News

Crypto Advice Ltd

Monero finally escapes from the range

Bitcoin rebounded after Fed stimulus boosted investor sentiment

The digital assets in the cryptocurrency market are holding a bullish momentum and trend for a second consecutive day. Monero (XMR) is at the forefront of market recovery. At the time of writing, BTC/USD is moving around $ 6,700. The coin has gained 28.6% of its value in the last 7 days as the crypto market has enjoyed improved sentiment. The sentiment improved even more yesterday after the Fed announced its endless stimulus program to mitigate the economic effects of the Coronavirus.

For most of the other top 15 cryptocurrencies, Tuesday was another bullish day. The XMR of Monero, TAGZ5 and Tezos led the way with gains of 6.13%, 5.80% and 2.56% respectively. Binance Coin (+2.61%), Tezos (+2.56%) Litecoin (+2.51%) and Ethereum (+2.06%) also found strong support.

The market capitalization of cryptocurrencies has increased by $ 14 billion in the last 24 hours, reaching $ 184.5 billion. At the time of writing, Bitcoin dominance is close to 65.3%. Trading volume jumped from $ 130 billion on Monday to $ 168.2 billion on Tuesday before settling down. Early Wednesday morning, 24-hour trading volumes totaled $ 142.77 billion.

 

Bitcoin manages to settle above a critical support zone

Now, the Bitcoin bulls have a chance to test $ 7,000 and resume growth. However, the stronger resistance is located at $ 7,150. The weekly SMA 100 is nearby, which can stop recovery and cause a downside correction. A clear break above this area will likely drive the price of testing the next $ 8,000 and $ 8,200 targets, reinforced by the daily SMA 100.

On the other hand, a steady movement below $ 6,500 could cause short-term closing of long positions and push the price towards $ 6,000.

 

Monero (XMR) is at the forefront of market recovery

Monero is one of the best performing altcoins in the crypto market after the price collapse since February 15. This means that if we are to see a recovery, there is now some good potential.

Today the XMR/USD is trading at $ 46.83, slightly backing from $ 47.97 (Tuesday’s high). Despite the slight correction this morning, the bulls are in control of the situation and the trend remains steadily upward. The stability is expected to continue in the next trading sessions, and the bulls will certainly try to push the price above $ 50.

On the downside, yesterday’s bottom of 43.36 should give us the first support. A clear break below this level could extend Monero’s decline to the $ 40 psychological zone.

The MACD indicator shows the confirmation of the purchase sentiment. On the other hand, the RSI indicator rose sharply from 34.01 to 45.50 after the bullish price action on Tuesday.

 

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

Are the Ethereum Bulls ready for a recovery?

The fear of COVID-19’s proliferation and impact continue to keep more investors out of the market

Last week and this Monday were difficult for the global financial markets, and the crash was caused by the Coronavirus pandemic. Folowing by traditional financial instruments, the crypto market also collapsed and Bitcoin lost 34% in the last 7 days. Ethereum dropped with 43%, Ripple’s XRP crashed with 30% and Bitcoin Cash lost 33%.

This morning, major crypto currencies have found some support. But I expect the risk appetite to continue to be affected by news around the Coronavirus. Despite the current apparent stability, investors seem to be shying away from the market, preferring to watch only from the sidelines. The downturn last week showed that Bitcoin’s safe-haven status was shattered.

Recovering over $ 6,000 will be required for the BTC bulls to pave the way for more price action towards $ 7,000. But BTC/USD is not ready technically. In order to pave the way for significant price movements north, the pair must overcome the sales pressure at H4 50 SMA ($ 6000). The next critical resistance is at the $ 7000 psychological level. And after that comes the 100 SMA, which is localized at $ 7,339 on a four-hour chart.

Earlier in the week, total crypto market cap hit a high of $ 164.76 billion before slipping to $ 131.81 bln. Tuesday’s bullish momentum led to a recovery of $ 150.13 billion on Wednesday morning.

Bitcoin dominance returned to levels of 64% on Monday’s sell-off. At the time of writing is around 63.8%. 24-hour trading volumes in the crypto market amount to $ 121.05 billion.

 

Ethreum in consolidation after last week’s collapse

Like other crypto assets, Ethereum is experiencing a huge panic sell-off and the price has plummeted from $ 206 to $ 86. However, after rising above the $ 100 level, Ethereum began its appreciation against the USD yesterday. But mainly the price is consolidating into a triangle on a daily chart and is now trying to break the downside trend line of the figure. On the hourly chart Ethereum is currently testing the lower curve of the 20-day Bollinger Bands.

Immediate resistance is seen at $ 115.50, which is 23.6% Fibo correction on the recent drop from $ 206 to the bottom $ 86.46.

If the bulls manage to break through the important $ 120 resistance zone (also H1 100-day SMA), Ethereum may be ready for a strong upward move in the near future. The next key obstacle for the bulls is near the $ 132 and $ 146 levels.

However, if Ethereum fails to break both the triangle and the resistance at $ 120 up, this could trigger another decline. The closest support levels are close to $ 112 and $ 110.

The RSI indicator sits on the edge of the oversold area. The SMA 200 is about to cross above SMA 20 on a daily chart. If it does, we will have confirmation of the heavily bearish “death cross” model. What does all this tell us? The answer is that while bulls may responsible for short-term movement, overall market sentiment remains bearish. In addition, MACD also slumping down.

If you want to receive more analysis, related not only with crypto currencies, but also Forex and stocks investments, you can check our subscription services.

