Connect with us

Cryptocurrencies

Cryptocurrency Market Claws Back Above $100 Billion After China-Induced Bloodbath

Published

on

The worst may be over for the cryptocurrency market, as prices stabilized over the weekend following one of the worst routs in recent memory. China’s crackdown on ICOs and bitcoin exchanges triggered a precipitous decline in this new asset class, shaving roughly $65 billion off the market in less than a week.

// -- Discuss and ask questions in our community on Workplace.

Market Shows Signs of Stability

As of early Monday, the total value of all cryptocurrencies stabilized above $125 billion, according to CoinMarketCap. On Friday, that figure dropped to as low as $97.55 billion, down from $179 billion just two weeks prior.

The decline has been driven by a broad retreat in bitcoin and several competing altcoins. Bitcoin broke as low as $49 billion on Friday before rebounding sharply over the weekend. The BTC/USD is currently valued at around $3,760.00, according to Bitstamp, for a market cap of $61 billion.

Ethereum’s market value fell to around $18.5 billion, but has since rebounded to $26 billion at a price of $274.00. The world’s No. 2 digital token is up 13% from the previous close.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Despite the bloodbath, there are a dozen cryptocurrencies valued at $1 billion or more.

Chinese Ban Remains in Focus

China’s ban on initial coin offerings (ICOs) and bitcoin exchanges has been at the center of the storm. Although Chinese regulators have left many crypto investors seething, prominent blockchain researchers say the long-term implications could be positive. In particular, long-term bitcoin enthusiast Tuur Demeester says that China’s attack on cryptos will lead to a budding community of decentralized exchanges.

It’s not difficult to see why. The cryptocurrency revolution is more a battle of ideas than anything else. Rather than argue about which crypto will “win,” it’s more useful to view the market as a paradigm shift. The way the world thinks about money has been crucial to human history, and the advent of a monetary exchange outside the grip of governments is a powerful concept that many appear to be shrugging off. (For Mr. Jamie Dimon, it could be the case of sour grapes.)

China’s obsession with over-regulating everything made its attack on bitcoin a foregone conclusion. Chinese policymakers have been routinely intervening in the market after they realized mainland investors were using cryptos to hedge against yuan volatility.

Although the loss of China is a huge blow to the cryptocurrency market, it’ll be interesting to see whether Mr. Demeester’s prediction holds true.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Analysis

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

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

 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

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Altcoins

Trading recommendation: Lisk/Bitcoin

Published

on

The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

// -- Discuss and ask questions in our community on Workplace.

Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Cryptocurrencies

Trade Recommendation: Waves

Published

on

This is a long term trade. The market gives us a new swing high which can be used for placing buy orders. This high is above SMA100 and if the price breaks this level, it will be a good trend reversal signal. We should expect for a new uptrend. MACD lines support upward movement and DMI allows opening long trades. It looks like a good buy opportunity. Entry level is 0.000950 with stop orders at 0.000360 level. Profit targets should be at 0.001400 and 0.002200 resistance levels. The part of trade volume can be left for new highs. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: WAVESBTC
Buy: 0.000950
Stop: 0.000360
Profit Targets: 0.001400 and 0.002200

// -- Discuss and ask questions in our community on Workplace.

The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Waves.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending