Categories
Crypto Market Analysis

Today´s Crypto Events 23.07.2018

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 23.07.2018


  • Zero (ZER) — Fortnightly Newsletter
  • Travelflex (TRF) — Swap to DAG
  • Cindicator (CND) — Blockchain Visionnaire Summit in Berlin
  • Callisto Network (CLO) — AMA on Telegram
  • StrongHands (SHND) — Airdrop on Satowallet
  • Nebulas (NAS) — Meetup in Melbourne
  • Bytecoin (BCN) — High Load Resistance Release
Categories
Crypto Market Analysis

Today´s Crypto Events 18.07.2018

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 18.07.2018


  • Apex (CPX) — Snapshot for KRATOS One Reward
  • Cardano (ADA) — Meetup in Rotterdam
  • WaBi (WABI) — Q&A Session
  • ClearPoll (POLL) — ClearPoll Beta on Android Release
  • Pundi X (NPXS) — Meetup in Istanbul
  • Time New Bank (TNB) — BIMG Summit in Hong Kong
  • WAX (WAX) — Comic-Con International: San Diego
  • Bitcoin (BTC) — Cboe XBT Expiration Date
  • Adelphoi (ADL) — Blockchain and Bitcoin Conference in Paris
  • BitBay (BAY) — Cryptocurrency World Expo Summit in Warsaw
Categories
Crypto Market Analysis

Daily Crypto Update 16.07.2018 – Green Is Back

The market is in green starting the week and there are increasing buys all around the charts. The market capitalisation increased by 13 billion in the last 24-H and its at this moment at $266.126.831.888. BTC has raised up to $6,662 this morning, gaining 3.65%. The top 10 of the cryptocurrencies are in green except for Tether that has lost 0.07% in the last 24-H.  Only 6 coins of the top 100 are in negative today: KuCoin Shares -4,35%, VeChain  -3,49%, Bitcoin Diamond -2,30%, Mithril -1,68%, Mixin -0,41%, Tether -0,07%.


General Overview


Market Cap: $265.849.858.039

24h Vol: $14.456.486.402

BTC Dominance: 42.5%

Daily Crypto Update 16.07.2018

Top 100 Gainers of the day

TenX PAY 57,41%
MCO MCO 16,79%
Kin KIN 16,74%
Power Ledger POWR 12,62%
BitShares BTS 12,00%

Top 100 Losers of the day

KuCoin Shares KCS -4,35%
VeChain VEN -3,49%
Bitcoin Diamond BCD -2,30%
Mithril MITH -1,68%
Mixin XIN -0,41


News


India’s Central Bank Spells Out Crypto Objections as Panel Readies Regulations
The Reserve Bank of India (RBI), which admitted last month that it clamped down on cryptocurrencies without much discussion, has expanded on its objections, as a government panel considers a draft of regulations.
Source: ccn.com

‘Bond Coin’: Thailand Plans Blockchain Token for Instant Securities Settlement
A prominent securities markets body in Thailand is preparing a blockchain-based token that will power instant clearing and settlements of corporate bonds.
After researching blockchain technology for a bond registrar services platform, the Thai Bond Market Association (TBMA) has revealed its intention to create a “Bond Coin”, a custom token on a private blockchain between permissioned participants including issuers and investors alongside regulators and registered firms.
Source: ccn.com

81% of ICOs Are Scams, U.S. Losing Token Sale Market Share: Report
Initial coin offering (ICO) promoters have been widely successful with regards to the number of projects they have been able to at least partially fund. On matters of quality, perhaps not so much.
According to a report prepared by Satis Group Crypto Research, around 81% of the total number of initial coin offerings launched since 2017 have turned out to be scams. In dollar terms, however, only 11% of the approximately US$12 billion that has been raised in these projects went to these fraudulent ICOs.
Source: ccn.com


Analysis


BTC/USD

The pair is receiving a lot of charge from the bulls today and jumped 5% in just 4 hours this morning. The price stopped close to $6,629 where the bears started to put their barriers. The price is now sitting around $6,622 over the EMA-200 and has crossed all the daily pivots. This EMA-200 was a very strong resistance for Bitcoin, if this breakout is confirmed, as I think it is right now, we could see the price moving towards $6,716 in the upcoming hours.



