Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Crypto markets are seeing some stability today, with most major coins seeing only minor ups and downs.

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday’s market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Tether (USDT) has meanwhile seen a recovery, having yesterday slipped from its U.S. dollar peg to trade well below its historical price range, briefly dipping as low as $0.925.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap. During a short-lived spike yesterday, which correlated with Tether’s price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Overall on the week, the top coin has virtually not budged, and is 0.06 percent down as compared with Oct. 9. On the month, Bitcoin is up around 1.72 percent, again remaining relatively stable.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down just fractionally, by 0.3 percent, to trade just under $210, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220.

On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time. The asset saw a spike parallel to BTC and ETH yesterday, but has seen solid performance today and is trading only slightly below yesterday’s peak at $0.567.

Having shed value during the market-wide losses Oct.11-14, Ripple is around 4.4 percent in the red on its weekly chart. Nonetheless, due to its soaring successes in September, Ripple’s monthly growth is at close to 64 percent.

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether (USDT) has reclaimed most, if not all, the ground it lost during yesterday’s tumble, and is up 1.6 percent to trade at $0.98 at press time. Although reasons for Tether’s losses yesterday are not confirmed, unconfirmed reports have recently circulated that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

Others have proposed the market sentiment was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

Tether 7-day price chart. Source: CoinMarketCap

The market’s seventh largest coin Litecoin (LTC) is down 1.66 percent to trade at $54.25 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both up about 1 percent on the day to press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

Tezos (XTZ) has soared 13 percent on the day and is trading at $1.44 at press time.

Tezos’ 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) and Binance Coin (BNB) have both seen above-average price changes on the day, both down about 3 percent at press time.

Total market capitalization of all cryptocurrencies is down to around $211.1 billion as of press time — having reached as high as $220.2 billion briefly yesterday, Oct. 15.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today investor and crypto bull Mike Novogratz tweaked his price forecast for Bitcoin, predicting the top crypto would in fact not break $10,000 in 2018. He suggested instead that during “Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

In other crypto news, stablecoins continue to make headlines this week, with blockchain trust company Paxos announcing it has already issued around $50 million worth of its recently-launched U.S.dollar-backed stablecoin, PAX.

Notably, with regards to better-known thought controversial stablecoin Tether, stablecoin issuance at this scale has drawn both speculation and criticism in regards to its possible impact on Bitcoin (BTC)’s price performance.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) – the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC.

Following OKEx’s move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 12

While many predicted Bitcoin to be an alternative to gold, during the recent drop in stock markets, cryptocurrencies also sold aggressively.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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.

In 2017, Bitcoin (BTC) was being projected as an alternative to gold. Many believed that with its unique properties, the leading digital currency would replace the precious metal as a preferred choice of investment when the markets enter a risky environment.

However, during the recent drop in the stock markets, cryptocurrencies were also sold aggressively. Does this mean that digital currencies will not be considered as a safe haven investment in the future?

Not likely. There have been many instances in the past when gold has faced aggressive selling along with the more risky assets. In 2008, even though gold was in an uptrend, it was initially sold off along with the other asset classes, only managing to find its footing in the last quarter of the year.

It’s too early to say that virtual currencies are not a safe haven investment and are doomed. Those who don’t understand the significance of the new technology are mostly the ones who continue to criticize it.

Others, including governments and a number of large corporations, are exploring options to use blockchain technology in various fields. Several prominent Universities’ endowments are investing millions of dollars into cryptocurrency funds.

After the recent steep fall on crypto markets, do the chart patterns predict an even deeper fall, or a sharp rebound? Let’s find out.

BTC/USD

Bitcoin nosedived Oct. 11, breaking below the support at $6,341. Though we would have expected a retest of the critical support zone at $5,900–$6,075.04, the bulls are currently attempting a pullback.

BTC/USD

If the bulls close (UTC time frame) above $6,341, the BTC/USD pair will again try to break out of the downtrend line of the descending triangle. The bulls will have to scale a slew of overhead resistances before the trend changes. A rally above $6,831.99 will indicate the start of a new uptrend.

A break of the $5,900 mark will trigger a number of stops, resulting in a sharp fall. Currently, the moving averages are flat, with the 20-day EMA showing signs of turning down and the RSI in the negative territory. This shows that the bears have an upper hand.

Therefore, we suggest traders keep their stops at $5,900. The next few days are critical and can shed some light on the future direction.

ETH/USD

The tight range bound trading in Ethereum has resolved on the downside and broke below the support at $200. The bulls are currently trying to bounce from $188.

ETH/USD

Both moving averages are turning down and the RSI is in the negative zone, which shows that the bears have an advantage. A break of the Oct. 11 intraday low of $188.35 can result in a drop to the Sept. 12 low of $167.32.

The ETH/USD pair will gain strength and show signs of a trend change if it sustains above $249.93. Until then, we suggest traders stay on the sidelines.

XRP/USD

Ripple broke below the support at $0.4255 on Oct. 11, triggering our stop loss. The price nosedived below the 50-day SMA and found support close to the 78.6 percent retracement level.

XRP/USD

On the upside, the zone between $0.4255 and the 20-day EMA will act as a strong resistance. The 20-day EMA has started to turn down and the RSI is in the negative zone, which shows strong selling pressure in the short-term.

If the bears break below Oct. 11 intraday lows, the XRP/USD pair might plunge to $0.26913, completing a 100 percent retracement of the recent rally. The first sign of strength will be a move above the downtrend line.

BCH/USD

The bulls are trying to keep Bitcoin Cash inside the symmetrical triangle. A break down of the triangle and the Sept. 11 intraday low of $408.0182 will resume the downtrend. The next support on the downside is $300.

