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New Cryptos on the Move

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Hi Everybody,

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In this crazy new world of blockchain technology and digital assets, news travels fast and prices move even faster.

Yesterday, I made a short video explaining the current Bitcoin scaling issues. About an hour after the video editing was complete and before I’d even had a chance to upload it to YouTube it seems the situation was already altered slightly.

You can see the video, which is still quite relevant, here: https://youtu.be/6gjKY-XHKMI

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Yesterday afternoon, it was announced that a major supporter of bitcoin will be leaving the main network for a new one known as Bitcoin Cash. However, the level of support for this new project is still limited and so the price of BTC has only been slightly affected.

Let’s take a look below…

@MatiGreenspan
eToro, Senior Market Analyst

Market Overview

The world of traditional finance remains completely irrelevant. Let’s do it quickly so we can get on to the important stuff. 🙂

Janet Yellen’s interest rate decision today is expected to be boring by design. No changes and no press conference. No surprises expected. In just a few moments from the time of this writing, the U.K. will announce their quarterly growth number, watch the Pound.

Oil surged on less production in the USA. It’s a comforting thing to see that supply and demand are having a larger impact on the price than the talking heads of OPEC.

Stock market volatility reached a new all time low yesterday. The VIX “fear” index, which tracks the speed of movement on the S&P500 reached as low as 9.06. This, as the S&P500 itself, reached a new all-time high of 2,479 points.

In this chart, we can see the S&P500 (in white) against the volatility index (in green) since the beginning of the year. Notice the reverse correlation?

Bitcoin Cash (continued)

Now that we’re about 12 hours after the breaking news, it seems the market is already fully pricing in the possibility of a break-off. Some are calling it a hard fork but at this point, it doesn’t seem like one to me.

Here’s the graph of BCC since inception about 24 hours ago…

In that time, the price of bitcoin has come down by about $260.

As this project gains momentum or loses it, it could impact the price of bitcoin. Other than bitcoin cash, the mining community is still showing outstanding support for SegWit, which should be implemented shortly. Still unclear is whether or not we’re headed for a hard fork with SegWit2x.

Here’s where it gets fun. If SegWit2x does not come through, it’s now likely that more miners could move in favor of this new option.

News from Uncle Sam

In a groundbreaking announcement, the SEC in the United States has ruled that digital tokens of all kinds will now be considered as financial securities.

The ruling was part of an investigation into Ethereum’s first token sale “the DAO project.”

Going forward, ICOs in the USA are going to be a lot less fun and a lot more regulated.

Indeed, the current ICO market is a bit of a free for all and many consider these new token sales to be “wild west” investments. So a little oversight wouldn’t really be a bad thing. Personally, I was hoping that the tech community would provide a solution for this before Uncle Sam had the opportunity to bring down the sledgehammer.

So as far as the U.S. citizens are concerned the proverbial party seems to be over. However, other regions are certainly still free to proceed. A few days ago we learned that Russia is looking to oversee and regulate this market in their own way starting from next year.

Introducing the new Crypto CopyFund

Here in eToro, we are incredibly excited by the awesome growth of blockchain technology and we feel passionately that it will play a big role in the future of finance and technology.

So, we’ve been working on a brand new investment product for you that is designed to capitalize on this paradigm shift.

We’re very pleased to announce the release of the brand new Crypto CopyFund, which is now available on this link.

Yesterday, we held a one time webinar, hosted by yours truly, to show off the advantages of this unique way of investing and how simple it is to get started and of course answer the many questions from our current clients.

Feel free to review a recording of the presentation now on YouTube: https://youtu.be/CpXjOAyzc1Q

As always, please feel free to contact me directly with any questions, comments, or feedback.

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.

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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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Analysis

Technical Analysis: NEO Jumps as Broad Markets Turns Lower

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As the new waves of regulatory changes keep on hitting the segment, the major cryptocurrencies are mostly lower today. After the major update of Ethereum, and the recent surge in the price of Bitcoin, choppy conditions developed, with no clear short-term trend in most of the coins.

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NEO is the best performing major today, as it surged back to the $30 level after a frustrating period that was dominated by a downward drift.  The coin is now just below the key resistance level, and it could be ready to test the $34 level, with a further target found at $40. The long-term picture still looks positive, with strong support levels at $27 and $25.

NEO/USDT, Daily Chart Analysis

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Ethereum is in a consolidation after the encouraging rally towards the end of last week, while Bitcoin is also correction after its stellar rise. The two largest coins pulled the rest of the majors lower, while Ripple remained very volatile after touching the $0.30 level yesterday, trading below the $0.26 again.

Litecoin, Dash, Monero, and IOTA are all a bit lower today, while Ethereum Classic found some relative strength, although it remains stuck in a declining short-term trend. All in all, the segment is still in a clear uptrend, so let’s see which coins are the most promising regarding the short-term picture.

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Cryptocurrencies

Trade Recommendation: Syscoin

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The market bounced from the support level and broke SMA100. It gave us a trend reversal signal. MACD and DMI support upward movement. We can use the local swing high and a breakout signal for opening long trades. Entry level is 0.000037 with stop orders below the support at 0.000022 level. Profit targets are 0.000050 and 0.000060 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: SYSBTC
Buy: 0.000037
Stop: 0.000022
Profit Targets: 0.000050 and 0.000060

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: Lisk

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The price of Lisk diverged with the MACD and RSI, giving us a trend reversal signal. Also, the RSI confirms price reversal from the support level and MACD supports upward movement. DMI allows us to open long trades. It’s a buy signal.

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Pending orders should be placed above SMA50 and the local high at 0.000930 level. Stop orders must be at 0.000780 level. Profit targets are The 0.001200 and 0.001400 resistance levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Market: LSKBTC
Buy: 0.000930
Stop: 0.000780
Profit Targets: 0.001200 and 0.001400

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The trading signal is based on Bittrex chart.

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