Crypto Market Analysis

NEO/ETH Long After The Breakout

Post author By Forex Academy
Post date 1 May, 2018
No Comments on NEO/ETH Long After The Breakout

NEO (NEO)

Market Cap. $5.22B

Circulating Supply: 65M NEO

Max Supply 100M NEO

Volume (24h) $205.42M

NEO/USD = $80.114

The NEO/ETH is trading at 0.12324 level after the impressive drop. Price increased as much as 0.13649 in the yesterday’s trading session, but failed to stay there and now seems very heavy. The rate is trading in the red after the second false breakout above a very strong dynamic resistance.

Price moves in range in the short term, so we’ll have a clear direction only after a valid breakout from this chart pattern.

NEO/ETH increased aggressively on Sunday after the false breakdown below the 50% Fibonacci retracement level. Price has found strong resistance at the upper median line (UML) of the descending pitchfork. It has made a false breakout above the outside sliding line (SL) of the descending pitchfork and now could come towards the former low (0.10991).

Personally, I believe that we may have a larger increase only after a valid breakout above the sliding line (SL). You could buy this crypto pair after the rate will close above the SL and after a retest. You can see that I’ve drawn an ascending pitchfork to catch a potential upside movement.

Price has made a false breakout above the median line (ml) of the minor ascending pitchfork, and now it could come back down towards the lower median line (lml). NEO/ETH is somehow expected to increase after the failure to approach and retest the median line (ML) of the descending pitchfork.

You should know that only a valid breakdown from the minor ascending pitchfork’s body and below the 0.10986 will invalidate a potential broader increase.

Conclusion

You could buy it after a valid breakout above the SL, and you could place a first take profit at the first warning line (WL1) of the descending pitchfork. The second take profit could be placed at 0.16409 swing high.

©Forex.Academy

Tags Crypto Pick, Crypto Trading, NEO, NEO/ETH, trade set-up, trading strategy

Crypto Market Analysis

Bitcoin Increase Was Invalidated For Now

Post author By Forex Academy
Post date 1 May, 2018
No Comments on Bitcoin Increase Was Invalidated For Now

Bitcoin (BTC)

Market Cap. $152.98B

Circulating Supply: 17.01M BTC

Max Supply: 21M BTC

Volume (24h) $8.43B

BTC/USD dropped aggressively today and resumed the yesterday’s bearish candle. The crypto failed to take out a crucial resistance level and Bitcoin value now could drop significantly in the short term. Right now is premature to talk about a larger drop in the short term because this could be only a temporary drop. Price could try to accumulate more energy before will really start a larger increase.

I talked about the Bitcoin two weeks ago (Bitcoin long, the most expected setup) and I’ve signaled a minor drop in the short term before the rate will really start a larger upside movement. I’ve said that the rate could come down after the breakout above the WL2 of the ascending pitchfork and could retest the lower median line (lml) or the outside sliding line (sl).

BTC/USD increased, but has failed to make a valid breakout above the 50% Fibonacci line (ascending dotted line) and above the 23.6% retracement level.

A valid breakdown below the inside sliding line (sl) will lead the rate towards the 350% line and towards the lower median line (lml). I’ve told you that we may have a great buying opportunity from the lower median line (lml) or after the retest of the outside sliding line (sl).

Personally, I was expecting a drop from 50% Fibonacci line or from the median line (ml) of the ascending pitchfork because was hard to believe that we’ll have a larger upside movement towards the 15000 level without a corrective phase.

Conclusion

The conditions haven’t changed too much. We’ll have an excellent buying opportunity if the rate comes down to test the lower median line (lml) of the sliding line (sl). You could go long also if the rate makes a valid breakout above the 50% Fibonacci line and above the WL3.

The first upside target will be at the median line (ml), the next one at the upside 50% Fibonacci line and a crucial one at the upper median line.

©Forex.Academy

Tags Crypto Pick, Crypto Trading, Median Line, Pitchfork, Trade Setup

Crypto Market Analysis

Reversal has started

General overview

Market Cap: $409,364,645,716

24h Vol: $30,469,124,781

BTC Dominance: 37.3%

In the last 24 hours, the evaluation of market capitalization has dropped from 438B to 404B and has found support at those levels.

News

News that came out in the last 24 hours are mostly regarding governmental relation to cryptocurrencies. Some of the headlines are the following:

US: ICO Market Is Example Of Unregulated Securities Market, Says SEC Commissioner

US Securities and Exchange Commission (SEC) Commissioner Robert Jackson highlighted consumer protection regarding Initial Coin Offerings (ICO) in an interview on CNBC today, April 30.

Source: cointelegraph

Iran: Model Of State-Issued Digital Currency Now Ready, Says Gov’t Minister

An Iranian government minister has confirmed that an experimental model of a domestic digital currency is now ready, Reuters reported Saturday, April 28.

Source: cointelegraph

US Federal Trade Commission To Offer Free Workshop On Crypto Scams

The US Federal Trade Commission (FTC) will be holding a free workshop this summer titled “Decrypting Cryptocurrency Scams” according to a press release published today, April 30.

Source: cointelegraph

Saudi Arabian Communications Ministry Hosts ‘Blockchain Bootcamp’ With ConsenSys

The government of Saudi Arabia completed a “blockchain bootcamp” last week, the Ministry of Communications and Information Technology (MCIT) announced in a press release April 29.

Source: cointelegraph

Analysis

BTC/USD

Bitcoins price dropped from 9396$ to 8975$ which is 4,58% decrease from the yesterdays opening. Cryptocurrency daily chart shows us that the price has fallen below 0.5 Fibo level again and the 100 day EMA.

Looking at the hourly chart we can see the momentum behind the drop. The price has fallen below 100 and 50 EMA and is now looking for support.

Hourly chart signals a buy, but it’s more like neutral overall.

Pivot points

S3 1793.1
S2 5135.4
S1 7188.0
P 8477.7
R1 10530.3
R2 11820.0
R3 15162.3

ETH/USD

Ethereums’s price also dropped from the yesterdays opening, from 690$ to 658$ which is a 4,66% decrease. Cryptocurrency daily chart is showing the sign of struggle, as indicated by the wick. The price is above 1.616 Fibonacci level and 100 day EMA which is a good sign.

Zooming into the hourly chart we can see the wich being a drop to 632$ after the price quickly bounced back.

Hourly chart signal is leaning to the sell side.

Pivot points

S3 420.56
S2 541.36
S1 612.31
P 662.16
R1 733.11
R2 782.96
R3 903.76

XRP/USD

In the last 24 hours, the price of Ripple has fallen by 7% from 0.86$ to 0.8$ where it is now sitting.

Cryptocurrency daily chart looks bearish, as the price was clearly repelled by 100% Fibonacci level. The price hasn’t fallen below 100 EMA, it touched it and quickly bounced of it as seen from the wick.

Zooming into an hourly chart we can see that the price broke out of the upward channel in which it was from 25. of April, and is currently below 100 and 50 EMA.

Hourly chart signals a sell

Pivot points

S2 0.29625
S1 0.57893
P 0.77278
R1 1.05546
R2 1.24931
R3 1.72584

Conclusion

I have stated yesterday that if we see a close on the red candle, we are going to see a start of a trend reversal. This is what is happening now, and we can conclude that the downside movement has started.

©Forex.academy

Tags Analysis, bitcoin, Ethereum, Ripple

Crypto Market Analysis

Verge – is this a buy or a sell?

Post author By Forex Academy
Post date 30 April, 2018
No Comments on Verge – is this a buy or a sell?

Verge (XVG)

Market Cap. $1.02B

Circulating Supply: 14.94B XVG

Max Supply: 16.56B XVG

Volume (24h) $51.78M

Verge (XVG) Price Prediction:

XVG/USD moves sideways in the short term and seems undecided. Verge price is trading in the red right now and resumed the yesterday’s bearish candle. It is pressuring a dynamic support so that a valid breakdown will bring us a selling opportunity.

However, we may have a buying opportunity if the rate will have enough bullish energy to jump and stabilize above a dynamic resistance. I will show you two potential scenarios, a selling one, and a buying opportunity.

The rate could drop significantly if will close below the lower median line (LML) of the ascending pitchfork and if will come higher to retest it and the sliding line (sl) or the 505 Fibonacci line (descending dotted line).

