Category: Crypto

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Crypto Market Analysis

ETH/USD Losing Altitude

Ethereum (ETH)

Market Cap: $52.26B

Circulating Supply: 99.73M ETH

Max Supply: 0 ETH

Volume (24h) $2.09B

Technical Analysis

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

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


 

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

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

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

Conclusion

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

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Crypto Market Analysis

Daily Crypto Update 28.05.2018 – Major Support Has Been Broken

General Overview

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

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

General Overview

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

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

General Overview

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

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

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

Crypto Market News

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

Bitcoin and Crypto on Continuous Decline: Major Factors and Trends

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

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

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

Analysis

BTC/USD

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



 

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



 

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

Market sentiment

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

Pivot points 

S3 6896.8
S2 7111.1 
S1 7225.4 
P 7325.4 
R1 7439.7 
R2 7539.7 
R3 7754.0

ETH/USD

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



 

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



 

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

Market sentiment

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

Pivot points

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

XRP/USD

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



 

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



 

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

Market sentiment 

Ripple is a sell, as hourly chart technicals signal.

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

Pivot points

S3 0.57247 
S2 0.58842 
S1 0.59624 
P 0.60437 
R1 0.61219
R2 0.62032 
R3 0.63627

Conclusion

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

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Crypto Market Analysis

PARTICL Can Buyers Take Control Again?

 Particl (PART)

Market Cap: $87.60M

Circulating Supply: 8.98M PART

Max Supply: 0 PART

Volume (24h) $1.26M

Technical Analysis

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

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


 

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

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

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

Conclusion

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

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Crypto Market Analysis

DigiByte – Can We Have a Bulls Attack?

DigiByte (DGB)

Market Cap: $361.82M

Circulating Supply: 10.30B DGB

Max Supply 21B DGB

Volume (24h) $2.05M

Technical Analysis

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

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


 

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

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

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

 Conclusion

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

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

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Crypto Market Analysis

Daily Crypto Update 25.05.2018 – Prior Support Now Resistance Ahead

General Overview 

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

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

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

Daily Crypto News 

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

German Bank and Steel Conglomerate Execute Forex Transaction via Blockchain

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

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

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

Russia’s Largest Bank to Pilot First Official ICO

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

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

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

Source: cointelegraph.com

Analysis

BTC/USD 

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


 

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


 

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

Market sentiment

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

Pivot points 

S3 6582.5 
S2 7052.3 
S1 7314.5 
 P 7522.2 
R1 7784.4 
R2 7992.0 
R3 8461.8

ETH/USD

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


 

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


 

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

Market sentiment

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

Pivot points

S3 443.64 
S2 513.55 
S1 558.03
 P 583.46 
R1 627.94 
R2 653.37 
R3 723.28

XRP/USD

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


 

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


 

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

Market sentiment 

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

Pivot points

S3 0.48865 
S2 0.55127 
S1 0.59016 
 P 0.61389 
R1 0.65278 
R2 0.67651 
R3 0.73913

Conclusion

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

Categories
Crypto Market Analysis

EOS/BTC Bullish From Above 0.0017

EOS (EOS)

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

Market Cap: $10.57B

Circulating Supply: 877.22M EOS

Max Supply: 1B EOS

Volume (24h): $2.04B

EOS/USD = $11.9681

Technical Analysis

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



 

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

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

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

Conclusion

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

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Crypto Market Analysis

Daily Crypto Update 24.05.2018 – The Prices Found First Support

General Overview 

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

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

Crypto Daily News

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

Crypto Daily News

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

Coinbase Announces Launch of Coinbase Pro, Paradex Acquisition

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

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

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

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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


 

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


 

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

Market sentiment

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

Pivot points

S3 6404.6 
S2 7021.9
S1 7258.3 
 P 7639.2 
R1 7875.6 
R2 8256.5 
R3 8873.8

ETH/USD

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


 

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


 

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

Market sentiment

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

Pivot points 

S3 425.88
S2 511.34 
S1 544.12 
 P 596.80 
R1 629.58 
R2 682.26 
R3 767.72

XRP/USD

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


 

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


 

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

Market sentiment

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

Pivot points 

S3 0.46433
S2 0.53360
S1 0.56156
 P 0.60287
R1 0.63083
R2 0.67214
R3 0.74141

Conclusion

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

 

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Crypto Market Analysis

XMR/BTC – Head and Shoulders Seems To Be Confirmed

Monero (XMR)

Market Cap: $2.70B

Circulating Supply: 16.06M XMR

Max Supply: 0 XMR

Volume (24h) $46.72M

Technical Analysis

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



 

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

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

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

Conclusion

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

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Crypto Market Analysis

Cryptocurrencies – Do You Have An Exit Plan?