BCH/USD

If the bulls succeed in defending the support line of the triangle, the BCH/USD pair will again attempt to rise to $530.

The 20-day EMA is starting to slope down and the RSI is below 50 levels, suggesting bears have the upper hand. We recommend traders keep a stop of $400 on their long positions.

EOS/USD

After clinging to the resistance line of the symmetrical triangle for three days, EOS tumbled on Oct. 11, breaking below both moving averages and the trendline of the triangle.

EOS/USD

The bulls are currently attempting to hold the $5 line, below which, a drop to $4.49 is possible. The traders can protect their long positions with a stop of $4.9. The EOS/USD pair will attract buyers if it breaks out of the overhead resistance zone at $6.044–$6.3117.

XLM/USD

The fall in Stellar hit our stop loss suggested at $0.21. The current pullback attempt might face resistance at the 50-day SMA and the 20-day EMA.

XLM/USD

The XLM/USD pair will invalidate the descending triangle pattern if it can sustain above the downtrend line. The failure of a bearish pattern is a bullish sign; hence, we might suggest long positions on a successive close above $0.26.

On the downside, any break below the Oct. 10 intraday lows can push the price towards the critical support of $0.184.

LTC/USD

From the midpoint of the range, Litecoin has declined to the bottom of the range of $49.466–$69.279. A break of the support can resume the downtrend and push the price towards the next support at $40.

LTC/USD

The bulls are currently trying to bounce from close to the $50 mark. $60 will continue to act as a resistance on the upside.

The LTC/USD pair will show strength if it can sustain above $69.279. Until then, volatile trading inside the range is likely.

The aggressive investors can wait for today’s close and buy a small quantity with the stops below $47. A conservative investor should wait for the break out of the range before attempting a buy.

ADA/USD

On Oct. 11, Cardano broke below the first support at $0.073531, but the bears have not been able to capitalize on the fall.

ADA/USD

Currently, the bulls are attempting to push the price back above $0.073531. If successful, the  ADA/USD pair will continue to trade inside the range of $0.073531–$0.094256.

If the bears thwart the attempt, the cryptocurrency can decline to the recent low of $0.060105. We can’t find any buy setups and are not recommending a trade on the pair.

XMR/USD

After days of tight range bound trading action, Monero broke down of the range on Oct. 11, triggering our suggested stop loss at $106. It is currently trying to bounce off the psychological support at $100.

XMR/USD

The previous support of $107.8–$112 will now act as a strong resistance. The XMR/USD pair will show signs of strength if the bulls scale above the moving averages.

If the bears defend the overhead resistance, a drop to the lower level of $90 is likely. Traders should wait for a new buy setup to form before attempting to get in again.

TRX/USD

TRON has broken down of both moving averages, which extends its stay inside the range of $0.0183–$0.02815521.

TRX/USD

Both moving averages are flat and the RSI has dipped into the negative territory, which shows that the sellers have an advantage in the near-term. If the bulls fail to scale the 20-day EMA, the probability of a fall to the bottom of the range will increase.

The TRX/USD pair will resume its downtrend if the bears succeed in sustaining below $0.0183. Traders should wait for a breakout and close (UTC time frame) above the range to establish new positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Markets See Piecemeal Price Action, Some Stability After Yesterday’s Plummet

After yesterday’s carnage, crypto markets are seeing some relative price stability, with the top cryptocurrencies by market cap seeing mild movement, both up and down.

Friday, Oct. 12: after yesterday’s carnage, crypto markets are seeing some relative price stability. The top cryptocurrencies by market cap are seeing mild movement, both red and green.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has has seen little price action on the day, and is up 0.5 percent to trade at $6,318 as of press time. Ater a strong week of sustained trading around $6,600 – briefly trading as high as almost $6,670 Oct. 8 – the top coin took a plummet yesterday, hitting as low as $6,201.

On its weekly chart, its cliff-like performance yesterday has brought Bitcoin down to around 4.7 percent in the red, although it continues to practically break even on the month, at around 0.3 percent in the negative.
Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down around 1 percent on the day to trade at $197 at press time. Its weekly chart shows a similarly stark sudden drop yesterday, after the altcoin had circled $230 levels throughout much of the week. Yesterday’s losses brought Ethereum as low as around $194.

On the week, Ethereum is now almost 13 percent in the red; monthly growth remains around 8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is faring better, and is up close to a solid 7 percent to trade at $0.43. Nonetheless, the asset was not spared yesterday’s market-wide losses, and is showing a 17 percent loss on its weekly chart.

Buoyed by its outstanding price performance in September, Ripple’s monthly gains remain at 60 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing a mix of red and green. After Ripple, Litecoin (LTC) has made the strongest recovery, although it has seen a relatively mild 2 percent gain to trade $53.32. Stellar (XLM) is up around 1.6 percent and is trading at $0.216.

Meanwhile, anonymity-oriented altcoin Monero (XMR) is down a further 1.8 percent on the day and is trading at $102.79; EOS (EOS) has also shed around 1.46 percent in value at $5.21.

In the context of the top twenty coins, the picture is mostly red: Tezos (XTZ) is down the most, losing 3.5 percent to trade at $1.21, and Ethereum Classic (ETC) is down a round 3 percent at $9.51. Dash (DASH) and IOTA (MIOTA) are seeing smaller losses, at around 2.2 percent ($158.59) and 1 percent ($0.502) respectively.

Tron (TRX) has grown 2.2 percent to trade at $0.227 and is the only other top twenty crypto to see green.

Total market capitalization of all cryptocurrencies is down to around $202.2 billion as of press time – slightly recovering from a 24-hour low of $196.3 billion, yet remaining almost $20 billion down from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, Cointelegraph reported that the U.S. Financial Crimes Enforcement Network (FinCEN) has issued an advisory that calls on cryptocurrency exchanges to monitor Iranian use of crypto to evade sanctions.

