Categories
Crypto Market Analysis

Daily Crypto Update 19.06.2018 – Green Market But Some Uncertainty

The market is in green again and after the unexpected positive movement in all the charts yesterday, there is a question in the air and it is; how manipulable is the market and where these unexpected movements come from when it is evident that there is no important fundamental news especially in BTC which is the currency that moves the others?


General Overview


Live Crypto News:
Market Cap: $293.010.746.832
24h Vol: $13.905.498.839
BTC Dominance: 39.8%


marketCap19.06 - Live Crypto News:
marketCap19.06

The capitalization of the market continues to rise as well as the daily volume, this may mean that we could have a continuation of the increases if there is a strong enough push in the buyers.


Live Crypto News


TRON [TRX] the only double-digit gainer among top 50 [24 hrs].
Source: ambcrypto

‘Flaws’ in Japan’s Biggest Crypto Exchanges Will See Regulator’s Warnings
A handful of major Japanese exchanges including bitFlyer, Japan’s biggest and best-funded crypto trading platform, are facing business improvement orders from the country’s financial regulator and watchdog.
Source: ccn.com

‘A Moral Hazard’: Bank of Korea Opposes Central Bank Digital Currency
The Bank of Korea (BoK) has revealed it is against the idea of issuing a central bank digital currency following a feasibility review.
Source: ccn.com

Active Blockchain Projects in Use? Logistics is Overtaking Finance
Many predicted that finance would be among the first innovators in the blockchain. Harvard Business Review concluded that education about blockchain is no longer lacking in finance as it is in industries like manufacturing, predicting we’ll see finance projects finished first.
Source: ccn.com


Analysis


ETH/USD

Ethereum responded positively to the markets rise yesterday which represents gains of 7.37% in the last 24 Hours, after the breakout of the critical resistance of $520 the pair reached pivot R1 in $540 and at this moment is trying to cross this line. Nevertheless, the EMA of 100 periods is a little lower doing its job as strong resistance at this time. The RSI is in the overbought area as well as the Stochastic so the buyer impulse may be weakened in the next hours.



Market sentiment

ETH 4h chart bullish.

Oscillators are on the overbought zone.


Pivot points

R3 629.1 
R2 584.3 
R1 540.6 
P 494.7
S1 451.1 
S2 406.5 
S3 362.2

TRON/USD

TRON has gained 16.32% in the last 24 hours, apparently due to the negotiations that have already been made public about reports that founder Justin Sun is up to close a deal to acquire BitTorrent.


Now TRX is trading at $0.049, up from $0.041 from yesterday; the price has crossed the pivot R1 and now is trying to beat the EMA-100 after crossing the upper line of the descendant channel. If buyers pressure is strong enough the price should stay above the R1 for the next hours, waiting for a trend change that is not yet confirmed, the RSI and Stochastic indicators are in an overbought area which could send the price back to the channel.


Market sentiment

TRX 4H chart is showing Bullish.

Oscillators are on the overbought zone.


Pivot points

R3 0.0599 
R2 0.0545 
R1 0.0484 
P 0.0428
S1 0.0369
S2 0.0313 
S3 0.0252

ADA/USD

ADA has gained 4.55% in the last 24H but has been moving within a narrow range in the last week, the price has not reacted to the latest news that says Cardano has been added to a tradable asset on eToro.


The support at $0.155 has been tested several times while the immediate resistance is at $0.1721. My appreciation for the pair is of a bearish continuation in the medium term, even though the indicators have already left the overbought area.


Market sentiment

ADA 4H chart is showing Bearish.

Oscillators are pointing up in and over the 50 level.


Pivot points

R3 0.2194 
R2 0.2003 
R1 0.1804 
P 0.1614
S1 0.1414
S2 0.1224 
S3 0.1029

Conclusion


Live Crypto News: Difficult levels were overcome in the short term for many pairs but nothing is certain for the next sessions. Most of the cryptocurrencies are in green due to the unexpected yesterdays rise, but there is a lack of clarity about these movements and very likely the tendencies that were strong in the main pairs will be recovered; but if capital continues to enter the market it will help the main Cryptocurrencies to recover all the critical levels lost the last week.

Categories
Crypto Market Analysis

Happenings in the Cryptoverse

Happenings in the Cryptoverse

Bitcoin Vs Altcoins: The Cryptocurrency field is in quite of a rough spot when it comes to price at the moment. With altcoins being pegged to the price of Bitcoin, any movement seems to affect cryptocurrencies globally. Why is this happening and what to do?