Cryptocurrency Exit Strategy

source: investing.com

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

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

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

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

Bitcoin Technical Analysis

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


 

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

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

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

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

General overview

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

General overview

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

General overview

 

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

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

cryptocurrency market capitalization dropped from $383B to $342B

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

News

 

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

These are some of the significant headlines:

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

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

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

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

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

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

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

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

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

Argentinian Bank Now Using Bitcoin for Cross-Border Transactions

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

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

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

Analysis

BTC/USD

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



 

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



 

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

Market sentiment

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

Pivot points

S3 6427.8 
S2 7387.3 
S1 7809.2 
P 8346.8 
R1 8768.7 
R2 9306.3
R3 10265.8

ETH/USD

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


 

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


 

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

Market sentiment

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

Pivot points

S3 539.11 
S2 598.95 
S1 619.48 

P 658.79 

R1 679.32 
R2 718.63 
R3 778.47

XRP/USD

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


 

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


 

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

Market sentimet

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

Pivot points

S3 0.56621
S2 0.60802
S1 0.62285

P 0.64983

R1 0.66466
R2 0.69164
R3 0.73345

Conclusion

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

Categories
Crypto Market Analysis

EOS/USD Is The Corrective Phase Completed?

EOS (EOS)

Market Cap: $11.33B

Circulating Supply: 872.87M EOS

Max Supply: 1B EOS

Volume (24h)  $927.61M

Technical Analysis

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

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



 

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

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

Conclusion

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

Categories
Crypto Market Analysis

Daily crypto update 22.05.2018 – New Corrective Move Has Started

General overview

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

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

General overview

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

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

General overview

Crypto Daily Update:

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

 

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

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

News

 

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

Polish Finance Ministry Rolls Back Crypto Tax, Promises Smarter Regulation

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

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

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

Walmart Files Patent for Blockchain-Based Customer Marketplace

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

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

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

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

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

Bank of England Issues Working Paper on Central Bank Digital Currencies

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

 

Analysis

BTC/USD

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



 

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



 

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

Market sentiment

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

Pivot points


S3 7781.1 
S2 8116.0 
S1 8257.8 

P 8450.9 

R1 8592.7 
R2 8785.8 
R3 9120.7

ETH/USD

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



 

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



 


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

Market sentiment

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

Pivot points

S3 632.57 
S2 666.63 
S1 681.38 

P 700.69 

R1 715.44 
R2 734.75
R3 768.8

XRP/USD

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



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



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

Market sentiment

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

Pivot points

S3 0.61103 
S2 0.64647
S1 0.66073

P 0.68191

R1 0.69617
R2 0.71735
R3 0.75279

Conclusion

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

Categories
Crypto Market Analysis

INCNT Further Increase Needs Validation

Incent (INCNT)

Market Cap: $17.36M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h)

Technical Analysis

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

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



 

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

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

Conclusion

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

Categories
Crypto Market Analysis

Weekly Crypto Update 20.05.2018 – More Correction Coming

General Overview

Weekly Cryptocurrency Update:

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

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

Weekly Cryptocurrency Market Cap Update

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

Analysis

BTC/USD

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



 

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

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

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

Market sentiment

Daily chart technical signals a strong sell.

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

Pivot points

S3 5360.5 
S2 7120.1 
S1 7795.5 

P 8879.7

R1 9555.1 
R2 10639.3
R3 12398.9

ETH/USD

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




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

Market sentiment

Ethereum’s daily chart technicals signal a buy.

