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Cryptocurrencies

What is the ZRX Token?

Cryptocurrencies have stirred the financial space in a way that more and more people want to jump on this economic bandwagon. As the newest asset class, cryptos are overtaking other securities in an unprecedented fashion. But this is where we have a problem. For people to join the crypto revolution, they have to go through centralized exchanges. These exchanges, however, come with their own set of issues.

Enter decentralized exchanges (DEXs). DEXs, in which traders transact directly with each other, are fast becoming popular. 0x is one of the most high-profile of these types of exchanges, and it allows users to trade ERC 20 tokens via its native token, ZRX. In this guide, we’ll dive deeper into the 0x project, how it works, and the ZRX token and how to get your hands on it.

What is 0x?

0x is an open protocol designed to facilitate the peer-to-peer exchange of Ethereum tokens on the Ethereum blockchain. 0x was formed by industry experts Will Warren and Amir Bandeali in 2016.

The two envisioned a future where all kinds of securities, including stocks, precious metals, etc. could be traded as tokens publicly on the blockchain. 0x is created to be different from both centralized and decentralized exchanges and thereby provide the best combination of both their features.

It also seeks to solve problems that arise from both types of exchanges. Let’s begin with the issues facing centralized exchanges.

☑️ Susceptibility to Hacks

Centralized exchanges will always be prone to hacking attacks. Mt. Gox, Bitfinex and Binance are only some of the examples of centralized exchanges that have been hacked for Bitcoins worth millions of dollars. 

☑️ Subject to Mismanagement

Centralized exchanges are regulated by people who are fallible and prone to human error. The example of Mt.Gox is an exchange whose fate was caused by mismanagement.

☑️ Volume problems

Centralized exchanges often have trouble dealing with a sudden increase in demand. For instance, a sudden surge in demand for Bitcoin in November 2017 caused some exchanges to temporarily halt processing transactions while others experienced downtimes.

☑️ Subject to Regulatory Whims

Centralized crypto exchanges are registered in countries. This means they must play by the rules that the government of that country wishes to enact.

0x’s Technology and How It solves these, plus DEXes’ Problems

Decentralized exchanges rely on smart contracts for trading of ERC tokens. However, the sheer proliferation of tokens on Ethereum’s blockchain presents the problem of confusion and scalability. At the time of writing, there are more than 200,000 token contracts on the blockchain.

0x’s whitepaper notes: “End users are exposed to smart contracts of varying quality and security with unique configuration processes and learning curves, all of which implement the same functionality.”

This has caused several problems for the network, including increasing transaction costs for the network. This means for crypto exchanges, transactions would be charged a specified amount of ether. Also, as the volume of orders increases, the costs of operating it increases as well.

Second, the numerous exchanges have led to a fragmented user base and with it, fragmented liquidity for the DEXs crypto market. 

0x’s technology attempts to solve this by combining two technologies – State channels and Automated Market Maker. State channels take transactions off the blockchain, therefore reducing transaction fees. Automated Market Maker (AMMs) are algorithms that conduct trades between two parties, while also acting as the opposite party in transactions.

0x relies on “relayers” to host the off-chain order book and connect buyers and sellers.

Having seen how the platform aims to improve the DEX model, let’s look at how it addresses the main issues faced by centralized exchanges:

  • It provides a more secure platform as there is no single point of failure, thanks to the Ethereum blockchain which is open-source, pubic and distributed 
  • It eliminates the possibility of a rogue or malicious exchange running away with people’s crypto funds
  • It eliminates the whims of governments or regulators  
  • It makes crypto trading an affordable endeavor for all types of traders
  • It makes it effortless to swap tokens on the blockchain by removing the high transaction fees associated with centralized as well as smart contract decentralized exchanges. It intends to do this by taking transactions outside of the blockchain

What is ZRX?

0x has its own Ethereum token, known as ZRX. The token is used to pay relayers for their services. However, 0x’s main intention for the token is to facilitate decentralized governance over the 0x protocol upgrade system. This means anyone who owns ZRX gets to have input – proportional to their holdings, into any upgrades the protocol may get over time.

How to Buy ZRX

The ZRX token is available on the majority of crypto exchanges, including Coinbase, Binance, Bittrex, Shapeshift, Poloniex, Changelly, KuCoin, Huobi, Coinswitch, Bitit, and Idex.

Being an Ethereum token, ZRX can be stored in an Ethereum wallet. Other options include MyEtherWallet, Exodus, Eidoo, and Ledger wallet.

There is a fixed supply of one billion ZRX. During its launch, 50% of the tokens were released to the public, with the 0x project retaining 15%, 15% going to the developer fund, 10% to the founding team, and 10% to the project’s advisors and early supporters.

The Problems With 0x’s Approach

0X is an ambitious project and one that could be the solution to both centralized exchanges and DEXes problems. However, some crypto experts assert that the ZRX token has no clearly defined purpose.

Also, the staking approach – in which the more ZRX you hold the more you can contribute to the project’s development, means that it can be hijacked by investors with large holdings – which does not keep up with the spirit of decentralization. 

Also, some experts contend that the business model is not sustainable. By having its platform open and free, the project might be foregoing revenue from trades and setting itself up for failure in the future.

Conclusion

The 0x project has its flaws, but the protocol is a promising proposition. It solves the challenges presented by centralized exchanges while improving the decentralized exchange model. Its flexibility, versatility and its free availability may very well catapult it to be the future of cryptocurrency exchanges. It’s going to be interesting to see how this project pans out in the future.

 

Categories
Forex Videos

Token Swap Explained Part 1 – How To Know If A Token Is Profitable

Token swap explained – part 1

Many projects launched on the Ethereum network using its ERC20 protocol in 2017 and 2018. Some of the projects that did subsequently scheduled token swaps into their native tokens as their blockchain got ready for the market. These tokens started using ERC20 for several reasons:
Ease of use as well as the speed to launch;
Access to investors’ funds during the ICO bull market; Exchange Listings: All of the exchanges could instantly list the token without any trouble;
ERC20 tokenization is far less risky for everyone involved as the tokens are following the same standard.


ERC Tokens

Besides the famous ERC20 tokens, the Ethereum network also offers other types of tokens, such as:
ERC223: This network protocol allows its users to send tokens to either their wallet or contract using the same transfer option. This eliminates the potential for confusion as well as lost tokens. Examples of projects that use ERC223 include ChainLink (LINK) and ShineCoin (SHC);
ERC721: This standard is usually used for non-fungible tokens such as Decentraland (MANA) and 0X Protocol (ZRC);
ERC621: This token standard extends the ERC20 function and allows projects to modify the total supply of the created tokens;
ERC 1155: This standard enables developers to issue multiple types of tokens. They can be fungible, non-fungible as well as semi-fungible.
Other token standards include ERC735, ERC865, ERC725, ERC1400, etc. (They all serve a different purpose but extend the use of ERC20 and ERC721 tokens)


What is a token swap?

A token swap represents a process where a cryptocurrency transfers to another blockchain at a set rate. These token swaps usually occur when a cryptocurrency project launches its own blockchain and wishes to transfer its tokens from another blockchain (like Ethereum) to its new one. Some blockchains don’t have their own platform but instead decide to move their tokens to another platform. One example of such a coin is Mithril (MiTH), which moved from Ethereum to Binance Chain. After the token swap, the ETH, which was used to pair the tokens, is usually removed from exchanges.


Token Price Influences

This guide tried to show when is the best time to buy or sell these tokens during their timeline.
It’s also important to note that external forces do have a significant impact on the outcomes of a token swap. These factors include bull and bear market stages, the quality of the project’s marketing and communication, its duration, budget as well as success at attracting enthusiasts. These factors can also include the number as well as the relative quality of the exchanges that agreed to list the ERC20 token. If and how these exchanges support the token swap, and the enabled native token trading plays a significant role in the token’s life. On top of that, the token’s liquidity, market cap, and more factors influence the outcome of the token swap.
The primary driver that dictates the token price success seems to be:
Will the exchange support the token swap;
Will the exchange list the new native token;
The time of listing the native token.
Other factors certainly influence projects positively or negatively. However, that is left to the trader to decide.

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 9 – Microsoft announcing its blockchain business expansion, Cryptocurrency markets in the green over the weekend

The crypto market has had quite a solid weekend. Most cryptocurrencies ended up in the green both in the past 24 hours as well as over the weekend. If we look at the past 24 hours, Bitcoin’s price went up 0.82% and is now trading at the price of $7,534. Meanwhile, Ethereum gained 0.45%, while XRP went up 1.72%.

The biggest gainer from the top100 cryptocurrencies by market cap for today is Energi, with gains of 23.15% on the day. The biggest loser of the day was EDUCare, which lost 8.15% of its value.

Bitcoin’s dominance stayed at the same value when compared to where it was at on Friday. Its dominance is currently 66.53%, which represents an increase of 0.09% from Friday’s value.

The cryptocurrency market increased its total market capitalization over the weekend. The market cap is currently sitting at $204.19 billion. This value represents an increase of $3.11 billion against the value it had on Friday.

What happened in the past 24 hours

Microsoft Azure, Microsoft’s blockchain-based cloud service, posted an announcement of their new tokenization and blockchain data management services.

This news were posted on the official Microsoft Azure. Microsoft Azure also announced their non-fungible blockchain tokens called “Azure Heroes”, which are aimed at rewarding its developer community.

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Technical analysis

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Bitcoin

Bitcoin has had an amazing weekend if we look at it from a price perspective. The biggest cryptocurrency managed to rally its bulls and break its $7,415 resistance to the upside. The price got retested on Sunday, but the now-turned resistance level held up and managed to keep Bitcoin’s price above.


Bitcoin is currently decreasing in volume, with its RSI levels dangerously close to the overbought territory. However, the short-term outlook is still slightly bullish.

Key levels to the upside                    Key levels to the downside

1: $7,565                                           1: $7,415

2: $7,828                                           2: $7,240

3: $8,000                                           3: $7,120


Ethereum

Ethereum has followed Bitcoin’s bull rally and gained value yet again. After a long struggle and indecisiveness of whether ETH will go up above $150.5 or below $144, bulls stepped in and brought the price above the resistance. Ethereum had a small level retesting, which the resistance held up. However, the real test of the newly formed resistance might be ahead.


Ethereum is, just like Bitcoin, slowly dropping in volume while its RSI is approaching overbought levels.

Key levels to the upside                    Key levels to the downside

1: $155.8                                             1: $150.5

2: $161.1                                            2: $144.1

3: $163.4                                            3: $133.5


Ripple

XRP is on a short-term bull run. It was the best performing cryptocurrency out of the top 3 cryptos for a solid week. XRP had a great weekend as well, managing to pass several resistance levels. After passing above the $0.222 level, its price continued upwards and passed the $0.2267 level as well. It even attempted to get above the $0.234 price level, but this is where it got stopped. Its price is currently on a small downturn, which may indicate a retest of $0.2267 level to determine its strength as a resistance level.


XRP’s volume is much higher when compared to its value before the weekend. It is, however, dropping just like the rest of the top3 cryptocurrencies. Its RSI almost touched the overbought territory, but bounced back and is now in a small downtrend.

Key levels to the upside                    Key levels to the downside

1: $0.234                                            1: $0.2267

2: $0.2351                                          2: $0.222

3: $0.242                                            3: $0.2185

Categories
Crypto Videos

Cryptocurrency fundamental analysis part 3 – Finding Fundamental Sources


Crypto fundamental analysis part 3 – project analysis

Cryptocurrency projects aren’t like traditional companies, both in terms of how they operate and how they are analyzed. As people don’t have as much data to sift through as you would with traditional stock investments and not everything is straightforward as it is with the financial reports.
Since crypto is still a new industry, it is highly speculative. However, there are several factors to look out for when analyzing an investment that can help decide whether a cryptocurrency is potentially a good moneymaker or not:

 

  • Target market
  • Competitor comparison
  • Team
  • Roadmap
  • Partnerships
  • Demand, token economics, and utility
  • Status and active users
  • Whitepaper
  • Community and reviews
  • Price history and age
  • Liquidity
  • Regulation

Target market

Every product has a market that they are trying to target. This means you should consider market size when trying to assess the fundamentals of a project. A broader market is, however, not always better. Large markets could already be over-saturated with possible solutions to the same problem. This would, in turn, decrease the likelihood of adoption. Niche markets are, on the other hand, small but could be highly receptive to a new solution to a problem.

