Analysis Crypto Update: Dogecoin’s Bearishness Fogs Bullish Outlook Published 2 months ago on August 8, 2018 By Kiril Nikolaev Dogecoin (DOGE/BTC) surprised many investors this year. The pair skyrocketed to 0.00000114 on January 7, 2018 from a low of 0.00000014 on December 8, 2017. The over 700% increase in less than a month made many investors euphoric. In financial trading, euphoria is the point of maximum risk. That was once again proven by Dogecoin as the cryptocurrency has been plummeting since. Nevertheless, it appears that the current pullback is setting up the stage for a massive bull run. In this article, we show how Dogecoin’s bearish conditions fog an ultra bullish outlook. Descending Triangle Poses a Threat A quick look at the daily chart of DOGE/BTC reveals the threat of a descending triangle. So far, the market has managed to bounce each time it touches 0.00000036 support. However, the series of lower highs is applying tremendous pressure on 0.00000036. Daily chart of DOGE/BTC On top of that, the RSI generated two consecutive lower highs. This indicates a weakening market. Under these conditions, it is very likely that the bulls will not withstand the incoming bear rally. Breakout Sinks the Market If DOGE/BTC breaches 0.00000036 support, then it is most likely headed to its last support of 0.00000015. In other words, breakout from a descending triangle would mean losses of up to 60% for investors buying the market as of this writing. Extended daily chart of DOGE/BTC The good news is that DOGE/BTC has never broken support of 0.00000015. In fact, bulls have used this price area before to stage massive bull runs. That’s where the bullish outlook of DOGE/BTC begins. Large Falling Wedge Offers Hope Analysis of the weekly chart shows that DOGE/BTC is inside a large falling wedge pattern. This makes the descending triangle on the daily chart more likely. However, it also opens the possibility of a massive bullish breakout around 0.00000015 support. Weekly chart of DOGE/BTC 0.00000015 is the price level where demand exceeds supply. DOGE/BTC would be a bargain at that price point and participants would likely take advantage of the situation. The three support lines converging around 0.00000015 give us a glimpse of the level of demand that can be expected. Furthermore, a drop to this level would put the market in extreme oversold territory. The selling exhaustion coupled with extremely high demand could catalyze the breakout from the large falling wedge. Breakout Catapults the Market Breakout from the large falling wedge on the weekly chart sets DOGE/BTC on fire. The breakout would likely attract investors and traders who stayed on the sidelines during the bear run. The momentum that the breakout could generate may send the pair to as high as the 0.00000148 resistance level. Projection of DOGE/BTC A climb to 0.000000148 resistance would put the market in a very good position to break out from a double bottom pattern. Breakout from this pattern can take DOGE/BTC as high as 0.0000028. That’s an increase of over 1,760% from 0.00000015 support. This is what we mean when we said that current bearish conditions hide an ultra bullish outlook. Bottom Line DOGE/BTC may look unattractive to investors. However, technical analysis, from a long-term perspective, shows an ultra bullish sentiment. Should DOGE/BTC once again drop to 0.00000015, it can be the start of a bullish rampage. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Kiril Nikolaev 3.6 stars on average, based on 250 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances. Follow @HackedCom Feedback or Requests? Related Topics:BitcoinBTCdogeDOGE/BTCdogebtc Up Next Crypto Update: Coins Slaughtered as Support Fall, Ethereum Hits 4-Month Low Don't Miss Tesla: Even Record Losses Cannot Stop the Stock’s Growth You may like Trade Recommendation: Dogecoin Litecoin Price Analysis: LTC/USD Bullish Daily Close Leaves the Door Open to Another Potential Squeeze Higher Trade Recommendation: Ripple Crypto Update: Bitcoin and Ethereum Breaking Out Ripple Price Analysis: XRP/USD Shoots Higher For Further Correction, Trump Administration Discuss XRP Trade Recommendation: TRON Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Analysis Crypto Update: Coins Edge Lower in Quiet Trading Published 1 hour ago on October 18, 2018 By Mate Cser The cryptocurrency segment continued to trade without momentum in the past 24 hours, as although some of the small-cap coins experienced heavy trading the top currencies are virtually unchanged. The technical setup is also little changed, with only Stellar getting closer making progress since the Monday market-wide spike. Ripple, which was also among the more active coins couldn’t maintain its momentum, while Bitcoin and Ethereum got stuck in very narrow short-term ranges. BTC/USD, 4-Hour Chart Analysis Bitcoin continues to trade between the $6275 and $6500 levels, as another very narrow trading range developed following the Tether-indices surge. The most valuable coin is still well below the previously dominant broad triangle pattern after last week’s breakdown, and the short-term sell signal remains in place in our trend model. While the long-term setup is neutral, traders should still not enter positions here, with further resistance levels ahead at $6750 near $7000, and with support levels also found near $6000, $5850, and between $5000 and $5100. Stellar/USDT, 4-Hour Chart Analysis Stellar drifted above