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Analysis

Bitcoin Alert: New All-Time High For The Cryptocurrency

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Just a few hours after our previous alert, Bitcoin hit new all-time highs on several exchanges, rising to $2800 in Asian trading, just two weeks after a painful 30% decline that carried BTC’s price below $2000. The most valuable cryptocurrency is up more than three-fold since hitting $900 in March.

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Daily Chart of Bitcoin (Coinbase)

What’s next for Bitcoin?

Some analysts call it a bubble of epic proportions, some say that it’s just the beginning of a revolution and BTC is headed towards $4000 until the end of the year or even $1 million in 5-10 years. What’s sure, is that volatility will increase once again in the cryptocurrency, and that will likely affect altcoins as well. Litecoin and Monero have been showing strength among the alternative coins during the rally today, while the main rival of BTC, Ethereum traded near it’s all time high.

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Asian demand and adoption drove the recent leg of the rally, and while another steep correction is possible, there could be several waves of new investors and traders flooding the segment. The aggregate value of the cryptocurrency market just hit $100 billion, a far cry from being a meaningful number in today’s world, where central bank’s hold trillions of assets in the quest of keeping the global economy afloat, while only a small percentage of the investor community dared to touch Bitcoin et. al so far.

The blockchain technology behind Bitcoin is likely here to stay, but it’s hard to tell right now, which cryptocurrencies will emerge as the winners of the segment, Bitcoin is currently holding slightly less than 50% of the total value of the coins, while Ethereum accounts for half of that. For now, traders should keep their seatbelts fastened, as fireworks are almost assured in the coming days!

What’s important, is that traders should keep their seatbelts fastened, as fireworks are almost assured in the coming days!

 

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11 Comments

11 Comments

  1. bitsurfer

    June 6, 2017 at 6:06 am

    Thanks Mate! Exciting stuff. Seatbelt secured!

  2. yachayea

    June 6, 2017 at 11:04 am

    hi Cser. I read your article well. By the way, what do you mean by fireworks ?

    • Mate Cser

      June 6, 2017 at 11:34 am

      Hi, by fireworks, I mean strong moves, high volatility, and quickly changing market conditions! Hope this helps!

      • embersburnbrightly

        June 6, 2017 at 4:10 pm

        Yep, Bitcoin just dropped by $100 in a matter of minutes. Short-term traders cashing out for profit, no doubt. Other majors are following suit. If we see a repeat of a previous recent large sell-off/correction, I am going to wait until things appear to have bottomed out temporarily and then BUY, BUY, BUY. I missed out on that opportunity the last time, don’t want to do it again; when we know it’s just a matter of time before these particular coins skyrocket again in value.

  3. Sfinance1966

    June 6, 2017 at 5:13 pm

    What is the fibonnaci analysis on where Bitcoin is going near term, is this possible Mate Cser? Thanks.

    • Mate Cser

      June 6, 2017 at 5:29 pm

      Sure, I will look at the projections today! Thanks!

      • Sfinance1966

        June 6, 2017 at 10:45 pm

        Would be extremely useful in the context of the recent highs. Thanks

        • Mate Cser

          June 6, 2017 at 11:08 pm

          Hi, you will find it here. Hope it will be helpful!

          • Sfinance1966

            June 6, 2017 at 11:20 pm

            Yes very interesting, aligns well with other reports.
            Thanks!

  4. Jared Fox

    June 6, 2017 at 5:29 pm

    Dropping some now!

  5. P. H. Madore

    June 7, 2017 at 10:59 am

    Brace yourselves. Correction is coming.

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Analysis

Technical Analysis: Litecoin Continues Surge as Bitcoin Tests Highs

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With the crypto world being focused on the historical futures launch, the major coins all enjoyed buying following a hectic weekend, and a volatile week as a whole. BTC itself got another boost from the widespread publicity and the volatile correction of the recent days ended, with the most valuable coin bouncing back towards its all-time high.

