Forex AcademyA real quick update here on a trade I’ve been monitoring, a possible breakout of EOS in the Square of 90.
Following Gann’s Rule of Angles, when the price breaks and closes an angle, it will move to test the next. EOS is approaching an angle break AND the break of a downtrend structure. Great entry here at 14.83.
Market Cap: $342,083,903,530
24h Vol: $14,649,610,900
BTC Dominance: 38.1%
From yesterday’s high at 349,654,000,000$ the evaluation of the cryptocurrency market capitalisation has been declining steadilly and is now $7 billion lower.
The market is currently in red with the average decline of 3% amongst the top 100 coins. Biggest losers are Loom network -11%, Veritaseum -9%, Theta Token -9.2%. Those who are in green are Zcoin +4%, Bibox Token +9.55%, MOAC +4% and Huobi Token +8%.
In the last 24 hours, news that came out is mostly regarding governmental in relation to cryptocurrency and blockchain technology. These are some of the significant headlines:
The U.S. Securities and Exchange Commission (SEC) said it was “underwhelmed” by regulatory adherence among cryptocurrency exchanges in fresh comments June 6.
Speaking to CNBC, Brett Redfearn, the SEC’s Director of Division of Trading and Markets, suggested exchanges that offer trading in tokens issued in Initial Coin Offering (ICO) – which may constitute securities under U.S. law – were reluctant to comply.
“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now,” he commented at the Sandler O’Neill Global Exchange and Brokerage Conference in New York, adding:
“There are a number of exchanges that are trading ICOs that I would think that we should see more registrations.”
As ICO tokens will be classified as securities, crypto exchanges would have to register to SEC and comply under a regulatory framework. As SEC is still having trouble with their classifications because of the different nature of different tokens, crypto exchanges are playing dumb, as regulatory compliance may cause complications within their business.
Money 20/20 conference is over, and there are overviews from the conference highlighting the main points.
A particular highlight of the Money 20/20 Europe showpiece was a discussion panel titled “Cryptocurrency, the central (bank) question”. It featured four prominent individuals from the Bank of England, Bank of Canada, Bank of Lithuania, and the Swiss National Bank.
The Bank of England has been particularly thorny in its stance towards cryptocurrencies in general over the past few years. Despite this, the Bank of England began to change its tune more recently, announcing a cryptocurrency task force that would provide an in depth study into the sector.
Dr Marius Jurgilas a member of the board of the Bank of Lithuania, stated:
“The product we (banks) are selling is trust. If our product is good, there would be no need to talk about cryptocurrencies. It’s a matter of trust, if we trust the institution mandated and entrusted to keep oversight of our payment systems, ensure that money is not affected by excessive inflation then there is no need for payment instruments or other means of storing value.
“But if society starts questioning, rightly or wrongly, or it thinks what we are selling could be done better, in a more convenient and cheap way, other things will appear. We as regulators have to react to that − we are not sitting entrenched in our positions, the work everyone is doing here shows that we are really paying attention.”
PhD Economist James Chapman, the Bank of Canada’s Senior Research Director in the Funds Management and Banking Department, stated his concerns regarding cryptocurrencies as potential threat to the fiat system:
“I don’t see that happening as long as central banks continue to do a good job of maintaining monetary policy. But could a cryptocurrency really spell the end of fiat currency? I think so. In a situation of hyperinflation where a central bank has abdicated responsibility for stability then you could see a case for cryptocurrency.”
Swiss National Bank‘s, Thomas Moser is an alternate member of the board and the Deputy Head of Department. His department deals with Economic Affairs, International Affairs, Statistics, Legal Services, and Communications. Switzerland is known to have a positive relation to cryptocurrency, that’s why his take on crypto is coming off in a supportive tone:
“Switzerland has been relatively enthusiast to crypto. We have a national railway system that transformed ticket machines to bitcoin atm. At every train station in Switzerland, you can put cash into a ticket machine and load a BTC wallet. Cryptocurrencies have been very well tolerated in Switzerland so far.”
When asked to state his views on the posibiliy of crypto replacing fiat he stated:
“In general no but I think it depends on the fiat currency of the central bank. Of course, if a currency is not performing well, you have hyperinflation and a country where people lose trust of rule of law of its central bank. It depends on the central bank, as long as they do a good job there is no reason for fiat currency to disappear.”
Source: cointelegraph.com
Meanwhile, Russian President Vladimir Putin, during his annual live question and answer session, gave an ambiguous but knowledgeable answer to the question:
“Will Russia have its own cryptocurrency? […] Will it be controlled by the government? […] Do you think that in the near future cryptocurrency will completely replace our regular, standard money?”
To the first question, he replied that Russia cannot have its own cryptocurrency, as cryptocurrency “by definition” cannot be owned by a centralized state since it “goes beyond borders.” He then continued by saying that Japan is partially excepting crypto as a means of payments but he doesn’t see that happening in Russia. However, he hasn’t disregarded potential use case for blockchain technology saying that:
Russia must keep an eye on this “phenomenon developing in the world” in order to determine how Russia can “participate in the process”. He added that Russia must also look into “how we can use it [cryptocurrency] in order to avoid any restrictions in the field of international financial activity,” perhaps a veiled reference to the potential use of cryptocurrency to avoid Western sanctions currently imposed on the country.
Source: cointelegraph.com
While Russia is still uncanny on cryptos, The Bank of Thailand (BoT) is considering issuing its own cryptocurrency, the bank’s governor revealed in a speech June 5, as reported by cointelegraph.
In his keynote on Thai economic development at Nomura Investment Forum Asia (NIFA) in Singapore, BoT governor Veerathai Santiprabhob spoke of a new project in which the central bank and other Thai banks join forces to develop a “new way of conducting interbank settlement” using a central bank-issued digital currency (CBDC).
As cryptocurrencies prove to be superior in the speed and cost, they are competing with the fiat/banking system, and so far they have been discarded and ignored. But we are now seeing a global attention to cryptos from big players like central banks and government official agencies, as technology gets better and adoption rate spreads across the globe.
This correlates with the saying: First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi
We were past the ‘then they laugh at you’ stage last year when Jamie Dimon called Bitcoin a fraud and people who believe and invest in it stupid. Now as you can see we are at the beginning of the ‘then they fight you’ stage, as central banks are gathering around to discuss how serious of a threat this is for them.
From yesterday’s high at 7735$ the price of Bitcoin has been on a steady decline and has decreased by 1.22%, which is price wise, 7641$.
The price of Bitcoin has been stopped out at the 0.236 Fibonacci level which serves as resistance and has fallen below the baseline support line again. We can see that the price is in an extended cluster as buyers and sellers are indecisive. As the price failed to create a higher high from the 3rd of June we are starting to see first signs of weakness, so I would expect the price to drop quickly from these levels, as buyers would back away, or turn into sellers.
Market sentiment
Bitcoin is in the sell zone.
Oscillators are on sell, and moving averages signal a sell.
Pivot points
S3 7426.8 S2 7558.4 S1 7623.6 P 7690.0 R1 7755.2 R2 7821.6 R3 7953.2
From yesterday’s high, which was coincidently the same as the open, the price of Dash has decreased by 2.41% coming from 320.29$ to 311.4$ where it is currently sitting.
The price of Dash has escaped the descending channel couple of days ago but is still in a symmetrical triangle while consolidating. It now looks near a breakout and we will see if this consolidation was just a pause of the downtrend or we are going to see a trend reversal.
Market sentiment
Hourly chart technicals signal a sell.
Oscillators are showing a buy, but moving averages are signalling a strong sell.
Pivot points
S3 299.82 S2 308.073 S1 312.125 P 316.32 R1 320.37 R2 324.57 R3 332.82
From yesterday’s high at 169.7$ the price of Monero fell by 4.6% to 161.6$ where it is currently.
Yesterday’s high was on the symmetrical triangle resistance, and from there the price went on a downward trajectory, breaking out from the triangle on the downside. I am expecting the price to go down to the wedge support to retest prior lows.
Market sentiment
Hourly chart technicals signal a strong sell.
Oscillators signal a sell, and moving averages a strong one.
Pivot points
S3 148.487 S2 157.167 S1 160.483 P 165.847 R1 169.163 R2 174.527 R3 183.207
The price of Neo has declined since yesterday’s open at 54.65$ by 4.3% and is now sitting at 52.31$.
As you can see from the daily chart, the price was repealed by the resistance at the 0.382 Fibonacci level and is now sitting on the range support. I am expecting the price to go down slightly further to the baseline support (bold black line), where there is also the 0.236 Fibo level for a retest.
Market sentiment
Neo is in the sell zone, as indicated by hourly chart technicals.
Oscillators are on neutral, and moving averages signal a strong sell.
Pivot points
S3 49.49 S2 51.63 S1 52.59 P 53.76 R1 54.73 R2 55.90 R3 58.03
As the prices are showing the first signs of weakness, after almost a whole week went by in a stagnating way, and having in mind that weekend is coming, we are likely to see the first stages of a sell-off of what will last at least until Monday and will retest prior lows.
Market Cap: $130.38B
Circulating Supply: 17.08M BTC
Max Supply: 21M BTC
Volume (24h) $ 4.29B
Bitcoin Price Analysis
Bitcoin has rebounded on the short term, but the upside movement seems completed. The cryptocurrency is showing some exhaustion signs and could attract the sellers again. The next days could be crucial because a significant decrease will confirm a drop at least to the 6000 psychological level. The major cryptocurrencies have increased a little since last week, but this may be only a temporary rebound before the prices will drop again.
If you read my articles and editorials about Bitcoin, you’ll notice that I’ve talked about the importance of the outside sliding parallel line (SL) of the ascending pitchfork. I’ve said that the rate could drop after the retest of the downtrend line and after the failure to make a valid breakout above the third warning line (WL3) and above the SL2.
The sliding line (SL) represented a crucial dynamic support and I’ve mentioned that a valid breakdown will invalidate a potential leg higher and will confirm a further drop. The minor rebound could validate the breakdown if the rate will stay below it and if it will drop again.
Technically, the rate was somehow expected to increase after the valid breakout from the minor down channel, but Bitcoin remains under huge pressure as long as it is trading below the sliding line (SL), the fourth warning line (WL4) and much below the downtrend line.
Bitcoin Price Analysis: You can sell it again if it stays below the SL and below the 7779.0 static resistance with a first downside target at the 150% line of the ascending pitchfork. The Stop Loss could be placed around 7900 level.
Market Cap: $345,346,669,155
24h Vol: $14,967,182,843
BTC Dominance: 37.9%
In the last 24 hours, the crypto market cap has been moving sideways. Yesterday started off at around $344B and has been hovering around these levels before it dropped steeply to $338B only to go up again to previous levels. Today’s high was at 349,653,000,000$ and since then, the evaluation has retracted back to yesterday’s levels.
The market is currently showing mixed colours. Biggest gainer among top 100 is Aeternity whose price increased by 13.7%, and the biggest loser is Nexus who’s price decreased by 15.16%.
The most significant news that came out in the last 24 hours is that the U.S. Securities and Exchange Commission Chairman Jay Clayton stated that the agency won’t change securities laws to cater to cryptocurrencies
“We are not going to do any violence to the traditional definition of a security that has worked for a long time,” U.S. Securities and Exchange Commission Chairman Jay Clayton told CNBC on Wednesday. “We’ve been doing this a long time, there’s no need to change the definition.”
That means that cryptos are intended to compete with sovereign currencies like the US dollar, won’t be defined as a security.
“(Cryptocurrencies) These are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin,” Clayton said. “That type of currency is not a security.”
However, those tokens that are sold during an ICO are securities by Clayton’s definition.
“A token, a digital asset, where I give you my money and you go off and make a venture, and in return for giving you my money I say ‘you can get a return’ that is a security and we regulate that,” Clayton said. “We regulate the offering of that security and regulate the trading of that security.”
This is fairly good news, but we are yet to see the implications of it. For example, many ICOs are emphasizing their token’s utility to escape being seen as a security.
While we are mentioning SEC, another significant headline that came out in the last 24 hours is that Van Eck Associates Corp. and SolidX Partners Inc. filed a request to list a Bitcoin-linked ETF to the U.S. Securities and Exchange Commission on Wednesday, as reported by Bloomberg.
SEC has rejected Winklevoss Bitcoin Trust ETF last year, so we are yet to see if these two companies make the ETF. The important thing is that this fund will be physically backed, meaning they will hold the actual Bitcoin, which would be insured in a theft or loss event.
Another news item regarding regulation and filing is that Circle Internet Financial Limited – a peer-to-peer payments technology company, who obtained the cryptocurrency exchange Poloniex is pursuing both a federal banking license with the Office of the Comptroller of the Currency (OCC) and registration as a brokerage and trading venue with the US Securities and Exchange Commission (SEC), as reported by Bloomberg
Similar news is that Coinbase is aiming at becoming an SEC regulated broker, through an acquisition of securities dealer Keystone Capital Corp. according to their blog post.
Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.
CFTC denies FOIA request for Bitfinex and Tether subpoenas, as reported by Coindesk.
The top U.S. futures regulator has denied a Freedom of Information Act (FOIA) request for subpoenas reportedly issued to crypto exchange Bitfinex and the closely-linked ‘stablecoin’ operator Tether, according to records obtained by CoinDesk.
The FOIA request, filed by an individual who requested anonymity when speaking to CoinDesk, sought “subpoenas issued to iFinex inc. also known as Bitfinex and it’s subsidiary companies, as well as subpoenas issued Tether Limited and its subsidiary companies” and was initially submitted in February.
Thus, we still don’t have the light shed on the controversy surrounding Bitfinex and Tether Stablecoin.
Parity urges users to install the update after discovering a Testnet vulnerability
Users of Ethereum software issued by Parity Technologies face enforced updates this week after warnings a testnet vulnerability could spread to the Ethereum network, according to Parity’s blog post on June 6.
Parity is a UK-based provider of infrastructure software for interacting with the Ethereum network. A blog post from the company June 5 originally flagged the security problem, describing it as a “potential consensus issue with Parity Ethereum.”
For those who don’t know this isn’t the first time Parity had a bug, as in November last year there was a “Parity multisig hack” in which about $300M was frozen and (probably) lost forever.
From yesterday’s low at 7510$, the price of Bitcoin rose up to 7700 which is a 2.37% increase.
Looking at the hourly chart we can see that the price is currently in another cluster below the 0.236 Fibonacci retracement level. However, the price is above the baseline support line and the triangle resistance line. This is a very crucial time for the price of Bitcoin because if the price continues to go higher that may trigger buying and we can see a short-term trend reversal. I think that’s now going to happen, as the likely scenario is that the price fells below those resistance lines again from this current cluster as it did before and retest old lows at around 7000$.
Bitcoin is in the buy zone as indicated by hourly chart technicals.
Oscillators are on neutral, and moving averages on a strong buy.
S3 7198.6 S2 7406.9 S1 7530.5 P 7615.2 R1 7738.8 R2 7823.5 R3 8031.8
From yesterday’s low at 594$, Ethereum’s price has increased by 1.6% coming to 606$ currently.
As you can see from the hourly chart, the price bounced off the 0.236 Fibonacci level where it found support yesterday, and since then it has broken out of this short-term triangle like pattern and is now back on prior resistance for a retest of support. The price is also above the purple bold line which is the descending channel resistance line.
Ethereum is in the buy zone as indicated by the hourly chart technicals.
Oscillators are on buy, and moving averages are on neutral.
S3 562.18 S2 582.91 S1 594.79 P 603.64 R1 615.52 R2 624.37 R3 645.10
From yesterday’s low, the price of Ripple has increased by 3.2% from 0.659$ to 0.681$ where it is currently sitting.
Looking at the hourly chart we can see that the price broke out of the symmetrical triangle two days ago on the upside as I’ve projected it would, but my short term target hasn’t been met. The price has stopped out at 0.68$ level and retraced to 0.659$ which was yesterday’s low and is now back on those same levels struggling to make a new high, and I still think it is going to get there which would be slightly below 0.7$
Hourly chart technicals signal a buy.
Oscillators are on buy, and moving averages are signalling a strong one.
S3 0.61446 S2 0.64266 S1 0.65853 P 0.67086 R1 0.68673 R2 0.69906 R3 0.72726
Things haven’t changed much since yesterday. We are still yet to see where the prices are going from these levels. As the prices are looking unstable I am expecting another drop to prior lows for a retest, before a short-term trend reversal.
Market Cap: $343,665,292,792
24h Vol: $15,166,854,450
BTC Dominance: 37.9%
From yesterday’s open at $341B, the crypto market cap fell to 330,636,000,000$ to yesterday’s low from where the evaluation has been rising. It had experienced an overall increase of 3 million dollars.
The market is dominantly in green with an average increase of 2% amongst the top 100 coins. Biggest gainers are Nexus by 15%, Binance coin 12.54%, and the biggest loser is Huobi Token who dropped by 11% today.
Overall, news that came out in the last 24 hours is mostly positive, however, there are some significant negative items. Out of those that are positive, we can put them into two categories – blockchain tech adoption and positive relation to cryptocurrencies.
Regarding blockchain adoption these are the stories that stand out:
Samsung SDS is launching its own blockchain platform called “Nexfinance”, according to the official press release.
Nexfinance is a digital banking platform, applying artificial intelligence, blockchains, big data analytics and advanced IT technologies, such as intelligent process automation (IPA).
U.S. government telecoms agency seeks feedback on blockchain technology for its international agenda
In an announcement, the National Telecommunications and Information Administration (NTIA), which is part of the U.S. Department of Commerce, said that it wanted stakeholders’ input in “shaping its international agenda.”
As the tech evolves and is showing the benefits, many are jumping aboard to seize the opportunity and have the first mover advantage. There are two major news items regarding banks utilisation of the tech as well, as the traditional finance industry fear its decentralised competition.
South Africa’s Central Bank Pilots Tokenised Fiat Interbank Payment System
South Africa’s Central Bank (SARB) has successfully piloted a Proof-of-Concept (PoC) for an interbank payment system that tokenises fiat using Quorum, according to an SARB press release published June 5th. Quorum is an Ethereum-based private blockchain.