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

Pivot points

S3 499.01 
S2 596.73 
S1 646.17 

P 694.45 

R1 743.89 
R2 792.17 
R3 889.89

XRP/USD

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




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

Market sentiment

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

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

Pivot points

S3 0.48085
S2 0.58545
S1 0.63011

P 0.69005

R1 0.73471
R2 0.79465
R3 0.89925

LTC/USD

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




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

Market sentiment

Daily chart technicals signal a sell.

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

Pivot points

S3 90.493 
S2 114.733 
S1 124.937

P 138.973

R1 149.177
R2 163.213
R3 187.453

Conclusion

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

Weekly Cryptocurrency Update

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

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

 

Categories
Crypto Market Analysis

Daily Crypto Update 21.05.2018 – Indecision

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

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

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

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

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

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

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

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

BTC Dominance: 37.2%

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

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

News

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

Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions

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

Norway Central Bank Considers Developing Digital Currency

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

Former UK Visa CEO Takes Helm of Crypto Consumer Payment Startup

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

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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



 

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


 

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

Market sentiment

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

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

Pivot points

S3 7578.2 
S2 8004.6 
S1 8264.2 
P 8431.0
R1 8690.6 
R2 8857.4 
R3 9283.8

ETH/USD

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



 

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



 

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

Market sentiment

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

Pivot points

S3 638.08 
S2 673.30 
S1 694.40 

P 708.52 

R1 729.62 
R2 743.74 
R3 778.96

XRP/USD

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


 

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



 

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

Market sentiment

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

Pivot points

S3 0.61264 
S2 0.65176 
S1 0.67536 

P 0.69088 

R1 0.71448 
R2 0.73000 
R3 0.76912

Conclusion

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

Categories
Crypto Market Analysis

NEOS/BTC Throwback?

NeosCoin (NEOS)

Market Cap: $10.66M

Circulating Supply: 3.81M NEOS

Max Supply: 0 NEOS

Volume (24H) $292.10K

NEOS/USD = $4.2753

Technical Analysis

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

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


 

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

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

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

 Conclusion

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

Categories
Crypto Market Analysis

MTL/USD Symmetrical Triangle?

Metal (MTL)

Market Cap: $86.24M

Circulating Supply: 24.21M MTL

Max Supply: MTL

Volume (24h) $11.89M

Technical Analysis

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

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


 

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

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 18.05.2018 – Lower Lows Ahead

General overview

Crypto Market Cap Live Update:

Market Cap: $370,028,549,685

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

BTC Dominance: 37.4%

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

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

News

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

 

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

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

 

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

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

 

JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure

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

 

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

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

 

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

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

 

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

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

 

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

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

 

Swiss Government Requests Study on State-Backed Digital Currency

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

 

Analysis

BTC/USD

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



 

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



 

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

Market sentiment

Bitcoin hourly technicals signal a sell.

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

Pivot points:

S3 7173.6 
S2 7673.3 
S1 7863.8 

P 8173.0 

R1 8363.5 
R2 8672.7 
R3 9172.4

ETH/USD

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



 

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



 

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

Market sentiment

Ethereum is still in the sell zone.

Oscillators and moving averages both signal a sell.

Pivot points

S3 565.61
S2 624.01
S1 645.93

P 682.41

R1 704.33
R2 740.81
R3 799.21

XRP/USD

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



 

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



 

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

Market sentiment

Ripple hourly technicals signal a sell.

Oscillators and moving averages are both signaling a sell.

Pivot points

S3 0.54850
S2 0.61100
S1 0.63479

P 0.67350 

R1 0.69729
R2 0.73600 
R3 0.79850

Conclusion

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

Categories
Crypto Market Analysis

Can MUE/BTC Start An Important Upside Movement?

MonetaryUnit (MUE) 

Market Cap: $15.52M

Circulating Supply: 131.36M MUE

Max Supply: 4B MUE

Volume (24h) $118.29K

Technical Analysis

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

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



 

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 17.05.2018 – More Downside Expected

General overview

Crypto Market Cap Update:

Market Cap: $383,200,519,037

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

BTC Dominance: 37.0%

In the last 24 hours, cryptocurrency market capitalization

General overview

Crypto Market Cap Update:

Market Cap: $383,200,519,037

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

BTC Dominance: 37.0%

In the last 24 hours, cryptocurrency market capitalization

General overview

Crypto Market Cap Update:

Market Cap: $383,200,519,037

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

BTC Dominance: 37.0%

Crypto Market Cap Live Update

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

News

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

 

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

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

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

 

Enterprise Ethereum Alliance Releases Client Specifications To Facilitate Interoperability

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

 

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

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

 

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

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

 

Sberbank Completes First Blockchain-Enabled Commercial Bonds Transaction in Russia

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

 

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

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

 

Analysis

BTC/USD

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


 

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


 

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

Market sentiment

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

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

Pivot points

S3 7524.2 
S2 7916.9 
S1 8126.5 

P  8309.6 

R1 8519.2 
R2 8702.3 
R3 9095.0

ETH/USD

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


 

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


 

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

Market sentiment

Ethereum is still in the sell zone.

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

Pivot points

S3 557.19 
S2 622.19 
S1 664.38 

P  687.19 

R1 729.38 
R2 752.19 
R3 817.19

XRP/USD

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


 

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


 

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

Market sentiment

Ripple’s hourly chart technicals signal a sell.

Oscillators indicate sell, and moving averages a strong one.

Pivot points

S3 0.58647
S2 0.63890 
S1 0.67322 

P  0.69133 

R1 0.72565 
R2 0.74376 
R3 0.79619

Conclusion

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

Categories
Crypto Market Analysis

PAY/USD Inverse Head and Shoulders?

TenX (PAY)

Market Cap: $153.75M

Circulating Supply: 109M PAY

Max Supply: 0 PAY

Volume (24h) $53.58M

 

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

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



 

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Bitcoin Keeps Bleeding, The Next Days Are Crucial

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

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

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



 

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

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

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

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

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

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

Crypto Price Predictions Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 16.05.2018 – New Lows Ahead

General overview

Daily Crypto Market Update:

Market Cap: $377,867,819,649

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

BTC Dominance: 37.2%

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

cryptocurrency market capitalization

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

News

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

Amazon And ConsenSys’ Startup To Offer Simplified Blockchain Platforms

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

 

HTC Reveals Plans To Launch Blockchain-Powered Smartphone

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

 

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

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

 

Analysis

BTC/USD

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


 

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


 

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

Market sentiment

Bitcoin is still in the sell zone.

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

Pivot points

S3 7698.0 
S2 8138.7 
S1 8303.1 

P 8579.4 

R1 8743.8 
R2 9020.1 
R3 9460.8

ETH/USD

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


 

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


 

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

Market sentiment

Ethereum’s hourly chart technicals signal a strong sell.

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

Pivot points

S3 623.96
S2 668.50 
S1 686.78 

P 713.04 

R1 731.32 
R2 757.58 
R3 802.12

XRP/USD

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


 

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


 

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

Market sentiment

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

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

Pivot points:

S3 0.56768 
S2 0.63718
S1 0.66337 

P 0.70668 

R1 0.73287 
R2 0.77618 
R3 0.84568

Conclusion

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

 

Categories
Crypto Market Analysis

Basic Attention Token Remains Bullish

Basic Attention Token (BAT)

Market Cap: $377.29M

Circulating Supply: 1B BAT

Max Supply: 0 BAT

Volume (24h) $5.03M

 

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

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

Basic Attention Token Price Prediction



 

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

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

Conclusion

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

Categories
Crypto Market Analysis

Internet Of People – Another Leg Higher?

Internet of People (IOP)

Market Cap: $6.36M

Circulating Supply: 3.53M IOP

Max Supply: 21M IOP

Volume ($199.96K)

1 IOP=$1.81209

 

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

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



 

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

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

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

Conclusion

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

 

Categories
Crypto Market Analysis

Daily Crypto Update 15.05.2018 – Indecisiveness

General Overview

Market Cap: $406,983,271,081

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

BTC Dominance: 36.6%

Daily Cryptocurrency Update 15.05.2018

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

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

News

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

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

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

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

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

Forex Platform Serving Goldman Sachs and Morgan Stanley Adds Crypto Trading

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

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

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

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

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

US: Seminole County Florida To Accept Crypto For Tax Payment

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

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

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

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

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

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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


 

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


 

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

Market sentiment

Hourly chart technicals are on neutral.