Competition

Competition is extremely significant in any industry. It could be used to gauge the effectiveness of a cryptocurrency project. If we take a look at how many competitors a project has and how does it compare to the competition, we can conclude the possibility of the project succeeding in the market. Cross-checking with competitors can highlight both the strengths and weaknesses of a project. That can, in turn, suggest whether this project is likely to beat its competitors in the long-term.
Evaluating the level of competition and deciding whether a project is in good standing relative to the rest rather than just in absolute terms is essential. If a product is unique, it could mean that it is tapping into an unsaturated market or a non-existing one.

Team

Successful products always have great teams behind them. Looking at the team and the advisory board can tell you a lot about the project and how it will be managed.
When examining the project team, check who they are, where they are from, what’s their work history, etc. If a team with a good experience behind them runs the project, that’s definitely a good sign.

Roadmap

Crypto projects often have roadmaps that signify how fast their development will be. They show what upcoming plans they have and how they will move the project forward. Roadmaps can show how long it will take until a project becomes tradable, which is extremely important.
However, watch out for roadmaps that are too ambitious. Missed deadlines bring negative hype around the projects, making it a lousy investment in no time.

Partnerships

When assessing cryptocurrency projects, partnerships are essential for assigning the value of the project. They are more important for determining the validity of the project than the possible outcome of the partnership. However, make sure to understand the details of the partnership before passing judgment, as not all partnerships are created equal.
Demand, token economics, and utility
Price and value are, as with any tradable asset, driven by supply and demand. Theoretically speaking, the larger the demand, the higher the price. In cryptocurrencies, the demand is controlled by token economics and utility.
Looking into the token economics, which is the economy based around the token, can tell us many things. The token should have a use-case within its ecosystem to create sufficient demand. However, its other factors should be investigated, as well. Token supply, emission, and distribution are some of the factors that should influence the decision of whether to invest in a project.

Status

Not all cryptocurrency projects start on a level playing field. Newer projects have far less market traction while established credible projects with their names recognized by the community are much safer investments.
A high number of users that use the cryptocurrency in question is definitely contributing to its value.

Whitepaper

Whitepapers outline the purpose of the project. They are technical documents that have every single detail about the project in them. It is advisable to read the whitepaper thoroughly before investing in any project.
Community and reviews
A community that stands behind a project is a crucial factor in the fundamental analysis of crypto projects. Reading real user reviews can tell you a lot about how the cryptocurrency stands in the market and what are its strengths and weaknesses.

Price history and age

There are thousands of cryptocurrencies currently on the market, and it is safe to say that most cryptocurrencies come and go. If a project has established its name for a long time and has consistently maintained value relative to other cryptocurrencies, it might potentially be a good investment. However, substantial returns may instead come from smaller, and relatively unknown cryptocurrencies that breakout and become mainstream rather than from already established projects.

Liquidity

How often is the cryptocurrency traded, and how easy it is to exchange it for other cryptocurrencies without experiencing slippage? If a particular cryptocurrency generates lots of interest, lots of trading will happen. This could potentially mean that a token is in high demand.

Regulation

A project’s approach to regulation matters greatly in this day and age. If a project does not adhere to certain laws and regulations, that could have negative effects on the price in the future, even if one might not agree that cryptocurrencies should be regulated.


Conclusion

Fundamental analysis can be tricky when it comes to cryptocurrencies. There are many factors to consider and look at, and most of them are entirely subjective. However, with enough projects analyzed, you can compare results and see which projects stand out as viable investments.

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 2 – Bitcoin declines over the weekend, alts follow

The cryptocurrency market did not have a particularly interesting weekend. While the prices did not move significantly, the price drop that occurred managed to put some cryptos under their support lines. Most cryptocurrencies did end up being in the slight red. If we take a look at the past 24 hours, Bitcoin went down 0.43% and is now trading at the price of $7,252. Ethereum was in the slightly green, gaining 0.09% on the day. XRP lost 0.07%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is VeChain, with a gain of 22.52% on the day. The biggest loser of the day was Synthetix Network, which lost 13.07% of its value.

Bitcoin’s dominance has pretty much stayed on the level it was at the past weekend. Its dominance is currently 66.09%.

The cryptocurrency market as a whole now has a market capitalization of $197.90 billion, which represents a decrease of around $6.2 billion when compared to the value it had before the weekend.

What happened in the past 24 hours

The weekend passed without any big news that could shake the market and push it either way. However, the crypto industry is never without any news.

A man was named Virgil Griffith was arrested and accused of delivering information on using crypto and blockchain technology to North Korea, therefor helping them evade sanctions. He was arrested on Thursday at the Los Angeles International Airport. Griffith was set to appear in federal court on Friday, where more information on the topic will be uncovered.

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Technical analysis

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Bitcoin

Bitcoin has had a slight price drop over the weekend. However, that slight drop was not insignificant. Bitcoin broke its $7,415 support line and is now trading just below it. This key support has now turned resistance.


Bitcoin’s volume is currently lower than where it was at during the weekend. As for the RSI value, the line is slowly falling towards oversold levels again. The key level of $7,415 has moved to the upside.

Key levels to the upside                   Key levels to the downside

1: $7,415                                           1: $6,620

2: $8,000

3: $8,425                                


Ethereum

Ethereum’s struggle to declare its price as above or below the support zone ended during the weekend. The price followed Bitcoin and went down, but stayed contained within the support zone. The top of the zone now acts as resistance while the bottom acts as support.


With Ethereum’s RSI being pretty stable as well as a bit lower volume, Ethereum seems like its price will be staying within those bounds for some time.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185


XRP

XRP spent the weekend following Bitcoin in price. After failing to break its $0.235 resistance, which would be good key support, XRP started dropping in price. It did not establish any immediate support lines, and even though it looks quite stable at the moment, it is in limbo as its first key support level is $0.202. As it seems that XRP will not reach $0.235 anytime soon, it will have to find support at lower prices or create some form of support at levels near where it currently is.


Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 29 –

The cryptocurrency market spent the past 24 hours in consolidation. Most cryptocurrencies did end up slightly in the red, but there were no significant moves that could be noticed. If we take a look at today’s prices, Bitcoin went down 0.46%, and it is now trading at $7,488. Ethereum lost 0.83%, while XRP went up 0.02%.

 

Of the top100 cryptocurrencies by market cap, the biggest gainer is Algorand, with a gain of 22.92% on the day. The biggest losers of the day were Silverway and Bytecoin, which lost 9.95% and 8.99% of their value, respectively.

Bitcoin’s dominance has pretty much stayed on yesterday’s level as the whole market consolidated. Its dominance is currently 66.32%, which represents a decrease of 0.2% when compared to the value it had 24 hours ago.

The cryptocurrency market as a whole now has a market capitalization of $204.14 billion, which is pretty much in the same place when compared to the value it had yesterday.

What happened in the past 24 hours

The federal parliament of Germany made a bill draft that would allow banks to deal with cryptocurrency. The banks would be able to become custodians and merchants of crypto in 2020 if this bill passes.

This move could represent a grand milestone when it comes to cryptocurrency adoption. When we look at it from a theoretical perspective, this would make cryptocurrency as liquid as cash in Germany.

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Technical analysis

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Bitcoin

Bitcoin has entered another consolidation phase after the move up it had the day before. After the bulls pushed Bitcoin above $7,415, it pretty much stayed at the price level.


Bitcoin’s volume dropped when compared to yesterday’s values, while RSI stayed on the same level.

Key levels to the upside                   Key levels to the downside

1:  $8,000                                          1: $7,415

2: $8,425                                           2: $6,620

3: $8,640                                


Ethereum

Ethereum’s struggle to declare its price to be above or below the support top-line continues.  Ethereum held almost all of its gains from the price increase but did not manage to form any stable immediate support level as Bitcoin did. That being said, Ethereum has many key levels, so there will be no problems for it to form a support level when the time comes.


Ethereum’s RSI is now approaching overbought territory, while its volume has decreased heavily after the move has ended. Today’s volume is almost at the same levels it was yesterday.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185


XRP

XRP spent the past 24 hours slowly approaching its immediate resistance line in attempts to pass it and form a support line there. As there are no clear, immediate support levels below $0.235, XRP seems to be reaching above this key level so it could form support around it.


XRP’s RSI is slowly increasing while its volume is declining slightly.

Key levels to the upside                   Key levels to the downside

1: $0.235                                           1:  $0.202

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 25 – Bitcoin under $7,000, Whales moving their funds

The cryptocurrency market had a terrible weekend as most major cryptocurrencies are buried in the red. Most top cryptocurrencies ended up losing over 5% of their value in the past 24 hours. If we take a look at today’s prices, Bitcoin went down 9.09%, and it is now trading at $6,611. Ethereum lost 11.2%, while XRP went down 10.07%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Storeum, with 332.34% daily gain. The biggest loser of the day was Maker, which lost 19.17% of its value.

Bitcoin’s dominance has not changed much when compared to its value before the weekend, even though its price dropped significantly. Its dominance now sits at 65.63%.

The cryptocurrency market as a whole now has a market capitalization of $186.58 billion, which represents a significant decrease when compared to the value it had yesterday as well as before the weekend.

What happened in the past 24 hours

Cryptocurrency markets suffered a considerable decrease in value as traditional markets flatlined. On top of that,  a cryptocurrency whale has just moved 44,000 BTC from one address to another, signifying a possible preparation for a sale.

This hefty movement was detected by Twitter-based transaction monitor called whale_alert. Bitcoin’s miners included the transaction in block #605230.

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Technical analysis

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Bitcoin

Bitcoin’s price drop below $7,000 can be percieved as crushing to some investors. However, the price support of $6,620 held up quite well against the major bear pressure. This key support level dates all the way back from 2018.


Bitcoin’s volume has increased significantly as the bears took over the market. Its RSI level is far in the oversold territory at the moment.

Key levels to the upside                   Key levels to the downside

1:  $7,415                                        1: $6,620

2: $8,000

3: $8,425                                


Ethereum

Ethereum had a terrible day, as well. Its price went all the way down to $135. Its resistance levels are now quite unclear, but major support awaits at the $127 line. This represents a significant decrease in price from the $170 levels it was at just before the weekend.


Key levels to the upside                   Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185


XRP

XRP’s is maybe the biggest loser of this bear market as its support levels are still unclear. Its price now hovers around $0.21, which seems to hold up well at the moment. XRP needs to establish support levels at the moment in order for it to consolidate in a healthy way.


XRP’s RSI reached oversold levels while its volume is invariably high.

Key levels to the upside                   Key levels to the downside

1: $0.235                                       1:  still unclear

2: $0.245

3: $0.266

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 24 –Crypto market bleeding out, Zuckerberg announces Libra’s strategy

The cryptocurrency market has been bleeding out in the past 24 hours. After a pretty average performance throughout the day, cryptocurrencies dropped in price in a blink of an eye. Most of them lost 5%-8% of their value in a matter of minutes. The move happened extremely fast and with an amazing bear force. It seems like more bearish funds entering the market after cryptocurrencies have consolidated. The market is fighting for dear life as many people have given up on thoughts that this is a retracement in the bull trend, but rather an extension of a bear market that dates back from January 2018. As for the top3 cryptocurrencies, Bitcoin went down 6.84%, while Ethereum lost 4.09% of its value and XRP lost 6.2%.

Unlike with most bear moves, Bitcoin’s dominance decreased this time.  It now sits at 66 %, which represents a 0.05% decrease when compared to the previous day.

As almost every single cryptocurrency was in the red, the market lost a significant portion of its value. The industry now has a market capitalization of $204.28 billion, which represents an enormous $13.1 billion decrease from the previous day.

What happened in the past 24 hours?

