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Analysis

Selections at the Discount Buffet

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We’ve seen huge sell-offs in numerous cryptourrency markets, including NEO and Litecoin, both of which are long-time Chinese favorites. Many people are accurately analyzing the situation as a market reaction to the news of renewed Chinese regulation in the cryptocurrency space, especially regarding ICOs. That NEO is built to facilitate other tokens has steeply effected its price, dragging it beneath the $20 mark at time of writing.

We would say that these are discount coins if you are already holding NEO, and perhaps a good entry point if you are not yet holding them. It seems evident that the news of Chinese regulation has shaken many coins lose from weak hands which would be directly affected by such changes to regulation. Big Brother has long arms and deep pockets for chasing down financial bad guys, so it’s understandable why so many would rush to the exit sign at the first whiff of regulation.

But the shakeout has made for a feast for the long-term NEO trader, and even provided short-term opportunities for people who have so far held off on NEO. The upcoming Red Pulse token offering is likely to increase the value of NEO as a whole regardless of what markets are unable to participate in the ICO, as those same markets will still have demand for the tokens at a later time such that they have become available.

Litecoin

Meanwhile, Litecoin has also fallen back to a good-buy range, dropping from a recent all-time-high of over $90 to just over $60 at time of writing. Long-term, the demand for Litecoin is likely to mirror that of Bitcoin and other cryptocurrencies, and so we can see a good buying opportunity with LTC as well.

Seems it’s discounts all day at the coin massacre buffet. Bear traders may be reveling in the shake-up, but ultimately everyone has certain bags they can fill in the melee. In the short game it’s easy to lose sight of the horizon, especially when you’re losing your shirt, but overall this market remains so young that any short-term losses really can be solved simply by holding fast – at least when we’re talking about coins which have fundamental long-term value.

Not, as it were, tokens based on the actions of specific companies or individuals, as we have in the ICO market. There, we experience a much more stock market-crash like effect when things go sour, so we must be even more vigilant.

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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5 stars on average, based on 2 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




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5 Comments

5 Comments

  1. Inverstor Clouseau

    September 5, 2017 at 3:59 pm

    “The upcoming Red Pulse ICO” is cancelled!

  2. beaupain

    September 5, 2017 at 6:00 pm

    Has the POSTPONEMENT of the upcoming RedPulse ICO (not cancellation) has an impact on NEO, do you think, PH ? S

    • Inverstor Clouseau

      September 5, 2017 at 9:22 pm

      Yes. That was a point of optomism as NEO’s practical worth was going to be proven. Now we’ll probably settle here for a while due to (undeserved) pessimism, in stead of the jump we would have seen.

    • P. H. Madore

      September 5, 2017 at 11:34 pm

      Yes, absolutely. I only just saw this news. Looks like NEO buying opportunities will be sustained for awhile, but we also have AdToken adding their platform to the NEO blockchain, so we’ll have to see if that has an effect as well. Unfortunately it’s possible to use both NEO and Ethereum chain on AdToken, so the effect won’t be as great as a system which builds itself entirely on NEO.

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Analysis

Ripple Price Analysis: XRP/USD Subject to Pullback Before Another Surge; More Partners Added to xRapid and RippleNet

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  • Ripple continue to add new partnerships for both xRapid and RippleNet.
  • XRP/USD subject to a near-term pullback, ahead of any firm committed upside move.

Ripple adds Viamericas to xRapid Solution

The Ripple foundation have been extremely busy, since the official launch of xRapid earlier in the month. Viamericas, who are a “licensed money transmitter offering international money transfer.” They cover over 76,000 locations in 29 countries. Viamericas is the latest to be added to Ripple’s xRapid.

Last month, Ripple held a two-day the Swell Conference. This is where Ripple’s CEO Brad Garlinghouse unveiled xRapid. Furthermore, at the time he covered that Ripple has partnered xRapid with three firms already, Cuallix, Mercury FX, and Catalyst.

UK E-Money Firm Moneynetint Joins RippleNet

Moneynetint are the latest company to join RippleNet, after recently completing integration. The business is a UK e-money institution. They facilitate in cross-border money transfers and currency exchange for corporate and private clients globally. As a result, The CEO of Moneynetint Yishay Trif, CEO commented, “The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry. To become a groundbreaking institution in the field”.

Furthermore, direct commentary from Ripple, their director of account management. Nadeem Ladki, director, added, “by leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, Increase the speed of settlement and offer services to new markets, that would otherwise have been too difficult or too costly to reach in the past.”

Technical Review – 4-hour Chart

XRPUSD 4-hour chart

XRP/USD has been attempting a break-down of a stubborn supply area observed from $0.4800-0.5000 region. The price for now continues to face rejections. After going through a period of high volatility, XRP/USD managed to find stability. This resulted in it grinding higher within a small ascending wedge pattern, which consequently has seen a breach. Even more, looking at playing out to the textbook with a breakout south.

The below demand area will be in focus, seen within the $0.4500-0.4350 territory. If near-term downside momentum is maintains its current course, the broken descending channel will be eyed. Finally, this support could likely be seen at $0.3900, just on top of the channel.

Technical Review – Daily Chart

XRP/USD daily chart

Looking for the daily view, the significance of the mentioned above supply and below demand areas are evident. Between the period of July – August, the price was swinging between these zones. The range was narrowing. This saw an eventual breakout south from the demand area, $0.4500-0.4350. As a result, XRP/USD went on to drop almost 80% down to a low of around $0.2445, on the 14th August.

