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Technical Analysis: Monero and Dash Shine as Record Highs Stumble

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It’s another bullish session for altcoins although the action is concentrated in a few names only with the rest of the market being in a virtual standstill. Monero breached its prior all-time high today in early trading as we expected after clearing the crucial $150 level earlier on.

The coin almost doubled during the current leg higher, and although we expect a move to new highs long-term investors shouldn’t open new positions at this point. Key support levels are found at $125 and $100, while targets are ahead near $180 and just above $200.

Monero/USD, 4-Hour Chart Analysis

Dash is the other big mover of the day yet again as the coin blew past yesterday’s high at hit a new record near $575, cruising past the first target at $540. While another target is ahead near $610, the coin is getting stretched, and investors should reduce their exposure here, as even the short-term picture is overbought. Support below $540 is at $500, $465, ad $near $410 the previous all-time high.

Dash/USD, 4-Hour Chart Analysis

As Bitcoin settled down above the $8000 level and Etrhereum, Ripple, and Litecoin is only slightly below yesterday’s level, the markets of the largest coins are relatively quiet, although Bitcoin Cash made a move after a lengthy period of stagnant prices. IOTA, NEO, and Ethereum Classic are also little changed so let’s take a detailed look at the short-term charts.

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin’s technical picture is unchanged since yesterday, as the forces of the long-term overbought state and the rising short-term trend still equal each other out near the all-time high of the currency. As the risk-reward prospects in altcoins are still better, investors and traders should wait for a deeper correction before entering new positions. Crucial support levels are still found near $7700, $7000, and $6700.

Ethereum

ETH/USD, 4-Hour Chart Analysis

The rally in Ethereum stalled near the $370 level, as the short-term picture got slightly overbought, but the coin remains bullish on both time-frames, with only the $380 resistance ahead below the all-time high near $400. Support levels are found at $350, $330, and near $315, while the rising long-term trendline is also nearby at $320.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is drifting lower today, similarly to ETH, as the key $75 level still holds the coin back. The currency is back to neutral regarding the short-term momentum and we expect a rally towards the next target at $82.50 soon. Crucial support levels are still found at $64, $56, and $53.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is virtually unchanged so far today, and the coin is still well below the Monday high, failing to show real bullish momentum. That said, XRP is still in a positive long-term setup, and the short-term buy signal is also intact. Strong resistance is ahead at $0.26 and $0.30, while the line-in-the-sand level is still the $0.2250 support with further major levels found just below $0.20, and at $0.18

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is trading in a very low volatility range today, with the $18 level still being in focus after the choppy consolidation phase. The long-term picture is a tad overbought, and although traders should still play the likely move towards the all-time high at $23, investors should reduce their exposure on the way up.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO bounced higher off the $34 support as expected, but the coin remains within the short-term correction pattern after its explosive break-out. Resistance levels are ahead at $40 and $50, while support below $34 is found at $30. The long-term picture is not overbought yet, and with the short-term momentum being back in neutral territory, another leg higher is likely in the coming week.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is looking slightly bearish regarding the short-term picture as t he coin is relatively weak today, and the overbought and negatively diverging MACD also points to a correction. Despite the stretched long-term picture, we still expect a test of the all-time high at $1.1, but investors should reduce their positions here following the almost 200% rally. Support levels are still found at $0.75 and $0.64.

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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4.7 stars on average, based on 465 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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How You Could Profit From The Fairfax County Investment In Morgan Creek Digital

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Morgan Creek Digital recently scored what it says is probably the first investment in the known crypto asset universe from a U.S. pension fund.

Two pension plans in Fairfax County, Virginia are anchor investors in a new $40 million venture-capital fund, according to a statement from the company. Other investors include an insurance company, a university endowment and a private foundation, said Morgan Creek Digital founder Anthony Pompliano, who declined to provide further details.

Fairfax County Retirement Systems manages three separate defined benefit plans, two of which invested in the Morgan Creek Digital fund, said Pompliano. Katherine Molnar, chief investment officer of one of the funds said in a statement that blockchain technology is an “emerging opportunity” that offers an “attractive asymmetric return profile.’’

Morgan Creek Digital, which is an affiliate of the investment manager Morgan Creek Capital Management LLC, exceeded its original target of $25 million for the fund. Its pitch: all traditional assets will eventually be represented by digital tokens, while the influx of intellectual capital into digital assets will create positive returns. It also argues that cryptocurrencies are not correlated to traditional assets, giving investors unique exposures.