 

Why Are Altcoins Dropping In Price More Than Bitcoin?

Bitcoin Vs Altcoins

If, however, Bitcoin is rising in price, they are winding up slower because traders are riding the wave that Bitcoin created. After the spike up happens, altcoins take over and people diversify their portfolios from the previous gains they had.

 

Bitcoin price manipulation or something else?

Bitcoin price manipulation

Is this price fall an “attack” on Bitcoin and all of the Cryptocurrencies, or something else?

As you know, I am very conservative when it comes to accusing someone of price manipulation. There is always (in a way) a form of price manipulation from the big holders, but it’s usually not to shut down an asset, but rather just to profit from it. Also, the MtGox trustee has been a great source of fear and FUD with people, which further decreased optimism when it comes to Crypto.

 

So, it is price manipulation?

Only a small part of the price drop (I believe) is price manipulation. Investors were panic selling every step of the way down. Ultimately, the biggest reason for the drop in the value of Cryptocurrencies is nothing else but levelling of expectations and capabilities.

People had great expectations from day 1 of investing, but the truth is that Cryptocurrencies (most of them) were not ready for mass adoption and mass use, especially Bitcoin. This situation made the Crypto field a speculative field rather than an objective one. The price drop that happened levelled the expectation that people had regarding what Blockchain and Crypto could do for the world, rather than just turn a dollar into a few more, or into none.

Categories
Forex Market Analysis

What Happened Last Week and What Lies Ahead


Last Week Wrap-up


Economic Data Today:

UK

Last week started with a slightly upbeat UK Construction PMI report that slightly beat expectations and the Pound rallied on the news. Next day,  the Market Services PMI figure at 54.0, also beating the expectations continue pushing the Pound higher.

Euro-Zone

Meanwhile, April’s Euro-zone Producer Price Index (YoY) was 2.0%, below the expected 2.4%, while the Composite PMI came at 54.0, as expected.

Then, April’s Euro-zone Retail Sales (MoM) came slightly below expectations at 0.1%  but the year over Year figure kept steady at 1.7%.

What started moving the Euro up was an ECB spokesman’s announcement on June 5th’s “live” meeting discussion regarding QE, at their next June 14th meeting, sparkling the speculation about the end of massive bond purchases.

 

Dax and FTSE

The DAX and the FTSE 100 were having jumpy days, with gaps down that filled during the session. Investors were nervous seeing the FTSE at its near all-time highs, while German DAX suffering was caused by not so good numbers in production and factory orders in the negative territory growth (-2.5% MoM and -0.1% YoY).

 

Australia

June 6th woke up with the positive news about the Australian Economic Growth (YoY) soaring above analysts expectations for the first quarter, reaching 3.1%  above a forecasted 2.8%, and the Aussie jumped up on the news.

 


What lies ahead


 

G7 Meeting

The G7 meeting is the real news queen of this weekend, especially exciting after the verbosity depicted by US President Donald Trump and his tweet-driven messages complaining about his close allies for treating the US unfairly.

Trump, true to his style, refused to endorse a joint G7 declaration calling for a reduction of tariffs.

 

The best description of the meeting came from a fake Angela Merkel tweet:

https://twitter.com/Queen_Europe/status/1005483518271610882

What seems a sure thing is that the underlying trade war is alive and well, with 25% tariff on steel and 10% on aluminium from the EU, Canada and Mexico, after the expiration of the exemptions, and the speedy retaliation by the affected nations. This also raised the question about how alive the NAFTA space remains.

It is likely that this war on tariffs will remain active at least until mid-term elections in November.

 

Trump-Kim Summit

Expect the unexpected here. When two characters like these meet, the unexpected is common.  Trump says he’ll know if Kim is serious in less than 60 seconds and calls the summit a “one time shot” for the North Korean leader.

There is almost nothing at a stake here, as Kim Jon Un has already dismantled the North Korean Nuclear Testing Installations.

 

FED Rate Decision

It is widely expected that FED’s rate decision next Wednesday at 18:00 GMT+2 time will be a 0.25% increase that will put the FED funds rate between 1.75%-2%.

ECB Policy Meeting

The main theme, after the comments of chief economist Peter Praet, is whether the ECB plans to end the bond purchasing program will be announced.

