Top-5 Cryptos This Week (Jan 19): BSV, DASH, ETC, MIOTA, BCH

Top-5 Cryptos This Week (Jan 19): BSV, DASH, ETC, MIOTA, BCH

After an amazing week which saw numerous cryptocurrencies notch double-digit gains, traders can wait for the current dip to playout before initiating fresh positions once again

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Most major cryptocurrencies have started the new year on a positive note. However, in the past 24 hours, the crypto markets are witnessing a sea of red. This shows that the rally has hit a roadblock, which could result in a minor correction or consolidation for the next few days.

Such a move will be healthy for the crypto markets because it will shake out the weaker hands. The next dip will also give an idea about the cryptocurrencies that have bottomed out and have started a new uptrend.

Acclaimed veteran trader Peter Brandt believes that Bitcoin has bottomed out and is unlikely to drop to $6,000. In a market discussion with Cointelegraph, Brandt said that the fall in Bitcoin’s price has driven the weak hands out of the market and the strong hands have accumulated at the recent lows. Brandt also advised crypto traders not to aim for short-term gains but position themselves for long-term gains in Bitcoin.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

With China moving closer to launching a digital yuan, the US Securities and Exchange commissioner Hester Peirce said that a lot of innovations are happening in China as the government there recognizes the potential of the technology. She called upon the US to learn from it.

While cryptocurrencies have generated huge wealth for traders, they can also be used to give back to society. Over the past few weeks Australia has experienced some of the worst wildfires in history which are estimated to have caused irreparable damage to the environment. To help in the rebuilding process, Cointelegraph has partnered with the ecological preservation organization Oxygen Seven to raise money for the Australian Wildfire Fund. Donations can be made here.

BSV/USD

The news flow about the ongoing legal battle between Craig Wright, who may or may not be Satoshi Nakamoto, and the estate of his former business partner Dave Kleiman has again helped Bitcoin SV (BSV) become the top performer of the past seven days.

In the early part of the week, the price of Bitcoin SV surged to a new lifetime high on the speculation that Wright had received a list of public keys for $8.9 billion worth of Bitcoin held with the Tulip Trust.

However, later in the week, it came to light that Wright had not submitted any information regarding private keys. That led to a crash in the price of Bitcoin SV. After the hugely volatile week, what is the way forward? Let’s analyze its chart to find out.

BSV USD daily chart. Source: Tradingview​​​​​​​

BSV USD daily chart. Source: Tradingview

The price of the BSV/USD pair shot up from a weekly low of $158.69 to a high of $458.74, which is an increase of 189%. Such vertical rallies are rarely sustainable. The bulls could not hold on to the higher levels and the pair has corrected over 45% from its lifetime highs.

A new lifetime high is a positive sign but the failure to hold on to the highs indicates profit booking by the bulls. The long wick on the weekly candlestick shows that traders quickly booked profits at higher levels.

The drop from the highs is finding support close to the previous highs at $255.62, which is just below $267.972, the 50% Fibonacci retracement level of the recent rally from $77.203 to $458.74.

If the price sustains below $255.62, a drop to $222.95 is possible. Though a relief rally is possible, we anticipate the pair to consolidate for the next few weeks before making its next move.

DASH/USD

Dash (DASH) made the list of top performers for the second successive week with a rally of about 50% in the past seven days. It gained sharply in the early part of the week and then gave back some of its gains in the latter part of the week. There was no specific news that could be attributed to the rally. After a volatile week, what can the traders expect in the next few weeks? Let’s study its chart.

DASH USD weekly chart. Source: Tradingview

DASH USD weekly chart. Source: Tradingview

The DASH/USD pair rallied from a low of $63.7104 to a high of $142.3419 in the week, which is a gain of 123.42%. The pair picked up momentum after crossing above the overhead resistance at $77.7262, as suggested in our previous analysis.

After the sharp rally, the bulls are attempting to defend the zone between $102.581 and $90.2989, which is 38.2% and 50% Fibonacci retracement level of the recent rally from $38.2558 to $142.3419. If this zone holds, it will indicate that the bulls are using the dips to buy.

We anticipate the pair to consolidate for a few weeks, after which the up move is likely to resume. On a break above $142.3419, a move to $180 is possible. Our bullish view will be invalidated if the bears sink the price below $77.7262. After the recent rally, we suggest traders wait for a few days, for a new buy setup to form before jumping in to buy again.

ETC/USD

Ethereum Classic (ETC) was the third-best performer of the past seven days with a rally of about 45%. When the sentiment turns positive, the market participants buy on every bit of favorable news. ETC picked up momentum on the announcement that leading cryptocurrency exchange Binance would launch ETC futures trading from Jan. 16. After the recent run-up, can it build upon its gains or will it succumb to a correction? Let’s analyze its chart to see what does its technicals project for the next few days.

ETC USD daily chart. Source: Tradingview​​​​​​​

ETC USD daily chart. Source: Tradingview

The rally in the ETC/USD pair carried it above the overhead resistance at $10, however, the bulls could not hold on to the gains. This shows profit booking at higher levels.

Currently, the price has again dipped back into the $3.40 to $10 range. We anticipate the pair to consolidate in the top half of the range for the next few weeks, similar to how it had done in June of last year.

Thereafter, if the bulls can scale and sustain the price above $10, we expect the pair to start a new uptrend that has a target objective of $16.60. However, if the bulls fail to push the price back above $10, the pair might extend its stay inside the range for a few more weeks.

The traders can wait for the consolidation to end and the price to resume its uptrend before buying again.

IOTA/USD

IOTA (MIOTA) has been among the top performers after a long gap. Research company Fundstrat released a bullish report on IOTA on Jan. 16. While fundamental reports are a good read, they should not be the sole reason to take a trade. Let’s study the technicals of the chart to see if we spot a bottom and a buying opportunity.

IOTA USD daily chart. Source: Tradingview​​​​​​​

IOTA USD daily chart. Source: Tradingview

With the recent rally, the IOTA/USD pair has re-entered the $0.207622 to $0.5410 range. This is a positive sign as it shows that the market has rejected the breakdown from the range.

The bulls might face resistance at $0.244553 but if the next dip finds support at $0.207622, it will signal a likely bottom. Both moving averages have flattened out and the RSI has risen to just below the 50 level, which points to a range-bound action for a few days.

Our view will be invalidated if the bears sink the price below $0.207622. If this level breaks down, a retest of $0.151096 will be on the cards. The traders can watch the next dip and initiate long positions after the price breaks out and sustains above $0.244553.

BCH/USD

Bitcoin Cash (BCH) made it to the list of top performers with a rally of about 23% in the past seven days. This is the fourth successive week that BCH has been among the top performers. During the week, it was overtaken by Bitcoin SV as the fourth largest coin in terms of market capitalization but it quickly reclaimed back its position. After its stellar run in the past few days, can it extend its up move further or is time for a correction? Let’s analyze its chart.

BCH USD daily chart. Source: Tradingview​​​​​​​

BCH USD daily chart. Source: Tradingview

The BCH/USD pair broke out of the overhead resistance at $360 and made a high of $403.88 during the week. However, the bulls could not sustain the price above $360, which shows profit booking by short-term traders.

Though the price has dipped back below $360, the bulls are attempting to keep the price above $306.78, which is just below the 38.2% Fibonacci retracement level of the recent rally from $169.62 to $403.88. If successful, the pair is likely to consolidate between $306.78 and $360 for a few days.

Contrary to our assumption, if the bears sink the price below $306.78, the decline can extend to $270.15. The traders can wait for the correction to play out before initiating long positions once again.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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After an amazing week which saw numerous cryptocurrencies notch double-digit gains, traders can wait for the current dip to playout before initiating fresh positions once again

Top-5 Cryptos This Week (Jan 12): BSV, DASH, LINK, BCH, LTC

Top-5 Cryptos This Week (Jan 12): BSV, DASH, LINK, BCH, LTC

A sharp rally in top crypto performers of the past seven days suggests that altseason has arrived and the sentiment has turned from sell on rallies to buy on dips

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The CME Group will launch its Bitcoin options contract on Jan. 13. The analysts at JPMorgan Chase & Co. have spotted a 69% increase in open interest from year-end in CME’s existing Bitcoin futures contracts. 

They also noted that the number of large open-interest holders has picked up. This shows an increase in institutional interest before the launch of options trading. Nevertheless, as Bitcoin price action has been mixed during previous launches of such services, it is difficult to predict the move based on this event alone.

Halving, however, is an important event and analysts at market research firm Fundstrat Global Advisors believe that it has not yet been “priced into” Bitcoin’s price. Hence, they anticipate Bitcoin to rally more than 100% this year. Increasing geopolitical tensions and the United States Presidential elections later in the year could also act as a catalyst for the up move.

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

The U.S., which had been the leader in overall Bitcoin transaction volume since 2013 has been pushed to the third spot in 2019. The top two positions have been taken by Singapore and Seychelles. 

After a long time, most major cryptocurrencies are likely to be in the positive on a weekly basis. This shows that the buying has been broad-based, which is a positive sign. With the sentiment gradually turning around, can the top performers of the past seven days build upon their gains? Let’s study the charts.

BSV/USD

Bitcoin SV (BSV) surged about 43% in the past seven days to claim the top spot. The altcoin has been the best performer among major cryptocurrencies for the second consecutive week. 

It is speculated that Craig Wright, who claims to be Satoshi Nakamoto, submitted more documents to the court in an ongoing legal battle with the estate of former business partner Dave Kleiman, which might have details of a trust that holds his Bitcoins. Some analysts believe that this news was one of the reasons for the sharp rally in Bitcoin SV. Can the altcoin rally further or is it time to book profits? Let’s analyze the charts.

BSV USD weekly chart

BSV USD weekly chart. Source: Tradingview

The bulls easily scaled the overhead resistance levels at $113.96 and $155.38. This shows that the BSV/USD pair is backed by momentum. After the sharp rally, the bulls might face stiff resistance at $188.69.

Though it is too early to call a short-term top, the pair might enter a minor correction or consolidation for the next few weeks. If the bulls can hold the price above $155.38, it will signal strength and increase the likelihood of a breakout above $188.69.

If the bulls scale above $188.69, a retest of the lifetime highs at $255.62 is possible. Our bullish view will be invalidated if the correction drags the price below $127.102, which is 50% Fibonacci retracement level of this leg of the up move.

DASH/USD

Dash (DASH) has found a place among the top crypto performers after a long gap. The altcoin surged about 29% in the past seven days. The recovery in price started on the news that Burger King Venezuela would start accepting cryptocurrency payments. 

Initially, only one store will accept cryptocurrencies but later, 40 other locations would join by the end of this year. Does the cryptocurrency show signs of having bottomed out? Let’s study the chart.

DASH USD weekly chart

DASH USD weekly chart. Source: Tradingview

The DASH/USD pair has been a huge underperformer in the past few months. It slipped from a high of $188.5598 in June to a low of $38.2558 in late Dec. After the sharp down move, the bulls stepped in closer to $40.

The relief rally has carried the price to the downtrend line. The 20-week EMA is also placed close to the downtrend line. Hence, we anticipate the bears to defend this level aggressively. A breakout of the 20-week EMA will indicate a possible change in trend.

Above the downtrend line, the next level to watch out for will be $77.7262, which might again act as a stiff resistance. If the price turns down from the current levels or from $77.7262, the pair might remain range-bound for a few weeks. The pair will pick up momentum on a break above $77.7262.

LINK/USD

Chainlink (LINK) was the third-best performer of the past seven days with a rally of over 24%. Does the current rise indicate a change in trend? Can LINK build on its strength over the next few weeks? Let’s study its chart. 

LINK USD weekly chart

LINK USD weekly chart. Source: Tradingview

The LINK/USD pair has largely been range-bound between $1.50 and $3 for the past few months. This shows that bulls purchase close to support of the range and book profits near resistance. The current up move can reach $3 in the next few weeks.

If the bulls succeed in pushing the price above $3, a rally to the lifetime high is likely. Conversely, if the price turns down from $3, a few more weeks of range-bound action is possible. The pair will turn negative on a break below the strong support at $1.50. 

BCH/USD

Bitcoin Cash (BCH) also benefited from the news surrounding Craig Wright. The altcoin rallied about 18% in the past seven days. This is the third consecutive week that Bitcoin Cash has been among the top performers. After the recent rally, is it time for a reversal or can the up move extend further?

BCH USD weekly chart

BCH USD weekly chart. Source: Tradingview

After six weeks of range-bound trading between $227.01 to $192.52, the BCH/USD pair broke out and rallied above the overhead resistance at $241.85 and $270.15. This shows a pick up in momentum.

However, the bulls are struggling to sustain the price above $270.15, which suggests a few weeks of consolidation or minor correction. 

We anticipate the bulls to provide support at $241.85. If this support breaks, it will weaken the momentum. On the other hand, if the price consolidates for a few weeks close to the current levels, it will indicate strength and will increase the possibility of a move to $306.78.

LTC/USD

Litecoin (LTC) rounded up the list of the top five performers of the past seven days with a rally of about 18%. Litecoin’s mining difficulty, which had dropped sharply in the second half of 2019, has begun rising again. This could spark a bull run in the altcoin, according to a few analysts. 

In other news, cryptocurrency lending company BlockFi has added support for Litecoin, which is positive. While the fundamentals point to an up move, do the technicals also support a rally? Let’s find out.

LTC USD weekly chart

LTC USD weekly chart. Source: Tradingview

The breakdown from the $50 to $42.0599 range did not find sellers at lower levels. This shows that aggressive bulls used the fall to accumulate. The buyers are currently attempting to propel the price above the range.

If successful, the LTC/USD pair can move up to $66.1486. Though the 20-week EMA might act as a resistance, we expect it to be crossed. Both moving averages have flattened out and the RSI is gradually moving towards the center, which shows that the bears are losing their grip.

Our bullish view will be invalidated if the bulls fail to sustain the price above $50. In such a case, the pair might remain range-bound between $50 and $39.252 for a few more weeks. A break below this range will resume the downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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A sharp rally in top crypto performers of the past seven days suggests that altseason has arrived and the sentiment has turned from sell on rallies to buy on dips

Top-5 Cryptos This Week (Jan 5): BSV, XMR, ETC, BCH, LEO

Top-5 Cryptos This Week (Jan 5): BSV, XMR, ETC, BCH, LEO

First signs of buying in a few of the top performers of the past seven days. What are the target levels to watch out for? Let’s study the charts

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Coinbase CEO Brian Armstrong believes that rising cryptocurrency prices will generate massive wealth for the crypto investors in the 20s. His friends, Olaf Carlson-Wee and Balaji Srinivasan expect Bitcoin’s price to reach $200,000, due to which more than half of the world’s billionaires will be from the crypto space. Armstrong also anticipates that “ a “privacy coin” or blockchain with built-in privacy features” will go mainstream in the 2020s.

A Burger King outlet in Venezuela has started accepting Bitcoin and a few other cryptocurrencies. This is likely to expand to about 40 locations this year. While this is a positive sign, previously, similar initiatives in Russia and Europe have not been able to pick up momentum. This shows that most investors do not want to spend their cryptocurrencies at the current levels as they expect higher prices in the future.  

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

In 2019, Bitcoin’s price largely remained in a range during the first quarter and made a decisive move in the second quarter. Currently, Bitcoin seems to be following a similar pattern of consolidation as of last year. However, with Bitcoin halving due in May of this year, the price action is likely to pick up momentum soon.

While Bitcoin might take center stage in a few weeks’ time, currently, the altcoin space has been buzzing with activity. A few of the top performers of the past week are showing signs of having bottomed out. Do we find any buying opportunities in them? Let’s analyze their charts.

BSV/USD

Bitcoin SV (BSV), which was the second-best performer of the past week, has continued its momentum and risen about 15% in the past seven days. After the recent run-up, should traders book profits or can the price rally further? Let’s analyze its chart.

BSV USD weekly chart

BSV USD weekly chart. Source: Tradingview

The BSV/USD pair has broken out of the downtrend line and has reached the first overhead resistance at $113.96. The moving averages are also located close to this level, hence, we anticipate the bears to mount a strong defense of the resistance.

A breakout of $113.96 can propel the pair to the next target at $155.38. Both moving averages are flat and the RSI has risen close to the center, which indicates that the selling pressure has reduced.

Our bullish view will be invalidated if the price turns down from the current level. In such a case, the pair might remain range-bound for a few more weeks. The downtrend will resume if the bears sink the price below the $78.506 to $66.666 support zone.

XMR/USD

Monero (XMR) was the second-best performer of the past seven days, with a rally of about 13%. The privacy coin received a boost when Europol strategy analyst Jarek Jakubcek said in a webinar that the transactions conducted using the Monero blockchain were not traceable even after extensive research. While this feature might be positive, it will also pose significant hurdles from the regulators in the future. Has the altcoin bottomed out? 

XMR USD weekly chart

XMR USD weekly chart. Source: Tradingview

The XMR/USD pair has broken out of the downtrend line. This suggests that the downtrend is likely over. The price might climb up to the moving averages, which will act as a resistance. The flattish moving averages point to a likely range-bound action for a few weeks.

A breakout of the moving averages might carry the price to $100 and above it to $121.427. Therefore, traders can buy at the current levels and keep a stop loss of $38. If the price struggles to break out of the moving averages, the stops can be trailed higher.

Our bullish view will be invalidated if the pair turns down from the current levels and slides below the recent lows. 

ETC/USD

Ethereum Classic (ETC) was once again the third-best performer of the past seven days, with a rally of about 6%. This shows that the bulls have been buying at lower levels. Does the technical picture point to further gains? Let’s analyze its chart. 

