Categories
Crypto Market Analysis

Low Volatility In The Cryptocurrency Market

General overview:

Market Cap: $325,989,899,352

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

BTC Dominance: 41.7%

Low volatility in the cryptocurrency market

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

News:

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

Mastercard Patents Blockchain Tech To Combat Fake Identity

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

Source: Marie Huillet, April 16. Cointelegraph.com

Crypto Investor Ian Balina Hacked for Millions of Ether During Livestream

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

Source: Conor Maloney, April 16. Ccn.com

NASA Researches Ethereum Blockchain Tech for Deep Space Exploration

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

Source: Samburaj Das, April 16. Ccn.com

Analysis

BTC/USD

BTC/USD Cryptocurrency Market

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

sentiment for this cryptocurrency is slightly positive

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

Cryptocurrency Market Chart

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

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

hourly chart signals

Pivot points:

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

ETH/USD

ETHUSD-D

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

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

Source: sentiment.io

current market sentiment for Ethereum

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

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

Pivot points:

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

XRP/USD

XRPUSD-D

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

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

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

 

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

Pivot points:

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

 

Conclusion:

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

Categories
Crypto Market Analysis

Bitcoin Update March 17

Bitcoin Update

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

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

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

BTC/USD April-17/2018

 

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

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

© Forex.Academy

Categories
Crypto Market Analysis

Bitcoin Shines Again

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

Will Bitcoin Rise Again

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

Will Bitcoin Rise Again

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

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

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

Ethereum rebound in play

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

Ethereum rebound in play

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

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

Litcoin still under pressure

Litcoin still under pressure

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

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

Conclusions

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

Categories
Crypto Market Analysis

Market Capitalization Sligthly Up

General overview:

Market Cap: $327,852,350,305

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

BTC Dominance: 42.1%

Total Market Capitalization

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

News:

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


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

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

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

Malta Regulator Seeks Feedback On Proposed Crypto Financial Instrument Test

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

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

Source: Molly Jane Zuckerman April 16, cointelegraph.com

Mastercard Eyes Blockchain for Fighting Fake Identities

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

Source: Annaliese Milano, April 16. Coindesk.com

Analysis

BTC/USD

BTC/USD chart

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

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

Bitcoins price went from 8060$ to 8383$

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

hourly chart signals a sellOverall, hourly chart signals a sell

Pivot points:

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

ETH/USD

Ethereum’s price went from 504$ to 533$

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

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

 

price found resistance at the 1,272 Fibonacci level

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

hourly chart signals

Overall, hourly chart signals a sell.

Pivot points:

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

XRP/USD

XRP/USD

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

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

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

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

Pivot points:

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

 

Conclusion

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

Categories
Crypto Market Analysis

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

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

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

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

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

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

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

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

 

Categories
Crypto Market Analysis

The crypto market showing oversold signs

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

Bitcoin

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

Cryptocurrency Market BTC/USD dropped

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

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

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

Ethereum

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

Ethereum downside movement

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

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

Ripple

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

Ripple tries to become the leader in the payments transfer sector

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

Categories
Crypto Market Analysis

Market Capitalization Steadily Rising

General overview:

Market Cap: 265,099,377,794$

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

BTC Dominance: 43.8%

Cryptocurrency Daily Update

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

Ripple - Cryptocurrency Daily Update

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

News

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

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

Japan Has Over 3.5 Million Cryptocurrency Investors

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

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

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

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

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

New Blockchain Investment Fund With Chinese State Ties Launches

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

Analysis

BTC/USD

 

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

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

 

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

Overall hourly chart signals a sell.

Pivot points:

S3        4773.3

S2        5857.9

S1        6375.2

P          6942.5

R1       7459.8

R2       8027.1

R3       9111.7

 

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

 

ETHUSD

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

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

Ethereum - Cryptocurrency Daily Update

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

 

Overall the hourly chart signals a buy.

Pivot points:

S3        266.92

S2        326.80

S1        355.48

P          386.68

R1       415.36

R2       446.56
R3       506.44

 

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

XRP/USD

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

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

Ripple XRP/USD

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

 

Overall hourly chart signals a buy.

Pivot points: 

S3        0.29764

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

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

Conclusion

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

Categories
Crypto Market Analysis

Bitcoin reverses and entered into losses again

 

BTC

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

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

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

 

ETHEREUM

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

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

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

XRP

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

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

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