 


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone and in a flat position.


Pivot points

R3 6566.71
R2 6477.23
R1 6411.65
PP 6322.16
S1 6256.58
S2 6167.10
S3 6101.52

ETH/USD

ETH price is up 5.44% in the last 24 hours and the technical indicators are showing that the bullish momentum could keep dominating in the next hours. The price is now testing the EMA-200 resistance around $478 after an incredible raise from $425 started last Friday, the price should find support around the Pivot R2 at $469 in the near-term, also the 23.6% Fibo Retracement could prevent further declines at $465.



 


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone, showing buy signals and pointing up.


Pivot points

R3 482.56
R2 468.67
R1 459.09
PP 445.19
S1 435.61
S2 421.72
S3 412.14

XRP/USD

XRP started the week with big positive numbers following the Bitcoin raise during the last days. The price is now sitting at $0.4670 just over the Pivot R3 after initiating the big movement from the central pivot point at $0.4439. The price accumulates winnings of 4.28% in the last 24 hours.



 


Market sentiment

4-H chart technicals signal a Strongly Bullish sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 0.4664
R2 0.4579
R1 0.4527
PP 0.4441
S1 0.4389
S2 0.4304
S3 0.4251

Conclusion


The bulls remain in control of the market and will most likely continue during the upcoming sessions as well, because of a confirmed Bitcoin bullish intention that could send the price even higher, dragging most of the alts behind it.

Categories
Crypto Market Analysis

Daily Crypto Update 10.07.2018 – Pronounced Sales

As we wrote yesterday in the Market Update, the pronounced sales started all around the charts, the market lost 8 billion in capitalization and we expect a negative week in most of the cryptos, only 4 coins of the top 100 are in positive today: Kucoin Shares, Bitcoin Diamond, Bitcoin Gold and Tezos; the others have losses of up to two digits being Walton chain with -17.2% the top loser in the last 24-H.


General Overview


Market Cap: $254.246.070.665

24h Vol: $14.234.158.046

BTC Dominance: 43.2%

Pronounced Sales

Top 100 Gainers of the day

Matryx MTX 72.92%
Hurify HUR 39.98%
TokenDesk TDS 38.21%
United Traders Token UTT 29.67%
United Bitcoin UBTC 27.48%

Top 100 Losers of the day

Thrive Token THRT -35.93%
SalPay SAL -35.75%
DAEX DAX -32.44%
Transcodium TNS -31.35%
EJOY EJOY -28.71%


News


FCoin Manipulation Of Ethereum Network Spurs Threat Of Legal Action
Activity on the Ethereum network spiked at the end of last week causing transaction fees to hit all-time highs and now fingers are pointing to an obscure Chinese trading platform called FCoin. Accusations are being made against founder Zhang Jian, formerly of Huobi, of orchestrating a series of Sybil attacks in order to drive up traffic, crippling the Ethereum Network and gaining publicity for itself.
Source: newsbtc.com

Study Finds That Over Half Of ICOs Die In First Four Months
A new study out of Boston University has found that at over half of crypto startups that complete fundraising through an ICO is dead within four months of their coin launch.
As the ICO has become the preferred method for emerging tech companies to raise funding the space. Is has become overpopulated with coins that are never going to make it to an exchange. The first ICO was launched only 5 years ago, but most probably never heard the term until 2017, when the strategy took off along with the rising price of cryptocurrency.
Source: newsbtc.com

Decentralized Exchange Bancor Falls Victim To $24 Million Security Breach
A popular decentralized exchange platform, Bancor, recently took to Twitter to announce that the platform fell victim to a security breach, giving further details about the apparent hack.
On July 9th at 8 AM (UTC), Bancor released a Tweet noting that its web service would be closed down for maintenance. This announcement, which came out of nowhere, got some users worried, as they wondered what had occurred.
Source: newsbtc.com


Analysis


LTC/USD

LTC/USD as with the other cryptos is under heavy pressure, Litecoin has lost -7.54% in the last 24-H and -12.2% in 2 days; as the currency correlates with the BTC, further losses are expected this week.