Oscillators and moving averages are both on neutral.

Pivot points

S3 7381.8 
S2 7995.3 
S1 8333.0 

P  8608.8 

R1 8946.5 
R2 9222.3 
R3 9835.8

ETH/USD

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


 

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


 

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

Market sentiment

Hourly chart technical signal buy.

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

Pivot points

S3 601.44 
S2 659.80 
S1 693.61 

P  718.16 

R1 751.97 
R2 776.52 
R3 834.88

XRP/USD

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


 

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


 

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

Market sentiment

Hourly chart technicals signal a sell.

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

Pivot points

S3 0.59291 
S2 0.65694 
S1 0.69195 

P  0.72097 

R1 0.75598 
R2 0.78500 
R3 0.84903

Conclusion

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

 

Categories
Crypto Market Analysis

INCNT/BTC – Can We Buy It?

 Incent (INCNT)

Market Cap: $15.13M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h) $45.70K

 

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

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



 

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

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

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

Incent Price Chart (INCNT/BTC)Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 14.05.2018 – Is The Correction Over?

General overview

Daily Crypto Update:

Market Cap: $394,117,066,327

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

BTC Dominance: 36.6%

Yesterday’s cryptocurrency market cap started to rise up steadily

General overview

Daily Crypto Update:

Market Cap: $394,117,066,327

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

BTC Dominance: 36.6%

Yesterday’s cryptocurrency market cap started to rise up steadily

General overview

Daily Crypto Update:

Market Cap: $394,117,066,327

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

BTC Dominance: 36.6%

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

market cap

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

News

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

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

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

Source: cointelegraph.com

 

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

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

Source: cointelegraph.com

 

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

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

Source: newsbtc.com

 

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

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

Source: newsbtc.com

 

Commonwealth Bank CFO Leaves Financial Sector in Favour of EOS

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

Source: newsbtc.com

Analysis

BTC/USD

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


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


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

Market Sentiment

Hourly chart technicals signal a sell.

Oscillators are indicating neutral while moving averages a strong sell.

Pivot points

S3 7703.9
S2 8145.6
S1 8414.6

P  8587.3

R1 8856.3
R2 9029.0
R3 9470.7

ETH/USD

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


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


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

Market sentiment

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

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

Pivot points:

S3 568.58
S2 640.49
S1 684.63

P  712.40

R1 756.54
R2 784.31
R3 856.22

XRP/USD

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


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


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

Market sentiment

Ripple hourly technicals signal a sell.

Oscillators a buy, and moving averages a sell.

Pivot points:

S3 0.54100 
S2 0.62675 
S1 0.67714 

P  0.71250 

R1 0.76289 
R2 0.79825 
R3 0.88400

Conclusion

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

Categories
Crypto Market Analysis

Binance Coin On The Move

Binance Coin (BNB)

Market Cap: $1.48

Circulating Supply: 114.04M BNB

Max Supply 0 BNB

Volume (24h) $61.33M

 

 

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

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



 

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

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

Conclusion

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

Categories
Crypto Market Analysis

Zcash – Sell A Retest

Zcash (ZEC)

Market Cap: $947.69

Circulating Supply: 3.89M ZEC

Max Supply: 0 ZEC

Volume (24h) $60.13M

 

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

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



 

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Correction Almost Over

General overview

Market Cap: $397,806,215,035

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

BTC Dominance: 37.7%

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

daily crypto update-11-05-2018

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

News

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

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

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

 

Analysis

BTC/USD

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


 

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


 

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

Market Sentiment

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

Pivot points:

S3   8356.5
S2   8747.4
S1   8882.7

P    9138.3

R1   9273.6
R2   9529.2
R3   9920.1

 

ETH/USD

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


 

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


 

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

Market Sentiment

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

 

Pivot points:

S3    645.29
S2    691.64
S1    707.51

P     737.99

R1    753.86
R2    784.34
R3    830.69

 

XRP/USD

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


 

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


 

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

Market Sentiment

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

Pivot points:

S3   0.64964
S2   0.70799
S1   0.72798

P    0.76634

R1   0.78633
R2   0.82469
R3   0.88304

 

Conclusion

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

 