Chinese Central Bank Develops Blockchain System to Digitise Paper Checks (Cheques)
The People’s Bank of China (PBoC) has revealed a blockchain-powered system to digitise paper checks (cheques), local media Financial News reports June 5. The system aims combat financial fraud as well as reduce expenses for printing them.
Even though what was previously stated is evident, representatives from multiple central banks discussed in Amsterdam on Money20/20 conference whether or not cryptocurrency are posing a threat to the fiat system.
During a panel talk titled “Cryptocurrency, the Central (Bank) Question”, representatives from the Swiss National Bank, the Bank of Lithuania, the Bank of England, and the Bank of Canada took turns responding to the question “Can cryptocurrencies spell the end of fiat currencies?”.
Source: cointelegraph.com
They have concluded that cryptos are not yet a threat to the fiat system, as long as central banks are doing a good job. As a matter of fact, central banks are doing a fantastic job, but for themselves – which is why Bitcoin was invented in the first place.
As the dollar devaluates throughout the years, through fractional reserve banking and insane money printing, the purchasing power diminishes and national debt is rising insanely. A Keynesian economic model proves it to be unsustainable which is why people are looking for better alternatives. That’s why people are enthusiastic about cryptocurrencies.
Adena Friedman, president, and CEO of Nasdaq Inc,. recognizes this trend as he stated in an interview on Bloomberg Businessweek on June 5., that cryptocurrencies are at “the height of a hype cycle” and can become a “financial element of the Internet.”
On the other side, some like Jim Chanos, hedge fund manager, who said last year, that he “didn’t understand” Bitcoin or blockchain technology, now said speaking at Institute for New Economic Thinking that:
“This is simply a security speculation game masquerading as a technological breakthrough in monetary policy.”
According to him, in the event of a global crisis, it would be “better” to own food or a government-backed (fiat) currency.
Even though cryptos are “not there yet” would it really be better to hold fiat currency in a global crisis that was probably induced by those same central banks?
From yesterday’s open at 7471$ the price of Bitcoin has increased by 1.65%, coming to 7595$ where it is currently sitting.
Looking at the hourly chart we can see that the price is yet again below the support baseline and form a cluster but this time there’s now higher high which is the sign of weakness. I am expecting the price to drop from here like it did three times previously, and the first support would be at yesterday’s open of 7470$ levels.
Market sentiment
Hourly chart technicals are on buy, but it looks more like neutral as we have 8 indicators signalling a buy, 9 are neutral, and 9 sell.
Pivot points
S3 6950.3 S2 7253.3 S1 7437.6 P 7556.3 R1 7740.6 R2 7859.3 R3 8162.3
From yesterday’s low at 116.115$ the price of Litecoin has increased by 4.16% coming to 121.140$ where it is currently.
Looking at the hourly chart we can see that the price is still in the retracement zone, and currently in a triangle which can be interpreted as a bull flag. If the price breaks out from above, I would expect to see the interaction with the retracement zone resistance at 124,7$, but from the degrees of the triangles trendlines, we can see that sellers are more aggressive and that the price is likely heading down afterwards.
Market sentiment
Litecoin is in the buy zone, as indicated from hourly chart technicals.
Oscillators are on sell (8), and moving averages are signalling a buy (9).
Pivot points
S3 105.807 S2 113.097 S1 117.743 P 120.387 R1 125.033 R2 127.677 R3 134.967
From yesterday’s low at 576.13$ the price of Ethereum has increased by 4.62% rising to 602.8$ where it is currently sitting.
On the hourly chart, we can see that the price is yet again above the down channels resistance line and 0.382 Fibonacci level. As the price action is showing signs of topping as indicated by the cluster which resembles the previous one, I am expecting it to go down from here probably to this last uptrend support line (blue line) and down channels resistance line intersection to retest for support.
Market sentiment
Hourly chart technicals signal a buy, however, it more looks like neutral as 7 indicators are on sell, 10 on neutral and 9 on buy.
Pivot points
S3 522.99 S2 561.21 S1 584.96 P 599.44 R1 623.18 R2 637.66 R3 675.88
In the last 24 hours, the price of Monero has been rising. From yesterday’s low to yesterday’s high, the price increased by 7.8%. However, from yesterday’s open until now, Monero has increased overall only 1.65% – from 160.9$ to 163.420$ where it is now.
Looking at the hourly chart we can see that the price action is between the triangle support line (black line) and wedge support line (blue line) which I’ve declared a dominant pattern in the charting section previous week. Currently, we see another triangle forming and the price bounced off its resistance line. I would expect a few more bounces before a breakout, but I wouldn’t recommend trading it because if the proximity of the triangle and wedge support which would surely repeal the price in either way, so the trade would be short-lived.
Market sentiment
Monero is in the sell zone, as indicated by the hourly chart technicals.
Oscillators are on neutral, and moving averages on a strong sell.
Pivot points
S3 137.857 S2 151.127 S1 159.123 P 164.397 R1 172.393 R2 177.667 R3 190.937
As the prices have shown a lot of sideways movement in the last few days, unable to create significant highs and are not falling further below, we are soon going to see a triggered action. As the prices are hovering at around the same levels for days I would expect people to get anxious and start selling as they would fear not to lose money, because the prices aren’t going higher. In that case, we may see a retest of prior lows or even lower lows which would in the case of Bitcoin mean a drop to 7000-6500$ levels.
General Overview
Market Cap: $335,633,090,494
24h Vol: $15,957,362,042
BTC Dominance: 37.9%
In the last 24 hours, the cryptocurrency market cap has been decreasing
General Overview
Market Cap: $335,633,090,494
24h Vol: $15,957,362,042
BTC Dominance: 37.9%
In the last 24 hours, the cryptocurrency market cap has been decreasing
Market Cap: $335,633,090,494
24h Vol: $15,957,362,042
BTC Dominance: 37.9%
In the last 24 hours, the cryptocurrency market cap has been decreasing from yesterdays high at 354,9 billion dollars to 335,633 billion dollars where it is currently.
The market is mostly mixed in colour, but the dominant one is definitely red with approximately a 3% decrease. Biggest losers amongst the top 100 coins are Bitcoin Private -14% and DigixDao -11%. Only Huobi Token experienced a significant increase of 14%.
Although there are news items in the last 24 hours that are bearing a positive tone, there aren’t any significant ones that can change the market’s bearish sentiment, as those that are positive are mostly regarding blockchain tech adoption and technology utilisation. Such stories are the following:
DHL Announces Partnership Trade Finance Platform TradeIX
DHL is partnering with blockchain trade finance platform TradeIX, according to a presentation today, June 5, at the Money20/20 conference in Amsterdam.
Crypto Tipping Added to Streamlabs App, Responsible for 15% of Twitch Streams
Broadcasters on Streamlabs, a Twitch streaming app, can now accept cryptocurrency as tips, the Steamlabs blog posted on June 1.
Our Blockchain ‘Can Run The Whole Company’, Says Mastercard Vice Chair at Money20/20
Mastercard has “built a Blockchain that can run the whole” of its network, its vice chair Ann Cairns claimed during the ongoing Money20/20 conference June 4.
As you can see, the Money20/20 conference was mentioned twice. That conference is taking place from 4-6 of June in Europe, and its a conference “Where the entire payments, fintech, and financial services industry connects”, so the positive news that is coming from there is significant.
Coinbase – leading crypto-fiat gateway exchange is expanding to the Japanese market, which may lead to an increase of cryptocurrency users, as they will get more exposure to the space.
Coinbase intends to apply for a license with the country’s financial regulator, the Financial Services Agency (FSA), “within the year,” a process that has been mandatory for all crypto exchanges operating within the country since the amendment of Japan’s Payment Services Act in April 2017.
Source: cointelegraph.com
On the flipside, there are two major news items that are negative:
Google searches for ‘bitcoin’ nosedive 75% this year as interest in struggling cryptocurrency wanes, as reported by CNBC
Searches for the term “bitcoin” have dropped more than 75 percent since the beginning of this year and roughly halved over three months, according to research from Google Trends.
Nicholas Colas, co-founder of DataTrek Research, pegged waning searches as a bad sign for prices.
“We use Google Trends to track search queries for ‘bitcoin’ as a proxy for potential new buyers,” Colas said in an email to clients Monday. “Bitcoin needs a new narrative in order to re establish global attention.”
The other piece of negative news is that Bitcoin dies for the 300 time, as Forbes said in an article entitled “Bitcoin’s Need For Electricity Is Its ‘Achilles Heel” stated:
Bitcoin’s advocates claim that it is immune from government control. ”It can’t be shut down,” they say. This might have been true in the early days, when Bitcoin could be mined on an ordinary laptop. But in these days of giant mining farms, Bitcoin desperately needs abundant cheap electricity supplies. Without access to abundant electricity, Bitcoin mining can’t continue, and without mining, Bitcoin is dead. And ultimately, electricity supply is controlled by governments.
This 300th place is according to the 99bitcoins Bitcoin obituary list.
The most significant informative headline is that Block.one’s EOS has officially been launched, after a year-long ICO stage in which they raised over 4 billion dollars. This is the moment of truth for this cryptocurrency, as it is the largest competitor of Ethereum. Now developers can build Dapps on the blockchain and we will see what the future holds for the EOS ecosystem, and reassure ourselves if the promises stated in the whitepaper are going to be met.
In the last 24 hours, the price of Bitcoin has decreased from 7715$ to 7419,2$ where it is now on a downward trajectory, which is a decrease of 3.87%.
Looking at the daily chart we can see that the price was repealed by the 0.236 Fibonacci retracement level and that yesterday’s candle ended on the support at the 7470$ level. Today’s candle started off at those levels and quickly fell below the support.
Zooming into an hourly chart we can see the interaction with the mentioned levels, and after two significant headlines being crossed – baseline support (black bold line) and prior range support (red line), the price is heading toward the triangle support (blue bold line) which is around 7000$ levels.
Market sentiment
Bitcoin is in the sell zone, as indicated by hourly chart technicals.
Oscillators are signalling neutral, and moving averages are on a strong sell.
Pivot points
S3 6942.0 S2 7254.9 S1 7371.6 P 7567.8 R1 7684.5 R2 7880.7 R3 8193.6
The price of Neo has decreased by 8.87% from yesterday’s open, dropping from 57,33$ to 52,3$ where it is now.
Looking at the daily chart we can see that the price found support at the 0.236 Fibonacci retracement level which is where the baseline support area is.
Zooming into an hourly chart we can see that nice bounce off of the Fibo level, but we can also see there’s no interaction with the baseline support. The price is still in a downward trajectory, which is why I am expecting to see the interaction with the baseline support, which would be a lower low at around 51.3$ level.
Market sentiment
Neo is in the sell zone.
Oscillators are on neutral, and moving averages are signaling a strong sell.
Pivot points
S3 43.81 S2 49.07 S1 51.24 P 54.34 R1 56.50 R2 59.61 R3 64.88
From yesterday’s open until now, the price of Ripple has decreased by 5.13% – from 0.6931$ to 0.65751$.
Looking at the daily chart, we can see that the price found support at the 0.236 Fibonacci level, and the current candle is a doji with a bigger wick from below, which indicated buying pressure.
Zooming into an hourly chart we can see that the price action has created a cluster and the break out is soon going to happen. As the price is in an uptrend overall, I am expecting the price to break out from the upside, and potentially reach the prior range resistance at just slightly below 0.7$.
Market sentiment
Ripple is in the buy zone, as indicated by hourly chart technicals.
Oscillators are on a buy, and moving averages signal a strong buy.
Pivot points
S3 0.52206 S2 0.59328 S1 0.62397 P 0.66450 R1 0.69519 R2 0.73572 R3 0.80694
As I have said in my weekly update, I am expecting a lot of sideways movement in the following week, and that’s exactly what is happening in the markets currently. Bitcoin is falling and while some cryptos are in the same cycle as Bitcoin and are following it accordingly, some like Ripple, are in they’re different stages of corrective waves and are going to show some bullish moves, but the overall sentiment is still bearish.
From Monday 28th May, the total cryptocurrency market cap evaluation has been rising overall, but it experienced a lot of choppy movement, as for every new high it made, a sharp downward movement occurred. That means the market sentiment is still bearish as sellers are waiting anxiously for the right price in order to sell.
In this weekly video, I am going to provide my Elliott Wave forecast and explain as to why I think we are in for more sideways movement before another large drop.
Market Cap: $344,628,122,166
24h Vol: $16,760,046,234
BTC Dominance: 37.8%
From Monday 28th May, the cryptocurrency market cap evaluation has been rising overall, but it experienced a lot of choppy movement, as for every new high it made, a sharp downward movement occurred. That means the market sentiment is still bearish as sellers are waiting anxiously for the right price in order to sell.
The resistance line at around 342 billion dollars has been crossed and it is now being retested for support.
This weeks top headlines are the following:
South Korea is in the process of lifting the ICO ban
The National Assembly has officially made a proposal to allow domestic initial coin offerings (ICOs). As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation.
Source: http://www.businesskorea.co.kr
Major vulnerability found in the EOS blockchain days before the mainnet launch.
China’s largest Internet security company, Qihoo 360, has found several high-risk security vulnerabilities in EOS’s blockchain platform. These vulnerabilities would enable remote attacks on all EOS nodes, Qihoo 360 claimed on Weibo Tuesday, May 29.
Crypto exchange Binance plans to create 1 billion dollar fund.
Binance, currently the world’s largest cryptocurrency exchange by trade volume, plans to create a $1 bln cryptocurrency-based fund, an executive confirmed June 1. Using only Binance’s BNB tokens as an investment vehicle, the fund will be administered through the exchange’s incubator spin-off Binance Labs.
Source: cointelegraph.com
From Mondays open, the price of Bitcoin has increased by 4.2% coming from 7294$ to 7608$ where it is currently. The rise was in the form of an upward channel/wedge.
On the daily chart, we can see that the price was at its lowest last Monday and below the baseline support (bold black line). Since then the price went above the baseline support with strong momentum, as those lows triggered buyers who have pushed the price higher. The price is currently inside the triangle again and was repealed by the triangle resistance line and 0.236 Fibonacci retracement level, so the price fell back to the baseline support again.
Market sentiment
Bitcoin daily chart technicals signal a sell.
Oscillators are on buy, but moving average signal a strong sell.
Pivot points
S3 6141.4 S2 6800.2 S1 7219.1 P 7459.0 R1 7877.9 R2 8117.8 R3 8776.6
From Monday, May 28. Ethereum’s price increased by staggering 22.27% from 494$ which was the week’s low, to 605$ where it is currently sitting.
Looking at the daily chart, we can see that the price found support at the 0.236 Fibonacci retracement level and the unconfirmed support, and is currently repealed by the downward channel resistance line and is heading down to the 0.382 Fibo level. Overall last week was bullish for Ethereum, but judging by how much has the price increased and the interaction with the significant trendlines, this week may not be the same.
Market sentiment
Ethereum is in the sell zone.
Oscillators are signalling a buy, but with 8 on neutral, and moving averages are signalling a strong sell.
Pivot points
S3 343.61 S2 452.53 S1 521.49 P 561.45 R1 630.41 R2 670.37 R3 779.29
In the last 7 days, the price of Ripple has been increasing steadily from 0.544$ to 0.656$ which is a 19.54% increase overall.
On the daily chart, we can see that Monday’s opening was the weeks low. From there the price went above the 0.573 with a strong momentum as indicated by the big green candle on Tuesday. Since then the price has been steadily increasing but it was now stopped out by prior range support, which now serves as resistance at 0.699$ levels.
Market sentiment
Daily chart technicals are signalling a sell.
Oscillators are on buy, and moving averages are signalling a sell.
Pivot point
S3 0.39577 S2 0.50453 S1 0.57380 P 0.61329 R1 0.68256 R2 0.72205 R3 0.83081
From last Monday’s open, the price of Litecoin has increased by 9.73% from the weeks low on Monday at 110.2$ to 121$ where it is currently.
Looking at the daily chart we can see that the price of Litecoin fell below the retracement zone which is at the 111$ level on last Monday which triggered some buying. That buying pressure was short lived as the price failed to stay above the retracement zone level at 124$ and is now back in it again.
Market sentiment
Litcoin is in the sell zone.
Oscillators are on buy but with 8 on neutral, and moving averages are signalling a strong sell.
Pivot points
S3 88.590 S2 103.930 S1 113.810 P 119.270 R1 129.150 R2 134.610 R3 149.950
The market conditions are now similar to that of Jun 2014. After a strong runup, we are seeing a triangle being formed on the global chart.
Market cap chart back in 2014.
As you can see after the evaluation broke out from the triangle it halved in evaluation from the first high that was formed outside of the triangle.
So if the similar thing happens again this would be something that I would expect – a downfall to around $178B which would bring the price of Bitcoin to around 4500$ which would correlate perfectly with my Elliot Wave correction count which can be seen on the weekly update video.
In any way, I would be expecting a lot of sideways movement in the following weeks as the evaluation is clearly in a range.
Currently (09:29 CST), Bitcoin is trading right up against an important level. From the beginning of this Gann Square of 52, the current angle has operated as the strongest source of resistance for Bitcoin and has resulted in strong selling as price as approached it. However, the most recent test over the weekend is showing signs of diminished power behind this angle. Angles are not like horizontal levels of support and resistance – they weaken the more they get tested.
We also need to be aware that the monthly and weekly charts are supportive for strong upwards momentum here in the near future, especially on the monthly chart. If we do breakout above this 7780 value area, there is a massive motive wave ahead. We should expect some pressure past the 7780 value area though. The highlighted red box shows a confluence zone of the inner arc, a natural harmonic pivot, and a minor Gann angle. Above that: clear skies.
General Overview
Market Cap: $335,204,491,129
24h Vol: $16,264,540,111
BTC Dominance: 38.6%
In the last 24 hours, cryptocurrency market capitalisation has been struggling to
General Overview
Market Cap: $335,204,491,129
24h Vol: $16,264,540,111
BTC Dominance: 38.6%
In the last 24 hours, cryptocurrency market capitalisation has been struggling to
Market Cap: $335,204,491,129
24h Vol: $16,264,540,111
BTC Dominance: 38.6%
In the last 24 hours, cryptocurrency market capitalisation has been struggling to get past the level of around $335 billion dollars, but no new highs have been made. However, we can see that higher lows have been made as buyers are pushing the evaluation, forming an ascending triangle pattern.
