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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 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.

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Technical analysis

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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

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Crypto Videos

What Is Proof Of Stake & Will It Make Ethereum Better Than Bitcoin

 

What is proof of stake, and how does it work?

The proof of stake system is a consensus protocol that came as a response to the shortcomings of proof of work. It is attracting a lot of attention as of late, with Ethereum switching its consensus protocol from proof of work to proof of stake. Proof of stake is nothing more than an alternative way to verify transactions on a blockchain.

How does it all work?

Proof of work and proof of stake works very differently, even though they are trying to do the same thing. The proof of work system has its users validate transactions and create new blocks by solving a “puzzle,” which requires some computational power. On the other hand, a proof of stake consensus algorithm requires the user to show ownership of their funds to validate transactions.


When it comes to proof of stake system, the creator of a new block is picked in a pseudo-random way. The block creator has more chance depending on the size of their “stake.” In the proof of stake system, blocks considered forged or minted rather than mined. Nodes who validate transactions and create new blocks with this system are not miners, but rather forgers.
To validate transactions and create blocks, a forger must stake their funds. Their holdings are being held in an escrow account, which acts as collateral for any potential fraud attempts. If a forger tries to validate a fraudulent transaction, they lose both their staked holdings and their rights to participate in the process. This way, the proof of stake protocol incentivizes forgers to validate only non-fraudulent transactions.
An important thing to note is that most proof of stake projects already created and distributed their digital currency units already. When this is the case, the forgers receive transaction fees instead of new cryptocurrency as rewards. This is considered true only if the cryptocurrency cannot inflate itself by minting more and more coins.

Block selection methods

Proof of stake consensus algorithm needs a way to select future forgers. There are two main ways to do so:

Selecting a user randomly
Selecting a user based on their coin age.

Selecting a forger only by the size of their account balance would go against the whole premise of cryptocurrencies, and is a bad idea. That way, people with more funds would get richer, while the ones with fewer funds on their account would be hindered and have less control over block creation. To counter this problem, these two methods have come up as the most popular and reasonable.


Randomized block selection

The randomized block selection method is just what it sounds. The method seeks a user that offers the lowest hash value regarding the size of its stake. As all stake sizes are public, each node can predict (with high probability) whether they will be selected to forge the next block.

Coin age-based selection

This system is a bit different than the randomized block selection one. It selects the next forger based on the ‘coin age’ of the node’s stake. Coin age is a multiplier of the number of days the funds have been staked and the number of coins that are being staked. Coins must be staked for 30 days before they can compete for block creation. Users with larger stakes have an advantage, but so do users who have staked for a longer time. Once a user forges a block, their coin age is reset to zero. After a node forges a block, they must wait at least 30 days before creating another block. This mechanism promotes decentralized forging while maintaining a power balance between large stake forgers and lower stake forgers.
Advantages of proof of stake
Proof of stake is a much more environmentally friendly and efficient consensus algorithm than the proof of work method. The electricity and hardware costs are much lower due to how the method is made.

Unlike proof of work system where a 51% attack is performed by obtaining the majority of hash rate, proof of stake attackers would be required to obtain 51% of the cryptocurrency to perform the attack. Even though performing a 51% attack is possible, forgers with the majority of funds would not risk their money to perform such an attack. If the cryptocurrency price drops due to the attack, their holding value would also drop.

Conclusion

Proof of stake is a consensus algorithm that is created as an answer to the disadvantages of proof of work. It offers a unique way of validating transactions and creating blocks, and it is gaining popularity. With that being said, the Proof of Stake algorithm is not better than Proof of Work on all fronts, and each project should consider both methods before picking the one they like.

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Crypto Guides

Blockchain Technology – The Fundamental Aspect Of Most Of The Cryptocurrencies

Introduction

In this crypto guide, we have seen various articles about cryptocurrencies so far. In this article, let us examine the underlying technology, which essentially enables the working of these cryptocurrencies. It is none other than the revolutionary blockchain technology. Bitcoin and blockchain terminologies have been synonymous for a long time, but not anymore. The true potential of blockchain is realized in the past decade, and its applications are being widespread in many industries currently. The adoption is still in its nascent stage, like any other new technology in its initial days. The industries which have adopted the technology are reaping benefits in millions if not in billions already. So, it is important for us to understand what this technology is all about.

What is blockchain?

Blockchains are open global distributed ledgers, which are necessarily a chain of blocks. These blocks contain transactions or records bundled together with encryption techniques called cryptographic hash functions to form a blockchain. This is the simple definition of blockchain. The concept is as simple as it sounds, but it revolutionized the way the records are maintained in any industry.

Blockchain platforms are peer-to-peer networks. Making the ledger open and distributed; this means everyone involved in the system will have a copy of the ledger. The transactions being committed in the network are validated using a consensus algorithm. Say a block has a capacity of 1 MB of transactions, these transactions are verified and sealed in a block. This new block is linked to its previous block using cryptographic techniques. Once the block is linked in the blockchain to the last block, the contents of this block can never be changed. This property is called ‘immutability,’ a significant feature of blockchain.

What are these cryptographic hash functions?

Cryptographic hash functions are standard algorithms designed by the National Security Agency (NSA) of the USA. Any information can be sent through this algorithm, and the output we get is the hash of the input, and it is a unique value. Every block in the blockchain is linked to its previous block using the hash value of the last block. This hash value of a block is generated by all the transactions of a block plus the hash of the previous block. Thus, if we make any change in a block that is mined already, the hash value of that block is changed. All the blocks before that block would be disturbed. Thus, the property of immutability comes into the picture. This is the basics of how blockchain technology works in general.

Different blockchain platforms:

Since realizing the true potential of blockchain, different blockchain platforms are developed for various industrial use cases.

Hyperledger platforms: These platforms are developed for cross-industry applications. It is an umbrella of open source platforms like Hyperledger Fabric, Hyperledger Sawtooth, Hyperledger Iroha, and so on, designed for each industrial use.

Ethereum: Ethereum is, again, a platform developed to deploy self-executed contracts known as smart contracts. Also, a platform to create decentralized apps (Dapps) to use the blockchain functionalities in everyday apps we use.

R3 Corda: This is a consortium of around 300 different firms working together in the financial background to nurture and develop the technology to revolutionize the financial sector.

These are only some of the various platforms in use today.

Bottom line

Blockchain, as a technology, has a vast potential to revolutionize many industries. Blockchain developers will be required on a massive scale in the coming future to bridge the gap and to fulfill the requirements. The world where privacy is at stake at the moment, blockchain is a savior to ensure our privacy and security of digital information.

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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 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.

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Technical analysis

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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 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.

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Technical analysis

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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 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.

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Technical analysis

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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 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.

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Technical analysis

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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 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.”

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Technical analysis

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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 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

_______________________________________________________________________

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

Categories
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 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

_______________________________________________________________________

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.

 

Categories
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 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.

Categories
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 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.

Categories
Crypto Market Analysis

Daily Crypto Review, Oct 25 – Today’s market neutral, Peter Schiff warming up on crypto

The cryptocurrency market has been relatively neutral in the past 24 hours. After a pretty horrible drop that ended with some cryptocurrencies dropping double digits in price, the market is in a stabilization phase. While some cryptocurrencies gained a bit of value, most remained at their yesterday’s levels. As for the top3 cryptocurrencies, Bitcoin went up 0.24%, while Ethereum gained 0.2% of its value. XRP was the biggest gainer out of the three and gained 2.45%.

Bitcoin has lost a fraction of its dominance due to it not moving much while some other cryptocurrencies managed to secure gains in the past 24 hours. It now sits at 65.6 %, which represents a 0.04% decrease when compared to the previous day.

The industry has gained some value as far as market capitalization goes in the past 24 hours. Cryptocurrencies now have a market capitalization of $205.66 billion, which represents a $1.5 billion increase from the previous day.

What happened in the past 24 hours?

The markets have been pretty stable in the past 24 hours as there were no moves from neither bears nor bulls. There were also no significant news that could impact the price of the overall crypto market.

XRP has managed to gain some value on positive news, however. CryptoBull tweeted that he remains bullish on XRP and that his price goal would be $10 by the end of 2020. On top of that, Tim Draper also announced that he expects XRP to explode soon.

Cryptocurrencies are gaining momentum in adoption, and we can see the future changing right before our eyes. Peter Schiff, an economist that is considered anti-crypto and a goldbug, announced that “Privately issued cryptocurrencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies.”

Technical analysis

Bitcoin

Bitcoin was pretty stagnant in the past 24 hours. After finding resistance at $7,410, Bitcoin could not move far above the price point. However, this support line stopped a big bear move from that could cause much more harm to Bitcoin’s price.


Bitcoin’s RSI is slowly moving out of the oversold territory while the volume is on the decrease. This condition has historically shown that a move (bullish or bearish) is near.

Ethereum

Ethereum has had a slightly better day than Bitcoin in terms of price. Even though its price gain is far from big, Ethereum did manage to pull away somewhat from its support zone.


It is now sitting at $161.5, with the same indicator positions as Bitcoin (RSI and volume)

XRP

XRP has gained the most in the past 24 hours. This fact could be attributed to a large bull rally when the price broke $0.266. Even though the price managed to slip below the line, bulls rallied and propelled it upwards.


XRP is now trading at around $0.278 and looks pretty bullish in the short-term.

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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. 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 23 – Stablecoins may be considered securities, crypto markets in the red today

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

 


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

 

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

What happened in the past 24 hours

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

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

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

Technical analysis

Bitcoin



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

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

Ethereum

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


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

XRP

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


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

Categories
Crypto Market Analysis

Daily Crypto 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 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 Guides

Understanding The Basics Of ‘Ethereum’ – A Revolutionary Cryptocurrency

Introduction

The most talked-about cryptocurrency after Bitcoin is Ether. Ether is second in market capitalization after Bitcoin. While the Bitcoin network is only about minting Bitcoins using the POW consensus algorithm, the Ethereum platform is much more than just the cryptocurrency that the network helps in minting. Vitalik Buterin developed the Ethereum platform by taking inspiration from Bitcoin whitepaper. He wants Ethereum to be something called ‘World Computer.’

Objective

The worldwide web(www), which came into existence with the advent of the internet, transformed our lives completely. To login to different websites, we store our email id’s and passwords in various machines, though the devices may be personal. Still, the credential information is stored in the servers of different websites around the world. Hackers make these servers as targets and steal our information, which results in a breathtaking loss. Hence Ethereum’s goal is to protect user’s data. Ethereum wants to disrupt the client-server model by using thousands of nodes across the globe run by individual volunteers.

Ether

So, where does Ether come into picture amidst all this? It is the cryptocurrency of the Ethereum platform. Ether is generated when each block of transactions gets added to the existing blocks in the Ethereum network. The number of coins made every year is a fixed amount as per the determination of the network. By now, we understand that the Ethereum platform offers decentralized internet or DApps – decentralized apps. As the services cannot be taken free of cost, Ether also helps in fueling the performance of these apps. To perform any transactions in the decentralized apps functioning on the Ethereum platform, one must pay in Ether. The transaction fees are also called as gas as it is the fuel to perform transactions.

Market Capitalization 

Ether is traded under the name of ETH in cryptocurrency exchanges. Each Ether costs about $172.49, while the market cap of Ethereum is around 18 billion dollars. The 24-hour trading volume is approximately 7 billion dollars.

Consensus Used

Consensus algorithms are the backbone of any blockchain network. Bitcoin and Ethereum both use Proof of Work (POW) as a consensus algorithm today. But Ethereum aims to move to Proof of Stake (POS) as POW is very costly concerning the power consumption and computational resources consumption as well. Ethereum hard fork is impending where the significant change is going to be the switch from POW to POS.

Price History

Ether started with zero price on July 30, 2015. 2016 was a slow-growth year for ETH, while 2017 saw tremendous gains beginning from the start of the year itself. By December 2017, the price was around $800. By January 2018, it achieved its highest rate ever with 1,261.03 dollars. A severe downfall has been seen in the same year; by June, it halved the value to $531.15 by December; it even reduced to $141.33. 2019 has been somewhat stable year compared to the previous years. In July 2019, the price was around $300, and at present, the price is at $172.49.

Conclusion

While Bitcoin has given birth to the concept of cryptocurrency, Ethereum went a bit ahead and explored the true potential of blockchain technology with decentralized apps. After Bitcoin, Ethereum is the next go-to cryptocurrency concerning any measure one can check. Ether price has been kind of stable this year, and investors can hold on to it for the long term as the hard fork of the Ethereum is only going to make the coin even better. Stay tuned for more informative content on individual cryptos.

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Crypto Guides

What Is Market Capitalization? Top Cryptocurrencies With Highest Market Cap!

Introduction

Market capitalization is estimated for publicly traded companies in general to determine the value of that company. The value is calculated based on the total number of outstanding shares in the market multiplied by the individual share price. In simple words, the market cap is nothing but the market value of a publicly trading company.

Initial Public Offering (IPO)

Initial Public Offering or IPO’s are widely known. Companys which issue IPOs are publicly trading companies willing to raise capital for investing in the business to diversify and expand the company. When a company issues IPO, it agrees to sell a certain stake of the company to the public to raise the company. There are many successful IPO’s since 1602, when the first-ever IPO was recorded. Global companies like Amazon and Apple crossed one trillion-dollar in market cap, making them powerful than some smaller countries.