So, it could drop at least till the median line (ml), a valid breakdown will send the rate towards the 0.02331280 former low and towards the lower median line (lml).

I’ve added another Daily chart to show you what could happen if the rate will remain within the ascending pitchfork’s body. XVG/USD it should climb much higher in the upcoming period if it will jump and will close above the sliding line (sl) and the 50% Fibonacci line (descending dotted line).

The last corrective phase could be completed, and the rate could approach and reach fresh new highs if the LML will hold and will keep the rate within the ascending pitchfork’s body.

Conclusion

The corrective phase was natural after the false breakout above the ML of the ascending Pitchfork and after the failure to close near this line. You can go short on this crypto if it makes a valid breakdown below the LML of the ascending pitchfork.

We may have a buying opportunity if the rate will climb above the sliding line (sl). The upside targets will be at the upper median line (uml), at the median line (ML) and much higher at the UML.

©Forex.Academy

Tags Crypto Trading, Median Line, Pitchfork, Trade Idea, Trade Setup

Crypto Market Analysis

EDO/BTC Breakout In Play

Eidoo (EDO)

Market Cap. $81.26M

Circulating Supply: 29.26M EDO

Max Supply: 0 EDO

Volume (24h): $11.77M

The EDO/BTC rallied today and resumed the yesterday’s impressive increase. Price increased as much as 0.00027700 level where it has found a temporary resistance. The rate has reached two very important and crucial resistance levels.

The pair seems determined to increase further and to jump in the buyer’s territory. EDO/BTC is pressuring a resistance zone, so we have to wait for a valid breakout before we take action again. We had a great buying opportunity in the previous days, so, now we have to wait for another one.

Eidoo price increased aggressively after the failure to retest the 0.00022195 static support and the inside sliding line (sl1) of the ascending pitchfork. You can see that the rate has finally managed to close above the second sliding parallel line (sl2) and now has reached the median line (ml) of the ascending pitchfork and the upper median line (UML) of the major descending pitchfork.

It remains to see how the rate will react in the upcoming hours, but you should know that a breakout is favored after the failure to close near the 50% Fibonacci line of the descending pitchfork in the last retest attempt.

A valid breakout above the UML will signal a further increase, while a valid breakout above the median line (ml) will confirm that the EDO/BTC is strongly bullish and it should approach the upper median line (uml) and the first warning line (WL1) of the descending pitchfork. We have an important upside target at the 0.00040010 swing high as well.

Conclusion

You could still go long on this crypto pair if the rate will close and will stabilize above the median line (ml) of the ascending pitchfork. You should wait for the rate to make another low in the upcoming period where you’ll place the stop loss.

Tags Crypto Pick, Crypto Trading, Median Line, Pitchfork, Trade Setup

Crypto Market Analysis

Dogecoin Could Start a Bullish Movement

Post author By Forex Academy
Post date 30 April, 2018
No Comments on Dogecoin Could Start a Bullish Movement

Dogecoin (DOGE)

Market Cap. $604.75M

Circulating Supply: 114.24B DOGE

Max Supply: 0 DOGE

Volume (24h) $39.50M

The cryptocurrency is narrowing in the short term and maintains a bullish perspective. Dogecoin DOGE/USD changed was limited in the last days, but I really hope that we’ll have an impressive move soon. Is trading at 0.00529422 level after the failure to resume the yesterday’s minor increase.

Price has developed a minor chart pattern, but it remains to see if this is an accumulation or a distribution movement. The rate is pressuring a strong support area right now, so I really hope that we’ll have a great buying opportunity in the upcoming days.

You can see that the DOGE/USD has managed to jump above the downtrend line and now is retesting it. DOGE/USD has found temporary resistance at the 50% Fibonacci line (ascending dotted line) and now is trying to find strong demand again.

A valid breakout above the downward trend line will signal another upside momentum. The rate could continue the minor sideways movement before will have enough energy to make a larger move.

DOGE/USD could increase and could reach fresh new highs if it stays above the broken downtrend line and above the 0.00491848 static support. The rate could try to retest the lower median line (lml) in the upcoming days. Only a breakdown below the lower median line (lml) and a drop below the mentioned support levels would invalidate a further increase.

Conclusion

DOGE/USD will become strongly bullish only if will have enough directional energy to make a valid breakout above the 50% Fibonacci line (ascending dotted line). A valid breakout will confirm an increase at least till the median line (ML).

©Forex.Academy

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

Crypto Market Analysis

Crypto Trend reversal potentially starting today?

Post author By Forex Academy
Post date 30 April, 2018
No Comments on Crypto Trend reversal potentially starting today?

General overview

Market Cap: $430,509,684,622

24h Vol: $31,576,562,200

BTC Dominance: 36.8%

In the last 24 hours market cap has been struggling to create higher highs. Yesterday’s opening market cap evaluation was 345,980,000,000$ and it rose up to 441,274,000,000$ at the highest point. The second time it rose up it failed to exceed that prior high, coming to 438,6B. It is currently sitting at around 430B.

News

There was no significant news coming out in the last 24 hours. Dominant headlines are mostly analytical in nature.

Crypto Markets Edge Back Into The Green After Mid-Week Correction

Source: cointelegraph

Morgan Stanley Research: Defined Regulations Main Factor For Crypto Exchanges When Choosing Country

Thanks to its well-defined regulatory framework, Malta now accounts for the largest share of cryptocurrency trading volume in the world. This conclusion comes from a Business Insider report Sunday, Apr 29, that cites a recent research done by the Morgan Stanley bank.

Source: cointelegraph.com

BTC/USD Could Break $10,000

Source: newsbtc.com

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin hasn’t changed much. It went from 9350$ to 9520$ and is now sitting at approximately the same levels as on the start of April 29, which is 9340$.

Looking at the daily chart, we can see that the price action is constrained. Sunday ended on a doji, and we are now seeing the struggle to create higher highs. The price is above 100-day EMA and between 0.5 and 0.618 Fibonacci levels.

The current market sentiment is positive.

Looking at the hourly chart, we can see the sideways price action movement. The price is between 100 and 50 EMA, and it bounces back of the 100 EMA.

Overall, hourly chart signals a sell.

Pivot points

S3 7024.7
S2 8139.9
S1 8742.8
P 9255.1
R1 9858.0
R2 10370.3
R3 11485.5

ETH/USD

In the last 24 hours, the price of Ethereum rose only by 0.5%. The price is currently 686$ which is 4$ more than the yesterdays opening price.

The daily chart shows signs of a potential reversal. There is a strong resistance at these levels like in the case of Bitcoin. The price is struggling to form higher highs. However, the price is still above 50, 100 EMA and 1,618 Fibonacci level.

The current sentiment is very positive.

If we zoom into the hourly chart we can clearly see that the price hasn’t been advancing much to the upside, creating higher lows, but now higher highs. The price bounced off the 50 EMA and is now looking to get beyond the current high.

Overall, hourly chart signals a strong buy.

Pivot points:

S3 420.56
S2 541.36
S1 612.31
P 662.16
R1 733.11
R2 782.96
R3 903.76

XRP/USD

Like in the case of Ethereum, Ripple’s price hasn’t changed in the last 24 hours. It is around 0.852$ which is approximately the same as on the yesterdays opening.

Looking at the daily chart, we observe that the price is still below 100% Fibonacci level, but above its 100 and 50-day EMA which is a bullish sign.

The current market sentiment is positive

Looking at the hourly chart, we see that the price is interacting with the 100% Fibo level and is now like in this upward channel which leads to the strongest resistance line. These levels are going to be very interesting to watch, as we can see some crazy influx in volume soon.

Overall, hourly chart signals a sell.

Pivot points

S3 0.29625
S2 0.29625
S1 0.57893
P 0.77278 1
R1 1.05546
R2 1.24931
R3 1.72584

Conclusion

After Sunday ended with a doji on the three major cryptocurrencies that we are covering in this report, I would expect the prices to temporarily reverse. Market cap is showing signs of struggle which is also imprinted in the chart of Bitcoin, Ethereum, and Ripple. If today’s candle closes red, I believe the trend reversal is starting.