According to the agency, as of 2013 Iranian use of cryptocurrency includes “at least $3.8 million worth of bitcoin-denominated transactions per year”; FinCEN goes on to warn that cryptocurrencies represent an emerging “payment system that may provide potential avenues for individuals and entities to evade sanctions.”

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Crypto Markets Shed Almost $20 Billion as Major Coins See Double-Digit Losses

Markets have taken a steep downturn, with several top-market altcoins seeing double-digit losses.

Thursday, Oct. 11: markets have taken a steep downturn, even as onlookers had lately been pointing to a period of stable price action in the crypto sphere. Virtually all of the top 100 cryptocurrencies are in the red, with several top-market altcoins losing double-digits in percentage value.

Market visualization by Coin360

Bitcoin (BTC) has shed 4 percent in value on the day, and is trading at $6,309 as of press time. Ater a strong week trading sideways to consolidate a higher price point – trading as high as almost $6,670 Oct. 8 – the top coin took a plummet earlier today, dropping over $300 in a few hours.

On its weekly chart, Bitcoin is now just over three and a half percent in the red, although it is practically breaking even on the month, remaining 0.3 percent in the green.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has fared even worse, and is down around 10 percent on the day to trade at $202 at press time. Its weekly chart shows a similarly strong consistent performance, with the altcoin circling $230 levels in recent days, ahead of today’s sudden plunge.

On the week, Ethereum is now a stark 8.3 percent in the red; monthly growth remains close to 9.5 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is down over 12 percent on the day and is trading at $0.41. The asset had seen outstanding growth in September, growing so rapidly it briefly knocked Ethereum off its long-standing second spot ranking on CoinMarketCap’s listings.

However, compounding a shaky start to October, Ripple’s plummet today has brought the asset to an almost 22 percent loss on its weekly chart: on the month, it nonetheless remains up by over 57 percent.

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing hefty losses, with Bitcoin Cash (BCH) losing close to 12 percent to trade at $451.58, EOS (EOS) down almost 9 percent at $5.35, and Stellar (XLM) down 10.6 percent at $0.216.

Cardano (ADA) is also pushing a 10 percent loss, and Litecoin (LTC) is down around 8.5 percent.

In the context of the top twenty coins, the picture is just as bleak: IOTA (MIOTA) down 10.5 percent at $0.517, NEO (NEO) down 10.7 percent at $16.13 and NEM (XEM) down 10.6 percent at $0.094. Tezos (XTZ) and VeChain (VEC), ranked 18th and 19th by market cap, are down around 7 and 11 percent respectively.

Total market capitalization of all cryptocurrencies is down to around $202.35 billion as of press time – down almost $20 billion from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets decline, this week has seen reports that multiple Ivy League and other prestigious U.S. universities – including Harvard, Stanford, and MIT – have all invested in crypto funds, in what sources consider to be “a sign of the asset class’ growing acceptance among institutional investors.” Just last week, it was reported that fellow Ivy League titan Yale had also invested in a major new crypto-focused fund.

In other global crypto news, the South Korean government is said to be “likely” to announce its official position on Initial Coin Offerings (ICOs) in November, according to local reports. Korea’s government first considered re-legalizing ICOs in August 2018: the South Korean National Assembly and several government ministries have discussed introducing a potential legal framework for ICOs alongside investor protection measures.

Meanwhile, notoriously anti-crypto American economist Nouriel Roubini – a.k.a. Dr. Doom – is set to deliver a 30-page “debunking” of the industry today at a U.S. congress hearing. He will testify in counterpart to Coin Center director of research Peter Van Valkenburgh.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 10

After a period of calm, the crypto markets have been hit with a number of adverse headlines – what effect should we expect on the prices?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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.

After a period of relatively calm trading activity, this week has seen a number of adverse news for the crypto markets. The International Monetary Fund (IMF) is wary of the growth in digital currencies’ prices and popularity. In its latest World Economic Outlook report, it has warned that rapid expansion of a new asset class can create “new vulnerabilities in the international financial system.”

A group of researchers from Princeton University and Florida International University have warned that China possesses sufficient Bitcoin hashpower to threaten the integrity of the cryptocurrency.

Separately, U.K.-based Juniper researcher Windsor Holden has claimed that crypto markets are about to “implode.” In his forecast, Windsor has cited various factors, such as low transaction volumes and a failure of crypto to rally during the Brexit troubles.

Robert Sluymer, technical strategist at Fundstrat Global Advisors, has asked investors to wait for the trend to change before committing any money to Bitcoin.

Let’s see what our charts forecast.

BTC/USD

Bitcoin is still in no man’s land. Both moving averages are flat and the RSI is also at the midpoint. The attempt to break out of the downtrend line on Oct. 8 was thwarted by the bears.

BTC/USD

Today, the BTC/USD pair has shown some weakness, but buying at lower levels has again propped the prices back to the moving averages.

The cryptocurrency will pick up momentum on a breakout and close (UTC time frame) above the overhead resistance of $6,831.99. After a period of low volatility, we expect the volatility to increase following a breakout or breakdown. Hence, if the bulls succeed in breaking out, the rally might go beyond the first target of $7,400 and reach as high as $8,450.

On the downside, Bitcoin will plunge if the bears succeed in breaking below the critical support zone of $5,900–$6,075.04. Therefore, traders should keep the stops on their long positions at $5,900.

ETH/USD

Ethereum continues to trade close to the midpoint of the $200–$250 range. There haven’t been any noticeable attempts either by the bulls or the bears to break out of the range.