Big influx of selling pressure caused the cryptocurrency market to lose over $13 billion of its market capitalization in a matter of minutes. There was no specific news that caused this. In fact, there was no news at all that was regarded as completely bearish in the past 24 hours. However, after the price drop happened, people started resurrecting the thought that the markets have not been in a bull market at all after the big crash of Jan 2018. In fact, many people believe that the price rise to $13,000-$14,000 was just a bear market retracing and then falling back again.

Besides the price drop, the cryptocurrency industry spent the day talking about Mark Zuckerberg’s appearance before the United States House of Representatives Committee on Financial Services. He was in front of the Committee as the sole witness that was invited to testify about his role in developing Libra, Facebook’s cryptocurrency that is backed by a basket of stable international assets.

Technical analysis

Bitcoin

Bitcoin has had an incredibly bad day, which is what we can say about many cryptocurrencies in if we take a look at their performance in the past 24 hours. After failing to spike up from the bull flag that it formed, Bitcoin started dropping in value slowly. However, today’s selling pressure spike caused its price to plummet. Bitcoin fell from $7,950 all the way down to $7,450 in less than 30 minutes. After hitting a support line sitting at $7,410 Bitcoin started consolidating. This support line dates back from Nov 2017 and most recently May-Jun 2019.


So far, the support seems strong and the downward-facing move seems to have ended. This is further confirmed by RSI which is now heavily oversold.

Ethereum

Ethereum has also had a red day, but a better one than Bitcoin price-wise. Its price is currently $160 as the support held on during the time of crisis. The $153 support area is quite a strong one and should hold any slight fluctuations or bearish attempts.


Ethereum’s RSI is approaching oversold territory, indicating the end of the bearish move.

XRP

XRP was certainly not excluded from the influx of sellers coming into the market. After it’s ranging ascending price trend got broken yesterday, the price started falling sharply. The price fell quickly and even reached $0.25 levels. However, the bulls kicked in and established support at $0.266 which is considered a strong long-lasting support price point for XRP.


The price is now consolidating right above the support while RSI is just fluctuating above oversold territory.

Categories
Cryptocurrencies

What is Ripple? A Complete Guide to the Cryptocurrency

Ripple has undoubtedly made a ripple in the world of finance and the cryptocurrency community. From making headlines for alleged price manipulation to its unusual monetary policy, the currency has firmly made a mark in the finance world. 

Ripple Explained

The first thing to know is that Ripple is both a cryptocurrency and a digital payment and exchange platform. The ripple cryptocurrency – abbreviated as XRP, is the native currency of the Ripple platform.

Ripple is more recognized as a digital payment platform than for its cryptocurrency. Through its Ripple Network (RippleNet), the model circumvents the multiple intermediaries and high fees typical with traditional banking models. 

History of Ripple

XRP was founded in 2012 by Jed McCaleb and Chris Larsen. The model integrated the elements of an earlier payment system called OpenCoin that was designed by decentralization expert Ryan Fugger.

After its launch in 2012, it became the second-oldest crypto after Litecoin. As of October 2019, Ripple is the third-largest cryptocurrency by market cap – after Ethereum and Bitcoin.

Network Design and Security Model

The XRP ledger is to Ripple what blockchain is to, say, Bitcoin. The ledger is a decentralized and peer-to-peer network of servers that powers borderless payments across multiple banking systems across the world. XRP acts as a bridge between currencies, making it easy to exchange any currency for another.

The XRP ledger uses the Ripple Protocol Consensus Algorithm (RPCA) to verify transactions. This algorithm enables the numerous nodes on the network to decide by consensus which transactions will go through, and in what order. These confirmations take only four seconds.

Monetary Policy of XRP

The maximum supply of XRP is 100 billion. The coins were all pre-mined before issuance, and according to Ripple, no other coins can ever be created. 

20 billion coins were given to Ripple founders Chris Larsen, Arthur Britto, and Jed McCaleb. Another 20 billion has been sold to companies and individuals, 7 billion is held by Ripple. In 2017, Ripple placed 55 billion in an escrow account, releasing a billion XRP each month for the next 55 months. At the end of each selling period, all unbought coins will be returned to escrow accounts for issuance beyond the 55 months. To decrease XRP’s supply overtime and prevent its devaluation, Ripple destroys XRP coins after they have been used to facilitate transactions. 

XRP can be divided down into six decimal places, and the smallest unit is known as a drop. This means 1 million drops are equal to 1 XRP. 

Differences between XRP and Bitcoin

Being the native currency for the Ripple ecosystem, XRP significantly differs from other cryptocurrencies in several ways. And since Bitcoin is the pioneer and the most popular of all cryptos, it makes sense to juxtapose the two to understand XRP better. Here is how the two cryptos differ:

☑️Aim of Development: Bitcoin was created as a digital means of exchange, but without the central authority and control exercised over fiat currencies by banks and governments. By contrast, Ripple was created for the banking system as a payment settlement, remittance system, and currency exchange. The idea was to design a system for asset transfers that were quicker, cheaper, safer, and more transparent.

☑️Mining Rewards: Ripple is not designed to be mined, unlike Bitcoin. All 100 billion XRP coins were pre-mined before their release. Only 43 billion are in circulation as of October 2019. On the other hand, Bitcoin has to be mined before being released, and miners get mining rewards in the form of BTC coins. 

☑️Protocol: Bitcoin is enabled by a technology known as blockchain to verify and confirm transactions. XRP is powered by an independent, patented ledger known as Ripple Protocol Consensus Algorithm to process transactions. Also, Bitcoin uses a proof-of-work mechanism to validate transactions, while Ripple relies on a consensus protocol to do so.

☑️Transaction Speed: Bitcoin transactions take 10 minutes on average, while XRP transactions take an incredible 4 seconds.

☑️Approach to the Banking Establishment: Bitcoin and other cryptocurrencies are disruptive to the established monetary system, with the potential to replace it in the future. Conversely, Ripple is cozy with the established system, with its value proposition, in fact, relying on being adopted by banks as a payment and settlement network.

Where to Buy and Store XRP

You can buy Ripple at any of the popular cryptocurrency exchanges, including Coinbase, Bittrex, Kraken, Binance, and Changelly.

For those intending to hold the coin for the long term, it is recommended to store your currency in cold (offline) storage such as a hardware wallet because it’s much safer and invulnerable to hacking attempts. An example of such a wallet is the Ledger Nano S and CoolWallet S, both of which support XRP.

For more active and frequent traders, having a software wallet such as Ripple’s own wallet or Edge and Abra wallets is more appropriate. Also, bear in mind that to store your coins in a Ripple Wallet, you need to deposit a minimum of 20 XRP. 

Should You Invest in XRP? 

XRP offers a quicker way for banks to process transactions faster, which could streamline banks’ operations in a major way and benefit both sides massively. Therefore, the question of whether XRP is a good candidate for investment depends on whether more banks and other financial institutions will adopt it as their payment and settlement infrastructure. Since no one is sure whether Ripple will succeed in its vision, the future value of XRP remains highly speculative for now. 

In any case, there is no such thing as a safe investment, and each decision bears a risk. Therefore, it’s entirely up to you to decide. 

Conclusion 

Being one of the most talked-about cryptocurrency and with its current rank among cryptos, Ripple looks set to continue being dominant in the crypto space. However, its potential for increasing in value hinges very much on the attitude of the banking establishment, something the crypto community is watching keenly. 

 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 23 – Stablecoins may be considered securities, crypto markets in the red today

The cryptocurrency market is in the red for the past 24 hours. Most of the day has passed by without any downside resistance whatsoever. There has not been any new money coming into the markets as volume seems to be a bit lower than average. However, the downward-facing moves were not weak, but rather steady and stable. The market is now trying to find a price level to consolidate. As for the top3 cryptocurrencies, Bitcoin went down 3.03%, while Ethereum lost 4.3% of its value and. XRP was down 3.01% in the past 24 hours. Out of the top50 cryptocurrencies, BAT performed the best with its gains reaching over 7.5%.

 


Bitcoin’s dominance increased a fraction of a percent when compared to yesterday’s value. It now sits at 66.5%, which represents a 0.01% increase from the previous day.

 

Most cryptocurrencies ended up being in the red in the past 24 hours. This, of course, slightly increased the value of the cryptocurrency market as a whole. The industry now has a market capitalization of $217.4 billion, which represents a $5 billion decrease from the previous day.

What happened in the past 24 hours

Cryptocurrencies have had both positive and negative news in the past 24 hours.

As reported by CoinDesk, Morgan Creek Digital managed to raise $60.9 million for its second blockchain venture capital fund. It seems that two pension funds invested $50 million into the project. This is more than double what they initially started with ($21 in the first blockchain fund).

The US Congress may consider a bill which would classify stablecoins as securities. This bill draft was published on Tuesday by Rep. Sylvia Garcia. The bill wants to regulate stablecoins under the Securities Act of 1933, seeking to provide clarity in an area the bill suggests lacks regulatory guidance.

Technical analysis

Bitcoin



Bitcoin has managed to break a bull flag downwards, making quite a bearish announcement to the market. If we take a look at the charts, the downtrend that started on Sep 30 ended up with a bull flag that broke upwards and increased in price right to the 161.8% of the downwards-facing move. After that, another similar downtrend started and we’ve come to the point when a bull flag was starting to rise. Everyone was expecting it to break upwards and Bitcoin to attempt to reach new highs (a 161.8% increase would mean a price of $9,440).

However, Bitcoin managed to fail the pattern and broke it downwards. Its price stabilized at just below $8,000.

Ethereum

Ethereum has lost over 4% of its value in the past 24 hours. It seems to be forming a falling wedge pattern on the daily chart. One more descending move is to be expected before Ethereum could attempt a price increase. However, if that does not happen, even a price of $110 is not excluded.


At the moment, Ethereum is sitting at $167, with a big support line being at $157. Its volume is at extremely low levels and RSI is approaching oversold territory.

XRP

XRP broke its ascending trend range and fell to $0.288. After creating a range that it moved in all the way from Sep 19 until now, XRP managed to break it downwards. It is now trying to recover and get back into the range, but the attempt has been unsuccessful so far.


XRP’s volume is average while its RSI is neither oversold nor overbought. It would take a significant increase in bull power in order for XRP to get back in its lane. If that does not happen, however, XRP has strong support sitting at $0.266.

Categories
Crypto Market Analysis

Daily Crypto Update 09.07.2018. –

The weekend’s rise in most of the currencies stopped today, Monday and the market made a small pullback.
The Total market capitalization couldn’t break over the $280 billion and pulled back to where its now at $273 Billion. The market remains under a big pressure during the last days and the expectations are in a big percentage waiting for a deeper setback in most of the currencies.


General Overview


Market Cap: $273.846.365.383

24h Vol: $11.597.597.522

BTC Dominance: 42.6%

A bullish shift in the charts will only be possible if Bitcoin could cross the $ 10.000 000 mark. The top 10 chart appears in red with the exception of Thether, which is positive by 0.12% in the last 24H.

Top 100 Gainers of the day

ERA ERA                      162.19%
United Bitcoin UBTC   49.84%
Sumokoin SUMO         42.47%
AirSwap AST                 34.24%
Wowbit WWB               33.03%

Top 100 Losers of the day

Quantum QAU             -48.02%
DecentBet DBET         -34.41%
StarCoin KST               -30.25%
DeviantCoin DEV       -26.92%
Noah Coin NOAH       -26.90%


News


Google Co-Founder Sergey Brin Reveals He Is Mining Ethereum
Co-founder of Google and President of Alphabet, Sergey Brin, revealed he is mining Ethereum with his son at a summit hosted by Sir Richard Branson on July 8. The panel also spoke on the potential of zero-knowledge proofs which underlie the privacy option of Zcash.
Source: newsbtc.com

Tokenizing Trading Fees With Mining Mechanism – Is It Good Or Bad For Exchange Platform Users?
ABCC is another exchange trying to reward users with AT and ToM. Today we are going to discover how a bitcoin-like mechanism and a principle of fixed number of tokens generated via half-life cycle with Simultaneous Release differentiate the new approach from others.
Source: newsbtc.com

Blockchain Platform For Creating Large Consumer Applications Aims At Exchange
New blockchain project Constellation Labs for “consumer grade” applications development announced the listing of its DAG token on KuCoin exchange, following the recent launch of their developer community Orion. Orion has an award system for participants and will be used for the testnet at the beginning of August.
Source: newsbtc.com


Analysis


XRP/USD

XRP/USD could not overcome the Bearish trend line nor the EMA-100 in this 4-hour chart bouncing its price in $0.4877 and it is stuck to the line during the whole day. The price is now close to the Pivot S1 in $0.4118 and if the bears can put more pressure the $0.4622 would be the next level to visit.





