Categories
Crypto Market Analysis

Cup And Handle Potentially Starting To Breakout

General overview

Market Cap: $437,461,168,275

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

BTC Dominance: 35.9%

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

Cup And Handle Pattern Breakout

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

News

Goldman Sachs to Begin Bitcoin Futures Trading Within Weeks

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

Source: coindesk.com

South Korea Bill Pushes Legalization of New ICOs after 2017 Ban

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

Source: ccn.com

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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

Cup And Handle Pattern Breakout - Crypto Market Cap

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

Crypto Market Cap | Forex Academy

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 Price is currently repealed by this upper resistance line, and likely will experience a short-term downward movement.

Hourly chart signals a buy.

Hourly chart signals

Pivot points

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

ETH/USD

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

Ethereum has increased by 7.24% going from $670 to $717

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

cup and handle breakout

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

Hourly chart signals a strong buy.

Hourly chart signals a strong buy

Pivot points

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

XRP/USD

XRP/USD

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

tea cup and handle chart pattern

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

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

Hourly chart signals

Pivot points

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

Conclusion

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

cryptocurrency market cap spiked to $441,836,000,000

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

 

Categories
Crypto Market Analysis

Binance Coin – could we sell this?

Binance Coin (BNB)

Market Cap. $1.61B

Circulating Supply: 114.04M BNB

Max Supply: 0 BNB

Volume (24h) $78.38M

 

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

Binance Coin (BNB) chart

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

VEN/BTC Further Increase Could Be Confirmed

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

VeChain (VEN)

Market Cap. $2.57B

Circulating Supply:525.78M VEN

Max Supply: 0 VEN

Volume (24h) $120.84M

VEN/USD = $4.8790

 

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

VEN/BTC Further Increase Could Be Confirmed

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

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

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

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

Conclusion

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

©Forex.Acedemy

Categories
Crypto Market Analysis

Bitcoin Gold found a temporary resistance

Bitcoin Gold (BTG/USD)

Market Cap. $1.26B

Circulating Supply: 16.98M BTG

Max Supply: 21M BTG

Volume (24h) $30.81M

 

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

Bitcoin Gold chart

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

A Trend Reversal Not In Play?

General overview

Market Cap: $424,282,841,076

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

BTC Dominance: 36.5%

Drop In Market Capitalization

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

News

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelepraph.com

Vitalik Buterin: ‘Sharding Is Coming’

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

Source: ethnews.com

Analysis

BTC/USD

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

Analysis BTC/USD

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

crypto daily chart

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

Hourly chart signals a buy.

Hourly chart signals a buy

Pivot points:

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

ETH/USD

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

Real Time Market Data

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

ETHUSD daily chart

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

hourly chart

Hourly chart signals a strong buy.

Pivot point

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

XRP/USD

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

XRP/USD

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

XRPUSD-chart

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

hourly chart

The hourly chart signals a strong buy.

Pivot points

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

Conclusion

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

the drop in market capitalization

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

©Forex.Academy

Categories
Crypto Market Analysis

LTC/BTC – could we have another leg higher?

Litecoin (LTC)

Market Cap $8.23B

Circulating Supply: 56.34M LTC

Max Supply: 84M LTC

Volume (24h) $345.98M

LTC/USD = $144.06

 

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

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

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

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

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

Conclusion

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

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

Categories
Crypto Market Analysis

NEO/ETH Long After The Breakout

NEO (NEO)

Market Cap. $5.22B

Circulating Supply: 65M NEO

Max Supply 100M NEO

Volume (24h) $205.42M

NEO/USD = $80.114

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

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

NEO Technical Analysis:

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

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Bitcoin Increase Was Invalidated For Now

Bitcoin (BTC)

Market Cap. $152.98B

Circulating Supply: 17.01M BTC

Max Supply: 21M BTC

Volume (24h) $8.43B

 

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

Bitcoin Value Now

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

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

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

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

Conclusion

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

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

©Forex.Academy

Categories
Crypto Market Analysis

Reversal has started

General overview

Market Cap: $409,364,645,716

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

BTC Dominance: 37.3%

 

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

 

News

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

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

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

Source: cointelegraph

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

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

Source: cointelegraph

US Federal Trade Commission To Offer Free Workshop On Crypto Scams

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

Source: cointelegraph

Saudi Arabian Communications Ministry Hosts ‘Blockchain Bootcamp’ With ConsenSys

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

Source: cointelegraph

Analysis

BTC/USD

Crypto Daily Chart

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

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

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

Hourly chart signals

Pivot points

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

 

ETH/USD

ETH/USD daily chart

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

Ethereums's price also dropped

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

crypto hourly chart

Hourly chart signal is leaning to the sell side.