The market is showing mixed colours, with an average percentage change among the top 100 being very small. Biggest gainers are IOTA by 11%, Hshare 11,28%, Huobi token 22%.
In the last 24 hours, a lot of news has came out. I have filtered out those that are most significant and could impact the market sentiment. Top stories are mostly positive in nature, however, there are some that could impact the market negatively. These are the headlines:
Polish Gov’t Invites BitBay to Join Working Group as Exchange Forced to Leave Country
Recently expatriated Polish cryptocurrency exchange BitBay tweeted yesterday, May 30, that the Polish Financial Supervision Authority (KNF) has asked them to join a Blockchain Working Group.
Tenth Largest Crypto TRON to Leave Ethereum, Launches Beta Version of Own Blockchain
TRON (TRX) launched a beta version of its independent public blockchain at 12 am UTC, today May 31, according to a press release shared with Cointelegraph. Tron is currently the tenth largest cryptocurrency by market capitalisation.
Mary Meeker’s 2018 Internet Trends Report Shows Interest in Crypto ‘Exploding’
Former Wall Street analyst Mary Meeker’s well-known annual Internet Trends report for 2018, published May 30, shows interest in cryptocurrency “exploding” since January of last year. The report also highlights that a course on Bitcoin (BTC) and cryptocurrency technologies made it into the top 10 most popular university classes in 2017.
Spain: Innovation-Aimed Crypto Regulation Wins Cross-Party Support in Congress
Draft legislation that would favourably regulate blockchain technology and cryptocurrencies has received unanimous support in the Spanish Congress, Europa Press reported yesterday, May 30.
Ripple CEO Compares Bitcoin to Napster, Says BTC’s Influence on Market Could Lessen
Brad Garlinghouse, CEO of Ripple (XRP), thinks that Bitcoin’s (BTC) influence on cryptocurrency market prices will eventually decrease, CNBC reported yesterday, May 30.
Coinbase Board Member: Crypto Ecosystem Will Not See Regulation for Years
Kathryn Haun, board member of Coinbase and HackerOne claimed that cryptocurrency and blockchain will not see regulation for years, Techcrunch reports May 31. Haun made her statements on regulation at the Code Conference in California today.
IMF Official Calls for Regulation, Tech Adoption By Banks to Fight ‘Crypto Competition’
An official from the International Monetary Fund (IMF) suggested that central banks need to make fiat currencies “more attractive for the digital age” in an article published May 31. Deputy Director of the Monetary and Capital Markets Department Dong He suggested three responses to combat potential competition to central banks from cryptocurrencies.
Norway’s Largest Bank to Explore Applications for IOTA’s Distributed Ledger Technology
DNB ASA (Den Norske Bank), Norway’s largest financial services group, and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU), according to a press release May 31. DNB and IOTA will now reportedly co operate to explore applications of the IOTA Tangle, a “third-generation” distributed ledger (DLT).
US Crypto Exchange Signs Agreement to Offer Fiat-Crypto Trading to Corporate Clients
Seattle-based crypto exchange Bittrex has signed a banking agreement that will allow corporate investors to trade selected cryptocurrencies for fiat, Bloomberg reports today, May 31.
Source: cointelegraph.com
From yesterday’s open, the price of Bitcoin has increased by 2.37% – from 7374$ to 7535$ where it is currently sitting.
On the daily chart, things haven’t changed much. The price is still below the baseline support which now serves as strong resistance.
Zooming into the hourly chart we can see the same pattern as on the global graph for the cryptocurrency market capitalisation – an ascending triangle which is a bullish sign.
Market sentiment
Bitcoin hourly chart technicals signal a strong buy.
Oscillators are on buy and moving averages a strong one.
Pivot points
S3 6951.1 S2 7212.8 S1 7349.3 P 7474.5 R1 7611.0 R2 7736.2 R3 7997.9
From yesterday’s open, the price of Ethereum has increased by 4.38% – from 560$ to 584$ where it is now.
Looking at the daily chart, we can see that the price went higher than in the previous two days but has now retraced back to the levels of yesterday’s candle high.
Zooming into the hourly chart, we can see a similar ascending triangle forming and it looks like the breakout is very close. Ascending triangles are bullish in nature, but in this case, it looks more like a rising wedge which is a bearish sign. And if we take the proximity of the 0.382 Fibonacci level which serves as resistance we conclude that the price is likely going to break out from the downside.
Market sentiment
Ethereum is in the strong buy zone.
Oscillators are on buy, and moving averages are indicating a strong buy.
Pivot points
S3 504.05 S2 538.11 S1 557.55 P 572.17 R1 591.61 R2 606.23 R3 640.29
In the last 24 hours, the price of Ripple has increased by 4%, coming from 0.591$ to 0.614$.
On the daily chart, things haven’t changed much, the price is still in the range between the support at 0.573 and 0.236 Fibonacci retracement levels. The current candle is green but hasn’t exceeded prior two candle wicks.
On the hourly chart, we can see a familiar pattern again, as markets are strongly correlated.
Market sentiment
Ripple is in the buy, as indicated by the hourly chart technicals.
Oscillators are signaling a buy, and moving averages a strong one.
Pivot points
S3 0.54396 S2 0.57567 S1 0.59333 P 0.60738 R1 0.62504 R2 0.63909 R3 0.67080
The global charts, as well as charts from three major cryptocurrencies, are forming an ascending triangle pattern which is a bullish pattern. Technical indicators are also bullish as they are signaling a buy. We cannot conclude that the bottom is in before we see a breakout from the ascending triangle on the upside, but I am pretty sure that we have hit a temporary bottom, and I say temporary because I am expecting new lows, but first, the price needs to be pushed higher to trigger large selling. Watch carefully what happens in the next 24 hours.
Bitcoin has already crossed above the 20-week VTL (Valid Trend Line) and is currently up against the 18-day VTL. The price has already made a swing low based on Hurst Cycles, with that low being formed at the 80-day, 40-day and 18-day cycles. What should be of great interest is the 18-month cycle (yellow horizontal line) and where we are currently trading. This means that anytime between now and mid-July we can paint a major swing low in Bitcoin. The last 18-month swing low that we saw was back in January of 2009!
If and when we finally break the 80-day and 40-week VTLs, the $10,000 value area will be nothing to worry about. In fact, I’d be surprised if we traded in that zone for any significant amount of time.
General Overview
Best Crypto News Daily:
Market Cap: $330,642,822,868
24h Vol: $15,711,067,523
BTC Dominance: 39.0%
In the last 24 hours, cryptocurrency market capitalisation
General Overview
Best Crypto News Daily:
Market Cap: $330,642,822,868
24h Vol: $15,711,067,523
BTC Dominance: 39.0%
In the last 24 hours, cryptocurrency market capitalisation
Best Crypto News Daily:
Market Cap: $330,642,822,868
24h Vol: $15,711,067,523
BTC Dominance: 39.0%
In the last 24 hours, cryptocurrency market capitalisation has been experiencing a sideways movement. Yesterday’s open was at $329B from which the evaluation fell to $318B and is now back on the levels of yesterday’s high.
The market is mixed in colour with only a slight percentage change. The biggest change among top 100 coins is experienced by Golem who is up by 15% and Theta Token 10%.
In a bear market, negative news is overblown, and the good news is short lived. That’s why even though we have seen positive news in the last couple of days, it didn’t impact the market that much. In the last 24 hours, there is no market-moving news. These are some of the most significant headlines from the crypto sphere:
Quebec Gov’t Reportedly Lifts Moratorium on Energy Sales to Crypto Miners
The government of Quebec will reportedly lift its moratorium on the sale of electricity to cryptocurrency miners, sources familiar with the matter told local news Le Journal De Montreal May 30. According to Le Journal, the Quebec government wants to “avoid missing the ship” on cryptocurrency, and as such is moving ahead to lift the moratorium.
Central Bank Of Russia: Crypto Assets Do Not Pose Risk to Global Financial Stability
The Central Bank of Russia released a report May 30, stating that crypto assets do not currently threaten global financial stability as the global volume of crypto transactions is very low. The research paper states that instead of the term “cryptocurrency,” the Financial Stability Board proposes to use the term “crypto asset,” which can be considered a financial asset based on the application of cryptography and distributed ledger technology.
Low Capitalization, Institutional Exposure Make Crypto Low Risk, Says Dutch Gov’t Report
A branch of the Dutch government has recently released an economic risk report, claiming that cryptocurrencies present a low risk to financial stability in the country, according a report published on May 29. The report was prepared and published by the Netherlands Bureau for Economic Policy Analysis (CPB).
Ethereum Classic Upgrades Network Protocol to Ensure Mining Remains Viable
Ethereum Classic (ETC) has now successfully implemented a protocol upgrade that will ensure that mining remains viable in future, according to ETC Block Explorer data yesterday, May 29.
BlockShow in Berlin Sets New Record With Largest Turnout Yet
The BlockShow Europe 2018 conference ended yesterday, May 29, after two days of panels and speakers, including Wikipedia founder Jimmy Wales and BTCC co-founder Bobby Lee. Speaking about the conference, Bobby Lee told Cointelegraph:
“I think conferences are important to get the word out there, to educate people and help them learn about cryptocurrency and blockchain. This is how we get the next billion people on-board.”
From yesterday’s open, the price of Bitcoin has increased by 1% so the price hasn’t changed much. The price fell to around 7300$ and is now back to the levels of yesterday’s high at 7530$.
On the daily chart, we can see that the price is still below the baseline support (bold black line) which serves as resistance but above the intermediate support at 7470$.
On the hourly chart, we can see what happened yesterday after the cluster, the price fell below the support line with one candle on the hourly chart. Currently, we can see another cluster being formed bearly above yesterday’s high, on the ‘below the baseline support’ as there’s a strong resistance on these levels.
Market sentiment
Hourly chart technicals signal a strong buy.
Oscillators are on buy, and moving averages a strong one.
Pivot points
S3 6822.9 S2 7112.4 S1 7243.7 P 7401.9 R1 7533.2 R2 7691.4 R3 7980.9
From yesterday, the price of Ethereum fell from 573$ to 544$ and is now back at the levels of yesterday’s open.
Looking at the daily chart we can see that the current candle is green, but hasn’t exceeded yesterday’s candle wick and two prior candles highs as well.
Zooming into the hourly chart we can see that the price is again above this intermediate uptrend support line, but there’s now higher high which is a bearish sign.
Market sentiment
Hourly chart technicals signal a buy.
Oscillators are on buy, and moving averages on a strong one.
Pivot points
S3 474.37 S2 517.91 S1 537.46 P 561.45 R1 581.00 R2 604.99 R3 648.53
The price of Ripple is on the same levels as yesterday’s open which is at 0.6$. The price fell further below to around 0.587$ but is now again on the same levels as yesterday.
On the daily chart, we can see that the current candle hasn’t exceeded the previous five candles highs which is a bearish sign.
On the hourly chart, we can see that the price is currently above the downward channel resistance line. But that doesn’t act as a bullish sign, as this also happened in the past, and still, the price fell further below.
Market sentiment
Ripple is in the buy zone, as indicated by hourly chart technicals.
Oscillators are on buy, and moving averages are signalling a strong buy.
Pivot points
S3 0.51319 S2 0.55858 S1 0.57956 P 0.60397 R1 0.62495 R2 0.64936 R3 0.69475
Best Crypto News Daily: The prices of three major cryptos haven’t exceeded the prior high, even though we have seen a lot of buying in the last 24 hours. This means we are still in a downtrend. Indicators are bullish as they are lagging behind, but charts and price action paint a clear bearish picture.
Market Cap: $328,089,417,655
24h Vol: $18,528,052,314
BTC Dominance: 39.0%
From yesterday’s low at 303,340,000,000$, cryptocurrency market cap evaluation has increased to 334,675,000,000$ which is the today’s high for now and has since retraced back to around $327 billion dollars.
The market is currently in green, with an average increase of 7-10% among top 100 coins. Biggest gainers are Bytecoin +26%, 0x +17%, Theta Token +31%.
The top story that came out in the last 24 hours is about South Korea changing the direction with relation to cryptocurrency in a more acceptive way. These are some of the significant headlines:
S. Korea: Financial Regulator ‘Sympathizes’ With Demands to End Crypto-Blockchain Regulatory Split
A South Korean blockchain researcher has criticized the government’s approach to regulation of the technology at the 2018 Seoul Financial Forum, local media reported May 29. Addressing the head of South Korean regulator the Financial Supervisory Service (FSS) Lee Geun-woo, Park Sung-joon, head of the Blockchain Research Center at Dongguk University, said adopting different approaches to cryptocurrency and blockchain was futile. One, he argued, cannot exist meaningfully without the other:
“In the digital asset trading market, virtual currency and blockchains can not be separated because they need the appropriate means of payment.”
Lee Geun-woo responded by saying:
“I sympathize with the words of Park Chan-hee, and I will pass on his suggestions to the financial authorities.”
South Korea: Government Committee Plans to Make ICOs Legal Again
South Korea plans to pursue the road to re-legalizing initial coin offerings (ICOs), local news media reported May 29, citing government officials. According to Business Korea, a National Assembly committee dedicated to studying the so-called ‘Fourth Industrial Revolution’ said it would seek to enhance the legal “basis” of cryptocurrency in the country, part of which would be reversing the ICO ban which the government enacted in September 2017.
$14.5 Bln South African Investment Firm to Launch Crypto Exchange
Sygnia Asset Management, a major South African investment firm with 180 bln rand ($14.5 bln) under management, has revealed that it will launch a cryptocurrency exchange later this year, BusinessTech reported May 25.
Survey: Three out of Ten Germans Are Considering Crypto Investing
Twenty nine percent of Germans are interested in cryptocurrencies as a form of investment, Cointelegraph auf Deutsch reported Tuesday, May 29. German bank Postbank came to this conclusion after a survey of 3,100 Germans, which was conducted from the end of February to the end of March 2018.
Source: cointelegraph.com
In the last 24 hours, the price of Bitcoin has increased by 5,2% – from 7104$ to 7481$ where it is now.
Looking at the daily chart we can see that the price almost went to the triangle support (blue bold line), but hasn’t interacted with it. Currently, price action is forming a cluster below the baseline support (bold black line), which serves as resistance.
If we zoom into the hourly chart, we can see that the cluster has a form of a rising wedge, which is a bearish sign. If we consider that the baseline support serves as resistance, the most likely scenario would be that the price is heading down from here, probably to the triangle support for a proper test.
Market sentiment
Bitcoin is in the buy zone, as indicated by hourly chart technicals.
Oscillators are on buy, and moving averages are on a buy.
Pivot points
S3 6355.1 S2 6851.1 S1 7158.1 P 7347.1 R1 7654.1 R2 7843.1 R3 8339.1
From yesterday’s opening till now, the price of Ethereum has increased by 10,89% – from 511$ to 567$ where it is now sitting.
As you can see from this daily chart yesterday’s candle showed a strong momentum that was needed to break above the resistance line at 539,5. Today’s candle body is bearly noticeable, and as you can see from the upper wick the price went higher buy was repealed by a fair amount of selling pressure.
If we zoom into the hourly chart we can see that today’s price action is in an upward channel which hight bearly exceeded the prior high levels.
Market sentiment
Ethereum’s hourly chart technicals indicate a buy.
Oscillators are signaling a buy, and moving averages a strong one.
Pivot points
S3 422.51 S2 486.39 S1 526.69 P 550.27 R1 590.57 R2 614.15 R3 678.03
From yesterday’s open till now, the price of Ripple has increased by 12,3% – from 0,547$ to 0,614$.
Looking at the daily chart, we can see that the price rose strongly above the resistance line at 0,573$ but was stopped out by 0,236 Fibonacci level which serves as resistance.
Zooming into the hourly chart we can see that the price is currently breaking out from the bull flag, and is on an upward trajectory. The Fibonacci level is very close, so we will see what happens at these levels.
Market sentiment
Ripple is in the buy zone.
Oscillators are on neutral, and moving averages signal a strong buy.
Pivot points
S3 0.45320 S2 0.51892 S1 0.55954 P 0.58464 R1 0.62526 R2 0.65036 R3 0.71608
Crypto Market Daily News: As I have said yesterday the lows can trigger some buying, and that’s exactly what happened – we are seeing new buying pressure arising in the markets. The question is how powerful are the buyers? Can they push the prices up to prior levels, and then exceed prior highs? I think not. I think that as soon as the price is pushed a bit higher, which would mean a better price for sellers, they are going to start selling again. They did not want to continue selling on the month’s lows, as they were hesitant to make a mistake losing their bitcoin if the prices go higher, and people who were waiting to get into the bandwagon have entered the market. We will see what happens but for now, I am still bearish.
Litecoin has been responding very nicely to the 5×1 angle. It is also right up against a pivot in time. Out of the majors (I consider any currency traded on Coinbase to be a ‘major’), Litecoin is the most sold off and has the least major participation. Fundamentally, it has the most real use value. Considering that the support level was found right inside the 110 value area on that 5×1, the next zone to reach is 125. This brings Litecoin back above and into its major harmonic trading range. It is most definitely the laggard and the major with the most upside potential.
General Overview
Market Cap: $312,693,245,353
24h Vol: $15,021,077,612
BTC Dominance: 39.3%
Over the weekend, cryptocurrency market capitalisation has been bouncing in a range
General Overview
Market Cap: $312,693,245,353
24h Vol: $15,021,077,612
BTC Dominance: 39.3%
Over the weekend, cryptocurrency market capitalisation has been bouncing in a range
Market Cap: $312,693,245,353
24h Vol: $15,021,077,612
BTC Dominance: 39.3%
Over the weekend, cryptocurrency market capitalisation has been bouncing in a range from $325B to $336B, and weeks low has at around 321 billion dollars. This morning the market cap has dropped below what seems as support level at $325B, in a straightforward manner.
The market is currently in red, with approximately 4-8% decrease among top 100 cryptocurrencies. Biggest losers are Augur -10%, Fusion 14.23% and Centrality 10.86%. There are some in green like All Sports +25% and MyBit Token +24%, but they are newly introduced coins to the market.
