Categories
Crypto Market Analysis

Litcoin Further Increase Still Possible

Litcoin (LTC)

Market Cap. $8.53B

Circulating Supply: 56.22M LTC

Max Supply: 84M LTC

Volume (24H) $390.80M

 
 

Will Litecoin Recover April 2018

The Litcoin increased more than 19% in the last 7-day and is fighting hard to stay above some very important broken resistance levels. It is trading above the 150.000 psychological level, but unfortunately, it has shown a minor exhaustion in this weekend.

litecoin price analysis

Price has found temporary resistance right above the second warning line (wl2) of the former ascending pitchfork. Litcoin is almost to reach this line again after the retest of the 50% Fibonacci line of the descending pitchfork. Actually, the rate has made a false breakout above the warning line (wl2), so a retest will send the price down a little.

Maybe we’ll have a minor consolidation before the rate tries to break out from the descending pitchfork’s body. An accumulation above the 136.61 level could give us a great chance to go long on this major crypto again.

Personally, I believe that only a drop below the third warning line (wl3) and below the 50% Fibonacci line will invalidate a further increase in the upcoming period.

We’ll have a very important upside target somewhere at the first warning line (WL1) of the major descending pitchfork. Only a valid breakout above this line will confirm a further increase.

Will Litecoin recover - Litecoin chart analysis

Will Litecoin recover? You should stay away for now, because we don’t have a great buying opportunity. An accumulation above the 136.61 could bring more bullish energy. Technically, we have a very strong resistance line at the inside sliding line (SL) of the descending pitchfork.

The perspective will remain bullish as long as the rate stays above the 136.61 static support (resistance turned into support).

Categories
Crypto Market Analysis

Market Is Moving Strong But For How Long?

General overview

Market Cap: $393,028,123,788

24h Vol: $21,794,182,916

BTC Dominance: 38.2%

During the weekend evaluations of the cryptocurrency market capitalization went from 395,120,000,000$ to 367,852,000,000$ on Saturday, and has been rising steadily since then, coming at around 393 billion dollars where is now sitting.

cryptocurrency market capitalization

News

There is no significant news that can impact the market. Most dominant headlines are about the percentage gains made by cryptocurrencies and are mostly optimistic in sentiment.

Bitcoin Brushes $9,000 As Crypto Markets Continue Making Steady Gains

Bitcoin (BTC) is on the cusp of $9,000, and Ethereum (ETH) is over $630, as the crypto markets continue to climb upwards today, April 22, according to data from Coin360.

Source: Molly Jane Zuckerman, April 22. cointelegraph.com

Buyers Control the Cryptocurrency Market More Than Any Time Since March 2017

The percentage of cryptocurrency traders ‘in the buy’ has reached the highest level in over a year, a strong sign that the market’s two-week recovery has more room to grow.

Source: Sam Bourgi, Aprill 22. hacked.com

This kind of news may impact the market positively because investors may be grabbed by their attention.

Analysis

BTC/USD

BTC/USD

In the last day, the price of Bitcoin has been stagnating at around the levels of the prior high on March 20-24. As you can see from the daily chart, 22. April candle was a doji, and the price has been held by 100-day EMA.

market sentiment for Bitcoin

The current market sentiment for Bitcoin is positive, meaning out of 150 mentions in total 74% are positive.
Source: sentiment.oi

 

Bitcoin is positive,

Looking at the hourly chart, we can see that the price has bounced off the 50-period EMA and is now looking to potentially cross it below, to retest the 100 EMA before advancing further to the upside.

Overall hourly chart signals a buy.

hourly chart

Pivot points

S3 6109
S2 7355
S1 8134
P 8601
R1 9380
R2 9847
R3 11093

 

ETH/USD

 

ETH/USD

Since yesterday the price of Ethereum has been rising from 594$ to 642$, and it retraced since to 634$. Looking at the daily chart, we can see that the price is held back by 100 day EMA, but it’s on a steep upward trajectory.

Ethereum has been rising

The current sentiment is positive, meaning out of 50 mentions in total 78% are positive.

Source: sentiment.io

 

 sentiment is positive

Looking at the hourly chart, we can see that the price is almost going to hit 1.618 Fibonacci level, which in combination with the 100-day EMA on the daily chart is going to serve as a strong resistance.

Overall, hourly chart signals a buy.

hourly chart signals a buy

Pivot points:

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

 

 

XRP/USD

XRP/USD

In the last 24 hours price of Ripple is stagnating on the same levels around 0.86$. As you can see from this daily chart, the price went above 100-day EMA and 100% Fibo level. Since then it has fallen back to exactly to the Fibo level to retest it for support.

The current market sentiment for Ripple is positive, meaning out of 70 mentions in total, 75% are positive.

Source: sentiment.io
Ripple is positive

FOREX ACADEMY

Looking at the hourly chart, we can see the interaction between the Fibonacci level and the 50 EMA.

Overall, hourly chart signals a sell.

hourly chart signalsPivot 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 market experienced a run-up, the prices are starting to get held back from advancing further, by first stronger resistance served by 100-day EMA’s and significant Fibonacci levels. Will the price breach out to the more upside, or retrace back to retest prior support we will just have to wait and see. However, Ripple can offer some clues on what is likely going to happen, as Ripple was the first cryptocurrency that showed advancement in this upward move.

 

© Forex.Academy

Categories
Crypto Market Analysis

Weekly crypto update 20.04.2018

General overview

At the start of the week on Monday, April 16 the cryptocurrency market cap was around 338 Billion and has dropped approximately 20 billion dollars on a single day, coming to the lowest point of the week at around 318,320,000,000$. Since then, the market cap rose to around 374 billion dollars, which means that another  55,68 billion dollars have entered the market.

April 16 the cryptocurrency market capitalization

Analysis

BTC/USD

BTC/USD

From April 16. Bitcoin’s price has increased by 6,79% coming from 7916$ to 8452$ where is now sitting. The price went above the 50-day EMA as you can see from this daily chart, which is a good sign. However its 100-day exponential moving average is just slightly above it at around 9000$ level and then around 9300$ there is a 0.786 Fibonacci level, which means that the price is likely going to be repealed around those levels.

Overall, daily chart signals a buy.

ETHUSD daily chart signalsPivot points:

S3 4361
S2 5990
S1 6997
P  7619
R1 8626
R2 9248
R3 10877

ETHUSD

daily chart signals

At the start of the week, Ethereum’s price was sitting around 500$, and it rose up by 90$ which is approximately 17% increase in five days. Looking at the daily chart, we can see that the price went above the 50-day EMA and is now interacting with 1,414 Fibo level. Like in the case of Bitcoin the 100-day EMA is not far enough as the next Fibo level.

Overall, daily chart signals a buy

daily chart signalsPivot points:

S3 183

S2 327
S1 415
P 471
R1 559
R2 615
R3 759

 

XRP/USD

XRP/USD

Starting from Monday, April 16 the price of Ripple has increased by a staggering 34%, coming from 0.64$ to 0.85$ where is now sitting. Looking at the daily chart, we see that price went above its 50 and 100-day EMA, which is an extremely bullish sign. The price is now interacting with its 100% Fibonacci level which is the top of the previous range.

Overall the hourly chart signals a buy

LTC/USD hourly chart signalsPivot points:

S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

LTC/USD

LTC/USD

Litecoin’s price has increased around 19% in the last week, coming from 125$ to 149$ where is now sitting. Looking at its daily chart, we can observe that the price went above its 50-day EMA and is now, similarly to Bitcoin and Ethereum, near the 100-day EMA and the next to the Fibonacci level.

Overall hourly chart signals a buy.

Overall hourly chart signals a buyPivot points:

S3 78.637

S2 101.247
S1 113.803
P 123.857
R1 136.413
R2 146.467
R3 169.077

 

Conclusion

After the bull run cryptocurrency market experienced, it is looking like the prices are getting really close to the first strong resistance, and that the pull back is on its way.

market cap evaluation

The market cap evaluation has exceeded the level on which it was on March 21 by approximately 20 billion dollars, from which we can conclude that the breakout from the descending wedge is real, making higher highs. However, we have to wait for a confirmation on the charts of the leading cryptocurrencies. Till then we have to conclude that we are still in a downtrend, but it definitely looks like the uptrend is in its beginning.

Check out the substitutionary video for the forecast for the upcoming week.

© Forex.Academy

Categories
Crypto Market Analysis

Bitcoin Long, The Most Expected Setup

Bitcoin (BTC)

Market Cap. $143.84B

Circulating Supply 16.99M BTC

Max Supply: 21M BTC

Volume (24H) $7.40B

 

Bitcoin massive corrective phase has forced the other cryptocurrencies to drop as well. Technically, a corrective phase was expected, but not so deep. Unfortunately, the fundamental factors have taken the lead and have driven the rate towards the 6000 psychological level.

Bitcoin Long, The Most Expected Setup

Bitcoin has shown an oversold when it ihas finally managed to make a valid breakout above the first warning line (WL1) of the descending pitchfork. Price tested and retested the sliding parallel line (sl) of the ascending Pitchfork signaling a bullish pressure.

The rate increased and is trading above the $8500 and much above the lower median line (lml) of the ascending pitchfork. It has managed to breakout above the WL2 today, but the breakout needs confirmation.

I draw two potential long trading setups on the Daily chart for those who didn’t enter long in the previous week.  Price could increase further in the upcoming days without a retest of the broken WL2 but is too risky.

Personally, I would wait for a retest of the WL2 and the lower median line (lml) before I go long again on the Bitcoin. It would be perfect if the rate will come down towards the outside sliding line (sl) because we’ll have a great buying opportunity with a very low risk.

bitcoin setup

Bitcoin will resume the upside movement if it has enough energy to climb and close above the $8600 level. It could be pulled by the confluence area, formed between the 50% Fibonacci line and the 350% Fibonacci line. A valid breakout through this confluence area will accelerate the bullish momentum.

In conclusion, a decrease will give us a great opportunity to go long on the Bitcoin again if you don’t want to take a long position with a high risk and to place a Stop Loss below the $6425 low.

© Forex.Academy

Categories
Crypto Market Analysis

ICON (ICX) Buying Opportunity?

ICON (ICX)

Market Cap. $1.27B

Circulating Supply 387.23M ICX

Crypto Max Supply: 0 ICX

Volume (24h): $50.43M

ICX tradingview:

ICX/USD increased today as much as 3.544012 level but failed to stay above the 3.4807593 yesterday’s high and now is showing some exhaustion signs. The last hour’s drop could be natural after the impressive rally. It could test and retest the broken resistance level before will move towards new highs.