Pivot points

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

XRP/USD

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

XRP/USD chart

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

Cryptocurrency daily chart - forex.academy

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

Zooming into an hourly chart

Hourly chart signals a sell

Pivot points

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

Conclusion

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

©Forex.academy

Categories
Crypto Market Analysis

Verge – is this a buy or a sell?

Verge (XVG)

Market Cap. $1.02B

Circulating Supply: 14.94B XVG

Max Supply: 16.56B XVG

Volume (24h) $51.78M

 

Verge (XVG) Price Prediction:

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

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

Verge (XVG) Price Prediction:

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

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

 

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

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

Conclusion

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

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

©Forex.Academy

Categories
Crypto Market Analysis

EDO/BTC Breakout In Play

Eidoo (EDO)

Market Cap. $81.26M

Circulating Supply: 29.26M EDO

Max Supply: 0 EDO

Volume (24h): $11.77M

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

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

 Eidoo Price Chart (EDO/BTC)

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Dogecoin Could Start a Bullish Movement

Dogecoin (DOGE)

Market Cap. $604.75M

Circulating Supply: 114.24B DOGE

Max Supply: 0 DOGE

Volume (24h) $39.50M

 

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

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

Dogecoin (DOGE) - Forex Academy

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

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

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

Conclusion

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

 

©Forex.Academy
Categories
Crypto Market Analysis

Crypto Trend reversal potentially starting today?

General overview

Market Cap: $430,509,684,622

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

BTC Dominance: 36.8%

 

Crypto Trend Reversal Potentially Starting Today?

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

News

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

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

Source: cointelegraph

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

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

Source: cointelegraph.com

BTC/USD Could Break $10,000

Source: newsbtc.com

Analysis

BTC/USD

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

 

Crypto Trend Reversal

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

 

The current market sentiment is positive.

market sentiment

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

Crypto Trend reversal potentially starting

Overall, hourly chart signals a sell.

 

hourly chart signals

Pivot points

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

 

ETH/USD

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

ETH/USD

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

The current sentiment is very positive.

current sentiment is very positive

ETHUSD

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

Overall, hourly chart signals a strong buy.

hourly chart signals

Pivot points:

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

 

XRP/USD

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

XRP/USD

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

The current market sentiment is positive

current market sentiment is positive

XRPUSD

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

Overall, hourly chart signals a sell.

 

hourly chart

Pivot points

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Market Cap Has Formed a Cup and Handle Pattern

General overview

Market Cap Has Formed a Cup

Market Cap: $421,269,776,870

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

BTC Dominance: 37.5%

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

Analysis

BTC/USD

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

Analysis BTC/USD

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

 

Overall daily chart signals a buy.

Overall daily chart signals a buy

Pivot points:

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

ETH/USD

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

ETH/USD

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

 

Overall, daily chart signals a buy.

daily chart signals a buy

Pivot points

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

 

XRP/USD

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

XRP/USD


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

Overall daily chart signals a buy.

daily chart signals

Pivot points

S3 0.20439

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

 

LTC/USD

LTC/USD

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

Overall, daily chart signals a buy

daily chart signals

Pivot points

S3 79

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

 

Conclusion

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

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

©Forex.Academy

Categories
Crypto Market Analysis

Is The NEO/BTC Poised To Climb Higher?

NEO (NEO)

Market Cap. $4.95B

Circulating Supply: 65M NEO

Max Supply: 100M NEO

Volume (24h) $144.05M

 

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

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

 NEO/BTC Forex Academy

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Santiment In The Buyer’s Territory

Santiment (SAN)

Market Cap. $117.29M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h) $2.61M

 

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

santiment network token

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Zcash Breakout Still In Cards

Zcash (ZEC)

Market Cap. $1.12B

Circulating Supply:3.79M ZEC

Max Supply: 0 ZEC

Volume (24h) $ 64.10M

 

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

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

Zcash (ZEC) chart

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Cryptocurrency Market Is On The Rise Again

General overview

Market Cap: $413,692,195,374

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

BTC Dominance: 37.9%

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

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

News

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

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

 

Analysis

BTC/USDBTC/USD

In the last 24 hours, the price of Bitcoin has increased by 5,42% coming from 8750$ to 9200$ where it is now. Looking at the daily chart we can see that the price went above 0.5 Fibonacci level and the 100 day EMA againThe current sentiment for Bitcoin is positive according to sentimnt.io having 74% positive mentions out of 70 in total.

