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Modern Pricing is Getting Aggressive

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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.

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.

 

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.

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4.7 stars on average, based on 122 rated postsSenior Market Analyst at Etoro.com.




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  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.

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Altcoins

Cryptocurrency Market Treads Water in Anticipation of Bitcoin’s Next Breakout

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Cryptocurrencies traded marginally lower on Monday, as bitcoin, the market’s chief bellwether, awaited its next major breakout. According to the technical charts, the bitcoin price is poised to continue higher in the short term, though damaged investor psychology could undermine those efforts.

Market Update

The combined value of all cryptocurrencies in circulation reached $213.3 billion, according to CoinMarketCap. The market is little changed compared with 24 hours ago and is roughly $5 billion lower than the intraday peak.

Trade volumes continued to hover in the $11-$12 billion range after briefly surpassing $16 billion on Saturday.

Most major assets in the top-ten were trading lower, with losses ranging from 1.6% to 3.9%.

Bitcoin traded within a $140 range on Bitfinex, eventually settling at $6,450. BTC is little changed for the day.

The bitcoin price is showing signs of stabilizing after last week’s modest recovery, which saw prices bounced from $5,860 toward $6,600. In doing so, BTC crossed the 50-day moving average and looks poised to test the 200-day MA, based on the four-hour charts.

 At current values, bitcoin accounts for 52.2% of the total cryptocurrency market. Therefore, its next move will have major implications on altcoins and tokens.

Bitcoin ETF Talk

The cryptocurrency market is still reeling from the SEC’s non-decision on a highly touted bitcoin exchange-traded fund. As Hacked reported nearly two weeks ago, the Securities and Exchange Commission delayed its ruling until Sept. 30 in order to weigh thousands of public comments on the matter. For many, the agency’s forthcoming decision could make or break the market – at least, in the short term.

The asset in question is the CBOE-backed VanEck SolidX Bitcoin ETF. According to the application, VanEck and SolidX are proposing a fund backed by physical bitcoin with an insurance component to protect investors against operational risks associated with sourcing and holding the digital asset. Naturally, investors are excited about the fund’s potential and believe it solves many of the SEC’s concerns around safety and price manipulation.

However, the consensus among analysts is that approval is too premature at this stage. For starters, the SEC has yet to fully grasp the implications of a bitcoin ETF. As a matter of fact, the agency only recently deemed bitcoin to be a non-security. According to analysts, the SEC is likely to delay its ruling until next year as the agency investigates the matter further.

Fixation on the ETF narrative ignores the myriad of positive developments concerning crypto custody and the recently announced Bakkt initiative, which aims to bring cryptocurrencies to mainstream investors and consumers.

Bakkt, which was announced last month, is a new startup funded by Intercontinental Exchange (ICE), Microsoft, Starbucks and Boston Consulting Group (BCG), among others.

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.

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4.6 stars on average, based on 553 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.




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Altcoins

IOTA, Vechain Lead Tepid Crypto Market Recovery on Sunday

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Digital currencies IOTA and VeChain were among the biggest gainers on Sunday, though a lack of buying interest kept the broader market at a standstill.

IOTA, Vechain Lead Recovery

In terms of percentage gains, IOTA was among the best-performing cryptocurrencies on Sunday. The value of MIOTA sprung up 12.2% to $0.545 on trade volumes of $44.4 million.

IOTA is rebounding from extreme oversold levels after being losing more than 40% of its value during the latest rout in market prices. MIOTA was disproportionately impacted by the recent downturn because of multiple controversies at the Berlin-based IOTA Foundation. As Hacked reported earlier this month, a failed partnership with Sirin Labs and internal divisions at the Foundation have all contributed to the massive drop.

IOTA, which has since dropped to no. 12 on the crypto market cap rankings, has trimmed its seven-day decline to just 1.7%.

Meanwhile, the highly touted VeChain (VET) rose 12.1% to $0.013, regaining much of Saturday’s sharp reversal. The digital currency is also enjoying some momentum after launching its official mainnet in late June. The accompanying token swap on Binance officially produced VeChain Thor (VET), which is the cryptocurrency now quoted by the market.