 

Bank of Japan

Friday, June 15th will see the BoJ decision on rates, which the market expects to be kept on hold.  But everybody is expecting the words of BoJ governor Kuroda regarding inflation and quantitative easing.

 


Technical Analysis


 

S&P 500

The S&P 500 is behaving very bullishly. Friday’s close was near the high of the daily range and is heading towards its next resistance area marked in cyan. We have yet to see the effect of the news coming from the G7 meeting and Trump-Kim summit, but the overall picture is bullish.



 

 DAX

The DAX is not that optimist, although it is close to its 2018 peak. The price looked at on a weekly chart is moving at the top of what seems to be a descending channel, and Ehlers Adaptive Cyber Cycle shows that a potential bearish leg has started.



 

Last Friday, the daily chart showed an opening gap that was filled during the day helped by the strength in Wall Street, but the index broke the pennant formation down and the CyberCycle oscillator also signs a possible bearish continuation.



 

FTSE 100

The FTSE 100 has drawn three consecutive weekly bearish candles, but each one of them with less downward impulse than its preceding one. The price is within a triangular formation so it shows a corrective movement. The question now is whether it breaks up or down.  Ehlers Adaptive Cyber Cycle points to a bearish continuation, but it has to be confirmed by price action.



 

The daily chart doesn’t clarify the picture much. Last Friday’s candle is bearish but with a large lower shadow, which points to the bears weren’t in control, but the price moved below the blue trend line that was supporting the minor upward leg. We have to see weakness in the other side of the Atlantic for a confirmation of this bearish continuation.


 

Dollar Index

The Weekly chart of the DXI shows an Evening Star formation and the Cyber Cycle indicator has signs of a cycle change. Therefore my most probable scenario is for a bearish continuation on the Dollar. This means we will see strength in the Euro, the GBP and the JPY, and possibly in the Aussie and Kiwi as well.



 

 

The daily chart shows that the downward move is a bit oversold and it needs some days of retracement or sideways movement before a continuation. Last Friday’s price has drawn a bullish hammer and Thursday’s movement bounced off the 93.24 support.


 


Interesting Educational Charts from last week’s action


AUDUSD  and NZDUSD 60 min Charts

This is a classic Elliott Wave 5 waves upward movement within a large Pennant formation. The break of the pattern and the 5th wave is the start of the corrective downward movement. (click ‘play’ to watch the development)



 

The same pattern is seen in the NZDUSD:



 

AUDJPY

AUDJPY had a five-wave upward movement that went to its previous top, hitting resistance. A short setup was triggered then the price pierced the bullish trendline downwards.



 

BTCUSD

For those crypto junkies may I present a classical bearish pennant on the BTCUSD that showed a kind of exhaustion to the upside. The breaking of this triangular formation was a very good short setup.



 

 

 

Categories
Crypto Market Analysis

EOS Breakout Trade Ahead

A 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.

Categories
Crypto Market Analysis

Daily Crypto Update 08.06.2018 – First Signs Of Weakness


General Overview


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%.


News


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.


Analysis


BTC/USD

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

DASH/USD

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

XMR/USD

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

NEO/USD

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

Conclusion


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.

 

Categories
Crypto Market Analysis

Daily Crypto Update 04.06.2018 – No Trade Zone


General Overview


Market Cap: $345,759,677,827

24h Vol: $16,991,056,608

BTC Dominance: 37.7%

In the last 24 hours, the evaluation of the cryptocurrency market capitalization has been on the rise from 343,187,000,000$ to 354,900,000,000$ at the highest point and has retraced sharply since to 343,918,000,000$.

The market is mixed in color, but the dominant one is red with an average decrease of 4% amongst the top 100 coins. Biggest losers are IOTA which experienced a decrease of 9%, Loom network the same around 9% and MOAC by 8.3%.


News


There haven’t been any major headlines over the weekend that can impact the market’s sentiment, however, those stories that came out as significant are positive overall. Many are analytical in nature, as analysts are eager to see if the prices have bottomed out.

For example, Joost van der Burgt, policy adviser at the Federal Reserve Bank of San Francisco who is leaning on the work of Hyman Minsky and his five stages of an asset bubble (displacement, boom, euphoria, profit-taking, and panic), believes that Bitcoin is in the profit taking stage and that the panic stage is yet to come.

Positive headlines are those regarding blockchain tech adoption and governmental relation to crypto.

