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XRP faces huge resistance against USD

The cryptocurrency market is dominated by the Altcoins this week. Most major coins are traded in a green zone with Bitcoin SV and Etherum Classic among the growth leaders. The market capitalization of cryptocurrencies increased slightly to $ 241.84 billion, while the average daily trading volume declined to $ 88.64 billion. Bitcoin’s market dominance was 66%.

Ethereum (+1.52%), Monero’s XMR (+1.84%), Ripple’s XRP (+1.47%) also found strong support from the bulls yesterday. Bitcoin Cash ABC (+0.73%), EOS (+0.96%), Litecoin (+0.65%) and Stellar’s Lumen (+0.32%) remain on the tail.

This morning, however, the massive movements we experienced on the crypto market last week not only subsided but also turned into downward corrections. Therefore, the price of Ripple is trading 0.37% lower on Wednesday. The Asian session faced sales pressure, and the European session started amid the same bearish activity.

 

The technical picture of the XRP of Ripple

On a daily chart, we can see how the XRP/USD showed a rebound above the $ 0.18 support, the bottom since mid-December. The pair rallied 0.35% in January and hit a new high of $ 0.2540 this weekend.

As the chart shows, this resistance can be seen as a decisive breakthrough area. The price of the XRP is holding above the $ 0.25-0.28 area as support in 2018 and 2019, making it a hard hurdle to take. Additionally, adjusting above the $ 0.24 key level may also take longer. The 100-day SMA is located there.

If these important levels of resistance do not manage to be overcome, the bulls are likely to become discouraged, losing balance and we may see a further fall in the price to $ 0.22.

From a broader technical perspective, Ripple is still in the upside price channel since January. The lower boundary of the channel remains crucial in support of the short-term trend. I expect a rebound back up if 0.2310 support is tested again. This area is also strengthened by 50 SMA on the hourly chart at 0.2350 at the moment.

On the other hand, channel resistance ($ 0.2650) must be overcome to allow XRP to extend its rally to $ 0.30. A clear break above that level could lead the XRP to test the longer-term bullish target at $ 0.48.

The MACD on the hourly chart is slowly losing momentum in the bullish area. At the same time, the RSI indicator struggles to stay above the 60 level of the same 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.

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The Bitcoin SV bulls surprised the crypto market with a wild rally

Bitcoin and the major Altcoins have started their journey to the moon

Bitcoin had a pretty good start to 2020 after the unsuccessful December holiday season. First, the US-Iran conflict, which has escalated since January 3, has led to a rise in the price of gold, as well as of Bitcoin.

After the de-escalation between the two countries, the price of Bitcoin cooled to about $ 7,600. Now, however, with Bitcoin SV’s curious rally lifting the entire market, Bitcoin has also gained about 6%, breaking above $ 8,500.

For the other top 10 cryptos, Tuesday was a particularly bullish day. Bitcoin Cash SV led everyone, rising 145% to $ 450. Bitcoin Cash ABC (+30.69%), EOS (+22.09%), Ethereum (+15.51%), Litecoin (+17,81%), Ripple’s XRP (+10.68%) and TRX (+13.38%) also rebounded.

Earlier this week, cryptocurrencies’ total market capitalization rose from $ 215.38 billion on Monday to Tuesday’s high of $ 244.24 billion.

Bitcoin dominance has collapsed to 65%. Trade volumes also jumped to $ 168 billion before settling down.

 

Why did Bitcoin SV made such rally?

Bitcoin SV is founded by controversial Craig Wright, who has long claimed to be the inventor of Bitcoin, Satoshi Nakamoto. Although his claims have been ridiculed in the crypto community, he has recently had a positive decision in his court fight. Namely, by February 3, 2020, he was given the deadline to provide the private keys that unlock the Tulip Trust, which holds some billions worth of some of the earliest mined Bitcoins.

If Craig Wright is able to prove that he has access to the early stashes of Bitcoin (and that he was part of the original inventors of Bitcoin), Bitcoin SV should go up significantly. It’s expected that Wright could sell Bitcoins to support BSV.

 

The hunt for higher support for Bitcoin SV has now begun

The digital asset is trading at $ 353 at the time of writing. However, it is not clear how far the current correction can go. The Relative Strength Index (RSI) suggests that Bitcoin SV may further reduce gains.

On the other hand, the MACD trend says that bulls are in control for now. Therefore, support at $ 350 will play an important role at this stage. If this level persists, it will stabilize the price of Bitcoin SV at higher levels and, on the other hand, avoid further losses to $ 300.

With a clear break and closing price above the highest highs, the appreciation is likely to continue. However, if we doesn’t see a close above this area on the daily chart, a retracement to $ 235 or $ 175 may follow.

 

Does Monero look ready for the rally?

The only coin that shows no enviable power is the Monero (XMR). Monero gave some signs of strength as the price broke the 7-month downside trend. In addition, the $ 55 level was successfully breakout.

While Monero manages to stay above the $ 55 support, we will probably see continued growth to $ 100.

In general, strong bullish momentum continues with the Altcoins. However, Bitcoin and Ethereum did not make the higher peaks that are so necessary for the other Altcoins to follow. Until then, enjoy these movements!

 

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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Will we see a breakthrough on Bitcoin under $ 7,000?

This morning, the crypto market was a red sea for the major digital assets. Bitcoin and all major Altcoins are moving outside the latest ranges amid rising bearish sentiment. EOS led down by 3.49%. Ripple’s XRP and Stellar’s Lumen did not lag far behind with losses of 3.04% and 3.01% respectively. Binance Coin (-1.43%), Bitcoin Cash ABC (-2.79%), Ethereum (-2.05%) and Litecoin (-1.63%) also struggled.

The total market capitalization of cryptocurrencies dropped to $ 194 billion, while the average daily trading volume remained unchanged at $ 55 billion. Bitcoin’s market share rose to 66.7%.

 

For now, the bears are in control of Bitcoin, but a rebound is not excluded

Over the last two days, the price of BTC/USD has been consolidating in a very narrow range between $ 7,200 and $ 7,523. Earlier this morning, however, the price of the main digital asset fell below the lower border of the range and declined by 2.12% over the last 24 hours.

Bollinger Bands shows an extension of the one-hour chart, which usually means there is a break on the way.

And as the breakthrough was downside, the bearish trend, which formed at the end of June from a high of $ 13,764, remained completely intact in the short-term, supported by the decline for the current week.

For the bulls, Bitcoin should make sustainable move above $ 11,000 to form a short-term uptrend.

 

Bitcoin should stay above $ 7,100 to prevent possible dips below 7,000

The nearest support is located at the bottom line of the one-hour Bollinger Bands at $ 7,129. There is located also a 61.8% Fibonacci retracement of the last rally from $ 6,618 to $ 7,933.4.

Once this area it is broken, bearish pressure is likely to continue with a further focus on psychological $ 7,000 level. And in the case of longer extended sales, Bitcoin could target a 78.6% Fibo level at 6,890. A clear breakthrough there will drive the price for testing of psychological $ 6,500 level.

On the upside, a strong resistance zone we have between $ 7,253 and $ 7,415. That region hosts several indicators, including BB’s middle line on H1 chart, SMA 50 (7,323) and SMA 100 (7,414) also on the hourly chart.

However, Bitcoin will need support from the broader crypto market in order to further rebound above this area. An additional correction to $ 8,000 should meet resistance at $ 7,523, $ 7,623 (23.6% Fib level) and $ 7,933 (November’s end high).

 

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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