Market Sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing sell signals and pointing down.

Pivot Points

R3 0.5001
R2 0.4943
R1 0.4863
PP 0.4805
S1 0.4725
S2 0.4668
S3 0.4588

LTC/USD

Litecoin has been moving in a wide range since the beginning of the month between $79-86 while the EMA-100 is still an important resistance to overcome. Today the price is indecisive and close to the pivot S1, if the price can break this support it could return to visit the $79.5 level.



 


Market Sentiment

4-H chart technicals signal a Strongly Bearish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot Points

R3 88.3314
R2 86.9806
R1 84.5891
PP 83.2383
S1 80.8468
S2 79.4960
S3 77.1045

EOS/USD

EOS is having a big drop right now as EOS New York reports. Today a BPs crash and the internal problems in the EOS network and disputes inside the community members may affect the price. Also, some block producers crashed because prices in RAM for EOS increased more than 600% in the last days. We could see pronounced sales in the short term.



 


Market Sentiment

4-H chart technicals signal a Strongly Bullish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot Points

R3 9.22
R2 9.11
R1 8.90
PP 8.78
S1 8.57
S2 8.46
S3 8.24

 Conclusion


My expectation in the short term is a pronounced sale in most of the cryptos for the first days of this week before seeing recovery signs.

Categories
Crypto Market Analysis

Today´s Crypto Events 06.07.2018

This is the Cryptocurrency events calendar.

Here you can find all the news about the upcoming hard fork, releases, exchange listings, updates, conferences, new launches, etc. We gather the most relevant events and conferences for you to pick from.


Today´s Crypto Events 06.07.2018


General Event (CRYPTO) — World Blockchain Roadshow

PACcoin ($PAC) — AMA on YouTube

POA Network (POA) — TechCrunch Sessions: Blockchain 2018 in Zug

Bancor (BNT) — TechCrunch Sessions: Blockchain 2018 in Zug

OmiseGO (OMG) — TechCrunch Sessions: Blockchain 2018 in Zug

Eximchain (EXC) — TechCrunch Sessions: Blockchain 2018 in Zug

Monaco (MCO) — TechCrunch Sessions: Blockchain 2018 in Zug

Binance Coin (BNB) — TechCrunch Sessions: Blockchain 2018 in Zug

Enigma (ENG) — TechCrunch Sessions: Blockchain 2018 in Zug

Ethereum (ETH) — TechCrunch Sessions: Blockchain 2018 in Zug

AdHive (ADH) — Weekly Q&A on Telegram

Pylon Network (PYLNT) — MARESTON in Madrid

Chainium (CHX) — AMA on YouTube

Mixin (XIN) — Hack.Summit Contest

Streamr DATAcoin (DATA) — TechCrunch Sessions: Blockchain 2018 in Zug Sponsorship

Categories
Crypto Market Analysis

Daily Crypto Update 28.06.2018

The Crypto Market is trying to recover slowly from 2 negative days this week. While 6 of the top ten cryptos are still in red, for the first day in this week the market capitalisation has gone up though only by 2 billion in the last 24 hours. Although the volume has dropped by a little bit, the price of BTC comes strangely in a narrow range during the session and stuck to the central pivot point at $6,098.


General Overview


Market Cap: $245.415.147.783

24h Vol: $10.177.260.767

BTC Dominance: 42.4%

The market continued to perform small ups and downs in the last hours, BTC remains calmed and just above the $6,100 level at the time of writing this update.


News


There is no significant news today that can make the market move significantly, however, the cryptocurrencies always have informative material every day that we summarise here.

An Interview: “Governments Can’t Prevent People from Choosing Crypto”
When you visit a crypto event, like the Block Forum in Vilnius, you take the chance to talk to anyone and everyone who will stop for a chat. This is a foolproof way to learn more about what’s going on in the cryptoverse from the big players themselves. Cryptonews.com talked to Miko Matsumura, co-founder of crypto exchange Evercoin, speaker, initial coin offering (ICO) advisor and investor.

Vitalik Vs. Apple: App Store Is Restrictive & Nobody Is Complaining
Vitalik Buterin, co-founder of the Ethereum platform, is quite active on Twitter and absolutely does not hold back when there is something that needs to be said. This time, Apple’s app store was on the receiving end of his criticism: he thinks that it is strange that they get so much power and almost nobody complains.

20% of UK Millenials Prefer Bitcoin Over Real Estate – Survey
20% of the surveyed UK millennials, a group of the population aged between 21 and 35, would rather invest in Bitcoin than in real estate, the UK-based build-to-rent developer Get Living said in its report “Millenial Living in 2018”
Source: cryptonews.com

As Tezos Prepares for Launch, a Year in Review
In an email sent out to investors, the Tezos foundation stated: “Preparations for the launch of the Betanet are being finalised.”. After running the alphanet, a test network, for over a year now Tezos is expected to launch its beta network in the next few days. The main network launch would follow soon with transactions from the beta network transferred over.

Source: ccn.com


Analysis


BTC/USD

Bitcoin is trading around $6,100 at the moment of this publication, losing -0.17% over the last 24-hours. The price remains in range during the session and still stuck to the central pivot point in this 1H chart. Nervousness and uncertainty, are the words that could describe the market currently and the bearish trend continues to break it, BTC needs to climb at least up to the level of $7,000 which seems quite unlikely.



I’m still thinking that the important level to beat for the bears is $6000; if this level is crossed the pair could be looking again for the yearly minimums around $5781.


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are showing neutral signals.


Pivot points

R3 6415.65
R2 6301.73
R1 6217.96
PP 6104.03
S1 6020.26
S2 5906.34
S3 5822.57

LTC/USD

Litecoin price has lost -0.74% in the last 24H and we can see here in this 1-H chart how a symmetrical triangle pattern is formed with the price still stuck in the central pivot point around $79.20, very close to testing the resistance and ready to make another move to the support.



The 50 EMA is also following the price as a dynamic resistance and the 100 SMA keeps below the 200 EMA. Technically speaking this means that the selloff is more likely to resume than to reverse. My expectation is that a stronger selling pressure is coming and LTC/USD would probably break the support line of this triangle as well.


Market sentiment

1-H chart technicals signal a Bullish sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 90.3521
R2 86.0960
R1 83.4095
PP 79.1534
S1 76.4670
S2 72.2108
S3 69.5244

ETH/USD

Ethereum is forming a Falling Wedge Pattern on this 4-H chart. The price is currently very stable and without much volatility due to nervousness in the market and the current risk aversion of the investors. The price moves to $435.66 at this time, just a little below the central pivot point for almost all day, the 100 SMA is moving below the 200 EMA, technically speaking this means that the selloff is more likely to resume than to reverse.



However, we see that the RSI indicator as much as the Stochastic are pointing up, so it is possible that there is a new entry of buyers that give a bit of dynamism to the boring market today. The most important support is Pivot S1 at $424.


Market sentiment

4-H chart technicals signal a Bearish sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 479.19
R2 462.80
R1 452.19
PP 435.80
S1 425.18
S2 408.79
S3 398.18

Conclusion


The market has been quiet except for a few coins, the main ones have kept little volume and short movements when this happens, usually, sudden movements can come in any direction so we should be vigilant.

Categories
Crypto Market Analysis

DASH/BTC Imminent Breakout


Dash (DASH)


Market Cap: $2.17B

Circulating Supply: 8.13M DASH

Max Supply: 18.9M DASH

Volume (24H) $114.09

DASH/USD = $268.17


DASH Technical Analysis


DASH/BTC is trading right below some very, very important resistance levels. It seems somehow motivated to pass above them, but it remains to be seen if the buyers will have enough energy to push the rate higher. The rate moves in a range in the short term after the failure to move towards the downside line of the down channel and after the false breakdowns below the lower median line (LML) of the major descending pitchfork and below the outside sliding line (sl)of the ascending pitchfork.


 

Right now you should stay away and wait for a valid breakout from the down channel, above the lower median line (lml) and above the 0.041780 static resistance (support turned into resistance). It is very important for the price to make a valid breakout from this minor accumulation because if it stays too much within it, it could turn into a distribution and the rate could drop further.

DASH/BTC has shown an oversold sign when it has failed to approach the down channel’s downside line, but we still need a confirmation that we may have another leg higher.


 Conclusion 


DASH Technical Analysis: A valid breakout above the mentioned near-term resistance levels will give us a great chance to go long on this crypto pair. It could find temporary resistance at the 50% lines, but the major target remains around the median line (ML) of the major descending pitchfork and at the median line (ml) of the ascending pitchfork.

 

Categories
Crypto Market Analysis

SAN/BTC Is The Retreat Completed?


Santiment Network Token (SAN)


Market Cap: $53.67M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h) $777.54K

SAN/USD = $0.85343


SAN/BTC Technical Analysis


SAN/BTC has found a very strong support and now is fighting very hard to recover after the impressive sell-off. It remains to be seen what will happen because the rate has already found a temporary resistance. You should know that the rate remains under selling pressure as long as it is located right below some very important resistance levels.


 

It is trading at 0.000131380 level, much below the 0.000142000 today’s high signalling that we could have a retest of the near-term support levels soon. SAN/BTC has found a strong support right below the down sloping line and right below a major support zone. Actually, it has made a false breakdown below the mentioned levels and that’s why we could think of another leg higher at least in the short term.

SAN/BTC could increase only if it will stay above the 0.000127226 static support, above the down sloping line and below the lower median line (lml) of the ascending pitchfork. However, a valid breakdown below the lower median line (lml) will confirm a further drop in the short term.

Price is trapped below the downtrend line and below the 50% Fibonacci line of the ascending pitchfork. So, only a valid breakout above these dynamic resistance lines will confirm a broader rebound.


Conclusion


We’ll have a great buying opportunity only after a valid breakout above the downtrend line and above the 50% line. The major upside target it will be at the upper median line (uml) of the ascending pitchfork.

Categories
Crypto Market Analysis

XRP/BTC Up Channel, Can We Buy It?


Ripple (XRP)


Market Cap: $21.69B

Circulating Supply; 39.24B XRP

Max Supply: 100B XRP

Volume (24h) $412.65M

XRP/USD = $0.55050


Technical Analysis


 

The rate dropped on the daily chart, but it has found a bottom at the 0.000069000 level and now tries to climb higher again. XRP/BTC failed to reach and retest the mentioned low, signalling that we may have a rebound. The price increased a little but failed to stay above the 0.000100000 psychological level.

The crypto pair has failed to reach the previous lows so the behaviour could change in the short term. However, we still need a confirmation that the rate will increase again.


 

You can see on the Daily chart that the rate has failed to stay below the median line (ML) of the descending pitchfork and is now trading above it. It has retested it and closed much higher signalling that the buyers could step in again in the short term.

XRP/BTC remains under some pressure as long as it is trading below the sliding parallel line (SL) of the descending pitchfork. Price is trapped within an up channel, so it is somehow expected to climb towards the upside line as long as it stays above the downside line.

You can notice that it has failed to reach and retest the downside line and the lower median line (lml) of the ascending pitchfork. Right now, it is trying to take out the 50% Fibonacci line of the ascending pitchfork to be able to climb at least to the previous high.


Conclusion 


Personally, I believe that we may have a significant upside movement if the rate will really manage to make a valid breakout above the inside sliding line (SL) of the descending pitchfork and above the 50% Fibonacci line of the descending pitchfork.  The major target will be at the upside line of the up channel and at the upper median line (uml) of the ascending pitchfork.

