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Crypto Market Analysis

Bitcoin Shines Again

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

Will Bitcoin Rise Again

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

Will Bitcoin Rise Again

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

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

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

Ethereum rebound in play

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

Ethereum rebound in play

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

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

Litcoin still under pressure

Litcoin still under pressure

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

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

Conclusions

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

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Crypto Market Analysis

Market Capitalization Sligthly Up

General overview:

Market Cap: $327,852,350,305

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

BTC Dominance: 42.1%

Total Market Capitalization

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

News:

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


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

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

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

Malta Regulator Seeks Feedback On Proposed Crypto Financial Instrument Test

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

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

Source: Molly Jane Zuckerman April 16, cointelegraph.com

Mastercard Eyes Blockchain for Fighting Fake Identities

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

Source: Annaliese Milano, April 16. Coindesk.com

Analysis

BTC/USD

BTC/USD chart

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

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

Bitcoins price went from 8060$ to 8383$

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

hourly chart signals a sellOverall, hourly chart signals a sell

Pivot points:

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

ETH/USD

Ethereum’s price went from 504$ to 533$

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

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

 

price found resistance at the 1,272 Fibonacci level

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

hourly chart signals

Overall, hourly chart signals a sell.

Pivot points:

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

XRP/USD

XRP/USD

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

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

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

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

Pivot points:

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

 

Conclusion

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

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Crypto Market Analysis

Surge in Crypto-Coin Capitalization

General overview

Market Cap: 311,391,250,022$

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

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

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

Crypto-Coin Market Cap News

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

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

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

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

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

However, there was some significant regular news as well.

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

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

UAE Government Launches Blockchain Strategy 2021

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

Australian Power Company to Reopen Coal Power Plant to Mine Bitcoin

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

Analysis

BTC/USD

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

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

Source: sentiment.io

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

Overall hourly chart signals a buy.

 

Pivot points:

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

ETH/USD

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

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

Source: sentiment.io

 

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

Overall the hourly chart signals a buy.

Pivot points:

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

XRP/USD

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

Ripple - Surge In Cryptocurrency Market Capitalization

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

 

 

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

Overall the hourly chart signals a buy.

 

Pivot points:

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

Conclusion

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

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Crypto Market Analysis

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

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

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

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

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

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

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

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

 

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Crypto Market Analysis

The crypto market showing oversold signs

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

Bitcoin

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

Cryptocurrency Market BTC/USD dropped

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

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

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

Ethereum

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

Ethereum downside movement

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

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

Ripple

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

Ripple tries to become the leader in the payments transfer sector

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

Categories
Crypto Market Analysis

Market Capitalization Steadily Rising

General overview:

Market Cap: 265,099,377,794$

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

BTC Dominance: 43.8%

Cryptocurrency Daily Update

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

Ripple - Cryptocurrency Daily Update

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

News

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

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

Japan Has Over 3.5 Million Cryptocurrency Investors

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

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

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

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

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

New Blockchain Investment Fund With Chinese State Ties Launches

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

Analysis

BTC/USD

 

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

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

 

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

Overall hourly chart signals a sell.

Pivot points:

S3        4773.3

S2        5857.9

S1        6375.2

P          6942.5

R1       7459.8

R2       8027.1

R3       9111.7

 

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

 

ETHUSD

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

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

Ethereum - Cryptocurrency Daily Update

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

 

Overall the hourly chart signals a buy.

Pivot points:

S3        266.92

S2        326.80

S1        355.48

P          386.68

R1       415.36

R2       446.56
R3       506.44

 

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

XRP/USD

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

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

Ripple XRP/USD

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

 

Overall hourly chart signals a buy.

Pivot points: 

S3        0.29764

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

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

Conclusion

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

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Crypto Market Analysis

Bitcoin reverses and entered into losses again

 
BTC
The Bitcoin price for today reports loses around -4.06% as the session has progressed on Monday, after initially starting the day with some gains. Following on from some

 
BTC
The Bitcoin price for today reports loses around -4.06% as the session has progressed on Monday, after initially starting the day with some gains. Following on from some

 

BTC

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

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

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

 

ETHEREUM

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

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

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

XRP

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

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

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

 

 

Categories
Crypto Market Analysis

Cryptocurrencies Market Cap Slightly Up From Its Lowest Point

General overview:

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

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

BTC Dominance: 44.8%

Current Crypto Market Cap

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

 

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

News:

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Analysis

 

BTC/USD

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

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

 

Source: sentiment.io

 

 

 

current market cap

 

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

Overall hourly chart signals a buy.

Overall hourly chart signals

 

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

ETH/USD

cryptocurrency value

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

 

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

Source: sentiment.io

 

 

crypto currencies market cap

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

 

Overall hourly chart signals a buy.

 

 

digital currency values

 

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

 

XRP/USD

cryptocurrency market

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

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

Source: sentiment.io

 

digital currency by market cap

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

 

Overall hourly chart signals a buy.

crypto market

 

 

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

Conclusion

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

Categories
Crypto Market Analysis

Risk aversion returning to crypto markets once again

BTC Today, the Bitcoin price shows a decline of -2.55% in the last 24 H and its moving at the time of writing this update around $ 6587. The Immediate support is $ 6495 and a bullish pressure not necessarily strong can send it to $ 6434 (Minimum of April 1) The 200 and 100 […]

BTC Today, the Bitcoin price shows a decline of -2.55% in the last 24 H and its moving at the time of writing this update around $ 6587. The Immediate support is $ 6495 and a bullish pressure not necessarily strong can send it to $ 6434 (Minimum of April 1) The 200 and 100 […]

BTC

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

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

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

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

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

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

XRP

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

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

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

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

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

 

ETH

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

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

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

Categories
Crypto Market Analysis

Another down move down in the Crypto markets

BTC
The price of Bitcoin went down 3.66% in the last 24 hours. It reached $7,499, just crossing the 100 period EMA in the 1 Hour chart, but the

BTC
The price of Bitcoin went down 3.66% in the last 24 hours. It reached $7,499, just crossing the 100 period EMA in the 1 Hour chart, but the

BTC

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

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

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

XRP

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

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

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

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

ETH

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

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

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

 

Categories
Crypto Market Analysis

The bearish sentiment remains firm in the Crypto world

BTC The Bitcoin price for today reports a decline of -1.74% in the last 24 hours, the price at the time of writing this update is $6,740. The technical indicators are giving us mixed signals, but it seems that the bearish sentiment remains firm and the bears will continue to win, although if we look […]

BTC The Bitcoin price for today reports a decline of -1.74% in the last 24 hours, the price at the time of writing this update is $6,740. The technical indicators are giving us mixed signals, but it seems that the bearish sentiment remains firm and the bears will continue to win, although if we look […]

BTC

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

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

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

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

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

XRP

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

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

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

ETH

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

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

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

 

 

Categories
Crypto Market Analysis

BTC Testing a Dynamic Inflection Point

BTC
The price of Bitcoin reports an increase of 3.80% in the last 24 hours, moving above 7000 USD. The price of Bitcoin still couldn’t overcome a resistance around the

BTC
The price of Bitcoin reports an increase of 3.80% in the last 24 hours, moving above 7000 USD. The price of Bitcoin still couldn’t overcome a resistance around the

BTC

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

100-period Moving Average

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

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

Stochastics

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

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

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

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

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

ETH

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

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

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

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

BCH

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

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