Initial Coin Offering (ICO)

Similar to IPOs, we have ICOs called Initial Coin offering with regards to cryptocurrencies. ICOs help crypto companies to raise funds that will be invested in creating a new coin, service, or dApps. These companies generally release a white paper detailing the aim of the ICO, minimum capital they intend to raise, and the basic design and properties of the product they are trying to create. Many investors plan to invest in ICOs to make quick bucks and earn tremendous profits. The result of some of the prominent ICOs promises the same.

Hence, the market cap of a cryptocurrency is determined by the number of outstanding coins in the market multiplied by the individual value of a coin.

Now, let’s look at the top 10 cryptocurrencies in terms of market capitalization.

  1. Bitcoin (Market Cap – $146.1 BN)

Bitcoin is the first-ever cryptocurrency, and it is obvious that this crypto tops the list in terms of market cap. The market cap of Bitcoin is $146,141,293,771, with the total number of coins in circulation being almost 18 million. As we all know, only 21 million Bitcoins can ever be mined.

  1. Ethereum (Market Cap – $19.1 BN)

Ethereum rightly earned its second place as it was developed to overcome the limitations of bitcoin, and it has become the second favorite amongst the investors. The market cap of Ethereum is around $19,191,075,792 with 108,182,195 coins in circulation.

  1. Ripple (Market Cap – $12.8 BN)

Ripples XRP takes third place with $12,833,995,058 as a market cap. The total number of coins in circulation is around 43,166,787,298. This crypto earned its credibility by gaining support from some of the most powerful centralized institutions like Federal Reserva.

  1. Tether (Market Cap – $4.1 BN)

Tether has been developed to be a stable coin, i.e., the price will always be maintained as one dollar. This coin has been developed to have the stability of fiat currency while having the key properties of cryptocurrency. The market cap of Tether is $4,121,497,986, with 4,108,044,456 coins being circulated in the market.

  1. Bitcoin Cash (Market Cap – $3.9 BN)

Bitcoin cash is created by forking the main Bitcoin platform. The market cap is around $3,956,035,700 with 18,061,950 number of coins in the market.

  1. Litecoin (Market Cap – $3.4 BN)

Litecoin is a spinoff of Bitcoin, thus earning the name of altcoin, which means alternate coin (to bitcoin). Around 63,484,804 Litecoins are currently circulating in the market.

Some of the other cryptos with high market cap include

Binance Coin (Market Cap – $2.8 BN)

EOS (Market Cap – $2.7 BN)

Bitcoin SV (Market Cap – $1.5 BN)

Stellar (Market Cap – $1.3 BN)

All the above information is as of 16th October 2019. For real-time figures, you can visit this website.

The adoption and usage of cryptocurrencies will only increase in the future as they are here to stay. At the peak of the bitcoin price in December 2017, the market cap of all the cryptocurrencies was around 125 billion dollars, and as of today, it is 221.3 billion dollars. Given the history, the market cap of all the cryptocurrencies can quickly reach a trillion dollars in the near future.

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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 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 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 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.

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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 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
Cryptocurrencies

Understanding Ethereum – A Step-by-Step Guide

When we thought we had heard it all about blockchain, and what it does, Ethereum sprang up. To many, it was seen as just another Bitcoin, but what most people didn’t know was that the project presented a timely idea, and a life-changing one whose implementation was bound to lead the world to new paths.

I know you’ve probably heard about Ethereum, but you’ve probably dismissed it as just another crypto. But what is it in the first place? Could it be just another crypto? Is it the same thing as ether? And what is it used for? Well, in this article, I’ll be expounding it in detail to answer these and to show you why Ethereum is not just another crypto.

What is Ethereum?

For starters, Ethereum is a software platform that allows developers to generate and deploy decentralized applications that are accessible globally. If you want to create a decentralized application, that not even you can control, then the Ethereum platform is the place to go. All you need to do is understand Ethereum’s programming language – solidity – and begin coding.

In simple words, Ethereum is the infrastructure that lets you run decentralized apps worldwide.

You will find some people using the words Ethereum and ether interchangeably. So is Ethereum and Ether one and the same thing? Well, let’s find out.

Ethereum and Ether – Are they any different?

The concept of Ethereum and Ether can be a little confusing. When we hear Ethereum, we are quick to associate it with other cryptocurrencies like bitcoin. To make it clearer, Ethereum is a platform built on blockchain where developers can build and deploy thousands of applications using smart contracts.

Ether, on the other hand, is the fuel that powers the Ethereum network, and the programmable money sold on cryptocurrency exchanges. 

The same way you’ll need gas for your car, ether is necessary for you to deploy and run applications on the platform. Ether is the power behind smart contracts and running DApps, token generation during ICOs, making payments, and facilitating transactions on the ETH blockchain.

In summary:

Ethereum is the platform; ether is what powers the platform

Ether can be bought and sold, Ethereum cannot

Ethereum has multiple applications; ether has a single application, enabling operations on the parent blockchain.

So, are Ethereum and Bitcoin similar?

Well, the two are similar in that they are both blockchain networks, but there are some significant technical disparities between the two. There is a very substantial difference between Bitcoin and Ethereum in both purpose and capability. While the former track’s ownership of digital currency, the latter’s primary focus is to support decentralized applications. 

In short, we can say that Bitcoin is a peer-to-peer currency that can be transferred instantly between transacting parties securely. Ethereum, on the other hand, supports smart contracts. And if you are wondering to yourself what a smart contract is, then you will be pleased to know that at the core of these Decentralized applications is a smart contract. So, what exactly is a smart contract?

What is a Smart contract in Ethereum?

A smart contract is simply a phrase coined to describe best “a computer code that can veto the exchange of property, money, content, shares, or anything valuable.” In blockchain language, a smart contract is a self-executing computer program that completes whenever certain conditions are met. It is a programmed code that runs without the possibility of third-party influence, fraud, downtime, or censorship.

All blockchains can process code, but most of them are limited. With Ethereum, it becomes different. Instead of allowing for limited operations, Ethereum lets developers create as many applications as they can, something never experienced before.

What are the uses of Ethereum?

The main use of Ethereum is to enable developers to create and deploy decentralized apps where these decentralized apps, also known as DApps, serve particular functions to users. By virtue of being built on a blockchain, decentralized apps are not controllable by any person or central system.

Ethereum can be used to decentralize any centralized service. From the existing intermediary services across a myriad of industries such as bank loans to other seemingly less interesting systems like voting and title registries, Ethereum can be used to get them all decentralized.

Another objective use of Ethereum is in the building of Decentralized Autonomous Organizations (DAO). This is an organization with no apparent leadership, run exclusively by programming code on a variety of smart contracts recorded on the Ethereum blockchain. The code takes the position of organization rules and structures, totally eliminating the need for a centralized control like in a traditional organization. Anyone who purchases tokens becomes a part-owner of a DAO, but instead of converting tokens to equity shares, tokens give people voting rights.

Ethereum is currently being accessed as a reliable platform for launching other cryptocurrencies. Following the ERC20 token standard laid down by the Ethereum Foundation, interested developers can also start their own versions and raise funds through an ICO. Through this strategy, token issuers set the amount of money they intend to raise before offering it in a crowd-sale in exchange for Ether. The last two years alone have witnessed ICOs raising Billions of dollars on the Ethereum platform.

Conclusion

For all the talk of decentralizing the system, Ethereum appears to be the ultimate solution. Its rise is suggestive of a market ready to embrace positive changes, and a platform for development in an area previously shadowed with uncertainties. It presents a bold claim for a futuristic technology unreliant on third-party forces, including social and political interferences. 

 

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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 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.

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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 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.

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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. 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

Categories
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 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 (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 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, Sept 30 – Bitcoin under $8,000 drives Crypto Assets Down!

Bitcoin breached the $8,000 early morning today, as the bearish sentiment keep persisting in the crypto sector. That lack of buyers is creating a pronounced bearish trend in the whole sector. This weekend, Bitcoin lost another 5% Bitcoin Cash(-5.55%), Binance Coin(-5.82%), Monero(-5.05%) and DASH(-6.2%) lead the loses.  The Market Capitalisation of the sector went further to $207.9 billion.

The heatmap below shows the price change of coins and tokens during the weekend.

The News Front

The Ukranian government is planning to legalize cryptocurrency. That is so according to a report published by an independent Ukranian news media. Currently, cryptocurrencies are not illegal in Ukraine. This step is a government move to regulate it and benefit via taxation. Source: The Block.

JP Morgan strategist Nikolaos Panigirtzoglou claims Bakkt’s launch of a physically-settled Bitcoin Futures contract was the reason for the Bitcoin 20% drop. Source: dailyhodl.com.

Denis Baykov has been fined the value of $7,000 by Russian authorities after mining bitcoin using a supercomputer able to petaflop speeds from an old Russian nuclear facility in Sarov, western Russia. Source beincripto.com.

Google has created a 50qbit computer able to execute in minutes what would have taken 20,000 yeats using a regular computer. Besides that, quantum computing is not a threat to crypto-assets, according to a news piece by bitcoinnews.com.


Technical analysis

 

Bitcoin


Today, bitcoin definitively broke the $8,000 support level and confirmed, also, the breach of the 200-day MA. On the daily chart, we see also the price has also broken the lower trendline of the descending wedge to the downside.

The next level to break is the $7,700 and, next, we could observe if the supply zone below $7,725 is able to hold prices and stop the downward evolution of the price, to, at least, experience a bounce.

 


Ethereum


Ethereum’s bounce ended, although the price has not broken the $166 support. We see the price moving slightly below the -1 Bollinger line, which means a downward pressure to prices. That, combined with the bitcoin weakness, makes us think ETH will continue descending to test $160 at least. But we can’t be surprised if $152 is reached in the coming days.

 


Ripple


Ripple seems to keep holding inside the range between 0.234 and 0.2468, besides the persistent BTC weakness. Today the price is losing 1% while bitcoin is -3.55% down. That shows there is some hidden buying power holding its price. The current sideways channel and technical indicators still show the price is in a downtrend, though. That and another BTC downward spike may force this token to break its support. The best course of action is to be in the sidelines while this is resolved.

 

Categories
Crypto Market Analysis

Daily crypto update 08.08.2018 – Flash crash


General overview


  • Market Cap: $232,384,144,425
  • 24h Vol: $15,580,869,369
  • BTC Dominance: 48.5%

In the last 24 hours, cryptocurrency market cap evaluation fell from 257,284,000,000$ to 229,140,000,000$ at its lowest today which is a 28,144 billion dollar decrease which happened in about 12 hours in total. 

The market is currently in red, with an average percentage of change among top 100 coins ranging from 6-12%. Only Pundi X and Aurora are up by 2,9% and 2,3%.


News


Major headline that is the causing this flash crash as many news media outlets are reporting is that VanEck-SolidX Bitcoin ETF application was delayed for consideration for September by the U.S. Securities and Exchange Commission (SEC). 

The Securities and Exchange Commission late Tuesday delayed a decision on an application for the first bitcoin-related exchange-traded-fund. The regulator said it planned on making a decision on the proposed ETF from VanEck and SolidX on Sept. 30. A decision was expected no earlier than Aug. 10, 45 days from the time the ETF duo submitted their application for the fund.

Source: market watch

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change,” the SEC said.

Source: investing


Analysis


BTC/USD

From yesterday’s high at 7159$ the price of Bitcoin has fallen by 10,93% and is currently trading below 6500$.



The price fell steeply and quickly and is currently below the 0 Fibonacci retracement level which is the significant support level that was broken last time Bitcoins price was heading downwards and created a lower low. This indicates a very bearish sentiment and another lower low scenario.


Market sentiment 

Hourly chart technical indicators are signaling a sell.


Pivot points

S3 5902.6
S2 6375.6 
S1 6547.2 
P 6848.6 
R1 7020.2 
R2 7321.6 
R3 7794.6

ETH/USD

From yesterday’s high at 410$ the price of Ethereum has decreased by 10,44% and is currently trading at 367$.



Looking at the hourly chart, we can see that the bearish pennant was broken on the downside which propelled the price of Ethreum for a steep fall. The price is now looking for support and is currently sitting just slightly above the 0 Fibonacci retracement level which is the prior low level on the daily chart.


Market sentiment

Ethereum is in the sell zone.


Pivot points 

S3 300.06 
S2 342.79 
S1 360.30 
P 385.52 
R1 403.03 
R2 428.25 
R3 470.98

XRP/USD

From yesterday’s high at 0,4133$ the price of Ripple has fallen by 16,91% as its currently trading at 0,347$.



Looking at the hourly chart we can see that the triangle was broken from the downside and as the triangle’s support was also a significant horizontal support level the breakout resulted in a straightforward downfall. The price is currently looking for support and it found some support on the current levels but they are far from strong in order to hold the momentum behind the sell-off.


Market sentiment 

Hourly chart technical indicators are signaling a sell.


Pivot points

S3 0.26042 
S2 0.36093 
S1 0.39822 
P 0.46144 
R1 0.49873 
R2 0.56195 
R3 0.66246

Conclusion


It looks like the last straw that investors held on to in order not to fall into the abyss of the cryptomarket death was the Bitcoin ETF. The news has so hyped out that now after the SEC announced they are postponing the decision for late September that straw broke and the straight downfall started. I think that this is going to be the final sell-off but I don’t mean that it will be over soon. What I would expect from here on for the cryptomarket is another despair and pain period with no upside on the horizon.