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While the long-term picture remains severely overbought, the short-term picture is not stretched and further gains are possible even amid the elevated correction risk. That said, investors should wait for a more favorable entry point to ad dot their holdings, while traders should control position sizes in the light of the long-term setup. Major support levels are now near $13,000, $11,300, and $10,000, with stronger levels still at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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The major altcoins are all up today, but only Monero and Litecoin are still within short-term uptrends, and the segment as a whole is still dangerously overextended, and a deeper correction is very likely in the coming weeks. LTC continued its recent break-out, getting close to the $200 level, and joining the extremely overbought group regarding the long-term momentum, and triggering a long-term sell signal in our trend model. Key support levels are found $100 at $75 and $64, with a weaker primary level at $125.

LTC/USD, 4-Hour Chart Analysis

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Analysis

Long-Term Analysis of the Silver Market

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Silver

The silver market has once again caught investors’ interest as the price is nearing areas not seen since late 2008.

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2017 started at a low point for silver, and it seems it will end the year that way as well, meaning investors who bought at the beginning of the year haven’t suffered nor gained much.

This doesn’t mean, however, that the price hasn’t moved during the year. After the low start of the year, silver quickly tacked on about 18% to a top of $17.50 per ounce.

In terms of fundamentals in the silver market, things look a bit complicated for 2018. There are multiple forces pulling in different directions for the price of silver going forward:

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Positives

  • A sharp stock market correction can be expected to occur some time in 2018. Most likely, this will happen sooner rather than later. Stock market crashes always trigger a flight to safety, meaning gold, silver, and quite possibly bitcoin, can benefit.
  • We are seeing signs that inflation may be starting to rise again, although this is not confirmed yet. Rising inflation is always good for precious metals.
  • If the US federal budget deficit widens as a result of the new tax reform, the US dollar may suffer as a consequence. Goldman Sachs put out a note to investors in November 2017 saying that the US debt is “on track” to reach an “unsustainable” level in coming years. Fed Chair Janet Yellen has also said about the US debt that it is “the type of thing that should keep people awake at night.” Rising debt levels creates uncertainty about the economy, which is generally good for gold and silver.

Negatives

  • Central banks around the world seem committed to raise interest rates in 2018. Rising interest rates are bad for precious metals because it would make it more attractive to put money in the bank.
  • The cryptocurrency bull market is on track to continue, diverting attention and capital away from precious metals as a traditional store of value. However, this one is uncertain, as it may also be considered a positive in the way that the rise of cryptocurrencies brings the inflationary and unsustainable nature of fiat currencies into focus.
  • The US dollar may have hit a bottom in 2017 and trade higher compared to other major fiat currencies going into 2018. A stronger dollar is always bad for precious metals, which are priced in dollars.

Silver chart

When looking at the chart, we can see that silver is back down to were it started the year, which coincides with a major support area where it has turned several times in the past few years.

From a technical perspective, silver has been trading in a triangle pattern on the longer-term weekly chart, with the price now trading very near the lower end of the triangle, adding confluence to our bias that silver will trade up from here.

Silver failed to live up to our prediction from early 2017, and is now even trading well below the level from that time.

A low price by any measure combined with two major technical support levels adds confidence to our trade and makes silver a low risk and potentially high reward trade for 2018.

Depending on your own strategy and investment style, you may want to wait for the price to break out from the current triangle pattern it has been trading in for the past year and a half. You would then give up some of the potential return for an even safer trade. After that, major resistance is found around $17.50 and $18, with lots of upside potential if we can finally break through those levels.

Featured image from Pixabay.

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Analysis

Long-Term Cryptocurrency Analysis: Look Out Below?

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After last week’s observation that a major top is in or near in the segment, the Bitcoin surge continued for almost a week, with Thursday’s wild session taking the coin as high as $19,000 (the article uses Bitstamp prices) on some exchanges. While the currency already pulled back by more than 20% the long-term picture is still extremely overbought and a much deeper correction is likely in the coming weeks.

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BTC spiked below $13,000 today, violating the primary weak support at $13,300, with further levels now at $11,300, $10,000 and $9000, but stronger support only found at $8200 and $7700. Next week’s futures launch could cause another jump in trading activity, and volatility is expected to remain very high amid the likely correction.

BTC/USD, Daily Chart Analysis

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While not all altcoins participated in the, supposedly, last part of the rally, IOTA, Monero, and towards the end of the week Litecoin, also stretched above all conventional targets with IOTA also turning exponential after a deal with Microsoft. The coin exploded by more than 350% before entering an initial sharp correction, breaking the steepest short-term uptrend. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other altcoins look after the crazy week.

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