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

 

Bitcoin is positive having 74% positive mentions out of 70 in totalZooming into an hourly chart, we can see that the move to the upside had momentum and that the price has formed a mini cup and handle.

Overall hourly chart signals a buy.

Overall hourly chart signals a buy

Pivot points

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

 

ETH/USD

ETH/USD

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

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

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

 

Overall hourly chart signals a buyOverall hourly chart signals a buy

Pivot points

S3        324.51

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

XRP/USD

XRP/USD

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

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

RIPPLE

 

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

Overall hourly chart signals a buy.Hourly chart is similar to that of Bitcoin and Ethereum

Pivot points

S3        0.20439

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

ZEC/BTC Long Trading Setup

ZEC/BTC

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

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

 ZEC/BTC Charts - Forex Academy

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Metaverse – Buy a Valid Breakout

Metaverse (ETP)

Market Cap. $36.84M

Circulating Supply: 35.46M ETP

Max Supply: 100M ETP

Volume (24h): $5.94M

 

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

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

Metaverse Coin Price

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

DASH/BTC Bullish Setup

Dash (DASH)

Market Cap. $3.81B

Circulating Supply: 8.03M DASH

Max Supply 18.9 DASH

Volume (24h) $111.72M

 

DASH/BTC Tradingview:

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

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

DASH/BTC chart

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Crypto market pullback is almost over

General overview

Market Cap: $384,204,107,562

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

BTC Dominance: 38.8%

Crypto Market Pullback

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

cryptocurrency market capitalization

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

News

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

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

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

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

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

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

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

 

Analysis

BTC/USD

Analysis BTC/USD

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

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

BITCOIN SENTIMENT TODAY

Source: sentimnt.io

crypto market capitalization

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

Overall hourly chart signal a sell.

hourly chart signal

Pivot points

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

ETH/USD

ETH/USD market cap

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

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

Ethereum is positive, with 70% on the positive side

Source: sentimnt.io

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

bitcoin pullback

Overall, hourly chart signals a sell

hourly chart signals - forex.academy

Pivot points:

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

 

XRP/USD

XRP/USD

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

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

sentiment for Ripple

Source: sentimnt.io

XRPUSD-H

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

 

Overall, hourly chart signals a sell

Overall, hourly chart signals a sell

Pivot points:

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

STEEM_Further_Increase_Awaits_Confirmation

Steem (STEEM)

Market Cap. $909.33M

Circulating Supply: 254.27M STEEM

Max Supply: 0 STEEM

Volume (24h) $96.44M

 

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

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

 

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Bitcoin Cash Long Again?

Market Cap. $21.76B

Circulating Supply: 17.09M BCH

Max Supply: 21M BCH

Volume (24%) $1.95B

 

Bitcoin Cash (BCH)

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

Bitcoin Cash (BCH) chart

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

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

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

EOS reached a major target, now what?

EOS (EOS)

Market Cap. USD 11.16B

Volume (24h) $3,36B

Circulating Supply: 815.92M EOS

Total Supply: 900.000.000 EOS

Max Supply: 1.000.000.000 EOS

 

EOS Price Analysis:

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

eos price target - eos price chart

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

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

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

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

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

© Forex.Academy

Categories
Crypto Market Analysis

Is The Crypto Market Sell-Off Natural?

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

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

Cryptocurrencies – a new generation of speculative assets

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

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

Is The Crypto Market Sell-Off Natural | Forex Academy

Source: investing.com

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

Bitcoin (BTC/USD)

Crypto Market Sell-Off

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

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

Ethereum (ETH/USD)

Ethereum (ETH/USD) - Forex.Academy

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

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

Ripple (XRP/USD)

Ripple (XRP/USD)

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

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Pullback In The Crypto Market Has Begun

General overview

Market Cap: $407,231,674,925

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

BTC Dominance: 39.1%

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

 

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

News

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

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

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

Source: cointelegraph.com

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

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

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

Source: ccn.com

MIT Publishes a Plan to ‘Destroy’ Bitcoin

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

Source: ccn.com

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

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

Analysis

BTC/USD

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

Analysis BTC/USD

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

 

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

Bitcoin price sentiment is slightly positive

Source: sentimnt.io
current market sentiment is slightly positive

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

Overall, hourly chart signals a buy.

 hourly chart signals

Pivot points

S3 6109
S2 7355
S1 8134

P 8601
R1 9380
R2 9847
R3 11093

ETH/USD

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

ETH/USD

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

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

 sentiment for Ethereum is positive

Source: sentimnt.io
Ethereum is positive

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

 

Overall, hourly chart signals a sell.