The fund created by Morgan Creek Digital in New York is investing in cryptocurrency giant Coinbase, which was recently valued at $8 billion, and several lesser-known startups, including Blockfi, RealBlocks, TrustToken, Harbor, Open Finance Network, CityBlock Capital, Namebase, Good Money and Digital Assets Data.
As much as $4 million of the investment could eventually be used to purchase cryptocurrency directly, though that has not happened yet.

This sort of development is crucial for the digital asset markets to evolve. Let’s take a closer look at Morgan Creek Digital’s other blockchain companies, and see if there might be equity or token opportunities.

CityBlock Capital

CityBlock Capital offered a digital security token sale on the SharesPost platform, representing perhaps the lowest-barrier investment opportunity for someone looking to tag onto the Fairfax County investment in Morgan Creek Digital.

CityBlock’s NYCQ Blockchain Infrastructure Fund invests in companies building blockchain-based capital markets infrastructure. From the instantaneous settlement of trades, elimination of intermediaries, and the reduction of fraud, the fund’s portfolio companies include clearing houses, exchanges, depositories, makers of market aggregation tools, securities services firms, data analytics, smart contract auditors, and issuance platforms. Its focus is early-stage firms, with ten percent of its funds going to late-stage companies.

CityBlock’s digital tokens are designed to represent ownership interests in the fund. Investors will be able to buy and sell these assets on SharesPost’s Alternative Trading System (ATS), which is registered with the U.S. Securities and Exchange Commission.

TrustToken

If you’re looking for a stablecoin, this Morgan Creek Digital-backed option might be a nice tool to escape crypto-volatility. TrustToken’s first token is TrueUSD, a stablecoin redeemable one-to-one for U.S. dollars. Over its initial four months of trading, the coin’s market increased to $85 million as investors look for stability in the unstable world of crypto. The token has a $61 million hard cap on the token allocated over three tranches of $0.12, $0.14 and $0.16 per trust token.

In the TrueUSD system, dollars are kept in the escrow accounts of multiple trust companies, not a bank account. Those accounts verified by an independent third party that issues monthly reports on the funds held in collateral.

Blockfi

In need of liquidity and have a lot of crypto you could put up as collateral? Blockfi is now operating in the US, and could be the business solution you need. BlockFi is a New York-based secured non-bank lender of  USD loans to cryptoasset owners who collateralize the loan with cryptoassets. Blockfi iquidity is available to both individuals and institutions. Client Bitcoin and Ether is held with a registered custodian. Loans are issued in USD to their bank account.

BlockFi currently operates in 35 US States, lending to retail investors and companies. It raised approximately $1.5 million in seed funding earlier this year from ConsenSys Ventures, SoFI and Kenetic Capital, followed by Galaxy Digital Ventures investment of $52.5 million. $50 million, the lion’s share of the capital, will be used to loan to BlockFi’s customers. The remaining $2.5 million represents an equity investment in the company from Galaxy and earlier backers.

Namebase

Namebase offers probably the most unique idea in which Morgan Creek Digital invests. This platform enables the registration of top-level domains on the Handshake blockchain. As a fork of Bitcoin, Handshake allows users to register domain names. Registration records are maintained by a decentralized network of nodes. Handshake is compatible with the existing domain name system. It is easily integrated with mainstream browsers.

Handshake uses the Bitcoin software with some extra transaction types allowing users to bid on names on-chain. Handshake forked everything about the Bitcoin node software while not forking the UTXO set, like in the case of Zcash. The Handshake project plans to distribute 70% of the coin supply to open source developers, projects, and non-profits without any contractual expectation of work.

Bakkt

The Bakkt Bitcoin Daily Future is a physically delivered daily futures contract on Bitcoin traded in BTC/USD. It’s still subject to regulatory approval, but ICE plans for them to be traded on its electronic trading platform which is regulated by the CFTC. ICE Clearing US, the main counterparty for all ICE cleared forex futures trades, will clear and guarantee all trades, to be settled in physically delivered Bitcoin “in the regulated Bakkt Warehouse.”

Bakkt raised $18.2 million to develop a global digital assets platform and a bitcoin futures product. Owned by Intercontinental Exchange (ICE), which in turn is owned by the New York Stock Exchange (NYSE), Bakkt’s investors include Boston Consulting Group, Galaxy Digital, Goldfinch Partners, ICE, M12 (Microsoft’s VC fund), Pantera Capital and Protocol Ventures.