©Forex.Academy

Tags bitcoin, Ethereum, Ripple

Crypto Market Analysis

Market Cap Has Formed a Cup and Handle Pattern

Post author By Forex Academy
Post date 28 April, 2018
No Comments on Market Cap Has Formed a Cup and Handle Pattern

General overview

Market Cap: $421,269,776,870

24h Vol: $26,437,548,757

BTC Dominance: 37.5%

At the start of the week on Monday, April 23. Crypto market capitalization was around 388 billion dollars and rose up to 436,994,000,000$ on April 25, which is this week high. The day after the high was hit, the evaluation of the crypto market capitalization went to the lowest point of the week of 380,513,000,000$. Since it is on the rise and is now sitting at 421,268,000,000$.

Analysis

BTC/USD

On April 23, the price of Bitcoin was 8748$. Only two days later the price went to 9700$ which is this week’s highest point, and after that it fell by 1000$, coming to the lowest point of the week at 8700$. Since the price has increased to 9240$ where is now sitting slightly above 0.5 Fibonacci level and 100 day EMA. The price has increased by 5,4% overall.

On the daily chart we have a potential tweezer top, which is the candles on 24. and 25. and if today ends up closing as doji, we can are going to see a trend reversal coming into the next week.

Overall daily chart signals a buy.

Pivot points:

S3 6109.5
S2 7355.5
S1 8134.0
P 8601.5
R1 9380.0
R2 9847.5
R3 11093.5

ETH/USD

Since Monday, April 23. The price of Ethereum has increased by 8,8% coming from 620$ to 675$ where is now sitting. Like in the case of Bitcoin, the price oscillated to the weekly high at 708$ and then fallen to the weekly low at 611$.

The price is currently above the 1.618 Fibonacci level drawn from bottom to the top of the prior range and above the 50 and 100-day EMA. Unlike Bitcoin, today’s candle isn’t a doji. However, it looks even from both sides, which nevertheless indicates indecisiveness.

Overall, daily chart signals a buy.

Pivot points

S3 324.51
S2 450.42
S1 527.43
P 576.33
R1 653.34
R2 702.24
R3 828.15

XRP/USD

Ripple has decreased in price by 1,62% during the week, starting from 0.86$ at Monday, April 23rd. to 0.847$ where it is today. The price pathway is also like in the case of BTC and ETH been oscillating to form weekly high at 0.958$ and weekly low at 0,77$.

Looking at the daily chart, we can see that this week was really turbulent for Ripple. The price is currently above 50 and 100-day EMA, but it’s also below 100% Fibonacci level and today’s candle is a doji. Having that and this double top that struggled to become a higher high and failed indicates a potential trend reversal in the following week.

Overall daily chart signals a buy.

Pivot points

S3 0.20439

S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899

LTC/USD

This week the price of Litecoin increased by 3% overall coming from 146,4$ to 150,33$ where is now sitting. At the end of 24, the price of Litecoin was the highest 166$ coming slightly above the 100% Fibonacci level, only to fall the next day to the lowest point of the week at 143$ on the 0.618 Fibonacci level which served as support. The price is currently in between 50 and 100-day EMA slightly below 0,786 Fibonacci level.

Overall, daily chart signals a buy

Pivot points

S3 79

S2 111
S1 129
P 143
R1 162
R2 175
R3 207

Conclusion

Compared to Monday’s 387 billion dollar evaluation, crypto market capitalization evaluation rose up by 50 billion on Wednesday and fallen by 7 billion on Thursday. The cup and handle is a pattern is now clearly seen.

The similar chart pattern is imprinted on the four major cryptocurrencies which again shows a strong correlation in the crypto markets. Having seen the signs of struggle on the charts that we’ve covered and the tweezer tops followed by doji’s we can conclude that we are in for a bit of a downside before a breakout to new highs in the following period.

©Forex.Academy

Tags BTC, ETH, LTC, XRP

Crypto Market Analysis

Is The NEO/BTC Poised To Climb Higher?

Post author By Forex Academy
Post date 27 April, 2018
No Comments on Is The NEO/BTC Poised To Climb Higher?

NEO (NEO)

Market Cap. $4.95B

Circulating Supply: 65M NEO

Max Supply: 100M NEO

Volume (24h) $144.05M

NEO/BTC decreased a little today and failed to resume the yesterday’s minor increase. Right now is premature to talk about the next move because is located between two crucial obstacles. It remains to see the breakout direction.

The crypto pair is trading at 0.008192 level after the failure to stabilize above the 0.009000 psychological level. Price has shown an overbought signal, but we still need a confirmation that the rate will turn to the upside and will reach new highs.

The NEO/BTC has found strong support at the 61.8% retracement level. It has retested it showing that the buyers could take the lead again in the short term. Price has managed to breakout from the descending pitchfork’s body and above the first warning line (WL1).

Unfortunately, the crypto pair failed to stabilize above the downside 50% Fibonacci line (ascending dotted line) and above the 50% Fibonacci level signaling a minor exhaustion.

The rate has tested and retested the broken warning line (WL1), and now he’s moving away. NEO/BTC could come down to retest the sliding line (SL) before will try another breakout above the 50% level and above the 50% Fibonacci line. A breakdown from the red ascending pitchfork’s body will confirm a further drop.

Conclusion

You could go long on this crypto pair after a valid breakout above the 50% Fibonacci line (ascending dotted line). The near-term target will be at the median line (ML), while the major upside target will be at the upper median line (UML) and the 0.015200 highest high.

©Forex.Academy

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

Crypto Market Analysis

Santiment In The Buyer’s Territory

Post author By Forex Academy
Post date 27 April, 2018
No Comments on Santiment In The Buyer’s Territory

Santiment (SAN)

Market Cap. $117.29M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h) $2.61M

SAN/USD increased today and resume the yesterday’s bullish candle. Price has managed to get back above a very strong dynamic resistance. The breakout needs confirmation because we had another false breakout the last days. Santiment Network Token increased by 10.35% today but is premature to talk about a larger increase at this moment.

You can notice that the rate has made a false breakout above the median line (ML) of the descending pitchfork. SAN/USD is trying to make a valid breakout right now but remains to see if the bulls will be strong enough. Price dropped sharply on Wednesday as the crypto market has crashed, but it has failed to close right on the lower median line (lml) signaling that the bulls are still in the game.

The crypto has tested and retested the lower median line (lml) of the ascending pitchfork and now is somehow expected to start an important upside momentum. Price needs to take out the resistance from the sliding line (SL) of the descending pitchfork because only a valid breakout will confirm a further increase.

It will become strongly bullish after a valid breakout above the inside sliding parallel line (sl) of the ascending Pitchfork. We may get a buying opportunity after a breakout above the SL and only if it will stay above the lower median line (lml).

Conclusion

The SAN/USD will climb towards the upper median line (UML) of the descending pitchfork and towards the median line (ML) only if will stay within the ascending pitchfork’s body.

©Forex.Academy

Tags Crypto Pick, Crypto Trading, SAN/USD, Santiment, Trade Setup

Crypto Market Analysis

Zcash Breakout Still In Cards

Post author By Forex Academy
Post date 27 April, 2018
No Comments on Zcash Breakout Still In Cards

Zcash (ZEC)

Market Cap. $1.12B

Circulating Supply:3.79M ZEC

Max Supply: 0 ZEC

Volume (24h) $ 64.10M

The ZEC/USD dropped today and erased some of the yesterday’s gains. Price remains under pressure after the last false breakout and because is still trapped below some crucial resistance levels. The has found a temporary resistance, but we could see another breakout attempt soon.

Zcash rose by 4.17% today and by 10.80% in the last 7 days. We need a confirmation that the crypto will start a larger upside movement.

The rate is trapped within a Falling Wedge pattern after the false breakout above the upside line of this pattern. ZEC/USD has also made a false breakout above the 23.6% retracement level and above the 50% Fibonacci line (ascending dotted line), so the minor decrease is natural.

It will drop towards the lower median line (lml) of the ascending pitchfork if the downtrend line will hold. A valid breakout above the upside line of the chart pattern will signal a further increase, but only a valid breakout above the 50% Fibonacci line will confirm a sharp increase in the upcoming weeks and months.

The ZEC/USD further increase could be invalidated only if the rate will drop and will stabilize outside the ascending pitchfork’s body.

Conclusion

We may have a buying opportunity after the breakout above the downtrend line and above the 23.6% retracement level, but only if the rate will stay above the lower median line (LML) of the ascending pitchfork. The next major upside target will be at the median line (ML) of the ascending pitchfork.

