Tag: ETH

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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 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 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

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Crypto Market Analysis

Daily Crypto Review, Dec 6 – Cryptocurrencies will replace FIAT by 2030

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

The biggest gainer amongst the top100 cryptocurrencies by market cap for today is HedgeTrade, which managed to gain 48.72% on the day. The biggest loser of the day was iExec RLC, which lost 5.69% of its value.

Bitcoin’s dominance decreased a tiny amount as the market managed to gain a bit more in value than what Bitcoin gained. Its dominance is currently 66.44%, which represents a decrease of 0.3% from yesterday’s value.

The cryptocurrency market managed to increase in total market capitalization yet again. As the individual cryptocurrency values increased, so did the overall market cap. The market cap is sitting at $201.08 billion at the moment of writing. This value represents an increase of $2.16 billion against yesterday’s value.

What happened in the past 24 hours

Deutsche Bank researched how cryptocurrencies will do in 2030. They concluded that the demand for alternative currencies will rise and that digital currencies will eventually replace cash. This research was done for the “Imagine 2030” report.

Deutsche Bank strategist Jim Reid pointed out that crypto has solutions for many challenges the existing fiat system has encountered in recent years. On top of that, he said that crypto  itself poses one of the problems fiat has at the moment. He then said that people’s heightened demand for dematerialized means of payment and anonymity could possible bring more people to cryptocurrencies.

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Technical analysis

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Bitcoin

Bitcoin spent the whole day trying to pass its key resistance line of $7,415. almost every 4 hour candle managed to break the price but ultimately ended up below the line. If bulls don’t step up their game, Bitcoin’s price will remain under the key resistance level for the time being. If it happens, we could see a spike in volume followed by a sudden upward-faced spike.


Bitcoin’s volume is slightly lower than yesterday, while its RSI is slowly going towards overbought. This could indicate that bulls have a limited time when they can make a strong push to the upside before being crushed by the bears coming to the market.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,240

2: $8,000                                           2: $7,120

3: $8,425                                           3: $6,620

Ethereum

Ethereum is on the other side of the coin when compared to Bitcoin. While Bitcoin is trying to push above its resistance, Ethereum is trying to save its price from falling below its support. Ethereum moved back to the $147 line, and it is still unsure whether the price will stay above it or whether it will drop further down. However, Ethereum has many small support points that ended up being well-respected by the market.


 

Key levels to the upside                    Key levels to the downside

1: $156.8                                             1: $144.1

2: $161.1                                            2: $133.5

3: $163.4                                            3: $127

Ripple

XRP spent the past few days rallying its bulls, which resulted in a major attempt to the upside yesterday and another one today. While today’s move was not so explosive, it was much healthier. The 0.02267 resistance was strong again, and XRP failed to reach above it, but it did make some daily gains nevertheless. The green 38.2% Fib retracement line ended up being well-respected by the market, and the price managed to consolidate near it. However, it is unknown whether this line will play any role in the short future as XRP is moving down at the moment of writing.


XRP’s volume is much higher when compared to the previous days. Its RSI slowly gained momentum to the upside until the consolidation phase, where it settled down a bit.

Key levels to the upside                    Key levels to the downside

1: $0.222                                            1: $0.2185

2: $0.2267                                          2: $0.214

3: $0.234                                            3: $0.209

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 5 – France and Virgin Islands developing digital currencies, cryptos in the green

We can see a mix of green and red in the crypto market in the past 24 hours. Bulls rallied and attempted a price surge with Bitcoin, which most cryptocurrencies followed. However, bears prevailed, and cryptos stayed in the same place they were a day ago. If we take a look at the past 24 hours, Bitcoin went up 1.83% and is now trading at the price of $7,334. Ethereum managed to gain 0.03% of its value on the day. XRP gained 1.06%.

We can see a mix of green and red in the crypto market in the past 24 hours. Bulls rallied and attempted a price surge with Bitcoin, which most cryptocurrencies followed. However, bears prevailed, and cryptos stayed in the same place they were a day ago. If we take a look at the past 24 hours, Bitcoin went up 1.83% and is now trading at the price of $7,334. Ethereum managed to gain 0.03% of its value on the day. XRP gained 1.06%.

We can see a mix of green and red in the crypto market in the past 24 hours. Bulls rallied and attempted a price surge with Bitcoin, which most cryptocurrencies followed. However, bears prevailed, and cryptos stayed in the same place they were a day ago. If we take a look at the past 24 hours, Bitcoin went up 1.83% and is now trading at the price of $7,334. Ethereum managed to gain 0.03% of its value on the day. XRP gained 1.06%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Enjin Coin, which managed to gain 30.79% on the day. The biggest loser of the day was MINDOL, which lost 33.29% of its value.

Bitcoin’s dominance has increased slightly, as its price increase was that occurred in the market was bigger for Bitcoin. On top of that, Bitcoin kept more of the move than the other cryptos did. Its dominance is currently 66.74%, which represents an increase of 0.31% from yesterday’s value.

The cryptocurrency market managed to increase in total market capitalization due to the overall slight price increase. Its market cap is sitting at $197.92 billion at the moment of writing. This value represents an increase of around $2.9 billion when compared to the value it had yesterday.

What happened in the past 24 hours

More and more countries are getting officially interested in cryptocurrency and the concept of digitalization. Even though most of them are talking about digital currencies rather than cryptocurrencies (and the distinction should be made), this is a good sign of crypto acceptance.

A blockchain startup called LIFELabs, along with the British Virgin Islands, is developing a cryptocurrency that will act as a digital currency that will be sovereignly used on the island territory. This digital currency will be a stablecoin that is pegged to the value of the US dollar on a 1:1 ratio.

On top of that, The central bank of France will pilot a central bank digital currency for its financial institutions. This digital Euro pilot would happen in 2020. This news was announced by the governor of the Bank of France.

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Technical analysis

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Bitcoin

Bitcoin had bulls rallying and attempting to break its immediate resistance whole day. At one point, its price moved past the $7,415 resistance and reached $7,780. However, that move did not last long as the bull pressure wasn’t as strong. Bitcoin’s price remains under the key resistance level for the time being. There were a couple of other attempts of breaking the line, but they were far weaker and far less significant.


Bitcoin’s volume increased significantly during the big spike, which brought Bitcoin to $7,780. However, even though we can say that the volume is elevated when compared with yesterday’s volume, it is still on the decline when we look at it in the past 24 hours.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,240

2: $8,000                                           2: $7,120

3: $8,425                                           3: $6,620

Ethereum

Ethereum suffers the same fate as Bitcoin does. It managed to fall below its $147 zone, but this bull rally wanted to put the price above it. The price shot to $155 at one point, but could not hold up. This move ended quickly, and Ethereum moved back below the key resistance. Its price is now at the very $147 line, and bulls seem to be quite strong, so we might see another solid attempt of moving upward.


Ethereum’s price is currently in limbo, and its short-term support lines are unknown, but this information might not be as important as the bulls are currently in play.

Key levels to the upside                    Key levels to the downside

1: $167.8                                             1: $144.5

2: $178.6                                            2: $127

3: $185

Ripple

XRP spent the day rallying its bulls, which resulted in a major attempt to the upside. XRP’s price reached $0.227 but, as with most cryptocurrencies today, fell as the bull pressure wasn’t as strong as it needed to be. Some of the value was preserved, and XRP is currently trading in a range between the 50% and 61.8% Fib retracement green line.


XRP’s volume is elevated when compared to the previous days. Its RSI is slowly gaining momentum to the upside.

Key levels to the upside                    Key levels to the downside

1: $0.2185                                          1: $0.214

2: $0.222                                            2: 0.209

3: $0.2267                                          3: $0.202

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 4 – Binance adds support for Tezos Staking, $1.5 million in crypto siezed in a WA drug bust

Most cryptocurrencies continue trading sideways or in the slight red, including Bitcoin which has not been able to find the strength to push for higher prices in the past few days. The majority of the moves were insignificant but bears prevailed in the past few hours, reducing the overall market cap of the crypto industry. If we take a look at the past 24 hours, Bitcoin went down 1.58% and is now trading at the price of $7,164. Ethereum managed to lose 2.4% of its value on the day. XRP lost 3.23%.

Most cryptocurrencies continue trading sideways or in the slight red, including Bitcoin which has not been able to find the strength to push for higher prices in the past few days. The majority of the moves were insignificant but bears prevailed in the past few hours, reducing the overall market cap of the crypto industry. If we take a look at the past 24 hours, Bitcoin went down 1.58% and is now trading at the price of $7,164. Ethereum managed to lose 2.4% of its value on the day. XRP lost 3.23%.

Most cryptocurrencies continue trading sideways or in the slight red, including Bitcoin which has not been able to find the strength to push for higher prices in the past few days. The majority of the moves were insignificant but bears prevailed in the past few hours, reducing the overall market cap of the crypto industry. If we take a look at the past 24 hours, Bitcoin went down 1.58% and is now trading at the price of $7,164. Ethereum managed to lose 2.4% of its value on the day. XRP lost 3.23%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Dx Chain Token, which managed to gain 19.24% on the day. The biggest loser of the day was MINDOL, which lost 25.19% of its value.

Bitcoin’s dominance has increased slightly, as its drop in price was smaller than the drop of the industry itself. Its dominance is currently 66.43%, which represents an increase of 0.44% from yesterday’s value.

The cryptocurrency market managed to lose value in terms of market capitalization. Its market cap is currently sitting at $195.1 billion. This value represents a decrease of around $3.5 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Binance has announced that they will support Tezos (XTZ) staking starting Dec 4. Binance’s users will be able to trade with Tezos and receive XTZ rewards which will be calculated daily based on live snapshots. The rewards will be then distributed monthly.

The users must hold at least 1 XTZ in order to qualify for staking rewards. Tezos’s current price is $1.30.

On a less bright side, more than 1.5 million AUD in cryptocurrency has been seized during a drug bust in Western Australia. Western Australian police has charged two people with the attempted import of MDMA. As part of the search, the polica also found $1,524,102 of cryptocurrency on an electronic device.

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Technical analysis

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Bitcoin

Bitcoin did not move much relative to the market as a whole in the past 24 hours, though he did lose some of its value. It did end up being in the red when it comes to daily price movement, as it traded sideways and then suddenly dropped around $150. It is still trading below the $7,415 line, but as it cannot pass it, Bitcoin decided to step away from it and consolidate at a lower price.


Bitcoin’s volume is currently lower than when compared to its values from yesterday. The RSI value seems to be slowly falling towards oversold levels again.

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 pretty bad day. It fell under the support zone’s lower line of 147 and is now trading right below it. As its price is no longer contained within the support zone, Ethereum has no immediate support and its next big support level is all the way down to $127.


Ethereum’s price is currently in limbo and its short-term direction is unknown, and so are its immediate key support levels.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

Ripple

XRP spent the day losing quite a bit of its value. It could not hold its gains from the last bull move and started bleeding out during the past 24 hours. Its price breezed through the 50% Fib retracement line and continued downwards, stopping at around $0.211 and then changing direction and stabilizing around the 61.8% Fib retracement. While the support and resistance lines marked green on the chart are not as strong as to be considered key levels, we can see that Ripple’s price did respond quite well to almost every level of the green Fib retracement.


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, Dec 3 – Lightning Network implementation: Main Upgrade on Bitfinex

Bitcoin and the crypto market did not move much in the past 24 hours. However, the overall market did end up gaining some value. Most cryptocurrencies did end up being in the slightly green, but the majority of the moves were not significant. If we take a look at the past 24 hours, Bitcoin went up 0.63% and is now trading at the price of $7,289. Ethereum managed to increase 1.37% on the day. XRP gained 0.36%.

Bitcoin and the crypto market did not move much in the past 24 hours. However, the overall market did end up gaining some value. Most cryptocurrencies did end up being in the slightly green, but the majority of the moves were not significant. If we take a look at the past 24 hours, Bitcoin went up 0.63% and is now trading at the price of $7,289. Ethereum managed to increase 1.37% on the day. XRP gained 0.36%.

Bitcoin and the crypto market did not move much in the past 24 hours. However, the overall market did end up gaining some value. Most cryptocurrencies did end up being in the slightly green, but the majority of the moves were not significant. If we take a look at the past 24 hours, Bitcoin went up 0.63% and is now trading at the price of $7,289. Ethereum managed to increase 1.37% on the day. XRP gained 0.36%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Synthetix Network, with a gain of 21.73% on the day. The biggest loser of the day was Silverway, which lost 13.97% of its value.

Bitcoin’s dominance has pretty much stayed on the level it was at the past weekend. Its dominance is currently 65.99%, which represents a drop of 0.1% from yesterday’s value.

The cryptocurrency market is at the same place as yesterday, with a market capitalization of $198.65 billion. This value represents an increase of around $0.75 billion when compared to the value it had before the weekend.

What happened in the past 24 hours

The good news about Bitfinex started circling the news outlets in the past couple of hours. This cryptocurrency exchange revealed the first of two major upgrades it has plans to implement in the short future. The platform’s CTO, Paolo Ardoino, announced that the platform would support BTC transactions on the Lightning network. He announced this on twitter on Dec 2.

A move like supporting lightning transactions is a new concept for a major cryptocurrency exchange. However, if everything works as planned, this improvement might be incredible for Bitcoin users. They could benefit from instant transactions and will pay almost zero fees for transactions via Lightning.

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Technical analysis

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Bitcoin

There was not much movement when it comes to Bitcoin in the past 24 hours. The price movements were quite insignificant and the price itself is almost at the same spot it was at when we checked it last time. After breaking its $7,415 support line to the downside, Bitcoin is now trading just below it. This key support has now turned resistance and might be extremely hard to break, especially with this volume.


Bitcoin’s volume is currently lower than where it was during the weekend, as well as when compared to its values from yesterday. 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 also had a pretty uneventful day today. After its struggle to declare its price as above or below the support zone ended during the weekend, everything stabilized Ethereum, which is now consolidating. Its price is now contained within the support zone, which can be seen on the chart, with the immediate resistance of 153.5 and immediate support of 147 being the boundaries.


With Ethereum’s RSI being pretty stable, as we saw no movement from it in the past 24 hours, the volume did end up dropping when compared to yesterday’s value.

Key levels to the upside Key levels to the downside

1: $167.8 1: $127

2: $178.6

3: $185

Ripple

XRP spent the weekend following Bitcoin in price, which it did today as well. After its rally was not strong enough to break the $0.235 resistance, XRP could not establish any form of immediate support. Its price, however, is responding to the Fibonacci retracements from the small bullish move that started on Nov 25. While these lines are not strong in terms of support and resistance, we can see that Ripple’s price did respond quite well to almost every level of the green Fib retracement.