Overall, hourly chart signals a sell

Pivot points

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

 

XRP/USD

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

XRP/USD

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

 

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

Ripple is positive

Source: sentimnt.io

XRPUSD-

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

Overall hourly chart signals a sell.

hourly chart signals

Pivot points:

S3 0.20439

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

Conclusion:

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

©Forex.Academy

Categories
Crypto Market Analysis

ZRX/USD Buying Opportunity

0x (ZRX)

Market Cap. $592.68M

Circulating Supply: 524.68M ZRX

Max Supply: 0 ZRX

Volume (24h): $17.70M

 

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

0x Price Prediction

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

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

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

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

ZRX/USD buying opportunity - Forex Academy

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Qtum Crucial Breakout Eyed

Qtum (QTUM)

Market Cap. $1.92B

Circulating Supply: 88.55M QTUM

Max Supply: 0 QTUM

Volume (24h): $231.36M

 

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

qtum price chart

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

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

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

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

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

qtum chart - forex academy

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

QTUM Price Prediction Conclusion:

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

 

Categories
Crypto Market Analysis

VeChain Broader Increase Validated

VeChain (VEN)

Market Cap. $2.15B

Circulating Supply: 525.78M VEN

Max Supply: 0 VEN

Volume (24h) $94.45M

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

VeChain (VEN) price - Forex Academy

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

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

vechain price prediction 2018

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Crypto Market Close to Consolidation or a Pullback

General overview

Market Cap: $420,627,984,827

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

BTC Dominance: 37.4%

Crypto Market Consolidation

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

total market cap - global charts

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

Crypto Market Consolidation News:

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

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

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

Source: Helen Partz, April 24, cointelegraph.com

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

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

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

California State Senator Promotes Blockchain Bill For Recording Stock Information

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

Source: Ana Alexandre, April 24. Cointelegraph.

 

Analysis

BTC/USD

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

BTC/USD

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

The current sentiment for Bitcoin is positive.

Bitcoin is positive

Source: sentimnt.io

forex academy diagram

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

Overall hourly chart signals a buy.

Overall hourly chart signals a buy

Pivot points:

S3 6109.5
S2 7355.5

S1 8134.0

P 8601.5

R1 9380.0
R2 9847.5
R3 11093.5

ETH/USD

ETH/USD

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

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

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

eth current market sentiment

eth chart

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

hourly chart

Overall hourly chart signals a strong buy.

Pivot points:

S3 324.51

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

 

XRP/USD

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

XRP/USD

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

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

ripple chart

Source: sentimnt.io 

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

ripple hourly chart

Overall, hourly chart signals a buy.

hourly chart signals

Pivot points:

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

NEM Further Increase Could Be Confirmed

NEM (XEM)

Market Cap. $3.05B

Circulating Supply: 9.00B XEM

Max Supply: 0 XEM

Volume (24h): $30.37M

 

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

NEM Price

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

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

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

nem stock price

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

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

NEM Price Prediction Conclusion:

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

©Forex.Academy

Categories
Crypto Market Analysis

Dashcoin Leg Higher Underway

Dashcoin (DSH)

Market Cap. $ 4.06B

Circulating Supply: 8.03M DASH

Max Supply: 18.9M DASH

Volume (24h): $144.36M

 

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

Dashcoin (DSH) price

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

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

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

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

dash difficulty chart

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

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Litcoin Further Increase Still Possible

Litcoin (LTC)

Market Cap. $8.53B

Circulating Supply: 56.22M LTC

Max Supply: 84M LTC

Volume (24H) $390.80M

 
 

Will Litecoin Recover April 2018

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

litecoin price analysis

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

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

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

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

Will Litecoin recover - Litecoin chart analysis

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

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

Categories
Crypto Market Analysis

Market Is Moving Strong But For How Long?