ICX tradingview

The ICX/USD has finally managed to break out above the minor downtrend line and to jump above the lower median line (LML) of the ascending pitchfork again. It remains to see if this will be a valid breakout. The breakout above the minor downtrend line has signaled that we may have a larger rebound. Personally, I want to see if the rate will stabilize above the lower median line (LML) of the ascending pitchfork before I go long again.

We’ll have a great buying opportunity if the rate comes back down trying to retest the outside sliding line (SL2) before will stabilize within the ascending pitchfork’s body. The first significant upside target will be at the inside sliding parallel line (SL1). A valid breakout above this dynamic obstacle will lead the rate towards the median line (ML) and the upper median line (UML) in the upcoming months if the technical factors continue to drive the crypto market.

ICON buying opportunity

I’ve drawn on the H4 chart a perfect bullish scenario. Right now is risky to go long as the rate is far away from the near-term support levels. You can go long now, but only if you place a large Stop Loss somewhere below the 2.3562634 level, or you could wait for a retreat towards the SL2 and only them to buy the ICX/USD with a minor Stop Loss below the sliding line (SL2).

© Forex.Academy

Categories
Crypto Market Analysis

Ethereum Long Setup

Ethereum (ETH)

Market Cap. $56.68B

Circulation Supply: 98.93M ETH

Max Supply: 0 ETH

Volume (24h)

Ethereum (ETH) is the second most important crypto after the Bitcoin, so all the investors and traders are watching it closely. The rate has managed to increase in the last days as expected and now is almost to make a crucial breakout.

Ethereum (ETH) - Forex Academy

Ethereum is trading at $584 now and seems determined to climb much higher. It has reached the upper median line (UML) of the descending pitchfork. The UML represents a strong dynamic resistance, so only a valid breakout above it will signal a further increase.

The rate has breakout above the 565.44 static resistance as well as the bulls are in full control. I’ve drawn an ascending pitchfork hoping that I’ll catch the next major upside movement. We had a great buying opportunity after the rate has retested the lower median line (lml), near the $400 level. Personally, I still believe that we may have another buying opportunity soon if the rate will make a valid breakout above the UML. The major upside targets are at the median line (ML) and the upper median line (UML) of the ascending pitchfork. It could approach and reach these levels as long as it is trading within the ascending pitchfork’s body.

ethereum setup

You can see on the H4 chart that the rate has jumped above the UML and approaches the next dynamic resistance represented by the downside 50% Fibonacci line (ascending dotted line). Technically, we could see a minor drop in the upcoming days after the impressive upside movement. A retest of the broken UML and a valid breakout above the 50% Fibonacci line will really confirm a further increase towards the median line (ml) and towards the upper median line (uml) in the upcoming weeks and months.

© Forex.Academy

Categories
Crypto Market Analysis

Blockchain getting closer

Blockchain getting closer

JPMorgan has created the Quorum open source platform based on blockchain with the aim of applying it to the financial world. Although the development has been internal, its applications are huge and is attracting much interest in other areas. National Bank of Canada, for example, is assessing debt issuance based on Quorum.
The possibility of simplifying processes and, therefore, costs, is an aspect that is present in the mind of many investors that could be based on chain blocks to expedite international transfers, interest rate payments, or issuance of financial instruments.
The interest in the project has bequeathed to a point where JPMorgan has thought to separate Quorum from the bank’s activity so that it grows without constraints.

© Forex.Academy

Categories
Crypto Market Analysis

Pressure From Both Sides

General overview

Market Cap: $359,246,046,514

24h Vol: $22,391,963,491

BTC Dominance: 39.1%

In the last 24 hours cryptocurrency market capitalization increased by around 20B.

cryptocurrency market capitalization - forex academy

News

There is no significant news to justify this increase in market cap. Dominant headlines are regarding exchanges

South Korean Crypto Exchange Bithumb To Issue its Own Token In Singapore

Bithumb, South Korea’s leading cryptocurrency exchange, has recently revealed plans to issue its own token, Bithumb Coin, in an Initial Coin Offering (ICO), local news outlet TokenPost reports Thursday, April 19.

Source: Helen Partz, April 19. cointelegraph.com

Decentralized Exchanges, Off-Chain Atomic Swaps, And A Brief Look Into The Future

For an economy that emphasizes decentralization, cryptocurrency has ironically relied primarily on centralized platforms of exchange. This is problematic as they often hold funds in giant “honeypot” addresses that attract sophisticated attackers. This has resulted in several cases where exchange funds have been drained. In fact, there were two in the past 3 months alone! Bitgrail reported on Feb.12 that over $170 mln in XRB was stolen from their wallets. Coincheck suffered one of the largest losses ever with over $400 mln in NEM being stolen.

Source: guest author, April 19. cointelegraph.com

Crypto Exchange CEO Runs For Mayor Of Taipei To Make It Asia’s ‘Pioneer Blockchain City’

CEO of major over-the-counter (OTC) crypto exchange OTCBTC and Facebook hackathon winner Yi-Ting Cheng (better known as xdite) has announced that she is running for mayor of the Taiwanese capital city Taipei this year, according to Cheng’s Facebook post on April 14.

Source: Molly Jane Zuckerman, April 19. cointelegraph.com

Chilean Banks vs. Crypto Exchanges: Will Citizens Have Access to Technology?

Earlier this week, a group of cryptocurrency exchanges in Chile applied to the courts to fight the decision of banks to shut down their bank accounts. The exchanges, including Buda, Orionx, and CryptoMarket (CryptoMKT), state that the banking system in Chile is taking matters into their own hands and that they are “killing the entire industry.”

Source: Darryn Pollock, April 20. cointelegraph.com

Analysis

BTC/USD

BTC/USD - pressure from both sides

In the last 24 hours, the price of Bitcoin went from 8146$ to 8366$ and has retraced since, to 8280 where is now sitting. Looking at the daily chart, we can see that the price is held by 50-day EMA. The  created a doji candle for now.

Bitcoin is positiveThe current market sentiment for Bitcoin is positive, meaning 70% out of 85 mentions in total are positive.
Source: sentimen.io

short-term support line BTCUSD

Zooming into the hourly chart, we can see the pressure from both sides. The price is above the short-term support line, but it has been repealed again at the same levels.

Overall, hourly chart signals a buy

hourly chart signals a buy Pivot points:

S3 4361.0
S2 5990.0
S1 6997.9
P 7619.0
R1 8626.9
R2 9248.0
R3 10877.0

ETH/USD

ETHUSD

In the last 24 hours price of Ether was increased by 8,57%, rising from 521$ to 566$ where it is now. On the daily chart, you can see that, similar to Bitcoin, the 50 day EMA is in combination with 1,414 Fibo level are repealing the price. But there is buying pressure also, which is creating a doji candle.

Ethereum is positive, meaning 78% out of total 97 mentionsThe current market sentiment for Ethereum is positive, meaning 78% out of total 97 mentions are positive.

Source: sentimen.io

ETHUSD chart

Looking at the hourly chart, we can see that the price was broken down from this upward channel with strong momentum, but has now bounced back off at the Fibo levels.

Overall hourly chart signals a buy.

XRP/USD

 Pivot points:

S3 183.46
S2 327.57
S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

XRP/USD

XRPUSD-D-4

Ripple has been rising with strong momentum in the last 24 hours and has increased by 16,5%, coming from 0,7$ to 0,83$. Looking at the daily chart, we can see that momentum is slowing down by the 100% Fibonacci level, which is the top of the prior range.

The current market sentiment for Ripple is slightly positive, meaning 69% of 42 mentions in total are positiveThe current market sentiment for Ripple is slightly positive, meaning 69% of 42 mentions in total are positive.
Source: sentiment.io

interaction between the Fibo level

Looking at the hourly chart, we can observe the interaction between the Fibo level and how the price quickly bounced.

Overall, hourly chart signals a buy.

hourly chart signals Pivot points:

S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion

After a powerful bull run market experienced in the past couple of days, the first firm resistance is found. Three coins that we are covering in this report are all currently held at Fibonacci significant levels, and their price has been pushed from both sides. Who will win, bulls or the bears, we will see by the end of the day.

Categories
Crypto Market Analysis

Stellar To The Moon?

Stellar (XLM)

Market Cap. $6.69B

Circulating Supply 18.57B XLM

Max Supply: 0 XLM

Volume (24h): $177.67M

 

XLM/USD increased sharply in the last days and has managed to jump above some very important resistance levels. Stellar increased like the other major crypto after the massive drop but remains to see how long the rebound will be.

Stellar (XLM) - Forex Academy

XLM/USD has finally managed to breakout above the downtrend line. Price has failed to reach this line since January 2018. You can see that I’ve added an ascending pitchfork hoping that I’ll catch a significant upside movement.

The rate has made several false breakdowns below the lower median line (LML) of the ascending pitchfork. It has failed to stay below the 0.2000000 psychological level and now tries to reach new highs.

Stellar increased by 60.22% in the last 7-days and has managed to jump above the 50% Fibonacci line (ascending dotted line) and above the 0.3433903 static resistance. The breakout needs confirmation because another false breakout above the 50% Fibonacci line will send the rate down again.

A valid breakout will lead the rate towards the next upside target represented by the median line (ML). The major upside target remains at the upper median line (UML) as long as the rate stays within the ascending pitchfork’s body.

Price has come back down to test and retest the broken 50% Fibonacci line and the 0.3433903 level. We should wait to see if this will really be a valid breakout before we go long on this crypto. A failure to stay above the 50% line could signal a minor corrective phase. Stellar could still increase despite a minor drop as long as stays above the outside sliding line (SL).

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Crypto Market Analysis

EOS Bullish Perspective

EOS/USD

Market Cap. $7.301.307.239 USD

Volume (24h) $568.861.000 USD

Circulating Supply: 802.920.263 EOS

Total Supply: 900.000.000 EOS

Max Supply: 1.000.000.000 EOS

 

EOS/USD is trading in the green and tries to stabilize above a broken dynamic resistance. Technically, it is somehow expected to climb much higher in the upcoming period.

EOS/USD is trading in the green

EOS/USD has retested the upper median line (UML) of the former descending pitchfork and now tries to reach new highs. Price climbed above the median line and should approach the 50% Fibonacci level and the sliding line (sl2).

You should know that only a valid breakout above the mentioned resistance levels will confirm a further increase. The false breakdown below the first sliding line (sl1) has signaled that the bulls could take the lead again.