There aren’t any significant stories that came out over the weekend and in the last 24 hours. As the market plummets, many are analytical in nature and have a bearish tone. These are some of most notable headlines:
Bitcoin and Crypto on Continuous Decline: Major Factors and Trends
Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3/Q4 2018
Spanish Central Bank Governor Perceives Cryptocurrency Risks, Distributed Ledger Technology Potential
Buy Bitcoin, Sell Your Altcoins, Says Pioneering Wall Street Blockchain Analyst
In the last 24 hours, the price of Bitcoin has dropped by 1.56% coming from 7326$ to 7212$ where it is currently sitting.
The most significant thing that we see on the daily chart is that the price has fallen below the baseline support, and is now heading to the second one which intersects the ending point 0 of the Fibonacci retracement.
Zooming into an hourly chart we can see the interaction with the baseline support. The price oscillated above and below it, struggling to find stable support, and the wedge prior support served as stronger resistance which repealed the price and pushed it lower.
Market sentiment
Pivot points
S3 6896.8 S2 7111.1 S1 7225.4 P 7325.4 R1 7439.7 R2 7539.7 R3 7754.0
From yesterdays open until now, the price of Ethreum has decreased by 8.94%, and that’s not the lowest its been. The price went from 585$ to 503$ but quickly bounced from there to 532$ where it is currently sitting.
Looking at the daily chart we can see that the price went to touch the 0.236 Fibonacci level and left a wick below it which is the mentioned drop to 503$.
Looking at the hourly chart, we can see the interaction with the support at 539.5$. The price is currently on an upward trajectory heading back to that support for a retest.
Market sentiment
Pivot points
S3 492.75
S2 532.10
S1 550.55
P 571.45
R1 589.90
R2 610.80
R3 650.15
In the last 24 hours, the price of Ripple has dropped by 5.64% coming from 0.608$ to 0.57495$ where it is now sitting.
On the daily chart, we can see that the price is below the 0.236 Fibonacci level and is currently sitting on the support which was the prior range resistance.
Zooming into the hourly chart we can see the interaction with the support level, and judging by the momentum behind the down move, the price is likely to be heading down further.
Market sentiment
Ripple is a sell, as hourly chart technicals signal.
Oscillators are on buy, and moving averages on a strong sell.
Pivot points
S3 0.57247 S2 0.58842 S1 0.59624 P 0.60437 R1 0.61219 R2 0.62032 R3 0.63627
Crypto Market News: As seen on the charts, major support lines have been crossed below and the prices are now heading even further down as the strong momentum behind the down move has to find strong buying pressure in order to see a trend reversal.
Daily Crypto News Updates
Market Cap: $334,350,848,700
24h Vol: $18,412,644,843
BTC Dominance: 38.2%
In the last 24 hours, market capitalisation has been rising, from yesterdays low at 320,1B to 342,74B and then fell back to 332,666B where it is currently sitting.
The market is in green, with biggest gainers among top 100: Mixin +24%, CyberMiles 16%, Bitcoin Private 21%, Eos 11.6%.
Top stories that came out in the last 24 hours are the following:
German Bank and Steel Conglomerate Execute Forex Transaction via Blockchain
German bank Commerzbank and steel company Thyssenkrupp have completed a €500,000 pilot transaction of a forex (FX) forward on a blockchain, reported Cointelegraph auf Deutsch May 24.
Singapore Fires Compliance Warning at 8 Crypto Exchanges, Orders an ICO to Halt Sales
Singapore’s central bank said today, May 24, that it had issued a warning to eight cryptocurrency exchanges over securities compliance and ordered an ICO to stop issuing tokens.
Russia’s Largest Bank to Pilot First Official ICO
Russian bank Sberbank CIB and the National Settlement Depository (NRD) will pilot the country’s first official Initial Coin Offering (ICO) using the Bank of Russia’s regulatory sandbox, ForkLog reports today, May 24.
South Africa’s Central Bank Calls Crypto ‘Cyber-Tokens’, Not Currency
The South African Reserve Bank, the central bank of the Republic, has chosen to call digital currencies “cyber-tokens” because they “don’t meet the requirements of money,” Bloomberg reported May 24.
Source: cointelegraph.com
From yesterday’s open, the price of Bitcoin has decreased by 0.8% coming from 7574$ to 7510$ where it is currently.
Looking at the daily chart, we can see that support baseline was respected and that yesterday’s candle closed above the support line, leaving a wick below it. Today’s candle is red and its back on the levels of yesterdays opening, as the price is retesting the support.
Zooming into the hourly chart, we can see the interaction with the baseline support. The price bounced quickly but was repealed by the wedge support line which now serves as resistance.
Market sentiment
Pivot points
S3 6582.5 S2 7052.3 S1 7314.5 P 7522.2 R1 7784.4 R2 7992.0 R3 8461.8
From yesterday’s open the price of Ethereum has increased by 3.34% coming from 588$ to 605$ where it is currently.
Looking at the daily chart, we can see that after the price spiked down to the first support, it went back up above the 0.382 Fibonacci level and is currently a doji candle with wicks from both sides. As you can see the current candle’s high is at the levels of a prior range support which now serves as resistance.
Zooming into an hourly chart we can see the interaction with the support line, and that even on the hourly chart there was a quick spike down. We can see some sideways movement as the price action is bouncing up and down between the range in which it is currently.
Market sentiment
Pivot points
S3 443.64 S2 513.55 S1 558.03 P 583.46 R1 627.94 R2 653.37 R3 723.28
From yesterday’s open, the price of Ripple has increased by 2.46% from 0.6$ to 0.617$ where it is currently.
Looking at the daily chart, we can see that the price failed to exceed the 0.236 Fibonacci retracement level which serves as resistance, and as soon as the price hit it, it has retraced to the levels of prior range support.
Zooming on the hourly chart, we can see the interaction with the 0.236 Fibo level clearly. The price struggled to go beyond it but failed to keep up the momentum. As it entered the seller’s territory, the selling has begun.
Market sentiment
Pivot points
S3 0.48865 S2 0.55127 S1 0.59016 P 0.61389 R1 0.65278 R2 0.67651 R3 0.73913
Daily Crypto News Update: As we have seen yesterday, a strong momentum by the drop in price and the first interaction with the support levels, we are now seeing a reaction in a form of a quick bounce. Because the prices of three major cryptos are now back on the support levels of a prior range which now serve as resistance, we are either going to see buyers coming in a pushing the prices higher, which would mean that the correction has ended and that we are in for new highs, or the second and more probable scenario in which the prices enter seller’s territory and we are in for another low.
Crypto News Daily Updates: Market Cap: $323,628,725,976 4h Vol: $20,747,314,659 BTC Dominance: 39.1%
In the last 24 hours, the cryptocurrency market cap evaluation has fallen from 363,2 billion dollars to 320,1 billion dollars, which is a 43,1 billion dollar decrease.
The market is in red with the biggest losers being around -10%. Only Steem +3,2% and 0x +9,1% are in green
The top stories that came out in the last 24 hours are the following:
Coinbase Announces Launch of Coinbase Pro, Paradex Acquisition
Coinbase has announced Coinbase Pro, the new version of its trading platform GDAX, in a blog post Wednesday. The announcement comes on the same day as Coinbase’s acquisition of relay platform Paradex.
Bloomberg: US DOJ Opens Criminal Investigation Into BTC, ETH Price Manipulation
A criminal probe into Bitcoin (BTC) price manipulation by crypto traders has been opened by the U.S. Department of Justice (DoJ), Bloomberg reports today, May 24. Bloomberg cites four unnamed sources close to the matter as reporting that the criminal investigation – run by U.S. federal prosecutors and the Commodity Futures Trading Commission (CFTC) – will look into how traders could have engineered prices by illegal activities like spoofing and wash trading.
UN’s Project Services Arm Partners With IOTA to ‘Expedite’ its Mission With Blockchain
The United Nations signed a “memorandum of understanding” with blockchain platform IOTA to explore how the technology can increase efficiency, the two parties confirmed May 22. In a press release about the partnership, which features the United Nations Office for Project Services (UNOPS), the organization said the focus was on cutting intermediaries using blockchain.
Source: cointelegraph.com
From yesterday’s, open the price of Bitcoin has decreased by 7.67% from $7954 to $7355 where it is currently.
Looking at the daily chart the most important thing we see is that the price is currently interacting with the baseline support 1 which was the main support line from 14.07.2017, and held pretty strong in the past. Below that baseline is another unconfirmed which may serve as support if this one is broken.
Zooming into an hourly chart we can see the interaction with the support baseline, and that the price is currently below it. That doesn’t mean that the price is going further below, as this has happened twice before, the price interacted with that baseline support. We will see how today’s candle closes, but I am expecting a wick on the daily chart.
Market sentiment
Pivot points
S3 6404.6 S2 7021.9 S1 7258.3 P 7639.2 R1 7875.6 R2 8256.5 R3 8873.8
In the last 24 hours, the price of Ethereum has dropped by 9.6% – from $649 to $586.5 where it is now.
Looking at the daily chart, we can see that the price is below 0.382 Fibonacci level and is looking for support at the levels of prior range resistance. As you can see from the wick, there was a good amount of buying pressure which propelled the price in an upward trajectory. The price went above 0.382 Fibo level again for a while but has retraced since leaving a wick, which indicates the equal amount of selling pressure from above.
On the hourly chart, you can see that the price touched the prior resistance at $539.5 and bounced quickly, but it looks like now its entering seller’s territory.
Market sentiment
Pivot points
S3 425.88 S2 511.34 S1 544.12 P 596.80 R1 629.58 R2 682.26 R3 767.72
XRP/USD
In the last 24 hours, the price of Ripple has dropped from $0.637 to $0.573 where it found temporary support and is now sitting at $0.615 which an overall decrease of 3.36%.
Looking at the daily chart, we can see that the price fell below 0.236 Fibonacci retracement level with strong momentum.
Zooming into an hourly chart we can see where the price found support, and it was on the levels of prior range resistance at $0.573. As you can see currently the price is up again, but on the same levels from which it has fallen before, which means that sellers are near, so we can expect another drop from these levels.
Market sentiment
Pivot points
S3 0.46433 S2 0.53360 S1 0.56156 P 0.60287 R1 0.63083 R2 0.67214 R3 0.74141
As prices of three major cryptocurrencies only made a quick dip toward their first support from which they bounced back to the prior high, I am expecting to see some short-term upside movement in the form of an upward channel after which the prices are likely to be heading down again for another low for a proper retest.
The cryptocurrencies are into a corrective phase, after the temporary rebound. It remains to see how long this will be as the major cryptos are almost reaching crucial support levels. Technically, the current drop was somehow expected after the impressive rally.
However, we’ll see if the buyers will step in again and if they will have enough power to push the crypto market higher again. The pessimism sentiment drives the crypto market in the short term. The investors could run away from the crypto market if the bearish movement is to continue. If you read my editorials you’ll notice that I’ve talked about a corrective phase after the temporary upside movement.
I’ve mentioned previously that the cryptocurrencies could come back down to test and retest some demand zones before they will really start a major upside movement. The major cryptocurrencies could increase again after the current sell-off, but the next major upside movement will be slower compared to what happened in 2017.
Personally, I want to see a strong consolidation in the short term before we can say for sure that the crypto market will be on an uptrend again. The cryptocurrencies are very volatile in the short term, that’s why the investors are sceptical that these speculative assets represent good investments.
The most important cryptocurrency approaches a critical support. A valid breakdown could confirm a massive drop for the upcoming period. You should be careful if you are long on Bitcoin because a further downside movement will ruin your account or your investment.
Bitcoin failed to reach the 10,000 psychological level and now is located below the 8,000 psychological level. It approaches the outside sliding parallel line (SL) of the ascending pitchfork where it could find support again.
I’ve mentioned in the previous weeks that the rate could come down to test and retest the lower median line (LML), and the sliding line (SL) after the failure to stabilise above the 50% Fibonacci line.
Price will maintain a bullish perspective as long as it stays above the SL, while a breakdown will invalidate a further increase and will send the rate towards the 5,000 level again. This scenario will crash the crypto market again and many projects will die.
The next days will be crucial for Bitcoin because a breakdown is somehow expected after the failure to stay within the ascending pitchfork’s body. Only a false breakdown below the SL, followed by a retest and by an important increase will signal another leg higher.
Ethereum dropped by 10.59% in the last 7-days, while the Ripple decreased by 9.40% and they could slip much lower in the upcoming days.
You should stay away from the crypto market if you didn’t take a long position in the previous weeks and you should keep an eye on it if you invested in the major cryptocurrencies because you can still get out with a small loss if the market were to crash. However, the corrective phase may be temporary and could give us a great chance to go long again after a strong consolidation.
General overview
Crypto Daily Update:
Market Cap: $377,526,863,027
24h Vol: $15,782,191,998
BTC Dominance: 37.6%
From yesterday’s high at 391,920,000,000$
General overview
Crypto Daily Update:
Market Cap: $377,526,863,027
24h Vol: $15,782,191,998
BTC Dominance: 37.6%
From yesterday’s high at 391,920,000,000$
Crypto Daily Update:
Market Cap: $377,526,863,027 24h Vol: $15,782,191,998 BTC Dominance: 37.6%
From yesterday’s high at 391,920,000,000$ crypto market cap has decreased to $377,1B steadily.
The market is in red, with approximately 3%-5% average decrease in value from top 100 cryptocurrencies.
Top stories that came out in the last 24 hours are mostly positive, however, there are no significant news that can impact the market. These are the most significant headlines:
Polish Finance Ministry Rolls Back Crypto Tax, Promises Smarter Regulation
Poland’s Ministry of Finance will temporarily suspend tax collection for cryptocurrencies, the Polish Press Agency (PAP) reported May 18. The Ministry says it will conduct an “in-depth analysis” of the crypto space to inform better regulation and taxation policies going forward.
Japan’s Largest Bank and Cloud Delivery Giant Akamai Announce Blockchain Payment Network
The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain, Cointelegraph Japan reports today, May 21.
Walmart Files Patent for Blockchain-Based Customer Marketplace
Walmart has filed a patent for a blockchain-based marketplace for reselling purchased products, according to a US Patent and Trademark Office USPTO patent filing from May 17.
Thai SEC Holds Focus Group to Clarify New Crypto, ICO Regulations
Thailand’s Securities and Exchange Commission (SEC) held a focus group on cryptocurrency regulation today, May 21, streamed on Facebook Live. The hearing focused on the SEC’s approach to crypto-related businesses and fundraising through Initial Coin Offerings (ICO), local news outlet Siam Blockchain reports.
Germany’s BaFin Visits National Bank of Georgia to Discuss Crypto Regulations
One of the largest financial supervisors in Europe met with the National Bank of Georgia (NBG) and other members of the finance sector to discuss cryptocurrency regulation, according to a post on the NBG’s site May 18.
Bank of England Issues Working Paper on Central Bank Digital Currencies
On May 18, the Bank of England released a staff working paper, laying out various scenarios of possible risks and financial stability issues of central bank digital currencies (CBDCs).
From yesterday’s open at 8525$ the price of Bitcoin has decreased by 3,18% dropping to 8253$ where it is currently sitting.
Looking at the daily chart we can see that the price fell below 0,382 Fibonacci retracement level and is currently at the levels of the opening of the day before yesterday’s candle, which was a green candle, which broke out from the wedge pattern.
Zooming into an hourly chart we can see clearly what happened at the Fibonacci level. As you can see the momentum behind the move was strong, and the price is likely heading back to the wedge resistance for a retest.
Market sentiment
Pivot points
S3 7781.1 S2 8116.0 S1 8257.8 P 8450.9 R1 8592.7 R2 8785.8 R3 9120.7
In the last 24 hours, the price of Ethereum has decreased by 4,2% coming from 715$ to 685$ where it is currently sitting.
Looking at the Ethereum daily chart we can see that the price was repealed by the resistance at 712$ and that from there the price only fell further.
Zooming into the hourly chart we can see that the price fell even further, but quickly bounced back to the support levels on which it’s currently sitting. The price found some temporary support, but judging by the momentum behind the move, that support won’t hold again.
Market sentiment
Pivot points
S3 632.57 S2 666.63 S1 681.38 P 700.69 R1 715.44 R2 734.75 R3 768.8
From yesterday’s open at 0.6991$ the price of Ripple has decreased by 4,56% dropping to 0,6673$.
On the daily chart, things haven’t changed much, the price is still in the range between 0,382 and 0,236 Fibonacci retracement levels, and after a move up it has retraced to the start of that move, looking for support.
On the hourly chart, we can see that the price was repealed by the resistance of the triangle from which it tried to burst but failed which propelled the price in a downward trajectory.
Market sentiment
Pivot points
S3 0.61103 S2 0.64647 S1 0.66073 P 0.68191 R1 0.69617 R2 0.71735 R3 0.75279
Crypto Daily Update: As I have projected in my weekly forecast, the correction is still in play and we are in for new lows. The prices failed to break resistance at prior highs, and as they entered sellers territory the selling has begun.
Weekly Cryptocurrency Update:
Market Cap: $383,203,468,592 24h Vol: $15,118,655,008 BTC Dominance: 37.2%
At the start of the week on Monday 14th May, the cryptocurrency market cap evaluation was $407,285,000,000 and it soon dropped to $386,345,000,000 before it spiked up to $412,903,000,000 which was the week’s high. From Monday to Friday, the market cap has been steadily dropping and it hit $361,113,000,000 which was the week’s lowest point.
From yesterday, the evaluation has been increasing but it looks like it entered the bearish territory, judging by the spike to $383,159,000,000, and a quick drop. However, this may be a new support level, as the evaluation appears to be stabilising around these levels.
At the start of the week, the price of Bitcoin was $8700 and the only time it went higher was on the same day when it hit $8815 after a drop to $8365. It is now sitting at $8370 which is a 4.8% decrease.
Looking at the daily chart we can see that Monday’s candle was a pin bar doji which indicated stronger buying pressure than the pressure from the sellers, but the position of the candle, however, indicated more downside.
Yesterday’s candle closed as a red doji and as you can see from the wick, the price hit the 0.382 Fibonacci level and retraced since so judging by the wick there’s still a lot of selling pressure.
Today’s candle is green, which is very unusual for Sunday, as on weekends there’s a lot of selling going on.
Daily chart technical signals a strong sell.