Digital Assets Data

This financial technology and data company build enterprise-grade software and data feeds for crypto hedge funds and other market participants. The companies data, information and transparency tools will be applied to crypto assets, including currencies, platforms, applications, side chains, security tokens, and initial coin offers (ICOs) through subscription services offered to hedge funds and other institutional investors.

Harbor

While companies like Polymath stole much of security token show in early 2018, Harbor’s blockchain-based platform and compliance protocol has also been built to transform private securities like commercial real estate offerings an investment funds into more liquid forms of private investment.

This institutional-grade onramp for issuers and investors is an end-to-end service. Investor on-boarding to the platform encompasses KYC, AML, accreditation and tax forms, signing of documents, funding, and other tasks. The Harbor compliance protocol manages complex rules and regulations governing securities on issuance and secondary transfers.

Open Finance Network

Created in 2014, The OpenFinance Network (OFN) uses blockchain technology to create an U.S. regulated security token platform. “We wanted to give users the control over their funds. Since with security tokens, there is a lot of overhead holding tokens on a centralized platform. So to put capital to better use, we went with self-custody. We are not entirely decentralized though, and we think this is attractive to all types of users.”

Open Finance Network is comprised of the ledger, the token and the adaptors. Open Finance’s a global registry of assets that are represented by security tokens as well as entities such as broker-dealers, transfer agents, custodians or escrow agents that can be used on different security token processes.

Good Money

Good Money is a new type of banking platform founded by Gunnar Lovelace. When a new customer signs up with Good Money, they receive an equity share – in other words, they become co-owners. Lovelace says customers could hold as much as 70% one day.

Good Money operates similar to a credit union, which are non-profits, and offers members no ATM or overdraft fees. 50% of its profits are invested into green projects and charitable donations. The platform’s customers vote on where profits should be invested, but the options will only include sustainable investments, like clean energy and reforestation efforts.

RealBlocks

RealBlocks is creating a real estate capital markets platform designed to connect users globally so they can more easily raise capital for real estate. Built on the Ethereum blockchain, the platform allows organizations to raise capital through the issuance of tokenized securities.

On the platform, investors can directly purchase ownership interest in real estate with digital and fiat currencies. The platform also claims to provide a mechanism for peer-to-peer liqudity. According to RealBlocks, “anyone in the world is now able to directly invest, raise capital, and obtain liquidity for investments in real estate.” The platform also provides a mechanism for peer-to-peer liquidity. By using RealBlocks, anyone in the world is now able to directly invest, raise capital, and obtain liquidity for investments in real estate.

Conclusion

“There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable,’’ Pompliano said in a phone interview. “The smart money is not distracted by price but looks at the long-term trends, and believes they’re betting on innovation as a great way to deliver risk-mitigated returns.’’

Today, even police officers and other state employees in Virginia’s Fairfax County are now looking forward to retirement with potential dividends from bitcoin. Two separate pension funds that collectively manage $5.1 billion in assets for the state’s police force and other employees have joined a $40 million investment in the Morgan Creek Blockchain Opportunities Fund.

If you look at the startups in which Morgan Creek Digital is invested, there are few token options. Using TrueUSD to hedge your crypto-investments offers one opportunity to augment your investment strategy. More interestingly, the CityBlock Capital security token represents an alternative to other VC-backed securities tokens, such as Blockchain Capital’s BCAP.

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 postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




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Altcoins

Litecoin Price Analysis: LTC/USD Set for Another Potential Explosive Move North as Bulls Penetrate Pennant Pattern

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  • Litecoin price on Saturday is seen holding decent gains of over 3% at the time of writing, as the bulls continue their latest push north.
  • Fundamental prospects surrounding the Litecoin Foundation remain strong and supportive of the price recovery.

LTC/USD since last week has been on a decent push to the north; the price has gained well over 40% since 7th February. A breakout kicked-started the previous week after the bulls managed to escape a narrowing daily range-block. LTC/USD was contained within the tightening structure from 11th January right up to 7th February, which then saw an explosive move shortly after. In terms of the range, this was seen at a high of $35 down to a low $29.

Between 10-11th February, Litecoin managed to see its highest levels since 14th November, which demonstrated its recovery. Price action over the last few sessions has been somewhat consolidating while maintaining the new heights. As a result, LTC/USD has formed a bullish pennant structure following the long pole from 8th February gains. Given the current formation, the price does appear to be subject to further upside movements.

