Tag: bitcoin ethereum ripple

Daily Crypto Review, Oct 9 – Consolidation day for the Crypto Markets

Post author By Ilija Rankovic
Post date 9 October, 2019
No Comments on Daily Crypto Review, Oct 9 – Consolidation day for the Crypto Markets

The cryptocurrency markets are trying to find a balance point to consolidate at. After Bitcoin’s spike upwards above $8,000, other cryptocurrencies quickly followed. However, after reaching the RSI oversold territories, almost every one of the top cryptocurrencies declined in order to consolidate. Bitcoin has lost 0.37% on the day, while Ethereum went up by 0.33% and XRP by 0.79%. Out of the top10 cryptocurrencies by market capitalization, only Binance Coin and Stellar are in the green, besides Ethereum as mentioned earlier and XRP.

Figure 1- Heat Map of the crypto sector

When it comes to the Bitcoin dominance in the cryptocurrency sector, altcoins are getting slight momentum. However, Bitcoin is only losing fractions of a percent of market dominance. The market capitalization of the crypto markets increased by around $200 million over the past 24 hours and is now standing at $222.86 billion.

Figure 2- 24H market capitalization and Traded Volume

What happened in the past 24 hours

Cryptocurrency markets have had a great upwards boost fueled by Bitcoin’s price, not falling below the $7,700 support line. This move alone made the cryptocurrency market thrive for a moment or two. However, as the momentum dies down, prices need to find equilibrium and a place to consolidate, which is precisely what is happening right now. Where the cryptocurrencies will consolidate and how far will they drop from their recent highs will be shown in the next couple of days.

Technical analysis

Bitcoin

After reaching the price of $8,350, Bitcoin started to show signs of a possible retracement. RSI reaching overbought territory further proved the case. Even though Bitcoin did not retrace much yet, it kept making lower highs as well as lower lows throughout the day. At one point, price broke the 38,2% Fib retracement line downwards but quickly recovered. At the moment, Bitcoin is trying to move above the 23,6% Fib retracement line, which sits at $8217, but the upward momentum is not strong enough, and the price keeps getting rejected.

If we take a look at the volume, we can see that there has been no rise at all. The volume is stagnant and low, which further proves the point of a consolidation being at play here.

Ethereum

Unlike Bitcoin, Ethereum has been a bit more volatile today. After reaching a high of just above $185, it started declining. The decline was sharper than Bitcoin, but so was the upwards move that came afterward. After a period of falling sharply and reaching a price of $178, Ethereum managed to get enough buying power to reach across the 38,2% Fib retracement line and reach $182. However, the RSI indicator is now dangerously close to the overbought territory, while Ethereum has only managed to cross the 23,6% Fib retracement line. With the current volume, it staying above this line is highly unlikely.

XRP

When looking at the pure 24-hour performance, XRP did the best out of the top3 cryptocurrencies. After getting close to the price of $0.29, XRP started retracing. It blew through the 23,6% Fib retracement line and stopped near the 50% Fib retracement, which acted as a resistance. After dropping to $0.272, it began rising again but did not go far. Its attempts to reach above $0.28 failed twice, so, XRP is now trading between the $0.28 line, which acts as a resistance and a $0.275 acting as a support.

XRP’s volume has shown more volatility than Ethereum and Bitcoin, which might be why it has performed better than the 2.

Tags bitcoin ethereum ripple, BTC, Crypto

Crypto Market Analysis

Still moving on a corrective cycle

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

General overview

Market Cap: $436,647,549,448

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

BTC Dominance: 36.5%

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

News

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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

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

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

Market Sentiment

Hourly chart technicals signal a buy.

Pivot points

ETH/USD

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

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

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

Market Sentiment

Hourly chart signals a buy

Pivot points

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

XRP/USD

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

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

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

Market Sentiment

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

Pivot points:

Conclusion

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

Tags bitcoin ethereum ripple, crypto update

Crypto Market Analysis

Correction Is Still In Play

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

General overview

Market Cap: $431,399,206,497

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

BTC Dominance: 36.2%

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

The Market Cap is currently sitting slightly below 342B.

News

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

Japan Imposes Strict New Standards To Prevent Cryptocurrency Theft

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

Source: ethnews.com

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

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

Source: newsbtc.com

Analysis

BTC/USD

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

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

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

Hourly chart signals a sell.

Pivot points

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

ETH/USD

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

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

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

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

Pivot points

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

XRP/USD

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

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

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

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

Pivot points

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

Conclusion

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

Tags bitcoin ethereum ripple

Crypto Market Analysis

Interaction with key resistance may trigger a pullback

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

General overview

Market Cap: $460,879,175,725

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

BTC Dominance: 36.1%

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

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

News

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

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

Analysis

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

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

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

Hourly chart signals a buy

Pivot points

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

ETH/USD

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

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

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

Hourly chart signals a strong buy.

Pivot points

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

XRP/USD

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

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

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

Pivot points

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

Conclusion

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

Tags bitcoin, bitcoin ethereum ripple, ethreum

Crypto Market Analysis

Cup And Handle Potentially Starting To Breakout

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

General overview

Market Cap: $437,461,168,275

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

BTC Dominance: 35.9%

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

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

News

Goldman Sachs to Begin Bitcoin Futures Trading Within Weeks

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

Source: coindesk.com

South Korea Bill Pushes Legalization of New ICOs after 2017 Ban

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

Source: ccn.com

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

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

Source: cointelegraph.com

Analysis

BTC/USD

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

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

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

Hourly chart signals a buy.

Pivot points

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

ETH/USD

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

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

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

Hourly chart signals a strong buy.

Pivot points

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

XRP/USD

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

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

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

Pivot points

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

Conclusion

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

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

Tags bitcoin ethereum ripple

Crypto Market Analysis

A Trend Reversal Not In Play?

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

General overview

Market Cap: $424,282,841,076

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

BTC Dominance: 36.5%

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

News

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelepraph.com

Vitalik Buterin: ‘Sharding Is Coming’

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

Source: ethnews.com

Analysis

BTC/USD

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

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

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

Hourly chart signals a buy.

Pivot points:

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

ETH/USD

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

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

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

Hourly chart signals a strong buy.

Pivot point

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

XRP/USD

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

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

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

The hourly chart signals a strong buy.

Pivot points

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

Conclusion

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

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

©Forex.Academy

Tags bitcoin ethereum ripple