Categories
Crypto Market Analysis

Daily crypto update 07.08.2018


General overview


  • Market Cap: $255,560,502,695
  • 24h Vol: $12,415,147,987
  • BTC Dominance: 47.6%

In the last 24 hours cryptocurrency market capitalization has been stagnating around 255 billion dollar levels.

Consequently, the market is showing mixed colors with an average percentage of change ranging from 2-4%. The biggest gainers are Ethereum Classic who increased by 11% in the last 24 hours followed by Basic Attention Token who increased by 13%. The biggest loser is Mixin who decreased by 11,7%.


News


In the last 24 hours the most important headline that already impacted the price of a particular coin is that trading app Robinhood added support for Ethereum Classic (ETC) according to an official blog post.

“Starting today, you can invest in Ethereum Classic on Robinhood Crypto, commission-free,”

Ethereum Network Overloaded Again, Strong Suspicions of Spam

The Ethereum network is once again undergoing what looks like a spam attack. A single address is sending and receiving transactions, consuming 24.85% of the gas, based on data from the Ethereum gas station. This was the peak value in the early hours on Tuesday UTC, and later the transactions started to gradually decrease their gas use.

China: Trader Sues Exchange OKCoin for Failing to Release Bitcoin Cash

A Chinese Bitcoin (BTC) investor has sued local crypto exchange OKCoin for allegedly preventing him from getting Bitcoin Cash (BCH) after the BTC fork, local news agency Legal Weekly reports July 31. The case is reportedly the first legal action in China that involved last year’s fork of Bitcoin.

Goldman Sachs Mulls Crypto Funds Custody Service – Report

One of the major global banks, Goldman Sachs, is considering to launch custody service for digital coin-based funds, Bloomberg reported on Monday, quoting sources familiar with the bank’s new initiatives. The Sachs spokesman neither confirmed nor rejected the news, according to Bloomberg.

Source: cryptovest. com


Analysis


BTC/USD

From yesterday’s high at 7160$ the price of Bitcoin has fallen to the 6852$ which was today’s low so far but has recovered since to above 7000$.



Looking at the hourly chart we can see that this downtrend line is currently being broken which is a bullish sign but judging by the wicks on the hourly candles the price is experiencing selling pressure below the prior high which is a bearish sign.


Market sentiment 

Hourly chart technical indicators are signaling a buy.


Pivot points 

S3 6367.4 
S2 6674.0 
S1 6807.6 
P 6980.6 
R1 7114.2 
R2 7287.2 
R3 7593.8

ETH/USD

From yesterday’s high at 413$, the price of Ethreum has decreased to 402$ but has recovered since to 410$.



Looking at the hourly chart, we can see that the price action has formed a triangle and the price is currently interacting with its resistance line. The price is still below the uptrend semi-significant level but we will soon see the direction of a breakout.


Market sentiment 

Hourly chart technical indicators are signaling a buy with moving averages signaling a strong one.


Pivot points

S3 380.68 
S2 393.66 
S1 399.31 
P 406.64 
R1 412.29 
R2 419.62 
R3 432.60

LTC/USD

From yesterday’s high at 76,4$ the price of Litecoin has decreased by 1,3% and is currently sitting around 74,78$.



On the hourly chart we can see that like in the case of Bitcoin and Ethereum the price action is forming a triangle and the price is currently heading upward to its resistance levels, but unlike BTC and ETH it hasn’t reached it yet, but instead it’s starting to slow down as it is entering sellers territory.


Market sentiment 

Litecoin is in the buy zone.


Pivot points 

S3 65.431 
S2 69.838 
S1 71.702 
P 74.245
R1 76.109 
R2 78.652
R3 83.059

Conclusion


After the prices have fallen significantly in the last couple of day we are seeing now some recovery. How long this recovery will last it would depend on the momentum behind the move.

Categories
Crypto Market Analysis

Weekly crypto update 06.08.2018 – Lower lows ahead


General overview


  • Market Cap: $254,384,641,922
  • 24h Vol: $11,174,577,378
  • BTC Dominance: 47.4%

From last Monday on July 30. cryptocurrency market cap was around 297 billion dollars in the evaluation. Since then the evaluation has been in a constant decline and from where it’s been to the current levels its fallen by 43 billion dollars.

The market experienced some short-term recovery on 3. of August but the recovery was short lived as the market slumped down again afterward.


News


Some of the top headlines that have marked the prior week are the following:

New York Stock Exchange Operator Announces Digital Assets Platform, BTC Futures

Intercontinental Exchange, the operator of 23 global exchanges including the New York Stock Exchange (NYSE), has announced plans to launch an “open and regulated” global digital asset ecosystem, as well as one-day physically delivered Bitcoin contracts pending CFTC review and approval. The company, called “Bakkt,” will work with enterprises including BCG, Microsoft, and Starbucks.

Bank Of Thailand Allows Banks To Set Up Crypto-Related Subsidiaries

The Bank of Thailand has announced that local banks can set up subsidiaries for dealing with cryptocurrencies, while maintaining that banks and other financial institutions are still banned from directly dealing with crypto. According to the regulatory announcement, Thai banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries.

Australia Awards $1.7 Million Grant For Sustainable Sugar Blockchain Project

The Australian government has granted around $1.7 million in a grant to the Sustainable Sugar Project for using blockchain to track the provenance of sugar supplies to Australia. The initiative, known as the Smart Cane Base Management Practice, is part of the sugar industry push for more sustainability and traceability.


Analysis


BTC/USD

From last Monday’s opening at 8245$, the price of Bitcoin has fallen by 15,45% as its currently trading at 6968$.



Looking at the daily chart we can see that the price is again below the support baseline 2. As this level was broken again it has less significance but that means that is now strong support around those levels anymore. Currently, the price is looking for support and it found some temporary on the minor range support level, but judging by the momentum of the down move the price is heading further down.


Market sentiment

Daily chart technicals signal a sell.


Pivot points

S3 4649.4 
S2 6033.9 
S1 6523.6
P 7418.4 
R1 7908.1 
R2 8802.9 
R3 10187.4

ETH/USD

From last Monday till now the price of Ethereum has decreased by 13,24% from 467$ to 406$.



Looking at the daily chart we can see that the price is below the uptrend semi-significant level on the same level as the Z wave of the prior low. The price broke out from the ascending channel after a down move which is why the likelihood of the retest of the prior low on the C wave at 360$ is very high in the following week.


Market sentiment 

Daily chart technical indicators are signaling a sell.


Pivot points

S3 276.29 
S2 351.05 
S1 379.03 
P 425.81 
R1 453.79 
R2 500.57 
R3 575.33

XRP/USD

From Monday’s open at 0,445$ the price of Ripple has decreased by 5,87% and is currently trading at 0.428$.



Looking at the daily chart we can see that the last Monday’s open was on the 0 Fibonacci retracement level and from there it has fallen below it to the current range support line. As indicated by the price action this range is going to be broken from the downside.


Market sentiment 

Daily chart technicals are signaling a strong sell.


Pivot points 

S3 0.36357 
S2 0.40144 
S1 0.41552 
P 0.43931 
R1 0.45339 
R2 0.47718 
R3 0.51505

LTC/USD

From last Monday’s open the price of Litecoin has depreciated in value from 84,8$ to 73,872$ which is 12,56% decrease.



Looking at the daily chart we can see that the price of Litecoin has broken out from the ascending channel in which it was consolidating as has gone on to find support on the next horizontal level is found. I am expecting an interaction with the 71,3$ support level and if that level doesn’t hold then the price will head down to the downtrend triangle support line.


Market sentiment 

Litecoin is in the sell zone.


Pivot points

S3 50.034 
S2 63.454 
S1 68.228 
P 76.874 
R1 81.648 
R2 90.294 
R3 103.714

Conclusion


Because the prices have broken there key support levels on the daily chart, more downside is expecting in the following week and search for next support levels. I am expecting the price pattering to create lower lows which would in the case of Bitcoin be from 5500$.

Categories
Crypto Market Analysis

Daily crypto update 02.08.2018


General overiview


  • Market Cap: $272,382,783,020
  • 24h Vol: $12,683,202,800
  • BTC Dominance: 48.3%

Cryptocurrency market cap has found some support around the 267B levels and is currently testing it, hovering around it. 

The market is consolidating which is the next logical step after the fall of approximately 31 billion dollars in the evaluation. The colors are mixed so we can see both red and green with a small average percentage of change among top 100 coins.


News


Coinbase Adds British Pound Support, Speeding Fiat Transfers for UK Clients

Leading US-based cryptocurrency exchange Coinbase said it is adding British pounds (GBP) to its list of accepted fiat currencies as of Thursday, in a move that will allow faster fiat deposits and withdrawals for its UK-based clients.

Morgan Stanley Hires Crypto Expert From Rival as Crypto Race on Wall Street Intensifies

Morgan Stanley appointed Andrew Peel as head of digital asset markets. The update comes from his LinkedIn profile, where the new position is listed. He leaves Credit Suisse after twelve years with the bank, where his latest job was vice president of sales and trading innovation, although he spent the majority of his stay in the Delta One desk.

EU Advisory Body Claims that Blockchain Innovation is at Risk within the European Union

The European Commission’s blockchain advisory body has warned that the EU’s lack of legal and regulatory certainty can stop blockchain development and the Union’s leading role in innovation. On August 1, the European Blockchain Observatory and Forum published its first-ever report analyzing the blockchain industry in the Union and outlining several recommendations to the bloc.

Source: Coinvest


Analysis


BTC/USD

From yesterday’s open at 7732$ the price of Bitcoin has decreased by 1,46% and is currently trading at 7572$. The price went even lower to the 7440$ but has recovered since leaving a spike on the hourly chart.



Looking at the hourly chart, we can see that the yesterday’s open was on the 0,236 Fibonacci level and from there fell below the blue bold line which is the support from the triangle on the daily chart. From here I am expecting the price to go to the dotted black line which is the baseline support 2 line where it will look for support. Because that level wasn’t respected recently I would expect the price to rester there for a while before breaking it on the downside and continue in a downward trajectory.


Market sentiment

Hourly chart technicals signal a sell with moving averages signalling a strong one.


Pivot points

S3 6969.0 
S2 7284.9 
S1 7445.4 
P 7600.8 
R1 7761.3 
R2 7916.7 
R3 8232.6

ETH/USD

From yesterday’s open at 433$ the price of Ethereum has dropped by 5,2% and is currently trading around 410$.



Hourly chart looks bearish as the price fell below the minor support line and is currently interacting with the minor range support on the same levels as the wave Z was. It looks like the support will hold for now but I am expecting in to break anytime soon, as this level isn’t all that strong.


Market sentiment 

Hourly chart signals a sell.


Pivot points 

S3 362.74 
S2 392.20 
S1 406.12 
P 421.66 
R1 435.58 
R2 451.12 
R3 480.58

XRP/USD

From yesterday’s spike at 0,4633$ the price of Ripple has decreased by 6,81% and is currently trading at 0,432$.



Looking at the hourly chart, we can see that the price of Ripple is once again below the 0 Fibonacci retracement level and the ascending channels support line. Those two including the fast fall after the spike is a very bearish sign. From here I am expecting the price to go to the 0,41444$.


Market sentiment 

Ripple’s sentiment is bearish as hourly chart technical indicators are signalling a sell.


Pivot points

S3 0.37042 
S2 0.40775 
S1 0.42707 
P 0.44508 
R1 0.46440 
R2 0.48241 
R3 0.51974

Conclusion


More downside is expected for the cryptocurrency market as support levels have been broken. Maybe a small rebound could be seen but that would be short-lived.

Categories
Crypto Market Analysis

Daily Crypto Update 31.07.2018 – Breakout From The Downside As Expected


General overview


  • Market Cap: $278,463,268,852
  • 24h Vol: $15,188,740,539
  • BTC Dominance: 48.0%

From yesterday’s high at $299B the evaluation of the cryptocurrency market cap has fallen by 23 billion, as today’s low was around $276B. This was expected as a triangle pattern formed on the global chart.

Consequently, the market is currently in red with an average percentage of change among top 100 coins ranging from 3-7%.  The biggest loser is Pundi X with a decrease of 19%.


News


As the market experienced a decline in the evaluation, many headlines are analytical in nature. However, some significant headlines have come out in the last 24 hours.

Australian Government Awards Grant to Blockchain Project for Sustainable Sugar

The Australian government has granted A$2.25 million ($1.7 million) to the Sustainable Sugar Project, Foodnavigator-Asia reports July 30. The Sustainable Sugar Project, led by the Queensland Cane Growers Organization, will use blockchain technology to track the provenance of sugar supplies to Australia. The initiative known as the Smart Cane Best Management Practice (BMP) is part of a sugar industry push for better sustainability and traceability.

It isn’t the first time the Australian government has given a grant to a blockchain start-up. Power Ledger a blockchain based solar electricity solution received about 8 million dollar grant last year for further research and development.

Chamber of Digital Commerce Proposes Guidelines for ‘Responsible’ Crypto Market Growth

The Chamber of Digital Commerce Token Alliance has released a collaborative report of proposed guidelines for “responsible growth” of the cryptocurrency market, according to their July 30 press release. The document, entitled “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners,” is broken up into three sections: a regulatory overview of digital token markets in five countries, principles for those distributing digital tokens that are not intended to be securities, and economic coverage of the “global token landscape.”

It is an obvious attempt to provide the regulators more material on the cryptocurrency market as the SEC is more and more active in the regulation clamp down on the cryptocurrency space with little to no understanding of the underlying technology.