A valid breakout above the sliding line (sl2) and above the 10.0000 psychological could send the rate towards the upper median line (uml) and towards the first warning line (WL1). Resistance can be found at the 150% Fibonacci line as well.

EOS Bullish Perspective

I’ve added an H4 chart to show you what could happen in the upcoming hours. A failure to stabilize above the median line (ml) could signal a minor drop. So, a drop below the sliding line (sl1) followed by a retest will send the rate towards the downside 50% Fibonacci line.

We may have several breakout attempts above the upside sliding line (sl2) and above the 50% Fibonacci level (see the daily chart). The perspective will remain bullish on the daily chart as long as the rate stays somewhere above the UML and within the ascending pitchfork’s body.

Categories
Crypto Market Analysis

Ripple Further Increase Expected

Ripple (XRP)

Market Cap. $28 179 718 865

Volume (24h) $754 165 000

Circulating Supply: 39 122 794 968 XRP

Total Supply: 99 992 362 643 XRP

Max Supply: 100 000 000 000 XRP

 

The Ripple XRP has finally managed to jump above the short-term downtrend line. The crypto has lost the bearish momentum, so the current rebound was natural and expected.

Ripple XRP Price Predictions April 2018

XRP/USD retested the broken downtrend line and now is pressuring the 0.71192 static resistance. Maybe some of you have already entered long on Ripple after the breakout above the downtrend line. Personally, I’m waiting for a valid breakout above the inside sliding parallel line (sl1) to be sure that the rate will really move towards new highs.

It seems like that the major corrective phase is completed, but we still need a confirmation that the Ripple XRP will start a broader upside movement.

A valid breakout above the sliding line (sl1)  and above the 0.80000 level will signal a further increase towards the median line (ML) of the ascending pitchfork. The major upside target will be at the upper median line (UML).

The perspective is bullish on the short term as long as the rate stays above the downtrend line and most important above the outside sliding parallel line (sl) of the ascending pitchfork.

Ripple XRP Predictions April 2018

XRP/USD slipped lower to test and retest the 0.70835 broken resistance. A failure to make a valid breakout above the sliding line (sl1) will signal a minor exhaustion. Price could come back to test and retest the lower median line (LML) or the outside sliding (sl) before will give birth to a larger bullish movement.

Note: if you want to go long on the XRP/USD you should place a Stop Loss somewhere below the outside sliding line (sl). You can place it somewhere below the 0.53550 to be safe if the rate will come down a little.

Categories
Crypto Market Analysis

Cryptocurrency market is starting to gain confidence

General overview

Market Cap: $343,721,340,582

24h Vol: $20,346,209,841

BTC Dominance: 40.3%

Global market cap charts

In the last 24 hours, new 20B have entered the market. Market capitalization has been steadily rising as you can see from the chart.  

News

News that came out is mostly around cryptocurrency use cases and adoption which is extremely positive. Most significant headlines are the following:

NASA Funds Development Of Autonomous Spacecraft That Uses Blockchain

The National Aeronautics and Space Administration (NASA) has awarded a new grant that supports the development of an autonomous spacecraft that could make decisions using Blockchain technology without human intervention, news outlet Space.com reported April 18.

Source: Ana Alexandre, April 18. Cointelegraph.com

IBM And Salon Media Pilot Blockchain Project To Prevent Fraud In Advertising Industry

IBM and Salon Media are piloting a proof-of-concept Blockchain product created by AdLedger, a nonprofit consortium that develops shared ledger technologies for the digital advertising market, Marketing Dive reported April 18.

Source: Marie Huillet, April 18. Cointelegraph.com

US Stablecoin Project Basis Raises $133 Mln From Major VC Firms

The US-based Blockchain project Basis (formerly known as Basecoin), which claims to provide a non-volatile cryptocurrency or stablecoin, has recently raised $133 mln in funding from big name investors, according to an official blog post published today, April 18.
Source: Helen Partz, April 18. Cointelegraph.com

Hedge Fund Och-Ziff Exec Leaves Wall Street To Become Coinbase CFO

The Chief Financial Officer (CFO) at Wall Street’s Och-Ziff Captial Management (Oz Management) has left to become the new CFO at major crypto wallet and exchange service Coinbase, according to Coinbase’s blog post published yesterday, April 17.

Source: Molly Jane Zuckerman, April 18. Cointelegraph.com

China’s Telecom Giant Huawei Launches Blockchain-As-A-Service Platform

Chinese telecommunications giant Huawei revealed its latest Hyperledger-fuelled Blockchain offering at a conference in Shenzhen Tuesday, April 17. The Blockchain-as-a-Service (BaaS) tool, which comes a month after the release of Huawei and Hyperledger’s joint project Caliper, will be known as the decidedly low-key “Blockchain Service.”

Source: William Suberg, April 18. Cointelegaph.com

Energy Giant BP Says It’s Tested ‘Internal’ Tokens

Energy giant BP would consider partnering with blockchain startups that are doing initial coin offerings, and it’s even tested tokens internally, an executive said Wednesday. Speaking at the Blockchain Expo in London, Julian Gray, the technology director for BP’s digital innovation organization, voiced a common theme: non-financial enterprises are perhaps more open to open-blockchain innovation than their financial-services counterparts.

Source: Ian Allison, April 18. Coindesk.com

 

Analysis

BTC/USD

Analysis BTC/USD chart

In the past 24 hours, Bitcoin is up around 3,55%, coming from slightly below 8000$ to around 8200$ where is now sitting. Looking at the daily chart we can see that support has been retested, and it held up pretty good.

Bitcoin is up around 3,55%

The current market sentiment for Bitcoin is slightly positive, meaning 65% out of 297 mentions in total are positive.

Source: sentiment.io

market sentiment for Bitcoin

Zooming into the hourly chart we can see that another short-term support has been crossed and that the price is sitting just above it. A lot of wicks on these candles are formed, which means that there’s a lot of pressure from both sides.

Overall, hourly chart signals a buy.

hourly chart signals a buy ETH/USD

Pivot points:

S3 4361
S2 5990
S1 6997.9
P 7619
R1 8626
R2 9248
R3 10877

ETH/USD

ETHUSD chart - forex academy

In the past 24 hours, Ethereum’s price is up by 6,37% coming from 501$ to 536$ where is now sitting. Looking at the daily chart we can see that the price is above the 1,272 Fibonacci level which is serving a support.

Current ETH sentiment is positive, meaning 74% of 171 mentions in total are positive.
Current ETH sentiment is positive, meaning 74% of 171 mentions in total are positive.

Source: sentiment.io

Ethereum’s price is on an upward channel, and is now interacting with the upper line of the channel.

Looking at the hourly chart, we can see that Ethereum’s price is on an upward channel, and is now interacting with the upper line of the channel.

Overall, hourly chart signals a buy.

hourly chart signals XRP/USDPivot points:

S3 183.46
S2 327.57

S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

XRP/USD

XRPUSD

In the past 24 hours, Ripple is up by around 8%, coming from 0.657$ to 0.7$ where is now sitting. Looking at the daily chart, we can see that the price has been repealed by the 0.786 Fibonacci level.

Ripple is up by around 8%, coming from 0.657$ to 0.7$ The current market sentiment for Ripple is positive, meaning 87,88% of 66 mentions in total are positive.

Ripple is positive, meaning 87,88% of 66 mentions in total are positive.

If we look into the hourly chart, we can see that the price has breached out of the triangle and is now sitting at the support line which is in the same levels as the starting point of the triangle.

Overall, hourly chart signals a buy.

Pivot points - forex academyPivot points:

S3 0.13715

S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion

Yesterday’s pullback has been completed, and market capitalization is on the rise again. All three of the coin are testing their recent support levels so that the price can go further up. Having said that and, being that news is extremely positive, the market is starting to gain newly found confidence.   

Categories
Crypto Market Analysis

Litcoin Losing The Bullish Momentum

  • Litcoin is struggling to increase further
  • NEO seems exhausted on the Daily chart
  • DASH/USD another false breakout

                                                                                                                                                          Source: investing.com

The major cryptocurrencies are fighting hard to stay higher, but it seems like prices will come down trying to recapture more directional energy. Bitcoin slipped below the $8000 level in the yesterday’s trading session, while the Ether continues to stay above the 500 psychological level.

Litcoin

Litcoin is the fifth most important crypto with a $7 537 807 784 market cap, and with a $514 562 000 daily volume. Unfortunately, Litcoin showed some exhaustion signs last night when has dropped aggressively and has erased more than half of the yesterday’s gains.

Price increased today and maybe will try to approach and reach the $140.49 yesterday’s high. It remains to see what will happen in the upcoming days because the rate is trapped below some very important resistance levels.

Litcoin - Forex Academy

Litcoin increased by 3.65% today and seems determined to challenge the 136.610 static resistance again. You can notice that the rate failed to retest the second warning line (wl2) of the former ascending pitchfork signaling exhaustion.

I’ve said in the previous article that the rate remains under pressure in the short term. Price moves in a range between the 136.61 and the 106.52 level. It could resume this range if the other major cryptocurrencies dropped again.

Technically, Litcoin could decrease a little towards the median line (ML) of the descending pitchfork in the upcoming period. I want to remind you that only a valid breakout above the upside 50% Fibonacci line (descending dotted line) will confirm a further increase towards the upper median line (UML).

We may have a great buying opportunity if the rate will decrease and if will fail to reach and retest the wl3, the 106.52 level and the median line (ML).

NEO/USD

NEO/USD surged by 23.80% in the last 7-days, but has failed to stabilize above the $70.00 and now could register another drop.

NEO/USD surged by 23.80% in the last 7-days

Technically, it has made two false breakouts above the lower median line (LML) of the ascending pitchfork signaling an overbought. The false breakout above the confluence area formed between the lower median line (LML) with the 23.6% retracement level could send the price at least till the 150% Fibonacci line (ascending dotted line). NEO/USD will become strongly bullish only when it will have enough energy to make a valid breakout above the LML. The crypto will drop sharply if will drop and will stabilize below the 150% line.

DASH/USD

DASH/USD - Forex Academy

Dash moves in range in the short term and has developed a symmetrical triangle. Price has made several false breakouts above the 50% Fibonacci line and now could slip lower. The Dash is trading at $363.60 after the failure to reach the $400 level in the last days.

A breakdown from the minor chart patter will lead the rate towards the lower median line (LML) and towards the outside sliding line (SL). I want you to know that only a valid breakout above the 50% Fibonacci line (ascending dotted line) will really confirm a broader rebound on Dash.