Categories
Crypto Market Analysis

OmiseGO Bullish Scenario

OmiseGO (OMG)

Market Cap: $1.65B

Circulating Supply: 102.04M OMG

Max Supply: 0 OMG

Volume (24h) $44.06M

 

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

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


 

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

XMR/BTC Hovers Above Critical Support

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

Monero (XMR)

Market Cap: $3.70B

Circulating Supply: 16.02M XMR

Max Supply: 0 XMR

Volume (24h) $32.97M

XMR/USD = $231.03

 

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

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



 

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Still moving on a corrective cycle

General overview

Market Cap: $436,647,549,448

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

BTC Dominance: 36.5%

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

cryptocurrency market cap

News

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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


 

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



 

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

Market Sentiment

 

Hourly chart technicals signal a buy.

Market Sentiment - Hourly chart technicals signal a buy

Pivot points

S3  8433.1
S2  8828.9
S1  9073.5
P   9224.7
R1  9469.3
R2  9620.5
R3 10016.3

ETH/USD

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



 

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



 

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

Market Sentiment

Hourly chart signals a buy

Market Sentiment

Pivot points

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

XRP/USD

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



 

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



 

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

Market Sentiment

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

Hourly chart signals a sell

Pivot points:

S3 0.66808
S2 0.72939
S1 0.76291
P  0.79070
R1 0.82422
R2 0.85201
R3 0.91332

Conclusion

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

Categories
Crypto Market Analysis

Is This Really The End Of The Crypto Market Rebound?

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

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

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

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

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

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

Bitcoin


 

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

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

Ethereum


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

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

Conclusion

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

Categories
Crypto Market Analysis

Cryptocurrency prices looking for support

General overview

Market Cap: $420,694,166,630

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

BTC Dominance: 36.8%

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

cryptocurrency market cap

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

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

News

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

Facebook Forms Exploratory Blockchain Team Led By Coinbase Board Member

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

Source: cointelegraph.com

 

Ukrainian Securities Regulator To Consider Crypto As Financial Instrument

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

Source: cointelegraph.com

 

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

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

Source: cointelegraph.com

Analysis

BTCUSD

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

 

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

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

Market Sentiment

Overall, hourly chart signals a strong sell.

hourly chart signals a strong sell

Pivot points:

S3  8382.3
S2  8808.0
S1  8996.3
P   9233.7
R1  9422.0
R2  9659.4
R3 10085.1

ETH/USD

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

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



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

Market Sentiment

Overall hourly chart signals a strong sell.

ETH hourly chart signals a strong sell

Pivot points:

S3  637.60
S2  692.76
S1  720.35
P   747.92
R1  775.51
R2  803.08
R3  858.24

XRP/USD

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

 

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



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

Market Sentiment

Overall, hourly chart signals a sell.

Market Sentiment Overall, hourly chart signals a sell

Pivot points:

S3 0.70279
S2 0.75859
S1 0.78247
P  0.81439
R1 0.83827
R2 0.87019
R3 0.92599

Conclusion

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

Categories
Crypto Market Analysis

WAVES into a Corrective Phase

Waves (WAVES)

Market Cap: $647.89M

Circulating Supply: 100M WAVES

Max Supply: 0 WAVES

Volume (24h) $29.10M

 

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

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

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

WAVES/USD dropped sharply in the last days

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

XLM/BTC Bounce or Break?

Stellar (XLM)

Market Cap. $7.11B

Circulating Supply: 18.57B XLM

Max Supply: 0 XLM

Volume (24h) $55.19M

 

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

stellar charts

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

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Correction Is Still In Play

General overview

Market Cap: $431,399,206,497

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

BTC Dominance: 36.2%

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

cryptocurrency market cap evaluation has been oscillating

The Market Cap is currently sitting slightly below 342B.

News

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

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

Source: cointelegraph.com

 

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

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

Source: cointelegraph.com

 

Japan Imposes Strict New Standards To Prevent Cryptocurrency Theft

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

Source: ethnews.com

 

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

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

Source: newsbtc.com

Analysis

BTC/USD

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

Analysis BTC/USD

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

BTCUSD-H-5

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

Hourly chart signals a sell.