ETC USD weekly chart

ETC USD weekly chart. Source: Tradingview

The relief rally in ETC/USD pair has reached the 20-week EMA. Above this level, a move to the 50-week SMA is possible. We anticipate the bears to mount a strong defense at the 50-week SMA. If the price turns down from this level, it might remain range-bound for a few more weeks. The flattish moving averages and the RSI close to the center also point to a consolidation.

However, if the bulls can push the price above the 50-week SMA, the traders can buy the remaining position as suggested in our previous analysis. Above the moving averages, a rally to $7.6 and above it to $10 is likely.

Our bullish view will be invalidated if the bears sink the price below $3.40. Therefore, traders can retain the stop loss on the long positions at $3.30.

BCH/USD

Bitcoin Cash (BCH) has also made it to the top performer list for the second successive week. It rallied close to 5% in the past seven days. Do the technicals point to a further rally or is it time to book profits? Let’s study the chart.

BCH USD weekly chart

BCH USD weekly chart. Source: Tradingview

The relief rally in the past two weeks has carried the price to the top of the $227.01 to $192.52 range. We anticipate the bears to offer stiff resistance at this level. The flattish moving averages also suggest a range-bound action for a few weeks.

However, if the bulls can push the price above $227.01, the BCH/USD pair might move up to the 50-week SMA and above it to $306. Therefore, traders can initiate long positions as suggested in our previous analysis.

Our bullish view will be invalidated if the pair turns down from the current levels and breaks below $192.52. 

LEO/USD

UNUS SED LEO (LEO) with a gain of about 4% rounded up the top five performers of the past seven days. On Dec. 28, Bitfinex tweeted that it had completed the burning of the first 10 million LEO tokens. Let’s analyze its chart to see if we spot any buying opportunities.

LEO USD weekly chart

LEO USD weekly chart. Source: Tradingview

The LEO/USD pair had been consistently making new lows for the past few weeks. This shows that the bulls did not believe that the price had become attractive enough for them to start accumulating.

However, closer to $0.80, we find the first signs of buying. There is a small downtrend line, above which, a move to $1.025 is possible. The 20-week EMA is also placed just above this level, hence, we anticipate the bears to defend $1.025 aggressively.

If the price turns down from $1.025, the bears will attempt to resume the downtrend. A break below $0.80 will signal the resumption of the down move. However, if $0.80 holds, the pair might enter into a period of consolidation. We do not find any buy setups at the current levels, hence, we suggest traders remain on the sidelines. We will wait for the price to rise above $1.025 before turning positive.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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First signs of buying in a few of the top performers of the past seven days. What are the target levels to watch out for? Let’s study the charts

Top-5 Cryptos This Week: BCH, BSV, ETC, EOS, ATOM

Top-5 Cryptos This Week: BCH, BSV, ETC, EOS, ATOM

A few of the top performers of the past seven days are offering buying opportunities

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Swiss finance minister and outgoing president Ueli Maurer believes that one of the most ambitious crypto projects of 2019, Facebook’s Libra stablecoin, will not be accepted by regulators in its current form. Though Libra has not seen the light of the day, it has forced a number of central banks to take cryptocurrencies seriously.

China could be one of the first developed nations to launch a central bank digital currency. Though cryptocurrency trading is banned in China, the regulators are worried about its comeback. The Chinese government wants to ensure that the digital form of yuan, when launched, does not face competition from cryptocurrencies. Hence, the Chinese securities regulators have urged authorities to stifle any resurgence of cryptocurrencies.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

The United States stock markets usually rally in the last five trading days of the calendar year and the first two days of the new year. The rally during this period is popularly called as Santa rally. This year, both gold and the U.S. stock markets have been strong in the past few weeks while the crypto markets have failed to pick up steam. Peter Schiff was quick to point this out. However, he conveniently omitted that Bitcoin has hugely outperformed both the US stock markets and gold in 2019.

As the year comes to an end, do we find any promise in the top performers of the past seven days? Can they extend their rally in the new year? Let’s find out.

BCH/USD

Bitcoin Cash (BCH) has rallied close to 13% in the past seven days and has turned out to be the best performer among major cryptocurrencies. Do we spot a trend reversal and a buying opportunity? Let’s study the chart.

BCH USD weekly chart. Source: Tradingview

BCH USD weekly chart. Source: Tradingview

The BCH/USD pair has been trading inside the $227.01 to $192.52 range for the past few weeks. Though bears broke below $192.52 in the past two weeks, they could not sustain the lower levels, which shows that bulls are using the dips to buy.

The current attempt to bounce might face minor resistance at $227.01. However, if the bulls can scale the price above it, a move to $306.78 will be on the cards. The traders can buy on a close (UTC time) above $227.01 with a stop below $190.

The 20-week EMA at $240 and 50-week SMA at $266 might offer some resistance but we expect them to be crossed. Our bullish view will be invalidated if the pair turns down from $227.01 and plummets below $192.52.

BSV/USD

Bitcoin SV (BSV) has been the second-best performer in the past seven days with a rally of about 12%. There does not seem to be any specific news that has triggered the up move. So, will this relief rally fizzle out or does it signal the start of a new uptrend? Let’s find out.

BSV USD weekly chart. Source: Tradingview

BSV USD weekly chart. Source: Tradingview

The BSV/USD pair is attempting to bounce off the critical support at $78.506, which is a positive sign. It shows that bulls are using the dips to buy. The relief rally might face resistance at the downtrend line and above it at the moving averages, located just below $113.96.

If the bulls scale the price above the moving averages, a rally to $155.38 is possible. Conversely, if the price turns down from $113.96, the pair might remain range-bound for a few more weeks.

The traders can initiate long positions on a close (UTC time) above the downtrend line with a stop below $77. The target objective is $155.38 but if the bulls struggle to push the price above $113.96, the positions can be closed.

ETC/USD

Ethereum Classic (ETC) was the third-best performer among major cryptocurrencies with a rally of over 10% in the past seven days. The community seems to be getting excited about the upcoming Agharta hard fork that intends to make ETC fully compatible with Ethereum (ETH). Will the altcoin bottom out on this news and start a new uptrend? Let’s analyze its chart.

ETC USD weekly chart. Source: Tradingview

ETC USD weekly chart. Source: Tradingview

The ETC/USD pair has held the critical support at $3.40 for the past five weeks, which is a positive sign. It indicates accumulation by the bulls at lower levels. Currently, the bulls are attempting a rebound off the support.

Both the moving averages have flattened out and the RSI is gradually climbing towards the center, which suggests that the selling pressure has reduced. Still, the bounce might face a minor resistance at the moving averages. If the bulls can scale the price above the moving averages, a rally to $7.6 and above it to $10 is possible.

As the risk to reward ratio is attractive, traders can buy 50% of the desired position at the current levels and keep a stop loss below $3.30. Remaining 50% of the position can be added on a close (UTC time) above the 50-week SMA. Our bullish view will be invalidated if the pair turns around from the current levels and plummets below $3.30.

EOS/USD

Block.one, the firm behind the EOS blockchain and token has proposed a change to its current network resource allocation system. Under the new proposed system, the users will have to rent network resources.

The company believes that the transition will “remove the influence of speculative markets over resource pricing. Introducing a rental market with pricing based on overall resource utilization will make resource allocation more predictable and reliable for the community.”

EOS USD weekly chart. Source: Tradingview

EOS USD weekly chart. Source: Tradingview

The EOS/USD pair has been trading between $2.8695 and $2.4001 for the past few weeks. Though the bears plummeted the price below the range, they could not sustain the lower levels. This is a positive sign as it indicates demand at lower levels.

The current bounce can reach $2.8695, above which a move to the downtrend line is possible. In the past few months, the pair has repeatedly turned down from the downtrend line. Hence, we anticipate the bears to defend it aggressively.

A breakout of the downtrend line will signal that the bulls are back in action. Above the downtrend line, a move to $4.8719 is possible. However, if the price again turns down from the downtrend line, the bears will attempt to sink the price below $2.5804. We will turn positive after the price sustains above the downtrend line.

ATOM/USD

This is the fourth time in the past five weeks that Cosmos (ATOM) has been among the top performers. This shows that the bulls continue to back it. Can it build on its strength in the new year?

ATOM USD weekly chart. Source: Tradingview

ATOM USD weekly chart. Source: Tradingview

The ATOM/USD pair completed a cup and handle pattern when it closed above $4.4389 on Dec. 15, which triggered our buy recommendation given in an earlier analysis.

However, the bulls could not build up on the breakout as we had expected and the price again dipped back to $3.5621. We like the way the bulls again bought the dip close to $3.5 levels. This shows that the bulls are accumulating on dips.

The price has again reached close to the overhead resistance at $4.4389. If the bulls can sustain the price above $4.4389, a rally to $6.9677 is likely. Therefore, traders can retain the stop loss on the long position at $3.40. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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A few of the top performers of the past seven days are offering buying opportunities

Top-5 Cryptos This Week: HT, BTC, TRX, NEO, LEO

Top-5 Cryptos This Week: HT, BTC, TRX, NEO, LEO

Altcoins continue to post incremental gains and traders are watching to see if Bitcoin can form a double bottom reversal pattern by rising above $7,900

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Although sentiment drives prices in the short-term, fundamentals play a major role in determining long-term price action. However, many times, the price follows fundamentals higher with a lag. The crypto markets have an uncanny ability to surprise analysts by moving opposite to the general perception.

As the year draws to an end, the focus will shift to the events of the next year. Bitcoin’s halving, the United States Presidential election and the United Kingdom’s Brexit, are just a few of the events that might influence crypto prices.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

It is difficult to predict the reaction of the crypto markets to such events. Therefore, as investors, identifying the trend of cryptocurrencies is important. Buying in a downtrend can quickly turn the position into a loss and can be mentally taxing. Many times, if the price continues to decline, investors lose patience and dump positions at the bottom. Therefore, it is best to buy in an uptrend or at least after the prices have bottomed out.

After the recent declines, do any of the major cryptocurrencies show signs of bottoming out? Let’s analyze the top performers of the past seven days to see if we spot any buying opportunities.

HT/USD

With a rise of just above 2% in the past seven days, Huobi Token (HT) has turned out to be the best performer. There was no specific news in the past seven days which supported the price increase. Does it mean that the price has declined to levels that make it attractive for the aggressive bulls? Let’s analyze its chart.

HT/USD

The HT/USDT pair has been trading inside a descending channel since topping out in early August. The moving averages are on the verge of a bearish crossover and the RSI is in negative territory, which indicates that bears are in command.

Currently, the bulls are attempting to defend the 61.80% Fibonacci retracement level of the rally from $0.88 to $5.3506. This shows demand at lower levels. If the buyers can push the price above the resistance line of the channel, the pair is likely to pick up momentum. The first target is the $4.08 to $4.37 zone and above it $5.3506. We will wait for the price to sustain above the descending channel before turning positive.

Conversely, if the price turns down from the moving averages at $3 or from the resistance line of the channel at $3.30 and plummets below the recent low of $2.7539, the pair will turn hugely negative.

BTC/USD

Bitcoin (BTC) has held up relatively well in the current decline. This shows that stronger hands are not dumping their positions. The digital asset’s market dominance has increased from about 66.3% to about 68.3% over the past week.

Earlier this week billionaire Bitcoin bull Tim Draper reiterated his long-term bullish view on Bitcoin. He expects Bitcoin to reach $250,000 by 2022. Draper’s view was endorsed by Brian Kelly, founder and CEO at BKCM LLC and Fundstrat Global Advisors co-founder Tom Lee. Is Bitcoin a good investment at current levels or can it plummet further? Let’s find out.

BTC/USD

The BTC/USD pair is stuck inside a falling wedge pattern. If the bulls can propel the price above the wedge, it will signal a change in trend. The bulls held the critical support at $6,512.01 during the week, which shows buying at lower levels.

A breakout of $7,856.76 will complete a double bottom pattern, which is a bullish sign. This setup has a minimum target objective of $9,201.51. Above this level, a move to $10,360.89 is possible. Therefore, traders can buy on a close (UTC time) above $7,856.78 and keep a stop below the recent low of $6,435.

Contrary to our assumption, if the price turns down from the downtrend line, the pair might consolidate between $7,856.76 and $6,512.01 for a few more weeks. The pair will resume its downtrend on a break below $6,512.01. Such a move will dampen sentiment and delay the start of the next leg of the up move.

TRX/USD

TRON’s (TRX) founder Justin Sun has committed $1 million to young Swedish activist Great Thunberg’s initiative to raise awareness about the climate. The altcoin was the third-best performer of the past seven days with a marginal rise of just over 1%. Can the bulls build on this outperformance or will the bears pounce on this attempt to bounce? Let’s study the chart.

TRX/USD

The bulls have once again held the support at $0.011240, which is a positive sign. This shows accumulation by the buyers at lower levels. The TRX/USD pair can now move up to $0.0163957, which is likely to act as a strong resistance.

If the price turns down from $0.0163957 or from the 20-week EMA, it might remain range-bound for a few more weeks. The pair will resume its downtrend on a break below $0.011240.

Conversely, if the bulls can scale the price above the 20-week EMA, a rise to $0.02340 is possible. We will wait for the price to rise and sustain above $0.0163957 before turning positive in the short-term.

NEO/USD

NEO was among the top five performers for the second consecutive week. This is a positive sign as it shows that NEO’s investors are not dumping their holdings in the recent decline. Is this a sign that the altcoin is getting ready for a sharp rebound? Let’s find out.

NEO/USD

The bulls bought the dip below $8 in the past week, which is a positive sign. It shows buying at lower levels. However, we anticipate the NEO/USD pair to face stiff resistance at the moving averages.

If the price turns down from the moving averages, the bears will again attempt to sink the pair to the critical support at $5.58. A break below this level will be a huge negative and will resume the downtrend.

On the other hand, if the bulls can propel the price above the moving averages, a rally to $13.88772 is likely. We will wait for the price to bounce off the support at $5.58 or sustain above the moving averages before turning positive.

LEO/USD

UNUS SED LEO (LEO) slipped by about 2% in the past seven days but still turned out as the fifth-best performer among major cryptocurrencies. This shows that the sentiment remains negative across the crypto sector.

Cryptocurrency exchange Bitfinex is attempting to attract customers by expanding its services. It recently announced that its users can purchase cryptocurrencies with both debit cards or credit cards directly. Will these steps by Bitfinex boost LEO’s price? Let’s analyze its chart.

LEO/USD

The LEO/USD pair is in a downtrend. It dipped to $0.83712 levels during the week, which was very close to our target objective of $0.8276. We anticipate this level to provide some support. The RSI has also dipped into the oversold zone, which suggests a relief rally is likely.

On the upside, the bulls will face stiff resistance at $0.941. If the price turns down from this level, the bears will attempt to resume the downtrend. A break below the recent low of $0.83712 can drag the price to $0.65.

The pair will show strength if it sustains above $0.941. We will wait for a new buy setup to form before turning positive.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Altcoins continue to post incremental gains and traders are watching to see if Bitcoin can form a double bottom reversal pattern by rising above $7,900

Top-5 Cryptos This Week: ATOM, XTZ, LINK, BCH, NEO

Top-5 Cryptos This Week: ATOM, XTZ, LINK, BCH, NEO

Bears are attempting to take control. Can the top five performers move against the trend and climb higher? Let’s study the charts.

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Tom Jessop, the president of Fidelity Digital Assets, said that the absence of a long track record is one of the main reasons that is keeping the institutional investors at bay from investing in cryptocurrencies. 

As the asset class is only 10 years old, Jessop said that the institutions question the durability and longevity and are unsure whether it would be around tomorrow. However, he said that these concerns are likely to be resolved with time. 

Even among the investors, the perception has been that crypto investing is largely male-dominated. Nonetheless, a survey by Bitcoin (BTC) fund operator Grayscale has found that 43% of the investors who showed interest in Bitcoin were women. Interestingly, 47% of women believe this is the right time to buy Bitcoin, compared to 39% of men who share the same opinion.

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

Ross Ulbricht, the founder of the infamous darknet marketplace Silk Road, expects the price of Bitcoin to surge to $100,000 in 2020. Ulbricht did not use the day-to-day price movements of Bitcoin for the forecast but relied on the analysis of the investor emotions and investor psychology to arrive at the target price. 

With the year coming to an end, many analysts are likely to forecast sky-high prices. However, we suggest traders watch the price action and make informed decisions instead of getting carried away with the predictions.  

The total crypto market capitalization has been trading around $200 billion since Nov. 22. This shows that both the bulls and the bears are in a state of equilibrium. On the downside, if the market cap slips below $180 billion, it will signal advantage bears. Whereas, a break above $212 billion will tilt the advantage in favor of the bulls. 

Let’s see what do the charts of the top-five performers of the past week project.

ATOM/USD

Cosmos (ATOM) is the best performer of the past week with a rise of about 15%. This is the third successive week that the altcoin has been among the top performers, which shows that the bulls continue to buy it even at higher levels. 

The first major Cosmos upgrade since its launch in March of this year was completed on Dec. 11. This upgrade promises to bring important new features. After the recent runup, is it time to book profits or can the rally continue further? Let’s analyze the chart.

ATOM/USD weekly chart

ATOM/USD weekly chart. Source: Tradingview

The ATOM/USD pair has reached the overhead resistance at $4.4389. This is the third attempt by the bulls to scale this level since July of this year. 