Although there was no immediate catalyst for the recent upsurge in IOTA and VeChain, both currencies are part of a much larger initiative aimed at monetizing the Internet of Things. In particular, VeChain is benefiting from China’s latest push to speed up development and commercial implementation of blockchain technology. VeChain has developed national level partnerships with various government entities in the world’s second-largest economy.

Broader Market Trades Laterally

Gains in the broader cryptocurrency market were much slower to materialize on Sunday. At the time of writing, the total cryptocurrency market cap was worth $216.6 billion, up just 1.3% over the previous day.

Tepid moves in the broader market were accompanied by a sharp drop in total trading volumes. Market turnover has plummeted by 24% since Saturday, according to CoinMarketCap.

Bitcoin, the world’s largest digital currency by market cap, continues to trade below a key technical resistance. Bitcoin’s lateral moves come despite multiple signs of a bullish reversal over the past few days. As Hacked reported Thursday, the bitcoin price has returned above the 50-day moving average with key measures of relative strength showing stronger upward momentum.

At the time of writing, bitcoin was trading at $6,404 on Bitfinex. The cryptocurrency’s total trade volumes declined to $3.3 billion after spending the better part of a week above the $4 billion mark. The bitcoin price is up 1.7% compared to last week.

Ethereum rose 2.1% on Sunday to $303, trimming its weekly drop to 5.9%. Meanwhile, XRP rose 3.6% on Sunday to $0.342. Compared with last week, the so-called banker’s cryptocurrency has gained 12.8%. At its lowest point, XRP was down 93% from its record 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.

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4.6 stars on average, based on 553 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.




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Altcoins

Cryptocurrency Rally Stalls as Bitcoin Price Hits Resistance

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Cryptocurrency prices were down across the board on Saturday, with bitcoin – the market’s biggest bellwether – stalling near a key  resistance.

Market Update

After reaching a high of $225.6 billion on Friday, the total cryptocurrency market capitalization has fallen back to $211.3 billion, according to CoinMarketCap. The broad pullback was accompanied by only a minor dip in trading volumes, a sign that profit-taking was a factor.

Six of the top-ten coins (excluding Tether) had reported declines at the start of the weekend. Bitcoin was down 3.5% to trade at $6,355.00 on Bitfinex. The leading digital currency reached a high of $6,619, which is just shy of the most recent peak. Bitcoin’s market still exhibits strong trading volumes, with 24-hour turnover at $4.3 billion.

Among the major altcoins, Ethereum, Stellar Lumens, Litecoin and Cardano had each declined between 1.2% and 3.5%. On the opposite side of the spectrum, XRP, bitcoin cash and EOS had reported gains of at least 1.6%.

Bitcoin’s dominance rate, or the percentage of the total cryptocurrency market cap held in BTC, was 52%. Bitcoin accounted for as much as 54.5% of the total market capitalization earlier this week.

Dollar Factor?

The recent meltdown in cryptocurrencies originated 11 days ago when the U.S. Securities and Exchange Commission (SEC) announced it would delay a ruling on a highly anticipated bitcoin exchange-traded fund (ETF). However, analysts have struggled to explain the extent of the selloff – namely, the $35 billion plunge between Aug. 10-13.

According to eToro analyst and Hacked contributor Mati Greenspan, a surging U.S. dollar may have contributed to the decline. As CCN reports, the cryptocurrency market’s movements this week have been highly correlated with fluctuations in emerging-market currencies. Emerging-market exchange rates have been rocked by contagion fears emanating from Turkey’s political crisis, which have boosted demand for the U.S. dollar. As Hacked reported Friday, the U.S. dollar index recent hit more than one-year highs.

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback,” Greenspan wrote. “So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

Bitcoin is generally viewed as a non-correlated asset, which means it enjoys unique price independence when comparted with traditional markets. Correlation, when it does occur, is often driven by the erroneous belief that bitcoin is associated with the broader market. This was observed earlier this year when bitcoin seemingly fell in lockstep with the U.S. stock market.

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.

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3 votes, average: 4.00 out of 53 votes, average: 4.00 out of 53 votes, average: 4.00 out of 53 votes, average: 4.00 out of 53 votes, average: 4.00 out of 5 (3 votes, average: 4.00 out of 5)
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4.6 stars on average, based on 553 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.




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