Categories
Crypto Market Analysis

2GIVE/BTC Turned To The Downside


2GIVE (2GIVE)


Market Cap: $2.88M

Circulating Supply: 519.37M 2GIVE

Max Supply: 0 2GIVE

Volume (24h): $11.07K

2GIVE/USD = $0.005658


2GIVE/BTC Technical Analysis


The 2GIVE/BTC rate has dropped significantly today and has reached the 0.00000084 level, but now has squeezed a little in the last hours. We may have a great selling opportunity if the rate will drop further and will close below the  0.00000084 low and below the downside 50% Fibonacci line of the major descending pitchfork. Personally, I believe that only a valid breakout above the outside sliding parallel line (SL) will invalidate the bearish scenario.


 

The rate has made a valid breakdown below the uptrend line which is the same as the lower median line (lml) of the ascending pitchfork, and also failed to reach and retest the SL of the minor descending pitchfork. Price could drop deeper because it stays closer to the downside 50% Fibonacci line of the major descending pitchfork.

The first target it will be at the 50% line and at the 150% line, a breakdown below the mentioned dynamic support lines will send the rate towards the upper median line (UML). Actually, the median line (ML) could attract the rate after the several false breakouts above the upper median line (UML).


Conclusion


The 2GIVE/BTC should drop further if it will close below the 0.00000084 today’s low and below the 50% line of the major descending pitchfork. The first major downside target remains at the ML of the minor descending pitchfork. A Stop Loss can be placed right above the 0.00000105 high.

Categories
Crypto Market Analysis

Metaverse ETP – Is This A Temporary Drop?


Metaverse ETP (ETP)


Market Cap: $26.12M

Circulating Supply: 35.84M ETP

Max Supply: 100M ETP

Volume (24h) $4.50M


Technical Analysis


ETP/USD continues to move sideways somehow in the short term but it remains to be seen what will really happen after the rate will reach the major and critical support. The price drops in the short term as all the major cryptocurrencies have crashed in the short term. The rate continues to stay above some very important support levels, so we may still have a rebound on the short term.

 


 

Unfortunately, the rate failed to make a valid breakout above the outside sliding parallel line (sl) of the minor descending pitchfork and now it has slipped below the upper median line (uml) again. It is pressuring the upper median line (UML) of the major descending pitchfork, so a rejection from here and from the 0.6000 psychological level will signal a rebound and a potential breakout above the outside sliding line (sl).

Right now it is very important for the rate to stay above the UML of the major descending pitchfork and above the 0.6000 psychological level because a breakdown will send the rate at least till the upside 50% Fibonacci line of the descending pitchfork.


Conclusion


We may have a great buying opportunity only if the rate will make a valid breakout above the outside sliding line (sl). This scenario will be invalidated if the rate will resume the downside movement and if will close and stabilise below the 0.5701 static support.

Categories
Crypto Market Analysis

Litecoin – Could It Reach The Median Line Again?


Litecoin (LTC)


Litecoin Market Cap: $5.67B

Circulating Supply: 56.96M LTC

Max Supply: 84M LTC

Volume (24h): $321.53M


Technical Analysis


Litecoin is trading in the red and seems too heavy to be stopped in the short term. Right now it is pressuring a dynamic support and could take it out as well. It should drop further if it will close below this downside obstacle.

The crypto market has started to drop aggressively and could resume the downward movement in the upcoming days, so, Litecoin is somehow expected to drop further as well.

 


 

Technically, it is expected to drop further after the breakdown from the major triangle pattern and below the 109 – 106 support zone. Right now it is pressuring the 150% Fibonacci line, so a breakdown will signal a drop at least until the upside 50% Fibonacci line of the descending pitchfork. The major downside target remains at the median line (ML) of the descending pitchfork.

We would have a great selling opportunity if the rate had retested the broken levels, but the rate moved down very quickly and I don’t know if we’ll have a retest.

It is somehow expected to drop after another failure to reach and retest the upper median line (UML) of the descending pitchfork. Litecoin also failed to stabilise above the sliding line (sl) of the descending pitchfork, so all the signs are bearish.


Conclusion


Technically, Litecoin market cap is expected to drop further even if we have a minor rebound and a retest. If you decide to sell it, then you should place a Stop Loss above the 129.870 former high and a Take Profit near the median line (ML), somewhere around $50.

Categories
Crypto Market Analysis

XMR/USD You Can Still Catch The Sell-Off


Monero (XMR)


Monero Market Cap: $2.16B

Circulating Supply: 16.12M XMR

 Max Supply: 0 XMR

Volume (24h) $36.49M


Technical Analysis


 The cryptocurrency could extend the sell-off in the upcoming period after the crucial breakdown.  The rate passed below a major support area signalling that the bears are in full control. Right now it remains to be seen if the rate will come back to retest the broken zone or it will drop further without a rebound.

Monero drops as all the major cryptocurrencies have started another bearish momentum. The crypto market could resume the major downtrend.


 

You can see that the rate has made a valid breakdown below the first warning line (WL1) of the ascending pitchfork, it has retested the lower median line (lml) of the other ascending pitchfork and now is trading much below the 150.00 psychological level.

It has also retested the uptrend line failing to close on it, so the current drop is natural and was expected. If you read the latest trade setup on this crypto, you’ll notice that I’ve talked about a significant drop after the rate will make a valid breakdown below the 150.00 level and below the 145.810 low.

XMR/USD could be attracted by the confluence area formed between the 250% Fibonacci line (descending dotted line) with the 150% of the ascending pitchfork.


Conclusion


If you want to go short on this you should place your Stop Loss above the 177.78 high. Personally, I still believe that the rate could move towards the first warning line (wl1) of the minor descending pitchfork. A further drop will be confirmed only by a valid breakdown below the 250% line and below the 150% lines.

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.

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Crypto Market Analysis

EOS Could Be Very Attractive Soon


EOS (EOS)


EOS Market Cap: $12.51B

Circulating Supply; 896.15M EOS

Max Supply: 1B EOS

Volume (24h) $1.22B


Technical Analysis


EOS/USD dropped aggressively today after retesting a major dynamic resistance. It has erased the morning gains and it almost reached a static support. However, the crypto remains very attractive despite the last corrective phase. Today, it has dropped as all the major cryptocurrencies have decreased. Right now is very important for the crypto to stay above the 13.5000 psychological level because it will maintain a bullish perspective.


 

EOS could make a minor consolidation before it will jump higher. The rate needs more directional energy to be able to climb towards the 16.0000 psychological level. The rate dropped aggressively after the false breakout above the 250% line and above the warning line (wl2). EOS/USD has found a bottom on the median line (ML) of the descending pitchfork and on the median line (ml) of the ascending pitchfork.  The price retested the median line (ml) of the ascending pitchfork and has closed much above it signalling that we may have a reversal.

It has found a temporary resistance at the upper median line (uml) of the ascending pitchfork and at the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork. You can see that it has retested the 50% line of the ascending pitchfork, closing much above it and above the 50% retracement level signalling a bullish pressure.


 Conclusion 


Personally, I believe that it will become strongly bullish after a valid breakout above the 250% Fibonacci line, above the upside 50% Fibonacci line of the descending pitchfork, above the upper median line (uml) and also above the 38.2% retracement level. The first upside target it will be at the WL2, but it could be attracted by the confluence area former between the UML and the first warning line (wl1).

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Crypto Market Analysis

NEO Could Hit The Floor


NEO (NEO)


Market Cap: $3.39B

Circulating Supply: 65M NEO

Max Supply: 100M NEO

Volume (24h) $79.80


Technical Analysis


NEO/USD is trading in the red and seems determined to extend the current drop. It has failed to stay higher and now moves towards important support levels. The major cryptocurrency drops as the crypto market is in the red again.

It could drop further in the upcoming days if Bitcoin, Ethereum, etc. will resume the bearish momentum. Several false breakdowns and some rejections have signalled that the crypto pair could drop further in the short term.


 

The price has escaped from the ascending pitchfork’s body and now could drop towards the 50.00 psychological level. The drop was confirmed by the false breakout above the lower median line (lml) of the ascending pitchfork and after the valid breakdown below the sliding line (sl) of the ascending pitchfork.

Right now we need a confirmation that the crypto will drop further. It has slipped below the SL of the major descending pitchfork and below the 150% Fibonacci line of the ascending pitchfork. Only a valid breakdown below the mentioned lines and below the upside 50% Fibonacci line of the minor descending pitchfork will signal and will really confirm a drop towards the UML of the major descending pitchfork and towards the sliding line (sl1) of the minor descending pitchfork.

I’ve drawn a descending pitchfork to show you that the rate is trapped within a down channel. A further drop could be invalidated only by a valid breakout above the upside sliding line (sl) of the minor descending pitchfork.


Conclusion


NEO/USD will drop further if it will close below the 51.81 yesterday’s and today’s low and could reach the sliding line (sl1) and the median line (ml). The Stop Loss could be placed somewhere above the sl2.

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Crypto Market Analysis

Is Bitcoin Already Exhausted?


Bitcoin (BTC)


Market Cap: $130.38B

Circulating Supply: 17.08M BTC

Max Supply: 21M BTC

Volume (24h) $ 4.29B


Bitcoin Price Analysis


Bitcoin has rebounded on the short term, but the upside movement seems completed.  The cryptocurrency is showing some exhaustion signs and could attract the sellers again. The next days could be crucial because a significant decrease will confirm a drop at least to the 6000 psychological level. The major cryptocurrencies have increased a little since last week, but this may be only a temporary rebound before the prices will drop again.


 

If you read my articles and editorials about Bitcoin, you’ll notice that I’ve talked about the importance of the outside sliding parallel line (SL) of the ascending pitchfork. I’ve said that the rate could drop after the retest of the downtrend line and after the failure to make a valid breakout above the third warning line (WL3) and above the SL2.

The sliding line (SL) represented a crucial dynamic support and I’ve mentioned that a valid breakdown will invalidate a potential leg higher and will confirm a further drop. The minor rebound could validate the breakdown if the rate will stay below it and if it will drop again.

Technically, the rate was somehow expected to increase after the valid breakout from the minor down channel, but Bitcoin remains under huge pressure as long as it is trading below the sliding line (SL), the fourth warning line (WL4) and much below the downtrend line.


Conclusion


Bitcoin Price Analysis: You can sell it again if it stays below the SL and below the 7779.0 static resistance with a first downside target at the 150% line of the ascending pitchfork. The Stop Loss could be placed around 7900 level.

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Crypto Market Analysis

ETP/BTC Potential Buy Opportunity Building?

ETP/BTC moves in range but you should be ready for a breakout from this extended sideways movement. Are you long or short on this pair?


Metaverse ETP (ETP)


Market Cap: $30.46M

Circulating Supply: 35.79M ETP

Max Supply: 100ETP

Volume (24h) $4.60M

ETP/USD = $0.85474


Technical Analysis


ETP/BTC continues to move sideways in the short term, so we should wait for a valid breakout so we can take action again. The rate has found a bottom at the 0.00007820 level and failed to reach it again in the last attempts, signalling a potential rebound.

The pair remains under pressure in the short term as long as it is trading below two important resistance levels.


 

You can see on the Daily chart that it has found a strong demand zone right below the downside 50% Fibonacci line of the descending pitchfork and now moves towards the median line (ML). The rate could continue to move sideways, but you should also be ready for a breakout. Right now we need to wait to see the breakout direction.

Right now it seems a little exhausted because it has failed to reach the median line (ML). Personally, I believe that we could have a great trading opportunity if the rate will pass above the median line (ML) and if it will stay there. A great buying opportunity will appear only after a valid breakout above the 0.00012860 static resistance.


Conclusion


It remains to be seen if this sideways movement will be an accumulation or a distribution. We should wait for a valid breakout and only then to open a position. You can buy it from above the 0.00012860 static resistance having a first target at the upside 50% Fibonacci line. A selling opportunity will appear after a valid breakdown from this pattern.

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Crypto Market Analysis

Incent Sell-Off?


Incent (INCNT)


Market Cap: $14.80M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h) $46.57K


Technical Analysis


The rate increased today but is seems pressured in the short term. INCNT/USD climbed above the broken dynamic support, but I’m afraid that it will drop further in the short term. We may have a great selling opportunity if the rate will close below the 0.29524790 yesterday’s low and could drop much below the 0.20000000 psychological level.