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, 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

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

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

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

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 26 – Bitcoin bounces back above $7,000, Thailand dipping their toes in crypto in 2020

The cryptocurrency bulls came to help relieve the downward pressure bears were causing. The past 24 hours were pretty explosive to the upside, as most cryptocurrencies ended up being in

The cryptocurrency bulls came to help relieve the downward pressure bears were causing. The past 24 hours were pretty explosive to the upside, as most cryptocurrencies ended up being in

The cryptocurrency bulls came to help relieve the downward pressure bears were causing. The past 24 hours were pretty explosive to the upside, as most cryptocurrencies ended up being in major green positions. If we take a look at today’s prices, Bitcoin went up 6.13%, and it is now trading at $7,140. Ethereum gained 5.26%, while XRP went up 3.34%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Storeum, with 351.19% daily gain. The biggest loser of the day was Luna, which lost 8.88% of its value.

Bitcoin’s dominance has increased just slightly when compared to the past 24 hours, as Bitcoin had a bigger upward leap than most of the cryptocurrencies. Its dominance now sits at 66%.

The cryptocurrency market as a whole now has a market capitalization of $1195.19 billion, which represents a significant increase (around $9 billion) when compared to the value it had yesterday.

What happened in the past 24 hours

Lawmakers in Thailand are planning reforms of their cryptocurrency laws as they are concerned about Thailand’s competitiveness in the crypto space. Thailand’s regulator, the Securities and Exchange Commission (SEC), will reconsider its policy on cryptocurrencies in 2020.

The reason for the revision lies in poor uptake of the certification and licensing scheme by cryptocurrency businesses, which resulted in fewer such businesses emerging. Since the cryptocurrency policy came into power last year, only five companies made it through the certification process. Out of of those five, just two have launched.

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Technical analysis

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Bitcoin

Bitcoin’s crash below $7,000 was certainly not something that cryptocurrency investors around the world liked seeing. However, the crypto bulls rallied and managed to pull the price back above the $7,000 threshold. Bitcoin’s price even pushed to break its key level of $7,415, but failed to do so. It’s currently contained within a range between these two key levels.


Bitcoin’s volume his still quite high, and the moves are explosive even when ranging between levels. Its RSI level broke the oversold territory once the movement up started.

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 weekend as well as its price plummeted almost $50. Following the pattern of Bitcoin, Ethereum now rose up and stabilized in its first support area while even attempting to break above it. That, however, did not happen, and Ethereum is now trading barely above or barely below the $146.7.


Ethereum’s RSI is now above the oversold territory, while its volume is currently above the daily average of the past week.

Key levels to the upside                    Key levels to the downside

1: $167.8                                            1: $127

2: $178.6

3: $185

XRP

We said that XRP is maybe the biggest loser of the most recent bear move as its support levels are still unclear. It too ended up being in the green today, but the moves were far less pronounced. XRP did not break any resistance levels and stayed in the price limbo that it was at after the bear move. Its price is now somewhere around $0.219


XRP’s RSI barely moved above the oversold territory 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, 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

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

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

_______________________________________________________________________

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, Nov 22 – Crypto market crashes as China allegedly shuts down Binance Shanghai office in a crackdown

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down 0.6.51%, and it is now trading at $7,577. Ethereum lost 8.01%, while XRP went down 3.62%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is MMO Coin, with 104.8% daily gain. The biggest loser of the day was DxChain Token, which lost 40.09% of its value.

Bitcoin’s dominance decreased by around 0.4% when compared to yesterday’s value. Its dominance now sits at 65.58%.

The cryptocurrency market as a whole now has a market capitalization of $208.21 billion, which represents a significant decrease when compared to the value it had yesterday.

What happened in the past 24 hours

Chinese authorities have reportedly shut down Binance’s Shanghai offices. Binance is one of the biggest cryptocurrency exchanges in the world.

Citing unnamed local sources, The Block announced that the local police raided Binance’s Shanghai offices and shut them down. Binance has around 50-100 employees working in Shanghai.

Binance has not yet responded to any requests for comment at the moment.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a significant crash today. Its price managed to break down under $8,000 and even test the big $7,415 key support level. As that level managed to hold the bears off for now, Bitcoin is now trading just above it.


Bitcoin’s volume increased as the move down progressed. Its RSI level is extremely low and is sitting in the oversold territory for some time now. It currently has a value of 13.6.

The key level of $8,000 passed to the upside, while the major key level to the downside is not $7,415.

Key levels to the upside                   Key levels to the downside

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

2: $8,425

3: $8,640                                   

Ethereum

Ethereum also broke its immediate resistance in the past 24 hours. After spending the day trading just below its immediate resistance of 178.6, Ethereum’s price slipped down and made its way towards below the $163.5 line. The price managed to stabilize above the green support area and is now trading close to $160.


The only major change in key levels is that the key level of $167.9 moved to the upside.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP’s ranging movements stopped today, as the price crashed down. Its price fell below its key support level of $0.245, which made XRP unstable as bears took over the market. Even though it fell all the way down to $0,236, XRP managed to recover slightly and is now trading just under its $0,245 support level. If, however, bulls do not manage to cross over it, XRP may attempt to break down the $0.235 support key level.


The key levels of $0.245 moved to the upside, while the key level of $0.235 is added to the downside levels.

Key levels to the upside                   Key levels to the downside

1: $0.245                                           1:  $0.235

2: $0.266

3: $0.285

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 20 – KPMG values Bitcoin-based companies less this year, Cryptocurrency markets in consolidation

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at

The cryptocurrency market was mainly consolidating in the past 24 hours. Most cryptocurrencies gained and lost values that were not significant enough to cover. If we take a look at the past 24 hours, Bitcoin went down 0.45%, and it is now trading at $8,113. Ethereum lost 0.25%, while XRP gained 1.65%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Crypterium, with 21.06% daily gain. The biggest loser of the day was Aurora, which lost 9.37% of its value.

Bitcoin’s dominance remained at the pretty much the same place from the last time we checked the markets. Its dominance now sits at 65.87%.

The cryptocurrency market as a whole now has a market capitalization of $224.9 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

There was no big fundamental news that could impact the market positively or negatively today. Small price movements showed that no technical or fundamental indicators gave any signals.

Big Four auditing firm KPMG released its 2019 Fintech100 ranking. KPMG lists the top100 fintech firms in the world each year. This year, the list saw a drop in Bitcoin and crypto-related companies.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a pretty slow day in the past 24 hours. After yesterday’s price drop, the price stabilized above $8,000 resistance line. This support key level seems to have been respected as bulls started to buy Bitcoin at this price point and stopped bears from taking over completely.


Bitcoin’s volume is continuing to gradually decrease from the big drop in price. Its RSI level is in the oversold territory for some time now.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820                                           2: $8,000

3: $9,120                                         

Ethereum

As Ethereum broke another support key level, it is currently stuck in a price limbo. The price broke the $178.6 key support level and is currently trading just below it. There are currently no attempts of Ethereum going back above this key level.


The key level of $178.6 moved to the upside as the price went below it. It is likely that Ethereum won’t manage to go above this level in the short future as its volume and bull presence, in general, are not there.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP had quite a turbulent day. Its price fell to its key support level of $0.245, but bulls kicked in and kept the price above it. XRP is currently trading in the middle of the range, stuck between the 0.245 support line and the 0.266 resistance line.


The key levels still remain the same as they were as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 19 – Cryptocurrency ATM taxation as a possibility

The cryptocurrency market took a small price blow in the past 24 hours. Most cryptocurrencies ended up being in the red due to no significant buying volume coming into the

The cryptocurrency market took a small price blow in the past 24 hours. Most cryptocurrencies ended up being in the red due to no significant buying volume coming into the

The cryptocurrency market took a small price blow in the past 24 hours. Most cryptocurrencies ended up being in the red due to no significant buying volume coming into the markets. If we take a look at the past 24 hours, Bitcoin went down 2.96%, and it is now trading at $8,187. Ethereum gained 2.68%, while XRP went down 2.55%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is MMO coin, with 1,083.20% daily gain. The biggest loser of the day was ZB, which lost 13.72% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.75%.

The cryptocurrency market as a whole now has a market capitalization of $229.89 billion, which represents a slight decrease when compared to the value it had yesterday.

What happened in the past 24 hours

A senior agency official announced that criminal investigators at the IRS were focused on implementing taxation on users of cryptocurrency kiosks and ATMs.

“If you can walk in, put cash in and get Bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.” – said the IRS criminal investigation chief John Fort.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had yet another failed attempt at going past the $8,640 resistance. At one point, the volume increased and everything pointed to Bitcoin crossing the resistance. However, that did not happen and Bitcoin’s price started to fall down as the bears kicked in. Its price went all the way down to $8,000 but quickly rose up to $8,150, which is the price Bitcoin is currently at.


Bitcoin’s volume has been gradually increasing during the day as the attempt to pass the resistance started to happen. However, the most significant volume increase was the candle where Bitcoin fell from $8,430 to $8,005.

The critical level of $8,000 has been added as the price respected this support line.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820                                           2: $8,000

3: $9,120                                         

Ethereum

Ethereum broke another support key level. The price anchored to the $178.6 key support level and seemed to have stabilized there. However, today’s bear presence brought its price down just below $178.6. Ethereum is still struggling to decide whether the price will remain above this line or end up below it.


The key level of $178.6 moved to the upside as the price went below it.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP is currently stuck in a price limbo. As it fell below its major support of $0.266, it had no clear support lines to anchor to for a couple of days now. With the first major key support level being $0.245, XRP is now roaming freely between this level and the $0.266 level, which now became resistance. XRP had quite of a red day in the past 24 hours, falling all the way down to $0.242 but quickly returning to its range and now trading at $0.252.


The key levels remain the same as they were before the weekend as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 18 – Wyoming banking with cryptocurrency, Venezuela paying Christmas bonus in Petro

The cryptocurrency market had an interesting weekend. Most cryptocurrencies had a price spike at the start of the weekend, followed by a sharp decline after it. If we take a

The cryptocurrency market had an interesting weekend. Most cryptocurrencies had a price spike at the start of the weekend, followed by a sharp decline after it. If we take a

The cryptocurrency market had an interesting weekend. Most cryptocurrencies had a price spike at the start of the weekend, followed by a sharp decline after it. If we take a look at the past 24 hours, Bitcoin went down 0.47%, and it is now trading at $8,440. Ethereum gained 0.67%, while XRP went down 0.39%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Dx Chain Token, with 18.17% daily gain. The biggest loser of the day was Aurora, which lost 8.91% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.72%.

The cryptocurrency market as a whole now has a market capitalization of $233.84 billion, which represents a slight decrease when compared to the value it had before the weekend.

What happened in the past 24 hours

Wyoming passed legislation that authorized charters for Special Purpose Depository Institutions (or SPDI banks), the first-of-their-kind commercial-grade bank that allows companies dealing in cryptocurrencies to conduct its business in the same manner as any other non-cryptocurrency company would.

In other news, Venezuelan President Nicholas Maduro announced that the retirees and pensioners will receive their Christmas bonus in the form of the newly-created national cryptocurrency Petro.

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Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a turbulent weekend. As the weekend started, its price tried to overcome the $8,820 level but failed. It passed $8,640 to the downside as a response to the lack of bull power. This move paints a very unclear picture of the future Bitcoin movements as there are no clear-set support lines that the price can anchor to.


Bitcoin’s volume is even lower than before the weekend, with RSI heading towards the oversold territory. Key levels have not changed, as there have been no significant price movements.

Key levels to the upside                   Key levels to the downside

1: $8,640                                           1: $8,425

2: $8,820

3: $9,120                                         

Ethereum

Ethereum broke the range it was trading at before the weekend started. As the price fell below the $185 line, it found new support at $178.6. The price tested the newfound support at one point during the weekend, but the bulls quickly reacted and brought Ethereum above it. Ethereum is currently retesting the resistance level of $185.


Key levels to the upside                   Key levels to the downside

1: $185                                              1: $178.6

2: $193.5                                           2: $167.8

3: $198

XRP

XRP is, similar to Bitcoin, stuck in a price limbo. As it fell below its major support of $0.266, it had no clear support lines to anchor to. With the first major key support level being $0.245, XRP is now roaming freely between this level and the $0.266 level, which now became resistance. At one point during the weekend, XRP attempted to break the resistance level to the upside, but failed and tumbled down from 0.266 to the current $0.26.


The key levels remain the same as they were before the weekend as XRP didn’t pass any key levels up or down.

Key levels to the upside                   Key levels to the downside

1: $0.266                                           1: $0.245

2: $0.285

3: $0.31

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 13 – China’s stance on crypto skyrockets NEO’s price

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this cryptocurrency increased in price over 100% over the past few weeks. If we look at the past 24 hours, Most of the market is precisely where it was 24 hours ago. Bitcoin went down 0.27%, and it is now trading at $8,744. Ethereum lost 0.16%, while XRP went down 0.34%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Aurora, with 24.80% daily gain. The biggest loser of the day was RIF Token, which lost 8.62% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.92%, which is an increase of 0.05% from yesterday’s value.

The cryptocurrency market as a whole now has a market capitalization of $240.2 billion, which represents a decrease of $0.6 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. As a result of that, the markets kept consolidating, and the price of most cryptocurrencies didn’t move.

However, China’s positive stance on cryptocurrency is still relevant news, especially for NEO. Its price increased by over 100% in the past few weeks. This Chinese cryptocurrency is tied to the government, so any positive news on cryptocurrency coming from China will most likely be followed by NEO’s increase in price.

Michael Novogratz warned the United States of their position in the fintech and blockchain revolution. He stated that China’s blockchain and cryptocurrency revolution might be a threat to the current position of the US in the global economy. He also said that China is already ahead in research on fintech and that the United States is just trying to catch up.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After Bitcoin’s price tumbled to $8,550, bulls rallied to put it over the $8,640 support level. Bitcoin spent the past 24 hours moving between its support level and $8,820 resistance level. One attempt of breaking this range to the upside was quickly dismantled.


Bitcoin’s volume is still very low, but it has not dropped when compared to yesterday. The values remained relatively the same. The key level of 8,820 added as the price respected resistance at the price point.

Key levels to the upside                   Key levels to the downside

1: $8,820                                           1: $8,640

2: $9,120

3: $9,250                                            

Ethereum

Ethereum didn’t move much for the past 24 hours. Its price is still contained within a range between the resistance line of $193.5 and a support line of $185. Ethereum’s bears rallied in a try to break the $185 level to the downside, but the bulls did not allow for that to happen, and the price returned above $185. At one time in the past 24 hours, the price reached $182 for a brief amount of time.


The key levels remain the same as Ethereum is back in the same position as it was yesterday.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP hasn’t seen a lot of movement in the past 24 hours, either. Its price is contained between the support level of $0.266 and resistance standing at $0.285. As the range between support and resistance is a bit bigger than with Bitcoin’s current support-resistance distance, the price’s ability to move is also a bit bigger. Still, there was almost no movement in the past 24 hours.