the key support zone that surrounds the $0.24 price level which also marked the top of the Monday rally. Should the coin hold above that level, a new short-term uptrend would be established even as the broader declining trendline is just ahead, and traders could enter small positions in anticipation of a break-out. That said, given the bearish segment-wide pressures, these setups are still to be treated cautiously, as no leadership has been established. Top Coins in Deadlock as Long-Term Setup Still Bearish XRP/USD, 4-Hour Chart Analysis Ripple is still holding on above the key $0.42-$0.46 zone, but it still failed to show meaningful follow-through after the move out of the triangle consolidation pattern, and a new short-term uptrend is still not confirmed, so traders should still not enter positions here. XRP faces strong resistance levels near $0.51, $0.54, and $0.57, while further support levels are found at $0.375 and near $0.35. ETH/USD, 4-Hour Chart Analysis Ethereum is trading in a similarly narrow trading range as Bitcoin, also on a short-term sell signal, with the focus being on the $200 support level. Ethereum’s long-term outlook is still clearly negative, with the broader declining trend being intact, and a move towards the bear market low remains likely in the coming weeks. Traders and investors should stay away from the coin, despite Monday’ spike, as we expect the downtrend to resume soon. Strong resistance levels ahead at $235 and $260, while support is found at $180, $170, and $160. LTC/USD, 4-Hour Chart Analysis Litecoin also failed to make progress since Monday and a move below the $51 support level is very likely in the coming week. Below that support is found near $51 and the bear market low at $47, while the major zone of interest is near the $44 price level. The weakness of LTC is a bearish sign for the whole segment, and traders should still not enter positions here, with strong resistance levels ahead near $56, $59, and $64. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 378 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. Follow @HackedCom Feedback or Requests? Continue Reading Analysis Hawkish Fed Lifts Yields, Dollar as Stock-Correction Continues Published 12 hours ago on October 18, 2018 By Mate Cser US stock markets had a choppy and mixed session, and the major indices closed the day virtually unchanged, despite the early losses and the negative news flow. The US housing market disappointed again, the EU-Italy debate over the country’s budget continued, the US-Chinese relations further deteriorated, and the Fed also provided a negative catalyst towards the end of the day. Dow 30 Index Futures, 4-Hour Chart Analysis Investors were eagerly waiting for the meeting minute form the Fed’s latest meeting, but those expecting a dovish surprise were let down. The transcript contained more hints to tighter-than-expected monetary policies in the coming months and years, but still after an initial dip stocks rebounded to pre-announcement levels. US 2-Year Treasury Yield, 4-Hour Chart Analysis While especially shorter-dated yields rallied after the release, we would add that although there were voices that the Fed should exceed the “neutral” interest rate to cool the economy in the future, those voices will likely be muted by any major correction in financial markets or even a moderate slowdown in the economy. Russell 2000, 4-Hour Chart Analysis Stocks weathered the rise in yields so far, but after-hours, futures markets are drifting lower, and should yields resume their recent swift advance, another wave of selling could hit risk assets. With a lot of stocks and benchmarks still clearly in oversold territory concerning the short-term momentum indicators, the choppy correction could also continue, but we remain defensive towards global stocks, and we expect the risk-off period to continue in the coming weeks. Dollar Extends Early Gains as WTI Crude Dips Below $70 Dollar Index (DXY), 4-Hour Chart Analysis While the Dollar was already up in early trading against most of its major peers, it got a strong boost from the meeting minutes, with the Dollar Index climbing above the key support/resistance level near 95.50, establishing a swing low. Barring a quick reversal, the Greenback headed for another important leg higher, and all eyes will be on the 1.15 level in the EUR/USD pair, as an extended move below that could open up the way for a strong momentum move in the USD. On a positive note, the most vulnerable emerging market currencies continue to perform well, in contrast with equities in the segment, and that could give some stability to risk-on currencies in the face of the broadly negative technicals WTI Crude Oil, 4-Hour Chart Analysis Commodities mostly finished the day with losses amid the rally in the Dollar, but while gold still only gave back a small part of its recent gains, oil plunged to a new almost one-month low, at least as measured by the WTI contract. The Brent contract continues to outperform despite the easing of the US-Saudi tensions, but overall the risk-off shift in global markets is clearly hurting oil. Copper is still stuck in a volatility compression pattern, but given the lengthy consolidation, a significant move is expected in the coming days by the industrial metal. Featured image from 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 378 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. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Why Would Anyone Have Faith In Tether? Published 17 hours ago on October 17, 2018 By James Waggoner I don’t want to get sued for slander so let me explain the reasoning beyond today’s title. After all of the turmoil surrounding Tether on Monday, how can the price be anywhere near the $1 parity level with the US dollar? After more than a year, how can anyone have confidence in Tether and their common law partners Bitfinex when, for example, Circle, backed be the highly respected Wall Street giant Goldman Sachs offers an alternative? We should also mention that Circle is just one of many so called stable coins. It isn’t hard to find a list. Exchanges are feverishly adding stable coins. Singapore based Houbi is adding Paxos Standard Token (PAX), True USD (TUSD), Circle (USDC) and Gemini (GUSD). When Stable Coins Cause Instability Well, the evidence is mounting as the months move along that so called stable coins can have the power of creating anything but stability. This week’s experience with Tether, Bitfinex and the price explosion of Bitcoin demonstrates that there are still dangers lurking. This is why trust is important. Monday’s gyrations were not the first questionable moment for Tether. The coin, which gains its intended stability by being tied on a one for one basis with the US dollar, has been the subject of questionable behavior all year. As far back as January trade sources were expressing concern the Tether was responsible for last December’s major price bubble in Bitcoin. The frenzy over Bitcoin set off speculation across the entire crypto spectrum. But that was just the beginning. In June Bloomberg reported on a paper by John Griffin, a finance professor at the University of Texas, that among other things claimed 60% of last year’s price move in Bitcoin was the result of manipulation surrounding Bitfinex. That directly implicates Tether. Using algorithms to analyze the blockchain data, Griffin’s team found that purchases with Tether were timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies. These findings prompted the US Commodity Futures Trading Commission to step in with a series of subpoenas. Tether’s coins had become a popular substitute for dollars on cryptocurrency exchanges worldwide, and for good reason. They are anonymous, closely tied to the value of the US dollar and can be used in exchange for Bitcoin, Ether or about 10 other cryptocurrencies. Tether is closely associated with Bitfinex, with whom they share common shareholders and management. Bitfinex has offices in Hong Kong but it is legally headquartered in the British Virgin Islands. In May they announced plans to move to Zug, Switzerland. Bitfinex has a sorted history of poor security, having lost nearly $100 million worth of Bitcoin from customer accounts. Moreover, while claiming to have total one for one US dollar backing for each Tether, real proof is absent. Further Evidence of Manipulation Over the course of this year, as we have gathered digitally to witness the loss of nearly $600 billion in crypto value, everyone has been looking for the culprit. When I first read of some of the academic studies that blamed the advent of futures trading on the CBOE, I laughed. Honestly, I believed the real cause of the rise and fall of crypto were a well connected group of billionaires that together had the power to move markets. Well the folks at Chainalysis have just produced some surprising research results. Their Blockchain Intelligence Platform powers investigation software for some of the world’s top institutions. These guys don’t do surveys, the have their hands on big data that is able to detect some interesting stuff. Chainalysis released a new report last week showing that the so called Bitcoin whales are not responsible for price volatility. The study examined the 32 largest BTC wallets, which reportedly represent 1 million BTC, or around $6.3 billion. That is a pretty solid sample size. The data revealed that the BTC whales are do not act in concert with one another. In fact not only are they a diverse group but about two thirds behave like longer term investors. Instead of being FOMO (Fear Of Missing Out) types, on net they have traded against the heard buying on price weakness. Putting The Pieces Together The crypto world is bombarded with globally generated news on an hourly basis. But what does all of it mean anyway? Hopefully this article adds some perspective on what and who has been responsible for the direction of crypto prices over the past year. As more of these weak players are identified and depleted of their business, real investors will have the confidence to return to the market. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... James Waggoner 4.4 stars on average, based on 114 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto. Follow @HackedCom Feedback or Requests? Continue Reading Recent CommentsChris G on Crypto Update: Altcoin Market Cap on the Verge of Trend Reversaldavidstewartkim on “The Core of Any Blockchain Project is Decentralization” – Jack Zhang, Lightning BitcoinDaniel Won on ICO Analysis: Dusk NetworkSholaO on ICO Analysis: Dusk NetworkDaniel Won on ICO Analysis: Dusk Network Crypto Update: Altcoin Market Cap on the Verge of... Trade Recommendation: Dogecoin Uber: $120 Billion IPO? EOS Price Forecast: EOS/USD Heading for Another 30... Pantera Capital’s CIO Predicts 10x Growth in... 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