News

BTC/USD erased its February gains

The price of Bitcoin hit a monthly low

Bitcoin price has been in a downtrend since Monday. At the time of writing, the price of Bitcoin has already dropped by 8.60% for the week. BTC/USD is on the verge of returning all profits generated from Coronavirus from $ 8,303 to $ 10,489. During the decline, the price fell below the main bullish trend line of support at $ 9,580, the $ 9,000 level and the 200-day SMA ($ 8,800). The BTC/USD pair hit a monthly low of 8,555 earlier this morning and now traders are struggling to keep the price above $ 8,500 support and 200 SMA.

The current fall is mainly due to the rejection by the SEC of another Bitcoin ETF. The US Securities and Exchange Commission on Wednesday rejected the proposal for a Bitcoin Exchange Fund (ETF) submitted by Wilshire Phoenix. The regulator cites Wilshire Phoenix’s failure to prove that the Bitcoin market is immune or sufficiently resilient to market manipulation.

The altcoins have also sunk, with many coins in the top 20 having suffered double-digit losses in the last 7 days. Ether (ETH) pulled back 14.12% to trade around $ 225. This is a staggering turnaround given that the digital asset was trading at $ 286 less than 2 weeks ago. Litecoin (LTC) lost 13.61%, EOS fall with 10.45%, and Ethereum Classic (ETC) dropped 13.49%. Surprisingly, Chainlink (LINK) rose 4.71% yesterday and Tezos (XTZ) gained 3.73%.

The total market capitalization of cryptocurrencies now stands at $ 246.8 billion, with the Bitcoin dominance index rising to 64.4%.

Where can BTC/USD find some support?

Now when the market has taken out some key levels, let’s see where we can find support.

The BTC/USD pair appear to respect Fibonacci adjustments. So, keep an eye on the 61.8% Fib correction on the rally from $ 8,303 to $ 10,489 at $ 8,015.00. This is obviously close to the psychological level of 8,000. For that reason, this support is key. However, if the bulls fail to protect $ 8,000, there is a chance of a further decline to the $ 7,000 and $ 6,800 levels.

Before that 8,500 is also a good level of support as the price has been struggling a lot there in the past.

On the upside, the first resistance is close to $ 9,000. Successfully daily closing above the $ 9,000-9,020 region is likely to set the tone for another increase in the coming days.

The RSI indicator is in the oversold zone on daily chart and is still maintaining a downside slope. And that means that sales activity is still high, ignoring the condition of oversold region.

If you want to get our weekly crypto analysis, please check here and make a subscription.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

XLM/USD: The technical picture implies a further rise

Today is a mixed day, but most of the major cryptocurrencies are in green zone. The move of Bitcoin to $ 10 275 yesterday should provide support to the broader market. Meanwhile, Stellar’s Lumen (XLM) grown is supported by market sentiments and positive fundamentals.

Bitcoin dominance continued to hold levels below 63% since the start of the week. Total market capitalization on Wednesday morning was $ 295.57 billion. At the time of the writing, 24-hour trading volumes were $ 173.77 billion.

 

Bitcoin jumped back above $ 10,000

BTC/USD rose again above the $ 10,000 key area this Tuesday. This rebound was due to the test of 23.6% Fibo level of the recent rise from $ 6,480 to a high of $ 10,275. Currently, however, the price is correcting lower below $ 10,200.

After all, the $ 10,200 level is a key hurdle for the Bitcoin bulls. But since the golden cross (when the 50-day SMA crosses above the 200 SMA) was confirmed on the chart today, the bulls may be able to keep the price above the psychologically important level of 10,000. We may see a bullish rally before halving event in May. And then to see a correction just before or after the event.

On the downside, the first support below $ 10,000 is $ 9,500 (23.6% Fibo correction).

 

Technical analysis of XLM/USD

Lumen’s price failed to continue its strong upward movement above the $ 0.0875 level. The XLM/USD pair formed there a short-term top on Friday, but then dropped below $ 0.0800.

XLM even broke the $ 0.0780 support and the 4-hour 55 SMA. This fact could open the door to more losses and the price could test the psychological level of $ 0.0700.

On the upside, the first resistance is near the $ 0.0750 level and the 55-day SMA of the 4-hour chart. But to turn back to positive territory, Lumen has to move above $ 0.0780 and $ 0.0800. In addition, the 50% Fibonacci retracement level (0.0772) of the current fall from $ 0.0875 to the bottom of $ 0.0669 is also close.

On downside, the first major support is at 0.0700, followed by $ 0.0680. If the bulls fail to protect the $ 0.0650 area, there is a risk of a further decline below $ 0.0620 in near future.

