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Cryptocurrency Market Looks to Japan for Guidance as Bitcoin, Ethereum Trade Sideways

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Cryptocurrency prices have struggled to generate momentum this week, a sign that sweeping regulatory changes in Asia are once again dampening investor appetite. Despite rebounding from last month’s flash crash, cryptocurrency assets are back to trading sideways.

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Asian Market Landscape

It’s no secret that the East Asia region has emerged as the epicenter of cryptocurrency trading. China played a major role in the years-long bull market for bitcoin, and the emergence of South Korea offered reassurance that the high-tech Asia region was embracing the alternative asset class. However, both countries have since put the clampdown on digital currency trading, with China taking more extreme measures.

South Korea recently implemented a ban on initial coin offerings (ICOs), with regulators vowing to monitor the market more closely. Previously, South Korea was thought to be among the most laissez-faire with respect to digital currency. Instead, the ultra-bureaucratic Japan is taking the more level-headed approach.

Japan Takes Center Stage

Japan has emerged as the beacon of light in the Far East. Bitcoin is a fully regulated payment system in the world’s third-largest economy. Since the Payment Services Act legalized digital currency in the country, regulators there have approved nearly a dozen exchanges.

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These companies will officially become the first digital currency brokers to operate legally in Japan. The full list of recently approved exchanges is below:

  1. Money Partners
  2. Quoine
  3. Bitflyer
  4. Bit Bank Ltd
  5. SBI Virtual Currencies
  6. GMO Coin Co
  7. Bittrade
  8. BTCbox
  9. BitPoint Japan
  10. FISCO
  11. Zaif

Japan has plenty to offer cryptocurrency traders. If it can win the fight against deflation, the country can mobilize plenty of economic power behind cryptocurrency.

Cryptocurrency Market: The Pause Before the Storm

At the time of writing, the value of all cryptocurrencies in circulation is $143.8 billion, according to CoinMarketCap. The market set a new record in early September, reaching $179 billion. That was followed by a precipitous decline that culminated Sept. 15, when the total market cap briefly fell below $100 billion.

Recent price trends in bitcoin and Ethereum suggest that a slow ascent is taking place. In the case of bitcoin, growing institutional support from the likes of Goldman Sachs and BlackRock is helping investors see through the mundane of the current trading environment. The world’s No. 1 digital currency is currently trading near $4,188, according to Bitstamp.

Ethereum continues to struggle below $300, a key psychological milestone. The ETH/USD is currently rangebound around $293.

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  1. pppalliance

    October 5, 2017 at 7:10 am

    BTC and ETH and all coins/tokens trade where the whale/s want them to trade. The whale/s completely control the crypto space and crash or lift the market or any coins/tokens to record highs at will. I have observed it time and time again.

    THE TRUTH ABOUT CRYPTOCURRENCY

    https://bitcointalk.org/index.php?topic=1931694.0

    Since reading the above article back in MAY I have spent around 500 hrs observing some of the exchanges and I agree totally with the content of this thread through observation and personal experience.

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Trade Recommendation: Stellar

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The price bounces from SMA50 which is a support line for the market. MACD lines support upward movement. Also we can draw a pennant chart pattern which also confirms further upward movement. If the price breaks the resistance line of the pennant, this pattern will be realized as a continuation pattern. It will give us an additional confirmation of the upward movement. Pending orders for buy should be placed at 0.035000 level with stop orders at 0.028000 level. The main profit target should be at 0.048000 level. The part of trade volume can be left for the higher target at 0.070000 level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: STRUSD
Buy: 0.035000
Stop: 0.028000
Profit Targets: 0.048000

The trading signal is based on Poloniex chart.

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Trade Recommendation: Lisk

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A new attempt to catch a trend reversal. The price diverges with MACD and it gives us a buy signal on the falling market. DMI allows to open long trades. We should place pending orders for buy above the previous high at 0.000840 level. Stop orders must be placed below the support at 0.000680 level. Profit targets are 0.001200 and 0.001400 levels. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: LSKBTC
Buy: 0.000840
Stop: 0.000680
Profit Targets: 0.001200 and 0.001400

The trading signal is based on Bittrex chart.  

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Ether Prices Fall Below $300 Amid Technical Breakdown

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Ether declined against the dollar this weekend, and is now approaching a critical support level as the market corrected lower following last week’s failed rally.

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$350 Proves Elusive

ETH/USD was last seen trading around $293, down more than 1% from the previous close. Technical headwinds are limiting ether’s momentum, according to the MACD and Relative Strength Index (RSI).

Ether’s rally last week stopped short at $350 on two occasions, as the bulls disavowed their long positions. The subsequent breakdown through the weekend erased 16% from Ethereum’s value.

At present levels, the Ethereum blockchain is capitalized at nearly $28 billion, according to CoinMarketCap.

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The world’s second-largest digital currency by market cap faces immediate support near $290. On the opposite side of the spectrum, resistance is likely found in the $305-$310 region.

Upgrade Still Not Stable

Ether underwent a successful hard fork last week, but the blockchain has yet to be deemed stable by its chief developer Vitalik Buterin. Ethereum’s chief architect has already informed the market that up to two months of further testing may be needed to fully secure the blockchain.

The first leg of the Metropolis hard fork occurred last Monday after block 4,370,000 was mined. The blockchain successfully avoided a chain split even after Geth developers addressed a last-minute denial-of-service (DoS) vulnerability. Geth is the most popular software on the Ethereum network.

The Metropolis protocol will require a second update, called Constantinople, before it is function. No timeline for the Constantinople upgrade has been provided.

Ethereum has been one of the main participants of this year’s cryptocurrency rally. It has also emerged as the platform of choice for startups to launch their initial coin offerings (ICOs). The vast majority of ICOs covered by Hacked.com have been developed on the Ethereum blockchain. This weekend, the author conducted an in-depth review of Spectre, a broker-less trading platform powered by ether.

Featured image courtesy of Shutterstock.

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