China

Baidu, the Chinese multinational technology company specialising in Internet-related services and products, is planning to launch a protocol aimed at reducing mining energy consumption, according to a report by China News Weekly today, June 3.

Spain

Spanish Congress unanimously supported draft legislation that would favourably regulate blockchain technology and cryptocurrencies in the country. However, there are complications with the EU laws compliance, but the attempts to legalise cryptos in Spain are going to be successful.

South Korea

The South Korea National Assembly is set to re-legalise Initial Coin Offerings (ICO) in the country.

Abu Dhabi

Maqta Gateway LLC, a wholly owned subsidiary of Abu Dhabi Ports, has become the first entity in Abu Dhabi to deploy its own blockchain solution, Construction Business News reports June 2.

On the flipside, the negative news is about ZenCash 51% hack

ZenCash became the target of a 51% attack like we saw recently on Bitcoin Gold. The hacker obtained more than 50% of the hashrate, giving him control over the network, but the team at ZenCash acted immediately, containing the attack to only two double spending transactions of 19,000 ZEN which is around 558,000$.


Analysis


BTC/USD

From yesterday’s open, the price of Bitcoin has decreased by only 0.45%. The price has been rising from 7639$ to 7751$ and has retraced since to the 7602$ level where it is currently sitting.



 

Looking at the daily chart we can see that the price of Bitcoin is in the cross-section of many significant trendlines. The price went above the baseline support (bold black line) but was stopped out at the triangle resistance (bold blue line) and 0.236 Fibo level, and it has retraced back to the baseline support.



 

Zooming into the hourly chart, we can see that the price broke out from an ascending wedge from the downside and is currently below the baseline support.


Market sentiment

Hourly chart technical signal a sell.

Oscillators are on neutral and moving averages signal a sell.


Pivot points

S3 7341.0 
S2 7520.0 
S1 7619.0 
P 7699.0 
R1 7798.0 
R2 7878.0 
R3 8057.0

ETH/USD

From yesterday’s open, the price of Ethereum has increased by 1.7%. The price went from 594$ to 625$ but it has retraced since to the high of 603$ where it is currently sitting.



 

Looking at the daily chart, we can see that the price of Ethereum has hit the downward channel resistance line and was repealed by it and is now heading down.



 

Zooming into the hourly chart, we can clearly see the momentum behind the upward movement, and how the price interacted with the resistance line – it went above it, retested it for support but the support wasn’t there so the price fell below it again and is currently sitting on the support line of the ascending triangle from which it broke previously.


Market sentiment

Ethereum is in the sell zone, as indicated by the hourly chart technicals.

Oscillators are on neutral, and moving averages signal a sell.


Pivot points

S3 343.61 
S2 452.53 
S1 521.49 
P 561.45 
R1 630.41
R2 670.37 
R3 779.29

LTC/USD

From yesterday’s open the price of Litecoin has decreased by 1.38%. The price went from 123$ to 127.9$ at the highest point and has retraced since to 122$ where it is currently sitting.



On the daily chart, we can see that the price of Litecoin went above the retracement zone, but quickly fell into it again leaving a wick on yesterday’s candle.



Zooming into the hourly chart, we can see clearly what happened at these levels – the price went above the 124.87$ support level, retested it for support but it didn’t find it, which is why the price quickly fell below it back to the retracement zone to the prior resistance line, where it did find some temporary support.


Market sentiment 

As in the case of Bitcoin and Ethereum, Litecoin is in the sell zone.

Oscillators are on neutral, and moving averages signal a sell.


Pivot points

S3 110.023 
S2 117.893 
S1 121.657 
P 125.763 
R1 129.527 
R2 133.633 
R3 141.503

Conclusion


We can see that the prices are struggling to get above their resistances even though the buying was triggered. A lot of sideways movement is experienced, and a lot of significant trendlines are near, so without any confirmation as to where the prices are going from here, I conclude that we are in a no trade zone.

 

Categories
Crypto Market Analysis

Daily Crypto Update 29.05.2018 – Price Action is Showing Signs of a Struggle


General Overview


Crypto Coin Market News:

Market Cap: $306,776,676,366 
24h Vol: $15,425,897,276 
BTC Dominance: 39.8%

In the last 24 hours, cryptocurrency market capitalization has been declining steadily from $328,1B which was yesterdays high to $306B where it is currently sitting. 
Crypto Coin Market News:

The market is mostly in red as you would presume, with an average decline of 3-4% among top 100 coins. There are some in green as well. For example, Cardano (ADA) is up by 6.4%, Icon by 2.16%, Golem by 5% and CyberMiles is the biggest gainer amongst the top 100, experiencing an increase of 21%.


