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Too Hot!!!

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Yet another massive ICO hit the Internet last night. Status, who is building a browser portal to other decentralized apps, has seemingly just raised about $100 Million in just 3 hours.

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You can see their 3.5 minute video here: https://www.youtube.com/watch?v=Je7yErjEVt4

As you can see, this is an entirely new world we’re entering with a new kind of web currently being developed. It’s quite incredible that the Internet has provided a way to fund it’s new development and as we can see in this graph, the level of funding is also getting exponentially larger.

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However, clarity on this ICO is very difficult to obtain. An initial report said that they had raised $270 Million, and a later report said only $64 Million.

By checking their funding wallet, we can see that they have about $100 Million in there at the moment… and the kicker, it looks like the ICO site is still open.

Crazy times!!

Mati Greenspan
eToro, Senior Market Analyst

 

Please Note: All data, figures & graphs are valid as of June 21st. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Stock markets are retreating from their highs. Over the past 24 hours just about all major indices are in the red. Not a big deal though. Mostly between 0.5% to 1% tops.

Some things that get too hot need to cool down a bit. Here we’re going to explore a few such assets.

For example, the DAX in Germany broke an all time record high yesterday morning so is coming down a bit since then.

Gold has been coming down for two weeks straight and we could see a nice low point pretty soon, possibly today.

Since January, it has been building itself a nice support line. At the moment we’re still a bit off the line but at this point, we could see some of the more anxious buyers stepping in.

Oil, on the other hand, is giving its support line a really good test at the moment. $42.50 a barrel (dotted yellow line) has been very significant over the past year. If it does drop below that, it will certainly make headlines.

The Crude Oil Inventories will be out at 2:30 PM GMT. So watch out for that.

One more pattern that we’ll see here and something that has also been very hot lately is Ethereum. This classic triangle pattern was noticed by a cryptotrader named @LiamDavies who has made a massive 235% over the last year. A breakout could be imminent.

The Tipping Point

As we’ve been discussing in the past few months, the massive surge in Bitcoin has mainly been coming from Japan’s decision in April to introduce BTC as a legal method of payment. As more and more stores in Japan begin to accept the digital currency the price is rising.

The next big country that is currently on the ropes about Bitcoin is India. A few weeks ago Prime Minister Narendra Modi set up a task force to understand if this could work with the Indian economy.

Just yesterday, they announced that a decision will come by the end of July. The good news is, that some of the government offices are speaking as if to indicate that this is a serious option.

In India, as with many places, bitcoin still has a negative stigma. Many still associate it with black market activities and online gambling. However, now that they have heard from experts, it seems they are more open to the idea of a public ledger that can easily trace transactions.

The price of Bitcoin broke above $2700 yesterday but ran into resistance at $2800. Since the pullback last week (blue rectangle), the price has been rising at a more gradual, more sustainable pace.

Many thanks to everyone who is sending me their questions, comments, and excellent feedback. It’s always highly appreciated.

Have an amazing day!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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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3 Comments

3 Comments

  1. alejandro.uribe

    June 21, 2017 at 12:39 pm

    Thank you for your articles! Proud to be a member. What is your view on ethereum network crash because of This massive ICOs? I wanted to participate in Status, but was rejected even when I participated as early as possible. I have pending ether transactions that have more than 12 hours. Is this something that will affect current perspective of ethereum and the price?

  2. maksend

    June 21, 2017 at 12:45 pm

    Hi!

    What do you mean about Etherium “A breakout could be imminent” ? It can be break down ?

  3. alejandro.uribe

    June 21, 2017 at 4:07 pm

    Exactly that… Down. Go check for yourself .

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

(more…)

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Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer 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 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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Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer 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 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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