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Bitcoin Price Stabilizes Above $6,000 as Altcoins Get Rearranged

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Bitcoin has emerged as the victor from the bloody chaos of the past week, but perhaps only by default. The 5% losses incurred by BTC in the past seven days would be considered a poor week at the markets in a different climate; but within the current context BTC looks positively bullish in comparison to its nearest competitors.

Bitcoin Stabilizes Above $6,000

Bitcoin’s fall over the last 24 hours didn’t come quite so fast or as hard as that of the altcoins, although it did eventually drop below $6,000 at one point during the night. At around 03:00 UTC the BTC coin price sunk to the $5,970 range, but by the time people were waking up for breakfast the $5,000’s had been rejected and BTC was back up above $6,000.

With just under 18% of BTC trades coming against USDT Tether, it seems the price dip was more a case of cautious hands taking refuge in USDT for the night while the storm cleared. After a 40% drop off in volume overnight, BTC is now starting to gear up for more, as the daily volume has grown from $4.1 billion to $5.3 billion in the last six hours.

A quick glance at the market cap beyond Bitcoin is enough to justify the most dramatic of language, and once again one of the worst periods in recent times has fallen on ‘Monday Bloody Monday’.

Altcoin Top-Ten Rearranged

Everything looks different in the top ten this morning, with several pieces of altcoin furniture having been rearranged during the night’s turmoil. All of a sudden Stellar (XLM) finds itself in 5th spot, while EOS has been kicked down to 6th spot for the first time since its ICO ramped up to completion in early 2018. EOS has incurred 17.8% losses in the last 24 hours, descending to a coin price of $4.27 at the lowest point of the night.

Further down the pack, USDT Tether has jumped into 8th spot and is battling it out with Cardano (ADA), which plunged 24% today before stabilizing at net losses of 19%. ADA coins dipped to levels not seen since early November 2017 when they reached a value of $0.086 this morning, although they’ve since rebounded to the $0.09 range at the time of writing.

Further down still and IOTA was temporarily kicked down to 12th spot, behind TRON, as it recorded 24% losses for the day alone. TRON isn’t much better off, with losses similarly approaching the 24% mark.

While Ethereum won’t be displaced any time soon, it has been shaken as bad as any coin in the top ten today, with 20% losses coming as ETH falls to a coin price not seen since September 2017 at $256.58. Despite a rebound to $264 at the time of writing, Ethereum is still down nearly 40% over the last seven days.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 88 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Bitcoin

Bitcoin, Ethereum, Ripple: Zero Visibility in the Market

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  • The BTC/USD is pointing to a slight upside but has strong obstacles.
  • The ETH/USD has a simpler scenario but doesn’t seem determined to take advantage of it.
  • The XRP/USD also doesn’t want to take advantage of a positive scenario for climbs.

This week in the crypto market starts with an opposite scenario to the one we had last week. This week, very short-term indicators are pointing up. The medium-term situation continues to show a structure that proposes laterality for the next few days.

If the upward movement that comes out of the very short-term technical analysis takes place, we will have to be attentive to the duration and intensity in case it can sufficiently influence the medium term structure.

BTC/USD 240-Min

The BTC/USD is currently trading at the $6.357 price level. This leaves Bitcoin below the first resistance of the range at $6,359.3. Moving averages continue their convergence process, creating a significant barrier that the BTC/USD will have to overcome if it wants to re-make higher prices.

Above the current price, the first resistance is at the quoted level of $6.359 (price congestion resistance). The second level of resistance is precisely the convergence point of the 100-period Simple Moving Average at the price level of $6,367, 200-periods at $6,366 and the 50-period Exponential Moving Average slightly higher at $6,375.

It will not be easy for Bitcoin to overcome this obstacle. If it does, the prize will be almost none, because it is not until the next resistance level of $6,491 (resistance due to price congestion) that the conditions of a new bullish trend would start.

Below the current price, the first support at the price level of $6.295 (price congestion support). Second support level at $6,208 (price congestion support). The loss of this second level of support would open a much more negative scenario that could bring the value of the BTC/USD to $5,874 (price congestion support).

The MACD at 240-Minutes pointing up but below the zero line. The current structure proposes attempts to move up although they can be limited. Until these lines are above the neutral line of the indicator, it will not be easy to move upwards.