XRP’s volume is still slightly elevated, while its RSI value is approaching oversold levels.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 12 – Markets stale, XRP preparing for a new move

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at the past 24 hours, Bitcoin went down 0.31%, and it is now trading at $8,763. Ethereum lost 0.45%, while XRP went down 0.26%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Aurora, with 23.28% daily gain. The biggest loser of the day was DxChain Token, which lost 19.11% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.87%.

The cryptocurrency market as a whole now has a market capitalization of $240.87 billion.

What happened in the past 24 hours

There was no news that could spark up any moves to the upside or downside in the past 24 hours. As a matter of fact, after the markets dropped in price, everything stopped. No significant fundamental news worth noting, low volume in the markets, no significant price movement.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price tumbled to $8,650 yesterday morning as bears took over. However, the key level of $8,640 held and the price bounced back quickly. All the key levels proved to be well-respected. However, Bitcoin’s price took another blow this morning. Bitcoin fell under the $8,820 line and even tested the lows under the key level of $8,640 by reaching the price of $8,600. Bulls, however, rallied, and the price remained above this key level.


 

Bitcoin’s volume keeps decreasing more and more if we exclude occasional volume spikes, which results in sudden price drops.

Key levels to the upside                   Key levels to the downside

1: $9,125                                           1: $8,640

2: $9,250

3: $9,580                                            

Ethereum

Ethereum is still in the same spot it was for the majority of the past week. Its price is contained within a range between the resistance line of $193.5 and a support line of $185. If we look at the past 24 hours, its price slowly decreased and tried to test the $185 key level, and even broke it downwards to $184,4 at one point. However, the bulls rallied and moved the price back up.


Ethereum’s volume is on extremely low levels when compared to the previous days. The key levels remain the same as Ethereum is back in the same position as it was before the weekend.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP is in a pretty interesting spot at the moment. Even though its price is contained within a range, its volume is rather high (and so is the probability of a move – to the upside or downside). After failing to break its resistance of $0.285, XRP is trading between that key level and its major support of $0.266.


As XRP’s RSI shows quite low values and its volume is high, there is a high chance of an attempt to break the key resistance level to the upside happening soon.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 11 – Cryptocurrency markets dropping, IRS chasing crypto-tax evaders

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and the price of most cryptocurrencies fell significantly. If we look at the past 24 hours, Bitcoin went down 3.24%, and it is now trading at $8,721. Ethereum lost 2.54%, while XRP went down 2.69%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is DxChain Token, with 28.38% daily gain. The biggest loser of the day was Synthetics Network, which lost 8.55% of its value.

Bitcoin’s dominance decreased as its price fell more when compared to most altcoins. However, the decrease was is only fractional. Its dominance now sits at 65.87%, which represents an increase of around 1% when compared to the value it had on Friday.

The cryptocurrency market as a whole now has a market capitalization of $239.5 billion.

What happened in the past 24 hours

The Joint Chiefs of Global Tax Enforcement which include representatives from the US, UK, Australia, Canada as well as the Netherlands talked about cryptocurrencies and ways that people avoid taxes as well as how to potentially stop it. The IRS stated that they are now better suited to tackle cryptocurrency tax evasion.

The IRS also claims that they already identified “dozens” of suspects by using the knowledge they obtained during this forum.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a rough weekend as cryptocurrency markets tumbled down. However, its price recovered fast, and the outlook is slightly bullish at the moment. During the drop, the price reached the price of $8,650, but bounced back quickly. All the key levels proved to be well-respected. However, Bitcoin’s price took another blow this morning. Bitcoin fell under the $8,820 line. BTC is now held by the support standing at $8,640.


Bitcoin’s volume keeps decreasing more and more if we exclude occasional volume spikes which result in sudden price drops. One change in the key levels is that the support level of $8,820 was not respected well enough, so it will be removed for now.

Key levels to the upside                   Key levels to the downside

1: $9,125                                           1: $8,640

2: $9,250

3: $9,580                                            

Ethereum

Ethereum spent quite a few days of the past week contained within a range between the resistance line of $193.5 and a support line of $185. When bears took over the market, the price fell below the support line and reached a price of $180. However, as time passed, Ethereum regained its strength and moved back to the same range it was in previously. It is currently trading at $186.


Ethereum’s volume had a big volume spike which helped it cross the $185 resistance. However, that volume died down quickly. The key levels remain the same as Ethereum is back in the same position as it was before the weekend.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

Unlike Bitcoin and Ethereum which mostly recovered from their latest price losses, XRP failed to do so. After bears took the market in their own hands, XRP fell to the price of $0.27. Bulls quickly came to the fight but failed to form enough buying power to pass the $0.285 resistance level. XRP is currently positioned between the $0.285 resistance and $0.266 support, with its price being $0.275 at the moment.


XRP is currently trading with a volume that exceeds the average by quite a large margin. The only change to key levels is that the $0.285 is now acting as resistance rather than support.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 7 – Crypto-mining in China no longer illegal

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy move after the price drops or surges. Bitcoin went down 0.17%, and it is now trading at $9,299. Ethereum lost 0.14%, while XRP gained 0.86%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Tezos, with 28.30% daily gain followed by Swipe’s 13.20% and Ren’s 12.27% gain. The biggest loser of the day was Chiliz, which lost 14.84% of its value.

Bitcoin’s dominance went slightly down when compared to the previous day as some cryptocurrencies outperformed its daily gain. Its dominance now sits at 66.59%, which represents a decrease of 0.5% when compared to yesterday’s value.

As the market was pretty stable in the past 24 hours, the market capitalization has not changed much. The slight decline in market capitalization could is just temporary and is a part of the daily crypto fluctuation. Cryptocurrencies as a whole now have a market capitalization of $252.6 billion, which represents an almost $1.1 billion decrease when compared to the previous day.

What happened in the past 24 hours

Most of today’s news came from China. The biggest one would be that China is now outright bullish on cryptocurrencies and does not intend to shut down cryptocurrency mining whatsoever.

China officially stated that cryptocurrency mining is no longer featured on the list of industries it considers undesirable. On top of that, China’s President Xi Jinping calling the country to accelerate blockchain adoption as well as people to invest into cryptocurrencies.

However, cryptocurrency trading is still officially banned in China as the new law comes takes effect on Jan 1, 2020.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After Bitcoin broke its triangle pattern and surged from $9,150 levels to $9,300 levels, it started to consolidate. The price seems to be contained within a range and any attempts of moving out of that range gets shut down. Bitcoin is now trading at $9,09, which is just slightly less than how much it was trading for at 24 hours ago.


Bitcoin’s volume is approximately on the same level as it was for the past couple of days. As there were no new moves to the upside or downside, the key levels stay the same. One addition to the key levels could be the price where Bitcoin broke its triangle pattern, as that seems to be its immediate support at the moment.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $9,250

2: $9,740                                          2: $8,820

3: $10,350                                        3: $8,640

Ethereum

After breaking the $185 resistance line, which now became support, Ethereum seems to be in the hands of the bulls. While volume showed that there was no space for Ethereum’s price to go up or down, the cryptocurrency platform proved otherwise. It tried to move above the $193.5 resistance line, which proved to be a valid bear-filled price point. As the upward-facing move failed, Ethereum is now consolidating close to the $193.5 resistance line.


Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP has proven to be an almost-isolated market. While slightly affected by the price movements of the industry, XRP is more than capable of not mirroring Bitcoin. Not only that, but its price movements are almost completely different. While Bitcoin is trying to stabilize and consolidate, XRP tried to make a quick move up. The price surged from $0.03 all the way to $0.315 before crashing down to the same level it started at, creating two major candles, one green, and one red.


XRP’s RSI touched the overbought indicator at the same time that bears started kicking in. Even though the price movement was quite wild, the key levels are remaining the same as the price did not move past any support or resistance levels.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 6 – Senator Romney and the FBI view Crypto as National Security Threat

The cryptocurrency market had another green day. Major cryptocurrencies’ volume is on the decrease, and yet the price rose two days in a row. Almost every cryptocurrency in the top100

The cryptocurrency market had another green day. Major cryptocurrencies’ volume is on the decrease, and yet the price rose two days in a row. Almost every cryptocurrency in the top100

The cryptocurrency market had another green day. Major cryptocurrencies’ volume is on the decrease, and yet the price rose two days in a row. Almost every cryptocurrency in the top100 is currently in the green, the exceptions mostly being stablecoins. Bitcoin went up 1.78%, and it is now trading at $9,385. Ethereum gained 4.98%, while XRP gained 1.35%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Dragon Coins, with 24.53% daily gain followed by Lambda’s 21.71% and Algorand’s 19.42% gain. The biggest loser of the day was Chiliz, which lost 17.59% of its value.

Bitcoin’s dominance went slightly down when compared to the previous day as some cryptocurrencies outperformed its daily gain. Its dominance now sits at 66.82%, which represents a decrease of 0.3% when compared to yesterday’s value.

Cryptocurrencies ended up being in the green in the past 24 hours, which resulted in a small increase in market capitalization of the whole asset class. It now has a market capitalization of $253.78 billion, which represents an almost $3.09 billion increase when compared to the previous day.

What happened in the past 24 hours

The United States Republican Senator Mitt Romney is considering impeaching cryptocurrency from the US as, in his opinion, the threat to national security is rising. The FBI also agreed with that by saying that cryptocurrencies are a “significant problem that will get bigger and bigger”. All this happened during a hearing in the United States Senate Committee On Homeland Security And Governmental Affairs.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s has broken its triangle pattern that it was forming on a daily time-frame and its standing above it with conviction. While the price seems to be performing movements contained in a range, the current candle is looking promising. Bitcoin is now trading at $9,385, which is close to $100 more than it was trading at 24 hours ago.


Bitcoin’s volume is approximately on the same level as it was yesterday. As there were no new moves to the upside or downside, the key levels stay the same.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum’s bulls and bears were fighting for its place above or below the $185 line yesterday. The bulls won, and the price went above the line, but that was not the end of the move. Etherum is now trying to tackle another resistance, which is sitting at $193.5. Ethereum is now trying to break the resistance and its trading right at this price level. The price broke resistance once but was quickly driven down by the strong selling pressure.


Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $178.6

2: $198                                             2: $167.8

3: $163.5

Ripple

XRP has not changed much in terms of price or overall position in the market. It has been stagnant in the past couple of days in terms of breaking any supports or resistances. However, its price did move slightly up in the past 24 hours. The price is still going up and down, performing price moves in the range of $0.286-$0.306. XRP’s price is currently $0.303.


XRP’s RSI is approaching overbought on the 4-hour time frame, which may indicate that bears will be kicking in soon. The key levels are remaining the same as the price did not move past any support or resistance levels.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 5 – Markets in the green, BTC triangle pattern broken

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the green. Bitcoin went up 1.63%, and it is now trading at $9,315. Ethereum gained 2.02%, while XRP gained 2.84%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Noah Coin, with 36.10% daily gain followed by Augur’s 16.12% and Aeternity’s 13.68% gain. The biggest loser of the day was iExec RLC, which lost 5.43% of its value.

Even though the prices among the cryptocurrency market started changing, Bitcoin’s dominance has stayed at almost the same level that it was yesterday. Its dominance now sits at 67.23%.

Cryptocurrencies ended up being in the slight red in the past 24 hours, which resulted in a small drop in market capitalization of the whole asset class. It now has a market capitalization of $250.69 billion, which represents an almost $4 billion increase when compared to the previous day.

What happened in the past 24 hours

There was no major fundamental news that sparked this upswing in the past 24 hours. The move probably started by Bitcoin breaking its triangle pattern (which can be seen on the daily time-frame), which, in turn, gave the other cryptocurrencies an initial push.

As a result, most cryptocurrencies saw a daily gain of around 2%, while some gained much more.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s has broken its triangle pattern that it was forming on a daily time-frame. After breaking it upwards, it immediately pushed to test the $9,580 level, but failed to pass it. It is now consolidating at $9,300 level. As it moved further up from the support line of $9,115, we can expect another push to break the first key resistance or a downswing to test the suppport.


Bitcoin’s volume is on a slight upswing due to new money coming in with the push. However, there are no other significant increases.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum’s bulls and bears are fighting for its place above or below the $185 line. After spending almost a week in between its $178.6 support line and $185 resistance line, Ethereum broke the ranging movement with an upswing, which reached $190. This move was, however, unsuccessful, as the price quickly dropped below the $185 line and returned to its previous state. Ethereum is currently trading at $183.5. Key levels are remaining the same as the move did not impact any support/resistance line standings.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

XRP has been pretty stagnant in the past couple of days in terms of breaking any supports or resistances. However, its price did move up in the past 24 hours. After giving up on pushing its price up to follow the extremely steep upward-facing trend line, XRP started performing price movements in a range of $0.286-$0.306. Lack of volume continued throughout the weekend and gave XRP no chance to make a move. However, the past 24 hours brought in new volume, and XRP spiked upwards.


The move did not last long and was quickly almost nullified with a big red candle, which brought the price from $0.306 to $0.296, with the tendency to fall further.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 4 – UK says Cryptocurrencies are not Money

The cryptocurrency market had another pretty slow weekend when looking at the price movement. Major cryptocurrencies’ volume is dropping each day. The volume drop did not translate into a price

The cryptocurrency market had another pretty slow weekend when looking at the price movement. Major cryptocurrencies’ volume is dropping each day. The volume drop did not translate into a price

The cryptocurrency market had another pretty slow weekend when looking at the price movement. Major cryptocurrencies’ volume is dropping each day. The volume drop did not translate into a price drop in most cases. If we take a look at the past 24 hours, most cryptocurrencies ended up being in the slight red, but a good minority did end up in the green. Bitcoin went down 1.98%, and it is now trading at $9,134. Ethereum lost 1.86%, while XRP lost 1.84%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is ILCoin, with 37.92% daily gain followed by Decred’s 17.29 and Chiliz’s 12.59% gain. The biggest loser of the day was Bytecoin, which lost 10.99% of its value.

Bitcoin’s dominance has stayed at almost the same level that it was on Friday. Its dominance now sits at 67.04%.

Cryptocurrencies ended up being in the slight red in the past 24 hours, which resulted in a slight drop in market capitalization of the whole asset class. It now has a market capitalization of $246.75 billion, which represents a $3.41 billion decrease when compared to the previous day.

What happened in the past 24 hours

The United Kingdom’s tax, payments, and customs authority, Her Majesty’s Revenue and Customs (HMRC), updated its guidelines on crypto taxation. The update is aimed towards both businesses and individuals.