©Forex.Academy

Tags Crypto Trading, Median Line, Pitchfork, Technical Analysis, Trade Setup, Zcash

Crypto Market Analysis

Cryptocurrency Market Is On The Rise Again

Post author By Forex Academy
Post date 27 April, 2018
No Comments on Cryptocurrency Market Is On The Rise Again

General overview

Market Cap: $413,692,195,374

24h Vol: $26,702,372,910

BTC Dominance: 37.9%

Since yesterday, cryptocurrency market cap is on the rise again. Market capitalization was 380,513,000,000$ at the lowers point, and it has increased to almost 416B.

The market is in green, and some of the biggest gainers among top 100 are Siacoin +52% and Bitcoin Diamond 42%. Other cryptos are about 7-9% up on average since yesterday.

News

IBM And Jewelry Industry Leaders To Use Blockchain To Trace Origin Of Diamonds

>Leaders in the gold and diamond industry have partnered with IBM to develop a blockchain network for tracing the origin of finished pieces of jewelry, IBM announced in a blog post-April 26.
Source: cointelegraph.com

Mt. Gox Moves Around $165 Mln In BTC And BCH From Its Wallets
>16,000 Bitcoin (BTC) and 16,000 Bitcoin Cash (BCH) have been moved out of cold wallets associated with the infamous, now defunct Japanese Bitcoin (BTC) exchange MT. Gox today, April 26, according to Mt. Gox cold wallet tracking data on Crypto Ground.

Source: cointelegraph.com

Comcast’s Venture Capital Arm Is Bullish On Bitcoin and Blockchain

>Gil Beyda, managing director of the venture capital (VC) arm of Comcast, appeared on CNBC today, April 26, with a bullish outlook for Bitcoin and real-world applications of blockchain technology

Source: cointelegraph.com

17 Mln Of Total 21 Mln Bitcoins Now Mined In Milestone For Digital Scarcity

>In a round million milestone, 17 mln bitcoins (BTC) have now been mined as of today, April 26, according to data from statoshi.info. Because of Bitcoin’s supply cap of 21 mln, this means that only four mln Bitcoin, or about 19 percent, remain to be mined.

Source: cointelegraph.com

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 5,42% coming from 8750$ to 9200$ where it is now. Looking at the daily chart we can see that the price went above 0.5 Fibonacci level and the 100 day EMA again

The current sentiment for Bitcoin is positive according to sentimnt.io having 74% positive mentions out of 70 in total.

Zooming into an hourly chart, we can see that the move to the upside had momentum and that the price has formed a mini cup and handle.

Overall hourly chart signals a buy.

Pivot points

S3        6109.5
S2        7355.5
S1        8134.0
P          8601.5
R1       9380.0
R2       9847.5
R3       11093.5

ETH/USD

Since the start of April 26 until now the price of Ethereum went from 599$ to 651$ which is an 8,45% increase. Looking at the daily chart, we can observe that the price went above 1.618 Fibo level and is now sitting right on it. 100 day EMA is also below serving as support.

The current sentiment for Ethereum is very positive according to sentimnt.io having 82% positive mentions out of 67 in total.

Hourly chart is similar to that of Bitcoin, meaning that the price is forming a mini cup and handle pattern.

Overall hourly chart signals a buy

Pivot points

S3 324.51

S2        450.42
S1        527.43
P          576.33
R1       653.34
R2       702.24
R3       828.15

XRP/USD

The price of Ripple has also increased in the last 24 hours and did so by 7,83% coming from 0.772$ to 0.832$. The daily chart is looking bullish, as the price is above 100-day EMA.

The current sentiment for Ripple is negative, having 61,5% negative mentions out of 13 in total, according to sentimnt.io

Hourly chart is similar to that of Bitcoin and Ethereum, however, unlike those cryptocurrencies, XRP is below 100 EMA.

Overall hourly chart signals a buy.

Pivot points

S3 0.20439

S2        0.50804
S1        0.68659
P          0.81169
R1       0.99024
R2       1.11534
R3       1.41899

Conclusion

A strong correlation between the three largest cryptocurrencies is shown, meaning that the chart looks pretty much the same. Market capitalization hasn’t exceeded the prior high at around 434B and has formed a mini cup and handle that retraced back to prior lows for a retest of support. In the next 24 hours, we are going to monitor what is going to happen but, I am expecting a new influx of money into the market, which will push the evaluation further to breakout and form new highs above 434B evaluation.

©Forex.Academy

Tags bitcoin, BTC, Crypto, ETH, Ethereum, Ripple, USD, XRP

Crypto Market Analysis

ZEC/BTC Long Trading Setup

Post author By Forex Academy
Post date 26 April, 2018
No Comments on ZEC/BTC Long Trading Setup

ZEC/BTC

ZEC/BTC changed little today and seemed undecided on the short term. The cryptocurrency pair dropped in the last two days as the crypto market crashed. It remains to see what will really happen in the upcoming days because the rate is still under some pressure.

We may have a great buying opportunity if the rate will come back down to test and retest some very important support levels. It is trading at 0.03192501 after the failure to reach the 0.03500000 psychological level.

The last corrective phase was expected after the failure to stabilize above the median line (ML) of the ascending pitchfork and after the valid breakdown below the downside 50% Fibonacci line. ZEC/BTC increase a little, but this could be only temporary if will fail to stay above the median line (ml) of the minor descending pitchfork.

The pair has shown an oversold when has failed to approach and reach the lower median line (lml) of the minor descending Pitchfork.

We’ll have a great buying opportunity if the price makes a minor consolidation in the upcoming days and if will continue to stay above the median line (ml) and above the first warning line (WL1) of the ascending pitchfork.

Conclusion

The rate is somehow expected to increase further after the breakout above the median line (ml). Price has come to retest the broken dynamic resistance. The rate could increase from here and could jump above the 50% Fibonacci line (descending dotted line), but personally, I would like to see a minor decrease and a consolidation before will climb much higher.

©Forex.Academy

Tags crypto analysis, Median Line, Pitchfork, Trade Setup, ZEC/BTC

Crypto Market Analysis

Metaverse – Buy a Valid Breakout

Post author By Forex Academy
Post date 26 April, 2018
No Comments on Metaverse – Buy a Valid Breakout

Metaverse (ETP)

Market Cap. $36.84M

Circulating Supply: 35.46M ETP

Max Supply: 100M ETP

Volume (24h): $5.94M

ETP/USD dropped aggressively in the yesterday’s trading session and erased some of the latest gains. Price is struggling to increase again and to stay above the 1.0000 psychological level. The crypto increased by 2.09% today, but unfortunately, the rate is under massive selling pressure after a false breakout.

It could drop further in the upcoming days to test and retest a potential support before will try to increase again. Metaverse dropped sharply in yesterday’s trading session as the Crypto Market crashed. The retreat was somehow expected after the last period bullish movement.

The rate was rejected once again by the lower median line (lml) of the ascending pitchfork and now is expected to test and retest the outside sliding parallel line (sl) before will make a significant move.

You could go long only if the rate will make a valid breakout above the lower median line (lml) of the ascending pitchfork and you can place the first target at the median line (ml). It will drop much farther in the short term if it slips and stabilizes below the sliding line (sl).

You can see that the rate has made a false breakout above the 1.1105 static resistance signaling a minor exhaustion. A valid breakout above the mentioned static obstacle will signal a potential valid breakout above the lower median line (lml).

Conclusion

ETP/USD increase like the other cryptocurrencies after the massive drop, so the minor drop was natural as well. We still need a confirmation that the Metaverse will resume the rebound and will reach at least the median line (ML) in the upcoming weeks.

©Forex.Academy

Tags Crypto Pick, Crypto Trading, ETP/USD, Metaverse, Trade Setup

Crypto Market Analysis

DASH/BTC Bullish Setup

Dash (DASH)

Market Cap. $3.81B

Circulating Supply: 8.03M DASH

Max Supply 18.9 DASH

Volume (24h) $111.72M

DASH/BTC Tradingview:

The DASH/BTC increased today and recovered a little after the yesterday’s massive drop. The pair remains under selling pressure in the short term because it is still located below two very important resistance levels. The minor retreat was natural after that important rebound. Right now we should wait for a confirmation that the rate will resume the upside movement.