General overview

Market Cap: $393,028,123,788

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

BTC Dominance: 38.2%

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

cryptocurrency market capitalization

News

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

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

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

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

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

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

Source: Sam Bourgi, Aprill 22. hacked.com

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

Analysis

BTC/USD

BTC/USD

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

market sentiment for Bitcoin

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

 

Bitcoin is positive,

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

Overall hourly chart signals a buy.

hourly chart

Pivot points

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

 

ETH/USD

 

ETH/USD

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

Ethereum has been rising

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

Source: sentiment.io

 

 sentiment is positive

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

Overall, hourly chart signals a buy.

hourly chart signals a buy

Pivot points:

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

 

 

XRP/USD

XRP/USD

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

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

Source: sentiment.io
Ripple is positive

FOREX ACADEMY

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

Overall, hourly chart signals a sell.

hourly chart signalsPivot points:

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

 

 

 

Conclusion

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

 

© Forex.Academy

Categories
Crypto Market Analysis

Weekly crypto update 20.04.2018

General overview

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

April 16 the cryptocurrency market capitalization

Analysis

BTC/USD

BTC/USD

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

Overall, daily chart signals a buy.

ETHUSD daily chart signalsPivot points:

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

ETHUSD

daily chart signals

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

Overall, daily chart signals a buy

daily chart signalsPivot points:

S3 183

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

 

XRP/USD

XRP/USD

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

Overall the hourly chart signals a buy

LTC/USD hourly chart signalsPivot points:

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

LTC/USD

LTC/USD

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

Overall hourly chart signals a buy.

Overall hourly chart signals a buyPivot points:

S3 78.637

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

 

Conclusion

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

market cap evaluation

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

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

© Forex.Academy

Categories
Crypto Market Analysis

Bitcoin Long, The Most Expected Setup

Bitcoin (BTC)

Market Cap. $143.84B

Circulating Supply 16.99M BTC

Max Supply: 21M BTC

Volume (24H) $7.40B

 

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

Bitcoin Long, The Most Expected Setup

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

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

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

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

bitcoin setup

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

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

© Forex.Academy

Categories
Crypto Market Analysis

ICON (ICX) Buying Opportunity?

ICON (ICX)

Market Cap. $1.27B

Circulating Supply 387.23M ICX

Crypto Max Supply: 0 ICX

Volume (24h): $50.43M

ICX tradingview:

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

ICX tradingview

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

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

ICON buying opportunity

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

© Forex.Academy

Categories
Crypto Market Analysis

Ethereum Long Setup

Ethereum (ETH)

Market Cap. $56.68B

Circulation Supply: 98.93M ETH

Max Supply: 0 ETH

Volume (24h)

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

Ethereum (ETH) - Forex Academy

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

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

ethereum setup

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

© Forex.Academy

Categories
Crypto Market Analysis

Blockchain getting closer

Blockchain getting closer

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

© Forex.Academy

Categories
Crypto Market Analysis

Pressure From Both Sides

General overview

Market Cap: $359,246,046,514

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

BTC Dominance: 39.1%

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

cryptocurrency market capitalization - forex academy

News

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

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

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

Source: Helen Partz, April 19. cointelegraph.com

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

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

Source: guest author, April 19. cointelegraph.com

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

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

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

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

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

Source: Darryn Pollock, April 20. cointelegraph.com

Analysis

BTC/USD

BTC/USD - pressure from both sides

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

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

short-term support line BTCUSD

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

Overall, hourly chart signals a buy

hourly chart signals a buy Pivot points:

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

ETH/USD

ETHUSD

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

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

Source: sentimen.io

ETHUSD chart

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

Overall hourly chart signals a buy.

XRP/USD

 Pivot points:

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

XRP/USD

XRPUSD-D-4

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

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

interaction between the Fibo level

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

Overall, hourly chart signals a buy.

hourly chart signals Pivot points:

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

 

Conclusion

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

Categories
Crypto Market Analysis

Stellar To The Moon?

Stellar (XLM)

Market Cap. $6.69B

Circulating Supply 18.57B XLM

Max Supply: 0 XLM

Volume (24h): $177.67M

 

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

Stellar (XLM) - Forex Academy

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

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

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

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

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

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Crypto Market Analysis

EOS Bullish Perspective

EOS/USD

Market Cap. $7.301.307.239 USD

Volume (24h) $568.861.000 USD

Circulating Supply: 802.920.263 EOS

Total Supply: 900.000.000 EOS

Max Supply: 1.000.000.000 EOS

 

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

EOS/USD is trading in the green

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

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

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

EOS Bullish Perspective

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

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

Categories
Crypto Market Analysis

Ripple Further Increase Expected

Ripple (XRP)