HMRC released tax guidance updates that clarify on how businesses and individuals taxation will work when it comes to cryptocurrency. Her Majesty’s Revenue and Customs stated that it does not consider any form of cryprocurrency (at the moment) to be currency.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price is in a very interesting spot at the moment. It currently hovers around the $9,140 point, right above its $9,110 line of support. The interesting part is that its price on the daily chart is creating a small triangle pattern, which is extremely close to breaking. Bitcoin’s continous volume reduction is also an indicator of a “calm before the storm”.  It is more probable that the price will break downwards, but the upswing is not excluded either.


As mentioned before, Bitcoin’s RSI is slowly dropping. Its volume is also dropping day by day.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum is having a hard time moving away from its immediate support and resistance lines. It spent another day in between its $178.6 support line and $185 resistance line, with no intention of going upwards or downwards. Ethereum’s volume, like Bitcoin’s, is slowly reducing. It is most likely that, if it doesn’t make a move itself, it will follow Bitcoin’s initiative in any direction. Ethereum is currently trading at $181.5.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

As seen in the previous days, XRP has finally given up on pushing its price up to follow the extremely steep upward-facing trend line. Lack of volume continued throughout the weekend. XRP is currently creating a doji candle on a daily time frame, which may indicate a small trend-reversal to the upside. XRP’s price remained stable over the past 24 hours, and it is now sitting at $0.291.


XRP’s volume and RSI value have stabilized for the duration of the weekend. However, many indicators suggest that XRP will soon make a move, which will impact both volume and RSI.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 1 – China warning against crypto-speculation, Bitcoin crossing a major milestone

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops in price. Most cryptocurrencies ended up being in the slight red. Bitcoin went down 0.01%, and it is now trading at $9,107. Ethereum lost 0.81%, while XRP lost 0.62%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Thunder token, with 63.77% daily gain followed by Lambda’s 27.32 and WINk’s 20.72% gain. The biggest loser of the day was Noah Coin, which lost 55.43% of its value.

Bitcoin’s dominance has increased slightly over the past 24 hours because many cryptocurrencies lost a bit more value than Bitcoin. Its dominance now sits at 67.4%, which represents a 0.2% gain when compared to its position 24 hours ago.

Cryptocurrencies ended up being mostly in the red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $244.6 billion, which represents a $1.3 billion decrease when compared to the previous day.

What happened in the past 24 hours

Bitcoin has reached $1 billion in cumulative transaction fees right on the day of its “birthday” on Oct 31. It has been confirmed that more than 200,000 Bitcoin has now been paid in transaction fees since its launch in 2009.

After China announced that it is accepting cryptocurrencies as a technology worth looking at and deciding to even creating their own, they are calling for caution when it comes to crypto investments.  People’s Daily, a newspaper controlled by the Communist Party of China, announced that:

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price is exactly where it was 24 hours. It currently hovers around the 9,110 point and hanging on a thread which is line of support. Bitcoin is continuing to struggle with the reduced upward momentum and currently has higher percentage of dropping in price. With declining volume and dropping RSI, if Bitcoin falls too far under the area of support at which it stands now, we can expect a downward move to face $8,800 levels.


As mentioned before, Bitcoin’s RSI is slowly dropping, but a bit slower than it did yesterday. It now stands at 45. Bitcoin’s volume is also dropping day by day.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum has spent another day in between its $178.6 support line and $185 resistance line. The past day went without any attempts of price movement to the upside or downside. Ethereum is in a much safer space than Bitcoin as it is not fighting a support line that could decide its short-term future. However, as these two cryptocurrencies are extremely correlated, Bitcoin’s price drop could result in Ethereum’s price drop without any fundamental or technical indicators suggesting that it should happen.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

XRP has finally given up on pushing its price up to follow the extremely steep upward-facing trend line. Lack of volume and therefore buying pressure made it impossible to follow the path of this line. XRP’s price remained pretty stable over the past 24 hours, and it is now sitting at $0.292.


XRP’s volume and RSI value seem to be dropping today, unlike yesterday, which was remarkably stable for XRP when it comes to these indicators.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

 

 

 

 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 31 – China’s Official Cryptocurrency, XRP’s Daily Transactions Through the Roof!

The cryptocurrency market had a slow day price-wise, which might not be a bad thing. Most of the cryptocurrencies’ prices remained near yesterday’s levels even though their volume is slowly

The cryptocurrency market had a slow day price-wise, which might not be a bad thing. Most of the cryptocurrencies’ prices remained near yesterday’s levels even though their volume is slowly

The cryptocurrency market had a slow day price-wise, which might not be a bad thing. Most of the cryptocurrencies’ prices remained near yesterday’s levels even though their volume is slowly dropping. The past 24 hours were quite uneventful as far as the price of top cryptocurrencies is concerned. Most cryptocurrencies ended up being in the slight red. Bitcoin went down 1.14%, and it is now trading at $9,109. Ethereum lost 2.02%, while XRP lost 1.43%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Molecular Future, with 66.88% daily gain followed by Seele and IOST with 11.91% gain for both. The biggest loser of the day was Swipe, which lost 42.05% of its value.

Bitcoin’s dominance remained the same over the past 24 hours. Its dominance now sits at 67.22%, which is almost exactly where it was 24 hours ago.

Cryptocurrencies ended up being divided between being in the green or red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $245.9 billion, which represents a $2.7 billion decrease when compared to the previous day.

What happened in the past 24 hours

It has been announced that China is preparing for the launch of its cryptocurrency. The initiative is quickly gaining traction as China is removing online posts that claim blockchain technology is a scam. China’s President Xi Jinping called launching their state-backed cryptocurrency an “important breakthrough” that should be developed.

Taking a look at the crypto data-tracker BitInfoCharts shows that XRP’s daily transactions now account for more than 50% of all the cryptocurrency transactions in the past 24 hours.  In the same time period, Ethereum came in second while Bitcoin and Bitcoin SV shared the third place. The last time we’ve seen XRP’s daily transactions being this high was the middle of the December 2017 bull run.

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Technical analysis

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Bitcoin

Bitcoin’s price was pretty stable in the past 24 hours. The $9,110 price level that it’s at currently indicates Bitcoin’s struggle, as it is sitting right on top of the support line. With declining volume and dropping RSI, Bitcoin looks like it’s getting ready for a bounce or a drop very soon. If the $9,110 line gets broken, its support will be at the $8,800 levels.


As mentioned before, Bitcoin’s RSI is slowly dropping along with its volume. This indicates a lack of buying pressure and preparation of a move (to the upside or downside – depending on the situation).

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

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Ethereum

Ethereum spent another day almost mirroring Bitcoin. After the big price surge, a consolidation needed to happen to make this move healthy. However, the dropping volume and RSI levels show the lack of strength to keep at these levels. Ethereum dropped below the $185 level which is now its immediate resistance. It is hovering right below this line and has made several attempts of breaking it, but failed every single time. If Ethereum breaks $185 it might be possible to see another swing upwards. However, this seems unlikely at this point.


Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

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XRP

XRP has proven to be a separate currency with not much influence from Bitcoin. On top of that, its transaction volume has been skyrocketing. While it has been following the upward-facing trend line until today, it seems to have stopped doing that. The steepness of the line was too much for XRP to handle. However, XRP did not lose any of its value, it just stopped climbing up along with the trend line. It is now trading in between its immediate support (which is at $0.285) and resistance ($0.31)


XRP’s volume, as well as RSI value, seems to be quite stable and without any significant fluctuations.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

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Crypto Market Analysis

Daily Crypto Review, Oct 30 – UK discusses Crypto Regulation, Chinese Mining Company files for $400 mill IPO

The cryptocurrency market had a slow day price-wise. Most prices stayed on the same levels even though the volumes, as well as RSI values, fell. The past 24 hours were

The cryptocurrency market had a slow day price-wise. Most prices stayed on the same levels even though the volumes, as well as RSI values, fell. The past 24 hours were

The cryptocurrency market had a slow day price-wise. Most prices stayed on the same levels even though the volumes, as well as RSI values, fell. The past 24 hours were uneventful as far as price is concerned as most cryptocurrencies are either in the slight green or slight red. Bitcoin went down 1.72%, and it is now trading at $9,238. Ethereum gained 0.44%, while XRP gained 1.07%.

Bitcoin’s dominance increased over the weekend even as cryptocurrencies rose in price. However, it is on the downturn in the past 48 hours. Its dominance now sits at 67.3%, which represents a 0.4% decrease when compared to its dominance value 24 hours ago.

Cryptocurrencies ended up being divided between being in the green or red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $248.6 billion, which represents a $2.3 billion decrease when compared to the previous day.

What happened in the past 24 hours

There was no major news in the cryptocurrency industry in the past 24 hours that could shake the prices up or down. The volumes, as well as RSI values, are descending. These are just indicators of a healthy consolidation.

The UK lenient approach to crypto regulation might change by Jan 10, 2020. This may be done with the implementation of the “Fifth Money Laundering Directive.” Eric Benz, CEO of Changelly, said that the UK’s regulatory framework is just trying to keep up with the cryptocurrency market, which is growing. He said:

“I do think regulation is a good thing but only if done in a way, which suits this new market. Applying traditional archaic regulation to crypto simply will not work as it’s been designed in its nature to avoid regulation. There has to be a much better understanding of the market and technology on behalf of Governments not just in the U.K. but globally.”

Chinese cryptocurrency mining company Canaan Creative filed for an IPO on Oct 28. Canaan intends to be the first publicly-traded crypto-mining company. Canaan Creative filed for an IPO with the U.S. Securities and Exchange Commission to raise $400 million by selling its shares on the Nasdaq under the ticker CAN.

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Technical analysis

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Bitcoin

There were no significant changes in Bitcoin’s price in the past 24 hours. Ever since Oct 26, which is right after Bitcoin surged up to $10,430, the price was steady and in the consolidation state. Its price is currently hovering around the $9,220 mark, which is a bit lower than the $9,450 that it was trading at yesterday.


Bitcoin’s RSI levels are now falling under the RSI overbought territory and entering the regular trading territory. This indicates that the pressure that the buyers had is slowly dying out. On top of that, its volume is descending slowly. However, it is still above the levels it was at before the big spike.

Ethereum

Ethereum is doing pretty much the same thing Bitcoin does. After the big price surge, a consolidation needed to happen to make this move healthy. Ethereum is now hovering between its immediate support and resistance levels of $$185 and $193.5. Ethereum has attempted to break this range both to the upside and the downside in the past 24 hours but failed both times. It is currently trading at $186.7, which is almost exactly the price it was trading at 24 hours ago.


Ethereum’s RSI is falling below the overbought territory, and it is now valued at 53. Ethereum’s volume stopped dropping as it returned to the state it was in before the price spike.

XRP

XRP is, as stated in yesterday’s article, performing its consolidation a bit differently from Bitcoin and Ethereum. It is not trading in a specific range, but following its ascending trend line. Even though the volume seems to stay at the same levels, XRP is finding the strength to move upwards and follow the ever-rising resistance line. Just following this line indicates major strength to the upside. However, the trend of price hovering just below the line will have to stop soon as the aforementioned line is too steep.


XRP’s RSI is dropping from the overbought levels into regular trading levels. It’s currently sitting at the value of 53.

 

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Crypto Market Analysis

Daily Crypto Review, Oct 29 – Cryptocurrencies surging, China’s President Optimistic on Blockchain

The cryptocurrency market has had an astonishing weekend, which brought many cryptocurrencies great gains. Yesterday was a continuation of the buying move that started over the weekend. Many cryptocurrencies gained

The cryptocurrency market has had an astonishing weekend, which brought many cryptocurrencies great gains. Yesterday was a continuation of the buying move that started over the weekend. Many cryptocurrencies gained

The cryptocurrency market has had an astonishing weekend, which brought many cryptocurrencies great gains. Yesterday was a continuation of the buying move that started over the weekend. Many cryptocurrencies gained over 5%. In order to make the moves healthy, the cryptocurrency market required a consolidation, which it is getting now. As for the past 24 hours, Bitcoin went down 2.59%, and it is now trading at $9,403. Ethereum gained 0.41%, while XRP lost 1.34%.

 

Bitcoin’s dominance increased over the weekend even as cryptocurrencies rose in price, but fell back down a bit in the past 2 hours. Its dominance now sits at 67.7%, which represents a 0.5% decrease when compared to its dominance value 24 hours ago.

Cryptocurrencies ended up being divided between being in the green or red in the past 24 hours. The industry now has a market capitalization of $250.9 billion.

What happened in the past 24 hours

There was no major news in the cryptocurrency industry in the past 24 hours. The elevated volume and continuous buying pressure seemingly come from China after their president told his citizens to seize the opportunity that is blockchain and crypto industry.

As reported by many news outlets, the Chinese took the words of their president very literally and started investing in cryptocurrency almost immediately.

Technical analysis

Bitcoin

There were no significant changes in Bitcoin’s price when compared to the state, it was 24 hours ago. After bouncing from the $7,410 support line, Bitcoin surged up to $10,430. To keep the gains and to consider this move healthy, Bitcoin needed to retrace. That is exactly what it is doing at the moment. The price is currently hovering around the $9,450 mark.


Bitcoin is currently trading right below the RSI overbought territory, with its volume elevated, but descending.

Ethereum

Ethereum is doing pretty much the same thing Bitcoin does. After the big price surge, a consolidation needed to happen to make this move healthy. Ethereum is currently trading at $186.5. After leaving its falling wedge pattern, Ethereum’s outlook is much more positive. However, its other indicators show a possible downward-facing move in the near future.


Ethereum’s RSI is also right below the RSI overbought territory with trading volume elevated, but descending.

 

 

XRP

XRP is performing its consolidation a bit differently from Bitcoin and Ethereum. Even though it is trading within a range just like the other two cryptocurrencies, XRP does not experience significant volume drops. On top of that, its RSI is dropping from the overbought levels into regular trading levels.



When it comes to the position of XRP’s price, XRP is hovering just below the upward-facing trend line, which it does not intend to cross. Just following the line below, it would indicate major strength to the upside for XRP.

It has become a regular occurrence that Bitcoin and Ethereum almost mirror each other while XRP makes its own moves in the industry.

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Crypto Market Analysis

Daily Crypto Review, Oct 28 – Cryptocurrencies surging, China’s president optimistic on blockchain technology

The cryptocurrency market has had an astonishing weekend. The past couple of days have brought us one of the largest price surges in a single 24-hour candle. The last time

The cryptocurrency market has had an astonishing weekend. The past couple of days have brought us one of the largest price surges in a single 24-hour candle. The last time

The cryptocurrency market has had an astonishing weekend. The past couple of days have brought us one of the largest price surges in a single 24-hour candle. The last time we saw a 40%+ 24-hour candle from Bitcoin, it was trading at $0.40 and $5.65. This could indicate an influx of buyers that are here to stay. Precisely this happened, as most cryptocurrencies’ price did not retrace, but instead stayed at their highs. As for the past 24 hours, Bitcoin went up 5.86%, and it is now trading at $9,698. Ethereum gained 4.59% of its value, while XRP gained 3.56%.