The rate has come down to test and retest a broken dynamic resistance (resistance has turned into support), and now we could see another breakout attempt.

DASH/BTC has found strong resistance at the confluence area formed between the first warning line (WL1) with the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork. It has come back down to test and retest the broken downtrend line and now is fighting hard to jump higher again.

The rate has started an increase after the failure to retest the upper median line (uml) of the former descending pitchfork. I’ve drawn an ascending Pitchfork hoping that I’ll catch a significant upside movement.

You can go long on this crypto pair only if the rate will increase and will make a valid breakout above the downside 50% Fibonacci line (ascending dotted line). The first upside target will be at the median line (ML) of the ascending pitchfork.

Conclusion

DASH/BTC will move towards the ML and towards the upper median line (UML) only if will make a valid breakout above the 50% line. The Stop Loss could be placed somewhere below the 0.04853320 level.

Tags bitcoin, BTC, crypto analysis, Dash, DASH/BTC, Trade Setup

Crypto Market Analysis

Crypto market pullback is almost over

Post author By Forex Academy
Post date 26 April, 2018
No Comments on Crypto market pullback is almost over

General overview

Market Cap: $384,204,107,562

24h Vol: $36,631,965,479

BTC Dominance: 38.8%

In the past 24 hours, crypto market capitalization has plummeted down from 437 billion dollars to 382,3 billion, and spiked up. This downward channel looks like it’s the part of wider cup and handle formation that originates from 21 March at 355 billion dollars.

Having said that, this pullback can potentially end somewhere at these levels.

News

News that came out in the past day are extremely positive. Analytical content is bullish, dominant headlines are about cryptocurrency adoption and use cases. Those that stand out are the following:

Philippine Gov’t To Allow Country’s First Crypto Businesses In Special Economic Zone

The Philippine government will allow 10 Blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone, Reuters reports April 25.

German Securities Trading Bank Reportedly Becomes First In Country To Trade Crypto

VPE WertpapierhandelsBank AG (VPE), a German securities trading bank, has partnered with Berlin-based technology company solarisBank to launch a cryptocurrency trading service for institutional investors, according to a VPE press release April 25.

Nasdaq CEO Says Company ‘Open’ To Becoming Crypto Trading Platform When Market Matures

The CEO of Nasdaq said that the stock market could become a platform for trading cryptocurrencies in the future, if the market becomes more regulated, CNBC’s Squawk Box reports Wednesday, April 25.

Analysis

BTC/USD

In the last 24 hours Bitcoins price went down from slightly below 9700$ to 8760$ which is 9,5% decrease. Looking at the daily chart we can see that the price was repealed by 0.618 Fibonacci level and went below the 100 day EMA.

The current market sentiment for Bitcoin is positive meaning out of 146 mentions in total, 72% are positive.

Source: sentimnt.io

Looking at the hourly chart we see that the price went below 0.5 Fibonacci level and 50 and 100 EMA.

Overall hourly chart signal a sell.

Pivot points

S3 6109.5
S2 7355.5
S1 8134.0
P 8601.5
R1 9380.0
R2 9847.5
R3 11093.5

ETH/USD

In the last 24 hours, the price of Ethereum has fallen from 702$ to 615$ where is now sitting which is 12,5% decrease. Looking at the daily chart, we see that the price has fallen below 1.618 Fibonacci level and is now sitting just below 100 day EMA.

The current market sentiment for Ethereum is positive, with 70% on the positive side.

Source: sentimnt.io

Zooming into an hourly chart we can see that the price is currently looking for support, and, judging by the lower-side wicks, there’s a lot of buying pressure.

Overall, hourly chart signals a sell

Pivot points:

S3 324.51
S2 450.42
S1 527.43
P 576.33
R1 653.34
R2 702.24
R3 828.15

XRP/USD

The price of Ripple has fallen by 17% coming from 0.95$ to 0.79$ where is now sitting. The daily chart shows the amount of momentum behind the sell-off. The price has fallen below 100% Fibonacci level and is now sitting above the 100 day EMA.

The current market sentiment for Ripple is positive, but there are only 27 mentions in total.

Source: sentimnt.io

Zooming at its hourly chart, we can see a similar pattern as in other cryptocurrencies. The price is looking for support, and buying pressure is imprinted on the chart as wicks.

Overall, hourly chart signals a sell

Pivot points:

S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899

Conclusion

After the steep run upward, we are currently experiencing the first retracement. This retracement seems to be over, as indicated by the buying pressure from the charts on three major cryptocurrencies.

©Forex.Academy

Tags bitcoin, BTC, ETH, XRP

Crypto Market Analysis

STEEM_Further_Increase_Awaits_Confirmation

Post author By Forex Academy
Post date 25 April, 2018
No Comments on STEEM_Further_Increase_Awaits_Confirmation

Steem (STEEM)

Market Cap. $909.33M

Circulating Supply: 254.27M STEEM

Max Supply: 0 STEEM

Volume (24h) $96.44M

We had very high volatility on the STEEM/USD today. The crypto dropped aggressively in the morning, but the bulls have stepped in and have forced the rate to increase again. Price is trading in the green right now and has managed to increase by 2.47% and by 21.82% in the last 7-days.

As you already know, the crypto market crashed today after the last period rebound. Steem maintains a bullish perspective on the Daily chart despite the today’s drop.

You can see that the rate was close to reach and retest the 50% Fibonacci line (ascending dotted line). Price has rallied and erased the morning losses, but it has failed to close and stabilize above the median line (ML) of the major ascending pitchfork and the 3.63158182 static resistance.

STEEM/USD it was expected to increase after the failure to test and retest the lower median line (LML) of the ascending pitchfork. It will move towards the 6.00000000 psychological level if will make a valid breakout above the median line (ml) of the ascending pitchfork.

The cryptocurrency will resume the upside movement and could be attracted by the upper median line (UML) if will close and will stabilize above the median line (ML).

Conclusion

Price squeezed in the second part of the day and now is trading in the green again. You can go long on this crypto after a valid breakout above the median line (ML). The next major upside target will be at the upper median line (UML), while the Stop Loss could be placed below the 2.52287131 level.

©Forex.Academy

Tags Crypto Trading, STEEM, STEEM/USD, Technical Analysis, Trade Idea, Trade Setup

Crypto Market Analysis

Bitcoin Cash Long Again?

Market Cap. $21.76B

Circulating Supply: 17.09M BCH

Max Supply: 21M BCH

Volume (24%) $1.95B

Bitcoin Cash (BCH)

The BCH/USD signaled an exhaustion since yesterday, so the current drop is somehow natural. Price dropped as much as 1227 today and now is pressuring a very strong dynamic support (resistance turned into support). We could have a great buying opportunity in the upcoming days if the rate will test and retest the near-term support levels and will stay above.

The rate has finally managed to break above the 50% Fibonacci line of the descending pitchfork and now is retesting it. Price has shown an oversold when has failed to stabilize below the median line (ML) after many breakdown attempts.

Technically, the BCH/USD it was expected to approach and reach the upper median line (UML) of the descending pitchfork. Right now is very important to see if we’ll have a valid breakout above the 50% Fibonacci line (descending dotted line).

Bitcoin Cash could drop in the upcoming days after the failure to close on the 250% Fibonacci line and near the 1567 static resistance.

Price has also made a false breakout above the 23.6% retracement level, which has signaled an exhaustion. It could drop along the 50% Fibonacci line till will reach and retest the upper median line (uml) of the ascending pitchfork or even the median line (ml).

Conclusion

You can go long again after the retests and after a significant increase. It could climb at least till the upper median line (UML) if will have enough energy to make a valid breakout above the sliding line (SL).

©Forex.Academy

Tags Bitcoin Cash, Crypto, Median Line, Pitchfork, Technical Analysis, Trade Setup

Crypto Market Analysis

EOS reached a major target, now what?

Post author By Forex Academy
Post date 25 April, 2018
No Comments on EOS reached a major target, now what?

EOS (EOS)

Market Cap. USD 11.16B

Volume (24h) $3,36B

Circulating Supply: 815.92M EOS

Total Supply: 900.000.000 EOS

Max Supply: 1.000.000.000 EOS

EOS Price Analysis:

EOS/USD rallied aggressively in the last days and has managed to reach a major dynamic resistance. Price plunged today and could try to test and retest some support levels before will make the next move.