Conclusion

The major cryptocurrencies have found temporary resistance and now could lose altitude again. Technically, the crypto market is expected to increase in the upcoming period, but the upside movement will be a slower one.

© Forex.Academy

 

Categories
Crypto Market Analysis

Cryptocurrency market is experiencing low volatility

General overview

Market Cap: $326,535,690,890

24h Vol: $18,390,671,352

BTC Dominance: 41.3%

Nothing has changed much in the last 24 hours. Market capitalization has been standing relatively still.

The day started off with around 325B, and in the period of 12 hours, we had another 5B coming to the market, only to get back in on the same levels as on the beginning of the day.

 

News

There is no significant news that can impact the market in a great way. Dominant headlines are mostly analytical in nature.

Sharia, Taxes, and Short Squeeze: Versions Behind Bitcoin’s $1000 Bounce

Forbes financial analyst Charles Hayter suggested that the spike was due to what is known as a ‘short squeeze’ on the Bitfinex exchange. In layman’s terms, a short squeeze is caused by a turnaround in a stock’s price which forces short sellers to close their positions which in turn forces the price of a stock even higher.

Source: Gareth Jenkinson, April 17. Cointelegraph.com

Analysts Expect Bitcoin in Bullish Mode After ‘Tax Day’

Tax-selling has been a significant factor in downward crypto prices over the past few weeks. I would expect this downward pressure to abate after tax day,”Blockchain Capital co-founder Spencer Bogart told CNBC.

Source: Ricardo Esteves April 17. Newsbtc.com

IMF’s Lagarde Calls for Open-Minded, Even-Handed Cryptocurrency Policies

“Here, I want to examine the promise they offer. A judicious look at crypto-assets should lead us to neither crypto-condemnation nor crypto-euphoria,” said Lagarde.

Source: Gerelyn Terzo, April 17. Ccn.com

Analysis

BTC/USD

In the last 24 hours, Bitcoin’s price has been dropped by 70$, from around 8000$ to 7930$ where is now sitting. Looking at the daily chart, we can see that the price was pulled back to prior resistance which is now serving as support.

The current sentiment for this cryptocurrency is positive meaning 74% out of 181 mentions in total are positive.
Source: sentiment.io

Zooming into an hourly chart, we can see the interaction with the support line, from which the price bounced off.

 

Overall, hourly chart signals a sell.

Pivot points:

S3 4361.0
S2 5990.0
S1 6997.9
P 7619.0
R1 8626.9
R2 9248.0
R3 10877.0

 

ETH/USD

Ethereum’s price has been stagnating in the last 24 hours. The current price is where it was at the opening of the day around 509$.

 

Current market sentiment for Ethereum is positive, meaning out of 162 mentions in total 77% are positive.

Source: sentiment. Io

 

Zooming into the hourly chart we can see that there is low volatility, and the price hasn’t been changing much.

 

Overall, hourly chart signals a sell.

Pivot points:

S3 183.46
S2 327.57
S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

 

XRP/USD

Ripple’s price also hasn’t changed much during the last day. The price only increased by 0.01$ making the price of Ripple stand at 0.665$.

 

The current market sentiment for Ripple is slightly positive, meaning 64.7% of 17 mentions in total are positive.
Source: sentiment.io

Zooming into an hourly chart, we can see the price movement is getting shorter and shorter, and that nothing has changed that much for this cryptocurrency.

 

Overall, hourly chart signals a buy.

Pivot points:

S3 0.13715

S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion:

Cryptocurrency market is experiencing low volatility after the initial surge, which is a good thing. We can conclude that even though the short squeeze has pushed the price to go up on Bitcoin and in the overall market cap, new support is being found at 326B.

Categories
Crypto Market Analysis

Ripple Breakout In Play

  • Ripple breakout needs confirmation.
  • ETP/USD still under pressure.
  • EOS could resume the short-term rebound.

 

The major cryptocurrencies have found a temporary resistance in the yesterday’s trading session and have slipped lower. Bitcoin, Ethereum, Ripple are still expected to climb much higher in the upcoming period, despite the minor retreat. I’ve said in the yesterday’s daily report that the main cryptos could come back down to test and retest some support levels before will start to increase again.

Ripple

The coin changed little in the early morning, but this decrease is natural after the breakout above a dynamic resistance. Ripple is trading at 0.65254 right now and could register an impressive upside movement after the integration with banks and traditional financial institutions.

Ripple dropped by 2.62%, but personally, I’m still expecting to see a bullish momentum soon as the rate has managed to jump in the buyer’s territory.

Ripple breakout in play

Price has finally managed to break out above the downtrend line. However, the breakout needs confirmation because this could be a false one if the rate will drop significantly in the upcoming hours.

Ripple increased in the last days from the 0.45410 low and after the minor accumulation. It is premature to talk about a larger upside movement as long the Bitcoin and Ethereum are still sluggish.

The rate is trading much above the 0.57210 static support (resistance has turned into support) and above the lower median line (lml) of the ascending pitchfork. Ripple could come back down to test the lower median line (lml). A rejection from this dynamic support or a false breakdown will send the rate towards the median line (ml). Minor resistance could be found at the downside 50% Fibonacci line as well. You should know that the perspective remains bullish on the short term as long as the rate remains within the ascending pitchfork’s body.

EOS/USD

The EOS increased by 4.12%, reaching the $8.60 again after the minor corrective phase. We have a $6 866 517 270 market capitalization and a $626 057 000 daily trading volume. The crypto could become strongly bullish soon.  We may have a great trading opportunity on the EOS/USD if the price will have enough directional energy to stabilize somewhere above the 10.00 psychological level.

EOS/USD - Forex Academy

EOS/USD rallied today and reached the median line (ml) of the ascending pitchfork. It has come down to retest the broken upper median line (UML) of the major descending pitchfork and now tries to resume the upside movement.

A valid breakout above the median line (ml) and above the 9.00 psychological level will signal a further increase. Technically, it will be expected to climb towards the upper median line (uml) if it will close above the $10 level. EOS could find temporary resistance at the 50% Fibonacci line and at the 150% Fibonacci line.

ETP/USD

Metaverse increased by 57.52% in the last 7-days, but unfortunately, it remains under some selling pressure. Price failed to reach and retest two important resistance levels and now slipped below the 1.00 psychological level.

ETP/USD - Forex Academy

ETP/USD registered humble gains today and could resume the yesterday’s bearish candle. Price moves in a range between the 0.5705 and 1.1105 levels. It has failed to reach the lower median line (lml) and the 1.1105 level, signaling a minor exhaustion and a potential drop.

Only a valid breakout from the minor sideways movement and above the lower median line (lml) will confirm a significant increase.

Conclusion

XRP/USD, EOS/USD and the ETP/USD have decreased in the yesterday’s trading session and now are fighting hard to stay higher. We need confirmations all the analyzed crypto pairs before we can say for sure that the rates will reach fresh new highs.

© Forex.Academy

Categories
Crypto Market Analysis

Low Volatility In The Cryptocurrency Market

General overview:

Market Cap: $325,989,899,352

24h Vol: $15,576,816,007

BTC Dominance: 41.7%

Low volatility in the cryptocurrency market

In the last 24 hours market capitalization has fallen from 338,7B to 318,3B and has risen steadily since then to around 326B.

News:

There is no significant news that came out in the last day that can impact the market fundamentally. These are the most interesting once.

Mastercard Patents Blockchain Tech To Combat Fake Identity

Mastercard has registered a patent for a Blockchain system to save and verify identity data, in an application published by the U.S Patent and Trademark Office (USPTO).

Source: Marie Huillet, April 16. Cointelegraph.com

Crypto Investor Ian Balina Hacked for Millions of Ether During Livestream

Notable cryptocurrency investor and Youtube influencer Ian Balina ended a livestreamed ICO review last night when he realized he was being hacked. Balina seemed to realize something was amiss when he was required to sign back into Google to save changes to the spreadsheet he was using, saying “I have to get going” and ending the stream. Balina took to social media to ask for the support of his followers in tracing over $2 million worth of cryptocurrency being moved from his Etherscan wallets.

Source: Conor Maloney, April 16. Ccn.com

NASA Researches Ethereum Blockchain Tech for Deep Space Exploration

A research project funded and co-run by NASA is looking to leverage the Ethereum blockchain’s smart contracts technology to automate spacecraft maneuvering while avoiding space debris.

Source: Samburaj Das, April 16. Ccn.com

Analysis

BTC/USD

BTC/USD Cryptocurrency Market

Since yesterday the price of Bitcoin has decline by 5,07% coming from 8380$ to 8010$ where is now sitting.

sentiment for this cryptocurrency is slightly positive

The current sentiment for this cryptocurrency is slightly positive, meaning 69,15% from 389 mentions in total were positive.
Source: sentiment.io

Cryptocurrency Market Chart

On the hourly chart, we may observe that the price is close to the support line which served as resistance and was broken by a bull flag. Volatility is low, and there is not much going on.

Overall, hourly chart signals a buy, but it’s more like neutral.

hourly chart signals

Pivot points:

S3 4361
S2 5990
S1 6997.9
P 7619.
R1 8626.9
R2 9248
R3 10877

ETH/USD

ETHUSD-D

In the last 24 hours, Ethereum’s price has been bouncing in the range from 516$ to 502$. Looking at the daily chart, we observe that price has fallen below the 1.272 Fibonacci level (green line).

Ethereum’s price has been bouncing in the range from 516$ to 502$The current market sentiment for Ethereum is positive, meaning out of 133 mentions in total 77,44% were positive.

Source: sentiment.io

current market sentiment for Ethereum

Zooming into the hourly chart, we can see that price went slightly above the Fibo level and is now below it. Volatility is low as in the case of Bitcoin.

Pivot pointsOverall, hourly chart signals a buy, however, there are also nine neutral signals.

Pivot points:

S3 183.46
S2 327.57
S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

XRP/USD

XRPUSD-D

In the last day, Ripple’s price has slightly declined from 0.68$ to around 0.66$ where is no sitting. Looking at the daily chart, we can see that the price has bounced off the 0.7$ level which may be serving as a psychological resistance level.

ripple sentiment todayThe current sentiment for Ripple is slightly positive meaning 62.71 out of 59 mentions in total are positive.
Source: sentimen.ioXRPUSD-H

Zooming into an hourly chart we can see that the rising wedge has been breached to the downside as it should have, and the price bounced off the 0.618 Fibonacci level which serves as a support.