Crypto Coin Market News


Top stories that came out in the last 24 hours are mostly about fundamentals and are analytical in nature. As far as sentiment is concerned, it looks like the tone is bullish reassuring.

 

Despite Hitting Monthly Price Lows, Bitcoin Network Fundamentals Keep Growing

While the crypto markets overall are seeing a downward trend, some of the fundamental Bitcoin indicators such as the hashrate and the number of the Segregated Witness (SegWit) transactions are growing steadily, indicating the continued development of the network.

Ethereum’s Price Drop Possibly Due To Large ETH Sell-Off By EOS, Report Says

Etherscan shows that wallet address marked as EOSCrowdsale still has around 200,000 ETH, and wallet address marked EOS-Owner around 916,000, together equaling over 1.1 mln ETH.

1090 DApps And 700 Tokens Launched on Ethereum Network in 2017, Analyst Says

In 2017, 1,090 decentralized applications (DApps) and more than 700 tokens have been deployed on the Ethereum (ETH) network, Finance Magnates reports May 28.

Bank of England: Central Bank Digital Currencies Can Jeopardize Commercial Banks

The Bank of England has issued a May 2018 staff working paper, which suggests that the adoption of central bank digital currencies (CBDCs) could pose a competition threat to commercial banks.

Source: cointelegraph.com


Analysis 


BTC/USD

From yesterday’s open, the price of Bitcoin dropped by 3.23% going from $7343 to $7117 where it is currently sitting.


 

Looking at the daily chart we can see that the price is between the baseline support (black line) and the triangle support (blue line). After those, there is a third support level which is an unconfirmed baseline support 2 (dotted line). The price is likely heading down toward one of them, as the search for support continues.


 

Zooming into the hourly chart we can see that we are about $135 away from the triangle support line at around $7000 and that the price is going to meet that level. When the price does reach that level, I would be looking for either a sign of a trend reversal or trend continuation which is a more likely scenario from a probability standpoint. If the trend continues I am expecting the price of Bitcoin to fall to the dotted line which is an unconfirmed baseline support 2 at around $6600.


Market sentiment

  • Bitcoin hourly chart technicals signal a sell.
  • 9 oscillators are on neutral, and 11 moving averages signal a sell.

Pivot points

S3 6448.5 
S2 6823.9 
S1 6960.9 

P 7199.3 

R1 7336.3 
R2 7574.7 
R3 7950.1

ETH/USD

From yesterday’s open, the price of Ethereum has dropped by 7.68% from $568.9 to $522 where it is currently.


 

On the daily chart, we can see that the price bounced off of the 0.236 Fibonacci level, but judging by the hight of the candle the momentum behind the bounce was not strong enough to even come back to the prior support line which now serves as resistance at $539.5.


 

Zooming into the hourly chart, we can see that the price action is currently in a triangle from which it’s likely heading lower, and we are going to see a breakout from the downside.


Market sentiment

  • Ethereum is in the sell zone.
  • Oscillators are on buy, but with 9 on neutral, and moving averages signal a sell.

Pivot points

S3 363.16 
S2 444.66 
S1 478.32 

P 526.16 

R1 559.82
R2 607.66 
R3 689.16

XRP/USD

In the last 24 hours, the price of Ripple has decreased by 4.83% – from yesterday’s open at $0.604 to $0.58.


 

Looking at the daily chart we can see that the price is interacting with the prior support which now serves as resistance at $0.573.


 

If we zoom into the hourly chart we can see that the price is above it, but we need to wait for the candle to close to be sure, as selling pressure can slap the price back below it, leaving a wick.


Market sentiment

  • Ripple hourly chart technical signal a buy.
  • Oscillators are on buy, and moving averages signal a buy.

Pivot points 

S3 0.44321 
S2 0.50486 
S1 0.52601 

P 0.56651 

R1 0.58766 
R2 0.62816 
R3 0.68981

Conclusion


Crypto Coin Market News: Prices are getting pushed to new lows which may trigger some buying. That’s why I am expecting some short-term sideways movement, before another final drop. Bitcoin is near the support levels, Ethereum is in a triangle and Ripple is struggling to move back above the support line which means that price action is showing signs of a struggle. These are significant levels on which the prices of three major cryptos are at the moment and what happens today will affect what happens in the following days. If these lows trigger buying, we can see the prices bounce back to the prior high level, if not we are in for lower lows.