From a long-term perspective, since the beginning of February, XLM/USD has been trading over 200 SMA on a daily chart for the first time since the end of June 2019. Although this is considered a bullish signal, the price can test again this MA (currently at $ 0.0622) before another uptrend starts. On the other hand, a clear break below 200 SMA will increase the sales pressure and can push the price to the next strong support at $ 0.0582. It is created by 100 SMA on a daily chart.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

Litecoin price goes to key resistance of $ 80

This morning is positive again for major cryptocurrencies. The bullish start of the day gave Bitcoin quotes up to $ 10,388. Along with it, digital assets such as Ethereum, Ripple, EOS, Bitcoin Cash, Tezos, Litecoin, Stellar’s Lumen, Cardano and more also reported significant gains on Wednesday.

At the time of writing, the total crypto market cap is $ 296.27 billion. Bitcoin dominance has fallen further since the start of the week to 63.1% this morning. The trading volumes have increased and now amount to $ 138.83 billion.

 

Positive news for Litecoin holders

The Litecoin Foundation has announced a partnership agreement with Cred that will provide financial services to Litecoin holders. Cred is a licensed California-based lender and a popular cryptocurrency-based lending platform. The platform operates in 190 countries.

Litecoin (LTC) holders will be able to earn up to 10% on their digital assets through one of Cred’s partners, according to a press release. Some of them are Litecoin Foundation, Bitcoin.com, Uphold and BitBuy respectively. Litecoin holders will be able to receive monthly interest payments for a six-month commitment. And also will have the ability to roll over the assets for additional periods.

 

Technical analysis of Litecoin

LTC/USD has risen 7.64% in the last 24 hours. In addition, the 50-day SMA approximates the 200-day SMA in an attempt to show that bulls have a greater impact on the price.

On the other hand, the formation of a rising wedge on the daily chart suggests that the Litecoin price could soon turn around. Especially if resistances at $ 80 and $ 100 are not cleared in time.

The bulls will need a clear break and close above $ 80 to see a move to $ 95.64 on the cards. At the moment, I prefer the strategy “buy on dips” if we have a potential decline to $ 65.50 – 64.30.

However, if the bears manage to dip the price below this critical support at $ 64.30, the pair will lose momentum. In that case the fall may extend to $ 60.50. There are located the 200-day SMA and trend line of support from the beginning of the year. A clear break below that region could send Litecoin back into the consolidation zone around $ 56.

As for the shorter technical picture, the pair managed to break above the bearish pennant on hourly chart, which invited additional upside pressure on the horizon. A clear break above 95.64 should send LTC/USD for the test of psychologically important $ 100 level.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

Ethereum’s Bulls Can Pull Away Before Testing $ 200

After two bearish days, this morning Bitcoin made an attempt to raise to $ 9,293. But then the first cryptocurrency resumed its decline and formed a low at $ 9,180.2.

For the other major cryptocurrencies, it was a mixed day on Tuesday. Ripple’s XRP and Stellar’s Lumen rose 4.88% and 3.99% respectively, while EOS gained 0.46%.

Yesterday, however, was a red day for the rest of the coins. Bitcoin Cash SV slid 3.56% to lead the others downside. Binance Coin (-1.74%), Bitcoin Cash ABC (-1.55%), Cardano’s ADA (-1.95%), Litecoin (-2.51%) and Monero’s XMR (-2.38%) also saw large losses. Ethereum and Tron’s TRX recorded modest losses of 0.62% and 0.60% for the day.

At the time of writing, the total market capitalization is $ 258.68 billion. Bitcoin dominance drops again to levels below 65% after Tuesday’s loss. Bitcoin dominance was 64.7% on Wednesday morning. Trade volume is $ 107.30 billion.

 

The Crypto Community Expects the Release of Ethereum Futures as Good News

The Commodity Futures Trading Commission (CFTC) believes that Ethereum futures are likely to start in the future. However, specific details of when or where Ethereum futures will be launched are not yet revealed. Keep in mind that while futures will theoretically increase institutional interest in the Ethereum market, it could also cause a price crashes.

In addition, there has been a consistent increase in hoarding of Ether by miners since the end of 2019. And this has led some experts to conclude that Ethereum’s credibility is growing.

 

ETH/USD Retreats from the Recent High, But the Bullish Trend is Still Intact

ETC/USD is moving in a good uptrend on the daily chart, after hit a bottom at $ 116.30 on December 18th. And now it looks like the price is consolidating in an upside flag on the hourly chart.

A upside breakout will obviously be bullish for Ethereum, but we will need to see sustainable movement above $ 190 to win the bulls momentum. Therefore, the closest resistance is created by the current high near $ 195. If we break above it, we should see a test of psychological $ 200 level. Most likely, the bulls will not be able to clear this area from the first attempt, but when it happens the September 19, 2019 high at $ 223.77 will be in focus.

On downside, a clear break below the bullish flag is needed to give the bears extra momentum. The first support coming with the SMA 200, localized at $ 174.40. A breakthrough below this area will bring more sellers in the market and push the price to $ 170.00. This round level is followed by $ 158.00 support, reinforced by SMA 100 on the daily chart.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More
Top