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Bitcoin’s Wild Ride Continues as Prices Recover Near $6,400

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Bitcoin prices traded sharply to the upside Monday, overcoming a weekend sell-off that drove the cryptocurrency to multi-week lows.

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BTC/USD Price Levels

Bitcoin reached session highs near $6,870 before consolidating around $6,350. The world’s most actively traded coin is up nearly 14% from the low on Sunday. Trading volumes over the past 24 hours exceeded $6.8 billion. That’s the highest turnover since mid-September when the market was reeling from China’s regulatory attack on cryptocurrency.

Current price levels give bitcoin a total market cap of $107.3 billion, which is well below last week’s all-time highs.

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The bitcoin market has been in a state of disarray since the backers of Segwit2x cancelled their planned fork of the blockchain network. The announcement triggered an unprecedented surge in Bitcoin Cash (BCH) as investors poured capital into the new currency. The altcoin community was largely on the sidelines as investors took turns buying and selling bitcoin and Bitcoin Cash.

BCH was last seen trading at $1,432 for a market cap of $24.2 billion. That’s enough for third place on the global market cap chart.

South Korea Drives Volume

South Korea has emerged as a pivotal player in the global cryptocurrency market. As CCN reports, 61% of Bitcoin Cash exchanged between Nov. 11 and 13 occurred in South Korea. The nation’s crypto exchanges integrated Bitcoin Cash long before its most recent price surge.

Despite banning initial coin offerings (ICOs), South Korea continues to be one of the most favorable cryptocurrency jurisdictions on the planet. Cryptocurrency trading remains largely unregulated there, which may partly explain the no-fee policy used by the major exchanges. The major downside to this policy is the increased likelihood of price manipulation like we saw in China last year.

South Korea’s leadership pace is not just concentrated on bitcoin, but other cryptocurrencies as well. For example, the country remains a top jurisdiction for Ethereum and is witnessing greater adoption of Litecoin. To the latter point, cryptocurrency exchange Coinone recently added LTC trades to its platform. LTC transactions exceeded $3 billion within the first 24 hours.

BTC vs. BCH: A Healthy Competition?

The growing battle between bitcoin and Bitcoin Cash reflects the evolving mandate of the competing communities. Whereas bitcoin investors are mostly concerned with keeping the blockchain decentralized, backers of BCH want a more efficient payment system. The whole purpose of Bitcoin Cash is to create favorable conditions for more people to join the cryptocurrency sphere and to actually enable users to quickly pay for goods and services.

For backers of the recently aborted Segwit2x, this was one of the main priorities. By doubling bitcoin’s block size, the blockchain will be able to support a more streamlined transaction system. Although Segwit2x emerged earlier this year, it reflects years of dialogue about how to scale up the digital currency.

As Spencer Bogart of Forbes recently noted, backers of BTC and BCH also want what the other side has. Bitcoiners want quick and efficient payments, but not at the risk of decentralization. Proponents of Bitcoin Cash want to maintain a decentralized structure, but this isn’t as important as boosting adoption across a wider network.

Featured image courtesy of Shutterstock. 

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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