Oscillators are on a sell and moving averages are indicating a strong sell with 13 MA’s on sell.
S3 5360.5 S2 7120.1 S1 7795.5 P 8879.7 R1 9555.1 R2 10639.3 R3 12398.9
ETH/USD
From Monday until today, the price of Ethereum has decreased by 2.8% going from $733 to $712 where it is now sitting. The price fell even lower to $660 on Friday which is the week’s low.
On the daily chart, we can see that the candle on Monday was a pin bar doji like in the case of Bitcoin and since then, the price fell to the 0.5 Fibonacci levels, where it found support. Yesterday’s candle was a doji also like in the case of Bitcoin, and the current one is green but not higher than yesterday’s which is still a bearish sign.
Market sentiment
Ethereum’s daily chart technicals signal a buy.
8 oscillators are on neutral and moving averages are signalling a strong buy.
Pivot points
S3 499.01 S2 596.73 S1 646.17 P 694.45 R1 743.89 R2 792.17 R3 889.89
XRP/USD
From Monday’s open until today, the price of Ripple has declined by 5.82% going from $0.73 to $0.688 where it is currently sitting. The price went down further on Friday to $0.645, but since then, it has been steadily rising to the levels on where it is currently.
Looking at the daily chart we can see that Monday’s candle was a pin bar doji like in the case of Bitcoin and Ethereum, but the correlation doesn’t end there as we can see that yesterday’s candle was a doji also, like it was on the BTC and ETH daily charts.
Market sentiment
Ripple is still in the sell zone, as daily chart technicals signal a sell.
Oscillators are;- 3 on sell and 8 on neutral, but moving averages signal a strong sell with 12 on sell.
Pivot points
S3 0.48085 S2 0.58545 S1 0.63011 P 0.69005 R1 0.73471 R2 0.79465 R3 0.89925
LTC/USD
Overall this week, Litecoin has decreased by 3.38% from $144 on Monday’s opening to $139.2 where it is today. The price went higher than it was on the opening to $151 on Monday, and it was lower than today’s (Friday), to $129 which was the week’s low.
Looking at the daily chart we can see that the price of Litecoin is currently interacting with the 0.236 Fibonacci retracement level which serves as resistance. On Monday there was great indecision which can be seen on Monday’s candle wicks. On Wednesday we had a pin bar doji that closed above the Fibonacci level which indicated buying pressure, but as you can see the buyers failed to push the price higher, and the sellers were stronger so the price fell below the Fibo level on the next day.
Market sentiment
Daily chart technicals signal a sell.
Oscillators signal a sell, and moving averages a strong one.
Pivot points
S3 90.493 S2 114.733 S1 124.937 P 138.973 R1 149.177 R2 163.213 R3 187.453
Weekly Cryptocurrency Update: I don’t believe that the corrective move is over. The prices of four major cryptocurrencies failed to exceed prior highs even though we are experiencing a move to the upside in the last couple of days. I think we are in for another low.
This will correspond with a retest of prior resistance for support which is around $333B.
For more information about what’s likely coming in the following week make sure you watch the substitutionary video in which I provide a forecast and reasons why I believe there’s another low coming.
General Overview
Crypto Market Update Today:
Market Cap: $389,840,003,354
24h Vol: $17,523,547,047
BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap
General Overview
Crypto Market Update Today:
Market Cap: $389,840,003,354
24h Vol: $17,523,547,047
BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap
Crypto Market Update Today: Market Cap: $389,840,003,354 24h Vol: $17,523,547,047 BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap has increased from $375B to slightly below $390B.
The market is mostly in green, with the biggest gainers among top 100 being Tron +14%, Skycoin 10%, Holo 20%.
There isn’t any significant news that came out during the weekend. Top stories are therefore analytical in nature or follow-ups from prior stories. These are some of the more significant headlines:
Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions
Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17.
Norway Central Bank Considers Developing Digital Currency
Norway’s central bank, Norges Bank, is considering developing its own digital currency as a supplement to cash to “ensure confidence in money and the monetary system”, according to a working paper May 18.
Former UK Visa CEO Takes Helm of Crypto Consumer Payment Startup
The former head of Visa in the UK and Ireland has joined a startup bringing crypto to consumer payments, Business Insider NL reports today, May 19.
WSJ: Coinbase Spoke to U.S. Regulators About Acquiring Federal Banking License
Major U.S. cryptocurrency exchange and wallet Coinbase spoke to regulators about obtaining a federal banking charter, according to a report by the Wall Street Journal (WSJ) May 18.
Source: cointelegraph.com
From yesterday’s open, the price of Bitcoin has increased by 3.4%, going from $8229 to $8510 where it is currently sitting.
On the daily chart, we can see that the price is currently a red doji above 0.382 Fibonacci retracement level. We can also see a breakout from the falling wedge.
Zooming into an hourly chart, we can see the interaction with the Fibo level, and the momentum behind the up move. Price action formed a double top, with the last top’s candles closed with two massive wicks from the upside, which indicates selling pressure.
Market sentiment
Bitcoin is in the buy zone, as indicated by hourly chart technicals.
Oscillators are on buy, and moving averages on a strong one.
Pivot points
S3 7578.2 S2 8004.6 S1 8264.2 P 8431.0 R1 8690.6 R2 8857.4 R3 9283.8
The price of Ethereum has increased by 3.34% from yesterday’s open, going from $690 to $712,8 where it is currently.
Looking at the daily chart, we can see that the current candle is a red doji, like in the case of Bitcoin, and it sits at the levels of prior high.
Zooming into an hourly chart, we can see that the price has retraced to retest the support, which is on the levels of prior high at $712. We can also see a breakout from a triangle which wasn’t that strong, as the impulse behind the move looks like any other prior move.
Market sentiment
Ethereum is in the neutral zone, as hourly chart technicals are on neutral.
Pivot points
S3 638.08 S2 673.30 S1 694.40 P 708.52 R1 729.62 R2 743.74 R3 778.96
In the last 24 hours, the price of Ripple has increased by 3.17%, from $0,67250 to $0,69436. The price has been steadily rising and is now facing first strong resistance.
On the daily chart, we can see that the current candle is red, and is sitting at the levels of prior high.
The hourly chart paints a clearer picture. We can see that the price is still in an upward channel which is inside the symmetrical triangle pattern. The price found resistance on the triangle’s resistance line levels and is currently struggling to keep up the upward movement.
Market sentiment
Hourly chart technicals are on neutral, so the price of Ripple is currently indecisive.
Pivot points
S3 0.61264 S2 0.65176 S1 0.67536 P 0.69088 R1 0.71448 R2 0.73000 R3 0.76912
Crypto Market Update Today: In the last day, we have seen an upward movement has been stopped by first major resistance, as seen on the charts from three major cryptocurrencies that we are covering in this daily report. The market is currently showing signs of indecision indicated from the current candles being Dojis. We are likely to see a move down, which would be a final corrective move, before a new runup to new highs.
Crypto Market Cap Live Update:
Market Cap: $370,028,549,685
24h Vol: $19,283,416,338
BTC Dominance: 37.4%
In the last 24 hours, the crytocurrency market cap went from $381,331,000,000 to $391,463,000,000 which was yesterdays high. Since then, the evaluation has fallen to $361,113,000,000 this morning, and is slightly up from then.
As you would have suspected, the market is mostly in red, with an average decrease of 4-6% per coin amongst the top 100. Some of the biggest losers are iExec RLC -17%, Dragonchain -13%, biggest gainers are Syscoin +19.3% and Huobi token 11.95%.
Top stories that came out are either about blockchain tech adoption or familiar names adopting it, but we can also see some negativity and criticism. These are some of the significant headlines:
Chinese IT Ministry Cryptocurrency Ratings Released: Ethereum 1st, Bitcoin 13th of 28
China’s Ministry of Industry and Information Technology has released its official cryptocurrency ratings. The “domestic experts” awarded Ethereum 1st and Bitcoin 13th out of 28 places. May 17. First-rate domestic experts and scholars” contributed to the ratings, which they calculated on the basis of three indexes: “technology,” “application” and “innovation.”
Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App
Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of Autumn 2018, and has been developed together with fintech startup Sowa Labs.
JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure
J.P. Morgan Chase & Co presented a prototype of its blockchain platform for capital markets, which aims to cut costs and enable smoother securities transactions. The announcement took place at NY’s Consensus conference Wednesday, the Wall Street Journal reported May 16.
Wall Street Journal Research Finds ‘Red Flags’ In almost 19% Of ICOs
The Wall Street Journal released findings from its analysis of almost 1500 initial coin offerings (ICOs) May 17, concluding 18.6% of them raised “red flags.” The latest source to investigate the still-booming ICO market, the WSJ warned that of the 1450 offerings it found, 271 of them were using what it described as “deceptive or even fraudulent tactics.”
JPMorgan Creates and Fills New Position of Head of Crypto Assets Strategy
Leading US banking group and financial services firm JPMorgan Chase has recently created and filled the new position of head of crypto-assets strategy, Business Insider reported today, May 17. London-based Oliver Harris, 29, will take the new role, reporting to the head of blockchain development, Umar Farooq. Harris will also lead JPMorgan’s internal blockchain project Quorum, which began testing by JP Morgan Chase and the National Bank of Canada last month.
Bitfinex Requires Customer Tax Info which it ‘May Exchange’ with Gov’t, Tax Authorities
Cryptocurrency trading platform Bitfinex has recently distributed a letter to certain users, saying that they are required to disclose their tax information, which the exchange may share with the government, according to a statement from the exchange on Twitter May 17.
Tel Aviv Stock Exchange Develops ‘First Of A Kind’ Blockchain Lending Platform
The Tel Aviv Stock Exchange (TASE) has developed a “first of a kind” blockchain-based securities lending platform, according to a press release May 16. The new platform was completed in partnership with Israeli fintech firm The Floor, global professional services company Accenture, and Intel.
Swiss Government Requests Study on State-Backed Digital Currency
The Federal Council of the Government of Switzerland has requested a report on the risks and opportunities of introducing its own state-backed digital currency, or so called “e-franc”, Reuters reported May 17.
From yesterday’s open at $8382 the price of Bitcoin has decreased by 3.11% coming to $8116 where it is now sitting. The price has fallen even further to $7940 but bounced back quickly to the levels at which it is now.
Looking at the daily chart we can see that the price is below the 0.382 Fibo level in a downward trajectory heading toward the 0.236 level.
On the hourly chart, we can see that the price is back at prior support, which now serves as resistance.
Bitcoin hourly technicals signal a sell.
Oscillators are in favor of sell even though 8 are signaling neutral, and moving averages are indicating a sell.
S3 7173.6 S2 7673.3 S1 7863.8 P 8173.0 R1 8363.5 R2 8672.7 R3 9172.4
From yesterday’s high at $712, the price of Ethereum fell to $660 this morning but has since bounced back a bit to $680 where is now sitting, leaving an overall decrease of 4.6%.
On the daily chart, we can see that the price found support at the 0.5 Fibonacci level and has increased since it hit it.
On the hourly chart, we can see the interaction with the 0.5 Fibo level. The price went below it and quickly bounced back, but it is currently at the prior support levels which now serve as resistance.
Market sentiment
Ethereum is still in the sell zone.
Oscillators and moving averages both signal a sell.
S3 565.61 S2 624.01 S1 645.93 P 682.41 R1 704.33 R2 740.81 R3 799.21
From yesterday’s open at $0.7 the price of Ripple has decreased by 5.3% to $0.67 where it is now sitting.
Looking at the daily chart we can see that things haven’t changed that much. The price action is still stuck between 0.382 and 0.236 Fibonacci levels. Today’s candle is green but it hasn’t exceeded prior highs.
The hourly chart tells us that the price broke out of the upward channel from the downside, found tempory support and is currently hovering around the levels of prior support which now serves as resistance.
Market sentiment
Ripple hourly technicals signal a sell.
Oscillators and moving averages are both signaling a sell.
S3 0.54850 S2 0.61100 S1 0.63479 P 0.67350 R1 0.69729 R2 0.73600 R3 0.79850
Crypto Market Cap Live Update: The prices of three major cryptos that we cover in this daily report have experienced the same thing in the last 24 hours – breakout to the downside and retesting of prior resistance for support. After this retest is done I am expecting another downside movement and creation of lower lows.
General overview
Crypto Market Cap Update:
Market Cap: $383,200,519,037
24h Vol: $19,647,906,771
BTC Dominance: 37.0%
In the last 24 hours, cryptocurrency market capitalization
General overview
Crypto Market Cap Update:
Market Cap: $383,200,519,037
24h Vol: $19,647,906,771
BTC Dominance: 37.0%
In the last 24 hours, cryptocurrency market capitalization
Crypto Market Cap Update:
Market Cap: $383,200,519,037
24h Vol: $19,647,906,771
BTC Dominance: 37.0%
In the last 24 hours, cryptocurrency market capitalization increased from $372,910,000,000 to $391,463,000,000 and then fell back to $381,952,000,000 where it is now sitting. The market is mostly in green, with an average increase of 2-4%. Biggest gainers among top 100 are iExec RLC +35%, Veritaseum +11%, Augur +7%, while biggest losers are Wax -13% and Gifto -14,83%.
Top stories that came out in the last 24 hours are mostly positive, however, following the markets decline there are some negative as well. These are the significant headlines:
JPMorgan Co-President Jerry Pinto: Cryptocurrency “Will Play a Role” in Future
JPMorgan co-president Jerry Pinto confirmed the bank was “looking into” the Bitcoin space May 16, saying cryptocurrency “will play a role” in the future. Speaking to CNBC over two interviews, Pinto, who could be in line to succeed CEO Jamie Dimon, said that JPMorgan is able to trade Bitcoin futures but has not yet opted to do so.
“We are looking into that space. I have no doubt that in one way or another, the technology will play a role,” he responded when asked about trading Bitcoin-based products.
Enterprise Ethereum Alliance Releases Client Specifications To Facilitate Interoperability
The Enterprise Ethereum Alliance (EEA) has released the Enterprise Ethereum Client Specification 1.0 today, May 16, that will enable interoperability for companies that use Ethereum blockchain-based solutions.
Russia’s Digital Economy Bill Supported by State Duma Committee in Move Towards Crypto Regulation
Russian State Duma’s Committee for Legislative Work will support the first reading of an initiative that will add the basic norms of digital economy to the Russian Federation Civil Code. This is the latest step on the road to regulating cryptocurrency in the country, local news outlet Izvestia reports Wednesday, May 16.
Twitter CEO Jack Dorsey Reaffirms Bullish Future on Bitcoin, Crypto as Global Payment
Twitter and Square Inc. CEO Jack Dorsey expressed optimism about cryptocurrency’s role in the future of payments, saying that “the internet deserves a native currency” and “it will have a native currency,” Bloomberg reports May 16.
Sberbank Completes First Blockchain-Enabled Commercial Bonds Transaction in Russia
Sberbank CIB, the corporate and investment banking business of Russia’s largest bank Sberbank, conducted the first blockchain-based commercial bond transaction in Russia, according to a Sberbank announcement May 16. The transaction was completed in partnership with MTS, a leading Russian telecoms operator, and the National Settlement Depository (NSD).
PayPal CFO Says Merchants Aren’t Interested in Crypto Due to Volatility
Centralized payment service PayPal was a pioneer in accepting cryptocurrencies. Merchants could opt-in to accept Bitcoin (BTC) on the platform as far back as 2014, when BTC was worth around $400. Today, Rainey stated that PayPal currently doesn’t see much interest in digital currencies from their merchants, as the volatile nature of cryptocurrencies can cause contingent losses.
From yesterday’s low at $8122 the price of Bitcoin has spiked to $8479 and has fallen back to $8270 which is an overall increase of 2%.
On the daily chart, things haven’t changed much since yesterday. As you can see from the wicks, yesterday’s candle indicated a lot of buying pressure, but those buyers failed to break sellers resistance at the 0.382 Fibonacci retracement level.
Zooming into an hourly chart, we can see the interaction with the Fibo level. The price action is starting to form what it looks like to be another upward channel.
Bitcoin is still in the sell zone, as hourly technicals signal a sell.
Eight oscillators signal neutral and moving averages signal a strong sell.
S3 7524.2 S2 7916.9 S1 8126.5 P 8309.6 R1 8519.2 R2 8702.3 R3 9095.0
From yesterday’s low at $678 the price of Ethereum increased by 3% coming to around $700.
As you can see from the daily chart, yesterday’s candle closed as a bullish pin bar, indicating a trend reversal. However, the price failed to come remotely close to the 0.618 Fibonacci level and exceed prior highs, which would mean that uptrend has begun. Today’s candle is red, meaning that the price is below yesterday’s close.
On the hourly chart, we can see that like in the case of Bitcoin. The price action is forming an upward channel. If we have in mind the fractal nature of the market, and what happened in a prior fractal, we can conclude that the price is going to fall further.
Ethereum is still in the sell zone.
Oscillators are on neutral, and moving averages on a strong sell.
S3 557.19 S2 622.19 S1 664.38 P 687.19 R1 729.38 R2 752.19 R3 817.19
From yesterdays low at $0.66, the price of Ripple has increased by 4.23% coming to $0.689 where it is now.
Looking at the daily chart, we can see that the price is on the levels of yesterdays open, which is not a good sign.
Zooming into an hourly chart, we can see the correlation with Ethereum and Bitcoin – there’s an upward channel from which the price is going down.
Ripple’s hourly chart technicals signal a sell.
Oscillators indicate sell, and moving averages a strong one.
S3 0.58647 S2 0.63890 S1 0.67322 P 0.69133 R1 0.72565 R2 0.74376 R3 0.79619
Crypto Market Cap Update: More down movements are expected as the prior fractal (upward channel) indicates. I have said in Thursday’s conclusion that even though the corrective move is over, it might be only the first one. I think we are in for new lows, as the first corrective move to the downside was over, and the small bullish one didn’t trigger a trend reversal.
Crypto Price Predictions: Bitcoin is trading in the red and resumes yesterday’s bearish candle. If you’ll read my editorials you’ll see that I’ve talked about a retreat after the temporary rebound. The crypto has failed to make a valid breakout above the near-term resistance levels, that’s why the bears have taken the lead and are driving the price down.
