Connect with us

Ethereum

Ethereum (ETH) Consolidates After China’s ICO Ban

Published

on

Ethereum (ETH) prices stabilized on Wednesday after plunging to three-week lows on news that China has officially banned initial coin offerings (ICOs).

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

China’s ICO Crackdown Lays Waste to Ether

The ETH/USD exchange rate crashed nearly 30% through Monday after China’s financial regulators ordered a halt to ICOs. Seven regulators, including the People’s Bank of China, the Central Network Office and the China Banking Regulatory Commission, issued a joint statement barring the ICO funding mechanism.

The ICO market has exploded since the start of the year, so much so that coin offerings surpassed early stage venture capital during the summer. In total, more than $2.3 billion has been raised through ICOs globally. A staggering 93% of that total has been raised since the start of 2017.

Ether peaked near $400 on Friday before plunging to a low of $278.00 on Tuesday. The decline shaved billions off the world’s No. 2 cryptocurrency, which has shadowed bitcoin all year long.

// -- 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 -- //

Ether was down 3% on Thursday to trade at $327.00, according to Bitfinex. The token established a daily range between $321.10 and $337.70.

The ether token is severely overbought, according to the Stochastic RSI. The 14-period RSI is neutral above the 50 range.

Further Clampdown on Cryptocurrency?

China’s relationship with cryptocurrency has been murky to say the least. Policymakers are concerned that digital tokens are being used to facilitate capital flight from the country – a trend that has stoked heavy volatility in the market. This partly explains mainland investors’ fascination with bitcoin and altcoins over the past few years.

According to  financial news outlet Yicai, China is poised to further tighten the noose around cryptos. That means it won’t just be the ICO sphere that is under scrutiny, but the market as a whole.

Earlier this year, the People’s Bank of China put a freeze on withdrawals at major Chinese bitcoin exchanges BTCC, OKCoin and Huobi. The freeze has since been lifted.

Cryptocurrency Crash Extends Beyond Ether

Since Sept. 1, the cryptocurrency market has lost $20 billion. It was down by as much as $40 billion through Tuesday.

The worst appears to be over, with 12 tokens now part of the $1 billion valuation club. OmiseGO became the latest addition to the club after prices climbed into the double digits for the first time ever.

Bitcoin (BTC/USD) was down more than 1% on Thursday to trade at $4,555.00, according to Bitfinex.  It rose above $4,900.00 last week for the first time in its history.

Cryptos remain far and away the best-performing asset class of 2017.

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

Analysis

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

Published

on

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.

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

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

// -- 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 -- //

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

(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

Analysis

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

Published

on

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.

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

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

// -- 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 -- //

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

(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

Trending