Price is struggling to stay higher, but I’m afraid that the crypto market could turn to the downside again after the temporary rebound. The major cryptocurrencies have increased a little, but are signalling an exhaustion already, so Incent could drop as well if the other cryptocurrencies will slip lower.


 

You can see on the Daily chart that the price has found a strong resistance at the 0.42260400 level and now has slipped below the lower median line (lml) of the ascending pitchfork. It is pressuring the sliding line (sl) of the ascending pitchfork after the lower median line (lml) retest. A valid breakdown below the sliding line will confirm a drop for the upcoming period.

INCNT/USD could drop even if it will pass above the 150% line as long as it will stabilise below the sliding line (sl).


Conclusion


The price seems that it could drop from here because it has stayed too much on the sliding line (sl). You can sell it from below the 0.29524790 yesterday’s low and you could place the first target at the 0.15696000 level. The Stop Loss should be above the 0.42260400 static resistance.

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Crypto Market Analysis

Dogecoin Could We Have A Breakout?


Dogecoin (DOGE)


Market Cap: $433.90M

Circulating Supply: 114.75B DOGE

Max Supply: 0 DOGE

Volume (24h) $14.08M


Technical Analysis


Dogecoin (DOGE) continues to move higher on the short term after the failure to reach the near-term support levels. The cryptocurrency increased as the crypto market has managed to recover a little after the last corrective phase.  You should know that the perspective remains bearish on the short term because the rate is still trapped below a downtrend line which represents a very strong dynamic resistance.

The rate moves sideways on the short term, so maybe will be better to stay away until we’ll have a valid breakout from this extended range.


 

DOGE/USD has developed a major triangle on the Daily chart and now the rate has failed to approach and reach the downside line signaling a potential reversal. The rate has turned to the upside on the short term, but it remains to see how long this will be because it has increased slowly. The current rebound could be only temporary and it could still drop towards the 0.00288000 – 0.00248254 support area.

Price dropped along the upper median line (uml) of the descending pitchfork,, but failed to reach the first warning line (WL1). It could still reach the WL1 as it is trading very close to it. Dogecoin (DOGE) has managed to breakout above the 150% line and could fight hard to reach the first warning line (wl1) in the upcoming period.


Conclusion


A really great buying opportunity could appear only after a valid breakout above the downtrend line, above the warning line (wl1) and above the 0.00487198 static resistance. The Stop Loss could be placed below a former low.

 

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Crypto Market Analysis

AMP/USD Falling Wedge?


Synereo (AMP)


Market Cap: $17.89M

Circulating Supply: 100.73M AMP

Max Volume: 0 AMP

Volume (24h) $100.53K


Technical Analysis


The Synereo (AMP) cryptocurrency is on a declining path on the daily chart and seems determined to drop much deeper in the upcoming period. The perspective remains bearish on the daily chart as long as the rate stays below the downtrend line. AMP/USD has developed a Falling Wedge, but this pattern is far from being confirmed.

A reversal signal could appear only after a valid breakout from the Falling Wedge pattern. The crypto has shown little action in the short-term signalling that the bears could be exhausted.


 

You can see on the Daily chart that the rate dropped again after the last two failures to reach and retest the median line (ML) of the major descending pitchfork. You should know that a valid breakdown below the 0.17160910 level will confirm a further drop towards the downside line of the Falling Wedge. A further drop is somehow expected after the failure to reach and retest the upside line of the chart pattern. However, a rejection from here will send the rate at least up to the upside line but is less likely to happen as the crypto market maintains a bearish bias despite the minor rebound.

You can see that the rate was rejected and was sent higher by the sliding parallel line (SL) of the descending pitchfork, but you should know that a valid breakdown will send the rate towards the LML.


Conclusion


The perspective remains bearish for now, so you should stay away until we really have a bullish signal. We may have a great buying opportunity if the AMP/USD rate stays above the SL and if it will manage to take out the downtrend line. Unfortunately, the crypto is under massive selling pressure as it continues to stay near the sliding line (SL).

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Crypto Market Analysis

RDD/BTC Lost The Bearish Momentum


ReddCoin (RDD)


Market Cap: $195.44M

Circulating Supply: 28.81B RDD

Max Supply: 0 RDD

Volume (24h) $3.62M

RDD/USD = 0.006804


Technical Analysis


RDD/BTC rallies right now and resumed yesterday’s bullish candle. The rate approaches a very strong dynamic resistance, so it remains to see how it will react. A valid breakout will confirm a further increase in the short term. The rate has shown some oversold signs after the failure to make new lows. It seems that the behaviour has changed, but we still need a confirmation that the rate will increase further.


 

As you already know, it is very important for the major crypto to increase, and maybe we’ll have an important increase with this pair as well. The last drop was expected and it was natural after another failure to reach and retest the median line (ML) of the sideways pitchfork.

RDD/BTC has found strong support right above the 0.00000076 level and above the 61.8% retracement level. The failure to drop towards the 76.4% level and towards the LML of the sideways pitchfork has attracted the buyers again.

It has also failed to reach the median line (ml) of the minor descending pitchfork signalling a breakout from the descending pitchfork’s body. A valid breakout above the upper median line (uml) should send the rate towards the median line (ML) again.


Conclusion


We can go long after a valid breakout above the upper median line (uml). The first target it will be at the warning line (wl1) and at the ML of the sideways pitchfork. The Stop Loss can be placed below the 0.00000076 level.

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Crypto Market Analysis

CFI/BTC Did You Buy It?


Cofound.it (CFI)


Market Cap: $19.54M

Circulating Supply: 325M CFI

Max Supply: 0 CFI

Volume (24h) $472.54K


Technical Analysis


The CFI/BTC crypto pair increased today and it seems like we’ll have a breakout attempt above a very strong dynamic resistance. A valid breakout will announce a potentially larger rebound for the upcoming period. However, you should stay away for now because another leg higher needs to be confirmed. CFI/BTC has shown little action in the short-term, signalling that the bears could be exhausted. The price is moving sideways somehow in the short term, that’s why we need to be very careful because anything could happen.


 

You can see on the Daily chart that the rate has finally managed to break out above the first warning line (WL1) of the descending pitchfork and now has reached the downtrend again. The price has failed to reach and retest the downtrend line in the past week signalling a bearish pressure. A valid break out above the downtrend line could help us to go long on this cryptocurrency.

I’ve drawn a minor ascending pitchfork, so a breakout above the downtrend line followed by a retest of the lower median line (lml) will confirm a rebound in the short term.


Conclusion


We can buy CFI/BTC if the rate stays above the 0.00000711 static support and within the ascending pitchfork’s body. The first important upside target will be at the median line (ml) of the ascending pitchfork. A failure to breakout above the downtrend line and a valid breakdown below the 0.00000711 level will invalidate the bullish scenario for now.

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Crypto Market Analysis

XRP/BTC Looks To Trade Higher


Ripple (XRP)


Market Cap: $26.18B

Circulating Supply 39.24B XRP

Max Supply: 100B XRP

Volume (24h) $397.67M


XRP/BTC Technical Analysis


XRP/BTC increased and maintains a bullish perspective in the short term. It remains to see what will really happen in the upcoming period because the crypto market is still weak. The rate dropped in yesterday’s trading session as the crypto market dropped further.

The price rebounded in the short term after the failure to reach the previous lows. The rate has managed to break out above some very important resistance levels and now is struggling to reach new highs.


 

The rate has made a false breakdown below the 150% line of the descending pitchfork signalling that we may have an oversold situation. It has moved sideways on the short term but now has started an upside movement after the breakout above the WL1 of the descending pitchfork.

The perspective will remain bullish in the short term as long as the rate stays above the 150% Fibonacci line of the minor ascending pitchfork. The next upside obstacle is at the 61.8% Fibonacci level, so we need a breakout above this level so we can think of a further increase.

It looks bullish in the short term, you can see that the price failed to retest the minor red uptrend line, signalling that the buyers are strong.


Conclusion


We can go long on this crypto pair if it will close above the 0.000091050 yesterday’s high and we can place a stop loss below the 0.000073170 low. A valid breakout above the 61.8% level will send the rate towards the 50% line and maybe towards the median line (ml) of the ascending pitchfork.

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Crypto Market Analysis

Ethereum – Is This A Bullish Signal?


Ethereum (ETH)


Market Cap: $58.98B

Circulating Supply: 99.88M ETH

Max Supply: 0 ETH

Volume (24h): $1.84B


Ethereum (ETH) Technical Analysis 


ETH/USD changed little today but continues to be under selling pressure in the short term. The rate has managed to rebound and to stay above a crucial support level. Right now we need a confirmation that the rate will increase further in the short term because the rate dropped significantly in yesterday’s trading session.

However, yesterday’s drop could be considered to be only a temporary one because the rate could try to test and retest the broken dynamic resistance. We’ll see what will really happen because Ethereum (ETH) and all the major cryptocurrencies have decreased a little after the last day’s increase.


 

Ethereum increased after the false breakdown below the lower median line (LML) of the ascending pitchfork. It has managed to jump and close above the outside sliding line (SL) of the descending pitchfork. The price has come back to pressure the broken sliding line (SL), so, it remains to see if this will really be a valid breakout. ETH/USD could test and retest the LML as well before it will really decide to increase.

The false breakdown below the LML has signalled another leg higher, so we can go long on this but only if the rate will stay above the SL and above the LML. 


Conclusion 


Ethereum (ETH) has turned to the upside on the short term, but only a rejection from the SL and from the LML will really confirm a further increase. You can go long on this if the rate will stay above the mentioned support lines having a first target at the 50% Fibonacci line and the second target at the ML of the ascending pitchfork. The Stop Loss can be placed below the LML.

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Crypto Market Analysis

Monero Further Drop On The Cards


Monero (XMR)


Market Cap: $2.57B

Circulating Supply: 16.1M XMR

Max Supply: 0 XMR

Volume (24h) $38.49M


Monero (XMR) Technical Analysis


Monero plunged today and erased the yesterday’s gains. The price maintains a bearish perspective on the short-term after today’s drop. The rate has failed to close above a dynamic resistance (support turned into resistance) and now it seems determined to challenge a major support area. A valid breakdown will signal a further drop.

All the major cryptocurrencies have dropped today signalling that the rebound could be temporary and the crypto market could resume the downside movement.


 

You can see that the rate has increased a little after the false breakdown below the 151.260 static support, but yesterday’s failure to close above the lower median line (lml) of the ascending pitchfork has signalled that the rate could resume the corrective movement.

We can go short on this cryptocurrency if it will make a valid breakdown below the 151.260 static support, and if it will close below the 145.810 former low. The price could stabilise below the first warning line (WL1) of the ascending pitchfork, which represents another bearish signal. It has also retested the minor uptrend line which represents the downside line of the triangle chart pattern.


Conclusion


You can sell Monero if the bearish scenario will be confirmed. The first downside targets will be at the 150% lines. The Stop Loss can be placed above the 177.780 yesterday’s high.

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Crypto Market Analysis

BTG/BTC Long After A Valid Breakout


Bitcoin Gold (BTG)


Market Cap: $741.47M

Circulating Supply: 17.05M BTG

Max Supply: 21M BTG

Volume (24h) $16.06M

BTG/USD = $43.309


Technical Analysis


BTG/BTC is on a declining path on the daily chart. The rate dropped significantly in the last months as the crypto market has crashed. Right now, it is very important to see what will really happen in the short term because the rate hovers right above a crucial support level. A valid breakdown will confirm a further drop in the upcoming period. The rate dropped today as the all major cryptocurrencies have dropped significantly today.


 

The price dropped and has found strong support at the 0.005564 level on April 12, 2018. It has increased a little and has made a valid breakout above the median line (ML) of the descending pitchfork. Unfortunately, the rate didn’t resume the rebound and has started another minor corrective phase in the short term.