Earlier, Litecoin touched $74.40 and now is moving around $75.80 trying to cross the Pivot S3 upwards, probably the price will bounce here and will make a movement towards $73.00.


Market sentiment

4-H chart technicals signal a strongly bearish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot points

R3 85.4058
R2 84.2418
R1 82.3481
PP 81.1841
S1 79.2904
S2 78.1264
S3 76.2328

NEO/USD

NEO has crossed below the 100 EMA and the Pivots S1 and S2 in this 4H chart showing the buying pressure is here.
The price touched $32.82 this morning and now is trying to retrace a little but the market has turned even more bearish in the last hours.



 

NEO has dropped -11.40% in the last 24H and if the Pivot S2 can’t be crossed upwards, the price could possibly visit $32.13 in the short term.


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 41.38
R2 40.32
R1 38.29
PP 37.23
S1 35.21
S2 34.19
S3 32.13

EOS/USD

EOS continues the big drop initiated yesterday from $8.62 and is now sitting in the $7.24 area, trying to find support in the Pivot S1. The indicators are in the oversold zone but nothing seems to stop the drop.



 


Market sentiment

4-H chart technicals signal a Strongly Bullish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot points

R3 9.76
R2 9.25
R1 8.46
PP 7.95
S1 7.16
S2 6.64
S3 5.85

 Conclusion


The bears remain in control of the market and it will most likely continue as well because pronounced sales continue. BTC is dragging most of the alt coins decidedly.

Categories
Crypto Market Analysis

Daily Crypto Update 20.06.2018 – Red Field

The market today is again in red with 92 of the top 100 in the negative territory, brief bullish signals are not enough to put the currencies in green and a successful attack on South Korea’s largest crypto exchange Bithumb can send the prices down again during this week.


General Overview


Market Cap: $283.698.523.519

24h Vol: $12.865.375.764

BTC Dominance: 40.0%

marketCap20.06


Cryptocurrency Market News


3 Hacks in 12 Months: The Reasons Behind Crypto Exchange Bithumb’s Failings
South Korea’s biggest cryptocurrency exchange Bithumb, which has been the most trusted digital asset trading platform within the country alongside UPbit, Coinone, and Korbit over the past few years, has been hacked for the third time in 12 months.

Australia’s Tax Office is Using a ‘100-Point’ Check System to Chase Crypto Traders
The Australian Tax Office (ATO) has cast a wide net to investigate crypto investors after classifying cryptocurrencies like bitcoin as ‘assets’, liable for capital gains taxes.

Siacoin Mining Malware Generates Nearly $1 Million in China-based Attack, 16 Arrested
Cryptjacking is fast becoming a popular way for cyber crooks to make money. For instance, around 5% of the cryptocurrency Monero currently in circulation is estimated to have been mined fraudulently, according to security firm Palo Alto Networks.

Retail Adoption of Crypto Would “Bring the Internet to a Halt” – BIS Report
The Bank of International Settlements (BIS) has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency.

Source: ccn.com


Analysis


IOTA/USD

IOTA is trading positive in the last hours, very close to the critical price of $ 1.00 and has not been affected by the Bithumb hack that is considered as a bearish factor.


The next resistance for the pair is $1.21 and then $1.35 and $1.38 (R1 Pivot). On the downside, supports are in $1.00 S1 Pivot and psychological level, a breakout here could send the price to $0.94.


Market sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 1.72
R2 1.59
R1 1.38
P 1.25
S1 1.03
S2 0.90
S3 0.69

ADA/USD

ADA has lost 1.17% in the last 24 hours and continues to move within a narrow range in the last six days, the support at $0.1567 is still tested but the rebounds are permanent, the EMA-50 is still approaching the support and it is very likely that the price will break down.




Market sentiment

4-Hourly chart technicals signal neutral.


Pivot points

R3 0.2192
R2 0.2005 
R1 0.1801 
P 0.1614 
S1 0.1413 
S2 0.1226 
S3 0.1021

XRP/USD

XRP has lost 0.55% in the last 24 hours and has not been able to move above the resistance at $0.5620, and the EMA-50 is also bouncing the price in the absence of strong buyers.



Market sentiment

4-Hourly chart technicals signal neutral.
Oscillators are pointing up.


Pivot points

R3 0.6805
R2 0.2005 
R1 0.5831 
P 0.5431 
S1 0.4858 
S2 0.4469 
S3 0.3896

Conclusion


Cryptocurrency Market News: The market is in a complete red dot today, the buyers are absent and nervous because they do not want to involve themselves in risks facing the possibility of new drops, I think the market will continue like this for the rest of the week without many bullish movements and in the control of the sellers.

Categories
Crypto Market Analysis

Weekly Crypto Update 18.06.2018

A quite negative week for Bitcoin and the whole market of cryptocurrencies. The dominance of BTC continues with 40% of the market but we are facing a very difficult time where the bears took more than $30 billion despite some good news from the SEC. There is a widespread fear of a loss of the important support at $6,000, which would be catastrophic for all cryptocurrencies because we would probably see a minimum of the main currency close to $3,000.


General Overview


Market Cap: $277,355,449,832

24h Vol: $9,920,627,425

BTC Dominance: 40.0%

From last Monday, the market capitalization in cryptos has decreased from $294,759,000,000 to $276,905,000,000 so, 18B has gone out of the market.


Analysis


BTC/USD

BTC starts the week above the support of $6,400 but as I’ve said previously, if there is a confirmed breakout below $6,000 this week or in the following weeks, it would be bad enough for those who keep their coins static or those called “Coinhoders”; and as we have seen, there is a direct connection or correlation between the BTC and the altcoins, so the market would be a complete red spot.



 

In this daily chart, I keep maintaining the position of last week where the most feasible scenario is the case of breakout below $6,400, targets to be met would be the ones marked here $5,533 and $4,711. To consider a return of the bulls, the price would have to return above $ 8,000, we’ll see what happens this week.


Market sentiment

Bitcoin daily chart showing sell.

Oscillators are on oversold zone and EMAS pointing down.


Pivot points

R3 7639.1 
R2 7277.4 
R1 6866.4 
P 6504.60.8
S1 6414.7 
S2 5715.5 
S3 5304.4

XRP/USD

Ripple lost 25% of its value in the last week. Since yesterday it has been moving in a narrow range between $0.5194 and $0.5384, in a quite calm weekend for the three main pairs of the top 10 of the market. We will see if the buyers try a positive rescue in the pair this week, although I see enough resistances to beat on the road.



 


Market sentiment

XRP 4H chart is showing neutral.

Oscillators are on oversold zone and EMAS pointing down.


Pivot points

R3 0.6804 
R2 0.6409 
R1 0.5828 
P 0.5434
S1 0.4859
S2 0.4462 
S3 0.3902

ETH/USD

ETH has lost 19.1% since last Monday and 30% in the last month. This is not encouraging for short-term investors who have seen the pair touch two months minimums after a significant recovery that raised it to $835 last May 5.




This week begins with lateral movements in the pair and the Bollinger bands are narrowing quite a bit. We should expect an important break to one of the sides although looking at the indicators there is more chance of a downward movement than the opposite. The Asian Session just starts and we are looking forward to an interesting week in the charts.


Market sentiment

ETH 4H chart is showing Bearish.

Oscillators are pointing down near 50.


Pivot points

R3 638.99 
R2 590.86 
R1 544.43 
P 496.90
S1 450.4
S2 402.94 
S3 355.41

 Conclusion


As the market is quite battered, investors are waiting for what may happen this week and if the market is going to recover in the short term, there is a lot of fear for a possible drop continuation in Bitcoin which as we know could generate a completely red market. Panic Selling could be the next word to use if the week starts bearish for the cryptocurrencies.