 

Overall hourly chart signals a buy - Forex AcademyOverall hourly chart signals a buy.

Pivot points:

S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion:

After the market capitalization surged in the last couple of days, we are experiencing a slight pullback. Volatility is low, and the prices of three coins that we’ve covered in this report are resting at the prior resistance levels, which is a good thing because the upward trajectory will be more sustainable in the long run.

Categories
Crypto Market Analysis

Bitcoin Update March 17

Bitcoin Update

The Bitcoin price today reports losses of around -3.50% as the session has progressed on Monday, the day started with a downward movement that sent Bitcoin below $ 8,000. Now it is currently at about  $7.984 After the strong rally we could see last week, on this one many buyers may be expecting a considerable pullback.

The 100 SMA is above the 200 SMA, which tells us that the price has little resistance to the upside, or to put it in other words, it is more likely that rise will start than the price falls. The space between these two indicators is still expanding or indicates a strengthening of the bull’s pressure.

The 100 SMA will be an important support to beat for bears and is close to $ 7836, a break of this support can send the price to $ 7000-7200, which could indicate that the bears are strengthening again.
The stochastic is at intermediate levels above 20, which shows a rest in the buyers and allowing sellers to take over from here. The RSI is also pointing down towards the oversold levels or indicating that we are close to the upward pressure that will lead us to overcome the highs of the last week and most likely find new highs for this week.

BTC/USD April-17/2018

 

The slight fall in the price of Bitcoin is stimulated by the imminent tax filing deadline in the US on April 17. (Massive withdrawals to pay taxes) Traders are anticipating more gains for the cryptocurrency after the deadline because investors will reopen their positions. In addition, the second quarter of the year (Q2) has been historically positive for the price of Bitcoin, so it will not be a surprise that investors make a strong movement inside the market before the end of the period.

Volume in Bitcoin continues to rise, despite recent bans in India and Pakistan. The market remains nervous for regulatory measures but the news that large hedge funds are preparing to invest more in the crypto market will overcome these nerves.

© Forex.Academy

Categories
Crypto Market Analysis

Bitcoin Shines Again

The crypto market has finally managed to bounce back in the last days as expected. The major cryptocurrencies have registered important gains in the short term, but we still need a confirmation that we’ll have a larger upside movement. The current rebound could be only temporary and the major cryptocurrencies could come back down to test and retest some very important support levels before will have started a major upwards movement.

Will Bitcoin Rise Again

The rate dropped in the early morning and erased some of the yesterday’s gains. Bitcoin has managed to jump in the buyer’s territory in the short term but is too early to talk about a larger rebound at this moment. It has managed to pass above the 8000 psychological level and approaches a very strong dynamic resistance.

Will Bitcoin Rise Again

Bitcoin increased sharply on April 12 signaling that the corrective phase is completed. Price was almost to reach the second warning line (WL2) of the major descending pitchfork where it could find resistance again.

Maybe the rate will come back to test and retest the lower median line (lml) of the ascending pitchfork before will breakout above the WL2. The perspective will be bullish on the Daily chart as long as the price stays inside of the ascending pitchfork’s body and above the outside sliding parallel line (sl).

Bitcoin has lost the bearish momentum, so another leg higher was expected. Personally, I still believe that we may have a significant bullish movement in the second part of the year. It could become strongly bullish after will climb and will stabilize again above the 10000 psychological level and above the downside 50% Fibonacci line.

Ethereum rebound in play

The crypto decreased a little as well today, but the bias remains bullish on the short term. Ether jumped above the $500 again and should reach crucial resistance levels very soon.

Ethereum rebound in play

Price jumped above the 50% Fibonacci line (descending dotted line) of the descending pitchfork as expected. The next upside targets will be at the 565 level and at the upper median line (UML) of the descending pitchfork. Resistance could be found at the downside 50% Fibonacci line of the ascending pitchfork.

Ethereum could decrease to retest the broken 50% Fibonacci line and also the lower median line (lml) before will make a valid breakout above the UML of the descending pitchfork. Personally, I believe that only a valid breakout above the downside 50% Fibonacci line of the ascending pitchfork will really confirm a broader rebound.

Litcoin still under pressure

Litcoin still under pressure

Litcoin retested the second warning line (wl2) of the former ascending pitchfork and now is trading in the red again. Price moves sideways between the 106.52 and the 136.61 level. Only a breakout from this range and above the 50% Fibonacci line (descending dotted line) will confirm an increase towards the upper median line (UML) of the major descending pitchfork.

The failure to reach and retest the 106.52 lowest low has signaled an oversold and a potential bullish momentum. However, the rate could slip lower to test and retest 106.52 level, the median line (ML) and the third warning line (wl3) before will try to climb towards fresh new highs.

Conclusions

Bitcoin, Ethereum, and Litcoin increased in the short term and signaled that the major corrective phase could be completed. It is premature to talk about larger upside movements at this moment. We need confirmations on the major cryptocurrencies before we can go long on the medium to the long term.

Categories
Crypto Market Analysis

Market Capitalization Sligthly Up

General overview:

Market Cap: $327,852,350,305

24h Vol: $15,480,704,734

BTC Dominance: 42.1%

Total Market Capitalization

In the past 24 hours market capitalizations went up from slightly below 322B to around 338,703,000,000$. Currently, it is sitting around 329B.

News:

There was no significant news in the past 24 hours. However, three major headlines have stood out.


Lithuanian Central Bank Initiates Dialogue On Crypto Between Banks, Regulators, Traders

The Bank of Lithuania has reportedly begun looking into cryptocurrencies, initiating a dialogue between commercial banks, government regulators, and crypto traders, local news outlet.

Source: Molly Jane Zuckerman, April 16. cointelegraph.com

Malta Regulator Seeks Feedback On Proposed Crypto Financial Instrument Test

The Malta Financial Services Authority (MFSA) has released a consultation paper on the possible introduction of a “Financial Instrument Test” that would legally define virtual tokens, according to an April 13 announcement on their site.

The Financial Instrument Test, first proposed in a Nov. 30 paper on Initial Coin Offerings (ICO), virtual currencies, and related service providers, would determine whether a Distributed Ledger Technology (DLT) asset falls under EU and traditional financial regulations or Malta’s proposed Virtual Financial Assets Act (VFAA).

Source: Molly Jane Zuckerman April 16, cointelegraph.com

Mastercard Eyes Blockchain for Fighting Fake Identities

A newly published patent filing from Mastercard suggests that the payments giant is looking at blockchain as a way to safeguard identity data. In an application released by the U.S. Patent and Trademark Office (USPTO) last Thursday, Mastercard describes a system in which a semi-private or private blockchain would be used to receive and store identity data, the pieces of which could include a “name, a street address, tax identification number” and more.

Source: Annaliese Milano, April 16. Coindesk.com

Analysis

BTC/USD

BTC/USD chart

In the last 24 hours, Bitcoins price went from 8060$ to 8383$, and it has retraced since to 8042$ where is now sitting which is 3.62% drop. Looking at the daily chart, we can see that the price is still above the 0.618 Fibo level which is a good sign.

The current sentiment for Bitcoin is very positiveThe current sentiment for Bitcoin is very positive, meaning that 80% of the total 200 mentions are positive.
Source: sentiment.io

Bitcoins price went from 8060$ to 8383$

Zooming into the hourly chart, we can see that the price is finding support and is now resting at the levels of prior resistance.

hourly chart signals a sellOverall, hourly chart signals a sell

Pivot points:

S3 4361.0
S2 5990.0
S1 6997.9
P 7619.0
R1 8626.9
R2 9248.0
R3 10877.0

ETH/USD

Ethereum’s price went from 504$ to 533$

In the last 24 hours, Ethereum’s price went from 504$ to 533$ and has since pulled back to 507$ where is now sitting.

sentiment for Ethereum is positive meaning 75% of 136 mentions in total are positiveCurrent sentiment for Ethereum is positive meaning 75% of 136 mentions in total are positive.
Source: sentiment.io

 

price found resistance at the 1,272 Fibonacci level

Looking at the hourly chart, we can see that the price found resistance at the 1,272 Fibonacci level.

hourly chart signals

Overall, hourly chart signals a sell.

Pivot points:

S3 183.46
S2 327.57
S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

XRP/USD

XRP/USD

Ripples price went from 0.64$ to 0.69$ and it has pulled back since to 0.65$ in the last 24 hours. Looking at the daily chart we can see that the price is heading down towards 0,618 Fibonacci level for a retest.

current sentiment is positiveThe current sentiment is positive, meaning 75% of 64 mentions in total are positive.
Source: sentiment.io

Ripples price went from 0.64$ to 0.69$
Zooming into an hourly chart we can see that the price has formed a rising wedge, from which is likely going to breakout downwards.

hourly chart signals a sell - forex academyOverall, hourly chart signals a sell.

Pivot points:

S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion

All of the crypto pairs are pulling back after the price surge that we’ve seen in the last couple of days. This is a wave 2 out the 12345 impulse wave, and in order to see new highs, the price needs to find solid support, which is now happening in the market.

Categories
Crypto Market Analysis

Surge in Crypto-Coin Capitalization

General overview

Market Cap: 311,391,250,022$

24h Vol: 25,736,521,327$

BTC Dominance: 42.6%
In the last 24 hours, cryptocurrency market capitalization went from 268,960,000,000$ to 311,391,259,000 where is now sitting.

As you can see from the chart, the momentum was strong, and it broke the resistance which is now serving as support around $299B.

Crypto-Coin Market Cap News

Mainly, cryptocurrency market capitalization news that came out in the last 24 hours are mostly about the crypto surge market experienced.

Cryptocurrency Market Cap Clips $300 Billion as Bear Trap Liquidates Shorts

>Analysts largely attributed the precipitous surge to a “bear trap,” which occurs when futures and margin traders attempt to short an asset but have their positions liquidated due to a price increase, forcing them to buy at market prices to cover their position. Source: Josiah Wilmoth, April 12. 2018, ccn.com

Future Gains! Bitcoin Has Bottomed Out, Says Pantera Capital in a Bold Cal

>Now’s the time to get long bitcoin, a leading cryptocurrency hedge fund says. Not only is bitcoin out of the doldrums, but it’s onward and upward from here. Source: Gerelyn Terzo April 12. 2018, ccn.com

However, there was some significant regular news as well.

