Connect with us

Bitcoin

Modern Pricing is Getting Aggressive

Published

on

Over the weekend, the world’s favorite cryptocurrency has crossed a very important milestone of $9,000 per coin. It didn’t stop there though and many speculate that it could cross the even rounder psychological barrier of $10,000, possibly very soon.

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

Here are but a few posts from the some of the more established traders on the eToro network. Feel free to leave your prediction at this link.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

 

Long term predictions are getting a lot more aggressive as we’ll discover below.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of November 27th. All trading carries risk. Only risk capital you’re prepared to lose.

Crypto Reminder

I remember the first time I saw an interview on Bloomberg television speaking about Ethereum and other cryptocurrencies, though I don’t recall the exact date I believe it was around April of this year. It was so exciting to finally see some coverage from mainstream financial media.

By now it’s become a thing to include crypto in almost every segment of every show and to get the opinion of just about every guest they have on. Today I even saw a quick price alert from the Financial Times noting Bitcoin’s rise above $9,000. Exciting times indeed!

Though it’s easy to get lost in crypto-land, I would like to gently remind everyone that this is still an extremely risky investment class. Though the industry is seeing massive expansion, blockchain technology is still highly experimental and has not yet stood the test of time.

Therefore, it is prudent to allocate your portfolio accordingly. Most advisors say to keep only a very small portion of your total investments in high risk assets. This is why I keep including ‘boring things’ like geopolitics and other markets in these daily updates.

Market Overview

Still, the crypto-market is still small enough to fly under the radar of traditional markets. At present, it is estimated that the total number of bitcoins in circulation is valued at about 2% of the total amount of gold in the world.

Stock markets are doing great. Not crypto-great but the larger the market the more money needed to push the needle. However, the increasingly low volatility and the markets seeming inability to even pull back a little is no less astounding.

Commodities are also seeing one of their most stable years of recent times. Take a look at gold, which has largely remained within $75 an ounce of the $1,250 level (yellow).

Of course, if and when inflation finally enters the market, gold has a long way to go before coming near the all time highs set at the peak of the financial crisis in 2011.

Oil has also been advancing steadily. OPEC will be meeting this Thursday to try and push the price up even further. Though with Western producers likely to ramp up their output, OPEC will likely settle for even keeping it where it is.

Like many other things. The fundamentals of this market have changed drastically in the last few years. To see $110 again would certainly be a dream come true for many participants but given the recent price action seems increasinly likely to happen.

Thinking Long-term

As the entire cryptocurrency market crosses $300 Billion this morning, the rate of growth continues to accelerate. Over the past week, the rise has averaged $9.5 Billion per day.

All traditional methods of gauging price movements are now off the table. Bitcoin was trading in a very normal looking channel (yellow lines) for most of the year but in the beginning of November it broke out the top of the channel.

Even still, for most of the month, it managed to keep to the laws of nature and formed a resistance (dotted blue) line but even that has been smashed in the past 48 hours.

So, we must search for other ways to look at things. This post on Twitter caught my eye. It was published by a guy who goes by @parabolictrav who claims to have been toying with these type of parabolic charts his entire life. Take a good look…

The implications are self-explanatory. If we continue with this type of price action and nobody finds some inherent flaw, we could be looking at $180k by the end of next year.

Let’s have an awesome day!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

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 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 88 rated postsSenior Market Analyst at Etoro.com.




Feedback or Requests?

2 Comments

2 Comments

  1. masterjoe

    November 27, 2017 at 4:01 pm

    I would love to heard hacked.com’s perspective on potential manipulation going on right now, particularly the situation with Tether/Bitfinex and other exchanges which use the Tether token as a placeholder for USD (USDT). I am still fairly new to crypto and have a few other coins, and a small chunk being in BTC. But before I put any more in, this definitely needs to be clarified for my own sanity. Thanks! Happy new member 🙂

  2. Lukasz

    November 27, 2017 at 8:28 pm

    Hey hacked team, sorry but throwing chart from random tweet is bit overdone. Looking at chart we can see somebody trying to draw parabolic chart on parabolic scale?! It means it is double parabolic. I wish we had that, however probably a non realistic dream and mistake of chart maker one yours for republishing.

You must be logged in to post a comment Login

Leave a Reply

Bitcoin

John McAfee Just Made Some Bold Predictions for Bitcoin, Bitcoin Private

Published

on

Technologist and crypto bull John McAfee has made a series of eyebrow-raising predictions concerning bitcoin and bitcoin private. While McAfee is no stranger to gutsy calls, his new forecast sees bitcoin prices doubling in a matter of weeks. And yes, the forecast came after the Wednesday price collapse.

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

McAfee Raises the Stakes on Bullish Bets

In a Thursday tweet, McAfee predicted the market will “turn” before June 12, which was the original date of the planned summit between U.S. President Donald Trump and Kim Jong-un of North Korea. McAfee’s algorithm expects a Korea deal to get signed on that day even as Trump signaled on Thursday for the cancellation of the meeting.

According to the post, McAfee expects bitcoin to surpass $15,000 in June before dipping again in July. Bitcoin bottomed below $7,300 on Thursday. It was last seen trading at $7,563.

Bitcoin private, the so-called meta currency that ‘merge-forked’ from bitcoin and Zclassic, is expected to hit $200  by the end of July. At the time of writing, BTCP was trading at $25.61, having gained more than 33% over the past 24 hours.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

BTCP entered circulation in early March as a fork from Zclassic, which itself forked from bitcoin. Bitcoin private is therefore seen as a ‘fork of a fork of a fork.’