The 240-Minute DMI shows how the bears continue to have control over the situation. The bulls are not giving up and took advantage of the $6,300 marked early in the Asian session to buy intensively.

ETH/USD 240-Min

The ETH/USD is currently trading at the $211.20 price level. Its technical aspect is more conducive to rises than that presented by the BTC/USD. This situation is because moving averages are below the current price and can help support the ETH/USD in case of sales appearing in the market.

Above the current price, the first resistance is at the price level of $215 (price congestion resistance). From here it will be easy for the ETH/USD to face the second resistance at the price level of $223.24 (price congestion resistance). However, until Ethereum exceeds the third resistance at the $235.76 price level, it will not enter a fully bullish scenario in the short term.

Below the current price, the first support is at the $210 price level, which is where the 50 period Exponential Moving Average currently passes. The second support level is at $206.78 (price congestion support). This support is reinforced by the 100- and 200-Simple Moving Averages slightly below, around $205. The third level of support is at the psychological level of $200, a level that if lost would make the technical aspect of the ETH/USD much worse.

The MACD at 240-Minutes shows a neutral profile. The lines are overlapping and just above the average range of the indicator. In this situation, it does not provide information with which to project future movements.

The 240-Minute DMI shows Bears with a small advantage over the Bulls. Both sides of the market maintain good levels, and neither gives up. It is worth highlighting the bullish trajectory of the Bears since the lows of November 7, betting clearly to see new annual lows in the ETH/USD.

XRP/USD 240-Min

The XRP/USD is currently trading at the $0.506 price level, just above the first support level at $0.504 (price congestion support). The moving averages in the case of the Ripple are well below the current price.

Above the current price, the first resistance level is at the price level of $0.547 (price congestion resistance). The second resistance is at $0.584 (price congestion resistance) and the third resistance at $0.60 (price congestion resistance). The XRP/USD will not fully re-enter the bullish phase until it exceeds the relative maximum above the $0.768 price level.

Below the current price, the first support is at the price level of $0.50 (50 Period Exponential Moving Average). The second support is at $0.48 (Simple Moving Average of 100 periods), a little above the trend line that governs the movement and is at the price level of $0.465. The second support is at $0.48 (Simple Moving Average of 100 periods), a little above the trend line that governs the movement and is at the price level of $0.465. Losing this support level would be very harmful.

The MACD at 240-Minutes shows a flat profile, just above the neutral line of the indicator. It does not provide any information about the possible future evolution of the Ripple.

The 240-Minute DMI is also not going to help us in proposing future scenarios. Absolute tie between bears and bulls. This situation of equilibrium has been going on since last November 9th.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Bitcoin

Bitcoin Price Consolidates as VanEck Shines Spotlight Back on ETF Debate

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Bitcoin started off the weekend on a tepid note, as trade volumes fell sharply amid a dearth of fresh trading catalysts. The debate over bitcoin exchange-traded funds (ETFs) intensified after a senior manager at VanEck touted the potential of the new asset class.

BTC/USD Update

Bitcoin traded within a narrow range on Saturday, with a peak-to-trough spread of only $55, according to Bitfinex data. The leading digital currency by market capitalization was last seen trading at $6,450, up 0.5% on the day.

The bitcoin price experienced a bullish revival earlier in the week, but that quickly dissipated as markets pulled back from oversold levels. BTC peaked near three-week highs on Wednesday before the bulls slammed on the breaks, sending prices back to the low $6,400 region.

In the last 24 hours, trade volumes have dropped by roughly 15% to $3.8 billion, according to CoinMarketCap. Daily turnover reached $3.9 billion on Saturday.

At current prices, bitcoin has a total market capitalization of $111.2 billion, which represents 52.3% of the entire cryptocurrency market. The total market cap for all coins in circulation reached $212.9 billion on Saturday.

Bitcoin ETF Approval Likely: VanEck

The U.S. Securities Exchange Commission (SEC) should treat bitcoin ETF proposals as an opportunity to regulate the cryptocurrency market and make the asset class more resistant to manipulation, according to Gabor Gurbacs, VanEck’s Director of Digital Asset Strategy.