We spot a bullish reversal cup and handle pattern that will complete on a breakout and close (UTC time) above $4.4389. The minimum target objective of this pattern is $6.9677. The traders can initiate long positions on a decisive close (UTC time) above $4.4389. As the overall sentiment is negative, a close stop-loss at $3.4 can be kept. We suggest traders take a smaller position, about 40% of the usual amount for this trade. 

Contrary to our assumption, if the ATOM/USD pair turns down from $4.4389, a dip to $3 is possible. If this level holds, the pair might consolidate between $3 and $4.4389 for a few weeks. However, if $3 breaks down, a drop to $1.9101 is possible.

XTZ/USD

Tezos (XTZ) made it to the list of top ten coins by market capitalization during the week. Even in a dull week when most major cryptocurrencies are struggling to move up, it rallied about 10%, which is a positive sign.

Hardware wallet manufacturer Ledger has added support for Tezos staking on its Ledger Live application — which allows users to send or receive tokens via a smartphone or computer. 

On Dec. 11, cryptocurrency exchange Kraken also launched support for Tezos staking. The users who stake their tokens would receive 6% annual returns, with rewards paid out twice a week. Can the momentum continue in the coming weeks? Let’s study its chart.

XTZ/USD weekly chart

XTZ/USD weekly chart. Source: Tradingview

The XTZ/USD pair is facing resistance in the $1.6555 to $1.85 resistance zone. It has formed a doji candlestick pattern this week, which shows indecision among the bulls and bears about the next direction. 

If the bulls fail to propel the price above the resistance zone, a drop to the 20-week EMA is possible. The bears have not been able to break below the 20-week EMA since early November. Hence, we expect a bounce from this level. If the bounce can carry the pair above $1.85, it will be a huge positive. The next levels to watch on the upside are $2.87 and then $3.37.

Conversely, if the bears sink the price below the 20-week EMA, a drop to $0.829651 is possible. This is critical support. Hence, we anticipate the bulls to mount a strong defense of this level. A bounce off this support can keep the pair range-bound between $0.829651 and $1.85 for a few weeks. 

LINK/USD

Chainlink (LINK) declined about 1% in the past seven days but was still the third-best performer. Can it turnaround in the next week or will it continue to weaken further? 

LINK/USD weekly chart

LINK/USD weekly chart. Source: Tradingview

The LINK/USD pair succumbed to profit-booking close to the $2.90 mark. Currently, the bulls are attempting to hold the price above the psychological support at $2. If this support cracks, a drop to $1.50 is likely.

We anticipate the bulls to defend the $1.50 level aggressively. If the pair bounces off this support, range-bound action between $1.50 and $2.90 is likely. This might give an opportunity to trade the range by keeping a small stop loss. The pair will turn negative on a break below $1.50

Conversely, if the price turns around from the current levels, the bulls will again attempt to push the price above $2.90. The best way to trade a range is to buy close to the support and sell close to the highs or wait for a breakout from it. We do not find any reliable buy setups at the current levels. Hence, we remain neutral on the pair.

BCH/USD

Bitcoin Cash (BCH) was the fourth-best performer, with a fall of about 3% in the past seven days. This shows that most major cryptocurrencies are in a bear market. Will the altcoin also succumb to selling pressure or does it show signs of a reversal? Let’s find out.

BCH/USD weekly chart

BCH/USD weekly chart. Source: Tradingview

The bulls have been attempting to defend the support at $192.52 for the past three weeks. However, they have failed to achieve a strong bounce off the support, which shows a lack of buying interest at higher levels.

Currently, the price is stuck in a tight range of $192.52 to $227.01. A breakdown of the support will be a huge negative as it might resume the downtrend with the next support at $166.25. The bearish crossover on the moving averages and the RSI in the negative zone indicates that bears have the upper hand.

However, if the BCH/USD pair rebounds off the support at $192.52 and rises above $227.01, it is likely to attract buyers. Above $227.01, a rise to $306.78 is possible. Therefore, traders can attempt this trade after the price closes (UTC time) above $227.01. It is better to wait for the price to turn around and show strength before buying, instead of trying to time a bottom.

NEO/USD

 With a decline of just over 3%, NEO (NEO) rounded up the list of the top five performers. Can NEO hold on to its place among the top-20 coins by market cap?

NEO/USD weekly chart

NEO/USD weekly chart. Source: Tradingview

The failure to break out of the overhead resistance at $13.88772 attracted profit booking that dragged the price below the moving averages. If the bulls do not push the price back above the moving averages, the NEO/USD pair is likely to gradually dip to the support at $5.58.

We expect the bulls to defend the $5.58 support zone aggressively. Hence, a bounce off it could offer a low-risk buying opportunity The first target on the upside would be $13.88772, followed by $20.96333.

However, if the bears sink the price below $5.58, it will be a huge negative as the downtrend will resume. We do not find any buy setups at the current levels. Hence, we suggest traders remain on the sidelines until an attractive buy setup emerges.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Bears are attempting to take control. Can the top five performers move against the trend and climb higher? Let’s study the charts.

Top-5 Cryptos This Week: XTZ, ATOM, XRP, XMR, BNB

Top-5 Cryptos This Week: XTZ, ATOM, XRP, XMR, BNB

A few of the top crypto performers are indicating strength and are likely to move higher if Bitcoin remains stable

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The New York Digital Investment Group LLC (NYDIG) has received approval from the United States Securities and Exchange Commission (SEC) to offer its shares to institutional investors, including registered investment advisers, their clients and other eligible investors. 

The fund aims to invest in cash-settled BTC futures traded on exchanges that are registered with the U.S. Commodity Futures Trading Commission. Though the increasing number of offerings by various companies targeting the institutional investor is a positive sign, the larger players have been slow to invest in the space due to regulatory concerns and high volatility.   

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

While the institutions have been cautious, China has been racing ahead in developing blockchain technology for “real-world, practical use cases that are far beyond the experimental stage,” according to a report by Forkast Insights, the research arm of Asia-based Forkast. This is a positive sign for the crypto space for the long-term.

A report by crypto exchange SFOX shows that Bitcoin searches usually peak before the holidays. The firm said that Bitcoin’s price rallied for three consecutive days before Thanksgiving on Nov. 28. 

Will the price move higher before Christmas? We will have to wait and see. Meanwhile, let’s analyze the charts of the top-five performers to see whether they show any bullish patterns. 

XTZ/USD

Tezos (XTZ) was the top performer of the past seven days by a huge margin. The traders cheered the news that Binance would support zero-fee staking for Tezos from Dec. 4. The rewards would be calculated daily and distributed monthly. Can the altcoin extend its momentum in the coming week? Let’s analyze its chart.

XTZ/USD weekly chart

XTZ/USD weekly chart. Source: Tradingview

The XTZ/USD pair has been taking support close to the 20-week EMA for the past three weeks. The 20-week EMA has started to turn up and the RSI has jumped into the positive territory, which shows that bulls have the advantage. There is a minor resistance at $1.414152, above which a rally to $1.85 is likely.

A breakout of $1.85 will be a huge positive that will signal the start of a new uptrend. Above this level, a rally to $2.87 and then onwards to $3.37 is likely.

Contrary to our assumption, if the price turns down from the current levels or from the overhead resistance at $1.85, a few days of range-bound action is likely. The pair will weaken on a break below the critical support at $0.829651.

ATOM/USD

This is the second week in running that Cosmos (ATOM) has been among the top-performing major cryptocurrencies, which shows that it is backed by momentum. Can the altcoin build on its strength in the coming week or is it time to book profits? Let’s analyze the chart.

ATOM/USD weekly chart

ATOM/USD weekly chart. Source: Tradingview

The bulls are attempting to propel the ATOM/USD pair above the overhead resistance at $4.4389. If successful, the pair will start a new upward move that can reach $7. Therefore, the traders can initiate long positions on a close (UTC time) above $4.4389, as suggested in our earlier analysis.

Contrary to our assumption, if the bears defend the overhead resistance at $4.4389, the price might dip to the first support at $3. If this level holds, range-bound action between $3 and $4.4389 might ensue. However, if $3 breaks down, a drop to $1.9101 is likely.

We expect the bulls to aggressively defend $1.9101. A bounce from this support will keep the price inside the large range between $4.4389 and $1.9101. 

XRP/USD

Ripple released a total of 1 billion XRP tokens from its escrow wallet on Dec. 2 but returned it back within seven minutes. Some believe that Ripple dumping XRP has led to a decrease in the token price. However, the company claims that selling is needed to grow its ecosystem and to fund its operations. 

In the ongoing court case to determine whether XRP is a security or not, Ripple has filed a motion to dismiss the class-action suit arguing that even if XRP were a security, the statute of repose had passed before the lawsuit was brought to court.

Following the footsteps of MorningStar Japan, Japanese financial services giant SBI Holdings plans to pay shareholder dividends in the form of XRP tokens. Do the fundamental developments offer hope of a turnaround in prices? Let’s analyze its chart.

XRP/USD weekly chart

XRP/USD weekly chart. Source: Tradingview

The failure of the bears to capitalize on the break below the critical support at $0.22 indicates buying at lower levels. The bounce from the yearly low at $0.20041 has risen back above $0.22, which is a positive sign. If the bulls can propel the XRP/USD pair back above $0.24508, it will indicate that the markets have rejected the lower levels. We would turn positive if the price sustains above $0.24508.

However, if the bulls fail to push the price above $0.24508, the bears will again attempt to sink the price back below $0.20041. If successful, a drop to $0.18 is possible.

XMR/USD

The Monero (XMR) network successfully upgraded to RandomX on Nov. 30. The new upgrade uses random code execution together with memory-focused techniques and aims to be ASIC-resistant. Can the hard fork boost the price? Let’s study its chart.

XMR/USDT weekly chart

XMR/USDT weekly chart. Source: Tradingview

The XMR/USD pair has reached close to the resistance line of the ascending channel. A breakout of the channel will be a positive sign but it is likely to face stiff resistance at the moving averages. 

If the price turns down from the moving averages, a drop to $38.83 to $45.4494 support zone is likely. If this support zone holds, the pair might consolidate for a few weeks before making its next directional move.

Conversely, if the bulls succeed in propelling the price above the moving averages, a rally to $98 and above it to $121.4270 is likely. Therefore, we retain the buy recommendation given in an earlier analysis.

BNB/USD

In its attempt to expand support to various fiat currencies for crypto trading, Binance listed four ruble trading pairs on Dec. 2. 

On Dec. 3, the exchange announced the acquisition of decentralized app (DApp) information startup DappReview for an undisclosed amount. 

“This acquisition marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future,” said Binance CFO Wei Zhou. 

Will these steps help in boosting the price of Binance Coin (BNB)? Let’s see what the technicals are showing.

BNB/USDT weekly chart

BNB/USDT weekly chart. Source: Tradingview

The bulls have successfully defended the support at $14.2555 for the past three weeks. However, the rebound off the support has been weak, which shows a lack of aggressive buying at the current levels. The moving averages are on the verge of a bearish crossover, which is a negative sign.

If the bulls fail to propel the price above $16.50 within the next few days, the bears will attempt to sink the price back below $14.2555. A breakdown of the support will be a huge negative and can drag the price to $11.30.

Conversely, if the BNB/USD pair rises above the immediate overhead resistance at $16.50, a rally to $21.2378 is possible.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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A few of the top crypto performers are indicating strength and are likely to move higher if Bitcoin remains stable

Top-5 Cryptos This Week: Bitcoin (BTC), XTZ, LEO, XRP, BSV

Top-5 Cryptos This Week: Bitcoin (BTC), XTZ, LEO, XRP, BSV

Several top performers of the past seven days are at critical levels. Can they reverse direction and rise or will they fall further?

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The total crypto market capitalization slumped from close to $238 billion on Nov. 18 to a low of about $189 billion on Nov. 22. That is a drop of just over 20% within four days. However, despite the sharp fall in prices, the Bitcoin miners remain unfazed as the hash rate on Nov. 23 was close to its previous all-time highs.

Cardano (ADA) creator Charles Hoskinson tweeted that the current price drop was due to the FUD created by the media news and market manipulation. He reminded the crypto community that crypto is unstoppable and is the future as it will change the world. He expects Bitcoin’s price to rise above $10,000 and eventually reach $100K.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

Bakkt futures volumes skyrocketed on Nov. 22 and hit a new all-time high of 2728 futures contracts, which was about 30% higher than the previous high hit on Nov. 8. Along with the volumes, the open interest also increased 29% over the previous day.

On Nov. 22, Bitcoin prices recovered from their lows, which shows buying by the institutional players at lower levels. Our assumption of accumulation by the large players will be invalidated if the prices continue to drop and the open interest increases. That will indicate shorting.

The next few days will give us a better picture of whether this is the start of another bear phase or if this a great time to invest. Let’s look at the critical levels to watch out for, both on the upside and the downside.

BTC/USD

Bitcoin (BTC) prices took a beating on the news that Chinese authorities had raided and shut down the Shanghai offices of leading cryptocurrency exchange Binance. Though Binance rebutted the media reports, the damage had already been done.

Analysts at a Bloomberg panel discussion said that BTC becomes more appealing during times of global uncertainty. They also agreed that BTC would eventually become a store of value and act as digital gold. Has the current fall dented the technical picture beyond repair or is this the last opportunity to buy BTC at these low levels? Let’s find out.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

The BTC/USD pair is trading inside a falling wedge pattern. The bulls are attempting to defend the support line, which is just below the 50-week SMA and 61.8% Fibonacci retracement of the rally from $3,236.09 to $13,973.50. As there are several supports close to the current levels, we expect a bounce off it.

If the bulls can push the price above $7,337.78 to $7,702.87 resistance zone, chances of a deeper fall would decrease. Above $7,702.87, we anticipate a move to the resistance line of the wedge. A breakout of the wedge will resume the move up.

Contrary to our assumption, if the bears sink and sustain the price below the support line of the wedge, a fall to 78.60% Fibonacci retracement level of $5,533.90 is likely. Instead of panicking, investors should start building positions if the price sustains above $7,702.87.

XTZ/USD

Tezos (XTZ) is the only major cryptocurrency that has rallied in the past seven days and is in the green. There were a couple of announcements that could have supported the price. Coinbase custody has said that it will expand its staking service to all investors across the globe, which is an added incentive to the HODLers to hang on to their investment.

Tezos Southeast Asia has tied up with the Singapore government-backed blockchain platform Tribe, to launch a training program for developers from the first quarter of 2020.

While there are some developments on the fundamental side, will it be enough to sustain the rally when the whole crypto space is in a bear grip? Let’s analyze its chart.

XTZ USD daily chart. Source: Tradingview

XTZ USD daily chart. Source: Tradingview

After a mild correction last week, the XTZ/USD pair has resumed its up move. It can now move up to the overhead resistance at $1.85. The price had turned down from $1.85 on two previous occasions. Hence, this level will again act as a major hurdle. If the price reverses from $1.85, it will extend its stay inside the range for a few more days.

However, if the bulls can push the price above $1.85, the pair will start a new uptrend that can carry the price to $2.87 and above it to $3.37. Conversely, if the negative sentiment in the crypto markets compels traders to book profits at the current levels, a drop to the 20-week EMA and below it to $0.829651 is likely.

A break below $0.82961 will be a negative sign as it will result in a fall to the yearly lows.

LEO/USD

UNUS SED LEO (LEO) was the second-best performer of the past seven days even after declining close to 4% during the period. This shows the kind of selling other major cryptocurrencies have witnessed. Can LEO continue to outperform or will it also succumb to selling pressure? Let’s look at the chart.

LEO USD daily chart. Source: Tradingview

LEO USD daily chart. Source: Tradingview

The LEO/USD pair has made a new lifetime low of $0.92827 this week. This is a negative sign as it indicates that buyers are in no urgency to accumulate even at these levels. If the bears can sustain the price below $0.941, the decline can extend to the next support at $0.8276.

Contrary to our assumption, if the price turns around from current levels, it would continue to consolidate for a few more weeks. The first sign of strength will be a breakout above the overhead resistance at $1.0544. Traders can wait for the price to close (UTC time) above $1.0544 before initiating long positions.

XRP/USD

XRP fell close to 13% in the past seven days. Cryptocurrency forensics and analysis firm Elliptic has said that after researching XRP for over a year, they have traced about $400 million worth of tokens to illegal transactions.

Tom Robinson, the chief scientist and co-founder of Elliptic, said that the company is “committed to shining a light on this illicit activity, giving financial institutions the confidence they need to engage with the crypto ecosystem.”

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

Meanwhile, the bears are attempting to sink the XRP/USD pair below the descending triangle. This is the third time the price has broken below the support at $0.24508. During the previous two instances, it had reversed direction from close to $0.22 levels. Hence, this level is likely to act as strong support once again.

If the price again reverses direction at $0.22, the bulls will attempt to carry the altcoin above the downtrend line of the descending triangle. A breakout of the triangle will signal the start of a new uptrend.

However, with the 20-week EMA sloping down and the RSI in the negative zone, the advantage is clearly with the bears. If the price slips below $0.22, the downtrend will resume. The next support on the downside is $0.15 and below that, the pair can plunge to $0.12132.

BSV/USD

Bitcoin SV (BSV) corrected about 17% in the past seven days and still turned out to be the fifth-best performer. After the recent fall, does the altcoin offer buying opportunities or can it fall lower? Let’s study its chart.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

The BSV/USD pair broke below the descending channel and the critical support at $107 but the buyers emerged at the minor support of $92.693. Currently, the bulls are attempting to push the price back above $107. If successful, the pair can rise to the resistance line of the descending channel. 