BTC Hourly chart signals

Pivot points

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

ETH/USD

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

ETH/USD

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

ETHUSD-H-3

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

ETH hourly chart

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

Pivot points

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

XRP/USD

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

XRP/USD

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

USD-H-5

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

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

XRP Hourly chart signals a sell

Pivot points

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

Conclusion

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

 

Categories
Crypto Market Analysis

SYS/BTC is this a temporary drop?

Syscoin (SYS)

Market Cap: $265.04M

Circulating Supply: 533.32M SYS

Max Supply: 888M SYS

Volume (24h) $3.45M

 

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

Syscoin Price Prediction

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

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

FUN/BTC – buy a valid breakout

FunFair (FUN)

Market Cap: $270.95M

Circulating Supply 4.86B FUN

Max Supply 0 FUN

Volume (24h) $43.88M

 

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

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

FUN/BTC chart

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Correction Is On The Way

General overview

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

Analysis

BTC/USD

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

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

Daily chart signals a buy.

Pivot points

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

ETH/USD

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

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

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

Pivot points

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

XRP/USD

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

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

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

Pivot points

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

LTC/USD

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

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

Daily chart signals a buy, overall.

Pivot points

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

Conclusion

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

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

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

©Forex.Academy

Categories
Crypto Market Analysis

Pullback Has Begun

General overview

Market Cap: $435,421,093,161

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

BTC Dominance: 36.5%

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

cryptocurrency market cap

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

News

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

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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

Analysis BTC/USD

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

Pullback Has Begun | Forex Academy

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

Hourly chart signals a sell.

Hourly chart signals

Pivot points

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

ETH/USD

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

Forex Pullback Strategy

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

Forex Pullback Trading Strategy

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

That’s why hourly chart signals a sell.

hourly chart signals a sell

Pivot points

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

XRP/USD

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

Forex Pullback Trading Strategy: Pullback Has Begun

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

Forex Pullback Trading Strategy: Pullback Has Begun | Forex Academy

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

Hourly chart signals a sell.

Hourly chart signals a sell

Pivot points

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

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

PIVX (PIVX)

Market Cap. $317.45M

Circulating Supply 56.12M PIVX

Max Supply: 0 PIVX

Volume (24h) $4.65M

 

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

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

pivx chart - forex.academy

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Ardor – Has The Rebound Completed?

Ardor (ARDR)

Market Cap. $430.46M

Circulating Supply: 999M ARDR

Max Supply: 999M ARDR

Volume (24h) $5.40M

 

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

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

Ardor ARDR/USD chart

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

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

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

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

Conclusion

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

©Forex.Academy

 

Categories
Crypto Market Analysis

Interaction with key resistance may trigger a pullback

General overview

Market Cap: $460,879,175,725

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

BTC Dominance: 36.1%

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

daily cryptocurrency market

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

 

News

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

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

Analysis

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

support resistance trading

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

what is price action trading

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

Hourly chart signals a buy

forex resistance strategy

Pivot points

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

ETH/USD

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

forex support and resistance strategy

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

forex trading strategy

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

Hourly chart signals a strong buy.

support and resistance forex trading strategy

Pivot points

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

XRP/USD

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

price action trading

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

support and resistance trading strategy

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

.

Hourly chart signals a strong buy

Pivot points

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

Conclusion

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

Categories
Crypto Market Analysis

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

Status (SNT)

Market Cap: $588.30M

Circulating Supply: 3.47B SNT

Max Supply: 0 SNT

Volume (24h) $66.63M

 

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

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

SNT/USD is trading

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Stratis Bulls in Control

Stratis (STRAT)

Market Cap. $775.46M

Circulating Supply: 98.84M STRAT

Max Supply: 0 STRAT

Volume (24h) $16.00M

 

 

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

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

STRAT/USD chart

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

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

Conclusion

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

Categories
Crypto Market Analysis

Could AION shine again?

AION (AION)

Market Cap. $540.93M

Circulating Supply: 133.07M AION

Max Supply: 0 AION

Volume (24h) $13.15M

 

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

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

AION/USD

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

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Crypto Picks Review: EOS and VEN

EOS/USD

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

EOS/USD chart - forex academy

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

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

VEN/USD

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

VEN/USD crart - forex.academy

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

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