 

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

Tezos becomes one of the best performing Altcoins for 2020

CME’s Bitcoin Futures increasing volume suggests BTC/USD rally to resume

Bitcoin managed to returned above $ 8,000 for short on Tuesday after a dramatic drop to its 2-month low on Monday. Core cryptocurrencies has declined mainly along with global equities following rising fears of the Coronavirus and a collapse in oil prices. Now it looks like the digital currency is trying to rebound.

This morning, the panic caused by the virus began to decline and most financial assets, including Bitcoin, began a modest recovery. The positive trend is expected to continue with the hope of new fiscal stimulus from US authorities. And the news for them should definitely improve investor sentiment.

Most analysts and enthusiasts expect Bitcoin to rise in such an environment. But I think that the downside pressure will continue till Bitcoin stays below 23.6% Fibo at $ 8,200.

 

Tuesday was another mixed day for the other top 10 cryptocurrencies

Tezos led the way on Tuesday, earning 2.15%. Binance Coin (+1.38%), Bitcoin Cash ABC (+0.28%), EOS (+0.29%), Ripple’s XRP (+1.16%) and TRX (+0.49%) also found support.

Bitcoin SV (-0.36%), Cardano’s ADA (-0.07%), Ethereum (-1.11%), Litecoin (-0.69%), Monero’s XMR (-2.02%) and Stellar’s Lumen (-0.27%) joined to Bitcoin in the red territory.

Since the beginning of the week, the total market capitalization of cryptocurrencies has slid from the of high $ 233.12 billion on Monday to $ 219.19 billion. At the time of writing, total market capitalization is $ 224.69 billion.

Bitcoin dominance has returned to 64% after falling to levels below 63.2% last week. And trading volumes amounted to $ 137.16 billion in the last 24 hours.

 

Tezos developers are creating a prize pool to fight the new virus

Tezos developer, Johan Tanzer, has set a prize pool worth $ 1,000 for those who contribute to digital resources in a popular medical research project, [email protected] The project focuses on protein folding structures. These findings will help fight a new Coronavirus (COVID-19) and other serious illnesses such as cancer, Ebola, Zika, Alzheimer’s and more. The project is managed by the Pande Lab, which is a part of Stanford University, and the Stanford University Medical Center.

 

Tezos becomes the best performing altcoin for 2020

Tezos (XTZ), now the 10th largest digital asset with a current market capitalization of $ 1.81 billion, has become one of the top performing assets in the top 20 coins since the beginning of the year. At the time of writing, XTZ/USD is trading around $ 2.56 and its chart looks much better than most of the other major coins.

In the last 2 days, on a daily timeframe, the price of Tezos cannot break the 50% Fibonacci retracement of the last drop at $ 2.79. The $ 2.50 area (23.6% Fibo) below seems to be a good support in the longer-term. If the price stays above it and breaks above the 50% Fibo level, XTZ could potentially test the $ 3.00 psychological level.

On the downside, we also have a support trend line at 2.34, which should keep the price above if there is a deeper correction.

 

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

XRP/USD bulls have a chance to test again $ 0.25

Attempting to rebound in a challenging environment

Since last week’s devastation, most crypto assets have started this week with a rebound. Bitcoin is up just 0.30% since its retreat on Tuesday. Ripple’s XRP has risen 1.22%, Litecoin has made a profit of 0.75% in the last 24 hours, and Chainlink gained 12.73% amid the top 20 crypto assets.

Total crypto market cap is $ 252.61 billion this morning. Bitcoin dominance fell from 64% to levels below 63.6% when Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance was 63.7%. Trading volumes peaked on Tuesday morning, but are currently at $ 173.15 billion for the last 24 hours.

Bitcoin seems to be losing the battle for “digital gold” status for the time being. The main digital currency not only did fail to unite with traditional safe havens, but also followed the risky assets. And when someone tries to give Bitcoin a “crypto gold” rank, opponents will always remember the February stock market crash that dragged Bitcoin behind.

At the same time, however, we have no definitive correlation with the risky assets. The fact is that Bitcoin remains a different asset and its main nature is unpredictability. For such an asset, the best scenario is the confusion of all market participants.

 

Bulls on Ripple (XRP) fluctuate, but further gains above $ 0.24 seem likely

After a strong start to the week, XRP/USD fell from $ 0.2395 to $ 0.2296 on Tuesday. XRP/USD is currently trading around $ 0.2364, supported by SMA100 on a daily chart. For now, the XRP/USD continues to move below the moving averages SMA 20, SMA 50 and SMA 200 as the price consolidates under $ 0.24.

The pair is about to test again the 61.8% level of Fibonacci correction on the rally from $ 0.1753 to $ 0.3452. If Ripple manages to break through this important resistance, it could start another upward momentum in the near future.

 

Ripple’s (XRP) Technical Analysis

This resistance level is near the $ 0.2400 level, followed by the Tuesday high at $ 0.2413. A clear break above 61.8% Fibo and $ 0.2413 could open the door for a larger rally to the $ 0.2500 psychological level in near future. There is also a daily SMA 200.

On the downside, a sell-off below $ 0.2330 (the abovementioned 100-day SMA) will clear the bears’s path to $ 0.2300 and $ 0.2244 (1st March low). With a convincing fall below $ 0.22, a further decrease to $ 0.1804 is possible.

The MACD indicator indicates decreasing bearish momentum on the daily chart. And the hourly MACD is now gaining momentum in the bullish area. The RSI (Relative Strength Index) for XRP/USD has returned above the 50 level on 1-hour chart, which is also a positive sign.

If you want, you can make Monthly or Annual Subscription on our site in order to receive the weekly analysis an to follow our deals with cryptocurrencies.

 

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