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Ethereum (ETH) Gaining Momentum, the $ 200 level seems inevitable

The major crypto currencies retreat

The cryptocurrency market on Wednesday is characterized by both red and green signals. Leading the retracement are the three major crypto currencies Bitcoin, Ethereum and Ripple.

Bitcoin stepped back, shifting the focus back to $ 9,000 after failing to break the $ 9,500 resistance yesterday.

Ethereum, on the other hand, first fell against the background of shrinking volatility. The price was struggling to keep above the $ 190 support, but the bears found a way to lower the price to $ 187 (current market value).

 

China encourages blockchain embracement

Earlier this week, the overall capitalization of the crypto market peaked at $ 257.76 billion on Monday. However, on Tuesday, the market capitalization of crypto currencies dropped again to below $ 250 billion before finding support. At the time of writing, total market capitalization is $ 251.85 billion.

While Bitcoin dominance has maintained steady levels of 67% since Monday’s pullback, trading volumes fell back to sub-$ 100 billion levels.

On the news front, reports from China that EOS and Tron coming out as top-ranked blockchain projects delivered strong support. The Ministry of Industry has published a chart that has garnered more attention than usual. Interest emerged following the recent support for blockchain technology by Chinese President Xi Jinping.

Other notable representatives in China’s top 10 blockchain include Ethereum ranked 3rd and Stellar’s Lumen ranked 10th. Bitcoin came in at number 11.

 

Ethereum continues trending in an upward channel against the dollar

Ethereum formed a double bottom in the support area of ​​$ 150-163, within the formation of a falling wedge. This double bottom model led to a strong jump in volumes, after which the price bounce and continued to fluctuate around $ 185.

Currently, the ETH/USD daily chart is moving in an upside price channel. This Wednesday, the price is trading near the high of $ 191 and will have to break the resistance at $ 193 to continue the positive momentum. This is a crucial area, as we see in the history of the chart. During the first part of 2019, the $ 185-190 area remained strong resistance before the breakthrough in May.

In the case of a broad-based crypto market rebound, Ethereum can test the second major resistance level at $ 203. The MACD indicator shows an increase in the upward momentum.

In the coming weeks and months, it will be crucial to see some continuation to the upside for more confirmation. However, it’s unlikely to expect a drop below the $ 155 area after the last rebound upwards.

Because Ether (ETH) is the largest altcoin, its chart shows a model identical to the movements in the overall market capitalization of the Altcoins. Therefore, note that Ethereum can also be described as a leading indicator of future movements of the Altcoins.

 

 

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.

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Does sales pressure mean a new downtrend for BTC/USD

Cryptocurrencies have come under fresh pressure

Bitcoin price struggled to hold over $ 8,000 during Wednesday’s Asian session. However, the bearish pressure, coupled with the increasing sales volume, outweighs the bulls. The entire cryptocurrency market is in the red territory, with most of the major coins registering losses at the beginning of the European session also.

Almost all of the top 20 coins show red candles on the charts. And Bitcoin SV (BSV) took the prize for the worst performing cryptocurrency of the day with a loss of 4.5%. Cosmos (ATOM) and Tezos (XTZ) followed closely, with losses of more than 3% each.

The total market capitalization of cryptocurrencies dropped from $ 223.3 billion to $ 218.5 billion, with Bitcoin representing 66.3% of the total.

As for the fundamental news, Opera has announced that it now facilitate making payments with Bitcoin (BTC) directly inside the web browser. Opera detailed in a press release that its 350 million users can now send and receive BTC directly from the browser, as well as use the cryptocurrency to buy goods and services on e-commerce websites.

 

The bears pushed BTC/USD under $ 8,000

Over the past few weeks, Bitcoin has gone through a series of up and down movements. Now the level we need to keep a close eye on is the key support at $ 7,800. This region has been tested repeatedly without giving in. In addition, a rebound from this area resulted in significant movements above $ 8,000. For example, the most recent correction pulled the price over $ 8,300 before hitting $ 8,750.

On the upside $ 8,800 is the most significant resistance. The movement above that level has been unsuccessful in the last month. If BTC/USD manages to break through this resistance, the chances of raising above $ 9,000 will be huge.

From a longer-term perspective, BTC/USD has been moving within a narrowing range over the past 4 weeks, following the strong downside trend that played out between June and September. Technically, the price has formed a bearish flag on the daily chart. This makes the BTC/USD pair vulnerable to further potential downturns if current daily support recedes. A clear break below $ 7,800 can easily push Bitcoin to $ 6,400 (key support for the downtrend in 2018). Failure to hold above this level could open the door for a new wave of sell-offs to the next critical support at $ 5,000.

All indicators, including the Relative Strength Index (RSI), indicate that the trend is in the hands of the bears. The RSI plunged close to the oversold area while the Moving Average Convergence Divergence (MACD) is below the zero line.

 

 

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.

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Litecoin remains range-bound against USD

The overall picture of the crypto market over the last 24 hours

Bitcoin has slid by 1.55% in the last 24 hours. Reversing a 0.78% gain from Monday, Bitcoin closed the day at $ 8,159.9.

As for the other top 10 crypto currencies, the picture on Tuesday was mixed. Binance Coin and Bitcoin Cash SV were on the green territory for the day, rising by 0.49% and by 2.30% respectively.

For the rest major crypto currencies, however, trading was a deep red. EOS led down by a loss of 6.34%.