You can see on the daily chart that it has registered an impressive rally in the yesterday’s trading session. EOS increased as much as 16.1460 level failing to approach and reach the 18.6700 historical high.

The perspective remains bullish despite the current drop. This could be only temporary before it tries to reach the historical high and to pass above it.

I’ve said in the last week’s trade setup that the EOS price should increase further after the breakout above the UML of the descending pitchfork. The confirmation has come after the amazing breakout above the sliding parallel line (sl) of the ascending pitchfork.

EOS/USD has found strong resistance at the first warning line (WL1) of the descending pitchfork and now is somehow expected to come to test and retest the upper median line (uml) of the ascending pitchfork.

You should know that only a valid breakout above the WL1 will confirm a further increase. Otherwise, the rate will drop towards the median line (ml) of the ascending pitchfork and towards the 150% Fibonacci line of the descending pitchfork.

Tags Crypto, EOS, EOS/USD, Technical Analysis, Trade Setup

Crypto Market Analysis

Is The Crypto Market Sell-Off Natural?

Post author By Forex Academy
Post date 25 April, 2018
No Comments on Is The Crypto Market Sell-Off Natural?

If you read all the analysis/trade setups in the Crypto Picks section, you’ll notice that I’ve talked about a temporary rebound and about a corrective phase after the last day’s

If you read all the analysis/trade setups in the Crypto Picks section, you’ll notice that I’ve talked about a temporary rebound and about a corrective phase after the last day’s impressive rally.

Technically, today’s aggressive drop was somehow expected because the major cryptocurrencies have reached very strong upside obstacles.

Cryptocurrencies – a new generation of speculative assets

Personally, I’m not surprised by the current sell-off as the cryptocurrencies are very volatile and you should be very careful when you trade or invest in them. Cryptocurrencies are representing the next generation of speculative assets, and they should be treated accordingly.

I’ve seen today all sorts of reasons why the cryptocurrencies have dropped. Most of the specialists have talked only about fundamental reasons. I want to show you the technical factors and reasons why the major cryptocurrencies have dropped today.

Source: investing.com

I’ve selected the most important three cryptocurrencies because these are leading the crypto market. Bitcoin dropped by 2.28%, Ethereum by 10.73% and the Ripple by 14.50% at this moment, but this drop could be only temporary if the near-term support levels will hold and will stop the bearish momentum.

Bitcoin (BTC/USD)

Bitcoin drops after the yesterday’s impressive rally and could invalidate a further increase at this moment. It has found strong resistance right above the 350% Fibonacci line (descending dotted line), above the 23.6% retracement level and above the 50% Fibonacci line. A minor decrease was somehow expected after the breakout above the WL2 of the descending pitchfork. So, a false breakout above the mentioned resistance levels will send the rate down again in the short term as expected.

Only a valid breakout above the 50% Fibonacci line, the 350% Fibonacci line, and the 23.6% level will really confirm a broader upside movement towards the 12000 and 15000 levels.

Ethereum (ETH/USD)

ETH/USD plunged after the false breakout above the 150% Fibonacci line. Price is pressuring the 50% Fibonacci line and could drop towards the 565.44 static support and towards the upper median line (UML).

The crucial downside obstacle is represented by the lower median line (lml) of the ascending pitchfork. Only a breakdown below it will invalidate a further increase on the Daily chart. A corrective phase was expected after the impressive rally and after the breakout above the upper median line (UML) of the descending pitchfork.

Ripple (XRP/USD)

The Ripple registered a massive drop today but will be very important where will close the trading session. It has dropped as much as 0.49010, but it has squeezed in the last hours and now is trading at 0.79212.

Yesterday’s false breakout above the 23.6% retracement level and above the 50% Fibonacci line has sent the rate down. This is the second false breakout above the 50% Fibonacci line signaling a major exhaustion.

Conclusion

Technically, the major cryptocurrencies have reached some very strong supply areas and now could come down to test and retest the downside obstacles. The rates could decrease and could also start a sideways movement because they need to recapture more bullish energy before will really start a medium to the long-term upside movement.

©Forex.Academy

Tags bitcoin, cryptocurrencies, Ethereum, Ripple, Technical Analysis

Crypto Market Analysis

Pullback In The Crypto Market Has Begun

Post author By Forex Academy
Post date 25 April, 2018
No Comments on Pullback In The Crypto Market Has Begun

General overview

Market Cap: $407,231,674,925

24h Vol: $36,479,367,950

BTC Dominance: 39.1%

In the last 24 hours, cryptocurrency market cap evaluation went from $400B to just slightly below $437B at the highest point, and is now 30 billion dollars less, sitting at around $407B.

The market is mostly in the red, with the numbers being from -0.38% for ZRX and -0.31 for Ontology to the most prominent loser among top 100 Bytom -17%. However there are some gains today, for example, Decred rose up by 27% followed by Tron whose price has increased by 21% in the last 24 hours.

News

Most talked about news in the last 24 hours is MyEtherWallet DNS hack, and for a good reason, people who have their funds stolen wanted to make sure others wouldn’t.

MyEtherWallet Warns That A “Couple” Of Its DNS Servers Have Been Hacked

Cryptocurrency wallet MyEtherWallet (MEW) tweeted a warning that a “couple” of its DNS servers have been hacked and users risk being redirected to a phishing site this morning, April 24. MEW is now in the process of verifying which servers have been targeted and is working to resolve the hack “asap,” they added.

Source: cointelegraph.com

Other news is either analytical in nature or just not relevant as a catalyst for impacting the market.

Bitcoin Price Will Top $11,500 Soon, Says Crypto Bull who Predicted Recent Crash And Rally

Bill Baruch, a cryptocurrency bull who foresaw both bitcoin’s recent slump and ensuing rally, has set a near-term bitcoin price target of $11,500 to $11,800. Baruch, the president of Blue Line Futures, has a pretty good track record for bitcoin price predictions. In February 2018, when BTC plunged to $7,200 during the market correction, Baruch confidently forecast that bitcoin would return to $10,000.

Source: ccn.com

MIT Publishes a Plan to ‘Destroy’ Bitcoin

The MIT Technology Review has a plan — or three — to take down Bitcoin. Writing in an article titled “Let’s Destroy Bitcoin,” tech writer Morgan Peck presents three scenarios that she believes could lead to Bitcoin’s eventual demise.

Source: ccn.com

Snoop Dogg to Perform at Ripple’s Blockchain Week NYC Party

Distributed ledger startup Ripple is hosting a VIP gathering featuring Snoop Dogg – and will be giving away 10 tickets to the event on Twitter.The company announced Tuesday that Snoop would perform at its XRP Community Night during Blockchain Week NYC in May. The event itself will celebrate the company’s work to date in developing its XRP token and the accompanying ledger technology.

Analysis

BTC/USD

In the last 24 hours the price of Bitcoin went from 8911$ to 9700$ which is 9,31% increase, but since the price reached the highest point, it has retraced to 9380$ where is now sitting.

Looking at the daily chart, we can see that the price has created a higher high exceeding the levels of the price of the lower high, which is a bullish sign. The price has pulled back to the 0.786 Fibonacci level, but its still over the 100-day EMA.

The current market sentiment is slightly positive, meaning out of 199 mentions in total 65.33% are positive.

Bitcoin price sentiment is slightly positive

Source: sentimnt.io

Zooming-in to the hourly chart we can see that the price has pulled back to the 50 EMA which held the price as well as the significant Fibo level.

Overall, hourly chart signals a buy.

hourly chart signals

Pivot points

S3 6109
S2 7355
S1 8134

P 8601
R1 9380
R2 9847
R3 11093

ETH/USD

In the last 24 hours, Ethereum’s price changed only by +2.7%. However, the price went all the way up to 710$ before falling back to the levels at which is now sitting, just slightly above 660$.

Looking at the daily chart, we can see that the price is still above 100-day EMA and 1.618 Fibonacci level.

The current sentiment for Ethereum is positive, meaning out of 98 mentions in total, 77,5% are positive.

sentiment for Ethereum is positive

Source: sentimnt.io

Looking at the hourly chart, we can observe the interaction with the 1.618 Fibonacci level better. The price went below it and is now retesting it from the other side. Also on this chart, we can see that the price has fallen to the 100 EMA which served as support.