China: World’s Fourth Largest Bank by Assets Trials Blockchain Loans Backed by Land

The Agricultural Bank of China (ABC), the world’s fourth-largest bank by assets, has issued its first loan on blockchain, local news outlet Financial News reported July 31. State-owned ABC, which counts itself among China’s “Big Four” lenders, revealed it had issued a loan worth around $300,000 backed by a piece of agricultural land in the Guizhou province.

This headline is significant as China’s stance toward cryptocurrency was negative in the past, but it looks like they are switching the tone as they are getting more and more informed of the benefits that adopting blockchain and cryptos are carrying.

Major Swiss Online Bank Posts Soaring Profits After Offering Clients Crypto Investing

Online banking service provider Swissquote has seen a 44 percent surge in profits in the first half of 2018, an uplift attributed to the “crypto boom” earlier this year, local news outlet Finews reports July 31. In July 2017, the Swiss-based online bank was credited by many with becoming “the first” European online bank to launch Bitcoin (BTC) trading accounts for its clients.

Nobel Prize Winning Economist Paul Krugman Expresses Skepticism About Crypto, Predicts Collapse

Nobel Prize winning economist Paul Krugman has expressed his skepticism about the value of cryptocurrencies in a New York Times Opinion piece published July 31.

Source: cointelegraph


Analysis


BTC/USD

From yesterday’s open at 8265$ the price of Bitcoin has decreased by 6,21% and is currently trading at 7732$.


Looking at the two-hour chart, we can see that the price of Bitcoin has broken down the descending triangle and is currently sitting right on the 0,236 Fibonacci retracement level. This breakout to the downside of the triangle was expected and explained in yesterday’s report and because these current levels aren’t going to serve as strong support, so more downside is expected, maybe after some consolidation. If that happens and the price goes below the 0,236 Fibo level the next target would be the baseline support 2 (black dotted line) at around 7400$.


Market sentiment 

Bitcoins hourly chart technical indicators are signalling a strong sell.


Pivot points

S3 7233.1
S2 7673.6 
S1 7926.6 
P 8114.1 
R1 8367.1
R2 8554.7 
R3 8995.2

ETH/USD

From yesterday’s high at 456,9$ the price of Ethereum has dropped by 5,2% and is currently trading at 433$.


On the 2 hour chart, we can see that the breakout was real and that the price has recovered a bit to the channels support line retesting it for resistance. It looks like the price is getting rejected by those levels which is why I would expect more downfall for Ethereum in the upcoming period.


Market sentiment

Ethreum’s hourly chart technical indicator signal a sell.


Pivot points

S3 411.23 
S2 434.49 
S1 445.57 
P 457.75 
R1 468.83 
R2 481.01 
R3 504.27

XRP/USD

From yesterday’s at 0,45548$ the price of Ripple has decreased by 5,31% and is currently trading at 0,431$


Looking at the 2 hour chart we can see that the price has broken out off of the ascending channel in which it was consolidating which is why more downside is expected from here.


Market sentiment

Ripple’s hourly chart technical indicator signal a sell.


Pivot points

S3 0.40185 
S2 0.42371 
S1 0.43485 
P 0.44557 
R1 0.45671 
R2 0.46743 
R3 0.48929

Conclusion


In yesterday’s report I have discussed the possibility of a breakout from the downside for the major cryptos as well as the global chart market cap evaluation. As that happened yesterday, in the upcoming days more downside is expected for the crypto market.

 

Categories
Crypto Market Analysis

Daily crypto update 30.07.2018 – Consolidation Before A Breakout


General overview


  • Market Cap: $293,468,610,906
  • 24h Vol: $13,964,438,115
  • BTC Dominance: 47.7%

From yesterday’s high at 299,774,000,000$, the evaluation of the cryptocurrency market capitalization has decreased by 6,3 billion as its currently sitting at around $293,4B. As you can see from the global chart the evaluation is narrowing down in a triangle like pattern. This consolidative structure has formed as the evaluation failed to break the $300B mark, and from the current level, I would expect the evaluation to go further down to the triangle’s support around $290B. If that level holds than another attempt at the breakout on the upside can be a possibility, but a breakout from the downside is more likely to 284B level.

Following the 6,3 billion dollar decline, the market is currently in red but with a small average percentage of change among top 100 coins ranging from 1-5%. The biggest loser is Mithil which decreased by 17% in the last 24 hours.


News


In the last 24 hours, most significant headlines are those that can fit into the adoption category.

First by its adoption magnitude is the news story of Iran’s plan on creating a state-back cryptocurrency in the midst of the announced U.S. sanctions that will take effect in August. As reported by the Iranian media, a senior official within the government says that the currency could be developed in the next three months. This measure against the sanctions is definitely constructed with Venezuela’s example in mind, as they have developed their cryptocurrency ‘petro’ to surpass the imposed U.S. sanctions in 2017.

The second headline that caught my attention as I viewed it as significant is that Commonwealth Bank of Australia (CBA) successfully, facilitated a shipment of 17 tonnes of almonds from Australia to Germany and in that process tested their supply management system based on the Ethereum blockchain according to a press-release on Monday. Chris Scougall, managing director of industrials and logistics in client coverage at CBA, said in a press release.

 

 

“We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers,”

CBA facilitated all three key services in this type of trade deals–shipment operations, documentation and finance issues – by using the cryptocurrency technology.

The third headline by its significance in the adoption category is that Nasdaq discussed with Gemini and other crypto exchange representatives the future trends in regulation and the ways those exchanges can be in line with them as a way to improve the image of the cryptocurrency market in general, a source familiar with the matter told Bloomberg. This interest and reaching out seen by Nasdaq to the cryptocurrency exchanges certainly isn’t because they want to help other exchanges. It looks like they want to take advantage of the cryptocurrency market potential when it’s still an evolving market and push it to the mainstream providing more legality and in the end maintaining their position as the operator of one of the worlds largest exchanges.

In April, Bloomberg reported that “Gemini partnered with Nasdaq to use its advanced surveillance system to prevent and control market manipulations.” and they have confirmed last week that they are offering their technological solution to SBI Virtual Currencies and three other cryptocurrency exchanges that were not disclosed.

This is very important especially when the Winklevoss brothers, Bitcoin Trust application for an ETF was declined again with an explanation that The Securities and Exchange Commission doesn’t find the product safe enough for investors. The SEC said that it cannot “conclude that bitcoin markets are uniquely resistant to manipulation.”

So potentially is Nasdaq provides the solution to that problem with their surveillance technology that can provide more certainty for the SEC to approve a Bitcoin ETF soon.


Analysis


BTC/USD

From yesterday’s open which is also yesterday’s high at 8276$ the price of Bitcoin has decreased by 1,84% as its currently trading at 8128$.



As it can be seen on the hourly chart, the price action has formed a descending triangle and is currently interacting with its support levels. Descending triangle pattern usually breaks from the downside and that already happened on Friday but the price action found itself back in it again, which means that buyers are there. This triangle pattern is similar to that on the global chart, so I would expect a breakout soon. This pattern could be interpreted as a bull flag buy investors and traders and they might act accordingly – buying at support, which would result in a breakout to the upside. However, that is highly unlikely.


Market sentiment 

Hourly chart technicals support the bearish scenario as they signal a sell.

Oscillators are signaling a sell, and moving averages a strong one.


Pivot points

S3 7838.5 
S2 8028.8 
S1 8124.9 
P 8219.1 
R1 8315.2
R2 8409.4 
R3 8599.7

ETH/USD

From yesterday’s open and high at 471,3$ the price of Ethereum has decreased by 3,65% as its currently trading at 453$.



Looking at the hourly chart we can see that the price of Ethereum has broken out off of the ascending channel on the downside and judging by the size of that red candle it isn’t an interaction with the support that will result as a wick on the higher time-frame like it did prior three times. As I think Ethereum is lagging behind Bitcoin, and it didn’t retest the prior low on the daily chart, this breakout is going to push the price of Ethereum significantly down in the upcoming period – if the breakout doesn’t end like a fakeout that is.


Market sentiment 

Ethreum’s hourly chart technicals signal a sell.


Pivot points 

S3 444.41 
S2 455.61 
S1 461.04 
P 466.82 
R1 472.25 
R2 478.03 
R3 489.24

XRP/USD

From yesterday’s open at 0,454$ the price of Ripple has decreased by 2,5% and is currently trading at 0,442$.



On the hourly chart we can see that the price of Ripple is in a similar position like the price of Ethereum – its on the support levels of the ascending channel, but unlike the Ethereum, Ripple’s price is just starting to interact with it. As the price struggled to exceed the 0,453$ level where 0 Fibonacci retracement level is this decline is the logical progression of the price pathway. If we have in mind the global chart, the Bitcoin chart and the Ethereum’s potential breakout, we can say that a breakout on the downside should be expected.


Market sentiment 

Hourly chart technical indicators are signaling a sell.


Pivot points 

S3 0.43719 
S2 0.44567
S1 0.44939
P 0.45415 
R1 0.45787
R2 0.46263 
R3 0.47111

LTC/USD

From yesterday’s open at 85,118$ the price of Litecoin has decreased by 5,27% as its currently sitting at 80,786$.



On the hourly chart, we can see that yesterday’s open was on the triangles resistance line which again rejected the price and has sent it on a downward trajectory. The price is currently sitting on the minor range support, but I am expecting it to continue going down to the ascending channels support at around 78,111$.


Market sentiment

Like in the case of other cryptos, Litecoin’s hourly chart technical indicators are signaling a sell.


Pivot points 

S3 80.043 
S2 82.184 
S1 83.130 
P 84.325 
R1 85.271 
R2 86.466 
R3 88.607

Conclusion


As the prices of four major cryptocurrencies are interacting with their minor support levels, and Ethereum is showing early stages of a breakout, more downside is expected in the upcoming period for the cryptocurrency market. Bitcoin’s chart is similar to that of global pattern wise, and this doesn’t come as a surprise as Bitcoin’s dominance has increased to 47,7%. On the global chart, we have seen an attempt to break the $300B mark, after which the market is consolidating. After the consolidation, a breakout on the downside is most likely, but it is also possible that buyers make another attempt at breaking that level. If that happens, and I hope it does the prices will go further up but not that further as sellers are just waiting for a better price to dump their holdings.

I hope this happens as it would be a healthy move for the market thus making further projections more accurate. This would result in dumb money getting dumped on which would cause them to give up buying and those who are willing to sell are going to push the prices down where they should have gone.

Categories
Crypto Market Analysis

Daily crypto update 24.07.2018 – Recovery Continues


General overview


Market Cap: $298,408,763,099

24h Vol: $20,100,077,895

BTC Dominance: 47.0%

From yesterday’s open at around $280B the evaluation of the cryptocurrency market has increased by 20 billion dollars as it is currently sitting just slightly below 300B.

As you can see from the chart above it has entered the seller’s territory and that resistance is pushing the evaluation down, but buyers are aggressive which is why there’s a cluster forming around those levels.

The market is mostly in green with an average percentage of change among top 100 coins ranging from 3-6%.


News


In the last 24 hours, the most significant headlines are essentially positive in sentiment, but there aren’t any major headlines that are causing this bullish sentiment fundamentally. These are some of the headlines:

Gibraltar Stock Exchange’s Blockchain Platform Opens to Public Trading

The UK Overseas Territory of Gibraltar launched its Gibraltar Blockchain Exchange (GBX) July 23, a press release confirmed, opening up cryptocurrency trading.

TRON Acquires Major P2P Platform Operator BitTorrent

TRON’s long-rumoured acquisition of BitTorrent Inc., the operator of popular torrent client uTorrent, has been confirmed by TRON founder Justin Sun in a community letter published July 24

Google to Offer Distributed Ledger Solutions in Cloud Platform Marketplace

Google is joining the list of tech giants to deploy blockchain technology to offer customers fintech and cloud service solutions, according to an official statement Monday, July 23.

Crypto Exchange Giant Binance to Launch Operations in South Korea: Report

Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea, one of the world’s major crypto trading markets.

Many headlines are analytical in nature and in favor of the bullish sentiment. Some of the headlines that fit into that category are the following:

$300 Billion: Cryptocurrency Market Cap Hits Major Milestone as Bitcoin Soars

Prominent Investors Bullish on Bitcoin Reaching $8,100 With Strong Volume

Bitcoin Price Blitzes to $8,200 but Wider Crypto Markets and Tokens Suffer


Analysis


BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 11,2% coming from 7380$ to 8182$ where it is currently trading.


Looking at the hourly chart, we can see that the price has broken the triangle resistance line and is blazing upwards exponentially. The price has found resistance and has retraced since the spike up to 8362$. Since the price has increased exponentially, a retracement is expected.


Market sentiment 

Bitcoin is in the buy zone.


Pivot points

S3 6745.9 
S2 7191.9 
S1 7455.9 
P 7637.9 
R1 7901.9
R2 8083.9 
R3 8529.9

ETH/USD

From yesterday’s low at 448$ the price of Ethereum has increased by 6,36% and is now trading at 476$.


As you can see on the hourly chart the price has gone to channels resistance line and found support there. Currently, it is at the midpoint of the channel and judging by the cluster a retracement should be expected.


Market sentiment 

Hourly chart technicals signal a buy.