Litecoin, Bitcoin Cash ABC and Ethereum also saw heavy losses during the day. Litecoin slipped 4.08%, with Ethereum and Bitcoin Cash ABC falling by 3.36% and 3.21% respectively. Ripple’s XRP and Stellar’s Lumen recorded more modest losses during the day.

During the first part of the week, total crypto market capitalization rose from a Monday bottom $ 223.92 billion to peak at $ 228.17 billion before reversing. Against the background of Tuesday’s sell-off, we saw the crypto market capitalization drop to the current low of $ 221.83 billion. At the time of my writing, total market capitalization was $ 222.65 billion.

Bitcoin dominance remains at levels below 67%, despite Tuesday’s sell-off.

Litecoin, on the other hand, celebrated its eighth anniversary on October 13, making the coin only 2 years younger than BTC. According to the project’s creator, the network has processed transactions worth more than $ 500 billion since its inception.

Despite attacks this year, Litecoin survives and remains one of the most liquid altcoins.

 

Daily analysis for Litecoin

After the bearish Tuesday, the bulls took control on the market. LTC/USD fell from $ 57.34 to $ 53.53 yesterday and has since recovered to around $ 55.30. The sixth largest digital asset with a current market value of $ 3.6 billion bottomed at $ 50.58 on September 26 and has been moving in a narrow range ever since.

For the day ahead, we have accumulated strong levels of resistance above the current price. This area includes the upper line of Bollinger Bands on the daily chart ($ 58.50); the long-term downside trendline, from June 23 high at $ 59.60 and of course the upper limit of the aforementioned range at the psychological level $ 60.

The bulls will need convincing movement over that area to allow upside momentum to gain traction.

On the downside, the first support is yesterday’s low at $ 53.53, followed by a bottom of October 6th at $ 53.06. A clear break below these levels is likely to lead to sales extending, with the next bearish targets set at $ 50.58 (September 26 low) and the psychological level at $ 50.00.

Litecoin is currently moving below the curves of SMA 20, SMA 50 and SMA 200. And the 20-day Bollinger width has dropped to 0.092, indicating very low market volatility. The Relative Strength Index (RSI) is located at 39.77, right next to the oversold area.

 

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.

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Is XRP rewaking or will we see a downside correction first?

A mix of red and green among the major coins, with BTC remaining above $ 8,000

Bitcoin dropped 0.27% on Tuesday. Partially reversing the 4.37% rally on Monday, Bitcoin ended the day at $ 8 211.2. The other 10 major crypto currencies were trading mixed yesterday.

Ripple and Ethereum’s XRP grew, with gains of 0.54% and 0.29%, respectively. For the rest of the package, however, the day was red, with Bitcoin Cash ABC falling 1.33% to lead the way. Litecoin, EOS, Stellar’s Lumen, Bitcoin Cash SV and Binance Coin saw modest losses.

The moderate pullback came amid a particularly bullish start of the week, with EOS and Ripple leading with gains of 9.56% and 8.04% respectively.

During the day, the total market capitalization of crypto currencies fell from $ 225.01 billion to the bottom of $ 220.93 billion before finding support. At the time of my writing, total market capitalization is $ 222.60 billion. Bitcoin dominance remains at levels around 67%.

We have no big events on the news front, with the SEC deadline of 13th October on the Bitcoin ETF decision fast approaching.

 

XRP/USD with downside correction risk

The price of the XRP has been running higher for 5 consecutive sessions since the bulls are back on the market. XRP/USD has been trading at its highest levels for about 2 weeks.

Technically, however, there is a risk of a reversal in the short term, given the candlestick formation evening star on the daily chart. Wednesday’s candle was a bearish evening star, which is usually an indication of the sellers’ return.

The Relative Strength Index (RSI) continues to follow the pattern of lower highs. The abandonment of overbought territory gave the bears momentum to challenge the bulls. The support areas to look out for in the near term are $ 0.2550/33, $ 0.2500 and $ 0.2400.

Despite the correction, the slightly positive technical picture still shows the bulls’ ability to defend key support levels. And the increasing gap between 50 SMAs at $ 0.2751 and 100 SMAs at $ 0.2642 means that buyers have the energy to protect the tentative support at $ 0.27.

 

Here are five factors that can put XRP back on the map:

Ripple Signals Lowered Sales: Ripple Escrow releases 1 billion coins every month, but Ripple Inc. signals that it will not rush to sell the coins. There are still signs of relatively large sales, but XRP markets have absorbed that amount, probably coming from Jed McCaleb’s limited sales. The Ripple stash escrow will continue to issue coins until 2038.

Signs of the Altcoins Season: XRP is still one of the relatively low-priced altcoins, but it is also among the most liquid ones. Early signs of the Altcoins season, based on Bitcoin’s diminished dominance, mean that XRP may start moving first. The coin received a direct inflow from Tether (USDT), stimulating independent price discovery.

Profits in Satoshis: XRP is also very active in pairing with BTC. Technical indicators indicate a reversal of the trend in this pair, potentially leading to a rise in price for Satoshi.

CoinField Joins as Validator: The CoinField exchange indicates that it is becoming a validator to exploring further use cases for XRP. With this type of adoption, along with the addition of the asset to BitPay, XRP is seeing growing technological interest. The network is currently revealing 31 validators, of which Ripple controls seven.

Ripple Rebranding its Products: The RippleNet product will combine the features of xRapid and xCurrent. This means that banks, the main users of xCurrent, will also be able to use XRP. Some banks and entities have received significant funding from XRP and can use it to test the new, merged product.

In conclusion, there are already predictions that XRP can organize its own rally, gaining up to 300% from its current price.

 

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.

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