In a recent interview with CNBC Crypto Trader, Gurbacs said the fund being developed by VanEck addresses all of the reservations federal regulators have with crypto securitization. He explained: “What sets our ETF apart is that it’s a physical bitcoin ETF. So, it stays true to the bitcoin you own in underlying. It’s fully insured so if there is any theft, hacks or losses; then the insurance covers it.”

In terms of how the ETF will be priced, Gurbacs said the asset will rely on a fully regulated indexing subsidiary. Given that the ETF is geared toward institutional investors, it has a cap of 25 bitcoins per basket.

Earlier this year, VanEck and SolidX proposed a physically-backed bitcoin ETF that many in the crypto community felt stood the best chance of being approved by regulators. While the SEC has rejected all applications thus far, Gurbacs said VanEck’s physically-backed fund is close to being approved. The agency is set to deliver a verdict on Dec. 29, though many believe it will be delayed until February.

Gurbacs is confident the VanEck ETF will be approved because the fund manager is building the right market structure for digital assets, which is in line with the corporate strategy stretching back decades.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 660 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Crypto Update: Another Rally Attempt Fails

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The cryptocurrency segment is having another bearish session following the encouraging early-week strength. The rally attempt that was led primarily by Ripple, Bitcoin Cash, EOS, and Stellar fizzled out, and most of the majors have been drifting lower in the last couple of days. While the bullish move was the broadest in weeks, it still failed to gather steam and shift the market-wide trend.

Also, the long-term bearish setups remained intact with only Bitcoin and Ripple being on neutral long-term signals in our trend model. With that in mind, even in the case of another rally attempt, traders should remain cautious with new positions.

That said, should the sideways price action of the recent months continue and finally end with a broad bullish move, a new cyclical advance would provide good buying opportunities. Until such an improvement, we remain defensive towards the segment, even as volatility continues to be encouragingly low.

XRP/USDT, 4-Hour Chart Analysis

While Ripple gave back a large chunk of its recent gains, it is still trading above its prior range, and it is now the only coin on a short-term buy signal in our trend model. On a negative note, XRP is now below the $0.51 support/resistance level again, and the risk of a failed break-out is growing, especially given the broader trends in the market.

The key long-term zone between $0.42-$0.46 could be in play again next week, while a recovery above $0.54 would be a very bullish sign for the third largest coin. Further support levels are found at $0.375 and $0.355, while resistance is ahead near $0.57 and $0.64.


BTC/USD, 4-Hour Chart Analysis

Bitcoin is drifting towards the primary support zone near $6275 again, after failing to rally above the strong $6500 level, and thus, we maintain our short-term sell signal. That said, BTC is still clearly above the structurally important $5850 support level, so the neutral long-term signal is safe, giving hope for bulls that a major bottom is being formed in the most valuable coin.

Traders and investors should still not enter positions here, and a move below $6275 would likely trigger a test of the $6000 level, while further strong resistance zones above $6500 are ahead near $6750 and $7000.

Altcoins Under Selling Pressure Again

ETH/USD, 4-Hour Chart Analysis

Ethereum tuned lower before triggering a short-term buy signal, although it briefly topped the $220 level. ETH is now drifting towards the key $200 support/resistance level, and the lack of bullish follow through confirms the still dominant bearish long-term trend. That said, the declining trendlines are just above the current price level after the lengthy consolidation period, and there is still some hope for bulls that the coin can avoid another swing lower in the bear market.

For now, traders and investors should still avoid Ethereum, with support levels below $200 found at $180, $170, and $160 and with strong resistance levels ahead near $235 and $260.

LTC/USD, 4-Hour Chart Analysis

Litecoin quickly fell back to the key $51 support/resistance level after the failed rally attempt, and although it is still well above its bear market low, technicals remain clearly bearish on all time-frames. Odds favor another test of the $47 level in the coming weeks, while a recovery above $56 would be needed for a short-term trend change.

EOS/USD, 4-Hour Chart Analysis

EOS showed relative strength during the early-week rally, but it couldn’t maintain the bullish momentum and the broad selloff dragged the coin lower too. Now EOS is back near the support/resistance zone near $5.35 that has been in the center of attention for months.

The long-term setup remains bearish, while short-term, the coin is back on a neutral signal after the failed rally attempt, with key support levels found near $5 and $4.50.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 392 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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