Market Cap. $28 179 718 865

Volume (24h) $754 165 000

Circulating Supply: 39 122 794 968 XRP

Total Supply: 99 992 362 643 XRP

Max Supply: 100 000 000 000 XRP

 

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

Ripple XRP Price Predictions April 2018

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

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

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

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

Ripple XRP Predictions April 2018

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

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

Categories
Crypto Market Analysis

Cryptocurrency market is starting to gain confidence

General overview

Market Cap: $343,721,340,582

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

BTC Dominance: 40.3%

Global market cap charts

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

News

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

NASA Funds Development Of Autonomous Spacecraft That Uses Blockchain

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

Source: Ana Alexandre, April 18. Cointelegraph.com

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

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

Source: Marie Huillet, April 18. Cointelegraph.com

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

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

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

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

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

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

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

Source: William Suberg, April 18. Cointelegaph.com

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

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

Source: Ian Allison, April 18. Coindesk.com

 

Analysis

BTC/USD

Analysis BTC/USD chart

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

Bitcoin is up around 3,55%

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

Source: sentiment.io

market sentiment for Bitcoin

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

Overall, hourly chart signals a buy.

hourly chart signals a buy ETH/USD

Pivot points:

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

ETH/USD

ETHUSD chart - forex academy

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

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

Source: sentiment.io

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

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

Overall, hourly chart signals a buy.

hourly chart signals XRP/USDPivot points:

S3 183.46
S2 327.57

S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90

XRP/USD

XRPUSD

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

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

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

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

Overall, hourly chart signals a buy.

Pivot points - forex academyPivot points:

S3 0.13715

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

 

Conclusion

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

Categories
Crypto Market Analysis

Litcoin Losing The Bullish Momentum

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

                                                                                                                                                          Source: investing.com

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

Litcoin

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

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

Litcoin - Forex Academy

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

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

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

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

NEO/USD

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

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

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

DASH/USD

DASH/USD - Forex Academy

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

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

Conclusion

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

© Forex.Academy

 

Categories
Crypto Market Analysis

Cryptocurrency market is experiencing low volatility

General overview

Market Cap: $326,535,690,890

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

BTC Dominance: 41.3%

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

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

 

News

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

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

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

Source: Gareth Jenkinson, April 17. Cointelegraph.com

Analysts Expect Bitcoin in Bullish Mode After ‘Tax Day’

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

Source: Ricardo Esteves April 17. Newsbtc.com

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

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

Source: Gerelyn Terzo, April 17. Ccn.com

Analysis

BTC/USD

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

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

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

 

Overall, hourly chart signals a sell.

Pivot points:

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

 

ETH/USD

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

 

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

Source: sentiment. Io

 

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

 

Overall, hourly chart signals a sell.

Pivot points:

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

 

XRP/USD

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

 

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

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

 

Overall, hourly chart signals a buy.

Pivot points:

S3 0.13715

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

 

Conclusion:

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

Categories
Crypto Market Analysis

Ripple Breakout In Play

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

 

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

Ripple

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

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

Ripple breakout in play

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

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

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

EOS/USD

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

EOS/USD - Forex Academy

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

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

ETP/USD

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

ETP/USD - Forex Academy

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

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

Conclusion

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

© Forex.Academy

Categories
Crypto Market Analysis

Low Volatility In The Cryptocurrency Market

General overview:

Market Cap: $325,989,899,352

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

BTC Dominance: 41.7%

Low volatility in the cryptocurrency market

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

News:

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

Mastercard Patents Blockchain Tech To Combat Fake Identity

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

Source: Marie Huillet, April 16. Cointelegraph.com

Crypto Investor Ian Balina Hacked for Millions of Ether During Livestream

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

Source: Conor Maloney, April 16. Ccn.com

NASA Researches Ethereum Blockchain Tech for Deep Space Exploration

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

Source: Samburaj Das, April 16. Ccn.com

Analysis

BTC/USD

BTC/USD Cryptocurrency Market

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

sentiment for this cryptocurrency is slightly positive

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

Cryptocurrency Market Chart

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

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

hourly chart signals

Pivot points:

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

ETH/USD

ETHUSD-D

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

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

Source: sentiment.io

current market sentiment for Ethereum

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

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

Pivot points:

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

XRP/USD

XRPUSD-D

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

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

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

 

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

Pivot points:

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

 

Conclusion:

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

Categories
Crypto Market Analysis

Bitcoin Update March 17

Bitcoin Update

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

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

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

BTC/USD April-17/2018

 

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

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

© Forex.Academy