Overall, hourly chart signals a sell.

Overall, hourly chart signals a sell

Pivot points

S3 324
S2 450
S1 527
P 576
R1 653
R2 702
R3 828

XRP/USD

In the last 24 hours, Ripple’s price has dropped by 5,8%. Ripple opened at 0,87$, rose up to 0.96$ before falling down to the lower point from yesterday’s open at 0.82$.

Looking at the daily chart we can see that the price of Ripple is on the downward trajectory, but its held by 100% Fibonacci level. The price is likely going to fall back to somewhere around the levels of the 50-day EMA and the blue support line at approximately 0.7$

The current market sentiment for Ripple is positive, meaning 79% out of 73 mentions in total are positive.

Ripple is positive

Source: sentimnt.io

Looking at the hourly chart, we can see that the price has begun falling steeply, going below 50 and 100 EMA and the 100% Fibo level.

Overall hourly chart signals a sell.

hourly chart signals

Pivot points:

S3 0.20439

S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899

Conclusion:

The highly anticipated pullback in the crypto market has begun. This is only a short-term pullback, to retest prior levels for support. How low will it go? I wouldn’t be surprised to see market capitalization at around 350B again, but we will have to wait and see.

©Forex.Academy

Tags bitcoin, Crypto, Ethereum, Ripple

Crypto Market Analysis

ZRX/USD Buying Opportunity

Post author By Forex Academy
Post date 24 April, 2018
No Comments on ZRX/USD Buying Opportunity

0x (ZRX)

Market Cap. $592.68M

Circulating Supply: 524.68M ZRX

Max Supply: 0 ZRX

Volume (24h): $17.70M

ZRX/USD price jumped up by 11.48% today and by 42.06% in the last 7-days becoming an important performer. Price has finally managed to jump above the 1.0000 psychological level signaling that the bulls have taken full control. Right now is important that the rate close the day somewhere near the 1.1500 today’s high.

The rate has moved sideways on the short term signaling and oversold and a potential upside movement. ZRX/USD has managed to break out above the minor downtrend line after the failure to reach the 0.3525 lowest low.

Price has found strong support at the 250% Fibonacci line of a former ascending pitchfork and now has jumped above the 50% Fibonacci line (red ascending dotted line) signaling that the rate will resume the upside movement.

The next upside target is at the median line (ml) of the red ascending pitchfork. It could be reached in the upcoming days. Only a valid breakout above this major dynamic resistance will confirm a further increase towards the 2.0000 psychological level and towards the upper median line (uml).

Technically, it is expected to move towards the 3.0000 level in the upcoming weeks and months if the crypto market will continue the rebound and as long as it will stay within the ascending pitchfork’s body.

ZRX/USD made a valid breakout above the 50% Fibonacci line after several breakout attempts. It could be attracted by the confluence formed between the median line (ml) with the first warning line (wl1) of the former ascending pitchfork. The current upside movement is natural after the several false breakdowns below the lower median line (lml).

Conclusion

The perspective is bullish on the short term, so you should place a Stop Loss somewhere below the 0.4531 if you decide to go long on this crypto on the medium to the long term.

©Forex.Academy

Tags 0x, Crypto Pick, cryptocurrencies, Trade Setup, ZRX/USD

Crypto Market Analysis

Qtum Crucial Breakout Eyed

Post author By Forex Academy
Post date 24 April, 2018
No Comments on Qtum Crucial Breakout Eyed

Qtum (QTUM)

Market Cap. $1.92B

Circulating Supply: 88.55M QTUM

Max Supply: 0 QTUM

Volume (24h): $231.36M

QTUM/USD increased and resumed yesterday’s bullish candle. It went up by more than 4.4% today, and the bullish movement should continue. The crypto is trading near an important resistance area, so you should wait for a valid breakout.

The current increase is natural and it was expected after the breakout above the minor downtrend line. It has shown an oversold when has failed to approach and reach the 10.74387040 swing low. Qtum price increased again after many retests of the upper median line (UML) of the descending pitchfork.

Right now is premature to talk about a more significant increase as long as the rate is trapped below the first warning line (WL1) of the descending pitchfork and below the 21.75638400 static resistance.

Personally, I want to see a valid breakout above the WL1 followed by a lower median line (lml) retest to be sure that it will increase at least till the 50% Fibonacci line (ascending dotted line).

A further increase will be invalidated by a valid breakdown below the outside sliding parallel line (sl) of the ascending pitchfork. You should be careful because we don’t have a valid breakout above the lower median line (lml).

It has made a false one in the last days, so we need a confirmation that it will stabilize above the lower median line (lml). You should know that only a valid breakout above the 50% Fibonacci line will confirm an increase towards the median line (ml) and towards the 38.2% retracement level.

QTUM/USD reached a dynamic resistance represented by the inside sliding parallel line (sl2). It will be very important for the rate to close above this dynamic obstacle because another rejection could send the price towards the outside sliding line (sl1).

QTUM Price Prediction Conclusion:

If you decide to go long from above the 23.00000000 psychological level, then you should place a Stop Loss somewhere below the 18.00000000 level. The crypto market has shown signs of life as the major cryptocurrencies have registered significant gains in the last days, but you should be very careful because this could still be only a temporary rebound.

Tags Crypto, cryptocurrency, Median Line, Pitchfork, QTUM/USD, Trade Setup

Crypto Market Analysis

VeChain Broader Increase Validated

Post author By Forex Academy
Post date 24 April, 2018
No Comments on VeChain Broader Increase Validated

VeChain (VEN)

Market Cap. $2.15B

Circulating Supply: 525.78M VEN

Max Supply: 0 VEN

Volume (24h) $94.45M

VeChain increased significantly today and erased the last day’s minor drop. It has finally managed to jump in the buyer’s territory, so we should have a further increase. The next hours could be crucial because we still need one more confirmation that it will jump much above the 5.0000000 psychological level in the upcoming period.

VEN/USD has finally made an aggressive breakout above the upper median line (UML) of the descending Pitchfork and now approaches the 50% Fibonacci line. It should climb towards the upper median line (uml) of the minor ascending Pitchfork and the first warning line (WL1) of the major descending Pitchfork.

The perspective will remain bullish on the Daily chart as long as the price stays within the ascending pitchfork’s body. The crypto could increase without a broken upper median line (UML) retest. You can notice that its price has been pressing the UML in the last days. However, it could still retest the median line (ml) of the ascending pitchfork in the upcoming days because it could try to capture more directional energy. A significant retreat could appear if the crypto market crashes again.

An important upside movement will be confirmed if the price gets enough directional energy to close above the 4.20381996 high. VEN/USD could be attracted by the confluence area formed between the upper median line (uml) with the150% Fibonacci line. A valid breakout will validate a further increase towards the WL1 of the major descending pitchfork.

Conclusion

If you go long on this crypto, you should place a Stop-loss somewhere below the lower median line (lml) of the ascending pitchfork. Technically, it is expected to double its value in the upcoming months, so it should approach and reach the 8.0000000 level again.

©Forex.Academy

Tags crypto analysis, cryptocurrencies, Technical Analysis, Trade Setup, VeChain, VEN/USD

Crypto Market Analysis

Crypto Market Close to Consolidation or a Pullback

Post author By Forex Academy
Post date 24 April, 2018
No Comments on Crypto Market Close to Consolidation or a Pullback

General overview

Market Cap: $420,627,984,827

24h Vol: $27,680,549,243

BTC Dominance: 37.4%

Crypto Market Consolidation

In the last 24 hours market cap has been rising and the rising, all the way from 388B to around 420B where is now sitting.

total market cap - global charts

This new high exceeds the level from which the market cap evaluations was 7. March which is a good confirmation that the uptrend has begun.

Crypto Market Consolidation News:

News that came out in the last 24 hours is very positive, and leaning towards cryptocurrency adoption and acceptance.

Chinese Gov’t Reiterates Strict Stance On Crypto, Focuses On Illegal Fundraising

The Chinese government has recently reiterated its negative stance towards Initial Coins Offerings (ICOs) and cryptocurrency exchanges at a news conference in Beijing, claiming that financial authorities will continue to monitor private lenders’ interest rates, securities companies, and futures firms to combat illegal fundraising, Reuters reports April 23.

