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Crypto Advice Ltd

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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Will TRON be able to build bullish momentum?

Altcoins keep trading in the range against the backdrop of low trading activity

Bitcoin and all major altcoins are mostly trapped in their ranges in the early Asian hours of Wednesday. The market is a mix of red and green as there are currently no clear pricing patterns. The total market capitalization of cryptocurrencies reached $ 196 billion, almost unchanged from that time yesterday. The average daily trading volume dropped to $ 66 billion. Bitcoin’s market share was 66.2%.

Bitcoin will need to go back through to $ 7,210 to support the upside momentum to the first resistance level at $ 7,384. However, if the price fails to return to the $ 7,200 level, Bitcoin may slide deeper into the red.

Still, the current momentum is bullish against the low volatility, at least until the bulls kepps BTC above $ 7,100.

 

TRON builds upward momentum

Last week, there was an announcement that the era of simulated mining is coming for TRON (TRX). Just days after the DDOS token begins to advertise its game, another asset, TGOLDE, prepares to begin simulated mining. This would be the third token in the ecosystem to take on network resources previously set aside for transaction and distributed app usage.

Looking at the chart, the TRX price has been following a trend line of support over the past 18 months. After touching it in September 2019, the digital asset has started its current uptrend.

In addition, MACD has made a bullish cross on the daily chart, which is a very positive development. The only last time this happened, the TRX went up by about 180%.

 

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Technical analysis of TRON

This week, TRON performed very well and rose about 7% yesterday. In fact, apart from Cardano, TRON is the only other cryptocurrency in the top 20 that has made a profit in the last 24 hours. All the rest are in red.

Now, as the price goes up, we have a resistance trend line at $ 0.0157 on the 4-hour chart. It could limit temporary the bullish momentum. A clear break above it will clear the way ahead of the bulls to the next target at 0.020. Just below it is the 100-day SMA, currently at $ 0.0171, which may also limit the correction.

The price is currently testing 50 SMA on a 4-hour chart. The RSI indicator gradually rises to level 70 after escaping the oversold zone on Sunday. If the upward slope persists, buyers should continue to increase their momentum and may encourage rally to $ 0.02.

On the downside, a failure of TRX to stay above 0.140 could send the price down again under bears control, with probable testing of the last bottom at $ 0.013.

 

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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NEO exploded with a gain of nearly 6%

The Bitcoin bears hit the pause button

The crypto market is trading in familiar ranges with bearish bias after a sharp sell-off earlier this week. Bitcoin and all major Altcoins lost from 1$ to 4% on a daily basis, with NEO a notable exception. The coin managed to beat the market gained over 5% in the last 24 hours.

Yet, after the bearish start of the week, major cryptocurrencies found early support on Wednesday. A Bitcoin breakthrough above $ 8,200 should provide additional support. And in the case of a broad-based crypto rebound, the first resistance level is Tuesday’s high at $ 8,242. The upward momentum is likely to be limited there.

Total cryptocurrency market capitalization remained at $ 223 billion, almost unchanged from this time on Tuesday. The average daily trading volume was $ 77 billion. Bitcoin’s market share was settled at 66.1%.

 

NEO/USD has recovered from the last bottom but is still under $ 12

NEO is one of the best performing cryptocurrencies today, increasing by 5.85% when major coins fall. The formation of a short-term downward wedge model has been fruitful for NEO. The break above the resistance line of the technical pattern opened the door for the bulls to receive returns over $ 13.00. Subsequently, however, NEO erased profits from yesterday’s high, but support at $ 11.00 ignited the current reversal.

The RSI indicator enters the overbought zone (region over 70) on an hourly chart. The continued movement of the RSI to the North will cement the position of the bulls in the market. But it can also mean that potential downside movement may be on the cards.

 

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Intraday forecast for NEO/USD

On the upside, the NEO/USD recovery may initially face resistance at 12.00. A clear break above it could send the price for testing the upper line of the daily Bollinger Bands – $ 12.90, which is closely followed by the psychological level of $ 13.00. This barrier can attract new short-term sellers and bring the price back down. However, a strong move above it will likely push the bulls to their next target near the recent $ 13.40 high.

In the long-term, this week’s low of $ 11.03 serves as strong support, reinforced by the SMA 200 on the daily chart. With a clear breakthrough there, the sale could continue to the psychological level of $ 10, where the bottom line of the daily Bollinger Bands is located. The next support area is created by the merger of SMA 50 and SMA 100 at $ 9.30.

 

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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