Pivot points

S3 406.20 
S2 430.80 
S1 440.20 
P 455.40 
R1 464.80 
R2 480.00 
R3 504.60

XRP/USD

From yesterday’s open at 0.448$ the price of Ripple has risen by 2,16% and is now sitting at 0,458$.


As you can see from the hourly chart, the price went even further to 0,468$ but since it went above the 0 Fibo level, it had to pull back to retest it for support.


Market sentiment 

Ripple is in the buy zone.


Pivot points

S3 0.40488
S2 0.42765 
S1 0.43633 
P 0.45042 
R1 0.45910 
R2 0.47319 
R3 0.49596

Conclusion


As the prices increased over the last couple of days, new participants are coming into the market which is why we have seen this small increase over the last 24 hours. Recovery continues but for how long we are yet to see.

Categories
Crypto Market Analysis

Daily crypto update 20.07.2018 – Uptrend Confirmation


General overview


Market Cap: $284,394,661,536

24h Vol: $16,128,684,818

BTC Dominance: 45.0%

From yesterday’s level, the evaluation of the cryptocurrency market capitalization has decreased by 4 million dollars which is not that significant. As you can see on the chart below the evaluation has formed a plateau. 

The market is mixed in colors, with an average percentage of change among top ranging from 2-4%.


News


Looking at the headlines that came out in the last 24 hours I see that many are analytical in nature as everyone is now speculating on whether the cryptocurrency market has reached its bottom, because of the rebound that the market has experienced.

Some of the headlines that fit that category are the following:

Bitcoin Rally Converts Staunch Bear, Sees Price Breaking Above US$8,000

Billionaire Investor Says No One Wants to Buy Bitcoin, Market Shows Otherwise

‘I’d Like to See Us Test $5,000’: BitMEX CEO Pragmatic on Bitcoin Price Rise

Bitcoin Price and Seasonality: The Coming Rally?


Analysis


BTC/USD

From yesterday’s open at 7290$ the price of Bitcoin has increased by 2% and is currently sitting around 7467$.



As you can see from the hourly chart the price action is testing the resistance line of the prior triangle support (bold blue line) and has formed a symmetrical triangle around it. The breakout looks near and judging by the steepness of the support line it looks like buyers are more aggressive at the moment which is why a breakout on the upside is more likely, but not by more than 15% likely.


Market sentiment

Hourly chart technicals signal a buy.

Moving averages are signaling a strong buy.


Pivot points

S3 6881.1 
S2 7159.7 
S1 7316.6 
P 7438.3 
R1 7595.2 
R2 7716.9 
R3 7995.5

ETH/USD

From yesterday’s high at 483$ the price of Ethereum has fallen by 4% as its currently sitting at 464$ level.



As it can be seen on the hourly chart, the price action is in the channel and currently in the lower midpoints of the channel. As the market is correlated, if the price of Bitcoin goes up so will the price of the Ethereum to the channels resistance line at least.


Market sentiment 

Hourly chart signals a sell.


Pivot points

S3 428.44 
S2 450.16 
S1 459.40 
P 471.88 
R1 481.12 
R2 493.60 
R3 515.32

XRP/USD

From yesterday’s open at 0.493$ the price of Ripple fell to 0.448$ level but has recovered since and is currently sitting at 0.462$ which is an overall 6,35% decrease



Looking at the hourly chart we can see that the price fell steeply and quickly which indicates that the demand was not that strong, but currently, we are seeing a higher low which is an indicator of a starting uptrend.


Market sentiment 

Hourly chart technicals signal a sell.


Pivot points

S3 0.43408 
S2 0.45760 
S1 0.46732
P 0.48112 
R1 0.49084
R2 0.50464 
R3 0.52816

Conclusion


Today is a very important day because we will see either a confirmation that the uptrend started or an invalidation, and a shift toward a short-term recovery in a downtrend scenario.

Categories
Crypto Market Analysis

Daily crypto update 18.07.2018 – Consolidation, and then?

The market continues to consolidate winnings while the TOP-10 currencies are all in green. Stellar has won 21.43% and Cardano 20.89% in the last 24-H and the others are also showing representative positive growing.


General overview


Market Cap: $295.984.421.039

24h Vol: $21.222.164.259

BTC Dominance: 43.1%

Top 100 Gainers of the day

Bitcoin Diamond BCD    48,22%
Ardor ARDR                     35,81%
Dogecoin DOGE              25,78%
aelf ELF                             23,15%
Stellar XLM                      21,43%

Top 100 Losers of the day

TenX PAY                       -8,04%
Pundi NPXS                   -1,54%
Dropil DROP                 -0,77%
Tether USDT                 -0,42%
Huobi Token HT           -0,24%


News


Coinbase Walks Back Claim That SEC Approved Trio of Acquisitions
Cryptocurrency exchange and brokerage giant Coinbase has walked back a claim that it had received explicit approval from the U.S. Securities and Exchange Commission (SEC) to acquire three companies as part of its future plans to list cryptocurrencies that are deemed securities under federal regulations.
Source: ccn.com

Mastercard Wins a Patent to Link Cryptocurrency With Fiat Accounts
Mastercard has been granted a patent that grants it rights for a method for “managing fractional reserves of blockchain currency.”With Mastercard’s latest patent, we’re getting closer to using our cryptocurrency credit cards to purchase goods. According to the filing, the method addresses the storing of both fiat and cryptocurrencies under one profile. This means, as a user, you’d have two linked accounts with your bank — one for your fiat wealth, and one for crypto.
Source: ccn.com

Bitcoin Mining Giant Bitmain is Tripling its Development Center in Israel
Bitmain, the Chinese bitcoin mining giant valued at $12 billion, is cementing its presence in Israel by planning to triple its employees at its domestic development center.In an aggressive expansion of its research and development center in Ra’anana, a city in western Israel, Bitmain is looking to recruit over 40 employees to add its current 15 employees situated in the country, Israeli publication Globes reports.
Source: ccn.com


Analysis


XRP/USD

The price of Ripple is currently trading at $0.5163 and took as support the $ 0.50, the principal and immediate resistance is the Pivot R1 at $ 0.5288. If the price manages to cross this level, we could see the price looking for $0.5444.




Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone and pointing down.


Pivot points

R3 0.5790
R2 0.5494
R1 0.5282
PP 0.4986
S1 0.4774
S2 0.4478
S3 0.4266

LTC/USD

Litecoin price has won 4.3% in the last 24 H after finding a strong resistance in the Pivot R1 at $92.19. As we stated yesterday in our daily report, the price could keep the level of $ 85.0 and crossed the $ 90.0 level were is sitting now. If the buyers can put pressure in the upcoming hours it is possible to see another move to the upside in the pair.




Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in the overbought zone and pointing down.


Pivot points

R3 100.8426
R2 95.4551
R1 92.2401
PP 86.8526
S1 83.6376
S2 78.2500
S3 75.0350

ADA/USD

Cardano is extending its gains and today reports a positive 14.69% in the last 24 H, the price is trying to go for the $ 0.20 during the day with no success as the pivot R2 at $ 0.1961 seems to have stopped the impulse; if the price cant cross this resistance level, the fib retracement of 23.6% could be the support to rest.




Market sentiment

4-H chart technicals signal a Bullish sentiment.

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


Pivot Points

R3 0.2133
R2 0.1961
R1 0.1839
PP 0.1669
S1 0.1544
S2 0.1374
S3 0.1250

Conclusion


This is not the first time the market performs a rise like the one we have seen on Monday and Tuesday, we could not expect a different thing than waiting for a consolidation and then a retracement to retake the trend. Will be different this time? It is too early to say it, in my opinion, 50% retracement could be expected in the short term before another spike.

Categories
Crypto Market Analysis

Daily crypto update 18.07.2018 – Uptrend It Is


General overview


Cryptocurrency Market Analysis:

Market Cap: $296,498,188,426

24h Vol: $20,483,525,295

BTC Dominance: 43.1%

From yesterday’s plateau at around 270 billion dollars, the evaluation of the cryptocurrency market cap has increased by $30B at one point as the evaluation hit 299,927,000,000$.

CCryptocurrency Market Analysis

The market is currently in green with an average percentage of change among top 100 coins ranging from 7-16%. The biggest gainer is Ardor which increased by 46%. Next in line is Stellar Lumen with an increase of 30%.


News


Coinbase Retracts Announcement of Regulatory Approval to List Coins Considered Securities

Crypto exchange and wallet Coinbase has retracted its previous statement that it received approval from the U.S. Securities and Exchange Commission (SEC) to trade in securities, Bloomberg reports July 18.

Mastercard Files Patent for Payment System Linking Blockchain Currency, Fiat Accounts

Mastercard has filed a new patent for consumer protection and payment transactions based on blockchain technology, according to a US Patent and Trademark Office (USPTO) patent filing published July 17.

Stellar Becomes ‘First’ Sharia-Certified Blockchain for Payments And Asset Tokenization

Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post published July 17.

IBM Backs New US Dollar-Pegged Stablecoin That Runs on Stellar Network

A new project for a U.S. dollar-pegged stablecoin that runs on the Stellar blockchain network has received backing from IBM, Reuters reports July 17.


Cryptocurrency Market Analysis


BTC/USD

From yesterday’s open at 6700$ the price of Bitcoin rose exponentially to just slightly below 7500$ level.



The price rise has been stopped out at the daily chart triangle baseline support which now serves as resistance. Currently, the price is consolidating after the increase and as it went above the uptrend baseline (black dotted line) I am expecting a retracement to retest it for support.


Market sentiment

Bitcoin is in the buy zone.


Pivot points

S3 5520.8
S2 6338.7 
S1 6829.2 
P 7156.6 
R1 7647.1 
R2 7974.5 
R3 8792.4

ETH/USD

From yesterday’s open 477$ the price of Ethereum increased by 3,5% and is currently sitting just slightly below 500$. The price spiked above to 509$ but has retraced since it entered sellers territory.



As you can see on the hourly chart, the price broke from the minor resistance at 482$ and it went in an upward trajectory to the 0.236 Fibonacci level where it found next resistance.


Market sentiment 

Ethereum is in the buy zone.


Pivot points 

S3 398.91 
S2 445.44 
S1 472.28 
P 491.97 
R1 518.81 
R2 538.50 
R3 585.03 

NEO/USD

From yesterday’s open at 36,69$ the price of Neo has increased by 6,8% as its currently sitting at 39,13$.



Looking at the hourly chart we can see that the price has been stopped out at the support area which now serves as resistance. Currently, the price has retraced to the minor support level at around 38$ consolidating after a steep rise.


Market sentiment 

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


Pivot points

S3 29.29 
S2 33.86 
S1 36.59 
P 38.43 
R1 41.16 
R2 43.00 
R3 47.57

Conclusion


In my yesterday’s report I have said that I am expecting “either a breakout on the upside if the sellers don’t get nervous and let the buyers push the price, or, a retracement of this uptrend to the first support levels” and we have seen a breakout. Because the prices increased exponentially today I would expect consolidation period.

Categories
Crypto Market Analysis

Daily Crypto Update 17.07.2018 – Trend Continuation Or A Retracement


General Overview


Crypto Trend Analysis:

Market Cap: $271,154,252,040

24h Vol: $15,384,760,656

BTC Dominance: 42.5%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has increased from 254,441,000,000$ which was yesterday’s low, to 273,729,000,000$ which is today’s high. Since this high, the evaluation has retraced slightly.

Crypto Trend Analysis

The market is in green with an average percentage of change by around 5%. The biggest gainer is Tenx with an increase of 31% while there are others like Powerledger, Enigma, Loom Network, WAX around 15%.


News


Top headlines that came out in the last 24 hours are mostly positive in sentiment. First among the significant headlines that already impacted the market in a positive way is that Robinhood listed Dogecoin (DOGE) on its Robinhood Crypto platform, which leads to an increase of 16% over the last 24 hours for this cryptocurrency.

Another significant headline in the similar category is that Coinbase got regulatory approval to list coins considered a security. 

Cryptocurrency exchange and wallet service provider Coinbase has received approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list digital coins considered to be securities, Bloomberg reported July 16.

Third in the line of the similar headlines is that BitPay received BitLicense from New York Department of Financial Services.

Global crypto payments processor BitPay has been granted a BitLicense by New York state’s financial regulator, according to a press release shared with Cointelegraph July 16. The recently acquired virtual currency license from New York’s Department of Financial Services (NYDFS) will allow BitPay to do business with customers and companies based in the state. Additionally, New York-based businesses will be able to use BitPay to accept Bitcoin (BTC) and Bitcoin Cash (BCH) for purchases from users worldwide.


Crypto Trend Analysis


BTC/USD

From yesterday’s open around 6,350$, the price of Bitcoin has increased by 5.68% as its currently sitting around the 6,702$ level.



 

Looking at the hourly chart we can see that the price interacted with the minor resistance line and has been rejected by it, which is why it has retraced slightly. Currently, we are seeing a lower high being formed just slightly lower than the prior ones which might be an indicator of the downtrend starting, but it can also be a retracement before a breakout on the upside.


Market sentiment

Hourly chart signals a buy.

Oscillators are on neutral and moving averages signal a strong buy.


Pivot points

S3 5756.3 
S2 6179.2 
S1 6454.2 
P 6602.1 
R1 6877.1 
R2 7025.0 
R3 7447.9

ETH/USD

From yesterday’s open at 446$, the price of Ethreum has increased by 6% and is currently sitting around 473$.