BTG/BTC has found a temporary support again and has increased a little in the last days, that’s why I’ve drawn an ascending pitchfork. Unfortunately, the rate dropped significantly and could invalidate a further increase in the short term. The next few days will be crucial because a valid breakdown below the 0.005564 will signal a further drop.

We may have a buying opportunity only after a valid breakout above the downtrend line and if the rate will stay within the minor ascending pitchfork’s body.


Conclusion


You could go long after a valid breakout above the downtrend line. We’ll have an important upside target at the median line (ml) of the minor ascending pitchfork and another one at the UML.

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Crypto Market Analysis

UBQ/BTC Selling Scenario


Ubiq (UBQ)


Market Cap: 460.52M

Circulating Supply: 41.06M UBQ

Max Supply: 0 UBQ

Volume (24h) $87.51K

UBQ/USD = $1.49419


Technical Analysis


UBQ/BTC is trading in the red today and seems under a lot of selling pressure after the last day’s failure to close on or near a dynamic resistance line. Technically, the perspective remains bearish in the short term despite the last day’s minor gains.

A further and a larger drop could be validated soon if the rate will take out a static support. Right now will be better to stay away and to go short only after the bearish scenario will be confirmed.


 

UBQ/BTC has made a valid breakdown below the uptrend line as the rate has come back to retest it. You can see that the rate has failed to close near the former uptrend line showing a bearish pressure. It has made only a false breakout above the sliding line (sl1) of the descending pitchfork. The rate is trapped between the inside sliding parallel line (sl and the sl1) of the descending pitchfork.

A failure to stay above the median line (ml) of the descending pitchfork will announce a further drop and a potential breakdown below the sliding line (sl) and below the 0.00017750 static support. You can see it from below the mentioned support levels. The next target will be at the downside 50% Fibonacci line (descending dotted line).


 Conclusion 


The corrective phase will continue if the UBQ/BTC rate will make a valid breakdown below the 0.00017750 static support and below the sliding line (sl). The first target will be at the downside 50% Fibonacci line and the second one at the WL1 of the former major ascending pitchfork. The Stop Loss can be placed above the 0.00022661 Wednesday’s high. You should know that a valid breakout above the upside sliding line (sl1) will signal a bullish opportunity.

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Crypto Market Analysis

Litecoin Holding The Minor Gains


Litecoin (LTC)


Market Cap: $6.71B

Circulating Supply: 56.79M LTC

Max Supply: 84M LTC

Volume (24h) $297.53M


Technical Analysis


Litecoin was into another correction phase on the short term as the crypto market has turned to the downside again. The price increased aggressively on Tuesday and has shown an oversold signal. However, it is still premature to talk about a significant increase after one strong bullish candle. I’ve seen a lot of analysts that are sustaining that the major cryptocurrencies will start to increase again and that the correction is completed. Personally, I need a confirmation before I’ll go long again because the major cryptocurrencies are still trapped below some very important and strong resistance levels.


 

You can see that Litecoin has developed a major triangle on the Daily chart, so only a breakout from this pattern will bring a clear direction for the upcoming period. Price has retested the downside line of the chart pattern and failed to reach and retest the 106.52 static support.

LTC/USD failed to reach and retest the upside 50% Fibonacci line of the descending pitchfork in the last two attempts signaling that the sellers are exhausted after last week’s drop.

We’ll see what will really happen when the rate will reach the fourth warning line (wl4) of the former ascending pitchfork. You should know that a valid breakdown below this dynamic support will signal a further drop. You can see that I’ve drawn a minor ascending pitchfork, so it could come to test and retest the lower median line (lml) in the upcoming days.

Conclusion

You can buy it only if the rate stays within the minor ascending pitchfork’s body, and if it stays above the triangle’s downside line. The first upside target it will be at the UML of the descending pitchfork and the second one at the upside line of the chart pattern. The Stop Loss can be placed below the 106.52 level.

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Crypto Market Analysis

Can We Buy Ethereum Classic?


Ethereum Classic (ETC)


Market Cap; $1.57B

Circulating Supply: 101.96M ETC

Max Supply 0 ETC

Volume (24h) $ 130.57M


Technical Analysis


Ethereum Classic posted minor gains today and the upside is still uncertain.  The price has found temporary support in the short term and is now trying to bounce back. It is approaching a very important dynamic resistance, so a valid breakout could attract more buyers.

ETC/USD has shown some oversold signs on the daily chart, so we can start thinking about another leg higher if the rate will validate our scenario.


 

As you can see, the rate dropped but it has made two false breakdowns below the downside 50% Fibonacci line of the major descending pitchfork, signalling that the buyers can step in again. The increase is very fragile, but I hope that a valid breakout above the 150% Fibonacci line of the minor descending pitchfork will open the door for more gains.

I’ve drawn a minor ascending pitchfork hoping that I’ll catch the next upside movement, so a retest of the lower median line (lml) followed by a significant increase will announce a bullish momentum. The rate stays much above the 13.046 static support. You can place your Stop Loss below this level if you go long on this crypto.

The last drop was expected after the false breakout above the median line (ML) of the major descending pitchfork.


Conclusion


A valid breakout above the 150% line will signal a further increase in the upcoming period. The next upside target will be at the median line (ML) of the major descending pitchfork. The 13.046 level could represent an invalidation level, a valid breakdown below it will confirm a further drop.

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Crypto Market Analysis

Metaverse ETP Long Opportunity Eyed


Metaverse ETP (ETP)


Market Cap: $29.46M

Circulating Supply: 35.73M ETP

Max Supply: 100M ETP

Volume (24h) $4.23M


Technical Analysis


ETP/USD decreased a little today, but it seems undecided in the short term. Price is narrowing right now, that’s why you should stay away and wait for a fresh trading signal. It could start a broader upside movement if it will take out the near term resistance levels.

It has developed a minor chart pattern, but we still have to wait to see the breakout direction. It has shown some oversold signs, but it is still under pressure as long as it is trapped below some very important upside resistance levels.


 

You can notice that the rate has failed to make a valid breakdown below the 50% Fibonacci line of the minor descending pitchfork signalling an oversold. It has run away from the 50% Fibonacci line of the major descending pitchfork signalling that the behaviour could change soon.

ETP/USD failed to reach and retest the 0.6000 psychological level, that is why we can think of another bullish momentum. However, the rate is trapped below the upper median line (uml) of the minor descending pitchfork, below the outside sliding line (sl) of the minor descending pitchfork, and much below the UML of the major descending pitchfork. Support can be found at the first warning line (wl1) of the ascending pitchfork.


Conclusion


We’ll have a perfect buying opportunity if the rate will make a valid breakout above the mentioned resistance levels. The next upside target will be at the 150% Fibonacci line of the ascending pitchfork and the second one at the lower median line (lml). A drop below the 0.6000 – 0.5701 static support will invalidate the bullish scenario.

 

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Crypto Market Analysis

Qwark sits above support area


Qwark (QWARK)


Market Cap: $4.07M

Circulating Supply: 56.48M QWARK

Max Supply: 0 QWARK

Volume (24h) $18.21K

QWARK/USD = $0.070850


Technical Analysis


QWARK/BTC slips lower on the Daily chart and is almost to reach a major and crucial support area. Price remains under selling pressure after the failure to climb towards a major dynamic resistance. Actually, the dynamic resistance has failed to attract the price, that’s why the sellers are still very strong.

The rate is pressuring some very important support level, that’s why you should stay away because right now we don’t have any trading opportunity.


 

Price moves somehow sideways on the short term after the amazing downside movement. The selling pressure is still very high in the short term. Right now we don’t have any reversal signal, that’s why we need to wait for a confirmation that the rate will start another leg higher.

Price hovers above several support levels, so a rejection from here or a false breakdown will signal a bullish momentum. QWARK/BTC is pressuring the 50% Fibonacci line of the descending pitchfork, the 0.00000939 static support and the lower median line (LML) of the ascending pitchfork.

The false breakout above the sliding line (sl) has sent the price down again. It is almost to reach the first warning line (WL1) of the major descending pitchfork as well, so only a valid breakout above this dynamic resistance and above the sliding line (sl) will really signal a bullish movement.


Conclusion


We’ll have a great buying opportunity if the rate will stay above the 0.00000860 and if it will make a valid breakout above the sliding line (SL) and above the WL1. The first target it will be at the median line (ml) of the descending pitchfork and the second one at the upside 50% line.

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Crypto Market Analysis

Cardano Reversal In Spotlights


 Cardano (ADA)


Market Cap: $5.34B

Circulating Supply: 25.93B ADA

Max Supply: 45B ADA

Volume (24h) $230.28M


Technical Analysis


ADA/USD rallied in yesterday’s trading session and has invalidated the breakdown below the lower median line (LML) of the major ascending pitchfork. The crypto market has bounced back in yesterday’s session and is signalling that the sellers are too exhausted in the short term. However, the ADA/USD could still come back a little to test and retest the support levels before it climbs towards the next upside targets.


 

The corrective phase was natural and it was expected after the failure to stabilise above the median line (ML) of the ascending pitchfork. Personally, I would like to see a consolidation on all major cryptocurrencies before they will really start a larger upside movement. We need a confirmation before we’ll go long again.

Technically, the rate is expected to increase after the false breakdown below the LML of the ascending pitchfork and below the first warning line (wl1) of the minor descending pitchfork. It has escaped from the minor Falling Wedge signalling a reversal in the short term.

Another leg higher will be invalidated only by a valid breakdown below the lower median line (LML). It remains to be seen if it will increase from now or after a minor drop and after a retest of the LML, the warning line (wl1).


Conclusion


You can go long on Cardano (ADA) with a first upside target at the 50% Fibonacci line of the ascending pitchfork. The second target will be at the median line (ML) and the Stop Loss could be placed below the 0.170625 previous low or below the 0.166490 static support. This setup could have a Reward-to-Risk around 3.50.

Categories
Crypto Market Analysis

Santiment Bullish Scenario


Santiment Network Token (SAN)


Market Cap. $75.26M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h): $1.17M


Technical Analysis


SAN/USD moves sideways on the short term and seems determined to increase and to recover a little after the last bearish movement. The price developed a triangle chart pattern, so a breakout could bring us a perfect trading opportunity on the short term. Right now you should stay away because it is still under pressure. It is trapped below some very strong dynamic resistance levels, so only a breakout will announce a significant upside movement and will confirm the bullish scenario.



 

The rate dropped again after the breakout above the median line (ML) of the descending pitchfork. It has tested and retested the median line (ML) and now is moving away from it signalling that the bears are exhausted on the short term and that the bulls can step in again. It is still premature to say that we’ll have a sharp increase in the upcoming days.

We could have a great buying opportunity if the rate will make a valid breakout above the downtrend line and above the 1.6630 static resistance. The first bullish signal will be given by the breakout above the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork.


Conclusion


You can go long on SAN/USD after a valid breakout above the downtrend line and outside the descending pitchfork’s body and you can place your Stop Loss somewhere below the former low or below the 0.8350 static support. We’ll have an important upside target at the first warning line (WL1) and another one at the median line (ml) of the ascending pitchfork. A drop below the 0.8350 level will invalidate the bullish scenario.

Categories
Crypto Market Analysis

ETH/USD Losing Altitude


Ethereum (ETH)


Market Cap: $52.26B

Circulating Supply: 99.73M ETH

Max Supply: 0 ETH

Volume (24h) $2.09B


Technical Analysis


ETH/USD plunged in yesterday’s trading session and ignored another downside obstacle. Price registered humble gains today, but you should know that the perspective remains bearish on the short term. The crypto market has started to drop after the minor upside movement and could continue this downside movement because we don’t have any reversal signs.

The rate could increase a little in the short term and could test and retest the broken levels before it will drop further.


 

You can see that the price has retested the sliding parallel line (SL) of the descending pitchfork. It has failed to make a breakout above the confluence area formed between the 50% line with the SL. The price dropped below the first warning line (WL1) of the descending pitchfork and below the lower median line (LML) of the ascending pitchfork signaling a further drop.

ETH/USD could come back to test and retest the broken lines. So, we’ll have a great selling opportunity if the price will stay below the lines mentioned.