Conversely, if the price fails to re-enter the channel, the bears will again attempt to sink it below the immediate support of $92.693. If this support cracks, the decline can extend to $78.506.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Several top performers of the past seven days are at critical levels. Can they reverse direction and rise or will they fall further?

Top-5 Cryptos This Week: NEO, LINK, ADA, BNB, LEO

Top-5 Cryptos This Week: NEO, LINK, ADA, BNB, LEO

Altcoins are defying the weakness in Bitcoin and this shows that select tokens are in the process of charting their own course

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The United States Federal Reserve believes that stablecoins “could complement existing payment systems and improve consumer welfare” but the operators behind the digital assets will require constant oversight and regulation. The Fed warned that if a stablecoin payment network achieves a global scale quickly, it will increase risks related to financial stability and monetary policy.

Interestingly, with all the regulations and monetary policy initiatives of the Fed, the total debt of the US has hit $23 trillion. It is not only the US that is burdened by debt. Global debt will reach a staggerring $255 trillion by the end of this year. This massive growth in debt is unsustainable and is certain to result in a major financial crisis in the future. Possibly, the next crisis might usher a change from fiat to cryptocurrencies.

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

The installation of Bitcoin (BTC) ATMs has continued at a blistering pace. The total number of ATMs worldwide increased to over 6,000, with over three-quarters of the installations in North America. Asia lags behind with only 2% of Bitcoin ATMs, but this shows that there is huge growth potential.

With crypto gaining acceptance gradually, is this a good time to buy? Do the top performers of the past seven days show signs of bottoming out? Let’s analyze the charts.  

NEO/USD

NEO was the best performer in the past seven days. It rallied close to 12% during the period. The cryptocurrency seems to be benefitting from the consistent positive news flow out of China. Can the bulls build up on the momentum and carry the prices higher? Let’s analyze the chart.

For the past two weeks, the bulls have been struggling to breakout of the overhead resistance at $13.88772. However, the positive thing is that they have not allowed the price to fall below the moving averages. This shows that buyers are in no hurry to book profits and are initiating long positions on minor dips.

The NEO/USD pair will pick up momentum above $13.88772. Above this level, a rally to $20.96333 will be on the cards. Therefore, traders can initiate long positions on a close (UTC time) above $13.88772 and keep a stop loss of $10. Contrary to our assumption, if the price turns down and breaks below the moving averages, it could dip to $6.65906.  

LINK/USD

Chainlink (LINK) has again found a place amongst the top performers. It moved up by about 4% in the past seven days. Does the chart indicate an uptrend that is likely to carry it towards its lifetime highs? Let’s find out.

The LINK/USD pair has been gradually moving higher in the past few weeks. The 20-week EMA is sloping up and the relative strength index (RSI) is in positive territory, which suggests that bulls are in command. While the buyers have managed to push the price above the overhead resistance at $2.8498, they have not been able to sustain at higher levels. This shows profit booking by the bulls closer to $3.

However, we like the way the price has been making a higher low consistently for the past six weeks. This indicates that the sentiment is bullish.

Currently, the bulls are again attempting to scale above the overhead resistance at $2.8498. If successful, a rally to $4.5826 will be on the cards. Conversely, if the bulls fail to sustain the price above $2.8498, a dip to the 20-week EMA is possible. This can be viewed as a buying opportunity. Our bullish view will be invalidated on a break below $1.46. 

ADA/USD

Cardano (ADA) was the third-best performer of the past seven days with a marginal rise of about 2%. During the week, Weiss Crypto Ratings tweeted that Cardano was superior to EOS, which divided the community, with some agreeing and others questioning the credibility of Weiss Ratings. This week Cardano completed the snapshot and balance check for its incentivized testnet on Nov.12. This will allow investors to earn rewards by delegating their stake. While there is development on the fundamental side, traders will be observing to see how this impacts the altcoin’s technical setup.

Even though the ADA/USD pair has been rising gradually for the past few weeks, it lacks momentum. The up move will face resistance at the 20-week EMA and above it at the 50-week SMA. The 20-week EMA is sloping down and the RSI is in the negative zone, which suggests that the bears are at an advantage.

A breakout of $0.0560221 to $0.0652290 resistance zone will be the first indication that the bulls are back in the game. Above $0.0652290, a move to $0.10 is possible. Contrary to our assumption, if the price turns down from the 20-week EMA, a retest of $0.0357780 is likely. We do not find any reliable buy setups at the current levels, hence, we remain neutral on it.

BNB/USD

Smartphone maker HTC will launch a limited edition of Exodus 1 that will support various Binance services. This is supposedly the first Binance Chain-ready smartphone. Binance will also be the first cryptocurrency exchange to integrate the Fiat Gateway solution announced by regulated blockchain company Paxos. This new service will allow users to swap between dollars and stablecoins on a one-to-one basis. 

Binance added support for buying BTC, Ether (ETH) and XRP directly with Turkish lira through its local digital wallet partner Papara. Fundamentally the exchange has been making the right moves but does the price action indicate that Binance Coin (BNB) bottomed out?

The breakout of the descending channel was the first indication that the bears were losing their grip. For the past two weeks, the bulls are facing stiff resistance at the 20-week EMA, which is flattening out. 

However, we like that the BNB/USD pair has not given up ground. This increases the possibility of a breakout of the overhead resistance. If the price breaks out and closes (UTC time) above the 20-week EMA, a rally to $32 will be on the cards.

Alternatively, if the bulls fail to push the price above the 20-week EMA, the pair might remain  range-bound between $21.2378 and $18.30 for a few weeks. Our bullish view will be invalidated if the price turns down and breaks below the support at $18.30.

LEO/USD

UNUS SED LEO (LEO) fell about 1% in the past seven days but still turned out to the fifth-best performer. This shows that the crypto markets are under pressure. Does the outperformance by LEO indicate demand at lower levels?

The LEO/USD pair has been consolidating in a tight range of $1.05440 and $0.941 for the past few weeks. This shows a balance between demand and supply at the current levels. While the bulls are buying the dips to $0.941, the bears have been defending the resistance at $1.05440.

A breakout of $1.0544 is likely to attract buying as it will indicate accumulation at lower levels by strong hands. Therefore, traders can buy on a close (UTC time) above $1.0544 and keep a stop loss of $0.94. The first target is a move to $1.35. Conversely, if the bears sink the pair below the support at $0.941, a drop to $0.866 and below it to $0.8278 is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Altcoins are defying the weakness in Bitcoin and this shows that select tokens are in the process of charting their own course

Top-5 Cryptos This Week: TRX, BCH, HT, XLM, XMR

Top-5 Cryptos This Week: TRX, BCH, HT, XLM, XMR

Do any of the top-performing cryptocurrencies offer a buying opportunity? Let’s study the charts

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The crypto space is taking a breather after the recent sharp run. However, Binance CEO Changpeng Zhao (CZ) recently tweeted that he is positive that Bitcoin (BTC) will resume its rally to $16,000 “soon-ish.” This suggests that CZ believes the market has bottomed and is in the process of resuming the uptrend. Furthermore, the long-term price action of Bitcoin shows that it has outperformed the S&P 500 since 2003.

In other crypto-related news, French high school students will now be taught the basics of Bitcoin and its effects on the French and global economy. This suggests that the government is gradually accepting that cryptocurrencies are here to stay and the best way to approach them is to arm the next generation with the requisite knowledge.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

With the future looking bright, is this a good time to buy Bitcoin and other cryptocurrencies or can they fall further? Let’s analyze the charts of the top 5 performers of the past seven days.

TRX/USD

Tron (TRX) rallied about 13% in the past seven days. Tron CEO Justin Sun had built up expectations of a big announcement by hinting that a new partnership with a multi-billion dollar megacorporation would “broadly distribute TRON Dapps and tokens to billions of customers.” The altcoin rallied on the hype but succumbed to profit-booking on the news that Samsung had integrated Tron with its Blockchain Keystore. Can the altcoin build on this news after the initial profit booking? Let’s analyze its chart and find out.  

TRX/USD

The TRX/USD pair is facing resistance at $0.0234. Both the moving averages are flat and the RSI has gradually risen to the midpoint. This suggests a range-bound action for a few weeks. A breakout after consolidation will indicate accumulation by stronger hands. The first target on the upside is $0.041.

When in range, the best time to buy is at the support or wait for a breakout from it. Therefore, the traders can either buy on a rebound off the $0.0136655 to $0.011240 support zone or buy after a breakout of $0.0234. The stop loss can be kept at $0.011. Contrary to our assumption, if the bears sink the pair below the range, the downtrend will resume.

BCH/USD

Bitcoin Cash (BCH) has been among the top performers for the second successive week. Market participants cheered the news that Bitman’s co-founder had dismissed all the roles of fellow co-founder Micree Ketuan Zhan. However, can the altcoin extend its pullback going forward? Let’s analyze the chart.

BCH/USD

The pullback in the past two weeks has carried the BCH/USD pair to the neckline of the head and shoulders pattern. This is a critical level to watch out for because if the bulls can push the price above it, a rally to $360 is possible. The pair will pick up momentum if the bulls can scale above $360.

The 20-week EMA is flattening out and the RSI has risen to the center. This suggests that the bulls are making a comeback. Our view will be invalidated if the price turns down from the neckline and breaks below the first support at $241.85. A break below $203.36 will resume the downtrend.

HT/USD

Huobi Token (HT) was the third-best performer in the past seven days with gains of about 10%. Can it build on its gains in the forthcoming weeks? Let’s study its chart.

HT/USD

The HT/USD pair has pulled back from close to the 50% retracement level of the recent rally. This is a positive sign as it shows that bulls are keen to enter on dips. It the buyers can push the price above $4.37, a rally to $5.3506 is likely. This level has acted as stiff resistance on two previous occasions, hence, the bears will attempt to reverse direction from close to this level. If successful, the pair might remain range-bound for a few weeks. It will turn negative below $2.9113.

On the other hand, if the bulls can propel the price above the overhead resistance zone of $5.3506 to $6.10, the pair will pick up momentum. Above this zone, the next level to watch on the upside is $9.

XLM/USD

Stellar (XLM) rallied about 9% in the past seven days to land up as the fourth-best performer among major cryptocurrencies. Has it bottomed out or is this a dead cat bounce that is likely to be sold into. Let’s analyze the chart.

XLM/USD

The XLM/USD pair has extended its recovery and has risen above the downtrend line. This is a positive sign as it shows that the bears are losing their grip. The pullback will now face resistance at the 20-week EMA and above it at $0.088708.

If the price turns down from $0.088708, a few days of range-bound action is likely. The trend will turn negative on a break below the recent lows of $0.051014. Conversely, if the bulls succeed in pushing the price above $0.088708 and the 50-week simple moving average (SMA), a move to $0.145 is possible.

XMR/USD

Monero (XMR) wrapped up the list of best performers with a gain of about 8%. The cryptocurrency has been delisted on a few exchanges as the regulatory environment has tightened in the past few months. However, Dubai-based multi-currency and spot/futures exchange, BTSE, has provided the privacy coin a boost by launching its futures contracts. Can this move attract buyers? Let’s analyze the chart.

XMR/USD

The XMR/USD pair has been trading in a wedge. The bulls are struggling to scale above the resistance line of the downtrend line. However, if the buyers push the price above this level, the pair will again hit a roadblock at the moving averages.

A breakout of the moving averages will be a positive sign as it is likely to result in a quick move to $120. There is a minor resistance at $97.9733 but we expect it to be crossed. Therefore, the traders can buy on a close (UTC time) above the moving averages with a stop loss of $52.

Our bullish view will be invalidated if the price turns down from current levels A break below the wedge will be a huge negative as it will lead to a retest of the yearly lows. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Do any of the top-performing cryptocurrencies offer a buying opportunity? Let’s study the charts

Top-5 Cryptos This Week: Bitcoin (BTC), NEO, BSV, BCH, LINK

Top-5 Cryptos This Week: Bitcoin (BTC), NEO, BSV, BCH, LINK

Buy now or wait for dips following Bitcoin’s historic daily gain. What’s the best strategy now given the top performers of the past week? Let’s study the charts

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Though fundamentals play a large part in determining the price of an asset, short-term movements of the markets are driven by sentiment. This was clearly visible during the week.

A few events soured sentiment early in the week, which dragged the total market capitalization of the crypto space down to $202 billion. When the markets are in a corrective phase, traders can become bearish even on events that do not have a material impact on the short-term.

After the initial knee-jerk reaction, the markets digested the news and realized that it was not materially negative. This resulted in a pullback, which forced the aggressive bears who had gone short to cover their positions in a hurry. This propelled the total market cap to just over $262 billion on Oct. 26, a rise of about 30% within three days.

Cryptocurrency weekly performance. Source: Coin360

Cryptocurrency weekly performance. Source: Coin360

The events of the week are important as they show that the sentiment has changed from sell on rallies to buy the dips. Unlike the bear market of 2018, the bulls are not panicking at lower levels but are using dips to accumulate. If the cryptocurrencies hold their recent gains after a shallow pullback, a strong year-rally is likely. Let’s see, if any of the top performers are showing signs of a new uptrend.

NEO/USD

NEO had a massive run in the past seven days and it turned out to be the best performer among major cryptocurrencies. After this rise, will it succumb to profit-booking and turn down or can it start a new up move? Let’s analyze its chart.

NEO/USD

The NEO/USD pair has been range-bound between $20.96333 and $5.58 for about a year. For the past three weeks, the price had formed a very tight range, which showed that the bulls and the bears were in a state of equilibrium.

The tight range resolved to the upside with a strong surge. This means that the bulls had been accumulating near the lows. The altcoin is trading near its weekly highs, which shows that the bulls are in no hurry to encash their profits as they expect the rally to continue.

The next level to watch on the upside is $14 and above it $20.96333. The traders can wait for a dip during the week and buy closer to $8.5 with a stop loss of $5.50.

BSV/USD

Bitcoin SV (BSV) was the second-best performer of the past seven days. It closely followed the leader with a rally of about 55%. After this massive rally, is this a good time to buy or should traders wait for it to correct to enter fresh positions?

BSV/USD

The BSV/USD pair rallied sharply after breaking out of the overhead resistance at $107. The momentum was strong enough for it to break out of the second resistance at $138.950 and reach a high of $154.99 during the week.

After the sharp rally, the short-term traders might book profits that could result in a pullback to $126.189, which is 38.2% Fibonacci retracement level of the most recent rally. Below this level, the next support is at the 50% retracement level of $117.293. We anticipate the pair to turnaround from one of the above-mentioned levels. Instead of chasing the price higher, we suggest traders wait for a dip to buy as that will offer a good risk to reward ratio.

Contrary to our assumption, if the momentum continues, the pair can move up to $188.69. This level might act as a resistance, but if this is also crossed, a retest of the highs will be on the cards.

BCH/USD

Bitcoin Cash (BCH) shrugged the news of an unknown miner controlling more than 50% of the hash rate for 24 hours and turned out as the third-best performer of the past seven days. This shows that the sentiment has turned bullish but can the altcoin continue higher? Let’s study the chart.

BCH/USD

The failure of the bears to break below the $203.36 support and extend the decline, even after breaking down of a head and shoulders pattern is a positive sign. The BCH/USD pair had been trading in a tight range for the past three weeks. Once the bulls broke above this range, the pair picked up momentum and rallied to the neckline of the head and shoulders pattern. This level might act as a resistance for some time.

A dip from the neckline is likely to find support at $241.85. If the pair bounces off this support, the bulls will make another attempt to scale above the neckline. If successful, a move to $360 is possible. The pair will pick up momentum on a close above $360.

Our bullish view will be invalidated if the price slips below $241.85. That will indicate a lack of buyers at higher levels. A break below $203.36 will resume the downtrend.

BTC/USD

Bitcoin (BTC) had a roller-coaster ride in the past week. It dipped below the critical support of $7,702.87 on Oct. 23. Analysts anticipated that opposition to Facebook’s project indicated that the adoption of cryptocurrencies into the mainstream is likely to be delayed. Another negative news that might have worried some was Google’s quantum computer. However, this set of news could not keep the price down for long.

The leading cryptocurrency reversed direction sharply on Oct. 24 and skyrocketed higher. Interestingly, as the prices soared, Bitcoin futures volume on Bakkt spiked, which shows that institutional traders will jump in if Bitcoin starts a sustained up move.

Bakkt announced that option contracts for Bitcoin will start trading from Dec. 9. This will add one more product for the institutional traders. Does the recent rally confirm that a bottom is in place and should the traders buy now or wait for lower levels to enter?

BTC/USD

The BTC/USD pair has formed an outside day candlestick pattern on the weekly chart. If we see follow-through buying after a shallow pullback, this might act as a reversal pattern. On the downside, the pair took support close to $7,337.78, which is 61.80% Fibonacci retracement level of the recent rally. The rally hit a roadblock just above the downtrend line.

The body of the candlestick pattern of the past week is small, with large wicks on either side. This shows that the market participants have rejected both lower and higher levels. Both the moving averages are flat and the RSI is just above the midpoint, which suggests a consolidation for a few weeks.

This range-bound action should be viewed as a buying opportunity and the traders can initiate long positions on dips, with a stop loss of $7,200. If the bulls scale and sustain above the downtrend line, a rally to $13,973.50 will be on the cards.

Our view will be invalidated if the price turns down from the current levels and breaks down of $7,297.21 but we give it a low probability of occurring.

LINK/USD

Decentralized Finance (DeFi) applications can connect to Binance data using Chainlink (LINK) oracles. Binance CEO Changpeng Zhao said that this can accelerate the growth of DeFi. Let’s see what does its technicals project.