 

On the hourly chart, we can see a similar pattern like on Bitcoin’s chart. The price has entered sellers territory which is why it has retraced since the spike at the 481$ level. Currently, the price is on the minor range support where it is testing for the support. If the support is found I would expect a breakout from the upside, but if not, I am expecting the price to fall back to the 445$ level which served as support recently.


Market Sentiment

Hourly chart signals a buy.

Oscillators are on sell and moving averages are signalling a buy.


Pivot Points

S3 396.67 
S2 432.54 
S1 455.82 
P 468.41 
R1 491.69 
R2 504.28 
R3 540.15 

XRP/USD

In the last 24 hours, the price of Ripple has increased by 7%, from 0.443$ to 0.474$.



 

Looking at the hourly chart, again, we can see a similar price action pattern like on Bitcoin’s and Ethereum’s chart. The price found first resistance significant enough to be rejected by those levels and has currently retraced to minor support level testing for support.


Market Sentiment

Hourly chart technicals are signaling a buy.

Oscillators are on a sell and moving averages on a buy.


Pivot points

S3 0.38614 
S2 0.42809 
S1 0.45526 
P 0.47004 
R1 0.49721 
R2 0.51199 
R3 0.55394

 Conclusion


Judging by the position of the market cap evaluation as well as the charts analysed in today’s report, I conclude that the prices have found first resistance and the sellers are on the alert. Today we will see either a breakout on the upside if the sellers don’t get nervous and let the buyers push the price, or, a retracement of this uptrend to the first support levels. I think the second scenario is more likely because in order for the prices resistance to be broken, strong support is needed and there is none on the current levels.

Categories
Crypto Market Analysis

Daily Crypto Update 09.07.2018. – Uncertainty May Cause Panic Selling


General Overview


Market Cap: $274,298,138,355

24h Vol: $11,514,339,284

BTC Dominance: 42.5%

Yesterday the evaluation of the cryptocurrency market capitalization increased from 266,452,000,000$ to 280,836,000,000$ at its highest point. Since then the evaluation has decreased and is currently sitting around $274B.

Crypto Price Analysis

The market is showing mixed colours but the dominant one is red. Average percentage change among top 100 coins is ranging from 1-4%. The biggest loser is Bitcoin Diamond who decreased by 20% in the last 24 hours, while the biggest gainer is DigiByte with an increase of 14%.


News


There aren’t any significant headlines that came out in the last 24 hours that could impact the market sentiment.

Headlines are mostly analytical in nature because of yesterday’s rise. The only headline that could impact the price of a particular coin is the one regarding Ontology (ONT).

According to the press release the Mainnet launch has been successful and the Ontology blockchain is now live. This could impact the price of this coin as it will gain confidence in the followthrough from the original idea.


Crypto Price Analysis


BTC/USD

On Saturday the price of Bitcoin spiked up from 6524$ to 6765$ which was also the opening price on yesterday’s open. Since that high, the price of Bitcoin has retraced a bit, by 0.9% which is not a significant change.



As you can see from the hourly chart the price went above the minor resistance, and has retraced to its levels again for a retest of support, and has interacted with the levels 2 times so far. If the price fails to hold at these levels I would be expecting a downtrend to start to the lower low, but if it holds I am expecting the uptrend to continue.


Market sentiment 

Hourly chart technicals signal a buy.


Pivot points 

S3 6453.4 
S2 6589.2 
S1 6648.1 
P 6725.0 
R1 6783.9 
R2 6860.8 
R3 6996.6

ETH/USD

From yesterday’s opening at 486$, the price of Ethereum has first gone up to 491$ which was yesterday high but has retraced since below the levels of the opening at 480.50$.



 

Looking at the hourly chart we can see that the price is below the minor resistance line, that was bearly crossed which means that the price has entered the seller’s territory. The price is looking like its consolidating inside the minor support area, and similarly to the price of Bitcoin, is showing signs of indecision. If the price breaks out from this minor range, I would expect the downtrend to start to new lows, but if it goes up the price could recover significantly.


Market sentiment

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


Pivot points

S3 459.43 
S2 473.79 
S1 479.95 
P 488.15 
R1 494.31 
R2 502.51 
R3 516.87

NEO/USD

From yesterday’s high of 40.50$, the price of Neo has decreased by 5.44% as its now sitting at 38.42$.



 

As you can see from the daily chart, the price of Neo has been rejected by the support area which now serves as resistance, which propelled the price in a downward trajectory. Currently, the price is below the minor resistance line and is struggling to get above it, judging by the cluster that the price action formed.


Market sentiment

Neo is currently in the sell zone.


Pivot points

S3 34.88 
S2 37.22 
S1 38.11 
P 39.55 
R1 40.44 
R2 41.89 
R3 44.23

ONT/USD

The news of the Mainnet launch hasn’t impacted the price of Ontology, but as the press release was posted only an hour ago, the reaction is yet to be seen. The price of Ontology is in a downtrend from 25.06.2018 which is why this news may serve as a catalyst for a recovery.



 

Looking at the hourly chart, we can see that the price interacted with the descending channels support line on today’s opening, which resulted in an increase but it was short-lived, as the price is again on the same levels.


Market sentiment 

Hourly chart technicals signal a strong sell.


Pivot points

S3 0.0006199 
S2 0.0006495 
S1 0.0006610 
P 0.0006791 
R1 0.0006906 
R2 0.0007087 
R3 0.0007383

Conclusion


As the prices increased over the weekend, today is the retracement day. The price is, in my mind, on the crucial breaking point as everyone is expecting the uptrend to continue, but there aren’t any new buyers coming in, in the midst of the uncertainty. I think that from here the price will fall which would cause another panic sell.

Categories
Crypto Market Analysis

Daily Crypto Update 06.07.2018 – Retracement Continuation


General Overview


Market Cap: $264,564,228,297

24h Vol: $16,267,409,706

BTC Dominance: 42.6%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has failed to go past the resistance at around 275 billion dollar area, so it has retraced since to the 261,722,000,000$ level at its lowest today.

Retracement Continuation | Forex Academy

Consequently, the market is currently in the red, with an average percentage change among top 100 coins ranging from 5-8%.


News


In the last 24 hours, there are four headlines that came out, that are considered significant. The headlines are those regarding governmental relation to the crypto space and utilisation of the blockchain tech and they are all positive.

First in the line is that Uzbekistan “has signed a decree on the development and integration of blockchain technology, crypto assets, and crypto mining with the goal of modernising the state administration system and advancing digital economics in the country.”

President Shavkat Mirziyoyev signed a decree “On measures for digital economics development in the Republic of Uzbekistan”

Malta has passed three bills into law that establish a regulatory framework for blockchain technology, as reported by the local media outlet. The bills include the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.

The South Korean government is drafting major new industry classification standards for the domestic blockchain industry.

The scheme will reportedly serve as a basis for policy making, notably aimed towards “blockchain promotion and regulatory frameworks,” and covers areas including blockchain systems construction, decentralised applications (DApps) development, and cryptocurrency exchanges and transactions.

IBM has signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other new technologies to improve data security, Bloomberg reports. The major contract will see IBM provide technology such as blockchain, automation and artificial intelligence (AI) to Australian federal departments, including defence and home affairs. IBM’s Asia Pacific head, Harriet Green, told Bloomberg that the new partnership will give Commonwealth citizens access to the “world’s greatest technologies” “across many, many government agencies.” The new partnership will catapult Australia to “the top three of digital governments in the world,” she suggested.


Analysis


BTC/USD

The price of Bitcoin has decreased by 1.7% from yesterday’s high at 6645$ and is now sitting at 6523.50$.



Looking at the hourly chart we can see that the price of Bitcoin has retraced back to the minor support level above the 0 Fibonacci level. As the selling pressure is stronger than the buying and judging by the steepness of the down move, I am expecting the price to decline further to around 6310$.


Market sentiment 

Hourly chart technicals signal a buy overall.

Oscillators are signalling a sell, and moving averages a buy.


Pivot points 

S3 5990.5 
S2 6271.8 
S1 6401.6 
P 6553.1 
R1 6682.9 
R2 6834.4 
R3 7115.7

ETH/USD

From today’s open at 470$, the price of Ethereum has declined by 1.1%. The price went lower to 455$ but has recovered since to 464$ where it is currently.



On the hourly chart, we can see that the price action is forming a triangle, which is why I am expecting the price to bounce a few more times inside it in the following days.


Market sentiment 

Hourly chart signals a buy.


Pivot points

S3 427.49 
S2 447.80 
S1 457.66 
P 468.12 
R1 477.98 
R2 488.44 
R3 508.75

LTC/USD

The price of Litecoin has been declining from yesterday’s open at 85.43$ to the 81.20$ at today’s low. Since the low, the price has recovered and is now sitting at 83.80$.



As you can see from the hourly chart the price has broken out off of the triangle and found support on the prior range resistance levels around 81$. Now the price has recovered, but I think that this current green candle is there to test if prior support from the triangle is going to serve as resistance, and if it will, the price is going to go further down.


Market sentiment 

Hourly chart technicals signal a buy.


Pivot points

S3 73.146 
S2 78.610 
S1 80.963 
P 84.074 
R1 86.427
R2 89.538 
R3 95.002

Conclusion


As the evaluation of the cryptocurrency market capitalisation hasn’t exceeded the 275 billion level and it want’s to, the sellers must be baited to sell for the lower price and exhaust their supply which is why I am expecting this retracement to last a bit more before the uptrend continues.

Categories
Crypto Market Analysis

Daily Crypto Update 05.07.2018 – A Breath to Take Direction?

Cryptocurrency Prices Live: The Crypto Market is showing consolidation in the currencies that we will be analysing today and although we still do not see a defined course, it seems that the bulls are losing momentum and there is uncertainty about whether the last raise will continue or the cryptos will be involved in new minimums. By now, the second option is the most probable since today the top 10 of the market is in red except for Ethereum with a minimum gain of 0.34% in 24 hours.


General Overview


Market Cap: $271.699.753.396

24h Vol: $15.382.782.187

BTC Dominance: 42.1%

Cryptocurrency Prices Live


News


‘Stop Trying to Create Money!’: BIS Chief Carstens on Cryptocurrency
Carstens, the newly-christened general manager of the Bank for International Settlements (BIS) — the so-called “central banks’ central bank” — is on record as one of cryptocurrency’s fiercest critics. Earlier this year, for instance, he said that bitcoin is “a bubble, a Ponzi scheme, and an environmental disaster.”
Source: ccn.com

Head of Russia’s Top Bank: the State Will Keep ‘Centralised Role’ in Money Emission
The CEO of Russia’s largest state bank Sberbank, Herman Gref said he could not yet foresee governments “yielding their centralised role” in fiat currency creation as part of his comments on cryptocurrency.
Source: cointelegraph.com

South Korea Legitimizes Blockchain Industry With Major New Classification Standards
Three Korean ministries – the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication – are said to have been working since the end of last month to produce the final draft of a new blockchain industry classificatory scheme, ready by the end of July.
Source: cointelegraph.com


Analysis


XRP/USD

Ripple price has had small losses since the beginning of the session and at this moment is at $0.4846 trying to get away from the EMAs200-100 after having bounced on the lower line of the bullish pennant.


The Central Pivot Point looks strong as resistance and we must be alert to a possible new bounce there to look again for the bottom of the Bullish Pennant.


Market sentiment

1-H chart technicals signal a sell sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 0.5389
R2 0.5228
R1 0.5074
PP 0.4913
S1 0.4759
S2 0.4598
S3 0.4444

ETH/USD

Ethereum has gained 0.34% in the last 24-H and is currently valued at $470. The price has been moving in range throughout the day while the strength of the buyers has disappeared and the price remains unable to definitely leave the bearish channel in this 4-H chart, the Central Pivot Point is still strong as a support.



Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are showing neutral signals.


Pivot points

R3 513.26
R2 497.69
R1 482.43
PP 466.86
S1 451.60
S2 436.03
S3 420.77

EOS/USD

EOS couldn’t keep the price above $9.00 and now is sitting around $ 8.88.


The price is currently moving over the EMA-100 that is working as an immediate support close to $8.75. Indicators still show an extra field down for the bears and if they want to add some pressure, the price could go to test the Pivot S1.


Market sentiment

1-H chart technicals signal a Bearish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot points

R3 10.19
R2 9.82
R1 9.36
PP 8.99
S1 8.53
S2 8.16
S3 7.70

 Conclusion


Cryptocurrency Prices Live: The market seems to be taking a breath and this is why some of the currencies in this update have moved in narrow ranges during the day, in summary, we don’t know where we are going at the moment and there is no solid confidence that the recent rises are strong enough. We expect directional movements at any time.

Categories
Crypto Market Analysis

Daily crypto update 04.07.2018 – Another Low Coming Before The Recovery


General Overview


Coin Capital Market Cap: $272,844,346,322

24h Vol: $15,104,000,275

BTC Dominance: 42.0%

From this morning, the cryptocurrency market cap has increased by aproximately 10 billion, the evaluation coming to 277,181,000,000$ at the higest point.

Coin Capital Market

As you can see from the global chart, that area is clearly the seller’s territory, so the evaluation retraced from those levels as selling was activated.

The market is still in green as the prices haven’t retraced more than they have increased over the 24 hour period.


News


There aren’t any significant headlines that have come out from this morning. The only one that is worth mentioning is that the cryptocurrency exchange Binance has now resumed services after it announced the suspension of all trading and withdrawals, as reported by cointelegraph.