Bank Of America Seeks Patent On Blockchain-Based Data Storage System

>On April 12, the US Patent and Trademark Office published Bank of America’s application for a patent on a Blockchain-based storage system with automated data authentication. Source: Ana Alexandre April 13. 2018, cointelegraph.com

UAE Government Launches Blockchain Strategy 2021

>Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the ‘UAE Blockchain Strategy 2021’ with the goal of becoming a world leader in adopting this technology, the Dubai Media Office reported April 11. Source Ana Alexandre April 13. 2018, cointelegraph.com

Australian Power Company to Reopen Coal Power Plant to Mine Bitcoin

>An Australian power company have signed a contract with a cryptocurrency mining firm to provide them with cheap off-grid power. The IOT Group will be building a digital currency mining hub that’s actually inside a disused coal-fired power station in the Hunter Valley region. Source: Rick D. April 12. 2018, newsbtc.com

Analysis

BTC/USD

In the last 24 hours, Bitcoins price went up from 6770$ to 8030$ at one point. Since then, the price was pulled back slightly to around 7800$ where is now sitting. Overall the price of Bitcoin rose up 13.67% making it breach the falling wedge in which the price was since December 17 last year.

cryptocurrency market capitalization chartThe current sentiment for Bitcoin is slightly positive, meaning only 69,89% of total 356 mentions on the web are positive.

Source: sentiment.io

Zooming into its hourly chart, we can see that price has formed a bull flag and is now is sitting at a pivot point, testing those levels for support, before it can proceed forward.

Overall hourly chart signals a buy.

 

Pivot points:

S3        4773.3
S2        5857.9
S1        6375.2
P          6942.5
R1       7459.8
R2       8027.1
R3       9111.7

ETH/USD

Ethereum’s price has risen 16,46% in the last 24 hours. From 430$ to 505$ at the highest point and is now sitting around 487$. Looking at the daily chart, we can see that the price has breached out the falling wedge, like in the case of Bitcoin.

positive cryptocurrency market sentimentThe current market sentiment for this cryptocurrency is positive, meaning  71.3% positive mentions on the web out of a total of 115.

Source: sentiment.io

 

Looking at the hourly chart, we can note that price has formed two bull flags on the way of forming a cup and handle. That is an extremely bullish sign, and if you look back at the daily chart, this formation was also the bottom last time the price surged all the way up to above 1000$

Overall the hourly chart signals a buy.

Pivot points:

S3        266.92
S2        326.80
S1        355.48
P          386.68
R1       415.36
R2       446.56
R3       506.44

XRP/USD

Ripple was the first among three pairs that are covered in this report who’s price broke out of the correctional channel yesterday. The breakout resulted in a staggering 32% price increase in the last two days to its highest point of about 0.66$ per Ripple.

Ripple - Surge In Cryptocurrency Market Capitalization

The current sentiment for this crypto is very positive. However, there are only 47 mentions in total recorded by sentiment.io

 

 

Zooming into its hourly chart we can see that price formed two bullish flags after the cup-and-handle was completed, and after price tested the 0.38 Fibonacci level for support.

Overall the hourly chart signals a buy.

 

Pivot points:

S3        0.29764
S2        0.39765
S1        0.44120
P          0.49766
R1       0.54121
R2       0.59767
R3       0.69768

Conclusion

What happened yesterday in cryptocurrency market is another great example to observe the strong correlation of all assets in this market. We’ve seen how all three major currencies experience the same condition – breaching out of theirs corrective channels and creating bull flags. I think we are still going to experience a couple of days in a sideways movement before the uptrend is established, but one thing’s for sure – “crypto recession” is over.

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Crypto Market Analysis

Bitcoin’s Price explodes today above $8,000 In a big volume movement

Bitcoin has shown today that it can still trade with incredible swings as it did it the last year. 3 hours ago, bitcoin surged as much as 17% to trade above $8,00. We had not seen this price since last March 28. The No. 1 cryptocurrency reached as high as $8,061 and then backed down to trade near $7,676 as this update is written,

The rest of the market appears very solid, showing positive percentages in all the top 100 principal cryptocurrencies.  There is no a clear fundamental that could have sent the price to jump this way but there are some speculations in twitter about recent news that are talking about that bitcoin has been declared compliant with Islamic Tradition or Shariah Law.

This week, Blossom Finance, a microfinance firm based in Indonesia, published a working paper that says “bitcoin qualifies as Islamic money, except where it is banned by a local government.”

If this news is effective and Bitcoins is declared Holy for Islamic community, 1.8 billion people will be allowed to buy and trade with Bitcoin and cryptocurrencies.

Looking at the 4-hour price charts on the Broker JAFX it shows bulls are currently trying to test the resistance on the 200 EMA close to the $7.837.

However, the Relative Strength Index (RSI) and Stochastic oscillators are well below the 80 range showing BTC/USD markets are still not overbought and price can go higher a little after the break of the last 2 hours.

On the upside, we see some resistance at the $8,150. On the backside, if this run-up ends in a short party then there are strong supports between $7,500 through $7,100.

 

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Crypto Market Analysis

The crypto market showing oversold signs

The cryptocurrency market has started to show some oversold signs in the last days but is still premature to talk about a broader rebound at this moment. The major cryptocurrencies have found temporary support and are fighting hard to jump higher again.

Bitcoin

The BTC/USD dropped a little today and continued to stay below the 7000 psychological level. Price is moving sideways in the short term and remains to see if this will be an accumulation or a distribution movement. Unfortunately, the Bitcoin remains under high selling pressure; the perspective remains bearish as long as it is trapped below some very important resistance levels. Technically, the crypto is somehow expected to start a significant upside movement after the amazing corrective phase, but the fundamental factors are still very strong.

Cryptocurrency Market BTC/USD dropped

You can see on the Daily chart that the rate has made a valid breakout above the first warning line (WL1) of the major descending pitchfork, but only a valid breakout above the lower median line (lml) of the minor ascending pitchfork will confirm an upside movement.

Bitcoin has tested and retested the sliding line (sl) and continues to stay much above the 6000 support level. A valid breakout above the lower median line (lml) will signal an increase towards the 50% Fibonacci line and towards the median line (ml).

However, a valid breakdown below the sliding line (sl) will force the rate to drop below the 6000 psychological level as well.

Ethereum

The Ethereum downside movement was paused and now is trying to approach and reach some very important upside targets.

Ethereum downside movement

Price has failed to stabilize below the 385 static support and now has jumped much above the median line (ML) of the major descending pitchfork. Resistance can be found at the 50% Fibonacci line again. Only a valid breakout above it will send the rate towards the upper median line (UML).

The failure to approach and retest the downside 50% Fibonacci line has signaled an oversold and a potential leg higher. A valid breakout from the descending pitchfork will really confirm a larger upside movement.

Ripple

Ripple tries to become the leader in the payments transfer sector on the cryptocurrency market. It could launch a Ripple-based international payment app. in partnership with the Bank Santander. Ripple invests $25 million worth of XRP in the VC Firm Blockchain Capital. All these efforts could help the crypto price to increase in the upcoming period.

Ripple tries to become the leader in the payments transfer sector

Technically, the XRP/USD is still trapped below the minor downtrend line and below the 0.57210 broken static support. I’ve drawn an ascending pitchfork hoping that I’ll catch an upside movement. Price slipped below the lower median line (lml), but a false breakdown could signal another leg higher. We may go long on this cryptocurrency after a valid breakout above the downtrend line and if will stabilize above the lower median line (lml).

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Crypto Market Analysis

Market Capitalization Steadily Rising

General overview:

Market Cap: 265,099,377,794$

24h Vol: 11,200,759,879$

BTC Dominance: 43.8%

Cryptocurrency Daily Update

In the last 24 hours, the market capitalization has been steadily rising from around 259B and is now sitting at the resistance levels again.

Ripple - Cryptocurrency Daily Update

Another plateau was formed at approximately 10B more than the previous point, which in terms of the price is around 259,000,000,000$.

News

Goldman Sachs Exec Leaves To Join Mike Novogratz’s Crypto Merchant Bank

>Cryptocurrency merchant bank Galaxy Digital, founded and run by former Wall Street exec Mike Novogratz, will reportedly be hiring Goldman Sachs executive Richard Kim as its new chief operating officer. “Crypto capitalist” Anthony Pompliano posted on Twitter that the “brain drain from Wall Street continues.” Source: Molly Jane Zuckerman April 10. 2018, cointelegraph.com

Japan Has Over 3.5 Million Cryptocurrency Investors

>The Financial Services Agency (FSA), Japan’s financial watchdog, has published a report that gathered data from the 17 leading cryptocurrency exchanges in Japan and found that over 3.5 million people, close to 2.8% of its population, is investing in the emerging asset class. Source: Ricardo Esteves April 10. 2018, newsbtc.com

European Commission Urges EU To Play ‘Leading Role’ In Blockchain Development

>European Commission (EC) Vice-President Andrus Ansip has recently called on Europe to become a world leader in digital innovation by embracing Blockchain technology, along with Artificial Intelligence (AI),  in a speech at EC’s Digital Day 2018 in Brussels Tuesday, April 10. Source: Helen Partz April 10. 2018, cointelegraph.co,

UNOPS Partners With Dutch Government To Explore Blockchain’s Untapped Legal Potential

>A joint initiative between the Dutch government’s “Blockchain Pilots” program and the United Nations Office for Project Services will explore the legal potential of distributed ledger technology. Source: Jordan Daniell April 10.2018, ethnews.com

New Blockchain Investment Fund With Chinese State Ties Launches

>After two failed starts by separate investment funds, a new Chinese blockchain innovation fund has solidified the nation’s long-term commitment to blockchain technology and has over a billion USD in government backing. Announced today, the Zhejiang Xiongan Blockchain Strategic Development Research Institute (ZXBSDRI) was launched inside China’s Hangzhou Blockchain Industrial Park. Source: Jordan Daniell April 10. 2018, ethnews.com

Analysis

BTC/USD

 

The daily chart is looking bearish as the Bitcoins price failed to create a higher high and is now 6823$. Not much has changed since yesterday, expect that the price slightly rose by 1,84%.

The current Bitcoin sentiment is positive, which means that discussions and mentions on the internet are 72,12% positive from 104 mentions in total.  Source: sentiment.ioBitcoin - Cryptocurrency Daily Update

 

Looking at the hourly chart, we are seeing that the head and shoulders pattern is completed since the price failed to exceed the previous high.

Overall hourly chart signals a sell.