Categories
Crypto Market Analysis

Daily crypto update 23.05.2018 – After a big drop, the price is struggling for support.


General overview


 

Market Cap: $348,018,621,395 
24h Vol: $18,262,368,943 
BTC Dominance: 38.8%

In the last 24 hours, cryptocurrency market capitalization dropped from $383B to $342B, which is a decrease of 41 billion dollars in the evaluation.

cryptocurrency market capitalization dropped from $383B to $342B

The market is currently in red, with an average decrease in the price of 10%. Biggest losers among top 100 are Verge -14,7%, 0x -14,3%, Bitcoin Diamond 15,6%, and the only one crypto that’s in green is Bitcoin Private +7%.


News


 

Top stories that came out in the last 24 hours are mostly about blockchain tech adoption and acceptance, however, after the big drop in the evaluation, there is much analytical news as well.

These are some of the significant headlines:

Mitsubishi, MUFG Conduct Successful Pilot Payment With Major Thai Bank’s Blockchain

Several major global banks have successfully completed a cross-border payment pilot test using Thai bank Krungsri’s (Bank of Ayudhya) Blockchain Interledger, according to a press release May 22.

Bitcoin Price Is Struggling After Blockchain Week, Possible New Regulatory Pressure

Cryptocurrencies continue to slow down today as all major coins are in the red on Tuesday. Bitcoin (BTC) price is struggling for gains above $8,500 following concerns over increased regulation according to Naeem Aslam, chief market analyst at Think Markets:

“The recent selloff has come from the news out of China that the ICO [initial coin offering] market is still very active and there are fears that China will further increase the strict regulation.”

Russian State Duma Almost Unanimously Approves First Reading of Crypto Industry Bill

Russia’s parliament the State Duma approved the first reading of new laws regulating the crypto industry Tuesday, May 22. The laws define cryptocurrencies and tokens as property, and lay out specifications for interacting with crypto and blockchain-related technologies.  

US: Crypto Could Pose a Problem for Candidates Seeking Security Clearances

The recognition of Bitcoin as a form of foreign currency could potentially have an impact on decisions in recruiting new employees to the US Department of Defence (DoD), Bloomberg reported May 22. The Pentagon’s chief concern is whether investment in cryptocurrencies indicates criminal intent or constitutes an increased predisposition toward risky personal behavior. This could detrimentally affect a job candidate’s profile should the DoD be considering them for a security clearance.

Argentinian Bank Now Using Bitcoin for Cross-Border Transactions

Argentinian Banco Masventas (BMV), has announced a partnership Bitex to enable clients to use Bitcoin for international payments as an alternative to SWIFT, according to a Facebook post May 21. Bitex is a blockchain-based financial services provider based in Latin America.

Nobel Prize Economist Says That Crypto the Latest in a Pattern of Alternative Currencies

In a May 21 article entitled “The Old Allure of New Money,” the 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas.


Analysis


BTC/USD

In the last 24 hours, the price of Bitcoin has dropped by 6,7% coming from 8400$ to 7847$ where it is currently sitting.



 

Looking at the daily chart, we can see that the price of Bitcoin is back in the wedge pattern, as I predicted in my weekly forecast. The drop in price has to find new support, and the 0.236 Fibo level will serve as support at least temporarily, so watch out what happens at these levels.



 

Looking at the hourly chart we can see that last 4 candles are dojis, meaning that the price is experiencing a lot of buying and selling pressure and considering the proximity of the 0.236 Fibonacci level we can conclude that price is struggling and looking for support there.


Market sentiment

  • Bitcoin hourly chart technicals signal a sell.
  • Oscillators signal a sell and moving averages a strong one.

Pivot points

S3 6427.8 
S2 7387.3 
S1 7809.2 
P 8346.8 
R1 8768.7 
R2 9306.3
R3 10265.8

ETH/USD

From yesterday’s open the price of Ethereum has dropped by 10%, coming from 693$ to 621$ where it is currently.


 

On the daily chart, things are looking very bearish. The price is currently at the levels of prior resistance, looking for support, and it’s near the 0.382 Fibonacci retracement level, but we haven’t seen the interaction with it just yet.