ETH/USD

The longer the ETH/USD pair remains in the range, the stronger will be the eventual breakout. It is difficult to predict the direction of the next move. Therefore, traders should wait for the price to break out and close (UTC time frame) above $250 before attempting to enter any long positions. On the downside, the pair will retest the lows if the bears break down of $200.

XRP/USD

Ripple is unable to climb above the 20-day EMA, which is a negative sign. It has a minor support at 61.8 percent Fibonacci retracement levels of $0.45832, below which, it can fall to $0.4 and lower.

XRP/USD

The short-term moving average has turned flat and the RSI has dipped below 50 levels, showing that there is selling pressure in the near-term. Unless the bulls quickly push the price above the 20-day EMA, a fall to the 50-day SMA is imminent.

The XRP/USD pair will show signs of strength above $0.55 and the uptrend might resume if it sustains above $0.625. Traders should protect their positions with the stops at $0.42.

BCH/USD

Bitcoin Cash has again dropped back to the moving averages, after falling to sustain the bounce on Oct. 9.

BCH/USD

If the bears push the price below the moving averages, a retest of the lows at $408.0182 is likely. The BCH/USD pair will become negative if it breaks down of the Sept. 11 lows. Traders should keep a stop loss of $400 on their long positions. On the upside, the bulls will gain strength above $600.

EOS/USD

EOS attempted to break out of the symmetrical triangle on Oct. 8, but has not seen any follow-up buying in the past two days. If the bulls close (UTC time frame) the price above the triangle, the pattern target is $9 with minor resistances at $6.3 and $6.83. Traders can maintain their stops on the long positions at $4.9.

EOS/USD

If the EOS/USD pair turns down from the current levels and breaks below the moving averages, it will indicate selling at higher levels. A break below $5.5 can result in a drop to $4.493.

XLM/USD

The bulls haven’t been able to push Stellar above the overhead resistance of $0.24987525. We now expect the bears to try and break below the 20-day EMA, which has been acting as a support for the past seven days.

XLM/USD

Below $0.235, the XLM/USD pair can slide to the 50-day SMA and below that to $0.21489857. Any break of this support will sink the virtual currency to the critical lows of $0.184. Therefore, traders should protect their positions with the stops at $0.21.

On the upside, the pair will gain strength if the bulls scale and sustain above the downtrend line of the descending triangle.

LTC/USD

Litecoin has been trading close to $58 for the past six days. The moving averages are flat and the RSI is just below the midpoint.

LTC/USD

The LTC/USD pair has been consolidating in a large range of $49.466–$69.279 since Aug. 8. A break out of the overhead resistance is likely to start a new uptrend that can quickly carry prices to the $90–$94 resistance zone.

If the digital currency breaks below the range, it will resume its downtrend and can plunge to new year-to-date lows. Therefore, traders should wait for the break out of the range before initiating any long positions in it.

ADA/USD

Cardano could not rise to the overhead resistance of $0.094256, after breaking out of the 50-day SMA on Oct. 8. Currently, the prices have again turned back to the moving averages. This shows a lack of buying at higher levels.

ADA/USD

The ADA/USD pair remains inside the range of $0.073531–$0.094256. A break out of the overhead resistance can result in a move to $0.11843, and a break down of the range can retest the lows. Traders should wait for a new buy setup to form before initiating any long positions.

XMR/USD

The bears are attempting to break down of the 50-day SMA and push Monero to the support at $107.8. Both moving averages are flat and the RSI is marginally in the negative zone, indicating a likely continuation of the range bound action for a few more days.

XMR/USD

A break down of $107.8 can result in a drop to $103, and further tp $96. Therefore, traders can raise the stops on the long positions to $106 – let’s reduce the risk. The XMR/USD pair can rally to $142 if the bulls sustain above the overhead resistance of $128.65.

TRX/USD

TRON failed to close (UTC time frame) above the overhead resistance at $0.02815521 on Oct. 8, attracting profit booking. Currently, the price has retreated from the top of the range and is likely to find support at the 20-day EMA.

TRX/USD

The TRX/USD pair will remain in a consolidation as long as it trades inside the $0.0183–$0.02815521 range. A break out of the range has a pattern target of $0.038 in the short-term. Support is at the moving averages and below that at the bottom of the range. The pair will resume its downtrend if the bears break and sustain below the range.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Bitcoin, Altcoin Prices Shun Volatility Amid Multi-Year Trade Volume Lows

A trough in global trade volume is seeing Bitcoin markets calm, sparking less volatility across major cryptocurrencies.

Bitcoin (BTC) remained stable Sunday, October 7, capping a week of sideways trading as overall exchange volumes reached their lowest level for thirteen months.

Market visualization

Market visualization by Coin360

Data from Cointelegraph’s price tracker and Coin360 show BTC/USD hardly moving compared with the same time last week, with daily and weekly movements concluding at around 0.03 percent up and 0.65 percent down respectively.

At press time, Bitcoin is trading at around $6,545, slightly up on its position during the first week of September, while seeing volatility topping $1,500 in the intervening period.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

As commentators noted on social media, October is unlikely to see major announcements on issues that could significantly affect the Bitcoin price. Regulatory decisions on products such as a a U.S. Bitcoin exchange-traded fund (ETF) are expected in November, while Bakkt, the “regulated ecosystem” for institutional investors seeking Bitcoin exposure, is also scheduled to launch in November.

In the meantime, existing investors appear reluctant to trade, some sources claim, preferring Bitcoin as a store of value as global trade volumes hit their lowest point since July 2017 — below 2.2 million BTC as of October 1.

Other statistics, such as those from public resource Bitcoinity, suggest trading has not been so low for many years.

In altcoin markets, smaller movements than usual came on the back of Bitcoin’s recent stability, with Ethereum (ETH) dropping 0.3 percent on the day to trade around $222 at press time. On the week, ETH/USD lost about 4 percent, while still being up around 3.5 percent versus the same time last month.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Markets appeared ambivalent to casual comments from ETH co-founder Vitalik Buterin, who on Friday revealed he was in the process of withdrawing from his active development role.

Other major altcoins fared broadly similarly, with Ripple (XRP) delivering the largest losses in the top ten assets, losing around 2 percent on the day. TRON (TRX) gained almost 10 percent in a reverse of the overall trend, while assets such as Litecoin (LTC) and Stellar (XLM) barely moved higher or lower.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, October 5

The volatility in Bitcoin that once was an attractive characteristic for speculators seems to have declined, but has Bitcoin bottomed, or can it fall further?

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.

Market data is provided by the HitBTC exchange.

2017 was about large range days and superlative returns in cryptocurrencies. 2018 is about a crushing bear market and a sharp drop in volatility. Bitcoin’s volatility is at year-to-date lows and most altcoins have followed suit. While flat markets are despised by speculative traders, it is a good time to make an investment for the long term.

A small range trading period with low volatility will be followed by range expansion and increased volatility. However, we believe that the rise from current levels will face a number of hurdles on the way up. A large number of retail investors stuck at higher prices will bail out when the price of Bitcoin starts a new uptrend. Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management, does not see Bitcoin scaling above $9,000 in 2018.

So, has Bitcoin bottomed or can it fall further?

Fundstrat managing partner and head of research Tom Lee asked this question to institutions and Twitter users. The results of the poll were interesting. A majority of 25 Wall Street institutions believed that the Bitcoin price had “already bottomed”, whereas the majority of 9,500 Twitter poll respondents think that it is likely to fall further.

57 percent of institutions have a minimum target of $15,000 on Bitcoin by the end of 2019, which is about 127 percent higher than the current price of the leading digital currency.

BTC/USD

The bears did not take advantage of the breakdown below the trendline and Bitcoin has bounced back above the 20-day EMA. The important level to watch on the upside is the downtrend line of the descending triangle and $6,832. If the bulls scale above these two levels, it will invalidate the bearish pattern, which is a bullish sign.

BTC

The first level to watch on the upside is the intraday high of Sept. 4 at $7,413.46. If this level is crossed, the BTC/USD pair could rally to the next level of $8,500. The bears might launch a strong defense of this level.

On the downside, a break below the $6,341–$6,435 support zone can sink the digital currency to the critical zone of $6,075.04–$5,900. A break of this level will trigger a number of stop losses that can result in a sharp fall. Therefore, traders holding long positions should keep a stop loss of $5,900.

ETH/USD

Ethereum is at the center of the $200–$250 range. For the past few days, the intraday range has shrunk, suggesting a lack of buying and selling interest.

ETH

The first sign of bullishness will be a breakout and close (UTC time frame) above $250. Such a move will attract buyers and can carry the ETH/USD pair to the next level of $322.57.

On the downside, a break of the $200 level could plunge the virtual currency to the Sept. 12 low of $167.32, below which the downtrend will resume.

We do not find any reliable buy setups at the current level; hence, we are not recommending a trade on it.

XRP/USD

For the past two days, Ripple has been trading between $0.50–$0.55. A breakout from $0.55 could carry it to the overhead resistance of $0.625. A breakout from this level will resume the uptrend.

XRP

A break below $0.50 will test the support of the 20-day EMA. Any break of this support will retest the bottom of the range at $0.425. A break from this level is likely to result in a fall to $0.37512.

As the price is still above the moving averages — which are trending up — we suggest holding long positions on the XRP/USD pair with a stop loss of $0.42.

BCH/USD

Bitcoin Cash has been holding above the 20-day EMA for the past two days but the bulls have not been able to push prices higher.

BCH

A breakout from $600 might indicate the start of a new uptrend, while a breakdown from $400 could resume the downtrend.

As the BCH/USD pair is holding above the 20-day EMA, we suggest traders hold their long position with the stops at $400.

EOS/USD

EOS has formed a symmetrical triangle at the bottom. It is largely stuck between $5.30 and $6 since Sept. 26. Attempts to break down from the 50-day SMA have seen buying at lower levels, which is a positive sign.

EOS

A breakout from the symmetrical triangle has a pattern target of $8. However, we believe the EOS/USD pair will face stiff resistance at $6.80. Traders can hold their long positions with the stop loss at $4.90. A close below the trendline of the triangle could sink prices back to the $4.49 level.

XLM/USD

Stellar has held the 20-day EMA for the past two days but has not been able to close (UTC time frame) above $0.24987525.

XLM

A breakdown from the 20-day EMA can result in a dip to the 50-day SMA and below that to the critical support of $0.21489857.

The XLM/USD pair will turn bullish if it breaks out and closes (UTC time frame) above the downtrend line of the descending triangle. As the bulls have managed to defend the 20-day EMA, we suggest traders hold their long positions with stops at $0.21.

LTC/USD

Litecoin is currently trading close to the center of the $49.466–$69.279 range. The moving averages have been flat for the past nine days and the RSI is close to the midpoint.

LTC

The LTC/USD pair will turn positive on a breakout and close above $70, and will turn negative on a breakdown and close below $49.

Trading inside a range can be volatile and can hit stops on both sides. Short-term traders can buy a small quantity on a rebound from the bottom of the range, whereas positional traders should wait for a breakout above $70 to buy.

ADA/USD

Cardano broke below the 20-day EMA on Oct. 2, but the bears have not been able to push prices to the lower support at $0.071355. The flat moving averages and the RSI close to the 50 level shows equilibrium between the bulls and the bears.