Pivot points:

S3        4773.3

S2        5857.9

S1        6375.2

P          6942.5

R1       7459.8

R2       8027.1

R3       9111.7

 

Closely monitor these levels. If the uptrend support line is breached, we are in for more movement to the downside with high volatility.

 

ETHUSD

Ethereum’s price rose around 4.25% in the last 24 hours coming from 400$ to 413$ where it sits now. However, the price is still below the uptrend support line in a no-trade zone.

The current Ethereum sentiment is positive, giving it a score of 73,33% from 120 mentions in total. Source: sentiment.io

Ethereum - Cryptocurrency Daily Update

On the hourly chart, we can see that another kissing point has been made with the uptrend support line which is now serving as resistance, making a quadruple top. Lower spectrum of the price action is rounded, and it seems like a bottom of a cup and handle formation, but with the upper end of the range interacting four times with resistance, the formation is not certain.

 

Overall the hourly chart signals a buy.

Pivot points:

S3        266.92

S2        326.80

S1        355.48

P          386.68

R1       415.36

R2       446.56
R3       506.44

 

Since May 29. Till today the Ethereum’s price is interacting with the uptrend support line which is now serving as resistance and is stuck in a range between 414$ and 370$. This is because on the 416$ there is a 100% Fibonacci level which is the top of the previous range, and is serving as a strong resistance. There was to be a strong momentum behind an upward trajectory to break that resistance, and it hasn’t been experienced four times now.

XRP/USD

Ripple has been sitting around the same levels as yesterday, with a slight rise of 2,04% making the price to sit at 0.488$.

The current sentiment for Ripple is very positive, giving it a score of 83,67% out of 49 mentions in total.  Source: sentiment.io

Ripple XRP/USD

Zooming into an hourly chart, we can see that the price, in fact, did form a symmetrical triangle, which I was expecting yesterday. Symmetrical triangle a consolidation pattern which means that the price can break out of it from any side.

 

Overall hourly chart signals a buy.

Pivot points: 

S3        0.29764

S2        0.39765
S1        0.44120
P          0.49766
R1       0.54121
R2       0.59767
R3       0.69768

Even though there are no clear signs as to which side is the price likely to breach, the formation is almost completed, so we will soon see.

Conclusion

Markets have been really quiet in the last 24 hours – no major news, low volatility and little action overall. This may, in fact, be the calm before the storm. As to which side the wind will blow, we would just have to wait and see, but from a probability standpoint, I would say we are up for more downward trajectory.

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Crypto Market Analysis

Bitcoin reverses and entered into losses again

 

BTC

The Bitcoin price for today reports loses around -4.06% as the session has progressed on Monday, after initially starting the day with some gains. Following on from some decent buying seen over the weekend, as has proven to be the case on several occasions.

Upward price movements were seen across the crypto market after over-excitement produced by reports of big players interest in cryptos. The intentions of George Soros and Rothschild were mentioned, among others.

Technically, BTC/USD looks pretty vulnerable to another drop, as the price has formed a bearish pennant pattern, seen within the 4-hour time frame view. Support is currently set around $6,600. If this support is broken, we could see a downward move to the mid $5,000 region. The closer resistance is its 200 EMA, located at around $ 6.935, but the price has to cross first its 100 EMA around $6.848.

 

ETHEREUM

Ethereum’s price shows a slight increase of about 0.79% in the last 24 hours, after an exciting rise up to $ 430.24 in the today’s early hours. Over the weekend, ETH broke its 200 Period EMA in the 1 H chart, and it was quite bullish, but this morning it quickly resigned its profits to return around the 200-period EMA.  At this moment it is quoted at around  $400. Now its 200-EMA seems to become a strong support for the coming days on the ETHUSD pair.

The bullish trend line that was forming was not strong enough neither it held the price, so we will watch if it becomes resistance in the next few days.

The next visible resistance is $ 411, and above $ 430, if the price returns below $ 400, the $ 391 would be its closest support, then the 100-period EMA close at $ 386 and, below,  $ 376 (last April’s bottom price)

XRP

Ripple lost -1.42% in the last 24 H, and it is now moving around $0.48. After starting the day up 5%, the gains were quickly taken back by the market bears, reconfirming that the current trend is still firmly pointing to the downside.

XRP as BTC was receiving some renewed optimism initially after several reports raised a lot of excitement. They were suggesting that there were big players interested in cryptocurrency investing, such as George Soros, Rothschild, and others.

But the news wasn’t good enough for the XRP price, and it ran into some heavy selling that sent price close to the $0.50 level.  Now its wise to look back towards $0.45 area for support and if crossed, the likelihood of its price to visit the $0.40 level is high.

 

 

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Crypto Market Analysis

Cryptocurrencies Market Cap Slightly Up From Its Lowest Point

General overview:

Cryptocurrency Market Cap: 265,511,000,000$

24h Vol: $9,014,760,000

BTC Dominance: 44.8%

Current Crypto Market Cap

In the last 24 hours crypto market cap has slightly risen from its lowest point at 259,285,000,000$ to its highest point at 267,789,00,000$ and has now pulled back to 265,511,000,000$ because of the resistance at these levels.Current Crypto Market Cap

 

As we’ve recently bounced upward from a support around 250B which is where we were on November 25th last year, more sideways movement is expected.

News:

Some positive news came out in the last 24 hours which might change this sideways action to an upward trajectory.

As it turns out, State Bank of Pakistan never banned the use of cryptocurrencies.

>The State Bank of Pakistan (SBP) has released information that seeks to clarify the bank’s position on digital currencies. Although the statement “advises” both the public and institutions against dealing in the coins, it is not an outright ban.

Source: Thomas Delahunty | April 8, 2018, newsbtc.com

Soros, Rothschild, and Big Institutional Investors are Entering Bitcoin Market

>Financial moguls, including George Soros, the Rothschild family, and others, now have their sights set on Bitcoin. It makes for an interesting development, albeit the potential impact has yet to be determined.

Source: JP Buntinx | April 8, 2018, newsbtc.com

Petition To Reverse Indian Central Bank’s Crypto Ban Gains 17,000 Signatures

>A Change.org petition for “Mak[ing] India at the forefront of Blockchain Applications Revolution” in response to the Indian central bank ending all dealings with crypto-related accounts this week has gained over 17,000 thousand signature since going online April 5.

Source: Molly Jane Zuckerman | April 8, 2018, cointelegraph.com

OTC Bitcoin Trading Surges in Canada, Same May Happen in India

>In Canada, it seems OTC trading is quickly gaining popularity. Just last week, the volume has spiked well beyond the regular volume. Over in India, the regulatory situation has taken a bit of a dire turn. The Reserve Bank of India made it clear banks are expected to end support for cryptocurrency companies. Exchanges and trading solutions may find different ways to counter this solution, assuming the need arises to do so.

Source: JP Buntinx | April 8, 2018, newsbtc.com

 

Analysis

 

BTC/USD

BTC/USD Cryptocurrencies Market Cap
As you can see from this daily chart, the price is still in this falling wedge, which started as a correction on December 16. Since then the price has fallen around 65% and is now sitting around 7000$ after the uptrend support line, originating from July 17 last year, repealed the price.

cryptocurrency valuesThe current crypto market cap sentiment for Bitcoin is slightly negative, meaning that mentions and discussions on the web are leaning 10% toward negative.

 

Source: sentiment.io

 

 

 

current market cap

 

Zooming into an hourly chart, we can clearly see the interaction with the uptrend support line and how it held pretty good. The price is currently experiencing sideways movement because of the interaction with these significant levels which can be interpreted as indecision.

Overall hourly chart signals a buy.

Overall hourly chart signals

 

Even though hourly chart signals a buy, be cautious if trading, as we are still in a no-trade zone, and without confirmation for a trend reversal. As you can see from the daily chart, I’ve drawn another non-confirmed uptrend support line (dotted line), originating from March 25 last year. That line crosses over 50% Fibonacci level which is very significant, so in the next couple of days, I will be closely monitoring price action, as I am expecting another downward movement to retest those levels which in terms of price will be 6000$. However I am not expecting it to be a wick like last time on February 6, but a proper close, and a wick to extend to 5500$.

ETH/USD

cryptocurrency value

Ethereum daily chart shows that the price is still in the falling wedge, and not only that but has also fallen below the secondary uptrend support as is now sitting at around 400$ which is a 71% less than at its highest point of 1419$ per ETH on January 13.

 

current Ethereum sentiment is mixedThe current Ethereum sentiment is mixed, meaning that there are equally positive and negative mentions and discussions on the web.

Source: sentiment.io

 

 

crypto currencies market cap

In the last 24 hours, ETH price has risen 6.95% and is now sitting at 412$ interacting with a 100% Fibonacci level that was the top of the range on June 12 last year.

 

Overall hourly chart signals a buy.

 

 

 digital currency values

 

Even though the price is showing an upward movement, Ethereum is like Bitcoin in a no-trade zone. Closely monitor what happens at these levels, as I would expect the price to go down from here to the cross-section of the uptrend support line number 2, top of the triangle from which the price has previously broken and 0.78 Fibo level which will be in the term of price around 330$.

 

XRP/USD

cryptocurrency market

As you can see from this daily chart, the price was broken out of the first falling wedge only to get caught into a downward channel that brought the price down to where it is now sitting at around 0.5$ interacting with 0.38 Fibonacci level which is 57% less than the starting point of the channel.

RippleThe current Ripple sentiment is slightly negative, meaning mentions and discussions on the web are just slightly leaning toward the negative side.

Source: sentiment.io

 

digital currency by market cap

Hourly chart shows sideways price action but definitely on a short-term uptrend in which the price rose up 5.66% in the last 24 hours and is now interacting with 0.38 Fibo level which serves as a resistance point for now.

 

Overall hourly chart signals a buy.

crypto market

 

 

What is stated about Bitcoin and Ethereum implies here as well – no trade zone.

Conclusion

As a conclusion, I would like to say that the correlation between these three cryptocurrencies is strong and that they are all in the same point of their cycle. These are interesting levels as the downtrend is losing its momentum and the bulls are waiting for a confirmation to reenter the market. Expect a lot of sideways action as we are nearing the accumulation zone.

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Crypto Market Analysis

Risk aversion returning to crypto markets once again

BTC

Today, the Bitcoin price shows a decline of -2.55% in the last 24 H and its moving at the time of writing this update around $ 6587.

The Immediate support is $ 6495 and a bullish pressure not necessarily strong can send it to $ 6434 (Minimum of April 1)

The 200 and 100 SMA lines are approaching. If the 100 SMA crosses over the 200 SMA, we could be facing a reversal; however, this SMA can become an important resistance in the short term even for a probable rebound.