Everyone wants to know what will happen with Bitcoin because a major drop will drag the other cryptocurrencies down. Bitcoin approaches two crucial support levels, a valid breakdown will signal a further drop towards fresh new lows.
As I’ve mentioned in the previous weeks, we may have another drop before the rate will really start a broader upside movement. Bitcoin needs to recapture more directional energy to be able to increase again and to give birth to a major leg higher.
Bitcoin drops after the failure to breakout above the red downtrend line and above the third warning line (wl3) of the former descending pitchfork. Actually, we had a strong confluence formed by the wl3 with the downtrend line and with the SL2.
The price failed to stay above the 50% Fibonacci line, so the current retreat is natural. It remains to see how long it will be because it has tried to take out the dynamic resistance from the third warning line (wl3).
The next hours will tell us if today’s drop will represent only a retest of the broken warning line (wl3). It approaches the lower median line (LML), where it could find temporary support. The major downside target remains at the outside sliding parallel line (SL). I’ve said that it could come back down to test and retest the mentioned support levels before it will climb higher again.
However, a valid breakdown below the SL will confirm a further drop towards the 5000 psychological level.
You can notice that Bitcoin is trapped within a triangle, so only a breakout from this pattern will give us a great trading opportunity. Personally, I would like to see a false breakdown below the LML or below the SL and a failure to reach the downside line of the chart pattern, then we could think about a broader upside movement.
A major upward movement will be confirmed by a valid breakout above the downtrend line. Another leg higher will bring us great returns if we’ll go long on Bitcoin after a valid breakout above the red downtrend line. This scenario will take shape only if the sliding parallel line (SL) will hold.
You should stay away for now because anything could happen in the short term. Personally, I believe that we may have a great trading opportunity soon. Right now we have to let the market to play its role and to step in only after a confirmation.
Daily Crypto Market Update:
Market Cap: $377,867,819,649
24h Vol: $22,547,487,155
BTC Dominance: 37.2%
From yesterdays highest point at $412,9B cryptocurrency market capitalization evaluation fell approximately by 40B, coming to $372,9B this morning.
Amongst the top 100 coins, about 98% are in red, with an average decrease in percentage from 13%. Biggest losers are Augur -15%, Mixin -16%, Mithil -22%, Kin -22%, Salt – 15%. Out of those who are in green, Wax is the biggest gainer, increasing by 4%.
Top stories that came out in the last 24 hours are mostly positive in sentiment. There are many established companies mentioned starting to adopt blockchain technology, or starting their own blockchain projects. Here are some of the significant headlines:
IBM Partners With Veridium Labs To Let Companies Track Carbon Footprint Via Blockchain
IBM announced a partnership with Veridium Labs to tokenize carbon credits that will allow companies to track their carbon footprint with blockchain today, May 15, in a press release shared with Cointelegraph.
FedEx CEO: Blockchain Is The ‘Next Frontier’ For Global Supply Chains
Delivery services multinational FedEx said it is “quite confident” blockchain has “big, big implications” for supply chains in a speech May 14, as it continues engagement with the technology.
Coinbase Targets ‘$10 Bln’ Institutional Investor Market With New Suite Of Products
The four products – Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime – all focus on alleviating major concerns that have allegedly caused institutional investors to hold back from entering the cryptocurrency space so far, such as security and regulatory compliance.
World’s Fifth Largest Bank To Trial Own Cryptocurrency In 2019
The banking unit of Japan’s Mitsubishi UFJ Financial Group (MUFG) plans to trial its own cryptocurrency as early as 2019, Cointelegraph Japan reports today, May 15.
Two Ex-JPMorgan Blockchain Leaders Reveal New Decentralized App Store Startup
The Two former leads of JPMorgan’s blockchain program unveiled a new startup, a decentralized app (DApp) store, Fortune reported yesterday, May 14.
Amazon And ConsenSys’ Startup To Offer Simplified Blockchain Platforms
Amazon Web Services (AWS), the tech giant’s cloud computing arm, is partnering with ConsenSys’ blockchain startup Kaleido to offer simplified blockchain cloud platforms for its clients, CNBC reports today, May 15.
HTC Reveals Plans To Launch Blockchain-Powered Smartphone
Consumer electronics corporation HTC has unveiled “the first native blockchain phone”, HTC Exodus, which will launch with support for multiple blockchains, including Bitcoin (BTC) and Ethereum (ETH) networks, PCMag reported May 15. HTC Vive creator Phil Chen announced the forthcoming project at the Consensus conference in New York City today.
Belarus Considers Digital Economy a Top Priority, Develops Resolution For OSCE Meeting
Belarus considers the digitization of the economy a top priority and is developing a resolution promoting digital economy for a session of the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE PA), local news BelTA reports May 15.
From yesterday’s open at $8683, the price of Bitcoin has decreased by 5.73% coming to $8191 where it is now sitting.
On the daily chart, we can see that the price has fallen below 0.382 Fibonacci retracement level and is now sitting at the level of the opening candle on the 12th of May where it temporarily found support.
Looking at the hourly chart, we are seeing that the price broke out of the upward channel support line, and is heading towards the 0.236 Fibo level.
Bitcoin is still in the sell zone.
Oscillators are signaling a sell, and moving averages a strong one.
S3 7698.0 S2 8138.7 S1 8303.1 P 8579.4 R1 8743.8 R2 9020.1 R3 9460.8
From yesterday’s open at $726, the price of Ethereum has decreased by 5.26%, coming to $688 where it is now.
Looking at the daily chart, we can see that the price has fallen to the levels on the opening candle on the 13th of May. 50 day and 100 day EMA are getting closer, and if 50 EMA goes across the 100 day from above, we will get a buy signal. However, I doubt that is going to happen, as the down move is only getting larger.
As you can see from the hourly chart, hourly EMA’s are crossing in a bearish manner, meaning 50 hour EMA is crossing 100 EMA from above. The price has broken out of the upward channel and has bounced off of the prior downward channel resistance line.
Ethereum’s hourly chart technicals signal a strong sell.
Oscillators are on sell, and moving averages are on strong one.
S3 623.96 S2 668.50 S1 686.78 P 713.04 R1 731.32 R2 757.58 R3 802.12
From yesterday’s high at $0.741 which is on the 0.382 Fibo level, the price of Ripple has decreased by 8.92%, coming to $0.674 where it is now sitting.
On the daily chart, things haven’t changed much. The price action is still between 0.236 and 0.382 Fibonacci retracement levels, below 50 day and 100 day EMA’s.
On the hourly chart, we are seeing a breakout from the upward channel from the downside, like in the case of Bitcoin and Ethereum, which shows a strong correlation in the market. The price found temporary support at the levels of the channels starting point.
Ripple is in the sell zone with hourly technicals signalling a strong sell.
Oscillators are signalling a sell while moving averages a strong one.
S3 0.56768 S2 0.63718 S1 0.66337 P 0.70668 R1 0.73287 R2 0.77618 R3 0.84568
Daily Crypto Market Update: While we have seen a bullish move in a form of upward channels yesterday, today we are seeing a breach from the downside. From this, I conclude that the correction to the downside is continuing and we are in for new lows.
Market Cap: $406,983,271,081
24h Vol: $22,745,382,371
BTC Dominance: 36.6%
Since yesterday’s low at $386,345,000,000, the Cryptocurrency Market Capitalisation has been increasing rapidly and has reached $413B, from which it has retraced a bit to $407B, where it is now sitting.
As you would presume, the market is in green, with small exceptions on those cryptos that experienced a rise in price while everything was decreasing. Biggest gainers among top 100 are Zcash (44%), Salt (17%), Enigma (16%), and average increase is from 5-12% among the top 100.
Top stories that came out in the last 24 hours are extremely positive. These are some of the significant headlines:
HSBC Completes ‘World’s First’ Blockchain Trade Finance Deal, Ships Soybeans
UK-based banking giant HSBC has reportedly completed the world’s first ever trade finance transaction powered by blockchain, the Financial Times (FT) reported today, May 14.
New York City Wants To ‘Lead The Way In Blockchain’, Unveils Industry Initiatives
The President and CEO of the New York City Economic Development Corporation (NYCEDC) announced blockchain-related initiatives for the city today, May 14. The initiatives include the launch of the NYC Blockchain Resource Center and a public competition for blockchain apps to improve the public sector.
Forex Platform Serving Goldman Sachs and Morgan Stanley Adds Crypto Trading
Software developer Kx Systems has launched cryptocurrency trading on its white label forex (FX) trading platform Kx for Flow, the company reported in a blog post May 14. Starting today, Kx for Flow customers are able to conduct spot trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).
CFO of Australia’s Commonwealth Bank Quits Role To Join EOS Token Developer Block.One
Rob Jesudason, the Chief Financial Officer (CFO) of Australia’s Commonwealth Bank (CBA), has left the bank to join a blockchain company, the Sydney Morning Herald reports May 14. Jesudason resigned with immediate effect in order to become the group president and chief operating officer of blockchain software firm Block.one.
CME Group Launches Ethereum Price Indexes In Partnership With Ethereum Futures Exchange
The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities, a UK-based digital asset exchange specializing in crypto futures, have launched the CME CF Ether-Dollar Reference Rate and Real Time Index, according to an announcement May 14. The indexes will provide users access to a real-time Ether (ETH) price in US dollars.
US: Seminole County Florida To Accept Crypto For Tax Payment
The Seminole County, Florida, tax collector Joel M. Greenberg announced May 14 that the county will begin accepting cryptocurrency for payment for various services this summer in order to eliminate heavy fees and improve payment accuracy and efficiency.
‘Global Blockchain Leader’ At Deloitte Resigns To Join Blockchain-Based Startup
Eric Piscini, former Global Blockchain Leader and Partner at one of the “Big Four” consulting firms, Deloitte, has left the company, Forbes reports May 14. Piscini, who helped build a $50 mln global blockchain practice, is joining the startup Citizens Reserve to move supply chain networks to a blockchain.
Taiwan: Taipei Bank Launches First Blockchain Payment System In The Country
Privately-held Taipei Fubon Commercial Bank has reportedly become the first bank in Taiwan to deploy a blockchain-based payment system, local media Taipei Times reports May 14. The bank announced that it deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a blockchain-based payment network in March 2017 when it signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”
First Crypto Exchange Using Nasdaq’s Tech Announces Launch, Excluding US Customers
The first cryptocurrency exchange to use US stock market giant Nasdaq’s technology revealed it plans to launch next month in an exclusive with Finance Magnates Monday, May 14. Nasdaq, the second largest stock exchange in world by market capitalization after the New York Stock Exchange (NYSE), is providing the technology to power the new centralized crypto exchange, DX, according to the project’s CEO Daniel Skowronski. Skowronski called the upcoming exchange a “one-stop-shop” for “exchanging fiat and crypto, holding coins and as well as wallet services.”
Source: cointelegraph.com
Since yesterdays low at $8362, the price of Bitcoin has increased to $8726, which is a 4.28% increase.
Looking at the daily chart, we can see that the price is currently below the 50-day EMA with which it interacted with and bounced back, leaving a wick from the upside. Yesterday’s candle closed as a Doji with a higher wick from the downside which indicates buying pressure.
Zooming into the hourly chart, we can see that the price is currently in an upward channel that intersects the downward one. The price has broken the upper resistance line of the downward channel and retested it for support.
Hourly chart technicals are on neutral.
Oscillators and moving averages are both on neutral.
S3 7381.8 S2 7995.3 S1 8333.0 P 8608.8 R1 8946.5 R2 9222.3 R3 9835.8
From yesterday’s low at $695, the price of Ethereum increased by 4.71%, going to $728.
On the daily chart, we can see that the price interacted with its 0.618 Fibonacci retracement level yesterday, and has retraced since closing as a shooting star. Today’s candle is currently a doji which means indecision.
As in the case of Bitcoin, the price of Ethereum is in an upward channel on the hourly chart and is currently interacting with the support line.
Hourly chart technical signal buy.
Oscillators are on neutral, and moving averages are signaling a buy in a 6:8 ratio.
S3 601.44 S2 659.80 S1 693.61 P 718.16 R1 751.97 R2 776.52 R3 834.88
From yesterday’s low at $0.692, the price of Ripple has increased by 5.56% and is currently sitting at $0.73.
Looking at the daily chart, we can see that the price of Ripple interacted with its support at $0.7 and quickly bounced back, closing on a Doji yesterday. Since then the price is slightly up, as indicated by today’s green candle, but it hasn’t exceeded the 0.382 Fibonacci retracement level which serves as resistance.
Zooming into an hourly chart, we can see the interaction with the 0.382 Fibo level. The price is above 50 and 100 hourly EMA’s which look like they are about to cross in a bullish manner. The price action is currently forming an ascending triangle, which usually means that the price will drop the same hight as the triangle, which would be somewhere around $0.692 in this case.
Hourly chart technicals signal a sell.
Oscillators are on sell, and moving averages on neutral in a 7:1:7 ratio.
S3 0.59291 S2 0.65694 S1 0.69195 P 0.72097 R1 0.75598 R2 0.78500 R3 0.84903
The corrective move is definitely over, but it may be only the first one, and we are seeing a retracement to the upside before more downfall. I am still bearish until I get a confirmation. And the confirmation would be if we see the evaluation of the cryptocurrency market cap above $470B levels, which would be a higher high than on the March 5. on which this downfall to $250B levels started. There is a lot of indecisiveness in the price action and a lot of uncertainty at the moment.
General overview
Daily Crypto Update:
Market Cap: $394,117,066,327
24h Vol: $22,301,856,601
BTC Dominance: 36.6%
Yesterday’s cryptocurrency market cap started to rise up steadily
General overview
Daily Crypto Update:
Market Cap: $394,117,066,327
24h Vol: $22,301,856,601
BTC Dominance: 36.6%
Yesterday’s cryptocurrency market cap started to rise up steadily
Daily Crypto Update:
Market Cap: $394,117,066,327
24h Vol: $22,301,856,601
BTC Dominance: 36.6%
Yesterday’s cryptocurrency market cap started to rise up steadily from $385,301,000,000 to $410,338,000,000 which was the highest point this morning, after which the evaluation steeply declined to $386,345,000,000.
The market is currently in a mixture of green and red with a mean of 2% change.
There isn’t any significant news that came out during the weekend, but they are all positive in sentiment. These are some of the most significant headlines:
S. Korean Media: Electronics Giant LG Launches Own Blockchain Service ‘Monachain’
LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13.
Source: cointelegraph.com
South Korea’s Top Financial Watchdog Joins Probe Into Cryptocurrency Exchanges
South Korea’s top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13.
Source: cointelegraph.com
Chris Matta Walked Away from Goldman Sachs Position to Venture Into Cryptocurrency
The cryptocurrency industry attracts talent from all strides of life. Anyone with financial expertise may have a slight advantage to find a job in this booming sector.
Source: newsbtc.com
Another Wall Street Trader Moves to a Cryptocurrency Exchange, Talents Migrate
Wall Street is losing a lot of talented individuals in rather quick succession. Steve Hunt is the latest individual to join this growing list. He is the former CTO of Jump Trading and has been acquired by Kraken, the popular cryptocurrency exchange. It is not the first time talent is poached from Wall Street, nor will it be the last.
Source: newsbtc.com
Commonwealth Bank CFO Leaves Financial Sector in Favour of EOS
The financial sector is slowly becoming a career stepping stone rather than a final destination. A lot of people working in this industry eventually move on to completely different things. This has become especially apparent when it comes to the cryptocurrency industry. The CFO of Commonwealth Bank is now the COO and Group President of the EOS project.
Source: newsbtc.com
From yesterdays opening at $8410, the price of Bitcoin went to $8743 but is now back at the same levels as the opening, decreasing by 0.53% overall.
Looking at the daily chart, we can see that the price is below 0.382 Fibonacci retracement level, and the 50 day EMA.
Zooming into an hourly chart, we can see that the price of Bitcoin is in a downward channel and that the run-up to the $8743 level was stopped because of the channel’s resistance. The price is currently struggling, as indicated by the wicks, to find support below the Fibo level and the channel’s support line.
Hourly chart technicals signal a sell.
Oscillators are indicating neutral while moving averages a strong sell.
S3 7703.9 S2 8145.6 S1 8414.6 P 8587.3 R1 8856.3 R2 9029.0 R3 9470.7
From the yesterday’s opening price, Ethereum has increased by 4.29%, from $674 to $702 where it is now.
On the daily chart, we can see that the price is above the 0.5 Fibo level and the 50, 100 EMA’s which is a bullish sign. What is also significant is that yesterdays candle’s close is above the opening of the candle on 11th of May.
On the hourly chart, the price is sitting on the 50 hours EMA and the wick from the downside indicate buying pressure.
Ethereums is however still in a sell zone, as hourly chart technicals signal a sell.
Oscillators indicate a buy, and moving averages a strong sell.
S3 568.58 S2 640.49 S1 684.63 P 712.40 R1 756.54 R2 784.31 R3 856.22
In the last 24 hours, the price of Ripple has increased by 5.20% coming from $0.675 to $0.711 where it is now sitting.
The daily chart shows us that the price is sitting above the $0.7 support line, but above the 0.382 Fibonacci level and the EMA’s.
The hourly chart paints a clearer picture. The price broke out of the downward channel with a strong momentum from the downside, went back into the channel only to break out off it again, and is now back up for a retest.
Ripple hourly technicals signal a sell.
Oscillators a buy, and moving averages a sell.
S3 0.54100 S2 0.62675 S1 0.67714 P 0.71250 R1 0.76289 R2 0.79825 R3 0.88400
Daily Crypto Update: After the initial sell-off, we are seeing the first major stop and a move to the upside from which the prices retraced back slightly. It is uncertain if the correction is over, so we will need to monitor what happens closely at these levels, on which are the prices of the three major cryptocurrencies, but it definitely looks like the first support has been found. Can that support hold the momentum to the downside, we would just have to wait and see.
Market Cap: $397,806,215,035
24h Vol: $27,157,849,685
BTC Dominance: 37.7%
Daily Cryptocurrency Update: In the last 24 hours, cryptocurrency market cap fell from 440B to 389B with a steep fall.
Among the top 100 coins, the average price drop is around 14%.