ADA

If the ADA/USD pair breaks out of $0.94256, it will indicate that bulls have the advantage, whereas a drop below $0.071355 will suggest that the bears have an upper hand.

Between these two levels, the digital currency might consolidate for a few days. We will wait for a buy setup to form before proposing any trade on it.

XMR/USD

Monero has been trading close to the $115 level since Sept. 29. This shows a balance between both buyers and sellers.

XMR

Both moving averages are flat and the RSI is close to the 50 level, which suggests that lackluster trading action might continue for a few more days.

The XMR/USD pair could move up to $140 if it sustains above $121. On the downside, a break below $107.80 could result in a drop to $103 and $96. Traders can maintain their long positions with a stop loss of $100.

IOTA/USD

IOTA has extended its stay inside the $0.6170–$0.5000 range. Both moving averages are flat and the RSI is close to the midpoint, suggesting continuation of range bound action.

IOTA

The IOTA/USD pair might attract buyers if it breaks out and sustains above the range. The first target of such a breakout is $0.8152. If the bears break below the range, the digital currency can retest the low at $0.4037.

Traders should wait for the price to close (UTC time frame) above $6.50 before initiating any long positions.   

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, Dash: Price Analysis, October 1

The newsflow regarding cryptocurrencies has been fundamentally positive this year. Could this affect prices? Let’s find out.

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.

Market data is provided by the HitBTC exchange.

Discussions on blockchain and cryptocurrencies have entered the United Nation’s General Assembly. In his recent address, Malta’s Prime Minister Joseph Muscat has said that cryptocurrencies and blockchain can solve several problems and will become the money of the future.

This year, Malta has positioned itself as the “blockchain island,” introducing favorable regulations for the new asset class. While other nations view the crypto industry as a problem, Malta has chosen to look at the advantages it can offer and has adopted it wholeheartedly.

In the U.S., several blockchain companies have formed a coalition and hired Klein/Johnson Group, a bipartisan lobby shop. An interesting point to note is that the firm has agreed to accept part of its payment in digital coins.

Though China has banned crypto trading, Beijing Sci-Tech Report (BSTR), China’s oldest tech publication, has said it will accept Bitcoin for its 2019 subscriptions.

The fundamental news flow in 2018 has been positive. Could it begin to influence the prices of cryptocurrencies? Should investors start buying now? Let’s find out.

BTC/USD

Bitcoin has been consolidating in a small range for the past two days. Both moving averages are flat and the RSI is close to the neutral territory. This suggests an equilibrium between the buyers and the sellers.

However, this small range is unlikely to sustain for long. As the cryptocurrency has made a sequence of lower highs in 2018, the failure of the bulls to break out of the overhead resistance will attract selling.

BTC/USD

If the bears break down and sustain below the trendline, the BTC/USD pair can decline to $6,341 and below that to the critical support zone of $5,900–$6,075.

On the upside, the $6,831.99 line is the critical resistance. If the bulls scale above this, a rally to $7,413.46 will ensue. We anticipate a large range move within the next couple of days. For now, traders can hold their long positions with the stop losses (SLs) at $5,900.

ETH/USD

Ethereum has been trading close to the 20-day EMA for the past seven days. Both moving averages have turned flat and the RSI has also been hovering around the midpoint. This shows a consolidation in the range of $200–$250.

ETH/USD

A break out of the overhead resistance of $250 and the 50-day SMA will tilt the balance in favor of the bulls. Above $250, the ETH/USD pair might rally to $300–$322.57.

The key support to watch on the downside is the zone of $192–$200. If the bears sink the pair below this support, a retest of the lows is likely. We should get a decisive move in either direction this week.

XRP/USD

Ripple continues to consolidate in the range of $0.425–$0.625. The bulls attempted to break out of this range on September 30, but failed. Nevertheless, as the price has sustained above $0.583, it triggered our buy proposal.

XRP/USD

Currently, the price has turned down from the overhead resistance. The 20-day EMA is likely to act as a strong support. If the bears break down of this support, the XRP/USD pair can decline to $0.4255.

The digital currency will pick up momentum above $0.625. As both moving averages are trending up and the RSI is close to the overbought zone, we suggest traders hold their long positions with the SL at $0.42.

BCH/USD

Though Bitcoin Cash has held the 50-day SMA for the past two days, the bulls have failed to secure a bounce. This shows that buying has dried up and if the supports of the moving averages break, the digital currency can retest the recent lows.

BCH/USD

The BCH/USD pair will indicate a change in trend if it breaks out of $600. The key levels to watch on the upside are $660.0753 and $880.

As the price has been sustaining above the descending channel and the moving averages for the past four days, we suggest traders hold their long position with the stops at $400.

EOS/USD

EOS has been struggling to sustain above $5.65 for the past three days. Failure to bounce from the moving averages indicates absence of buying at higher levels.

EOS/USD

The EOS/USD pair has again corrected to the 20-day EMA. The zone between both moving averages is an important support. If this breaks, the next level to watch on the downside is $5. Below $5, a retest of $4.49 is probable. Therefore, we suggest traders hold their long positions with stops at $4.9.

If the pair doesn’t move up within the next couple of days, we shall close the position.

XLM/USD

Stellar has been holding above $0.24987525 for the past five days but is still struggling to break out of the downtrend line of the descending triangle.

XLM/USD

If the XLM/USD pair turns down from the current levels, it might break down of both moving averages and slide to the next support at $0.21489857.

The bearish pattern will be invalidated only if the bulls sustain above the downtrend line of the descending triangle. The levels to watch on the upside are $0.30434761 and $0.36065937.

As both moving averages are rising and the RSI is in the positive zone, the long positions can be held with the stops at $0.21.