LINK/USD

The LINK/USD pair broke above the overhead resistance of $2.8498 once again but the bulls have not been able to sustain above it. This shows that the bears are defending the resistance level. However, the bears have not been able to sink the pair back below the critical support of $2.0531. This is a positive sign as it shows buying on dips. 

The 20-week EMA is sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand. The bulls are likely to make another attempt to scale above $2.8498 in the next few weeks. If successful, a rally to the lifetime highs of $4.5826 is possible. 

Contrary to our assumption, if the pair turns down from the current levels, it will remain range-bound between $2.8498 and $2.0531 for a few weeks. The trend will weaken if the bears break below the support at $2.0531.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Buy now or wait for dips following Bitcoin’s historic daily gain. What’s the best strategy now given the top performers of the past week? Let’s study the charts

Top-5 Cryptos This Week: XMR, XRP, BSV, LEO, BNB

Top-5 Cryptos This Week: XMR, XRP, BSV, LEO, BNB

Several top cryptocurrency performers are showing initial signs of a trend change. At what levels do they become a buy? Let’s study the charts

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While the fundamentals in the crypto space have been improving over the past few months, repeated opposition to popular projects like Libra has kept the sentiment subdued. Speaking at the International Monetary Fund and World Bank fall meeting, German Federal Minister of Finance Olaf Scholz vehemently opposed the idea of allowing Facebook to create Libra because, according to him, it is the “responsibility of democratic states.”

Similarly, the Financial Action Task Force also voiced its concern on Libra and other stablecoins when its president Xiangmin Liu said that successful creation of these stablecoins can lead to “new risks regarding money laundering and terrorist financing.”  

Cryptocurrency weekly performance

Cryptocurrency weekly performance. Source: Coin360

The total market capitalization of cryptocurrencies has been stuck between $210 billion and $230 billion since Sept. 25. This consolidation is unlikely to continue for long. Traders should watch the key levels closely to benefit from the impending move. Let’s analyze the charts of the top five performers of the past seven days and see if find any buying opportunities.  

XMR/USD

Monero (XMR) has been the best performer of the past seven days. Does its rise from the recent lows indicate that the bulls are using the fall to buy? Is it ready to turn around? Let’s study its chart.

XMR/USD

The XMR/USD pair continues to slide inside a falling wedge pattern. Though the bulls have held the support line of the wedge for the past three weeks, they have not been able to achieve a strong bounce off it. This shows that the bulls are not showing any urgency to buy even at these levels. A break below the wedge will be a negative sign that can sink the price to the yearly low of $38.83. 

On the upside, a pullback from the current levels will face selling at the resistance line of the wedge. Both moving averages are also placed close to the resistance line of the wedge, hence, a breakout of it will signal that buyers are back in the game. Traders can wait for the price to sustain above the moving averages before initiating long positions. The first target on the upside is $97.9733 and above it $121.427.

XRP/USD

After record sales of $251.51 million worth of XRP in Q2 2019, Ripple has drastically reduced the sales in Q3 2019 to $66.24 million, which is a drop of 73.66%. The company said that the XRP sale rate is similar to the inflation rate in Bitcoin (BTC) and lower than of Ether and Litecoin. 

Ripple has tied up with Finastra, the third-largest financial services technology firm in the world. This partnership will benefit the existing customers of both companies. Will these positive developments boost XRP prices? Is it ready to start an up move? Let’s analyze the chart.

XRP/USD

The XRP/USD pair broke above the 20-week EMA but is finding it difficult to sustain above it. However, it has been in the green for the last three weeks, which is a positive sign. The flattening 20-week EMA and the RSI just below the midpoint suggest that the sellers are losing their grip.

Above the 20-week EMA, a move to the downtrend line of the descending triangle is possible. This is an important level to watch out for because if the bulls can scale it, the bearish pattern will be invalidated. Failure of a bearish pattern is a bullish sign. Hence, if the pair can sustain above the downtrend line, a new uptrend is likely. 

Long-term traders can buy on a close (UTC time) above the downtrend line and keep the stop loss just below the recent low. The target objective is a move to $0.76440 with intermediate resistances at $0.5050 and $0.5650.

Our view will be invalidated if the pair turns down from the current levels and plummets below $0.22. However, we give it a low probability of occurring.  

BSV/USD

Bitcoin SV (BSV) continues to be in the news due to statements by its backer Craig Wright. However, interest in the altcoin, measured by tweet volume, has dwindled down from its peak in May. Let’s look at its chart and see if we spot any bottoming formation.

BSV/USD

The BSV/USD pair has been holding above the $80 support for the past three weeks. This is a positive sign as it shows buying closer to this support. On the upside, the relief rally can reach the previous support turned resistance of $107. We anticipate the bears to launch a strong defense at this level.

If the price turns down from $107, the bears will again attempt to sink it below $80. If successful, a drop to $66.666 is possible.

Conversely, if the bulls push the price above $107 and sustain it, the pair might extend its recovery to $138.950 and above it to $188.690. We will wait for the pair to sustain above $107 before proposing a trade in it.

LEO/USD

UNUS SED LEO (LEO) has risen close to 2% in the past seven days. During the week, it cracked into the list of top 10 cryptocurrencies by market capitalization. How does its prospect look on the chart? Can it rise further? Let’s find out.

LEO/USD

Though the LEO/USD pair made a new low recently, the bears have not been able to capitalize on the breakdown. Buying at lower levels has resulted in a pullback that might face resistance in the $1.0075 to $1.0467 zone. 

If the bulls can scale above this zone, the pair can move up to $1.35. Though there is a minor resistance at $1.1217, we expect it to be crossed. Aggressive traders can wait for the price to close (UTC time) above $1.05 before buying. The stop loss can be kept at $0.94.

Contrary to our assumption, if the price turns down from the current levels and plummets below $0.9410, it can correct to $0.866 and below it to $0.8278. 

BNB/USD

Binance Coin (BNB) has retained its place among the top five performers for the second consecutive week. The week was packed with various positive news flow that kept the price buoyant. Prominent was the launch of a BNB Exchange-Traded Product on a Swiss Stock Exchange, in partnership with a local Swiss startup Amun. 

Binance burned 2,061,888 BNB in the latest quarter, worth about $36.7 million. The exchange burns about 20% of the profits it earns. Using this data, the quarterly profit turns out to be about $185 million. The exchange said that Binance Futures — launched on Sept. 13 — was well received by its customers and it reached the number four spot by trading volume in BTC futures on Oct. 8.  

Binance CEO Changpeng Zhao said that with institutional participation increasing in the futures platform, the exchange has decided to offer a maximum leverage of up to 125x on Bitcoin futures. Has the fundamental news flow improved the technical picture? Let’s study its chart.

BNB/USD

The pullback from the recent lows of $14.2555 has hit a roadblock at the previous support turned resistance of $18.30. We anticipate the bears to defend the zone between $18.30 and the resistance line of the descending channel.

However, if the bulls can propel in the BNB/USD pair above the channel, it will be a positive sign and will point to a change in trend. Therefore, traders can initiate long positions as suggested in our previous analysis.

Contrary to our assumption, if the bulls fail to scale above the resistance zone, the bears will attempt to sink the pair below the critical support of $14.2555. If successful, a drop to the support line of the channel is possible. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


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Several top cryptocurrency performers are showing initial signs of a trend change. At what levels do they become a buy? Let’s study the charts

Top-5 Crypto Performers: XLM, MIOTA, ETH,TRX, XRP

Top-5 Crypto Performers: XLM, MIOTA, ETH,TRX, XRP

Have altcoins started a new uptrend or is the rise only a dead cat bounce? Let’s analyze the charts

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Bakkt Daily and Monthly Bitcoin Futures will launch on Sept. 22 at 8 p.m. EDT. This is likely to increase volatility in Bitcoin, which has been stuck in a tight range for the past few weeks. Expectations are that Bitcoin-settled contracts and the backing of the New York Stock Exchange will attract institutional players, who have largely stayed away from making big investments in cryptocurrencies. How much of this plays out remains to be seen.

BitMEX CEO and co-founder Arthur Hayes says that 24 hours a day, seven days a week trading in cryptocurrencies will change the way people trade equities, bonds and fiat currencies. He cautioned that traders might “even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones.”

David Marcus, the head of Calibra at Facebook, has said that the company aims to launch Libra in 2020 after addressing regulatory concerns. He denied that Libra will in any way be a threat to sovereign monetary policy. Initially, after the launch, Marcus believes that Libra might face acceptance problems as consumers figure out the best way to use it.

With a major event coming up, how does the chart of the top five performers of the past seven days look? Can they build on the gains or will this rise fizzle out? Let’s find out.

XLM/USD

Stellar (XLM) surged in the early part of the week without any specific fundamental news backing the rally. The move propelled it into the list of top-10 cryptocurrencies by market capitalization. However, it has not been able to hold on to the gains and has corrected a large part of the intra-week rally. Its overall gains in the past seven days have dropped to only about 18%. After a volatile week, what does the chart project? 

The XLM/USD pair had been consistently making new yearly lows in the past five weeks. However, a sharp rally this week propelled the price back above the previous support-turned-resistance of $0.072545. This up move hit a roadblock at the 20-week EMA and the pair has quickly given back the gains. The failure of the bulls to stall the pullback at $0.072545 is a bearish sign. 

If the bears sink the cryptocurrency to a new 52-week low, the downtrend will resume. Nevertheless, if the price bounces off current levels and sustains above $0.072545, we expect another attempt by the bulls to breakout of 20-week EMA. If successful, a rally to $0.145 is possible. 

IOTA/USD

Iota (MIOTA) announced Chronicle, a permanode solution that will allow its node owners to secure data on the Tangle and maintain uninterrupted access to it. The Iota Foundation has released a platform, called Industry Marketplace, which aims to accelerate industrial automation and commercial machine interaction. 

This project has been completed by a collaboration between many firms and the foundation claims it to be the first autonomous and decentralized virtual marketplace in the world. Can this fundamental news start a new uptrend in the cryptocurrency? Let’s analyze the charts.

The IOTA/USD pair held the critical support zone of $0.244553-$0.207622 for the past five weeks. Failure of the bears to break below this range shows buying at lower levels. This week’s rally is facing resistance at the 20-week EMA, which is flattening out. The RSI has turned up and is just below the midpoint, which shows a balance between buyers and sellers.

If the bulls can scale the price above the moving averages, a rally to $0.385033 is possible. A breakout of this stiff resistance will result in a move to $0.5410. Contrary to our assumption, if the bulls fail to push the price above the moving averages, the bears will again try to break below the support zone.

ETH/USD

Due to the congestion in the Ethereum network, an effort is underway to raise the network’s block size. According to a tweet by mining pool Bitfly, tests are in progress to increase the block gas limit to 10 million gas, which will be a total capacity increase of 25%. This is likely to improve network performance and reduce transaction fees.

Cryptocurrency payment services provider BitPay has added support for Ether (ETH). With these positive developments, can the cryptocurrency lead an altcoin recovery? Let’s study its chart. 

The recovery in the ETH/USD pair broke above the 20-week EMA but is facing resistance close to $235.70. A breakout of this resistance will carry the price to $320.84. If bulls succeed in breaking out of $320.84, it will complete a bullish cup and handle pattern, which will signal the start of a new uptrend.

However, if the bulls fail to push the price above $235.70, the pair might remain range-bound for a few weeks. The flattish moving averages and RSI close to 50 levels suggests a balance between buyers and sellers. The cryptocurrency will weaken if bears sink the price below the critical support of $163.755.   

TRX/USD

Tron (TRX) founder Justin Sun has announced a new plan for Tron’s proof-of-stake mechanism, which is expected to increase engagement in the community and ensure a more robust network economic system. Earlier in the week, Justin Sun piggybacked on a tweet by Electronic Arts to market the games available on the Tron blockchain platform. Though Sun never lets any marketing opportunity go by, will it help the cryptocurrency stage a recovery? Let’s look at the chart.

The bears could not capitalize on the break below $0.016 in the past two weeks, which shows a lack of sellers at lower levels. This week, buying by aggressive bulls has pushed the price back above $0.016 but is facing some resistance close to $0.01774. If the price sustains above $0.01774, a move to the 20-week EMA is likely. A breakout of the moving averages can propel the price to the top of the range at $0.0409111 in the medium-term.

The traders can initiate long positions above $0.019 and keep a stop loss of $0.0135. If the pair struggles to break out of the moving averages, we will trail the stops higher to reduce risk. Our bullish view will be invalidated if the price turns down from current levels and plummets below $0.0139038.

XRP/USD

Ripple has filed a motion to dismiss a lawsuit that claims it violated US securities laws by selling unregistered securities. However, some believe that the motion put forth other arguments for dismissal of the plaintiff’s claims and failed to address whether XRP is an unregistered security or not. This has not affected its price as it still managed to find a place among the top-five performers in the past seven days.

The XRP/USD pair held the support at $0.24508 for the past three weeks, which shows that lower levels are attracting buyers. During the week, the bulls pushed the price above the support turned resistance of $0.27795 but hit a wall close to the 20-week EMA. If the bulls can keep the price above $0.27795, we expect another attempt to breakout of the moving averages. If successful, the pair can rally to $0.50640. 

However, if the bulls fail to stall the correction above $0.27795, it will indicate that buying dries up at higher levels. We then expect bears to again attempt to sink the price below the support of $0.24508. A breakdown to new yearly lows will be a huge negative as it is likely to result in panic selling.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


Zur Quelle
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Have altcoins started a new uptrend or is the rise only a dead cat bounce? Let’s analyze the charts

Top-5 Crypto Performers: XMR, EOS, BCH, BTC, DASH

Top-5 Crypto Performers: XMR, EOS, BCH, BTC, DASH

Keep an eye on Bitcoin. It will make a large move soon

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The United States Federal Reserve is not working on a digital currency of its own, said Fed Chair Jerome Powell. He said that cyber security issues are likely to deter central banks from releasing their own digital currency. However, reports suggest that China might launch its digital currency as early as Nov. 11. If the Chinese digital currency becomes a success, it will force other central banks to launch their own to keep up with the competition. 

There are several important events lined up in the next few months that are likely to be positive for cryptocurrencies. The first such event is the launch of Bakkt futures later this month. We expect volatility to pick up just before the launch and remain high for the first few days as both bulls and bears attempt to establish their supremacy. Let’s study the charts to locate the critical levels, which will confirm the resumption of the uptrend. 

XMR/USD

Monero (XMR) was the best performer among major cryptocurrencies by a wide margin. It has rallied close to 15% in the past seven days. Does this rise indicate the start of a new uptrend or is this just another pullback that will be sold into? Let’s analyze its chart.

XMR/USD

The XMR/USD pair has formed a descending wedge pattern. If the price breaks out of the wedge, it can move up to $97.9733 and above it to $120. Therefore, aggressive traders can buy on a close (UTC time) above the wedge and keep a stop loss of $65.

Contrary to our assumption, if the price fails to sustain above the wedge, bears will again try to break down below it. Such a move will be a huge negative and can result in a fall to $40. Though there is minor support at $60, we expect it to be broken.

In the short term, both moving averages are flat and the RSI is just below the midpoint, which points to consolidation. 

EOS/USD

EOS is the second-best performer and has risen over 10% in the past seven days. Is this a dead cat bounce or the start of a sustainable rally? Let’s analyze its chart.

EOS/USD

The EOS/USD pair is currently correcting in a descending channel. The 20-week EMA is sloping down gradually and the RSI is in the negative zone, which suggests that bears have the upper hand.

However, bulls are defending the support at $3.1534. Though this level has been tested thrice since early March of this year, the bears have not been able to break below it. If bulls can propel the pair above the descending channel, it will be a positive sign. The next level to watch on the upside is $4.8719. Both moving averages are located just below this resistance. Hence, a breakout of $4.8719 will indicate the start of a new uptrend and can be purchased with stops below recent lows. The target objective will be a move back to $9 in the medium term.

BCH/USD

The second-largest fantasy sports service Fanduel has added support for cryptocurrencies, including Bitcoin Cash (BCH) for members to top up their accounts. One of the world’s biggest Bitcoin Cash conferences was held in Townsville, Australia. The town has several outlets that support digital currency payments, which shows increased crypto adoption. On the fundamental front, a lead developer of Bitcoin Cash said that the network was unable to process large blocks of transactions having a size of two megabytes or larger. 

BCH/USD

The BCH/USD pair is attempting to bounce off the neckline of the head-and-shoulders (H&S) pattern. This shows that bulls are defending this support level. However, unless they propel the price above the right shoulder at $360, we anticipate bears to again attempt a break below the neckline. If the pair plummets below the neckline, it will complete the bearish H&S pattern, which can drag the price to $105.

On the other hand, if bulls push the price above $360, it is likely to pick up momentum and rise to $515.35. A breakout of this level will invalidate the bearish pattern, which is a bullish sign. Traders can initiate long positions on a breakout and close (UTC time) above $360 with stops below the neckline.

BTC/USD

The dominance of Bitcoin (BTC) has remained close to the 70% mark in the past week. This steady rise in Bitcoin’s dominance has left most altcoins struggling. Cantering Clark, a hedge fund manager and co-founder of Blockroots, believes that altcoin rally will start after Bitcoin breaks out to new highs or if its dominance drops below 40%. However, with the launch of Bakkt nearing, the spotlight is likely to remain on Bitcoin for the next few weeks. A recent event that caught the eye was a mystery transaction of 94,504 BTC. This made the recipient’s wallet the richest Bitcoin address that does not belong to an exchange. Will Bitcoin volatility increase in the next few days? What are the critical levels to watch on the upside and downside? Let’s look at the chart. 