Adoption Progress – Litecoin

Earlier this week, Spend App announced iit would begin supporting Litecoin. The Spend App currently facilitates users to buy, sell and pay with Litecoin in more than 40 million locations, a massive step towards mainstream adoption. According to Spend’s official website, card transactions can be performed in 180 countries.

The company tweeted, “Litecoin is now available on the SpendApp. You can buy, sell and pay with Litecoin with your linked bank account. Spend LTC at 40+ million locations with the Spend Wallet by instantly converting to fiat with the Spend Visa Card!”

Pricing in Litecoin’s ‘Halving’

In August of this year, Litecoin is expected to see it’s second ‘Halving’. In a PoW, or proof of work blockchain, halving results in the miner’s reward being cut in half. Although the halving causes miners’ reward to be reduced, they tend to Bboost the price of an asset over the longer-term.

The inventor of bitcoin, Satoshi Nakamoto, introduced the halving feature to protect against inflation. Besides, he wanted to ensure that not all of the blocks were mined so soon. Similarly to bitcoin, Litecoin has a cycle of “halving”. What will happen is at predetermined blocks, Litecoin’s mining reward will reduce. It will be Litecoin’s second halving, as the first one occurred back on 25th August 2015. At the time miners rewards went down from 50 LTC to 25 LTC, this time round miners reward will be 12.5 LTC.

Technical Review – LTC/USD

LTC/USD daily chart.

As detailed earlier, LTC/USD is subject to an extended move higher should the market bulls breakout of the pennant pattern. The upper part of the structure can be seen tracking around $44.00; this must be broken down to see a more significant wave of buying pressure. Looking to the north, the next realistic target for the bulls will likely be the psychological $50.00 mark. The price has not been up at these heights since 14th November 2018.

In terms of support, it is observed at the lower acting trend line of the pennant structure, $41.50. If this fails to hold a complete reversal of the latest run of gains may be seen. LTC/USD would then likely be forced to return down to the low $30 region.

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 124 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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NEO Price Analysis: NEO/USD Bulls Eyeing an Explosive Move Higher as Cryptocurrency Enters Western Markets

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  • NEO/USD bulls are penetrating overhead resistance of a triangular pattern formation.
  • NEO Global Development (NGD) has set up an office in Seattle, Washington, keen to break into the Western markets.

NEO/USD: Recent Price Behaviour

The NEO price over the past week has managed to see some upside momentum, having gained around 25% since 7th February. At the time of writing, NEO/USD is running towards another session in the green, which would make it nine in the last ten. This is the best run of gains observed since the crypto market uptrend of December 2018.

In terms of the latest push to the north, NEO/USD bounced off a critical near-term supporting ascending trend line, which makes up a triangular pattern structure. It began the formation of this back in mid-December 2018 when the bulls entered a decent path of upside. However, the bulls eventually ran out of steam and were forced to narrow and trade within the confinements of the mentioned pattern.

NEO Looking to Make Ground in Western Markets

The team at NEO is taking serious steps towards expansion into U.S. markets, following its latest announcement to open an office in Seattle. This is the site of the new NEO Global Development (NGD) office. NGD will begin immediately recruiting for the new set up, which is going to be headed up by ex-Microsoft executive John deVadoss.

NEO is hosting its 2019 DevCon in Seattle, Washington between 16th February through to 17th. There is much anticipation around the announcing and details of NEO 3.0. As it currently stands, no clear specifications about the upgrade have been disclosed. Previously, NEO co-founder Erik Zhang said:

“NEO 3.0 will be an entirely new version of the NEO platform built for large scale enterprise use cases. It will provide a higher TPS and stability, expanded APIs for smart contracts, optimised economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules.”

More on DevCon: NEO Price Update: Bulls Take Control as Anticipation for DevCon Builds.

Technical Review – NEO/USD

NEO/USD daily chart.

The NEO/USD price continues to trade within the earlier described triangular structure, demonstrating signs of late for a possible breakout higher. The markets bulls have been testing the upper acting trend line of the pattern; given the recent penetration, one would suggest a subsequent breach is likely. The resistance is currently tracking at $8.60; a break and daily closure above could invite another wave of buying pressure.

Further to the north, eyes would be on a retest of the significant psychological area of $10.00. The price last peaked up at these heights on 9th January, before running into sellers and being forced back south. At the time this was the highest NEO/USD had reached since 20th November. A push above this will then call into action $13.00, where the price consolidated briefly during the heavy November selling. Lastly, a return to the pre-November fall levels near $20.00 would be the next likely target.

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 124 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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