Bitcoin’s dominance increased over the weekend even as cryptocurrencies rose in price. This is because Bitcoin’s price itself gained more than the other cryptos did. Its dominance now sits at 68.2%, which represents a 2.1% increase from the beginning of the weekend.

Most cryptocurrencies ended up being in the green in the past 24 hours, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $256.69 billion.

What happened in the past 24 hours

There was no significant news regarding cryptocurrencies in the past 24 hours. The price was keeping up its upward momentum from the news that came earlier during the weekend.

As far as the weekend goes, the big news was the Chinese president Xi says that China should “Seize Opportunity” to adopt blockchain. On top of that, China passed a cryptography law which will be effective on January 1, 2020. This law will try to tackle regulatory and legal challenges in commercial cryptography use-cases.

Technical analysis

Bitcoin

The past week was not especially good for Bitcoin until the weekend came. After failing to spike up from the bull flag that it formed, Bitcoin started dropping in value, managing to fall from $7,950 down to $7,300 in less than 30 minutes. The support line at $7,410 was quite a strong one, and Bitcoin manage to consolidate at that price point. However, the volume suddenly spiked up, and Bitcoin’s price skyrocketed all the way to $10,360 before retracing a bit. Bitcoin is now trading around the $9,700 mark.


Bitcoin’s volume is still quite high, while its RSI is indicating trading in overbought territory.

Ethereum

Ethereum has also had a great weekend, as its price skyrocketed as well. After reaching the big support area at $153, it went up and eventually gained upward momentum. Ethereum’s price reached $199.6 before retracing. One important thing to note is that Ethereum’s price did try to fall below the falling wedge line. However, it quickly declined, and the price shot up once again.


Ethereum is now trading at $186.6 with elevated levels of volume. Its RSI is approaching overbought territory but is not there yet.

XRP

XRP has also gained quite a bit over the weekend. After breaking its upward-facing trend at $0.29, it crashed down to $0.25. However, the price recovered as the bulls kicked in, establishing support at $0.266. This was a baseline for the big move upwards, which ended at $0.315. As the volume faded, XRP retraced a bit and fell under the aforementioned trend line, which it did manage to cross during the spike. It has tried to break it quite a few times since but failed every single time.


Even so, there is no need for attempts to break above the trend line to be successful as the line is too steep upwards. Even following it is a great indicator of strength. XRP is now trading for $0.30.

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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.

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.

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.

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Crypto Market Analysis

Daily Crypto Review, Oct 22 – Slow day for cryptocurrencies, Bitcoin SV skyrocketing

The cryptocurrency market has been pretty stagnant in the past 24 hours. After a green day (for the most part), cryptocurrencies have consolidated at their respective prices. The past 24

The cryptocurrency market has been pretty stagnant in the past 24 hours. After a green day (for the most part), cryptocurrencies have consolidated at their respective prices. The past 24

The cryptocurrency market has been pretty stagnant in the past 24 hours. After a green day (for the most part), cryptocurrencies have consolidated at their respective prices. The past 24 have been pretty stable when it comes to volume. Even though the majority of cryptocurrencies are in the green, there has not been any significant increase in the top-3 cryptocurrencies. However, Bitcoin SV skyrocketed and increased more than 20% in the past 24 hours. Bitcoin went down 0.56%, while Ethereum lost 0.13% of its value. XRP was the biggest gainer out of the top3, with a price rise of 2.25%. Bitcoin SV is the best performing large cryptocurrency in the past 24 hours (with the gain of over 15%) while the rest are pretty stable and have increased or decreased in price by a few percents at maximum.

Bitcoin’s dominance dropped a fraction of a percent when compared to yesterday’s value. It now sits at 66.4%, which represents a 0.02% decrease from the previous day.

Most cryptocurrencies ended up being in the green 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 $222.86 billion, which represents a $0.5 billion increase from the previous day.

What happened in the past 24 hours

The global economy is looking pretty weak at the moment. Several central banks across the world have had to impose rate cuts. While the supply of fiat currencies has been growing in the past couple of years, Bitcoin’s block rewards are decreasing in an event called “halving.” Bitcoin’s new supply will drop even further after halving in 2020. Previous instances of halving resulted in a sharp price increase of both Bitcoin and the other cryptocurrencies.

Technical analysis

Bitcoin

Yesterday’s spike got Bitcoin all the way up to $8,320. However, that price did not hold up against the falling pressure of buyers and the rising pressure of sellers. Bitcoin is trying to stabilize at either above or below the 38.2% Fib retracement line, which is at $8,200. The volume is average, and the RSI doesn’t show any signs of overbought or oversold trading. Bitcoin is now left in the hands of the bulls and the bears and their momentum.


Ethereum

Ethereum’s volume has been on the rise in the past 24 hours. The bulls seem to have taken over the wheel at the start, bringing ETH up to $179.5. However, as it could not break the $180 mark, Ethereum had to consolidate at a lower price. After bouncing from the 23.6% Fib retracement line, which stands at $173, Ethereum is consolidating between that line and the resistance line, which is sitting at $176.


Even though the overall volume seems to be higher when compared to the previous day, it is on the decline at the moment, which makes an upward-facing move quite unlikely.

XRP

XRP is on the rise in the past 24 hours. After consolidating in a range between $0.29 and $0.295, XRP had a parabolic move upwards. In a matter of minutes, its price rose from 0.292 to 0.303. However, the top of the movement got rejected quickly, and the price is not reversing downwards. XRP’s first point of support is the 23.6% Fib retracement line, which sits at $0.299. With bear volume increasing and RSI reaching the overbought territory, it is almost inevitable for XRP to consolidate below $0.3.


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Crypto Market Analysis

Daily Crypto Review, Oct 18 – XRP taking over, green day for the crypto market

After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets are seemingly stabilizing. The past 24 hours have shown us mostly buying pressure, which can be

After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets are seemingly stabilizing. The past 24 hours have shown us mostly buying pressure, which can be

After a pretty grim-looking situation in the past couple of days, the cryptocurrency markets are seemingly stabilizing. The past 24 hours have shown us mostly buying pressure, which can be seen in the cryptocurrency market overview. Most of the top cryptocurrencies are green, with XRP leading the path. The volume seems to have decreased a bit, which could indicate that strong bears took a break.  Almost every single cryptocurrency ended up in the green today. Bitcoin went up 1.65%, while Ethereum gained 1.71% of its value. XRP was the biggest gainer out of the top3, with a price rise of 6.07%. Once again, XRP showed to be the most resistant cryptocurrency of this week.

Bitcoin’s dominance has decreased slightly when compared to the previous day. It now sits at 66.1%, which represents a 0.03% decrease from yesterday.

Most cryptocurrencies ended up being in the green in the past 24 hours, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $221 billion, representing an increase of a little over $3 billion.

What happened in the past 24 hours

As the selling pressure and volume altogether decreased when compared to the past couple of red days, we can conclude that the bears have taken a break, at least for a day. Many people see this as the beginning of a bear market, but we have yet to see what is coming for the crypto industry. Most cryptocurrencies bounced off their immediate support lines and managed to stabilize or even attempt to form new daily highs above the resistance lines. Only a handful of cryptocurrencies managed actually break them, but this could be considered a good sign for the bulls.

Technical analysis

Bitcoin

Bitcoin reached a low of $7,900 yesterday after a series of downward-facing spikes and strong bear presence. However, this support line was not broken, and Bitcoin managed to bounce up over $8,000. Its overall volume has decreased (as shown on the chart), which could represent bears backing off. However, the lack of volume also stopped Bitcoin from crossing over the $8,130 resistance line. After two attempts, Bitcoin is still making a move and trying to go above it, but the decrease in volume does not seem helpful.


Bitcoin’s RSI is also approaching overbought territory, which means that there is a high probability of this attempt of breaking resistance to be rejected as well.

Ethereum

Ethereum managed to distance itself from Bitcoin a bit in the past 24 hours. Even though they shared a similar fate, Ethereum’s moves were not a mirror of Bitcoin. After the low of $172.5, Ethereum’s bulls picked up the pace and started pushing the price up. Ethereum breezed through the $176 resistance line, which now turned into a support line. Even so, the low volume kept it from pushing further up. The upward-facing move was strong, but not strong enough. Ethereum managed to push through $178.8 and reached for $180.7 resistance line, but got rejected. This pushed the price back into a zone around the $176 support line, which holds for the moment.


Ethereum’s RSI is somewhere above the middle of the range, while its volume is constantly low.

Ripple (XRP)

Against all the odds, XRP has managed to rise during the hard times that the cryptocurrency market is in at the moment. After a fairly stable day, XRP brought in some new capital, which pushed it from $0.28 all the way up to $0.305. This move happened extremely quickly, as the majority of is move actually happened in one 30-minute candle. Besides the huge 30-minute spike in price and volume, XRP’s volume got higher when compared to the past day.


XRP is now struggling to keep its gains, and time will tell whether it will stay above the $0.3 or fall below the line.

 

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Crypto Market Analysis

Daily Crypto Review, Oct 17 – Bears Taking Over, Cryptocurrencies in the Red

Cryptocurrency market’s attempt to stabilize its price after the new highs last week has failed, and bears have started taking over. Slowly but steadily, most cryptocurrencies lost their gains and

Cryptocurrency market’s attempt to stabilize its price after the new highs last week has failed, and bears have started taking over. Slowly but steadily, most cryptocurrencies lost their gains and

Cryptocurrency market’s attempt to stabilize its price after the new highs last week has failed, and bears have started taking over. Slowly but steadily, most cryptocurrencies lost their gains and then some. The past 24 hours came with an increase in volume as bear presence increased.  Almost every single cryptocurrency ended up in the red today. Bitcoin fell down 2.13%, while Ethereum lost 2.91% of its value. XRP held on a bit better and lost only 1.99%, which would put it at the spot of the cryptocurrency that lost the least in the past 24 hours out of the top10 (excluding Tether).

 

Bitcoin’s dominance has increased slightly when compared to the previous day. It now sits at 66.4%, which represents a 0.02% increase from yesterday.

Most cryptocurrencies ended up being in the red in the past 24 hours, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $217.73 billion.

What happened in the past 24 hours

As volume increased steadily for a couple of days now, people were expecting a move upwards. However, they were greeted with a surprise as the market started dropping in price. As suspected yesterday, we can now say with certainty that the volume is coming from the bears instead of bulls, at least in the past couple of days. Most cryptocurrencies tested their immediate support lines and broke them downwards, trying to reach a point of consolidation. Only a handful of cryptocurrencies managed to stay out of the red today, while most of the cryptocurrencies lost several percents of their value.

Technical analysis

Bitcoin

Bitcoin’s short-term chart looks pretty grim at the moment. The bulls have seemingly left the building, and the bears are running the place. With volume increasing dramatically (and not just for one quick spike), Bitcoin seems to be dropping down slowly all throughout the day. The price seems to drop quickly and then consolidate at the next support line, which then gets rejected, and the price gets lower. That’s exactly what happened three times since the last green day Bitcoin has had. Bitcoin’s immediate support is currently at $7,912, and it is holding up well for now.


 

Bitcoin’s RSI has just left the oversold territory while the price remained on the same level. As for volume increases, it looks like that the big downward-facing price spikes require less and less volume, while volume during consolidation periods is increasing.

Ethereum

As stated in yesterday’s article, Ethereum started mirroring Bitcoin’s movements due to a lack of identity at the moment (mostly volume). Ethereum started falling in price slowly, dropping from $181 to $179, which is when the big drop happened. The spike dropped Ethereum from $179 all the way down to $172 in just over one hour. This price level became support as Ethereum rejected lower price points. The price is now in between the $172 support line and the $176.3 resistance line.


While its volume seems to be elevated, it does not seem enough to break from the major influence that Bitcoin has become.

XRP

Unlike Bitcoin and Ethereum, XRP did not have such a bad day. Even though it lost some value, it did not break any support lines. One the other hand, it did fail to break a resistance line as it tried to push past $0.2855 on one occasion. After the attempt of breaking the resistance failed, XRP dropped down to its support line, which is sitting at $0.282 and bounced from it to the middle of the “range.” If other cryptocurrencies keep dropping in value slightly every day, XRP might follow, but there is also a high probability of it just staying where it is price-wise as the bear volume avoided coming into it (at least for now).


XRP has not seen the same volume increase as with Bitcoin and Ethereum, which further proves that bear money has entered the market (it just avoided XRP for some reason).

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Crypto Market Analysis

Daily Crypto Review, Oct 16 – Another Red Day in Play

The cryptocurrency market has been trying to recover and find a point of consolidation for some time now. While most cryptocurrencies ended up in green yesterday, that is not the

The cryptocurrency market has been trying to recover and find a point of consolidation for some time now. While most cryptocurrencies ended up in green yesterday, that is not the

The cryptocurrency market has been trying to recover and find a point of consolidation for some time now. While most cryptocurrencies ended up in green yesterday, that is not the case today. Bitcoin fell down 2.05%, while Ethereum lost 3.05% of its value. XRP held on a bit better and lost only 1.47%.  Bitcoin SV did the best out the top10 cryptocurrencies, being the only one in the green. It managed to gain 6.11% in the past 24 hours.

Bitcoin’s dominance hasn’t changed all that much from yesterday, but it did fall a few fractions of a percent. Its dominance now sits at 66.2%.

Most cryptocurrencies lost a few percents of their value, which reflected on the market cap of the cryptocurrency industry as a whole. The industry now has a market capitalization of $222.99 billion, which represents close to a $5 billion drop from yesterday.

What happened in the past 24 hours

A steady increase in volume and a green day for most cryptocurrencies indicated bulls rallying. Today, however, prices fell even with the volume keeping its level. The volume seems to have been coming from the bears instead of bulls today. Most cryptocurrencies tested their immediate support lines and broke them downwards, trying to reach a point of consolidation. While some cryptocurrencies only lost a fraction of a percentage, many lost a couple of percent of their valuation.

Technical analysis

Bitcoin

After a green day yesterday, Bitcoin seemed strong as it tried to establish a support line at $8,300 and even contest new highs. The bulls could not pass through $8,395, which is when bears seem to have taken over. With volume remaining at the same levels, Bitcoin started dropping down slowly until one big red candle, which brought its price from $8,326 all the way down to $8,078. This price got rejected quickly, and Bitcoin found its new short-term support at the $8,130 level.


Bitcoin’s RSI is currently not in overbought or oversold territory, but the current position does not look good. If the price goes under the support level, Bitcoin might have to look for new support at a level below $8,000.