BTC/USD

We like the sharp bounce in the BTC/USD pair from the trendline of the symmetrical triangle. This shows accumulation by bulls when the pair dips to the strong support of $9,080. The cryptocurrency can now rise to the downtrend line of the symmetrical triangle. A breakout of the triangle will be a positive sign that has a target objective of $15,376.96. Therefore, traders can buy on a close (UTC time) above the downtrend line and keep a stop loss of $9,000. The up-sloping moving averages and RSI above 50 show that bulls hold the advantage.

Our bullish view will be invalidated if the price reverses direction from current levels or the downtrend line of the triangle and plummets below $9,080. Such a move will dampen sentiment and can result in a fall to the $7,451.63–$7,337.78 support zone. A breakdown of this zone will reduce the probability of a new high in 2019. 

DASH/USD

Dash (DASH) has partnered with IQ CashNow, which specializes in cryptocurrency ATMs. This move will add over 1,000 additional merchants who accept Dash and integrate over 250 additional ATMs. The Dash Investment Foundation plans to start investing on behalf of the Dash network. While the fundamentals look good, what does the chart project? Let’s take a look.

DASH/USD

In the last week of August, the DASH/USD pair dipped below the 78.6% Fibonacci retracement level of the rally, which is a bearish sign. Usually, this is followed by a complete 100% retracement, which in this case will be a fall to $58.49. A breakdown to new yearly lows will be a huge negative.

Currently, bulls are attempting a pullback, which will face resistance at the previous support turned resistance of $95.4264. Above this level, the next resistance will be at the downsloping moving averages. Due to weakness in the cryptocurrency, we suggest traders remain on the sidelines. We will wait for a new buy setup to form before proposing a trade in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


Zur Quelle
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Keep an eye on Bitcoin. It will make a large move soon

Top-5 Crypto Performers: BSV, BTC, XRP, LEO, IOTA

Top-5 Crypto Performers: BSV, BTC, XRP, LEO, IOTA

A breakdown to lower levels is likely because rebounds are not sustaining

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The long-awaited Bakkt platform will start accepting depositс of funds in the Bakkt Warehouse starting Sep. 6. The futures platform will launch on Sep. 23 and is expected to attract institutional investors because the settlement will be in Bitcoin (BTC) and the platform will offer the same cyber and physical security protections as the New York Stock Exchange. 

Telegram Open Network’s (TON) blockchain public testing is expected to start on Sep. 1, according to sources. The blockchain will be integrated into the messaging app, which will be a huge positive because of its large user base of 200 million, many of whom are crypto enthusiasts. 

These developments will attract both institutional investors and retail customers alike. With wider adoption, the price of cryptocurrencies with strong use cases will move higher. So, is this a good time to buy or will the price continue to fall? Let’s analyze the charts of the top five crypto performers of the past seven days.

BSV/USD

For the past few days, Craig Wright’s court case with David Kleiman’s estate has been hogging the limelight. Wright lost the case and a Florida court has found that he had submitted false documents as part of an earlier testimony and had lied to the United States judicial system. This is likely to hurt sentiment but still, Bitcoin SV (BSV) has turned out as the best performer among major cryptocurrencies in the past seven days.  

BSV/USD

The BSV/USD pair is correcting the massive rally from $48.64–$255.62. The failure of bulls to break out of the downtrend line in the past five weeks is a negative sign. This shows a lack of demand at higher levels. The pair can now slide to the strong support of $107. 

If the pair bounces off this support with strength, it will indicate that bulls are keen to defend it. This might keep the price between $107 and $188.69. As the range is large, it can offer a trading opportunity. We will suggest long positions when we spot a new buy setup.

However, if bears sink the price below $107, it will be a huge negative. The next support is at  $92.933, which is the 78.6% Fibonacci retracement level of the rally. If this support cracks, the digital currency will complete a 100% retracement of the entire rally and drop to $48.643. 

BTC/USD

Retail investors are increasingly using Bitcoin as a hedge during the trade war between the U.S. and China, according to eToro data. During its rise from the lows in May of this year, trading in Bitcoin futures at the Chicago Mercantile Exchange hit an average daily volume of $515 million. This is a positive sign, as it shows greater involvement by institutional players. Bitcoin Bull Mike Novogratz remains positive on the prospects of the leading cryptocurrency and believes that it is currently in “a bit of consolidation.” He expects institutions to drive the next leg of the bull phase.

Data from Coin Metrics shows that total revenue of Bitcoin miners continues to grow exponentially. It has exceeded the $14 billion mark and is on track to reach $20 billion in early 2020. Blockchain-based banking startup Bitwala has launched a smartphone app for the residents of the European Economic Area, with which they can open a German bank account with an integrated Bitcoin wallet and trading. 

As the fundamentals remain strong, should investors use the current weakness to accumulate or will the price fall further? Let’s analyze the chart.

BTC/USD

The BTC/USD pair is correcting the sharp rally from the low of $3,236.09 to the high of $13,973.5. Pullbacks that find support between the 38.2% and 50% retracement levels of the rally are considered healthy. A deeper pullback below the 61.8% Fibonacci retracement level reduces the probability of a continuation of the uptrend.

If the pair rebounds off $9,080 and rises above the downtrend line, it will indicate the end of correction. The traders can enter a long position on a close (UTC time) above the downtrend line with the first target objective of $13,973.5. The stop loss can be kept at $9,000.

Contrary to our assumption, if bears sink the pair below $9,080, it will be a huge negative. It will dent sentiment and result in a fall to the next support at $7,451. Such a move will reduce the possibility of a quick recovery and resumption of the uptrend. 

XRP/USD

PNC, the eighth-largest bank in the U.S., has started to offer RippleNet-based cross-border payments solutions to its commercial clients. Previously, the announcement of a collaboration between PNC and XRP led to a surge in XRP prices. However, this time, there were no fireworks.  

XRP has been a major underperformer among major cryptocurrencies in 2019. One of the likely reasons for the underperformance is the consistent selling of XRP tokens by its founders. A few investors in the community are now planning to fight back using ingenious means. However, CEO Brad Garlinghouse has said that XRP sales have reduced “by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”  

XRP/USD

The XRP/USD pair has slipped to the strong support of $0.24508. If the price fails to rebound from this level with strength, the probability of a fall to the yearly low of $0.225. A breakdown to a new yearly low will start a downtrend that can drag the price to $0.19 and below it to $0.127. The downsloping 20-week EMA and RSI in the negative territory show that the path of least resistance is to the downside.

Contrary to our assumption, if bulls defend the $0.24508–$0.225 support zone, the pair might rise to $0.34229. A breakout of the 50-week SMA can reach $0.50. We will watch the price action for the next few weeks and recommend a long position if we find a confirmation that the bottom is in place at $0.225. Until then, we suggest traders remain on the sidelines.

LEO/USD

UNUS SED LEO (LEO) has turned out as the fourth-best performer of the past seven days. Let’s analyze its chart.

LEO/USD

Due to its short trading history, we are analyzing the daily chart of the LEO/USD pair. The failure of bulls to defend $1.20 is a negative sign. The price continues to trade below both moving averages, which are sloping down and the RSI is in the negative territory. This shows that bears are in command. 

The next support is at a lifetime low of $1.0075. We anticipate a strong bounce off this level and will recommend a long position if we spot a reversal pattern. Contrary to our assumption, if bears sink the price to new lifetime lows, it will be a huge negative and might attract further selling.

IOTA/USD

MIOTA (IOTA) announced a collaboration with the United Kingdom’s largest car manufacturer, Jaguar Land Rover, and ENGIE Lab CRIGEN, the corporate Research & Development center for Engie Group, to demonstrate a proof-of-concept for tracing car energy with distributed ledger technology. This is fundamentally positive, but let’s see what the chart projects.

IOTA/USD

The bounce in the IOTA/USD pair last week did not reach $0.28, hence, it did not trigger our buy recommended in the previous analysis. The failure to sustain a bounce off a strong support is a negative sign. It suggests a lack of demand at higher levels. The pair can now dip to the yearly low at $0.207622. If this support also fails to hold, the drop can extend to $0.14. The downsloping moving average and RSI in negative territory suggests that bears are in command.

However, if bulls defend the $0.244553–$0.207622 support zone, the cryptocurrency might remain range-bound and move up to $0.541 in the medium-term. Buying at the support of a large range offers an attractive risk-to-reward ratio. Therefore, we will watch the price action for the next couple of weeks and suggest a long position if we find that buyers are back in command. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.


Zur Quelle
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A breakdown to lower levels is likely because rebounds are not sustaining

US Crypto Review: Top-5 States With Welcoming Regulations

US Crypto Review: Top-5 States With Welcoming Regulations

What are the most crypto-friendly U.S. states? That depends on your line of work; head over to our rating for more information.

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On Aug. 14, at least two American states introduced regulatory actions targeting the crypto space. First, Maryland’s attorney general announced that the state is participating in Operation Cryptosweep, a joint initiative of state and provincial securities regulators in the U.S. and Canada, wherein they launch probes into potentially fraudulent or noncompliant crypto investment programs.

Then, the state of Nevada unveiled new requirements for crypto ATM owners, obliging them to obtain a transmission license. The first location granted by the license will cost business owners as much as $10,000, while every additional kiosk requires an extra $5,000 (however, bond requirements cannot go higher than $250,000 in total).

So, how are other states doing, and what are the most crypto-friendly ones?

States take the crypto matter into their own hands, federal government remains absent

The regulatory landscape is actively changing throughout the U.S., as different states seem to be pushing in different directions in regard to crypto, while the federal government has yet to adopt a universal framework despite the calls from local actors. As a result, there is a widening regulatory gap between separate national units, says Cal Evans, founder of Gresham International, a compliance and strategy firm. He told Cointelegraph:

“As the Federal government’s position remains more and more silent states will look to develop their own framework. When states are left to do their own thing, there is often a massive disparity within their rules. We can see the same thing with the Marijuana industry.”

Lindsay Danas Cohen, chief operating officer at Velocity Markets, a U.S.-based financial technology company providing solutions to investors in the digital asset markets, agrees that there is a varying approach among states regarding cryptocurrencies (although she explicitly refrains from calling it a “regulatory gap”), which is happening against the backdrop of federal inactivity:

“In the future, absent federal intervention, it is likely that these different interpretations will be cemented, reinforcing a state-level patchwork (much as we see with Blue Sky laws).  Whether federal-level intervention actually materializes will depend on how D.C. views its role in mediating the space, and whether they deem it in the public interest for there to be a uniform set of laws applicable to cryptographic asset activity.”

Cointelegraph has picked out the five most crypto-friendly American states for different crypto actors, be it casual consumers or large businesses. Most cases involve having fair regulations in place (like allowing corporations to tokenize their shares) or, for instance, local authorities’ willingness to provide special electricity discounts for mining facilities. However, sometimes less is more: California is the most popular location for crypto firms, and unlike New York, it doesn’t oblige them to get any specific licenses.

Top-5 U.S. states that have a

Wyoming

Specialty: Custody services, crypto businesses (exchanges, wallet providers, etc.)

So far, Wyoming has proved to be the undisputed leader in terms of crypto-friendly areas of the U.S. Thus, the Cowboy State put itself on the crypto map in early 2018, when the Wyoming House of Representatives passed a bill defining “utility tokens,” and exempting those of them that are not marketed as an investment opportunity (and meet a number of additional requirements) from securities regulations.

The move aimed to solve the long-standing dilemma in the U.S. in which different agents view cryptocurrencies differently from the juridical standpoint, as co-founder of the Wyoming Blockchain Coalition Caitlin Long, the lobbyist behind most domestic crypto bills, remarked at the time, “The state of Wyoming is the first elected body in the world to define a utility token as a new type of asset class different from a security or commodity.”

A total of seven other pro-crypto bills remain active, which entail granting digital currencies the same legal status as money, authorizing banks to hold digital assets in custody, allowing corporations to tokenize their shares, and creating a regulatory fintech sandbox aimed at further diminishing any regulatory hurdles for industry startups, among other things.

By authorizing banks to administer digital assets, Wyoming enables them to comply with the Securities and Exchange Commission’s (SEC) regulations for “qualified custodians.” Moreover, it could prompt those who are not so tech savvy to enter the crypto market: If they can trust their bank with their money, why not add crypto into the mix?

Consequently, banks and other custodial services have a clear set of rules to follow, which could trigger a massive influx of financial institutions to Wyoming. The bill was signed by the governor in February 2019 and has been in effect since July 1.

Colorado

Specialty: Crypto businesses, agriculture (potentially)

Colorado is no stranger to trailblazing adoption moves — after all, it was the first state to legalize recreational marijuana. Indeed, Bitcoin seems high on Colorado’s priority list: It was one of the hottest topics of its latest 2018 gubernatorial election, in which two of the candidates highlighted blockchain and cryptocurrencies’ importance for their state during the public debate. Although neither of those candidates were elected, the new governor, Jared Polis, is also vocally pro-crypto in his interviews, once saying:

„Similar to Wyoming, I will work alongside the legislature to create a statewide safe harbor designed to exempt cryptocurrencies from state money transmissions laws, and I will work to establish legislation that protects ‘open blockchain tokens’ or cryptocurrencies that are exchangeable for goods and services.”

Thus, Colorado has already started paving the way for the crypto industry. For instance, in May 2018, Polis signed Senate Bill 086, which requires the Governor’s Office of Information Technology (OIT), the Department of State and the Department of Regulatory Agencies to consider using blockchain in order to protect confidential state records from manipulation and theft.

The same month, Colorado Secretary of State Wayne Williams made the proposal for allowing donations in cryptocurrencies to political campaigns, thus following the state of New Hampshire, which made this move back in 2014.

Moreover, in March 2019 Colorado’s governor signed into law the Colorado Digital Token Act — a bill that attempts to exempt cryptocurrencies from some securities regulations, similar to the legislation in Wyoming. Thus, effective Aug. 2, certain digital assets designed for “consumptive purpose” now qualify for securities exemptions. Indeed, the bill could help Colorado’s state agencies regulate the market for initial coin offerings, or ICOs, as the Colorado Division of Securities has been picking out and banning bad actors.

Colorado has also applied blockchain to other fields. Thus, over the period starting on March 23 and finishing on May 7, overseas voters who normally relied on absentee paper ballots could partake in municipal elections in Denver via a blockchain-based mobile voting app called Voatz. However, as with the Digital Token Act, Colorado wasn’t the first — in March 2018, the mobile voting solution was deployed during the primary and then midterm elections in West Virginia.

Finally, in May 2019, Colorado’s governor signed the proposition to assemble an advisory group to study blockchain application in product tracking, inventory management, monitoring of in-field conditions, data verification and certification of organic products. Per the bill, the advisory group would have to report the feasibility of the applications and its recommendations by Jan. 15 next year — so the state’s burgeoning agriculture industry could soon be put on blockchain rails. 

Ohio

Specialty: Crypto businesses, taxes, real estate agents (potentially)

Ohio still has a long way to go to become a federal crypto hub in the U.S., but its ambitions are evident. After legally recognizing blockchain data in August 2018, lawmakers of the Buckeye State proposed using blockchain for birth certificates and marriage licenses, as well as to work with universities so that they can offer blockchain-related courses to their students.

Ohio House of Representatives Speaker Ryan Smith said, summarizing those initiatives, “Because this is so new and this is just beginning to take shape, we can position Ohio out front.”

Meanwhile, Ohio has already advanced in one particular field in which other states are still lagging: taxes paid in crypto. Since November 2018, local companies can pay everything from cigarette sales taxes to employee withholding taxes with Bitcoin (BTC) after registering on the website OhioCrypto.com. The state’s treasurer, Josh Mandel, told Cointelegraph soon after his initiative went live:

“Here in the United States, states are the laboratories for democracy, and I think this is a perfect illustration of this concept — where this idea is beginning at a state level in Ohio, but the ultimate goal is to inspire the federal government to follow suit.”

The first major business to take interest in that option was Overstock.com, a pro-crypto e-commerce firm. In January 2019, the company’s CEO and founder, Patrick Byrne, announced that his company was going to file its commercial activity taxes in the state via OhioCrypto.com.

The next unique realm in which Ohio could apply positive regulation is real estate. Earlier this year, the County Auditors’ Association of Ohio created a working group to study how blockchain can help to “more effectively” transfer real estate deeds at the state level.

Texas

Specialty: Crypto mining, consumer protection

Texas was the first state to publish a memorandum that declared that no money transmitter license is needed to sell Bitcoin or other digital currencies. However, it is definitely not the most crypto-friendly place on the list — after all, Texas was on the verge of passing a bill earlier this year that would have banned the usage of cryptocurrencies between unidentified parties.

Blockchain lobbyist Long and Wyoming House Rep. Tyler Lindholm even travelled to the Texas’ capitol to meet the lawmakers behind this document and to convince them to drop it, but failed to meet legislators. Regardless, the paper seems to be dead in the water at this point, much to Texas crypto enthusiasts’ relief.

Therefore, positive regulation isn’t exactly the Lone Star’s strong suit, but it is still one of the most popular places in the U.S. for crypto mining, despite its scorching hot climate. Last year, for instance, the town of Rockdale welcomed Bitmain’s plans to build what would be the world’s largest mining facility, while other states under consideration — Tennessee and New York — were reportedly much more reluctant.