The top stories that came out in the last 24 hours are mostly positive with the dominant topic being an adoption of the blockchain technology.
From yesterdays opening, the price of Bitcoin has fallen by 6.27% – from $9329 to $8751 where it is now.
Looking at the daily chart we can see that the price has fallen below 0.5 Fibonacci level and the 50 days EMA.
Zooming into an hourly chart we can see that the price is looking for support, and has found one at 0.786 Fibonacci extension level.
S3 8356.5 S2 8747.4 S1 8882.7 P 9138.3 R1 9273.6 R2 9529.2 R3 9920.1
In the last 24 hours, the price of Ethereum has decreased by 11% from yesterday’s high at $766 to $682 where is now sitting.
As you can see from the daily chart the price is in a downward trajectory, heading down toward 0.5 Fibonacci retracement level, trying to find support.
On its hourly chart, we can see that, after yesterday’s breakout from the triangle from the upside, the price failed to exceed the $840 level and create new highs, and has dropped significantly, which made the EMA’s cross.
S3 645.29 S2 691.64 S1 707.51 P 737.99 R1 753.86 R2 784.34 R3 830.69
From yesterday’s high, the price of Ripple has fallen by 18%, from $0.81 to $0.667 where it is now.
On the daily chart, we can see that the price fell below 0.382 Fibonacci retracement level, and the support line 2, and is in a downward trajectory heading toward 0.236 level.
On the hourly chart, we can see that the price broke out off the descending channel with strong momentum.
S3 0.64964 S2 0.70799 S1 0.72798 P 0.76634 R1 0.78633 R2 0.82469 R3 0.88304
Daily Cryptocurrency Update: We are seeing the final stages of the correction, but more downside is expected, especially having in mind that the weekend is coming. The prices of the three major cryptocurrencies are looking for support at new lows. For a clearer picture of what’s coming next, make sure to check the weekly update, in which I provide a forecast for the upcoming week.
XMR/BTC has developed a Head and Shoulders pattern, but we still need the confirmation. What are the perspectives now? Can we sell this crypto pair?
Market Cap: $3.70B
Circulating Supply: 16.02M XMR
Max Supply: 0 XMR
Volume (24h) $32.97M
XMR/USD = $231.03
The XMR/BTC is trading into a strong support area. The price increased today and is trying to reach the 0.02505000 yesterday’s high. It remains to see what will really happen in the upcoming period because it looks like the rate has developed a Head and Shoulders chart pattern.
The rate moves sideways on the short term, so we’ll have a clear direction only after a valid breakout from this pattern.
XMR/BTC has found a temporary support on the 50% Fibonacci line and on the 0.023 static support. It could increase a little and could try to retest the upper median line (UML) of the descending pitchfork. A valid breakdown below the 0.023 area could validate the Head and Shoulders pattern.
The crypto pair will drop towards the 0.016 if this scenario will take shape. Price could drop as long as it stays below the 150% Fibonacci line.
Personally, I believe that the rate will take out the resistance from the 150% Fibonacci line if it will touch it. We could think of another trading opportunity if the Head and Shoulder pattern will be invalidated and if the rate will make a valid breakout above the 150% Fibonacci line. The price should rally from above the 150% Fibonacci line targeting the 0.03234574 static resistance.
We’ll have a great selling opportunity if the Head and Shoulders is confirmed and as long as it stays far away from the 150% Fibonacci line. However, a valid breakout above the 150% Fibonacci line will send the rate at least up to its former highs.
Market Cap: $420,694,166,630
24h Vol: $23,401,165,415
BTC Dominance: 36.8%
In the last 24 hours, the cryptocurrency market cap has dropped by approximately 10B, from 430B to around 420B.
The valuation is at the same level as it was nine days ago, at the start of the month.
The market is currently in red, with the biggest decrease of around 11% for some cryptocurrencies like Salt, Kyber Network, Ox and Aion. Meanwhile, some cryptos are in the green like Pundi X +25%, Augur +12%, Zilliqua +10.11%.
Some of the significant stories that came out yesterday are the following:
Facebook Forms Exploratory Blockchain Team Led By Coinbase Board Member
David Marcus, the head of Facebook’s messaging app Messenger, announced that the social media site is exploring possible applications for blockchain technology, CNBC reported May 8. “I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch,” Marcus shared in a post Tuesday afternoon on his personal page. Marcus has been leading Messenger for almost four years. In December, he joined cryptocurrency exchange Coinbase as a board member. However, Facebook hasn’t revealed how interested it is in applying blockchain.
Source: cointelegraph.com
Ukrainian Securities Regulator To Consider Crypto As Financial Instrument
The Ukrainian National Securities and Stock Market Commission (SSMCS) will consider recognizing cryptocurrencies as a financial instrument, according to an announcement on the 8th of May. The head of the commission, Timur Khromaev, made the announcement in a Facebook post following the annual conference of the International Organization of Securities Commissions (IOSCO) on Crypto and Initial Coin Offerings (ICOs).
Source: cointelegraph.com
Ex-Goldman Sachs President Says Global Cryptocurrency Will Come, But It’s Not Bitcoin
Gary Cohn, former Goldman Sachs President as well as former chief economic advisor to US President Donald Trump, believes that there will a global cryptocurrency in the future, but it will be a coin “more easily understood” than Bitcoin (BTC), CNBC reports May 8.
Source: cointelegraph.com
From yesterday’s opening until now, the price of Bitcoin has decreased by 3.14% – from $9380 to $9081.
On the daily chart, we can see that the price is currently sitting on a 0.5 Fibonacci retracement level, slightly below the 100-day EMA. This is the fourth consecutive red candle on the daily chart, which indicated that bears are in control.
Zooming into an hourly chart, we can see the interaction with the Fibo level. The price has fallen below it four times, after which it quickly bounced back above it, leaving a lot of wicks. This looks like the price is struggling to find support there, but the bears have more power at the moment.
Overall, hourly chart signals a strong sell.
S3 8382.3 S2 8808.0 S1 8996.3 P 9233.7 R1 9422.0 R2 9659.4 R3 10085.1
In the last 24 hours, the price of Ethereum has dropped from $770 to $716, which is a 7% decrease.
Looking at the daily chart, we can see that the price has fallen below the 0.786 Fibonacci level, and is currently looking for support at the prior high of the triangle from which the price broke out, which is around the $710 level. Exponential moving averages are below the price and the 0.618 Fibo level, so the price is likely heading towards them for support.
Zooming into an hourly chart, we can see that the price is ready for another drop.
Overall hourly chart signals a strong sell.
S3 637.60 S2 692.76 S1 720.35 P 747.92 R1 775.51 R2 803.08 R3 858.24
Since yesterday’s open, the price of Ripple has dropped by 8.68% going from $0.84 to $0.769 where is currently sitting.
Looking at the daily chart, we can see that the price is currently below the 50-day EMA, which didn’t serve as support, so the price is heading towards the 0.786 Fibonacci retracement level, as it is the next significant level which can serve as support.
Zooming into an hourly chart, we can see that the 0.786 Fibonacci level is crossing over my downward channel support line, which would be a perfect point of reference for a short-term target.
Overall, hourly chart signals a sell.
S3 0.70279 S2 0.75859 S1 0.78247 P 0.81439 R1 0.83827 R2 0.87019 R3 0.92599
Having three major cryptocurrencies falling below their pivot points, they are now looking for a strong support which can hold back this bear momentum. Even though we can see that this find is almost completed I wouldn’t say this for a correction overall. I am expecting a larger move to the downside in the following days, as buyers were exhausted previously. The only thing that can push prices back up, and past the prior high is some global hype like we have seen in December, so a catalyst is needed.
Market Cap: $265.04M
Circulating Supply: 533.32M SYS
Max Supply: 888M SYS
Volume (24h) $3.45M
The SYS/BTC dropped aggressively in the last days and has reached an important support level. The bearish momentum was paused for the moment and is premature to talk about a significant rebound at this moment. Right now will be better to stay away because we don’t have a clear direction, but I really hope that we’ll have a great trading opportunity very soon.
The SYS/BTC has made two false breakouts above the upper median line (UML) of the descending pitchfork. The current drop is natural but remains to see how long this could be. We may have a perfect buying opportunity from above the upper median line (UML) of the descending pitchfork.
So, a rebound from here and a valid breakout from the descending pitchfork’s body will signal a further increase in the upcoming period. You can see that the 150% Fibonacci line represents a very strong dynamic support and could stop the retreat.
A drop below the 150% Fibonacci line will signal a further drop, and it could slip much below the 50% Fibonacci line as well, and it could be attracted by the median line (ML) again.
Price moves in range on the daily chart, that’s why only a valid breakout from the descending pitchfork’s body will signal a further increase and a breakout from the extended sideways movement.
Conclusion
The Syscoin dropped significantly after the false breakouts above the UML. Technically, it was somehow expected to climb much higher after the several failures to reach and retest the median line (ML) of the descending pitchfork. We’ll have an important upside target at the lower median line (lml) of the ascending pitchfork.
©Forex.Academy
Weekly Crypto Update: At the start of the week, on Monday, April 30. Cryptocurrency market capitalization was around 430B. On the next day, it dropped by 30 billion dollars and has on the rise all the way to 472,272,000,000$ at the highest point on yesterdays open. Since then the evaluation dropped again to 433B where it is now sitting, slightly above the starting point.
From the opening price on Monday, April 30. The price of Bitcoin hasn’t changed much. It is approximately at the same levels, experiencing only a 0.8% decrease from 9396$ to 9322$ where it is now sitting. However, the price experienced new highs, coming to slightly below 10k to 9952$ to be exact on yesterday’s close, but has decreased significantly in the last 24 hours.
Looking at the daily chart we can see that the price broke out of the triangle in which it was consolidating, and went above 0.618 Fibonacci level, retested it for support, but the level didn’t hold. The price is significantly above the 100-day EMA which is a good sign.
Daily chart signals a buy.
S3 7212.3
S2 8384.4
S1 9122.8
P 9556.4
R1 10294.8
R2 10728.4
R3 11900.4
Since last Monday the price of Ethereum has increased by 5.18% coming from 692$ to 730$ where it is now sitting. Like in the case of Bitcoin the price has increased more, to 837$ on yesterdays close, but dropped significantly in the last 24 hours.
Looking at the daily chart we can see that the price of Ethereum broke out of the triangle on May 3. and went to create higher highs, going slightly above the 2 Fibonacci level, retested it for support, but there was no support there, which made the price go in a downward trajectory.
Daily chart signals a buy, moving averages a strong buy.
S3 353.88
S2 556.46
S1 688.07
P 759.04
R1 890.65
R2 961.62
R3 1164.20
Starting from last Monday, the price of Ripple has decreased by 4,61% from 0.862$ to 0.818$ where it is now sitting.
The price failed to break the key resistance line at 0.92$ and is currently sitting above 100-day EMA from which it bounced. A lot of sideways movement for Ripple this week, between the key resistance 100% Fibonacci level and the 100 EMA.
Daily chart overall, signals a buy, however, oscillators are on neutral.
S3 0.56663
S2 0.71933
S1 0.81017
P 0.87203
R1 0.96287
R2 1.02473
R3 1.17743
Litecoin’s price has increased by 4,64% from last week’s opening, coming from 154$ to 161$. The highest point of the week was at 182$ on yesterday’s close and the lowest at 142$ on 1. of May. 
As you can see from this daily chart, the price went above the 1,272 Fibonacci level, but it closed below and is currently below 100%, heading toward 100-day EMA, looking for support.
Daily chart signals a buy, overall.
S3 86.403
S2 127.483
S1 153.147
P 168.563
R1 194.227
R2 209.643
R3 250.723
Weekly Crypto Update: After hitting major resistance lines, four of the major cryptocurrencies are experiencing a pullback, like it was predicted in the last week’s forecast.
Those key resistance’s are correlated with the resistance on the global chart as you can see above.
We are currently seeing a correction, after a runup that lasted from April 9.
Check out the substitutionary video for the forecast for the upcoming week.
©Forex.Academy
Market Cap: $435,421,093,161
24h Vol: $22,446,339,237
BTC Dominance: 36.5%
In last 24 hours, cryptocurrency market cap has fallen from 471,210,000,000$ to 435,421,000,000$ where is now sitting.
The market is mostly in red, with the average drop in price by 6% for top 100 cryptocurrencies.
News that came out in the last 24 hours isn’t responsible for the decrease in market capitalization, as news is mostly positive in nature.
New Head Of South Korean Financial Regulator Notes ‘Positive Aspects’ Of Crypto
The newly appointed governor of South Korea’s Financial Supervisory Service (FSS) said that he sees “some positive aspects” to cryptocurrencies in a press conference today, May 6. The governor also said the FSS will be working on crypto regulatory “issues” in collaboration with other regulators, local news outlet The Korea Times reports.
Source: cointelegraph.com
Azerbaijan’s Taxes Ministry Says Crypto Revenue Is Subject To Taxation
Revenue from crypto-to-fiat transactions will be subject to taxation in Azerbaijan, local news outlet Trend reported Saturday, May 5. Nijat Imanov of the country’s Taxes Ministry outlined the new measures during the second Finance and Investment Forum (FIF 2018) in Baku Saturday.
Source: cointelegraph.com
Japan’s Financial Watchdog Sets Out New Requirements For Crypto Exchanges
Japan’s financial watchdog, the Financial Services Agency (FSA), has laid out yet further regulatory stipulations for domestic crypto exchanges, Cointelegraph Japan reports today, May 6.
Source: cointelegraph.com
“It Never Was a Security”: Ethereum Under The Regulatory Spotlight
The cryptocurrency is subject to a looming enquiry by the US Securities and Exchange Commission (SEC) as well as the Commodity Futures Exchange Commission (CFEC) for its token presale in 2014. According to the Wall Street Journal, regulators are taking a close look at the cryptocurrency and whether it should be classed as a security, as set out in the Securities Act 1933. The major point of concern is the presale of ETH tokens in 2014. In total, 31,000 BTC were raised by the Ethereum Foundation to fund the development of Ethereum – worth around $18.3 mln at the time (and about $300 mln at press time).
Source: cointelegraph.com
From yesterdays opening, the price of Bitcoin has dropped by 6,78% coming from 9960$ to 9286$ where it is now sitting.
Looking at the daily chart we can see that the price went above 0.618 Fibonacci level, retested it for support, but it didn’t hold and is now below it. The price is, however, still above the 100-day EMA.
Zooming into an hourly chart, we can see the momentum behind the drop, and it was the same strength as the prior rise from the triangle pattern.
Hourly chart signals a sell.
Pivot points
S3 8672.2
S2 9182.2
S1 9420.5
P 9692.2
R1 9930.5
R2 10202.2
R3 10712.2
ETH/USD
In the last 24 hours, the price of Ethereum has dropped by 12,66% coming from 838$ to 733$ where it is now sitting.
Looking at the daily chart we can see that as in the case of Bitcoin, Ethereum’s price has reached the upper Fibo level, before being repealed by it, and is now in a downward trajectory.
Zooming into an hourly chart we can see the similarities with Bitcoin – the momentum is equally strong as is was when the price was rising, and because of this, the head and shoulders pattern is being formed, with the head slightly sticking out from above the 2 Fibonacci level.
That’s why hourly chart signals a sell.
Pivot points
S3 629.13
S2 712.33
S1 753.06
P 795.53
R1 836.26
R2 878.73
R3 961.93
XRP/USD
Ripple’s price has dropped by 12,57% coming from 0.926$ to 0.814$ in the last 24 hours.
On the daily chart, we can see that once again the price failed to break the key resistance level at 0.92, and was repealed by it, pushing it down significantly. It is now sitting at the 100 day EMA which serves as support.
Looking at the hourly chart, we can see that the price is at the same levels as it was at the beginning of the three consecutive upward channels, looking for support.
Hourly chart signals a sell.
Pivot points
S3 0.71843
S2 0.79646
S1 0.83029
P 0.87449
R1 0.90832
R2 0.95252
R3 1.03055
Conclusion
As stated in the last daily update on Friday 4. May, the prices have reached the key resistance levels and were likely going the get repealed by them, as the momentum behind the upward move was starting to get exhausted, which could be seen from price action. That was, in fact, the case. After the surge in price, we are experiencing a first serious pullback in the cryptocurrency market.
©Forex.Academy
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.
Market Cap: $409,364,645,716
24h Vol: $30,469,124,781
BTC Dominance: 37.3%
In the last 24 hours, the evaluation of market capitalization has dropped from 438B to 404B and has found support at those levels.
News
News that came out in the last 24 hours are mostly regarding governmental relation to cryptocurrencies. Some of the headlines are the following:
US: ICO Market Is Example Of Unregulated Securities Market, Says SEC Commissioner
US Securities and Exchange Commission (SEC) Commissioner Robert Jackson highlighted consumer protection regarding Initial Coin Offerings (ICO) in an interview on CNBC today, April 30.
Source: cointelegraph
Iran: Model Of State-Issued Digital Currency Now Ready, Says Gov’t Minister
An Iranian government minister has confirmed that an experimental model of a domestic digital currency is now ready, Reuters reported Saturday, April 28.
Source: cointelegraph
US Federal Trade Commission To Offer Free Workshop On Crypto Scams
The US Federal Trade Commission (FTC) will be holding a free workshop this summer titled “Decrypting Cryptocurrency Scams” according to a press release published today, April 30.
Source: cointelegraph
Saudi Arabian Communications Ministry Hosts ‘Blockchain Bootcamp’ With ConsenSys
The government of Saudi Arabia completed a “blockchain bootcamp” last week, the Ministry of Communications and Information Technology (MCIT) announced in a press release April 29.
Source: cointelegraph
Bitcoins price dropped from 9396$ 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.
S3 1793.1
S2 5135.4
S1 7188.0
P 8477.7
R1 10530.3
R2 11820.0
R3 15162.3
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.
Zooming into the hourly chart we can see the wich being a drop to 632$ after the price quickly bounced back.
Hourly chart signal is leaning to the sell side.
S3 420.56
S2 541.36
S1 612.31
P 662.16
R1 733.11
R2 782.96
R3 903.76
In the last 24 hours, the price of Ripple has fallen by 7% from 0.86$ to 0.8$ where it is now sitting.
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.
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.