Ethereum

Ethereum suffered from the same faith as Bitcoin today. After having a great day, the bulls lost momentum, and bears took over. Unlike Bitcoin, Ethereum had low volume levels throughout the week. After failing to break the $188 price point, Ethereum went down to $176. As with Bitcoin, this price got rejected, and Ethereum found support at the 0% Fib retracement line, which sits at $177.85.


Ethereum seems to have low volume levels apart from the sudden spikes in volume, which correct its price upwards or downwards. This fact might implicate that Ethereum has a high probability of mirroring Bitcoin’s movements in the short-term.

XRP

XRP lost the least out of the top-three cryptocurrencies today. This fact can mainly be attributed to its superb gains from the day before. With its volume looking good, yesterday’s move had to retrace a little in order for it to be a healthy move.


With XRP not having enough strength to pass $0.3, bears decided to take things into their own hands. The price dropped to $0.283 but quickly sprung up to $0.286, which now represents its immediate support. It is still uncertain whether XRP will try to push higher, consolidate or try its luck at a lower price point.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 15 – Gradual 24-Hour Volume Increase

The cryptocurrency market has been trying to recover and find a point of consolidation in the past 24 hours. Most of the cryptocurrencies ended up slightly in the green, while

The cryptocurrency market has been trying to recover and find a point of consolidation in the past 24 hours. Most of the cryptocurrencies ended up slightly in the green, while

The cryptocurrency market has been trying to recover and find a point of consolidation in the past 24 hours. Most of the cryptocurrencies ended up slightly in the green, while some even went up by quite a bit. While Bitcoin gained only 0.86%, Ethereum went up by 2.57% and XRP by 5.75%. Stellar was the biggest gainer of the day out of the top10 cryptocurrencies by market cap, gaining 7.08%.

Bitcoin has remained a dominant force in the industry as it always was, but it has dropped a few fractions of a percent today. Its dominance now sits at 66.25%.

As mentioned above, most cryptocurrencies kept their price levels or went up in the past 24 hours. This could translate to the overall market cap of the cryptocurrency market in a positive way. The industry now has a market capitalization of $227.11 billion.

What happened in the past 24 hours

After a red weekend, cryptocurrencies are trying to recover and settle at their respective price levels. Most of them had a slight increase in volume and a few attempts to break immediate resistances. Some made it through, and some didn’t. Even so, almost all of the top cryptocurrencies maintained their price levels or went above their most recent lows, which could only indicate a return of the bulls. This time, Bitcoin is not the main player, as many altcoins managed to outperform it.

Technical analysis

Bitcoin

Once the low of $8,133 got rejected, Bitcoin tried to find a price to settle at. It was unsure whether that price will be above or below the 23.6% Fib retracement line, which is now at the price of just below $8,300. However, as volume gradually increased during the day, Bitcoin went above the line and contested the next resistance twice. The $8395 line was not so kind to Bitcoin as it could not pass through it either time. Both attempts were rejected, and Bitcoin is now settling in between the Fib retracement line 23.6%, which now acts as support and Fib retracement 38.2% line, which is the immediate resistance.


As Bitcoin is now in a limbo between the two lines, RSI shows us that it’s not oversold or overbought. One thing that is different this time is that, unlike over the weekend, the volume increase was not sudden and a one-time thing. Bitcoin’s volume in the past 24 hours has been elevated, rather than it being one big spike of volume and then back to normal.

Ethereum

Ethereum has, similar to Bitcoin, denied its low of $178 and tried to find a price to consolidate at. With new money seemingly coming in, Ethereum slowly moved above the 23.6% resistance line now turning support, but quickly lost its momentum and headed straight back down. However, the bulls rallied, creating a sudden spike in price, skyrocketing Ethereum past two resistance lines ($182 and $185.5). The bullish sentiment toned down at that point, making the upward-facing move unable to reach another milestone and pass $188. Ethereum kept its daily gains and is now consolidating at $187.


XRP

XRP has had a great day. Unlike Bitcoin, which managed to consolidate or Ethereum, which made a slight move upwards, XRP skyrocketed and breezed through its resistance lines. The move completely nullified the whole weekend of price losses and then some. Its price went up from $0.273 all the way up to $0.3, which is its significant resistance. XRP is currently making moves towards reaching above this price, and only time will tell if it will be broken soon or not. However, the volume seems to be gradually tapering off, which might not be a good sign for the XRP bulls.


 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 11 – Healthy Consolidation Following a Green Day

The cryptocurrency markets are almost entirely mimicking the happenings we covered a few days ago. The market is trying to find a balance point to consolidate at, just like it

The cryptocurrency markets are almost entirely mimicking the happenings we covered a few days ago. The market is trying to find a balance point to consolidate at, just like it

The cryptocurrency markets are almost entirely mimicking the happenings we covered a few days ago. The market is trying to find a balance point to consolidate at, just like it did a couple of days ago. While Bitcoin did not go down, the other cryptocurrencies still try to find their points of consolidation below their highs from yesterday. Bitcoin went up all the way to $8710 and kept almost the same price level throughout the day. Most of the cryptocurrencies reached RSI overbought territory and started to decline in price as well as in volume. Bitcoin gained 0.04% on the day, while Ethereum went down 0.49% and XRP by 3.21%. Most of the top cryptocurrencies are in slight red today, but there have been no significant price fluctuations.

Bitcoin has managed to score a few fractions of a percent and add them to the dominance chart as it was one of the cryptocurrencies that did not drop in price today. The market capitalization of the crypto markets decreased slightly over the past 24 hours and is now standing at $230.57 billion.

What happened in the past 24 hours

After the upward-facing move in price came into the markets yesterday, markets decided to consolidate as there were no major resistances that could be broken. Most cryptocurrencies consolidated at their daily highs or slightly below them. After the influx of new money coming into the market yesterday, charts showed us a considerable increase in volume. Even though the price jump is over, some of the volume managed to stay in the markets, which is now that much more liquid than it was before the jump.

Technical analysis

Bitcoin

After reaching the price of $8,710, Bitcoin started to show signs of a possible retracement as the volume began to lower. RSI entering heavily overbought territory further proved the case. Bitcoin, however, did not retrace at all. It just consolidated at nearly the same price that it went to the price spike. After drawing a new Fib retracement line from the start of the new price jump, we can see that it is still uncertain whether Bitcoin will go above or below the 23.6% retracement line. The 38.2% line was, however, tested once today. The price briefly dropped below it, but quickly recovered and gained slight upward momentum.


If we take a look at the volume, we can clearly see that it is not the same as it was during the spike. However, it can also be seen that the volume is much higher than what it was before the spike.

Ethereum

Ethereum has, following Bitcoin, going upwards yesterday. It reached a critical resistance line from September at $196 and bounced back from it. The price dropped as low as $188 but managed to recover some of its value. Ethereum is now trying to consolidate above or below the newly-made 38.2% Fib retracement line. It is more likely that the price will end up above the line at this moment as Ethereum keeps rejecting lower price points, but only time will tell where it will actually consolidate.


The volume, just like with Bitcoin, has increased when compared to what it was before the price spike.

XRP

Unlike Bitcoin and Ethereum, XRP did not have such a good day yesterday. It did go up but only touched $0.29 before dropping down to the price level of after the October 7th price spike. The price retraced all the way to the newly-made 61.8% Fib retracement line before finding support. That support seems to be holding for now.



XRP’s volume seems to have returned to the levels it was before the price jump, making it close to impossible to push through the immediate resistances.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 10 – Market pushes up again, majority of cryptocurrencies in the green

After yesterday’s day of consolidation, the markets decided to head up and test new prices. With increased volume and new money coming into the market, Bitcoin increased its price by

After yesterday’s day of consolidation, the markets decided to head up and test new prices. With increased volume and new money coming into the market, Bitcoin increased its price by

After yesterday’s day of consolidation, the markets decided to head up and test new prices. With increased volume and new money coming into the market, Bitcoin increased its price by 4.5%, while Ethereum managed to go up by 6.62% and XRP by 1.35%. After reaching RSI overbought territories, the prices started stabilizing at the same or slightly lower levels, while RSI managed to settle down.

As both Bitcoin and most altcoins are in the green, the total cryptocurrency market cap has increased. It is now hovering at around $231,8 billion, just down from the daily high of $232,47 billion. Bitcoin is still keeping its dominance high, currently being around 66.6%.

What happened in the past 24 hours?

Cryptocurrency markets, judging by the increase of volume, have had an influx of new money coming. That has sparked some solid price growth, especially if we expand our views to not only Bitcoin but the rest of cryptocurrencies. Out of the top50 cryptocurrencies, only eight have been in the red. Out of the eight being in the red, half of them are stablecoins, which happen to lose out when the cryptocurrency markets go up. On top of this upward-facing move, the prices are not consolidating far below the levels they reached today. In fact, most of the cryptocurrencies kept their gains and are looking promising in the short-term.

Technical analysis

Bitcoin

Bitcoin has reached a new short-term high of just above $8700, before stabilizing its price at just below $8,600. The new influx of money coming into the markets helped Bitcoin surpass the immediate resistances and start making its way up. With volume skyrocketing, Bitcoin flew through the immediate resistance lines and stopped as the volume started reducing. However, it did not lose its gains and started consolidating at the top, which is rarely seen. This move has sparked some new thoughts in terms of whether the altcoins season has started or not. As the price reached the top of the movement, RSI indicated it was heavily overbought but managed to reach lower levels as the price consolidated.

Ethereum

Ethereum has surpassed Bitcoin in gains today, reaching the price of $196.3. It has retained its gains and started consolidating at close to its daily highs, which is a highly bullish sign. However, that may not be as promising as it sounds. Ethereum found new resistance at the $196.3 line. This price point acted as support and resistance as far as September and proved to be effective as both support and resistance. Only time will tell whether Ethereum can surpass this resistance, or if it will fall back to its previous levels.

On a brighter note, Ethereum’s RSI is almost identical to the one currently seen on the Bitcoin chart. After being heavily in the overbought territory, it started to fall while the price did not follow it. Even though the volume died down quite a bit, it still sits at a higher level than what it was before today’s spike.

XRP

Unlike Bitcoin and Etherum, XRP did not have a particularly good day. XRP moved, fueled by the price growth of Bitcoin and other cryptocurrencies, passed the 23.6% resistance line that the Fib retracement from the Oct 7th-Oct 8th move. However, it quickly found resistance at the top of the Fib retracement (0%), failed to break it, and retraced to the 23.6% line, which now acts as support.

Another thing separating XRP from the top2 cryptocurrencies at the moment is volume levels. Unlike the other two, XRP’s volume is currently lower than what it was before the upward-facing spike. Even with the RSI indicator reducing and the price staying relatively high, it might not be enough to keep XRP on a green path.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 8 – Strong support just below $8,000, Altcoins on the Rise

Bitcoin has recovered from testing the $8,000 line and dropping just slightly below it. The largest market cap cryptocurrency has had a green day, but so did other cryptocurrencies.

Bitcoin has recovered from testing the $8,000 line and dropping just slightly below it. The largest market cap cryptocurrency has had a green day, but so did other cryptocurrencies.

Bitcoin has recovered from testing the $8,000 line and dropping just slightly below it. The largest market cap cryptocurrency has had a green day, but so did other cryptocurrencies. While Bitcoin gained 3.9%, Ethereum went up by 5,24% and XRP by 7,5%. Out of the top10 cryptocurrencies by market capitalization, EOS did the best, gaining 8% on the day.

Figure 2- Heat Map of the crypto sector

Bitcoin dominance dropped slightly, now being 66,7% of the total cryptocurrency market capitalization of $222,73 billion.

Figure 2- 24H market capitalization and Traded Volume

What happened?

With no major news today besides PayPal officially pulling out of the Libra project, cryptocurrency markets are left to the pure buyer/seller sentiment and technical factors.

This is a crucial moment for the cryptocurrency market, as the next movement upwards or downwards will most likely decide where the market will go in the near future. Both the bulls and the bears have their case made, and it’s up to pure supply and demand to decide the future of the cryptocurrency valuation.

Technical analysis

Bitcoin

Bitcoin (BTC) has defended a key historical price support of around $7,700, which was a major factor in keeping the bulls in the game. If it weren’t for this move, the hopes of a corrective rally would be slim to none in the short term.

After rejecting the resistance line upwards, Bitcoin is stuck in a spot between its $8,500 suggested resistance and a key support level of around $7,700. However, a glimmer of hope for the bulls came today after Bitcoin managed to jump to $8,300, before consolidating just below it.

Figure 3 – Bitcoin/USD 30-minute candle chart

With the RSI indicator slowly moving away from the overbought territory, Bitcoin is stabilizing at the $8250 price level. The 23,6% Fib retracement line seems to be holding well as a temporary support line. Meanwhile, the volume is slowly reducing to the levels prior to today’s spike upwards.

Ethereum

After everyone thought that the Altcoin season would never come, Ethereum showed that that might not be the case. Even though highly correlated to the movements of Bitcoin, Ethereum managed to gain close to 1,4% more than the largest cryptocurrency today. With far more stable increase in volume, Ethereum paved the way for other cryptocurrencies to move upwards too.

Figure 4 – Ethereum/USD 30-minute candle chart

Ethereum did not seem to lose out on volume as much as Bitcoin did after the upwards spike, which resulted in a positive gain both when compared to the USD and the BTC. The Fib line of 23,6% got tested on four separate 30-minute candles, but the support line managed to hold. Ethereum is now consolidating around the price of $180.

XRP

XRP came out as the highest-gaining cryptocurrency in the top3, increasing in price by around 7,5%. However, it is can still be considered the most unstable of the three, technically speaking. With its volume differences, the highest of the three top cryptocurrencies (an instant large spike followed by unstable volume fluctuations), and the almost-immediate break of the first Fib retracement line, XRP is looking for a consolidation spot below its current price. The Fib retracement of 38,2%, which currently sits at $0.275, acts as its immediate support. However, that support line got tested on numerous occasions in the past 24 hours.

Figure 5 – XRP/USD 30-minute candle chart

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Crypto Market Analysis

Daily Crypto Review, Oct 03 – Slight advances on Decreasing Volume

Yesterday, cryptocurrencies moved sideways during the European and American sessions. Then, they advanced slightly during the Asian session.  Bitcoin gained +1.71%. ATOM /+7.38%), and LINK(+8.63%) experienced the more significant

Yesterday, cryptocurrencies moved sideways during the European and American sessions. Then, they advanced slightly during the Asian session.  Bitcoin gained +1.71%. ATOM /+7.38%), and LINK(+8.63%) experienced the more significant

Yesterday, cryptocurrencies moved sideways during the European and American sessions. Then, they advanced slightly during the Asian session.  Bitcoin gained +1.71%. ATOM /+7.38%), and LINK(+8.63%) experienced the more significant gains of the last 24 hours. Market cap is currently $221.85 billion (+0.59%), and the dominance of the Bitcoin is 68.25%.

fig 1- 24H market capitalization and Traded Volum

 

Fig 2- Heat Map of the crypto sector

What is Happening?