According to Wired, Bitmain was negotiating to pay $0.03 to $0.04 per kilowatt-hour for electricity, “about half the average for an industrial client in the area and among the lowest in the country.” Additionally, the Chinese behemoth had been approved an 80% property tax dis­count for the first five years in exchange for creating 400 to 600 new jobs.

However, once the crypto winter hit, the company had to abandon its plans for U.S. expansion. The construction, which had already begun at that point, was eventually resurrected, but the center’s record-breaking scale had to be drastically downsized from 600 to just 40 new jobs.

Nevertheless, there are other crypto mining enterprises in the business-friendly state of Texas such as TMGCore, whose cooling technology allegedly allows it to run efficient mining rigs even during the summer heat. Meanwhile, other states where mining is cost-efficient — like New York and Washnigton — have intentionally been increasing electricity costs for crypto businesses and rolling out moratoriums, which makes Texas an overall safer bet.

On a side note, Texas is one of the most stringent actors when it comes to clearing the crypto space from noncompliant actors. Specifically, the Texas State Securities Board issued a total of 60 cease-and-desist orders against people and entities that reportedly sold unregistered securities in 2018, and continues to actively monitor the space this year.

California

Specialty: Crypto businesses, consumer protection

Back in 2014, California became one of the first states to roll out a form of crypto regulation, as its governor signed a bill ensuring that “various forms of alternative currency such as digital currency” are legal in purchasing goods and transmitting payments. Since then, the most populated state in the country has not necessarily been at the forefront of cryptocurrency governance, but it is by far the most popular place in the world for professionals working in the crypto industry — a quick search on the job recruitment site Indeed showed 327 jobs for the keyword “crypto” and 738 “blockchain” entries.

Consequently, the largest U.S. crypto companies — like Coinbase, Ripple and Kraken — are all headquartered in California. Therefore, the lack of certain regulations could be viewed as a blessing in disguise because local businesses are not hurdled with overly restrictive measures like New York’s BitLicense. Plus, the California Superior Court has shown its readiness to take resident crypto holders’ side in case of evidentiary fraud.

Moreover, California might soon start catching up with Wyoming and the rest of crypto-friendly states. Earlier this month, California Government Operations Agency Secretary Marybel Batjer announced the chair and members of the newly formed blockchain working group created by Assembly Bill 2658 back in 2018. Per the document, the task force is required to submit a report on blockchain’s potential uses, risks and benefits to the state government by July 1, 2020. 


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What are the most crypto-friendly U.S. states? That depends on your line of work; head over to our rating for more information.

Top-5 Crypto Performers: LINK, LEO, BCH, ETC, BSV, OKB*

Top-5 Crypto Performers: LINK, LEO, BCH, ETC, BSV, OKB*

Which of the top-five performers are showing a buying opportunity? Let’s study the charts

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Only a handful of hedge funds have invested large sums of money in the crypto universe. Digital Currency Group, likely the largest, has invested in over 130 crypto-related projects with an average seed round size of $3.24 million. Its subsidiary, Grayscale Investments, which invests directly in cryptocurrencies and digital assets, had $2.7 billion in assets under management according to its Q2 2019 financial report. 

According to the 2018 Preqin Global Hedge Fund Report, the size of the hedge fund industry was more than $3.2 trillion. This shows that hedge fund interest in cryptocurrencies is very low compared to other asset classes. Even if a fraction of this money starts to flow into cryptocurrencies, prices can surge.

The physically delivered futures platform Bakkt is scheduled to launch on Sept. 23. Its arrival  is expected to increase institutional flow into the asset class. It will be interesting to see whether the launch improves sentiment and provides a much-needed boost to start the next leg of the up-move.  

LINK/USD

Though Chain Link (Link) only closed marginally in the green, it turned out to be the best performer among major cryptocurrencies in the past seven days. Can it build on its gains if the market recovers or will it also succumb to selling pressure? Let’s analyze the chart.

LINK/USD

The LINK/USD pair has been consolidating between $2.0531 and $2.8498 for the past four weeks. This shows that buyers step in to defend $2.0531 and sellers stall the up-move at $2.8498. Trading inside such a tight range can build up energy, which will be released either on a breakout or a breakdown from the range. However, it is difficult to predict which way prices will escape.

If bulls push the price above $2.8498, the pair can retest the lifetime highs. Traders can ride this rally by initiating long positions on a breakout and close (UTC time) above $2.8498. The stop loss for this trade can be kept at $1.95.

Conversely, if the tight range resolves to the downside, bulls might try to hold the price above 20-week EMA, but if this support cracks, the next stop will be at $1.3139, which is the 78.6% Fibonacci retracement of the rally. 

LEO/USD

UNUS SED LEO (LEO) is the second-best performer of the past seven days. According to its plan to buy and burn LEO tokens using 27% of all accrued margin trading fees, Bitfinex tweeted that it had completed burning of 1750,570 tokens. Can it move up, building on this week’s performance? Let’s find out.

LEO/USD

Due to a short trading history, we will analyze the daily chart on the LEO/USD pair. The bears broke below the support of $1.20 on Aug. 16, but could not capitalize on it. Buying at lower levels propelled the price back above $1.20 on Aug. 17. This is a positive sign as it shows that the sentiment is to buy on dips.

The 20-day EMA is flattening out and the RSI has risen to the center, which suggests a balance between buyers and sellers. If bulls can breakout of $1.40, it will increase the probability of a new uptrend that can carry the price to $2. Therefore, traders can initiate long positions on a breakout and close (UTC time) above $1.40 with stops placed at $1.15.

BCH/USD

Bitcoin Cash (BCH) turned out to be the third-best performer of the past seven days. Can it build on its strong performance? How does its future look? Let’s analyze the chart.

BCH/USD

The BCH/USD pair has been trading inside an ascending channel. The bulls have defended the support line of the channel twice within the past five weeks. This shows that buyers are accumulating the cryptocurrency on dips.

However, if the price fails to sustain the rebound from the support line, it will show a lack of demand at higher levels. The bears will then reverse direction and attempt a breakdown of the neckline of the developing head and shoulders pattern. If the price closes (UTC time) below the neckline, it will complete the bearish pattern, which will be a huge negative. 

On the other hand, if bulls push the price above $360, a rally to the resistance line of the channel is likely. Aggressive traders can attempt a trade by initiating a long position if the price sustains above $360 for a day. The first target is $515.35, above which, the pair is likely to pick up momentum. The stop loss for this trade can be kept at $250. As the risk-to-reward ratio is not very attractive, keep the position size at 40% of usual.

ETC/USD

Ethereum Classic Labs’ Stevan Lohja believes that if Ethereum Classic (ETC) removes “Ethereum” from its name, it can “rekt” many cryptocurrencies with top market capitalization.  Ethereum Classic Labs has started Studio, a program that will support and launch new projects to strengthen the ETC ecosystem.

ETC/USD

The ETC/USD pair has been consolidating in a large range of $3.40 to $10 for the past ten months. Both moving averages are trending down marginally and the price has been trading below it for the past five weeks. The RSI has also dipped into the negative zone, which suggests that bears have the advantage in the near term. This increases the possibility of a fall to $3.40. 

However, such a consolidation can sometimes be a sign of accumulation by strong hands. Therefore, traders can buy after the price bounces off the support at $3.40. This provides a low-risk buying opportunity that can offer great returns if the pair breaks out of $10. The first target on a break above $10 is $15 and above it $20. Contrary to our expectation, if bears sink the pair below $3.40, it will start a new downtrend, which will be a bearish sign. 

BSV/USD

Bitcoin SV (BSV) blockchain developer synfonaut has launched a consulting service called Office Hours, which provides an opportunity to connect with experienced Bitcoin SV developers for help on Bitcoin SV projects.    

BSV/USD

The Bitcoin SV pair has been giving up ground in the past few weeks. The bulls are struggling to sustain the bounce, which shows lack of demand at higher levels. The pair has dipped below the 20-week EMA, which has flattened out and the RSI is also close to the midpoint. This suggests a range-bound action for the next few weeks. Support for the range is at $107 while resistance is at $188.69.

If bears sink the cryptocurrency below $107, the pair will become negative and can drop to $92.933, which is the 78.6% Fibonacci retracement level of the rally. On the other hand, a breakout of $188.69 can propel it toward lifetime highs. 

The best place to buy in a range-bound market is close to the support of the range or on a breakout of the range. Until then, we suggest traders remain neutral on the digital currency.

OKB/USD*

OKB, the native token of the world-leading exchange OKEx has been on a stellar run in 2019. Its rally from lows of $0.5718 to highs of $4.18 has offered a handsome return of 631% to its investors. That has easily outperformed Bitcoin’s 331.8% rally. 

OKB’s performance has been supported by strong fundamentals. Hence, the pullbacks have been shallow, which show that investors are not willing to dump their positions and fresh investment enters even on minor dips. This outperformance has taken place even when the altcoin sentiment has been hugely negative. 

The OKB Buy-Back & Burn Program is an attractive incentive for the long-term holders of the token. Migration of the token from the ERC-20 protocol to the OKChain mainnet in the future will also be a huge positive.

Following a new plan for OKB supporters, trading fees for VIP users will be determined only by trading volume, unlike the normal user for whom fees will be based on trading volume and OKB holdings.

Currently, OKB’s 24-hour volume is just over $92 million. Will the rally in the token continue or is it ripe for a correction? Let’s analyze the chart to find out.

OKB/USD

OKB has formed a higher highs and higher lows pattern since the start of the year, which confirms that it is in an uptrend. When the uptrend is strong, pullbacks are shallow. During its latest pullback, it found support at $2.605, which is just below the 50% retracement of the latest leg of the rally from $1.2616 to $4.18. This is a positive sign and shows strong demand on dips. 

The 20-week EMA is sloping up and the 50-week SMA has also started to turn up, which is a positive sign. A breakout of $4.18 will extend the uptrend and can carry the price to the lifetime highs of $6.68. 

However, if the bears defend the overhead resistance at $4.18, the cryptocurrency can remain range-bound for a few weeks. It will lose momentum only if it drops and sustains below $2.3764, which is the 61.8% Fibonacci retracement of the recent rally.

*Disclaimer: OKB is a featured cryptocurrency from one of Cointelegraph’s sponsors, and its inclusion did not affect this price analysis.

Market data is provided by the HitBTC exchange.


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Top-5 Crypto Performers: XTZ, LINK, BTC, BCH, XMR

Top-5 Crypto Performers: XTZ, LINK, BTC, BCH, XMR

Bitcoin’s price has turned around. Can it break out of its recent highs? Let’s study the chart

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Binance research highlights that Bitcoin (BTC) has rallied along with other assets that are considered safe-havens following the latest tariff tweet by United States Pres. Donald Trump. This shows that Bitcoin is gaining acceptance as a safe haven and a hedge against geopolitical issues and monetary easing by central banks. 

In a letter to investors, Bitwise said that all the attention garnered by Facebook’s Libra project has fast-forwarded the public discourse on cryptocurrencies by two or three years. While not all the attention is positive, the firm believes that the involvement of regulators will give confidence to investors, which will be positive in the long term.

After Libra, now Walmart wants to develop its own U.S. dollar-backed digital currency. While these projects are likely to face stiff opposition from regulators, we believe that they will bring cryptocurrencies into a greater limelight, which is positive.

XTZ/USD

Tezos (XTZ) is the best performer of the past seven days with a massive jump of over 40%. It shot up after Coinbase announced that it will onboard the cryptocurrency on its professional trading platform, Coinbase Pro. The four-stage process will start with inbound XTZ transfers on August 5. Huobi Wallet tweeted that it will be a Tezos baker and support XTZ in the near future. Blockchain development company Truffle announced that it will add support for the Tezos blockchain protocol in its developer suit. These favorable fundamental news helped the digital currency rake up strong gains. However, can this continue or will the rally peter out after the news-based rally? Let’s analyze the charts.

XTZ/USD

The XTZ/USD pair has formed a cup and handle reversal pattern, which will complete on a breakout and close (UTC time frame) above $1.85. Following the breakout, the target objective is $3.37 and above it $4.20. The moving averages have completed a bullish crossover and the RSI has jumped into positive territory, which suggests that bulls are back in the game.

However, the failure of bulls to close the week near the highest point shows profit booking at higher levels. If the price fails to break out of $1.85, the reversal pattern will not come into play and a few weeks of consolidation between $0.83 and $1.85 are possible.

Traders can buy on a close (UTC time frame) above $1.85 and keep a stop loss of $0.82. Until then, it is better to remain on the sidelines.

LINK/USD

Unlike other major cryptocurrencies, Chainlink (LINK) has been volatile and has been finding a place either among the top losers or the top gainers for the past few weeks. This week, it has again found a place as a top gainer. Oracle announced a partnership with Chainlink, which is a big boost for the project. In other news, Callisto Network announced integration of Chainlink Oracles and Zilliqa tied up with Chainlink to power its smart contracts. While the fundamental news flow has been positive, let’s see what the chart projects.

LINK/USD

The LINK/USD pair has found support at the 61.8% Fibonacci retracement levels of $2.0175 for three successive weeks. This makes it an important level to watch on the downside.

On the upside, bulls might face resistance at $2.8498, above which, the pair is likely to pick up momentum and rally towards the lifetime high. Therefore, traders can wait for the price to scale and close (UTC time frame) above $2.8498 before attempting long positions. 

If bulls fail to propel the price above $2.8498, the pair might remain range-bound for a few weeks. Our bullish view will be negated if bears sink and sustain the digital currency below $2.0175. 

BTC/USD

Bitcoin (BTC) has gained in double digits in the past seven days. The past week saw a flare-up of trade war between China and the U.S. and a rate cut by the U.S. Federal Reserve. Peter Tchir, former Executive Director at Deutsche Bank, said that Bitcoin acts as a lead indicator to hidden geopolitical tensions. 

Fundstrat Global Advisors co-founder Tom Lee and a report by research firm Delphi Digital said that dovish policies of central banks will be bullish for the leading cryptocurrency. On the news that central banks have been buying a record quantity of gold, Anthony Pompliano said that central banks will start hedging their assets with Bitcoin if they “find out about the non-correlated, asymmetric upside profile of Bitcoin.” 

Can Bitcoin extend its rally in the next few weeks? Let’s find out.

BTC/USD

In strong uptrends, the pullbacks are usually arrested at the 38.2% Fibonacci retracement level of the entire rally. The BTC/USD pair found support between the 38.2% and 50% retracement levels, which is a positive sign. Both moving averages are sloping up and the RSI is in positive territory. This suggests that bulls are firmly in command.

The up-move might face some resistance at the downtrend line, above which, the pair can retest the recent highs of $13,973.50. This level might see some profit-booking, but once crossed, we expect buyers to pile in and push the price toward $17,208.84. 

Our bullish view will be invalidated if the price turns down from the downtrend line and plummets below $9,080. That will indicate selling at higher levels and might catch the bulls off guard.

BCH/USD

Bitcoin Cash (BCH) celebrated its second birthday on Aug. 1 and ended up as the fourth-best performer of the week. Can the rally continue?

BCH/USD

The BCH/USD pair is rising inside an ascending channel. It remains in an uptrend as long as it stays inside the channel. The bulls will now try to push the price towards the resistance line of the channel. A breakout of the channel will result in a sharp upward move. The traders can initiate positions as suggested in our earlier analysis.

Contrary to our assumption, if the pair turns down and plummets below the channel, it can plummet to $227.70 and below it to $166.25. Both moving averages have flattened out and the RSI is close to the midpoint, which points to a probable consolidation for a few weeks.

XMR/USD

Monero (XMR) rounded up the list with gains of just over 8%. Can the cryptocurrency extend its gains in the coming weeks? Let’s have a look at its chart.

XMR/USD

The bears broke below the support at $81.4151 in the past week, but could not capitalize on the breakdown. The XMR/USD pair has quickly bounced back above the level, which shows demand at lower levels. Both moving averages have flattened out and the RSI is just above 50, which points to a range-bound action for a few weeks.

If the price breaks out of $90.4999, it can rally to $107 and above it to $120. The traders can buy if the price closes (UTC time frame) above $90.4999 for a day and keep a stop loss of $71. The stops can be raised to breakeven as the pair reaches $107.

Contrary to our expectation, if the cryptocurrency reverses direction and plunges below $71, it will be a negative sign. Such a move can drag it lower to $60.

Market data is provided by the HitBTC exchange.


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Top-5 Crypto Performers: BSV, XTZ, TRX, LTC, ATOM, OKB*

Top-5 Crypto Performers: BSV, XTZ, TRX, LTC, ATOM, OKB*

Will the outperformers of the past seven days extend their up move? Let’s consult the charts

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

While Libra is expected to draw retail customers to cryptocurrencies, Bakkt is likely to attract institutional investors. Following the Bakkt Digital Asset Summit held on July 18, Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor anticipates that Bakkt’s Bitcoin futures contracts might launch in the current quarter. 

Fidelity’s crypto arm Fidelity Digital Assets Services has applied for a license with the New York Department of Financial Services. If approved, the firm can start its custodial services in the state of New York. Both these services will address concerns of the institutional players and might hasten their arrival.

The cryptocurrencies have bottomed out and have started a new bull market that has legs to run. In an uptrend, the dips are a buying opportunity. Let’s see if we spot any buy setups in the top five market performers of the past seven days. 

BSV/USD

The Bitcoin SV (BSV) network will complete the Quasar upgrade on July 24, which will increase the default block size hard cap from 128MB to 2GB. After a few months of the upgrade, the cryptocurrency will be able to handle thousands of transactions every second. DRIVE Markets has launched trading in Bitcoin SV. Backed by these positive news, the digital currency has turned out as the top performer among major cryptocurrencies. It has rallied close to 25% in the past seven days. Can it continue its up move or will it witness profit booking at higher levels? Let’s analyze the chart.