Categories
Crypto Market Analysis

Happenings in the Cryptoverse

Happenings in the Cryptoverse

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

 

Why Are Altcoins Dropping In Price More Than Bitcoin?

Bitcoin Vs Altcoins

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

 

Bitcoin price manipulation or something else?

Bitcoin price manipulation

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

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

 

So, it is price manipulation?

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

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

Categories
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.

Categories
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.

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

Binance Coin On The Move

Binance Coin (BNB)

Market Cap: $1.48

Circulating Supply: 114.04M BNB

Max Supply 0 BNB

Volume (24h) $61.33M

 

 

Binance Coin Price Analysis: BNB/USD dropped and resumed yesterday’s bearish candle. It should drop further if the rate will close below the broken dynamic support levels. The price may resume the bearish movement without a retest of the broken downside obstacles.

You can see (https://www.forex.academy/binance-coin-could-we-sell-this/) where I’ve signalled a bearish movement since May 3, 2018. BNB/USD has managed to break below the warning line (WL1) of the ascending pitchfork, but more importantly, it was the failure to retest the broken line. It has retested only the inside sliding parallel line (SL), but it has closed a lot below it, signalling a bearish pressure.



 

The rate should drop at least until the downside of 50% Fibonacci line, as long as it will stay below the median line (ML). We have an important downside target at the lower median line (LML) of the descending pitchfork. It will approach and reach the second target only if the crypto market will resume the down move.

BNB/USD could try to test and retest the broken levels before it will drop towards the mentioned targets. A further drop will be invalidated only by a valid breakout above the sliding line (SL). Personally, I believe that it could take out the resistance from the SL if we will close on it.

Conclusion

If you want to go short, you should place a Stop Loss right above the 15.1822017 former high. Tomorrow will be crucial because an aggressive rally could invalidate this trade setup.

Categories
Crypto Market Analysis

Still moving on a corrective cycle


General overview


Market Cap: $436,647,549,448

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

BTC Dominance: 36.5%

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

cryptocurrency market cap


News

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

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

Source: cointelegraph.com


Analysis


BTC/USD

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


 

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



 

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


Market Sentiment

 

Hourly chart technicals signal a buy.

Market Sentiment - Hourly chart technicals signal a buy


Pivot points

S3  8433.1
S2  8828.9
S1  9073.5
P   9224.7
R1  9469.3
R2  9620.5
R3 10016.3


ETH/USD

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



 

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



 

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


Market Sentiment

Hourly chart signals a buy

Market Sentiment


Pivot points

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


XRP/USD

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



 

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



 

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


Market Sentiment

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

Hourly chart signals a sell


Pivot points:

S3 0.66808
S2 0.72939
S1 0.76291
P  0.79070
R1 0.82422
R2 0.85201
R3 0.91332

Conclusion

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

Categories
Crypto Market Analysis

Pullback Has Begun

General overview

Market Cap: $435,421,093,161

24h Vol: $22,446,339,237

BTC Dominance: 36.5%

In last 24 hours, cryptocurrency market cap has fallen from 471,210,000,000$ to 435,421,000,000$ where is now sitting.

cryptocurrency market cap

The market is mostly in red, with the average drop in price by 6% for top 100 cryptocurrencies.

News

News that came out in the last 24 hours isn’t responsible for the decrease in market capitalization, as news is mostly positive in nature.

New Head Of South Korean Financial Regulator Notes ‘Positive Aspects’ Of Crypto

The newly appointed governor of South Korea’s Financial Supervisory Service (FSS) said that he sees “some positive aspects” to cryptocurrencies in a press conference today, May 6. The governor also said the FSS will be working on crypto regulatory “issues” in collaboration with other regulators, local news outlet The Korea Times reports.

Source: cointelegraph.com

Azerbaijan’s Taxes Ministry Says Crypto Revenue Is Subject To Taxation

Revenue from crypto-to-fiat transactions will be subject to taxation in Azerbaijan, local news outlet Trend reported Saturday, May 5. Nijat Imanov of the country’s Taxes Ministry outlined the new measures during the second Finance and Investment Forum (FIF 2018) in Baku Saturday.

Source: cointelegraph.com

Japan’s Financial Watchdog Sets Out New Requirements For Crypto Exchanges

Japan’s financial watchdog, the Financial Services Agency (FSA), has laid out yet further regulatory stipulations for domestic crypto exchanges, Cointelegraph Japan reports today, May 6.

Source: cointelegraph.com

“It Never Was a Security”: Ethereum Under The Regulatory Spotlight

The cryptocurrency is subject to a looming enquiry by the US Securities and Exchange Commission (SEC) as well as the Commodity Futures Exchange Commission (CFEC) for its token presale in 2014. According to the Wall Street Journal, regulators are taking a close look at the cryptocurrency and whether it should be classed as a security, as set out in the Securities Act 1933. The major point of concern is the presale of ETH tokens in 2014. In total, 31,000 BTC were raised by the Ethereum Foundation to fund the development of Ethereum – worth around $18.3 mln at the time (and about $300 mln at press time).

Source: cointelegraph.com

Analysis

BTC/USD

From yesterdays opening, the price of Bitcoin has dropped by 6,78% coming from 9960$ to 9286$ where it is now sitting.

Analysis BTC/USD

Looking at the daily chart we can see that the price went above 0.618 Fibonacci level, retested it for support, but it didn’t hold and is now below it. The price is, however, still above the 100-day EMA.

Pullback Has Begun | Forex Academy

Zooming into an hourly chart, we can see the momentum behind the drop, and it was the same strength as the prior rise from the triangle pattern.

Hourly chart signals a sell.

Hourly chart signals

Pivot points

S3 8672.2
S2 9182.2
S1 9420.5
P 9692.2
R1 9930.5
R2 10202.2
R3 10712.2

ETH/USD

In the last 24 hours, the price of Ethereum has dropped by 12,66% coming from 838$ to 733$ where it is now sitting.

Forex Pullback Strategy

Looking at the daily chart we can see that as in the case of Bitcoin, Ethereum’s price has reached the upper Fibo level, before being repealed by it, and is now in a downward trajectory.

Forex Pullback Trading Strategy

Zooming into an hourly chart we can see the similarities with Bitcoin – the momentum is equally strong as is was when the price was rising, and because of this, the head and shoulders pattern is being formed, with the head slightly sticking out from above the 2 Fibonacci level.

That’s why hourly chart signals a sell.

hourly chart signals a sell

Pivot points

S3 629.13
S2 712.33
S1 753.06
P 795.53
R1 836.26
R2 878.73
R3 961.93

XRP/USD

Ripple’s price has dropped by 12,57% coming from 0.926$ to 0.814$ in the last 24 hours.

Forex Pullback Trading Strategy: Pullback Has Begun

On the daily chart, we can see that once again the price failed to break the key resistance level at 0.92, and was repealed by it, pushing it down significantly. It is now sitting at the 100 day EMA which serves as support.

Forex Pullback Trading Strategy: Pullback Has Begun | Forex Academy

Looking at the hourly chart, we can see that the price is at the same levels as it was at the beginning of the three consecutive upward channels, looking for support.

Hourly chart signals a sell.

Hourly chart signals a sell

Pivot points

S3 0.71843
S2 0.79646
S1 0.83029
P 0.87449
R1 0.90832
R2 0.95252
R3 1.03055

Conclusion

As stated in the last daily update on Friday 4. May, the prices have reached the key resistance levels and were likely going the get repealed by them, as the momentum behind the upward move was starting to get exhausted, which could be seen from price action. That was, in fact, the case. After the surge in price, we are experiencing a first serious pullback in the cryptocurrency market.

©Forex.Academy