McAfee also expects EOS to jump to $32 by the end of July from its current level of $12.48. EOS has skyrocketed to the No. 5 spot on the market cap rankings with a total value of $11 billion.

Institutional Demand

Earlier this week, McAfee heralded the arrival of institutional money to the cryptocurrency market, arguing that it will spark the next leg of the rally.

“Institutional investors are preparing to enter the cryptocurrency market with a vengeance” he tweeted Monday. “They are generally long term investors and will be pumping billions into the market. Expect the top ten coins to go through the roof fairly quickly. The bulk of alt coins will soon follow.”

Digital currency exchange Coinbase has expressed the same opinion and has launched a suite of products to ease institutional money’s transition to crypto.

Crypto analyst Tom Lee has also appealed to institutional demand to justify his bullish outlook on bitcoin in the face of multiple declines. In a recent interview with CNBC, Lee said institutional interest in crypto has only just begun and that demand will continue to grow once regulatory uncertainties are ironed out.

Lee maintains a price target of $25,000 for bitcoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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.
3 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 5 (3 votes, average: 4.67 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 413 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Bitcoin

Bitcoin’s Plunge Has Not Shaken Tom Lee

Published

on

Bitcoin’s latest technical breakdown hasn’t affected Tom Lee’s bullish outlook on the digital currency. The head of research at Fundstrat Global Advisors is standing by his target of $25,000 by year’s end.

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

Typical Volatility

In an email conversation with CNBC, Lee said the latest drop in market prices can be attributed to “typical market volatility” rather than any new underlying risks facing digital assets. He also identified three factors that will lead bitcoin to $25,000.

The first factor is cost of production, which Lee identified as anywhere between $6,000 and $8,000 during the most recent slide. This means bitcoin is still worth more than its cost of production.

In Lee’s view, growing institutional interest will also keep the market trekking higher in the intermediate term.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Growing interest from institutional traders will also keep the market rallying for the foreseeable future. Banks and other financial institutions are still feeling their way into the crypto market and are looking for regulatory guidance on how to move forward.

In a Tuesday interview with CNBC’s “Futures Now,” Lee issued the following statement:

“I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies.”

Lee also reminded investors just how quickly the crypto market can change. A historical analysis reveals that the entirety of bitcoin’s gains in any given year can be attributed to ten days. Without those days, bitcoin values are down 25% annually.

“So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days,” he said.

BTC/USD Price Levels

Bitcoin prices bottomed at $7,289.35 on Thursday, their lowest in about six weeks. The cryptocurrency has declined nearly 10% over the past week.

At last check, BTC/USD had recovered around $7,508 for a total market cap of $128.3 billion. Selling pressure brought more volume to the market, with total turnover in bitcoin approaching $7 billion.

With the latest skid, bitcoin is down more than 40% this year.

The market cap for all cryptocurrencies bottomed at $318.8 billion on Thursday but has since recovered to around $333 billion. The market is down nearly $60 billion from its Sunday high.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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 vote, average: 2.00 out of 51 vote, average: 2.00 out of 51 vote, average: 2.00 out of 51 vote, average: 2.00 out of 51 vote, average: 2.00 out of 5 (1 votes, average: 2.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 413 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Coins Spike Lower amid Regulatory Woes, Technical Breakdown

Published

on

Following a period of directionless range trading in the segment, cryptocurrencies got hit hard yesterday, on a very busy day in financial markets. The largest coins and small caps are down by 20% in two days on average, with the total value of the market declining by around $70 billion. The Indian tax plan, and the continued rise of the Dollar were among the triggers of the losses, and the move accelerated when key initial support levels were broken in the majors. The current selloff could be the last phase of the correction of the April run-up, as sentiment volume patterns and sentiment point to an approaching durable bottom.

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

While the market managed to bounce in late trading, which extended to the Asian session today, now the coins are generally trading on new short-term lows after another wave of selling hit them. Correlations are very high, with only a few coins, Ethereum, Ripple, EOS, Tron, and Stellar showing some signs of resilience amid the rout.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Bitcoin plunged lower together with the broader market despite showing some relative strength in the beginning of the week, and it violated the key support zone between $7650 and $7800 in the process, Now, BTC is trading just above the $7300 support, with the short-term momentum indicators in oversold territory.

The coin is still not a buy from a short-term perspective, and traders shouldn’t enter new positions yet. Further resistance is ahead in the key $8400-$8600 zone and between $9000 and $9200, while support is found at $7000 and $6750.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to be in a better technical position than BTC and the coin is trading in the strong support zone between $555 and $575 after falling below the $625-$645 zone. We still expect the uptrend to resume, and as the daily momentum indicators are also headed towards oversold territory, a long-term buy signal is close. Further support is found near $500 while above $625 the next main zone is between $735 and $780.

Ripple Holds $0.575, as Altcoins Trying to Find Footing

XRP/USD, 4-Hour Chart Analysis

XRP is showing the most short-term promise among the top coins, holding up above yesterday’s low, while showing a positive divergence with regards to the 4-Hour MACD indicator. The recently rallying Tron is also relatively strong today, although it fell back into its previous trading range, while the other leaders of the April surge, IOTA and EOS are also stuck in declining patterns.

There are still no cons on a short-term buy signal and Bitcoin Cash, Monero, Litecoin, NEO, and Dash are among the laggards, but for now, the long-term picture remains promising for the whole segment.

Stay tuned for our long-term technical analysis coming out later on today.

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.
3 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 53 votes, average: 4.67 out of 5 (3 votes, average: 4.67 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 256 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.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending