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Ethereum Foundation Expects No Shady Business in Upcoming Fork

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In just a few days, Ethereum will initiate one of its biggest-ever upgrades. The Ethereum Foundation insists it will be pretty uneventful – a view shared by most participants of the world’s no. 2 blockchain.

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Nothing to See Here

The hard fork protocol, which is projected for Sunday night, is consistent with Ethereum’s roadmap. The fork will implement the Byzantium code, which is part of the larger Metropolis upgrade. The Metropolis protocol has been effectively pushed back due to ongoing development, a clear indication that the Ethereum Foundation is erring on the side of caution.

Byzantium gets the ball rolling by fixing a slew of technical problems related to ‘returndata’ operations, difficulty adjustments and transaction return data, among others. A total of nine Ethereum Improvement Protocols (EIPs) will take effect with the Byzantium fork, thus creating a more efficient network.

Ethereum has been very careful in introducing substantial changes to its protocol. Though past forks have been successful, an emergency fork last year triggered a chain split in the digital currency. A new asset, Ethereum Classic, was born in its wake. Both tokens are identical in every way up until block 1,920,000.

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While the Foundation has reassured market participants it’ll be smooth sailing this Sunday, investors can never be too sure when there’s money on the line (not to mention Ethereum Classic in the rear view).

The second hard fork of Metropolis is called Constantinople, but there is currently no timetable for its implementation.

Hard Fork Optimism Lifts Ether

Ether’s price is climbing steadily ahead of the proposed upgrade. The digital currency rose 11.5% against the dollar on Friday and has gained more than 15% since Monday’s low near $292. At press time, ether was trading around $336, the highest level since early September.

Like other cryptocurrencies, ether is also following bitcoin prices higher. Bitcoin gained nearly 30% this week en route to new record highs.

Bitcoin’s total market value is $94.5 billion, easily tops among digital currencies. Ethereum is a distant second at $32.2 billion.

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Cryptocurrencies

Trade Recommendation: Litecoin

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In spite of the market looks too overbought and it can start correction movement at any time, Bitcoin shows that even such markets can continue make new highs. This trading idea is based on a breakout above the resistance level with further upward movement. The price bounces from Tenkan and Kijun lines. DMI shows that the bulls become stronger and it supports the buy signal. Pending orders can be placed at 330.00 level with stop orders below the local swing low at 278.00 level. Profit targets are 400.00 and 450.00 levels. This is a high risk trade. The market did not correct the previous good upward movement. It means that Litecoin can drop and we must be ready to such falling. Don’t invest much volume in this trade and use stop orders. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: LTCUSDT
Buy: 330.00
Stop: 278.00
Profit Targets: 400.00 and 450.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Litecoin.

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.



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Cryptocurrencies

Trade Recommendation: IOTA

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If the price bounces from the support zone formed by SMA100 and 3.00 level, we should expect for continuation of the uptrend. When the price breaks the downtrend line, we’ll get a buy signal and an additional confirmation of further upward movement. Pending orders for buy can be placed above the local swing high at 4.10 level with stop at 3.30 level. Profit targets are 5.00 and 8.00 levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: IOTUSDT
Buy: 4.10
Stop: 3.30
Profit Targets: 5.00 and 8.00

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

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.



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Cryptocurrencies

Trade Recommendation: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

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.



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