An exchange-traded product (EPT) combining Bitcoin and Ethereum has been made available on SIX, Switzerland’s Stock Exchange.  The product comes from a collaboration between Fintech firm Amun AF and Bitcoin Suisse AG, a Swiss cryptocurrency custodian. The EPT trades under the ticker symbol ABBA.  Source: The Block.

US Congressmen French Hill and Bill Foster are worried the Dollar is left behind for the rise in cryptocurrencies and issued an open letter to the Federal Reserve asking Jerome Powell to create a Digital Dollar. Source: dailyhodl.com.

The Indonesia government is hosting an eight-nation international conference on cryptocurrencies. The nations participating are Turkey, Singapore, Australia, Malaysia, Thailand, Russia, and Hong Kong. According to knowledged sources, Indonesia is hosting this conference with the aim of providing lawyers and enforcement agents with the knowledge needed to fight crypto-related crimes. Source: btcmanager.com.

BitPay will add support for Ripple (XRP) by the end of the year. Source: The Block.

Samsung-backed Blocko has launched in the UAE. In April 2018 the Dubai announced its Emirates Blockchain Strategy 2021, which aims to migrate 50% of its transactions to a blockchain platform. Blocko, in partnership with SEED Group, will be part of the effort to bring this plan to reality.  Source: coindesk.com.

Technical Analysis

 

Bitcoin

Bitcoin had modest advances during the last 24 hours. That said, the buying interest seems to be limited. Currently, the daily chart shows that the price has been encountering resistance in the 200-day MA (green). We see also that the volume is shrinking as the price advanced.

 

The 4H chart shows the price still moves in the upper side of the Bollinger band with the MACD in a bullish phase that gives a bit more weight to a short-term continuation to the upside. We see also that the 8,519 level is a fierce resistance level and that 8,200 has been holding the price lately. Therefore, these are the levels to watch. A Credible break of one od them will signal the future price direction.


Ethereum



Ethereum continues moving with a slight upward bias. The Bollinger mean line has been holding the price for some time. Currently, we see the price in the middle of the ascending channel, but what we see suggests the price is moving to retest the $185 resistance. A break below $177 will invalidate this scenario.

Ripple


Ripple still directionless after the large bullish candle. The price moves still in a band between 0.2468 and 0.257.  To be bullish, we need to see the price above the 0.253 level. A break of the 0.246 support will mean a possible visit to the 0.234 level and invalidate the bullish candlestick made on September 30.

 

 

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 2 – Pullback Day or Dead Cat Bounce?

Yesterday, cryptocurrencies behaved as expected, retracing some of their Monday’s gains. Early morning losses continued. Bitcoin lost 2.47% over its 24-hour value. Most altcoins joined the movement such as Ethereum

Yesterday, cryptocurrencies behaved as expected, retracing some of their Monday’s gains. Early morning losses continued. Bitcoin lost 2.47% over its 24-hour value. Most altcoins joined the movement such as Ethereum

Yesterday, cryptocurrencies behaved as expected, retracing some of their Monday’s gains. Early morning losses continued. Bitcoin lost 2.47% over its 24-hour value. Most altcoins joined the movement such as Ethereum (4%), Ripple (-4.04%), Bitcoin Cash(-4.47%), EOS(-4.57%), Bitcoin SV(-6.15%)  and TRON (-5.61%).

The market cap descended to $218.5 billion, while the 24H volume was $26 billion, as seen in the figure below.

The current market dominance is as follows:

  • BTC:67.55%
  • ETH:8.62%
  • XRP:4.85%
  • BCH:1.82%
  • LTC:1.60%
  • EOS:1.24%
  • Others:15%

The Heat map here, shoes that, as usual, the whole sector moves with almost perfect correlation.

What happens

Ethereum-bases dApp FairWin has collapsed after the exposure of a vulnerability in its smart contract. Researches found the platform admins could drain the entire balance in the dApp easily, an $8 million worth of ETH stored in the platform. Researchers found $250,000 was stolen in a previous version. Source: Medium.com.

According to an article by condesk.com, major Libra backers Visa and Mastercard are re-thinking its participation in this digital project. Libra has been the trigger for regulators to start worrying for the irruption of digital assets and Libra has been opposed by European financial authorities saying Libra could destabilize the Euro, while the US Congress has demanded a complete halt on its development.

The Federal Reserve injects the USD worth the entire crypto market cap in days according to this article by beincrypto.com. The last one is said to add $162 billion to the total USD supply. US FED noted that it is a temporary measure.

Technical Analysis

Bitcoin


Bitcoin’s price has been losing ground after making a double top at $8,519. The MACD is dangerously approaching a bearish transition, while the price is currently sitting on the mean line of the Bollinger Band, at 8,200. That was our expectations yesterday. Thus, nothing to worry about unless weakness continues and the price keeps moving to the lower side of the Bollinger bands and challenge the $8,000 again.

Ethereum


Ethereum is moving in an ascending channel, a weak form of trending. Its price made a high at $185, then during the latest 4H candles has been retracing. At the moment of this writing, the price was held by the mid-line of the Bollinger Bands. MACD is also close to a bearish crossing. The figure created by the latest price action suggests the entire channel is a consolidation of the significant drop made on September 24. Short-term, if the price holds, we see a new test of the $185  high, although the price might go visiting the lower side of the channel.

Ripple



Ripple has retraced more than 50% of the large candlestick made on Sept. 30. Now the price is touching the upper border of the band where it had been ranging before that bullish candle. That may be a supply zone of people who wanted to go long that day but were late.  That means a bounce off of this level is likely. If that does not happen, then the bullish candle was just a trap for bulls, and the movement is negated.

Litecoin


Litecoin is starting to show signs of buying interest. The price has been held by the Bollinger mean line and now has headed up. MACD is bullish, also. The movement is still feeble, and $57 acts as a resistance level, so to confirm a bullish scenario we would like to ask for a close above that level.

 

Categories
Crypto Market Analysis

Daily Crypto Update, Oct 01 – Reversal Day!

Yesterday was a reversal day. Bitcoin went down from $8,054 to touch $7,701 to swiftly reverse its path and close above $8,300. Other cryptocurrencies followed. The heatmap

Yesterday was a reversal day. Bitcoin went down from $8,054 to touch $7,701 to swiftly reverse its path and close above $8,300. Other cryptocurrencies followed. The heatmap

Yesterday was a reversal day. Bitcoin went down from $8,054 to touch $7,701 to swiftly reverse its path and close above $8,300. Other cryptocurrencies followed. The heatmap here testifies the 24H advances, with Bitcoin, BCH, BSF, ETH, and XRP  up more than 7% over its previous session. Market capitalization went up to $224.8 billion with a traded volume of $33.4 Billion.

Fig- 1 Market Cap and Traded Volume

Fig 2 –  24-hour Heat Map

 

The News Front

Industry giants Coinbase, Bitrex, Kraken, Anchorage, and others join to form the Crypto Rating Council to qualify on how likely a coin is likely to be regulatory compliant and characterize tokens into currency, commodity, security or something else. The notable exception is Binance, which seems it has been excluded. Source: beincrypto.com.

SEC announced it had settled an agreement with Block.one the company behind EOS to settle the charges for raising billions in an ICO, back in 2017.  Block.one agreed to pay a “civil penalty” of $24 million. Source trustnodes.com.

Cardano is partnering with New Balance shoemaker to authenticate the company’s premium line of sports shoes. Cardano can produce blockchain.based data that consumers and stores can trust. Source: dailyhodl.com.

Bitpay achieves Service Organization Control (SOC2) compliance. That certification means BitPay is certified for confidentiality, security, privacy, processing integrity, and availability.  Source: cointelegraph.com.

 

Technical Analysis

Bitcoin


After creating a double bottom, yesterday bitcoin made a reversal day. The price made a kind of harami in the 4H chart and continue moving up to cross the Bollinger line mean and then the +1SD line. By crossing that line and then moving near the +1SD line, we should assume a new upward trend is initiated. MACD also confirms the bullish phase of the bitcoin.

Right now the price has bounced off of the $8,524 level, which touches the 200-day moving average on the daily chart. That means it is a tough resistance level to cross. If crossed, the price will need to fight the 8.800 level with is June’s 02 topping area. Right now BTC may need to consolidate near the Bollinger Mean line before continuing with the trend.

Ethereum


Ethereum has confirmed its bullish leg up by making another higher high and higher low. MACD and Bollinger bands are in agreement, obviously since indicators lag the price action. Currently, the price was rejected by the $185 resistance and is retracing some of the recent advances, as the price is overextended. We estimate that the price will retrace near its $177 support and, then continue its way up.  A breach of the $177 level ( on a closing basis) would imply less buying strength than anticipated.

Ripple


Ripple has made a sharp impulsive candle on strong volume, yesterday, and since then is making corrective candlesticks near the top of that range, the price hold by the 200-period MA. That is fine since this candle created a price overextension that now is being corrected. The MACD and Bollinger Bands confirm XRP has started a bullish trend, so buy the dip is the motto here. The chart shows the current key levels for this asset.

 

 

Categories
Crypto Market Analysis

Daily crypto update 23.07.2018 – Sideway movements

The market is shown today mainly negative with 65% of the top 100 of the cryptos in red, some of them with two digits losses such as Bitcoin Diamond and Ardor. However, the BTC has been supported by good news about the ETF and also by the possible BlackRock investment in the currency and has left its lateralized momentum and it’s generating a positive market sentiment. The market capitalization compared to the previous Monday raised 19 Billion.

General overview

Market Cap: $286.644.683.222

24h Vol: $14.487.725.028

BTC Dominance: 46.1%

Top 100 Gainers of the day

Holo HOT                  49,37%
Electroneum ETN    17,55%
GXChain GXS            9,12%
Dropil DROP             8,31%
Bitcoin Gold BTG      7,49%

Top 100 Losers of the day

Bitcoin Diamond BCD -37,07%
Ardor ARDR                  -11,36%
Power Ledger POWR   -9,73%
PIVX PIVX                     -7,73%
TenX PAY                       -6,92%

News

Encrypted Email Provider ProtonMail Could be Planning an ICO
Cryptocurrency-friendly encrypted email provider ProtonMail appears to be planning an initial coin offering (ICO), a job posting has revealed. The Swiss firm, founded in 2014 by CERN researchers, has long supported cryptocurrency payments for its premium email and VPN services. Now, the company is hiring a blockchain developer for a project that may see the firm launch its own cryptocurrency.
Source: ccn.com

Chinese City Starts a $1.5 Billion Fund to Promote Public Blockchain Projects
Nanjing, Jiangsu’s capital, is committed to investing in public blockchain projects and overall token economy. The capital of this Chinese province put together a 10 billion yuan ($1.5 billion) fund in a blockchain investment fund.
A Beijing-based alliance, Zhongguancun Blockchain Industry Alliance, is teaming up with Nanjing City to launch this blockchain investment fund of $1.5 billion. The alliance, formed by government research institutes and blockchain companies, revealed the bold initiative at the first Industrial Public Chain Summit (IPCS). Among the high-level government official attendees, there was the Deputy Secretary of the Communist Party of China, Luo Qun.
Source: ccn.com

Cryptocurrency Fraud Now Second Most Common Investment Scam in Australia: Watchdog
Australia’s national consumer watchdog has warned that cryptocurrency trading scams have grown ‘significantly’ over a 12-month period and are now the second most-common kind of investment scam in the country.
An independent government authority tasked with the mandate of enforcing consumer protection laws with oversight into scam-related trends in Australia, the Australian Competition and Consumer Commission (ACCC)has a scam-alert domain dubbed ‘Scamwatch’.
Source: ccn.com

Analysis

EOS/USD

EOS is currently trading over the 100 EMA at $ 8.06 this EMA is offering immediate support to the price that has been moving in range during the weekend; if buyers pressure appears during the session and the price can cross this EMA, there is still a strong support at the central pivot point at $ 7.92.



Market sentiment

4-H chart technicals signal a Bearish sentiment.

Oscillators are showing mixed signals on the overbought zone.

Pivot points

R3 8.69
R2 8.46
R1 8.14
PP 7.92
S1 7.61
S2 7.38
S3 7.06

ETH/USD

ETH/USD is now moving below the EMA 100 in this 4h chart at $ 462.10 the price is moving in a narrow range since Saturday and it seems it will continue in the upcoming hours.



Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone and pointing down.

Pivot points

R3 485.30
R2 478.65
R1 468.11
PP 461.46
S1 450.92
S2 444.27
S3 433.73

ADA/USD

Cardano reports today a negative -2.86% in the last 24 H, the price has bounced in the Pivot R1 and now is testing the central pivot point around $ 0.1701 if this level is crossed, we could see an extended movement towards the pivot S1 at $ 0.1604.



 

Market sentiment

4-H chart technicals signal a Bearish sentiment.

Oscillators are in the overbought zone, showing sell signals and pointing down.

Pivot points

R3 0.1974
R2 0.1886
R1 0.1789
PP 0.1702
S1 0.1604
S2 0.1517
S3 0.1419

Conclusion

There is not a clear trend movement to consider right now, the market is moving mainly sideways in most of the pairs.

Categories
Crypto Market Analysis

Daily crypto update 10.07.2018 – Panic selling

General overview

Market Cap: $253,116,207,195

24h Vol: $13,918,432,489

BTC Dominance: 43.3%

In the last 24 hours the cryptocurrency market capitalization fell from 276

General overview

Market Cap: $253,116,207,195

24h Vol: $13,918,432,489

BTC Dominance: 43.3%

In the last 24 hours the cryptocurrency market capitalization fell from 276

General overview

Market Cap: $253,116,207,195

24h Vol: $13,918,432,489

BTC Dominance: 43.3%

In the last 24 hours the cryptocurrency market capitalization fell from 276,940,000,000$ which was yesterday’s high to around $253B where it is currently sitting.

The market is consequently in red with an average percentage of change among top 100 coins being 11,4%.

News

There aren’t any fundamental news that is causing this crash that we are seeing in the market. There are some negative news headlines nevertheless but they aren’t that significant to cause this panic selling.

Harmless for Now, Dangerous in the Future: Here’s What EU Researchers Think of Cryptocurrencies

On July 9, a “Monetary Dialogue” session was held by the Committee on Economic and Monetary Affairs Committee (ECON) of the European Parliament. It’s a quarterly conference that is directly interlinked with the European Central Bank (ECB): Every three months, the president of the ECB (or, occasionally, another representative) appears before the Committee to report on the state of monetary policy in the union.