The current drop is natural and it was expected after the failure to reach the median line (ML). Right now only a false breakdown below the lower median line (lml) of the ascending pitchfork could invalidate a further drop, but is hard to believe that the buyers could force the rate to increase significantly from here.


Conclusion


The perspective remains bearish on the short term as long as the ETH/USD rate stays below the sliding line (SL) of the descending pitchfork. It could drop towards the 400 psychological level because it should be attracted by the 150% lines in the upcoming period. Only a valid breakout above the SL will signal a reversal.

Categories
Crypto Market Analysis

PARTICL Can Buyers Take Control Again?


 Particl (PART)


Market Cap: $87.60M

Circulating Supply: 8.98M PART

Max Supply: 0 PART

Volume (24h) $1.26M


Technical Analysis


Particl price resumes the downside movement and could reach lows soon as the pressure is very high. PART/USD approaches a very strong support area, so you can keep an eye on this to see how it will react in the upcoming days.

The current drop is natural as the crypto market has turned to the downside again and because the rate has failed to stay above a very strong dynamic support.


 

It was expected to drop further after the breakdown below the lower median line (lml) of the ascending pitchfork. The breakdown below the 150% line has attracted more sellers.

Technically, it is expected to drop towards the first warning line (wl1) of the ascending pitchfork and towards the downside line of the Falling Wedge pattern after the failure to approach and retest the downtrend line.

The rate has signalled that it is losing the bearish momentum in the last days when it has failed to reach and retest the upside 50% Fibonacci line of the descending pitchfork.  However, the bearish bias remains intact as long as the rate continues to stay below the sliding parallel line (SL) of the descending pitchfork.


Conclusion


We may have a buying opportunity if the rate will be rejected by the 8.21276496 static support, if it will stay above the warning line (wl1) and if it will make a valid breakout above the SL of the descending pitchfork. A drop below the mentioned levels will invalidate the bullish scenario.

Categories
Crypto Market Analysis

EOS/BTC Bullish From Above 0.0017


EOS (EOS)


EOS/BTC edged higher today but it is premature to talk about a bullish movement for the upcoming period. We can go long only after a valid breakout above the SL2 of the ascending pitchfork.

Market Cap: $10.57B

Circulating Supply: 877.22M EOS

Max Supply: 1B EOS

Volume (24h): $2.04B

EOS/USD = $11.9681


Technical Analysis


EOS/BTC rallied aggressively today and erased the last day’s drop. It remains to see where it will close the day because the rate has slipped lower in the last two hours. It has increased significantly as the crypto market has rebounded a little today, but you should know that the crypto pair remains under massive selling pressure on the short term.



 

I want to show you a bullish scenario, if the rate will resume today’s rebound, and if it will manage to close and stabilise above the 0.0017000 psychological level.

The corrective phase was natural and normal after the impressive rally and after the false breakout above the upper median line. It has found a very strong resistance right above the 150% Fibonacci line. The price was trapped within a Falling Wedge pattern and now it has managed to escape from this pattern, signalling that the bulls can take the lead again. The breakout needs a confirmation, so we should stay away from this pair for now because we don’t have a buying opportunity yet.

EOS/BTC has broken below the uptrend line, but the today’s increase could invalidate the breakdown and could attract more buyer’s. 


Conclusion


Personally, I believe that the rate could become bullish again if it will make a valid breakout above the SL2, above the 38.2% retracement level and above the median line (ml) of the ascending pitchfork. However, a valid breakdown below the SL1 will open the door for more declines. The major upside target remains at the 0.0019900 previous high.

Categories
Crypto Market Analysis

XMR/BTC – Head and Shoulders Seems To Be Confirmed


Monero (XMR)


Market Cap: $2.70B

Circulating Supply: 16.06M XMR

Max Supply: 0 XMR

Volume (24h) $46.72M


Technical Analysis


The XMR/BTC dropped sharply in yesterday’s trading session and most likely it has validated the Head and Shoulders pattern. You can see that the rate has moved sideways on the Daily chart, but now it has made an aggressive breakdown signaling that it could move towards fresh new lows in the upcoming period.



 

Technically, it should drop significantly if the chart pattern was validated. The price failed to stay above the 0.02369701 static support and now seems determined to go down as the crypto market has started an aggressive bearish movement again. All the important cryptocurrencies are moving down after a temporary rebound.

You can notice that the rate has failed to reach and retest the upper median line (UML) of the descending pitchfork signaling a high selling pressure on the short term. Right now it is pressuring the upside 50% Fibonacci line, but it most likely will close below it and will move towards the median line (ML) of the descending pitchfork.

Technically, it should drop towards the 0.013 level after the breakdown below the neckline. We’ll see what happens, but you should know that the perspective remains bearish as long as the rate stays below the UML and much below the 150% Fibonacci line.


Conclusion


The XMR/BTC is expected to drop further after the yesterday’s amazing sell-off. You can still go short on this and you can place your Stop Loss right above the 0.0257100 former high.

Categories
Crypto Market Analysis

EOS/USD Is The Corrective Phase Completed?


EOS (EOS)


Market Cap: $11.33B

Circulating Supply: 872.87M EOS

Max Supply: 1B EOS

Volume (24h)  $927.61M


Technical Analysis


EOS/USD dropped sharply in the last weeks after making new highs. Price increased as much as 23.0290 on April 29, 2018, but the buyers weren’t strong enough to keep the rate near this historic high. The rate is trading in the red today and resumed the yesterday’s bearish candle. It remains under high selling pressure on the Daily chart, that’s why it is premature to talk about another leg higher.

EOS was one of the best performers in April as it has increased from 5.1000 to 23.0290, but now it is trading at only 12.8080. It remains to see if the crypto will recapture enough directional energy to be able to approach the 23.0290 high. Personally, I want to show you a bullish scenario, if the rate will make a valid breakout in the upcoming period.



 

EOS/USD has found temporary support at the upside 50% Fibonacci line (ascending dotted line) of the ascending pitchfork. It has come higher to retest the upper median line (uml) and now drops again. It seems like it has only made a false breakout above the 50% level, which could announce a further drop towards the 61.8% retracement level and toward the median line (ml).

Right now you should stay away from this crypto because we don’t have a reversal sign. Personally, I want to see a consolidation or another signal that the corrective phase has ended before I’ll go long again.


Conclusion


It remains to be seen where it will find a strong support area. Personally, I believe that only a valid breakout above the 250% Fibonacci line will bring us the chance to go long again on this amazing crypto. The first major upside target will be at the 23.0290 highest high.

Categories
Crypto Market Analysis

INCNT Further Increase Needs Validation


Incent (INCNT)


Market Cap: $17.36M

Circulating Supply: 46.02M INCNT

Max Supply: 0 INCNT

Volume (24h)


Technical Analysis


INCNT/USD continues to stay above some very important dynamic support levels and maintains a bullish perspective in the short term. The price could increase significantly in the upcoming period if it will make a valid breakout above some very important upside targets.

The rate is trapped below some very important resistance levels, that’s why we have to stay away until a further increase will be confirmed by the price action.



 

You can see that the rate was into a corrective phase, but it has found a bottom and a strong support right below the lower median line (lml) of the ascending pitchfork. I’ve drawn an outside sliding parallel line to show you where the crucial support line is. A further increase will be invalidated by a valid breakdown below this line.

You can see that the rate has failed to reach and retest the sliding line (sl) of the ascending pitchfork signalling that the bulls are still present in the game. However, only a valid breakout will be above the 150% Fibonacci line and above the 0.4226


Conclusion


You can go long on INCNT if the rate will jump and will stabilise above the 150% line and above the 0.42260400. The next upside targets will be at the WL1 and at the 50% line. You can place your Stop Loss somewhere below the outside sliding parallel line (SL). A drop below this line will really signal a further drop in the short term.

Categories
Crypto Market Analysis

NEOS/BTC Throwback?


NeosCoin (NEOS)


Market Cap: $10.66M

Circulating Supply: 3.81M NEOS

Max Supply: 0 NEOS

Volume (24H) $292.10K

NEOS/USD = $4.2753


Technical Analysis


NEOS/BTC is trading right above a major support area, that’s why we can think of another rebound soon. It remains to see what will really happen because the rate could drop further and could invalidate a bullish scenario.

The crypto pair has changed little in the short term and after the last two breakout attempts above the near term resistance levels. Right now you should stay away until we’ll really have a confirmation that the rate will increase again.


 

Price moves somehow sideways on the Daily chart and has developed a triangle, but this pattern is far from being complete. The rate hovers above the major support area between the 0.00033923 and the 0.00026639.

NEOS/BTC could turn to the upside as long as it stays above this support zone. It has failed to reach and retest the downside 50% Fibonacci line of the descending pitchfork signalling a minor oversold.

Technically, it should approach the first warning line (WL1) of the ascending pitchfork after the breakdown below the 150% Fibonacci line. So, a test and retest of the WL1 could send the rate higher on the short term, but only a valid breakout above the median line (ml) of the descending pitchfork will signal a broader rebound.


 Conclusion


The price should start another upside movement if the WL1 and the 0.00026639 support levels will hold. A valid breakout above the median line (ml) will signal an increase at least until the upside 50% Fibonacci line and towards the downtrend line.

Categories
Crypto Market Analysis

MTL/USD Symmetrical Triangle?


Metal (MTL)


Market Cap: $86.24M

Circulating Supply: 24.21M MTL

Max Supply: MTL

Volume (24h) $11.89M


Technical Analysis


MTL/USD changed little today and continues to be under pressure on the Daily chart. It approaches a critical support, so a valid breakdown will confirm a further drop. The price has developed an important chart pattern. It remains to see the breakout direction. MTL/USD has made a false breakout in the last days, which could attract more seller’s on the short term.

However, it is premature to say that we’ll have a further drop because anything could change when the rate will touch the dynamic support.


 

It moves sideways on the daily chart, but this range will end soon because it cannot move like this forever. The crypto is trapped within the upside 50% Fibonacci line and the downside 50% Fibonacci line of the descending pitchfork.

Personally, I believe that a rejection from the minor uptrend line and a failure to approach and reach the downside 50% Fibonacci line will signal an oversold and a potential upside movement.

Unfortunately, it has failed to make a valid breakout above the (SL) and above the median line (ml) of the descending pitchfork, signalling that the bears are very strong.

A false breakdown below the downside line of the chart pattern followed by an impressive jump above the median line (ml) and above the outside sliding parallel line (SL) could signal a broader upside movement.


Conclusion


We could buy Metal (MTL) if it will remain within the chart pattern’s body, and if it will stabilise above the median line (ml). We’ll have an important upside target at the warning line (WL1) of the descending pitchfork. However, a valid breakdown from the mentioned triangle will send the rate to at least the 50% line. A valid breakdown below the downside 50% line will give us a great chance to go short.

Categories
Crypto Market Analysis

Can MUE/BTC Start An Important Upside Movement?


MonetaryUnit (MUE) 


Market Cap: $15.52M

Circulating Supply: 131.36M MUE

Max Supply: 4B MUE

Volume (24h) $118.29K


Technical Analysis


MUE/BTC posted humble gains in the last days, signalling that the buyers are still weak.  The price hovers above a major support area, that’s why we can think of another upside movement. The rate is narrowing right now, but I really hope that we’ll have a major move after the breakout from this minor chart pattern.

The rate tested and retested a dynamic support and it has now increased, but it is premature to talk about a larger upside movement at this moment.



 

I’ve drawn an ascending pitchfork hoping that I’ll catch an important upside movement. The rate has come back down to test and retest the lower median line (LML) and now approaches the minor downtrend line. A valid breakout will signal a further increase towards the 50% Fibonacci line and towards the major downtrend line.

However, it remains to see if this sideways movement will be an accumulation or a distribution. Anything could happen right now. The rate could drop significantly if it fails to pass above the minor dynamic resistance.

Personally, I believe that we could have an important upside movement towards the downtrend line as long as the rate stays above the LML. A larger rebound will be confirmed only after a valid breakout above the major downtrend line.


Conclusion


You could go long on MUE/BTC if the rate jumps and it closes above the minor dynamic resistance. You can place a Stop Loss somewhere below the support area.