The stochastic is pointing down to indicate that sellers still have some energy to pressure the BTC to have more losses, although it is still far from oversold conditions which indicate weakness in the bearish pressure.

Risk aversion returned to markets once again in the face of worsening trade tensions between the US and China. Any of the parties refuses to back down and has announced higher tariff blocks between them in the last 24 hours.

That has led to a large wave of stock and commodity sales, which has motivated traders to place funds in the Dollar as a safe haven. This morning’s NFP did not bring good news for the dollar either, as only 103,000 jobs were generated in the last month compared to an expected data of 190,000. This result discourages the hopes of rising rates during the rest of the year and does not make the dollar attractive compared to the Bitcoin price.

XRP

The Ripple price lost -4.20% in the last 24 H, and it is now moving around $0.46

The XRP has not had any recovery during the last sessions above $ 0.5000. There were mainly bearish movements below the resistance of $ 0.5000 and the Simple Moving Average of 100 hours. The recent minimum was formed at $ 0.4754, and after that, its price has been moving in a range.

The most important barrier to a recovery is near the resistance at $ 0.5000 and the simple 100-hour moving average. If the price crosses this number, most likely will visit the $0.5260 and then the $0.5487.

Below that level, we find an immediate support at $ 0.4538 reached on April 1, and, below that level, there are no other supports other than the last prices reached on December 12,  at $0.3715

The stochastic is pointing up (1H graphic) and close to the 80 level, which means that the price could bounce and still move lower.

 

ETH

Ethereum price has lost -3.68% in the last 24  Hours, currently moving around $367.

A short-term bearish trend line has been formed, with resistance at $ 385 on the 1H chart. If we want to see gains in the pair, its price would have to exceed this level, and also exceed the 100 SMA level, which is located a bit higher, and approach the round number $400; but to get there, it must break the resistance at $385 and $391.

There is a positive fact that the price has managed to stay above its support at $ 362-364. The most recent minimum was formed at $364.32 before the price started to consolidate. Currently, it is trading above the $ 364 level.

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Crypto Market Analysis

Another down move down in the Crypto markets

BTC

The price of Bitcoin went down 3.66% in the last 24 hours. It reached $7,499, just crossing the 100 period EMA in the 1 Hour chart, but the price wasn´t strong enough, and it bounced back. It is now moving around the $6,916 level.

The 200 EMA seems to offer strong resistance in the path of recovery. The 100 EMA, on the other hand, couldn´t support the price in the $7,202 area and the next support is located near the level of $7,000. The MACD is dipping into negative territory indicating the presence of a bearish force. If the price breaks below the $7,000 level, $6,930 could be the next support. However, it is not far from the recent low at $6,450.

The stochastic is very close to the 20 level and showing a very strong force to go lower with a high selling pressure and still without touching oversold levels. Sellers are having a good time right now.

XRP

Right now, Ripple is undervalued from the longer-term perspective. The cryptocurrency lost over 70% since January 2017, but the massive sell-off was not because of clear fundamental reasons. In this scenario, we could see a more pronounced rebound when the cryptocurrency market starts recovering from recent lows.

The main partners in the Ripple Network are payment operators, big banks, and financial institutions, especially in the emerging markets. The market is driven by global catalysts and correlated to Bitcoin movements. So, Ripple has good upside potential, but it won’t have a chance to realise it until the global sentiment shift takes place.

XRP/USD is trading at $0.4935, losing 6.65% in the last 24 hours. The price crossed the 100 EMA easily today, also breaking the uptrend line and the $0.5000 wasn´t a problem neither. It is now looking for the next support at $0.4823. On the upside, the resistance is seen at $0.5500, that’s where the recovery stalled on Tuesday. Once it is cleared, the cryptocurrency will have a chance to get to the $0.60 level.

The stochastic is under the 20 level and seems to have still some grounds to go down further.

ETH

The price of Ethereum has been falling considerably in the last hours after reached $415, and then broke a major resistance near the area of $390-395. Then it came the strong sellers force generating a downward correction sending the price to where we have it at this time in the $375 area. There was no consideration of the significant support near the $400 level and the 100 EMA on the 1Hour chart.

If the price loses the support in the $374 area, we could be visiting $360. On the positive side, $445 would be the next resistance level and maybe above $460, the 28th March maximum.

The Stochastic is recovering a bit and trying to leave the oversold area but still below the level of 20.

 

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Crypto Market Analysis

The bearish sentiment remains firm in the Crypto world

BTC

The Bitcoin price for today reports a decline of -1.74% in the last 24 hours, the price at the time of writing this update is $6,740. The technical indicators are giving us mixed signals, but it seems that the bearish sentiment remains firm and the bears will continue to win, although if we look at the Stochastic pointing upwards, we could be feeling a bullish pressure, so the price of Bitcoin could bounce from here.

If the Bitcoin price reaches its minimum of the 1st of April, we would be forming a double bottom pattern. This would indicate a buying opportunity, taking the neckline as a reference in the $7,500 area, which would give good dividends. We find immediate support in $6,495, below $6,185.90 and then $5,876.60.

Below the current price range, the price would drop to the $5,000-$5,500 region if these few supports are broken. This scenario would make a price recovery very difficult.

An important consideration in the current market is the global uncertainty caused by commercial tensions between China and the United States, as this is one of the main factors that drives the price of Bitcoin down. Under these situations of uncertainty, traders feel less appetite for risk, and instead, put their funds in safe assets such as the Dollar and bonds. Operators have also taken this step back as an opportunity to liquidate positions, fearing that the upticks will not last long in this market environment.

The 100 and 200 periods SMA appear even distant for the price, so it seems unlikely for Bitcoin to break them. If the 100 SMA is broken, the next reference point would be the 200 SMA at $7,151. Above $7,344 and $7,500 are the next resistances for the price, if reached, it would probably set the bullish trend to an end.

XRP

The Ripple price lost -1.74% in the last 24 hours and had started another day of loses, which is normal lately for this cryptocurrency. Ripple is currently within a four week consecutive period of losses and dealing with low levels that have not been seen since December 2017. During the bull run, the cryptocurrency dropped to $3.

Technically, XRP/USD is moving in a range between $0.48-0.43. If the price goes lower, it would be facing a quick drop to the $0.20 area, within the short term, upside looks to be reached around $0.55 and then the $0.70.

The stochastic touched the oversold area and now is pointing up but this hasn’t had any influence on the price.

ETH

The price of Ethereum has gained 1.50% in the last 24 hours, but it remains on the back foot in trading on Thursday, and it’s trying to reach the support area around $370. The bears are providing added pressure, after allowing some minor upside at the start of the week.

Most of the important cryptos are in a strong downward trend right now, but there is not much in the way of fundamental drivers to attribute this situation.

Yesterday, we could see a small upward movement above $400 in price against the US dollar. However, the price couldn´t gain traction and started a downward movement from $405, first breaking the round number of $400, and then the 100 period SMA. The lower part of a very defined bullish channel with support at $395 has also been broken in the hourly chart. At this moment, the price is negotiating close to $376, and if recovery does not appear in the short term, we could be visiting the minimum of $364. A break of $360 could open the doors to $300.

 

 

Categories
Crypto Market Analysis

BTC Testing a Dynamic Inflection Point

BTC

The price of Bitcoin reports an increase of 3.80% in the last 24 hours, moving above 7000 USD. The price of Bitcoin still couldn’t overcome a resistance around the 7110 level and is moving within a bearish channel in the 4-hour chart. However, the price bounced off the centerline of the channel and could be due to an imminent setback. The price crossed up the downtrend line in the short term to indicate a rebound in the upward pressure.

100-period Moving Average

The 100 period Simple Moving average is below the 200 Simple Moving average; it indicates that the path of least resistance is Bearish and also that sales can be resumed more easily than purchases.

BTC price is currently testing the dynamic inflection point of its 100 SMA, and if it remains as resistance, the BitCoin could make another visit to its nearest support or move to the bottom of this descending channel. Its 200-SMA line is quite close to the top of the channel, around $ 7,500, and is gaining strength as a hard resistance for the price.

Stochastics

The stochastic is bouncing off its 20 level even without showing buying pressure and quite hesitant at this time, which also indicates that the price of bitcoin could go down. The oscillator has grounds to move down before reaching oversold levels, which suggests that sellers could maintain control for a longer time.

Bitcoin ended the previous quarter with a significant decline in its price, thanks to a series of negative news at the end of the month. These include Google’s plans to ban cryptocurrency ads from its search engine and Twitter’s decision to ban ICO ads as well.

Meanwhile, the Dollar managed to stay supported by the risk flows derived from the concerns of the commercial war and the increase in interest rates of the Federal Reserve. The main catalyst for the Dollar this week is the NFP on Friday and pessimistic results could further reduce the adjustment expectations.

With that, investors could continue to wait for positive reports from the cryptocurrency industry to see if Bitcoin price could be able to stop its fall

Headlines have not been so upbeat, with countries like Chile and Kazakhstan taking adverse decisions against cryptocurrencies, and help keeping regulatory fears in play.

ETH

The Ethereum price reports an increase of 3.15% but it has not been enough for the price to reach the resistance near the level of USD 390.

The price of ETH reached a new low in the day in $ 360 to find then a buyer impulse that led the currency to touch the resistance again in the 390 The pair is trying to cross the bearish trend line near the $386, if the cross is confirmed, it could move above the resistance zone of $ 390-for an upward correction in the short term.

However, there are many upside barriers close to the mentioned resistance level at $ 390. The price is not too strong for now and could be going back looking for the minimums. Still, we must be alert to a close above the 100-period EMA in the 1-hour chart that can lead the coin up to $407 and then to $418 in the short term.

Its Stochastics is moving below the 80 level and looks quite weak and indecisive; the 200 and 100-period EMAS are quite separated which indicates weakness and indecision in the pair.

BCH

The price of Bitcoin Cash had an increase of 2.69%, moving the price to $ 680.

The pair is under a lot of pressure and trades below the $ 700 level against the US dollar. The pair crossed the bearish trend line near $660 that is now an important support. Apparently, it has been gaining strength in the last few hours and is looking for the 100-period EMA in the 1 H chart, very close to 700 USD. If it crosses this level, we will be possibly seeing a new rising wave in the short term.If the price can’t cross this resistance in the 700 USD, we could possibly see a rebound towards $662 and below in the $624 (minimum of April 1st).