Hourly chart signals a sell
S2 0.29625
S1 0.57893
P 0.77278
R1 1.05546
R2 1.24931
R3 1.72584
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
Market Cap: $430,509,684,622
24h Vol: $31,576,562,200
BTC Dominance: 36.8%
In the last 24 hours market cap has been struggling to create higher highs. Yesterday’s opening market cap evaluation was 345,980,000,000$ 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 $10,000
Source: newsbtc.com
In the last 24 hours, the price of Bitcoin hasn’t changed much. It went from 9350$ to 9520$ and is now sitting at approximately the same levels as on the start of April 29, which is 9340$.
Looking at the daily chart, we can see that the price action is constrained. Sunday ended on a doji, and we are now seeing the struggle to create higher highs. The price is above 100-day EMA and between 0.5 and 0.618 Fibonacci levels.
The current market sentiment is positive.
Looking at the hourly chart, we can see the sideways price action movement. The price is between 100 and 50 EMA, and it bounces back of the 100 EMA.
Overall, hourly chart signals a sell.
S3 7024.7
S2 8139.9
S1 8742.8
P 9255.1
R1 9858.0
R2 10370.3
R3 11485.5
In the last 24 hours, the price of Ethereum rose only by 0.5%. The price is currently 686$ which is 4$ more than the yesterdays opening price.
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.
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.
S3 420.56
S2 541.36
S1 612.31
P 662.16
R1 733.11
R2 782.96
R3 903.76
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.
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
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.
S3 0.29625
S2 0.29625
S1 0.57893
P 0.77278 1
R1 1.05546
R2 1.24931
R3 1.72584
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
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.
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 $165 Mln In BTC And BCH From Its Wallets
>16,000 Bitcoin (BTC) and 16,000 Bitcoin Cash (BCH) have been moved out of cold wallets associated with the infamous, now defunct Japanese Bitcoin (BTC) exchange MT. Gox today, April 26, according to Mt. Gox cold wallet tracking data on Crypto Ground.
Source: cointelegraph.com
Comcast’s Venture Capital Arm Is Bullish On Bitcoin and Blockchain
>Gil Beyda, managing director of the venture capital (VC) arm of Comcast, appeared on CNBC today, April 26, with a bullish outlook for Bitcoin and real-world applications of blockchain technology
Source: cointelegraph.com
17 Mln Of Total 21 Mln Bitcoins Now Mined In Milestone For Digital Scarcity
>In a round million milestone, 17 mln bitcoins (BTC) have now been mined as of today, April 26, according to data from statoshi.info. Because of Bitcoin’s supply cap of 21 mln, this means that only four mln Bitcoin, or about 19 percent, remain to be mined.
Source: cointelegraph.com
In the last 24 hours, the price of Bitcoin has increased by 5,42% coming from 8750$ 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 again
The current sentiment for Bitcoin is positive according to sentimnt.io having 74% positive mentions out of 70 in total.
Zooming 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.
S3 6109.5
S2 7355.5
S1 8134.0
P 8601.5
R1 9380.0
R2 9847.5
R3 11093.5
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.
The current sentiment for Ethereum is very positive according to sentimnt.io having 82% positive mentions out of 67 in total.
Hourly chart is similar to that of Bitcoin, meaning that the price is forming a mini cup and handle pattern.
Overall hourly chart signals a buy
S3 324.51
S2 450.42
S1 527.43
P 576.33
R1 653.34
R2 702.24
R3 828.15
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 negative, having 61,5% negative mentions out of 13 in total, according to sentimnt.io
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.
S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899
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
Dash (DASH)
Market Cap. $3.81B
Circulating Supply: 8.03M DASH
Max Supply 18.9 DASH
Volume (24h) $111.72M
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 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.
Market Cap: $384,204,107,562
24h Vol: $36,631,965,479
BTC Dominance: 38.8%
In the past 24 hours, crypto market capitalization has plummeted down from 437 billion dollars to 382,3 billion, and spiked up. This downward channel looks like it’s the part of wider cup and handle formation that originates from 21 March at 355 billion dollars.
Having said that, this pullback can potentially end somewhere at these levels.
News that came out in the past day are extremely positive. Analytical content is bullish, dominant headlines are about cryptocurrency adoption and use cases. Those that stand out are the following:
Philippine Gov’t To Allow Country’s First Crypto Businesses In Special Economic Zone
The Philippine government will allow 10 Blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone, Reuters reports April 25.
German Securities Trading Bank Reportedly Becomes First In Country To Trade Crypto
VPE WertpapierhandelsBank AG (VPE), a German securities trading bank, has partnered with Berlin-based technology company solarisBank to launch a cryptocurrency trading service for institutional investors, according to a VPE press release April 25.
Nasdaq CEO Says Company ‘Open’ To Becoming Crypto Trading Platform When Market Matures
The CEO of Nasdaq said that the stock market could become a platform for trading cryptocurrencies in the future, if the market becomes more regulated, CNBC’s Squawk Box reports Wednesday, April 25.
In the last 24 hours Bitcoins price went down from slightly below 9700$ 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.
Source: sentimnt.io
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.
S3 6109.5
S2 7355.5
S1 8134.0
P 8601.5
R1 9380.0
R2 9847.5
R3 11093.5
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.
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.
Overall, hourly chart signals a sell
S3 324.51
S2 450.42
S1 527.43
P 576.33
R1 653.34
R2 702.24
R3 828.15
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.
Source: sentimnt.io
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
S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899
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
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
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
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.
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.
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 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.
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.
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.
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
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.
The 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.
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 $10,000.
Source: ccn.com
MIT Publishes a Plan to ‘Destroy’ Bitcoin
The MIT Technology Review has a plan — or three — to take down Bitcoin. Writing in an article titled “Let’s Destroy Bitcoin,” tech writer Morgan Peck presents three scenarios that she believes could lead to Bitcoin’s eventual demise.
Source: ccn.com
Snoop Dogg to Perform at Ripple’s Blockchain Week NYC Party
Distributed ledger startup Ripple is hosting a VIP gathering featuring Snoop Dogg – and will be giving away 10 tickets to the event on Twitter.The company announced Tuesday that Snoop would perform at its XRP Community Night during Blockchain Week NYC in May. The event itself will celebrate the company’s work to date in developing its XRP token and the accompanying ledger technology.
In the last 24 hours the price of Bitcoin went from 8911$ to 9700$ which is 9,31% increase, but since the price reached the highest point, it has retraced to 9380$ where is now sitting.
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.
Source: sentimnt.io
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.
S3 6109
S2 7355
S1 8134
P 8601
R1 9380
R2 9847
R3 11093
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$.
Looking at the daily chart, we can see that the price is still above 100-day EMA and 1.618 Fibonacci level.
The current sentiment for Ethereum is positive, meaning out of 98 mentions in total, 77,5% are positive.
Source: sentimnt.io
Looking at the hourly chart, we can observe the interaction with the 1.618 Fibonacci level better. The price went below it and is now retesting it from the other side. Also on this chart, we can see that the price has fallen to the 100 EMA which served as support.
Overall, hourly chart signals a sell.
S3 324
S2 450
S1 527
P 576
R1 653
R2 702
R3 828
In the last 24 hours, Ripple’s price has dropped by 5,8%. Ripple opened at 0,87$, rose up to 0.96$ before falling down to the lower point from yesterday’s open at 0.82$.
Looking at the daily chart we can see that the price of Ripple is on the downward trajectory, but its held by 100% Fibonacci level. The price is likely going to fall back to somewhere around the levels of the 50-day EMA and the blue support line at approximately 0.7$
The current market sentiment for Ripple is positive, meaning 79% out of 73 mentions in total are positive.
Source: sentimnt.io
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.
S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899
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
Market Cap: $420,627,984,827
24h Vol: $27,680,549,243
BTC Dominance: 37.4%
In the last 24 hours market cap has been rising and the rising, all the way from 388B to around 420B where is now sitting.
This new high exceeds the level from which the market cap evaluations was 7. March which is a good confirmation that the uptrend has begun.
Crypto Market Consolidation News:
News that came out in the last 24 hours is very positive, and leaning towards cryptocurrency adoption and acceptance.
Chinese Gov’t Reiterates Strict Stance On Crypto, Focuses On Illegal Fundraising
The Chinese government has recently reiterated its negative stance towards Initial Coins Offerings (ICOs) and cryptocurrency exchanges at a news conference in Beijing, claiming that financial authorities will continue to monitor private lenders’ interest rates, securities companies, and futures firms to combat illegal fundraising, Reuters reports April 23.
Source: Helen Partz, April 24, cointelegraph.com
U.S. Court Rules Money Laundering-Related Case Against Coinbase Must Have Public Trial
A U.S. federal court has ruled that law firm Silver Miller’s money laundering-related class action lawsuit against crypto exchange and wallet must be held in open court as opposed to a private arbitration boardroom, Silver Miller attorney David Silver told Cointelegraph in an email today.
Source: Molly Jane Zuckerman, April 24. Cointelegraph.com
California State Senator Promotes Blockchain Bill For Recording Stock Information
Last week, Senator Bob Hertzberg (D), who represents California’s 18th Senate District, advanced legislation permitting Blockchain technology for certain business practices, financial information platform Equities.com
Source: Ana Alexandre, April 24. Cointelegraph.
In the last 24 hours, Bitcoin’s price went from 8800$ to 9250$ which is approximately 5% increase.
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.
Source: sentimnt.io
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.
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
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.
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.
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.
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.
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.
Overall, hourly chart signals a buy.
Pivot points:
S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899
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.
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.
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 $630, as the crypto markets continue to climb upwards today, April 22, according to data from Coin360.
Source: Molly Jane Zuckerman, April 22. cointelegraph.com
Buyers Control the Cryptocurrency Market More Than Any Time Since March 2017
The percentage of cryptocurrency traders ‘in the buy’ has reached the highest level in over a year, a strong sign that the market’s two-week recovery has more room to grow.
Source: Sam Bourgi, Aprill 22. hacked.com
This kind of news may impact the market positively because investors may be grabbed by their attention.
In the last day, the price of Bitcoin has been stagnating at around the levels of the prior high on March 20-24. As you can see from the daily chart, 22. April candle was a doji, and the price has been held by 100-day EMA.
The current market sentiment for Bitcoin is positive, meaning out of 150 mentions in total 74% are positive.
Source: sentiment.oi
Looking at the hourly chart, we can see that the price has bounced off the 50-period EMA and is now looking to potentially cross it below, to retest the 100 EMA before advancing further to the upside.
Overall hourly chart signals a buy.
Pivot points
S3 6109
S2 7355
S1 8134
P 8601
R1 9380
R2 9847
R3 11093
ETH/USD
Since yesterday the price of Ethereum has been rising from 594$ 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.
The current sentiment is positive, meaning out of 50 mentions in total 78% are positive.
Source: sentiment.io
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.
Pivot points:
S3 324
S2 450
S1 527
P 576
R1 653
R2 702
R3 828
XRP/USD
In the last 24 hours price of Ripple is stagnating on the same levels around 0.86$. As you can see from this daily chart, the price went above 100-day EMA and 100% Fibo level. Since then it has fallen back to exactly to the Fibo level to retest it for support.
The current market sentiment for Ripple is positive, meaning out of 70 mentions in total, 75% are positive.
Source: sentiment.io
Looking at the hourly chart, we can see the interaction between the Fibonacci level and the 50 EMA.
Overall, hourly chart signals a sell.
Pivot points:
S3 0.20439
S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899
After the market experienced a run-up, the prices are starting to get held back from advancing further, by first stronger resistance served by 100-day EMA’s and significant Fibonacci levels. Will the price breach out to the more upside, or retrace back to retest prior support we will just have to wait and see. However, Ripple can offer some clues on what is likely going to happen, as Ripple was the first cryptocurrency that showed advancement in this upward move.
© Forex.Academy
At the start of the week on Monday, April 16 the cryptocurrency market cap was around 338 Billion and has dropped approximately 20 billion dollars on a single day, coming to the lowest point of the week at around 318,320,000,000$. Since then, the market cap rose to around 374 billion dollars, which means that another 55,68 billion dollars have entered the market.
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.
Pivot points:
S3 4361
S2 5990
S1 6997
P 7619
R1 8626
R2 9248
R3 10877
ETHUSD
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
Pivot points:
S3 183
S2 327
S1 415
P 471
R1 559
R2 615
R3 759
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
Pivot points:
S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715
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.
Pivot 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.
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
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 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 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
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 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.
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
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.
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 $400 mln in NEM being stolen.
Source: guest author, April 19. cointelegraph.com
Crypto Exchange CEO Runs For Mayor Of Taipei To Make It Asia’s ‘Pioneer Blockchain City’
CEO of major over-the-counter (OTC) crypto exchange OTCBTC and Facebook hackathon winner Yi-Ting Cheng (better known as xdite) has announced that she is running for mayor of the Taiwanese capital city Taipei this year, according to Cheng’s Facebook post on April 14.
Source: Molly Jane Zuckerman, April 19. cointelegraph.com
Chilean Banks vs. Crypto Exchanges: Will Citizens Have Access to Technology?
Earlier this week, a group of cryptocurrency exchanges in Chile applied to the courts to fight the decision of banks to shut down their bank accounts. The exchanges, including Buda, Orionx, and CryptoMarket (CryptoMKT), state that the banking system in Chile is taking matters into their own hands and that they are “killing the entire industry.”
Source: Darryn Pollock, April 20. cointelegraph.com
In the last 24 hours, the price of Bitcoin went from 8146$ 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.
The current market sentiment for Bitcoin is positive, meaning 70% out of 85 mentions in total are positive.
Source: sentimen.io
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
Pivot points:
S3 4361.0
S2 5990.0
S1 6997.9
P 7619.0
R1 8626.9
R2 9248.0
R3 10877.0
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.
The current market sentiment for Ethereum is positive, meaning 78% out of total 97 mentions are positive.
Source: sentimen.io
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.
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 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 positive.
Source: sentiment.io
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.
Pivot points:
S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715
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.
Market Cap: $343,721,340,582
24h Vol: $20,346,209,841
BTC Dominance: 40.3%
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 $133 mln in funding from big name investors, according to an official blog post published today, April 18.
Source: Helen Partz, April 18. Cointelegraph.com
Hedge Fund Och-Ziff Exec Leaves Wall Street To Become Coinbase CFO
The Chief Financial Officer (CFO) at Wall Street’s Och-Ziff Captial Management (Oz Management) has left to become the new CFO at major crypto wallet and exchange service Coinbase, according to Coinbase’s blog post published yesterday, April 17.
Source: Molly Jane Zuckerman, April 18. Cointelegraph.com
China’s Telecom Giant Huawei Launches Blockchain-As-A-Service Platform
Chinese telecommunications giant Huawei revealed its latest Hyperledger-fuelled Blockchain offering at a conference in Shenzhen Tuesday, April 17. The Blockchain-as-a-Service (BaaS) tool, which comes a month after the release of Huawei and Hyperledger’s joint project Caliper, will be known as the decidedly low-key “Blockchain Service.”
Source: William Suberg, April 18. Cointelegaph.com
Energy Giant BP Says It’s Tested ‘Internal’ Tokens
Energy giant BP would consider partnering with blockchain startups that are doing initial coin offerings, and it’s even tested tokens internally, an executive said Wednesday. Speaking at the Blockchain Expo in London, Julian Gray, the technology director for BP’s digital innovation organization, voiced a common theme: non-financial enterprises are perhaps more open to open-blockchain innovation than their financial-services counterparts.
Source: Ian Allison, April 18. Coindesk.com
In the past 24 hours, Bitcoin is up around 3,55%, coming from slightly below 8000$ 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.
The current market sentiment for Bitcoin is slightly positive, meaning 65% out of 297 mentions in total are positive.
Source: sentiment.io
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.
Pivot points:
S3 4361
S2 5990
S1 6997.9
P 7619
R1 8626
R2 9248
R3 10877
ETH/USD
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.
Source: sentiment.io
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.
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
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.
The current market sentiment for 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:
S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715
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.
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 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 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 surged by 23.80% in the last 7-days, but has failed to stabilize above the $70.00 and now could register another drop.
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 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.
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
Cryptocurrencies have been stagnant and without many big moves to either side. The reason for that is the uncertainty abbot what happens on the tax day. We see less movement
Cryptocurrencies have been stagnant and without many big moves to either side. The reason for that is the uncertainty abbot what happens on the tax day. We see less movement
Cryptocurrencies have been stagnant and without many big moves to either side. The reason for that is the uncertainty abbot what happens on the tax day. We see less movement in crypto because, whoever wanted to pull their money out before tax date, did already, and we now see only people that hold.
BTC/USD consolidating
After the recent spike due to positive fundamental news (approval of the Muslim community), Bitcoin has its momentum slowed down. It made an attempt over an 8230 Fibonacci retracement line of resistance, but failed and is now consolidating and going slightly downwards, with decreasing volume. The price range is currently between the 50 EMA and 100 EMA on the 1h time frame.
NEO/USD bouncing off the resistance line
As we have concluded in the last analysis, neo was in a tough spot, and the most likely thing that would happen to it was the bounce off the red resistance line (shown in the graph). That is exactly what happened to it. This is a big deciding point for NEO, as indicators are “fighting” for the range and the direction of the next movement. RSI just left overbought, volume is declining, and there is a major resistance on the upside, but there are also both EMAs as support, they crossed each other, signaling a bull trend. I am more inclined towards the bear side for a bit until all the indicators get in line.
XRP/USD forming a triangle pattern
XRP has recently spiked, after the big announcement that regarded cooperation with Apple. When that happened, XRP spiked up and broke the $0.63 resistance line, which has now become support. It bounced off of it a couple of times, forming a perfect triangle pattern, with the expected breakout from the pattern around the 19th or 20th of April. It will most likely be an upwards move, but it can’t be said with certainty. EMAs and the support line form a “defense” against triangle patter break downwards, but ultimately, people will decide.
Final word
Markets are mostly consolidating since these are uncertain times fundamentally. Everyone is waiting for a catalyst, for a reason to re-enter the market. The next few days will determine the overall short-term trend of the market, so watch out for the swing trades for now. One thing is good, and that is the increasing volume in the general crypto market.
© Forex.Academy