BSV/USD

The BSV/USD pair broke below the 61.8% Fibonacci retracement level of the rally this week, but lower levels saw sharp buying that has propelled the price right back up. This is a positive sign as it confirms demand at lower levels. The price can now reach $214.210 and above it $255.620. If the bulls propel the price to a new high, the uptrend will continue. 

However, after forming large ranges in the past two weeks, we expect the volatility to cool down and the pair to enter a consolidation for a few weeks. The pair will turn negative if the price turns around from one of the overhead resistances and plummets below $107. Nonetheless, we give it a low probability of occurring. 

XTZ/USD

Tezos (XTZ) is the second-best performer of the past seven days, rising close to 20%. Can it build on its momentum and start a new uptrend? Let’s see the chart.

XTZ/USD

The XTZ/USD pair is largely range-bound between $0.33 and $1.85. For the past three weeks, the bulls have managed to defend $0.902128, which is the 61.8% Fibonacci retracement of the recent rally. The bulls have not been able to push the price above $1.295480, which shows profit-booking at higher levels. Both moving averages are flat and the RSI is close to 50, which suggests that the digital currency might consolidate for a few more weeks.

If the pair breaks out of $1.295480, it can rally to $1.85. A breakout of $1.85 will start a new uptrend that has a long-term target objective of $3.37. Therefore, traders can buy on a close (UTC time frame) above $1.295480 and keep a stop loss of $0.80. 

Our bullish view will be invalidated if the price reverses direction from $1.295480 and plummets below $0.829651. If that happens, a drop to $0.33 is probable.

TRX/USD

Tron (TRX) CEO Justin Sun tweeted that something big will happen next week along with the Warren Buffet lunch. Sun has invited influential people in the crypto universe to join him for the power lunch with the legendary investor. The crypto community has kept its fingers crossed on the outcome of the meeting.

TRX/USD

The TRX/USD pair had broken down of the channel last week. Though bears broke below the critical support of $0.022 during the week, they could not sustain the price at lower levels. Aggressive buying has propelled the price back into the channel. This is a positive sign.

There is a minor resistance at the downtrend line above which the pair can move up to $0.040. A breakout of this resistance can push the price to $0.050. The traders can wait for the price to scale above the downtrend line before buying. The stop loss can be kept at $0.020 because if this support gives way, a drop to $0.017740 and below it a retest of the yearly low is probable.

LTC/USD

Litecoin (LTC) was recently named as the official cryptocurrency of the Miami Dolphins. This will increase the visibility of the cryptocurrency among NFL fans. With halving just a few days away, can the price resume its uptrend or will it remain range-bound? Let’s find out.

LTC/USD

After failing to break out of the ascending channel a few weeks ago, the LTC/USD pair plummeted below the channel last week. The bears followed it up with a breakdown of the support at $83.65. However, they could not sustain the lower levels and the price has quickly bounced back. This shows strong demand at lower levels.

Currently, the bulls are facing resistance at the channel line. This line, which had previously acted as a support is likely to act as a resistance. Nevertheless, if the price climbs back into the channel, it will be a positive sign. The next level to watch on the upside is $140.3450. Therefore, traders can wait for the price to re-enter the channel and sustain it before buying. The stop loss can be kept at the recent lows of $76.

Our bullish view will be invalidated if the price turns down from the channel and plunges below $76. In such a case, a drop to $58 is probable.

ATOM/USD

Cosmos (ATOM) rallied close to 5% in the past seven days. Is this the start of a new uptrend or is this only a pullback in a downtrend. Let’s study the chart.

ATOM/USD

Due to a short trading history, we are analyzing the daily charts for the ATOM/USD pair. The pair has given up a lot of ground in the recent correction. It is currently attempting to bounce off the $3.6043–$3.4101 support zone. 

The pullback is likely to face resistance at the 20-day EMA. The next fall towards the support zone will give us a better idea whether the bottom is in place. If the price breaks below $3.4101 during the next fall, it can retest the lows at $2.9277.

Conversely, if the pair rebounds off the support zone and breaks out of the 20-day EMA, it is likely to reach the 50-day SMA and above it $6.15. Therefore, traders can watch the price action during the next fall and buy on a breakout above 20-day EMA. The stops can be placed below $3.40.

OKB/USD*

OKB is the native token of OKEx, a world-leading cryptocurrency exchange. It is trading well above its listing price. The token offers its users opportunities to set up OKEx partner exchanges, settle trading fees and subscribe to new tokens sale on the OK jumpstart platform.

The total supply of OKB is 1 billion, out of which only 300 million is in circulation and the rest has been locked up until 2022. The long-term hodlers of the token will benefit from the OKB Buy-Back & Burn Program, which will be run every 3 months. Currently, the token is operating on the ERC-20 protocol but will soon migrate to the OKChain mainnet – being developed by OKEx — which is in its final stages of testing.

In its evaluation report, Shinobi Capital, an established blockchain and cryptocurrency advisory firm, expects OKB to benefit from the development of OKChain mainnet and better market conditions for cryptocurrencies. They expect OKB to hit a market capitalization of about $7.068 billion by 2020.

OKB has been listed on Bitfinex and is attempting to partner with other exchanges to further expand the ecosystem. At press time, the token is ranked 1,878 on CoinMarketCap with a 24-hour volume of $142,547,972. So, is this a good opportunity to scoop OKB before prices shoot up? Let’s look at the technical picture.

OKB/USD

The OKB/USD pair hit a high of $6.68 on May 18, 2018, and from there, it lost a lot of ground during the crushing bear market and fell to a low of $0.5718 on January 13, 2019. However, it participated in the recovery and rose to a high of $2.5566 on April 3. That is a 347% gain within three months.

Thereafter, the pullback found support at the 61.8% Fibonacci retracement level of the up-move. It consolidated between $1.30 and $1.829 for a few days before breaking out. It again got stuck in the $1.55–$2.09 range for a few days. 

Currently, the price has broken out of the range and is likely to move up to $2.5566, which will act as a stiff resistance. If this level is scaled, the price can move up to $4 and above it to $5.40. Both moving averages are gradually sloping up, which suggests that bulls have the upper hand. 

However, if bears defend $2.5566, the digital currency might remain range-bound between $2.09 and $2.5566 for a few days. It will lose momentum on a break below the 50-day SMA and will turn negative on a breakdown of $1.2616. 

*Disclaimer: OKB is a featured cryptocurrency from one of Cointelegraph’s sponsors, and its inclusion did not affect this price analysis.

The market data is provided by the HitBTC exchange. 


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Will the outperformers of the past seven days extend their up move? Let’s consult the charts

Top-5 Crypto Tokens Pronounced ‚Dead‘ — NEM and BCC Head the List

Top-5 Crypto Tokens Pronounced ‚Dead‘ — NEM and BCC Head the List

Here is a list of top-5 cryptos pronounced “dead” and how they came to their demise

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In 2017, the cost of Bitcoin (BTC) reached almost $20,000, and in December 2018, its rate fell to $3,187 per token. Nevertheless, it is a solid price movement for a currency, which was created from nothing about 10 years ago. Bitcoin still dominates the portfolios of most crypto investors and is by far the most popular cryptocurrency, meaning its price is less prone to drops than the rest of the market.This is also indicated by the CoinMarketCap dominance chart. But what about the rest of the cryptocurrencies that have appeared over the past couple of years?

In 2018, CNBC reported that approximately 800 cryptocurrencies, which appeared as a result of initial coin offering (ICO), can now be called „dead,“ because they are traded at a price below $0.01. In 2019, this figure continued to increase.

Resources that specialize in “dead” cryptocurrencies have launched, such as Deadcoins and Coinopsy, according to which, in 2018, about 1,000 different cryptocurrencies failed. Many “dead” crypto projects were scams organized as ICOs and some could not stand the pressure of the bearish market in late 2018. That is how Jay Richler, co-founder of Coinopsy, described to Cointelegraph the huge number of failed coins listed in different exchanges: 

“Before 2016, most failed due to just making a coin for fun, and then developers just gave up of pulled a small scam or pump-and-dump. After 2016, market got saturated with coins, so exchange listings now cost large amounts of $$$, for example Binance is like 1 million to get listed from memory. So after 2016, it was either well planed scams with funding and marketing or coins that started just didn’t have the funding and direction.This is most but not all.”

The Deadcoins’ team responded to Cointelegraph by saying that it is convinced that the main reason for cryptos failing is the lack of utility on their behalf:

“Many of the altcoins most probably to fail for many reasons, but the main reason will be the lack of utility and the use case or overlapping with other altcoin or their use case is already satisfied by BTC or other major coins.”

Here are our top-five dead cryptocurrencies — which were terminated by their founders — that turned out to be scams or had trading volumes of less than $1,000 for three months. Some entries in this list may come as a surprise.

Top cryptocurrencies presumed

Bitconnect

BitConnect tops this list of dead coins, as it is believed to be a fraudulent scheme — one of the largest in the history of crypto. The BitConnect project was accused of creating a large-scale financial pyramid.

BitConnect’s blistering invasion of the CoinMarketCap top-10 list, with a capitalization of $2 billion shortly after the launch of the project in January 2017, stunned many, and rumors of a dubious scheme began to spread rather quickly. However, only by the end of 2017 did cryptocurrency investors decide to publicly accuse the project of organizing an investment scam — a so-called Ponzi scheme.

One of the more prominent critics of the project was billionaire and well-known Bitcoin investor Mike Novogratz, who stated on Twitter that BitConnect really looks like a Ponzi scheme that hurts the image of the entire industry: “BitConnect really seems like a scam. an old school ponzi… bad actors hurt the community. period.”

The reason for all this resentment is the BitConnect lending program. The project promised significant bonuses for deposits in Bitcoin. But according to disgruntled users, the bonus payment mechanism remained opaque, and the nature of its origin was unknown. This led the community to suspect that the project represented a financial pyramid built on top of a multilevel referral system.

Many critics pointed out that the only possible source of bonus profits are deposits from new investors, but that information was kept secret by the founders of the project, whose identities were unknown. However, in early 2018, BitConnect was beginning to collapse. Texas and North Carolina regulators forced the founders to close the lending program and their cryptocurrency exchange, making the BitConnect (BCC) token redundant and subsequently causing it to depreciate. Then, one by one, collective lawsuits started to be filed against BitConnect, and United States authorities came to grips with investigating the activities of the project — whereby a U.S. court decided to freeze its assets.

NEM

NEM, or New Economy Movement, is a cryptocurrency that launched in March 2015. The active development of the NEM cryptocurrency began in 2016. The uniqueness of NEM lies in the fact that its development was carried out on original open-source code, thanks to which the cryptocurrency was able to initiate many useful innovations. The entry, withdrawal and exchange of the NEM cryptocurrency takes place on exchanges.

NEM is used to make instant transfers and payments worldwide without large commissions. It can be purchased both online and for cash, as well as be used for exchange operations among other currencies. NEM has become a very popular cryptocurrency and now is in the top-30 currencies by the market capitalization indicator, according to Coin360.

However, one of the largest cryptocurrency exchanges in Japan, Coincheck, confirmed in January 2018 that a large scale theft of funds from the platform has taken place. A total of $123.5 million in the form of NEM tokens (XEM) was claimed. At the time, Coincheck suspended all operations with NEM and other altcoins. Meanwhile, unconfirmed reports were received that unknown attackers stole further $600 million worth of NEM from the exchange.

Shortly afterward, Coincheck representatives officially reported the total losses of 58 billion yen ($123.5 million). The exchange filed a statement with the Financial Services Agency of Japan (FSA) and local law enforcement agencies regarding the cyber attack. Also, representatives of Coincheck assured that they were studying ways to compensate users for the lost funds. Despite assurances from the NEM Foundation, the news of the Coincheck hack and the theft of such a large amount led to a sharp decline of XEM: The coin dropped sharply in a short period of time, and by February, its value was about $0.60 and is still floating around that level.

Price of NEM since its drop from all time high price of $2.05

Nem

Source: coin360.com

Universa

The Russian-based project Universa attracted $28 million during its token sale in December 2017. The stated goal was to create a blockchain platform for business applications based on the high-speed Universa blockchain protocol, with a capacity of up to 22,000 transactions per second (TPS). An important fact for the promotion of the project was the partnership with Ernst & Young (EY) — and one of the top Russian banks, Alfa Bank — and has certainly strengthened Universa’s image as a domestic blockchain industry pioneer.

The founder of MGT Capital Investments and the creator of anti-virus software McAfee Security, John McAfee, became a member of the advisory committee of the Russian blockchain project, headed by businessman Alexander Borodich. McAfee spoke about this at the time on Twitter:

“I am proud to become an advisor @Universa_news and build McAfee Coin on the fastest blockchain. Join the revolution/ICO today! universa.io.”

However, as soon as the markets cooled down, a conflict among the members of the project’s management became evident, which resulted in legal proceedings being filed following the accusations of damaging the business’s reputation among the founders of the project. But while the management of the company was figuring out their differences, the daily trading volume of tokens hardly managed to reach $42.000, the liquidity was almost absent and the HitBTC exchange delisted this cryptocurrency. 

Bitcoin Diamond

Bitcoin Diamond (BCD) is a fork of Bitcoin. This cryptocurrency was created in November 2017 as a result of the separation of the mainchain of Bitcoin after block #495866. The purpose of the cryptocurrency is the same as the original Bitcoin, as a means of payment that is convenient for online purchases. The BCD token was credited to all Bitcoin token holders automatically after the fork. The accrual was carried out at a ratio of 1 BTC to 10 BCD. Thus, the maximum number of BCD tokens cannot exceed 210 million tokens, while 170 million tokens were released immediately and distributed among Bitcoin holders.

Bitcoin Diamond differs from the original Bitcoin in several key areas:

  • Block size was increased to 8 MB, eight times larger compared to Bitcoin.
  • A new encryption method was implemented, solving issues of confidentiality.
  • Increased speed of each block, reducing delays in confirming transactions and their costs.

The roadmap of the project promised that, by the beginning of 2020, Bitcoin Diamond should surpass Bitcoin in terms of its use cases. But the development plan has left a lot of uncertainties, with the main question being: When will work on the BCD token be competed? 

As per Coin360, Bitcoin Diamond‘s capitalization is at around $140.5 million, and the cost of the tokens from the moment of listing has almost constantly been decreasing. At the time of the fork, BCD’s price reached $85 per token. Currently, one coin costs in the region of $0.80, marking a drop of almost 100%. Major players in the crypto market have voiced their concerns regarding the project — with Ledger, for example, stating that Bitcoin Diamond was involved in fraudulent schemes at the end of 2017:

“SCAM WARNING — multiple sites claim to let you collect Bitcoin Diamond. They’ll steal your assets. Never enter your mnemonic into a third party website.”

According to the statement, customers switched to websites related to cryptocurrency, on which they were asked to enter a password, and their BCD tokens were subsequently stolen in a classic case of website cloning. 

Emercoin

It may seem surprising that a traded token is on this list, but Emercoin can be attributed as a loser in the world of cryptocurrencies.

The project started in 2013, but it appeared on the lists of popular exchanges only in 2014. The Emercoin cryptocurrency was conceived as a payment tool on the internet. Presently, Emercoin serves only as a means of payment. In other words, this is money for buying goods — such as games, clothes, programs, etc. But this didn’t offer anything interesting or present attractive options for buyers. However, the developers are claiming that, in the near future, Emercoin will become a unique platform that will protect websites, copyright, etc. 

Despite the efforts of the creators, Bittrex announced at the end of June 2019 the withdrawal of several low-liquidity altcoins, including the Emercoin token — EMC. According to Coin360, the coin is at the 493 line, per the capitalization indicator.

Only the strong survive

No matter how low the price of a cryptocurrency falls, it can go even lower until it reaches zero, as was the case of BitConnect. Under the conditions of a downward market trend, all levels of support can be broken through on the way to full depreciation. That is why investors should stay away from low-liquidity instruments, which do not possess a stable influx of money, especially when those instruments begin to fall. Those who invest in it fall into a trap: Even if investors want to sell a falling crypto currency, they cannot — due to the lack of buyers — and are forced to watch their funds melt away. Richler Vanierwitz from Coinopsy told Cointelegraph how some nonliquid coins can come to life for a while, but then die:

“We were working on uncovering a big scam around local wallet with cryptocurrencies. There were around 500 coins in the wallet, but over time owners of this coins lost 80-90% of funding on these coins, but they kept making more. Through the time the owners revived this coins as new ones and listed again in some exchanges and for a short time the cost of these coins grew again but soon died. So I would not recommend buying any revived coin. Some other coins just get removed from one exchange then few months later get on a new one. Many reasons of the fall.”

Peter Brand, a financial analyst and trader, who correctly predicted an 80% drop in the cost of Bitcoin last year, takes a harsher stance, saying that only a few cryptocurrencies have a future ahead of them:

“Cryptos developed because of BTC. The cryptocurrency story is a Bitcoin story. It is difficult for me to specifically name those coins that will be worthless, but I genuinely believe that 99% will become worthless because their origination was driven by an attempt of a person, company or consortium to ride the coattails of Bitcoin. I believe that LTC and ETH have a good chance to retain value because of their already mass acceptance. On the other hand, I believe that niche coins (developed to address very specific purposes) and coins largely controlled (such as XRP) face an uphill journey.”


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Here is a list of top-5 cryptos pronounced “dead” and how they came to their demise