Source: Helen Partz, April 24, cointelegraph.com

U.S. Court Rules Money Laundering-Related Case Against Coinbase Must Have Public Trial

A U.S. federal court has ruled that law firm Silver Miller’s money laundering-related class action lawsuit against crypto exchange and wallet must be held in open court as opposed to a private arbitration boardroom, Silver Miller attorney David Silver told Cointelegraph in an email today.

Source: Molly Jane Zuckerman, April 24. Cointelegraph.com

California State Senator Promotes Blockchain Bill For Recording Stock Information

Last week, Senator Bob Hertzberg (D), who represents California’s 18th Senate District, advanced legislation permitting Blockchain technology for certain business practices, financial information platform Equities.com

Source: Ana Alexandre, April 24. Cointelegraph.

Analysis

BTC/USD

In the last 24 hours, Bitcoin’s price went from 8800$ to 9250$ which is approximately 5% increase.

BTC/USD

Looking at the daily chart, we can see that the price has gone above 100-day EMA and is now interacting with 0.786 Fibonacci level.

The current sentiment for Bitcoin is positive.

Bitcoin is positive

Source: sentimnt.io

forex academy diagram

On the hourly chart, we can see that the price is experiencing selling pressure, but it’s still holding strong at these levels.

Overall hourly chart signals a buy.

Overall hourly chart signals a buy

Pivot points:

S3 6109.5
S2 7355.5

S1 8134.0

P 8601.5

R1 9380.0
R2 9847.5
R3 11093.5

ETH/USD

In the last 24 hours, Ethereum’s price increased by 9.35%, coming to 678$ from 617$ where it was yesterday.

On the daily chart, we can see that the price went over the 100-day EMA and the 1.618 Fibonacci level.

The current market sentiment is positive, meaning that out of 96 mentions in total, 78% are positive.

eth current market sentiment

eth chart

Looking at the hourly chart, we can see that there’s a lot of momentum behind this move and that the price is far from EMA’s.

hourly chart

Overall hourly chart signals a strong buy.

Pivot points:

S3 324.51

S2 450.42
S1 527.43
P 576.33
R1 653.34
R2 702.24
R3 828.15

XRP/USD

Ripple has been the first among three cryptocurrencies that are covered in this report to advance upward in price. In the last 24 hours the price increased by 5,2% coming from 0.855$ to 0.9$ where is now sitting.

XRP/USD

The daily chart shows that the price was held by the 100% Fibonacci level since yesterday but hasn’t made new highs which is a sign of struggle.

The current sentiment is very positive, however, there are only 29 mentions in total.

ripple chart

Source: sentimnt.io

Zooming into the hourly chart we can see why the price has struggling to make new highs, it was trapped in a triangle but has breached out since to the upside.

ripple hourly chart

Overall, hourly chart signals a buy.

hourly chart signals

Pivot points:

S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899

Conclusion

After a higher high has been made on the global chart and seeing how much price’s of three major cryptocurrencies have risen over the last days hitting key resistance levels, a Crypto market consolidation or a pullback is near. Before advancing further prices have to stabilize and retest prior resistance for support, like in the case of Ripple.

©Forex.Academy

Tags bitcoin, Ethereum, Ripple

Crypto Market Analysis

NEM Further Increase Could Be Confirmed

Post author By Forex Academy
Post date 23 April, 2018
No Comments on NEM Further Increase Could Be Confirmed

NEM (XEM)

Market Cap. $3.05B

Circulating Supply: 9.00B XEM

Max Supply: 0 XEM

Volume (24h): $30.37M

The XEM/USD has lost the bullish momentum in the short term and now seems undecided. It has changed little since yesterday, but it maintains a bullish bias. Maybe the rate will make a minor consolidation before will move towards fresh new highs.

NEM (XEM) is trading much above the 0.30000000 psychological level and is somehow expected to resume the rebound in the upcoming period. NEM price has made a false breakout above the median line (ML) of the minor ascending pitchfork so that a minor decrease will be natural.

It should pressure the 50% Fibonacci line (ascending dotted line) of the minor ascending pitchfork and also the 0.35471335 static support. The perspective will remain bullish as long as the rate stays within the ascending pitchfork’s body. XEM/USD was expected to increase after the breakout above the downtrend line, but we still need a confirmation that we’ll have a broader upside movement.

Personally, I believe that only a valid breakdown below the lower median line (lml) could invalidate a further increase.

You can see on the H4 chart that the rate failed to reach and retest the median line (ml) signaling a minor exhaustion in the short term. It is still expected to increase further despite a minor drop. You can go long on this crypto if the rate will make a valid breakout above the median line (ml), or if will come back down to test and retest the lower median line (lml).

The next upside targets will be at the upper median line (uml) and higher at the Fibonacci retracement levels.

NEM Price Prediction Conclusion:

NEM (XEM) will become strongly bullish after a valid breakout above the median line (ml). NEM price prediction could consolidate the latest gains before will resume the upside movement. Personally, I really hope that we’ll have a fresh buying opportunity soon.

©Forex.Academy

Tags Crypto, NEM, Technical Analysis, Trade Setup, XEM/USD

Crypto Market Analysis

Dashcoin Leg Higher Underway

Post author By Forex Academy
Post date 23 April, 2018
No Comments on Dashcoin Leg Higher Underway

Dashcoin (DSH)

Market Cap. $ 4.06B

Circulating Supply: 8.03M DASH

Max Supply: 18.9M DASH

Volume (24h): $144.36M

Dashcoin (DSH) increased by 7.48% today and by 40.26% in the last 7-days, signaling that the bulls are in full control. The rate has reached an important dynamic resistance and now has slipped lower in the last hours. The perspective is bullish on the short term so we may see the crypto at new highs soon.

DASH increased significantly after the valid breakout above the downtrend line and now is pressuring the 50% Fibonacci line (ascending dotted line). The perspective remains bullish as long as the rate stays within the ascending pitchfork’s body and most important above the outside sliding parallel line (SL).

Technically, it should be attracted by the median line (ML) of the ascending pitchfork which acts like a magnet. The major upside target is at the upper median line (UML), but we should have another retreat before the rate moves towards this upside obstacle.

Right now you should stay away from this crypto because is too higher to buy it at this moment. We may go long again after another minor correction. It remains to see if the correction will come now or after will reach the median line (ML).

Technically, it should approach and reach the $700 level in the upcoming period as long as it stays above the outside sliding line (SL).

We had a great buying opportunity after the rate has escaped from the minor consolidation. It has failed to retest the lower median line (LML) signaling a high bullish pressure. A valid breakout above the 50% Fibonacci line will confirm a further increase towards the median line (ML). Meanwhile, a false breakout or a failure to touch this line will send the rate towards the lower median line (LML) and the sliding line (SL) very quick.

Conclusion

You should stay away for now because we don’t have a trading opportunity at this moment. Another minor corrective phase will give you the chance to go long. You should place a Stop Loss somewhere below the sliding parallel line (SL).

©Forex.Academy

Tags crypto analysis, cryptocurrencies, Dash, Dashcoin, DSH/USD

General overview

News

Analysis

BTC/USD

Market Sentiment

Pivot points

ETH/USD

Market Sentiment

Pivot points

XRP/USD

Market Sentiment

Pivot points:

Conclusion

Bitcoin

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Ethereum

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Conclusion

General overview

News

Analysis

BTCUSD

Market Sentiment

Pivot points:

ETH/USD

Market Sentiment

Pivot points:

XRP/USD

Market Sentiment

Pivot points:

Conclusion

Stellar (XLM)

Conclusion

General overview

News

Analysis

BTC/USD

Pivot points

ETH/USD

Pivot points

XRP/USD

Pivot points

Conclusion

Syscoin (SYS)

FunFair (FUN)

Conclusion

General overview

Analysis

BTC/USD

Pivot points

ETH/USD

Pivot points

XRP/USD

Pivot points

LTC/USD

Pivot points

Conclusion

General overview

News

Analysis

PIVX (PIVX)

Conclusion

Ardor (ARDR)

General overview

Status (SNT)

Conclusion

Stratis (STRAT)

Conclusion

AION (AION)

Conclusion

EOS/USD

VEN/USD

General overview

News

Analysis

Conclusion

Binance Coin (BNB)

VeChain (VEN)

Conclusion

Bitcoin Gold (BTG/USD)