LTC/USD

The break out of the range is still elusive as Litecoin remains stuck between $49.466 and $69.279. The longer the consolidation, the stronger will be the eventual break out or break down from it.

LTC/USD

Currently, the LTC/USD pair has corrected to the moving averages. A small trendline is also located at this level. Hence, we anticipate a strong support at $58.7.

If the bears break below the trendline, the virtual currency can drop to $54.5 and then finally to the bottom of the range at $49.466.

The downtrend will resume on a break down of the range and a double bottom will complete on a break out of $69.279. We shall wait for the prices to sustain above the overhead resistance before suggesting any long positions.

ADA/USD

Cardano has formed three successive intraday candlestick patterns. This shows that the range has shrunk and an expansion is due within the next couple of days. The 20-day EMA is flat and the 50-day SMA is flattening out. The RSI is in the neutral zone. This shows a balance between the buyers and the sellers.

ADA/USD

If the bears break below the 20-day EMA, a fall to $0.71355 is probable. If this level also breaks, a retest of $0.060105 is possible.

On the upside, a break out of the 50-day SMA will indicate strength. The ADA/USD pair will pick up momentum above $0.94256.

We don’t find any reliable buy setups, hence, are not proposing any trades in the pair.

XMR/USD

Monero declined to the 50-day SMA on September 29, where buying emerged. However, the bulls could not push above $120, which shows nervousness to buy at higher levels. Both moving averages are flat and the RSI is close to 50 levels, which shows a state of equilibrium between the bulls and the bears.

XMR/USD

The failure to break out of the downtrend line will attract profit booking and new shorts if the bears sustain below the 50-day SMA. The next level to watch on the downside is $96.390. Therefore, we recommend to keep the stops at $100 on the long positions.

The XMR/USD pair will show signs of strength if it sustains above the downtrend line. It will pick up momentum if it breaks out of the symmetrical triangle.

DASH/USD

Dash has been trading between the 20-day EMA and the 50-day SMA for the past two days. A break down of the 50-day SMA will complete a break of the symmetrical triangle that can result in a drop to $159.416 and below that to $130.024.

DASH/USD

If the support holds and the DASH/USD pair breaks out of the 20-day EMA, it might attempt to break out of the triangle.

We shall wait for a confirmed break out of the triangle before recommending any trades in it.   

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Deloitte Outlines Five Major Obstacles to Blockchain’s Mainstream Adoption

Deloitte has outlined five major areas where blockchain needs to develop to achieve widespread adoption.

“Big Four” audit and consulting firm Deloitte has outlined five basic areas of development for blockchain technology in order achieve widespread adoption, according to a study published September 28.

According to Deloitte, in order to be adopted by enterprises on a mass scale, blockchain technology should overcome five major obstacles – the possibility of time-consuming operations, lack of standardization, high costs and complexity blockchain applications, regulatory uncertainty, as well as the absence of collaboration between blockchain-related firms.

Identifying the area that needs the most development, Deloitte singled out the problem of possible operational delays on a distributed ledger network. The company emphasized that slow transaction speed is one of the main reasons for many players to avoid considering blockchain as a technology that can be applied in “large-scale applications.”

Another major obstacle for blockchain on the path to widespread adoption is lack of standardization. Deloitte pointed out that the lack of standardization prevents technology disruptors from interact with each other. The consulting giant cites the fact that there are over 6,500 active blockchain projects on GitHub, with most of them based on different protocols, consensuses, privacy measures, as well as written in different coding languages.

Among the remaining areas for development, Deloitte listed the necessity to reduce both costs and complexity of network operations, the importance of innovation-supporting regulation, as well as the crucial role of collaboration between blockchain-related firms.

In terms of costs and complexity of the emerging technology, Deloitte referred to major technology giants such as Amazon, IBM, and Microsoft that have reportedly delivered less complicated implementations of blockchain by using cloud technology, as well as contributed to improving the costs of operations on blockchain.

Among the most complex issues around blockchain regulation, the company highlighted the difficulty of regulating smart contracts, which do not necessarily fit into existing frameworks.

The report’s final point stresses the importance of cooperation between blockchain-related firms in order to push forward the new deployments of the technology, as well as to provide better education in the sphere. The company says the increasing number of blockchain consortia, such as R3, is a “bullish sign,” because the “value of a blockchain network increases with the number of users.”

Last month, Cointelegraph published an interview with Jeremy Gardner, founder of Blockchain Education Network and co-founder of blockchain prediction platform Augur. In the interview, the industry expert claimed that in order to achieve mass adoption, those developing in the industry must “include the people who have the most benefit” from blockchain technology – namely the world’s disenfranchised – commenting that “we haven’t done a great job doing that, yet.”

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, Dash: Price Analysis, September 24

Since 2013, Bitcoin has seen a sharp rally in the last quarter of every year, except 2014.

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.

Market data is provided by the HitBTC exchange.

Since 2013, Bitcoin has seen a sharp rally in the last quarter of every year, barring 2014. In 2013, the rise was 486.74 percent, in 2014, the leading cryptocurrency declined marginally by 16.69 percent. In 2015, the gain was 81.24 percent, while in 2016 the rally returned 58.17 percent. In 2017, the up move rewarded investors with a gain of 215.28 percent.

To quote Mark Twain, “History doesn’t repeat itself, but it often rhymes.” As traders, we respect the seasonal trends, therefore, we will be on the lookout for buying opportunities in the last quarter of this year. Of course, we won’t take a trade until we see a reliable buy setup.

The fundamentals of the sector continue to improve with large brokerages, banks, and nations coming forward to encourage blockchain technology and cryptocurrencies. Barring any adverse news, the trajectory should be higher in the next three months. So, which digital currencies are signaling a change in trend? Let’s find out.