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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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Analysis

Crypto Update: Coins Edge Lower in Quiet Trading

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The cryptocurrency segment continued to trade without momentum in the past 24 hours, as although some of the small-cap coins experienced heavy trading the top currencies are virtually unchanged. The technical setup is also little changed, with only Stellar getting closer making progress since the Monday market-wide spike. Ripple, which was also among the more active coins couldn’t maintain its momentum, while Bitcoin and Ethereum got stuck in very narrow short-term ranges.


BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to trade between the $6275 and $6500 levels, as another very narrow trading range developed following the Tether-indices surge. The most valuable coin is still well below the previously dominant broad triangle pattern after last week’s breakdown, and the short-term sell signal remains in place in our trend model.

While the long-term setup is neutral, traders should still not enter positions here, with further resistance levels ahead at $6750 near $7000, and with support levels also found near $6000, $5850, and between $5000 and $5100.

Stellar/USDT, 4-Hour Chart Analysis

Stellar drifted above the key support zone that surrounds the $0.24 price level which also marked the top of the Monday rally. Should the coin hold above that level, a new short-term uptrend would be established even as the broader declining trendline is just ahead, and traders could enter small positions in anticipation of a break-out. That said, given the bearish segment-wide pressures, these setups are still to be treated cautiously, as no leadership has been established.

Top Coins in Deadlock as Long-Term Setup Still Bearish

XRP/USD, 4-Hour Chart Analysis

Ripple is still holding on above the key $0.42-$0.46 zone, but it still failed to show meaningful follow-through after the move out of the triangle consolidation pattern, and a new short-term uptrend is still not confirmed, so traders should still not enter positions here.  XRP faces strong resistance levels near $0.51, $0.54, and $0.57, while further support levels are found at $0.375 and near $0.35.

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a similarly narrow trading range as Bitcoin, also on a short-term sell signal, with the focus being on the $200 support level. Ethereum’s long-term outlook is still clearly negative, with the broader declining trend being intact, and a move towards the bear market low remains likely in the coming weeks.

Traders and investors should stay away from the coin, despite Monday’ spike, as we expect the downtrend to resume soon. Strong resistance levels ahead at $235 and $260, while support is found at $180, $170, and $160.

LTC/USD, 4-Hour Chart Analysis

Litecoin also failed to make progress since Monday and a move below the $51 support level is very likely in the coming week. Below that support is found near $51 and the bear market low at $47, while the major zone of interest is near the $44 price level.

The weakness of LTC is a bearish sign for the whole segment, and traders should still not enter positions here, with strong resistance levels ahead near $56, $59, and $64.

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.

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4.6 stars on average, based on 378 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.




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Analysis

Hawkish Fed Lifts Yields, Dollar as Stock-Correction Continues

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US stock markets had a choppy and mixed session, and the major indices closed the day virtually unchanged, despite the early losses and the negative news flow. The US housing market disappointed again, the EU-Italy debate over the country’s budget continued, the US-Chinese relations further deteriorated, and the Fed also provided a negative catalyst towards the end of the day.

Dow 30 Index Futures, 4-Hour Chart Analysis

Investors were eagerly waiting for the meeting minute form the Fed’s latest meeting, but those expecting a dovish surprise were let down. The transcript contained more hints to tighter-than-expected monetary policies in the coming months and years, but still after an initial dip stocks rebounded to pre-announcement levels.

US 2-Year Treasury Yield, 4-Hour Chart Analysis

While especially shorter-dated yields rallied after the release, we would add that although there were voices that the Fed should exceed the “neutral” interest rate to cool the economy in the future, those voices will likely be muted by any major correction in financial markets or even a moderate slowdown in the economy.

Russell 2000, 4-Hour Chart Analysis

Stocks weathered the rise in yields so far, but after-hours, futures markets are drifting lower, and should yields resume their recent swift advance, another wave of selling could hit risk assets. With a lot of stocks and benchmarks still clearly in oversold territory concerning the short-term momentum indicators, the choppy correction could also continue, but we remain defensive towards global stocks, and we expect the risk-off period to continue in the coming weeks.

Dollar Extends Early Gains as WTI Crude Dips Below $70

Dollar Index (DXY), 4-Hour Chart Analysis

While the Dollar was already up in early trading against most of its major peers, it got a strong boost from the meeting minutes, with the Dollar Index climbing above the key support/resistance level near 95.50, establishing a swing low.

Barring a quick reversal, the Greenback headed for another important leg higher, and all eyes will be on the 1.15 level in the EUR/USD pair, as an extended move below that could open up the way for a strong momentum move in the USD. On a positive note, the most vulnerable emerging market currencies continue to perform well, in contrast with equities in the segment, and that could give some stability to risk-on currencies in the face of the broadly negative technicals

WTI Crude Oil, 4-Hour Chart Analysis

Commodities mostly finished the day with losses amid the rally in the Dollar, but while gold still only gave back a small part of its recent gains, oil plunged to a new almost one-month low, at least as measured by the WTI contract.

The Brent contract continues to outperform despite the easing of the US-Saudi tensions, but overall the risk-off shift in global markets is clearly hurting oil.  Copper is still stuck in a volatility compression pattern, but given the lengthy consolidation, a significant move is expected in the coming days by the industrial metal.

Featured image from 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 378 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.




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