Exclusive: Following ‘Security Breach,’ Bancor Expects to Be Online in 24 Hours

Bancor halted operations this Monday due to an investigation of a “security breach,” which involved more than $12 million. The platform confirmed the breach on its Twitter account, saying that “no user wallets were compromised.” The cybercriminals reportedly exchanged some of the tokens through conversion service Changelly. Sources familiar with the matter told Cointelegraph that the stolen tokens included Bancor’s native token BNT, about 25,000 Ethereum (ETH) ($12.2 million), and 300,000 Pundi X (NPXS) ($1,200).

Former World Bank Chief Economist: Bitcoin Will Fail as Governments Increase Regulation

Three major American economists have recently spoken negatively about Bitcoin’s (BTC) chances for survival in an interview with Financial News today, July 9. Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini all made statements arguing that Bitcoin will fail as a currency, namely criticizing the cryptocurrency’s absence of intrinsic value and its price volatility. Stiglitz, a Nobel Prize-winning economist and professor at Columbia University, in particular criticized Bitcoin’s anonymity, which he argued contradicts the idea of creating “a transparent banking system.”

Source: cointelegraph

Crypto Market Analysis

BTC/USD

From yesterday’s high at 6730$ the price of Bitcoin has fallen by 5,43% and is currently sitting at 6364$.



Looking at the hourly chart we can see that the support line at yesterday’s levels was broken with a massive red candle as the uncertainty overruled the market, so the price fell to the next support level is found. This support level can’t hold the momentum behind the move which is why I am expecting more downside in the following days.

Market sentiment 

Bitcoin is in the sell zone.

Oscillators signal a buy, but moving averages signal a strong sell.

Pivot points

S3 6294.4 
S2 6497.8 
S1 6582.3 
P 6701.2 
R1 6785.7 
R2 6904.6 
R3 7108.0

ETH/USD

From yesterday’s high at 484$ the price of Ethereum has decreased by 10,46% as its currently 433$.



As you can see from the hourly chart, the price fell steeply which is a strong indicator that the sell of has begun. The price found some temporary support on the first significant level, but as this levels isn’t that strong we can expect a small consolidation before another drop.

Market sentiment 

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

Pivot points

S3 437.46 
S2 456.74 
S1 464.14 
P 476.02 
R1 483.42 
R2 495.30 
R3 514.58

XRP/USD

From yesterday’s high at 0.481$ the price of Ripple has fallen by 7,1% and is currently sitting around 0.446$


Looking at the hourly chart we can see that the price has fallen below the 0 Fibonacci retracement level which is the level of the prior low on the daily chart. As the momentum is strong I am expecting this downtrend to continue.

Market sentiment 

Hourly chart technicals signal a sell.

Pivot points

S3 0.45342
S2 0.46450 
S1 0.46889 
P 0.47558 
R1 0.47997 
R2 0.48666 
R3 0.49774

Conclusion

In my yesterday’s update I have stated that the uncertainty may cause panic selling, and that is exactly what happened. Now that the sell-off has started I am expecting the prices to create lower lows which would in the case of Bitcoin be around 5500$.

Categories
Crypto Market Analysis

ETHUSD lchimoku Long Entry Ahead

An entry based on the Ichimoku system could happen if we get to the 660.92 value zone, this would bring the lagging span out of the cloud and put price near a nice and clear breakout of an inner harmonic and a pivot in time.

Categories
Crypto Market Analysis

Daily Crypto Update 04.06.2018 – No Trade Zone

General Overview

Market Cap: $345,759,677,827

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

BTC Dominance: 37.7%

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

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

News

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

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

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

China

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

Spain

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

South Korea

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

Abu Dhabi

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

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

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

Analysis

BTC/USD

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



 

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



 

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

Market sentiment

Hourly chart technical signal a sell.

Oscillators are on neutral and moving averages signal a sell.

Pivot points

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

ETH/USD

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



 

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



 

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

Market sentiment

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

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

Pivot points

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

LTC/USD

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



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



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

Market sentiment 

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

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

Pivot points

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

Conclusion

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

 

Categories
Crypto Market Analysis

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

General Overview

Crypto Coin Market News:

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

In the last 24 hours, cryptocurrency market capitalization

General Overview

Crypto Coin Market News:

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

In the last 24 hours, cryptocurrency market capitalization

General Overview

Crypto Coin Market News:

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

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

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

Crypto Coin Market News

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

 

Despite Hitting Monthly Price Lows, Bitcoin Network Fundamentals Keep Growing

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

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

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

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

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

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

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

Source: cointelegraph.com

Analysis 

BTC/USD

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


 

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


 

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

Market sentiment

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

Pivot points

S3 6448.5 
S2 6823.9 
S1 6960.9 

P 7199.3 

R1 7336.3 
R2 7574.7 
R3 7950.1

ETH/USD

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


 

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


 

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

Market sentiment

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

Pivot points

S3 363.16 
S2 444.66 
S1 478.32 

P 526.16 

R1 559.82
R2 607.66 
R3 689.16

XRP/USD

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


 

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


 

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

Market sentiment

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

Pivot points 

S3 0.44321 
S2 0.50486 
S1 0.52601 

P 0.56651 

R1 0.58766 
R2 0.62816 
R3 0.68981

Conclusion

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

Categories
Crypto Market Analysis

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

General overview

 
Market Cap: $348,018,621,395
24h Vol: $18,262,368,943
BTC Dominance: 38.8%
In the last 24 hours, cryptocurrency market capitalization dropped from $383B

General overview

 
Market Cap: $348,018,621,395
24h Vol: $18,262,368,943
BTC Dominance: 38.8%
In the last 24 hours, cryptocurrency market capitalization dropped from $383B

General overview

 

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

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

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

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

News

 

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

These are some of the significant headlines:

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

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

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

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

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

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

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

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

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

Argentinian Bank Now Using Bitcoin for Cross-Border Transactions

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

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

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

Analysis

BTC/USD

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



 

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



 

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

Market sentiment

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

Pivot points

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

ETH/USD

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


 

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


 

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

Market sentiment

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

Pivot points

S3 539.11 
S2 598.95 
S1 619.48 

P 658.79 

R1 679.32 
R2 718.63 
R3 778.47

XRP/USD

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


 

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


 

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

Market sentimet

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

Pivot points

S3 0.56621
S2 0.60802
S1 0.62285

P 0.64983

R1 0.66466
R2 0.69164
R3 0.73345

Conclusion

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

Categories
Crypto Market Analysis

Daily Crypto Update 21.05.2018 – Indecision

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

24h Vol: $17,523,547,047

BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

24h Vol: $17,523,547,047

BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap

General Overview

Crypto Market Update Today:

Market Cap: $389,840,003,354

24h Vol: $17,523,547,047

BTC Dominance: 37.2%

In the last 24 hours, cryptocurrency market cap has increased from $375B to slightly below $390B.

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

News

There isn’t any significant news that came out during the weekend. Top stories are therefore analytical in nature or follow-ups from prior stories.  These are some of the more significant headlines:

Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions

Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17.

Norway Central Bank Considers Developing Digital Currency

Norway’s central bank, Norges Bank, is considering developing its own digital currency as a supplement to cash to “ensure confidence in money and the monetary system”, according to a working paper May 18.

Former UK Visa CEO Takes Helm of Crypto Consumer Payment Startup

The former head of Visa in the UK and Ireland has joined a startup bringing crypto to consumer payments, Business Insider NL reports today, May 19.

WSJ: Coinbase Spoke to U.S. Regulators About Acquiring Federal Banking License

Major U.S. cryptocurrency exchange and wallet Coinbase spoke to regulators about obtaining a federal banking charter, according to a report by the Wall Street Journal (WSJ) May 18.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s open, the price of Bitcoin has increased by 3.4%, going from $8229 to $8510 where it is currently sitting.



 

On the daily chart, we can see that the price is currently a red doji above 0.382 Fibonacci retracement level.  We can also see a breakout from the falling wedge.


 

Zooming into an hourly chart, we can see the interaction with the Fibo level, and the momentum behind the up move. Price action formed a double top, with the last top’s candles closed with two massive wicks from the upside, which indicates selling pressure.

Market sentiment

Bitcoin is in the buy zone, as indicated by hourly chart technicals.

Oscillators are on buy, and moving averages on a strong one.

Pivot points

S3 7578.2 
S2 8004.6 
S1 8264.2 
P 8431.0
R1 8690.6 
R2 8857.4 
R3 9283.8

ETH/USD

The price of Ethereum has increased by 3.34% from yesterday’s open, going from $690 to $712,8 where it is currently.



 

Looking at the daily chart, we can see that the current candle is a red doji, like in the case of Bitcoin, and it sits at the levels of prior high.



 

Zooming into an hourly chart, we can see that the price has retraced to retest the support, which is on the levels of prior high at $712. We can also see a breakout from a triangle which wasn’t that strong, as the impulse behind the move looks like any other prior move.

Market sentiment

Ethereum is in the neutral zone, as hourly chart technicals are on neutral.

Pivot points

S3 638.08 
S2 673.30 
S1 694.40 

P 708.52 

R1 729.62 
R2 743.74 
R3 778.96

XRP/USD

In the last 24 hours, the price of Ripple has increased by 3.17%, from $0,67250 to $0,69436. The price has been steadily rising and is now facing first strong resistance.


 

On the daily chart, we can see that the current candle is red, and is sitting at the levels of prior high.



 

The hourly chart paints a clearer picture. We can see that the price is still in an upward channel which is inside the symmetrical triangle pattern. The price found resistance on the triangle’s resistance line levels and is currently struggling to keep up the upward movement.

Market sentiment

Hourly chart technicals are on neutral, so the price of Ripple is currently indecisive.

Pivot points

S3 0.61264 
S2 0.65176 
S1 0.67536 

P 0.69088 

R1 0.71448 
R2 0.73000 
R3 0.76912

Conclusion

Crypto Market Update Today: In the last day, we have seen an upward movement has been stopped by first major resistance, as seen on the charts from three major cryptocurrencies that we are covering in this daily report. The market is currently showing signs of indecision indicated from the current candles being Dojis. We are likely to see a move down, which would be a final corrective move, before a new runup to new highs.

Categories
Crypto Market Analysis

Market Cap Has Formed a Cup and Handle Pattern

General overview

Market Cap Has Formed a Cup

Market Cap: $421,269,776,870

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

BTC Dominance: 37.5%

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

Analysis

BTC/USD

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

Analysis BTC/USD

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

 

Overall daily chart signals a buy.

Overall daily chart signals a buy

Pivot points:

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

ETH/USD

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

ETH/USD

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

 

Overall, daily chart signals a buy.

daily chart signals a buy

Pivot points

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

 

XRP/USD

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

XRP/USD


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

Overall daily chart signals a buy.

daily chart signals

Pivot points

S3 0.20439

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

 

LTC/USD

LTC/USD

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

Overall, daily chart signals a buy

daily chart signals

Pivot points

S3 79

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

 

Conclusion

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

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

©Forex.Academy

Categories
Crypto Market Analysis

Cryptocurrency Market Is On The Rise Again

General overview

Market Cap: $413,692,195,374

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

BTC Dominance: 37.9%

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

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

News

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

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

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

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

Source: cointelegraph.com

 

Analysis

BTC/USDBTC/USD

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

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

 

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

Overall hourly chart signals a buy.

Overall hourly chart signals a buy

Pivot points

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

 

ETH/USD

ETH/USD

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

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

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

 

Overall hourly chart signals a buyOverall hourly chart signals a buy

Pivot points

S3        324.51

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

XRP/USD

XRP/USD

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

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

RIPPLE

 

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

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

Pivot points

S3        0.20439

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Crypto market pullback is almost over

General overview

Market Cap: $384,204,107,562

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

BTC Dominance: 38.8%

Crypto Market Pullback

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

cryptocurrency market capitalization

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

News

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

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

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

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

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

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

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

 

Analysis

BTC/USD

Analysis BTC/USD

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

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

BITCOIN SENTIMENT TODAY

Source: sentimnt.io

crypto market capitalization

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

Overall hourly chart signal a sell.

hourly chart signal

Pivot points

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

ETH/USD

ETH/USD market cap

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

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

Ethereum is positive, with 70% on the positive side

Source: sentimnt.io

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

bitcoin pullback

Overall, hourly chart signals a sell

hourly chart signals - forex.academy

Pivot points:

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

 

XRP/USD

XRP/USD

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

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

sentiment for Ripple

Source: sentimnt.io

XRPUSD-H

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

 

Overall, hourly chart signals a sell

Overall, hourly chart signals a sell

Pivot points:

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

 

Conclusion

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

©Forex.Academy

Categories
Crypto Market Analysis

Pressure From Both Sides

General overview

Market Cap: $359,246,046,514

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

BTC Dominance: 39.1%

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

cryptocurrency market capitalization - forex academy

News

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

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

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

Source: Helen Partz, April 19. cointelegraph.com

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

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

Source: guest author, April 19. cointelegraph.com

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

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

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

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

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

Source: Darryn Pollock, April 20. cointelegraph.com

Analysis

BTC/USD

BTC/USD - pressure from both sides

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

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

short-term support line BTCUSD

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

Overall, hourly chart signals a buy

hourly chart signals a buy Pivot points:

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

ETH/USD

ETHUSD

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

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

Source: sentimen.io

ETHUSD chart

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

Overall hourly chart signals a buy.

XRP/USD

 Pivot points:

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

XRP/USD

XRPUSD-D-4

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

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

interaction between the Fibo level

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

Overall, hourly chart signals a buy.

hourly chart signals Pivot points:

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

 

Conclusion

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

Categories
Crypto Market Analysis

Bitcoin reverses and entered into losses again

 
BTC
The Bitcoin price for today reports loses around -4.06% as the session has progressed on Monday, after initially starting the day with some gains. Following on from some

 
BTC
The Bitcoin price for today reports loses around -4.06% as the session has progressed on Monday, after initially starting the day with some gains. Following on from some

 

BTC

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

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

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

 

ETHEREUM

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

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

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

XRP

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

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

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

 

 

Categories
Crypto Market Analysis

Cryptocurrencies Market Cap Slightly Up From Its Lowest Point

General overview:

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

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

BTC Dominance: 44.8%

Current Crypto Market Cap

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

 

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

News:

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Analysis

 

BTC/USD

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

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

 

Source: sentiment.io

 

 

 

current market cap

 

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

Overall hourly chart signals a buy.

Overall hourly chart signals

 

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

ETH/USD

cryptocurrency value

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

 

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

Source: sentiment.io

 

 

crypto currencies market cap

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

 

Overall hourly chart signals a buy.

 

 

digital currency values

 

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

 

XRP/USD

cryptocurrency market

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

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

Source: sentiment.io

 

digital currency by market cap

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

 

Overall hourly chart signals a buy.

crypto market

 

 

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

Conclusion

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