 

On the hourly chart, we can see that the price is struggling for support, as indicated by the wicks we are seeing on the candles. The price is likely going to bounce back quickly after this massive and fast drop occurred, before continuing to go down further.


Market sentiment

  • Hourly chart technicals signal a sell.
  • Oscillators are on neutral, and moving averages on a strong sell.

Pivot points

S3 539.11 
S2 598.95 
S1 619.48 

P 658.79 

R1 679.32 
R2 718.63 
R3 778.47

XRP/USD

In the last 24 hours, the price of Ripple has dropped by 8,86% coming from 0,676$ to 0,617$ where it is now.


 

On the daily chart, we can see that the price of Ripple has fallen below the 0.236 Fibonacci level. From there on the only significant level, I see stopping this momentum is at the close of the candle before one that broke that level from the upside, which is at 0,54$.


 

Hourly chart shows us the interaction with the Fibo level, and as you can see it was broken with a strong momentum, and the current situation is similar to that of Bitcoin and Ethereum in a sense that there is a lot of wick on the current candles.


Market sentimet

  • Ripple is in a sell zone.
  • Oscillators are on sell, and moving averages a strong one.

Pivot points

S3 0.56621
S2 0.60802
S1 0.62285

P 0.64983

R1 0.66466
R2 0.69164
R3 0.73345

Conclusion


The price is struggling to find support after a massive and quick drop in price. I expect the prices to quickly bounce to the 0.5 levels of prior highs before another drop in price. We are going to see a lot of sideways price action today, as indecision is taking over, and reactions from participants are unclear. 

Categories
Crypto Market Analysis

Daily Crypto Update 21.05.2018 – Indecision


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 has increased from $375B to slightly below $390B.

Crypto Market Update TodayThe market is mostly in green, with the biggest gainers among top 100 being Tron +14%, Skycoin 10%, Holo 20%.


News


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


Analysis


BTC/USD

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

ETH/USD

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

XRP/USD

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

Conclusion


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.

Categories
Crypto Market Analysis

Market Cap Has Formed a Cup and Handle Pattern

General overview

Market Cap Has Formed a Cup

Market Cap: $421,269,776,870

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

BTC Dominance: 37.5%

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

Analysis

BTC/USD

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

Analysis BTC/USD

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

 

Overall daily chart signals a buy.

Overall daily chart signals a buy

Pivot points:

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

ETH/USD

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

ETH/USD

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

 

Overall, daily chart signals a buy.

daily chart signals a buy

Pivot points

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

 

XRP/USD

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

XRP/USD


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

Overall daily chart signals a buy.

daily chart signals

Pivot points

S3 0.20439

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

 

LTC/USD

LTC/USD

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

Overall, daily chart signals a buy

daily chart signals

Pivot points

S3 79

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

 

Conclusion

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

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

©Forex.Academy

Categories
Crypto Market Analysis

Cryptocurrency Market Is On The Rise Again

General overview

Market Cap: $413,692,195,374

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

BTC Dominance: 37.9%

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

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

News

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

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

 

Analysis

BTC/USDBTC/USD

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

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

 

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

Overall hourly chart signals a buy.

Overall hourly chart signals a buy

Pivot points

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

 

ETH/USD

ETH/USD

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

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

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

 

Overall hourly chart signals a buyOverall hourly chart signals a buy

Pivot points

S3        324.51

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

XRP/USD

XRP/USD

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

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

RIPPLE

 

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

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

Pivot points

S3        0.20439

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

DASH/BTC Bullish Setup

Dash (DASH)

Market Cap. $3.81B

Circulating Supply: 8.03M DASH

Max Supply 18.9 DASH

Volume (24h) $111.72M

 

DASH/BTC Tradingview:

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

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

DASH/BTC chart

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

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

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

Conclusion

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

Categories
Crypto Market Analysis

Crypto market pullback is almost over

General overview

Market Cap: $384,204,107,562

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

BTC Dominance: 38.8%

Crypto Market Pullback

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

cryptocurrency market capitalization

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

News

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

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

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

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

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

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

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

 

Analysis

BTC/USD

Analysis BTC/USD

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

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

BITCOIN SENTIMENT TODAY

Source: sentimnt.io

crypto market capitalization

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

Overall hourly chart signal a sell.

hourly chart signal

Pivot points

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

ETH/USD

ETH/USD market cap

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

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

Ethereum is positive, with 70% on the positive side

Source: sentimnt.io

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

bitcoin pullback

Overall, hourly chart signals a sell

hourly chart signals - forex.academy

Pivot points:

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

 

XRP/USD

XRP/USD

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

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

sentiment for Ripple

Source: sentimnt.io

XRPUSD-H

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

 

Overall, hourly chart signals a sell

Overall, hourly chart signals a sell

Pivot points:

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Pressure From Both Sides

General overview

Market Cap: $359,246,046,514

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

BTC Dominance: 39.1%

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

cryptocurrency market capitalization - forex academy

News

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

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

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

Source: Helen Partz, April 19. cointelegraph.com

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

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

Source: guest author, April 19. cointelegraph.com

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

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

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

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

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

Source: Darryn Pollock, April 20. cointelegraph.com

Analysis

BTC/USD

BTC/USD - pressure from both sides

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

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

short-term support line BTCUSD

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

Overall, hourly chart signals a buy

hourly chart signals a buy Pivot points:

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

ETH/USD

ETHUSD

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

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

Source: sentimen.io

ETHUSD chart

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

Overall hourly chart signals a buy.

XRP/USD

 Pivot points:

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

XRP/USD

XRPUSD-D-4

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

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

interaction between the Fibo level

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

Overall, hourly chart signals a buy.

hourly chart signals Pivot points:

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

 

Conclusion

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

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Forex Market Analysis

Consolidation In The Crypto Market

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.

crypto consolidation

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.

NEO/USD bouncing off the resistance 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.

XRP/USD forming a triangle pattern

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

Categories
Crypto Market Analysis

Market Capitalization Steadily Rising

General overview:

Market Cap: 265,099,377,794$

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

BTC Dominance: 43.8%

Cryptocurrency Daily Update

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

Ripple - Cryptocurrency Daily Update

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

News

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

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

Japan Has Over 3.5 Million Cryptocurrency Investors

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

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

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

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

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

New Blockchain Investment Fund With Chinese State Ties Launches

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

Analysis

BTC/USD

 

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

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

 

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

Overall hourly chart signals a sell.

Pivot points:

S3        4773.3

S2        5857.9

S1        6375.2

P          6942.5

R1       7459.8

R2       8027.1

R3       9111.7

 

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

 

ETHUSD

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

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

Ethereum - Cryptocurrency Daily Update

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

 

Overall the hourly chart signals a buy.

Pivot points:

S3        266.92

S2        326.80

S1        355.48

P          386.68

R1       415.36

R2       446.56
R3       506.44

 

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

XRP/USD

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

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

Ripple XRP/USD

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

 

Overall hourly chart signals a buy.

Pivot points: 

S3        0.29764

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

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

Conclusion

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

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Crypto Market Analysis

Bitcoin reverses and entered into losses again

 

BTC

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

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

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

 

ETHEREUM

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

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

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

XRP

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

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

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

 

 

Categories
Crypto Market Analysis

Cryptocurrencies Market Cap Slightly Up From Its Lowest Point

General overview:

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

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

BTC Dominance: 44.8%

Current Crypto Market Cap

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

 

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

News:

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Analysis

 

BTC/USD

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

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

 

Source: sentiment.io

 

 

 

current market cap

 

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

Overall hourly chart signals a buy.

Overall hourly chart signals

 

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

ETH/USD

cryptocurrency value

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

 

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

Source: sentiment.io

 

 

crypto currencies market cap

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

 

Overall hourly chart signals a buy.

 

 

 digital currency values

 

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

 

XRP/USD

cryptocurrency market

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

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

Source: sentiment.io

 

digital currency by market cap

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

 

Overall hourly chart signals a buy.

crypto market

 

 

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

Conclusion

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

Categories
Crypto Market Analysis

Risk aversion returning to crypto markets once again

BTC

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

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

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

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

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

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

XRP

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

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

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

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

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

 

ETH

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

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

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

Categories
Crypto Market Analysis

Another down move down in the Crypto markets

BTC

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

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

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

XRP

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

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

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

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

ETH

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

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

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

 

Categories
Crypto Market Analysis

The bearish sentiment remains firm in the Crypto world

BTC

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

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

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

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

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

XRP

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

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

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

ETH

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

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

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

 

 

Categories
Crypto Market Analysis

BTC Testing a Dynamic Inflection Point

BTC

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

100-period Moving Average

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

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

Stochastics

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

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

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

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

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

ETH

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

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

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

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

BCH

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

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