The temporary suspension was due to an alert over “irregular” Syscoin (SYS) trades “from a number of API users.” Binance subsequently chose to suspend trading, withdrawals and other account functions, as well as to take a series of further measures in order to protect its users.

Another headline that is worth mentioning is that UK housing minister Eddie Hughes released a report into blockchain July 4, calling on the government to “show leadership” by making the technology and its benefits a priority.

The report, ‘Unlocking Blockchain,’ makes several key proposals, using state projects currently underway in Estonia as the standard authorities should follow at home.

“The state should focus its attention on using blockchain to enable social freedom, to increase efficiency, and to rebuild societal trust,” Hughes summarises.

Source: cointelegraph


Analysis


ETH/USD

From today’s low at 454$, the price of Ethereum has increased by 4.25% as it is currently sitting at 474.40$.



Looking at the hourly chart, we can see that the latest high was lower than the last, and it looks like this may be the start of a descending channel of some kind, but currently, we are seeing another attempt to break that resistance, as the green candle is on its levels.


Market sentiment 

Ethereum is in the buy zone.


Pivot points

S3 414.42 
S2 442.08 
S1 452.05 
P 469.74 
R1 479.71 
R2 497.40 
R3 525.06

EOS/USD

From today’s low at 8.64$ the price of EOS went to 9.28$ and has retraced since to 9$ which is an overall increase of 4.76%.



Looking at the hourly chart, we can see that the 9.20$ levels are where the prior top was and that area serves as strong resistance. Now that the price has failed to break that resistance once again I am expecting the price to drop to around 8.50$.


Market sentiment 

Hourly chart technicals signal a buy.

Oscillators are on neutral and moving averages signal a strong buy.


Pivot points 

S3 7.5413
S2 8.2669 
S1 8.5395 
P 8.9925 
R1 9.2651 
R2 9.7181 
R3 10.4437

XMR/USD

From today’s low at 136$, the price of Monero increased by 3.44% and is currently 141.70$.



Looking at the hourly chart we can see that the price is currently interacting with the median line of the pitchfork, and I am expecting it to go further down to create a higher low.


Market sentiment 

Monero is in the buy zone.


Pivot points

S3 123.033
S2 131.213 
S1 134.787 
P 139.393 
R1 142.967 
R2 147.573 
R3 155.753

ADA/USD

From today’s opening at 0.147$, the price of Cardano has increased by 5.13% coming to 0.1558$.



As you can see, the price went higher to the resistance at 0.16$ and has retraced since to the mid-range support line. I am expecting the price to break the support and go further down to the next support levels at 0.146$.


Market sentiment 

Cardano is in the buy zone.

Moving averages signal a strong buy.


Pivot points

S3 0.078
S2 0.104
S1 0.121
P 0.13
R1 0.147
R2 0.156
R3 0.186

Conclusion


Coin Capital Market: After the prices have been increasing rapidly in the last 24 hours, we are seeing interaction with first significant resistance levels, and this retracement as the result of that. I am expecting that tomorrow will be another green day.

Categories
Crypto Market Analysis

Daily Crypto Update 04.07.2018 – Bears everywhere

The market is returning all the gains of the beginning of the week in an interesting movement of the bears that shows that the general trend has not changed and that more consolidated movements are needed in order to define a real change.


General Overview


Market Cap: $263.141.302.151

24h Vol: $15.751.561.828

BTC Dominance: 42.2%

The cryptocurrency market capitalisation has dropped by 10 billion in 24-H

Coin Market Trends

Only 14 of the top 100 Cryptos are in green numbers today, this is showing the big percentage of sellers around.


Top 100 Gainers of the day

  1. Syscoin             49,61%
  2. Decentraland  33,11%
  3. Steem               6,66%
  4. Status               6,54%
  5. SmartCash      6,24%

Top 100 Losers of the day

  1. BCN                      -16,35%
  2. Golem                   -14,02%
  3. WAX                     -12,46%
  4. Mixin                    -12,24%
  5. Loom Network   -11,34%

 News


There is not any considerable news that moves the market in the last hours, here is a short summary extracted from the portal CCN.com.

Binance Leads $12 Million Funding Round in the Tokenisation Startup Republic
A retail investment platform called Republic recently completed $12 million in financing to tokenise its platform and introduce its own security token, led by Binance Labs and NGC ECO Fund. The financing round was also supported by ZK Capital, Oyster Ventures, FBG Capital, Hazoor Capital, East Chain, Zhen Fund and others.
Source: CCN.com

Microsoft Launches Enterprise Blockchain Partnership in Taiwan
Microsoft Taiwan has entered into a partnership with Digital China and Hot Cool in the hope that the three companies can use blockchain technology to improve the financial, e-commerce, entertainment, and other industries.
Source: CCN.com

Bermuda Amends Banking Act to Favour Blockchain Startups
Bermuda continues its push to become a global hub for blockchain and fintech innovation, having recently announced plans to change its banking laws to create a class of banks catering to blockchain and fintech companies, according to Finextra. The amendment to the country’s Banking Act follows the recent passage of a Digital Asset Business Act and an initial coin offering (ICO) bill.
Source: CCN.com


COIN MARKET TRENDS ANALYSIS


NEO/USD

NEO is trying to cross the lower side of the bullish pennant pattern in this 60-minute chart after bouncing in the upper side around $37.40. A breakout of this level could be an opportunity to go short in the short term and against the rules of the trend, the bulls have lost strength and they are returning an important part of the 22% of gains of the last two days.


We must wait for a confirmation of the break to enter about $35.31 and look for the $35.17 (Fib. 61.8%) and then the $34.28 (Fib. 76.4). We can go short in $35.31, placing a stop loss at $36.17, take 70% profit at $34.28 and look for the Pivot S2 at $33.16 or the 100% Fib Retracement.


Market sentiment 

Hourly chart signals buy.

Oscillators are leaving oversold levels and pointing up.


Pivot points

S3 41.59 
S2 40.28 
S1 38.51 
P  36.71 
R1 34.48 
R2 33.17 
R3 30.94 

BTC/USD

BTC/USD has lost -2.34% in the last 24-H while the buyers weren’t strong enough to maintain the upside momentum and to beat the important resistance at $6,700, with the opening of the Asian Market, the bearish pressure has started and Bitcoin goes back to lower levels close to the Pivot S1 and is sitting at $6,460.


The technical perspective is showing us a possible bounce in this EMA-100 of this 1H chart according to the readings of the RSI and Stochastic showing oversold levels, another test to the EMA-100 could encourage the buyers to push the price again and send it to test $6.676 again.


Market sentiment 

Hourly chart signals buy.

Oscillators are leaving oversold levels and neutral.


Pivot points

R3 6830.92
R2 6750.36
R1 6627.50
PP 6546.94
S1 6424.09
S2 6343.53
S3 6220.67

XRP/USD

XRP has returned more than 62% of its last rally in just 24 hours and has not been able to keep the support at $0.4889, at this moment the price is held by the EMA-100 and if a break by the bears happens we could see a fast drop down to the $0.4500 zone.



Market sentiment 

Hourly chart signals sell.

Oscillators are in oversold levels and pointing up.


Pivot points

R3 0.5521
R2 0.5360
R1 0.5102
PP 0.4940
S1 0.4683
S2 0.4525
S3 0.4265

Conclusion


Coin Market Trends: Although a correction in the rise was expected, this has been quite long and it is still possible that we continue to see minimums in most of the pairs while the BTC continues to feel the pressure of the sellers.

Categories
Crypto Market Analysis

Daily Crypto Update 03.07.2018 – Slight Retracement After The Pop


General Overview


Market Cap: $272,980,602,705

24h Vol: $16,028,501,689

BTC Dominance: 41.6%

From yesterday’s high at around $270B, the cryptocurrency market capitalisation has increase by 2 billion in evaluation.

Crypto Coins News

The market is in green with an average percentage of change among top 100 coins ranging from 5-8%. Biggest gainers are Syscoin 24%, Loom Network 22%, Wax 46%, Ethos 21.89%.


Crypto Coins News


There aren’t any fundamental reasons for the green day we are seeing as there is no major news that is changing the market’s sentiment, so the recovery is based on the price action and the perceived relative value of the cryptocurrencies.

There is news regarding blockchain adoption and utilisation, as well as governmental relation to crypto.

For instance, Bank of Finland released a paper titled “The Great Illusion of Cryptocurrencies,” written by Aleksi Grym, Adviser on Digitalisation and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. The main point of the paper is to explain how cryptocurrencies fundamental nature “shows how poorly understood the concept of money itself still is today” and how the Internet and social media have “muddled our sense of fact and fiction”.

Meanwhile, Japanese financial regulator the Financial Services Agency (FSA) is considering to change the legal basis for how it regulates cryptocurrency exchanges, as reported by cointelegraph.

The FSA is reportedly considering to regulate crypto exchanges by the Financial Instruments and Exchange Act (FIEA), instead of its current legal foundation, the Payment Services Act. According to Senkai, this means that the exchanges will have stronger customer protections. The FIEA obliges securities companies to manage customer funds and securities, such as stocks, separately from corporate assets.

The Association of Thai Securities Companies (ASCO) is considering establishing a joint cryptocurrency exchange, with plans for several firms to apply together for a crypto exchange license, local news outlet Bangkok Post reports July 2.

Pattera Dilokrungthirapop, ASCO chairperson, told the Bangkok Post that several Thai securities firms will apply for a joint crypto operating license with the Thai Securities and Exchange Commission (Thai SEC) in order to reduce costs and share technologies.

While we are on the topic of exchanges, a major headline that was anticipated for quite some time now is that Coinbase Custody – digital assets custodian solution for institutional investors is now launched, according to an official blog post. They have already been storing over 20 billion dollars worth of crypto for their clients, but the new service will notably be secured through an SEC-compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC).


Analysis


BTC/USD

From yesterday’s open at 6376$, the price of Bitcoin has increased by 3.15% and is currently sitting at 6556$. The price went further to 6684$ but has retraced since from the spike.



Looking at the hourly chart we can see that the price found resistance at the 6647$ level from which it has retraced. I am expecting the price to fall back to the 0 Fibonacci retracement levels where it will find the support needed to propel the price higher.


Market sentiment 

Hourly chart signals a sell.

Oscillators are on neutral and moving averages on sell.


Pivot points

S3 5712.2 
S2 6118.4 
S1 6368.0 
P 6524.6 
R1 6774.2 
R2 6930.8 
R3 7337.0

ETH/USD

From yesterday’s open at 452$, the price of Ethereum has increased by 3.5% and is currently sitting at 467,9$. The price went higher to 487$ but has retraced since.



As you can see from the hourly chart, the price found resistance at the 482$ level, which pushed the price lower. Currently, the price is looking for support, and it looks like the first support has been found. If this support doesn’t hold the next one should be around the levels of yesterday’s open at 456$.


Market sentiment

Ethereum is in the sell zone.


Pivot points

S3 388.00
S2 427.80 
S1 452.30 
P 467.60 
R1 492.10 
R2 507.40 
R3 547.20

EOS/USD

From yesterday’s open at 8.14$ the price of Eos has increased by 9.23% as the price is currently 8.91$. The price spiked higher to the 9.4$ level but has retraced since.



Looking at the hourly chart we can see that the price found resistance at the 9.27$ level which pushed the price lower. The price is looking like it has found support on the current levels, but if this support doesn’t hold, the next level I would be expecting to serve as strong support is around 8.2$.


Market sentiment 

EOS is in the buy zone.


Pivot points

S3 6.1
S2 7.4
S1 8.19
P 8.69
R1 9.4
R2 9.97
R3 11.2

Conclusion


Crypto Coins News: After yesterday’s pop in the market cap evaluation, we are seeing a first small retracement, as the prices have suddenly and quickly increased. Today we are going to see the prices find the support of the retracement and continue to go upward.

Categories
Crypto Market Analysis

Daily Crypto Update 02.07.2018 – Is The Reversal Here?

The crypto currencies market has received 16 billion in a few hours which has generated a large increase in most of the top 100 cryptos and it seems a possible a reversal in the trend. We have to be careful and expect the week to evolve before taking determinations since the overbought is present in the charts and most likely we will see a strong drop as well.


 General Overview


Market Cap: $267.609.425.759

24h Vol: $14.357.089.584

BTC Dominance: 42.1%

The market is green in most cryptocurrencies with two-digit gains in many of them.

 

Crypto currencies market

 

Top Gainers of the day

1. Dragon Coins DRG  83.97%
2. Bitmark          BTM  69.34%
3. Alphacat        ACAT 63.01%
4. Metronome   MET  43.72%
5. NaPoleonX   NPX    37.91%

Top Losers of the day

1. Pure               PURE -32.86%
2. Selfkey          KEY    -29.27%
3. Aditus           ADI     -23.95%
4. WINCOIN    WC     -18.67%
5. Naviaddress NAVI -17.20%


News


Bitcoin and Ether Surge 6% as Crypto Market Adds $15 Billion in 2 Hours
In the past 2 hours, Bitcoin and Ether, the native cryptocurrency of Ethereum, recorded a 5 per cent increase in value supported by a sudden spike in volume. Within merely hours, the volume of Bitcoin surged by over $1 billion while the volume of Ether increased by nearly 20per cent.
Source: ccn.com

Coinbase Custody Officially Launches for Institutional Investors
Today Coinbase announced that it has officially opened up Coinbase Custody for institutional investors. The announcement, written by Sam McIngvale, product lead at Coinbase Custody, stated that Coinbase Custody accepted its first deposit last week before its official launch today.
Source: ccn.com

Kraken Strikes Back at Tether Price Manipulation Claims
Cryptocurrency exchange Kraken is calling foul on allegations that its tether (USDT) markets are frequently characterised by trading activity commonly associated with wash trading and other forms of market manipulation.
Source: ccn.com

Former ‘Big Three’ Chinese Giant BTCC Relaunches Cryptocurrency Exchange
After shuttering its doors nine months ago, the world’s oldest cryptocurrency exchange is relaunching its exchange platform for business and has revealed its plan to launch its own token in the future. BTCC on Monday announced the launch of its revamped exchange with support for crypto-to-fiat and crypto-only trading pairs including Bitcoin, Bitcoin cash, Litecoin and Ethereum.
Source: ccn.com


Analysis


BTC/USD

The price of the BTC has been showing a considerable rise in the last hours even crossing the resistance of $6563.