BTC/USD

We assume that traders who follow us will have initiated long positions in the range of $6,600–$6,750, as suggested in the previous analysis. The pullback in Bitcoin stalled at $6,831.99 on September 18.

BTC/USD

Currently, the BTC/USD pair has corrected back to the support level of $6583.46. Both moving averages are located at this level, so this becomes a critical support to watch.

If the bulls defend this level and a bounce materializes, a move to the downtrend line of the descending triangle is possible. The virtual currency will pick up momentum if the price sustains above the downtrend line.

On the other hand, if current support breaks, a retest of the $5,900–$6,075.04 support is likely. Traders should keep the stop loss at $5,900 because if support breaks, a deeper fall to $5,450 and further to $5,000 is probable.

ETH/USD

Ethereum broke out of the descending channel on September 21 but is finding it difficult to sustain the breakout.

ETH/USD

The ETH/USD pair is currently back at the downtrend line of the channel, which should act as strong support. The 20-day EMA has flattened out and is also located at this level. Hence, this becomes a critical support level to watch.

If support breaks, the digital currency cоuld slide to the $192.50 level once again. However, if support holds, a rally to the $302 is possible. We currently don’t see a reliable buy setup, so we are not suggesting any long positions.

XRP/USD

We suggested traders not to chase the rally higher in our previous analysis. Our recommendation was validated as Ripple started a correction after reaching the intraday high on September 21.

XRP/USD

As the XRP/USD pair has broken out of the downtrend line and both moving averages have completed a bullish crossover, we believe that the trend has changed. Traders should now look for buying opportunities on dips. What are the key levels to watch out for?

The 50 percent Fibonacci retracement of the recent rally is at $0.51676, which has been acting as a strong support. If this level breaks, the correction can deepen to the 61.8 percent retracement level of $0.45832. If the new trend gains traction, the pullback should end at either of these two levels.

We will watch for the next couple of days and then take a call on a long position. Our bullish view will be invalidated if bears force the price below the downtrend line.  

BCH/USD

Bitcoin Cash failed to reach the 50-day SMA. It turned down from just above the $500 level on September 22. The trend remains down as it is still trading inside the descending channel.

BCH/USD

The 20-day EMA is flat and the RSI is close to the midpoint. This points to a likely consolidation in the near-term.

If the BCH/USD pair falls below $450, it can retest the low at $400. On the upside, the critical levels to watch out are the 50-day SMA and the downtrend line of the descending channel.

We will wait for the trend to change before suggesting a trade.

EOS/USD

Bulls could not build on the breakout of the overhead resistance of $5.65. EOS did not rally as we had anticipated, and turned down from $6.3117 on September 22.

EOS/USD

EOS is currently retesting the breakout level of $5.65. Support from the moving averages is just below the current level. If support holds, the EOS/USD pair will again try to rally to $6.8299.

If the current support breaks, a decline to the next support at $4.50 is probable. The digital currency has formed a continuation head and shoulders pattern, which will complete on a break below $4.4930. Therefore, we suggest traders keep their stops on the long position at $4.40.

XLM/USD

Stellar touched a high of $0.30434761 on September 23, just below its target objective of $0.3157505. Though the bulls broke out of the downtrend line of the descending triangle, they could not sustain the higher level.

XLM/USD

Currently, the XLM/USD pair has again plunged back into the descending triangle, which is a bearish sign. It has support at $0.24987525 and below from the moving averages. A fall below $0.21 could result in a retest of the critical support at $0.184. Therefore, traders who are long on our recommendation can trail their stops to $0.21.

The virtual currency will pick up momentum if the bulls can push it above the intraday highs of September 23.

LTC/USD

The pullback in Litecoin hit a roadblock at $63.650 on September 23. It is currently trying to take support at the moving averages.

LTC/USD

The LTC/USD pair is currently in a consolidation between $49.466 and $69.279. Both moving averages have flattened out and the RSI is at the midpoint, suggesting that the range bound action might continue for a few more days.

A breakout of the overhead resistance will complete a double bottom pattern, which has a pattern target of $89. A break below the moving averages could sink the digital currency back to the bottom of the range. We recommend traders attempt a long position only on a breakout and close (UTC time frame) above $69.279.  

ADA/USD

Cardano could not break out of the 50-day SMA on September 23, resulting in a pullback to the 20-day EMA.

ADA/USD

If support holds, a rally to the $0.111843 level is likely. On the other hand, if the bears sink the ADA/USD pair below the 20-day EMA, a fall to $0.071355 is probable.

Both moving averages are flattening out and the RSI is in neutral territory. We do not find any reliable buy setups at the current level, so we are not proposing a trade.

XMR/USD

Monero has pulled back to the 20-day EMA, which should act as a strong support. If the bulls secure a rebound from the moving average, a rally to $140 is probable.

XMR/USD

The XMR/USD pair is currently stuck inside the symmetrical triangle. A breakout of the triangle and $150 might start a new uptrend. Therefore, traders can keep the stops on their long positions at $100.

If the 20-day SMA and the 50-day SMA fail to provide support, a retest of the $81 level could be possible.

DASH/USD

Dash has earned a place in our analysis as it has climbed to the tenth spot and has been maintaining the price for the past few days.

DASH/USD

The DASH/USD pair bottomed out at $130.024 on August 14. Thereafter, it rallied to $224.830 on September 1, a gain of about 73 percent. Currently, the 20-day EMA is providing support, below which a fall to the 50-day SMA is probable.

We anticipate a consolidation between $130.024 and $224.830 over the next few days. The virtual currency will start a new trend if the bulls scale and sustain above $225. Until then, we suggest traders remain on the sidelines.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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