It is not yet known what could have caused this new rise but there is something clear and it is that last week the price was affected in a very positive way for the closing of the next futures contracts, the day this happened the price immediately rushed up. Tether also printed an additional 250 million USDT and the market felt the effects of this. After strongly breaking up the level of $6,250, BTC now looks more bullish.


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in overbought zone pointing up.


Pivot points

R3 6604.24
R2 6516.95
R1 6432.72
PP 6345.42
S1 6261.19
S2 6173.90
S3 6089.67

ETH/USD

ETH is raising up considerably today, testing the upper part of the channel on this 4-H chart. The price made a big jump from the central Pivot Point and a breakout of this line could quickly send the price to $500, however, the EMA-200 is a strong resistance to consider at $471 where the price is sitting right now.




Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in overbought zone pointing up.


Pivot points R3 6604.24

R3 469.58
R2 463.14
R1 457.54
PP 451.10
S1 445.49
S2 439.06
S3 433.45

XRP/USD

XRP raises 6.75% in the last 24 hours while the market continues in green behind the new Bitcoin rise that drags the other cryptocurrencies along positively. In this rise, the price has broken the central pivot point and also the pivots R1 and R2. At this moment the price is moving at $0.4914 but the indicators are still pointing upwards very close to the oversold area. The EMA-200 could be a strong resistance for the price.




Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in overbought zone pointing up.


Pivot points R3 6604.24

R3 0.4901
R2 0.4798
R1 0.4706
PP 0.4604
S1 0.4512
S2 0.4409
S3 0.4317


ADA/USD

ADA has increased its price by 34.5% since June 29th in a very interesting rally, also helped by the price increase of BTC by 4.66% today.



The price has crossed the EMA-100 and pivots R1 and R2 in this 4-H chart, although the indicators are already showing high overbought levels so we could see the entry of sellers in the short term.


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are in overbought zone pointing up.


Pivot points R3 6604.24

R3 0.1654
R2 0.1564
R1 0.1491
PP 0.1401
S1 0.1328
S2 0.1238
S3 0.1165


Conclusion


Crypto currencies market: BTC continues moving the market up and down, to consider a reverse on the trend the price still needs to go higher over $8.000 because the pressure remains on the downside, while this happens there is still at risk for deeper setbacks.

Categories
Crypto Market Analysis

Weekly Crypto Update 07.02.2018 – The Recovery Has Started


General Overview


Crypto Coin Market Cap: $270,492,089,135

24h Vol: $16,547,075,818

BTC Dominance: 42.3%

Last Monday on 25th of June, cryptocurrency market capitalisation was 258,924,000,000$ at it’s highest point. Since then, the market cap fell all the way to 232,613,000,000$ on Friday 29. On Saturday the evaluation rose from those levels back to the levels of Monday’s open, and now we are seeing a breakout as the evaluation exceeds Monday’s around $258B. Because the global chart is lagging behind a bit, I have drawn with a brush were the chart should be at the moment.

Crypto Coin Market Cap Chart

The market is in the green at the moment. Biggest gainers so far among top 100 coins are: Neo 16%, 0x 18.56%, Verge 18.3%, Wanchain 15%. The average percentage increase is around 6% but there are a lot of coins that have gained 10% or more in the lasts 24 hours, which is a sign of recovery.


News


There are a number of significant news items that came out in the last 7 days. Out of those that could impact the market I point out the following:

Facebook will no longer ban crypto ads, but ICOs are still on the blacklist and only verified accounts can post them, according to their announcement. This headline is good, as Facebook ads will help expose the market, however, if they are in control of the type of projects they are going to allow or particular cryptocurrencies, Facebook will have control of the content displayed to the users, and they could, in fact, help manipulate that market, or create a general impression that is aligned with their agenda around a particular coin or project. For example, I don’t believe that they are going to allow promoting Steemit which is a blockchain based social media rival that pays out their users with their native coin. But we are yet to see what happens, as the pressure is applied on to major players but the technological advancements of the blockchain.

Other significant headlines that could impact the market as they bring more exposure and open up the space for new participants are that Binance launches a crypto-fiat exchange in Uganda– Binance Uganda, as reported by cointelegraph. This will bring more cryptocurrency exposure to the retail investors.

On the other hand Blockchain.com – the best-known crypto wallet and blockchain explorer data service has introduced their institutional platform, Blockchain Principle Strategies (BPS). BPS will offer over-the-counter services managed by experts from Goldman Sachs, JP Morgan, and UBS as part of the platform.


Analysis


BTC/USD

From last Monday, the price of Bitcoin has increased by 5.13% coming from 6282$ to the low at 5800$ at its lowest point back to 6443$ and now above the level of last Monday’s open at 6618$.



Looking at the hourly chart, we can see that the price has found support on the unconfirmed triangle support, and broken the downtrends resistance line as it’s heading in an upward trajectory. The first target I am looking at is an unconfirmed baseline support 2 (purple dotted line) at 7054$. I am expecting the first significant resistance from there to 7320$ area, and if the price gets passed through that resistance I am expecting the price to go to around 8000$.


Market sentiment

Daily chart technicals signal a sell.

Oscillators are on neutral and moving averages signal a sell.


Pivot points 

S3 4649.7 
S2 5440.2 
S1 5915.8 
P 6230.7
R1 6706.3 
R2 7021.2
R3 7811.7

ETH/USD

From last Monday’s opening at 451$, the price of Ethereum has increased by 5.34% as its currently sitting around 475$.



On the daily chart, we can see that the correction has ended and it was a WXY correction just like I pointed out it would most likely be in the charting section last week. I have pointed out that this correction might make another low and be complete as a WXYXZ sideways correction but that from those levels around 400$ the price is going up soon. Currently, the price has broken the downtrends resistance line and is heading upward steeply after consolidating in a descending channel.


Market sentiment 

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

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


Pivot points

S3 303.76 
S2 374.27 
S1 414.06 
P 444.78 
R1 484.57 
R2 515.29 
R3 585.80

LTC/USD

In the last 7 days, the price of Litecoin has risen by 5.42% from the opening on last Monday at 81.5$ to 85.8$ where it is currently sitting.



The price of Litecoin has found support at around the 72$ level, which is the level from where the price went on to create the all-time high.  Today the price has broken the downtrends resistance line and is in an upward trajectory. Like in the case of Bitcoin, I am expecting this upward movement to be the final wave Z from the WXYXZ correction from which the price is heading lower afterwards. Some of the significant level to look out for in the following week is from 111$ to 124$ which was considers as a support area, and probably now serves as strong resistance, so I will be closely monitoring what happens at those levels because I am expecting the price to go higher than 124$.


Market sentiment

Litecoin is in the sell zone as indicated by daily chart technicals.

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


Pivot points

S3 55.377 
S2 67.393 
S1 74.299 
P 79.409 
R1 86.315
R2 91.425 
R3 103.441

NEO/USD

The price of Neo has increased by 15.38% coming from 31.6$ last Monday to 36.42$ where it is currently.



Looking at the Neo daily chart we can spot the similarities between the current candle formation and the last time the price of Neo has recovered from its lowest. As I have measured with the Fibonacci retracement tool, last time the price recovered to the 0.5 Fibonacci level, and I have projected the same recovery this time which fits perfectly with the potential interaction with the uptrend baseline support that was broken. In price terms, I am expecting the price of Neo to rise to around 56.89$.


Market sentiment

Neo is in the sell zone as the daily chart technicals indicate.


Pivot points

S3 16.25 
S2 23.49 
S1 27.20 
P 30.73 
R1 34.44 
R2 37.97 
R3 45.21

DASH/USD

From last Monday’s open at 238.9$, the price of Dash has increased by 5.46% as its currently sitting at 250.8$.



Looking at the daily chart we can see that like in the case of other cryptos that are covered in this report, the price has broken the downtrends resistance line and is heading upward. I have labelled this correction as WXYXZ and as you can see it has ended. I have projected that the price is mostly going to recover to the 384$ as that is the half of the range from the last retracement, much like it did two prior times.


Market sentiment

Dash is in the sell zone, as indicated by daily chart technicals.


Pivot points

S3 155.17
S2 195.52
S1 217.44
P 235.88
R1 257.79
R2 276.23
R3 316.58

ADA/USD

From last Monday’s open at 0.135$, the price of Cardano has increased by 11.42% as its sitting around 0.151$.



As you can see from the daily chart, the 5 wave move down has ended, and the price is now starting to recover in an upward movement after it broke the downtrends resistance. I am expecting the price to go up to 0.23$ where the first major resistance line is and corresponds with the half of the range.


Market sentiment

Cardano is in the sell zone.


Pivot points

S3 0.076333 
S2 0.103199 
S1 0.120628 
P 0.130065 
R1 0.147494 
R2 0.156931 
R3 0.183797

Conclusion


Crypto Coin Market Cap: After the prices have tested the old lows and dipped beyond them a bit we are seeing a trend reversal taking place. As the chart of the cryptocurrencies analysed in this report point out, this is going to be a short-term recovery, before another drop.

This was my projection from 02.06.2018 in which I have drawn the recent low the recovery I am expecting before another potentially final drop to around 178B level.
Crypto Coin Market Cap

This recovery might serve as a great shorting opportunity, but as there is so much manipulation going on, things can get pretty uncertain, so be careful.

Categories
Crypto Market Analysis

Daily Crypto Update 02.07.2018 – Consolidation


General Overview


Market Cap: $255,642,066,379

24h Vol: $14,559,907,139

BTC Dominance: 42.6%

Cryptocurrency Market Consolidation: In the last 24 hours, things haven’t changed much. After the initial spike up, the evaluation of the cryptocurrency market is stagnating making a plateau around 256 billion dollars.

Cryptocurrency Market Consolidation

The market is mostly in red but is showing a mixed colour. The average percentage change is ranging from 0,5-2%. The biggest loser is MOAC who decreased by 21%, and the biggest gainer is FunFair who increased by 10.82%.


News


The only significant news that came out in the last 24 hours is that a flood in China has damaged a lot of mining gear in the Sichuan province, as reported by cointelegraph. The province is known for the crypto mining operations, and cold weather and cheap electricity attracted a lot of miners there. After the heavy rain from 27 to 29 of June, the province was flooded which resulted in the damage of a lot of mining equipment.

Many news outlets, including Golden Finance – Chinese blockchain and crypto information platform who originally reported on this subject, have associated the floods in Sichuan with a drop in Bitcoin network’s hashrate.

The most significant story that came out over the weekend is the speculation on what pushed the price of Bitcoin higher. Some say it is because CME futures expired on 29th of June but there isn’t any detailed analysis of this correlation.


Analysis


BTC/USD

The price of Bitcoin has experienced a recent pop in price, but in the last 24 hours, the price has decreased by 53$.



The price is currently in a descending channel in which it is consolidating after a recent increase which didn’t go above 0 Fibonacci level.


Market sentiment

Hourly chart technical signal a buy.

Oscillators are signalling a sell, and moving average a strong buy.


Pivot points

S3 5990.1 
S2 6170.0 
S1 6259.8 
P 6349.9 
R1 6439.7 
R2 6529.8 
R3 6709.7

ETH/USD

In the last 24 hours, the price of Ethereum has decreased by only 4$.



Looking at the hourly chart we can see that the price is in a descending channel, consolidating, like in the case of Bitcoin.


Market sentiment 

Hourly chart technicals signal a buy.

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


Pivot points

S3 426.43 
S2 438.84 
S1 445.44 
P 451.25 
R1 457.85
R2 463.66 
R3 476.07

XRP/USD

From yesterday’s open at 0.468$, the price of Ripple has decreased by 2.39%.



On the hourly chart, we can see the same pattern like on the Bitcoin and Ethereum charts – a rise in the form of a big green candle after which the price is currently consolidating in a descending channel.


Market sentiment 

Ripple is in the sell zone, unlike the previous two cryptos.

Oscillators are signalling a sell, and moving averages also.


Pivot points

S3 0.42020
S2 0.44020 
S1 0.45070 
P 0.46020 
R1 0.47070 
R2 0.48020 
R3 0.50020

Conclusion


Cryptocurrency Market Consolidation: As you can see from the top cryptocurrencies that are covered in this report, the markets are strongly correlated. The rise in evaluation caught many off guard, which is why the prices are consolidating. What will happen after the consolidation there aren’t any signs, but if the pump was artificial, the dump will be worse, like when we saw the last two times this happened – on a short squeeze and again recently in June.